Quiz Essay Example | Topics and Well Written Essays - 250 words - 3

Quiz - Essay Example Since its creation, the WTOs focus has shifted from public interest goals to ones dealing primarily with the liberalization of trade, helping trade flow as freely as possible. The philosophy of the most favored nation (MFN) is an outcome of the WTO agreements, what it implies is that if a country was to give preferential treatment to any one country with regard to any trade related issues, it was to treat all members equally regarding the same issue. Originally the MFN clause was included in bilateral trade agreements; however, several steps which limited the functioning of the MFN principle were taken in the1930s which led to the division of the world economy into a number of separate trade blocks. After going through this ordeal the WTO introduced MFN in the form of a multilateral reciprocal relationship. Ans: A customs union (CU) is a kind of trade bloc or a form of trade agreement under which the members preferentially grant limited or a tariff free market which allows access to each other’s import while upholding a common set of external tariffs to the imports from the non-member nations. Jagdish Bhagwati, who is known for his espousal of free global trade, would not be in favor of forming such a union as in such a situation, whether a country is part of the union or not, it is worse off than before. He is known to have criticized the foundations on which customs unions function for instance proximity of the trading nations & the volume of trade criterion. We should note however that formation of a custom union is the transition period between two states of trading equilibrium. Given any initial trading equilibrium, there exists a series of steps, and at each of these steps either new customs unions are created or the older unions are enlarged this happens due to the innate nature of the negative impact the unions create that in order to ensure that no member is harmed there is need to expand continuously ,ultimately leading to

Capital Structure Effect on Performance in Renewable Energy

Capital Structure Effect on Performance in Renewable Energy Sarah Sophia Hamdi â€Å"Capital Structure Effects on Firm Performance in the Renewable Energy Sector: Evidence from Germany† 1. Explanation of your dissertation topic (about 800 words) Overall motivation and objectives: The Kyoto Protocol induced a growing number of countries to establish targets for renewable energy supplies to reduce greenhouse gas emissions as well as to increase energy security. These targets are either expressed in terms of installed capacity or as a percentage of energy consumption. These targets have served as important catalysts for increasing the share of renewable energy throughout the world. As a result of the growing share of energy generated from renewable sources such as wind, water and biomass Germany’s energy supply is becoming â€Å"greener† from year to year. As shown in graph 1 in 2014 renewables already accounted for 25.8 per cent of the gross power production in Germany. On 1 April 2000 the Renewable Energy Sources Act (EEG) went into force and lead to a massive increase of the renewable energy production in the electricity sector, from under 40 to over 140 billion of kilowatt per hours (see graph 2). Graph 1: Gross power production in Germany in 2014 Source: AG Energiebilanzen, as of: December 2014 Graph 2: Gross electricity generation in billions of kilowatt-hours Source: BMWi based on Working Group on Renewable Energies Statistics (AGEE-Stat, August 2014; Preliminary figures) The German government wants to further expand this share by the year 2025, the aim is to produce 40 to 45 per cent of electricity from renewable sources and 55 to 60 per cent by the year 2035. These numbers indicate that renewable energy companies increasingly need to compete efficiently against existing companies generating energy through other power sources such as oil, nuclear and hard coal energy etc. As investments in renewable energy plants grow, so do the risks inherent in owning, building and operating such plants. Excluding debt, business risk is the basic risk of firms operations and one of the factors that influence a companys capital-structure decision making. The level of business risk is shaped not only by the companies’ decisions but by whats happening to the industry and the economy. The renewable energy industry is effected by numerous sector specific risks such as building and testing risk, business, environmental, financial, market, operational, political/regulatory and weather related volume risk. In such a risky industry, what otherwise would be an appropriate and safe amount of debt becomes more dangerous and unstable, so that normally equity financing is safer than through debt. However firms that are in the growth stage of their cycle typically finance that process through debt and borrow money to enable their growth. The conflict that arises with this m ethod is that the revenues of growth firms are typically unstable and unproven. Meaning that a high debt load is usually not appropriate due to the danger of financial embarrassments. Hence as companies expand their investments in renewable energy projects, funding is a particular challenge and questions about firms’ capital structure decisions are not easily answered. Theoretical background: Over the last few decades much research has been done on whether a relationship between capital structure and a firms financial performance exists. At this point I would like to include a detailed literature review. Franco Modigliani and Merton Miller formed with their theorem the foundation for modern thinking on capital structure. They developed the Capital Structure Irrelevance Proposition where they hypothesized that in perfect markets the capital structure of a firm does not influence its performance. Nevertheless the theorem is generally viewed as a highly theoretical hypothesis, since it disregards important factors such as transaction costs and uncertainty, it was often used as the basis for further research in the last decades. The pecking-order theory, the agency theory and the trade-off theory are the three main theories discussing the optimal capital structure of a firm. All of them follow different approaches which I will summarise and contrast with each other. The different theories and findings raise key questions such as whether it is possible to identify an optimal capital structure for firms operating in the important and future-oriented industry of renewable energies. Research analysis and methodology: Following to the introduction of the key theories and the literature review on this topic I would like to carry out my own quantitative study and run a regression analysis with financial data of 20 companies operating in the renewable energy sector, including wind, solar, bio and water energy in Germany. Due to the fact that non-listed firms are not required to disclose their financial accounts my data will be gained from listed companies that are obligated to share the relevant information. I would like to examine whether there exists a relationship between the implemented capital structure and the firms performance measured in return on equity and share price. Equations: (1) (2) Where: return on equity for firm i in year t. : price of a share for firm i at year t. : financial leverage for firm i at year t .: tangible assets for firm i at year t. : size of the firm i at year t. : growth of the firm i at year t. Tangible assets, size and growth serve as control variables whereas financial leverage of the firm is considered as the main variable to express the capital structure. My aim is to be able to match one of the three theories and to identify an optimal capital structure for renewable energy firms. In order to interpret the findings of the quantitative analysis I would also like to include a complementary qualitative research analysis for example through directors’ statements on their financing decisions. 2. List of References (no minimum number required, but as acceptable by your supervisor) Agnihotri, A. (2014): Impact of Strategy Capital Structure on Firms overall Financial Performance, Strategic Change, Vol. 23, No. 1-2, pp. 15-20. Ben Ayed, W. H., and Zouari, S. G. (2014): Capital Structure and Financing of SMEs: The Tunisian Case. International Journal of Economics and Finance, Vol. 6, No. 5, pp. 96-111. Bouraoui, T., and Li, T. (2014): The Impact of Adjustment in Capital Structure in Mergers Acquisitions on us Acquirers’ Business Performance. The Journal of Applied Business Research, Vol. 30, No. 1, pp. 27-41. Economist Intelligence Unit (2011): Managing the risk in renewable energy. A report from the Economist Intelligence Unit Sponsored by Swiss Re. file:///C:/Users/Sarah/Downloads/Managing-The-Risk-In-Renewable-Energy.pdf Gill, A. and Biger, N. and Mathur, N. (2011): The Effect of Capital Structure on Profitability: Evidence from the United States. International Journal of Management, Vol. 28, No.4, pp. 3-. Green, J. (2010): Renewable energy projects: Risk and insurance elements. Technical feature – Construction Engineering, www.meinsurancereview.com, pp. 41-42. Hatfield, G. B. and Louis, T. W. and Davidson, W. N. (1994): The determination of optimal capital structure: The effect of firm and industry debt ratios on market value. Journal of Financial and Strategic Decisions, Vol. 7, No. 3, pp. 1-14. Holz, C. A. (2002): The Impact of the Liability-Asset Ratio on Profitability in Chinas Industrial State-Owned Enterprises. China Economic Review, Vol. 13, pp. 1-26. Majumdar, S. K. and Chhibber, P. (1999): Capital Structure and Performance: Evidence from a Transition Economy on an Aspect of Corporate Governance. Public Choice, Vol. 98, pp. 287-305. Margaritis, D., and Psillaki, M. (2007): Capital structure and firm efficiency, Journal of Business Finance and Accounting, Vol. 34, No. 9, pp. 1447-1469. Modigliani, F. and Miller, M. (1958): The Cost of Capital, Corporation Finance and The Theory of Investment, The American Economic Review, Vol. 48, No. 3, pp. 261-97. Modigliani, F. and Miller, M. (1963): Corporate Income Taxes and the Cost of Capital: a Correction. The American Economic Review, Vol. 53, pp. 443-53. Myers, S. (1984): Capital structure puzzle, The Journal of Finance, Vol. 39, Issue 3, pp. 574–592. Omondi, M. M., and Muturi, W. (2013): Factors Affecting the Financial Performance of Listed Companies at the Nairobi Securities Exchange in Kenya. Research Journal of Finance and Accounting, Vol. 4, No. 15, pp. 99-105. Onaolapo, A. and Kajola,O. (2010): Capital Structure and Firm Performance: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, Vol. 25, pp. 70-82. Pathirawasam, C. (2013): Internal Factors which Determine Financial Performance of firms: With Special Reference to Ownership Concentration. pp. 62-72. Rajan, R. G., and Zingales, L. (1995): What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, Vol. 50, No. 5, pp. 1421–1460. Shyam-Sunder, L. and Myers, C. (1999): Testing static trade off against pecking order models of capital structure. Journal of Financial Economics, Vol. 51, No. 2, pp. 219–244. Soumadi, M. and Hayajneh, O. (2012): Capital structure and corporate performance, Empirical study on the public Jordanian shareholding firms listed in the Amman stock market. European Scientific Journal, Vol. 8, No. 22, pp. 173-189. Stiglitz, J. E. (1969): A Re-Examination of the Modigliani-Miller Theorem. American Economic Review, Vol. 59, No. 5, pp. 784-794. Tailab, M. M. K. (2014): The Effect of Capital Structure on Profitability of Energy American Firms. Journal of Business and Management Invention, Vol. 3, No. 12, pp. 54-61. Titman, S. (1988): The Determinants of Capital Structure Choice. The Journal of Finance, Vol. 43, No. 1, pp. 1-19. Umer, U. M. (2014): Determinants of Capital Structure: Empirical Evidence from Large Taxpayer Share Companies in Ethiopia. International Journal of Economics and Finance, Vol. 6, No. 1, pp. 53-65. Wippern, R. (1966): Financial Structure and the Value of the Firm. The Journal of Finance, Vol. 21; No. 4, pp. 615-633. Links: Bundesministerium fà ¼r Wirtschaft und Energie (BMWi): http://www.bmwi.de/EN/Topics/Energy/Renewable-Energy/renewable-energy-at-a-glance.html

Exploring the Role of Women in Mexico in Like Water For Chocolate Essay

Like Water For Chocolate by Laura Esquivel explains women’s roles in northern Mexico during the turn of the nineteenth century. The novel takes place in northern Mexico on a family ranch where many family traditions are carried out. Also, the novel describes some of the typical foods that were prepared and fiestas that were celebrated in the Mexican culture around this time. However, the novel mainly focuses on the roles of females in Mexican society at that time. The novel goes beyond explaining women’s roles and also explains what took place in the Mexican family. Throughout the novel, readers learn the role of mothers, the conflict between personal desires and tradition, and typical foods, celebrations, and family traditions that were important to a Mexican family. The background of an author plays a significant role in the reason he or she writes a novel. The story is often written about his or her culture. Laura Esquivel, a novelist, teacher, and screenwriter, was born in Mexico City, Mexico. Laura Esquivel was born the third of four children to a middle-class family. The biography of Laura Esquivel from â€Å"The Biography Channel website† states that, â€Å"Laura Esquivel often explores the relationship between men and women in Mexico in her work† it is obvious by the way Esquivel describes the traditional roles of both men and women in Mexico that her background played a large part in her work (â€Å"Laura Esquivel†). Laura Esquivel’s novels are still loved and cherished today due to her â€Å"creative flair and style in her work† (â€Å"Laura Esquivel†). Laura Esquivel found her inspiration for her novel from her personal experience and hands on time in the kitchen. In â€Å"Literature of Develop ing Nations for Students†, there is a section regar... ... Luis Alberto Vargas. n.p.: Westport, Conn. : Greenwood Press, 2005., 2005. Tri-County Tech College's Catalog. Web. 27 Feb. 2014. Mujica, Barbara. "'Like Water for Chocolate,' (book review)." Americas 45.4 (July-Aug. 1993): 60. Rpt. in Literature of Developing Nations for Students: Presenting Analysis, Context, and Criticism on Literature of Developing Nations. Ed. Elizabeth Bellalouna, Michael L. LaBlanc, and Ira Mark Milne. Vol. 2. Detroit: Gale Group, 2000. Literature Resource Center. Web. 5 Feb. 2014. Salisbury, Joyce E. and Andrew E Kersten. "Eras / 20th Century Latin America / Family Life in 20th Century Latin America." Daily Life through History. ABC-CLIO, 2014. Web. 5 Feb. 2014. Standish, Peter, Steven M. Bell. "Social Life, Leisure, and Food." Culture and Customs of Mexico. Santa Barbara, CA: Greenwood, 2004. ABC-CLIO eBook Collection. Web. 5 Feb 2014.

Cast Away Movie Critique

Cast Away was a very interesting survival experience. Put a man that runs his life by time and lives a controlled and planned life to the second and put him on a remote, lifeless island which causes him to live his life completely opposite from the way he would if he were home. It was man vs. nature as Chuck Noland (played by Tom Hanks) on an island alone for the majority of the movie. Chuck Noland is a Fed-Ex systems engineer. The night after proposing to his girlfriend Kelly (played by Helen Hunt), he gets on a plane that is carrying a cargo that he is escorting.How ironic is it that he told Kelly that he would be right back and then ends up taking an extreme nosedive in the ocean. Luckily, Noland washes up on the shore of a remote island. For the next four years of his life, he is on the island alone with his only friend being a bloody volleyball he names â€Å"Wilson†. Then one day, a wall of a portapotty washes up on shore, and he is able to use it to make some sort of ra ft to hopefully get him home or at least far enough to be noticed and venture the roaring sea once again.After much physical stress and the loss of his best friend Wilson, he is saved by a passing boat, and is returned home as somewhat of a hero and viewed as the pinnacle of strength and survival. Only thing is that the only thing that pushed him to survive for four years is now married with children putting both Kelly and Chuck in a very awkward position. Chuck Noland kept his sanity with his repeated conversations with â€Å"Wilson, the bloody volleyball†. Before then he seemed to be going insane without having someone to speak to and attempted to kill himself.There was one major flaw, in my opinion, in this film. The movie skips ahead four years at one point without any explanation of what happens during that long span of time. I understand four years is a lot of time to cover but a little explanation of key moments would’ve done the movie better. Maybe, they should ’ve showed the development of his survival skills and new-found instincts. Also Kelly in the beginning didn’t seem to be as important and have much of an impact on his life but I would just mark this as a case of â€Å"not knowing what you have until you don’t have it anymore†.Cast Away was an amazing film with a phenomenal actor who was entrusted with an entire movie (or at least most of it) on his shoulders. The transition to the island was depicted as a hard one as Chuck Noland celebrated the feat of making fire on the island, something we take for granted every day as we turn on our stoves without a thought of ever losing it. Noland represents the average man who is placed in an unfortunate situation but is able to make the best of it and eventually solve his major, life changing problem. I felt Hanks did a flawless job of depicting the life of a business man gone wrong.

Arête (‘Virtue’) Theme in Homer’s Iliad Essay

Why was arà ªte (‘virtue’) an important theme in Homer’s Iliad? Select two characters with which to make your points. Virtue or arà ªte was an important quality in Homeric society and one which features very heavily in the Iliad. Arà ªte is achieved by one’s actions, generally in battle and is a combination of qualities such as courage, honour (‘time’) and sacrifice.([good] Homeric heroes possessed these qualities and they were recognised by the audience of the epics.( Outwardly, the heroes of the Iliad and the ones who possess arà ªte in the greatest quantities are Achilles and Hector, equal heroes on each side of the Trojan war. In equal measure, although slightly less predominantly, is the arà ªte displayed by Nestor and Priam, King of Troy.( Achilles was born to an immortal goddess and his fate determined that his was to be a short, albeit glorious life. He had been warned that the war in Troy would spell his doom; however, seeking glory and honour the mighty Achilles went to war and was a force to be reckoned with. His honour is exhibited best by two main instances in this poem: the first, in regards to the war itself. [I think that you are confusing ‘honour/time’ with ‘arete’ ] Achilles had been offended by Agamemnon who had taken Achilles’ prize (the slave-girl, Briseis) from him; this had offended Achilles because, in a sense, by taking Briseis Agamemnon had also taken [change to ‘insulted’] his honour.([good] In retaliation for this attack on his honour, Achilles refused to rejoin the war for the Greek army. [you could indicate the extent of Achilles’ anger by referring to ‘Iliad’1.407-412 where he begs his mother to ask Zeus to help the Trojans against the Greeks because of Agamemnon’s actions] However, when Achilles saw that the Trojans were gaining headway in the war and gaining ground, he felt that a suitable substitute would be to allow his comrade, Patroclus to don his armour and rejoin the fight to give the Greeks the moral boost they desperately needed and also as an attempt to intimidate the Trojan army.( During the course of the battle which ensued, as a result of Patroclus imitating Achilles, Patroclus is killed by Hector, hero of Troy. When Achilles hears that his beloved comrade and friend has perished at the hands of Hector, he rejoins the fight and in his rage kills Trojans indiscriminately and mercilessly including the Trojan hero, Hector. Achilles mourns for his friend and believes it is important that he receive the proper funeral rights [spelling ‘rites’]. The funeral rights [‘rites’] are an important part of Greek and Homeric culture and it is important that those who are killed, particularly in battle, are accorded the proper rights [‘rites’] to enable them to enter the world of Hades.(The funeral pyre and rights [‘rites’] are important not merely for religious reasons but they also ensured that the hero who has perished is honoured accordingly. Achilles shows that he is respectful and honourable by ensuring that Patroclus receives the rights and respect that he deserves as a hero. Achilles also displays his greatness for a second time in a very gracious manner when Priam, King of Troy comes to his tent to bargain for the return of the body of his beloved son Hector, whom Achilles has killed in battle. Priam comes to bargain for the body of his son in order to ensure he receives the appropriate funeral rights [‘rites’] and therefore, receive the honour he deserves as a hero. By bargaining for the body of Hector using gifts of â€Å"gold, goblets and linens†, Priam is ensuring that Achilles is not robbed of his prize and, therefore, his honour.([true because the hero’s image and status in the eyes of everyone was of the utmost importance] Priam strikes close to Achilles’ heart by bargaining for Hector’s body to ensure it is accorded the funeral rights [‘rites’], especially so close after the death of Patroclus. Priam acknowledges that Achilles is a strong and brave man and Achilles in turn acknowledges the bravery of the King. Achilles, however, as well as displaying greatness, bravery and hospitality is also an angry man, so angry in fact that after he had killed Hector he had taken his body and dragged it round the funeral mound of Patroclus. [Yes, he was doing this from intense anger but his anger was really directed at himself; he was trying to expiate his own feelings of guilt over the death of Patroclus] Priam is a proud man and rightly so. He is the ruler of Troy and has led his kingdom to victory in many battles and has many sons who have fought in these wars and are brave warriors, none more so than Hector, breaker of horses. Despite his pride Priam also displays a very humble nature and it is this quality that takes him to Achilles to bargain for the body of his beloved son, Hector. Priam is visited by a divine messenger who promises that he will be protected if he is to go to the Achaeans. Priam believes in the gods and believes that what the gods have said will be done. He is a faithful and religious man and has provided many sacrifices to the gods, particularly to the god Apollo who favours the Trojans. Priam takes the advice of the messenger and gathers items with which he can bargain for Hector. This example is a symbol of the arà ªte which is possessed by Priam. This is further shown when Priam goes to the tent of Achilles and instead of speaking to him as one would an enemy, Priam converses with Achilles with respect and dignity and almost as one would speak to a son. Priam even goes so far as to describe what he is going through to what Achilles’ own father would experience should Achilles perish. This experience shows Priam’s qualities at their very best.[I agree that this scene shows both men at their very best but ‘arete’ is not one of those qualities on show here; more like humility and courage on the part of Priam and maturity and compassion on the part of Achilles ] These two men are both respected in their own circles and are both extremely honourable men in their own ways, Achilles as a brave warrior and Priam as a noble and righteous King. They are each individually respected because of the qualities they exhibit and by, not only, how they treat other people but by how they behave when faced with difficult situations. Priam displays great courage by going to the tent of Achilles and is faced with the possibility that Achilles could kill him.( It is a testament to how much Priam loves his son and the strength of his religious views that he braves this journey to ensure Hector receives his funeral rights [‘rites’]. We can also see from this encounter the qualities of Achilles. Rather than  treating Priam like his enemy he treats Priam simply like a human being. â€Å"Achilles appears to go beyond the conventional idea of friend and enemy seeing Priam and himself simply as fellow human beings living in the same world of sorrows b estowed by the gods.† (Homer and the Greek dark age, page 61).