What Is The Cost Of Capital Structure Finance Essay

What Is The Cost Of Capital Structure Finance Essay The cost of capital is the cost of a companys funds (both debt and equity), or, from an investors point of view the expected return on a portfolio of all the companys existing securities. It is used to evaluate new projects of a company as it is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. In order to be a worthwhile investment, the expected return on equity is greater than the cost of capital. The capital cost of the return to capital is expected to earn in an alternative investment with similar risk. If a project similar to the average risk to the companys business, it is reasonable to use the companys average cost of capital underlying the ratings. The companys securities are typically in the debt and equity, the expected, both because of the cost of debt and equity costs of determining the companys capital. The cost of debt is relatively simple to calculate, since the interest rate is paid. In practice, the interest rates paid by the company modeled as a risk-free rate plus a risk component (risk premium), which also includes the expected probability (and the amount of recovery given default). For companies with similar credit risk or the interest rate is largely exogenous (to be explained by the use of external in this context). The cost of equity is more challenging to calculate as capital is not a fixed return to investors. Than the cost of the loan, the cost of equity, broadly defined as the estimated risk-adjusted returns that investors require, which yields a barely known. The cost of equity, therefore, conclude by comparing the investment and other investment (like) with similar risk profiles to determine the market cost of equity. If the cost of debt and equity costs have been established, a combination of the weighted average cost of capital (WACC), calculated. The WACC is then used to estimate the discount rate for project cash flows. In this paper I will explain, first, 1 chapter, the capital as well. From the second chapter, Sources of Capital, and finally, 3 chapter, capital will be explained. CAPITAL Capital, the most basic conditions for the money. All companies need capital to purchase assets and maintain operations. Corporate capital is available in two main forms: debt and equity. Debt refers to loans and other loans to be repaid in the future, usually with interest. The capital, however, generally do not impose a direct obligation to repay the amount. Instead, investors have a rule in the form of ownership shares in the company. The capital, wage describes the various means by which the capital of the people who save money for businesses that need money. Such transfers can be direct, which means that a company sells shares or bonds directly to investors, who own a business in return. Transfer of capital can also be made indirectly by investment bank or a financial intermediary such as a bank, broker or an insurance company. The indirect transfer through an investment bank, is selling the business assets of the bank, which in turn sells them to investors. In other words, the easy flow of capital investment bank. The indirect through a financial intermediary, however, a new form of capital, which is actually created. The intermediary bank or fund raise capital to invest and issue its own securities exchange. Then the broker uses the funds to buy stocks and bonds of companies. 1.1 Capital Structure Because of the small business capital is expensive, it is particularly important for small business owners to define the structure of the target companys capital. The share capital structure of debt and equity is achieved. Trade-offs are involved: increases the risk of liability to the companys revenue, which tends to reduce the companys stock. However, the debt lead to a higher expected return, which tends to increase a companys share price. As Brigham stated, The optimal capital structure is the one that strikes a balance between risk and return and thereby maximizes the price of shares and simultaneously reduce the cost of capital. Capital structure decision depends on several factors. One of the companys business risks and risks related to operations, which the company participates. Companies in the hazardous industries, such as high technology, lower than the optimal level of debt than other firms. Another factor in the companys capital structure involves tax situation. Since interest on debt is tax deductible, debt is usually better to use the company tax rate is high, and not many are able to protect income from taxation. The third important factor is the companys financial flexibility, or ability to raise capital in less than ideal conditions. The companies that are able to maintain a strong balance sheet resources generally can be more reasonable terms as other companies in the economic downturn. Brigham suggested that each company has a power reserve borrowing to defend themselves in the future. In general, tends to a stable level of sales, assets, collateral for loans to be good, and the high growth rate using a higher debt than other firms. On the other hand, the companies that have conservative management, high profitability, or poor credit ratings that they want to rely on equity instead. 1.2 The Modigliani and Miller Theorem 1.2.1 Definition The Modigliani-Miller theorem states that if there are no taxes, bankruptcy costs and asymmetric information, the efficient market, the companys value affects how it is financed with the equity shares or bonds, or a combination thereof, or what is the dividend policy. The kit is also known as capital structure is essentially irrelevant. A number of principles underlying rate, which agrees with the adoption of the tax and no taxation. The two main principle is that, firstly, if there is no tax, thus increasing the benefits of power does not create value, and second, that if there are taxes, the benefits in the form of interest tax shield occurs when you leverage and / or elevated. The price compares to the two companies one unlevered (ie, funded entirely of their own capital) and the second levered (ie, partially financed by equity and partly debt) and says that if the same value in all other ways the two companies are identical. For example, why it must be true, it is assumed that an investor buys a company or a levered or unlevered company. The investor buys shares in the companys levered or unlevered firm buys shares in a loan of an equivalent amount of money borrowed from the levered company. In both cases, the return on investment should be the same. Thus, the cost of the levered firm is the same as the unlevered firm minus the price of borrowed money, with the value of the levered companys debt. There is an implicit assumption that the investors cost of borrowing money is the same as the levered company, which is not necessarily true in the presence of asymmetric information, or in the absence of efficient markets. A company that is risky debt, as debt-equity ratio increases, the weighted average cost of capital is constant, but there is a higher return on equity, due to a higher risk for shareholders in the companys debt. 1.2.2 Advantages and Disadvantages of Modigliani and Millers Theorem Advantages: In practice, this can be said that none of the assumptions are met in the real world, but we teach the lot, that capital structure is important because one or more assumptions will be violated. Using mail-equations, economists find the determinant of an optimal capital structure and see how these factors affect the optimal capital structure. Disadvantages: Modigliani-Miller theorem, which justifies virtually unlimited economic power has been used to increase the economic and financial activities. However, its use also led to increased complexity, lack of transparency and greater risk and uncertainty in these activities. The global financial crisis of 2008, which saw a number of highly leveraged investment banks, has been partly attributed to the excessive leverage concepts. SOURCES OF CAPITAL 2.1 Debt Capital Small businesses can obtain debt capital from various sources. These sources can be divided into two broad categories, public and private sources. Private sources of debt financing according to W. Keith Schilit in The Entrepreneurs Guide for Preparing a winning business plan and venture capital, such as friends and relatives, banks, credit unions, consumer finance, commercial finance companies, trade financing, insurance, factor companies and leasing companies. Public sources of debt financing from a number of loans granted by the state and federal governments to support small businesses. Many types of debt financing to small businesses, including a private placement of bonds, convertible debentures, industrial development bonds and leveraged buyouts, but by far the most common type of debt financing in the conventional loan. Credits include the long-term (longer than a year) and short-term (maturity of less than two years), or the loan (for more immediate borrowing needs). These may be approved by the signatory, as the government, or secured to the property, debts, stocks, savings, life insurance, stocks and bonds, and purchased the product on the loan. In the evaluation of a small company, a loan, Jennifer Lindsey said in his book Guide to the contractor in the capital, the lenders prefer to have a two-year operating history, stable management team, a desirable niche in the industry, market share growth, strong cash flow and the ability to get short-term loan to supplement the funding from other sources. Most lenders require a small business owner to prepare a full proposal for a loan or credit application. The lender will then determine the application taking into account several factors. For example, the lender will consider the small business credit card, and look for evidence of their ability to repay the loan in the form of previous earnings or revenue forecasts. The lender will also consider how much equity in the business, and that management has sufficient experience and skills to function effectively. Finally, the lender seeks to determine whether the small firms in a reasonable amount of guarantee for the loan. 2.1.1 Cost of Debt The cost of debt is estimated by the risk-free interest rate bonds, whose length is equal to the yield curve for corporate debt and then add a default premium. This is the standard premium will increase in debt increases (since all else being equal, all other factors, increased the risk of increasing debt). Since in most cases, the debt burden of the deductible expense is the cost of after-tax cost of debt is expected to be comparable to the cost of equity (after tax). Thus, profitable companies, is debt at a discount. The formula can be written as: (Rf + credit risk rate)(1-T) where T is the corporate tax rate and Rf is the risk free rate. 2.2 Equity Capital Equity capital for small businesses is also available from many sources. Some possible sources of equity include the Farmer family and friends, private investors (the general practitioner, to groups of local business owners to wealthy entrepreneurs known as angels), employees, customers and suppliers, former employers, venture capital companies , to investment banking firms, insurance companies, corporations, and government-backed Small Business Investment Corporation (SBIC). There are two main methods that small businesses use to obtain equity finance: the private equity investors or venture capital firms, public stock issues. The private placement is easier and more common for young companies or start-ups. Even if the stock still closed with a number of federal and state securities laws, does not require formal registration with the Securities and Exchange Commission. The main requirements for private equity that the company did not advertise the offer, and you have to do the transaction directly to the customer. However, the public stock offering includes a lengthy and costly registration process. Indeed, it charges, the public stock offering in more than 20 percent of the capital. As a result, public stock offerings are generally a better choice for mature companies, as a starter. Bids may benefit from intervention maintaining control of a small company, but also expand the participation of different groups of investors, but by concentrating it in the hands of a venture capital company. 2.2.1 Cost of Equity Cost of equity = Risk free rate of return + Premium expected for risk Expected Return The expected return (or required rate of return for investors) can be calculated with the dividend capitalization model, which is: That equation is also seen as: Expected Return = dividend yield + growth rate of dividends. THE COST OF CAPITAL The capital required for a productive, as with any other factor is that there is a cost by Eugene F. Brighams book Fundamentals of Financial Management. In this case, the cost of debt capital the interest which the company must pay to borrow. In the capital cost shall be repaid to investors in dividends and capital gains. Since the amount of available capital is often limited, it is distributed in various companies on the basis of price. Business is the most profitable investment opportunities are willing and able to pay most of the capital and thus attract out inefficient firms, or those for which such goods are not in demand, Brigham explained. The good thing is that in most industrialized countries (eg USA, Germany, Japan, Britain, etc.), there are agencies that help individuals or groups of loans on favorable terms. Among those eligible for such assistance to small businesses, certain minorities, and the company is willing to build plants in areas with high unemployment. As usual, the cost of capital for small businesses tend to be higher than the big, established companies. Because of the higher risk for both service providers and charge a higher price for equity funds. Several researchers found that small stock portfolios have consistently achieved the higher average returns than large company stocks, it is called the small business impact. In fact, its bad news for small firms, where small companies effect means that the market requires a higher return on capital stocks of small companies than otherwise similar stocks of large companies. Therefore, the cost of equity is higher for small businesses. The weighted average cost of capital of the companys return that investors expect the various debt and equity issued by the company, according to Richard A. Brealey and Stewart C. Myers, in his book, Principles of Corporate Finance. Table 1 Cost of Capital 3.1 Capital Asset Pricing Model Capital Asset Pricing Model (CAPM) is used to determine the economics of the theoretically appropriate price of the asset as security. 3.1.1 The Expected Return on Equity According to the Capital Asset Pricing Model Market risk is generally characterized by ÃŽÂ ²-parameter. Thus, investors would expect (or demand) that: Where: Es: The expected return of security RF: The expected risk-free rate in this market (bonds) Î’s: Sensitivity to market risk to the safety RM: The historical performance of the stock market / stock market (Rm-rf): The risk premium in the market risk-free assets in the assets. Writing: The expected yield (%) = risk-free interest rate (%) * + sensitivity to market risk (the historical performance (%) risk-free interest rate (%)) Other expected yield (%) = yield of the bonds closest to the concept of the project or the projects safety + beta * (market risk premium) historically the market risk premium of 3-5% Comments The models show that investors expect a return on risk-free rate plus a market risk sensitivity of the security times the market risk premium. A truly risk-free rate is the lowest offer price for the bonds market, such as government bonds. The risk premium varies over time and space, but some developed countries in the twentieth century, an average of around 5%. The real stock market returns are roughly the same as the annual real GDP growth. The gains in the Dow Jones Industrial Average is 1.6% per year over the period 1910-2005. The dividend increased by all the real return on average equity in the double, about 3.2%. Sensitivity to market risk (ÃŽÂ ²) is unique to each company and depends on the management to every business and capital structure. This value is not known ex ante (beforehand), but may not be retrospective (past) experience with similar guarantees and undertakings. 3.2 Cost of Retained Earnings/Cost of Internal Equity We must remember that the profits from the component of equity, and thus the cost of retained earnings (internal equity) equal to the cost of equity capital as described above. The dividends (income paid to investors, and should not be) part of the return on capital to shareholders, and to influence the capital cost of the mechanism. 3.3 Weighted Average Cost of Capital What makes the weighted average cost of capital WACC does this mean? This estimate is the companys cost of capital, which is weighted in proportion to their capital. Each source of capital ordinary shares, preference shares, debentures and other long-term debt include the WACC calculation. Each equal to the WACC of a company increases the return on equity beta and the woman, and notes a reduction in the WACC increases and a higher level of risk. The total value of equity (for a company that no outstanding warrants and is the same as the companys market capitalization) plus the cost of debt (the cost of debt should be continually updated as a result of changes in the cost of debt interest rate changes). It should also be noted that justice in the debt-equity ratio of the total market value of equity, no equity on the balance sheet. To calculate the weighted cost of capital, we must first calculate the cost of some funding sources, namely: cost of debt Cost of Preference Capital cost of capital. WACC is calculated by an iterative procedure that requires an estimate of market value of equity. WACC formula is: [Rd x D / V x (1-5)] [Re x E / V] Rd = Bond yield to maturity (Y / Y Calculator) D = Market value (NPV) of debt (1 T) = 1 tax shield on interest deduction for interest expense = Re = shareholder return requirements V = value of total capital (debt equity) Generally, a company or assets financed by debt or equity securities. WACC is the average cost of financing sources, each weighted by its use in a given situation. By taking a weighted average, we see that much interest the company must pay for every dollar it finances. Since a companys WACC is the overall expected return on the company as a whole, and as such are often used internally by company directors to determine the economic feasibility of expansionary opportunities and mergers. This is the appropriate discount rate to use the cash flow risk similar to the entire company. 3.3.1 Example of Weighted Average Cost of Capital (WACC) A Corporation issued 10,000 units of the bonds, which currently sells for 98.5. The coupon rate of 6% this year bonds, the interest semi-annually. The remaining period of these bonds is 3 years. The companys current share price of two million common shares for $ 10 a share. The stock beta 1.5, a 4.5% risk-free rate on government bonds and the expected return on equity of 14.5%. The tax rate is 30% Table 2 Bond and Stock Calculations Bond Calculations Stock Calculations N = 3 x 2 = 6 I/Y = ? (Rd) PV = 0.985 x 10,000 x $1000 = $9,850,000 (D) PMT = (-10,000,000 x 0.06) / 2 = $-300,000 FV = $-10,000,000 P/Y = 2 C/Y = 2 Solution: I/Y = 6.56% Re = Rf + B[Rm Rf] Re = 0.045 + 1.5 [0.145 0.045] Re = 0.045 + 0.15 = 0.195 (19.5%) Market Value of Equity = E Stock price x common shares O/S $10 x 2,000,000 = $20,000,000 V = Total Capital Structure V = 9,850,000 (bonds debt) + 20,000,000 (equity of common shares) V = 29,850,000 3.4 Cost of Capital in Islamic Banking Proper use of investment criteria is important for industry and agriculture as well. Although the assessment can be used for both public and private sectors of the economy, should the public sector in its own special problems considered complementary, because the social costs and benefits. Therefore, we will participate in the private sector and the problems of evaluating investments in various industrial projects. Contradictions abound in the relative merits of different methods of investment valuation. But the most important points with different match. It is worth noting that almost every economist in the treatment discounting as a method of evaluation, as the only possible way to choose between different investments. Essentially two methods frequently used economists, namely the net present value (NPV) and the enlarged internal rate of return (IRR). The concept of internal rate of return (IRR) was JM Keynes (perhaps better known as the marginal efficiency of capital MEC) schedule, called the marginal efficiency of investment (MEI). It is defined as the rate at which the present value of future income exactly equal to the market price for the project. In other words, this is Return on capital employed. It is, committed while the return of the project. NPV of the project is formally defined as the value today of the surplus that the company can do in addition to the investors own marginal. IRR on the basis of the extended to the negative cash flows are discounted back to the companys cost of capital as long as it does not outweigh the positive cash flow. Both methods (the extended NVP and IRR) on its own common deficiencies, such as non-IRR NVP can be used either in the usual way that the correct ranking of projects in situations where the entrance is a rationing system. But there are ways to eliminate gaps and allow them to appropriate methods of investment evaluation. We will have a higher degree of internal rate of return, which is simply called the internal rate of return. A simple rule of decision in cases where the decision is all or nothing about which projects should be chosen from the various investment options, to implement all the projects whose IRR exceeds the cost of capital. Cost of capital, the capitalist system, the rate that a loan company and the investment is likely to be, which is simply the interest. In other words, that cut off rate, in relation to the internal rate of return regulation, which are also found in the literature as a barrier percentage. Note that the NPV approach to investment decisions, it is essential that decision-making, that there is no explicit prior discount rate, which, as already mentioned, is nothing more than to get money market rates. But they did not have a pre-determined percentage of the IRR method, except when its time, where debt capital is rationed in the various projects. This makes it completely independent of the IRR method is very appropriate rate and can be used for investments in the Islamic interest-free option and follow the debate. In the case of capitalism, is the internal greater than or equal to the market, the project will be implemented. The project also encourages companies to maximize profits, which last carried out the projects internal rate of return equal to interest. Apparently, the internal time of a declining function of investment, more projects, which would reduce the internal rate of return (in the same trade, of course). Already adopted (the Western economists) that the interest rate plays a decisive role in determining which projects will be implemented and also how much capital to be invested in various projects. Roll the relationship between these two terms seem to be exaggerated. Since only one project, the established criteria are quite valid and applicable as the optimal size of equity should be considered. As the number of projects increases, the IRR should be calculated for each project will increase so much. Moreover, it happens to all nodes in the two IRRs. This complicates the problem, and this will reduce the importance of interest, especially if interest rates happen to be far from the IRR to the last possible projects. Given that an investors risk-taking entrepreneurs, he is usually in front of the chains of investment options from which to choose allegedly, the first of the highest IRR. Assuming that you know, a lot of project finance, there may be dozens of projects whose IRR is higher than the going rate. There is no doubt that these projects are attractive, but to varying degrees, the contractor and will be selected in descending order rate. This is the case in the real economy, the role of interest rates is rather passive, even useless. This is because in such circumstances, the project IRR rate range. This is beyond that point to the role that a reasonable interest rate, and the role of the cut-off ratio. In other words, it is a long process before the existence of the interest rate becomes irrelevant, because the IRR for a couple of projects related to each other because of the interdependence refers to the ratio of investment is not at all. Exogenous real interest rate in the sector (especially investment), it is ironically suggested the capitalist system and then used to determine the optimal level of investment. In addition, the speculators, who needs money market interest in the products, allowing decisions to lead the business, whose activities are so important to the economy. It seems reasonable to link the contrary, ie, because of the interest, but we assume it to be the real sector, led by the monetary sector, if any. The abolition of an Islamic state, it would not be an external variable such as interest, what type and level of investment. Investment projects, in this framework are competing with each other, and the investment will be needed to achieve full employment, that is, until there are idle production factors in the economy. This is particularly true of human resources make it necessary and inherent meaning, as we see in Islam, the authorities should not keep the unemployed, for the sake of the interests of capitalists. Can easily be shown that in an Islamic context, for each part of the money (ie, the potential capital) that comes out of the interest-free banks to finance various projects under various types of contracts, it becomes possible to go directly to the products and / or services. Is a term, and it is: a prerequisite for an Islamic state is strictly prohibited, and appear to prevent speculation in any market (be it either money or goods). It has long been a misunderstanding among some Islamic scholars in the financial support that speculation can take place, and the abolition of interest is permitted. Easy to show that one-to-one correspondence between the interest (rate), and speculation. Interest rate (rate) is necessary and sufficient condition for the speculation that takes place. Although the lack of clearly illegal-frame-rate, if speculation is allowed in any market, you will definitely be of interest in its own nature. Therefore, the prohibition of interest leads logically to a ban on speculation. This interdependence between interest and speculation is not only very rarely in the economic literature, but also its negligence was the source of serious misunderstandings. Economic relations are rarely a single direction. A collection of the IRR can be measured both by an Islamic bank, Islamic banking sector, an independent agency authorized to appropriate guidance on the nature and viability of the project. This measure is to be used so that the expected profits can be divided into an Islamic bank and finance company demanding. The matrix is very useful for determining how much funding should be allocated to projects that are in the priority list for economic development. To determine the companys share of the profits, various factors, such as the following may be considered: the risk premium, the rate of poverty in different parts of the countrys priorities for economic development plans, the degree of capital intensity, taxes, employment considerations of the burden of rates and the like. All of these factors, or a combination thereof may affect the companys demanding (my fiancee) share of the profits that can be safely manipulated without interfering with the market mechanism. It gives interest-fr ee banking system, the IRR method, the absolute advantage of the artificial manipulation of interest rates, which is quite often the case in capitalist countries, and an obvious interference with market mechanisms. This contrasts with the situation are often held in the Western economists who argue that market mechanisms should be avoided. Add to this the expected negative correlation between interest and investment as both a classical and Keynesian economists have empirically demonstrated that infertile. This is so, while the bill may be taken into account the positive correlation between the rate of profit and investment. This bill provides not only the interest cost of the capitalist system, but also that profit maximization is consistent with the aims of each company. Surprisingly, however, this goal is at the micro level, the capitalist will change textbooks without a logical explanation for the negative correlation between interest investment at the macro level. Using the IRR method of an Islamic state is not only compatible with the goal of maximizing profits (if proof was not suitable for such a system) and to avoid interfering with market mechanisms but it is an absolute advantage in another, so the opportunity cost of capital to zero. The logic is simple. This lack of interest, all projects compete with each other (with due regard to their own priorities), internal rate of return. Also, the fact that the investment projects against each other at each other and there is no reason to ensure that any external factors to determine the same extent as the cost of capital for each project. The capitalist system, the current interest rate to be logically the next best alternative, or the cost of capital for each project. The logic of the independence of the IRR for the project. The second best option not to report to the IRR for a project according to an account must be seen as the opportunity cost of capital. This is because of the interdependence of all projects do not meet any of the BMR in another appropriate opportunity cost of the project, otherwise it would cost hundreds of alternatives to the capitalist framework, while the interest rate will be to measure the opportunity cost of all capital investment. In other words, to allow costs to be met independent state. Failure to consider the interdependencies between projects and independent degree of internal rate of investment has led to that many writers to form the misconception about the opportunity cost of capital. This lack of interest, there is nothing to compare the IRR of the various projects (with the exception of the IRR of the project by themselves). Interdependent and common to the Islamic banks, these proje

Birth: The Beginning of Life Essay -- Birthing Birth Essays

Birth: The Beginning of Life Birth: a definition For all mammals (with platypuses being the exception), parturition is the beginning of life as we know it. More specifically, birth is the means by which non-human primates and human primates alike begin their experience of the world. I am interested in the significance of childbirth the method by which it is carried out, its implications for the birthing mother, and the way that the birthing process is viewed by different societies. Both birth and the postpartum period involve a certain degree of danger for the birthing mother, her nascent child, and her entire family or community. Because childbirth is so dangerous (the average lifetime risk of dying from pregnancy related causes is about one in fifteen in some poor countries, MacCormack 1), most cultures have distinct patterns that determine how the birthing process will be carried out. The birthing process involves different birthing positions; different rules concerning who is allowed to be present during the time of birth; mechanisms for deciding where birth takes place; and different ways by which mother and child deal with labor, birth and postpartum. "As a life crisis event, birth is everywhere a candidate for consensual shaping and social regulation the particular pattern depending on local history, ecology, social structure, technological development, and the like" (Jordan 4). By exploring the original human condition of childbirth one is able to gain insight into the universal biosocial phenomenon known as the birthing process. In addition, I am interested in studying childbirth because, as women's work, it is usually not given enough attention in the traditionally male-dominated field of anthropology. "Unt... ... Peoples. London: J. Cape, 1971. Hrdy, Sarah Blaffer. The Langurs of Abu: Female and Male Strategies of Reproduction. Cambridge, MA:, Harvard Univ. Press, 1997. Jordan, Brigitte. Birth in Four Cultures: A Cross-cultural Investigation of Childbirth in Yucatan, Holland, Sweden, and the United States. 4th ed. Prospect Heights, IL: Waveland Press, 1993. Lawlor, Robert. Voices of the First Day: Awakening in the Aboriginal Dreamtime. Rochester, Vermont: Inner Trad. Ltd., 1991. MacCormack, Carol P., ed. Ethnography of Fertility and Birth. 2nd ed. Prospect Heights, IL: Waveland Press, 1994. National Geographic Society. "Among the Wild Chimpanzees." National Geographic Video, 1984. Pinker, Steven. "Why they kill their newborns" New York Times Magazine 11 Feb. 1997: 52-55. Smuts et. al. eds. Primate societies. Chicago: University of Chicago Press, 1986.

The Return: Shadow Souls Chapter 38

â€Å"Talon! Uh – heel!† Elena shouted and began to race as fast as she could to get out of the room. This was strategy. Would the owl become even smaller so as to get through the door or would it destroy its sanctuary in order to stay on top of Elena? It was a good strategy, but it didn't amount to much in the end. The owl shrank to dart through the door, and then resumed gigantic size to attack Elena as she ran down the stairs. Yes, ran. With all of her Power channeled to her eyes, Elena leaped from step to step as Damon had before. Now there was no time for fear, no time for thinking. There was only time to turn over in her fingers a small, hard, crescent-shaped object. Shinichi and Misao – they did make it into her nest. There must be a ladder or something made of glass that even Damon couldn't see, in the flowerbed where Saber had stopped and barked. No – Damon would have seen it, so they must have brought their own ladder. That's why their trail ended there. They climbed straight up into the library. And they ruined the flowers in the bed, which is why the new flowers weren't doing so well. Elena knew from Aunt Judith, from her childhood, that transplanted flowers took awhile to revive and perk up again. Leap†¦jump†¦leap†¦I am a spirit of fire. I cannot miss a step. I am a fire elemental. Leap†¦leap†¦leap. And then Elena was looking at level ground, trying not to leap into it, but a prisoner to her body which was already leaping. She fell hard enough to numb one side, but she kept hold of the precious crescent clenched in a deathgrip in her hand. A gigantic beak smashed into glass where she had been a moment before she slid. Talons raked her back. Bloddeuwedd was still after her. Sage and his group of sturdy young male and female vampires traveled at the pace of a running dog. Saber could lead them, but only as fast as he himself could go. Fortunately few people seemed to want to instigate a fight with a dog that weighed as much as they did – that weighed more than many of the beggars and children they encountered as they reached the bazaar. The children crowded around the carriage, slowing them further. Sage took the time to exchange an expensive jewel for a purse full of small change and he scattered the coins behind the carriage as they went, allowing Saber free reign. They passed dozens of stalls and crossing streets, but Saber was no ordinary bloodhound. He had enough Power to confound most vampires. With perhaps only one or two of the key molecules stuck to his nasal membrane he could hunt down his goal. Where another dog might be fooled by one of the hundreds of similar kitsune trails they were traveling through, Saber examined and rejected each of them as being not quite the right shape, size, or sculpture. There came a time, though, when even Saber seemed defeated. He stood in the center of a six-way crossroads, regardless of traffic, limping slightly, and going in circles. He couldn't seem to choose a path. And nor could I, my friend, Sage thought. We've come so far, but it's clear they went on farther. No way to go up or dig down†¦Sage hesitated, looking around the crimson-colored wheel of roads. And then he saw something. Directly across from him, but to his left was a perfumery. It must sell hundreds of fragrances, and billions of scent molecules were deliberately being released into the air. Saber was blind. Not blind in his keen liquid dark eyes. But where it mattered he was numbed and blinded by the billions of scents that were being blown up his nose. The vampires in the carriage were calling to go on or go back. They had no sense of real adventure, them. They just wanted a nice show. And undoubtedly many had slaves who were recording the whipping for them so they could enjoy it at leisure at home. At that moment a flash of blue and gold decided Sage. A Guardian! Eh, bien†¦ â€Å"Heel, Saber!† Saber's head and tail drooped as Sage randomly picked one of the directions and had him race alongside the running vampire to get out of the thoroughfare and onto another street. But then, miraculously, the tail went up again. Sage estimated that there could not be even one molecule of the kitsune's scent left in Saber's nostrils now†¦ †¦but the memory of the scent†¦that was still there. Saber was once again in hunting mode, with head down, tail straight, all his Power and intelligence concentrated on one goal and one goal only: to find another molecule that matched the three-dimensional memory of the one in his mind. Now that he was not blinded by the searing smell of all those different concentrated odors, he was able to think more clearly. And thinking alerted him to slip in between streets, causing a commotion behind him. â€Å"What about the carriage?† â€Å"Forget about the carriage! Don't lose sight of that guy with the dog!† Sage, trying to keep up with Saber himself, knew when a chase was about to end. Tranquillit! he thought to Saber. He also barely whispered the word. He had never been certain if his animal friends were telepathic or not, but he liked to believe that they were, while behaving as if they were not. Tranquillit! he told himself. And so, when the huge black dog with the shining dark eyes and the man ran up the steps to one particular ramshackle building, they did it silently. Then, as if he'd had a pleasant stroll in the country, Saber sat and looked at Sage in the face, laughing-panting. He opened and closed his mouth in a silent parody of a bark. Sage waited for the young vampires to catch up with him before be opened the door. And, as he wanted the element of surprise, he didn't knock. Instead he smashed a fist with the Power of a sledgehammer through the door and groped for locks and chains and bolts. He could feel none. He did feel a knob. Before opening the door, and going into who knew what peril, he said to those behind him, â€Å"Any loot we take is the property of Master Damon. I am his foreman and it was only through my dog's skills that we have made it so far.† There was agreement, ranging from grumbling to indifferent. â€Å"By the same token,† Sage said, â€Å"whatever danger is in there, I face first. Saber! NOW!† They burst into the room, nearly taking the door off its hinges. Elena cried out involuntarily. Bloddeuwedd had just done what Damon would not, and lined her back with bloody furrows from her talons. But even as Elena managed to find the glass door to the outside, she could feel other minds surging to help sustain her, to lift and share some of the pain. Bonnie and Meredith were picking their way through huge shards of glass to get to her. They were screaming at the owl. And Talon, heroically, was attacking from above. Elena couldn't stand it any longer. She had to see. She had to know that this metallic-feeling thing that she'd picked out of Bloddeuwedd's nest wasn't some bit of filthy rubbish. She had to know now. Rubbing the tiny scrap of metal against the ill-fated scarlet dress, she took a moment to glance downward, to see crimson sunlight sparkle against gold and diamonds and two folded-back little ears and two bright green alexandrite eyes. The duplicate of the first fox key half, but facing the other way. Elena's legs almost gave way underneath her. She was holding the second half of the fox key. Hurriedly, then, Elena brought up her free hand and plunged her fingers down into the carefully made little pocket behind the diamond insert. It concealed a tiny pouch, specially sewn there by Lady Ulma herself. In it was the first half of the fox key, replaced there as soon as Saber and Talon had finished with it. Now, as she shoved the second half-key into the pocket with the first, she was disconcerted to feel movement in the pouch. The two pieces of the fox key were – what, becoming one? A black beak slammed into the wall beside her. Without even thinking, Elena ducked and rolled to escape it. When her fingers flew back to make sure that the pouch was tied up and secure, she was astonished to feel a familiar shape resting inside. Not a key? Not a key! The world was spinning wildly around Elena. Nothing mattered; not the object; not her own life. The kitsune twins had tricked them, had made fools of the idiot humans and the vampire who had dared to face up to them. There was no double fox key. Still, hope refused to die. What was it Stefan used to say? Mai dire mai – never say never. Knowing what a chance she was taking, knowing she was a fool for taking it, Elena thrust her finger again into the pouch. Something cool slipped onto one finger and stayed there. She glanced down and for a moment was arrested by the sight. There, on her ring finger, gleamed a gold, diamond-encrusted ring. It represented two abstract foxes curled together, one facing each way. Each fox had two ears, two green alexandrite eyes, and a pointed nose. And that was all. Of what use was a trinket like this to Stefan? It bore no resemblance to the double-winged keys shown in the pictures of kitsune shrines. As treasure, it was surely worth a million times less than what they had already spent to get it. And then Elena noticed something. A light shone from the eyes of one of the foxes. If she hadn't been staring at it so closely, or if she hadn't been by now in the White Waltz Ballroom, where colors showed true, she might not have noticed it. But the light was shining straight ahead of her as she turned her hand sideways. Now it was shining from four eyes. It was shining in exactly the direction of Stefan's prison cell. Hope rose up like a phoenix in Elena's heart, and took her soaring on a mental journey out of this labyrinth of glass rooms. The music playing was the waltz from Faust. Away from the sun, deep into the heart of the city, that was where Stefan was. And that was where the pale green light from the fox's eyes was shining. Riding high on hope, she turned the ring. The light winked out of both fox's eyes, but when she turned the ring so that the second fox was in line with Stefan's cell, it winked on. Secret signals. How long could she have owned a ring like that and done nothing if she hadn't already known where Stefan's prison was? Longer than Stefan had left to live, probably. Now she only had to survive long enough to reach him.

Definition Essay on Beauty

Definition Essay on Beauty A common English saying is that Beauty lies in the eyes of the beholder. This statement is accurate in the sense that what one individual considers beautiful is not necessarily what another individual may consider beautiful. This view of beauty not being universal was presented by Plato. According to his views, beauty is something that cannot be fully defined through the senses. That is because different objects are observed in different ways by different people. This is why some people believe that beauty is something that is defined according to the experiences that one has had. Even though everyone knows what beauty is, many people struggle to define it and convince others to concur with their views. The idea of beauty is not just a physical appearance of a person or object. Rather, it is an understanding that gives some perceptual experience to one’s eyes, ears, intellect, and moral sense. Natural, powerful, real beauty, however, originates from within the heart of individuals and when it blossoms, it is expressed as a captivating, exquisite, and alluring spirit that is not easy to contain. That is where certain ideas originate, such as â€Å"Beauty is as beauty does,† or â€Å"Beauty comes from within.† Some people are captivated by inner strength of character. As a result, they may perceive someone to have a beautiful soul. However, individuals often appreciate beauty while they are in an aesthetic state of mind where one simply appreciates what one sees of feels. For instance a beautiful and confident woman is who many men consider as a force that is to be reckoned with. Her beauty and confidence would most likely charm most men. As a result, they might find it difficult to do anything displeasing to that female. Appreciation of beauty is often transmitted through the use of senses. Moreover, beauty is usually appreciated by people because of the pleasure they derive from an object, an individual, or even a thought. The opposite can also be argued in the sense that some people perceive life as something that is meant to achieve beauty. Beauty has indeed been an interesting philosophical issue from different perspectives, one of which is that it is taken as a value that is dear to human beings. Many films have illustrated this aspect of beauty. Also, those things or people thought of as beautiful tend to be appreciated more by society. As the title of this essay suggests, one is supposed to define beauty not only from his perspective but also from the perspective of other individuals. It is through defining beauty that one may come across the universality of beauty or the lack of universality. Given that philosophers such as Plato were known to tackle the issue of beauty, it is, therefore, wise to examine the issue of beauty from the views of Plato and to compare those views with those that are commonly known or observed in an individual’s day to day life.

Definitions and Examples of Partitives in Grammar

Definitions and Examples of Partitives in Grammar   In English grammar, a partitive is a word or phrase (such as some of or a slice  of) that indicates a part or quantity of something as distinct from a whole.Partitive is also called partitive noun or partitive noun phrase and is from the Latin partitus, relating to a part. Partitives can appear before mass (or noncount) nouns as well as count nouns. Although most partitive constructions refer to a quantity or amount, some are used to indicate quality or behavior (the kind of teacher  who ... ).  Ã‚   Examples and Observations You must have been warned against  letting the golden hours slip by. Yes, but some of them are golden only because we let them slip. (J.M. Barrie, Courage. Rectorial Address delivered at St. Andrews University, May 3, 1922)Computers make it easier to do a lot of things, but most of the things they make it  easier to do, dont need to be done. (Andy Rooney on 60 Minutes)Now Murrells eyes followed an ant on a blade of grass, up the blade and down, many times in the single moment. (Eudora Welty, A Still Moment. The Collected Stories of Eudora Welty. Harcourt, 1980)Soap gumdrops, soap cigars, soap pickles, soap chocolates, and even a bar of soap that dyed its user an indelible blue made life exciting for the friends of a Johnson Smith addict. (Jean Shepherd, A Fistful of Fig Newtons. Random House, 1981)Not a part of the rock or a speck of moss or a streak of some other mineral, it was one of those stubborn bits of green felted cardboard that these rocks were always fixed on inside of the boxes. (Sharon Fiffer, Buried Stuff. Minotaur Books, 2010) It doesn’t matter if you’re a high school kid on your bike, or if you’re an egghead like me with a  boatload  of degrees. Anybody can be a birder. (Ben Kingsley as Lawrence Konrad in A Birders Guide to Everything, 2014)I am not just some here-today-gone-tomorrow  sort of person who blows hot and cold  like a feather in the windblown about by air. Oh no. Believe me, my love for you is, was and always will be true and oh-so-real. (Dawn French, Dear David Cassidy in  Dear Fatty.  Arrow Books, 2009) Partitives With Count Nouns and Noncount Nouns Count nouns that can act as the first element in such a structure (e.g. piece, bit, sort, etc.) are partitive nouns or partitives. Some words that form the second part of the construction take specific partitives (also called unit nouns) a Partitives are useful because they provide a means of counting uncount nouns.(Sylvia Chalker and Edmund Weiner, Oxford Dictionary of English Grammar. Oxford University Press, 1994) Partitives With Nouns of Location and Time Partitives are  found with nouns of location (the end of the street, the back of the house etc.) and time (the end of the day, the middle of the week, the beginning of the month). These partitives of location and time are almost always found with the frame the partitive of the noun. (Dave Willis,  Rules, Patterns and Words: Grammar and Lexis in English Language Teaching. Cambridge University Press,  2003)  One day toward the end of the  month the wind veered around  to the southwest again and clouds moved in, bringing with them a heavy downpour. (John Hanson Mitchell,  Living at the End of Time: Two Years in a Tiny House.  University Press of New England, 2014)   Partitives With Foods and Liquids Some partitives, such as gallon/liter of, can be applied to any head noun that is a liquid, and partitives such as ton/gram/pound of can be used to quantify anything that is appropriately measured by weight. Similarly, partitives such as a bottle of can be applied to different types of liquids that come in this container (e.g., beer, wine, catsup, milk). In contrast, partitives used to quantify food are more restricted. Portions of baked goods such as cake, pie, pizza, and bread are measured by slices, and only bread is quantified by the partitive count noun loaf. Certain types of vegetables (e.g., cauliflower, cabbage, lettuce) are quantified by head.  (Ron Cowan, The Teachers Grammar of English: A Course Book and Reference Guide. Cambridge University Press, 2008)  The pub is very smart  and popular with foreigners, who can order Leopold Blooms lunch- a gorgonzola sandwich and a glass of burgundy- for about fifteen dollars during the summer high season. (Bill Barich,  A Pint of Plain: Tradition, Change and the Fate of the Irish Pub.  Bloomsbury, 2010) Functions of Partitives Partitive expressions collocate strongly with particular non-count nouns: a​ ... Partitive expressions commonly refer to the shape, size, movement or the amount of something: Theres a whole ... Some partitive expressions with -ful refer to containers or spaces which commonly hold the item referred to. These include bowlful of, cupful of, fistful of, handful of, mouthful of, spoonful of: He gave me a The plural of such expressions is usually formed by adding -s after -ful.(Ronald Carter and Michael McCarthy, Cambridge Grammar of English. Cambridge University Press, 2006)

Water Issues in California Essay Example | Topics and Well Written Essays - 2500 words

Water Issues in California - Essay Example Since the start of record keeping on the availability of the water resources in Southern California in the late 1800s, the water crisis in the area has worsened over the years. This is attributable to the growing population of the region and the false sense of security that the citizens have concerning the availability of the water resource because of the good job done by the water managers to ensure that the fountains still shoot water and the landscapes appear as healthy as ever. The city officials have pointed out that two decades ago an estimated two-thirds of the water was imported. Currently, it has reduced to half. In the same way, according to the Metropolitan Water District of Southern California; the total retail water demand in the area has reduced from 4 million acre feet between 1989 and 1990 to 3.30 million acre feet between 2010 and 2011. This shows that the Southern California residents have recognized the significance of water. In order to increase the supply of wate r in Southern California, the authorities have invested in recycling plants for water, plans are underway to clean up the contamination so that more ground water can be utilized, and implementation of mandatory water conservation programs (Gould). For many years, Southern California has been faced the issue of drought. However, only recently has it become a national call for attention. Although California is right next to the ocean, it is not easy enough just to get water from there and spread it amongst the masses. Since the ocean is full of saltwater, it becomes toxic to the body when too much is consumed. The only water our bodies are able to consume is fresh water, either from springs or recycled tap. Because California is growing and will continue to grow, the amount of water is becoming scarce. According to "The Telegraph", a trusted newspaper,

Can harm reduction strategies provide a viable basis for youth and Essay

Can harm reduction strategies provide a viable basis for youth and community work practice in marginalized communities with significant drug problems - Essay Example e progressive nations in the world is primarily due to the realization that a consistent portion of the population will use drugs which includes alcohol and tobacco however this discussion speaks primarily to the illegal variety. The current illegal drug strategy in the UK is four-fold. One, educating young persons in the dangers of misusing drugs; two, law enforcement initiatives designed to keep communities safe from drug-related and criminal behaviour and three, disrupt the supply of drugs. The fourth part of the strategy is harm reduction techniques (â€Å"Harm Reduction†, 2002). The goal of harm reduction is to do simply that for both individual and community without regard for personal ideological, legal or moral opinions of drug use. Government sponsored programs and treatment for drug users allows an opportunity for early intervention and education or, for the habitual user, a supply source for controlled narcotic distribution and unused syringes. Access to controlled amounts of narcotics or their synthetic equivalent ensures the drug’s pureness and takes away the need to commit crimes for drug money. A ‘clean needle program’ slows the spread of the HIV virus, hepatitis and other blood-borne illnesses. The benefit to both individual and community is clear (â€Å"AIDS and Drug Misuse†, 1988). The community method of harm reduction incorporates outreach services as its main intercession technique. This is opposed to the traditional, functional approach which operates from a fixed and often inconvenient location. Agencies are situated mainly within marginalized communities and open at opportune times so as to be more accessible to the drug user. In addition, agency workers go to the user if necessary. The workers interact differently in the community method. Instead of outlining a prescribed path of wellness to the user, they inquire as to the needs of the user. â€Å"Needs will be expressed, often having nothing to do with the reduction of