Many Masters of Slavery essays

Numerous Masters of Slavery papers In 1865, the death of Amendment XIII by congress nullified subjugation in the United States. Toni Morrisons tale, Beloved, covers a range of time not long previously, and soon after the abolishment of servitude. Perusing the novel we discover that regardless of being truly free, total opportunity for previous slaves and their families can not be acknowledged until they are not, at this point detained by their pasts. In light of the genuine occasions of Margaret Garner, Beloved is revolved around the got away from slave Sethe, who following a month of taken opportunity is found to her liberated mother-parents in law home in Cincinnati to be reclaimed to Sweet Home by the teacher. Upon revelation, she endeavors to slaughter every one of her kids to spare them from an existence of servitude. She is just effective at murdering her one year old infant young lady, which ruins her as a slave according to the teacher, and he permits the specialists to bring her to jail. Afterward, the soul of the killed youngster frequents the house at 124, and returns as Beloved, a young ladies the period of what Sethes killed little girl would have been. Remembered for the novel are records of other ex-slaves, or relatives of ex-slaves, and their battles to liberate themselves from their pasts. One of the significant subjects Toni Morrison is transferring in this novel is that in spite of the fact that the ex-slaves in the book were liberated by various strategies, none of them really experienced opportunity. A portion of the characters were liberated by getting away, others had their opportunity paid for, while others were brought into the world free and still feel the detainment of servitude an age later. Sethe picked up her opportunity by getting away from Sweet Home. Despite this, her past is a consistent token of her cost for that opportunity. In a discussion with Paul D., she reveals to him No all the more running-from nothing. I will never run from something else on this planet. I took one excursion and I paid for the ticket, however let me reveal to you something, Paul D Garner: it cos... <!

Racial Ideology of Americas Essay

In the period from 1500 to 1830, racial generalizations were noticeable in the locales of Latin America/Caribbean and North America and they tremendously affected society, particularly social orders with different ethnicities. The racial belief systems of these areas can be seen through the treatment of local people groups and the treatment of slaves. In any case, in light of the solid impact of varying European nations,and their contrasting measures, differentiating cultural impacts can be seen. At the point when the Europeans found and settled the â€Å"New World† and Latin America their philosophy of European predominance and prevalence directly affected the locals of these areas. In North America, the Native Americans were frequently mistreated or compelled to live on a bound real estate parcel. The Europeans would frequently devise bargains with the Native Americans on where there regional limits were and where the pilgrims were not permitted to meddle. The European governments didn't authorize this, so in the end these bargains were broken. This shows the Europeans didn't respect the locals cases to the land as genuine and that they didn't reserve any options to the land. In Latin America and the Caribbean, the locals were oppressed and constrained into subjugation and work. The predominant European racial belief system additionally powered the slave exchange both North America and Latin America. The slave exchange rotated around slave dispatches that would ship masses of Africans to the provinces to expand creations. The slave exchange developed in the periods from 1500 to 1830 on the grounds that slaves got less expensive to purchase at that point recruiting contracted hirelings who might work just a specific measure of years and afterward be free when their obligation was taken care of where as a slave is saved forever, except if they are sold. The slaves were purchased, sold, and treated like property, not people. The pilgrims, were the individuals who headed out from Europe to the Americas or those conceived in America who had originated from European drop executed the complete colonization of North America and Latin America and the Caribbean. The settlements in North America were dominatingly British and wanted to become like their homeland. This unified the settlers thus they didn't victimize each other like they oppressed the Native Americans and African slaves. This differences the overwhelmingly Spanish commanded provinces since they had no feeling of solidarity. The Spanish racial belief system provoked people with significant influence, the regal sangres azules, and the ordinary people, converted into segregation inside the settler populaces. The pioneers conceived in Spain were viewed as better than the individuals who conceived in Americas, regardless of whether you came two completely Spanish guardians. The individuals who were of â€Å"mixed blood† , who were offspring of local and Spanish guardians were even lower.

The Ultimate Guide to Haptics

The Ultimate Guide to Haptics © Shutterstock.com | Dima SidelnikovIn this article, you will learn about 1) an introduction to haptics, 2) haptics in video games, 3) mobile devices and haptics, 4) haptics in medicine, 5) haptics in automotive, and 6) wearable haptics.INTRODUCTION TO HAPTICSHaptics has an ancient history. The word haptics is derived from the Greek word haptikos which means to grasp or perceive. Today’s word refers to the science of touch. Haptics is integrated into recent technology in a variety of ways. It started with the integration of motors that created vibrations. Now, haptics has been transformed from a gadget you carry in a case to technology you can wear on your wrist.You could encounter haptic technology almost anywhere today. If you have a mobile phone with a vibrate function, you will use haptic technology every day. If you play video games, drive a new car or have an interest in all things Apple, you will encounter haptics. If you go to the doctor or the dentist for a surgical proce dure, there is a good chance that your surgeon practiced with technology involving haptics.Haptics enhances everyday experiences by creating a sense of enhanced realism. In video games, users feel the rumble strips when they cross over a white line. When driving a real car, the steering wheel or touch pad can improve usability and safety of a vehicle. If you are using a mobile phone, haptics provides you with tactile confirmation that you have completed a task, leaving you feeling more confident about using your device.Haptic technology is growing quickly. Soon, you will be able to feel the power and realism of haptics almost anywhere.HAPTICS IN VIDEO GAMESThe earliest haptics in videos games consisted of carefully controlled vibrations that were sent through a handheld controller. As new systems launched, the competition became fierce. Soon Nintendo, Sony and Microsoft all had their own version of haptic technology in their consoles. Since the 1990s, haptics have gone much further than the controller and have transformed gaming into a completely interactive experience.The Earliest Haptics in Video GamesThe N64 rumble packs were a part of any Nintendo lover’s arsenal. These rumble packs were the precursor to the integrated and advanced haptics that gamers experience today.Rumble packs included an actuator, a type of motor, to convert energy into responsive vibrations. These vibrations were managed by the software in the N64 system and in the game. The software controlled when and how much the controller would vibrate.Integrating Haptics into the Gaming ExperienceGame designers and programmers needed to integrate haptics into the fabric of their software to make the most of the technology. Turn 10’s Forza series took on that challenge and completed it with perfect precision.Forza 5 changed driving simulation games by offering a fuller simulation for the controller. When gamers are racing through the streets of Prague, they can feel every cobblestone. The ga me was one of the flagship games launched with Microsoft’s Xbox One. Microsoft felt it was the best game on the market to show off the 40 redesigned features of the new controller.Beyond the Controller: Haptics for GamersSteering wheels have evolved dramatically over the last ten years. Many years ago fans were excited about the possibility of a Wii steering wheel. Now Logitech has released a series of steering wheels dedicated to those who love driving simulation games.The Logitech G27 Racing controller provides an entirely new racing experience. When users grip the steering wheel, their reality is enhanced as they feel every bump on the road. The steering wheel also provides an exceptional level of responsiveness to the game which prevents dreaded lag time.The feedback is also quieter than the previous G25 model. Users get the same forceful feedback without the heavy reliance on vibration.Gaming chairs have also become a must-have tool for serious console and PC gamers. The chai rs have several capabilities. Their ergonomic design helps intense gamers sit still in a chair for longer by making it both supportive and comfortable. Some chairs also offer the added benefit of haptic technology. D-BOX, Xrocker and Disney Research have all produced a chair designed to bring theater goers and gamers right into the action.Surround Haptics: Virtual Reality, Disney and the “Immersive Tactile Experience”Disney Research has spent the last few years working on what they call Surround Haptics. Surround Haptics offers users more than just vibrations. All of the sensations that the group is trying to create are cued by visual and auditory features that will draw the player into the game. It takes a lot of gear for Disney’s “immersive tactile experience”. Some of the tech the group is working on include gaming chairs, vests, theater seats, gloves, clothes, shoes, controllers and other hand-held devices. One of the sensations that Disney Research is trying to recrea te is the feeling of a finger running down your skin.MOBILE DEVICES AND HAPTICSMobile device manufacturers were some of the first to widely adopt haptic technology on a large scale. The vibrate function on mobile phones quickly became a standard feature. However, haptics in mobile devices has moved way beyond “putting your phone on silent”. As mobile phones have evolved, haptics has come along for the ride to improve the mobile experience in communication and gaming.NotificationsThe first mobile phone haptics included basic vibrations that allowed users to get notifications without having to turn on the ringer.These vibrations are now fully customizable so users know what the notification is without looking at their device. Users can now set what vibration is used for a specific application.Virtual KeyboardsAs mobile devices began to move away from physical keyboards, manufacturers met some resistance from users. Many cited the addictive usability of Blackberry’s QWERTY keyboa rd as a reason to avoid new virtual keyboards.Haptics became the saving grace of touch screen keyboards because they let users know that a key has been touched. The tactile feedback provides a similar recognition to the feedback provided by a physical keyboard.Apple plans to take haptics even further with its next generation of iPhone, due for release in Autumn 2015. Apple calls its new technology “Force Touch”. Apple plans to integrate tactile feedback straight into the screen of the iPhone 6S. The feature is already available on the Apple Watch and within the trackpads of the newest MacBooks.Some of the possibilities of Force Touch for iOS include reducing the number of actions required to complete tasks. With Force Touch, users may be able to change the background image without having to press several buttons and go through several menus.MessagingNew messaging systems no longer display haptic technology solely in the keyboard and personalized alerts. A new system called immer sive messaging brings a new way to communicate through mobile messaging.Immersive messaging allows users to share their thoughts and ideas through the physical senses instead of plain text. They do this through what is called hapticons. Hapticons are animated graphic symbols that users can insert into their messages.The technology includes TouchSense as well as gestural technology. This opens up a whole new means of mobile communication because you can literally feel another person’s presence from your phone.Mobile gamingHaptics is essential for mobile gaming because it makes it easier to realize what actions you have taken. The extension of tactile feedback from consoles into mobile gaming is a natural one that has transformed mobile gaming into a huge platform.Haptics provide a more immersive experience, which is particularly necessary on small screens.HAPTICS IN MEDICINEMedicine has always been about creating a personal connection between a doctor and their patient. The sense o f touch is incredibly important in medicine. But since technology has created new medical devices that allow doctors to complete procedures with minimal disruption to the patient, that personal connection has become distanced from the practice. When medical devices are integrated with haptic technology, the devices provide a new level of intuitive performance for medical practitioners. The result is a multi-disciplinary approach to developing medical devices.Periodontal TrainingHaptics has a place in the dentist’s office and in the doctor’s office. Dental training simulators become more effective and realistic when they are integrated with haptics. Many researchers believe that the use of haptic technology in student practice can help to eliminate professional errors.The PerioSim, a periodontal simulator, can help dentists diagnose and treat diseases. The hardware necessary for this activity is minimal and includes a monitor, speakers, haptic interface device, glasses, helmets ( for 2D and 3D video) and gloves to allow dentists to feel the sensations.This kind of training teaches students good psychomotor skills and the correct use of dental instruments without having to practice on live patients.The standardized system of evaluation allowed by these methods is also of benefit. Students can receive unlimited, objective and immediate access to feedback of their training.It also leaves students and practitioners free to experiment with and pioneer new techniques without any real consequences.Robotics and SurgeryHaptics have become a valuable and versatile tool in laparoscopic surgeries. Laparoscopies are traditionally diagnostic tools used in a surgical setting. Its invention changed medicine because it allowed surgeons to get clear internal pictures with only a small incision.Most research suggests that the best way for a surgeon to diagnose a patient is to be able to use their own hands. Some say that surgical tools are the second best option. Laparoscopes were considered to be the third best option until they were integrated with haptic feedback.Haptic technology helps doctors recognize foreign bodies and detect arterial pulsation. The artificial feedback allows doctors to get a similar sensation with this tool that they would also get from their hands and other tools while still minimizing the discomfort of the patient.Interactive SimulationInteractive simulation has proven to be one of the best training tools for the newest generations of doctors, surgeons and nurses. The interactive scenarios include a virtual reality medical simulation that puts both students and established practitioners through their paces.Haptics helps to bring a new kind of realism to virtual reality. The human body provides essential tactile feedback during surgery. For this to be lost in a simulation would mean that the sense of reality would be very skewed. By incorporating tactile realism into the education of doctors, these tools can be used to train doc tors to work efficiently and without error.HAPTICS IN AUTOMOTIVEHaptic technology can be integrated into many of the essential features of our daily lives. Using haptics in the design of todays cars proves that haptics is one of the most versatile technologies available today. From safety features to entertainment, haptics can help ensure that the driving experience is made simple.Safety FeaturesSensors integrated with haptics can give drivers the warnings they need to avoid mistakes and accidents. Auto manufacturers are including vibration alerts that warn drivers when impact with another vehicle is likely.Many cars currently use a series of beeps and noises that are designed to warn drivers. However, some argue that these noises are actually confusing and distracting.If manufacturers integrated haptics into both steering wheels and seats, they could quickly and quietly warn drivers of danger. The use of haptics could make these sensors more intelligent and by extension, safer.Huma n-Machine InterfaceLexus has always been a pioneer in luxury cars. The company focuses on the relationship between humans and machines. This relationship epitomizes the modern automotive industry.Lexus has integrated a system into its high-end vehicles that is remarkably similar to the interface of a normal desktop PC. The company has created a device that resembles a computer mouse to help drivers control the cars climate, audio system and navigation.In the newest generation of Lexus vehicles, the company has installed a remote touch interface. Now, drivers can control their systems with a touch-sensitive pad that emulates a laptop touchpad or a tablet. The design is put in the center console, close to where the average driver would rest their arm.The design now allows drivers to control their vehicles with only their fingertips. This is a huge evolution from the whole-arm movements required of past systems.Console and Dashboard FeedbackAston Martin has integrated haptics into its newest console interface. The luxury auto manufacturer created a futuristic yet beautiful center console in its newest Vanquish model.The new model includes two touch-sensitive pads and two rotating knobs. The new design is intuitive and provides the feedback drivers need to keep their eyes on the road.WEARABLE HAPTICSWearable haptics goes far beyond the Apple Watch. Haptics has recently hit the fashion scene by integrating technology into clothes that people actually want to wear. Many designers want to create gadgets and fashion that allow people to take their eyes off their phone and instead take in the world around them.Apple WatchThe Apple Watch is undoubtedly the hero product of 2015 and beyond. It has integrated haptics in a way that dismisses the problems that other technologies have yet to master. Apple calls its technology the taptic engine. It is designed to engage your senses when you are receiving information or sending communications.The Apple Watch allows the wearer t o hear and feel communication. Users have the ability to send another person a tap. When they tap their watch, the receiver will feel a similar sensation on the other end.Alert ShirtThe Alert Shirt by Wearable Experiments combines a sports fans two favorite things: their jersey and their teams scores. The Alert Shirt allows fans to live the game. They feel the same experiences that the players have through their haptic shirt. The shirt combines three primary elements with sports data that is collected in real time through a smartphone application. The application transmits the stats to the jersey which then creates real sensations based on whether the team is winning, losing or on the edge.CuteCircuitCuteCircuit has made years of fashion fantasy possible. CuteCircuit makes apparel and software that go hand in hand to help you create an ever-changing look. The garments they create will change patterns or colors when you send them a signal with the corresponding app. Clothing designs can be rented or purchased. The clothes and the app connect through Bluetooth. It is currently available for iOS.Kovert DesignsKovert Designs offers customers a collection of jewelry that is made from traditional materials like silver or gold. These pieces are integrated with haptic technology. Each of these rings, necklaces and bracelets contains hidden technology that connects wirelessly to your mobile phone.You can set them up to vibrate when you get a notification. The notifications are completely customizable. You can set them up to notify you when you receive messages from certain applications or even certain contacts. You can even set it up to only notify you if a certain keyword is detected in a message. The jewelry is entirely waterproof. You can also wear it for a week with only a single charge.CONCLUSIONHaptics has transformed from a fringe benefit of video games and mobile devices to a technology that is taking over the way people live their lives. Recent developments in products like the Apple Watch have demonstrated just how versatile and amazing technology can be when it includes tactile feedback. Manufacturers from all industries have become involved with developing haptic technology to take their products further. From automotive features to medical advancements, haptic technology ensures that the future includes plenty of sensory experiences for everyone.

Short term and long term debt financing - Free Essay Example

Sample details Pages: 5 Words: 1367 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The aim of this paper is to propose two sources of short term and long term debt for Ditchling Ltd. The paper will seek to identify the reasons of finance in the company and suggest the most appropriate sources based on those reasons. 2.0 BUSINESS BACKGROUND Ditchling Ltd is a Residential Care Service which is registered and regulated by the Care Quality Commission. It delivers professional high quality support services to adults with learning disabilities and associated challenging behaviour in West Sussex. Ditchling Ltd is a specialist organisation supporting people with many types of disability, including: Autistic Spectrum Disorders and Aspergers Syndrome, Disabilities associated with Epilepsy, Specific syndromes such as Downs, Angelmans and Cri du Chat, Mental health diagnoses such as Schizo-affective Disorder, Bi-Polar Mood Disorder, Obsessive Compulsive Disorder, Depression and Adults who exhibit challenging behaviour due to communication difficulties and learning history. The primary objective of Ditchling Ltd is to enhance and promote service users independence and life skills through; offering access to on-site day service which includes horticulture and animal husbandly and accessing local colleges, health and medical fac ilities, social clubs and other community amenities. Provision of care and the above support services should be done without compromising the financial sustainability of the business. Subject to regulation 13 of the Care Quality Commission the service provider must take all reasonable steps to provide the service in such a manner as to ensure the financial viability of the carrying on the business  [1]  . In pursuant to its objectives, Ditchling Ltd is currently being faced with three major issues that need attention in terms of financing Payment of wages on time Marketing the companys on-site day service Constructing an annex/extension to the main house to serve as an administrative hub Don’t waste time! Our writers will create an original "Short term and long term debt financing" essay for you Create order 3.0 DEBT FINANCING According to Ward, S (2007) Debt financing is money that a company borrows to run its business. Debt financing can be divided into two categories; long term debt financing and short term debt financing. 3.1 SHORT TERM DEBT FINANCING Short Term Debt Financing usually applies to money needed for the day-to-day operations of the business, such as purchasing inventory, supplies, or paying the wages of employees. Short term financing is referred to as an operating loan or short term loan because scheduled repayment takes place in less than one year. Short term financing includes; working capital loans, overdrafts, commercial papers, leasing and trade credit. 3.1.1 Overdraft Overdraft financing occurs when businesses make payments from their business current account exceeding the available cash balance. When a business makes a prior agreement with the bank for an overdraft facility, and the amount overdrawn is within this authorised overdraft, then interest is normally charged at the agreed rate. If the balance exceeds the agreed terms, then fees may be charged and higher interest rate might apply. Ditchling needs to take advantage of this facility so as to address its cash-flow difficulties and also to ensure there are funds available to pay its wages to employees. Wages are normally paid after 4 weeks. However, the remittances to Ditchling from the clients financiers are done at the end of the calendar month. This means that sometimes the company is forced to delay wages if there is insufficient funds in the account. There have also been cases of bounced pay cheques. This has made the staff members lose confidence with the management with some con templating seeking legal redress An overdraft facility will allow Ditchling to pay wages by drawing pay cheques that exceed the available balance. This gives the bank account a negative balance but within the agreed limit. This will also reduce hefty charges incurred from un arranged overdrawing of the account and fines from unpaid items due to lack of sufficient funds. Once the client funding authorities or financiers pay at the end of the month, the account will swing back to credit and no further charges will be incurred for utilising the overdraft. 3.1.2 Working Capital Loan Another short term debt that the company should utilise is s working capital loan. This is a short term loan from the bank to boost the working capital of the company. The working capital is the net assets a company has after deducting current liabilities from the current assets. The current assets in Ditchling Ltds case are short term sources of finance such as debtors, cash and cash equivalents. Cash equivalents are short term and highly liquid investments which are easily and immediately convertible into cash. A working capital loan will boost the current assets by increasing the amount of cash at hand and in bank to pay off for the marketing expenses and advertising costs that are related to the day service. This includes production of fliers and adverts in the print and electronic media. Repayment should be within one year. Monitoring is done by both the company and the bank through a loan repayment schedule and maintenance of proper accounts 3.2 LONG TERM DEBT FINANCING Long Term Debt Financing usually applies to assets the business is purchasing, such as equipment, buildings, land, or machinery. With long term debt financing, the scheduled repayment of the loan and the estimated useful life of the assets extends over more than one year. Sources of long term financing include; Bank Loan, Loan notes or Debentures, Deep discount bonds, Zero coupon bonds and Convertible loan notes. 3.2.1 Bank Loan The directors should approach a financial institutions preferably a bank and apply for a business loan to finance the construction of building to be used as the administration centre. These loans are term based, which may vary from three to ten years. The amount, the tenure and interest rates may vary depending upon Ditchling Ltds risk profile. Term loans are either asset-backed or cash-flow backed. In the case of asset-backed term loans, lender institutions seek assets of the company as collaterals while issuing loans. In the case of cash-flow backed loans, banks carefully scrutinize the balance sheets of a company to study its cash-flow capability. Fraser MacKay of Barclays Business Banking service says loans are very flexible tools. They can be utilised for a wide range of projects, be it expansion, product development, purchase of assets and even for working capital if you are moving to new premises. Stephen Pegge, of LloydsTSB Business concurs that one of the attractions of a business loan is that, as opposed to say, attracting equity investment, you are not selling a part of your business to grow. You retain 100 per cent and dont have to worry about outside partners or dividends. The total cost of the annex/extension has been calculated to  £50,000. The company has mainly been using its own funds as opposed to borrowing hence it has low gearing. The principal and interest payments on a business loan are classified as business expenses, and thus can be deducted from business income taxes which will be beneficial to the business. Ditchling can offer to pay the loan over a period of time say over 5 years and could also give collateral to the bank form one of its assets. The security offered should adequately cover the proposed exposure. Its marketability should also be good and not easily affected by any foreseeable factors 3.2.2 Mortgage Debenture Another long term debt at the directors disposal is issuing of a debenture. A debenture is a medium- to long-term debt instrument used by companies to borrow money. According to Riley, J (2009) debentures issued in UK have to be secured. A secured debenture is one that is specifically tied to the financing of a particular asset such as a building. Then, just like a mortgage for a private house, the debenture holder has a legal interest in that asset and the company cannot dispose of it unless the debenture holder agrees. In this case, because the debenture is for a building it is a mortgage debenture. The directors could issue 10% debentures 2013/2015  £50,000. This means, the debentures will be redeemable between 2013 and 2015 at the fixed interest rate of 10% In conclusion, Ditchling Ltd continuing to operate with no debt or leverage may be missing an opportunity to increase earnings by financing operations and projects that will give a better return than the cost of the debt. A little debt can be good for the companys earnings.

Fear Is A Function That Should Protect Our Lives - 999 Words

Fear is a function that should protect our lives in the early history of mankind. However, in our civilized society, we can not just run away or beat somebody when we are scared. When we block this unconscious reflex it leads to tensions that can even affect our health. This results in strange activities and a need to control the anxiety-causing condition. The Stone Age pattern can lead to strange actions or may lead to violence.. For example, if a man beats his wife, he is afraid to be the weake one and loser of a conflict. With violence against children, it is similarly. The parent is afraid to lose control of the child. Not very nice ,but often happen. Reasons for anxiety Civilization has given us a lot of anxiety ,not all of this leads to violence, but have an impact as harmful stress. We fear for our jobs, our future, the questions of our children, of the boss, or what our partners or neighbors think of us. The list is endless. People react differently to fear, depending on culture, education and character. Dealing with the fear Often we do not admit that we are afraid. Fighting, running away and hide is not possible approbiate anymore It is important to recognize exactly what triggers the fear, to deal with it. Do not allow fear,but you may use the distributed adrenaline for positive reactions. Make fear your partner .If we pay attention to our feelings we can use fear to know what not to do. It can even be like a guide. If fear comes in our intuition tellsShow MoreRelatedThe Foundation Of Morals And Ethics992 Words   |  4 Pageshuman behavior stemming from our intrinsic disposition as social creatures. Morals are defined as â€Å"social elements that tend to have greater social value in accordance with standards of right and wrong† and ethics as the â€Å"study of problems which seeks to discover how one ought to act† (PhilosophyLander Edu). 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Julius Caesar Cause and Effect Essay Free Essays

Kaya Lawrance Mrs. Ham Honors English 2 March 7th, 2012 Julius Caesar Cause and Effect Essay: A Leader’s Fateful Decision: Decisions. Decisions are what make the world go round. We will write a custom essay sample on Julius Caesar Cause and Effect Essay or any similar topic only for you Order Now Without them, time would be frozen, never moving forward. They are the choices people make that determine our future. Some decisions are hard, some are easy. But, no matter what decisions are made, they will always end with the same result: an effect. So, it’s important that people go through the decision making process to eventually come to a final choice. Everyone has to make many decisions every day that affect our lives. Julius Caesar also had to make many decisions that had substantial results. But, only one of his decisions stood out from all the others. Only one decision would determine his rue fate. This essay will talk about the causes and effects of Julius Caesar’s significant decision to be present at the Senate meeting or not. This determines his tragic fate in a matter of life or death. Caesar had to make the fateful decision of going to the Senate meeting or not. Although almost every sign warns him against going to the meeting, he makes the stubborn decision to go anyways, which eventually leads to his violent, timeless death. This decision has many powerful effects on the people, the conspirators, and Rome. But, it also has many causes or events that led up to it. So, some questions come up: Do the events that led up to Caesar’s decision overweigh the effects of his choice? Or vice versa? The main question is: which choice is the better choice? Causes: There are many causes of Caesar’s final decision. Many of these causes, though, may be better identified as warnings or signs against his attendance at the Senate meeting. At the beginning of the book, Caesar appears at a race in which he is confronted by a Soothsayer telling him, â€Å"Beware of the Ides of March. (1. 2. 21) He thinks nothing of it and tells the Soothsayer to move on. Caesar remains blind of this warning while Brutus, Cassius, and the other conspirators plot his hematic murder. Dramatic Irony is when the readers know what something that the character does not know. Dramatic Irony applies to this because readers know that the conspirators are plotting to kill Caesar while he is not aware that they are. Another â€Å"warning sign† that he should not go to the Senate meeting occurs on March 15 (Ides of March) right before the meeting. Calphurnia describes how she has had strange and frightful dreams of Caesar’s stature pouring our blood while happy citizens of Rome bathe their hands in it. Calphurnia sees this as an omen, and since she does not usually believe in omens, she is frightened by them now and believes this one to be a true omen. A servant also warns Caesar, â€Å"They would not have you to stir forth today. Plucking the entrails of an offering forth, they could not find a heart within the beast. â€Å"(2. 2. 40-42) This is another warning sign for the reason of finding a fault or difference in a sacrificed animal meant bad luck in his time. Although he ignores the Servant’s news out of his own confident arrogance, he decides to stay because of his wife’s unsettling whim. But after Decius appears with plans to escort Caesar to the Senate House, Decius convinces him to go with quick and sly words. â€Å"This dream is all amiss interpreted; It was all a vision fair and fortunate. Your stature spouting blood in many pipes, in which so many smiling Romans bathed, signifies that from you great Rome shall suck reviving blood, and that great men shall press for tinctures, stains, relics, and cognizance. This by Calphurnia’s dream is signified,†(2. 2. 87-94) Decius lies through his teeth to change Caesar’s mind. He describes how the people will think he is a coward for not going, and how he would receive the crown if he went. The arrogant Caesar changed his mind in a heartbeat, blinded by his fear of looking foolish. Effects: The effects of Caesar’s decision to go to the Senate meeting were great, affecting all of Rome in many ways over a long period of time. Of course the main effect of this is his own death. If he would have only listened to the soothsayers warning, taken Calphurnia’s warnings into consideration, listened to the servants message, and had just allowed fear to overpower his over confidence – he would have stayed home and lived. He could then see how blind he had been all along. He would be able to see his true self without the mask of arrogance and complete foolishness. But, fate is inescapable. Even if he had not decided to go to the Senate, he would have met his final resting place – somehow. So, do the events that led up to Caesar’s decision overweigh the effects of his choice? Yes, the causes or events that led up to his death are very good reasons why Caesar should not have gone to the Senate meeting. There were many warnings against him going and Calphurnia’s dream almost made it so clear that he shouldn’t go that it was just foolish to go. Caesar knew that it was a bad idea to go and that the effects of going could be bad. He knew something bad was going to happen, yet his own wretched personality destroyed his life. Two lessons can be learned from this event: 1. don’t allow the faults of your own personality affect your better judgment. 2. â€Å"Men at some time are masters of their fates. â€Å"(1. 2. 146) How to cite Julius Caesar Cause and Effect Essay, Essay examples

J D Wetherspoon and Scottish & Southern Electricity Plc Case Study

Question: Describe about the Finance Corporate Financial Decision Making of J D Wetherspoon and Scottish Southern Electricity Plc? Answer: Aims and Objectives This aim is to compare the financial management policies and financial performance of two companies- J D Wetherspoon and Scottish Southern Electricity Plc. It connects different financial theories with the financial management policies of both companies. After discussing the financial management policies, suggestions for corporate decision making will be given for Next plc. In addition, the method of stock market prices of both companies will be clarified. Business Strategy Next Plc is interested in investing in J D Wetherspoon or SSE Plc. The financial performance of both companies has been analyzed by reviewing the financial statements of both companies. The business strategies, financial statements served as a major tool for analyzing the financial performance of both companies. The decision to invest in a particular company is based on its financial performance (Ang and Liu, 2003). Different tools have been used in order to conduct financial analysis of both companies such as, financial comparability. Financial comparability is significant to make decisions (Bertoneche and Knight, 2001).Financial Ratios; capital structure has been used for better view of the company position in the market. With these approaches, a clear market as well as financial position of both companies has been identified. These tools have clarified the effective distribution of financial resources in order to maximized share holder value. Financial statement is very important to comparability of financial statement(Borland, 2000). Porters five forces model and PESTEL have also been used in order to define impact of industry factors such as bargaining power of suppliers and buyers on financial aspects such as revenues, profits and cost of goods sold mentioned in the financial statements(Bossaerts, 2009). Validity of data To analyse the financial performance of all the companies, reliable data has been stored from the financial statements. This will include risk- beta, sources of finance, gearing, liquidity, investment ratios, working capital, efficiency ratios and capital structure. Source: Markets.Ft In 2013, due to weather related incidents, SSE electricity production was affected and this was the reason behind decreased sales and net income in 2012. In 2013, SSE made investment in its new 460 megawatt (MW) gas-fired power station at Great Island, County Wexford. Later on, the issues were resolved and SSE preformed better which helped the company in gaining effective return from the investment(Guo, 2010). On the other hand, the decision of the company to freeze the prices for household electricity has helped them to gain right value and which supported in generating effective return. On the other hand, the return from assets shows that SSE Plc generated effective net income from their total assets. Further, it can be explained that assets of SSE Plc is capable of generating revenue which ensures that in future that company can be able to gain better and effective return from their valuable assets(Kramer, 2012). Apart from that, the return on equity of the company reveals that co mpany generated effective from the investment made by the shareholders which shows that SSE Plc is ahead of Wetherspoon in providing better return to their stakeholders(Lie, 2001). Source: Markets. FT The dividend yield of the SSE Plc shows that company is able to gain handsome cash flow from the investment made in the equity. Therefore, it can be understood that SSE Plc earns effective dividend every year in context to their share value. Thus, company is able to provide better return to the shareholders and provide sustainable energy in large quantity(Lusardi, 2012). On the other hand, the dividend growth rate is increasing with a rate of 5.19% which suggests that company is able to generate better return from the equity position. Apart from that, it can be mentioned that company is able to satisfy their internal requirements for capital. The main financial management goal of SSE business is to deliver continued real growth in the dividend which payable to shareholders. It aims to regularly improve its full year dividends(MANISHA B, 2012). In 2013, SSE was able to pay a final dividend amounting to 59.0p per share. It increased the full year dividend by 5.1% to 84.2p. The increase in dividends can be results of the increased net income due to purchase of electricity generation assets in Ireland which cost 289.8m in 2012. Source: Markets.Ft From the above figure, it can be analysed that SSE Plc has made nit significant growth in their earnings per share over the last five years. Since 2011, the company has seriously faced considerable decline in their earning per share due to increasing huge amount of investment in the hydroelectric energy and green energy in order to develop sustainable energy(Margolis and Walsh, 2001). Moreover, in 2014 the earning per share declined in spite of increase in 2013. The reason is certain decline in the sale and effective competition from other energy providing companies (Mulford and Comiskey, 2005). Policies for Sources of Finance It can be analyzed that capital structure of a company is shaped by the sources of finance used. Therefore the capital structure and sources of finance are related. Each source of finance has its own cost for example, debt, equity, retained earnings. It can be observed that since past five years, Wetherspoons financial policy for capital structure has focused on debt as a major part of the capital structure. This has major effects on the net income. Using more debt will drive the company to make interest payments that can significantly effect net income. Due to high financial influence, Wetherspoon will be considered more risky that will disappoint the investors to invest in this particular company(Stutzer, 2000). SSE Plc is an important company in UK that delivers electricity services in Ireland and UK. In accordance with International Accounting Standards, SSE Plc prepares its financial statements such as Income Statement, Balance Sheet and Cash Flow Statement. Risk: beta Analysis This is the heart of this coursework so please elaborate it and explain with refrences The beta is useful in measuring the risk associated with the individual stock in relative to the entire risk of the stock market. Moreover, if the price of the stock experiences movements higher than stock market then it can tend to beta value of more than one (Brooks, Krebs and Paulsen, 2014). On other hand, if the movements of the price of the stock are lower than the fluctuations of market then the beta value can be lower than one. Apart from that being said, if the value of the stock is trending along with the movement of market then the beta value can be close about one (MoneyWorks4me, 2015). Beta of Next Plc is 0.68. Wetherspoons beta is 0.77 as compared to beta of SSE Plc which is 0.25. This implies that Next Plc is reasonably risk-averse company. Wetherspoon is more risky and subjected to slight instability than Next Plc. SSE Plc is least risky as the beta is only 0.25. Beta theory states that companies having beta more than 1 are considered as highly risky companies(Ang and Liu, 2003). All three companies possess a low degree of risk as beta is less than 1. It can be viewed that beta value of both J D Wetherspoon and Scottish Southern Electricity is less than one but the value of SSE is far than expected beta value of one. Therefore, SSE Plc is encircled with less risky aspects in comparison to Wetherspoon Plc. However, both the company can ensure effective return to the Next Plc. On the other hand, it can be considered that both Wetherspoon and SSE is less volatile stock. Therefore, the stock price of Next Plc will not recoil up and down in comparison to market movement. Thus, company can ensure effective return with engaging less risk (Alzer, 2014). Analysis of data- Analysis of Financial Ratios The financial management policy of Wetherspoon includes collecting and review of all types of budgets. The BODs are responsible for Expenditure management and Income(Bertoneche and Knight, 2001). In Wetherspoon, the financial managers are involved in developing income statements and budgeted cash flows that provide them idea for future fundsuse . The BOD holds the authority to prepare budget in obedience with departmental managers and the CEO(Borland, 2000). The Board may apply a budget planning on annual basis and can review actual expenses as compared to expected financial outcomes. Operating profit Ratio Operating profit of Wetherspoon has a fluctuating trend over the past five years. It has decreased to 7.1 in 2013 due to increased cost of trained staff, new additions in menu and expense for improved customers services. Comparatively, SSE Operating profit has been changing considerably over the last five years(Bossaerts, 2009). Currently, it has increased to 2.8% due to reduced expenditures in the energy operations and increased sales due to high demand of energy services. Source: Markets.Ft The net income ratio of Wetherspoon has been fluctuating since past five years. It has increased due to reduced expenses and lower amount of tax charged. SSE Plc has a highly fluctuating trend and it has increased due to lower prices and high demand of goods and services. Investment Ratio Earnings Per share, Payout ratio Source: Markets.Ft The earnings per share are almost similar in all accounted five years. Therefore, company is able to improve their return from investment and provide better return to the stakeholders(CAO and LERNER, 2008). Moreover, company can be able to sustain their market share in order to earn effective income and provide service to the customers. On the other hand, it can be understand that earning per share of Wetherspoon is higher than Scottish Southern Electricity. Therefore, Wetherspoon shareholders earns better return from investment in comparison to shareholders of SSE Plc. Moreover, it can be predicted that Wetherspoon in future can be able to increase their return from investment that will help in providing better return to shareholders and increasing profit(Castre n, Fitzpatrick and Sydow, 2006). Earnings Per share are significant for investors as they can regulate the earnings that they will receive on each share. Wetherspoons EPS has been increasing due to increase in net income of the company. Earnings per share determine the companys ability to generate cash flows in future. It is calculated by dividing the net income with the number of outstanding shares. Investors use this ratio to measure the value of a stock (Stickney, et al, 2009). Due to decreased tax expense, EPS has increased. In addition, the company has been taking effective measures to improve its net income such as improving product and advertising. The financial management policy of SSE focuses on involving an independent evaluator in order to prepare a Financial Statements for the Special Purpose(Estrada, 2005). This is considered as an important effort to provide financial discovery to the interested investors.. The policy involves that members at the annual general meeting accept the auditor. SSE EPS has been changing over the five year period. EPS has increased to 0.45 due to decreased tax expense and increased net income. But, due to increased amount of shareholders company has reduced i ts payout ratio so that each investor can receive return(Fridson and Alvarez, 2011). Source: Markets.Ft Dividends per share of Wetherspoon have been constant over the past five years. This means that shareholders have not received increased returns on their investment. It is evident that payout ratio is 35.78% which means that majority of the portion of net income is being retained by Wetherspoon. The financial policy of Wetherspoon has been able to provide receivable income for the year 2013, amounting to 469.46. This is due to increase in the sales of Wetherspoon. Sales have been increased due to new pubs and expansion programmes in UK. SSE receivable income has been experiencing a fluctuating incline over the past five years. It has decreased due to improper credit management policies of SSE. Managers have to focus and develop appropriate and effective credit management policies in order to increase the receivable income . This would imply that company can be prevented from the bad debts and receive the promised amount form the customers(Kramer, 2012). Fixed Assets Turnover This ratio determines the capability of the company to efficiently use its non-current assets in generating sales volume. A higher fixed asset turnover ratio is favourable for the company and vice versa (Warren, et al, 2013). There is an increasing pattern in FATO of Wetherspoon. It has improved to 1.36 due to effective human resources capital and training provided to the employee workforce. SSE Plc has a fluctuating trend of FATO since the past five years. It has decreased to 2.98 due to inefficient employees and high cost of the operations. Asset Turnover Source: Markets.Ft Asset turnover means the ability of the company to generate or maximize sales by efficiently utilizing its total assets.Wetherspoon Asset Turnover ratio has been increasing over past five years. The reasons for this can be spotedto efficient allocation of resources, effective employee work, training provided to employees and proper cost management techniques. On the other hand , the asset turnover of SSE Plc has been changing since past five years(Lie, 2001). It has decreased to 1.41 in 2013 due to slight increase in sales and ineffective approaches taken by the management in utilizing the resources. The financial management policy of Wetherspoon focuses on developing purchase orders while buying fixed assets. It is important to get approval of the CEO or in his/her absence the authorization of Purchase manager. Wetherspoon's has defined Fraud as the motivation of financial managers, internal auditors or external auditors to mislead the financial statements. Wetherspoon's has clearly defined that any activity such as misappropriation of assets of company by auditors or authorized person will be considered as a fraudulent activity. Recommendation - Wetherspoon or SSE Plc One of the most important business for creativities is the calculation of an appropriate rate of return for invested capital or cost of capital (Galiniene and Butvilas, 2010).In the profitability ratios such as Gross Margin, Net Profit and Operating Profit, Wetherspoon is performing better than SSE Plc. In Liquidity ratios, SSEs performance has decreased and Wetherspoon is able to improve its management of funds. However, SSE Plc has higher liquidity ratios such as Current ratio and acid test ratio as compared to Wetherspoon. Gearing ratios suggest that SSE is a less risky company as compared to Wetherspoon due to low financial weight and its capital structure combines major portion of equity. Efficiency ratios determine that SSE Plc has a strong capability to sell its list faster thanWetherspoon, however SSE;s receivable amount is depends on the customers. Increasing fixed asset turnover and asset turnover suggests that SSE Plc is able to generate more sales revenue using its total assets compared to Wetherspoon. Comparisons Analysis Risk analysis It is recommended that Next Plc should invest in SSE Plc due to lower risk: beta which is 0.25 as compared to Whetherspoon beta: 0.77. Investment analysis It is advised to the CEO of Next Plc to purchase shares of SSE Plc due to improved financial ratios of EPS, Dividends and Net Profit ratio. The Dividend per share (DPS) of SSE- 0.90 is higher than DPS of Wetherspoon- 0.12. Also, the Earning per share (EPS) of SSE- 0.5 is greater than EPS of Wetherspoon- 0.38. This implies that Next Plc should make investment of shares in SSE Plc because SSE Plc is performing better than Wetherspoon in Investment ratios. This has better effects for the investors (Next Plc Group) in the form of increased return on their investments. This means that it is favourable for Next Plc to invest in SSE Plc so that in case if SSE Plc bankrupts, Next Plc will be able to hold a higher amount of money on its shares(MANISHA B, 2012). Capital structure SSE Plc has low debt to equity ratio and low financial debt as compared to Wetherspoon. This implies that Next Plc should invest in SSE Plc. Thus, by the above financial analysis, it is suggested that Next Plc should invest in SSE due to attractive investment, gearing, investment and liquidity ratios. Share Value Analysis- fair value According to Baker and Powell 2009, valuation represents an important process that aims at linking the returns and risks in order to estimate the value of a financial asset or a company. Financial asset can be a bond, preferred share or common share. Between the different types of value, market value is advertised as a vital one. From the view of corporate finance, Market value or current value indicates the price that owner of the financial asset is likely to receive from selling that asset in the stock market. The market value mainly originated from the demand and supply of that asset. Market value is compared with the central value that is also called as Fundamental value (Whaley, 2007). This represents a measure of imaginary value of financial assets. It is difficult to predict the actual estimated value of financial assets because prices are required in order to calculate the value of assets. Critical values are calculated by the investors and shareholders in order to decide whe ther to sell or purchase a financial asset with its current market price or the opportunity cost should take into account .Opportunity cost mean the value of the next-highest-valued alternative use of that resource (Econlib.org, 2014). However, the capital markets cannot be counted as a type of perfectly efficient markets because current share prices and estimated values are likely to differ for financial assets. It is important for corporate managers and financial managers to know the process for estimating value of shares and bonds. This will help in defining if market is correctly playing its role in pricing the financial assets.. Investors are likely to purchase the asset when the estimated value is greater than the current market price. According to Koller, et al (2010), markets are likely to reflect central values and prices that are in line with the basic value of achieving returns on growth and capital. This suggests that managers should concentrate on developing core value as it is the most essential aspect of the markets in the long run. Calculation of Share value As the current stock price is lesser than the core value of stock, this suggests that share price of Wetherspoon is undervalued. It can be observed that the trend of cash flows is stable and investors are likely to get returns if they buy shares of Wetherspoon. Hence, shares of J D WetherspoonPlc represent a fair value.. In 2012, SSE Plc. achieved negative cash flows and positive cash flows were achieved in the next years. The trend of cash flows is highly fluctuating. This means that investors will suffer through losses if they invest in SSE Plc because core value of shares is less than market price. Alternative investment Portfolio Theory The portfolio theory is effective for the investors to understand the nature of risk, return and management of portfolio. Moreover, the theory explores that portfolio diversification can be useful in decreasing the investment risk (Barracchini and Addessi, 2012). On the other hand, Next Plc can use it as an investment decision method. The investors can be able to calculate the required or expected amount of return that they can generate via investing in the particular portfolio or shares. Apart from that, it has been said that portfolio theory holds a view that when the numbers of uncorrelated assets are put together in the portfolio then it can ensure improved return and risk can be controlled (Athanassakos, 2012). Therefore, it can maximize the expected return of the portfolio for an adjusted sum of portfolio risk. However, in order to gain higher return from the investment, the industries or investor has to choose the right proportion of different assets as it can make sure an eff ective return (Barracchini and Addessi, 2012). On the other hand, in order to engage low risk and beneficial return, the company may have to try to acknowledge the risk that is associated with each stock such as JD Wetherspoon Plc and Scottish Southern Electricity. Further, if the Next Plc wants to earn better return then the company may need to take risk more than average. Therefore, when market turn in favour of the company then it can ensure expected return (Gyorfi and Walk, 2012). Apart from that, if the portfolio lies on the efficient frontier point then the company can make decision to make an investment in that portfolio. Therefore, higher expected return can be acknowledged for a specified rank of risk. Thus, the company has to concentrate on that stock or portfolios that are more inclined towards the efficient frontier (Hugonnier, 2012). Next Plcs Profit after tax has increased in 2013 to 473.1 as compared to 427.4. This suggests that Next Plc is in a position to invest in SSE Plc. Next Plc is highly ethical company and incorporates ethical values that will not be followed if Next Plc purchases shares of Wetherspoon Plc. Adverse effects on Next Plcs reputation can occur if it invests in Wetherspoon Plc. SSE Plc have bad cash flows which indicates that it Next Plc can be significantly affected by investing in SSE Plc. When risks are high, a portfolio theory of Diversification can be sued to minimize risks. Thus, Next Plc can use diversification its portfolio by investing in both companies. It will reduce the risks associated with investments. Diversification will reduce random risk events in a portfolio so that the positive performance of some investments can deactivate the negative performance of other investments. Therefore, diversification will be beneficial if the securities in the portfolio are not perfectly conn ected. This strategy is used so that a portfolio including a variety of investments can generate higher returns and lower risk as compared to a single investment found within the portfolio. Dividend Payment Wetherspoon Dividend Trend SSE Plc Dividend Trend Furthermore, the benefit of investing in SSE is that SSE is committed to increasing dividends per share by at least the rate of inflation. Next Plc can be benefited by this action. The Dividend per share (DPS) of SSE- 0.90 is higher than DPS of Wetherspoon- 0.12. This indicates that SSE Plc can satisfy its shareholders by maximizing their shareholders wealth. Next Plc should invest in WetherspoonPlc due to its improved profitability ratios and because the market value of shares exceeds its core value. As both investment indicate risk , Next plc should reinvest the money to expand their shop in the stores. For example , opening restaurant in the stores can lead them to higher returns and can be a alternative to invest in JD Weatherspoon. Valuation of Shares Net Assets Method for the valuation of shares Value per share= (Net Assets Preference Share Capital) / Number of Equity Shares In order to compute the value of share, the data has been accumulated from the financial statement of both the company, JD Wetherspoon and Scottish Southern Electricity. J D Wetherspoon = (1199668 24560) / 227168 = 5.172 (Jdwetherspoon.co.uk, 2015) Scottish Southern Electricity Plc = (3969 487) / 972 = 3.58 (Sse.com, 2015) It can be understood from the adopted share valuation method that, value per share of JD Wetherspoon is higher than SSE Plc. Therefore, it can suggests that Wetherspoon will earn higher income and return on the net profit whereas SSE PLC will gain slightly lesser but can be able to provide effective return to the shareholders. Dividend Discount Model The DDM will be helpful in assessing the current value of the stock on the basis of dividend growth rate. Current Stock Value = Dividend per Share / (R Discount R Dividend Growth) J D Wetherspoon 0.12/ (0.1578 0) = 0.76 or 76 (Jdwetherspoon.co.uk, 2015) Scottish Southern Electricity = 0.82 / (0.26 0.0297) = 352 (Sse.com, 2015) According to dividend discount model, the stock valuation at present scenario of J D Wetherspoon is lesser than SSE Plc. Therefore, it can be understood that SSE Plc is trading at higher rate as the company is large enterprise in comparison to Wetherspoon and provides large amount of electricity to different sectors. Therefore, the price of share is higher. Ethical Issues of Next Plc Next Plc is highly ethical responsible entity which encloses all their stakeholders and shareholders together which helps the company to build their brand image in the industry. The company continuously improve and develop healthy relationships with employees, suppliers and takes active part in the environment sustainability and also makes charities (Ethicaltrade.org, 2015). It is evident that, Next Plc is an active associate of Ethical Trading Initiative and follows ethical trading standard. The Code of Practice Audit team is effectively involved to engage with suppliers in order to identify any non-compliance causes. Moreover, supplier payment policy is followed by the company. On the other hand, the Next Customer Service is involved with the Directory and Retail consumers so that their issues and doubts can be handled. Apart from that, Next Plc effectively makes contribution in health and safety and environment fields. Moreover, Next Plc adopts transparency factor in their disclos ure of financial position (Nextplc.annualreport2013.com, 2015). Conclusion Financial management policies play essential role in effective financial management of the companies. On the basis of financial ratios, Next Plc should invest in SSE Plc due to improved Earnings per Share, Dividend per Share, liquidity ratios low risk and efficient capital structure. However, SSE Plc has poor cash flows that can significantly affect the dividend payment. In compare, Wetherspoons profitability ratios are better than SSE Plc. Apart from financial ratios, other factors such as stock market functioning, demand and supply and market prices are also significant for making investment decisions. Therefore, the stock market analysis ensures that Next Plc should purchase shares of Whetherspoon because the market value of shares exceeds its core value. This will provide increasing returns to the investors in future as compared to SSE Plc. However, Wetherspoon is involved in less ethical business that can significantly affect reputation of Next Plc. Next Plchas the ability to in vest due to increased profit after tax. Thus, Next Plc should follow the strategy of diversification to reduce portfolio risks. Identified by beta analysis, Next Plc includes moderate risk and it should invest in both companies to income return from multiple securities in its investment portfolio or they can reinvest the money to their stores for opening restaurants. References Alzer, H. (2014). Inequalities for the beta function. Analysis Mathematica, 40(1), pp.1-11. Ang, A. and Liu, J. (2003).How to discount cashflow with time-varying expected returns. Cambridge, Mass.: National Bureau of Economic Research. Athanassakos, G. (2012). Value Investing Vs. Modern Portfolio Theory. Journal of Business Financial Affairs, 01(02). Barracchini, C. and Addessi, M. (2012). Ethical Portfolio Theory: A New Course. 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