B & E The Mini Case Free Sample Solution

Question: First you are required to analyze your bond as demonstrated in BE, the Mini Case on pp.230-231, and your stock as shown in the Mini Case of chapter 7 on pp.322-323. Then compare the performance of your stock with your bond and also benchmark your bond against a similar Treasury Bond of a similar maturity. Use the Bloomberg system to obtain the necessary data for each the last five years Analyze and evaluate the above instruments and deliver a written final report evaluating your company. Reporting and presentation of results will be in accord with Global Investment Performance Standards (GIPS) but also give due consideration to Accounting Standards. Answer: Introduction The study of the assignment shed light on the various sections of the stocks and bonds of a company. The reader will be able to understand the exact relation of the stock and bonds of any company along with the importance of evaluating the industry benchmark. . Moreover, the free cash flow valuation model has been presented in a different number of ways with massive relation with the various accounting information that is obtained from the evaluations. Body of report Key features of a bond Par value- It is amount the bondholder receives when the bond matures. In addition, the newly issued bonds are sold at par value (Hu, Schwabe Li, 2015). When the bond is sold above the trade price, it is said that the bond is sold at premium. Coupon- The coupon is the interest rate the bondholder receives as interest (Racic, 2015). It is operated electronically nowadays because physical evidence is not required to be maintained. The marketing for the bonds are done online and it is very convenient for the bondholders as well. Maturity- It is the date ascertained in which the bondholders receives the maturity amount with certain rate of interest upon the invested amount (Palaiodimos Tzavalis, 2015). It is given upon the principal and the time duration of the bond. There are two types of provision discussed here. They are: Call provision: It is the provision of the bond in which the issuer is favored over the bondholder. In this case, the bondholder receives a fixed income upon the bond hold by them (Lagoarde-Segot, 2015). When there is a call for the bond by the issuer, the bondholder have to retire the bond and get the particular value of the bond upon the principal paid with any relevant interest. Sinking Fund Provision: Sinking fund is the repaying fund that is borrowed through the issue of a bond. In this case, the issuer makes periodic payments to the company who has bought a part of the bond, issued in the market (Hu, Schwabe Li, 2015). The above two provisions make the bond more risky. One can determine the value of any asset by expecting the rate of face value ascertained during the time of the investment. It is difficult to estimate the value as in the case of future cash flow but it is possible by going through the past returns received by the investor. The estimated rate as per the rate of inflation in the market shall assist the investor to determine the value of investment accordingly (Fairhurst, 2015). The price of a bond is determined by using discount rate in order to calculate the expected cash flow to the present value of the bond. There are several influences that effects the price of the bond are credit ratings, demand and age to maturity of the bond (Andrikopoulos Economou, 2015). In addition, the demand and supply of the bond is a significant factor upon which the value of the bond is dependent. Calculation of value of bond: PVA = I[1-(1+k)-n]/k Face value $1,000 Annual coupon rate 10% Annual Return rate 10% Years to maturity 10 Frequency of payment 10 Value of Bond ($1,000.00) If the rate of returns hike with 3% due to inflation, then the return rate will be 13%. The calculated table below can ascertain the effect of inflation: Face value $1,000 Annual coupon rate 10% Annual Return rate 13% Years to maturity 10 Frequency of payment 10 Value of Bond ($832.65) As per the assessment of above table, it is seen that we now have discounted bond as per the value of bond calculated with the change of rate of return (Andrikopoulos, 2015). When the inflation fell and the rate of return declined to 7%, then the bonds value is ascertained below: Face value $1,000 Annual coupon rate 10% Annual Return rate 7% Years to maturity 10 Frequency of payment 10 Value of Bond ($1,215.23) As per the ascertainment of the above table, it is seen that the bonds are available at premium due to increased value and decreased inflation rate (Yang Zhao, 2015). Comparing the condition of the bond, when there was inflation and when there was fall in inflation. Face value $1,000 Face value $1,000 Annual coupon rate 10% Annual coupon rate 10% Annual Return rate 13% Annual Return rate 7% Years to maturity 10 Years to maturity 10 Frequency of payment 10 Frequency of payment 10 Value of Bond ($832.65) Value of Bond ($1,215.23) As per the situation of rise in inflation, the value of the bond decreases due to rise in the rate of return. On the other hand, the value of the bond increases when there is a fall in the inflation rate due to decrease in the rate of return given to the bondholders (Ruppert Matteson, 2014). Calculation of yield to maturity, when the selling price of the bond is $887, $1000 par value and return rate 9%. Yield to Maturity Face Value $1,000 Annual rate of coupon 10% Years of maturity 10 Payment frequency 10 Selling price of bond $887 Yield to maturity % 0.12% Calculation of yield to maturity, when the selling price of the bond is $1134.20, $1000 par value and return rate 9%. Yield to Maturity Face Value $1,000 Annual rate of coupon 10% Years of maturity 10 Payment frequency 10 Selling price of bond $1,134 Yield to maturity % $0.08 As per the ascertainment of the above two table, the relation between the rate of return and coupon rate of bond have a great impact in the value of the bond. The rate of return if increased will have an adverse effect in the valuation of the bond and vice versa (Samonas, 2010). On the other hand, increase in the coupon rate will lead to increase in the value of bond proportionately and vice versa. The total return, the capital gains for discounted bond and current yield is shown below in the table: Yield to Maturity Face Value $1,000 Annual rate of coupon 10% Years of maturity 10 Payment frequency 10 Selling price of bond $887 Yield to maturity % $0.12 Current yield $0.11 Total yield $0.23 Capital gain for discount bond $113 When the payment made semiannually, the frequency of payment will get double due to partly payment made every year into two parts. Below table showed valuation calculated semiannually (Racic, 2015). Face value $1,000 Annual coupon rate 10% Annual Return rate 13% Years to maturity 10 Frequency of payment 20 Value of Bond ($832.39) Nominal yield to call (YTC) Yield to Call Par Value $1,000 Year of maturity 10 Frequency of payment 20 Rate of coupon 10% Maturity % 8% Years to call 5 Call off value $1,050 Selling price $1,135.90 Yield to Call $0.07 If this bond bought, then the possibility of yielding YTC will be more than YTM as the bond is valued more during the call only because the demand of the bond is more in the market (Palaiodimos Tzavalis, 2015). Real risk free rate of return is the return where there is no risk involved in the investment upon the bond (Racic, 2015). Inflation premium is the increase in the returns due to hike in the rate of inflation in the economy (Lagoarde-Segot, 2015). Default risk premium is the not received premium from the issuer to the bondholder (Iftikhar, 2015). Liquidity premium is the premium in which the bond is exchanged in terms of currency. Maturity Risk Premium is the risk involved when the bond reaches its maturity. Nominal risk free rate is the rate in which the bondholders do not feel risk in buying the bond of which the demand is high in the market. The rate of return and coupon rate can be ascertained to estimate nominal risk free rate (Hu, Schwabe Li, 2015). Inflation premium can be estimated by ascertaining the demand and risk involved while purchasing the bond. Ascertaining the coupon rate can also provide an idea to the investor. Bond spread is the instrument that shows the potential of investment in the bond. It is related to risk premium as it highlights the potential of the bondholder to peek over the previous investments upon the bond (Hoberg Maksimovic, 2014). The bonds rating relates to the default risk because it includes the investment in the bond. The demand of the bond of the company and the companys profitability affects the price of the bond. The amount of credit taken is another factor that emphasizes upon the rating of bond. Price risk is the risk involving the risk restricted to the price of the bond. In the case 10-year bond have more rate risk as the rate fluctuates every year and 10 year is a long time to ascertain the returns of the bond (Gruber, 2013). n. Reinvestment rate risk is the risk in which the reinvestment takes place at lower rate than the original investment done upon the bond (Fairhurst, 2015). 10-year bond will have more reinvestment rate risk as the investment may at premium depending upon the demand of the bond. Reinvestment rate risk and interest rate risk are related to the maturity risk premium because the maturity value will be depending upon the value of reinvestment and coupon rate (Cadle et al., 2014). p. Term structure refers to the fluctuating interest rates of bond that are for long term. Yield curve states the amount of interest yield from the investment in the bond. Bankruptcy law states that if any company fails to pay the bonds then its company will be given noticed and seized if no action is taken upon the notice. If the firm is unable to pay the bond to the bank, then the company will be given months notice before liquefying it (Andrikopoulos, 2015). No, the bondholders would not be promised to pay all the promised payments as the situation lies of clearing the credit by the bondholders. Body of report a). The common rights and privileges of the common stock holders are stated below: They have the right to sell their shares from where they can benefit financially They have the right to vote on the nominated directors of the board (Bitz Terstege, 2010) They have the right to inspect corporate records and books They have the right to receive annual report about the organization They have the right to receive dividends as well as its limited right (Armitage, 2009) b). 1. Formula to value any stock is the "General formula", which is: P= D1/(1+K)+ D2/(1+K)2+ D3/(1+K)3+.+Dn/(1+K)n K: stands for required rate of return, which is: the minimum return that you are willing to take when you invest in a stock. D: stands for dividends, which are: Payments made by a corporation to its shareholders members. P: stands for the price or the value of the stock, which is: Calculated by numerous formulas (Ex: general formula, N- period model, constant growth rate and infinite period model). The stock whose dividends are accepted to rise at a stable tempo in the near future. This condition fits many recognized firms that tend to rise over the long run at the similar rate as the economy. Constant growth stocks are valued as stated below: P= D0 (1+g)/k-g Moreover, it can be reduced by the below stated formula: P= D1/k-g (Lffler, Kruschwitz, 2011) P: stands for the price or the value of the stock, which is:- D0: stands for the last dividend paid D1: stands for the expected dividend in the future. If a company have constant g that exceeds its rs then the below formula should be used: P= D1/k-g (Patterson, 2009) Suppose k g. if g k, it will give a negative stock value. There are some cases where g experience huge expansion, which gives g k and it cannot be forever the equation assumes that g is constant and will stay indefinitely, so, g cannot be more than k in the long - run. c). Rate of return on the firms stock k= RFR+ (Rm-RFR) = 7% + (5%-7%) 1.2 = 4.6% RFR: Risk free rate . Rm: Market risk premium. :The beta , which is: Measure the sensitivity between stocks or portfolios and the market return, and the beta of the market is to 1 or the systematic risk is the risk that is affected by the market and it is uncontrollable. d). 1). Current estimated intrinsic stock price of the firm Intrinsic price is the definite worth of a corporation and stock. It can be determined by the elementary scrutiny and is also known as fundamental value. However, it may different from its market value. Formula: P= D1/(k-g) P: Price D: dividend K: required rate of return P= 2.12/(0.13-0.06) = 30.2857$ 2). Stocks expected value after one year from now After one year, the firm will reimburse the dividend to the stockholder and hence using d1 the expected value of the stock can be determined: The same formula in the last question will be used: P= D1/(k-g) where, P is Price, D is dividend and K is required rate of return P= 2.2472/(0.13-0.06) = 32.10285714$ 3). Expected yield of dividend, expected capital gains yield and the total return in the first year Expected Dividend yield= D1/pt-1 (Pratt, 2012) = 2.12/30.28 = 7% Capital gain yield - This used to calculate return on a stock based on the appreciation of the stock. Capital gain yield= pt-pt-1/pt-1 pt: stock price at time t. pt-1: initial stock price. Capital gain yield= 32.10-30.28/30.28 = 6% Expected total return - The distinction amid capital gain yield and dividend yield calculates the total return on the stock. Expected total return= 7%+6%=13% e). If the stock prices of Temps force is selling at $ 30. 29, then the stock price is based more on the long term expectations, which can be said by monitoring, the below stated evaluation: P = D1 / (k-g) Then, K = (D1/p) + g = (2.12/30.29) + 6% = 13% The necessary rate of return equal 13% f). The stock market is volatile as a tightening in the economy have led to lower revenues for business. The impact on the estimated stock price if the g falls to 5% and rs changes to 12 % is given below: ^P1 = D2 / rs g = $2.24 / (12 % - 5 %) = $32.00 h). Dividend yield and capital gained during the 1st year and expected in the fourth year Calculation of the dividend of: 1st year: DY=D1/P0 DY=2(1+0.30)/ 43.1419 = 0.060266= 6.0266 % To calculate the Capital Gain Yield for year 1 we can choose one of two ways: CGY= Expected Total Return - Dividend Yield (Soenen, 2013) CGY= 0.13 0.060266 = 0.069734 = 6.9734% 4th year: DY=D4/P0 DY= 2.3786 / 43.1419 = 0.05513 = 5.513% Calculation of the Capital Gain Yield for year 4: 1- CGY= Pt-Pt-1/Pt-1 CGY= 0.13 0.05513 = 0.07487 = 7.487% i). Free cash flow The free cash flow (FCF) in corporate finance is defined to scrutinize what is accessible for sharing amid all the securities holders of a business entity (Streitferdt, 2009). Weighted Average Cost of Capital (WACC) - The average outlay to a company of the finances that it has invested in the property of the firm is known as the Weighted Average Cost of Capital (WACC). This is collected of a probable amalgamation of retained earnings, preferred shares, and common shares debt. Free cash - flow valuation model - The free cash flow valuation model can be presented in a different number of ways, which depends on the spectators and the accounting information that is obtainable. The free cash flow valuation model may differ from the net profits for a exact accounting phase as the free cash dispense takes into report the use of capital goods (Staubus, 2014). j). Pie chart of companys total value The Efficient Market Hypothesis (EMH) states that stocks are constantly at equilibrium and an investor cannot hammer the marketplace The shareholder right to the profit of a company after all various prior obligations that have been paid are equity claims. These are most important in the companys liquidation and are also known as residual claims. Cash Flow Valuation Model (1) Estimated Value of Operations = = $24 Million (1 + 0.05) / (0.11 0.05) = 25.2 / 0.06 = $420 Million (2) Estimated Total corporate value = Marketable Securities + Value of Operations. (Allman, 2010) = $100 Million + $420 Million = $520 Million (3) Estimated Intrinsic Value of Equity The calculation of intrinsic value of equity is done on the basis of the net worth of the organization and the total number of paid up equity shares (Cornell, 2013). Estimated Intrinsic Value of Equity = Total Net Worth of Company/ Total No of equity shares (Day, 2012). Total Net Worth of Company = Marketable Securities + Debt + Preferred Stock (Thomas Gup, 2010). = $100 Million + $200 Million + $50 Million = $350 Million Therefore, Estimated Intrinsic Value of Equity = ($350 Million/ 5 Million) = $70 (4) Estimated Intrinsic Stock Price per Share Earnings per Share Average P/E Ratio l. (1) Horizon Value Year 1 Year 2 Years 3 Years Free Cash Flow -$10 Million $20 Million $35 Million Horizon Value = (Free Cash Flows for Year 3) / (Rate of return Growth rate) = $35 Million / (.11 - .05) = $583 Million Value of Operations = 36.75/ 0.06 = 612.5 (2) Estimated Intrinsic Value of Equity Estimated Intrinsic Value of Equity = Total Net Worth of Company/ Total No of equity shares (Day, 2012). = $35 Million/ 10 Million Shares = $3.5 Comparing Dividend Growth Model and Free Cash Flow Valuation Model Free Cash Flow Valuation Model: In the study of commercial finance, free cash flow or FCF is the technique of looking at the cash course of the business of an organization for identifying the available elements for the purpose of distribution among all the securities holders within a corporate organization. This considered as useful for the parties including debt holders, equity holders, convertible security holders, preferred stock holders, when they need to experience how much cash is available and can be obtained from the company without causing any financial problems or issues for the daily operations. The free cash flow can be estimated using various ways depending on the audience and the available accounting information (Kraft Schwartz, 2010). In general, the meaning is taking the wages before taxes and interests add any depreciation and paying back, then subtract the changes within the capital expenditure and working capital. A number of adjustments or enhancement may also be done for eliminating and trying deformation based upon the intentions of the audiences. The free cash may be different from the net income in case of a explicit accounting period because the free cash flow usually takes into an account the increases required in working capital and consumptions of the capital goods and within a company, which is growing counting a 30 day compilation period for the receivables. A weekly payroll, a 30-day payment period for purchases, it will need more and more working capital for financing the operations because of the time for the receivables, although the total profits has enhanced. Dividend Growth Model: Dividend growth model is a method of stock valuation, which deals with the calculations of dividends and the growth of the dividends, discounted to the present day. According to the Dividend growth model, the basis of the valuation of stock is based upon the following: Growth of the Dividend The Current Dividend Required Rate of Return (Cornell, 2013). Dividend Growth Model Formula: Market Multiple Analysis A market multiples analysis is a method for financial modeling of conveying a cost to assets or to the business of an organization. Market multiples analysis is also termed to as straight assessment analysis or analogous company analysis. Used as a substitute approach towards economical cash flow valuation, a market multiples analysis uses analogous companies for deriving valuation (Allman, 2010). Identification A market multiples investigation can contrast companies based on industry classification, size, customers, growth, financial ratios, technology and leverage. Increased consistency and a stronger financial investigation are gained, when comparison companies are extremely similar. Usually a financial analyst evaluates what comparison factors are the most crucial and finds companies that are comparable based upon these factors (Larrabee Voss, 2013). Size Market products examination can be performed against the same number of diverse organizations as needed to acquire a solid valuation. For a general reference point of view, a private organization investigation can be performed. For more discriminating investigation and an abnormal state of exactness, a business products examination ought to be performed against a critical number of organizations inside of the same business (Thomas Gup, 2010). Steps Market products investigation takes every organization to be looked at and computes the essential examination proportions. Standard monetary proportions incorporate liquidity proportions, resource turnover proportions, money related influence proportions, productivity proportions and profit approach proportions. A normal of the correlation proportions is performed and it brings about evaluation esteem. Taking into account the subsequent worth, an examiner makes a valuation judgment in light of nonfinancial pointers and may make changes appropriately (Kraft Schwartz, 2010). Advantages Market products examinations are straightforward, apply and use on the grounds that there is no requirement for anticipating money streams. Data is likewise simple to get from distributed reports of traded on an open market organizations like 10-K entries or yearly reports. A business sector products investigation is an ordinarily utilized instrument as a part of the legitimate and venture saving money fields (Cornell, 2013). Notices It can be hard to discover great practically identical organizations to match up against the examination organization. Without an equivalent organization, results can be problematic and can prompt an extensive variety of valuations. A business products examination likewise bars the time estimation of cash and expense of capital from an organization's valuation. For instance, a business products investigation rejects fund charges and premium. Contemplations A business products investigation is a decent instrument when another valuation system is not fitting because of a short organization residency or quick development. Examination figures ought to be taken from the same time period from every organization to reject outside occasional or monetary business sector changes (Allman, 2010). Preferred Stock A set of possession in a business that has a superior assert upon the assets and earnings than the common stock, is often known as preferred stock. The dividend of the preferred stock must be paid before dividends of the common stockholders and any voting rights are not entitled for these shares (Cornell, 2013). Estimated Value of Preferred Stock = Preferred Dividend / Required Return on the Stock = $2.10 / 0.07 = $30 Comparison of the stock with bond and benchmark (Last five years from 2010 - 2014) The comparison should start from the evaluation of the stock performance within the sub industry and the sector. This evaluation will highlight the standing and the comparison of the same from the year of 2010 to 2014. Year 1= 2(1+0.3)/(1+0.13)= 2.301 $ Year 2= 2.301(1+0.2)/(1+0.13)= 2.4435 $ Year 3= 2.4435(1+0.1)/(1+0.13)= 2.3786 $ After the third year the growth will be constant at 6% so the formula will be: P=D0(1+g)/(k-g) Year 4= 2.3786(1+0.06)/(0.13-0.06)= 36.0188 $ So the sock value will be: P=2.301+2.4435+2.3786+36.0188= 43.1419 $ The comparison has been shown below: Year Sub Industry Sector 2010 108.47 101.66 2011 135.77 124.39 2012 174.36 154.57 2013 222.55 178.99 2014 264.33 201.64 The comparison quiet clearly shows that the sector has been always below the benchmark of the industry. This also brings us to the fact that the sector has not been able to go at par with the industry benchmark, which is a massive negative element for the business sector. Year Yield % 1 6.60% 2 6.75% 3 7.00% 4 7.20% 5 7.45% The study of the above table and graph shows that the yield % has gone up from the year 2010 which is considered to be the 1st year and have increased continuously until the 5th year which is 2014. The detailed study will also highlight the fact that the increase has been quiet constant as the there was a increase of 0.15 % in the first year of 2011. Then the increase was recorder at 0.25 % in the next year of 2012. The third year of 2013 witnessed a increase of 0.20 % and the year 2014 had a increase of 0.25 %. The equal and even growth show that the market is quiet in balance and the firms is having a suitable position. The study of the above table and graph shows that the earnings per share has increased constantly from the year 2010 and have ended at 1.81 in the year 2014. Therefore, the stock performance has increased with each of the passing year. The dividend was not applicable in the years of 2010, 2011 and 2012 but has increased to 0.15 in the year of 2013 and has further increased to 0.62 in the last year of 2014. Further study also shows that the one - year return of the company was 8.3 % and the same of the industry was 30.9 %. This difference can have a huge negative effect on the price of the stocks. Therefore, the company should achieve the industry benchmark. The even yield curve at shorter maturities suggests that short-term interest rates are predicted to fall fairly in the near future, while the steep growing slope of the yield curve at longer maturities shows that interest rates further into the future are probable to go up. Since interest rates and expected inflation move together, the yield curve suggests that the marketplace expects inflation to drop reasonably in the near future but to go up later on. The steep upward-sloping defer curve at shorter maturities suggests that short-term interest rates are usual to mount reasonably in the near future because the preliminary, steep upward slope indicates that the average of likely short-term interest charge in the near future is above the current short-term interest rate. The downward slope for longer maturities indicates that short-term interest rates are eventually expected to fall sharply. Conclusion The study concludes that the Weighted Average Cost of Capital (WACC) has been elaborated within the study at the desired section that will help the reader to understand the role of the same in the evaluation of the cost of capital of any firm. The study also concludes that the evaluation of stock and bond of a firm has a huge role to play in the financial status of the company. References List Allman, K. (2010). Corporate valuation modeling. Hoboken, N.J.: John Wiley. Andrikopoulos, A. (2015). Truth and financial economics: A review and assessment. International Review Of Financial Analysis, 39, 186-195. doi:10.1016/j.irfa.2014.12.003 Andrikopoulos, A., Economou, L. (2015). Editorial board interlocks in financial economics. International Review Of Financial Analysis, 37, 51-62. doi:10.1016/j.irfa.2014.11.015 Armitage, S. (2009). The cost of capital. New York: Cambridge University Press. Bitz, M., Terstege, U. (2010). Cash-Flow-Analyse und Cash-Flow-Management. WIST, 32(1), 2-7. doi:10.15358/0340-1650-2003-1-2 Cadle, J., Eva, M., Hindle, K., Paul, D., Rollason, C., Turner, P. et al. (2014). Business Analysis. Swindon: BCS Learning Development Limited. Cornell, B. (2013). Discounted Cash Flow and Residual Earnings Valuation: A Comparison in the Context of Valuation Disputes. Business Valuation Review, 31-32(4, 1-3), 157-164. doi:10.5791/12-00013r1.1 Day, A. (2012). Mastering cash flow and valuation modelling. New York: Pearson Financial Times/Prentice Hall. Dempsey, M. (2011). Consistent Cash Flow Valuation with Tax-Deductible Debt: a Clarification. European Financial Management, 19(4), 830-836. doi:10.1111/j.1468-036x.2011.00625.x Fairhurst, D. (2015). Using Excel for Business Analysis A Guide to Financial Modelling Fundamentals. Hoboken: Wiley. Gruber, S. Intangible Values in Financial Accounting and Reporting. Hoberg, G., Maksimovic, V. (2014). Redefining Financial Constraints: A Text-Based Analysis. Review Of Financial Studies, 28(5), 1312-1352. doi:10.1093/rfs/hhu089 Hu, D., Schwabe, G., Li, X. (2015). Systemic risk management and investment analysis with financial network analytics: research opportunities and challenges. 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Valuation techniques. Hoboken, N.J.: John Wiley Sons. Palaiodimos, G., Tzavalis, E. (2015). The EMU effects on asset market holdings and the recent financial crisis. International Review Of Financial Analysis. doi:10.1016/j.irfa.2015.04.003 Patterson, C. (2009). The cost of capital. Westport, Conn.: Quorum Books. Pratt, S. (2012). Cost of capital. Hoboken, N.J.: John Wiley Sons. Pratt, S., Grabowski, R. (2013) The lawyer's guide to cost of capital. Racic, J. (2015). Financial analysis using spreadsheets. [S.l.]: Kendall Hunt. Robinson, T., Cope, A. International financial statement analysis. Robinson, T. International financial statement analysis workbook. Ruppert, D., Matteson, D. Statistics and data analysis for financial engineering. Sabal, J. (2009). WACC or APV?. Journal Of Business Valuation And Economic Loss Analysis, 2(2). doi:10.2202/1932-9156.1016 Samonas, M. Financial forecasting, analysis, and modelling. Soenen, L. (2013). 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Moral issues became clouded, making it quite flexible evidence for an assortment of SAT essay prompts. On the flip side, in the event that you made a great choice, focus on what influenced you to make that decision and the way it has changed you. The Basics of Sample Sat Essay Topics That You Will be Able to Learn From Beginning Immediately The cost of an essay depends upon the total amount of effort the writer has to exert. The function of the essay is to rate your capacity to recognize and critically analyze an author's argument. As you start writing, be certain to make sure your essay flows in a coherent way. A debatable essay must center on the important issue which contributes to the worldwide conflicts. Author names might be included, but aren't required. If you're not acquainted with many, here's a thorough list that it is possible to utilize to study. Even if not a specific quote, it ought to be a particular example or reference. Lies You've Been Told About Sample Sat Essay Topics On the flip side, some argue that the price of college leaves students with crippling debt they'll never have the ability to repay. Colleges are more inclined to admit students who can articulate certain explanations for why the school is an excellent fit about them beyond its reputation or ranking on any list. Students lead busy lives and frequently forget about a coming deadline. Therefore, many students and employees decide to obtain cheap essay rather than writing it themselves. The Definitive Strategy to Sample Sat Essay Topics At the minimum there's an introductory paragraph with at the very least a sentence or two. You'll want the passage to follow together with the sample essay below. Graders read a great deal of essays daily. Because they have only a few minutes per essay, you need to immediately impress the reader in a style that is almost as formulaic as the Pythagorean theorem. Still, do not forget that you're attempting to communicate your point of view to somebody else. Individuals can instantly find information on just about any topic in the time necessary to type a couple words and click a mouse. Select a distinctive topic that others may not think of, and whatever you select, make certain you know a lot about it! Which view you decide on is not the matter, what matters is you don't change your view. If you wish to learn more regarding the SAT essay, I advise you to back until the Introduction to SAT Essay Structure post. There ought to be a suitable sequence for the SAT essay, remember that the essay should be broken into several paragraphs where each ought to be structured based on the importance. It must be organized into paragraphs. If you wish to practice the new SAT essay, fantastic news! Individual schools sometimes need supplemental essays. You don't need to take the SAT with Essay, but should you do, you will be in a position to apply to schools that require it. Colleges which don't require the SAT Essay fall into the consider and don't consider camps. ACT makes it hard to get a replica of your Writing essay, but College Board includes it as part of your internet report.

Essay Topics for Kingdom of Heaven - Choose Topics Based on Your Academic Goals

Essay Topics for Kingdom of Heaven - Choose Topics Based on Your Academic GoalsIf you are writing a Kingdom of Heaven essay, you will need to select several essay topics. You will want to consider several things in order to determine the topic for your essay. You will want to consider your academic goals, your personal goals, your skills and knowledge base, and your writing abilities.When you have narrowed down your topics, you will want to get specific about the topic of your essay. The main idea of your essay should be easy to explain, but at the same time, it should be profound enough that people will remember your essay. Once you have decided on a topic, you can begin researching about the topic.One of the most common types of essay topics for Kingdom of Heaven essays is the essay about Jesus. You will want to decide whether you want to write about your own view or that of others who have written about Jesus. You may also want to write about the life of Jesus. You can learn more about this from Church-related courses, but if you do not want to research, then choose a topic that is related to Jesus.If you wish to write an essay on issues such as religion, then you may want to choose the topic of Christianity. You may want to write about the life of the first Christians. You may also want to write about what Jesus would like to teach to the world today.If you wish to write an essay about religion, you will need to learn a lot about religion. You may want to research religious history, but there are other things you can learn as well. If you are unsure of how to research, or if you do not want to research, then you may want to select another topic.Other topics for essay topics for Kingdom of Heaven are those that discuss the Kingdom of God. These topics will be quite popular. Topics for these topics will include; Old Testament, New Testament, and other scriptures. You may also want to write about the teachings of Jesus.When you write an essay on the topic of t he Kingdom of God, you may want to choose topics related to the doctrines of the faith. Essays that discuss the New Testament are very popular. Essays on the Old Testament may be preferred to an essay that discusses the New Testament.No matter what type of essay topics you choose, you will want to prepare your essay with a detailed outline before you begin writing your essay. You may need to write over several drafts before you get it perfect. However, once you start writing, you will want to write it out several times before you hand it in.

College Essay Topic - The Proper Way to Deal With Rejection

College Essay Topic - The Proper Way to Deal With RejectionEven if you've been accepted for a college scholarship or the money just isn't enough to pay for your tuition, there are ways to deal with rejection. You may be one of the lucky ones in that you get a college scholarship, but that doesn't mean that you have to end up quitting school and taking the bus to work or staying at home and taking care of your children. If you have time to spare, it's worth searching for a way to write a college essay topic on a specific topic or problem.It may sound like the perfect solution to help you deal with rejection, but most writers who are writing college essays would agree that it's not easy to come up with a good topic. It can even take more than a day or two to put together a strong topic for your essay, and the minute you've put some thought into it, it's often too late. Sometimes it's possible to fit your essay topic around a few other parts of your life, but not nearly as easily as you 'd like.So, what topics will work for you? You'll have to do a little research to find out what's most likely to work for you. Or, at least, where you're most likely to succeed. Since so many people are reluctant to discuss their problem in public, you need to be very careful in selecting a topic.The one thing to keep in mind is that you should be happy to discuss a problem, but that you don't want to lose sight of why you want to go to college in the first place. It would be much better to describe your reasons for wanting to attend college than to rant about them. Plus, there is probably some kind of single reason that explains the entirety of why you want to go to college and doesn't just be a response to some outside circumstance.But, then again, maybe you just need some sort of structure to help you deal with rejection. I'm not suggesting that you start writing the college essay topic by describing how much you love yourself and your school. Instead, you may choose to start by writing your essay topic down. After you have this down, you'll need to decide how you want to structure your essay.Writing the college essay topic will probably take more than one day to write, but it's an important part of dealing with rejection. The question isn't whether or not you're going to have to deal with rejection; the question is how to deal with it. The more time you have to think, the better chance you have of writing a good essay. Make sure you have plenty of time to relax and reflect on your idea before you begin writing.If you're wondering what topics to include in your college essay topic, keep in mind that you should include a place where you can say why you want to go to college. Not only will this make it easier to remember what you wrote for the essay, but you will also have a direct answer to your question as to why you want to go to college.

A Sample Scholarship Essay Is Helpful in Choosing the Right Applicant

A Sample Scholarship Essay Is Helpful in Choosing the Right ApplicantThe most important aspect of a scholarship application is a sample essay. You should not pay any attention to the writer's capabilities, because you need to find one that will suit your needs. All in all, samples can be quite useful in identifying those writers who will meet your needs. You will get a list of those samples that you have chosen.Sample essays are designed by writing groups that meet to develop and revise materials. There is usually a writer that will provide feedback to help writers with the content, structure, style, as well as the format. You can also ask for the specifics of the writer, as it is not uncommon for colleges to have writers who specialize in specific topics.In most cases, those writers who specialize in a certain subject, such as business, education, or humanities, can supply samples for those who do not want to spend much time browsing through samples. These are usually sent out via e mail or fax, but other methods can also be used. The way to recognize sample essays is to read over them. The actual sample essay must not be a slight variation from the actual one, because it will need to be adhered to.If you encounter a sample which is very lengthy, it means that the writer does not understand how to write for the reader, and therefore, does not want to write for the reader. In most cases, the writer could not really articulate his thoughts and hence, provide inaccurate information. Instead, he should give only basic information about himself.One thing to note, even if you do not have time to look over the entire essay, just skim the first few lines and ask questions. If the answers were inaccurate or inaccurate for this particular topic, then the writer should correct them. Since the reader's response to questions is very important, then the writer should respond to the reader in detail. This is very important.Sample essays can be submitted at any time. Anytime t hat the applicant has free time and does not have many things to do, then he can always start a research on the topic. Once he has found a topic that he likes, he can easily come up with his own writing style and information, which will make his essay even more unique.The best way to determine whether the sample essay is good or not is to read through it. Although there are no specific standards, the writing must have enough information to give adequate information. The essay must not be too long, and the sample must not contain errors.

Balance of Power Presidential

Introduction The government consists of three main branches that oversee the operations of a country. This partitioning of the government ensures that none of the branches exercises too much power. The president chairs the National Security Council that considers national security and foreign security policy matters. This happens together with senior national security advisors and the cabinet officials.Advertising We will write a custom coursework sample on Balance of Power: Presidential – Congressional Relations specifically for you for only $16.05 $11/page Learn More This can be seen to differ from the common myth that a President is extremely powerful. The Constitution gives the president and the Congress different roles in waging wars, though it remains unclear where one’s war begins and where the other one’s ends1. Analysis of the balance of Power between the President and the Congress in matters of National Security Policies As mentioned earlier, the Constitution shares the nation’s war powers between Congress and the president. Congress has the entire power of declaring war while the president remains the commander in chief of the armed forces, which means that the government entity that controls the operations of the military forces is the president. This shows the parts played for each one of the government entities, that is, the president and Congress2. In the case of a war, there will be both entities involved in making the decisions of when a war can be commenced, continued or stopped. In the policymaking, it remains clear that the president can command the military without congressional support only to fight against an attack. Declaration of war by Congress can be essential to wage an offensive. The War Powers Resolutions require that the president should report to Congress within two days after sending defense forces into a hostile environment. If the Congress does not declare war within si xty days against such a situation, the president should be expected to withdraw the military troops. The other balance of power comes through presidential veto that returns a bill that has already passed through the Congress. Most bills can be said to affect the running of a nation; thus, they are extremely important to the people of a country. The ability of Congress to pass a bill into a law is limited by the presidential veto power3. After Congress passes the bill, it goes to the president first, where he either signs it or sends it back. If the president sends it back, he must state his objections to the bill’s origin.Advertising Looking for coursework on government? Let's see if we can help you! Get your first paper with 15% OFF Learn More In case the president does not sign the bill in to law within 10 days (Sundays excluded), the bill shall become a law, unless Congress decides otherwise. The veto message usually consists of an explanation as to why he di smissed the bill, which he then sends to Congress and the entire nation. The other way to veto a bill can happen when Congress adjourns or takes a break officially, within the ten days that the president has had the bill4. Conclusion Through the above explanations, one can see that when sensitive policies that affect the national security become implemented, there are regulations that give the president and Congress various powers. These exists balance of power between the president and Congress such that none of the two can gain too much power over the nation. Separation of powers prevents tyranny, which can occur if one person has the power to make, implement, enforce or interpret the laws. The National Security Council, which consists of statutory and non- statutory members, ensures that the president and Congress follow the laws and policies. Bibliography Lucas, J. R. Balance of power. New York: AMACOM, American Management Association, 1998. Patterson, Richard North. Balance of power. New York: Ballantine Books, 2003. Sheehan, Michael. The balance of power: history and theory. New York: Routledge, 1996.Advertising We will write a custom coursework sample on Balance of Power: Presidential – Congressional Relations specifically for you for only $16.05 $11/page Learn More Thurber, James A. Rivals of power: Presidential- Congressional relations. New York Cengage Learing, 2009. Footnotes 1 Richard North Patterson. Balance of power. New York: Ballantine Books, 2003, p. 23. 2 James A. Thurber. Rivals of power: Presidential- Congressional relations. New York: Cengage Learing, 2009, p. 18. 3 Michael Sheehan. The balance of power: history and theory. New York: Routledge, 1996, p. 45. 4 Lucas, J. R. Balance of power. New York: AMACOM, American Management Association, 1998, p. 71. This coursework on Balance of Power: Presidential – Congressional Relations was written and submitted by user Anya Kirby to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Analysis of an Ad essays

Analysis of an Ad essays The chosen ad on a denotative level, features a woman, perhaps in her mid-20s to early 30s, holding a sign that is used for police photographs of criminals. Her expression reveals that she is not too happy, and directly beneath her, is a Francesco Biasia Handbag. Behind the person is a black background, and behind the handbag, is a red background. Now on a connotative level, the caption, (Which is She just had to have it), and the juxtaposition of these two images both help to interpret this ad. Because of those two factors, it seems to suggest that this seemingly innocent girl would do ANYTHING to acquire this supposedly great product. This of course includes breaking the law to get it. The background surrounding the woman, would connotatively suggest that she is GUILTY of something because of the fact that it is black. Also, the red background in the bottom image showcasing the handbag, suggests that this object is something of DESIRE. In using these two particular colors, the adve rtisers illustrate even further what they want you to believe, because of that of which these colors are most often associated. For instance, people regularly associate black with guilt, dirty deeds or things that which are considered to be wrong, or illegal, etc. Whereas, red would normally be associated with lust, desire, passion, and that are precisely what the advertisers want you to do, lust for this object. (This woman certainly did, so much so that she risked going to JAIL for it.) This ad is directed towards female consumers, mainly because largely women purchase the product. (Though there have been a few exceptions in the past.) The ad seems to hail not only females, but also a specific age group, (Those probably around the same age of the woman.), and someone who could probably afford the product, even though the person in the ad had to resort to shoplifting. The image, in which this ad portrays women, is not parti...