I Have A Dream Speech - 1508 Words

Rosa and three other colored women to move seats. However, Parks disobeyment led to mass support when she was later arrested and the bus boycott took place. This gained the support of thousands African-American people and not only from the ones who participated in the event. It also gained support of prominent colored members of the community. Martin Luther King Junior, a Baptist minister in Montgomery, emerged as a prominent figure for this movement. King helped to found the Southern Christian Leadership Conference, a civil rights organization that founght to end racial segregation in the south (History-Civil Rights Movement). In August of nineteen-sixty-three, an event called the March on Washington took place, over two-hundred thousand Americans rallied for freedom and rights (Histor-March on Washingtony). At this event that King gave his iconic, â€Å"I have a dream speech,† that discussed the discriminations colored people faced, such as segregation. He states that, â₠¬Å"One hundred years later, the life of the Negro is still sadly crippled by the manacles of segregation and the chains of discrimination† (International Business Times). King also wrote a letter in nineteen-sixty-three titled, â€Å"Letter to Birmingham Jail,† where he explained why immediate nonviolent action was necessary in order to achieve segregation (science.jrank). Due to Rosa Parks refusal to give up her seat, however, that allowed all these actions to take place, and leading to African-Americans finally ableShow MoreRelatedThe I Have A Dream Speech1149 Words   |  5 PagesMartin Luther King Jr. delivered the I Have a Dream Speech on Aug. 28, 1963 at the Lincoln Memorial. The speech was given prior to the March on Washington, a peaceful protest against inequality. In his speech, King aims to influence his audience to fight for the change from a segregated nation to a place of freedom for all. Throughout the speech, Americans are refreshed with what their society was supposed to be, rather than how it was currently. King utilizes literary devices to highlight hisRead MoreThe I Have A Dream Speech1335 Words   |  6 Pagesin this year. Martin Luther King Jr. was a huge political figure in this era. He began protests and marches that lead to controversy around the United States. These marches and protests however, lead to violent acts. He also delivered the â€Å"I Have a Dream Speech† and changed the world that we live in today. Next, the 16th Street Baptist church bombing occurred leaving a lot of controversy between the Native American and African American races. John Fitzgerald Kennedy was also a huge political figureRead Mo reI Have A Dream Speech1805 Words   |  8 PagesOn August 28, 1963, social equality extremist Martin Luther King, Jr. conveyed a standout amongst the most popular talks in American history. His I Have a Dream discourse was planned to motivate the 250,000 individuals at the Washington, D.C., rally and past to consider a world in which high contrast kids could learn and become together. The message served as a main impetus in propelling political pioneers and subject activists to push for more prominent balance and a conclusion to isolation. TemperamentRead MoreAnalysis Of I Have A Dream Speech1152 Words   |  5 PagesThe major argument that is being portrayed in Martin Luther King Jr.’s â€Å"I Have A Dream† speech is all men and women should be treated equally, regardless of their skin color. Dr. King states, â€Å"When the architects of our republic wrote the magnificent words of the Constitution and the Declaration of Independence, they were signing a promissory note to which every American was to fall heir. This note was a promise that all men, yes, black men as well as white men, would be guaranteed the unalienableRead MoreI Have A Dream Speech Analysis1714 Words   |  7 Pagesuses words to provoke, calm, and inspire in his famous I Have a Dream speech. Using these words, he creates a connection with the audience, and he gained their trust. Cesar Chavez also gave a speech that provoked, calmed, and inspired the audience to come together and get rid of pesticides because it is causing many diseases among adults, as well as children. He also mentions King many times to gain the audience’s trust. â€Å"I have a dream that one day this nation will rise up and live out theRead MoreAnalysis Of I Have A Dream Speech758 Words   |  4 Pages delivered his â€Å"I Have a Dream† speech in 1963 to a divided and unjust nation. King’s tactful writing reached the entire nation, and his words resonated with everyone who heard them. His speech addressed the injustices and inequalities blacks face in America. â€Å"I Have a Dream† has gone down in history as one of the best speeches in modern history, received at a time of turmoil and racial tension. Therefore, King’s words have rung in the hearts of innumerable people, and his dreams and aspirationsRead MoreI Have A Dream Speech Summary1149 Words   |  5 Pagesâ€Å"I have a dream† speech was written by American civil rights activist Martin Luther King Jr. on August 28, 1963. It took place at the Washington D.C Civil Rights March, on the steps of the Lincoln Memorial. It is one of the widely kn own speeches that was given to point out the ongoing racism problem in the United States of America. This speech brought greater attention to the Civil Rights Movement which had been going for years and it is known as one of the famous orations in the history of US. TheRead MoreI Have A Dream Speech Analysis1154 Words   |  5 PagesMartin Luther King Jr.s impact of pathos throughout his speech has the impact of exploit the audience, empowered, determined, and grateful. Throughout his speech, his audience responds to him by applauding with agreement. Impact of Pathos Martin Luther King, Jr. uses attribute within the starting of his known, I actually have a Dream Speech, to realize the audience to feel as theyre fighting with several alternative known Americans, like the beginning Fathers and Abe Lincoln. Since, several AmericansRead MoreExamples Of I Have A Dream Speech754 Words   |  4 PagesDr. Martin Luther King Jr’s efficient use of logos and pathos in his â€Å"I Have a Dream† speech at the Lincoln memorial reached the hearts of a number of Americans, inspiring people to join their cause and to take action. Dr. King begins to use logos promptly in the second paragraph of his speech. He says â€Å"Five score years ago, a great American, in whose symbolic shadow we stand today, signed the Emancipation Proclamation.† This quote states that one hundred years ago, Score means 20 so five scoreRead MoreI Have A Dream Speech Analysis1441 Words   |  6 Pagesorder to procure its ultimate victory throughout the 1960s. From his civil rights-related endeavor, the â€Å"I Have a Dream† speech, given on the steps of the Lincoln Memorial during the â€Å"March on Washington for Jobs and Freedom† in 1963 (â€Å"March on Washington For Jobs and Freedom) arose. In his speech, he spoke about the injustice of segregation and discrimination of African Americans. His speech had a prodigious impact as it succeeded to illustrate the issue of racism at the time and instigated the

Library Management System Free Essays

Case study Computer Science Departmental Library By MERCY OKEOWO 08710007 FOR THE Award of Ordinary National Diploma In COMPUTER SCIENCE Of MOSHOOD ABIOLA POLYTECHNIC Abstracts Library management system is an aspect or branch of information management system that keeps the records of both the library users, books in the library and the activities that is going on in the library, activities like borrowing books and returning books. Information management in general is the collection and management of information from one or more source and distribution of the information to one or more audience.This sometimes involves those who a stake in or right to that information. We will write a custom essay sample on Library Management System or any similar topic only for you Order Now Management means the organization of and control over the structure, processing, and delivery of information. In short information management entails organizing retrieving acquiring and maintaining information. It is closely related to and overlapping with the practice of data management. A good library manager must be able to take of the following activities in the library; †¢ Keep records of books in the library. †¢ Keep records of the library user. Keep track of books borrowed by any library user. †¢ Keep record of time a library user borrowed and return books. †¢ Do the following analysis after each day for decision making purpose ? Analysis of book borrowed by per day. ?Analysis of the type of book people requested for per day. ? Analysis of the author people read his/her book most per day. All the above analysis is needed due to the following reasons. ? To get the type of books people read most in the library to avoid congestion. To get the type of books from a particular author which people read most in the library so as to avoid congestion. INTRODUCTION Background to the study Information for the modern institution is a resource parallel in importance to land, and other factors of production. It is very vital and a prices less resources. For centuries, man has tried to collate, store, process and retrieve information and most importantly analysis of the data before distribute or communicate it by the available fast test mean.It follows, therefore that man has tried various ways and methods to record analyse and disseminate information in his attempts to proffer solution to low security of data, effective data communication, effective data analysis and lot more. Information therefore is data that have been processed into meaningful and usable form, and it contains knowledge that reduces uncertainly in particular situation and it is mostly useful in decision making. But unfortunately most people in this country do not have effective means of information management; the departmental library is a typical example of such.About The Old System Library is a place where books are kept are kept for student lecturers to come and read or borrow to their various home for reading, for the security of these books record of library user are needed to kept likewise record of available books in library are also needed to kept. The most important part of it is that the library attendant must keep record of who borrows and type of book some one borrowed along with the time in order to keep track of the book in library.For the improvement of library or updating of the library book, statistic or read and unread books are needed top kept so as to know which book to get more into the library, also to know which author the students or lecturer like to read their books and lot more. All the above activities are done manually; that is it involves someone writing down the name of the library users and list of books in the library, even to the extents of counting the number a book is read which can be in inaccurate which also exposes the book to risk of missing.The most disgusting thing is searching through the shelf for books to read which is done by manual library catalogue, this alone can discourage student from reading books in library where we have large number of books. Problem Statement and Motivation What motivated me to embark on this project is due to the following problem that is faced by the Computer Science Department Library. †¢ Searching through the library shelf for books to read will be boring and may not be encouraging. Searching through the record book to validate a library user may also be boring for the library keeper. †¢ Keeping tracks of borrowed books with the library user that borrowed it may not accurate which can lead to loss of books in the library. †¢ Conducting the analysis of books people read per day, analysis of author people read his/books per day may be difficult and inaccurate which affect the decision making of the library managers. †¢ Backing up of files or records may be very difficult because it can lead to repetitive task. Objective of the ResearchThe main objective of this research is to develop software (library Management Software) for the computer science department library which will be ca pable of managing the student information (library users) and the books in the library. The research is aimed at achieving the following objectives; †¢ To keep record of register student (library users). †¢ To improve the consistency of the information in the library. †¢ To improve the way analysis of books are conducted. †¢ To improve the security of information in the library. METHODOLOGY Information gatheringI gathered all the information above information by conducting an interview for the student (library user) and the library keeper. I chose to use java for developing the interfaces of the software and the database connectivity due to the following reasons; †¢ Java is platform independent programming language that can run on any type of operating system. †¢ Java is network programming language that can access over a network. †¢ Java is fast in execution. I have chose Microsoft Access Database for the database because of it flexibility and it easy access. How to cite Library Management System, Papers

Solutions for College Dropout Essay Example

Solutions for College Dropout Paper The Solution to Increasing Dropout Rates While there are many problems college students face while attempting to obtain a degree, the largest hindrance from completion is that of financial ability. One of the largest contributors to college dropout rates is the lack of financial support. Many college students must work either full or part time to support themselves or their families. With the declining economy and increasing costs of college tuition, funds are being scarcely distributed and many college students find that they are unable to continue their education due of this. The degree Of importance placed on college education is in decline, and each year the number of students completing their degree is decreasing. There have been a vast number of surveys and polls of college students and some of the outcomes are astounding. According to the US Department of Education, only 20 percent of young students who enter a two year institution will graduate within three years. While those who enroll in a four year institution have a slightly higher graduation rate of 40 percent in six years. In doffs society higher education is key for the majority of the josh market, but many college students find that even tit a college degree they cannot find work. The standard college student today is no longer 18 years old and enrolling in a four year university program. The new standard that is vastly seen is that of a part-time, older individual who is often working while trying to juggle their busy schedule. We will write a custom essay sample on Solutions for College Dropout specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Solutions for College Dropout specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Solutions for College Dropout specifically for you FOR ONLY $16.38 $13.9/page Hire Writer According to a report in the New York Times, two-thirds of students said the economic climate had significantly affected their college choice, and 13 percent said they could not afford to attend their first-choice university, the highest percentage since that question was first asked in 2006. With college tuition rates increasing many students without a credential are plunged underwater financially. Men students leave college with no credential and a load of debt, they may be worse off than when they entered. With so many college students facing the financial burdens that college tuition imposes, this has grown to increase the degree completion rate to an all-time high. Students often find themselves forced to choose between continuing their education and simply putting food on the table. It is not surprising to see that many forgo completing their education in order to do so. According too survey of college drop outs, 71 percent of students agreed that the reason for not completing their intended program was that they needed to go to work and make money. Having less off burden to financial responsibility would definitely help many of the students facing these problems. Am proposing a plan to the US. Federal government to implement a new plan for receiving financial aid. This plan will not only be based upon merit and satisfactory grades or financial need, but the biggest change will come from increased rates for trine completed. This new system Will integrate the college dents current course level and anticipated graduation date and base financial aid accordingly. Think of this increase in financial aid for students as you would a raise in a job for performance. The main goal of this program is to provide incentive for students to continue on their education pathway and obtain their degree. The current process for financial aid for a student is based on the students financial status. If a student has an EPIC (Expected gamely Contribution) of O they will qualify for a fully funded Peel Grant which is roughly enough to cover the needs Of one year for a full time community college student. If a student plans to attend a four year university, the current amount of financial aid given does not even cover half Of that cost. The new proposed program Will use the same standards for initial financial aid awarded to a student, but for each year that the student satisfactorily completes their courses, their financial aid Will increase by 15 percent. This new program will be provided to all current and new applicants who are currently eligible to receive a LIST federally funded Peel Grant. The program is to still be funded by the US Federal Government, but to increase he funding for this propose a one percent federal tax increase on all major corporations and businesses with an annual income of $250,000 or greater. This will likely incur great opposition initially as to why the increase in tax rate is on that of large businesses. In response to this, the effort of this new program will be to eliminate additional costly training by employers to undereducated employees. By having college students who are actually obtaining their college degrees working for these large companies, the need for additional training will decline, Thus, saving funds in order to finance the one percent proposed increase to increase financial aid. The proposed program will set to be launched during the upcoming years financial aid process and coincide with the initial financial aid applications. A new committee of current financial aid staff will be formed to oversee the addition to the program, and will be set in place to answer questions and to help prevent fraud. The method for monitoring the students progress is to still be the responsibility Of the institution to where the student is enrolled. If a student fails to enroll for the following year and apply for financial aid, then no increase in financial aid funds Will be provided to them. Also, if any break of one semester or more is taken during the school year the increased financial aid Will be lost. If a student fails to meet the standard 77 or above grade in any course that is being federally funded then financial aid will be lost as well. The program is intended for students who satisfactorily complete a consecutive term year after year until degree completion is obtained. This newly proposed program will help to alleviate the financial burden that many college students face, By offering a greater incentive to students to complete their degree in a Emily manner, the degree completion rate will increase.

Jetblue Ipo Pricing Essays

Jetblue Ipo Pricing Essays Jetblue Ipo Pricing Paper Jetblue Ipo Pricing Paper 1. Introduction An initial public offering (IPO) is defined as the first offering of shares by a private company to the public. A share is one of a finite number of equal portions of the capital of a company that entitles the shareholder to a proportion of distributed, non-reinvested profits known as dividends, and to a portion of the value of the company in case of liquidation. Shares can be either voting or non-voting, meaning that the shareholder may have the right to vote on the board of directors and thus the corporate policy (Draho, 2004). The money the private company raises through the issuance of shares is either transferred to the original investors of the company, used to pay-off existing debt, used to finance operating expenses, or, is used to fund future company projects. The ability to conduct an IPO efficiently and effectively encourages entrepreneurship and economic growth through increasing the availability of equity and lowering the cost of equity finance (Kleeburg, 2005). The following report introduces a generic process of an IPO without detailing specifics for an individual country or region. The advantages and disadvantages of choosing an IPO to raise capital is then discussed followed by an examination of the various pricing and allocation techniques that are commonly adopted in the IPO. The final section uses the 2002 IPO of JetBlue as a case study to demonstrate the accuracy and effectiveness of the discussed pricing techniques. 2. The IPO Process Jenkinson and Ljungqvist (2001) define 5 generic steps that are required to be undertaken in the process of raising equity through an IPO: Figure 2. 1 – Five generic steps undertaken in the process of an IPO Each of the 5 steps are briefly discussed in the following section paying particular attention to the role of the investment bank and the pricing and allocation decision. 2. 1. The Choice of Market It is important to note that the act of ‘going public’ has two distinct requirements: Investors who are willing to purchase the shares Exchange regulatory conditions that companies must meet Historically, the first aspect of finding investors has not been of great concern, however, given the increasing levels of integration of global financial markets companies are able to select the market that best suits their requirements. The choice of market is therefore essentially focussed on ensuring that there is enough depth within the market so that the company can raise the amount of equity required and that the company is able to comply with the regulations imposed by the stock exchanges and their regulatory bodies (Jenkinson and Ljungqvist, 2001). . 2. Producing a Prospectus The second stage of an IPO is the preparation and lodgement of a prospectus with the market regulatory authorities. A prospectus sets out the terms of the equity issue and provides information on the financial and management performance of the issuing company. It is used to ensure adequate information is provided so that investors can make an informed investment decision (ASX, 2008). Investment banks ar e usually engaged to assist in the preparation of the prospectus to ensure due diligence has been performed. Due diligence refers to the process of providing reasonable grounds that there is nothing in the prospectus that is misleading, and typically involves reviewing company contracts and tax returns, visiting company offices and facilities and interviewing company and industry personnel (Draho, 2004). This prospectus usually includes either a fixed price for the offer (where a predetermined price has been established) or an initial price range (a first ‘best guess’ on the price) that have been determined by the investment bank. With the latter technique the initial price range is usually modified throughout the remaining stages of the IPO (Brau and Fawcett, 2006). 2. 3. Marketing Having produced a prospectus, the next stage is marketing the issue to investors. This marketing can take place in a variety of forms and usually involves a road show, where the issuing firm and the investment bank conduct presentations to a high concentration of institutional investors. Where the offer price has already been established (i. e. fixed price offering) the main purpose of the marketing stage is to elicit bids from investors. Where an indicative price range has been given, the key purpose is to produce expressions of interest and thus begin the process of book building. Book building encompasses the collating of non-legally binding offers of price and quantity that is used to develop a demand curve and thus a more accurate price range for the subscription (Geddes, 2003). An important aspect that influences the marketin g technique is the role of the investment bank as the underwriter. Underwriting can be in the form of a firm commitment, where the investment bank accepts the risk of the issue by agreeing to purchase any securities that had not been subscribed, or on a best efforts basis, where the investment bank agrees to only use its expertise to sell the securities to the best of their abilities (Jenkinson and Ljungqvist, 2001). 2. 4. Pricing and Allocation Where a fixed priced is initially established, it is typical for either heavy over or under subscription to occur. In these cases, allocation methods such as pro rata allocation, retail investor bias allocation or random allocation are utilised depending on the policies imposed by the market regulators (Jenkinson and Ljungqvist, 2001). Where book building has occurred, if the issue is oversubscribed the allocation is typically based on either a common strike price (where a single price is quoted and allocation is based on the amount of information contained in the bid and/or the investor reputation), or, allocation and pricing starting from the highest bid downward until the issue demand is fully met (Draho, 2004). . 5. After the IPO Once the final pricing and allocation decisions have been made, trading in the shares usually commences within a few days. In some countries it is typical for the investment bank to be involved in a price stabilisation process where the principal purpose is to protect the downward price pressure once trading begins. This process of price stabilisation is usually linked with the granting of an over-allotment option (typically 15% of the total number of shares issued) which have usually been sold during the marketing process (Geddes, 2003). 3. Advantages / Disadvantages of the IPO Decision There are considerable advantages with obtaining equity through the IPO process. There are, however, some drawbacks that also need to be taken into consideration. Table 3. 1 outlines the key advantages and disadvantages as outlined by Fishman (1993). AdvantagesDisadvantages The partners can obtain a true value of the shares they possess in the companyThe market is extremely unpredictable and an unsuccessful IPO can result in a great loss of time as well as money for the company Partners can remove their signatures from the lines of credit and thus, are no longer personally liable to the creditorsThe ownership of the partners is dissolved and they become mere employees who are responsible to the shareholders and Board of Directors The overall financial condition of a company is improved as it brings in non-refundable moneyContinuous dealing with shareholders and the press is a time-consuming process A broader capital base gives the company more access to credit which gives the company an option to venture into new business opportunitiesShareholders judge the performance of the company on the basis of the profits and stock price and may cause managers to overlook the long-term strategic objectives Capital raised in an IPO can be used to pay off debt and t hus reduce the interest costs and enhance the company’s debt to equity ratioThe company needs to make nation-wide presentations about its performance to the interested shareholders, brokers and the investment bankers The value of the stock may see an upward trend thus increasing the initial investors financial wealthThe company’s continued success may bring a lot of close scrutiny by the public When a company goes public, it attracts the attention of the media and financial community thus providing free publicity and helps in creating a better corporate imageLarge amounts of fees and expenses are associated with a public company on a continual basis commissions, advertising costs, securities exchange fees etc. By going public and listing on a stock exchange it can directly foster public reputation in general Table 3. – Advantages and disadvantages of going public through the IPO process 4. IPO Valuation Techniques Deriving a value for an IPO is the critical par t of the process. In both fixed price and book building offers some form of initial price must be determined by the investment bank. The key methods that are used to determine the value of a company and thus the initial IPO price include (Geddes, 2003): Discounting Methods – based on a firms intrinsic value (future cash flows) Comparable Multiples Method: value based on similar publicly traded companies 4. 1. Discounting Methods Theoretically, the price of a share is derived by discounting all future cash flows that accrue to shareholders. These techniques are used throughout industry, however, they do suffer in practical application due to the risk associated with forecasting both revenue and expenses (Draho, 2004). The two most frequently used discounting methods include the discounted free cash flows (DCF) and a residual income model (RIM). 4. 1. 1. Discounted Free Cash Flows Free cash flows are defined as the cash flows from operations after investment in working capital and any capital expenditures. These cash flows are considered more appropriate than accounting earnings which include non cash items such as depreciation that cannot be used to pay shareholders. Cash flows are used to pay dividends and thus capture true value for the investor. These cash flows are then discounted using a risk adjusted rate. The rate is estimated either by using the capital asset pricing model (CAPM) for a 100% equity company or by calculating the weighted average cost of capital of the firm’s debt and equity (Geddes, 2003). 4. 1. 2. Residual Income Model The DCF model requires accounting earnings to be converted to cash flows. This is considered inappropriate as accounting values do not take into consideration the time value of money and may be subject to manipulation by way of accounting methods. The RIM is similar to the DCF method in that both methods use a risk adjusted discount rate. The RIM model, however, utilises the difference between the realised earnings and the expected earnings, where the expected earnings is the cost of equity multiplied by the start of period equity book value (Draho, 2004). 4. 2. Comparable Multiples This is the most common method used by investment banks to value IPO’s. Its fundamental approach is the comparison of ratios of companies that operate in similar businesses that possess the same characteristics of risk, current and future profitability and growth prospects (Geddes, 2003). There are number of ratios that can be used under this method, the most common being: Price/Earnings multiples Price/EBIT Market value/Book value Price/sales The successful application of this method lies in choosing an appropriate comparison company. One method used by practitioners is to select up to 10 company’s operating within the same industry and to use the group’s median multiple to value the issuer. The second and most common method is to select 3-4 companies that are direct competitors within the particular industry to the issuer. The third method is to use multiples of firms that have recently gone public assuming all issuers share common valuation multiples (Jenkinson and Ljungqvist, 2001). Comparable multiples is a popular method to value an IPO due to its simplicity and accuracy (Richardson and Tinaikar 2004). With the use of multiples there is no need to estimate the cost of capital, neither is there a need to depend on forecasted earnings and assumptions of valuation models. The use of multiples is supported by the idea that relevant ratios capture the markets estimate of risk and growth (Zarowin, 1990). 5. JetBlue Pricing Table 5. shows the results of utilising the techniques discussed in the previous section for determining the share price for the 2002 JetBlue IPO (for complete calculations see Appendix 1 and 2). The initial subscription price of the IPO was given by th e investment bank (in this case Morgan Stanley) at $22-$24 and this was revised to $25-$26 during the book building process. MethodShare Price ($) Discounted Cash Flow Free Cash Flows$94. 00 Industry Averages Price / Earnings Multiples$40. 38 Market Value / Book Value$115. 22 Price / EBIT$33. 13 EBIT Multiple Leading$38. 92 Competitor Averages Price / Earnings Multiples$97. 06 Market Value / Book Value$274. 54 Price / EBIT$88. 33 EBIT Multiple Leading$65. 10 Recent IPOs EBIT Multiple Leading$40. 37 Table 5. 1 – Share prices for the JetBlue IPO using the different techniques It should be noted that the JetBlue opening share price, this being the price of the stock at the end of the first day of trading, was $50. 30 demonstrating that the IPO was heavily underpriced. The price peaked in September 2003 at just above $90. 00. JetBlue’s current trading price is approximately $17. 21 (after adjusting its actual price of $5. 10 for the three 3:2 share splits and dividends distributed). This shows that there has been a significant loss since the shares began trading in April 2002 (for historical monthly stock price data see Appendix 3). This could reflect either changing market conditions since the IPO or inadequate pricing techniques used at the time of the IPO. Table 5. 1 demonstrates the wide range of share prices that can be achieved depending on the technique that is adopted. The free cash flows technique utilised Southwest Airlines data, assumptions for the airline industry and cash flows given from JetBlue management (see Appendix 1). This value was quite high but reflects high investor demand which took the share price above $90. 00. Of the comparable multiple techniques, the industry average and recent IPO methods reflect the first day closing price, whereas, the competitor average technique reflects similar results to the discounted cash flow technique. Recognising that the discounted cash flow method utilises data for Southwest Airlines that may not accurately represent JetBlue’s conditions, a sensitivity analysis was conducted (see table 5. 2). The four variables that were examined were the horizontal growth rate, the beta (a measure of company returns relative to market returns), the credit rating and the debt to equity ratio. VariableShare Price ($) Growth Rate Forecasted4%$94. 00 Optimistic5%$133. 44 Conservative3%$64. 18 Beta Forecasted1. 3$94. 00 Optimistic1. 1$149. 74 Conservative1. 5$52. 78 Credit Rating (spread) ForecastedBa (3. 00%)$94. 00 OptimisticBaa (1. 50%)$96. 37 ConservativeB (5. 0%)$90. 90 Debt / Equity Ratio Forecasted5. 0%$94. 00 Optimistic10. 0%$108. 03 Conservative2. 5%$86. 96 Table 5. 2 – Sensitivity analysis of share price for fluctuations in the growth rate, beta and credit spread Changes in the value of beta, the perpetual growth rate and the debt to equity ratio provide considerable variatio n in the calculated share price. Credit rating had little influence over the final value. As the premise of the discounting cash flow method is the forecasting of data, this sensitivity analysis demonstrates that caution should be used when relying on this technique given the uncertainty of forecasting information. 6. Conclusion In conclusion, the initial public offering (IPO) process involves a decision on which market is used to raise the funds, the preparation of a prospectus to meet regulatory conditions, marketing of the issuance to institutional investors and a pricing and allocation decision based on the type of subscription that is being offered (fixed price or book building). The key challenge for both the issuing firm and potential investors is the pricing of the shares. The two key techniques of discounted cash flows and comparable multiples, demonstrate that considerable variation in value can occur depending on the technique used. The reliability and accuracy of forecasted and historical data is also of considerable importance in ensuring accurate pricing. In order to overcome many of the disadvantages of an IPO, accurate pricing is paramount to ensure ongoing investor involvement. To draw any conclusion on the accuracy of techniques from this case study would be inappropriate, however, the complexities of the pricing decision has been quite clearly demonstrated. 7. Reference List Australian Securities Exchange. (2008, February 29). Listing on ASX. Retrieved April 23, 2008, from asx. com. au/professionals/listing/index. htm Brau, J. Fawcett, S. (2006). Initial public offerings: An analysis of theory and practice. The Journal of Finance, 61(1), 399-436. Draho, J. (2004). The IPO Decision: Why and How Companies Go Public. Cheltenham, UK: Edward Elgar Publishing. Fabozzi, F. Modigliani, F. (2003). Capital Markets: Institutions and Instruments (2nd ed. ). New Jersey, Prentice Hall. Fishman, L. (1993). Going public: The pro’s and cons. The Secured Lender. 49(4), 58-60. Geddes, R. (2003). IPO’s and Equity Offerings. Oxford, UK. Butterworth-Heinemann. Jenkinson, T. Ljungqvist, A. (2001). Going Public: The Theory and Evidence on How Companies Raise Equity Finance (2nd ed. ). United States: Oxford University Press Inc. Kleeburg, R. (2005). Initial Public Offering. Ohio, Thomson. Richardson, Gordon D, and Surjit Tinaikar. (2004). Accounting based valuation models: what have we learned? Accounting and Finance, 44(2), 223-255. Zarowin, Paul. 1990. What determines earnings-price ratios: Revisited. Journal of Accounting, Auditing Finance, 5(3), 455-457.

How to Begin Your Career in Architecture

How to Begin Your Career in Architecture As in any profession, the steps to be an architect seem simple, involve a lot of hard work, and can be filled with fun. Simply put, becoming an architect involves education, experience, and examinations. Your journey from student to professional architect will move through several stages. You begin by choosing the right school for you. Step 1: School Some people become interested in designing and building things while still in high school is a great place to start to become an architect. Since the 19th century when architecture became a profession in the United States, you have to go to college to be an architect. This is the 21st century. But, many paths can lead to a career in architecture. In fact, you can become an architect even if you earn a bachelors degree from a school without an architecture program. But its a little more complicated. What is called higher education comes at different levels - undergraduate and graduate. You can earn an undergraduate degree in most anything - English, History, Engineering - and then be admitted to a graduate program in architecture to earn a professional degree in architecture. So, you dont even have to decide if you want to be an architect until after you receive a bachelors degree. Going this route, a professional masters degree in architecture (M.Arch) may take an additional three years beyond your four-year degree. You can also become an architect with a professional undergraduate degree (B.Arch), which in many architecture schools takes five years to complete. Yes, its a five-year program, and you only earn an undergraduate degree. A vital area of architectural study is the Design Studio, which is hands-on experience that consumes a lot of time. For students less interested in becoming an architect but still interested in architecture, most schools also offer NON-professional degrees in architecture - without the Design Studio. It turns out there are plenty of opportunities for architecture majors as well as for professional architects. Choosing the school that best fits your needs is the first step. If you possibly can, begin your career in architecture while still in school. Consider joining the American Institute of Architecture Students (AIAS). Look for a part-time job related to architecture or design. Do clerical work, drafting, or crowdsourcing for an architect or designer. Consider volunteering for an emergency relief organization or charitable program that provides design services for those in need. Whether you are paid or not, the experience will give you the opportunity to develop your skills and build a strong portfolio. Hopefully youve chosen a school with an active alumni. Does your university sponsor alumni homecomings, bringing your schools graduates back on campus? Get your face out there among the established architects - whether these gatherings are called networking opportunities or meet and greet gatherings, mingle with the people that you will forever be associated with as alumnus of the same college. Alumni are also a great source for externships. Usually short-term and unpaid, externships can do a number of things for your career. Externships can (1) kickstart the experience section of your resume; (2) help you test the waters, observing a real work environment, without the pressure and stress of having to produce a product like a project or paper; (3) allow you to shadow a professional architect for a day or work week, getting a feel for the professional side of architecture; and (4) help you determine your comfort level in a small or large architectural firm. Louisiana State University calls their externship program a chance to Get out of town! The difference between an externship and an internship is found in the name - an extern is external to the workplace, and all expenses are usually the responsibility of the extern; an intern is internal to the organization and is often paid an entry-level wage. Step 2: Architecture Experience Yay! Youve graduated from college or graduate school. Most graduates work for several years as interns in a professional architectural firm before they take licensing exams and become registered architects. For help finding an entry-level position, visit the career center at your college. Also look to your professors for guidance. But, the term intern is on its way out.  The National Council of Architectural Registration Boards (NCARB), the licensing organization for architects, is highly involved with helping architecture firms mold neophytes into architects ready to contribute to a practice. Before you can even apply to take the test to become a registered architect, you have to have experience. What used to be called the Intern Development Program (IDP) is now the Architectural Experience Programâ„ ¢ or AXPâ„ ¢.  A beginning professional needs 3,740 hours of experience before earning a professional license. AXP certification is a requirement for initial registration to sit for the licensing exams. These required hours are associated with nearly 100 tasks  - for example, Review shop drawings and submittals during construction for conformance with design intent. How do you log experience?  Now theres an app for that  - My AXP App. How does NCARB help? Architecture firms are businesses and not schools - professional hours are best spent doing the business of architecture along with training new hires. NCARB helps the new graduate transition from being a student to becoming a professional without using some of a firms billable hours. Dr. Lee Waldrep, author of the Becoming an Architect book series, explains the value of this program when it was called IDP: In a recent discussion with an intern-architect a few years out of school, she confessed that while architecture school prepared her to think and design, it did not sufficiently prepare her to work in an architectural office. She further admitted that IDP, with its training areas, simply lists out what you need to do. Step 3: Licensing Exams In the United States and Canada, architects must take and pass the Architect Registration Examination (ARE) to receive a professional license in architecture. The ARE exams are rigorous - some students take extra coursework to prepare. A new set of exams, ARE 5.0, was implemented in November 2016. Although the tests are completely online, you cannot use your own computer. NCARB, the licensing organization that creates the test questions, works with Prometric test centers who administers the exams. Study for and taking the exams are usually accomplished during the AXP experience-gathering phase of a professional career. This can be the most stressful part of the process of becoming an architect - generally, youre not getting paid very much (because you are not a peak contributor to the architecture firm), preparing and taking exams is stressful, and all this comes at a time when your personal life is also in transition. Remember, however, that you are not the first person to go thro ugh these times. Step 4: Building a Profession After completing the ARE, some early-career professionals find jobs at the same firms where they first gained experience. Others seek employment elsewhere, sometimes in careers that are peripheral to architecture itself. Some architects start their own small firms after licensure. They may go it alone or team up with ex-classmates or co-workers. A strong career network will pave the way toward success. Many architects begin their careers in the public sector. State, local, and federal governments all hire architects. Generally, the jobs (and incomes) are stable, control and creativity may be limited, but your personal life that may have been put on hold can be reawakened. Lastly, its important to remember that many successful architects dont come into their own until they are into their 60s. When most people are set to retire, the architect is just beginning. Be in it for the long haul. Summary: Becoming an Architect Stage One: Complete an accredited professional architecture program at the undergranduate or graduate levelStage Two: On-the-job experienceStage Three: Pass the licensing exams - only then can you call yourself an architect.Stage Four: Follow your dream Sources Externships, LSU College of Art Design, http://design.lsu.edu/architecture/student-resources/externships/ [accessed April 29, 2016]History of the AXP,  National Council of Architectural Registration Boards, https://www.ncarb.org/about/history-ncarb/history-axp [accessed May 31, 2018]Architectural Experience Program Guidelines, National Council of Architectural Registration Boards, PDF at https://www.ncarb.org/sites/default/files/AXP-Guidelines.pdf [accessed May 31, 2018]Becoming an Architect by Lee W. Waldrep, Wiley Sons, 2006, p. 195

Wrongful Convictions Assignment Example | Topics and Well Written Essays - 750 words

Wrongful Convictions - Assignment Example languishing in jails has recently triggered series of advocacy efforts in order to bring sanity and create order in the system Above all, the fundamental concern in this regard lies in giving justice to each and every member of the society. The case of the United States v. Wade is a clear demonstration of the concept of wrongful convictions that normally affect society. However, unlike in this particular case, certain cases are never appealed and innocent people end up convicted and jailed or executed. In the case of United States v. Wade, it is realized that the crime took place on 21st September, 1964 when a bank in Texas was robbed at a time when two of its employees were actually inside. Later on 24th March, 1965, Joe Wade and two other people were charged with robbing the bank. Upon his arrest, Wade was represented by a counsel who had been appointed for that purpose. When an FBI agent arranged for a lineup in the courthouse in order to trace the culprits, it was unfortunate enough that Wade did not have his counsel present. The two employees present at that time therefore identified Wade as the robber. The same occurrence took place at the trial. However, the two employees were examined to seek any connection wit h the previous lineup. However, Wade’s defense pushed for his acquittal on the premise that the lineup was in violation of the Fifth and Sixth Amendments. The court nevertheless refused that motion and Wade was convicted. The Fifth Circuit however reversed the conviction on the very premise that the lineup was in violation to the Sixth Amendment given that it was done in the absence of the defendant’s counsel (Dressler 65). The point of defense in the original trial was the feeling that the lineup was not in tandem with the Fifth and Sixth amendments. The defense categorically argued that the lineup was conducted in the absence of a counsel and could not therefore be used as the basis for making decision on the case. On the Fifth Amendment,

Film journal Essay Example | Topics and Well Written Essays - 5000 words

Film journal - Essay Example I learnt a lot about good direction while editing the movie. I particularly noticed how the characters’ motion or speed of motion in the frame produces rhythm in the movie. One of the main things that I learned in this term was sound recording and sound designing. While doing editing for sound, I noticed how sound can be manipulated to adjust the story’s mood and create the atmosphere in the movie. I realized that sound works as a tool to amplify the audience’s understanding of the character’s situation. I found out that I needed to learn a lot about the aesthetics of sound and improve my skills in this area in particular. Therefore, I started reading books on this subject. To incorporate sound in my movie, I went through the collection of sound effects from the library, but they all seemed quite artificial. I would rather record natural sounds for my films. To achieve that, I went to the specific location and recorded the sounds that were required. The re sults were quite naturalistic as I had anticipated. Although I did amalgamate some sound effects from the library, yet for most part of it, the sound has been recorded by myself. In order to keep the atmosphere from becoming too noisy, I made very careful and optimum use of the sound effects. I believe that quite often, silence works wonders and proves stronger in generating the required effect than sound effects do. In addition to that, I did not use any music in my film. This was one decision I took that I am sure was right since the main theme of my movie was anti-war. Through my film, I tried to show how painful experiences people go through as a result of the war. I wanted to make the effects of war the focus of audience’s attention rather than making them feel sorry for the characters. Had I used music, it would have made the audience quite sentimental and concerned about the characters’ situation which was not my objective. Besides, the harmony generated by the use of music would have been quite inconsistent with the anti-war theme of the movie, therefore, I chose not to use the music. Working in Unit D: We had already formed our unit by the time, first term ended. So we knew the members of our unit before the start of the second term. Actually, we all were close friends to one another, so we chose to work together. Our friendship helped us a lot in the unit. We felt totally committed to deliver our best in one another’s movies. As soon as we finished making the script, we started over with the schedule. As per the schedule, Shin’s and my movies were to be made in the last because both of us needed to shoot in the night. Everything went perfectly fine during shooting as we helped one another. In one movie, I was AD. Whenever I found some free time during shooting, I approached the camera’s group for assisting them. Any group that required help in any way was given due help during the shooting. Everything was everyoneâ €™s job. No one would restrict himself/herself to his/her duty. Any gap anywhere was filled as soon as it was identified. The strong teamwork that prevailed throughout the filming helped us mostly finish our work well in time except once, when we ran out of time because of make-up that took too long to be done, which was quite unexpected! We beame more careful after that and managed to complete the filming within time as planned at the outset.