Balance Sheet

The AMR Corporation has the highest debt to equity ratio (Google, 2010). The company with the lower debt to equity ratio in the meantime is Southwest Airlines. AMR Corporation might have chosen to have a high debt to equity ratio because it believes that it can manage to experience rapid growth and sales in their business. They took on such a huge amount of debt because they believed that the interest rate would prove to be manageable and reasonable given the level of sales they will experience. AMR Corporation is very optimistic with its outlook in short.The amount of debt the company has taken is very dangerous. It is imperative that they pay it off immediately to lower the chances of getting bankrupted in case they can’t manage the monthly payments. The opposite can be said of Southwest airlines. The company is expecting lower sales volume or profit margin that is why they keep their debt levels to a minimum (Welsh, 1996). The company is well known for its cheap and no fril ls flight that is why they know they will have a lower profit margin. The company is trying to protect itself from any potential danger.In the event their sales level would drop even more, the increased obligation to pay their debts would not be as heavy. This strategy is suitable for Southwest Airlines because they are providing economical flights for their passenger. The company relies on volume to make their sales and not on a high profit margin. The company does not want their thin profit margin to be eaten up by huge debt interest rates (Harvey, 1995). We can infer from the financial ratio that they intend to grow organically and not by outside financing. The debt level they have is perceived to be very manageable.They are merely taking advantage of debt to provide a measure of added income generating assets. The bulk of their growth and capital needs would all be derived from their sales. The Continental Airlines is somewhat in between the two extreme types of companies. They are aggressive enough to take considerable debt but not too optimistic as to reach 4. 25 in their long term debt obligation to equity. Their long term debt to equity ratio is merely 1. 8 which seems small enough compared to AMR corporation. It can be inferred that the continental corporation has a moderate outlook compared to the two others.Continental is optimistic enough to take advantage of loans to increase their coverage and business operations (Gold, 2006). They are not overly optimistic however to borrow more than twice the amount of their own equity. The economic situation has to be favorable for them to be able to pay their debts. They are not in a dangerous position however, like AMR Corporation with extreme amounts of debts. The AMR Corporation in contrast has to experience several years of extremely profitable operations in order to pay off their debt obligations.The debt ratios of the three companies are basically indicating the same thing. The only difference with the debt ratio from debt to equity ratio is the base figure used in the denominator. The debt to equity ratio is more accurate in describing the situation of the company because it uses the actual equity invested by investors (Revsine, 2004). The ratio does not take into account the liabilities as part of the assets to be used for the computation. Naturally, the ratio for debt to equity will be bigger than the ratio using just the plain asset figure. The interpretation of the ratios remains fundamentally the same.The meaning of the ratio is still the capability of the company to pay off its debts relative to its assets. In case of bankruptcy, the ratio indicates whether the company is capable of paying off the debt amount by selling all of its assets. References: Google, (2010), â€Å"Southwest Airlines† http://www. google. com/finance? q=southwest+airlines Google, (2010), â€Å"AMR Airlines† http://www. google. com/finance? q=NYSE:AMR Google, (2010), â€Å"Continental Ai rlines† http://www. google. com/finance? q=NYSE:CAL&fstype=ii Damodaran, A. , (2005), Finding the Right Financing Mix: The Capital Structure Decision, http://pages.stern. nyu. edu/~adamodar/pdfiles/cfovhds/capstr. pdf Welsh, I. , (1996), A Primer on Capital Structure, The John E. Anderson Graduate School of Management, University of California, Los Angeles Gold, J. , (2006), Reducing a Company's Beta- A Novel Way to Increase Shareholders Value, Journal of Applied Corporate Finance, , Vol. 18, No. 4 (Fall) Harvey, C. , (1995), The Capital Structure and Payout Policy, WWWFinance, http://www. duke. edu/~charvey/Classes/ba350/capstruc/capstruc. htm Revsine, (2004), â€Å"Financial Analysis and Reporting†, New York, Pearson Hall

Ancient Religion vs Modern Religion Essay

There are many differences between an ancient religious viewpoint of the Greeks and Romans and a modern world religion viewpoint. I feel that the most distinguishing difference and the difference that I feel makes the biggest impact is that in a modern world religion society believers say there is one God or that the religions today are monotheistic, whereas in the ancient religions we have studied in class citizens say and believe there are multiple gods or were polytheistic. For example the Greeks believed in twelve gods such as Zeus, Poseidon, Apollo, and Artemis. They all had names other than just God. This difference is obviously very apparent. In the ancient Greek religion there are gods for everything including grain, the moon, and the underworld; of these gods one is more powerful than the others but they have all power. For each element of the world they lived in, there was a god assigned to each. These gods were both male and female, had relationships with each other, and many had equal power. I like the idea that a specific god was worshipped for each separate element and piece of their world, and not just one god was worshipped for everything. I feel it made the society stronger and more balanced. Today in Christianity and other modern religions, it is believed there is one God who rules all. He created everything, hears all things, sees all things, and basically is everywhere. In ancient religion, the gods were both male and female. This showed that both males and females had power and it was believed that both genders were capable of creating, and worth worshipping. Versus Christianity, where the God is simply a male, and there is no woman god. The worship of many gods meant that the citizens of ancient worlds understood that one person or being should not hold all of the power and that power should be equal. It provided a balance to the society. Today in religion all of the power rests on one being. This just seems silly. In ancient religion it was spread among many beings. This difference leads to other differences between ancient religions and modern world religions. One other difference is that today God has to be everywhere and has to be all knowing. In ancient religions the gods lived on Olympus, woods, and other scared places. They were scattered throughout the world to ensure that the world functioned properly. Another difference I feel comes from the difference in being monotheistic and polytheistic is that today God is pure and has a wholesome character that is essentially perfect with good morals. God does not have imperfections like humans do. But in ancient religion the gods had the personalities of humans and were not so perfect. This difference I think attributes that humans don’t know why God behaves the way he does or does the things he does, but when the ancient gods would act like humans, they knew why, they shared the same emotions and personalities. For example Demeter felt the pain of loss when Persephone went to the underworld, this is indeed similar to the sadness a woman gets when she can’t have children or when all of her children have left the nest. One more difference that arises between modern world religions and ancient religions is that today God is abstract and must be all things to all people and is seen as a parent to protect humans. In ancient religions the many gods were seen more as divine beings who just made the earth better but frequently punished the humans and well didn’t really like the mortals. One final difference between modern world religions and ancient religions is that in a modern religion God created nature and can control nature but is never nature. God is never the sun, he is never the rivers. In ancient world religions the gods were nature, and they controlled nature as well. Ancient gods are sometimes seen as a personification of different elements of nature itself. The most important difference among the ancient religions and modern world religions is that ancient religions were mostly polytheistic and modern world religions are monotheistic. This main difference creates many more differences among the religions of different periods and creates a boundary that is clearly drawn between the religions of the ancient world and modern world religions. The gods of ancient worlds reflect the humans’ personalities, thoughts, and the balance of power they strive for in the world, and God represents perfection, good morals, and everything humans wish they could be. This main difference is fundamentally the difference that builds and creates other differences between ancient religions and modern world religions.

Colonization in Annie John Essay

Martha Lee ENG 92W 4/13/10 In Annie John, the lasting effects of Antigua’s colonization are reflected through Kincaid paralleling her own experiences with those of the West Indian colonies where she has lived. In, Columbus in Chains, the issues of Antiguan colonialism and postcolonial culture are apparent in the text, beginning with Annie’s discussion of the history of slavery in Antigua through Ruth. â€Å"l could see how Ruth felt from looking at her face. Her ancestors had been the masters, while ours had been the salves. She had such a lot to be ashamed of, and by being with us e very day she was always eing reminded† (Kincaid 76). Annie believes that Ruth possesses an innate sense of guilt because black people were once enslaved by white and everyone knew. She pities Ruth knowing that she knows less about the West Indies than them. Through the interaction of these two girls, Kincaid provides an individualized perspective upon the dynamics of life in a colonial state. Annie also briefly comments on the irony of colonization, considering that, â€Å"all of us celebrated Queen Victoria’s birthday, but we, the descendants of slaves, knew quite well what had really happened† (Kincaid 76). The Antiguan children still celebrate even when they are aware that the British once enslaved them. Annie continues on the topic of colonization as she contemplates Columbus who returned to Spain imprisoned in chains. â€Å"King Ferdinand and Queen Isabella had sent [Columbus] back to Spain fettered in chains attached to the bottom of the ship. How I loved this picture†to see the usually triumphant Columbus, brought so low, seated at the bottom of a boat Just watching things go by’ (Kincaid 78). Annie enjoys seeing Columbus brought so low because he returned to Spain in the way that slaves were sent to the Americas. The phrase, â€Å"the great man can go nowhere† (Kincaid 78) resonates so strongly in her mind that she â€Å"[writes] it out with her fountain pen† (Kincaid 78). This act proves to be a heinous crime, that after the discovery by her teacher, Miss Edwards, â€Å"her whole face was on fire. Her eyes were bulging out of her head† (Kincaid 81). Miss Edwards is a representation of the English social order and has defined herself according to the rules of this order. Annie’s action against the discoverer of Antigua’s honor is against Miss Edwards’s system of belief so she refers to Annie’s action as blasphemous. (Kincaid 82). Because Columbus’s importance is essential to the colonial system, Annie’s act not only criticizes him, but also subverts the whole dominant colonial order. For this reason, Miss Edwards sees to it that Annie must be punished. Kincaid’s experiences clearly parallel the experiences of Antigua and it s colonization by its British protectorate. They are reflective of her own memories and feelings towards Antigua’s colonization, and through Annie John’s Journey, gives insight into how a once controlled culture seeks its independence.

Ethics of Engineering Essay

Risk can be defined in many different versions basing on the specified use and situational context. It can simply means the future negative circumstances that can be prevented or mitigated, rather than day to day that calls for immediate attention. When it comes to risk management, the word hazard can be used to define a situation that would lead to harm while the word risk would mean a probability of anything occurring. This concept was applied at planning of delta works in the nineteenth century, which is a flood preventing project in western country. The type of risk analysis is now common in sites like chemical industry and nuclear power. Determining engineering risk is somewhere hard especially in industries where there is production of toxic materials. The way forward to measure individual life cost caused by the loss differs basing on the aim or purpose. Most measures entail what individuals are able to give to insure against death (National Academy of Engineering & National Academies Press (US), 2004). Categories of risk -financial risk; is mostly termed as the unplanned variability of returns which covers bad-than-unplanned as well as good-than-desired returns. Basing on statistics risk is always placed to the probability of a number of outcomes that are mostly undesirable (Morse & Babcock, 2009). Often the probability of the event and various assessment of its perceived harm need to be joined into a believable outcome, which joins a group of risk, regret and pay probabilities in a desired value for that same outcome. Risk is therefore assessed as a task of three variables namely – the probability that there might be a negative warning, the presence of vulnerability and finally potential improvement in business. The first two probabilities are joined together and sometimes called likelihood, if any of the named variables above almost results to zero, the whole risk results to zero. Risk can further be defined as a state of lacking complete certainty where a number of possibilities entail a loss or various unexpected outcome. Measurement of risk; a group of possibilities with which each has a quantified probability and quantified losses From the text above it is vital for one to have uncertainty with no risk but not have risk without uncertainty. People can be uncertain concerning who will be the winner in a contest but unless they hold individuals stake in it, they hold no risk (Martin & Schinzinger, 2005). If people bet some finances on the results of the contest, then it is true they have a risk. In this similar occurrences there are different outcome. The value of uncertainty only defines the probabilities kept for outcomes, as the calculation of risk calls for the two outcomes that is probability and quantified (National Academy of Engineering & National Academies Press (US), 2004). Insurance and heath risk – insurance is a type of risk lowering investment whereby the customer gives some agreed amount to be safer incase a negative issue arises. In this way, the customer will be so sure a loss has not occurred. Buying a lottery ticket is a high-risk investment with a possibility of minimal reward but with a high chance of getting a loss (Moriarty, 2008). Banking some funds at a specific rate of interest is also taking a risk although the return is less but guaranteed. Some risks like in individual’s health could be minimized through primary prevention habits that lowers early occurrence of diseases or by secondary avoidance habits once an individual has been exposed to early symptoms and signs that could be a risk factor. Tertiary avoidance lowers the negative outcome of a disease that is already established by minimizing illness- associated complication and restoring the functions. Every medical professional needs clear discussions about risk factors with an individual client to acquire informed consent concerning tertiary and secondary avoidance efforts however the entire medical health efforts in primary avoidance needs education of the public group at risk (Martin & Schinzinger, 2005). In each circumstance, excellent communication concerning any risk factors, predicted results and certainty should differentiate between causal circumstances that need to be reduced and associated circumstances which might be consequences rather than causes (Baura, 2006). Safety It can be defined as a situation of being secure, out of danger injury or risk or in other terms, it means events that call to lower or do away with hazardous situations that can lead to injury of the body. Categories of safety †¢ Occupational safety – it is mainly based with risks in locations where individuals work that is in building and construction, business industries and organizations. †¢ public safety – it deals with hazards in premises, journeys, touring and recreation, and in other various circumstances which is not within the category of occupational safety †¢ Marketing safety – this entails security in purchasing of goods and even in producing. One must be sure the services offered will not lead to a negative outcome (Baura, 2006). On the other hand, the producers themselves should not risk in making a loss for this can cause the closure of a business. †¢ Insurance risk – this avoids a great loss in business or in individuals investment incase an accident or an injury arises, that means the owner is secured. In case of an accident, it is always advisable to analyze the employees’ status of safety measures, which could be affected by outward working environment, attitudes directed to security and accident avoidance work and also leaders’ commitment in security promotion. Such kind of factors could be linked to work stress and risk behavior (Moriarty, 2008). The perceived risk behavior affects negative outcomes like accidents and near misses, while the possibility that discourages improvement in transforming a person’s risk perception towards embracing safety is still not yet clear (Martin & Schinzinger, 2005). Competent verses incompetent A competent engineer is one whose work is recommendable and excellent; he evaluates, assesses and organizes the employees to work with an aim of meeting the company’s goals and objectives. He works under minimal supervision from the seniors, seeks for advice in times of difficulty and consults other professionals to add skills and knowledge (Harris et al 2008). Unlike incompetent engineer who might have no knowledge of his work and his end results after working are disgusting. Maintaining a competent engineer could be challenging unlike the incompetent one. A good engineer has most of the qualification required in his area of assignment; works well to produce excellent results while a good person is generally pleasing and manifests good characters but may be lacking qualifications in his work (National Academy of Engineering & National Academies Press (US), 2004). A person may be competent but lacks good morals this can be evidenced by most of the employers who employ workers on condition to get ‘something’ in return. This is mostly happening in the modern world where most competent individuals have no integrity or character. In conclusion, it is better to risk taking an action despite of the unknown results rather than being safe in a condition whose guaranteed results are negative for example banking money to gain small interest instead of keeping it with you. Reference Baura, G. (2006). Engineering ethics: an industrial perspective. New York: Academic Press. Harris, C. , Pritchard, M. & Rabins, M. (2008). Engineering Ethics: Concepts and Cases, 4th Ed. New York: Cengage Learning. Martin, M. & Schinzinger, R. (2005). Ethics in engineering, 4th Ed. New York: McGraw-Hill Publishers. Moriarty, G. (2008). The engineering project: its nature, ethics, and promise. New York: Penn State Press. Morse, L. & Babcock, D. (2009). Managing Engineering and Technology: An Introduction to Management for Engineers, 5th Ed. New York: Prentice Hall Publishers. National Academy of Engineering & National Academies Press (US). (2004). Emerging technologies and ethical issues in engineering: papers from a workshop, October 14-15, 2003. New York: National Academies Press.

How Ford Motor Company Utilises The Marketing Mix To Influence Essay

How Ford Motor Company Utilises The Marketing Mix To Influence Consumer Buying Behaviour - Essay Example Ford maintains one of the most recognised brands in the world, creating brand recognition with historical emphases on quality and innovation. Currently, Ford is positioned under quality, with marketing emphasis on product in the marketing mix, utilising integrated marketing communications to give consumers the perception of product excellence, superiority and performance. Fortunately, global consumers’ having a high level of awareness of the brand makes it more simplistic for Ford to work on higher order aspects of marketing to build loyalty to the brand without having to concentrate on building brand recognition. â€Å"Ford is producing cars that critics and consumers are raving about† (Ritson 2010, p.2). However, how is the company able to establish positive perceptions about the brand and satisfy consumers so effectively to create such frenzy? This paper seeks to provide an explanation for how Ford builds brand loyalty toward the Ford brand. Various models of consume r behaviour serve to provide the necessary answer to this question. 2. Hierarchy of effects A considerable volume of consumer shopping behaviours are controlled in the subconscious and are not driven by cognitive awareness. In most consumption scenarios, â€Å"consumers are unaware that they are driven by motives† (Blackwell, Miniard and Engel 2006, p.216). This can complicate the process of building brand connection with consumer segments as consumers cannot always provide rational statements as to why they prefer one product over another. Because of this unconscious processing of consumer segments, it becomes increasingly important for marketers to understand the factors that assist in creating attitudes about a brand and what influences consumers about what brands to purchase. With a large amount of consumption behaviours being driven by instinctive or involuntary judgments, marketers must understand the factors associated with memory and cognition to create relevant and accepted promotional campaigns that build a more positive brand reputa tion. Figure 1: Hierarchy of Effects Model Source: Pauley Creative (2013). Hierarchy of Effects Model. http://www.pauleycreative.co.uk/2010/10/social-product-marketing-for-product-manufacturers-in-the-construction-industry/ The Hierarchy of Effects model indicates that consumers first build awareness and knowledge of the brand. The model illustrates that consumers go through a structured process that dictates how the consumer ultimately responds to marketing communications and brand, which is based on what they feel, think and perform (Pomoni 2010). The model illustrates that knowledge leads to linking and brand preference, ultimately allowing marketers to reward consumers for having conviction (preference) for the brand

Commercial Transactions and International Law Essay

Commercial Transactions and International Law - Essay Example UCITA applies to computer information and further defines computer information as "information in electronic form that is obtained from or through the use of a computer" (Grier, Keane, & Gilbert, 2001). When both hard goods and computer information is involved in the transaction, the Acts may overlap. According to Grier et al. (21001), "Many commentators suggest that only after years of litigation will we be able to say definitively which law governs which type of transaction". A license is a permission to use. In the context of computer information, the user is granted permission to use the software or the process of a computer program for a set period of time. They have no ownership of the property and as such they may not be able to review it, divulge it, or modify it. The term of the license is set at a predetermined length of time. If the product is sold, it becomes the property of the purchaser. In most cases, this gives the owner the right to act in several ways that are prohibited by a license. The owner may modify, sell, or discard the product. The definition of computer information is so vastly different from a "hard good", that it does not fit well into article 2. It required a redefinition and a new set of rules to regulate it.

The Fight for and Evolution of Same Sex Marriage in America Essay

The Fight for and Evolution of Same Sex Marriage in America - Essay Example The validity of the volume is incontestable because of its thorough application of qualitative methodologies, specifically in-depth interviews and observations. The volume also considers other important legal issues such as inheritance rights and health privileges. All over the discussion, arguments from all parties of the debate come out, thus creating a balanced discourse. (2) Alderson, K. & Lahey, K. (2004) Same-Sex Marriage: The Personal and the Political. New York: Insomniac Press. This volume summarizes the historic court decisions in Canada to recognize the marriage of homosexuals; the statutes in Belgium and Netherlands which have granted the permission to homosexual couples to marry; and the legal issues of same-sex marriage in the courts of California, Massachusetts, Hawaii, and other states (Alderson & Lahey, 2004). The volume is relevant to the thesis because of its elaboration discussion on the evolution of same-sex marriage typified by heightened personal happiness on t he one hand and by landmark legal interpretation and traditional social movement on the other. Although the volume is largely exploratory and descriptive, the authors’ thorough analysis of earlier literature and current empirical findings on the legal status of same-sex marriage builds it credibility. (3) Attorney, F.H. & Attorney, E.D. (2011) Making it Legal: A Guide to Same-Sex Marriage, Domestic Partnership & Civil Unions. Berkeley, CA: NOLO. The volume sums up the past, current, and potential status of same-sex marriage statutes in the United States. The volume is relevant to the thesis because the authors present a thorough evaluation of the factors that affect the choice to marry, explains the complicated and constantly changing directives of statutes on same-sex relationship, and offers realistic recommendations on the institution of marriage (Attorney & Attorney, 2011). The trustworthiness of the volume is unquestionable since the authors have personal experience with and professional knowledge of the past, present, and future legal status of same-sex marriage. Aside from their own perspectives, the authors involved other legal scholars and practitioners to contribute to the same-sex marriage discourse. (4) Barclay, S. & Fisher, S. (2003) â€Å"The States and the Differing Impetus for Divergent Paths on Same-Sex Marriage, 1990-2001,† Policy Studies Journal, 31(3), 331+ This article is related to the thesis because it puts emphasis on the motivations for the implementation of state legislations that prohibit the recognition of same-sex marriages. The article is adequate in terms of validity and reliability due to its use of a ‘regression model of pooled time series data from the 50 states in the period 1990 to 2001’ (Barclay & Fisher, 2003, 331). The authors take into account the validity of current social, demographic, and political movement variables (p. 331) that have been connected in the past to the passing of statutes re garding sexual perception of the local and central government. (5) Cahill, S. (2004) Same Sex Marriage in the United States: Focus on the Facts. Oxford, UK: The Rowman & Littlefield Publishing Group, Inc. The book systematically compares between civil marriage, domestic partnership, and civil union prior to discussing the empirical findings concerning both the anti- and pro-same-sex marriage campaigns (Cahill, 2004). The author also discloses findings