The Concepts of Phyletic Gradualism and Punctuated Equilibrium Research Paper

The Concepts of Phyletic Gradualism and Punctuated Equilibrium - Research Paper Example Concepts of Phyletic Gradualism and Punctuated Equilibrium: The concept of phyletic gradualism was developed by Charles Darwin and supports the fact that the evolutionary process and speciation occurred gradually. On the other hand, the concept of punctuated equilibrium supports the fact that the process of evolution had been a rapid process and this concept was suggested by the naturalists, N. Eldredge and S.J. Gould. Although both the techniques tend to involve similar mechanisms of allopatric, parapatric, and sympatric speciation, yet the difference occurs in the rates of changes that have been suggested by the theorists. It is still a continuing study that might be able to determine which model had actually supported the evolutionary process. It has been realized that complete records of fossils would be able to assist such a study. According to the punctuated equilibrium theory, modifications occurred in the evolutionary process in smaller levels and were separated over longer p eriods of time. It was termed as punctuated equilibrium as it reflected â€Å"periods of stasis punctuated by rapid evolutionary change† (Shukla, 2009, pp.28-29). Thus the two theories represent two different concepts regarding the process of evolution. ... Based on this concept it could be obtained that if new species were developing in an allotropical manner and in small secluded levels, it could be suggested that speciation might have occurred. Before this new species leaves fossils record in the location of its antecedent, it could be observed that they had fully developed. Such transitions would not be recorded at the concerned location since the fossils would remain incomplete indicating the occurrence of an evolution. The concept of stabilizing selection was used to explain stasis as obtained through the fossil records (Ridley, 2004, p.599). Processes of Rapid Evolution: Two processes that can explain the production of rapid evolution are the processes of polyploidy and RNA Recoding. Polyploidy in the botanical environment provides the mechanism that proves that evolution can occur in a rapid manner thus leading to speciation in a single generation. Allopolyploidy is another related process that represents similar possibility of speciation within a particular generation. With the passage of time, this process has also proved its significance in the animal kingdom as well as among the insects proving rapid evolution. RNA Recoding is the other process that involves the ribosomes influencing the synthesis of proteins in the body that created rapid speciation in the process of evolution (Corey, 1994, pp.283-285). As described by the supporters of punctuated equilibrium, it can be understood that the change from one evolution to another leads to the periods of rapid speciation to be followed by periods of relative stasis. The primary factors responsible in the process reflect the â€Å"macroevolutionary forces of change† present in the evolutionary society on earth (Prentiss,

Are No-Suicide Contracts Effective in Nursing Practice Essay

Are No-Suicide Contracts Effective in Nursing Practice - Essay Example There are different thoughts in a patient’s head and psychologically the act provides the patient with a different mindset. In a sense, it assists in the fuelling positive thoughts in a patient. The no-suicide act also provides patients with a means of attaining assistance. Many patients suffer from severe emotional stress and they are unsure of what to do with their lives. The act provides the patients with reasonable steps they can take when they begin to feel suicidal. The use of the suicide act hinders different interventions as much faith may be placed on this method. Many studies state that nurses become less competent in the presence of a no-suicide contract. As the nurses are reluctant to implement other approaches, they may overlook obvious and much better intervention methods Apart from being able to detect early suicidal warning signs, the nurse should also be able to detect warning signs in the patient’s history (depression, drug abuse, recent divorce or unemployment, psychiatric disorders). The nurse should refer the patient to psychiatric department if he or she detects warning signs of suicide (verbalization- â€Å"I can’t live like this any longer†; reckless behavior; giving away valued possessions and abuse of narcotics) 8. Please develop 3 nursing interventions for the patient’s plan of care that are each directly related to the identified nursing diagnoses. Please include a rationale for each nursing intervention. Establishment of a therapeutic relationship with the patient. The nurse must be fully aware of the patient’s condition in order to understand the history of the problems and the different approaches taken in the past. The nurse must also understand the patient and his or her attitudes towards the current situation. Validation of the patient’s thoughts towards his or her condition. This is useful in establishing the relationship between the nurse and patient. It also assures the client that the

Dividend Discount Model and Price Earning Model

Dividend Discount Model and Price Earning Model Financial theory holds that the value of a share of stock is equal to the sum of the discounted future expected dividends. The Dividend Discount (DD) requires two inputs, firstly a forecast of future dividends and secondly, a rate at which these dividends will be discounted to their present value. The appropriate discount rate that will be used is the rate of return available on risk-free investments plus a risk premium. The Capital Asset Pricing Model is one of the most widely used models for calculating discount rates. Once the discount rate estimated, all future dividends must be discounted to their present value. Although near term dividends may be estimated with some confidence, to make the DD model operational an assumption regarding long term dividends is necessary. Two common assumptions regarding dividend growth and their associated valuation models are: (i) Earnings growth as well as dividend growth will be constant with the Gordon Model, and (ii) Multiple stages of growth can be approximated. Therefore, it is obvious that the forecasts and the assumptions necessary for operating DD models induce the emergence of significant errors into this theoretically correct approach. Common Stock Valuation Concepts The value of a common stock can be defined as the present value of the future dividend stream in perpetuity. This concept is consistent with the assumption that the corporation will indeed have a perpetual life, in accordance with its charter. If the value of a stock is equivalent to the value for a perpetual annuity with a constant level of payments, the general formula is as follows: Value per share of stock = Where = Expected dividend per share = Cost of equity The formula shown above for stock valuation treats the firm together with its stock as if they will exist forever. There are two basic inputs to the model. First is the expected dividends and secondly the cost on equity. To obtain the expected dividends, we make assumptions about expected future growth rates in earnings and payout ratios. The required rate of return on a stock is determined by its riskiness, measured differently in different models, the market beta in the CAPM, and the factor betas in the arbitrage and multi-factor models. The model is flexible enough to allow for time-varying discount rates, where the time variation is caused by expected changes in interest rates or risk across time. Zero growth model In this model it is assumed that the same amount of dividend will be paid for all the time periods up until infinity. The formula is given as follows after it has been simplified by using the formula sum to infinity of geometric progression: Where V = value, D = dividends per share k = percentage discount rate However, this model is quite restrictive as it is unreasonable to assume that the same amount of dividend will be paid by a stock for an indefinite time period. The model may be useful for determining the value of preferred stock which usually yields a fixed amount of dividend. Constant (Gordon) growth model The major drawback of the zero growth model is that it is assumed that a firm will pay the same dividend throughout its lifetime. However, in the real world most companies are expected to grow over time and consequently make more profits leading to more dividends being paid. This model assumes that there is a constant growth rate for the corporation being analysed and it is most suitable for valuation of stable and mature companies. This model was created by Myron Gordon, and thus it was named as the Gordon Model. The formula for constant growth model is derived from the zero growth model. If the dividends are assumed to grow at a certain constant rate, the formula becomes: Where g = annual constant percentage growth in dividends per share D = next years dividends. The Gordon growth model is a simple and powerful approach to valuing equity. In order for the model to work the following assumptions must be held: Dividends will grow at a constant rate and it will continue for an infinite period. The required rate of return is greater than the steady growth rate. The required rate of return is constant until infinity. It is also important to note that the model has some limitations. The Gordon growth model is a simple and convenient way of valuing stocks but it is extremely sensitive to the inputs for the growth rate. Used incorrectly, it can yield misleading or even absurd results, since, as the growth rate converges on the discount rate, the value goes to infinity. As the growth rate approaches the cost of equity, the value per share approaches infinity. If the growth rate exceeds the cost of equity, the value per share becomes negative. Multistage Dividend Discount Model The assumption of the Gordon Growth Model that there is a stable dividend growth rate from now on to the indefinite future is not realistic for many or even most companies. The studies of Sharpe, Alexander and Bailey (1999) state that the growth fall into three stages namely the growth phase, transition phase and the mature phase. Two-stage Dividend Discount Model The two-stage growth model allows for two stages of growth an initial phase where the growth rate is not a stable growth rate and a subsequent steady state where the growth rate is stable and is expected to remain so for the long term. While, in most cases, the growth rate during the initial phase is higher than the stable growth rate, the model can be adapted to value companies that are expected to post low or even negative growth rates for a few years and then revert back to stable growth. The model is based upon two stages of growth, an extraordinary growth phase that lasts n years and a stable growth phase that lasts forever afterwards. Value of the Stock = PV of Dividends during extraordinary phase + PV of terminal price Where DPSt = Expected dividends per share in year t ke = Cost of Equity (hg: High Growth period; st: Stable growth period) Pn = Price (terminal value) at the end of year n g = Extraordinary growth rate for the first n years gn = Steady state growth rate forever after year n There are three problems with the two-stage dividend discount model. The first two would apply to any two-stage model and the third is specific to the dividend discount model. The first practical problem is in defining the length of the extraordinary growth period. Since the growth rate is expected to decline to a stable level after this period, the value of an investment will increase as this period is made longer. The second problem with this model lies in the assumption that the growth rate is high during the initial period and is transformed overnight to a lower stable rate at the end of the period. While these sudden transformations in growth can happen, it is much more realistic to assume that the shift from high growth to stable growth happens gradually over time. The focus on dividends in this model can lead to skewed estimates of value for firms that are not paying out what they can afford in dividends. In particular, we will under estimate the value of firms that accumulate cash and pay out too little in dividends. The H Model for valuing Growth Fuller and Hsia (1984) presented the H model is a two-stage model for growth, but unlike the classical two-stage model, the growth rate in the initial growth phase is not constant but declines linearly over time to reach the stable growth rate in steady stage. The model is based upon the assumption that the earnings growth rate starts at a high initial rate and declines linearly over the extraordinary growth period (which is assumed to last 2H periods) to a stable growth rate. It also assumes that the dividend payout and cost of equity are constant over time and are not affected by the shifting growth rates. However, the limitations of this model is that it avoids the problems associated with the growth rate dropping precipitously from the high growth to the stable growth phase, but it does so at a cost. First, the growth rate is expected to strictly decline linearly. Therefore small deviations from this assumption do not affect the value significantly, but large deviations can cause problems. Another important point is that the assumption that the payout ratio is constant through both phases of growth exposes the analyst to an inconsistency i.e. as growth rates decline the payout ratio usually increases. Three-stage Dividend Discount Model The three-stage dividend discount model combines the features of the two-stage model and the H-model. It allows for an initial period of high growth, a transitional period where growth declines and a final stable growth phase. It is the most general of the models because it does not impose any restrictions on the payout ratio. This model assumes an initial period of stable high growth, a second period of declining growth and a third period of stable low growth that lasts forever. This model removes many of the constraints imposed by other versions of the dividend discount model. In return, however, it requires a much larger number of inputs for instance year specific payout ratios, growth rates and betas. For firms where there is substantial noise in the estimation process, the errors in these inputs can overwhelm any benefits that accrue from the additional flexibility in the model. Estimating k and g Companies with unpredictable or recurring earnings pattern, or rapidly thriving companies, require a more complex dividend capitalisation model framework that can accommodate dissimilar dividend growth patterns. In practice, applications may require elaborate variations of the dividend capitalisation model, nevertheless this simplified form provides a convenient means of analysing the determinants of stock value. To begin with, the value of the stock should be greater, the greater the earning power and capacity of the corporation to pay out current dividends, D. Correspondingly, the higher the growth rate of the dividends, g, the greater the value of the corporations stock. Finally, the greater the risk of the corporation (the higher the discount rate, k) the lower will be the value of the stock. The discount rate is alternatively referred to as a required return. It is composed of two elements-a risk-free return and a risk premium. The risk-free return is, in turn, generally considered to consist of a real return component and an inflation premium. The real return is the basic investment compensation that investors demand for forgoing current consumption or, alternatively, the compensation for saving. Investors also require a premium to compensate for inflation; this premium will be high when the inflation rate is expected to be high and low when the inflation rate is expected to be low. Because the real return and the inflation premium comprise a basic return demanded by all investors, the risk-free return is a component of all securities. The risk premium is made up of the following elements-interest rate risk, purchasing power risk, business risk and financial risk. The risk premium might be considered to be a function of the stocks systematic risk (beta), which is determ ined by these four fundamental risk factors. As securities differ in their exposure to these risk elements, the premium or return that investors require to compensate for risk will differ across securities. The constant dividend growth model reveals that the following three factors affect stock prices, ceteris paribus: 1) the higher the dividend, the higher the stock price; 2) the higher the dividend growth rate, the higher the stock price; 3) the lower the required rate of return r, the higher the stock price. Empirical Studies on the DDM Issues of dividend policy range from its puzzle by Black (1976) to its irrelevance by Miller and Modigliani (1961), to its relevance by DeAngelo et al. (1996). Other issues include theories on dividend payment, such as stakeholders theory, pecking order theory, agency cost, signalling theory, bird-in-hand fallacy and clientele effect. The information asymmetry between managers and shareholders, along with the separation of ownership and control, formed the base for another explanation of why dividend policy has been so popular. Dividend irrelevance theory Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and that stockholder wealth is unchanged when all aspects of investment policy are fixed and any increase in the current payout is financed by fairly priced stock sales. The main assumption is that there is 100 per cent payout by management in every period. Other assumptions are: that there exist perfect capital markets; that is, no taxes or transactional cost, the market price cannot be influenced by a single buyer or seller, and free and costless access to information about the market; that investors are rational and that they value securities based on the value of discounted future cash flow to investors; that managers act as the best agents of shareholders; and that there is certainty about the investment policy of the firm, with full knowledge of future cash flows. Bird-in-hand theory Al-Malkawi (2007) asserts that in a world of uncertainty and information asymmetry, dividends are valued differently from retained earnings (capital gains): A bird in hand (dividend) is worth more than two in the bush (capital gains). Owing to the uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. Though this argument has been widely criticised and has not received strong empirical support, it has been supported by Gordon and Shapiro (1956), Lintner (1962) and Walter (1963). The main assumptions are: that investors have imperfect information about the profitability of a firm; that cash dividends are taxed at a higher rate than when capital gain is realized on the sale of a share; and that dividends function as a signal of expected cash flows. Signalling hypothesis Though Miller and Modigliani (1961) assumed that investors and management have perfect knowledge about a firm, this has been countered by many researchers, as management who look after the firm tend to have more precise and timely information about the firm than outside investors. This, therefore, creates a gap between managers and investors; to bridge this gap, management use dividends as a tool to convey private information to shareholders (Al-Malkawi, 2007). Petit (1972) observed that the amount of dividends paid seems to carry great information about the prospects of a firm; this can be evidenced by the movement of share price. An increase in dividends may be interpreted as good news and brighter prospects, and vice versa. But Lintner (1956) observed that management are reluctant to reduce dividends even when there is a need to do so, and only increase dividends when it is believed that earnings have permanently increased. Clientele effects of dividends theories. Investors tend to prefer stocks of companies that satisfy a particular need. This is because investors face different tax treatments for dividends and capital gains and also face some transaction costs when they trade securities. Miller and Modigliani (1961) argued that for these costs to be minimised, investors tend towards firms that would give them those desired benefits. Likewise, firms would attract different clientele based on their dividend policies. Though they argued that even though clientele effect may change a firms dividend policy, one clientele is as good as another, therefore dividend policy remains irrelevant. Al-Malkawi (2007) affirms that firms in their growth stage, which tend to pay lower dividends, would attract clientele that desire capital appreciation, while firms in their maturity stage, which pay higher dividends, attract clientele that require immediate income in the form of dividends. Al-Malkawi (2007) grouped the clientele effect into two groups, those th at are driven by tax effects and those driven by transaction cost. He argued that investors in higher tax brackets would prefer firms that pay little or no dividends, to get reward in the form of share price appreciation, and vice versa. Transaction cost-induced clientele, on the other hand, arises when small investors depend on dividend payments for their needs; this clientele prefers companies who satisfy this need because they cannot afford the high transaction cost of selling securities. Dividends form the hard core of stock values. As Justice Holmes remarked, the commercial value of property consists in the expectation of income from it. (In Galveston, H. S. A. Ry. Co. v. Texas, 210 U. S. 217, 226.) Black (1976) observed, The harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just dont fit together Williams applied Fishers work on stock valuation and developed the famous dividend discount model (DDM) (Fewings, 1979, p. 12). Williams defines the investment value of stock as the present worth of all the dividends to be paid upon it (Williams, 1956, p. 55). He further makes it clear that the investment value of a common stock is the present worth of its net dividend to perpetuity (Williams, 1956, p. 63). Amid this theoretical research, the academic world was divided and a fierce debate erupted concerning the irrelevance of dividend policy in the determination of the valuation of firms or their stocks. The inconsequence of dividend policy in the stock valuation contemplates the equivalence of the valuation using earning approach and the valuation using discounted dividend approach. Fishers inter-temporal investment and consumption model predicted that earnings which are reinvested at the going rate of capital instead of being released for consumption neither adds nor subtracts from the value of the overall stream of benefits (Fewings, 1979, p. 17). Thus, according to Fisher, dividend policy is irrelevant in the valuation of stocks. One must remember that Fishers theory is applicable under perfect capital markets with certain futures. At the same time, Graham and Dodd (1934) developed their valuation methodologies based on the assumption that the firms main objective is to pay dividends to shareholders. Empirical evidence in the market suggested a positive correlation between stock prices and dividend payout (Harkavy, 1953), suggesting the relevance of dividends in the valuation of stocks. Gordon and Shapiro (1956), Walter (1956) and Solomon (1963) supported this hypothesis. In accordance with the relevance of the dividend policy on the valuation of stocks, Gordon extended Williams model of stock valuation to include retained earnings. He further developed the model to include continuous equity financing. These dividend dependent models are called the bird-in-the-hand models by authors like Frankfurter et al. (2003), as they are based on the assumption that there are two opportunity rates one for the firm and the other for the investor. The firm should retain 100 per cent of its earnings if the opportunity rate of a firm is greater than the opportunity rate of the investor. The seminal paper of Miller and Modigliani (1961) argued the irrelevance of dividend policy and the equivalence of the valuation of stocks using four approaches, namely the discounted cash flow (DCF) approach, the current earnings plus future investment opportunities approach, the discounted dividend approach and the stream of earnings approach. This equivalence was proven under assumptions of perfect capital markets, rational behaviour and perfect certainty. In addition, Miller and Modigliani (1961) point out that the dividend policy may be relevant when a revision in the dividend policy points to some information that the investors do not know. This information content of dividends argument led to the development of dividend signaling models. The irrelevance of dividends is not resolved. Academics are still divided into two, if not more, schools of thought on the subject. Price Earnings Ratio A firms profitability, risk, quality of management, and many other factors are reflected in its stock and security prices. Hence, market value ratios indicate the markets assessment of the value of the firms securities. The price/earnings (P/E) ratio is simply the market price of the firms common stock divided by its annual earnings per share. Sometimes called the earnings multiple, the P/E ratio shows how much investors are willing to pay for each dollar of the firms earnings per share. Earnings per share comes from the income statement, so it is sensitive to the many factors that affect the construction of an income statement, from the choice of GAAP to management decisions regarding the use of debt to finance assets. The price/earnings ratio is stated as: Stock prices are determined from the actions of informed buyers and sellers in an impersonal market. Stock prices reflect much of the known information about a company and are fairly good indicators of a companys true value. Although earnings per share cannot reflect the value of patents or assets, the quality of the firms management, or its risk, stock prices can and do reflect all of these factors. Comparing a firms P/E to that of the stock market as a whole, or with the firms competitors, indicates the markets perception of the true value of the company. While the P/E ratio measures the markets valuation of the firm relative to the income statement value for per-share earnings, the price-to-book value ratio measures the markets valuation relative to balance sheet equity. The book value of equity is simply the difference between the book values of assets and liabilities appearing on the balance sheet. The price-to-book-value ratio is the market price per share divided by the book v alue of equity per share. A higher ratio suggests that investors are more optimistic about the market value of a firms assets, its intangible assets, and the ability of its managers. The price-to-book value ratio is stated as: Market value indicators reflect the markets perception of the true worth of a firms future prospects. As such, market perceptions of a firms value are important to the financial analyst. However, the market may not be perfect; investors may become overly optimistic or pessimistic about a firm. The fact that a firm presently has a higher P/E or price-to-book-value ratio than its competition does not automatically imply that the firm is better managed or really deserves its higher valuation. Some firms may have low market value ratios because they truly deserve them; other firms may suffer from extreme and undeserved pessimism on the part of the market. High market value ratios can be similarly deceptive. The analyst must determine whether a firm deserves its market value ratios or not. Empirical Studies on the P/E model Ball and Brown (1968) are amongst the first pioneers who provided evidence that accounting earnings are potentially useful to investors for the valuation of equity. Furthermore, Beaver, Clarke and Wright (1979) also concluded that earnings act as a major determinant for equity valuation. Despite many researchers were inspired by the work of Ball and Brown prior study on price earnings ratio may trace back to 1934 when Graham and Dame considered that the major factors affecting price earnings ratio are factors coming from investors and companies. Internal scholars pay more attention to price earnings ratio status and qualitative or quantitative studies using cross sectional data model or time serials model are made in detail when stock market is established. As an important index measuring stock investment value and reflecting stock market development status, price earnings ratio is not only useful for department of banking custody to make sound regulation measures but helpful for inv estors to distinguish stock investing risk and select advisable invest strategy. Shroff (1995) cites that earnings of firms with high P/E ratio and high return on equity exhibit higher explanatory powers for stock returns. According to Barth et al. (1998) income statement plays fundamental role for equity valuation. Burgstahler Dichev (1997) found that book value and earnings being interrelated, act as component of equity value. Therefore it implies that the value of the firm can be expressed as a function of both earnings and book value of equity. Consequently, the higher is the earnings to book value ratio, the more relevant earnings will be as a determinant of equity value. While a lower earnings to book value ratio will imply book value being more important determinants of equity value. According to the work of Jan Ou (1995) firms which are reporting net losses, their earnings explain very little of equity price, but on the other hand book value of equity is an important determinant of stock price. Penman (1998) finds that book value provides greater relevance than earnings in equity valuation for firms with an extreme earnings to book ratio. Collins et al. (1997) further report that the value-relevance of earnings and book value of equity moves inversely to each other. Ou and Penman (1989) note that P/E ratios are good predictors of future earnings while changes in share price are poor predictors of future earnings. Ou Sepe (2002) find that the larger the spread between analysts forecasts of a firms future earnings and reported current earnings, the less value-relevant current earnings and the more the market relies on book value for equity valuation. Researches undertaken by Nicholson (1960), McWilliams (1966), Latane et al. (1969), Dowen and Bauman (1986), Keim (1990), and Fama and French (1992) provide evidence that stock returns are linked to P/E ratios. Penman (1996) notes that the P/E ratio acts not as a predictor of share price or returns but of future earnings levels. Allen et al. (1998) conclude similarly as their results indicate that firms with high E/P stocks have relatively low earnings growth while companies with low E/P shares experience high earnings growth. Furthermore, Fuller et al. (1992) conclude that low P/E ratio stocks generate low future earnings growth while high P/E ratio shares result in high earnings growth. Another line of research (e.g., Beaver, 1989; Mande, 1994) provides strong evidence that earnings aids investors in evaluating a firms dividend paying ability. As Larcker (1989) notes, share price is determined in the market through capitalisation (i.e., discounting) of the future cash flows or dividends expected to accrue to stockholders. Since earnings provide an information signal about future cash flows, stock price is affected by expectations concerning earnings. Because P/E ratios act as predictors of future earnings, these ratios are also linked to share price or returns. Moreover Nelson and Kim (1993) and Campbell and Shiller (1988) have documented that dividend yield predicts stock returns with some success, as it capture expectations about dividend growth as well as expected returns. While Lamont (1998) argues that the P/E ratio has independent predictive power for excess returns in addition to the dividend price ratio. Ang and Bekaert (2003) detect a strong role for the P/E ratio as a predictive instrument for future dividend growth. Since the P/E ratio is a function of expected growth in earnings, obviously expected growth in earnings are eminent in the valuation of a stock. Limitations of P/E The P/E is a fairly simple tool for assessing company value. But it has been argued that  the P/E ratio is not always reliable. There are plenty of reasons to be wary of P/E based stock valuations. The P/E ratio is supposed to enumerate how many years worth of current earnings a company will need to produce in order to arrive at its current market share value. Naturally, investors want to be able to buy more earnings for every dollar they pay, so the lower the P/E ratio, the less expensive the stock. The calculation of the ratio sounds simple enough, but here are some of the dangers associated with taking P/E ratios at face value. The first part of the P/E equation, price, is straightforward. The market price is easily available from the stock exchange market. On the other hand, coming up with an appropriate earnings number can be tricky. You have to make a lot of decisions how to define earnings. Earnings are not always clear cut. Earnings can be affected by unusual gains or losses which sometimes obscure the true nature of the earnings metric. Whats more, reported earnings can be manipulated by company management to meet earnings expectations, while creative accounting choices, shifting depreciation policies or adding or subtracting non-recurring gains and expenses, can make bottom line earnings numbers bigger and, in turn, P/E ratios, smaller and the stock appear less expensive. Investors need to be wary of how companies arrive at their reported EPS numbers. Appropriate adjust ments often have to be done in order to obtain a more accurate measure of earnings than what is reported on the balance sheet. Then there is the matter of whether to use trailing earnings or forward earnings figures. Located right in the companys latest published income statement, historic earnings are easy to find. Unfortunately, they are not much use for investors, since they say very little about what earnings are in store for the year and years ahead. Its the companys future earnings that investors are interested in most since as they reflect a stocks future prospects. The biggest limitation of the P/E ratio is that it tells investors next to nothing about the companys EPS growth prospects. If the company is growing quickly, you will be comfortable buying it even it had a high P/E ratio, knowing that growth in EPS will bring the P/E back down to a lower level. If it is not growing quickly, you might shop around for a stock with a lower P/E ratio. It is often difficult to tell if a high P/E multiple is the result of expected growth or if the stock is simply overvalued. A P/E ratio, even one calculated using a forward earnings estimate, does not always tell whether or not the P/E is appropriate to the companys forecasted growth rate. Finally, theres the tricky issue of a companys debt load. The P/E ratio does nothing to factor in the amount of debt that a company carries on its balance sheet. Debt levels have an impact on financial performance and valuation, yet the P/E does not allow investors to make comparisons between debt-free firms and those bogged down with outstanding loans and liabilities.

Jackson vs. McClellan :: history

Jackson vs. McClellan General Lee said, to be a good soldier you must love the army, to be a good general you must be prepared to order the death of the thing you love, and therein lies the great trap of soldiering. When you attack you must hold nothing back." Thomas J. Jackson was both a good soldier and a good general. In the Mexican War he fought with all his heart for his country. When the Civil War came, he was a general. He never hesitated to send his men forward. He held nothing back. George McClellan also fought with all his heart for his country in the Mexican War. When the time came to send his men forward in the Civil War, he couldn’t do it. He loved the army to much to order its death. Even though McClellan wasn’t very good at letting his men go and making decisions, he was great at bringing the men’s spirits up when they were down. Every man under his command loved and cherished George B. McClellan. Stonewall was also respected by his men but not loved like McClellan. The name Stonewall Jackson put fear into the hearts of the Union soldiers, and he was respected for that. Jackson was always ready to fight for his country. When he was young he went to train at West Point to become a soldier and leader. He wasn’t as bright as some of the other students, but he worked hard pushing to succeed. In the end he ended up 17th in his class, giving him the chance to become 2nd Lieutenant of Artillery in the Mexican War. He lived through the war with no problems. He was admired by the army for his courage, he never backed down. After the Mexican War he went to VMI (Virginia Military Institute) to teach. He had two classes, Natural & Experimental Philosophy and Artillery tactics. He was no professor but a great artillery instructor. When the time came for the Civil War Jackson was ready. He left VMI to become a colonel and lead a brigade of men in the Battle of Bull Run. This is the battle where he received his nickname. When General Bee saw Jackson holding his position he said, "There is Jackson standing like a stonewall. Rally behind the Virginians." He held his ground at Bull Run so he was promoted to General Jackson. Jackson vs. McClellan :: history Jackson vs. McClellan General Lee said, to be a good soldier you must love the army, to be a good general you must be prepared to order the death of the thing you love, and therein lies the great trap of soldiering. When you attack you must hold nothing back." Thomas J. Jackson was both a good soldier and a good general. In the Mexican War he fought with all his heart for his country. When the Civil War came, he was a general. He never hesitated to send his men forward. He held nothing back. George McClellan also fought with all his heart for his country in the Mexican War. When the time came to send his men forward in the Civil War, he couldn’t do it. He loved the army to much to order its death. Even though McClellan wasn’t very good at letting his men go and making decisions, he was great at bringing the men’s spirits up when they were down. Every man under his command loved and cherished George B. McClellan. Stonewall was also respected by his men but not loved like McClellan. The name Stonewall Jackson put fear into the hearts of the Union soldiers, and he was respected for that. Jackson was always ready to fight for his country. When he was young he went to train at West Point to become a soldier and leader. He wasn’t as bright as some of the other students, but he worked hard pushing to succeed. In the end he ended up 17th in his class, giving him the chance to become 2nd Lieutenant of Artillery in the Mexican War. He lived through the war with no problems. He was admired by the army for his courage, he never backed down. After the Mexican War he went to VMI (Virginia Military Institute) to teach. He had two classes, Natural & Experimental Philosophy and Artillery tactics. He was no professor but a great artillery instructor. When the time came for the Civil War Jackson was ready. He left VMI to become a colonel and lead a brigade of men in the Battle of Bull Run. This is the battle where he received his nickname. When General Bee saw Jackson holding his position he said, "There is Jackson standing like a stonewall. Rally behind the Virginians." He held his ground at Bull Run so he was promoted to General Jackson.

Report writing on Communications Problems

Nikkei Meta highlighted the small things to be considered while communicating in a group or at personal level such as difference between observation and perception. As the course gradually moved on, professor introduced a case on communication problems in supply chain based industries in which the teams were asked to speak about the case and come to some conclusion. The main part was to present that case in front of the camera. My group got the first chance to present the case, and we were fortunate because we got know our natural skills to resent.After the presentation, professor Nikkei Meta, Assistant professor, National Institute of Industrial Engineering, Iambi threw the feedback to us highlighting our shortcomings. Later on we were asked to do the rehearsals as many times as possible before second video recording session. We rehearsed for 12 times to count the time and to check preparation level. Initial days we rehearsed for 60 minutes. As days were passing we had increased the duration of the speech from 60 seconds to 75 seconds,75 seconds to 90 seconds and later moved to 90 seconds to 120 seconds.We have filled the public speaking rubric form once in every alternative days when we had finished our practice. During rehearsals initially I thought my problem was speech appendages. But after rehearsals I found out the real weaknesses other than fillers which are long pauses, lower confidence levels in public speaking, nervousness. With the advice of team members worked on my weaknesses and reduced some of the mistakes through continuous rehearsals. It helped to improve my confidence levels , how to make draft so that long pause weakness can be minimized. In addition to that I improved my interpersonal skills.Later on we were asked to present the same case in front of camera to capture our improvements, preparation, and team coordination. To capitalize this opportunity, we followed a simple methodology. Before going for recording, we rehearsed for 3 times to count the time and to check preparation level. Also we could find the mistakes at the time of rehearsal only which benefited us not repeating the same while recording. We could observe the body language of each other and suggest improvements. Once we had done with our recording, it was shown in the class. Professor critically examined y moments in the presentation with our natural response.He commented on our individual performance as well as entire team highlighting the hand movements, voice modulation, rush delivery, etc. For further improvements sir gave us one more chance for recording. This time, we gone more prepared and we were more confident. For the second time, recording process was much smoother as compared to first time. We analyzed the second recording in a group and compared it against first recording. We could notice many improvements over the last recording on which we worked regularly, but still there is scope for improvements for each one of us.

Microbiology: Bacteria and Fresh Yogurt Slide

Bacterial Morphology Demonica Britt Microbiology DL1 March 23, 2013 Abstract This lab was performed to identify and familiarize with a microscope while precisely observing various bacterial shapes and their arrangements in different types of specimens of bacteria. The microscope parts and capabilities were clearly identified and used successfully and the bacteria were clearly illustrated showing the bacterial shapes and arrangements with all the appropriate magnification being utilized.Through various magnifications using 10x, 40x and 100x oil immersion lenses, the bacteria specimens, along with fresh and prepared yogurt, demonstrated full visual optical views of their shapes and how the different types were displayed at different levels of magnification. Purpose The purpose of the experiment was to gain full knowledge and experience of operating a microscope while being able to successfully visualize different types of bacterial and yogurt specimen’s shapes and arrangements u sing several magnification techniques by way of 10x, 40x,100x oil immersion lenses and a light source.The main purpose was to observe the shapes and arrangements of microbial bacteria and yogurt. Procedure The lab involved self-provided and labpaq materials to perform several exercises to obtain the purpose of the lab. The lab began with the proper identification of all components of the microscope and their functions. This allowed for preparation of the objective of being able to view specimens at various magnification levels and recognizing their different shapes and how they are arranged contingent upon those identified within the lab itself and the microbiology textbook.Several different slides were observed under 10x and 40x lens magnification: Paramecium conjugation, Yeast, Amoeba Proteus, Ascaris eggs, Anabaena, and Penicillium. This allowed vivid illustrations of the specimens notating their shapes and how they are arranged. The bacteria were observed through the eyepiece at the appropriate focus, resolution, and contrast for maximum visibility. The next part of the lab exercise was observance under an 100x oil immersion lens for more prepared slides: Bacteria Coccus form, Bacteria spirillum, and Bacteria Bacillus form while still maintaining to observe the shapes and arrangements.Additionally, the fresh yogurt slide that was sitting for 24 hours in a dark, warm location was obtained for the next part of the lab experiment. The fresh yogurt slide was prepared by using a toothpick to place a small amount onto a fresh, clean slide with a slide cover placed on top. This was observed for comparison to the prepared yogurt slide included in the lab for any variations in forms. Upon completion of performing the lab, the prepared slides were safely put away, fresh slide washed carefully, fresh yogurt specimen safely discarded, and the microscope cleaned and returned to be stored with the protective cover.Data/Observations – (Data Tables & Photos of Labe led Pics & Observations) The bacteria slides clearly displayed the various types of bacteria shapes and showed how each follow a specified arrangement. Under the lowest magnification the object is relatively smaller and not as easy to see the full format. Whereas the higher the magnification, the bigger and more enhanced the view of the bacteria becomes making the shapes and arrangements relatively obvious. It appeared to become clearer the bigger the object projected to my eye.It became life size in a sense where as it was an image that could be clearly defined, described and duplicated if necessary. The fresh yogurt slide that was set for 24 hours was a more enhanced feature for observing bacteria in yogurt. Its view was very detailed and its shape more recognizable. While the prepared yogurt slide was a more faint view and the color appearing duller. It was visible to me that bacteria in yogurt was more spherical in shape, cocci. Results A. What are the advantages of using bleach as a disinfectant? The disadvantages? The advantages of using 70% alcohol?The disadvantages? Bleach is a common household disinfectant that kills 99. 9 percent of germs whereas others cannot approach this effectiveness. It can be used to sanitize. It can be a disadvantage as it can be inactivated by presence of an organic matter and it has a strong odor and it has a short life in the liquid form that can be sensitive to heat and sunlight. The advantages of using 70% bleach is that it can be capable of killing most bacteria which is safe for skin contact and it prevents dehydration and the alcohol part of it affect the cells in various ways.Some disadvantages are that they are hazardous which contain compounds that are not safe and toxic to human form. B. List three reasons why you might choose to stain a particular slide rather than view it as a wet mount. C. Define the following terms: Chromophore: Acidic Dye: Basic Dye: D. What is the difference between direct and indirect staini ng? E. What is heat fixing? F. Why is it necessary to ensure that your specimens are completely air dried prior to heat fixing? G.Describe what you observed in your plaque smear wet mount, direct stained slide, and indirectly stained slide. What were the similarities? What were the differences? H. Describe what you observed in your cheek smear wet mount, direct stained slide, and indirectly stained slide. What were the similarities? What were the differences? I. Describe what you observed in your yeast wet mount, direct stained slide, and indirectly stained slide. What were the similarities? What were the differences? J. Were the cell types the same in all three specimen sets:Â   yeast, laque, and cheek? How were they similar? How were they different? Conclusion/Discussion Upon performing and completing the experiment I learned that the microscope is a very delicate tool that allows the capability of viewing specimens too small for the human eye. With adjusting the focus, contrast, and resolution, the bacteria become more visible to the eye. On top of that, viewing the specifications at different magnifications the bacteria shapes and arrangements become more present within the specimen.Bacteria comes in different forms and shapes and just by arrangement alone, they can be classified morphologically. It was also visual that there are differences in a fresh slide containing bacteria compared with a slide already prepared. I did not expect to see the differences so vividly displayed, but after using the microscope it was determined that anything not visible to the naked eye still has the capability to be seen and the microscope is the perfect tool to use to be able to do so.