The Life of a Maasai Moran Research Paper Example | Topics and Well Written Essays - 1250 words

The Life of a Maasai Moran - Research Paper Example The Maasai are a humble group of people who practice nomadism and derive their livelihoods from the animals they keep and hunting and gathering. Among the Maasai, the birth of a male child is a symbol of power. A man is only considered a true man when he sires a male child. The more the males sired the more power and authority and respect one earns from the members of the community (Lekuton 37). There are men who have been made chief of the community because having the highest number of male children. Such a man’s opinion in affairs of the community is taken very seriously and any one who disobeys his command is punished severely. The Maasai believe that it’s the God’s will to have male children and the more the male children the more God is happy with them and is blessing them (Barber 6). The male children are important because they protect the community and it’s wealth from all forms of threat ranging from other neighboring communities to wild animals. T he birth of a male child in the community is received as great news and calls for ceremonies that have been performed for many years handed over from one generation to the next. The ceremonies begin very early in the morning with the village elders meeting together and deciding on the name to be given to the child. The name is given based on the time of the year and events of axiological significance to the community happening as at that time of the year. The child could be born at a time when the community is preparing to go for war or during the rainy season, or dry season or many other significant periods. The name is settled on by the village elders on consensus and will be announced to the rest of the community at a time deemed appropriate by the village elders. This is followed by songs of praise to the father of the child as the community assembles at the assembly point. On such a day, all activities of the community are stopped and ceremonies take center stage. The women wil l all be congratulating the woman who gave birth at this point as others give and seek advice. Those women who give birth to girls and have no boys are advised by the mother of child on how to get a boy and those who have had many boys give advice to the fellow mothers on how to get more and more boys. It is to be noted that at this time the maiden girls are required to be present and will be responsible for all the singing and all the cooking and preparations for the ceremony. According to Saitoti and Galaty (87) a Maasai man is not allowed to perform any domestic chore. His duty is to take care of the community’s safety against all incoming threats. At exactly eight in the morning the Maasai Moran kill a bull chosen by the village elders and drain the blood. The father of the child pours some to the ground and takes a sip. This is done under close supervision by the eldest member of the community. It is believed that the ancestor are still living together with the community and oversee the overall well being of the community by blessing them with rain and good cattle herds. The blood has to be poured first to the ground so that the ancestors can have the first sip. They come first in each and every activity of the community. Forgetting to pour a sip to the ground before taking the blood is a grave mistake and is accorded a whole repentance ceremony. Once the father of the child has poured some to the ground and then taken a sip, the rest of the elders take each a sip of the blood

Motorcycle Helmet Laws in America Essay Example for Free

Motorcycle Helmet Laws in America Essay Motorcycle are not the safest means of transportation but millions of people all across America choose them over automobile for the trill, speed and high performance capabilities they offer in fraction of the price of a automobile. Motorcycle do not provide the protection like automobiles do with their outer body and safety features like air bags and seat belts, therefore in case of an accident the injury sustained by the rider is often very serious. When dealing with motorcycle accidents, majority of the fatalities are due to head injuries which could have been prevented had the rider been wearing a helmet. Helmets are the only method to reduce the head injuries during crashes which is the leading cause of death involving motorcycle accidents. Helmet use law has created a lot of controversies over the years, while some supporting the law and other opposing it. One side who support the law believe that the helmet law protects the motorcyclist from danger in case of an accident and save the nation a good deal of money. While, the other side believes that the law is unconstitutional and it violets their right to freedom. Although helmet cannot prevent motorcycle accidents but greatly reduces the number of deaths caused by head injuries during these crashes as well as helps in lowering taxes, insurance cost and health care cost. According to the federal government estimates, the number of deaths on motorcycle per mile in 2006 was 35 times higher than in automobile. In last couple of years motorcycle deaths have seen considerable increase- more than doubling in 2007 from the record low in 1997. In contrast the passenger occupant death reached a record low in 2007. This paper examines the history of motorcycle helmet use law and also the current state of the law. It also tries to highlight the burden that accident involving riders not wearing helmet impose on the society and also the effect of helmet law on helmet use. BACKGROUND HISTORY OF MOTORCYCLE HELMET LAW: The motorcycle helmets laws in United States has gone through several changes throughout the years. In 1967, in order to increase the helmet use, the federal government required the state government to enact helmet use laws to qualify for certain federal safety program and highway construction fund. The federal incentives was a success and by early 1970s almost all the states had universal helmet laws which covered all the riders of all ages and experience. 1968, Michigan became the first state to repel its laws. This lead to a series of repeal, re-enactment, and amendment of motorcycle helmet laws. In 1976, US Department of transportation (DOT) moved in to assess the financial penalties on states without helmet laws but the congress corresponded to state pressure and stopped DOT from assessing financial penalties on states without helmet laws. By 1980, several states had repealed their helmet laws and some weakened their laws to cover riders under the age of 18 but not older riders. In the 1980s and early 1990, several states reinstated helmet laws applying for all riders. In the 1991 Intermodal Surface Transportation Efficiency Act, several incentives were created by the congress for the states to enact helmet use and safety belt use laws. The eligibility criteria for receiving special safety grants was that the state must enact both the laws. Up to 3 percent of federal highway allotment was redirected to highway safety program for all the states that did not enact the laws by October 1993. But again after four years of establishing the incentive program ,congress revised itself. In the fall of 1995, federal sanction against the states without helmet use laws was lifted which paved the way for state to repeal helmet use laws. This lead to many states weakening its helmet use laws. Now 20 states and District of Columbia have helmet laws covering all riders and 27 states have partial helmet use law covering some riders (usually riders under the age of 18). Illinois and Iowa do not have any helmet use laws. PRESENT HELMET LAW STATUS: [pic] NO HELMET LAW: |NO HELMET LAW (2 STATES) | |ILLINOIS |IOWA | PARTIALLY FREE: |AGE REQUIREMENT – PARTIALLY FREE (27 STATES) | |15 UNDER |18 UNDER |19 UNDER |21 UNDER | | | | | | |MAINE |ALASKA |DELAWARE |ARKANSAS | | |ARIZONA | |KENTUCKY | | |COLORADO | |RHODE ISLAND | | |CONNECTICUT | |SO. CAROLINA | | |HAWAII | |TEXAS | | |IDAHO | |PENNSYLVANIA | | |INDIANA | | | | |KANSAS | | | | |MINNESOTA | | | | |NEW HAMPSHIRE | | | | |NEW MAXICO | | | | |NORTH DAKOTA | | | | |OHIO | | | | |OKLAHOMA | | | | |SOUTH DAKOTA | | | | |UTAH | | | AGE REQUIREMENT INSURANCE: |AGE REGUIREMENT + INSURANCE (1 STATE PARTIALLY FREE) | |21 OVER | |FLORIDA | MANDATORY LAW: | | |MANDATORY HELMET LAWS (20 STATES) | |ALABAMA |MASSACHUSETTS |TENNESSE |NEBRASKA | |CALIFORNIA |MICHIGAN |VERMONT |NEW YORK | |GEORGIA |MISSISSIPPI |VIRGINIA |NEW JERSEY | |LOUISIANA. |MISSOURI |WASHINGTON |NORTH CAROLINA | |MARYLAND |NEBRASKA |W. VIRGINIA |OREGON | | | | | | | | | | | HOW DO HELMET LAWS AFFECT HELMET USE: Based on various studies of states enactment, repel and weakening of helmet laws, it was observed that the helmet use reached 100 percent when all the riders were required to wear helmet at all times compared to 50 percent when there was no law or law applied to only some riders. In 2008, according to NHTSA, 97 percent of the riders were observed wearing helmets in states with universal helmet laws compared to 90 percent in 2002. In states without universal helmet law the use of helmet was 52 percent in 2002 and 54 percent in 2008. Based on helmets judged to be compliant with federal safety regulations, use was 73 percent in 2002 and went up to 78 percent in 2008 among motorcyclists in states with universal helmet laws. It rose from 46 to 50 percent among motorcyclists in states without such laws. HOW DO HELMET LAW EFFECT MOTORCYCLIST DEATH AND INJURIES: In states which either reinstates or enacted saw a considerable increase in motorcycle helmet use and motorcycle death and injuries decreased drastically. Whereas the states which repealed or weakened their existing helmet law saw a great increase in motorcycle death and injuries and considerable decrease in helmet use. According to two studies published in 2007 and 2008, motorcyclist fatality rates were modelled based on helmet law type, after controlling for various factors such as per capita income, population density, and annual precipitation. It was observed that the states which had helmet law covering all riders had lowest death rates. Further on, the states which had helmet law covering only some riders had low death rate compared to states with no helmet law, but not as low as the states with universal helmet law. These results held for all three types of rates considered: deaths per 10,000 registered motorcycles, deaths per 100,000 population, and deaths per 10 billion vehicle miles traveled. Some examples of helmet law and its effect on death and injuries:   California enacted universal helmet law on January 1, 1992. The number of motorcycle fatalities decreased 37 percent to 327 in 1992 from 523 in 1991.   Nebraska reinstated a helmet law on January 1, 1989 after repealing an earlier law in 1977. The state saw 22 percent reduction in serious head injuries due to motorcycle crashes.   From 1968 to 1977, Texas had a universal helmet use law estimated to have saved 650 lives, but the law was amended in 1977 to apply only to riders younger than 18. The weakened law coincided with a 35 percent increase in motorcyclist fatalities. Texas reinstated its helmet law for all motorcyclists in September 1989. The month before the law took effect, the helmet use rate was 41 percent. The rate jumped to 90 percent during the first month of the law and had risen to 98 percent by June 1990. Serious injury crashes per registered motorcycle decreased 11 percent. But in September 1997, Texas again weakened its helmet law, requiring helmets only for riders younger than 21. Helmet use in Texas dropped to 66 percent by May 1998, and operator fatalities increased 31 percent in the first full year following the repeal.   Kentucky repealed its universal helmet law in 1998, followed by Louisiana in 1999. These actions resulted in lower helmet use, and quickly increased motorcyclist deaths in these states by 50 percent and 100 percent, respectively. In 2000, Floridas universal helmet law was weakened to exempt riders 21 and older who have at least $10,000 of medical insurance coverage. An Institute study found that the motorcyclist death rate in Florida increased by about 25 percent after the state weakened its helmet law. A study of the Florida law change by NHTSA found a similar effect; motorcyclist deaths per 10,000 motorcycle registrations increased 21 percent during the two years after the law was changed compared with the two years before. IMPACT OF HELMET LAW ON MOTORCYCLE THEFT: Helmet law has also resulted in decline in reduction in motorcycle theft as potential robbers may not have an access to helmet and not wearing helmet will attract police notice. According to Texas department of public safety, motorcycle theft decreased 44 percent between 1988 and 1998 in 19 cities after enactment of universal helmet law. After enactment of helmet law by Great Britain, motorcycle theft feel 24 percent in London. The Netherlands saw 36 percent drop in motorcycle theft after it enacted helmet laws in 1975. In 1980, when on the spot fine was introduced in former West Germany, motorcycle theft plummeted 60 percent. IMPACT OF HELMET ON HEALTH CARE COST: Unhelmeted riders have higher health care costs as a result of their crash injuries, and many lack health insurance. In November 2002, NHTSA reported that 25 studies of the costs of injuries from motorcycle crashes consistently found that helmet use reduced the fatality rate, probability and severity of head injuries, cost of medical treatment, length of hospital stay, necessity for special medical treatments, and probability of long-term disability. A number of studies examined the question of who pays for medical costs. Only slightly more than half of motorcycle crash victims have private health insurance coverage. For patients without private insurance, a majority of medical costs are paid by the government. According to specific findings of several studies: 1996 NHTSA study found that inpatient hospital charges were 8 percent higher for riders without helmets compared to riders wearing helmets.   Various studies shows that the health care cost associated with head injured motorcyclist decline after the introduction of helmet use law in 1994 by the state of California. The rate of motorcyclist hospitalized for head injuries decreased by 48 percent in 1993 compared with 1991 and the total cost of patients with head injuries decreased by $20. 5 million during this period. †¢ After reinstatement of helmet law by Nebraska, study showed that there has been 38 percent decline in total acute medical charges for injured motorcyclist. A NHTSA evaluation of the weakening of Floridas universal helmet law in 2000 to exclude riders 21 and older who have at least $10,000 of medical insurance coverage found a huge increase in hospital admissions of cyclists with injuries to the head, brain, and skull. Such injuries went up 82 percent during the 30 months immediately following the law change. The average inflation-adjusted cost of treating these injuries went up from about $34,500 before the helmet law was weakened to nearly $40,000 after. Less than one-quarter of the injured motorcyclists would have been covered by the $10,000 medical insurance requirement for riders who chose not to use helmets. Various studies conducted in Nebraska, California, Washington and Massachusetts indicates that taxpayers are burdened by injured motorcyclist. From January 1988 to January 1990, 41 percent motorcyclist injured in Nebraska lacked health insurance or received Medicaid or Medicare. In Seattle, public fund paid 63 percent of trauma care for injured motorcyclist in 1985. In Sacramento, 82 percent of the costs to treat orthopaedic injuries sustained by motorcyclists during 1980-83 was paid by public fund. Forty-six percent of motorcyclists treated at Massachusetts General Hospital during 1982-83 were uninsured. MOTORCYCLE HELMET LAW ISSUES: Motorcyclist often feel that helmet use law violets their right of freedom. They believe that the rider should have the freedom to decide the use of helmet. According to various motorcycle groups, helmet use law reduces riding which in turn results in less death rates in motorcycle crashes which the government uses to confuse people about the safety benefits of helmet. Many motorcyclist have gone to the court objecting the law. In 1972, a federal court told a motorcyclist who objected to the law: â€Å"The public has an interest in minimizing the resources directly involved. From the moment of injury, society picks the person up off the highway; delivers him to a municipal hospital and municipal doctors; provides him with unemployment compensation if, after recovery, he cannot replace his lost job; and, if the injury causes permanent disability, may assume responsibility for his and his familys subsistence. We do not understand a state of mind that permits plaintiff to think that only he himself is concerned. † This decision was affirmed by the US Supreme Court. RECCOMENDATIONS TO INCREASE HELMET USE: Law makers should look into other means to increase use of motorcycle helmets other then law. Public campaign to encourage helmet use would greatly reduce the law enforcement cost also restriction to one’s own freedom felt by some riders. But the chances of achieving results through these method is minimal. Subsidies on helmet purchase can shift part of the cost from riders to general public by providing federal money to the motorcyclist purchasing helmets. Subsidies would not motivate riders who value their freedom and convenience over the benefits helmet use. Motorcyclist using helmet should be charged lower insurance premium compared to riders not using helmet to encourage helmet use. This difference in insurance premium would encourage un-helmeted rider to use helmet and other safety gear in order to reduce their premium. When novice riders take rider education course, more emphasis should be laid on the importance of helmet use and not just only the basic operating skills. If they understand the use of safety gear and helmet at early age, it might affect their choice later in their life. Motorcyclist who fail to wear a helmet and sustain head injuries could be denied compensation for injury and damages. however, it would become difficult for the court to determine on case to case basis in which compensation would be denied as head injuries are sustained when helmet are worn. Various studies have showed that when helmet use is not mandatory, 50% of all riders wear helmet but when it is mandatory nearly 100% riders use helmet. So, the only way to increase helmet is to enact universal helmet law in all the states of United States of America. REFERENCES: www. pubmedcentral. nih. gov www. iihs. org www. nhtsa. dot. org.

knowledge and information :: essays research papers

I would now like to make reference to legislation that highlights the importance of how Council protects and processes it. The Data Protection Act of 1984 has been revised and the new 1998 Act was brought into force on 1 March 2000. The new act changes original definitions and meanings and it broadens the scope of the original act. There are eight principles within the act and it differentiates between personal data and sensitive personal data. Sensitive personal data covers:  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Racial or ethnic origin of the data subject.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Political opinion.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Religious or spiritual belief.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Whether or not a member of a trade union.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Physical or mental health or condition.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Sexual life.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  The record of any alleged or actual criminal activity or sentencing.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  (HMSO, 1998, PartI). The act comprises the following eight principles: First Principle . As indicated previously personal data must be processed fairly and lawfully and at least one of the processing conditions is met. In relating this to Council in the case of processing sensitive personal data, the data must be processed fairly and lawfully and at least one of the conditions for processing sensitive personal data is met. Second Principle. Personal data shall be obtained only for one or more specified and lawful purposes, and shall not be further processed in any manner incompatible with that purpose or those purposes. Third Principle. Personal data shall be adequate, relevant and not excessive in relation to the purpose or purposes for which they are processed. Fourth Principle. Personal data shall be accurate and where necessary kept up to date. Fifth Principle. Personal data processed for any purpose or purposes shall not be kept for longer than is necessary for that purpose or those purposes. Sixth Principle. Personal data shall be processed in accordance with the rights of data subjects under this act. Seventh Principle. Appropriate technical and organisational measures shall be taken against unauthorised or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data. Eighth Principle. Personal data shall not be transferred to a country or territory outside the European Economic Area, unless that country or territory ensures an adequate level of protection for the rights and freedoms of data subjects in relation to the processing of personal data. (HMSO 1998, cited by DOH, 2000, pp.1-8). Clearly, the above legislation reinforces the importance of managing information and knowledge within a contemporary organisation such as Council. Such legislation not only seeks to safeguard the rights of service-users who access my organisation but also to offer rules to Council in terms of appropriateness of processing information and knowledge.

Economic environment of business assignment

Will biddeford's tram make a return?Question 1The central focus of this case is how Biddiford Tram Company, under the management of Mary Jo and Marty, can increase revenue and become profitable given the business constraints it must operate under, namely; (a) Loss of $0.15 subsidy per passenger from the State of Maine (b) Not increase the price of tram fare above $2.00 for two years and subsequently not above the rate of inflation. The railway tram would have to find a way to increase revenue to cover the loss of the $0.15 subsidy, provide a return on their investment while keeping the average fare at $2.00 during the season for two.Other notable business challenges to be addressed were; (a) The agreement the authorities had with the local trade union to keep manning levels high at Biddiford tram company. (b) Mary Jo and Marty had been instructed to charge all passengers including children, a flat fee such that children were not to be offered a discount on the fare. (c) A potential m arket in the local visitors who were very price-sensitive.QUESTION 2Option A – Shorten the season and concentrate on reducing cost (See Excelsheet OPTION A)If it was practicable, Option A would be a profitable route for Biddiford Tram Company to pursue. However, this option is not a viable one for the following reasons.1. There are businesses in Old Orchard Bay which depend on visitors at all times and not only at peak season because they are not seasonal businesses. Operating the Tram only at peak season would be detrimental to their business because they do depend as well on customers that come in the off-peak season.2. Shortening the season would displease the local trade union of the tram drivers because manning levels and therefore wages would be greatly affected by this. It would almost certainly lead to a dispute in the first two years and may hurt business moving forward.3. For the first two years at least, Biddiford Tram Company is still owned by the State of Maine a nd therefore a public service. It would be difficult to get approval from the authorities to shorten the season. The Trams and Old Orchard Bay are the community's top selling points. It won't work.QUESTION 3Option B – Use market power to increase passenger revenue across the seasonWhat Mary Jo means by having market power is that she understands that Biddiford Tram Company is a monopoly. A monopoly can either increase price or vary supply at a time but not both. Therefore, in this case, Biddiford Tram can increase its fare within the constraints it was given. The nature of a monopoly is such that the company is the only provider of that service and thus, it can segment its market. Hence, the off-peak fares for when mostly locals will use the tram service and peak fares for when mostly out-of-town visitors use it. This option allows Mary Jo to remain price-competitive and at the same time, gain as much of the market as possible.Year One and Year Two respectively (Option B)Tota l Cost (TC) = TVC + TFC Profit = Revenue – TCTFC = $330,528 Subsidy of $0.15 per passenger = (0.15 x 483336)TVC = VC + (0.15 x 483336) = 466353 + 72500 = $538,853Profit = $1,057,725 – ($330,528 + $538,853) = $188,344Year Three Total Cost (TC) = TVC + TFC Profit = Revenue – TCTFC = $330,528 Subsidy of $0.15 per passenger = (0.15 x 483336) TVC = VC + (0.15 x 483336) = 466353 + 72500 = $538,853Profit = $1,077,557 – ($330,528 + $538,853) = $208,176Year Four Total Cost (TC) = TVC + TFC Profit = Revenue – TCTFC = $330,528 Subsidy of $0.15 per passenger = (0.15 x 483336)TVC = VC + (0.15 x 483336) = 466353 + 72500 = $538,853Profit = $1,099,167 – ($330,528 + $538,853) = $229,786Option B will yield good returns for Biddiford Tram and make most of the season and market.

Difference between poems Essay

Both poems are a response to other people’s idea of the poet’s cultural identities. The poems are written as though the poet is replying to some one directly. ‘Half-Cast’ is about a multi cultural person who is standing up against racism and against people look down upon them because of their ethnicity. John Agard is arguing with the person who is being racist to him by questioning if ‘Half-Cast’ means he is half a man. ‘Still I rise’ is about a woman, Maya Angelou who has had a traumatic personal and cultural history but still she rises above it. She has had to face racial and sexual prejudice, but she still stands strong. In ‘Half-Cast’ John Agard opens the poem with a polite but angry request. This opening is only an angry one because of the following lines. ‘Excuse me; standing on one leg, I am half-cast’ This sarcasm is showing that he is trying to be nice but is annoyed about it. The first line is very polite but immediately after the poet is acquiring the ‘reader’ of suggesting he is half a man by using the words ‘half-caste’. He uses informal language throughout the poem, the language is also written in john Agard’s dialect. It makes you say the words how it sounds. This could be the poet celebrating his culture. ‘Explain yuself, Wha yu mean’ This also makes you as the reader feel the anger, annoyance and sadness through the Agards tone. The structure of the poem is simple but effective by using a three line opening two quite large stanzas then closes with three lines. One poetic technique he uses in each stanza is repetition of his points. ‘Explain yuself, Wha yu mean’ This is repeated also so that Agard could give his reasons for being insulted and emphasises his argument. In each stanza he uses comparisons; ‘When yu say half-caste, Yu mean Tchaikovsky, Sit down at dah piano, an mix a black key Wid a white key, Is a half-caste symphony’. This is questioning it Tchaikovsky’s music should be seen as inferior because he mixed black and white notes. The poem is well structured and the language is perfectly composed. I have keep using this quote as it very strong and uses a lot of poetic techniques. ‘Explain yu self, Wha yu mean’. The comparisons are very good because you can understand and relate to his point as he compares his situation using metaphors. ‘Still I rise’, it is set out in 8 stanzas, and in which 7 out of 8 are all the same lengths except the eighth as it is the last stanza and is the climax of the poem. The language she uses is mostly formal but it very up beat. ‘You may kill me’, but she is not bothered. In some stanzas it seems as she is mocking the person/people who are putting her down; like they are pathetic. ‘Does my sexiness upset you’ the word ‘sexiness’ in this context does not only imply that she is beautiful and believes that she is, but that she feels proud of her culture, which makes her confident. Maya uses many techniques in her writing such as through out the poem she uses rhetorical questions. ‘Did you want to see me broken? ‘ These questions force the reader to think and imagine about there own views on racism and what it would be like to be in her shoes. She also uses personification; ‘You may kill me with your hatefulness’. This is effective because ‘kill me’ is a very strong phrase and keeps creating the image of her arriving back at her town after the sager. Throughout the poem she has used a rhyming pattern of every first and last lines this is successful as it builds a flowing structure to the poem. The poet uses repetition to emphasise her point ‘Out of the hut of history’s shame I rise Up from a†¦. I rise’. This shows that once again she has risen above it. ‘History’s shame’ this is a direct reference to the struggles faced by her ancestors in her cultural history. I think that Maya’s technique clearly puts her point across and the last stanza finishes the poem with a strong phrase of ‘I rise, I rise, I rise, I rise’ presenting that life is hard but what ever it throws at you, you shall rise above it. In each of the poems Maya Angelou and John Agard use repetition which emphasises their subliminal messages in the poem. John Agard gets quite defensive and angry, whereas Maya Angelou although angry and annoyed she stays calms and ‘rises’ above it. I think the message of the two poems is that even when we are faced with prejudice and discrimination we can be the better people by not complying with it. I also believe the most effective techniques used to present their opinions of their cultures and peoples perception of them were repetition, similes and rhetorical questions; this created the tense moments that draw the reader in to go on and finish the poem.

Free Essays on Ragged Dick

RAGGED DICK Set in the busy city of New York during the 1860’s, Horatio Alger JR’s novel Ragged Dick is the story of an inspiring young boy who had nothing, and made himself into something great. Ragged Dick, or Richard Hunter, is a fourteen-year-old boy. He was completely on his own at age seven. After a few unsuccessful occupations he became successful at shinning shoes at ten cents a shine. Some nights he could afford a cheep place to sleep, but he usually spent his money at the theater and found himself sleeping in a box or the back of a wagon. Dick never thought that he could become a respectable man someday. He just figured that he was going to shine people’s shoes forever. However, dick was a very respectful young man. He had never stole from another person and never lied. He did honest work and was always eager to help someone less fortunate than himself. One day Dick saw a business opportunity. A man was sorrowfully telling his visiting nephew that he would not have time to show him around the city. The nephew seemed sad, and then Dick jumped in and offered his services as a guide for the boy. The man accepted and the boy, Frank, gave Dick one of his old suits. This was Dick’s first real present from anyone. After a day touring the city the returned and the very thankful uncle gave Dick five dollars. He also gave him some advice to invest his money into a bank, and start to save his earning. He told Dick of many men who started out just like him and now were very successful businessmen. This gave Dick hope and a new determination. With his five dollars and good advice Dick began constructing a new life for himself. He suddenly realized that he wanted to be somebody, and have an education. He rented a room for one dollar a week and shared it with a twelve-year-old boy who Dick wanted to help out. In exchange the boy, Henry Fosdick, would become Dick’s tutor, and teach him to read and write. Over time... Free Essays on Ragged Dick Free Essays on Ragged Dick RAGGED DICK Set in the busy city of New York during the 1860’s, Horatio Alger JR’s novel Ragged Dick is the story of an inspiring young boy who had nothing, and made himself into something great. Ragged Dick, or Richard Hunter, is a fourteen-year-old boy. He was completely on his own at age seven. After a few unsuccessful occupations he became successful at shinning shoes at ten cents a shine. Some nights he could afford a cheep place to sleep, but he usually spent his money at the theater and found himself sleeping in a box or the back of a wagon. Dick never thought that he could become a respectable man someday. He just figured that he was going to shine people’s shoes forever. However, dick was a very respectful young man. He had never stole from another person and never lied. He did honest work and was always eager to help someone less fortunate than himself. One day Dick saw a business opportunity. A man was sorrowfully telling his visiting nephew that he would not have time to show him around the city. The nephew seemed sad, and then Dick jumped in and offered his services as a guide for the boy. The man accepted and the boy, Frank, gave Dick one of his old suits. This was Dick’s first real present from anyone. After a day touring the city the returned and the very thankful uncle gave Dick five dollars. He also gave him some advice to invest his money into a bank, and start to save his earning. He told Dick of many men who started out just like him and now were very successful businessmen. This gave Dick hope and a new determination. With his five dollars and good advice Dick began constructing a new life for himself. He suddenly realized that he wanted to be somebody, and have an education. He rented a room for one dollar a week and shared it with a twelve-year-old boy who Dick wanted to help out. In exchange the boy, Henry Fosdick, would become Dick’s tutor, and teach him to read and write. Over time...

Ankgor Civilization, the Khmer Empire in Southeast Asia

Ankgor Civilization, the Khmer Empire in Southeast Asia The Angkor Civilization (or Khmer Empire) is the name given to an important civilization of southeast Asia, including all of Cambodia and southeastern Thailand and northern Vietnam, with its classic period dated roughly between 800 to 1300 AD. It is also the name of one of the medieval Khmer capital cities, containing some of the most spectacular temples in the world, such as Angkor Wat. The ancestors of the Angkor civilization are thought to have migrated into Cambodia along the Mekong River during the 3rd millennium BC. Their original center, established by 1000 BC, was located on the shore of the large lake called Tonle Sap, but a truly sophisticated (and enormous) irrigation system allowed the spread of the civilization into the countryside away from the lake. Angkor (Khmer) Society During the classic period, the Khmer society was a cosmopolitan blend of Pali and Sanskrit rituals resulting from a fusion of Hindu and High Buddhist belief systems, probably the effects of Cambodias role in the extensive trade system connecting Rome, India, and China during the last few centuries BC. This fusion served as both the religious core of the society and as the political and economic basis on which the empire was built. The Khmer society was led by an extensive court system with both religious and secular nobles, artisans, fishermen and rice farmers, soldiers, and elephant keepers: Angkor was protected by an army using elephants. The elites collected and redistributed taxes, and temple inscriptions attest to a detailed barter system. A wide range of commodities was traded between Khmer cities and China, including rare woods, elephant tusks, cardamom and other spices, wax, gold, silver, and silk. Tang Dynasty (AD 618-907) porcelain has been found at Angkor: Song Dynasty (AD 960-1279) whitewares such as Qinghai boxes have been identified at several Angkor centers. The Khmer documented their religious and political tenets in Sanskrit inscribed on stelae and on temple walls throughout the empire. Bas-reliefs at Angkor Wat, Bayon and Banteay Chhmar describe great military expeditions to neighboring polities using elephants and horses, chariots and war canoes, although there doesnt seem to have been a standing army. The end of Angkor came in the mid-14th century  and was partly brought about by a change in religious belief in the region, from Hinduism and High Buddhism to more democratic Buddhist practices. At the same, an environmental collapse is seen by some scholars as having a role in the disappearance  of Angkor. Road Systems among the Khmer The immense Khmer empire was united by a series of roads, comprised of six main arteries extending out of Angkor for a total of ~1,000 kilometers (~620 miles). Secondary roads and causeways served local traffic in and around the Khmer cities. The roads which interconnected Angkor and Phimai, Vat Phu, Preah Khan, Sambor Prei Kuk and Sdok Kaka Thom (as plotted by the Living Angkor Road Project) were fairly straight  and constructed of earth piled from either side of the route in long flat strips. The road surfaces were up to 10 meters (~33 feet) wide and in some places were raised to as much as 5-6 m (16-20 ft) above the ground. The Hydraulic City Recent work conducted at Angkor by the Greater Angkor Project (GAP)  used advanced radar remote sensing applications to map the city and its environs. The project identified the urban complex of about 200-400 square kilometers, surrounded by a vast agricultural complex of farmlands, local villages, temples and ponds, all connected by a web of earthen-walled canals, part of a vast water control system. The GAP newly identified at least 74 structures as possible temples. The results of the survey suggest that the city of Angkor, including the temples, agricultural fields, residences (or occupation mounds), and hydraulic network, covered an area of nearly 3,000 square kilometers over the length of its occupation, making Angkor the largest low-density pre-industrial city on earth. Because of the enormous aerial spread of the city, and the clear emphasis on water catchment, storage, and redistribution, members of the GAP call Angkor a hydraulic city, in that villages within the greater Angkor area were set up with local temples, each surrounded by a shallow moat and traversed by earthen causeways. Large canals connected cities and rice fields, acting both as irrigation and roadway. Archaeology at Angkor Archaeologists who have worked at Angkor Wat include Charles Higham, Michael Vickery, Michael Coe and Roland Fletcher; recent work by the GAP is based in part on the  mid-20th-century  mapping work of Bernard-Philippe Groslier of the École Franà §aise dExtrà ªme-Orient (EFEO). The photographer  Pierre Paris  took great strides with his photos of the region in the 1920s. Due in part to its enormous size, and in part to the political struggles of Cambodia in the latter half of the 19th century, excavation has been limited. Khmer Archaeological Sites Cambodia:  Angkor Wat, Preah Palilay, Baphuon, Preah Pithu, Koh Ker, Ta Keo,  Thmà ¢Ã‚  Anlong,  Sambor Prei Kuk, Phum Snay, Angkor BoreiVietnam:  Oc Eo,  Thailand:  Ban  Non Wat,  Ban Lum Khao, Prasat Hin Phimai, Prasat Phanom Wan Sources Coe MD. 2003.  Angkor and the Khmer Civilization. Thames and Hudson, London.Domett KM, OReilly DJW, and Buckley HR. 2011.  Bioarchaeological evidence for conflict in Iron Age north-west Cambodia.  Antiquity  86(328):441-458.Evans D, Pottier C, Fletcher R, Hensley S, Tapley I, Milne A, and Barbetti M. 2007.  A new archaeological map of the world’s largest preindustrial settlement complex at Angkor, Cambodia.  Proceedings of the National Academy of Sciences  104(36):14277-14282.Hendrickson M. 2011.  A transport geographic perspective on travel and communication in Angkorian Southeast Asia (ninth to fifteenth centuries AD).  World Archaeology  43(3):444-457.Higham C. 2001.  The Civilization of Angkor. Weidenfeld Nicolson, London.Penny D, Hua Q, Pottier C, Fletcher R, and Barbetti M. 2007.  The use of AMS 14C dating to explore issues of occupation and demise at the medieval city of Angkor, Cambodia.  Nuclear Instruments and Methods in Physics Research Bà ‚  259:388–394.Sanderson DCW, Bishop P, Stark M, Alexander S, and Penny D. 2007.  Luminescence dating of canal sediments from Angkor Borei, Mekong Delta, Southern Cambodia.  Quaternary Geochronology  2:322–329. Siedel H, Pfefferkorn S, von Plehwe-Leisen E, and Leisen H. 2010.  Sandstone weathering in  tropical  climate: Results of low-destructive investigations at the temple of Angkor Wat, Cambodia.  Engineering Geology  115(3-4):182-192.Uchida E, Cunin O, Suda C, Ueno A, and Nakagawa T. 2007.  Consideration  on  the construction process and the sandstone quarries during the Angkor period based on the magnetic susceptibility.  Journal of Archaeological Science  34:924-935.

Biography of Anne Lamott

Biography of Anne Lamott Anne Lamott was born in 1954 in San Francisco, CA. Anne Lamott, the daughter of the writer Kenneth Lamott, grew up in Marin County, north of San Francisco. She attended Goycher College in Maryland on a tennis scholarship. There, she wrote for the school newspaper, but dropped out after two years and returned to San Francisco. After a brief stint writing for WomenSports magazine, she began working on short pieces. The diagnosis of her fathers brain cancer prompted her to write her first novel,​ Hard Laughter, published by Viking in 1980. She has since written several more novels and works of nonfiction. As Lamott told The Dallas Morning News: I try to write the books I would love to come upon, that are honest, concerned with real lives, human hearts, spiritual transformation, families, secrets, wonder, craziness- and that can make me laugh. When I am reading a book like this, I feel rich and profoundly relieved to be in the presence of someone who will share the truth with me, and throw the lights on a little, and I try to write these kinds of books. Books, for me, are medicine. Lamotts Books While Ann Lamott is well known and loved for her novels, she also wrote  Hard Laughter, Rosie, Joe Jones, Blue Shoe, All New People, and Crooked Little Heart- a popular nonfiction piece. Operating Instructions  was  her raw and honest account of becoming a single mother and chronicle of her sons first year of life. In 2010, Lamott published Imperfect Birds. In it Lamott explores teenage drug abuse and its consequences with her trademark humor. This novel is about how incredibly hard it is to know and communicate the truth, Lamott told an interviewer. Then in 2012s Some Assembly Required, Lamott revisits the topic of child-rearing that she mined so well in Operating Instructions, except this time from a grandmothers point of view. In this memoir, Lamott takes her readers through the birth and first year of the life of her grandson, Jax, the son of her then nineteen-year-old son Sam. Taken from the notes of her journal during that year, Some Assembly Required also includes other happenings including a trip she takes to India in which she carries readers away with her visceral descriptions: We were on the Ganges at five in the morning, in a riverboat in the fog... All four mornings we were in Varanasi, our boat was socked in with fog. This mornings riverboat man said, Too much the foggy! which I think captures all of human life. It was a thick, white pea-soup fog- a vichyssoise fog- and apparently we were not going to see any of the sights Id assumed we would see, and in fact had come here to see. But we saw something else: We saw how much better mystery shows up in the fog, how much wilder and truer each holy moment is than any fantasy.

Boundary-Less Company Case Study Example | Topics and Well Written Essays - 3750 words

Boundary-Less Company - Case Study Example The application of change management in the company can lead to resistance to employees. Motivation is an important factor that can encourage and influence employees to be efficient and enthusiastic. Some of the staffs that are working at Siemens thrive on responding to challenges and prosper on the problem-solving part. The employees of the company feel valued and believe that they are provided opportunity and motivation to be imaginative. An extraordinary level of performance culture can exist in the organization when every member value contribution of each other and share the same vision and trust. According to Klaus Kleinfeld, CEO of Siemens, the overall operations of Siemens is based on high-performance team culture. Moreover, Kleinfeld also believes that the valuable resource of the company is the quality of teams and people who are rightly involved in the part of success. The success of the business is dependent upon the performance of the total organization, teams, and each individual. The performance and productivity of the organization can be dependent upon leadership style and application of effective leadership strategy. This prime purpose of the paper is to provide a vivid explanation of the performance-based working culture of Siemens. The study of social administrations and organizations such as bureaucracies and businesses is known as the organizational theory. Moreover, it is also studying interrelationship with the background of operation. Furthermore, it also complements the study of organizational behavior, leadership, industrial psychology, human resource studies, and management. The application of organizational theory can create a huge influence on the complete performance of any organization. The role of management is to make resources productive by managing managers, workers, and business.

About Jazz Music Research Paper Example | Topics and Well Written Essays - 750 words

About Jazz Music - Research Paper Example In fact, Jazz is all set to win the hearts and minds of the music lovers located anywhere and everywhere in the world and is no more the exclusive legacy of American masses. It is really tough to trace a chronologically systematic history of Jazz music. However, it will be quiet realistic to say that Jazz evolved from a budding musical diversion to a blooming tradition at some time around the beginning of the 20th century. The dilemma of the historians and archives of Jazz music is that today there exist very few recordings of Jazz from its formative years. Even the recordings that exist fail to extend a true sound of the Jazz music of those days because of the limitations of the recording technology of that time (Ratliff 56). Considering the fact that extempore performances, which are not merely encouraged in Jazz, but in fact constitute a vital and indispensable part of this genre, were not accurately captured by the then existing recording facilities. Jazz in its early days authentically had a black heart that eventually won the interest and dedication of connoisseurs hailing from all cultures and colors. Actually, Jazz was the first native American musical form that had an impact that was not merely panned American but Global in its scope (Roots of American Music 82). The port city of New Orleans is considered to be the home of Jazz music. It is easier for the Jazz fans to understand that the development of such musical tradition undeniably needed a cosmopolitan breeding ground. Jazz was the result of the mingling of the Western classical music with the African spirituals and blues to which was added a generous smattering of the Caribbean and Latin culture. Thus it amply reveals a sophistication of the classical influences thickly loaded with the spice, verve, and energy that is conclusively African and Latin in its origins. It has the finesse of an orchestra combined to the earthiness of a brass band, which gives it its typical flavor. Such an enticing art form surely could not be kept confined to New Orleans for long. Shortly Jazz began its journey towards the north and reached Chicago, where it soon captured the loyalty of the masses and became a regular feature at the local nightclubs (Roots of American Music 82). Yet, it is the New York City that rendered Jazz with an immense mass appeal and commercial possibilities, courtesy of its booming music publishing business (Roots of American Music 82). Presently Jazz started becoming more organized and the splinter Jazz groups started sticking together to give way to big Jazz bands led by celebrated performers like Count Basic and Jellyroll Morton. This was the time when Jazz finally achieved the fame and success that was long its due. Surely the American dream is not merely confined to people and groups but has cultural and artistic ramifications. Jazz has finally arrived by the late 40s. One fact that deserves prompt attention is that Jazz was not merely urban in it s scope.  Ã‚  

Why and how are environmental issues becoming more of an issue for Essay

Why and how are environmental issues becoming more of an issue for international business and international institutions - Essay Example Many researchers and academics have hypothesized that the advent accelerated and competitive economic globalization, trade barriers liberalization such as †free trade agreements† and industrialization have created what they call â€Å"pollution havens† in many countries and communities. The pollution haven hypothesis states that pollution heavy industries will relocate to jurisdictions with less stringent environmental regulations as a strategy to further reduce production costs (Mrwhatis, 2011). The validity of the â€Å"pollution haven† hypothesis has been a long debated one between academics and policy researchers. Early research theory works of Pethig (1976) and McGuire (1982) first presented the theory that in case of increased environmental regulations in the home country would lead to increased plant relocation to countries with less stringent environmental regulations as long as free trade agreements or trade liberalization allowed it (Webmeets, 2012 ). Regardless of the enormous amount of research and empirical studies on the subject, it has not settled the debate one way or the other. Under one version of the â€Å"Pollution Haven† hypothesis it is believed that less developed countries value economic growth more than protecting the environment and natural resources, therefore their operating standards for environmental protection tend to be extremely lax to almost non-existent. As a direct consequence, these jurisdictions with low environmental protection regulations will tend to concentrate pollution heavy industries and create localized pollution havens. Although the negative environmental impact and general welfare for these communities can be significant, the positive economic impacts brought by the new jobs far outweigh the negative consequences. According to Grossman and Krueger (1993) and Jaffe (1995) there is not considerable evidence supporting the existence of pollution havens as a direct result of factor end owment and economies of scale considerations. They argue that free trade by itself might not harm the environment, but more likely a result of various factors. Antweiler et al.(2001) and Grossman and Krueger (1993) state that information asymmetry related created when the government regulators do not measure the actual production level nor means of production technology to derive actual pollution derived from the company itself as one of the key factors. Other causes such as aggregate demand for the polluting product, a technique effect (polluting intensity due to operational factors intrinsic to the industry), and the actual share of revenues derived from the polluting industries

Event Study - Rethinking Corporate Governance Essay

Event Study - Rethinking Corporate Governance - Essay Example Inbev is a giant brewer which is based in Belgium and Anheuser Busch is also a brewer that is based in the United States of America. Inbev acquired Anheuser Busch-Inbev and the first announcement on the acquisition was made on 11th June 2008 as mentioned above. The paper shall first carry out an analysis of the data and techniques used to carry out the event study, secondly the paper shall carry out an event study for an event window of 21 days around the event announcement day which is made up of 10 days before the even t and 10 days after the event, thirdly, the paper shall summarize the findings obtained after carrying out the event study and finally the paper shall interpret the results and offer a conclusion on the event study. Data and techniques The data used for this event study is the daily adjusted closing stock prices for Anheuser Busch-Inbev for the period between 9th August 2007 and 25th June 2008 and the daily adjusted closing prices of the Euronext BEL-20 Index for the same period of time. The adjusted closing prices for both the company and the index were obtained from yahoo finance database (Yahoo finance 2012a and Yahoo finance 2012b). The adjusted closing prices were then used to calculate the daily returns on the company’s share price and the daily returns on the index which represents the return of the market. This is done by using the formula P1/P-1-1where P1 is the adjusted closing price of the stock or the index in day 1 and P-1 is the adjusted closing price of the same stock or index in the previous day. The returns of the Anheuser Busch-Inbev for the 200 days before the event window which is the period between 9th August 2007 and 26th of May 2008 were regressed on daily returns of the index between the same period to arrive at the value of beta and alpha for the company which were then used to calculate the expected returns of the stock during the event window using the market model method. The cumulative abnormal returns during the event window were then analyzed to determine if the event resulted into a significant change in the stock price during the event window (Lee 2001). Event study results The daily returns of both the Anheuser Busch – Inbev stock and the Euronext BEL 20 index were calculated using the formula explained above. The regression of the daily returns of the stock on the returns of the index for the 200 days before the event window resulted into a beta of 0.09 which is the risk of the stock in relation to the market. The regression also resulted into an alpha value of -0.004%. The alpha and beta for Anheuser Busch – Inbev is then used to calculate the expected returns of the stock for window period which is 10 days before the announcement of the merger the date of the merger announcement and 10 days after the announcement of the merger. The actual returns are then subtracted from the actual returns to arrive at the abnormal returns as shown in the event window table

Protection of vulnerable people (ADULT WITH DEMENTIA) Essay

Protection of vulnerable people (ADULT WITH DEMENTIA) - Essay Example Being a serious mental disability, adults suffering from dementia face many challenge in their routine life particularly learning disabilities. These adults are often abused at different intervals of life. This paper aims to highlight the abuses and challenges faced by adults with Dementia. Moreover, the will provide methods through which the vulnerability of these adults can be reduced. The paper will also discuss laws and policies that safeguards adults with dementia. Background One of the serious health problems faced by adults across the world, particularly the UK is Dementia. This is because of certain factors. One chief reason is that the aging of people in the UK is increasing. For this reason, adults that are diagnosed with Dementia in UK are increasing every year. The term ‘Dementia’ is originally a Latin word which means irrationality; ‘De’ means without and ‘mens’ means mind, thus it illustrates that without mind (Adams & Manthorpe, 2 003). Previously unimpaired people can also undergo dementia. It is a progressive brain dysfunction in which the person faces long term decline in his mental capabilities. The chief cognitive regions of the brain affected by Dementia include memory, attention, language and problem solving which makes it difficult for the person to perform various tasks. If these dysfunctions stays or are present for more than 6 months, then it is in positive support for the diagnosis of dementia (Hughes, et al., 2006). Dementia is a growing disease in the UK. Many adults are facing challenges to continue their routine life normally and are abused at different points because of this mental disorder. Moreover, adults diagnosed with dementia also face some financial challenges that do not allow them to treat their sickness, thus increasing the problems. The government of United Kingdom has set some laws and policies for patients with mental sickness. This is to ensure that those diagnosed with mental d ysfunctions are getting proper treatment and are able to continue their life. Moreover, adults who are diagnosed with dementia also face learning disability issues (Keady & Harris, 2013). Body Abuses / Challenges Faced by Adults with Dementia To name there are a number of abuses and challenges that are faced by adults with Dementia. These challenges vary from person to person. According to a report conducted by Kings’ College London and Alzheimer’s society stated that it is estimated that by 2025 as many as one million people will have dementia in UK. This is a serious issue which raises many other problems for the adults making them vulnerable towards life (Alzheimer's Society, 2013). People have not understood dementia completely, thus they are not able to offer this disease a comprehensive reaction. For this reason, dementia adds to the miseries of adults. Where on one hand these adults find it hard to cope-up with their daily tasks, the disease and other factors in a variety of ways often abuse them. It is already discussed above that adults with dementia face issues with memory; this illustrates that they have problems remembering their name, the day, week, and month; in short they are not able to recall anything properly. This can be explained with the help of few examples. Imagine, you wake up one morning and you are not able to recognize the person or his name that is lying next to you. This gets even worse when you look at your siblings and other family members and asks

Central bank independence and economic performance Assignment

Central bank independence and economic performance - Assignment Example For instance under the floating exchange rate regime, protecting the value of the domestic currency against US Dollar and other international currencies calls for vigilance and continuous monitoring of the world economy through various economic indices. Regulating money supply and interest rates are governed by several domestic and international factors as well. Therefore, independence of the central bank is necessary to deal with these problems effectively without any interference in the regulatory process. However, the level of independence varies from country to country based on the political and economic system prevailing in the countries. Long ago in 1929 Montagu Norman, Governor of the Bank of England wrote: â€Å"I look upon the Bank as having the unique right to offer advice and to press such advice even to the point of nagging: but always, of course, subject to the supreme authority of the government† (Toniolo, G. 1988 p. 47). This statement underlines the need for in dependence as well as its limitation. The role of central bank Central bank’s monetary policies have different impact on different economic variables of the economy. Increase in money supply with or without decrease in interest rates could trigger inflation in the economy. Therefore, careful analysis of the economic indicators is important in taking appropriate action by the central bank. For instance, inflation in this case could affect consumption thereby demand for the products. At the same time, this could increase capital investment and results in employment generation. Stability in exchange rate is another important factor which could affect inflation in the country and foreign direct investments in the country which will have...This paper offers a comprehensive analysis of the role of central bank in terms of economic performance of the nation. Influence of the political independence of central bank operations in context of achieving its objectives is under review. In order to achieve economic growth in a country, formation of capital is essential for fresh investments in the economy. Increase in aggregate demand in the country is an important factor in this regard for attracting investment of capital in new projects. Liquidity in the system as well as interest rates should be monitored and regulated on a continuous basis by the central bank to provide good environment for capital investment and consumption which in turn will generate demand for the products. However, the central bank should also ensure that it does not result in overheating of the economy. Regulating interests and money supply in the economic system is very complicated in the backdrop of technological developments taking place in the world and globalisation of economies. The independence of the central bank of the county is very important for exercising control over the commercial banks in the country through its monetary policies. The monetary policies need to be complementary to the fiscal policies of the government to achieve its economic objectives. A country with high central bank interference need to introduce reforms to make the institution more independent within the timeframe set for this purpose to improve stability in liquidity and prices.

Protection of vulnerable people (ADULT WITH DEMENTIA) Essay

Protection of vulnerable people (ADULT WITH DEMENTIA) - Essay Example Being a serious mental disability, adults suffering from dementia face many challenge in their routine life particularly learning disabilities. These adults are often abused at different intervals of life. This paper aims to highlight the abuses and challenges faced by adults with Dementia. Moreover, the will provide methods through which the vulnerability of these adults can be reduced. The paper will also discuss laws and policies that safeguards adults with dementia. Background One of the serious health problems faced by adults across the world, particularly the UK is Dementia. This is because of certain factors. One chief reason is that the aging of people in the UK is increasing. For this reason, adults that are diagnosed with Dementia in UK are increasing every year. The term ‘Dementia’ is originally a Latin word which means irrationality; ‘De’ means without and ‘mens’ means mind, thus it illustrates that without mind (Adams & Manthorpe, 2 003). Previously unimpaired people can also undergo dementia. It is a progressive brain dysfunction in which the person faces long term decline in his mental capabilities. The chief cognitive regions of the brain affected by Dementia include memory, attention, language and problem solving which makes it difficult for the person to perform various tasks. If these dysfunctions stays or are present for more than 6 months, then it is in positive support for the diagnosis of dementia (Hughes, et al., 2006). Dementia is a growing disease in the UK. Many adults are facing challenges to continue their routine life normally and are abused at different points because of this mental disorder. Moreover, adults diagnosed with dementia also face some financial challenges that do not allow them to treat their sickness, thus increasing the problems. The government of United Kingdom has set some laws and policies for patients with mental sickness. This is to ensure that those diagnosed with mental d ysfunctions are getting proper treatment and are able to continue their life. Moreover, adults who are diagnosed with dementia also face learning disability issues (Keady & Harris, 2013). Body Abuses / Challenges Faced by Adults with Dementia To name there are a number of abuses and challenges that are faced by adults with Dementia. These challenges vary from person to person. According to a report conducted by Kings’ College London and Alzheimer’s society stated that it is estimated that by 2025 as many as one million people will have dementia in UK. This is a serious issue which raises many other problems for the adults making them vulnerable towards life (Alzheimer's Society, 2013). People have not understood dementia completely, thus they are not able to offer this disease a comprehensive reaction. For this reason, dementia adds to the miseries of adults. Where on one hand these adults find it hard to cope-up with their daily tasks, the disease and other factors in a variety of ways often abuse them. It is already discussed above that adults with dementia face issues with memory; this illustrates that they have problems remembering their name, the day, week, and month; in short they are not able to recall anything properly. This can be explained with the help of few examples. Imagine, you wake up one morning and you are not able to recognize the person or his name that is lying next to you. This gets even worse when you look at your siblings and other family members and asks

Analysis of the 2nd Chapter of The Aesthetics of the Natural Essay

Analysis of the 2nd Chapter of The Aesthetics of the Natural Environments - Essay Example During the past ages the nature of the environment was quite comforting as it portrayed a particular unique beauty. According to the information from this chapter, the appreciation of the authentic environment is much different from the past centuries, and the nature of the environment is being transformed and replaced by art. Authentically it is said that the structures being constructed on the natural environment were initially meant to be helpful to the human beings and they were supposed to be constructed without much interference of the natural structure of the location of the constructions (Carson & Berleant, 2007). The chapter also explains how in countries such as the United States of America, so many constructions have been erected by the architectures and the building are no longer serving their purpose because it has reached an extent where people are now very uncomfortable living in those particular structures. The chapter also explains that some of the constructions bein g put up in the present century are being exaggerated in such a way that a person may fail to tell from far whether the building is a church, a mall or a house. It is explained in the chapter that today's buildings are constructed in a way that portrays a different picture of what the building is meant to represent. According to the author of this book, constructions should be designed to match its purpose and that the design features should be able to go together with its use. There are several considerations that should be looked into also before the constructions and these include the space, the lighting, the sounding system, and the construction surfaces among other thing (Carson & Berleant, 2007). This chapter also explains how the environment is closely related to human beings, and wants to make the reader understand that the environment is very compatible with the human being. It goes on to explain the relationship between the environment’s nature and the human beings. That the environment has many positive impacts on human life and the way it can have negative impacts too depending on how they associate with each other. The environment has everything to do with human beings and, therefore, whatever is constructed in it will always be because of them. For that reason, then it is explained in the chapter how constructions should be put up after investigations have been made which ensure how comfortable the environment is. Therefore, the environment is constructed by architectures according to their desired designs to attract and please the eyes of the users and at the same time the environment where the construction is taking place should be checked carefully and considerations made to ensure the comfort of the users. The chapters are all about the constructions being put up in the natural environment and how they should be done selectively. That the surroundings of the people living within it or inside the constructions must be conducive (Carson & Berleant, 2007). However, the constructions being built anywhere should also be made in such ways that they do not interfere harshly with the environment. This is because the people who are to occupy the buildings will still need those natural resources within the environment. Constructions easily pollute and destroy the

The sea of Galilee Essay Example for Free

The sea of Galilee Essay Louis Joseph Watteau’s â€Å"The Storm† is more of a romantic painting while Eugene Delacroix’s â€Å"The sea of Galilee† is more of a neo-classical painting. Let me begin with Watteau’s â€Å"The Storm. † This painting is a romantic work of art because of the general effect that its appearance brings to its onlookers. The storm is not yet present; it is only foreboding of its eventual coming. Half of the portions of the clouds are still filled with some sunny light but the other half was already covered with some dark clouds, signifying the threat of an upcoming storm. Below the clouds, we see some people working, doing some farm work while the weather is still quite good and the storm is not yet pouring. They are maximizing the time doing what needs to be done as perhaps they cannot afford to put off the peasant’s work. Looking more closely at the painting, we will see that what unassumingly takes the center of the canvas is a tree that is slightly tilted and is seemingly bald with the verdure of luscious leaves. The fading light of the sun reflects itself on the awkwardly standing tree, emphasizing its lanky stems and its listless stature. From what we can see on the surface, this painting by Watteau typifies the characteristics of a Romantic painting and the moods of the Romantic Movement in general. The Romantic Ideal frolics and jubilates on the meadows of individualism, emotions and nature. It also promotes the subjective moods of the individuals and the eschewal of reason in favor of intuition and imagination. The Romantic Movement, whether in literature or visual arts, is said to have three primary cults: the cult of the individual, the cult of emotion and the cult of nature. It is a reaction towards the rapid rise of Science which espoused rational and utilitarian thinking. Specifically, it stemmed from the abrupt social change which was trail blazed by the French Revolution and the Napoleonic Wars. The movement called for a retreat towards nature to regain the loss substance of humanity which was caused by the arrival of machines and other technologies. The Romantic also looks into the human nature – the human tendencies and behaviors and his reactions towards his surroundings. While science tried hard to explain the origins of things and the rationale of their existence, the Romantics focused on man’s experience and his engagement with the world where he resides. The Romantic also probes the folk culture, the national and ethnic origins, the exotic, the occult and the diseased – the areas which Science and rational thinking consciously chose to avoid. In â€Å"The storm,† we can notice that the focus is not on the people but on the images of nature – the awkwardly standing tree and the clouds. There is an element of being diseased in the people, as they were toiling hard for their livelihood. However, this element was put into the background as we were more primarily led to notice the bleak image of nature. Despite the threats of an upcoming storm, as visualized in the appearance of the clouds, the people keep on working. The striving of the people only depicts the endless struggle between the intention to achieve perfection and the limitations of man. Even though the people know that a storm is forthcoming, they do not stop from working until it arrives. The cult of nature is likewise evident. In this insular setting, we can see nature stripped off extravagant portrayals. This is nature at its barest form. There were not so many colors; in fact the hues of brown and orange were the dominant hues in this picture. The painting limns nature as it is, without exaggerations and attempts to be swanky. Meanwhile, â€Å"Sea of Galilee† is a Neoclassical painting as looking at it will likely bring into mind the paintings of the Classical times. It is reminiscent of the visual arts existent during the times of Ancient Greeks and Romans. What we can see in this work of Delacroix is a dark background and a seemingly fragmented landscape. The group of people riding the ship was marked by a sense of defeat as the ship was faltering against the ravaging weather. The sails are beginning to get shattered as it travels below the dark clouds and above the dark grey ocean. The people in the ship are trying their best to save themselves and the ship they are riding. Obviously, they were facing a tough situation and in order to triumph, an earnest, concerted effort must be put. The neoclassical painting goes back to the lost luminescence of the Classical paintings during the Ancient civilization. It incorporates every element that can be possibly used to recast the Classical. They reused the Classical styles, recalled the Classical themes and reinterpreted the Classical subjects. By doing that, they lead in pushing forth the resurgence of the loss tradition and rendering them in slightly new, and better forms. With the advances in techniques and artistic devices, the Neoclassical extends the Classical by attempting to render their arts and make their interpretations of their subjects in a more accurate manner. Majority of these subjects have references to history and mythology. As we can see in this dominantly dark painting, there is much emphasis on the quality of lines that the elements of color and atmosphere were quite downplayed. It also has a tendency to appear as simplistic as possible. We can see the elements of the people, the straggling ship with its breaking sails and the dark sea. With just three elements incorporated in the painting, it was able to convey a strong idea – man’s being caught in the thick of a wide adventure that is life and encountering tough challenges where a mettlesome character is needed to attain victory. References Antal, Frederick. (1966). Classicism and romanticism: with other studies in art history. London : Routledge Irwin, David G. (1966). English neoclassical art: studies in inspiration and taste. London: Faber. Sypher, Wylie, ed. (1963). Art history: an anthology of modern criticism. New York: Vintage Books.

Poor Personal Hygiene in The Fast Food Industry Essay -- cooking, emplo

Imagine suddenly feeling sick and facing life threatening sickness after eating at your favorite local fast food restaurant. At this point you are surprised because you believed in the restaurants promise of having food thats good and fit for you. An estimated annual amount of food related sickness in the U.S is 76 million cases. Many local fast food restaurants seem to be blind to the actions taken that can truly affect a customer's health. These health problems can be permanent or temporary affecting the lives of the people. Personal hygiene is a very severe concept that can have a negative or positive effect on how a food item is produced. Personal hygiene is the cleanliness of a person. It is basically keeping you hair, nail, feet and every other part of the body maintained and clean. When employees have poor hygiene they can cause great damage to the health of the customers who eat at the fast food restaurant. The fast food restaurant industries prefer cooking the food us ing methods that are quick and tasty. This usually does not mean healthy. Some cooking methods that they use are deep frying, pan frying, and stir frying. The fast food restaurants also do not provide some of the information of the ingredients they use because they know it would disgust the customers. These ingredients are believed to not be harmful in the eyes of the fast food restaurant industries, so they believe it makes no sense to inform the customers about them. The personal hygiene of the fast food restaurant’s employees, their methods of cooking, and the false information on exactly what ingredients they use for the food are the leading cause to health problems in our society. Poor Personal hygiene in the fast food industry is a leading c... ...at-fault>. University of Illinois College of Agricultural, Consumer and Environmental Sciences. "Who’s to Blame for Obesity? Policy Makers, the Food Industry, or Individuals?" Http://www.sciencedaily.com/. ScienceDaily, 22 Jan. 2014. Web. 12 Mar. 2014. . Wash Your Hands Inc. "Consequences of Poor Hand Hygiene and the Importance of Handwashing." Http://www.wash-hands.com/. N.p., n.d. Web. 02 Mar. 2014. . Weil, Andrew. "3 Unhealthy Ways to Cook." Http://www.drweil.com/. N.p., n.d. Web. 12 Mar. 2014. . Wordpress.com. "Fast Food vs. Obesity." Wordpress.com. N.p., 07 Dec. 2012. Web. 27 Mar. 2014. .

Rescuers of Holocaust Victims :: essays research papers

Individuals who risked their lives†¦ There were many individuals who risked their lives to rescue and hide the Jews during the Holocaust. Some of them got caught, while some of them made it until their village’s liberation day. An example of a rescuer that saved a Jew’s life is Jadwiga Suchodolski. This young girl was from a Catholic family. Her family lived in the village of Krzynowloga Wielski. At one evening of April in 1943 her family heard a knock on their door. When they opened it, they saw a Jewish man that fell down on his knees with his body all swollen up from hunger. The family talked about it and decided to let Michael in. They promised to keep him a secret. Two years later when liberation day came, the word spread that a Jew was being nursed back to life in their village. One day a group of partisans broke into Jadwiga’s house and demanded that Michael be turned over to them, but Jadwiga held them off long enough to let Michael escape. When the partisans realized that the Jew left, they gave a chase but did not catch up with him. In revenge, they ransacked Jadwiga’s house. Later Michael came back, but soon after he married Jadwiga and left to live in Israel in 19 57. Another example is Irena Sendler. Irena worked as a member of a Council for Aid to Jews. She had a permit allowing her to visit the ghetto area at all times. In the summer of 1942, under the code of â€Å"Jolanta†, she arranged some things for Jewish children to be smuggled out of the ghetto and found some non-Jewish families where the kids can stay. In the fall of 1943, Irena was arrested and was taken to a prison, and brutally tortured. The Gestapo people failed to get information from her, so she was supposed to be executed. However, her Jewish underground buddies had bribed one of the Gestapo agents, and on the day that Irena was supposed to be executed, she was released. She was forced to stay out of sight from the Germans, but she still conducted her activities from her hiding place.

Corporate Evaluation Analysis – Avon Products

Table of Contents I. Company History†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 3 II. Recent News†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 5 III. Industry Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 8 IV. SWOT Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 15 V. Value Line Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 15 VI. Ratio Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 18 VII. Regression & Descriptive Statistics – Growth Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 20 VIII. Growth Analysis, Estimates for Earnings Employed in DDM, DDM including Discount Rate, and Other Assessments of Risk†¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 23 IX. Other Valuation Parameters†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 26 X. Rule #1†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 28 XI. Conclusions/Final Stock Judgment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 31 XII. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 33 XIII. Appendix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Pg. 35 I. Company History In general, Avon Products, Inc. is a U. S. cosmetics, perfume, jewelry, skin care, personal care and children’s products seller with markets in over 140 countries across the world and sales of $9. 9 billion worldwide. Avon Founder David H. McConnell offered women a rarity in 19th century America: a chance at financial independence. In 1886, it was practically unheard of for a woman to run her own business. Only about 5 million women in the United States were working outside the home, let alone climbing the ranks of any corporate ladder. That number accounted for just 20% of all women (Avon. com). The man behind the company for women was the son of Irish immigrants and grew up on a farm. Yet, it was this young man from rural New York, a visionary leader decades ahead of his time, who would become a pioneer in empowering women. McConnell, a bookseller-turned-perfume entrepreneur, would offer women the opportunity to create and manage their own businesses through what later became known as direct selling. David H. McConnell sold books door-to-door and gave out perfume to entice women to buy his books. His perfume proved to be much more popular than his books, so he then founded the California Perfume Company (CPC) in New York, New York. Mrs. P. F. E Albee, a 50-year old wife and mother of two, became the California Perfume Company’s first Representative. The legendary Mrs. Albee is still considered a role model for Avon Representatives today and is credited with creating the company’s system for distributing products. The California Perfume Company was incorporated on January 28, 1916 by David H. McConnell and Alexander D. Henderson (businessman) in Suffern, New York. By 1918, five million units were sold in North America, and by 1928, sales reached $2 million. In October 1939, the name was changed to Avon Products, Inc; McConnell had visited Stratford-Upon-Avon (UK) and had liked the town so much, that he renamed his company after it. The company was taken public in 1946 with OTC stock. By 1954, sales reached $55 million, and the â€Å"Avon Calling† advertising campaign was introduced, making it one of the largest and most successful advertising campaigns in history (Avon. com). In the 1960’s and 1970’s, Avon was one of Wall Street’s favorite â€Å"Nifty Fifty† stocks, a group of well-regarded, â€Å"buy and hold† blue chips that also included Xerox, Disney, and McDonald’s. These stocks helped drive the bull market of the early 1970s in the U. S. , with Avon’s stock soaring to $140. The Nifty Fifty bubble later bursts, sending U. S. stocks plunging. Avon was listed on the NYSE as AVP in 1964. By 1979, sales reached $3 billion, with one million direct sales agents. Today sales exceed $10 billion worldwide. In June 1989, Avon became the first major cosmetic company to announce a permanent end to animal testing on all Avon-manufactured products. Avon does not conduct animal testing on any of its products or raw ingredients and does not require that suppliers of raw ingredients and finished products produced for Avon conduct animal testing on our behalf. In addition to its corporate pursuits, the Avon corporation is involved in philanthropic causes. The Avon Foundation for Women, an accredited 501(c)(3) public charity, is the largest corporate-affiliated philanthropy for women in the world. Avon has been committed to helping women achieve their highest potential of economic opportunity and self-fulfillment by empowering them through scholarships and support for other forms of educational and occupational training and advancement. The Avon Foundation is currently focused on two key causes: breast cancer and domestic violence. Through 2009, Avon global philanthropy raised and donated more than $725 million worldwide for causes most important to women. Since 1992 in more than 50 countries around the globe, millions of dedicated Avon Representatives have sold special Avon cause products, raising almost $150 million to end breast cancer and domestic violence and to help in times of global emergencies. In 1999, the first woman CEO was named: Andrea Jung. In 2003, â€Å"mark. â€Å", which is targeted to younger, college-aged women, was created to help the company reach out into markets it had not previously serviced. mark. as proven to be successful in reaching a new generation of recruits, primarily young women ages 18–25, with a monthly â€Å"magalog† featuring its products. In 2008, reality star Lauren Conrad became a spokesmodel for the brand. Conrad also designed clothing and accessories for the brand. In 2010, actress Ashley Greene would replace Conrad as the spokes model for the brand. T hroughout the first decade of the new millennium, Avon began operating in numerous new markets, with heavy expansion in Central and Eastern Europe and the Caribbean Islands. Avon is now in more than 100 markets and is coined to be â€Å"the company for women†. II. Recent News AVP has a market cap of $11. 43B, operating cash flow of $702M, and consistent quarterly dividends around $0. 22 per share, making AVP a leader in personal products globally (Investment Underground). Given AVP’s positioning in the personal products industry, Avon could be a prime takeover candidate for competitors such as The Estee Lauder Company (EL) or French conglomerate L'Oreal SA (LRLCY. PK) looking to expand their reach into the direct sales portion of the personal products market. Because AVP currently has one of the lowest operating margins in the sector (11. 0%), competitors such as EL could view AVP as an attractive investment in hopes of increasing profitability. In turbulent times, people turn inward. The argument for large cap consumer staple companies is that they are familiar names that offer the necessities of daily life. Barron’s Magazine presents a list of ten companies that fit this argument. The underlying thesis is that these ten com panies offer cash flow, dividends and predictable growth. This list includes: Avon Products (AVP), Campbell Soup (CPB), Clorox (CLX), Coca Cola Enterprises (CCE), Colgate-Palmolive (CL), General Mills (GIS), Kellogg (K), Molson Coors Brewing (TAP), PepsiCo (PEP), and Proctor & Gamble (PG). Are these companies really good investments for today? |Ticker |Company |Recent |Price Chg. |Dividend |EV/EBITDA |EV/SALES | | | |Price |52W |Yield | | | |AVP |Avon Products, Inc. |26. 59 |-19. 00 |3. 50 |15. 03 |1. 31 | |CPB |Campbell Soup Company |33. 50 |-4. 00 |3. 50 |13. 01 |1. 9 | |CLX |Clorox Company, The |68. 81 |7. 00 |3. 20 |17. 46 |2. 39 | |CCE |Coca-Cola Enterprises Inc. |25. 81 |-5. 00 |1. 90 |16. 15 |1. 79 | |CL |Colgate-Palmolive Company |76. 95 |-9. 00 |3. 00 |12. 23 |2. 70 | |GIS |General Mills, Inc. |36. 65 |0. 00 |3. 10 |14. 90 |2. 24 | |K |Kellogg Company |54. 17 |3. 00 |3. 00 |15. 49 |2. 18 | |TAP |Molson Coors Brewing Company |43. 5 |0. 00 |2. 60 |12. 87 |3. 20 | |PEP |PepsiCo, Inc. |63. 24 |-5. 00 |3. 00 |15. 58 |2. 25 | |PG |Procter & Gamble Company, The |60. 60 |-5. 00 |3. 20 |15. 05 |2. 78 | The first item that can be noticed from the above chart is that t hese companies underperformed the S 500 significantly during the past twelve months (Sommer). This lag is not indicative of a turning point. The poor performance reflects high unemployment and consumer uncertainty. The consumer is being more selective in its discretionary spending and seeking alternate, cheaper products. The market seems to reflect this understanding. The high dividend yields provide a measure of support to these stock prices but they also reflect the lack of price appreciation. | Ticker |Company |EPS TTM |2011 EPS |2012 EPS |FCF TTM |Payout Ratio| | | | |(Est. ) |(Est. ) | | | |AVP |Avon Products, Inc. |2. 28 |2. 01 |2. 26 |-0. 03 |38. 0 | |CPB |Campbell Soup Company |2. 36 |2. 43 |2. 53 |1. 15 |47. 50 | |CLX |Clorox Company, The |5. 25 |3. 94 |4. 43 |2. 00 |41. 00 | |CCE |Coca-Cola Enterprises Inc. |2. 05 |2. 04 |2. 26 |1. 44 |5. 90 | |CL |Colgate-Palmolive Company |4. 46 |5. 05 |5. 50 |2. 98 |45. 50 | |GIS |General Mills, Inc. |2. 51 |2. 48 |2. 68 |0. 60 |41. 80 | |K |Kellogg Company |5. 6 |3. 47 |3. 78 |-0. 17 |30. 20 | |TAP |Molson Coors Brewing Company |3. 81 |3. 78 |4. 04 |1. 98 |28. 30 | |PEP |PepsiCo, Inc. |3. 97 |4. 48 |4. 90 |3. 21 |47. 60 | |PG |Procter & Gamble Com pany, The |3. 84 |3. 97 |4. 36 |3. 43 |49. 00 | Each of these companies reports solid earnings over that past twelve month period. Consensus analyst estimates for both the current year and next year are less impressive. We believe the estimates reflect expectations for continued weakness from stressed consumers† (Sommers). These companies are all overpriced and have no catalyst for change. The assumption that investors can find safety by identifying sectors or themes is a dangerous one. Avon recorded feeble operating performance in the fourth quarter of 2010. The company's earnings per share plunged 13. 2% to $0. 59 from $0. 68 per share in the year-ago period. The decline was principally due to reduction in operating margin, which resulted from unfavorable product mix, rising commodity cost and a 27% sales decline in Venezuela (Zachs). Moreover, Avon ended fiscal 2010 with a long-term debt of $2,408. 6 million, reflecting a debt-to-capitalization ratio of 59%, which is substantially higher, and could negatively influence the company's credit worthiness and make it more vulnerable to the macro-economic factors and competitive pressures. Additionally, the North American market continues to remain sluggish with volume falling 14. 0% in the fourth quarter of 2010. Moreover, the company's initiatives to change the product mix and reposition the business in the U. S. arket will require significant expenditure to support increased advertising and promotional activities. This is likely to undermine Avon’s overall operating performance, moving forward. Besides, the company is expecting a mid single-digit revenue growth in fiscal 2011, which can be achieved through strong field programs coupled with an innovative. As well, call it luck; on November 08, 2010, Avon sold out its entire ownership interest (74. 67%) in Avo n Japan to TPG Capital, otherwise the scenario could have been worse for the company due to the recent crisis in Japan product pipeline (Zachs). Pulling out of the Japanese market was part of the company's 2010 decision to redouble its efforts in China. It announced the sale of its 75% stake in Avon Japan to private equity firm TPG for $90 million in late 2010. The move also was part of the beauty-products maker's plan to refocus on direct sales. (The Japanese unit typically generated more than half its revenues through direct mail. ) III. Industry Analysis (Personal Products – Cosmetics & Toiletries) Because of the wide arrange of products Avon offers, it is quite difficult to pin point one single industry. Thus, going by their primary selling products, Avon fits most accurately into the Personal Products and Cosmetics & Toiletries industries. Companies that manufacture and/or market personal care products produce cosmetics, fragrances, and razors. The personal care products industry targets many faces – from chubby newborns to 40-something near-goddesses to those newly retired and dreaming of a beachfront condo. While companies in this sector would like to cater to everyone, the industry has found potential in both the Baby Boomers and their children — the teens and ‘tweens. Called Gen Y, Boomer's teens offer an estimated $9 billion in purchasing power (Hoover’s). Leaving no demographic untouched, personal care products makers also are expanding their target markets across gender lines, marketing everything from cosmetics to hair care to men and teen boys, as well as women. With more US consumers reaching the age of 55 (33% by 2030), the industry has targeted this more-vain-than-not age segment and has logged revenue growth in skin care and hair coloring products throughout the past few years as a result. On the other end of the spectrum, the teen girl population age 12 to 19 grew from 14. 3 million in 1995 to 15. 2 million in the US in 2001 (Hoover’s). Industry beauty companies, such as Avon Products, are targeting this demographic with lifestyle brands the likes of Avon's Mark. While women have historically been a target market — primarily because women are the likely shoppers — the buying power of males is not ignored by the personal care industry. In fact, the group's buying power is eagerly sought after. Industry giants are tapping into the revenue potential of personal care products made specifically for men, illustrated by Procter & Gamble's acquisition of Gillette in October 2005 for some $57 billion (Hoover’s). Gillette represents more than razors. In the eyes of the industry, Gillette is the king of marketing to men. As the top marketer to women, Procter & Gamble has counted on its purchase of Gillette to give it the keys to the castle and enable it to become the voice to men, as well. Men offer revenue potential beyond Gillette's Mach3 and Colgate-Palmolive's Mennen brand. A Newsweek magazine poll conducted in mid-2003 revealed that more than half of men age 35 to 55 are â€Å"somewhat† satisfied with their overall appearance. This percentage reflects an increase for this age segment since Newsweek's last poll in 1996. Companies have begun educating men on the topics of sunscreen, lotions, nail care, hair color, and more. Along the way, the personal care industry has been piquing the interest of the male customer and introducing him to the profitable skin care market, as Estee Lauder has with its Aramis and Clinique brands and Beiersdorf has with its Daily Protective lotion (formerly NIVEA for Men). This trend still extends into 2008. Regardless of gender or age, customers access personal care products through a variety of venues, including grocery stores, drugstores, mass merchandisers, warehouse clubs, specialty retailers, and online e-tailers. Reports about personal care products sales for grocery stores and drugstores are usually prefaced with the phrase, â€Å"excluding Wal-Mart. † (Fidelity) This is a reminder that Wal-Mart Stores, as well as some warehouse clubs, present something of a wildcard to the industry. Outside the brick and mortar, personal care products makers have a polished business model for using direct-selling methods to reach target markets. Cosmetics companies have gained sales advantages — with little or no overhead — by letting their customers sample products at home parties. Direct sellers, such as Avon Products, Mary Kay, and Amway, have long relied on this concept. UK-based natural personal care retailer The Body Shop has tested the US waters by selling through independent consultants and continues to sell in the US after seeing positive results. No matter where a company in the personal care products industry identifies its untapped growth potential — be it in the teenage girls or mid-life males markets — a few of the same factors apply. Staying competitive means implementing innovation fueled by billions of dollars in R&D and a strategy of quick-to-market products. Reaching far and reaching fast are significant parts of the battle. However, expanding as wide as the tentacles of Wal-Mart and maintaining brand recognition and loyalty in a sea of private labels may prove to be the ultimate challenges. Fidelity) [pic] Competitors: Avon faces competition from a variety of products and product lines both nationally and globally. The beauty and beauty-related products industry is extremely competitive and the number of competitors and degree of competition in this industry varies extensively from country to country. Globally, Avon competes against products sold to consumers by other direct-selling and direct-sales co mpanies and through the Internet and against products sold through the mass market and prestige retail channels. The major competitors of the company are L'Oreal SA (LRLCY. PK) and Revlon Inc. (NYSE: REV). Competition from mass merchandisers and specialty and department stores has spurred Avon to not only spend many millions on R&D but set aside just as much — $100 million — to support the launch of a global ad campaign. Avon anticipates driving additional growth based on fragrances (Today, Tomorrow, Always) and skin care (Anew anti-aging) sales. To that end, it signed on award-winning singer Fergie to develop a signature fragrance, which was unveiled in 2010. Previous partnerships have involved French designer Emanuel Ungaro for two fragrances (U by Ungaro for Her and U by Ungaro for Him) and the New York Yankees' Derek Jeter for â€Å"Driven† men's fragrance and a personal grooming line of products. (Yahoo! Finance) [pic] Revlon (REV) is engaged in the production, marketing and selling of an array of cosmetics, hair color, beauty tools, anti-perspirants/deodorants, fragrances, skincare and other beauty care products. The company primarily operates in North America, Asia-Pacific, Europe, Africa, and Latin America. It is headquartered in New York City, New York and employs 4,800 people. Revlon's global brand name, product quality and marketing experience have enabled it to create one of the strongest consumer brand franchises in the world. Revlon’s brand equity among the consumers enabled the company to garner 12. 7% of the US mass retail color cosmetics market; 9. 7% of the hair color market; 4. 6% of the perspirants/deodorants market; and 21% of the beauty tools market, during 2009 (Revlon). Strong brand image of the company facilitates customer recall and allows Revlon to penetrate new markets as well as consolidate its presence in the existing ones. The company recorded revenues of $1,295. 9 million during the financial year ended December 2009 (FY2009), a decrease of 3. 8% as compared to 2008. The decline in revenues was driven by lower net sales of Revlon and Almay color cosmetics and some of the other beauty care products. The operating profit of the company was $170. 8 million in FY2009, an increase of 10. 2% over 2008. The net profit was $48. 8 million in FY2009, a decrease of 15. 7% as compared to 2008 (Revlon). L'Oreal (LRLCY. PK) is one of the largest cosmetic companies in the world. It produces and markets a range of make-up, perfume, hair and skin care products in over 130 countries. It is headquartered in Clichy, France and employs 64,600 people. Since its inception about 100 years ago, the company has developed a strong brand portfolio of 23 international brands. The company's products are sold under well-known brands such as L'Oreal Paris, Garnier, Maybelline, SoftSheen Carson, CCB Paris, L'Oreal Professional, Kerastase, Redken, Matrix, Mizani, Lancome, Biotherm, Helena Rubinstein, Kiehl's, Shu Uemura,and Giorgio Armani. These brands are available through a range of distribution channels ranging from mass market, to selective distribution including hair salons, pharmacies/drugstores and a network of directly owned stores and franchises. Strong brand portfolio lends better visibility and presence in all distribution channels and enables L’Oreal to reach a large customer base, thereby increasing its market penetration opportunities. L'Oreal operates through three business divisions: cosmetics, the Body Shop, and dermatology. The Body Shop division operates a chain of 2,550 stores in 63 countries worldwide specializing in skin and hair care products made from natural ingredients. The company recorded revenues of E17,472. 6 million ($24,367. 8 million) during the financial year ended December 2009 (FY2009), a decrease of 0. 4% compared with 2008. The operating profit of the company was E2,577. 6 million ($3,594. 8 million) in FY2009, a decrease of 5. 4% compared with 2008. The net profit was E1,792. 2 million ($2,499. 5 million) in FY2009, a decrease of 8% compared with 2008 (L’oreal). (Fidelity) [pic] IV. SWOT Strengths |Weaknesses | | | | |Diverse geographic presence enhances |Chinese operations marred with controversy | |scale of operations and mitigates local market risks |and poor performance | | | | |Low cost business model of direct selling |Lack of clear-focus and strategy for non-beauty products | | | | |Strong brand equity |Declining operating margins | |Opportunities |Threats | | | | |Restructuring initiatives for organizational Competitive environment in the global | |Effectiveness |cosmetics industry | | | | |Re-branding strategy to drive consumer |Company’s revenues tied to the | |Demand |performance of the sales representatives | | | | |Emerging markets enhances the scope of |A diversified global operation exposes Avon to currency fluctuation | |growth for the Avon’s value cosmetic |risks | |products | | V. Value Line Analysis On December 24, 2010, Jerome H. Kaplan, a Value Line analyst, points out that investors are not thrilled about Avon’s mediocre progress. The company’s stock price has declined in the last three months. Avon continues to struggle a bit in the U. S. and Chinese markets as is reflected in September-quarter earnings, as well as deteriorating growth in the vital markets of Brazil and Russia. Kaplan states, â€Å"Long-term emerging market-oriented investors should consider this untimely stock. Avon could be viewed as the equivalent of a diversified portfolio in fast-growing regions, such as Latin America, Asia, and Central and Eastern Europe. (Value Line) Improves margins, profits, and share price will most likely be a result of the growth of these markets by 2013-2015, in addition to savings of over one billion dollars by 2012-2013 from programs reducing Avon’s cost structure. When looking at the Value Line, we notice a Safety rating of 3. A Safet y rating is another way to measure the company’s risk or financial strength. It is measured from 1 to 5, with 1 being the highest and best rating indicating the company has a less likely chance of becoming bankrupt and are less volatile. In Avon’s case, a 3 may be interpreted as being unpredictable. If the score is lowered to a 4 or 5, the greater the short-term price movements the stock may experience. Safety ranks work better than Beta when there is a break in the market (when the market is going down). Arguably the most important investment recommendation found on Value Line is the Timeliness rating. The scale is also from 1 to 5 with again 1 being the most desirable rating which reflects the top 100 stocks within Value Line’s 1,700 stocks. Investors typically are encouraged to buy a portfolio of stocks across six or more industries with a ranking of 1 for Timeliness. After some time, investors are encouraged to keep an eye on this rating and when it falls to a 4 or 5 rating that stock should be sold, as is the case with Avon with a Timeliness rating of 4 (Money-Zine). With a financial strength of a B++, Avon is considered a company that would most likely survive a depression. This means the company has sufficient liquidity to payout their dividends or increase how much they give as dividends. When income is the primary consideration, a strong balance sheet provides greater assurance that a dividend can be maintained (Valueline). Proper financing ensures stockholders that operations can be expanded without having to disperse a portion of the earnings to bank or bondholders. The stock price stability (SPS) is the standard deviation of weekly stock prices over the last five years. It is ranked from 5 to 100 and in increments of 5. A ranking of 100 reflects the lowest standard deviation, which reflects the greatest stability attainable, while 5 indicated the largest standard deviation and the least stability. Price stability along with the company’s financial strength rating determines a stock’s Safety ranking. Avon has a price stability of 75 which puts them not too far from the top and would be considered to be on the lower side of good stability. The price growth persistency (PGP) of a stock is measured in the same format as the stock price stability. A stock that is 100 probably beat the index every year of the last 10 years. Avon’s PGP rating is 45, which is on the low side of average. This measurement rewards this fund for the consistency with which it outperforms the broader universe if equity offerings over an extended period of time. Earnings predictability for Avon is 65. This rating provides a measure of the reliability of an earnings forecast. Ratings with a 100 are noted as the â€Å"best fit† on the regression line, meaning they have a high consistency of earnings. Predictability is based upon the stability of year-to year comparisons, with recent years being weighted more heavily than earlier ones. Reliable forecasts are close to 100 and the least are close to lowest of 5. Being that Avon falls around the middle of these two extremes, it can be said that the company is somewhat reliable and other factors should be considered in conjunction. A stock's beta is a measure of a particular stock's price volatility and risk relative to a broader measure of stock price movements such as a market index (Money-Zine). Many stock beta calculations are performed relative to the S 500; however, the Value Line Beta calculation uses the New York Stock Exchange Composite Index. The most important fact to point out is that the beta measures a stock’s movement in price. If a stock has a beta of 1. 0 or above, which is the value of the market beta, it will experience more movement either up or down relative to the index. In comparison, a stock with a beta of less than 1. 0 is considered less risky and stable with smaller price fluctuations. According to Value Line, Avon has a beta of . 5 right under the market beta, which implies that this stock is not risky and will most likely not experience any drastic changes in its price. The Technical ranking of a stock is almost similar to that of its Timeliness ranking except for the fact th at the Technical ranking does not take into consideration earnings per share projections, only the opportunity for a stock’s price appreciation. With a Technical ranking of 2, Avon, according to Value Line, should be purchased since this rating indicates Avon has short-term capital gains, in the three to six month timeframe (Money-Zine). The plowback method is sometimes used to calculate a company’s earnings after dividends have been paid out. A high rate indicates that a company pays less in dividends and thus reinvests more of its earnings into the company. Investors tend to prefer a lower plowback ratio in a slow-growing company and a higher one in a fast-growing company. Whether or not this is desirable depends on the rate of growth. The plowback rate is calculated using the following formula: ROE x (1 – Payout Ratio (Dividends per share/Earnings per share)). Plugging in the Value Line figures for Avon the result is, . 492 x (1 – (. 84/1. 45)) = . 207 = 20. 7%. To calculate Avon’s free cash flow we need the following = per share earnings + cash flow from operations – required dividends – capital spending. Thus, 1. 45 + . 44 – . 84 – . 69 = $0. 36. VI. Ratio Analysis Profitability |12/31/2010 | |12/31/2009 | |12/31/2008 | |12/31/2007 | |Ratios | | | | | | | | |2006 |5. 5 |   |1. 75 |   |6. 26 |   |60. 28 | |2007 |5. 4 | |1. 81 | |7. 23 | |70. 67 | |2008 |8. 3 |   |1. 81 |   |8. 38 |   |125. 92 | |2009 |6. 1 | |1. 61 | |6. 4 | |64. 27 | |2010 |5. 9 |   |1. 48 |   |4. 74 |   |41. 4 | According to this DuPont Analysis for Avon, all three sectors show inconsistencies and overall fluctuations up and down. In 2008, the company is at its highest level but dramatically goes down in all sectors the year following and continues to decline. Overall, efficiency in all sectors are not very stable. The company has had its off and on days throughout the years without any trend or consistency. Avon needs to control their operations and cost efficiency more closely. VII. Regression & Descriptive Statistics – Growth Analysis Using the data figures for Avon provided through Value Line from 2002 to 2009, a descriptive analysis and linear regression were produced for SPS, Shares, EPS, CF, DIV, ROE, PE, BV, FCF, OM, RTC and NPM (Appendix). A more comprehensive analysis was done for EPS, FCF, PE, and ROE. Included in each financial variable analysis is the calculation of normalized data points for the 7th and 8th periods, which are years 2008 and 2009, respectively. Within this additional analysis the Current to Normalized (CNE) was also calculated, and each resulting figure was compared to the normal expected range of . 85 – 1. 15. In the last step of this additional analysis, growth rate and variability figures were also produced. *Please Note: the ROE figures for the years of 2002, 2003, 2005, and 2008 were noted as â€Å"NMF† on Value Line, thus the figures used in the analysis were calculated using the net income after tax from the income statement and the shareholder’s equity from the balance sheet. Looking at the summary of the results for these four financial variables in the chart given below, only the CNE of EPS, which is . 93 falls within the normal range of . 85 – 1. 15, which means that in the remaining three areas of FCF, PE, and ROE, Avon is operating below the expected and acceptable range. These below average results signify that the normalized points produced are not adequate enough to rely on to calculate appropriate growth rates. As can be seen also in the summary, there is a positive growth rate in both EPS and ROE, but negative in both FCF and PE. ROE may be at a significant high growth rate because of the out of norm results that were calculated for the years of 2002, 2003, 2005, and 2008 as mentioned above. In each of these particular years, shareholders equity was low in comparison to net income (negative in 2002) which resulted in abnormal figures Value Line did not wish to indicate. FCF has a negative growth rate since in 2005 it was at an unsustainable figure of 1. 07 and then drastically declined to . 34 the following year and even lower to . 25 in 2007. This drastic change coupled with another fluctuating high and low between 2008 and 2009 are factors for this negative growth rate. In relation, although not as drastic, for PE results more visibly decline in the last two periods of 2008 and 2009. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |Normalized 8th Period | |$1. 55 |$156. 38 |$0. 46 |$22. 18 | | | |   |   |   |   | |Normalized 7th Period | |$1. 51 |$121. 35 |$0. 52 |$22. 7 | | | |   |   |   |   | |Current to Normalized | |0. 93 |0. 31 |0. 79 |0. 84 | | | |   |   |   |   | |Growth Rate | |3. 09% |28. 87% |-12. 80% |-0. 88% | Another aspect of the descriptive and regression analysis that is important to point out are the R-squared and skewness. R-squared, also known as the coefficient of variation, is helpful in providing a measure of how well future outcomes are likely to be predicted by the model. The values for R-squared range from 0 to 1: the closer to 1 the results are, the better the â€Å"fit’ of the predicted values and the more realistic or reliable they are. R-squared can also be explained as the strength of the relationship between time and the variable. For all four financial variables, the R-squared figures range from . 01-. 25, which are indicative of weak relationships between time and each of these variables. None of the data points for these variables are strong measures of how well the regression line approximates the real data points. Skewness is a measure of the asymmetry of the probability distribution of a real-valued variable (Wikipedia. com). The results are usually either positive or negative, or in some instances undefined. A negative skew in characterized and having the mass distribution concentrated on the right of the figure or in most recent years and has relatively few low values. A positive skew has a mass distribution concentrated on the left o the figure or in earlier years and has relatively few high values. For both EPS and PE, the skewness is positive in contrast to ROE and FCF which are both negative. Growth for EPS and PE both took place in recent years while growth for ROE and FCF took place in earlier years. |Avon Products, Inc Financial Variables Analysis | | | |EPS |ROE |FCF |PE | |R-Squared | |0. 1041 |0. 2092 |0. 2527 |0. 101 | | | |   |   |   |   | |Skewness | |1. 0284 |-2. 5446 |-0. 3754 |0. 8432 | For the remaining financial variables, the same analysis was produced. Interestingly enough, the CNE for these variables fall within the normal expected range of . 85 – 1. 15, except for BV which is slightly over at 1. 18. These figures range from . 91 – 1. 04. The growth rates for DIV, CF, BV and SPS are positive, but are negative for Shares, OM, NPM and RTC. The negative growth rate of Shares means that the company is buying back their stock. For R-squared the only strong relationships between time and that variable were DIV at . 584, Shares at . 8963 and SPS at . 9632. The R-squares for BV and RTC are relatively moderate. Skewness for DIV, BV, OM and NPM are negative with growth occurring in earlier prior years and skewness for CF, Shares, SPS and RTC were positive with growth occurring in the latter years. |Avon Products, Inc Financial Variables Analysis | | | | | |EPS 2009 |1. 45 | | | | | |Growth Rate = |3. 9% | | | | | |Payout Ratio = |36% | | | | | |Discount Rate = |7. 10% | | | | |Avon Projections 2010-2019 | | |Period |Years |EPS |DIV |PV | |1 |2010 |1. 49 |0. 54 |$0. 50 | |2 |2011 |1. 54 |0. 55 |$0. 48 | |3 |2012 |1. 59 |0. 57 |$0. 47 | |4 |2013 |1. 64 |0. 59 |$0. 45 | |5 |2014 |1. 69 |0. 61 |$0. 3 | |6 |2015 |1. 74 |0. 63 |$0. 42 | |7 |2016 |1. 79 |0. 65 |$0. 40 | |8 |2017 |1. 85 |0. 67 |$0. 38 | |9 |2018 |1. 91 |0. 69 |$0. 37 | |10 |2019 |1. 97 |0. 71 |$0. 36 | |PV total of dividend payout for the next 10 years: |$4. 26 | Terminal Value The 2019 stock price calculated reflects the value of all future dividends or cash flows in perpetuity. In order to determine the 2019 stock price the following will be needed: Because when using the above process the discount rate is assumed and one of the biggest variables that may fluctuate and thus cause the result to differ, other methods should also be considered when doing a company stock price valuation. One other such popular method is the Capital Asset Pricing Model (CAPM). Capital Asset Pricing Model (CAPM) The main purpose of this model is to explain the relationship between risk and the expected return that a stock may yield and is used in the pricing of risky securities (Investopedia). The following formula is used in the calculation of CAPM: o CAPM = Rf + (a (Rm – Rf) Rf = Risk-free rate (Treasury bond rate) assumed at 5% o Rm = Expected market return assumed at 12% o (a = Beta of the security; from Avon’s Value Line beta is . 95 Thus, when using this CAPM formula to calculate the discount rate, the following result is returned: CAPM = . 05 + . 95 (. 12 â⠂¬â€œ . 05) = . 1165 = 11. 65% discount rate (Ke). This new discount rate of 11. 65% is now inputted into the dividends projections table done previously. The new table is shown below with a PV total of dividend payout for the next 10 years now at a reduced amount of $3. 45. The new terminal value also decreases to $16. 87 as well as the PV of this 2019 stock price to $5. 60. The stock remains overvalued with an intrinsic value of $9. 06 compared to the current price of $29. 22. The price-to-intrinsic is now 3. 23. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |11. 5% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 45 | | | |3 |2012 |1. 59 |0. 57 |$0. 41 | | | |4 |2013 |1. 64 |0. 59 |$0. 38 | | | |5 |2014 |1. 69 |0. 61 |$0. 35 | | | |6 |2015 |1. 4 |0. 63 |$0. 32 | | | |7 |2016 |1. 79 |0. 65 |$0. 30 | | | |8 |2017 |1. 85 |0. 67 |$0. 28 | | | |9 |2018 |1. 91 |0. 69 |$0. 25 | | | |10 |2019 |1. 97 |0. 71 |$0. 24 | | | |PV total of dividend payout for the next 10 years: |$3. 45 | | The only way that Avon stock would be considered undervalued would be at a discount rate of about 4. 9% or below as shown in the table below. |Variables used to determine PV total of dividend payout for the next 10 years: | | | |EPS 2009 |1. 45 | | | | | | |Growth Rate = |3. 09% | | | | | | |Payout Ratio = |36% | | | | | | |Discount Rate = |4. 0% | | | | | | | | | | | | | | |Avon Projections 2010-2019 | | | | |Period |Years |EPS |DIV |PV | | | |2 |2011 |1. 54 |0. 55 |$0. 50 | | | |3 |2012 |1. 59 |0. 57 |$0. 50 | | | |4 |2013 |1. 64 |0. 59 |$0. 9 | | | |5 |2014 |1. 69 |0. 61 |$0. 48 | | | |6 |2015 |1. 74 |0. 63 |$0. 47 | | | |7 |2016 |1. 79 |0. 65 |$0. 46 | | | |8 |2017 |1. 85 |0. 67 |$0. 45 | | | |9 |2018 |1. 91 |0. 69 |$0. 45 | | | |10 |2019 |1. 7 |0. 71 |$0. 44 | | | |PV total of dividend payout for the next 10 years: |$4. 75 | | X. Rule #1 The Four M’s †¢ Meaning †¢ Moat †¢ Management †¢ Margin of Safety (Sticker Price) Does the business have meaning to you? Since my tender age of 4, I remember going door-to-door with my mother distributing Avon brochures and samples. Not only was she a single mother at the time, but she also went to school and worked another part-time job. My mother eventually left her part-time job and made Avon her full-time career. She now has 25 years of selling Avon and making a living out of it. My step-father also quit his full-time job and dedicated his time to helping my mother out with the business. My whole life I have seen my mother work her hardest to give me anything and everything she could to raise me and get me to where I am now and she could not have accomplished that if it weren’t for her loyal commitment to Avon Products. She built her business from the bottom up just like any other Avon representative. She now works from home and has all her clients come to her. My mother has always told me that she eventually wants to hand over the business to me and I have taken this opportunity in Finance class to learn more in-depth about the company and what it offers not only as a business owner but also as an investor. Ironically enough, just about a month ago my mother showed interest in investing in the company (yes, after 25 years! ) and asked me about whether she should and if so how much she should invest. This evaluation project gave me even more reason to choose Avon Products, Inc as my chosen company of interest. Does the business have a wide Moat? Or in other words, is the company’s future predictable? Avon has been in existence almost 100 years, 95 to be exact. It has had an exciting development from start to present going from being solely in the perfume/cosmetics market to expanding their products to include an array interests from kids toys to men’s sports watches. They have captured a competitive advantage from the beginning starting off as the first to introduce direct selling and now being a well renown beauty global entity; they have indeed establishes a good name for themselves. Avon continues to do extensive research to keep up to par with their different markets and products and continuously strives to improve what they already have and produce new products. Many companies have hence since followed in Avon’s footsteps, realizing the success Avon has had with focusing on interpersonal sales and customer service. Avon has a well-established name and reputation and many customers have been loyal since their early years. The Management Ever since the beginning up until 2001, Avon has had male CEO’s. Some find that a bit peculiar being that Avon prides itself on being â€Å"the Company for Women†. Let’s keep in mind though the history of this company as mentioned in the first part, Avon was created by a man by accident perhaps, but definitely with good intentions. As of 2001, the new CEO, Andrea Jung, has brought new hope and meaning to the company. Since her leadership started the company has revolutionized into a new identity with Representatives truly feeling and living the motto of the company. Both customers and Representatives have more confidence in the company and it has portrayed overall both in the financial and operational functions of the company. Safety of Margin (Sticker Price) On Rule #1’s website www. ruleoneinvestor. com, Phil Town, provides various calculators that aid in the decision to buy or not buy a particular stock by inputting various company figures to produce the company’s true value. Step 1 Data Input: Current EPS: 1. 45 # Years: 10 EPS Growth Rate: 13% Step 1 Result: Future EPS = $4. 92 Step 2 Calculate Future Value Data Input: Future EPS: $4. 92 Future PE: 18 Step 2 Results: Future Value = $88. 56 Step 3 Calculate Sticker Price Data Input: Future Value/Share: $88. 56 Min Acceptable ROI: 15% # Years: 10 Step 3 Results: Sticker Price: $21. 89 Step 4 Calculate Margin of Safety Data Input: Sticker Price: $21. 89 Step 4 Results: Margin of Safety: $10. 95 Overall Results: $21. 89 ; $29. 22 (Current Price) = Stock is Overvalued = Sell/Not Buy XI. Conclusions /Final Stock Judgment Based on all the analysis previously set forth here, the best recommendation for an investor would be not to buy Avon stock or to sell their Avon stock if they currently hold interest in the company. Finding that the intrinsic value of the company using two separate methods (AAA bond rate & CAPM) both return a valuation that Avon’s current stock price is undervalued, would understandably be sufficient to determine that it would not be the best of choices to invest in the company; at least for the current time. The difficulty as well in trying to formulate a regression analysis for ROE also points to the company’s weaknesses since shareholder’s equity has not shown a constant, positive performance and even at times negative. Income generation for stockholders is not quite strong and would require further, long-term watch if an investor has a personal interest in the company to be able to invest at a later time when the value of the current stock is really what it is worth. Furthermore, recent news indicates it is not the greatest time for Avon in terms of earnings as they have spent a great deal on advertising. Getting out of the Japanese market may have been the most perfectly timed move they have made. Although Avon is currently not seen as one of the strongest companies to invest in at the moment, reviews have said not to leave Avon behind for the future. They are slowly regaining momentum and being that their beta of . 95 is still below the market’s beta of 1. 0, it is not one of the riskiest out there. Also, it must be reminded that with a good Technical ranking of 2, Avon has short-term capital gains, in the three to six month timeframe. At a financial strength of a B++, the company is still in good shape and can most likely survive a depression better than other companies. The company has sufficient liquidity to payout their dividends or increase how much they give as dividends. Investors should still proceed with caution if even in the future the company still maintains a Safety rating of 3 and a Timeliness rating of 4 as these ratings do not give the company enough leverage to be deemed financially reliable. In addition, with a Price Growth Predictability (PGP) of 45, Stock Price Stability (SPS) of 75, and an Earnings Predictability of 65, the company does not perform more than average in all of these areas meaning they don’t really beat the index, they are somewhat stable, and they have an average consistency of earnings. Overall, all of the above inconsistencies and especially the overvalue of the current stock price, will not lead to satisfactory returns. Perhaps in the near future the tables will turn as the company does have many opportunities and room for slow growth, but it will require a watchful eye. Avon is a trusted company with a rich history, especially among women, so there is much possibility of vast improvement and capabilities of big interest to investors if the company is more observant with their financial movement and take care of their shareholders. XII. References Avon Products, Inc. Avon. com. 2011. 2 April 2011 Datamonitor. Business Source Premier. 7 June 2010. 3 April 2011 Fidelity. Fidelity. com. 2011. 8 April 2011 Hoover’s Inc. LexisNexis Academic. 8 April 2011. 8 April 2011 Investment Underground. Seeking Alpha. 21 March 2011. 2 April 2011 Investopedia. Investopedia. com. 2011. 6 April 2011 Kaplan, Jerome H. Value Line. 2011. 2 April 2011 L’Oreal. Loreal. com. 2011. 6 April 2011 Money-Zine. Money-Zine. com. 2011. 4 April 2011 Revlon. Revlon. com. 2011. 6 April 2011 Roberts, Andrew. Bloomberg. 17 March 2011. 2 April 2011 Sommer, Ron. Seeking Alpha. 21 March 2011. 2 April 2011 Town, Phil. Rule #1: The Simple Strategy for Successful Investing in only 15 Minutes a Week. 2011. 9 April 2011 Wikipedia. Wikipedia. com. 2011. 6 April 2011 Zachs. Yahoo! Finance. 16 March 2011. 2 April 2011 XIII. Appendix [pic][pic] [pic] ———————– Corporate Valuation: Avon Products, Inc. (NYSE:AVP) F