Physics of Star Trek essays

Physics of Star Trek essays Star Trek is a show that has been fascinating audiences for years with impressive devices like holodecks, transporters, and warp drive. But could any of these things ever really be used? According to physics, some of the devices are theoretically possible, but probably not practical. Scotty understood that physics is a rule that cant be broken, even if the shows producers did not. He told Captain Kirk numerous times "But I canna change the laws of physics, Captain!". One of my favorite things about Star Trek has always been the holodeck. In the show, the holodeck works by using tons of holo-diodes in the walls, ceiling, and floor of the holodeck. The sense of touching an object is created by force fields, and a replicator is used for creating things like food and smells to perfect the experience. In reality, a holodeck would work in much the same way. In fact, a very small version of a holodeck has already been created by researchers at MIT's famous Media Lab. Its about the size of a sugar cube and can create fully animated, high quality pictures. A couple of students even threw in a force field, so that now using a small pen, you can actually touch and manipulate the hologram. There are now ideas about how to build a holodeck style room, very similar to the one on Star Trek. Rooms like this would be invaluable to simulate dangerous or difficult situations. The rooms probably wouldnt be used for entertainment anytime in the near future because they would be way to expensive. Another one of my favorite things on Star Trek is the transporter. Cast members are able to travel large distances instantly. They simply step on the teleported pad then a couple of switches are turned on, some sparkly light appears along with bad 60s sounding special effects music, and the next thing you know the character is magically at their destination. But the really cool thing is that scientists are already exp...

French Adjectives in Front of a Vowel or Mute H

French Adjectives in Front of a Vowel or Mute H Since French adjectives usually have to agree with the nouns they modify in gender and number, most of them have up to four forms (masculine singular, feminine singular, masculine plural, and feminine plural). But there are several French adjectives that have an additional variation: a special form that is used when the adjective precedes a word that begins with a vowel or mute H.The reason for this special adjective form is to avoid hiatus (the pause between a word that ends in a vowel sound and another that begins with a vowel sound). The French language likes words that flow one into the next, so when an adjective that ends in a vowel sound would otherwise be followed by a word that begins with a vowel sound, French uses a special form of the adjective to avoid the undesirable hiatus. These special forms end in consonants so that an enchaà ®nement is created between the two words, and the fluidity of the language is maintained.There are nine French adjectives in three categories which have one of these special pre-vowel forms. Descriptive Adjectives The following descriptive adjectives have a special form that is used only in front of a masculine noun that begins with a vowel or mute H. beau belun beau garà §on un bel hommefou folun fou rire un fol espoirmou molun mou refus un mol abandonnouveau nouvelun nouveau livre un nouvel articlevieux vieilun vieux bà ¢timent un vieil immeuble Demonstrative Adjectives When the demonstrative adjective is used with a masculine noun that begins with a vowel or mute H, it changes from ce to cet: ce garà §on cet homme Possessive Adjectives When a singular possessive adjective is used with a feminine noun that begins with a vowel or mute H, it changes from the feminine form (ma, ta, sa) to the masculine form (mon, ton, son): ma mà ¨re mon amieta femme ton amantesa profession son à ©ducation Note The special adjective forms are used only when followed immediately by a word that begins with a vowel or mute H. If a word which begins with a consonant is placed between the changeable adjective and the noun, the special form is not used.Compare: cet homme vs ce grand hommemon amie vs ma meilleure amie When theres an adjective, the special form is not used because the word that immediately follows the changeable adjective begins with a consonant.

Manhattan New School Essay Example | Topics and Well Written Essays - 1750 words

Manhattan New School - Essay Example School's professional teachers are hired from Bank Street College of Education, Columbia University Teachers College, New York University and Fordham University. Manhattan New School resides in the heart of Manhattan in the former PS190, which was built in 1903 (About School, Manhattan New School). According to Karen Ruzzo, school's principal, "We pride ourselves at being a highly literate community, and we also understand our responsibility to prepare students to cope with the multiple demands of an ever-changing society. As a result, children learn within real-world contexts. Along with reading and writing, instructions in mathematics, science, social studies, technology, music and art engage young learners in meaningful explorations that develop critical thinking skills" (Karen Ruzzo, Mission Statement). School's vision is to grow in the near future as a role model organization for the greater national cause, while providing the students with the opportunity to investigate a range of big ideas, to ask and answer important questions, and to develop the self-management strategies that enable them to negotiate their daily life. This shows that the school's vision is broadly based and its process creates a commitment to lifelong learning. The Manhattan New School's goals include, committing to ensure that all students benefit from a shared educational experience, and continuing to develop strategies to ensure school-wide collaboration, continuity and accountability. Although all goals direct school towards its future vision, the later set certainly is very vital for its long-term vision's success. The school's objectives for its strategies to attain its long-term vision are to establish continuity of instruction both on and across grade levels, and aligning best instructional practices in all curriculum areas with positive performance outcomes for all students. SWOT Analysis: Strengths Recognition of programs and vision Empirical and interdisciplinary education, and opportunities for student leadership development Recognized educational activities with active community outreach Significant and ongoing faculty and alumni involvement at intermediate level Small classes Extraordinary emphasis on personal attention Friendly, supportive, and comfortable in-house environment Integration of technology into the curriculum Classes primarily taught by professionals incorporation of ecological sustainability due to diversified culture Early adoption Attractive campus building and facilities while having state of the art architecture Weaknesses Lower than optimal enrollment of out-of-state and international students Insufficient diversity among students and teachers Low ratio of spending per student Average class size increasing everyday Limited school capacity Not enough programs for extra curricular activities Too many language courses Opportunities Government's importance for schools playing a larger role in community development Higher market share due to increasing population and awareness Capacity to respond for future growth Capacity to help improve intermediate education Increased demand for professional and diversified education Increasing flow of funding Greater expertise in the use of technology in teaching Access to all parts of New York City Threats Lack of sufficient funding Replica of academic programs by

WW II Essay Example | Topics and Well Written Essays - 750 words

WW II - Essay Example Without indulging in the conflicts, the paper simply discusses the innovations occurred during WWII. Some economists claim that WWII achieved what no one could have achieved to that extent without of the occurrence of the war. World War II was extremely profitable in terms of innovations, some of which are still in use.1 The US Navy invented the RADAR (Radio Detection and Ranging) in 1940. Primarily, the Nazis were using radar successfully to steer and ground bombers at night as the British were detecting the well known German airplane with the help of the radar. However, German leaders undervalued the worth of radar and its machine part for water operation, SONAR (Sound Detection and Ranging). The British earned a noteworthy strategic reward in spotting German submarines and planes from miles away. This advanced warning system saved numerous lives and provided underdog British offensive strategies against the irresistible Germans. Jerrycan, a full-bodied container, was intended for carrying fuel. It was made up of the inheritance of Hitler to supply a way of carrying fuel by hand. The jerrycan is smart for more than a few reasons. First, it featured three handles so that it can be carried easily by one or two persons. The cross design of the sides of the can helps to strengthen it. It was easier for Germans to carry fuels during the war. In mid-1942, Japan occupied the entire Asia. They controlled almost the entire world’s delivery of natural rubber. What did actually Japan do with the rubber? It did nothing but built boots. Every single soldier, sailor, airman and marine required getting boots around for doing their job and without rubbers, it was almost impossible to do so. The United States also invented new techniques to produce synthetic rubber. GRS (government rubber styrene) is one of the gifts by the USA. Presently, most of the rubber materials that are used in various manufacturing companies worldwide are the descendents of GRS. The first worki ng jet engine was there in England just a couple of years before the war though the British did not spend much on technical innovation. On the other hand, the Germans made the â€Å"Messerschmitt Me 262† which turned into the â€Å"first jet-powered fighter aircraft†Ã¢â‚¬â€the best, most superior war plane at the time. â€Å"The Me 262† dealt with the dog fights with pokey crutch planes. The devastating invention of Americans was the atomic bomb in World War II. WWII ended up with one of the major events in the world history of science, welfare and technology. A group of US scientists, working in confidentiality, designed and structured the first atomic bomb. President Harry Truman took the decision to use the atomic bomb against Japan. The use of atomic weapons introduced to an end of a dreadful conflict worldwide. But it was also the start of the contemporary nuclear age.2 It displayed the mounting significance of technology in a recent economy. The considera tion of geographic location is very important for the countries to make strategies. The USA always took the benefit of staying aloof on one side of the world. It was very difficult for other countries to target the USA by ignoring the geographical benefits it has. The success or loss from a war also depended on the topology and climatic conditions of a country. During the war with the Soviet Union, Germany tried to occupy the oil wells of the Soviet Union, but in this incident Hitler lost many of his solders as they were required to cover a long distance under unusually cold weather conditions. Germany and Japan took almost the same tactics to defend themselves against the attackers. Germany was very strong in the air forces but was

American Civic Values Essay Example for Free

American Civic Values Essay In America our society has always been a morals run country, from our domestic everyday lives. Our society, groups with different civic values with who have a lot of power on our lives that we live everyday which includes schools and religious groups. There are some individuals who hold our civic values to a higher standard than those who have no regard for other members in their community. When it comes to undermining American civic values our media has a lot to be blame for as they promote and glamorize violence and illegal activities and does not show how communities can help each other adhere to civic policies. It is important for large groups to have set behaviors to adhere to, and civic values are important in keeping America a peaceful place that is safe for us as well as children. America has become a haven for special interest groups. If people don’t like something you say or do, plan on your freedom turning inwards and being used against you. Our society is no longer based off a country and its people as a whole, but by individual groups. The American civic values have dropped as special interest groups are in favor of political ground. There are several penalties that fail to adhere to the civic value such as â€Å"blue laws† these laws regulate behavior and restrict activities or the sale of goods on a Sunday to accommodate religious means. For an example in parts of one county here in North-East Florida we are not allowed to purchase alcohol on Sunday this day is constituted for religious matters. Another example of a blue law is the law in Pennsylvania where hunting is prohibited on Sunday’s as this day is recognized for a day of rest according to the religious groups.

Finding Fulfillment in The Good Earth Essay -- Pearl Buck Good Earth E

Finding Fulfillment in The Good Earth      Ã‚  Ã‚  Ã‚  Ã‚   The Good Earth is a novel written by Pearl S. Buck. It is set in China and on the day of Wang Lung's marriage. Wang Lung is a poor peasant farmer whose love for the land sustains him through the difficult times of his life. He married a slave from the great house, and he moves from a poor, humble, country farmer to a wealthy, respected, landowning patriarch. He moves into the house that he bought his wife from, and dies content with his faith in the good earth. The name of the novel is misleading because we have to wonder if the earth is really good to Wang Lung.    "There was only this perfect sympathy of movement, of turning this earth of theirs over and over to the sun, this earth which formed their home and fed their bodies and made their gods...Some time, in some age, bodies of men and women had been buried there, houses had stood there, had fallen, and gone back into the earth. So would also their house, some time, return into the earth, their bodies also. Each had his turn at this earth. They worked on, moving together-together-producing the fruit of this earth." (Ch. 1, pg. 22). People have taken their turn on the earth. The lived and died for the earth; the earth provided them with food and with shelter. "Well and [the children] must all starve if the plants starve." (Chapter 8, pg. 48) There are times of drought and times of flooding. There were times where there wasn't any food and the rains ruined shelter. Wang Lung spent most of his life rebuilding what was ruined, and when it was rebuilt, it was ruined again. But after many years of working hard, Wang Lung gained enough money to own lots of land. The only difference between a pheasant l... ...h he forgot it for many months together, when spring came each year he must go out on to the land." (Chapter 34, pg. 257) Wang Lung was not aware of his son's interest in selling the land though, and thus died contently. He wished he had done things differently with O-lan and probably would have been happier if he was still a pheasant but we all wish there were things we could have done differently. To Wang Lung the earth was good. He never saw the ending picture and how his faith in the earth wouldn't carry on because of his money hungry sons, but his love for the land ended with him, and peace in his heart.    Works Cited:    Buck, Pearl S. The Good Earth. New York: Washington Square P, 1994.      Ã‚  Ã‚   Kang, Younghill. Review of The Good Earth. Rpt. in The Good Earth. Ed. Peter Conn. New York: Washington Square P, 1994. 367-68.      

Community Health and Population Essay

McKinney, Texas is â€Å"unique by nature†. As one of the fastest growing cities in the US, McKinney has a current population of more than 149,000, located 30 miles north of Dallas and is the seat of Collin County. McKinney offers rolling hills, lush trees, a historic downtown square and unique neighborhoods and developments. The city ranks number 2 in the CNN’s Money Magazine Best Places to Live in America’s list (Live Edit, n.d.). According to the US Census Bureau (2010), McKinney was one of the most populous places to live with a census of 54,369 in 2000 and 131,117 in 2010 (QuickFacts, para 1). The 141.7% increase over ten years signifies why it was rated number one on the list of Top 10 fastest growing cities with a population of 50,000 or greater (Live Edit, n.d.). In this 100% urban city, there is more than 2300 acres of open space containing 47 parks, 50 miles of hike and bike trails, neighborhood centers and sports complexes. As of the 2012 census, McKinney had a population of 143,223 (49% males and 51% females) with a median age of 32.7. The racial and ethnic composition of the population was 64.5% non-Hispanic white, 10.2% non-Hispanic black, 0.7% Native American, 1.0% Indian (from India), 3.1% other Asian, 0.1% Pacific Islander, 0.1% non-Hispanic reporting some other race, 3.1% reporting two or more races and 18.6% Hispanic or Latino of any race. The median income for the household in the city was $81,894 and $92,868 median family income with only 9% of local residents living in poverty. Considering that 67.9% of McKinney’s residents are employed, the percentage of population with a bachelor’s degree or higher is significantly above the state’s average is explicable. Falling marginally below average at 94.6 (US average is 100) is the cost of living index in McKinney (U.S. Census Bureau, 2012).

Aes Cost of Capital

International Capital Structure and the Cost of Capital Agenda 1 2 3 4 5 International Capital Structure and the Cost of Capital Analyzing Cost of Capital among Countries Cross Border Listing of Stocks International Asset Pricing Model (IAPM) The Financial Structure of Subsidiaries Case Analysis – AES Corporation 6 International Capital Structure and the Cost of Capital Your Logo International Capital Structure and the Cost of Capital †¢ Firms are becoming multinational in both scope AND in capital structure †¢ Fully integrated financial markets = the same cost of capital both domestically and abroad o If not, opportunity may exists to decrease cost of capital Cost of Capital †¢ The minimum rate of return an investment must generate to cover its financing cost †¢ Firms will undertake projects if the return is expected to exceed the cost of capital †¢ Return = Cost of Capital : value unchanged †¢ Return > Cost of Capital : firm’s value incre ases †¢ Return < Cost of Capital : bad investment Weighted Average Cost of Capital (K) †¢ When a firm has both debt and equity financing, weighted average cost of capital: K = (1-? )K+ ? (1- t)i K = (1-? )KL + ? i(1- t) †¢ (1- ? = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capit al that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 0)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company s financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 K = 8. 53% Minimizing weighted average cost of capital(WACC) †¢ Lowest WAC C is obtained when the optimal combination of debt and equity are used †¢ Increases # of profitable capital expenditures o Firm value is increased as long as the return on new projects exceeds the firm’s WACC †¢ Internationalizing the firm’s capital structure helps to decrease the cost of capital Firm’s Investment Decision and the Cost of Capital †¢ A firm that can reduce it's cost of capital will be able to increase the profitable capital expenditures that they can invest in †¢ This results in increasing shareholder wealth †¢ We can do this by internationalizing our cost of capital Factors that affect the WACC Controllable Uncontrollable †¢1 Capital structure policy Proportion of debt and equity †¢ Interest rates Increases cost of debt, may indirectly increase cost of equity †¢ Investment Policy Degree of risk associated with new projects †¢ Tax rates Increase in corporate tax rate decreases cost of debt decreases WA CC Economic conditions Ie. Financial crisis of 2007/2008 Calculating the firm’s equity cost of capital Usually estimated using the Capital Asset Pricing Model (CAPM): †¢ Ri = Rf + ? (Rm – Rf) †¢ Ri: Expected return of security I †¢ Rf: Risk-free interest rate †¢ ? : measures volatility of security i compared to the market portfolio †¢ Rm: Market portfolio Cost of capital in segmented vs. integrated markets †¢ Ri = Rf + ? (Rm – Rf) †¢ In segmented markets, Rm is usually proxied by the S for the United States †¢ In integrated markets, Rm can be proxied using the MSCI World index Cost of capital in segmented vs. ntegrated markets†¦ continued †¢ Same future cash flows are likely to be priced differently in different countries in segmented markets, why? o ? is measured against the domestic market portfolio a this differs from country to country †¢ In fully integrated markets, same future cash flows will be priced the same as ? is now measured against the same world market portfolio Analyzing Cost of Capital among Countries Your Logo Does the Cost of Capital Differ among countries? ? Researches suggest that although international financial markets are not segmented anymore, they are still not fully integrated ? The empirical evidence is not clear-cut If the international financial markets = less than fully integrated, then there can be systematic differences To illustrate that capital markets are less than fully integrated, McCauley and Zimmer (1994) provided a direct comparison of the cost of capital among the 4 major countries: Germany, Japan, UK and US Method: 1. estimate the cost of debt and equity capital 2. compute the cost of funds (weighted average cost of capital) – using capital structure in each country as the weight 3. compute the cost of capital in real terms after adjusting for the inflation rate Effective Real After-Tax Cost of Debt Cost of Equity Debt -to-Equity Value Ratios Real After-Tax Cost of Funds Example – Novo Industri †¢ Produces industrial enzymes and health care products †¢ 1970s, management decided to finance planned future growth of company by entering international capital markets †¢ Danish stock market was small and illiquid – company needed to internationalize †¢ Novo management felt they were facing a higher cost of capital than competitors because of the segmented nature of the Danish stock market Example – Novo Industri Went international by: Increased transparency by presenting financial and technical statements in Danish and English †¢ Cross-listed on the London Stock Exchange, †¢ Listed ADRs (so that US investors can invest in US dollars rather than Danish) The Result: †¢ Novo Industri’s stock price increased while other Danish stocks didn’t Implications of the example Firms operating in small, segmented domestic capital market can gain access to new capit al and lower the cost of capital by listing their stocks on large, liquid capital markets like the New York and London Stock Exchanges. Cross border listing of stocks Your Logo Cross-Border Listings of Stocks †¢ Firms can potentially benefit from crossborder listings †¢ Why? o Gain access to additional sources of capital while lowering cost of capital by increasing investor base o Increase in stock prices due to more demand and trading of the stock Cross-Border Listings of Stocks †¢ Firms seem to prefer to list in neighbouring markets †¢ Why? o Similarities in markets o A â€Å"home bias† Cross-Border Listings of Stocks †¢ Generally, o Potentially expand investor base, which leads to a higher stock price and lower cost of capital lower transaction costs ? improvement in quality and quantity of firm specific information available to investors o Creates a secondary market for the company’s shares and facilitates raising new capital in foreign mar kets liquidity of a company’s stock o Enhance Cross-Border Listings of Stocks †¢ Generally, o Enhances the visibility of the company and it’s products in foreign markets shares may be used as the â€Å"acquisition currency† for taking over foreign companies o Cross-listed o May improve the company’s corporate governance and transparency Cross-Border Listings of Stocks May improve the company’s corporate governance and transparency† †¢ Once companies cross-lists its shares on foreign exchanges (NYSE, LSE), they are required to follow strong disclosure and listing requirements †¢ On average, foreign companies listed on U. S. exchanges are valued ~17% higher Cross-Border Listings of Stocks †¢ Disadvantages o Meeting disclosure and listing requirements can be costly (U. S. GAAP) in overseas markets o Volatility o Foreigners may take a controlling interest in the company and challenge domestic control International Asset Pricin g Model IAPM Your Logo IAPM For understanding the effects of international cross-listings. †¢ assuming cross-listed assets are internationally tradable assets and internationally nontradable assets. IAPM †¢ CAPM: Ri=Rf+(RM-Rf)Bi Bi = Cov(Ri , RM)/Var(RM) =; Ri=Rf+[(RM-Rf)/Var(RM)]Cov(Ri,RM) AMM risk-aversion: Y*=[E(r)-rf]/(A? 2)  » AM is a measure of aggregate risk aversion  » M is aggregate market value of market portfolio =; Ri=Rf+ AMM Cov(Ri,RM) IAPM †¢ Asset pricing mechanism under: †¢ Complete integration – assets are trade internationally according to world systematic risk Complete segmentation – assets are trade respected to country systematic risk. Suppose two countries: Domestic Country and Foreign Country †¢ IAPM Complete Segmentation †¢1 Domestic Country E(R): †¢ Foreign Country E(R): Rg = Rf + AFF Cov (Rg , RF) Ri = Rf + ADD Cov (Ri , RD) Complete Integration Both Domestic and Foreign: Ri = Rf + AwW Cov (Ri , RW) In re alty, assets are priced as partially integrated world financial markets IAPM Partially Integrated World Financial Markets †¢ Internationally tradable assets are priced as if world financial markets were completely integrated †¢ Non-tradable assets will be priced by world systematic risk (pricing spillover effect) and a country-specific systematic risk. o o Spillover effect – externalities of economic activity or processes those who are not directly involved in it. Pollution, technology, even financial markets IAPM Nontradable assets of the domestic country: Ri=Rf+ AwW Cov*(Ri,RW)+ ADD [Cov(Ri , RD)- Cov*(Ri , RD)] Cov* (Ri , RW) Indirect world systematic risk Cov*(Ri,RW) is the indirect covariance between the ith nontradable asset and world market portfolio. Cov(Ri , RD)- Cov* (Ri , RD) Poor domestic systematic risk Cov*(Ri , RD) is indirect covariance between the future returns on the ith non-tradable asset and domestic country’s market portfolio that is ind uced by tradable assets. IAPM implications: 1. International listing (trading) of assets in otherwise segmented markets directly integrates international capital market by making these asset tradable. 2. Firms with non-tradable assets get free ride from firms with tradable assets in sense that former indirectly benefit from international integration in terms of a lower cost of capital and higher asset prices. Effect of Foreign Equity Ownership Restrictions †¢ Restrictions on maximum % ownership of local firms by foreigners †¢ Mexico and India: limited to 49% †¢ Two different classes of equity Chinese firms issue A shares and B shares †¢ Ensuring domestic control of local firms Pricing-to-market (PTM) phenomenon †¢ Constraint is effective in limiting desired foreign ownership eg. Korean firm’s restriction on foreigners is 20% Foreigners want to buy 30% †¢ Foreign and domestic investors may face different market share prices Asset Pricing under For eign Ownership Restrictions †¢ A firm’s cost of capital depends on which investors, domestic or foreign, supply capital. †¢ A firm can reduce its cost of capital by internationalizing its ownership structure. An Example of Foreign Ownership Restrictions: Nestle †¢ Nestle used to issue two different classes of common stock: – Bearer shares: foreigners – Registered shares: Swiss citizens – The bearer stock was more expensive. Nestle An Example of Foreign Ownership Restrictions: Nestle †¢ On November 17, 1988, Nestle lifted restrictions imposed on foreigners, allowing them to hold registered shares as well as bearer shares. †¢ A major transfer of wealth from foreign shareholders to Swiss shareholders. †¢ The total value of Nestle increased substantially when it internationalized its ownership structure. †¢ Nestle’s cost of capital therefore declined. An Example of Foreign Ownership Restrictions: Nestle †¢ The Ne stle episode illustrates: – The importance of considering market imperfections – The peril of political risk – The benefits to the firm of internationalizing its ownership structure The Financial Structure of Subsidiaries Your Logo The Financial Structure of Subsidiaries Three different approaches to determining: 1. Conform to the parent company’s norm – where the parent company is fully responsible for the subsidiary’s financial obligations – not necessarily consistent with minimizing the parent’s overall cost of capital The Financial Structure of Subsidiaries Three different approaches to determining: 2. Conform to the local norm of the country where the subsidiary operates – When the parent company is willing to let its subsidiary default, or the guarantee of obligations becomes difficult to enforce across national borders – Not the optimal one approach (immature nature of local financial markets) The Financial Structure of Subsidiaries Three different approaches to determining: 3. Vary judiciously to capitalize on opportunities to reduce financing costs and risks – Most reasonable and consistent with minimizing firm’s overall cost of capital – Take advantage of subsidized loans Taxes deduction of interest payment – Take advantage of various market imperfections (ex. political risks) CASE: Globalizing the Cost of Capital and Cost Budgeting at AES BRIEF BACKGROUND AES Originally Applied Energy Services †¢ Founded in 1981 †¢ Publically traded since 1991 †¢ In 2003 – Leading independent supplier of electricity in the world – $33 Billion in asset (eg. Power plants, generation facility, other energy related businesses) stretched across 30 countries and 5 continents AES Early Success †¢ †¢ †¢ †¢ †¢ 1983: 1st cogeneration facility is built in Houston, Texas 1988: Net income = $1. million 1991: AES goes public, net income = $42. 6 million 1991-1992: AES initiates international expansion 1996-1998: estimated 80%-85% capital investment is overseas †¢ 2000: Revenue = $4. 958 billion Net Income = $778 million AES Typical Investment Structure AES AES stock price (market cap in 2000 reached $28 billion @ $70/share) AES AES stock price (market cap in 2002 fell 95% to $1. 6 billion @ $1/share AES What Happened? †¢ It's recipe for success (international exposure) became their recipe for disaster o Much of AES' expansion took place in developing countries (there was more unmet demand vs. eveloped countries) †¢ Main factors: o Devaluation of key South American currencies ? Argentine, Brazilian, Venezuelan currency crises o Adverse changes in energy regulatory requirements ? Government mandated energy rationing and competition o Decline in energy commodity prices AES AES ISSUES AES Simple Domestic Finance Framework †¢ 12% discount rate was used for all contract generation projects o al l dividend flows from projects were deemed equally risky ? fair assumption because businesses had similar capital structures o most risks could be hedged in the domestic market AES Same Model was Exported Overseas Worked well initially, when they first expanded to Northern Ireland o had many of the same characteristics as domestic projects †¢ Model became increasingly strained in Brazil and Argentina o Hedging key exposures was not feasible (currency, regulatory.. ) AES SO†¦ AES needed of a methodology for calculating Solution by AES valuation & cost of capital for capital budgeting at AES businesses in diverse locations around the world AES How did AES deal with it? †¢ Rob Venerus, director of Corporate Analysis & Planning questioned whether the traditional CAPM would suffice †¢ He did not advocate the use of a world CAPM o AES owned businesses in poorly integrated capital markets Countries such as Tanzania and Georgia did not have any meaningful capital markets †¢ He did not advocate the use a local CAPM either o AES How did AES deal with it? †¢ So Rob Venerus developed a new model: Step 1 †¢ Calculate the cost of equity using U. S. market data for each of AES' projects o Average the unlevered equity betas from comparable U. S. companies o Relever the beta to reflect the capital structure of each of AES' projects o Cost of equity = Rf + ? (Rm – Rf) AES How did AES deal with it? Step 2 †¢ Calculate the cost of debt by adding the U. S. risk free rate and a â€Å"default spread† o Cost of Debt = Rf + Default Spread o The â€Å"default spread† is based on the relationship between EBIT ratios for comparable companies and their cost of debt. AES AES How did AES deal with it? Step 3 †¢ Add the sovereign spread to both the cost of equity and the cost of debt o this accounts for country-specific market risk, which is the difference between local government bond yields and corresponding U. S. Treasury y ields. †¢ These steps allow AES to calculate a WACC that reflects the systematic risk associated with each project in its local market. AES AES How did AES deal with it? BUT†¦ †¢ Most of these local markets are developing markets where â€Å"access to capital was limited and information less than perfect† –> project-specific risk could not be diversified away †¢ â€Å"Project-specific risk† must be accounted for! AES How did AES deal with it? Example of project-specific risk: †¢ There are 2 hydro plants in Brazil that are identical in every aspect, except for the rivers that feed them. River #1 produces cash flows that vary +/50%, River #2 by +/- 10%. If they are financed by 100% equity, CAPM says they are worth the same. Rob Venerus thought this was unconvincing Seven types of â€Å"Project-specific risk†: 1. Operational/Technical 2. Counterparty credit/performance 3. Regulatory 7. Contractual Enforcement/Legal 4. Construction 5. Commodity 6. Currency Weights estimated from AES' ability to anticipate and mitigate risk. Then given a grade between 0 (lowest exposure) and 3 (highest exposure), multiplied by their weights to yield a â€Å"business-specific risk score† AES Example Risk Score Calculation for Lal Pir Project (Pakistan) Business-specific risk score Used to calculate an adjustment to the initial cost of capital o 0 = no adjustment to WACC o 1 = +500 basis points (5%) o 2 = +1000 basis points (10%) o 3 = +1500 basis points (15%) †¢ Overall (exhibit 8 from case): 1. calculate cost of equity and cost of debt using U. S. market data 2. add sovereign spread to each 3. calculate WACC 4. Add a business-specific risk adjustment to WACC SUGGESTION & RECOMMENDATION FOR AES CORPORATION Suggestion & Recommendation †¢ AES Corporation’s current method of valuing risk is clearly inadequate. Not enough risks were being considered in their model, especially political and economic risks in dev eloping countries that the company expanded to. Under this current model, country-specific risk is also difficult to measure. †¢ This new model to value cost and risk should be implemented by AES. – It gives the company a more realistic projection of the risks that they may face with projects that they take on internationally. – Risks such as political, economic, country-specific and business-specific risks are now considered, where in the previous model they were neglected. THE END THANK YOU! Your Logo

Atomic Bombs Essays

Atomic Bombs Essays Atomic Bombs Essay Atomic Bombs Essay Composition II miou Have Atomic Bombs, but We Have Suicide Bombers In Rohdes article we learn of his experience as a hostage in Afghanistan and Pakistan. He explains the Islamic cultures and values, but shows us his view on them. Their cultures have some similarities, but more differences. We both have religions, but Americans approach their religion differently and less violently. Americas whole reality and country differs greatly from the Talibans society. The Talibans reality differs from ours, because they have rules and customs for many things. Here in America we have rules and customs, but we look at them more as laws, because that is what they are. If you dont follow them you either receive a fine or you are arrested and brought to Jail or prison. In Afghanistan and Pakistan if you do not follow the Talibans rules you will either get kidnapped, tortured or killed by one of their soldiers. Unlike in the U. S. they would force you to read the Koran in Afghanistan, to press you to convert to their religions if you wanted to do it or not. In the U. S. ou ave the freedom to choose which religious group you want to be a part of, of course others will have their opinions, but you are still free to do what you want. Religious zealotry plays a big role in the Talibans society. They would put fear into the hearts of anyone who did not want to convert to their religions. The kidnappers would tell the hostages that If I fail to convert, they said, I would suffer excruciating pain in the fires of hell, as said by David Rhode. Most of the time they have no choice but to ead the Koran and learn about their religions or the hostages will receive cruel punishment. In the U. S. religious zealotry isnt very common, but there are people who take religion seriously. They go to church very often, read the bible, and try to spread their religion, but never try to force or threaten people to Join their religious groups in a violent manner. Along with religion war is another problem in the Taliban society. Their Jihad is similar to our Just wars; they both have to be waged by a higher power, and their mains goals are to make peace and avoid wanton estruction. Just war starts with a Just cause; Jihad has to be committed in the name of God and freedom. Jihads are more based on religion than our Just wars, but still have similar rules. Rohdes view can be considered biased, because he was being held hostage by soldiers in Afghanistan which is something that happens often. He isnt a part of the Taliban society so he doesnt know their customs or values; hes used to Americas society, so that can also make his view biased. They are two completely different societies and being born in one can alter your view on other ocieties. He tried to spread his own beliefs, but that never worked, because the guards barely spoke any English and they are faithful to their own beliefs. The lack of communication also can make Rohdes views biased, the guards only knew a little bit of English which made it harder for the guards to communicate while trying to convert him to their Taliban and Islamic cultures. Reading the Koran Rohdes learned a little of their religion, but not what they wanted him to learn, because he would sometimes reTuse to convert. In Ronaes artlcle we can learn tnat not every soclety Is similar to ours. In the many religious groups out there, there are many different rules, customs, and values. Sometimes violence is used heavily to convert people or to punish the wrong doers of a society, such as the Talibans Jihad which is war in the name of God and freedom. Afghanistan takes their religion to war, America doesnt. Our wars have to be a Just cause authorized by a legitimate authority. This can be anyone with higher power that is involved with the government. Jihad must be nitiated by the caliph or his delegate, the caliph is the religious leader. Other than the violent kidnappers and the soldiers holding people hostage and killing them I learned that there are societies that take religion much more seriously than America does. mtholyoke. edu/†witwe22k/classweb/politics/Jihad. html Katie Witwer. Just War vs. Jihad 2010 nytimes. com/2009/10/20/world/asia/20hostage. html? pagewanted=all David Rohde. mfou Have Atomic Bombs, but We Have Suicide Bombers. The New York Times. 19 October 2009.

About the Charles-de-Gaulle Airport Terminal Collapse

About the Charles-de-Gaulle Airport Terminal Collapse A huge chunk of Terminal 2E at the Charles-de-Gaulle Airport came crashing down in the early morning of May 23, 2004. The shocking event killed several people at the busiest airport in France, about 15 miles northeast of Paris. When a structure fails on its own accord, the event may be more frightening than a terrorist attack. Why did this structure fail in less than a year after opening? The 450-meter long terminal building is an elliptical tube constructed of concrete rings. French architect Paul Andreu, who also designed the French terminal for the English Channel Tunnel, drew upon principles of tunnel construction for the airport terminal building. Many people praised the futuristic structure at Terminal 2, calling it both beautiful and practical. Since there were no internal roof supports, passengers could move easily through the terminal. Some engineers say that the terminals tunnel shape may have been a factor in the collapse. Buildings with no internal supports must rely entirely on the outer shell. However, investigators quickly pointed out that it is the role of engineers to assure the safety of an architects designs. Leslie Robertson, a chief engineer of the original twin towers at the World Trade Center, told the New York Times that when problems occur, its usually in the interface between architects, engineers, and contractors. Reasons for Collapse The collapse of a 110 foot section killed four people, injured three others, and left a 50 by 30 meter hole in the tubular design. Was the fatal collapse caused by design flaws or oversights in construction? The official investigation report clearly said both. A part of Terminal 2 failed for two reasons: Process Failure: A lack of detailed analysis and inadequate design checking allowed construction of a poorly engineered structure. Structural Engineering Failure: A number of design flaws were not caught during construction, including (1) a lack of redundant supports; (2) poorly placed reinforcing steel; (3) weak outer steel struts; (4) weak concrete support beams; and (5) low resistance to temperature. After the investigation and careful disassembling, the structure was rebuilt with a metal framework built upon the existing foundation. It reopened in the spring of 2008. Lessons Learned How does a collapsed building in one country affect construction in another country? Architects have become increasingly aware that complicated designs using space-age materials require the watchful oversight of many professionals. Architects, engineers, and contractors have to be working from the same game plan and not copies. In other words, writes New York Times reporter Christopher Hawthorne, it is in translating the design from one office to the next that mistakes are amplified and become deadly. The collapse of Terminal 2E was a wake-up call for many firms to use file-sharing software such as BIM. At the time of the disaster in France, a multi-billion dollar construction project was underway in northern Virginia - a new train line from Washington, D.C. to Dulles International Airport. The subway tunnel was designed similarly to Paul Andreus Paris airport. Could the D.C. Metro Silver Line be doomed to disaster? A study prepared for U.S. Senator John Warner of Virginia noted a major difference between the two structures: The subway station, simply put, is a circular tube with air flowing down the middle of it. This hollow tube can be contrasted to Terminal 2E, which was a circular tube with air flowing outside of it. The outer casing of Terminal 2E was subjected to great temperature changes causing the outer steel to expand and contract. The study concluded that a complete design analysis would have predicted all structural deficiencies within the Paris airport. In essence, the collapse of Charles-de-Gaulle Airport Terminal was preventable and unnecessary had oversight been in place. About Architect Paul Andreu French architect Paul Andreu was born July 10, 1938 in Bordeaux. Like many professionals of his generation, Andreu was educated as an engineer at the École Polytechnique and as an architect at the prestigious fine arts Lycà ©e Louis-le-Grand. He has made a career of airport design, beginning with the  Charles-de-Gaulle (CDG) in the 1970s. From 1974 and throughout the 1980s and 1990s, Andreus architecture firm was commissioned to build terminal after terminal for the growing air traffic hub. The extension of Terminal 2E opened in the spring of 2003. For nearly forty years Andreu held commissions from the Aà ©roports de Paris, the operator of Paris airports. He was the Chief Architect for the building of the Charles-de-Gaulle before retiring in 2003. Andreu has been cited as shaping the face of aviation internationally with his high-profile airports in Shanghai, Abu Dhabi, Cairo, Brunei,  Manila, and Jakarta. Since the tragic collapse, he has also been cited as an example of architectural hubris. But Paul Andreu designed buildings other than airports, including the  Guangzhou Gymnasium in China, the Osaka Maritime Museum in Japan, and the Oriental Art Center in Shanghai. His architectural masterpiece may be the titanium and glass National Centre for the Performing Arts in Beijing - still standing, since July 2007. Sources The Architectural Blame Game by Christopher Hawthorne, The New York Times, May 27, 2004 Paris Air Terminal Collapse Report by Christian Horn, Architecture Week, architectureweek.com/2005/0427/news_1-1.html Investigation of Tysons Central 7 Rail Station - Case Study: Terminal 2E Roof Collapse, Prepared for Senator John Warner by Chance Kutac and Zachary Webb, Technical Office of Senator John Warner, November 22, 2006, pp. 9, 15 [PDF at www.ce.utexas.edu/prof/hart/333t/documents/FinalReport2_07.pdf accessed May 24, 2004] propos and architecture, Paul Andreu website, paul-andreu.com/ [accessed November 13, 2017] Paris airport collapse blamed on design by John Lichfield, Independent, February 15, 2005, independent.co.uk/news/world/europe/paris-airport-collapse-blamed-on-design-483590.html Terminal to reopen at Charles de Gaulle Airport in Paris by Nicola Clark, The New York Times, March 28, 2008, nytimes.com/2008/03/28/world/europe/28iht-cdg.html Gordon, Alastair. Naked Airport: A Cultural History of the Worlds Most Revolutionary Structure. University of Chicago Press Pbk. Ed. / edition, University of Chicago Press, June 1, 2008.

Metaphors For HCI Assignment Example | Topics and Well Written Essays - 500 words

Metaphors For HCI - Assignment Example Unrelentless research in the field of HCI has been mostly successful. Consequently, this has basically transformed computing (Brad, 1999). Metaphors are often used in daily speech. For example, people speak about time like it is currency or money. By employing a metaphor, time which is an abstract concept is made more understandable and familiar. By using this currency metaphor in respect to time, it becomes normal for people to spend, save, waste, give or borrow time. When we look at how system interfaces are designed, we can also view how metaphors play a vital role. The types of user interactions people do, the objects found on the screen, and names associated with commands are mostly based on terms which are familiar. Icons, desktops, windows, menus, pasting, cutting and copying are all part of the virtual interface metaphor. The desktop metaphor has been used by mac windows system from an early age. This led to the windows operating system designed by Microsoft. The current desktop metaphor poses some significant problems to its users. They have difficulty in; finding or organizing information within the hierarchical file systems, managing their reminders and schedules, obtaining a big picture view, and utilizing archived or stored information, which is often discarded by users so that they are not overwhelmed by it. However, these problems have been addressed in Lifestreams. As such, it is a better metaphor than the current desktop metaphor. Lifestream replaces conventional directories and files by adopting a time ordered stream of documents. The human memory too works this way in storing information. It stores information in a stacking order according to time. To locate, organize, monitor or summarize incoming information, Lifestream uses software agents and stream filters. Lifestream solves the difficulties experienced by desktop system users by providing a metaphor