Powerlessness: Cause And Effect Of Poverty

Powerlessness: Cause And Effect Of Poverty Powerlessness is a cause and effect of poverty because people living in absolute poverty often have no political power and is subjected to exploitation by the state. They lack protection, and report widespread corruption within state education and health care systems. Poor people in many countries speak of being kept waiting endlessly while the rich of the country go to the head of the queue. Situations like these create more problems for that already in absolute poverty, and continue to divide the rich from the poor without providing any help. The problem with a lack of voice and power as a cause of poverty is that it enforces a lack of voice and power as an effect of poverty, creating a continuous cycle that deliberately separates the poor of a country from the rich. The last major cause and effect of poverty is vulnerability. Natural disasters, economic crises, and conflict leave the poor very vulnerable, with nobody to help and a lack of resources to use to help themselves. This idea is best expressed through the story of a poor villager from Benin, in the World Development Report 2000/2001: Attacking Poverty. Three years ago was a very bad year. The flood washed away all our crops, and there was a lot of hunger around here, to the point that many people actually died of hunger. They must have been at least a dozen, mostly children and old people. Nobody could help them. Their relatives in the village had no food either; nobody had enough food for his own children, let alone the food for the children of his brother or cousin. And few had a richer relative somewhere else who could help. This is a perfect example of the vulnerability that is both a cause and effect of poverty. The relatively poor can become the poorest through disasters, both eco nomic and natural, and conflict, which causes more vulnerability that affects their ability to escape poverty. Poverty and conflict are often closely linked. In many developing countries there are huge contrasts in access to power and control of resources, leading to a sense of powerlessness within the poor of the country. This unfair distribution of wealth, power and often land creates conflict, as those with the advantage battle the disadvantaged in order to maintain their advantages. In El Salvador, during the 1980s, Oxfam worked to alleviate poverty and suffering intensified by years of armed conflict. The roots of this conflict lay in the unequal distribution of power, wealth and resources. Poverty causes, and is effected by, many different other global issues. A set of international development goals were created by the United Nations, the Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF), and the World Bank, to address inequities in income, education, access to health care and the inequalities between men and women. In 2000 these goals were updated and the United Nations Millennium Declaration committed all countries to doing everything possible to eradicate poverty, promote human dignity and equality, and achieve peace, environmental sustainability, and democracy. At this time approximately 1.2 billion people were living on less than $1 (U.S) a day, with an additional 1.6 billion living on less that $2 (U.S) a day. The goal to reduce poverty was seen as an essential part of the way forward. It is crucial to understand why this is seen as a fundamental step and to do this one should look into some of the arguments aga inst helping the poor that philosophers and political theorists pose. The basic lifeboat ethics argument against helping the poor, argued by Garrett Hardin, states that the world is like a lifeboat. In a lifeboat there is a limit to how many people can be carried, and there is no fair way to choose from among those who need to come aboard. Therefore the only fair alternative is to let everyone who needs to come aboard drown. What Hardin is getting at is that we, the developed world, can not save every person, and therefore how can we fairly choose those that we do save and those that we do not. He argues that it would be much fairer to let everyone in absolute poverty die. Other arguments against helping the poor include Friedrich von Hayeks Game of Catalaxy. Hayeks theory stems from a liberal laissez-faire view of the global economy. He believed that the global market should characterized by a spontaneous order that happens when individuals pursue their own ends within a framework set by law and tradition. Hayek goes on to argue that his Game of Catalaxy is a game of skill and all players within the global market are different and therefore not all can win. The winners, he believed, won because they took certain chances and therefore deserved to win, while the losers deserved to lose. Therefore, according to Hayek, countries that have problems with absolute poverty have played the Game of Catalaxy and lost, and deserve to lose. Theoretically these countries will continue to play the game and if they take certain chances they may eventually win. This theory may work but meanwhile the problem of absolute poverty is affecting the rest of the world and therefore we cannot ignore it, or let the Game of Catalaxy sort it out. As Ambassador Jams head Marker, the Permanent Representative of Pakistan to the United Nations, says, We are all now in the same lifeboat. The continued health of the North [developed, rich countries] depends on the survival and sustainable development of the South [less developed, poorer countries]. Beyond this argument is a belief that food is a basic human right. If hunger is a cause and effect of poverty and food is a basic human right, then theoretically every country should be doing everything within their power to reduce poverty and create a well-nourished world. This argument is reflected in the Millennium Development Goals. The United Nations believes that food is a basic human right. On December 10, 1948, the General Assembly of the United Nations adopted and proclaimed the Universal Declaration of Human Rights. This declaration is the only human rights declaration with universal in its name, and most countries have agreed on it. It can therefore be argued as a legitimate international agreement on the rights of all human beings. Article 25 of the Universal Declaration of Human Rights states that Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services. Therefore, since the declaration is argued to be a legitimate international agreement on the rights of humans, it can be argued that food, along with other basic necessities, are basic human rights. The orthodox approach to development is the view held by many international regimes like the World Bank and United Nations Development Program (UNDP). The basic concepts behind it are the ideas that the free-market system can create unlimited economic growth, that the Western liberal model and knowledge are superior to anything else, and the belief that the process of free-markets would benefit everyone. Theoretically economies would slowly take-off because of the free-market and from there on the wealth would work its way down to the people actually living in absolute poverty. To do this there would be a production of surplus, with individuals selling their lab our for money, as opposed to producing to meet their family and community needs. This orthodox method is known as the top-down liberal method and relies on external expert knowledge, technology, an expansion of privatization, and large capital investments. As already stated, the orthodox approach is based almost entirely on a monetary and material concept of poverty. In 2000: A Better World For All, the World Bank, United Nations (UN), International Monetary Fund (IMF) and the Organization for Economic Co-operation and Development (OECD) state that it is possible to cut poverty rates in half by 2015 if countries follow policies that both reduce social and gender inequalities and, most importantly, create income-earning opportunities for the poor. This is the key for, and a perfect example of, the orthodox approach to development. The UNDP Human Development Report 2003 states that there are six basic policies that should be implemented in order to help the countries reduce poverty. Firstly countries should invest early and ambitiously in basic education and health while fostering gender equality. These are preconditions to sustained economic growth. Second, countries should increase the productivity of small farmers in unfavorable environments [environments where hunger and famine are a problem]. Thirdly countries should improve basic infrastructu resto reduce the costs of doing business and overcome geographic barriers. The last three policies involve developing an industrial development policy, working on promoting democracy, and ensuring environmental sustainability. The World Bank concurs with these ideas, as does the World Trade Organization who state that poor people within a country generally gain from trade liberalization. The orthodox approach to development, portrayed by international regimes including the World Trade Organization, World Bank and United Nations involves liberalizing trade and creating empowerment in order to create faster economic growth, which in turn helps to alleviate poverty. This approach is both valid and sound, and has been proven to work in some countries, although not as quickly as the international regimes would like. As this approach is the dominant view, it is seen as more likely to work. However a number of development theorists have discovered problems within this dominant view. The idea that the free market can end hunger, if governments just get out of the way, is seen by some theorists as a myth. These theorists believe that the free-market-is-good/ government-is-bad view is far too simplistic and can never help address poverty and hunger. The top-down approach is seen as unlikely to work in most situations due to corrupt governments who will not let the wealth trickle down to those actually living in poverty. The theory of comparative advantage holds that nations should produce and export those goods and services in which they hold a comparative advantage and import those items that other nations could produce at a lower cost. The problem with this theory, which is also promoted by the World Bank, UN and IMF as a method for alleviating and reducing poverty, is that it falls apart when applied to the real world. Many countries living in absolute poverty can produce large amounts of coffee at a low cost to themselves, however since there are many producing, the price of coffee on the global market is forced downwards and these countries are producing more coffee for less money. These are just two examples of the kind of problems that make the orthodox method for development less viable. The alternative approach to development is argued by many NGOs like World Vision and the World Development Movement. The core concepts of this approach are the ideas that humans should learn to be self-reliant, that nature, cultural diversity and community-controlled commons (water, air, land, and forest) should be valued, and that democratic participation will help to reduce poverty. This approach relies on participation at the community level, working with local knowledge and technology to create a bottom-up approach to community development. It is a grassroots approach, focusing on helping individuals and communities become self-reliant. This approach is often argued by dependency theorists who believe that the structure of the global political economy essentially enslaves the less developed countries by making them dependent on the capitalist, liberal nations. The alternative approach to development is therefore seen by dependency theorists as one of the only ways to develop less developed countries. Much of the anti-globalist campaign is directed at organizations like the World Bank and IMF because their policies encourage less developed countries to become dependent on foreign aid and investment which continues the poverty and hunger within the less developed countries. Although the alternative approach to development also seems sound and viable, it lacks monetary value and places too much emphasis on the power of communities to change governments. Neither approach is perfect in its methods for the alleviation and reduction of poverty. I believe it is a combination of the orthodox and alternative approaches that really has the ability to help reduce poverty in todays world. The orthodox approach focuses too narrowly on money and capital, while the alternative approach believe too heavily in the power of communities to affect change at a national level. I therefore believe that international regimes, like the World Bank and United Nations, should attempt to affect changes at the state level, working to create democratic governments. Non-Governmental Organizations should continue to work at the grass roots level, affecting changes for the individuals and communities while helping them to become self-reliant. This approach is not without problems and cannot be called easy, but I believe it deals with both the individuals and the state at the levels needed and could help to halve the number of people living in poverty by 2015. Ther e are no perfect answers for development. Poverty is a complex issue. The key is that we do not ignore those living in poverty but help, in whatever way we believe is best. We are obliged to try our hardest to make circumstances better for them. http://www.vuwcu.orconhosting.net.nz/warp/poverty.htm

Department of Electrical and Computer Engineering: Final Examination

University of Waterloo Department of Electrical & Computer Engineering E&CE 231 Final Examination – Spring 2000 Aids: Formula Sheets (attached), Scientific Calculator Time Allowed: 3 hours Exam Type: Closed Book Instructor: C. R. Selvakumar Date: August 10, 2000 Max Marks: 100 Instructions: Answer all questions in PART-A and any two questions in full from PART-B. State your assumptions clearly. Be concise, precise and clear in your answers General assumptions to be made when not specified in a question: (a) Assume that the semiconductor is Silicon. (b) Assume that the temperature T = 300K c) Use the data given in the formula sheets where needed. (d) Use the following expressions for the Effective Density of States in the Conduction Band (NC) and in the Valence Band (NV) respectively: 3 2 3 3 3 ? m ? ? T ? 2 ? 3 N C = 2. 5 ? 1019 ? ? cm ? m 0 ? ? 300 ? * n ? m* ? 2 ? T ? 2 p ?3 19 N V = 2. 5 ? 10 ? ? m ? ? 300? cm ? ? 0? PART -A 1a) Consider a Silicon p+-n diode with the foll owing doping densities: NA = 1019 cm-3 and ND is 1016 cm-3. The diode has an area of 100  µm by 20  µm. (i) Without doing any calculations, sketch the capacitance versus reverse voltage (VR) starting from VR = 0. (4 marks) (ii)Calculate the voltage at which you will obtain the minimum capacitance and also determine (calculate) the minimum capacitance at that voltage. (10 marks) (iii) Derive the mathematical relations you use in calculating the quantities in (ii) above. (16 marks) 1b) Assuming that the p+ region and the n-region of the diode described in 1a) above are ‘long’ compared to the minority carrier diffusion lengths in those regions, show how you would obtain the complete Current-Voltage (I-V) Characteristic of the diode. You can assume that there is no recombination in the space-charge layer and you need not solve the continuity equation.Sketch the electron and hole current distributions in the entire device. (10 marks) Page 1 PART B 2a) Draw a clearly labe lled band diagram of an n-p-n transistor under thermal equilibrium and superimpose on it a band diagram of the same transistor when it is under normal forward active mode of operations. (8 marks) 2b) Derive an expression for the common emitter current gain $ ($ = IC/IB), in terms of the doping densities in the different regions, thickness and carrier diffusivities and diffusion lengths. Assume that there is no recombination in the neutral base or in the space-charge layers.Also, assume that the conventional reverse saturation current of the reverse-biased diode, IC0, is negligible. Assume that short-region approximation is valid in the base and that the bandgap narrowing in the emitter is important. No need to solve continuity equations and you can assume the expected carrier distributions. (12 marks) 2c) Obtain the modified Ebers-Moll (EM) equations from the original EM equations given in the formula sheet. Sketch Common-Base output characteristics based on the modified EM equation s and show the Forward Active Region of operation, Saturation Region and Cut-off Region. 10 marks) 3a) A silicon n-p-n transistor has an emitter doping NDE = 1020 cm-3 and a base doping NAB = 1016 cm-3. The emitter is 1  µm thick and assume that the hole diffusion length in the emitter is 0. 1 :m. The base is 0. 35 :m thick and you can use the values of mobilities and lifetimes given in the tables in the formula sheet to determine the electron diffusion length in the base. Verify that the short-region approximation is applicable to the base. Assume that the carrier recombinations in the neutral base an in the emitter-base depletion layer are zero. When this transistor is operating in the normal forward active mode with 0. volts forward bias across the emitter-base junction and a 2 volt reverse bias across the collector-base junction, what is the collector current density (JC) and the base current density (JB) ? You can assume that the depletion layer thicknesses are negligible at both junctions. Assume that bandgap narrowing for the emitter doping is 100 meV and the room temperature is 300K. (15 marks) 3b) What is the emitter efficiency of the transistor in 3a)? (5 marks) 3c) What do you understand by diffusion capacitance of a diode? Show (derive) that the diffusion capacitance of a p+ – n diode is approximately given by C Diffusion ?Qp Vt where Qp is the total injected minority hole charge on the n-side quasi-neutral=region and Vt is the thermal voltage (kT/q). Prove that the quantity Q p ? qAL p pn 0 e V Vt (10 marks) Page 2 4a) Consider an n-channel MOSFET and explain how the MOSFET operates using key band diagrams (along source, channel and drain and vertically along the metal gate, oxide and the channel region) and cross-sectional diagrams. State clearly wherefrom the channel electrons come and explain how this is controlled by the gate voltage. (10 marks) 4b) With reference to an n-p-n transistor, explain what is Early Effect and how it arises. Using an approximate sketch show the Early Voltage. Clearly illustrate your answer with the aid of carrier profiles and common-emitter output characteristics. (10 marks) 4c) Contrast the Temperature-dependence of Avalanche Breakdown Mechanism and Zener breakdown Mechanism. Illustrate your answer with sketches of Reverse bias I-V characteristics giving physical reasons. (10 marks) Page 3 E&CE 231 1/4 Formula Sheet C. R. Selvakumar E&CE 231 Formula Sheet 3 1 4? *2 g c (E) = 3 (2m n ) ( E ? E C )) 2 ; (E ? E c ) h 3 1 4? *2 2 g V (E) = 3 2m p ( E V ? E)) ; (E ? E V ) h 1 f FD (E) = (E-E F )/kT 1+ e p 0 = N V e (E V ? E F )/kT = n i e (Ei ?E F )/kT () n 0 p0 = n 2 i 3/2 ? 2? m* kT ? p N V = 2? ? 2 ? ? ?h ?  µn = q? c,n m* n and  µ p = q? c,p m* p ? max = ? qN A x p0 ? 0? r qN + x n0 D = ?0? r 1/2 x n0 ? 2? r ? 0 V0 ? NA =? ? q N D (N A + N D ) ? ? ? 2? r ? 0 V0 ? ND =? ? q N A (N A + N D ) ? ? 1/2 3/2 ? p 0 + N + = n0 + N A D + ? ?2 ? N D ? NA N + ? NA ? D ? + n2 ? + n0 = i 2 2 ? ? ? ? + ? N D x n0 = N A x p0 x p0 n 0 = N C e (E F ? EC )/ kT = n i e (E F ? E i )/kT ? 2? m* kT ? n N C = 2? ? 2 ?h ? ? kT ? n no p po ? kT ? N + N A ? D V0 = ln? ?= ln? ? q ? n2 ? q ? n2 ? i i p( x n0 ) = pn e qV / kT and ? pn = pn ( e qV / kT ? 1) 1/2 for n ? type , where ? c,n and ? ,p are mean time between collisions ? = qmn n + qm p p and r = 1/s dn ? dp ? ? ? J n = q? n µn ? + Dn ? ; J p = q ? p µ p ? ? D p ? ? ? dx ? dx ? D p Dn kT = = = 0. 0259 V at 300K  µ p  µn q n( ? x p0 ) = n p e qV / kT and ? n p = n p (e qV / kT ? 1) ? p( x n ) = ? pn e or ? p( x n ) = ? pn ( 0) e ? x p / Ln or ? n( x p ) = ? n p ( 0) e ?n( x p ) = ? n p e ? xn / L p ? x p / Ln ? Dn ? Dp ? I = qA? n p0 + p n0 ? (e qV/ kT ? 1) ? Lp ? Ln ? ? ? qN ? C j = A? Si d ? ? 2(V0 ? V ) ? 1/ 2 for p + ? n diffusion capacitance: C s = q 2 AL p kT p n0 e qV/kT for p + ? n n ? type regions of width, W: long base diode approx: I p = qAD p ? pn ( 0 )Lp short base diode approx: I p = qAD p ?p 1 dJ p ?n 1 dJ n =? + G ? Rp; = ? + G ? Rn ?t q dx ?t q dx Wm = L p = D p ? p and Ln = Dn ? n VT = d 2V d? ? ? 2= = where ? = q ( p ? n + N d ? N a ) dx ? 0 ? r dx dV 1 dE c 1 dE v 1 dE t ?= ? = = = dx q dx q dx q dx ? xn / L p 2? Si ( 2? F ) qN a for VG > Vth ? pn ( 0 ) W ? Si = ? 0 ? r ? Qd Qi + 2? F + ? ms ? , Ci Ci Q d = Q B = ? qN a x dm ,x dm = Wm ? Ci = Cox = 0 ox = i t ox d 1 2? ? Z? ? I D =  µ n Ci ? ? ? (VG ? VT )V D ? VD ? ? L? ? 2 ?  µ n Ci ? Z ? 2 I DSat = ? ? (V ? VT ) V Dsat = VG ? VT 2 ? L? G E&CE 231 2/4 Formula Sheet C. R. Selvakumar Eber-Moll Model (n-p-n transistor)I EBO (e VBE / Vt ? 1) â€Å"RIC I CBO (e VBC /Vt ? 1) â€Å"FIE ? VBE ? ? VBC ? I E = ? I ES ? e Vt ? 1? + ? R I CS ? e Vt ? 1? ? ? ? ? ? ? ? ? ? VBE ? ? VBC ? Vt ?e ? + I CS ? e Vt ? 1? I C = ? R I ES ? ? 1? ? ? ? ? ? ? E&CE 231 3/4 Formula Sheet C. R. Selvakumar Mobilities in Silicon N = doping density (cm ? 3 )  µ (N) =  µ min + Carrier type  µ0 N 1+ N ref :min :0 cm2 / (v. s) Nref cm-3 electron 88 1 251. 8 1. 26 x 1017 hole 54. 3 406. 97 2. 35 x 1017 Doping density Mobilities Lifetimes (J) as function of doping density N :n :p 1 1 = + cA N2 ? ? SRH 1015 1016 1017 1018 1019 1020 1322. 3 1218. 2 777. 3 262. 1 114. 1 91. 5 457. 96 437. 87 330. 87 43. 23 68. 77 56. 28 cm 2 v. sec cm 2 v. sec cm ? 3 Doping density N cm-3 Lifetime J sec For both electrons and holes 1015 1016 1017 1018 1019 1020 9. 8 x 10-6 8. 3 x 10-6 3. 3 x 10-6 4. 5 x 10-7 3. 3 x 10-8 8. 3 x 10-10 Obtained using the above formula for lifetime using: JSRH = 10-5/(1 + 5 x 1016/N) and CA = 10-31 cm6s-1 E&CE 231 4/4 Formula Sheet C. R. Selvakumar Properties of Silicon and Gallium Arsenide PROPERTY Si GaAs atoms or molecules/ cm3 5. 0 x 1022 4. 42 x 1022 atomic or molecular weight 28. 08 144. 63 density g/cm3 2. 33 5. 32 breakdown field V/cm 3 x 105 4 x 105 dielectric constant, gr 11. 8 13. 1 effective density of tates: Nc cm-3 Nv cm-3 Physical Constants ?1. 38Ãâ€"10 ? 23 J / K ? k ? ?8. 62Ãâ€"10 ? 5 eV / K ? ? 31 m0 9. 11Ãâ€"10 kg ?0 8. 85Ãâ€"10 ? 14 ? r (Si) 2. 8 x 1019 1. 04 x 1019 4. 7 x 1017 7. 0 x 1018 11. 8 ? r (SiO 2 ) 3. 9 h electron affinity, eV 4. 05 6. 62Ãâ€"10 c 3Ãâ€"10 q 1. 6Ãâ€"10 4. 07 energy gap, eV 1. 12 1. 43 intrinsic carrier conc. , ni cm-3 at T = 300K 1. 5 x 1010 1. 8 x 106 effective mass electrons holes m*n = 1. 1 m0 m*p = 0. 56 m0 m*n = 0. 067 m0 m*p = 0. 48 m0 intrinsic mobility @ 300K electrons cm2/Vs holes cm2/Vs 1350 480 8500 400 diffusivity @300K: electrons cm2/s holes cm2/s 35 12. 5 220 10 F / cm 10 ? 34 J ? s cm / s ? 19 C

Economics of the movie business Essay

Most of the movies that are eventually released are cofinanced. This is a term that is used within the movie industry to describe those films for which there are more than one firm that share both the cost of production as well as the revenues. Nearly one-third of all the movies that are released are cofinanced. Various studies have shown that the main reason for cofinancing is to manage and share risk. Most of the major studios are in the category of publicly traded firms where the investors are free to carry out their own diversification decisions. Not always is the cofinancing decision related to the movie returns as the studios rarely cofinance highly risky films1. Demand is difficult to predict and thus financial risk remains to be a characteristic of the film industry since most of the cost is incurred long before the demand can be actualized. It’s thus the reason that most of the authors in this field have argued that the key variable that shapes the industry is the financing strategy adopted. Mainly, there are three ways in which cofinancing would reduce risk associated with the movie production. First, the cofinancing of the relatively risky films by the studios would give them the opportunity to participate in the less risky projects. Second, cofinancing would allow studios to fine tune their portfolios thus gaining the advantage of covariances of the gains across the movies. The third advantage of cofinancing is the simple law of large numbers to share a potential loss . Data collection The data to be used here in this paper is the information provided forth in Goettler, R. L and Leslie, P. (2004) where information on over 3,826 movies was exhibited in the US between 1987 to 2000. The primary source of the data was the Internet Movie Database (IMDb). The analysis focused mainly on ownership choices of the major studios. Out of the 3,826 movies examined, 1,305 were produced by the major studios. The analysis here focuses on ownership choices that have been made by the major studios. Movie profitability has been based on the return on investment, RIO, which is defined as the revenue divided by the cost. Revenue in this case was measured as the North America box office revenue and cost was obtained from the production budget. Film’s negative cost, which is the standard measure of production cost was also used. Other cost such as advertising are in most cases proportional to the cost of production and were thus not evaluated in this kind of study. Thus the ROI evaluated here was basically the relative profitability of the films but not the absolute profitability. Also the measure of revenues in this study excluded some revenues such as foreign box and video revenue. It would be ideal to use all the revenue sources but the approach would have limited the number of films in the analysis as most of this kind of data is only available only to a subset of films. At the same time limiting the analysis only to the films with this kind of extra data may introduce selection bias as most of this data maybe limited to the successful films only1. Identification of cofinanced films The listing of a production company is the first sign that there are cofinancing partners but this is not a sufficient condition. The most important criteria is to know if a firm contributes towards the production cost. Its worth to note that a firm can be credited for having contributed into the production company of a film after initiating then selling the project to a major studio even without retaining revenue shares. This kind of arrangement referred to as â€Å"first-look deal† is common between a semi-independent production company and a studio in a long-term relationship. The criteria used here in determining if a film is cofinanced is that first if a major studio is on the list of the production company for a certain film, then the assumption is that the studio has some ownership stake in the film. Second, Variety magazine was a source of those firms with the first-look deals from the â€Å"Facts on Pacts† list and those that are equity partners. The assumption here was that a firm was a joint owner if it was on the production company list and also on the equity partner2. For those movie that an independent firm and a major studio cofinanced, the question of whether either of these two had the option of being sole-owner remains. In simple term, one may also question which among the two firms initiated the entire project? The available information suggest that the studio usually has the mandate to decide if it will co-own or just be a sole-owner. This kind of decision called â€Å"greenlighting† is usually made during decision point of whether to make the movie or not. Complications do arise like when two companies have the same subsidiary structure such as having the same parent company and at the same time end up owning the same movie. In such cases, it was assumed that the movie was not cofinanced since the production divisions happen to work as integrated components of the parent studio rather than as being competitors. Another point of ownership ignored was the cases where the directors or the star actors negotiate a part of the movie revenues. This was so because most of this happens as a result of the directors/actors strong bargaining power to have a share of the revenue once the movie is successful rather than a strong will to share and manage risk.

Essay on Wal-Mart Financial Analysis - 1677 Words

Corporate Finance: Wal-Mart Contents Corporate Finance: Wal-Mart 1 1. Introduction 2 2. Success at Delivering Value to the Shareholders in the Last 5 Years 2 2.1 Growth in Earnings 2 2.2 Growth in Dividend Declared 3 3. Valuation of Equity 4 3.1 Net Asset Value (NAV) 5 3.2 Price / Earnings Ratio 5 3.3 Discounted Free Cash Flow 7 4. Reconciliation of Differences 8 4.1 Benefits and Costs of Using Net Assets Value 9 4.2 Benefits and Costs of Using Price Earnings Ratio 9 4.3 Benefits and Costs of Using Discounted Free Cash Flow 9 5. Conclusion 9 1. Introduction The organization that I have chosen for the purpose of this corporate finance analysis is Wal-Mart. As is well known, Wal-Mart is the global market leader of†¦show more content†¦However the author emphasizes that the issue actually is the other way around that the shareholder value principle has not betrayed the management rather it is the management that has betrayed the principle. In basic, delivering value to the shareholders means that the organization has been able to grow the earnings, the dividends of the organization and the share price. Thus in analyzing the delivery of shareholder value by Wal-Mart these three elements will be focused upon. 2.1 Growth in Earnings In analyzing the growth in earnings of the shareholder, a simple but effective tool is the Earnings per share value. For Wal-Mart, this is given as under: 2012 2011 2010 2009 2008 EPS 4.56 4.20 3.74 3.35 3.16 As can be seen from the value and trend of earningper of Share of Wal-Mart the value delivered to the shareholders has increased in the period 2008 to 2012. This means that the organization has been successful in creating more income every year and then delivering a larger portion of income to the shareholders. In 2008, the Earnings per Share were 3.16 dollars which increased to 4.56 in 2012. 2.2 Growth in Dividend Declared The following is the history of dividends declared and paid by Wal-Mart from 2008 to 2012. Date Dec-12 Aug-12 May-12 Mar-12 Dec-11 Aug-11 May-11 Mar-11 Dec-10 Aug-10 May-10 Aug-10 Amount 0.47Show MoreRelatedWal-Mart Financial Analysis1135 Words   |  5 PagesIntroduction Wal-Mart was founded in 1962 by Sam Walton in Roger, Arkansas. Wal-Mart has 4,100 stores and clubs in the U.S. and a total of 7,300 unit’s world wide. It employed about 2 million associate’s world wide and approximately 1.4 million in the United States. Wal-Marts average annual total revenue rate was slightly more than 10% for the three years from the fiscal year ending 2006 to the fiscal year ending 2008. They also had a stock split of 100 %; they saw this split 11 times duringRead MoreFinancial Analysis of Wal-Mart1321 Words   |  6 PagesFinancial Analysis of Wal-Mart Stores, Inc. Introduction On July 2, 1962, Sam Walton opened the first Walmart discount store in Rogers, Arkansas. Walmart is in the discount store industry and its principal competitors are Kmart, Target, ShopKo, and Meijer. Walmart’s culture has been built on a common purpose: saving people money so they can live better. By 1967, Walton had opened 24 stores and had generated $12.7 in sales. The company was officially incorporated as Walmart Stores, Inc. in 1969Read MoreFinancial Analysis : Wal Mart1691 Words   |  7 Pagesand what they should strive for. With that being said, many of today’s most successful organizations utilize competing in analytics to conquer the market. To illustrate, companies such as Wal-Mart, the biggest retailer store, claims that it provides the lowest market prices for its goods. In doing so, Wal-Mart utilizes analytics to enhance it supply chain and inventory costs (2). This example shows the importance of outstanding analytics in saving costs and generating pro fit. Further, data analyticsRead MoreFINANCIAL ANALYSIS OF SEARS VS. WAL-MART5339 Words   |  22 PagesFINANCIAL ANALYSIS OF SEARS VS. WAL-MART Table Content Background Analysis------------------------------------------------ 3 Financial Ratio analysis--------------------------------------------- 4 Weighted Average Cost of Capital (WACC)--------------------- 12 Working Capital Management--------------------------------------20 Dividend Policy and Tax Treatment------------------------------- 23 Conclusion------------------------------------------------------------24 Background Analysis Wal-MartRead MoreEssay Wal-Mart Financial Analysis - Fin5152039 Words   |  9 PagesWal-Mart Financial Analysis Danny J. Saldana FIN515 August 27, 2012 Professor David Felsberg I have chosen Wal-Mart as my company to do a financial analysis on. In my financial analysis I will look will be reviewing Wal-Marts financial ratios for years 2010 and 2005. I will also be looking at Target’s financial ratios for the same years to determine how Wal-Mart is doing within its industry. (All numbers are in thousands) Liquidity ratios Current ratio - Measures whether or notRead MoreWal-Mart Financial Statement Analysis3307 Words   |  14 PagesThe Paul Merage School of Business at UC Irvine | Financial Statement Analysis amp; Reporting: Earnings Quality and Asset Analysis | Company - WALMART | Kian BolooriHee Jun ChungDaejune Min | 1. Qualitative Analysis for the environment and the company (1) INDUSTRY ANALYSIS Walmart is in the discount retailer industry. This industry started in the 1950s, grew in the 1960s, and matured in the 1970s. With exception to a moderate growth period in the 1990s, the industry had remainedRead MoreFinancial Analysis Of Wal-Mart. Kathleen Brown. Acc 2051545 Words   |  7 Pages Financial Analysis of Wal-Mart Kathleen Brown ACC 205 Principals of Accounting I Instructor Woods February 17, 2017 Company Overview Wal-Mart Stores, Inc. is a company based in America and it was started in 1962. The company is in the retail industry and it operates grocery stores, discount stores, and hypermarkets. The company’s headquarters are located in Arkansas. According to the Fortune Global 500, Wal-Mart is categorized as the world’s leader in revenue. The company is also consideredRead MoreThe following report contains an analysis with an overview of Wal-Mart Inc. and it’s financial1800 Words   |  8 PagesThe following report contains an analysis with an overview of Wal-Mart Inc. and it’s financial statements. Wal-Mart, one of the biggest corporations and the largest employer in the world, has used exceptional ways of generating revenue and systems of tracking inventory, two very distinct characteristics of the company, while still maintaining a powerful imagine over all these years. I. Inventory In order to track such a large amount of inventory, Wal-Mart has employed the perpetual inventory systemRead MoreAmerican Corporation Analysis1425 Words   |  6 Pagesï » ¿ American Corporation Analysis ACC/561 September 19, 2013 Mr. Ponteja American Corporation Analysis Wal-Mart is one of the biggest retailers not only in the United States, but also internationally. The corporation was founded in Arkansas by Sam Walton in 1962 and has grown to produce revenue of over $460 billion while employing 2.2 million employees (Seeking Alpha, 2013). Wal-Mart is known for the low cost structure and has succeeded in the retail market. Although the corporation hasRead MoreWeek 5 Assignment Final Paper1735 Words   |  7 Pagesï » ¿ Wal-Mart Financial Analysis Report Michael Thomas ACC205: Principles of Accounting Instructor: Mark Stricklett November 10, 2014 Wal-Mart Financial Analysis Report In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements,