My most prized possesion Essay

My initial thought was how could i possibly narrow that down to just one single item? After fifteen minutes of staring at a blank piece of paper trying to figure out what exactly i cherish most in my life, it hit me. The one thing in my life that plays the biggest and most important role in my everyday story is my health. When people hear the word possession they automatically think of an object belonging to one. However, it is often forgotten that a possession isn’t always just a physical material but can be anything from a trait to a physical attribute. From a very young age you are taught the many steps needed to live a healthy lifestyle and maintain one’s health. These steps have become part of our everyday routine that many people often begin to take their health for granted as good health is viewed as something that’s just expected in life, particularly amongst young people. It often doesn’t cross the minds of people when they’re trying to und ergo a busy schedule everyday however, its our health that keeps us going, it’s our health that enables us to live our lives everyday without having to worry about dropping dead in the middle of the street or having a heart attack whilst doing the groceries. Good health is the real jewel of life. My mother always taught me to eat well. We would often reach a negotiation whereby if I ate all of my vegetables at dinner, In return, I would be allowed out on the green to play. My mother understood the importance of healthy eating whereas I always thought she was forcing me to eat â€Å"green balls of slime† to be malicious. My father enrolled me into my local soccer club and I could never grasp why. However, as the years flew by and I began to grow as a child, I learnt that this was all for my own good as he just wanted what’s best for me which was maintaining a good physical health. As I matured and became more aware of the world around me, I saw that health is apart of my everyday routine and although I may not have understood it at the time, I can see that the role it plays is more vital than anything else in the world. Due to the sheer egotistical and self-centred actions of many people around the world today, people are growing up thinking that money can solve everything. To keep good health, no money is needed. This fact is often abandoned due to common phrase often used- â€Å"money makes the world go round†. Even if you have all the money in the world, health will always swoop in and take first place when it comes to importance. Steve Jobs was one of the world’s richest men, owning one of the  biggest companies in the world and having a total net worth of about 7 billion dollars. However, that did not stop his cancer from heartlessly taking away his life, at the young age of 56. Despite owning a tremendous portion of the world’s money, he could not buy health, proving that wealth is irrelevant if you don’t have the air in your lungs. If health is lost, everything is lost such as the capacity to work which can lead to many catastrophes such as poverty and misery. if good health was abolished, we would simply fade away along with the rest of the world. To conclude, my health will always be my main focus on life- mentally and physically. I believe that if i don’t live life with a good mental outlook, i will achieve nothing.I perfectly agree with the maxim ‘health is wealth’. Unfortunately, very few care about this ‘wealth’. People spend sleepless days and nights, running after material wealth forgetting that the first step to acquire material wealth is to have good health.

Effect of pH on Invertase Activity

ABSTRACTInvertase is a type of enzyme, a natural catalytic agent for biochemical reactions, can be obtained in Baker’s Yeast. Determination of the effect of pH on invertase activity is the primary objective of the experiment. Dinitrosalicyclic acid (DNS) Assay method is utilized to monitor the enzymatic activity of invertase. Invertase was subjected to different pH (3.87, 4.0, 5.5, 7.3 and 10.55) of buffer solution and was observed under 540 nm absorbance using spectrophotometer. After observation and analysis, a peak (optimum pH) was observed by plotting absorbance versus pH.INTRODUCTIONEnzymes are proteinaceous catalysts, which speed up the rate of a biochemical reaction. They reduce the activation energy that is essential for starting any type of chemical reaction. With a low energy requirement for activation, the reaction takes place faster. The overall performance of an enzyme depends on various factors, such as temperature, pH, cofactors, activators and inhibitors. Inver tase is an enzyme which is usually found in plants. It acts as a catalyst for the hydrolysis of sucrose.Sucrose is a disaccharide composed of glucose and fructose linked by a glycosidic bond. When this bond is cleaved in a hydrolysis reaction, an equal amount of glucose and fructose. Invertase is a significant enzyme because glucose is an important product of photosynthesis. Invertase is also used in the confectionery industry where fructose is preferred over sucrose because it is sweeter and does not crystallize easily.Enzymes are affected by changes in pH. Extreme pH values generally result in loss of activity for most enzymes. Furthermore, there is a most favorable pH for enzyme – the point where the enzyme is most active. This point is known as the optimal pH. The aim of this experiment is to find out the range of pH which invertase is effective. The objectives of this experiment  are: to extract invertase from Baker’s Yeast and to determine the effects of change s in pH on reaction rates of an enzyme-catalyzed reaction.MATERIALSThe materials used in this experiment are: Baker’s Yeast, Sucrose Standard Solution (100 mg/L), Concentrated HCl, 0.5 M KOH, DNS reagent, 0.1 M buffer solutions (pH 1, 3, 5, 7, 9, 11), ucrose solution (10 g/L), test tubes, pipets, beakers, volumetric flasks, paraffin film, hot plate and UV-Vis Spectrophotometer.METHODOLOGYExtraction of invertase from yeastTo extract the invertase from Baker’s Yeast, 0.25 g of it was dissolved in distilled water to make a 250-mL solution. When the solution is prepared (complete dissolvation of Baker’s Yeast) it is then allowed to stand for 20 minutes at room temperature. Provided that the sediments form, the supernatant must be collected as it will be used as the enzyme stock solution that will be used in the succeeding experiment. Sucrose Assay Using Dinitrosalicylic Colorimetric MethodIn preparation of this part of the experiment, a series of test tubes were pre pared as follows: Tube No. Blank 1 2 3 4 5 6 mL sucrose std. solution 0 0.25 0.50 0.75 1.00 1.25 1.50 mL distilled water 1.50 1.50 1.25 1.00 0.75 0.50 0.25After, 3 drops of concentrated HCl (0.05mL) were introduced to each test tube. Noted that the tubes were mixed well and then incubated after at a 90 degrees Celsius water bath for 5 minutes. After the incubation, 0.15 mL of 0.5 M KOH was added to neutralize the solution. Another 2.80 mL of 0.1 M buffer solution at pH 5 were added, then the solution was mixed well again. Then, 3 mL of DNS reagent was added before the test tubes were immersed in a water bath at 95 degree Celsius for 10 minutes to develop the characteristics of a red-brown colour solution. After cooling, the solution were subjected into spectrophotometry to measure the absorbance at 540 nm. Effect of pH on Invertase ActivityIn finding the effect of pH on invertase activity, six numbered test tubes were prepared with 2.90 mL appropriate 0.1 M buffer solution as shown below: Tube No. 1 2 3 4 5 6 pH buffer solution 0.1 0.3 0.5 1.7 1.9 1.11Then, 0.10 mL enzyme stock solution was added to each test tube. After mixing thoroughly, all test tubes were incubated in 60 degrees Celsius water bath for 5 minutes. When the time was right, another 1.50 mL of sucrose was added. The solution was then incubated again and treated to the same water bath for the same amount of time, 5 minutes. Then, 3 mL of DNS reagent was added before immersing the solution in a water bath (95 degrees Celsius) for 10 minutes until the solution turns into a red-brown colour solution. After cooling the first test tube, blank solutions were prepared by following steps 1-4 again, but instead of using the enzyme stock solution, denatured enzyme was added. All the test tubes containing the solution were then subjected to spectrophotometry to measure the absorbance at 540 nm.EXPERIMENTALSucrose Assay Using Dinitrosalicylic Colorimetric MethodA. Materials used Sucrose Standard Solution, D istilled Water, Concentrated HCl, 0.5 M KOH, 0.1 M Buffer Solution, DNS Reagent, and UV-Vis Spectrophotometry. B. Procedure After collecting the supernatant from the enzyme stock solution, each test tube were introduced to 3 drops of conc. HCl before incubating at 90oC water bath for 5 minutes. 0.5 M KOH was then added to neutralize. Then, 2.80 mL of 0.1 M buffer solution was added before the solution was introduced to DNS reagent. The solution was in water bath at 950C for 10 minutes (until it is a red-brown solution). After cooling, it is subjected to spectrophotometry to measure absorbance at 540 nm. Effect of pH on Invertase ActivityA. Materials usedBuffer Solution, Enzyme Stock Solution, 1.50 Sucrose Solution, 3 mL DNS Reagent, Test Tubes, UV-Vis Spectrophotometry.B. ProcedureAfter preparing the required test tubes, they were introduced with 0.10 mL enzyme stock solution before being incubated for 5 minutes in a water bath at 600C. Then, 1.50 mL sucrose solution was added befor e the solution was incubated again for 5 minutes in a water bath with the same temperature. After cooling, 3 mL DNS reagent was added before immersing the test tubes  again in a water bath at 950C until the red-brown color appears. Repeat steps 1-4 but this time, instead of adding the enzyme stock solution, add the denatured enzyme. After all the test tubes were prepared, they were sunjected to UV-Vis Spectrophotometry to measure absorbance at 540 nm.Image 1. The red-brown coloration after water bathRESULTSSucrose Assay Using Dinitrosalicylic Colorimetric Method The following table shows the results from the UV-Vis Spectrophotometer of Sucrose Assay using DNS Colorimetric Method:Test Tube No. Amount of Acid-Hydrolized Sucrose Absorbance Blank 0.0 0.000 A 1 0.56 0.335 A 2 1.11 -0.456 A 3 1.67 1.248 A 4 2.22 1.800 A 5 2.78 -0.238 A 6 3.33 -0.319 A Table 1. Results of Sucrose Assay using DNS Colorimetric Method The students were also asked to plot the hydrolized-sucrose standard curv e by plotting Absorbance against Concentration (mg/mL)Chart 1. Standard Curve of Absorbance against Concentration.Effect of pH on Invertase Activity The following table shows the results from the UV-Vis Spectrophotometer in respect to the Effect of pH on Invertase Activity:pH Amount of Acid-Hydrolized Sucrose Absorbance Blank 0.0 0.000 A 3.87 2.02 0.162 A 4.0 9.12 0.78 A 5.5 12.6 0.975 A 7.3 1.883 0.151 A 10.55 9.33 0.748 A Table 2. Results of the Effect of pH using Colorimetric Method.

Achilles Tendon

The Achilles tendon is a tough band of threadlike tissue that connects the calf muscles to the heel bone. The Achilles tendon is also called the calcaneal tendon. The calf muscles unite into one band of tissue, which becomes the Achilles tendon at the low end of the calf. The Achilles tendon then inserts into the heel bone. Small sacs of fluid called bursa cushion the Achilles tendon at the heel. The Achilles tendon is the largest and strongest tendon in the body. When the calf on our toes when walking, running, or jumping. Despite its strength, the Achilles tendon is also vulnerable to injury, due to its limited blood supply and the high tensions placed on it. Achilles tendon injuries are common in people who participate in these sports such as running, gymnastics, dance, football, baseball, softball, basketball, tennis, and volleyball. An Achilles tendon injury might be caused by overuse. Stepping up your level of physical activity too quickly. Not stretching enough before exercise. Wearing high heels, which increase the stress on the tendon. Problems with the feet. An Achilles tendon injury can result from flat feet, also known as fallen arches. In this condition, the impact of a step causes the arch of your foot to collapse, stretching the muscles and tendons. Muscles or tendons in the leg that are too tight. Rest your Achilles tendon. Avoid all activities that strain the tendon, such as stair climbing or running. While allowing your tendon the days, weeks, or months it needs to heal, try other activities, such as  swimming. Reduce pain by icing your Achilles tendon and taking nonprescription pain relievers. Follow your physical therapy  program if one has been prescribed for you, and do gentle stretching and strengthening exercises, especially focusing on  calf stretches. Do not smoke or use other tobacco products. Smoking slows healing, because it decreases  blood supply. Wear footwear that protects the tendon while it is healing. Quality athletic shoes that support your arches and cushion your heels can make a big difference in your daily comfort and the healing process. If needed, talk to your physical therapist  about heel pads. A bandage that keeps your foot  flexed can restrict the motion of the Achilles tendon. A silicone sleeve or pad can distribute pressure on the Achilles tendon.

Articulating the Culture of Your Cohort Essay Example | Topics and Well Written Essays - 250 words

Articulating the Culture of Your Cohort - Essay Example They include; The group usually holds many meetings during the day which is very different from other groups. In addition, the members of the cohort often dress in a formal manner which makes it unique as compared to other groups. There are also a number of espoused values that makes the group unique in comparison with other groups. They include; The group believes so much in teamwork, and a decision cannot be before the team members conduct discussions. The cohort also values privacy a lot, and leakage of internal affairs by a member of the group is a serious offense (Eliot, 1949). The cohort has also had underlying assumptions that are basic which makes it different from other groups. They include; The founders of the cohort had a definite assumption that for a decision to be there must be discussions by the group members to reach the decision. The other assumption is that dressing in a formal way shows the seriousness of the cohort (Kubr,

Alibaba company Article Example | Topics and Well Written Essays - 750 words

Alibaba company - Article Example Companies like Alibaba are resorting to IPO through selling their shares because of the inflation which has hit worldwide. The company expects to raise about $20 billion which is an indication of their global affairs and how they are trying to lure and depend on the deep pockets of money managers and pension funds (Picker 2014). From the above article, I have learnt that companies have found strategies of overcoming financial management challenges arising because of inflation. One of such ways is through selling shares. Offloading some shares to the public is very essential in overcoming financial burden. Alibaba limited tried placed it on practice and it is likely to raise over $20 billion. When the deal goes through, the company will overcome the management challenges which has hit it in the ever changing global market. Alibaba has a long history since it existence. The evolution of its management has been process driven since its foundation 15 years ago. The company has grown to be the largest e-commerce company in China, the most populous nation in the world. Lately, Wall Street Journal reported that combining transaction volume of Taobao e-commerce and another Alibaba run shop called Tmall has reached a total of $249 billion. The article concluded that that amount triples that of eBay and doubles Amazon. Therefore, the IPO which the company is planning is an evolution of management since the company is still listed under a limited company. The history of the company reveals that it started from the apartment with 18 founders back in 1999. Currently, the company has evolved and has over 20,000 employees with four directors (Dvorak 2014). This is an indication that Alibaba has evolved in its managements. From the above description, I have learnt that some limited companies evolve from scratch and grown with time. Like the case of Alibaba, it evolved from an apartment where his founder worked and met

Financial Management Essay Example | Topics and Well Written Essays - 250 words - 4

Financial Management - Essay Example Further, public sector enterprises are more accountable to the stakeholders, being government and public, than private sector undertakings. Financial management field is basically responsible for generating valuable information for the purpose of investing, financing and decision making and the role remains the same regardless of the type of organization. The finance managers in a public sector enterprise play many roles including: 1. Accounting and record keeping: The nature of public sector accounting is quite different from that of private sector. In order to show the users of financial statements as well as the stakeholders the position of the entity and all its assets and liabilities, the status of funds etc the finance managers are responsible to maintain appropriate, correct and timely accounting records. That includes both financial and management accounting records. This in turn ensures that the funds are properly allocated to the areas of concern, the risks and returns are highlighted and presented to the top management and the state for decision making purposes, the areas facing a decline and requiring special 2. Effective utilization and allocation of funds: The earnings or funds allocated to public sector organizations are quite restrained and in that restricted budget a public sector entity has to achieve its goals. Finance managers play an important role in the effective utilization of scarce funds to achieve as many objectives as possible within limited resources. For example if $20 million are annually allocate to a government hospital, the finance managers have to practically analyze the ways in which other costs can be reduced and more patients are treated in the allocated funds. 3. Making fund raising efforts: Proper financial management and record keeping will lead to the financial managers identifying situation wherein they need to double their

Middle Class Struggles Critique Essay Example | Topics and Well Written Essays - 500 words

Middle Class Struggles Critique - Essay Example The final agreement was that one spouse could hold on to some money ranging from $19,000 to $95,000 according to the state. The law makers gave one spouse the right to refuse any financial obligation thereby shifting the partner's responsibility to the Medicaid. After his old parents could not look after themselves, Adam Albenico was confused on the next step to take considering his parent were from a middle class background making it hard for them to qualify for Medicaid. He visited Mr. Russo an elder-care lawyer and the chairman of the Medicaid task force for the National Academy of Elder Care Attorneys. He presented his case about his ailing father who needed a nursing home services pointing out that long-term care would exhaust their savings in 15 months. Mr. Russo educated him about Medicaid and advised him that his parent's assets be transferred to his mother so that she could sign the legal forms refusing to support her husband. He did this and a nursing home accepted his father but insisted that Albenico should pay for two months of care upfront or $15,000 in case his father's Medicaid application did not go through. He later sold his mother's property to finance her assisted living move but her mother later run out of money and Albenico together with his sister continued paying t

Advertising Management Essay Example | Topics and Well Written Essays - 3000 words

Advertising Management - Essay Example A SWOT analysis shows an impressive record of performance of the Octopus card in Hong Kong and the present proposal is to only change the brand name into Shenzhen Octopus and duplicate the advertising strategies adopted originally for the Octopus Hong Kong card though more advertising principles still justify the same strategies. Lessons learned in the past have also been duly taken into account in formulating the strategies for the proposed launch. The strengths and opportunities outweigh the weaknesses and threats for the new proposal. Shenzhen is in China bordering Hongkong and Hongkong has all the logistic advantage in doing business in Shenzhen more than in any other part of China. China sequel to embracing consumer economy is estimated to have a credit market which would surpass the U.S. market in its size by 2020 due to urbanization and creation of wealth. The number of cards issued by the Chinese Banks numbering 200 million at present is expected to touch 800 million by 2020. But the fact remains Chinese still prefer cash or debit cards rather than spend on credit (Madden, 2010). In view of above information, Octopus card is not new to Shenzhen though it is not as popular as it is in it its parent location Hongkong or for that matter, Oyster cards in London or others elsewhere. Chinese consumers are conservative in their outlook unlike Hong-kongers who share British culture. Since Octopus card is popular in Hong Kong, the company just has to duplicate its existing advertising strategies. Now SWOT analysis of Octopus card’s market itself will be useful for duplicating in Shenzhen where it has been already in use though it has now been proposed to change the brand as Shenzhen Octopus for which an awareness campaign is necessary. As seen above, 9 million cards are in use through which 7 million transactions are done daily which would amount to US 2.2 billion (HK $ 17.2 million) per year in Hong Kong

The relationship between transformational leadership and innovation in Literature review

The relationship between transformational leadership and innovation in the Bahraini banking system - Literature review Example The intention of this study is innovation as a quality which has become increasingly important to the survival of all kinds of companies in the fast changing and globalised world of today. The many articles in the media following the death of Steve Jobs in late 2011 have reminded businesses of the competitive advantage that innovation brings to a company, but at the same time there is much discussion about the type of leadership style that this innovator inflicted upon his colleagues. Some theorists claim that there is such a thing as an â€Å"innovation leader†: â€Å"Innovation leaders are senior executives –whatever their functions or positions – who spontaneously instigate, sponsor and steer innovation in their organizations.† This view suggests that the job of innovation one that belongs at the top of the organisational hierarchy. Other theorists, leaning on the earlier work of Weber, stress the importance of charisma, theorizing that some individuals have personal traits that mark them out as special, and allow them to play a particularly dynamic and effective leadership role, athough there have been some debates about how to define this elusive quality. Charismatic leadership engages the emotions in a positive way, making the members of the organisation feel that they belong, and in a best case scenario also increasing their motivation and efforts towards the corporate aims. It does this by building trust, creating shared beliefs, engendering positive feelings about the leader, and getting workers and managers alike to feel involved in the project. (Yukl, 1981) It has been pointed out that there is also a downside to the

The Japanese American internment Research Paper - 1

The Japanese American internment - Research Paper Example The government targeted the Japanese Americans, both aliens and residents, without ever warning them specifically. The main reason given for the internment was that the people of Japanese descent living in Hawaii, through the provision of intelligence, had aided the enemy in attacking the Pearl Harbor. In fact, two-thirds of the Japanese-Americans interned were American citizens, mostly children and young adults. Those internees who proved to be loyal to the US were released and by 1946, and all the internment camps were closed, but the psychological effects could not be undone (Steven and Bernie 2). The experience the Nisei, the second generation of the Japanese Americans, had in the internment camps led them to question their identity and citizenship. Research shows that â€Å"the camp experience was paradoxical† (Suyemoto 6). The camps were viewed as a way of enhancing the acculturation of the Japanese Americans, but the internees only interacted with their fellow Nisei. The Nisei relied on Japanese values, which included endurance during difficult situations and stoicism in the face of adversity, and this helped them to cope with the internment experience. After the release of the Nisei, they tried their best to avoid attracting any negative attention to themselves by attempting to present their identity as Americans. One Nisei has said â€Å"By trying to prove we were 110 percent American, we hoped to be accepted† (Suyemoto 6). The race-related trauma experienced during the internment prompted the Nisei to suppress their Japanese cultural heritage and instead focus on portraying American values. Subsequently, they passed on the same sentiments to their Sansei children, who passed the same to the current Gosei and Yonsei generation (Nagata 125).The impact of the race-related trauma experienced during the internment was then, transgenerational. The Sansei children often heard their parents mention the â€Å"camp† in

Mergers And Joint Ventures Essay Example for Free

Mergers And Joint Ventures Essay A company does not plan on merging with another company and although some mergers are voluntary other mergers are not. When a company is struggling, having financial difficulties and has used up all of its resources sometime it is in the best interest to merge. It is important for companies to understand the different mergers and to pick the best solution. Below team D will discuss the differences between a horizontal, vertical, and conglomerate merger and how those mergers differ from joint ventures. Horizontal Mergers Horizontal mergers are the combining of two or more companies in the same industry that are competitors. An example would be Sirius Satellite and XM radio. The benefit of this merger is a decrease in competition for all the companies involved. The disadvantages of this merger is that a horizontal merger is considered hostile due to a larger company â€Å"taking over† the smaller company and it feeling more like an acquisition than a merger (wiseGEEK, 2014). Another drawback is the companies not requiring to disclose or share all trade secrets resulting in jealousy and/or resentment. Vertical Mergers Vertical mergers are more common and the companies involved in this merger do not compete directly in the same market. A vertical merger is a combination of two companies that produce different products or services and come together to produce one specific product. One of the merging companies would be the buyer of products and the other company would be the supplier (Colander, 2013). An advantage of this merger is lower costs due to the  company not having to pay for the materials from the supplier. A disadvantage of this merger is forcing suppliers out of business and anti-trust issues. Conglomerate Merger Unlike horizontal and vertical mergers, a conglomerate merger is less personal and merges two companies in different markets that are unrelated to each other to grow financially and to increase their market share. An advantage of this merger is the advantage to reach a bigger audience. When two companies merge together they have access to the other companies’ market base. The size of the companies can be an advantage or disadvantage. The size can be a disadvantage because of structure changes, i.e. an increase of employees as well as core values being lost due to the merge. Joint Venture Joint venture occurs when commercial enterprise is undertaken jointly by two or more parties and at the same time still maintaining their individual identities. Joint ventures seem a bit more beneficial when compared to mergers. One pro of joint venture is that the companies continue to exist as their own, whereas with mergers the two firms are one and no longer independent (Chron, 2014). An example of a joint venture is a cable and a phone company coming together offering both of their services like a bundle that offers special discounts. Conclusion The three different types of merges team d learned about are horizontal, vertical and conglomerate. We also learned the difference of the three and the advantages and disadvantages of the different mergers and how joint ventures differ from mergers. It is important for firms to knowledgeable about mergers and joint ventures so that they may make the best decisions for their firm. References Chron. (2014) Retrieved from http://smallbusiness.chron.com/difference-between-mergers-joint-ventures-18578.html Colander, D. C. (2013). Microeconomics (9th Ed.). New York, NY:

Milk parlour Essay Example for Free

Milk parlour Essay With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m., during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m.as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m., during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m.as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m.as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m., during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m.as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m., during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m.as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m., during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m.as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’ With 150 cows to milk, Fred invested in a ‘carousel’ parlour where cows are milked on a slow-moving turntable. Milking usually lasts from 4. 30 p. m. to 7. 00 p. m. , during which time visitors can view from a purpose-built gallery which has space and explanatory tape recordings, via headphones, for 12 people. Gillian has found that, on average, spectators like to watch for 10 minutes, including five minutes for the explanatory tape. ‘We’re sometimes a bit busy on Saturdays and Sundays and a queue often develops before 4. 00 p. m. as some people want to see the milking and then go home. Unfortunately, neither Fred nor the cows are prepared to start earlier. However, most people are patient and everybody gets their turn to see this bit of high technology. In a busy period, up to 80 people per hour pass through the gallery. ’

A review of capital structure theories

A review of capital structure theories 1.0 Introduction One of the most contentious financial issues that have provoked intense academic research during the last decades is the theory of capital structure. Capital structure can be defined as a Mix of different securities issued by a firm (Brealey and Myers, 2003). Simply speaking, capital structure mainly contains two elements, debt and equity. In 1958, through combining tax and debt factors in a simple model to price the value of a company, Modigliani and Miller firstly begin to explore a modern capital structure theory, and their work inspired this area study. However, the MM theory has no practical use because it lacks of direct guidance for companies to determine capital structure in real life (Baxter, 1967; Sarig and Warga, 1989; Vernimmen et al, 2005). During the past years, researchers strived to establish a more reasonable capital structure theory that can be put into practices efficiently, and they attempted to expand debt ratio and tax advantage factors into a new area. Myers (1984) states that only practical capital structure theories, which introducing adjustment cost that includes agency cost and information asymmetry problems, could provide a useful guidance for firms to determine their capital structure. However, from recent studies, Myers (2001) believes that how information differences and agency costs influence the capital structure is still an open question. From this perspective, it is very important to review the development of these two factors which make theoretical research having a strong relationship with reality. Thus, this project will summarize the capital structure theories orientated by agency cost and asymmetric information from extant literature. Also some gaps and conflicts among theories of capital structure will be found and discussed in order to further improve this area study. The rest of this project is arranged as follows. Section 2 will present the theories based on agency costs that causes the conflicts between equity holders and debt holders or managers. Section 3 will illustrate from two areas, interplay of capital structure and investment, followed by signal effect of debt ratio, to show the theories based on asymmetric information. In conclusion, Section 4 will summarize the entire essay and suggest further research direction of capital structure theory. 2.0 Capital structure theories based on agency costs Although Berry and Means (1931, cited in Myers, 2001) state an adverse relationship between the separated ownership and corporate control status, it commonly admits that Jensen and Meckling (1976) firstly conducted the research in how agency costs determine capital structure (Harris and Raviv, 1991). Over the past decades, researchers have tried to add agency costs to capital structure models (Harris and Raviv, 1991). The perfect alignment between firm investors and firm agencies, such as managers, does not exist (Myers, 2001). According to Jensen and Meckling (1976), company agents, the managers, always emphasize on their own interests, such as high salary and reputation. Also these company agents use entrenching investments, which make the asset and capital structure orientated by the managements knowledge and skills, to increase their bargaining power with the true company holders (Chen and Kensinger, 1992). However, Myers (2001) believes that the firm holders can reduce such transferred value through using different kinds of methods of control and supervising, but he further points out the weakness that these methods are expensive and reduce returns. As a result, the perfect monitoring system is out of work, and agency costs are produced from these conflicts. According to Jensen and Meckling (1976), the conflicts between investors and agencies are generally divided into two types. The first conflict occurs between debt holders and equity holders, and the second conflict is from between equity holders and managers. Consequently, all the capital structure theories based on agency costs can be also classified based on these two conflicts. In the rest of this section, each individual conflict will be separately discussed. 2.1 Conflicts between Debt holders and Equity holders Jensen and Meckling (1976) point out that agency costs problems happen in determining the structure of a firms capital when the conflict between debt holders and equity holders is caused by debt contracts. Similar to Jensen and Mecklings conclusion, Myers (1977) observes that since equity holders bear the whole cost of the investment and debt holders get the main part of the profits from the investment, equity holders may have no interest in investing in value-increasing businesses when companies are likely to face bankruptcy in the short term future. Thus, if debt occupies a large part of firms capital, it will lead to the rejection of investing in more value-increased business projects. However, in 1991, Harris and Raviv cast a contrasting opinion to adjust the capital structure theory based on this conflict. They point out that most debt contracts give equity holders a push power to invest sub-optimally investment project. If the investment fails, due to limited liability, debt holders bear the consequences of a decline of the debt value, but equity holders get most of yields if the investment could generate returns above the debt par value. In order to prevent debt holders from receiving unfair treatment, equity holders normally get less for the debt than original expectation from debt holders. Thus, the agency costs are created by equity holders who issue the debt rather than debt holders reason (Harris and Raviv, 1991). Tradeoff capital structure theory has a basic and strong relationship with this type of agency costs. However, different researchers hold various explanations of the relationship. Myers (1977) points out the debt cost reason, Green (1984) announces that convertible bonds can reduce the asset substitution problem which comes from the tradeoff theory, Stulz and Johnson (1985) consider about collateral effect. In the end, only Diamond model (1989) is widely accepted. If Equity holders do not consider reputational reason, they are willing to trade relatively safe projects, but this activity will lead to less debt financing (Diamond, 1989; Mike et al, 1997). Diamond model (1989) assumes two tradeoffs, risky and risk-free, to show that the debt repayment should consider both possible investment plans. Furthermore, Mike et al (1997) use empirical evidence to indicate how to use debt to trade off these two optional investment plans. Moreover, in 1991, Harris and Raviv expanded Diamonds model to three investment choices. They point out that one choice of investment can only contain the risk-free project, one option can invest in risk project and the last option combine both risk-free and risk projects. In fact, since the reputation factor is vital for a manager, managers are willing to choose risk-free investment projects that have more possibility of success. Consequently, the amount of debt is often reduced by managers. 2.2 Conflicts between Managers and Equity holders Jensen and Meckling (1976) also states that conflicts naturally arise between managers and equity holders since managers just hold parts of the whole firms capital. Consequently, firm mangers only benefit from part of the profit generated by their business activities, but they simultaneously bear the whole cost of these actions. However, Myer (2001) casts a different opinion about the reason of the conflict and claims that in fact, managers never bear the full costs of the business activities unless the manager is also the firms investor. He further maintains that the real cause of the conflict is due to an imperfect observable reward system between investors and managers, because both parties have different standpoints to measure their own interest, especially the rewards. There are two dominant models, the Harris and Raviv model and the Stulz model, to explain this area. Although both models have a common assumption that labor contracts cannot address the conflict between managers and equity holders, both models hold different opinions about debt release and the problem in the drawbacks of debt in the capital structure. According to Harris and Raviv model (1990), managers are designed to want to continue the companys current operations all the time even if equity holders prefer the liquidation of the company. However, in Stulz model (1990), managers are keen to invest all available funds even if the equity holders can benefit from paying out cash. Moreover, Harris and Raviv (1990) point out that debt alleviates the agency costs and the conflict results from giving equity holders the chance to speed up liquidation when cash flows are hard to predict. In contrast, Stulz (1990) based on Jenson model (1986) concludes that debt payments reduce free cash flow. He further maintains that the debt costs reduce the available funds of a profitable project, since the costs result from debt payment that more than exhausts free cash flow. As a result, capital structure can be determined by trading off debt advantages against debt costs. 3.0 Capital structure theories based on asymmetric information The development of information modeling provides a possible approach to explain capital structure. In these capital structure theories, company insiders, such as managers, are assumed to obtain all private information about the investment opportunities or investment return. Some theories try to find out how the allocation of capital structure passes the insiders information of a firm to outsiders. Meanwhile, in other theories, the purpose of the capital structure is to improve efficiencies in the companys investment activities under asymmetric information (Vernimmen et al, 2005). The rest of this section will be divided into two subsections based on both sets of theories mentioned above. 3.1 Interplay of capital structure and investment This area of research begins with two vital academic papers, Myers and Majluf (1984) and Myers (1984). According to Myers and Majluf (1984), the firms equity will be mispriced by the market when investors obtain less information of one firms assets value than the firms current insiders. Moreover, they further point out that if firms issue equity to absorb capital for a new investment, mispricing may make a net loss to the firms current shareholders. In Myers second paper (1984), he formally defines this as a pecking order capital structure theory. In this theory, a firms capital structure is determined by the purpose of the company to finance new investment. Furthermore, with the development of the Myers pecking order theory, researchers find some vital empirical implications of this theory. Krasker (1986) confirms the results of Myers theory (1984) and also shows that the larger the equity issue, the worse the asymmetric information problem and the firm with worse asymmetric information problems will often have a more under price problem. Ebsen (1986) finds that if managers could trade their firms new equity, the under price problem caused by asymmetric information will be reduced. Then Dierkens (1991) argues that the under price problem can be solved by information releases such as annual financial statement reports. However, some economists cast a doubt on the pecking order theory. These theoretical researches have a common feature that they all put investment situations under the pecking order theory but provide more finance choices for a firm. Brennan and Kraus (1987) state that it is not necessary for a firm to have a preference for financing through debt over equity and the under price problem can be addressed through various financing options and simple capital structure rather than solving asymmetry information problem. Their findings are also confirmed by Noe (1988). Moreover, in 1993, Nachman and Noe put Brennan and Kraus theory into practice and also come to the same conclusion. 3.2 Signal effect of debt ratio After discussing models which investigate the interplay of capital structure and investment, it is vital to turn to models in which investment is a fixed factor and only capital structure is regarded as a private information signal. The investigation of this area starts with the work of Ross (1977). According to Rosss capital structure theory, only firms insiders, such as managers, can get full information of the firms return distribution, but investors cannot. The main empirical implication of Ross theory is that there is a positive relation between firm value and debt ratio. However, further research combines debt and dividend policy together to show an opposite opinion that a firm value is determined by dividend and debt ratio rather than a single factor of debt ratio (Vernimem et al, 2005). Furthermore, in 1982, Heinkel improve Ross model. His model is similar to Ross but does not have the same assumption. Instead, high market value firms are assumed to have high total value but low quality debt, thus high market value firms has high equity value. This finding has been consistent with further capital structure theoretical research (Franke, 1987; John, 1987). Another debt ratio signal model is built by Poitevin (1989). He firstly points out the potential competition between an entrant and an incumbent under the asymmetric information. According to Poitevin model (1989), the marginal costs of entrant are private information obtained only by the entrant, and in a stable situation, the capital of high cost entrants does not issue any debt while low cost entrants never issue equity. However, Glazer and Israel (1990) cast a different conclusion against Poitevin. They maintain that low cost entrants are willing to issue equity since they can much easier use this finance approach to reduce marginal production costs than the high cost entrants. Nevertheless, Harris and Raviv (1991) point out the weakness of the Glazer and Israel model is that they ignore the dividends finance factor which has the same signal effect as debt. Normally, a capital structure theory should combine various basic finance factors together. In the end, Glazer and Israel recognize this weakness and claim that their results cannot be considered as a capital structure theory. 4.0 Summary and Conclusion To sum up, this literature review of capital structure theories is element arranged. The set of theories based on agency costs and the set of theories based on asymmetric information are separately presented in the passage. Moreover, each set of theories can also be divided into several subsections. Agency costs cause two types of conflicts among stakeholders, and these conflicts affect a firms choice of capital structure. Moreover, capital structure theories show that under an asymmetric information situation, capital structure has a strong reaction with investment activities and debt ratio has a signaling utility for the determination of capital structure. The range of the selected paper is from 1958 to 2005. These papers cover majority parts of the study including agency costs, interplay of capital structure and investment, imperfect information situations and debt signal effect. Also these papers are all from core financial journals, e.g. Journal of Finance, Journal of Financial Economics, Journal of Financial Management, American Economic Review and Review of Financial Studies. Thus, this literature review can be considered to be efficient and thorough. This essay covers a considerable number of literatures which can present modern theoretical findings of capital structure. However, it should be noticed that the blooming period of capital structure theory is between 1970s-1980s. After 1990, the theoretical research seems to have developed very slowly, and the majority of papers in this field just review former findings since few new theories of capital structure come out. The direction of the theoretical research of capital structure should incline to be more practical. The future study should be extended in two areas. (1) Add psychosocial conditions and assumptions to improve extant capital structure theories. It is important to acknowledge that most capital structure theories cannot be used by companies in real life since these theories lacks of more reality factors. Thus, behavior finance could provide a new approach to extant theories. (2)Combine agency costs and asymmetric information problems together in one capital structure theory. Currently, both problems are discussed separately. However, companies often suffer from these two problems at the same time when they determine their capital structure. Consequently, it is necessary to set up a new theory based on both problems. Bibliography 1. Baxter, N. (1967) Leverage, risk of ruin, and the cost of capital, Journal of Finance, 22, pp. 395-403. 2. Brealey, R. A. and Myers, S. C. (2003) Principles of Corporate Finance. 7th edn. New York: The McGraw-Hill Company. 3. Brennan, M. and Alan, K. (1987) Efficient financing under asymmetric information, Journal of Finance, 42, pp 1225-1243. 4. Chen, A. H. and Kensinger, J. (1992) Uncommon Equity, Journal of Applied Corporate Finance, 5(1), pp. 36-43. 5. Diamond, D. W. (1989) Reputation acquisition in debt markets, Journal of Political Economy, 97, pp. 828-862. 6. Dierkens, N. (1991) Information Asymmetry and Equity Issues. Journal of Financial and Quantitative Analysis, 26(2), pp.181-199. 7. Ebsen, E. (1986) The Valuation Effects of Corporate Debt Offerings, Journal of Financial Economics. 15(1), pp. 119-152. 8. Franke, G. (1987) Costless signaling in financial markets, Journal of Finance, 42, pp.809-822. 9. Glazer, and Israel, R. (1990) Managerial incentives and financial signaling in product market competition, International Journal of Industrial Economics, 8, pp. 271-280. 10. Green, R.C. (1984) Investment incentives, debt, and warrants, Journal of Financial Economics, 13, pp. 115-136. 11. Harris, M. and Raviv, A. (1990) Capital structure and the informational role of debt, Journal of Finance, 45, pp.321-349. 12. Harris, M. and Raviv, A. (1991) The Theory of Capital Structure, The Journal of Finance, 46(1), pp. 297-355. 13. Heinkel, R. (1982) A theory of capital structure relevance under imperfect information, Journal of Finance, 37, pp.1141-1150. 14. Jensen, M. C. and William, H. M. (1976) Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Management, 3(4), pp. 305- 360. 15. Jenson, M. C. (1986) Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, 76(2), pp. 323-29. 16. John, K. (1987) Risk-shifting incentives and signaling through corporate capital structure, Journal of Finance, 42, pp. 623-641. 17. Krasker, W. (1986) Stock price movements in response to stock issues under asymmetric information, Journal of Finance, 41, pp. 93-105. 18. Leland, H.E. (1994) Corporate Debt Value, Bond Covenants, and Optimal Capital Structure, Journal of Finance, 49(4), pp. 1213-1252. 19. Mike, B., Gromb, D. and Panunzi, F. (1997) Large Shareholders, Monitoring and the Value of the Firm, Quarterly Journal of Economics, 112, pp. 693-728. 20. Modigliani, F. and Miller, M. H. (1958) The cost of capital, corporation finance, and the theory of investment, American Economic Review, 48, pp.261-297. 21. Myers, S. C. (1977) Determinants of corporate borrowing, Journal of Financial Economics, (5), pp. 147-175. 22. Myers, S.C. (1984) The capital structure puzzle, Journal of Finance, 39, pp.575-592. 23. Myers, S. C. and Majluf, N. S. (1984) Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, pp.187-221. 24. Myers, S. C. (2001) Capital Structure, The Journal of Economic Perspectives, 15(2), PP. 18-102. 25. Nachman, David C. and Noe, T. H. (1993) Design of securities under asymmetric information, Working paper, Georgia Institute of Technology. 26. Noe, T. (1988) Capital structure and signaling game equilibria, Review of Financial Studies, 1, pp. 331-356. 27. Poitevin, M. (1989) Financial signaling and the deep-pocket argument, Rand Journal of Economics, 20, pp.26-40. 28. Ross, S. (1977) The determination of financial structure: The incentive signaling approach, Bell Journal of Economics, 8, pp.23-40. 29. Sarig, O., and Warga A. (1989) Some empirical estimates of the risk structure of interest rates, Journal of Finance, 44, pp. 1351-1360. 30. Stulz, R. and Johnson, H. (1985) An analysis of secured debt, Journal of Financial Economics, 14, pp. 501-521. 31. Stulz, R. (1990) Managerial discretion and optimal financing policies, Journal of Financial Economics, 26, pp.3-27. 32. Vernimmen, P., Quiry, P., Dallocchio, M., Fur, Y. L., Salvi, A. (2005) Corporate Finance: Theory and Practice, 6th edn. West Sussex: John Wiley Sons. Ltd.

The Life of Infants and Children in Victorian London :: European Europe History

The Life of Infants and Children in Victorian London Home Life    Victorian homes offered children a large network of various caregivers built in to the family structure. Each married couple had an average of six children, but the average household was considerably larger. Rarely would one find the nuclear family living alone. Only thirty-six per cent of families consisted simply of a set of parents and their children. Extended families were also rare. Only 10 per cent of families had three or more generations under one roof. The average household would more likely be a conglomeration of a nuclear family along with any number of random outsiders. The stragglers could include any combination of lodgers, distant relatives, apprentices and/or servants. The composition of the home constantly changed: older children married or went off to work, while babies were born and died. Babies and young children were extremely susceptible to illness. In the worst and poorest districts, two out of ten babies died in the first year. One fourth of them would die by age five. Life expectancy varied greatly depending upon the quality of the area in which people lived. In industrial towns, like Liverpool, the average life expectancy was twenty-six years. In a better area, like Okehampton in Devon, it was fifty-seven years. The national average of England and Wales was forty years at mid century. Therefore as a child grew older, he was likely to lose one or more siblings as well as one or both parents. Children usually enjoyed the benefit of their mothers’ presence on a daily basis. The mother’s place was considered to be in the home. Common thought dictated that a woman should be available at all times to care for her husband and children. She would supervise the staff, servants and/or nannies, if her family could afford them. The idea of a working mother was considered highly improper and thought to result in neglect of husband, children and home. Supposedly, illness or even death might arise in the children. An absent wife would also find an unhappy and strained relationship with her husband. Reporting on Birmingham, in Chadwick’s 1842 Report on Sanitary Conditions, The Committee of Physicians and Surgeons declares that: The habit of a manufacturing life being once established in a woman, she continues it and leaves her home and children to the care of a neighbor, or of a hired child, whose services cost her probably as much as she obtains by her labor.

Shark Conservation Essay -- Sharks Sea Life Animals Essays

Shark Conservation Abstract Arising over 350 million years ago, the shark species has been labeled as a human devourer. Now, with the increase in human population, the demand for shark meat, fins, and cartilage are at an all time high; therefore, the existence of the shark is becoming a concern (Budker 1971). Individuals are conditioned to think of sharks as a negative aspect to the environment, which is prolonging the effort to save shark species from becoming extinct. With that in mind, some private as well as national organizations have accepted the challenge of educating and informing people about the existence of the shark specie and its importance to the sea. Introduction Portrayed as the beast of the sea, the shark species is a cold blooded animal that shows great diversity in size. The largest of the sharks measure up to 13.7 m, while the smallest of the species range from 22-to-25 cm (Ellis 1976). Typically, these creatures of the sea have a fusiform body, that is composed of cartilage, which is capable of reducing drag and the amount of energy needed to swim (Ellis 1976). Their countershade coloration allows the species to blend in with both the dark depths and the light surfaces of the sea (Ellis 1976). These beautiful dwellers of the sea also possess rigid fins that are supported by cartilaginous rods. All together the shark has five different types of fins: the paired pectoral fins, are used to lift the shark as it swims, the paired pelvic fins stabilize the shark, the one or two dorsal fins also stabilize the shark, a single anal fin provides stability in species where it is present, however not all sharks have the anal fin, and the caudal fi n which propels the shark (Lineaweaver and Backus 1970). The sharks head structure consist of lateral eyes, a ventral external nose, and a mouth that is ventrally located at the tip of the snout. Some species possess an eyelid like structure called a nictitating membrane, which helps in protecting the eye from being injured when prey are thrashing around, and a nasal barber, which are sensory projections near the nasal (Lineaweaver and Backus 1970). In the mouth, teeth are modified, enlarged placoid scales. Having numerous rows of teeth attached at their bases by connective tissue, sharks have rows of replacement teeth that are continually developed behind the outer row. As the functio... ... feeling to the slaughter of the shark species. Therefore, with positive education as an antidote to false and negative publicity the battle to save the endangered shark will be possible. In order to win the battle of losing the shark, the support of the general public will be needed to achieve this goal. Work Cited Baldridge, H.D. 1974. Shark Attack. Berkely Pub. Corp., New York. 263 Baldridge, H.D. 1988. Shark aggression against man: beginning of an understanding. 74(4):208-217 Budker, Paul. 1971. Life of Sharks. Columbia University Press. 10-18pp. Davies, D. H. 1966. About Sharks and Shark Attack. New York Hobbs, Dorman. 240-255 pp. Ellis, Richard. 1976. The book of Sharks. New York Grasset and Dunlap. 110-130 pp. Lineaweaver, T. H., and R. H. Backus. 1970. Natural History of Sharks. Philadelphia and New York. 23-40 pp. Martin, M. 1985. The shark: more threatened than threatening. Sea Frontiers. 31: 296-303. Perrine, D. 1999. Sharks and Rays of the World. Voyageur Press, Stillwater, Minnesota. 132 pp. Woums, J., and L. Demski. 1993. Reproduction and Development of Sharks, Skates, Rays and Ratfishes. Environmental Biology of Fishes. 38(1): 270. Shark Conservation Essay -- Sharks Sea Life Animals Essays Shark Conservation Abstract Arising over 350 million years ago, the shark species has been labeled as a human devourer. Now, with the increase in human population, the demand for shark meat, fins, and cartilage are at an all time high; therefore, the existence of the shark is becoming a concern (Budker 1971). Individuals are conditioned to think of sharks as a negative aspect to the environment, which is prolonging the effort to save shark species from becoming extinct. With that in mind, some private as well as national organizations have accepted the challenge of educating and informing people about the existence of the shark specie and its importance to the sea. Introduction Portrayed as the beast of the sea, the shark species is a cold blooded animal that shows great diversity in size. The largest of the sharks measure up to 13.7 m, while the smallest of the species range from 22-to-25 cm (Ellis 1976). Typically, these creatures of the sea have a fusiform body, that is composed of cartilage, which is capable of reducing drag and the amount of energy needed to swim (Ellis 1976). Their countershade coloration allows the species to blend in with both the dark depths and the light surfaces of the sea (Ellis 1976). These beautiful dwellers of the sea also possess rigid fins that are supported by cartilaginous rods. All together the shark has five different types of fins: the paired pectoral fins, are used to lift the shark as it swims, the paired pelvic fins stabilize the shark, the one or two dorsal fins also stabilize the shark, a single anal fin provides stability in species where it is present, however not all sharks have the anal fin, and the caudal fi n which propels the shark (Lineaweaver and Backus 1970). The sharks head structure consist of lateral eyes, a ventral external nose, and a mouth that is ventrally located at the tip of the snout. Some species possess an eyelid like structure called a nictitating membrane, which helps in protecting the eye from being injured when prey are thrashing around, and a nasal barber, which are sensory projections near the nasal (Lineaweaver and Backus 1970). In the mouth, teeth are modified, enlarged placoid scales. Having numerous rows of teeth attached at their bases by connective tissue, sharks have rows of replacement teeth that are continually developed behind the outer row. As the functio... ... feeling to the slaughter of the shark species. Therefore, with positive education as an antidote to false and negative publicity the battle to save the endangered shark will be possible. In order to win the battle of losing the shark, the support of the general public will be needed to achieve this goal. Work Cited Baldridge, H.D. 1974. Shark Attack. Berkely Pub. Corp., New York. 263 Baldridge, H.D. 1988. Shark aggression against man: beginning of an understanding. 74(4):208-217 Budker, Paul. 1971. Life of Sharks. Columbia University Press. 10-18pp. Davies, D. H. 1966. About Sharks and Shark Attack. New York Hobbs, Dorman. 240-255 pp. Ellis, Richard. 1976. The book of Sharks. New York Grasset and Dunlap. 110-130 pp. Lineaweaver, T. H., and R. H. Backus. 1970. Natural History of Sharks. Philadelphia and New York. 23-40 pp. Martin, M. 1985. The shark: more threatened than threatening. Sea Frontiers. 31: 296-303. Perrine, D. 1999. Sharks and Rays of the World. Voyageur Press, Stillwater, Minnesota. 132 pp. Woums, J., and L. Demski. 1993. Reproduction and Development of Sharks, Skates, Rays and Ratfishes. Environmental Biology of Fishes. 38(1): 270.

Lenzs Law And Faradays Law Of Induction :: essays research papers

Lenz's Law and Faraday's Law of Induction 1. With this definition of the flux being , we can now return to Faraday's investigations. He found that the magnitude of the emf produced depends on the rate at which the magnetic flux changes. Faraday found that if the flux through N loops of wire changes by an amount , during a time delta t, the average induced emf during this time is This fundamental result is known as Faraday's law of induction. The minus sign is placed there to remind us in which direction the induced emf acts. Experiment shows that an induced emf always gives rise to a current whose magnetic field opposes the original change in flux. This is known a Lenz's law. Let us apply it to the case of relative motion between a magnet and a coil. The changing flux induces an emf, which produces a current in the coil; and this induced current produces its own magnet field. If the distance between the coil and the magnet decreases; so the magnetic field, and therefore the flux, through the coil increases. The magnetic field of the magnet points upward. To oppose this upward increase, the field produced by the induced current must point downward. Thus Lenz's law tells us that the current must move by the use of the use of the right hand rule. If the flux decreases, so the induced current produces an upward magnetic field that is "trying" to maintain the status quo. Let us consider what would happen if Lenz's law were just the reverse. The induced current would produce a flux in the same direction as the original change; this greater change in flux would produce an even larger current, followed by a still larger change in flux, and so on. The current would continue to grow indefinitely, producing power (=) even after the original stimulus ended. This would violate the conservation of energy. Such "perpetual - motion" devices do not exist. It is important to note, which I believe was forgotten in the class lecture, is that Faraday's investigation, as summarized in Faraday's law, says that an emf is induced whenever there is a change in flux. Thus an emf can be induced in two ways: (1) by changing the magnetic field B; or (2) by changing the area A of the loop or its orientation theta with respect to the field. A motor turns and produces mechanical energy when a current is made to flow in it. You might expect that the armature would accelerate indefinitely as a result of applied torque. Lenzs Law And Faradays Law Of Induction :: essays research papers Lenz's Law and Faraday's Law of Induction 1. With this definition of the flux being , we can now return to Faraday's investigations. He found that the magnitude of the emf produced depends on the rate at which the magnetic flux changes. Faraday found that if the flux through N loops of wire changes by an amount , during a time delta t, the average induced emf during this time is This fundamental result is known as Faraday's law of induction. The minus sign is placed there to remind us in which direction the induced emf acts. Experiment shows that an induced emf always gives rise to a current whose magnetic field opposes the original change in flux. This is known a Lenz's law. Let us apply it to the case of relative motion between a magnet and a coil. The changing flux induces an emf, which produces a current in the coil; and this induced current produces its own magnet field. If the distance between the coil and the magnet decreases; so the magnetic field, and therefore the flux, through the coil increases. The magnetic field of the magnet points upward. To oppose this upward increase, the field produced by the induced current must point downward. Thus Lenz's law tells us that the current must move by the use of the use of the right hand rule. If the flux decreases, so the induced current produces an upward magnetic field that is "trying" to maintain the status quo. Let us consider what would happen if Lenz's law were just the reverse. The induced current would produce a flux in the same direction as the original change; this greater change in flux would produce an even larger current, followed by a still larger change in flux, and so on. The current would continue to grow indefinitely, producing power (=) even after the original stimulus ended. This would violate the conservation of energy. Such "perpetual - motion" devices do not exist. It is important to note, which I believe was forgotten in the class lecture, is that Faraday's investigation, as summarized in Faraday's law, says that an emf is induced whenever there is a change in flux. Thus an emf can be induced in two ways: (1) by changing the magnetic field B; or (2) by changing the area A of the loop or its orientation theta with respect to the field. A motor turns and produces mechanical energy when a current is made to flow in it. You might expect that the armature would accelerate indefinitely as a result of applied torque.

Resource Leveling

Resource Leveling Resource leveling is the process that ensures resource demand does not exceed resource availability. The ideal scenario would be a build up of resource usage at the beginning of the project and a reduction at the end of the project. However, the approach to resource leveling will also depend on whether resources are dedicated to a particular project or shared across several projects and whether there is a need to keep all resources fully utilized. Introduction: Resource leveling is a technique in project management that overlooks resource allocation and resolves possible conflict arising from over allocation.When project managers undertake a project, they need to plan their resources accordingly. This will benefit the organization without having the face conflicts and not being able to deliver on time. Resource leveling is considered one of the key elements to resource management in the organization. An organization starts to face problems if resources are not alloc ated properly i. e. some resource may be over allocated whilst others will be under allocated. Both will bring about a financial risk to the organization. The Two Key Elements of Resource Leveling:As the main aim of resource leveling is to allocate resource efficiently, so that the project can be completed in the given time period. Hence, resource leveling can be broken down into two main areas; projects that can be completed by using up all resources which are available and projects that can be completed with limited resources. Projects which use limited resources can be extended for over a period of time until the resources required are available. If then again, the number of projects that an organization undertakes exceeds the resources available. Then it's wiser to postpone the project for a later date.Structure of Resource Leveling: Many organizations have a structured hierarchy of resource leveling. A work based structure is as follows. * Stage * Phase * Task/ Deliverable All of the above mentioned layers will determine the scope of the project and find ways to organize tasks across the team. This will make it easier for the project team to complete the tasks. In addition, depending on the three parameters above, the level of the resources required (seniority, experience, skills, etc. ) may be different. Therefore, the resource requirement for a project is always a variable which is corresponding to the above structure.Establishing Dependencies: The main reason for a project manager to establish dependencies is to ensure that tasks get executed properly. By identifying correct dependencies from that of incorrect dependencies allows the project to be completed within the set time-frame. Here are some of the constraints that a project manager will come across during the project execution cycle. The constrains a project manager will face can be categorized into three categories. * Mandatory: These constraints arise due to physical limitations such as experi ments. * Discretionary: These are constraints based on preferences or decisions taken by teams. External: Often based on needs or desires involving a third party. The Process of Assigning Resources: For resource leveling to take place, resources are delegated with tasks (deliverables) which needs execution. During the starting phase of a project, idealistically the roles are assigned to resources (human resources) at which point the resources are not identified. Later these roles are assigned to specific tasks which require specialization. Leveling of Resources Resource leveling helps an organization to make use of the available resources to the maximum. The idea behind resource leveling is to reduce wastage of resources i. . to stop over allocation of resources. Project manager will identify time that is unused by a resource and will take measures to prevent it or making an advantage out of it. By resource conflicts, there are numerous disadvantages suffered by the organization, su ch as: * Delay in certain tasks being completed * Difficulty in assigning a different resource * Unable to change task dependencies * To remove certain tasks * To add more tasks * Overall delays and budget overruns of projects Resource leveling Techniques: Critical path is a common type of technique used by project managers when it comes to resource leveling.The critical path represents for both the longest and shortest time duration path in the network diagram to complete the project. However apart from the widely used critical path concept, project manager's use fast tracking and crashing if things get out of hand. * Fast tracking: This performs critical path tasks. This buys time. The prominent feature of this technique is that although the work is completed for the moment, possibility of rework is higher. * Crashing: This refers to assigning resources in addition to existing resources to get work done faster.Associate with additional cost such as labor, equipment etc. Conclusion : Resource leveling is aimed at increasing efficiency when undertaking projects by utilizing the resources available at hand. Proper resource leveling will not result in heavy expenditure. The project manager needs to take into account several factors and identify critical to non critical dependencies to avoid any last minute delays of the project deliverables. Why is there a need for resource leveling? If resources are not leveled, resources are either over allocated or under allocated (or both).Overallocation means the scheduled work is not likely to occur (or the resource may be annoyed, overworked or burned out). Under allocation means suboptimal utilizing and billing of resource, lowering of profitability. Lastly, your schedule won’t be accurate, unless resources are correctly loaded. Over-allocation can occur as the result of various events: * Increased work on a task that causes the finish date to overlap with another already assigned task. * A forecasted finish that c auses a task to slip also delaying a successor dependency to start late. Full time assignments to tasks that start and end at the same time or overlap. In the perfect world of dedicated project resources, resolving these conflicts is more a decision of whether the project schedule has sufficient slack to accommodate leveling or whether the current schedule is not constrained by hard finish dates. In organizations that share resources across projects the contention for critical resources and trying to ensure that they are aligned with most important initiatives often leaves project plans with over-allocations that are not only impossible to meet but also impossible to deliver. Read also: Conveyor Belt Project