Bw/Ip International, Inc Case

Valuation of Corporate Finance BUFN 750 BW/IP International, Inc 1? BW/IP is a good candidate for the leverage buyout. * Steady cash flow (around 30 million per year). * Strong management team. * Positive NPV (about 61. 5 million) The NPV of BW/IP is 61. 5million(301-239. 5). Thus, we are quite optimistic about this BW/IP’s project. Calculating the NPV. Method: APV: VL=VU+PV (ITS). We can get the interest paid schedule from the BW/IP’s projected operating performance, which means there is a pre-determined interest paid to debt holders.Assumption: Tax rate: 38%. From 1991 to 1993, the tax rate remains to be constant, which is 38%. And we assume that the tax rate will continue to be 38%. Exhibit 1 shows the process of calculating tax rate: Growth rate:We assume the project will last for infinity, and grow in perpetuity after year 1992. And we use the average annually growth rate from 1990 to 1993 as our perpetuity growth rate, which is 2. 3%. Change in NWC:We subtract cas h from NWC provided in the case and we get the adjusted change in NWC.The calculation is presented in Exhibit 2. Discount rate:Typically, the investment horizon of a common leverage buyout range from 5 to 10 years, so we use the ten years treasury yields, ending at 1987 as the risk free rate, which is 8. 79%. For the market return, we use the S&P 500 index in 1980s, which is 12. 79%. Thus, we can easily get the risk premium. Exhibit 3 shows the process of calculating discount rate. Tax shields:Giving the interest paid schedule, we can figure out the tax shield each year from 1988 to 1993 at the tax rate of 38%.Discount rate: with a pre-determined debt and interest paid, we should use the cost of debt to get the present value of interest tax shield, because the risk of tax shield is moving together with the risk of the loan (debt), instead of the total assets. We assume the corporate borrowing rate is the same with BBB long-term bond, which is the cost of debt, 10. 63%. Thus the pres ent value of tax shield from 1988 to 1993 is 31. 91. We assume perpetual debt from the year 1994, and the same growth rate, which is 2. 3%. Exhibit 4 shows the processing of calculating tax shields.The FCF is presented in Exhibit 5. Sensitivity Analysis for BW/IP is presented in Exhibit 6 2? We favor the proposed acquisition of UCP. The primary sources of value in the transaction include: * Low capital or cash requirement UCP is a small firm, which would require additional borrowing by BW/IP of only 13 million. * Synergy and efficient gains. UCP’s product line complemented BW/IP’s extremely well because UCP’s most attractive feature was its installed base in the petroleum industry and together they would have the largest installed base in the petroleum segment. Improved management Takeover can improve management because interest and principal payments can force management to improve performance and operating efficiency. The proposed price is reasonable, because it is higher than the levered value of the project, which is 48. 17. Method: APV: VL=VU+PV (ITS). Assumption: Tax rate: Tax rate=38%, which is the same as the tax rate for BWIP. Growth rate: We use the average annually growth rate from 1991 to 1993 as ourgrowth rate,which is 6%. Discount rate: We use the ten years treasury yields, ending at 1988 as the risk free rate, which is 9. 4%. Exhibit 7 shows the calculation of Vu Exhibit 8 shows the calculation of PV(ITS) Sensitivity Analysis for UCP/IP is presented in Exhibit 6 3. How do the various features of the BW/IP buyout affect the company’sdecisions about long-horizon opportunities such as the UCP acquisition? What are the advantages and disadvantages of the 1987 buyout, viewed as afinancial program? After the buyout, BW/IP became a privately owned company which was less dependent from Borg-Warner Corporation than before in decision making.For the opportunities that the managers favored, such as the UCP acquisition, the compa ny had more chance to carry on the deal. However, for the case in which larger amount of financing is required, the company may not be competitive enough without Borg-Warner’s financial support. The buyout could generateda better and a more efficient management, by changing the corporate structure (including modifying and replacing executive and management staff, unnecessary company sectors, and excessive expenditures), BW/IP can revitalize itself and earn substantial returns.However, since the 1987 buyout is highly leveraged, the new company has a high debt-to-equity ratio, which means the company needs to achieve required return to pay the cost of debt or faced the chance of bankruptcy. Besides, the leveraged buyout is also considered to be a risky project, which may be easily affected by economics environment. The chance of success tends to be larger under steadily growing economy, while smaller in recession periods. 4. As one of BW/IP’s bankers, would you approve t he company’s request for a waiver of covenants and financing of the UCP acquisition?Yes. A banker will not approve to finance a project unless he has confidence in the profitability of the project and in that he can get his money back. The projected NPV of the UPC deal is 48. 17 million dollars, which is far bigger than the offer 18. 5 million dollars. To analyze this qualitatively, the expected success of the UCP acquisition comes from several aspects. Undeniably, the economic and industrial forecast is against financing a risky project . However, the deal will generate positive synergies since UCP’s product line complemented BW/IP’s extremely well.BW/IP will raise its competence in both original equipment and aftermarket sector domestically as well as internationally after acquiring UPC. Besides, as mentioned in the case, the good credibility of Mr. Valli and his team and that C&D’s principals were experienced and respected in the financial community wi ll affect bankers’ attitude. Exhibit 1: Tax rate | 1987| 1988| 1989| 1990| 1991| 1992| 1993| EBT| -9. 56| -0. 001| 8. 91| 12. 95| 17. 31| 19. 49| 23. 57| Income tax| 2. 8| 0| 0| 3. 61| 6. 58| 7. 41| 8. 96| Tax rate| -29%| 0%| 0%| 28%| 38%| 38%| 38%| Exhibit 2: Change in NWC AR| 58. 68| 53. 1| 51. 69| 55. 08| 59. 11| 63. 6| 67. 91| 72. 54| INV| 58. 5| 58. 39| 60. 72| 64. 66| 69. 57| 75. 46| 80. 29| 85. 53| Other current asset| 3. 91| 3. 49| 4. 42| 4. 7| 4. 99| 5. 31| 5. 64| 5. 99| AP| 15. 78| 18. 12| 19. 73| 20. 94| 22. 32| 23. 78| 25. 19| 26. 69| Other current liabilities| 14. 92| 17. 29| 15. 19| 16. 12| 17. 1| 18. 23| 19. 36| 20. 56| NWC| 90. 39| 79. 57| 81. 91| 87. 38| 94. 25| 102. 32| 109. 29| 116. 81| Change in NWC| | -10. 82| 2. 34| 5. 47| 6. 87| 8. 07| 6. 97| 7. 52| Exhibit 3: Cost of capital Cost of capital| 17. 5%| CAPM| Rf| 8. 79%| Exhibit 7 | ?a| 1| Hint| Market return| 12. 79%| S&P 500 index in 1980s| Risk premium| 4. 00%| |Exhibit 4: Interest tax shield | 1988| 19 89| 1990| 1991| 1992| 1993| Total interest paid| 0. 63| 1. 75| 1. 66| 1. 51| 1. 4| 1. 22| ITS: tax [email  protected]%| 0. 24| 0. 67| 0. 63| 0. 57| 0. 53| 0. 46| Cost of debt 10. 63%| | PV (ITS) 1988-1993| 31. 91| PV (Terminal value)| 37. 1| Total PV (ITS)| 69. 00| Exhibit 5: Free cash flow | 1986| 1987| 1988| 1989| 1990| 1991| 1992| 1993| FCF| | 39. 37| 26. 8| 24. 62| 24. 11| 24. 57| 24. 72| 25. 8| Growth rate| 2. 3%| Terminal Value| 270| VU| 232. 89| PV (ITS)| 69| VL| 301. 89| Exhibit 6: Sensitivity analysis for BW/IP * Buyout| | * NPV| * % change of NPV| * Growth rate| * 0. 00%| * 32. | * -47. 91%| | * 2. 30%| * 62. 39| * 0. 00%| | * 4. 60%| * 109. 5| * 75. 51%| * Discount rate| * 10. 79%| * 81. 5| * 32. 52%| | * 12. 79%| * 61. 5| * 0. 00%| | * 14. 79%| * 44. 5| * -27. 64%| * Cost of debt| * 9. 63%| * 64. 5| * 4. 88%| | * 10. 63%| * 61. 5| * 0. 00%| | * 11. 63%| * 59. 5| * -3. 25%| Exhibit 7:The calculation of Vu | 1988| 1989| 1990| 1991| 1992| 1993| EBIT| -1. 15| 2. 59| 3. 29| 3. 96| 4. 34| 4. 74| Income tax @| -0. 44| 0. 98| 1. 25| 1. 50| 1. 65| 1. 80| NI| -0. 71| 1. 61| 2. 04| 2. 46| 2. 69| 2. 94| FCF| | | | | | | Depreciation| 0. 48| 0. 6| 0. 99| 0. 90| 0. 84| 0. 84| Change in NWC| | | | | | | Change in AR| 1. 13| -0. 15| -0. 22| -0. 20| -0. 13| -0. 14| Change in inventory| -0. 36| 0. 68| -0. 21| -0. 18| -0. 12| -0. 13| Change in other asset| 1. 73| 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| Change in current liability| 0. 27| 0. 18| -0. 01| -0. 35| -0. 04| -0. 04| Change in NWC| 2. 23| 0. 35| -0. 42| -0. 03| -0. 21| -0. 23| Capital expenditure| 0. 18| 1. 20| 0. 40| 0. 40| 0. 40| 0. 40| FCF| -2. 64| 1. 02| 3. 05| 2. 99| 3. 34| 3. 61| Growth rate| | | | -2%| 12%| 8%| Average growth rate| 6%| | | | | | Terminal value| | | | | 53. 15| | FCF| -2. 64| 1. 02| 3. 05| 2. 99| 56. 9| | VU| 40. 28| | | | | | Exhibit 8:The calculation of PV(ITS) | 1988| 1989| 1990| 1991| 1992| 1993| Interest | 0. 63| 1. 75| 1. 66| 1. 51| 1. 40| 1. 22| ITS: tax [email  protected]%| 0. 2 4| 0. 67| 0. 63| 0. 57| 0. 53| 0. 46| Terminal value| 2. 18| | | | 10. 01| | PV (ITS)| 7. 97| | | | | | Exhibit 9: Sensitivity analysis for UCP/IP UCP| | NPV| % Change of NPV| Growth rate:| 0. 00%| 14. 35| -51. 76%| | 6. 00%| 29. 75| 0. 00%| | 12. 00%| 278. 5| 836. 13%| Discount rate:| 10. 79%| 46. 5| 57. 63%| | 12. 79%| 29. 5| 0. 00%| | 14. 79%| 20. 21| -31. 49%| cost of debt:| 9. 63%| 30. 5| 3. 39%| | 10. 63%| 29. 5| 0. 00%| | 11. 63%| 27. 5| -6. 78%|

Free Essays on Angelas Ashes

ANGELA’S ASHES The book Angela’s Ashes by Frank McCourt is a book of inspiration in a way. The whole entire book is depressing but the main character, Frank McCourt, did everything he had to do to survive. He always did what he believed in. There were times when he sinned, but he did what he thought was right. He always stuck up for himself, and it paid off at in long run. The story takes place in Ireland. His father, Malachy, was an alcoholic looking for a job. He always did try hard to get a job but couldn’t, and when it came to the family’s little money that they had, he would spend it all on booze. This made me upset to see the McCourt family struggling to survive and see the father spend all of their money to get drunk. Frank had a little brother also named Malachy along with twins that both die at a very young age early on in the story. Frank was surrounded by death all of the time. It seemed like every time he got close to someone they would end up dying. Frank and his family were very strong Catholics. They live in horrible conditions, it makes me thankful for everything that I have. Frank and his brother Malachy were picked on constantly at school for their appearance. Frank always stuck up for himself and his brother, it was sad to read about this. One of the only times I felt that Frank enjoyed himself was when he snuck into the movie theatre. Frank was a very smart kid who loved to read, the library even let him stay after it closed to let him read. This was the only time in the book that people were nice to him and showed him some respect. The story got even more depressing when the father goes to England for work and the children have to start providing for the family. They do and the father sends no money and eventually comes home with no money because he of course drank it away. This is when Frank decides to save up his money and buy a boat ticket to America. It was good to see that Frank didn’t want ... Free Essays on Angela's Ashes Free Essays on Angela's Ashes Chapeter 1: Angela’s Ashes begins with Frank McCourt, the author and main character, explaining his family’s roots. You learn that he is dirt poor and his dad moves from Ireland to New York and back again because of prohibition. The father, whose name is Malachy, is disgusting alcoholic who seems to drink to escape the reality that he and his family is living in. You also find out that Frank’s mother, Angela, had the responsibility of taking care of all of the children in the house. He has a brother whose name is also Malachy and a pair of twins. Chapter 2: Once they return home to Ireland, they had no place to go so they moved in with some relatives. It was very upsetting to see the living conditions in which they were experiencing. Not only did all of them have to share a bed, but it was also flea ridden. Then, he went into the St. Vincent de Paul Society story and how they have to reject children from boots. It was really an eye opener when you read a story like this and then realize that these people do not know where their next meal is going to be. It makes you see how lucky we really are. The happiest part of the chapter was when the society gave Angela some money for food. As the chapter goes on you see that one of the twins, Oliver, dies. That part was difficult. Then Frank explains how they had to beg on the street for coal. Just when you think that things can not get any worse, they do. The other twin goes through depression and dies. Chapter 3: In chapter three, the McCourt family moves to another area named Roden Lane. They have no furniture but the Society provides them with some. Once again another thing that opened my eyes was they lived right next to the town bathroom and if that’s not bad enough, nobody cleans it. Christmas time rolls around and all the family can get is a pig’s head from begging. Maybe if the dad would stop drinking th... Free Essays on Angela's Ashes ANGELA’S ASHES The book Angela’s Ashes by Frank McCourt is a book of inspiration in a way. The whole entire book is depressing but the main character, Frank McCourt, did everything he had to do to survive. He always did what he believed in. There were times when he sinned, but he did what he thought was right. He always stuck up for himself, and it paid off at in long run. The story takes place in Ireland. His father, Malachy, was an alcoholic looking for a job. He always did try hard to get a job but couldn’t, and when it came to the family’s little money that they had, he would spend it all on booze. This made me upset to see the McCourt family struggling to survive and see the father spend all of their money to get drunk. Frank had a little brother also named Malachy along with twins that both die at a very young age early on in the story. Frank was surrounded by death all of the time. It seemed like every time he got close to someone they would end up dying. Frank and his family were very strong Catholics. They live in horrible conditions, it makes me thankful for everything that I have. Frank and his brother Malachy were picked on constantly at school for their appearance. Frank always stuck up for himself and his brother, it was sad to read about this. One of the only times I felt that Frank enjoyed himself was when he snuck into the movie theatre. Frank was a very smart kid who loved to read, the library even let him stay after it closed to let him read. This was the only time in the book that people were nice to him and showed him some respect. The story got even more depressing when the father goes to England for work and the children have to start providing for the family. They do and the father sends no money and eventually comes home with no money because he of course drank it away. This is when Frank decides to save up his money and buy a boat ticket to America. It was good to see that Frank didn’t want ... Free Essays on Angela's Ashes Though women throughout many books written by men have been cast out and not really mentioned, Frank McCourt, author of Angela’s Ashes, does a good job showcasing his mother honesty in his memoir. Nothing is glossed over when readers are shown Angela McCourt. She was a victim of her town Limerick City and her family. She was really the one who tried to shape the family into something she knew could be, but time after time, she failed. Angela McCourt’s miscarriages, dying children and drunken husband; she was the victim. Within six years, Angela McCourt was pregnant seven times. She had one miscarriage and had to bury three out of her six children before the age of three. The pain of these loses tortured Angela so much that she could not stay in the houses where the children had died. She said she would end up in a mental institution if she had to stay with those memories. The family moved and Angela seemed to cope better, but although the pain seemed to subside, it was still there, it always was there. When she was young, Angela married Malachy McCourt, who had just gotten out of jail. There were times in their relationship when he was a decent person to her, but most of the time, he was extremely egotistic. He didn’t manage to get a job, and he spent money in the pub instead of food for his family. â€Å"She struggled to get at his pockets. Where’s the money? The children are hungry. You mad oul’ bastard, did you drink all the money again? Just what you did in Brooklyn?† (77) Angela herself suffered from the hunger and the cold and the jeers from other people about her lousy husband; but worst of all, was that Angela had to watch her children suffer because of their father. When the McCourt’s come back to Ireland from America, relatives of the family did not give anyone a warm welcome back. The children’s aunt shows her aversion to the family on many occasions. She is not willing to give the family shelter in her hous...

A History of the Colony of Rhode Island

A History of the Colony of Rhode Island The colony of Rhode Island was founded between 1636 and 1642 by five separate and combative groups, most of whom had been expelled or left the Massachusetts Bay colony for disputative reasons. The colony was first named Roodt Eylandt by Dutch trader Adriaen  Block (1567–1627), who had explored that area for the Netherlands. The name means red island and it refers to the red clay that Block reported there. Fast Facts: Rhode Island Colony Also Known As: Roodt Eylandt, Providence PlantationsNamed After: Red Island in Dutch, or perhaps after RhodesFounding Year: 1636; permanent charter 1663Founding Country: EnglandFirst Known European Settlement: William Blackstone, 1634Residential Native Communities: Narragansetts, Wampanoags  Founders: Roger Williams, Anne Hutchinson, William Coddington, William Arnold, Samuel GortonImportant People: Adriaen BlockFirst Continental Congressmen: Stephen Hopkins, Samuel WardSigners of the Declaration: Stephen Hopkins, William Ellery Early Settlements / Plantations Although the Puritan British theologian Roger Williams (1603–1683) is often given the sole role of founder of Rhode Island, the colony was in fact settled by five independent and combative sets of people between 1636 and 1642. They were all English, and most of them began their colonial experiences in Massachusetts Bay colony but were banished for various reasons. Roger Williamss group was the earliest: in 1636, he settled in what would become Providence on the north end of Narragansett Bay, after he was kicked out of the Massachusetts Bay colony.   Roger Williams had grown up in England, only leaving in 1630 with his wife Mary Barnard when the persecution of Puritans  and Separatists began increasing. He moved to the Massachusetts Bay Colony and worked from 1631 to 1635 as a pastor and a farmer. Although many in the colony saw his views as quite radical, Williams felt that the religion he practiced must be free from any influence of the Church of England and the English king. In addition, he questioned the right of the King to grant land to individuals in the New World.  While serving as a pastor in Salem, he had a fight with the colonial leaders, because he believed that each church congregation should be autonomous and should not follow directions sent down from the leaders.   Founding of Rhode Island In 1635, Williams was banished to England by the Massachusetts Bay Colony for his beliefs in the separation of church and state and freedom of religion. Instead, he fled and lived with the Narragansett Indians  in what would become Providence Plantation (meaning settlement). Providence, which he formed in 1636, attracted other separatists who wished to flee from colonial religious rules of which they did not agree.   One such separatist was the poet and feminist  Anne Hutchinson (1591–1643), another Puritan from Massachusetts Bay, who began Pocasset on Aquidneck Island in 1638, which eventually became Portsmouth. She had been banished for speaking out against the Church in Massachusetts Bay. William Coddington (1601–1678), a magistrate at Massachusetts Bay, settled first in Pocasset but split from Hutchinsons group and settled in Newport, also on Aquidneck Island, in 1639. In 1642, Massachusetts Bay ex-patriot William Arnold (1586–1676) settled on the mainland in Pawtuxet, now part of Cranston. Finally, Samuel Gorton (1593–1677) settled first in Plymouth, then Portsmouth, and then Providence, and finally set up his own group in Shawomet, later renamed to Warwick in 1642.   A Charter Political and religious squabbling was a common feature of these small plantations. Providence evicted people for speaking out in meetings; Portsmouth had to hire two police officials in late 1638 to keep the peace; a small group of people from Shawomet were arrested and brought forcibly to Boston where they were tried and convicted on various charges. William Arnold fell into dispute with Warwick plantation and for a time put his plantation under the jurisdiction of Massachusetts Bay. These disputes were primarily were struggles over religious practices and governing, in addition to boundary issues with Connecticut. Part of the problem was they had no charter: the only legitimate authority in Rhode Island from 1636–1644 was the voluntary compacts which everybody but Gortons group had agreed to. Massachusetts Bay kept intruding into their politics, and so Roger Williams was sent to England to negotiate an official charter in 1643.   Uniting the Colony The first charter was validated by British Lord Protector Oliver Cromwell in 1644 and that became the basis of government in Rhode Island colony in 1647. In 1651, Coddington obtained a separate charter, but protests led to the reinstatement of the original charter. In 1658, Cromwell died and the charter had to be renegotiated, and it was on July 8, 1663, that the Baptist minister John Clarke (1609–1676) went to London to get it: that charter united the settlements into the newly named Colony of Rhode Island and Providence Plantations.   Despite the conflict, or perhaps because of it, Rhode Island was quite progressive for its day. Known for fierce independence and the absolute separation of church and state, Rhode Island attracted persecuted groups such as Jews and Quakers. Its government guaranteed freedom of religion for all its citizens, abolished witchcraft trials, imprisonment for debt, most capital punishment, and chattel slavery of both blacks and whites, all by 1652.   The American Revolution Rhode Island was a prosperous colony by the time of the American Revolution with its fertile soil and ample harbors. However, its harbors also meant that after the French and Indian War, Rhode Island was severely impacted by British import and export regulations and taxes. The colony was a frontrunner in the movement towards independence. It severed ties before the Declaration of Independence. Although not a lot of actual fighting occurred on Rhode Island soil, except for the British seizure and occupation of Newport until October 1779.   In 1774, Rhode Island sent two men to the First Continental Congress: former governor and then-chief justice of the Supreme Court Stephen Hopkins and former governor Samuel Ward. Hopkins and William Ellery, an attorney who replaced the deceased Samuel Ward, signed the Declaration of Independence for Rhode Island.   After the war, Rhode Island continued to show its independence. In fact, it did not agree with the federalists and was the last to ratify the U.S. Constitution- after it had already gone into effect, and the government had been established. Sources and Further Reading Bozeman, Theodore Dwight. Religious Liberty and the Problem of Order in Early Rhode Island. The New England Quarterly 45.1 (1972): 44-64. Print.Frost, J. William. Quaker Versus Baptist: A Religious and Political Squabble in Rhode Island Three Hundred Years Ago. Quaker History 63.1 (1974): 39-52. Print.Gorton, Adelos. The Life and Times of Samuel Gorton. Philadelphia, Higgenson Book Company, 1907.  McLoughlin, William. Rhode Island: A History. States and the Nation. W. W. Norton Company, 1986

Human Resource Management PT 4 Essay Example | Topics and Well Written Essays - 500 words

Human Resource Management PT 4 - Essay Example Secondly it states the functions of the advertised position, this is usually the lengthy part and details what the job really is all about and can be quite particular .The third importance is that it contains attributes that are required for that particular job and provides some of the insights into what kind of work environment an employee is trying to maintain. This part also details any educational or technical requirements that may be desired or important (Philip, 1989). The fourth importance of a job description is that it stipulates clearly particulars on the one to report to and organizational structure. The fifth importance specifies the criteria for evaluation and helps clarify what is really important both for the employee and the organization. The sixth importance helps the employee understand the type and span of compensation including the benefits to be derived from the post and finally the seventh importance is all about physical surroundings and location of the place of work. Apart from the above, job descriptions also assist organizations to better understand the skill base and experience required to improve the victory of the company. They assist in recruiting, hiring, evaluating and possible termination of employees. Job descriptions are valuable because they save time, are useful in aspects of labor management and as crucial references if an applicant, government or employee agency disputes a hiring or some additional employment decis ion (Sharon, 2008). A sample job description of my previous job is that of a registered nurse and is as follows; identification of patient care needs by establishment of personal rapport with possible and real patients and other individuals in a capacity to comprehend care needs. Establishment of a compassionate atmosphere by provision of emotional, spiritual and psychological support to patients, families and friends. Promotion of

Does God Exsist Essay Example | Topics and Well Written Essays - 1250 words

Does God Exsist - Essay Example Aquinas' five reasons for the existence of God are: the principle of motion, efficient cause, possibility and necessity, gradation of things and finally the governance of the world. These principles are used to counter two earlier mentioned objections as to the existence of God. These objections question the probability of an all-good God allowing evil in the world and whether or not God is the true source of creation. The main argument for the existence of God is that the source of all in existence is best explained by an original source with no limits and that is God. This paper aims to examine both objections to and arguments for the existence of God by examining the five points presented by Aquinas and cross examining these points with Tolstoy's The Death of Ivan Ilych and Anselm's Proslogion. After examining both sides of the issue the paper will determine how Aquinas successfully argues the existence of God. The main argument that Aquinas presents is clear: God exists. Aquinas argues this by first, outlining two objections to the existence of God. These objections will be discussed in more detail later. He then, counters these objections by outlining five reasons for God's existence. The first reason Aquinas g... hot, to be actually hot, and thereby moves and changes it." The wood has a potential to become hot; however it needs fire in order for it to actually become hot. Aquinas argues that there must be a first mover and that first mover is best understood as God. The second reason is concerned with causality. Aquinas argues that nothing can exist by itself nor can it cause itself. Something else must cause it. The third reason argues that everything has a potential to exist only if something else will cause it to exist. These things are necessary, just as a male and female are necessary to produce offspring. However there must be an original cause of these necessities. This ties in with Anselms,' Proslogion in which he ponders God's existence by considering an understanding of God's existence. He argues that if God exists only in one's mind than something greater than God could be conceived, however it can't. Thus Anselm states, "Hence there is no doubt that there exists a being, than which nothing greater can be conceived, and it exists both in the understanding and reality". Something must be the greatest and thus the source of all that can be conceived and that something is God. The fourth argues that everything has a position on a scale f rom worst to best, slowest to fastest and other such extremes. Everything has a maximum or perfection to be reached and so there must be an original source of perfection and this source is God. The fifth reason is that everything in the world that is unintelligent, such as plants, landforms, the ocean and the like all work towards a particular purpose. The ocean provides a home for marine life and the source of rain; plants clear the air and provide food and shelter for animals. If each of these things serves a purpose, then something

Business Ethics Essay Example | Topics and Well Written Essays - 1750 words - 3

Business Ethics - Essay Example He further argues that those stakeholders that have greater power, urgency and legitimacy may impact business performance. For instance, PricewaterhouseCooper Company engages in policymaking process in the company. Therefore, in case they apply greater power and other salience models, they may end up creating a hindrance to effective organizational performance. However, there are both benefits and limitations of employing salience model in this engagement activity. The benefits include significant contribution to the thought leadership and developing effective solutions to global challenges. However, the problems may include posing challenges and create threats to global issues. What is a possible future employer of me actually doing in terms of stakeholder engagement activities? What do I think of their activities? Can I see any link with Power, Legitimacy and Urgency, and why they chose this stakeholder engagement activity? The possible future employee in terms of engagement activi ties will participate in effective decision-making process, informing talent strategy, advisory panel, engaging in corporate responsibility reporting and participating in other significant corporate roles. Their activities enhance quality services in business activities; hence, it is vital to conduct business in accordance to the organization requirements and guidelines. Engaging stakeholders in business activities is vital but it is recommendable to classify them according to their work performance. This is because stakeholders differ and some have varied interests in business activities. For instance, the salience model is widely employed by many stakeholders in business activities across the globe; thus, employing an effective stakeholder management strategy can enable one to meet their need and expectations successfully. Therefore, there is a significant link among power, legitimacy and urgency because this stakeholder engagement will lead to better management and influencing ot her towards achieving organization goals efficiently. What could/should, if I had the choice and decision-making power in my future employers company, the company be doing, which it currently isn’t, in terms of stakeholder engagement activities? How, using Mitchell’s et al’s. (1997) â€Å"salience† (importance) attributes (Power, Legitimacy and Urgency); can I rationalize that as a good activity for them to be doing? In case I had a choice and decision making power in my future employers company, the stakeholders in the company would not participate in some responsibilities such as accounting management roles, recruiting employees and other minor company activities. This is because some stakeholders may apply their power, legitimacy and urgency in a manner that may pose challenges to effective performance; thus making employees to become unproductive. Stakeholders can affect the business outcome positively or negatively (Crane and Matten, 2004). For insta nce, some stakeholders may use power to take control of investors in case the company is privately held rather than publicly traded. By using Mitchell’s salience model attributes, I can rationalize good activities for stakeholders such as planning, decision-making process, direct management and project coordination process. Seminar Four: Ethical Leadership Debate Guiding Reflective Question Student Reflection What was the definition of ‘

Discrimination In The White Tiger

Discrimination In The White Tiger The narrative techniques observed in these two novels are different each with its own unique style. This essay deals with the narrative technique employed by Harper Lee in To Kill a Mockingbird and Aravind Adiga in The White Tiger. A contrast is brought out between the narration presented by the protagonist Scout Finch in To Kill a Mockingbird and by Balram Halwai in The White Tiger. The lifestyle and situation presented in these two novels differ in their society as well as in their times. Scout Finch presents her story by the backdrop of the American society of the 1930s and Balram the Indian Society in the new millennium. These differences however bring out the common theme of discrimination observed, but from two different perspectives, with the help of examples from the prevailing conditions. This has been done by looking into the various factors of the narrative technique employed by these narrators. The style of writing, tone, characterization, backgrounds all vary in these two novels. Each of this is brought out by comparing and contrasting the narrative technique adopted by these two authors. All of this not only differentiates the style adopted to convey the message in each of these books but at the same time brings out the limitations and reliabilities of the two narrators. By doing so, the novels throw light on the age old social hierarchy in two different forms and does so from two unconventional perspectives, thus making them more believable. Introduction Discrimination is the theme in a flawless narrative by a lawyer in Alabama who later served in the legislature, as well as the theme in a powerful book by a young Indian traveler half a century later. To Kill a Mockingbird, by Harper Lee depicts the theme through the racial biases down south in the Americas of the early 1900s while The White Tiger, by Aravind Adiga depicts a similar divide through the metaphoric India of the darkness and India of light. This essay deals with the foregrounding of the theme of discrimination in Harper Lees To Kill a Mockingbird and AravindAdigas The White Tiger by a study of the narrative technique employed by the narrators. The narrator is the person chosen to convey the plot to the reader, and both the books being analyzed here have unconventional narrators whose gripping narration keeps the readers engaged through the book. In Lees To Kill a Mockingbird, Scout Finch is the narrator, with the perspective of a child from the age of five to eight through three summers in a row where she experiences the whole situation presented in the novel. Though the narration happens at a much later age, years after the incidents have unfolded; the innocence and naivety in the narrator have been retained. The narrator Balram Halwai in The White Tiger is however different. This narration is not as complex as Scout Finchs and is presented from the first persons point of view with this entrepreneur as its protagonist. He presents his life through a series of letters with an autobiographical element to it. Both these narrators bring out the common class divide observed by speech and dialogue, setting, age, tone, and plot. By doing so they present the same subject matter from two distinctive perspectives and this has been analyzed here. There is a complex narration observed in To Kill a Mockingbird from the perspective of a child as well as an adult. The narration is presented by Scout Finch from when she was eight years old. The adult narrator begins the novel by opening the story with the help of an analepsis. The adult narrator recounts the events in the way she experiences them as a child, without adding any commentary to it. She plunges straight into the story, which has been presented from a childs point of view and as Atticus points out, Theyve done it before and they did it tonight and theyll do it again and when they do it seems like only children weep  [1]  thus portraying the emotions she felt at that time. However the adult narrator brings out her understanding with age when she states, I never figured out how Atticus knew I was listening, and it was not until many years later that I realized he wanted me to hear every word he said  [2]  Her comments on her childhood naivety does not make her om niscient but definitely gives her the power of omniscience as she is able to look back on the events that have occurred and comment on the thoughts running in other peoples heads as she has matured considerably over time and has been able to understand many more things. The adult narrators lack of interference gives the reader a chance to embark on the journey which brings out this discrimination with the young Scout. By doing so they view the events in the light in which they occurred without any biases. Along with this they are also given a chance to observe the way the young Scout handled herself through this crisis and matured through it as she switches back to first person narration when she is directly involved in the action as seen in the court case of Tom Robinson. The reader is thus able to connect with the protagonist and experience the journey alongside her. By this, the reader is free to derive their own conclusion of what they read in the book, though she has limited them by providing it all from her point of view. The narrator further supports this narration when the adult Scout drops in subtle hints for the events she wants the readers to see when she says, We sometimes discussed the events leading to his actions.  [3]   The narrator Balram Halwai in The White Tiger is however different. Living a rags to riches story the protagonist emerges from the darkness to light, from the villages in Central India to New Delhi and then to Bangalore. Balram presents this autobiographical narration over seven nights through letters to Wen Jiabao, the Chinese Premier, shortly visiting India. His letters have an autobiographical element to it as it spans his life from his childhood to his present status and the journey from the darkness to light. Balrams narration brings out the Indian social hierarchy prevalent in society from his point of view, a very different version from what his master Mr. Ashok views it to be. While the latter condemns the country for having too many half baked men, Balram mocks the rich for having studied for decades and then finally taking orders from other men for the rest of their lives when he says, Entrepreneurs are made from half baked clay.  [4]   We see India as it is today from a member of a working classs perspective and we get an insight into much that we wouldnt under normal circumstances have given a thought to. Adiga presents a view of the world from the narrators perspective for the benefit of the reader, and this brings out the effect of using such an unconventional narrator. His use of the English language in its simplest form by the use of simple sentences reiterates his position in the society and makes him more appealing to the reader. This can be supported by: In the morning someone came into the room. It was ex driver number one.  [5]  This sentence spoken by Balram towards his colleague throws light onto the education he received for despite his age is he still spoke like a child. His cunning, sardonic tone applied when he states the above, makes him mean and a man of the world who has learned how to survive, creating an ambiguity of his age. There is a contrast between his age and speech here which furthe r brings out his position in society. His ambitions to reach the top of the hierarchy and clear away all the class distinctions put forth to him puts him at the apex of the situations that arise in his life, such as revealing the religious secret of driver one, and the murder of his master, Mr. Ashok. This makes the reader acquainted with the protagonist here and gives one the freedom to judge this character in the way one wants, similar to Scouts narration. Scout, as a narrator is perceived differently from him, for she is merely a viewer for the reasons of her troubles in society. The childish tone adopted by her brings out the truth in the fear felt by the society when something out of the ordinary happens, for instance with Boo Radley. They accuse him of being a ghost but Scout views him as a friend and fellow human being after he saves her life, when she says, Atticus was right. One time he said you never really know a man until you stand in his shoes and walk around in them.  [6]  This brings out a maturity in her and an understanding got with experience. By this, she comes across the prejudices faced by the adult society which were unknown to her. This aspect of her narration portrays her as a round character as more than one aspect of her character emerges through this. The directness with which she voices out her thoughts to Atticus can be compared to the bluntness with which Balram in The White Tiger expresses his opinion on the things around him. This brings out his upbringing in Darkness  [7]  , by the lack of refine to him as a person. His frequent exclamations while expressing his views, however harsh they might be, without any regret suggest this as well. His thirst to prove himself as educated and rich is brought in this tone adopted by him as he tries to prove himself to the Premier by referring to himself as a one of its most successful (though probably least known) businessman  [8]  . His tone brings out the pride he feels on the wrongs he did in his life to reach the top rung of the ladder of success when he says, à ¢Ã¢â€š ¬Ã‚ ¦I became, briefly, a person of national importance owing to an act of entrepreneurshipà ¢Ã¢â€š ¬Ã‚ ¦Ã‚  [9]  He is in fact talking about murder in this context without any guilt. He tries to bring out his knowledge to the Premier in a way which suggests that he knows it all by listening to the people around him. This is supported by words such as apparently and I guess. These suggest an uncertainty and the idea of being made up as they support the ideas of being unsure. Scout Finch as presented by Lee does not try to prove herself and brings out her natural reactions towards the events which occurred in her childhood. The adult narrator does not try to modify any of her reactions as a child and presents is all in the sequence it occurred. She brings out her confusion and her imagination, thus presenting Balram as a very defensive character. Along with this she also brings out the hostilities faced by Atticus on taking up Tom Robinsons case. Scout is unable to understand all of this and cites her confusion. The title here plays an important role in foreshadowing the character of the narrator and highlights the theme of discrimination. A mockingbird stands for innocence. This motif of the mockingbird too arises in the novel four times through the course of her narration. One of which is the column written by B. B. Underwood on Toms death which goes against this discrimination and brings out the humanity that is present in such a society. On the other hand, the title The White Tiger, suggests uniqueness and rarity, acting as an epithet to the protagonist Balram. His unconventional narrative is brought out by his colloquial language seen in his exclamations as well as in the various parentheses like No: dont misunderstand. I had nothing to do with his death! But Ill explain later.  [10]  His use of this trivial incident of death while writing to a person as important as a Premier of a country sites his background and education. The choice of narrator here makes this discrimination observed more predictable as its presented is by a person who has been at the receiving end of it. This could also however be interpreted to be a little farfetched and not completely accurate for the experiences could have been exaggerated by the narrator so as to gain sympathy and prove himself right. The protagonist through the first person narrator is able to project his thoughts and feelings by his perspective. Scouts inner confusion comes out in this manner with the help of speech and dialogue in To Kill a Mockingbird, when she has to face the hostility of the society after Atticus takes up Tom Robinsons case. Her words are confused and she is not always aware of the events occurring around her. This brings out her imagination, her age and thus her character. In such times of uncertainty Scout also exhibits a maturity, when in conversation with Miss Maudy, where she states, à ¢Ã¢â€š ¬Ã‚ ¦but Atticus was only a man. It takes a woman to do that kind of work.  [11]  Along with this she also brings out her view of the racial discrimination that exists in society when she hears the ladies talking, and she admires Aunt Alexandra for her ability to put on a strong face even in the time of crises. Her view of everyone being equal because the working classes too has families as sh e has seen with the family retainer Calphurnia , makes her view point different from what an adult might have been at that time simply because her thoughts werent biased. Her speech also reveals the problems faced by her because of the biases. Her belief of equality between the white and black make her stand out against the biases of the society. She also presents the other characters from her point of view. They are biased according to what she makes them to be and are presented as part of her life and not explicitly for the readers. This taints them by the opinion she holds of them. This can be supported by her opinion on Walter Cunningham when she states He aint company, Cal, hes just a Cunnigham   [12]  All of these characters are characterized indirectly as they are all introduced by the narrator. This provides a limitation for the reader to judge them as they are all presented from the perspective of the narrator and are biased. This makes it unreliable for the reader to judge them. A similar pattern is observed in The White Tiger as well. The characters have all been tainted by Balrams point of view. They have been brought out in the sequence of action that occurs in his life and at the junctions where they play a part in making the narrator who he is today. His descriptions of his fellow characters and the events occurring are clear, concise though broken in some parts. The readers first impression of Mr. Ashok, his master is, à ¢Ã¢â€š ¬Ã‚ ¦a figure on the terrace, a fellow in long loose white clothes, walking around and around, lost deep in thought  [13]  .This not only highlights the contrast between the narrator here and in To Kill a Mockingbird, but also reiterates his position in society especially when he says, the moment I saw his face, I knew: This is the master for me.  [14]  This unconventional narrative contributes towards developing the narrator as a character by the turn of events in his life and once again reminds the reader of his upbri nging. The White Tigers cunning, ambitious nature is brought into focus with the way he exposes the driver number ones secret to their master and uses anothers downfall to reach his own success. This narrators view on the happenings around him combined with his style of getting things done his way defines him as an efficient protagonist who knows what happens around him and what still remains to be achieved. This confidence of his brings out a stark contrast to the narrator in To Kill a Mockingbird. Scout Finch is oblivious to the seriousness of the case taken up by Atticus to defend Tom Robinson, and because of this she is partially unaware of the social disgrace her family is facing and projects this by her childlike style of writing. The hardships faced by Balram in The White Tiger as seen with, Working in a tea shop. Smashing coals. Wiping tables. Bad news for meà ¢Ã¢â€š ¬Ã‚ ¦?  [15]  infuses in this protagonist the class distinctions and presents the society around him from a very biased view as opposed to the narrative adopted in the other book where her opinion isnt as biased. Balrams narration is Adigas novel brings out his blunt, unrepentant and outright nature and the presence of mind and grit exhibited to reach the top of the social hierarchy. This is a startling contrast to Scout in Harper Lees novel. Her innocence and pain is contrasted to his ways of the world here. He knows how to get his way around and use the people around him to get his way. While Scout finds it a need to protect her father against peoples vile judgments of calling him a nigger lover, he unrepentantly awaits the murder of his family for his crimes. He presents his views on discrimination from the perspective of the higher class now that hes an entrepreneur himself. He presents discrimination of class based on power here as is seen by his actions, something he had initially gone against. Harper Lee in contrast to this brings out Scouts lack of understanding and interpretation of the seriousness of the situation by her speech and dialogue which describes her tomboyish and enthusia stic nature and her curiosity towards everything happening around her. She now sees the cruelty of children against their peers as she feels it herself and her tomboyish nature cannot be contained in such matters as is seen with, My fists were clenched I was ready to make fly. Cecil Jacobs had announced the day before that Scout Finchs daddy defended niggers.  [16]   Just as Balrams background brings out the unusual style of writing in The White Tiger, its Scouts age which brings out the unconventional narrative observed in To Kill a Mockingbird. It defines the innocence and imagination present in a child without that being tainted by the working of the real world. It brings out the world as is viewed by the narrator then and thus helps in bringing out the accuracy of events taking place. In contrast to this brings out the ambiguity in the reliability of the narration as it has been presented by a child. There were situations which were too serious for her and were presented more by her imagination than by the reality of it. This emphasizes the point of her being a child who cannot be completely trusted in her report for her interpretation is naÃÆ' ¯ve and cant be completely relied upon. The narrators age is however important here as without considering that the reader might misjudge her character. It brings out her naivety and innocence by th e lack of clear understanding in matters of grave seriousness such as the conviction against Tom Robinson. The truthfulness of a childs narration keeps the reader in its grasp by the suspense created by it and makes him believe her and empathize with her. Her tone and voice keeps the narration light though the topic matter is serious. Scouts perspective is distinguished from that of the societys and helps in bringing out discrimination at two levels. For one Scout is continually told by Aunt Alexandra to wear dresses and not play with the boys; and they are also condemned for supporting the blacks, as seen by her cousin when At a safe distance he called, Hes nothin but a nigger-lover.  [17]  Condemnation goes at two levels and brings out the magnitude of this theme in the book by highlighting its intensity and making it more believable. This theme of discrimination forms the basis of the plot which is developed by the controlled release of information. The characters are introduced one by one and the themes are introduced in the time of crises. This heightens its effect and makes the reader focus on it. The theme of discrimination is brought out when the whites insult the black. The adult narrators description of the other peoples reaction at the court scene brings out the dissatisfaction in the crowd as well as reinforces the prejudice of the jury towards the white, despite the Negro being innocent. The analepsis is used by Adiga in The White Tiger for a different effect. The plot has been constructed in such a way that the reader is continually reminded of the protagonists current position. This helps in concluding each letter and also making a reference to his office, which makes the reader acquainted to the present setting as well as bringing out a contrast between his past and present status. This is reinforced by his pride and constant references to à ¢Ã¢â€š ¬Ã‚ ¦the chandelier has a personality of its own. Its a huge thing, full of diamond shaped glass pieces, just like the ones they used to show in the films of the 1970s.  [18]  in his tiny office. The plot deals with his brilliance in how he handles situations and on analyzing the people around him as he presents a very judgmental view on the other characters and presents them as he sees them a stark contrast to Scout Finchs narration. Conclusion The various aspects of the narrative technique presented by Harper Lee in To Kill a Mockingbird and by Aravind Adiga in The White Tiger have been analyzed through the course of the essay. The different styles on writing adopted by the writers to bring out the theme of discrimination, which has been analyzed here by looking at the tone, characterization, speech and dialogue, plot and setting of the two novels. The common style of using an analepsis has been brought out here, which helps in involving the reader into the plot. This makes the reader appreciate the work more as he is able to connect with it. One of the common aspects observed in this essay is the presentation of the plot without any external comments. This has left the reader with the choice to judge the characters and interpret the narrators intentions in the way he wants. Despite this, there are certain limitations which are provided for the way they make their judgments. This is observed by the narrators perspectives on the way they view their fellow characters and the events that occur. Scouts childish narration, supported by her confusion and maturity and Balrams sardonic tone adopted to bring out the world from the point of view of a lower class brings out theme of discrimination from an altogether different perspective. The narrative technique helps in throwing light on the life of the narrator and makes their tales more believable. Yet there are some limitations which crop up. Scout Finch is a child who doesnt understand all that happens around her. This makes her a little unreliable because of her tendency to let her imagination infuse with the reality of things. Despite this she presents a very unbiased view of the society around her, thus projecting the blacks and whites in the same light. Adiga on the other hand presents Balram Halwai as a person whose defensiveness makes him prove himself every time he claims to have done something. In doing so there are times where he might have exaggerated the course of the events that have occurred to draw sympathy towar ds himself and presents the society and its people from a very biased view. These two narrators bring out the same theme with different motives. There are however several limitations which I faced while writing this essay. One being the lack of secondary sources to back up my argument thus making me base my argument completely on the texts in hand and on my personal interpretation of it. Along with this I put together my data from a variety of sources as this topic of analysis here is not a well documented topic as it has been primarily based on class discrimination. There is also a scope of a more exhaustive study as this essay has only dealt with some of the aspects of the narrative technique such as the tone, setting, plot and so forth and much more can be said on these aspects of the narrative technique employed by these two authors. The representation of the theme of discrimination is similar in many aspects in these two novels. Both these authors have used a very unconventional way of bringing out this these. There is an attempt by the author to present these themes in such a way that the readers are easily able to connect with it and understand the underlying motives and intentions of the narrators. Lee has brought out such a serious topic from the perspective of a child through an analepsis, whereas Adiga presented his novel through the protagonist Balram Halwai by using some aspects of the Bildungsroman technique. By adopting these methods, they have provided one with scope for a very exhaustive analysis not only in the narrative techniques adopted but also on the other features to foreground this theme of racial discrimination.