Wednesday, October 30, 2019

Digital Forensic Incident Response Research Paper

Digital Forensic Incident Response - Research Paper Example eader with a more detailed understanding the way in which an IT firm could seek to abide by the instructions and determinants of the job at hand; all the while protecting themselves from further legal entanglement and seeking to provide a high quality output so that the case in question can be determined based upon its own merits and not biased by any degree of overlooked or misinformed information gathering. Essentially, the approach that will be utilized as a means of gaining the affected information will be twofold. The first will be contingent upon engaging with mobile phone providers and email providers as a function of retaining the information in question, within the date range in question, and between the people in question. The second will be contingent upon a more high tech approach in which individual laptops, company computers, and mobile phones will be subpoenaed by the court for further analysis by the IT firm. In this way a level of double certainty can be provided tha t any and all communication between interested individuals can be represented. In tandem with the low-tech approach that has been stipulated, the majority of data analysis and retrieval will not be conducted by the IT firm itself; instead, this information will be provided to the IT firm by mobile phone providers and email providers related to the case in question. Essentially, once a verifiable war it has been presented to the stakeholders, the information will need to be categorized and represented based upon the timeframe that the case is specifically interested in. Although this is a fairly simple aspect of the process that is being defined within this analysis, it is absolutely essential to ensure that further litigation against the IT firm does not take place. This is due to the fact that the court has only appointed a specific range and time for these email and text message conversations to be analyzed. Specifically, the court has indicated that text messages and emails

Monday, October 28, 2019

Family and Doctor Essay Example for Free

Family and Doctor Essay Before I go with the topic to express â€Å"Why I want to be a part of Yashoda’s Young Doctor’s Camp†. I like to tell a small incident that had changed my goal and the way I really got admired. The incident took place when I was studying in class 6. I was suffering with high fever, and then usually my parents took me to the nearby doctor. This was the time when my brain was concentrating seriously, I observed that all the patients were keen to meet the doctor and express their disarray. They relied on the doctor totally which was easily understood by their smiling faces after consulting the doctor. They also believed that he was the only one who can cure their disarray. This made me to think that the profession of a doctor has a high position in the society and he is the one who will be trusted forever. Then I have decided to have my goal to become a doctor. I started to work hard from that moment towards my goal. Even I used to have a feeling in my mind that I can really do my best to prove myself. From then I started to work hard in the field of science . This showed me immense results . I was able to maintain a huge patience in my all works. And even I started to analyze what should be maintained to have a good health. Being a doctor is really tough and it will need huge patience and hard work. I want to relate to another incident that took place in my life when I was 2 years old. Don’t be shocked that how I can remember what happened when I was two years old it is not magic, but my father revealed it to me. I used to live with my grandparents those days. I was suffering with heavy motions those days. My grandfather was cautious about the viral infections and took me to the hospital for treatment. The doctor gave me a medicine named with ‘G’. My grandpa gave the prescription to the pharmaceutical shop person. H e gave the medicine to my grandpa and it was given to me. But, the results after using the medicine were different; my disarray was not cured for even after some days. This made my grandpa to check the medicine he found that a single letter ‘I’ was misplaced with a letter ‘r’. This incident when my father was saying I was amazed to know that a single letter plays a vital role. I learnt that a doctor should be always aware about his actions and I started to think before once before I do anything. This will make me to take good decisions. But I think this will not be the trait of the real doctor’s as they are really very much experienced in their profession. This made me also realize that to become a good doctor we should be experienced in the profession. So I think by now you might have made a picture what kind of girl I am. I possess patience, I believe in truth; I will take the responsibility for my action’s and I will believe in the word â€Å"trust†. And I believe that being a doctor is like giving a commitment to serve for the society. So, before I go on with expressing my curriculum performance, I have to say a few lines on Yashoda Hospitals. They were really awesome and the doctor’s are really friendly and caring. You can ask me how I can say this feedback. I have an original experience with Yashoda hospitals. W hen my uncle had an accident in the industry almost his hand fingers were crashed. When we immediately rushed to the nearby hospitals they said that the whole hand should be removed. The pain felt by my aunt when she heard this was still in my heart. Then my father had a thought with him to take to the Yashoda hospital will be a good way. Only a single second after his words, we rushed to the Yashoda hospital. We observed that the crews of Yashoda Hospital were really caring towards the patients. Then we met the doctor and he said that no problem to the hand it will be cured with an operation. This stunned me that there are different kinds of treatments going on. And this even made me clear that Yashoda hospital doctors are the ones with immense character and also they believe in the proper treatment. And I forgot to mention that I take care of the animals suffering with hunger as instructed by my biology teacher to take care of the poor ones by giving them food. This was one of the reasons why I rushed to my teacher when she said I am eligible for a camp with Yashoda hospital doctors. And then coming to my curriculum I am good at Physics, Chemistry and Biology. I even do my bit good to get higher grade in maths. Coming to the languages I know I can speak in Telugu, English and a bit of Hindi. I am helpful and friendly with my friends. I will respect the elders. And I am always ready to learn anything. I have high confidence in myself. I will concentrate in my studies to show good performance through my higher grades. I even take almost everything serious except a fight with my sister. I will read books a lot. I will usually gather good science facts and the collection of things which I felt amazed will be with me always. I don’t get irritated fast. I will even take good exercise and balanced diet to keep my body fit. I will also gather the up to date information about the new techniques in the treatment of patients. I am lso a bit patriotic because I feel that doing something to the mother land is really a great job. This was one of the main reason why I chose to be a doctor because I can serve my country. I believe in the principles of Abdul kalam and Mother Teresa. I would also state one of the main aspects of mine which my mom says wrong, but I feel it is right; the query is that I usually work hard by sitting to study at least for 5 hours a day. But my mom says you should study even hard, but I believe in studying with concentration and practical experiences rather sitting like a book worm. I believe the fact that if you love your work you will excel in it. I think these are the qualities I posses and it is up to you whether you select me. I want to experience originally how a doctor behaves and correct myself if am doing a mistake now itself so that I can excel in my profession better in the next coming years. I believe that these are the traits that are of a doctor. If I missed anything, I will learn it through Yashoda hospital doctors in the camp. I hope that I will get selected for this camp, and I believe that one day I will surely be a good doctor.

Saturday, October 26, 2019

Print vs. Preaching in the Spread of Protestant Ideas Essay -- Religio

When considering the spread of Protestantism, it is essential to look at the role of printing and preaching. First, looking at printing, there is definitely a correlation between the rise of print and Protestantism, however print was only a substantial industry in countries like Germany, France and Italy, and even there, printed materials were only accessible to a literate minority. Second, the role of preaching must be considered, in spite of accusations by historians such as Susan Karant-Nunn, that it didn’t have a clear message and developed incoherently, this essay will argue that preaching via sermons and focusing on scripture was still as effective as pre-reformation sermons, as Luther and Calvin were very good orators. In addition, preaching was not just confined to the pulpit, oral communication among the general public, and the memorisation and recitation of catechism (the summary of the principles of Christian religion in the form of questions and answers, used for r eligious instruction ) also helped to spread the Protestant ideas. A key factor when looking at the spread of Protestantism is the use of printing during this period. Luther, shortly after his Ninety-Five Theses (1517), during the 1520s, used pamphlets to spread his message and ideas around . It is clear by using the printing press Protestant ideas could be spread to a wider group of people from within Germany, to the rest of Europe and this â€Å"created a new reading public, who seized eagerly on the reformers’ ideas to form a large-scale ‘public opinion’† .There were also further implications as Andrew Pettegree and Matthew Hall point out â€Å"[the printed book] was absolutely paramount in first creating public interest in the controversies surrounding Luther, the... ...6) pp. 19-20. Pettegree and Hall p.801. Ibid 804. Pettegree p.11. Scribner and Dixon pp. 19-20. Ibid p.18. Pettegree p.17 and p.23. Ibid p.19. Ibid p.20. Pettegree and Hall p.796. Gerald Strauss., 'Lutheranism and literacy: a reassessment' in Religion and society in early modern Europe 1500-1800, ed. By K. Von Greyerz (London: German Historical Institute, 1984), 109-123 (p.115). Ibid pp.10-11. Ibid p.10 Ibid p.117. Ibid p.114 Pettegree p.18. Ibid p.19. Martin Luther, 'On the Babylonish Captivity of the Church', (1520), in Culture and belief in Europe, 1450-1600 : an anthology of sources eds. by David Englander, et al. (Oxford, UK ; Cambridge, Mass., USA: Blackwell in association with the Open University, 1990) pp. 177-180 (p.180). Scribner and Dixon p.20. Pettegree, p.24. Ibid p.23. Ibid p.23-24.

Thursday, October 24, 2019

Summary of Project Feasibility

Summary of Project Feasibility Assessing the feasibility of Expanding Services (Revenue Increase), Frequent Shopper Program (Revenue Increase), and Increasing Efficiency enhancements are important for Kudler Fine Foods that will determine the success for the project. A â€Å"feasibility study focuses on helping answer the essential question of should we proceed with the proposed project idea? † (Hofstrand & Holz – Clause, 2009). Operational, technical, and economic feasibilities are what specify the project feasibility analysis. Operationally, the Expanding Services will increase the loyalty and profitability of consumers by providing contest, and cooking classes. This program should integrate into the existing workflow without possessing to make any type of tremendous problems to the operations. The extra advertising should help Kudler Fine Foods revenue to increase by drawing in more consumers. The Frequent Shopper Program would only require little user training therefore, no major issues of computer illiteracy should occur. Frequent Shopper Program will provide high value incentives through a partnership with loyalty points program (Virtual Organization, Kudler Fine Foods, Sales and Marketing). This will enhance the attitudes at the point of sales. Kutler Fine Foods already use a POS server that would be a staging ground for the Frequent Shopper database. Kudler’s operations are to increase efficiency by benchmarking Nordstrom department stores. Employee training programs and integration of new software system will facilitate the effort. Increasing efficiency has developed supplier relations program and has solicited the help of marketing to help roll out the program. The various types of proposed requirements that should be taken into consideration are the hardware and software. Hardware relates to the development of the system and software is for the information database and tracking. TPS/Transaction processing system will capture and record information about the transactions that take place at Kudler’s. MIS/Management information systems will produce reports that management needs for planning. Executive information systems will provide the executives information that will be used for monitoring the competitive environment. Centralize management system hardware, front end web server, loyalty card and store server hardware will help assist the â€Å"Frequent Shopper Program. Economic feasibility is the cost/benefit analysis or CBA. CBA helps to give the project team/management in determining whether or not the proposed program is beneficial to the organization. Because the programs are not going to cause a dramatic increase in cost the company will benefit and be very successful. Reference Hofstrand, d. & Holz – Clause, M. (2009,). What is Feasibility Study? Retrieved April, 2010, from extension. iastate. edu

Wednesday, October 23, 2019

Marvel

Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement. Marvel Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement.

Tuesday, October 22, 2019

The Dangers of Religious Freedom essays

The Dangers of Religious Freedom essays In her novel, Domestic Manners of the Americans, Fanny Trollope makes a bold statement on the affairs of the new found country and its inhabitants. Of particular distaste to the author was the spectacle of evangelical religious practices. She made much, throughout her writing, over the role that the various religions played in the lives of the citizens and the fact that the division of the churches was a real problem in America. The consuming role that religion and church played in the lives of the women also concerned and intrigued Trollope. Likewise, the English womans view of the popular evangelical camp meetings and the activities there were highly critical. She viewed this toxic environment in the light of her stolid English back ground and was convinced that it would be the undoing of the young nation and its citizens. Trollope makes no secret of the fact that she believes that the lack of a single national religion in America was at the root of a very real problem. With so many different religious groups being allowed to practice, there could be no common government of the church that would insure that the leaders would be knowledgeable and learned men. ...this does not prevent my seeing that the object of all religious observance is better obtained when the government of the church is confided to the wisdom and experience of the most venerated among the people, than when it is placed in the hands of every tinker and tailor who chooses to claim a share in it. (85) She goes on to state that it also seems problematic that, since there are no set provisions for the clergy, the services are confined to those who can pay them. (85) Fanny, in her travels through America, finds that in smaller cities and towns, the job of marrying, christening and burying are carried out by the common folk. In these places, she fears, the American citizens I was much struck wi...

Monday, October 21, 2019

LSD and Crack-Cocaine essays

LSD and Crack-Cocaine essays LSD and Crack-Cocaine Today, the problem of drugs has become one of the most serious ones facing the world and its youth. Drugs in general, can be classified into 5 different kinds: cannabis or hemp (name of a plant) such as marijuana and hashish, opiates such as morphine, heroine and opium, stimulants such as cocaine and amphetamines, depressants also known as sedatives such as alcohol and barbiturates, and finally hallucinogens such as LSD, PCP and MDMA(ecstasy). When talking about drugs with the majority of people, especially grown-ups, we always hear: Stay away from drugs, Drugs are bad, or even Say no to drugs. What these people dont know is the difference between each drug, the difference in tolerance which means the need to increase the dose to obtain the effects that were previously obtained with a lower dose between each drug and the difference between the withdrawal syndromes of each drug. For them drugs are drugs. My research will focus on two specific types of drugs: Crack, one of the most recently-discovered derivative of powder-cocaine and LSD, the most widely used and the best known hallucinogenic drug. The reasons why I choose theses two specific drugs is because I had heard about crack as being the drug of the 90s and as being more harmful than heroin. Then I chose LSD because many of my friends have tried it and I think that I would also try it if I have the chance. In brief, whether crack or LSD, Ill try to learn the maximum amount of information to add to my general knowledge. Crack is by no means the only culprit in Los Angeles costly plague of crime, addiction and child abuse, stated an article in the Los Angeles Times. The article also showed that from psychiatrist Michael Durfees point of view, crack has become the number one illicit drug having bad effects on pregnancy. ...

Sunday, October 20, 2019

Calculate Energy Required to Turn Ice Into Steam

Calculate Energy Required to Turn Ice Into Steam This worked example problem demonstrates how to calculate the energy required to raise the temperature of a sample that includes changes in phase. This problem finds the energy required to turn cold ice into hot steam. Ice to Steam Energy Problem What is the heat in Joules required to convert 25 grams of -10  °C ice into 150  °C steam?Useful information:heat of fusion of water 334 J/gheat of vaporization of water 2257 J/gspecific heat of ice 2.09 J/g ·Ã‚ °Cspecific heat of water 4.18 J/g ·Ã‚ °Cspecific heat of steam 2.09 J/g ·Ã‚ °CSolution:The total energy required is the sum of the energy to heat the -10  °C ice to 0  °C ice, melting the 0  °C ice into 0  °C water, heating the water to 100  °C, converting 100  °C water to 100  °C steam and heating the steam to 150  °C. To get the final value, first calculate the individual energy values and then add them up.Step 1: Heat required to raise the temperature of ice from -10  °C to 0  °C Use the formulaq mcΔTwhereq heat energym massc specific heatΔT change in temperatureq (25 g)x(2.09 J/g ·Ã‚ °C)[(0  °C - -10  °C)]q (25 g)x(2.09 J/g ·Ã‚ °C)x(10  °C)q 522.5 JHeat required to raise the temperature of ice from -10  °C to 0  °C 522.5 JStep 2: Heat required to convert 0  °C ice to 0  °C waterUse the formula for heat:q m ·ÃŽâ€Hfwhereq heat energym massΔHf heat of fusionq (25 g)x(334 J/g)q 8350 JHeat required to convert 0  °C ice to 0  °C water 8350 JStep 3: Heat required to raise the temperature of 0  °C water to 100  °C waterq mcΔTq (25 g)x(4.18 J/g ·Ã‚ °C)[(100  °C - 0  °C)]q (25 g)x(4.18 J/g ·Ã‚ °C)x(100  °C)q 10450 JHeat required to raise the temperature of 0  °C water to 100  °C water 10450 JStep 4: Heat required to convert 100  °C water to 100  °C steamq m ·ÃŽâ€Hvwhereq heat energym massΔHv heat of vaporizationq (25 g)x(2257 J/g)q 56425 JHeat required to convert 100  °C water to 100  °C steam 56425Step 5: Heat required to convert 100  °C steam to 150  °C steamq mcΔTq (25 g)x(2.09 J/g ·Ã‚ °C)[(150  °C - 100  °C)]q (25 g)x(2.09 J/g ·Ã‚ °C)x(50  °C)q 2612.5 JHeat required to convert 100  °C steam to 150  °C steam 2612.5Step 6: Find total heat energyHeatTotal HeatStep 1 HeatStep 2 HeatStep 3 HeatStep 4 HeatStep 5HeatTotal 522.5 J 8350 J 10450 J 56425 J 2612.5 JHeatTotal 78360 JAnswer:The heat required to convert 25 grams of -10  °C ice into 150  °C steam is 78360 J or 78.36 kJ.

Saturday, October 19, 2019

Female Charcters in Fairy Tales Essay Example | Topics and Well Written Essays - 750 words

Female Charcters in Fairy Tales - Essay Example Not all agree with the claim that traditional fairy tales such as â€Å"Cinderella† positively portray females. Pollitt maintains that it is virtually impossible to come across a fairytale in which women are portrayed as â€Å"active, brave and determined.† Instead, in the world of fairytales, Pollitt (1995, p. 479) maintains that females â€Å"blend seamlessly into the animated cereal commercials.† Indeed, these remarks are perfectly applicable to the Disney film versions of â€Å"Cinderella,† â€Å"Snow White,† and â€Å"Sleeping Beauty,† among others. In none of these movies do the female characters commit themselves to any action or even make an attempt at defending themselves. Cinderella’s single act of rebellion was to go to the ball without her stepmother’s knowledge but with her fairy godmother's permission and protection. This act is never repeated. In the shoe-fitting scene, she hangs back and does not come forward unt il she is pressed to by Palace officials. This is the ultimate in passivity since she knew that were she just to step forward, her entire life would change. She does not, however, and this in itself, evidences the fact that the course and direction of her life are shaped by others and not be herself. Consequently, within the context of Disney’s film versions of popular fairy tales as â€Å"Cinderella,† one can safely assert the prevalence of negative gender stereotypes. The negative gender stereotypes which audiences can detect in Disney’s â€Å"Cinderella† were not imposed upon the movie by the fairytale itself.... The negative gender stereotypes which audiences can detect in Disney's "Cinderella" were not imposed upon the movie by the fairytale itself, since, in none of its versions are females depicted in this weak, passive and inactive manner. In different versions of the "Cinderella" story, the male character does not make any impression at all, and is only reacts to the actions of the female characters. In the Grimm version, the action of the plot is shaped by the step sisters' determination that Cinderella does not go to the ball, and Cinderella's determination to go. She defies her stepsister when she does not perform the tasks they set for her but has the magic pigeons do it for her. Furthermore, all through this story, the events are shaped by Cinderella's dead mother's spirit. She is the one who sends her daughter the pigeons and gives her the chance to go to the ball. Actually, the prince does not choose Cinderella but both she and her dead mother choose him for her as the only one t hat is good enough for Cinderella. It is all like a magic matchmaking story where the prince walks into the marriage trap that was set out for him by the dead mother. The whole plot is a conflict between women and it is very easy to imagine the Prince's character replaced by another prize symbolizing the victory of the good over the evil, but it is not possible to imagine the story without Cinderella or the evil stepsisters. The Charles Perrault version of the "Cinderella" story confirms the view that men, not women, are very much on the borders of the story. The prince does not appear until halfway through and the first male character we see,

Friday, October 18, 2019

Improving the Quality of Education in the Urban Schools Essay - 2

Improving the Quality of Education in the Urban Schools - Essay Example Ameliorating the teachers’ quality will play a significant role in improving the quality of education in poor urban schools. Miller states that improving the quality of teachers in the urban district schools will play a very crucial role in improving the quality of education in urban schools. I think that Miller is right in saying that the pay that urban teachers receive is very discouraging when reviewed against the high cost of living in urban areas. This discourages many teachers from teaching in these schools and makes it hard for them to attract top talent from other schools or from graduating college students compared to the private schools. Statistics show that a large percentage of the experienced teachers in the urban schools will retire in a decade leaving seven hundred thousand new and untrained school teachers in the urban district schools. In my opinion, this will contribute significantly to increased poor performance in urban schools as the students will be taught by inexperienced school teachers. There is also the issue of bad and poor-performing teachers the urban schools who contribute sig nificantly to the poor performance in these schools (Miller 34). Miller suggests that the state should review the salaries of urban school teachers to enable them to attract top talent. I concur with him and also suggest that the urban school teachers should have pay perks that will help in motivating them by giving bonuses to the top-performing teachers. The federal government should increase their salaries at least fifty per cent, thus attracting college graduates who would have joined other professions due to the salaries. By increasing the teachers’ starting salaries to sixty thousand annually, the union will entice many talented teachers and attract others. However, the issues of poor performing teachers should be addressed.  

Health and safety issues Essay Example | Topics and Well Written Essays - 750 words

Health and safety issues - Essay Example hrough: improvement of management systems so as to reduce injuries at work, showing the board how important health and safety issues are, monitoring of health and safety issues in the organization and providing of detailed reports about their states not excluding their stray performances. In essence, World Health (1983) argues that health and safety management that is effective is fundamental to the well-being of employees, plays a vital role in ensuring that the reputation of the organization is maintained while at the same time helping in creating teams that are highly achieving. An organizations’ health and safety quality assurance department provides various means in which the organization can monitor its continued progress and advices the organization on legislative matters and inflicts best practices into employees (Miller, 1986). To maintain quality, the team carries out internal training to keep their staff up to date with legislative and suitable organizational practices in health and safety matters and related areas. In addition, solid systems for monitoring organizational progress are to be installed which enhance the technological sector of the company as well as the knowledge of the staff for they have to be trained effectively on how to use the systems thus moving them one step ahead of their competitors. Insurance can be obtained by the employer to cover a number of costs which the employer may have to cover as a consequence of poor health and safety procedures. Examples of such insurance are Liability insurance, vehicle insurance and building insurance. There are however a number of areas for which insurance cover cannot be obtained. What are these areas? According to HMSO (1974), hundreds of industries that operate in different areas/fields exist that have been excluded from the mandatory coverage since they are registered neither under Sections 1 nor 2 of the Workplace and Insurance Act, 1997 (South Australian, 1986). The areas not covered

Thursday, October 17, 2019

International Business Management Master Essay

International Business Management Master - Essay Example "Passenger revenue" is initially recorded as a liability for sales in advance of carriage, with revenue from ticket sales recognised at the time that the Company provides the transportation. In respect of unused ticket revenue recognised, estimations are needed based on historical trends regarding liability for tickets sold but not yet processed, the timing and amount of tickets used for travel on other airlines and the amount of tickets sold that will not be used. These are used to determine the timing and amount of unused ticket revenue recognised. Changes to these estimation methods could have a material effect on the presentation of the financial results. Periodic evaluations are performed of the estimated liability for tickets sold but not yet processed. Any adjustments, which can be significant, are included in results of operations for the periods in which the evaluations are completed. These adjustments relate primarily to differences between the statistical estimation of cer tain revenue transactions and the related sales price as well as refunds, exchanges, interline transactions and other items for which final settlement occurs in periods subsequent to the sale of the related tickets at amounts other The Company's "cargo" business is operated as a contribution centre. ... This allows the maximisation the use of its scheduled route network to provide a worldwide cargo service. The management group utilises trucks to feed cargo to its major hubs in Europe and the United States. "Revenue" is recognised when the transportation service is provided. Passenger ticket and cargo waybill sales, net of discounts, are recorded as current liabilities in the 'sales in advance of carriage' account until recognised as revenue. Unused tickets are recognised as revenue using estimates regarding the timing of recognition based on the terms and conditions of the ticket and historical trends. Other revenue is recognised at the time the service is provided. Commission costs are recognised at the same time as the revenue to which they relate and are charged to cost of sales. "Employee benefits", including pensions and other post-retirement benefits (principally post-retirement healthcare benefits) are presented in these financial statements in accordance with IAS 19 - 'Employee Benefits'. For the Group's defined benefit plans, post-retirement obligations are measured at discounted present value whilst plan assets are measured at fair value at the balance sheet date. The cost of current service costs are recognised in the income statement so as to recognise the cost of providing the benefit on a straight line basis over the service lives of the employees using the projected unit credit method. Past service costs are recognised when the benefit has been given. The financing cost and expected return on plan assets are recognised within financing costs in the periods in which they arise. The accumulated effect of changes in estimates, changes in

La Marseillaise, the Internationale and The Horst Wessel Song Essay

La Marseillaise, the Internationale and The Horst Wessel Song - Essay Example During different radical and political revolutions occurred in different parts of the world songs are created with motivating lyrics and several propaganda movies have also been produced to influence the behaviors and thoughts of masses(Parker, p126). Some of the popular songs in the history of world revolutionary politics include La Marseillaise, Internationale and The Horst Wessel Song. These songs have been writing during different time spans to advocate the political revolutions of in France, Russia and Germany however these songs are not limited to these countries and nations only but have inspired the whole world through their enthusiastic way of motivating and rousing people towards political changes and revolution. These songs enjoy worldwide popularity and appraisal and they have become international songs of revolution and radical political movements. The essay discusses the importance and role of these songs in fostering the movements during which they were written and pub licized and also illustrates the importance of songs and mass media messages by taking example of Riefenstahl’s political propaganda movie Triumph of the Will. La Marseillaise also called The Marseille song is the national anthem of France. The song was originally titles as the war song for the Army of the Rhine. The song was written in 1792 by Claude Joseph Rouget De Lisle and three years later in 1795 it was adopted as the first national anthem of the country. The melody of the song was adopted from a theme written by Giovan Viotti in 1781. Soon after its composition La Marseillaise received popularity among the masses. People started singing this song on the streets and it became the rallying call to the French revolution (Darnton and Roche, p60). The lyrics of the songs reflect the French invasion by the foreign invaders that came from Austria and Prussia and later the invading forces were repelled from France after losing the Battle of Valmy. However, later the song was banned by Napoleon I, Louis XVIII and Napoleon III because they viewed the song threat to the stability of peace within country. During the regimes of these rulers other songs were adopted as national anthem of France however, in 1879 it was restored as French national anthem and it was widely accepted that La Marseillaise was not only the anthem of France but it became the anthem of the international revolutionary movements occurred during the nineteenth and early twentieth centuries (Prescott and Nelson, p87). The song played active role in motivating people and geared up their emotions towards fighting for social and political change in the society. La Marseillaise proved to be an impressive song with strong, passionate, encouraging and emotional lyrics and zealous music composition (Parker, p126). Another important and popular revolutionary song is Internationale that was originally written in French language soon after the demise of the Paris Commune by Eugene Pottier who was a revolutionary exile. However, the song didn’t remain engaged with the French revolution but it soon became the international anthem of the working class all over the globe. The song gained the attention as the common voice and expression of the people having firm belief upon socialism. The song gained popularity

Wednesday, October 16, 2019

International Business Management Master Essay

International Business Management Master - Essay Example "Passenger revenue" is initially recorded as a liability for sales in advance of carriage, with revenue from ticket sales recognised at the time that the Company provides the transportation. In respect of unused ticket revenue recognised, estimations are needed based on historical trends regarding liability for tickets sold but not yet processed, the timing and amount of tickets used for travel on other airlines and the amount of tickets sold that will not be used. These are used to determine the timing and amount of unused ticket revenue recognised. Changes to these estimation methods could have a material effect on the presentation of the financial results. Periodic evaluations are performed of the estimated liability for tickets sold but not yet processed. Any adjustments, which can be significant, are included in results of operations for the periods in which the evaluations are completed. These adjustments relate primarily to differences between the statistical estimation of cer tain revenue transactions and the related sales price as well as refunds, exchanges, interline transactions and other items for which final settlement occurs in periods subsequent to the sale of the related tickets at amounts other The Company's "cargo" business is operated as a contribution centre. ... This allows the maximisation the use of its scheduled route network to provide a worldwide cargo service. The management group utilises trucks to feed cargo to its major hubs in Europe and the United States. "Revenue" is recognised when the transportation service is provided. Passenger ticket and cargo waybill sales, net of discounts, are recorded as current liabilities in the 'sales in advance of carriage' account until recognised as revenue. Unused tickets are recognised as revenue using estimates regarding the timing of recognition based on the terms and conditions of the ticket and historical trends. Other revenue is recognised at the time the service is provided. Commission costs are recognised at the same time as the revenue to which they relate and are charged to cost of sales. "Employee benefits", including pensions and other post-retirement benefits (principally post-retirement healthcare benefits) are presented in these financial statements in accordance with IAS 19 - 'Employee Benefits'. For the Group's defined benefit plans, post-retirement obligations are measured at discounted present value whilst plan assets are measured at fair value at the balance sheet date. The cost of current service costs are recognised in the income statement so as to recognise the cost of providing the benefit on a straight line basis over the service lives of the employees using the projected unit credit method. Past service costs are recognised when the benefit has been given. The financing cost and expected return on plan assets are recognised within financing costs in the periods in which they arise. The accumulated effect of changes in estimates, changes in

Tuesday, October 15, 2019

Diversity in management development Essay Example | Topics and Well Written Essays - 250 words

Diversity in management development - Essay Example Diversity in management ensures that there is the removal of barriers and permit equality in employment and promotion for job seekers and employees. Diversity ensures that all employees are empowered to reach their full potential and grow both personally and professionally. It serves as a key to growth in the modern competitive worldwide marketplace (Cole & Salimath 2013). Firms that seek to dominate the world market relevancy need to embrace diversity in how they act and innovate.  It is important for any organization to attract and hire a diverse workforce that reflects the communities where the organization operates in order for them to have a sense of ownership. Effective diversity management leads to an environment that accommodates and supports individual differences and capitalizes on the talents that exist in a workforce. A diverse staff boasts of expert knowledge of the surrounding communities and helps a firm to expand to other markets and customers. Employing from diverse groups helps a business to avoid a lack of labor by having a larger pool of applicants from which a firm can draw (DWL

Two Theories of the Formation of Relationships Essay Example for Free

Two Theories of the Formation of Relationships Essay There are two theories of the formation of romantic relationships, which are the reward/need satisfaction theory by Byrne and Clore (1970) and the similarity theory also by Byrne and Clore with Smeaton (1986). The similarity theory promotes liking. It suggests that we are attracted to people with similar personalities and attitudes to us and that we first sort potential partners for dissimilarity avoiding those whose personality or attitudes appear too different from our own. This suggests that we form relationships due to similarity. Research to support this theory can be seen by Caspi and Herbener (1990). They found that married couples with similar personalities tend to be happier then couples with less similar personalities. This suggests that similarity is important and often the rule for long term relationships. The similarity theory is based on the social approach which fails to consider the cognitive thought process, meaning that the theory assumes that we form relationships based upon similarities. Another criticism is of the determinist view this theory takes. This means that it takes away a person’s ability to make their own decisions therefore it is deterministic. The theory does not consider not consider that often some couples who are completely opposite in personality and attitudes. This means that theory cannot account for everyone. However the theory is widely recognised as its principles are used on dating websites which match up partners according to how similar they are to each other. Yoshida (1972) pointed out that this represents only a very narrow view of factors important in relationship formation as similarity of self-concept, economic level and physical condition being equally important. This research is backed up by Speakman et al (2007) who found that people often choose partners with similar levels of body fat. This shows that similar personality and attitudes are not the only factors in the formation of relationships. The reward/need satisfaction theory is a far better explanation of the formation of romantic relationships. This theory suggests that we are attracted to people who we find satisfying or gratifying to be with. The theory is also based on the principles of operant conditioning as we seek rewarding stimuli and avoid punishing stimuli, and classical conditioning due to attraction through association. Also we like people who are associated with pleasant events such as a holiday. The theory suggests that we go into relationships because the presence of some individuals is directly associated with reinforcements which makes them more attractive to us. Byrne and Clore also suggested that we like people who are associated with pleasant events and that the balances of positive and negative feelings are crucial in relationships. This means that where the positive feelings outweigh the negative feelings a relationship is more likely to develop and succeed whereas where the negative feelings outweigh the positive feelings are likely to fail. This theory can be criticised for not explaining abusive relationships as these types of relationships still form despite the partner receiving punishing stimuli from that relationship. It also does not account for cultural and gender differences in the formation of relationships. For example, Lott (1994) suggested that in many cultures women are more focused on the need of others rather than receiving reinforcements. Also this research used a survey and is therefore subjected to social desirability bias.

Sunday, October 13, 2019

Youth Fitness And Obesity Levels Physical Education Essay

Youth Fitness And Obesity Levels Physical Education Essay The figure of obesity children is rapidly increasing due to their unhealthy lifestyle and eating habit such as addicted to fast food, video games, and online games which occur in most of the children community nowadays. Unhealthy lifestyle caused most of the children dislike physical bodily movement and lack of physical fitness. A number of researchers involved in teaching physical classes always emphasize the relationship between decreasing of participation in physical activity towards increasing of health-related risks such as obesity, diabetes, cardiovascular disease (Domangue, 2009). We as physical teachers have to understand factors leading to children physical inactivity. It is very important to understand why youngsters withdraw themselves from physical activity as they get matured. In physical education classes, fitness testing act as a very crucial component which help to create awareness of health concerns on physical inactivity cases especially among children (Domangue, 20 09). Physical activity is defined as any type (mild, moderate, vigorous) of bodily movement for instance jumping rope, soccer, weight lifting, running, walking, taking stairs and others which can be our daily routine activities, recreational activities, as well as sport activities. Literally, health-related physical fitness means physical activity that involved mild or adverse physical body movement that contribute to their general body health (Karinharju, 2005). School-based physical class explains when participant is physically active, heart pumping rate increases and produces heavier breathing than normal breathing. Unfortunately, a lot of schools neglected physical education class and only focus on physical class. In fact, physical education and physical activity are equally important elements that contribute towards children health development. In Silverman et.al. (2008) paper stated youth fitness testing was designed to embarrass those children who are less capable in physical activity. Those children who cannot perform well especially those obese children will be insulted by their peers and eventually they will withdraw themselves from involving in physical activity. We should not turn children down in physical activity by right as a school teacher we should help children to cultivate interest in physical activity. For instance, a plump children will feel embarrass while doing stretching. They might unable to reach the desired point and will be laughed by their peers. Girls might not like to play soccer, running around the field fighting for a ball. They might prefer jumping rope. So while designing fitness testing, more consideration should be taken such as gender, body size and fitness. As a physical teacher, we should help students to learn more about fitness and physical activity in order to promote positive attitudes on physical activity. I further belief if fitness testing was used in positive and appropriate ways it will enhance students physical educational experience as well as promote good attitudes and interest. There is few discussion on fitness testing has been done in recent years and the discussions were basically taken in three forms. First, some researchers suggest discontinuing school-based youth fitness testing in physical education program. Because school teachers are more focus on students activity performance instead of health-related fitness (Silverman, 2008; Rowland, 1995; Corbin et al., 1995). Second, researchers suggested that school-based physical classes should emphasize on educational aspects. Tests and teaching should carried out together to help to improve students fitness and knowledge (Silverman, 2008; Cale Harris, 2002; Corbin Pangrazi, 1993). Lastly, thorough examination of student fitness achievement testing is needed before designing and making decision on the future of physical class context and tests. (Silverman, 2008; Cale et al., 2007; Corbin et al., 1995; Keating Silverman, 2004). To be physically fit, one has to be physically active. Definition for physical fitness is an adaptive state that varies with the individuals growth and maturity status and with habitual activity and lifestyle (Domangue, 2009; Malina, Bouchard Bar-Or, 2004). Furthermore, physical fitness can be categorized into two categories which is health-related fitness and performance-related fitness. Health-related fitness is fitness that everyone needs which contributes to maintain and improve health status of our body. Performance-related fitness refers to skilled athletes or performers who need to be success or excel in their performance in sports activities. Basically, health-related fitness is assessed by measuring cardiovascular fitness, flexibility, muscular endurance, strength, and body fat content or body mass index (BMI) (Hale, 2005; Corbin, 2005). Rowland, 1995 drew a conclusion that physical teachers should not stop fitness testing, but should implement fitness tests in the physical education curriculum. Children and adults have different used of fitness test. So, while planning physical activities, this should be taken in concern. Children cannot decide whether to participate in fitness testing or how to use the results of those physical assessments. Whereas, adults are able to decide and choose whether to use fitness testing as a summative assessment to check their current health-related fitness levels of how fit they are at the period of time or as formative assessment to continuously assess health-related fitness level in order to modify fitness program as part of program planning. Adults who decided to go for either formal (with trainers) or informal training (self-training) already ready and have some commitment to do physical activity. But children do not have such commitment and do not know how to make decision. There fore, youth fitness testing can have opposite result if it is not perform appropriately, and will have consequences to develop negative attitude and patterns of physical activity among children. But, youth fitness testing should play an important role in school physical education setting in order to enhance students fitness (Silverman, 2008; Bar-Or, 1993; Cale Harris, 2002; Whitehead, Pemberton Corbin, 1990), and implementation of fitness testing should be examined often to prevent any deviation that will result in the misuse of fitness tests (Silverman, 2008). In order to have positive impact of physical testing in school, silverman has suggested some guidelines to implement a positive impact fitness test. First, youth fitness testing should be integrated as a part of fitness instruction in curriculum. Although assessment is important goal of teaching but without a solid curriculum it is merely testing (Stewart, Elliot, Boyce Block, 2005). Second, fitness testing result should be used by teachers to assess their fitness instruction and enhance students learning (Corbin, 1981) while physical classes. Long-term and short-term outcomes of fitness testing of children should be taken into concern by teachers and curriculum planners planning for future activities. Third, the point of having physical class is for students to improve their body fitness and towards meeting their healthy zone standard. We should teach students not to assume that fitness testing will automatically increase their physical activity levels but it is just to test their body fitness. It is important to understand their body fitness and help to design future activities. If fitness testing was used appropriately and used as an educational tool, it has the potential to promote physical activity and also help to improve health-related fitness. In many schools in Malaysia, students are only required to be tested on fitness test once in a year. Compare to academic tests physical test is far lesser. During fitness tests, Instructional time spent on fitness testing should not be ignored. Without positively increasing youngsters physical activity levels and health-related fitness does not make sound use of fitness tests. Health-related fitness testing should be carried out in school, and it is important to include both physical activity and also health-related fitness in physical education class so that student will able to understand the difference and complementary nature of the concepts (Silverman, 2008). Health-related fitness has to be taught as part of curriculum so that student able to understand the concept and the purpose of the test. Health-related fitness testing also can be used as a tool to examine concepts and components of health-related fitness and physical activity. For example, while teacher introducing the sit-up test, teacher can discuss on the anatomy of the body and the function of the muscles involved and how the body perform the activity and how to improve their strength and endurance. Provide important information and knowledge while doing the activity, student can understand better the purpose of having each test and also prevent to get injured. Without proper knowledge, stu dents are more tend to get injured, due to lack of knowledge of proper posture undergoing particular activity. Teacher has to educate students the correct posture and way to perform those activity to protect our body muscle and anatomy. Lacking important knowledge might influence students performance, motivation and interest as well. Eventually, they will cultivate negative attitude and their bad experiences in physical education will influence their attitudes towards future assessment and physical activity and eventually cause them to withdraw from physical activity. Another reason why teaching both health-related fitness and physical activity is important, because the current examination of physical activity assessment program may mislead students into thinking that regular participation in any mild to moderate physical activity for 30-60 minutes is sufficient to maintain their health. NASPE recommends those children aged 5 to 12 years should be physically active for at least 60 minutes to several hours of per day (Domangue, 2009). As children get matured, the recommended duration for physical activity varies. Adolescents need lesser hour to be physically active compare to children. They need only 30-60 minutes daily (Yesalonia, 2009). Unfortunately, many school-aged students have too little opportunity to participate in these recommended physical activities during school hour. In this situation, students are required to balance their physical activity levels outside the school as extra-curriculum. Outside the regular school hours, many children could be physically active in sedentary activities such as homework, computers and video-games which children only required to sit on chair. This can affect activity levels of school-aged children. Perhaps the most important time for children to be active is after school is between three and six p.m. But often children nowadays are not, they will rather spend time on sedentary activities or their academic curriculum. Parents have press more on their academic rather than their physical achievements and also safety issues parents stop letting children to involve in physical activities. . As a school teacher, we should encourage parents to allow their children to be physically active instead of filling all those active hours with tuitions, piano classes and homework. Children can have opportunity to be active after school hours by participating in extra-curricular activity programs, such as basket ball, soccer, as well as community-based a ctivity programs. Remember, physical activity and health-related fitness is both equally important. We should not too emphasize on physical achievement and ignore the basic understanding on health-related fitness. Through the health-related fitness testing, teacher is responsible to educate students the purpose of participating in a variety of physical activity form and methods to improve corresponding health-related fitness components as well as the recommended duration in performing physical activity. Health-related fitness testing is an excellent context to teach students to examine on both health-related fitness and physical activity concept. Students can understand health-related fitness not only improve their health level (Silverman, 2008; Simons-Morton et al., 1988) but also their cognitive skills (Hillman, Castelli, Buck 2005). School-based physical classes may not done an adequate job in teaching students on the importance of health-related fitness or have taught separately with physical activity. If health-related fitness testing is done separately, there is no way that student will develop the knowledge that can be developed from an understanding of both health-related fitness and physical activity assessment. Teacher should teach assessment skills to students. If student able to use fitness test for self-assessment, they are able to use the understanding of health-related fitness learned during physical class and able to plan their own physical activity programs according to their desired target. Students were taught that fitness testing can be used as formative assessment to develop and modify their physical activity routines to help them have the knowledge to start an appropriate level. Assessment skills also able to help students keep participating in physical activity if they know what their expected goal is. The formative testing experience will reinforce fitness gains and also enhance additional motivation for students to continue involved in physical activity (Silverman, 2008). Students learn to compare the scores with their previous performance and to design a suitable goals and activity according to their body level. Applications of appropriate use of fitness tests taught in clas s equip students with the knowledge and skills to participate and to select appropriate physical activity and help them to perform self-assessment. To incorporating health-related fitness assessment into fitness education, teacher should teach students the purpose of doing the fitness test or other fitness-based activity. Student should understand the instructional content before performing the test. Then, fitness testing should be formative. Teacher should plan the educational experience to use fitness testing results to design future activity for students while also teaching students that health-related fitness can be improved and assessment is integral to that process. Another way is to conduct fitness education by infusing fitness lessons into curriculum. This can be done by relating each activity done to fitness. So, student will have better understanding on how those activities related and improve their body fitness, why that aspect of fitness is important. With that knowledge, students are able to understand and eventually improve their performance on that activity. For example, students participate in school gymnasium sh ould know that gymnasium activity are exercising their heart and will help make them healthy and good for their heart. They should know the health-related fitness component is called aerobic fitness and helps to prevent heart disease. With this understanding, students were being more motivated on physical activity. The use of fitness test helps students to understand health-related fitness and how testing can be used to improve and enhance fitness. Infusing health-related fitness test in physical education can increase student knowledge, attitudes and fitness. In primary schools students, teacher will help students in assessment and plan their future physical activity, but in secondary school, after fitness testing, students could provide an analysis of their strengths and weaknesses and develop a fitness program suitable to them. Teacher could use variety of teaching strategies such as reciprocal teaching, self-check against predetermined rubrics and assessments such as using the analysis and plan for providing feedback to the students (Silverman, 2008) to help students to improve and also to monitor their program. Planning and assessment of physical activity is necessary in order to improve students learning experience and to meet the goals of instructions (Silverman, 2008). Without assessment, we are unable to know our standard and level. Teachers act as a reflection as a form of assessment to assess fitness education the result of the assessment is for the teacher to do self-assessment and reflect on the lesson. Teacher means act as a problem solvers (i.e., design the content or lesson to achieve goal and to assess achievement of the goal, and whether there are other better ways to enhance instruction). Second step is student learning. Fitness testing result is to examine student learning from multiple perspectives (increase various component of health-related fitness, increases in physical activity, attitude toward fitness and physical activity). This health-related fitness test may tell how fit students are, ignoring the fitness improvement, physical activity and attitude development. Next is the appropriate use of accountability for assessing fitness education. Principals should be aware that fitness testing may lead negative consequences. Always ensure that the test is use appropriately and must be used within the context and perform a complete fitness education program if we want students to live in physically active lives. Assessment and accountability program should design appropriately and examine from time to time being as one aspect of student assessment and physical grading. As a school physical education teacher, I strongly believe that health-related fitness tests that are used in an appropriate educational manner can be a useful tool to enhance student learning and also health level. Although there is wide variation in the capabilities of students, the main purpose of fitness instruction should be that every student can work towards being fit and reach healthy level. While designing the test, physical class teachers should consider those less capability students and help them to improve by educating health-related fitness. The main focus on physical education should be on evolving fitness process, students participation regardless on performance and result achieved. A well-planned physical fitness program with a positive classroom environment is very crucial to yield positive attitude, interest and motivation of students on physical activity especially for those less capability. Teachers should put more efforts on those students who may feel fitness t esting is an embarrassment. Silverman (2008) suggested that assessment methods can move from group administration of test to pairs testing or self-assess. It can help to utilize time better, develop self-assessment skills and less embarrassing for most students. In a nutshell, I agree to infuse health-related fitness in physical class. Both physical activity and health-related fitness is equaled important to enhance body fitness and health. In order to have positive outcome, physical educator should designed an appropriate program for students in order to improve their fitness and encourage them to participate in physical activity and not to emphasize on performance achieved. Educators have to alert those students who are less capable in physical activities and encourage them, support them to involve in physical activity and educate them on health-related fitness. So that they can understand why they need to do that particular activity and what is the benefits of doing that. Educators should stress more on health-related fitness rather than performance-related fitness. Cale, L., Harris, J. (2002). National testing for children: Issues, concerns, and alternatives. British Journal of Teaching Physical Education, 33 (1), 32-34. Cale, L., Harris, J., Chen, M.H. (2007). More than 10 years after The horse is deadà ¢Ã¢â€š ¬Ã‚ ¦: Surely it must be time to dismount?! Pediatric Exercise Sciences, 19, 115-131. Corbin, C.B. (1981). First things first but dont stop there. Journal of Physical Education, Recreation and Dance, 52(1), 36-38. Corbin, C.B. (2005). Keynote address: Promoting active living: The key to shaping up for a lifetime. Vermont Association of Health, Physical Education, Dance, and Recreation Fall Conference. November, 2005. Killington, Vermont. Corbin, C.B., Pangrazi, R.P. (1993). Physical fitness: Questions teachers ask. Journal of Physical Education, Research and Dance, 64 (7), 14-19. Corbin, C.B., Pangrazi, R.P., Welk, G.L. (1995). A response to The horse is dead: Lets dismount. Pediatric Exercise Science, 7, 347-351. Domangue, E.A. (2009). A critical examination into motivation and gender in youth physical fitness testing (Doctoral dissertation), Louisiana State University, LA. Hale, D. (2005). An invitation to health. (11th ed.). Belmont, CA: Thomson Learning, Inc. Hillman, C.H., Castelli, D.M., Buck, S.M. (2005). Aerobic fitness and neurocognitive function in healthy preadolescent children. Medicine Science in Sports Exercise, 37, 1967-1974. Karinharju, K (2005). Physical fitness and its testing in adults with intellectual disability. (Master dissertation), University of Jyvaskyla, Finland. Keating, X.D., Silverman, S. (2004). Teachers use of fitness tests in school-based physical education programs. Measurement in Physical Education and Exercise Science, 8, 145-165. Malina, R.M., Bouchard, C., Bar-Or, O. (2004). Growth, maturation, and physical activity. (2nd ed.). Champaign, IL: Human Kinetics. Rowland, T.W. (1995). The horse is dead; Lets dismount. Pediatric Exercise Science, 7, 117-120. Silverman, S., Keating, X.D., Phillips, S.R. (2008). A lasting impression: A pedagogical perspective on youth fitness testing. Measurement in Physical Education and Exercise Science, 12: 146-166 Simons-Morton, B.G., Parcel, G.S., OHara, N.M., Blair, S.N., Pate, R.R. (1988). Health-related physical fitness in childhood: status and recommendations. Annual Review of Public Health, 9, 403-425. Yesalonia, S. (2009). Understanding school students perspectives regarding physical activity and fitness (Doctoral dissertation), Available from Dissertations and Theses database. (UMI No. 3352936)

Saturday, October 12, 2019

How far were economic factors to blame for the Pilgrimage of Grace? Ess

Sparked in Lincolnshire in October 1536 and expanding rapidly through Yorkshire and the far north, the Pilgrimage of Grace was a popular rising that presented a â€Å"major armed challenge to the Henrician Reformation† . Historians have argued endlessly about the true causes of the Pilgrimage. But, it is fair to say that the rising incorporated a mixture of political, religious, social and economic issues. Therefore, economic factors were only partly to blame for the Pilgrimage of Grace. Firstly, politics was partly to blame for the Pilgrimage of Grace. By early 1527 King Henry VIII sought a divorce from Catherine of Aragon. Though, it is hard to pinpoint exactly why, the most plausible explanation is his belief that â€Å"his marriage was barren because of its illegality† . This is because Henry argued that it was blasphemous of him to marry his brother’s widow. Understandably, any hopes of the divorce being granted were dashed because Henry was a Roman Catholic and the head of this church was the Pope based in Rome. More importantly, the Roman Catholic faith believed marriage was permanent; therefore, only widowers could remarry. Accordingly, a change in strategy intended to â€Å"separate the English church from the larger Catholic Church† in order to get the divorce without any right of appeal to the Pope. In effect, the foundations began with the Pardon of the Clergy in January 1531, carried on with the Submission of the Clergy in May 1532, and accomplished with the declaration of the royal supremacy in 1534. However, by far the most important was the Act in Restraint of Appeals ratified in April 1533, which allowed the divorce to be granted by the Archbishop of Cranmer. As a result, anger ar... ...tting the downfall of the Cromwellian regime. As a result, it is fair to say that once the rebellion began, Robert Aske and Lord Darcy, â€Å"for their own reasons: self-advancement, principle, fear-dabbled in treason† . But, Elton’s argument is useful in the sense that it gives a helpful view on popular attitudes during this period. Works Cited C. S. L. Davies, ‘Popular Religion and the Pilgrimage of Grace’ in Order and Disorder in Early Modern England, eds. Anthony Fletcher and John Stevenson Ethan H. Shagan, Popular Politics and the English Reformation Michael Bush, ‘Up for the Commonwealth’: the significance of tax grievances in the English rebellions of 1536, English Historical Review Barrett L. Beer, Rebellion and Riot: Popular Disorder in England during the reign of Edward VI R. W. Hoyle, The Pilgrimage of Grace and the Politics of the 1530s

Friday, October 11, 2019

Most Commonly Cited Characteristics Found in Successful Entrepreneur Essay

There has been extensive research conducted on the characteristics that successful entrepreneurs possess. These attributes vary widely across literature, however there are common key traits that are required to achieve any form of success. Frederick et al (2013) suggest entrepreneurs are risk takers, optimistic, have sound judgement and an ability to manage. While a review of literature relating to the psychology of an entrepreneur reveals a large variety of characteristics in a successful entrepreneur, these can be consolidated to a a few into only a few traits that are essential for a successful entrepreneur. Whilst taking into consideration Frederick et al (2013) point of view of key characteristic, other research suggests that there are further primary attributes that a successful entrepreneur necessitates. The most important traits that all entrepreneurs must retain to have any form of success will be discussed with backing arguments from related literature. While there are many other characteristic, within the scope of this piece three essential traits are discussed. Of interest is the characteristics of confidence, while it will be the negative implications off excessive confidence will be outlined. Additionally, the ability to think creatively and innovative to help differentiate an entrepreneur from a manager or executive is to be analysed based on a example of Steve Jobs. Finally, leadership and it’s importance to an entrepreneurs organisation to allow people to share the vision of the entrepreneur. See more: how to cite an article in an essay It will be argued that without confidence an entrepreneur cannot succeed, however, overconfidence can be a drawback to the point where it is destructive in a entrepreneurs venture. While, any successful entrepreneur must contain the traits of creativeness and have the ability to innovate where society requires a product or service and what factors dictate the extent of the trait. Finally, leadership and it’s ability to motivate and how it is able to share the vision of the company will be discussed with an example as evidence. Confidence Confidence is a trait commonly described in literature as an essential trait for any entrepreneur. It is essential for their confidence to not waver in times of difficult down periods and consequently assists maintaining their confidence as well as the one of the people around them. Their own optimism and creates a level of self confidence that is required in decision making such that Nandan (2011) suggests that it is the self-confidence that allows an entrepreneur to make decisions to overcome any obstacle. Frederick et al (2013) describe self-confidence as a belief within their own ability which lacks hesitation. Although confidence is an essential trait for an entrepreneur, recent research has suggested that there is a cognitive bias of overconfidence in entrepreneurs (Fitzsimmons et al 2011) leading to failure. While Fitzsimmonms and Douglas suggest that the overconfidence is what separates them from being a manager, studies have found that overconfidence can also be harmful when making decisions in response to setbacks (Trevelyan 2008). This has also been backed up by Koellinger el al. (2007) who proposed that a negative relationship between entrepreneurial confidence and the ability for their survival. The evidence collected by literature suggests a general negative correlation between excessive confidence and success of an entrepreneur but it tends to be the case that without confidence an entrepreneur cannot succeed. While literature seems to indicate a fine line between confidence and an excess of it, it is clear any form of overconfidence is seen to be destructive. For example, a highly successful entrepreneur in Australia’s coal mining, Nathan Tinkler, has made his fortune by backing his judgement and investing in a bold play in Middlemount mine at a young age of 26, by taking out a half a million dollar loan. The subsequent sale of the land pocketed himself a sizable profit in which he continued to build his wealth on to become a billionaire and one of Australia’s richest men. However, it is his overconfidence in the coal mining has become his downfall in 2012. While it was Tinkler’s optimism and overconfidence on new venture activity resulted in his wealth, the research has detailed that excess optimism and overconfidence can be a drawback. Whyte et al (1997) found that overconfidence predicts an escalation of commitment to losing course of action and similarly in a simulation study conducted by Audia et al (2000) found that entrepreneurs that experience success were more likely to be overconfident and stuck to their ori ginal course of action (Audia et al, 2000). This is research is shown most prevalent in Tinkler’s actions immediately after his initial success to the point that his blindness and lack of any ability to review alternative decisions with his wealth resulted in is wealth halving. A further instance of this was when Tinkler invested heavily back in the coal mining sector with his wealth as this was the original course of action that made his wealth. Consequently, with a dip in the global coal price, Tinklers wealth halved from $1.18 billion to $630 million with many of his coal business’s put into receivership (Low 2013). His over confidence lead to an over evaluation of his business (Hayward and Hambrick 1997) and resulted in him investing in now unprofitable ventures (Zacharakis and Shepard 2001) because of his excess in confidence and belief of the business he had while lacking the ability on new venture development. Creativeness and Innovation Successful entrepreneur natural trait of being creative or innovative are of people who are driven by the desire to create or change something (Wiley 2007). Frederick et al (2013) suggest that the level of innovation in entrepreneurs is closely correlated to the geographic location and environment. As a result, their findings suggest that innovation and creativeness is not something that is genetic but a trait related to culture. Based on these findings, it would seem that creativeness and innovation may be learned and developed when they have been forced to create change in something (Wiley 2007). Wiley et al (2007) argues in their studies that innovative entrepreneurs include technological entrepreneurs and social entrepreneurs who are not driven to create inventions or new science break through, however, are driven by culture to create change. As a result, studies indicate that this driver emerges from the need for change where unique goods and services are needed to be produced ( Frederick et al 2013). Additionally Jeffery et al (2009) argue in their studies that innovative entrepreneurs differ from executives based on four behavioral patterns. They suggest that innovative entrepreneurs acquire information differently to many top executives as the are able to question, observe the market, experiment and idea network (Jeffery et al 2009). Accordingly, innovative entrepreneurs develop a different train of thought to top managers where it can explain the ability for a innovative entrepreneur to create new innovative ventures. For these reasons it might be suggested that innovative entrepreneurs are less sensitive to the status quo bias and have the motivation to change the status quo through the creativeness and innovation. For instance, regarded by many as the most creative entrepreneur in the last decade, Steve Jobs, one of the co-founders of Apple, opened new product markets where none had existed before, turning Apple into a highly profitable business. He saw what many were not able to see, and developed new products such as the smart phone to compete with the conventional phone, which became the norm of the 21st century. Winslow (2007), suggests that the innovation and creativity has spawned not only because of the electronic era but the plethora of new materials and products (Winslow 2007) and it is clear that Jobs took full advantage of these developments. Leadership Leadership is a device that is used to obtain an organisations goal or desire though the means of influencing, motivation and sharing of a vision (Samson & Draft 2007). Studies suggest that leadership is associated with confidence where without self-assurance there would not be any leadership where it indicates that self-confidence is the fundamental basis of an entrepreneur (Francisco Dau). Furthermore according to Nandan (2011), self confidence is key to overcome any obstacles that may lie in front of an entrepreneur which is essential low periods and periods of uncertainty. Leadership was best demonstrated by Lee Iacoca in the lats 1970s and 80s in his ability to reshape the automotive industry. He is widely seen as one the the most influential leaders of the 20th century that helped reshape America. Indeed, it was his leadership that save Chrysler auto-motives from bankruptcy. Studies conducted by Samson and Draft illustrated that a organisations performance correlated to whether the senior executives and managers demonstrated strong leadership. They also indicated that strong leadership from the top resulted in increase in job satisfaction and commitment which assists in promoting creativity and sharing a vision of change. As a result Iacocca developed his nine C’s for leadership (curiosity, creative, communicate, character, courage, conviction, charisma, competent) where he utilised them to share his vision for change and influenced his employees to support him. Choosing to reduce his salary to $1 a year in order to help restore the company, Iacocca was able to illustrate his commitment to stakeholders and through rational persuasion was able to get the stakeholders to believe in his credibility. His $1 a year salary motivated others and assisted him inspire labor unions to accept a pay cut. Without this level of leadership, entrepreneur’s are not able to share their vision with their employees as entrepreneurs require a team to support them achieve their goals. Iaccoca suggested that having a dynamic team and keeping their enthusiasm and support was critical to achieving any change and vision. Conclusion It has been discussed in detail that there are three main characteristics that are essential to a successful entrepreneur. While studies have detailed the numerous other characteristics that have not been mentioned this this piece, they all shared a common view point that confidence, leadership and creativity and innovative characteristics are all associated with successful entrepreneurs. Based on the examples of previous successful entrepreneurs Steve Jobs and Lee Iacocca, it was illustrated that they all shared the same essential characteristics listed above. The first and most important characteristic for a successful entrepreneur was to be able to have self confidence. Without this key trait, it was illustrated through literature that other characteristics are not possible or ineffective and that it was the fundamental trait any entrepreneur requires. It was followed by the need for entrepreneurs to require a form of creativeness and innovation to create new cheaper solutions, and change the market by implementing services and products subjected to the surrounding culture. Finally, Leadership and its ability to influence and motivate employees to assist the entrepreneur achieve the change and goals they seek is only possible with the help of self confidence.