Finance case

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The proposed acquisition of land by HRI does not seem to fit the original business pattern of HRI as it was set at inception of the company. As the case states the founder of the company engaged HRI in the purchase of underdeveloped acreage, which was then developed, for industrial use. In addition it is stated that the company's plan from inception had been to deal in only the most potentially profitable land acquisitions. The acquisition of new property seems to in line with the company's business plan, but since the case explicitly states that it likes to buy undeveloped property, this new proposed purchase might be out of line with the original intentions of the company's founder. If however the new property is fairly priced as the case states that it then the company may make a wise business decision to buy even though the property is already developed and is currently occupied by a well-built office building. The forecasted increase in EBIT looks attractive at 0%, which might also make the decision a bit easier to make.

. If HRI uses debt to finance the new acquisition of property then the company may increase the current debt ratio. This increase in the debt ratio could hurt HRI's triple A rating with bond rating companies, which could in turn drive up the required coupon rate that investors will want in order to supply the capital that HRI needs. The new bond issue will affect the company's income statement as shown below modified from the example in the case. The case states that their will be an increase in EBIT of 0%.

EBIT $5,,840Order Custom finance case paper

Less Interest (,75,000)

Taxable income $,47,840

Less Taxes (0%) (74,5)

Profit after-tax $1,748,488

The second option given to the company is a stock offering of 00,000 shares of common stock, which the company will net $0 per share. Issuing common stock has its advantages. No interest payments to make and possibly no downgrade in the company's rating. In issuing common stock the company will have a new set of challenges to face. First the company must decide what the investors required return will be and then HRI must ensure that it earns an adequate return on it's assets in order to compensate the investors. HRI must make decisions regarding dividend policy, and must ensure that an adequate amount of growth takes place in order to keep shareholders happy. The third option that the company has is to offer preferred stock at a net to the company of $.50. This would have the company issuing about 64,171 new shares of preferred stock. With preferred stock yield of 8% HRI will have a mandatory dividend payment to make. This dividend payment would not be tax deductible like the interest payments on a bond issue. The company may wish to offer cumulative preferred to ease investors or, the shareholders may want other provisions that protect their equity investment in the company which might restrict some capital budgeting decisions of the company. Because of the current income offered to shareholders who own the preferred shares the stock can be sold at a premium, there by reducing the total amount of shares issued, which can serve to protect against diluting the equity interests in the company. Given the three financing options available I would choose the bond issue and make them callable to take advantage of downward swings in interest rates. I would also be drawn towards the tax shield available through the bond issue.

Some useful information in answering question is the amount of total interest payments that the company will be making with the new bond issue. This tells us additional yearly liability the company must prepared for. The applicable tax rate for the company helps us to calculate the tax shield and after tax liability of interest payments. Information about investor sentiment may also be useful to the company before issuing the bonds. A good economic and industrial outlook will help to know where the economy (interest rates) might be heading. This could aid the company in deciding whether or not to offer callable bonds or preferred stock.

HRI's total debt to total asset ratio before the acquisition is 47.66% and after the acquisition is 5.4%. The company's times interest earned ratio before the acquisition is 1.86 and after is 1.8. The calculations are below.

Before acquisition

Total debt/Total assets = $5,500,000/$5,500,000 = 47.66%

Times interest earned = $4,410,700/$,75,000 = 1.857

After acquisition

Total debt/Total assets = $5,600,000/$5,800,000 = 5.4%

Times interest earned = $5,,840/$,75,000 = 1.8

The difference in the debt-to-asset ratio result from the greater degree of financial leverage in using more debt financing.. There is only a small increase in the times interest earned ratio. This may not be entirely accurate due to no new information being given in the case regarding cost of sales. I assume that this is worked out since it is suggested that we use the EBIT, which would account for revenue and COGS. The small difference in the times interest earned ratio may be due the difference in increased EBIT and the increase in interest as a result of interest payments (in the case of the debt financing).

A sinking fund provision requires that company's periodically set aside funds that will be used for the retirement of it's preferred stock issues. The money is used to purchase the preferred stock in the market or to call the stock. Using a sinking fund with a call provision can effectively place a maturity date on preferred stock, which normally does not have a maturity date. This would have the preferred shares selling at lower yields than preferred shares with no sinking fund provision.

This question is similar to question . Information about the flotation costs of the new equity issue would have been helpful. Also industry comparisons would have helped. By comparing certain ratios of HRI to the company's industry peers we can better assess the health of HRI, especially in the context of the proposed acquisition.

A probability estimate regarding EBIT after the purchase can help create "what-if" scenarios that can help the company see as many possible outcomes as is necessary. The estimates can be based on level of income from rents derived from the building or on the salvage value of the building, possible sale price. A probability estimate after the purchase can help the company gauge when to possibly sell the property or to most efficiently manage the property. For example if the probability estimate tells management that there is 65% chance that increased income generated from the property (the case says the company will keep the property and manage the building) will drop by 5% in fourth year (found from industry forecasts) then the company might know when and how to prepare for a change in the value of the property or cash flow or how to diversify itself so if the possible outcome does occur will have no ill affect to the companies earnings to serve protect shareholders.

Alternatives to financing the new property have been provided. I assume the finance department is aware of the flotation costs, and other issuance costs associated with the new common and preferred stock issues, and other costs data for the debt issue is provided. The investment bankers should provide how the new equity issue might change the EPS of the company's stock, and perhaps an industry outlook as it relates to the new investment purchase. The bankers could also provide to the company protective provisions that preferred shareholders might want or need in order to invest in the stock. Likewise the investment bankers may act as the bond trustee working with the bondholders and overseeing the relationship between the bondholders and the bond issuer. Then the investment bankers could provide the indenture, which provides the specific terms of the credit, the bondholders', rights, the issuer's rights, and responsibilities of the investment banker or bond trustees.

If debt is used to finance the new acquisition then HRI will be dealing with a new total debt to total asset ratio of 5.4%. At the company's current constraint of a maximum of a 55% debt to asset ratio, the company is left with the ability to have .06% in additional borrowing.

The flexibility of financing comes in how easy the company can manage certain requirements of that particular financing such as debt interest payments. The bond issue will legally obligate the company to make interest payments to bondholders. The after-tax cost of debt is 4.0% (7.00%(1 - .0)). The company itself can set the yield on the preferred stock so long as it is in a feasible investment range for investors. The ease at which these requirements can be met can help to define the flexibility of the financing alternative. In these terms the most flexible financing alternative is the common stock issue since HRI does not have pay any dividend if it chooses not to. I would say the most risky financing alternative is the bond issue since a failure to make interest payments may lead to bankruptcy. Also in terms of risk is the probability estimation as it relates to the new investment. For example, what is the probability that the proposed investment will actually increase EBIT by 0%? A probability estimate will show the inherent risk in owning the new property from an investment perspective. In the case of income we can measure in terms of after-tax profits that the company can generate on new assets being purchased with the new financing. Obviously the higher the percentage return on investment the better. How the company's income will be affected by the new financing is also a major concern; how the new financing alternatives affect the key earnings ratios. This could be called financial risk, which is a direct result of the firm's financing decision. This risk applies to the additional risk or variability of earnings available to common shareholders, and the additional chance of insolvency to the common shareholders caused by the use of additional financial leverage. In terms of income, business risk is a concern. Business risk refers to the variability in earnings before taxes and interest has been paid. Business risk is a result of the company's investment decision.

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The best story ever.

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Colonies

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The first colonies in North America were along the eastern coast. Settlers from Spain, France, Sweden, Holland, and England claimed land beginning in the 17th century. The struggle for control of this land would continue for more than a hundred years. The first permanent settlement in North America was the English colony at Jamestown, in 1607, in what is now Virginia. John Smith and company had come to stay. The Pilgrims followed, in 160, and set up a colony at Plymouth, in what is now Massachusetts. Other English colonies sprang up all along the Atlantic coast, from Maine in the north to Georgia in the south. Swedish and Dutch colonies took shape in and around what is now New York. As more and more people arrived in the New World, more and more disputes arose over territory. By this time, the English colonies numbered thirteen. They were Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, North Carolina, South Carolina and Georgia, also known as the New England, Middle and Southern Colonies.

In 1607, a group of merchants established England's first permanent colony in North America at Jamestown, Virginia. They operated as a joint-stock company that allowed them to sell shares of stock in their company and use the pooled investment capital to yield a profit. The South consisted of profit-minded people, rather than religious groups. Profits were exclusive in the early years. Many Virginia colonists died of disease and hunger. All people at Jamestown adapted poorly to the wilderness conditions. The discovery that tobacco would grow in the Chesapeake region was a salvation for Virginia. The cultivation of tobacco caused Virginia's planters to find a reliable supply of cheap labor. To fill this need, planters recruited immigrants from various countries. These immigrants were called indentured servants. They sold a portion of their working lives in exchange for free passage across the Atlantic Ocean. As more settlers arrived, more pressure was placed on the Indians for land. Wars over land were provoked during the Pequot War and King Philip's War. In each other these conflict the colonizers were victorious. The native population of Virginia was reduced to less than one thousand by 1680.

The Puritans immigrated to New England, which consisted of New York, Delaware, New Jersey and Pennsylvania, in order to create a model new society under the rule of their governor, John Winthrop. The Puritans aimed their efforts at reforming the corrupt new land. Some Puritans felt they should remain in the Church of England and reform it from within. Other Puritans did not think that was possible, so they formed separate congregations. They become known as the Pilgrims. In 160, the Pilgrims founded the Plymouth Colony. In September 160, John Winthrop and other colonists established the Massachusetts Bay Colony. The Puritans built a sound economy based on agriculture, fishing, timbering and trading. Although the Puritans built stable communities, developed the economy and constructed effective government, their leaders, as early as the 1640's, complained that the founding vision of the Massachusetts Bay Colony was faltering. However, New England had achieved economic success and political stability by end of the seventeenth century. Towns functioned efficiently, poverty was uncommon, public education was mandated and family life was stable.

While English Puritans were establishing colonies in New England, the Dutch were one to the south. In 161, the Dutch government granted the newly formed Dutch West India Company permission to colonize New Netherland. To the English, New Netherland had become a wedge between the northern and southern colonies. In 1644, King Charles II granted James, the duke of York permission to drive out the Dutch. He renamed the colony, New York. Then breaking up the land, and naming the other part, New Jersey. William Penn had big plans for his colony of Pennsylvania; a government run on Quaker principles of equality, cooperation, and religious toleration. Penn's plan for government called for a representative assembly and freedom of religion. However, the principles of equality, cooperation, and religious tolerance would eventually become fundamental values of the New American Nation.Custom writing service can write essays on Colonies

Through disease, war, hunger and famine, the Middle, New England, and Southern Colonies prospered into the Thirteen Colonies, which today are known as, Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, Delaware, New Jersey, Pennsylvania, Virginia, Maryland, North Carolina, South Carolina, and Georgia. Each colony, impacted by the others, had achieved economic success and political stability by the end of the seventeenth century.

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Brown, John "Helping Everyone Remember Oppression"

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It's a plane, it's a bird, it's Superman. He's not exactly a real flying "superman," but John Brown helps everyone remember oppression. He is a real hero. Brown lived a life not many would have been able to live. Captain John Brown performed several heroic acts while living his married life and raising his twenty children. Encyclopedia Britannica defines a hero as, "A mythical or legend figure often of divine descent endowed with great strength or ability[;] A man admired for his achievements and noble qualities." If Brown could be in the dictionary, hero would be the most prominent definition for him. Timeline of John Brown's Life by PBS online by WGBH Forum Network notes, "Elijah Love Joy, publisher of an antislavery newspaper, is shot to death by a proslavery mob. During his memorial service, John Brown stood and made a vow to end slavery." Brown followed his Christian beliefs, which inspired him on many different levels, including his goal to free African-Americans. Not all of his acts were heroic, but neither were those of superman or batman. Sadly, during some of the struggles against slavery, several people died. John Brown isn't the perfect hero, although he only wants justice for all races including gender and unfortunetely had to use innocent violence to get his word across.

To many people a hero is someone who saves a life or impacts them on a grand scale, such as Brown has done in life. One is heroic if they perform an act anywhere on a wide scale of performance levels. If he or she is driven to perform a kind act such as carrying groceries for an elderly woman or saving from a burning building, they are heroes of equal importance. This is my opinion, and others may disagree but others may desagree about John Brown's life. Brown would be placed with the group of people who performed grand acts of selflessness. During the beginning of his quest to help free the slaves, he allowed runaway slaves to stay in his home. Subsequently, he helped to free many African-American slaves; by saving even one slave Brown and his crew were heroes to that individual. Due to the risk Brown subjected his own life to during these endeavors, he is considered a hero by many.

One day a person is driving down the street going the speed limit, a young child jumps out from behind a bush and is instantly killed by the impact of the car, is the driver of the car at fault? This incident is considered an accident and the driver of the vehicle is not a killer or murder if they were not able to respond to the incident in sufficient time. A murder is one who acts with the intent to harm. An exception is killing for self-defense. Everyone has different first impressions on killing. When people really analyze different situations then they realize that it's not always bad for that certain indivisual to kill. For example, if someone intentionally kills fifty innocent people he or she will get the death penalty, which is a reasonable punishment for the crimes which were committed. During a battle an innocent, recently freed slave was running away from the gunshots due to the fear of being recaptured. While running towards a train, he was fatally shot. This man was not intentionally killed, but by accident. Brown was unaware of the free man when he accidentally shot him down. Brown wanted freedom for the slaves and was willing to do anything for the ultimate cause. As a result of his extreme measures he personally suffered the consequences.

John Brown heroically died prematurely during the struggle to rescue African-Americans from slavery. Many historians and students are studying why he was hung on the second of December in 185 and what led up to this event. Brown fought with the "Free State" men who wanted to end slavery. Captain John Brown gave up his business to devote his time to heroism, but also his children and wives. In 1855, Brown and five of his sons went to Kansas and settled in Osawatomie. His five sons plus another fourteen of his followers hung in until the end. After Brown's militia defeated rivals in Osawatomie during an attack by pro-slavery men in 1856, Brown was given a nickname in remembrance of the feat. Due to his actions as a courageous leader he was nicknamed "Old Osawatomie Brown." He was a man with the single goal of ending slavery. According to the World Book Encyclopedia, Brown was "a radical abolitionist whose attempt to free the slaves cost a number of lives and helped indirectly to bring on the Civil War."

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Brown's cause was just, however, he could have changed some of his ways. Not all of the lives that were ended deserved their fatal demise, although a few might have. If a person kidnapped all of one's children, physically worked them, and beat them to near death then should be punished. Brown knew this is what happened to many African-American people and wanted them not to be harmed anymore. He knew that nobady would want to be treated this way and tried his best to stop the violence. The golden rule do unto others as you would have them do unto you, is a moral proverb John Brown followed, when he expressed that all men should be equal. He felt so strongly about everyone being equal he fought till the end. However, he did not simply stop with his words, they were backed by his actions until death.

Brown was a selfless man and inspired many by his ongoing commitment to end slavery. While in Massachusetts Henry David Thoreau (5) proclaimed, "Some 1800 years ago, Christ was crucified. This morning, Captain Brown was hung. He is not Old Brown any longer, he is an angel of light." Many others viewed Brown as a heroic man, although some described him as a villain. A villain is described as a wicked man, or someone at odds with a hero. This definition is in contrast to the opionion of most people who worked with Brown. He was by all means not a villain; he was one of many trying to accomplish the goal of freedom and encountered some bumps along his path. He was forced to kill a few men to achieve his goal of African-American freedom; however, the benefits of his actions far out weigh the consequences. Roy Rosezweig, author of The Brown Archive The Last Museum from the Center of History and New Media, writes, "While many Americans viewed Brown as a dangerous fanatic fanning flames of sectional conflict, others were impressed by his willingness to use extreme measures to end slavery." The extreme measures taken were the only option available to help Brown get his point across, since Brown had already tried everything else in his power.

Is Captain John Brown a hero or a villain? Timeline of John Brown's Life states "Martyr, madman, murder, hero John Brown remains one of history's most controversial and misunderstood figures. In the 1850's, he and his ragtag guerrilla group embarked on a righteous crusade against slavery that was based on religious faith�yet carried out with shocking violence. His execution set off a chain of events that led to the Civil War." The Civil War started only two years after the death of Captain John Brown and in 1865 the Thirteenth Amendment into to the constitution terminated slavery. Without individuals stepping from the shadows into the limelight, the push for a civil war in the name of freedom might not have occurred.

John Brown is a hero regardless of the negative feedback. Brown suffered many days and went to extreme measures to fulfill his vow to free Afican-American slaves. Even though Brown did not solely free slaves he contributed to the rise of the Civil War. If Brown had not stepped forward it would have been difficult to find someone to fill his shoes. Brown is no superman, but he is a hero.

Word Count 156

Work Cited

Baker, Dab. Brown and the Pottawatomie Killings. American Studies at the University of Virginia. 10 Sep. 00 http//xroads.virginia.edu/HYPER/CONTEXTS/Kansas/jbrown.html.

"Brown, John" Encyclopedia Britannica. 00. Encyclopedia Britannica Premium Service. 16 Sep. 00 http//britannica.com/eb/article?eu=161.

Coover, D.J. John Brown-Hero or Not? 01. Myfamily.com Inc. 1 Sep. 00 http//freepages.books.rootsweb.com/~cooverfamily/jbrownbio.html.

John Brown and the Valley of the Shadow. University of VirginiaCharlottesville, 00. Institute for Advanced Technology in Humanities. 10 Sep 00. http//iath.virginia.edu/jbrown/master.html.

Rosenzweig, Roy. The John Brown Archive The Lost Meseum. April. Center for History and New Media. George Manson University. 14 Sep. 00. http//chnm.gmu.edu/lostmuseum/brown/.

Timeline of John Brown's Life. 00. PBS online by WGBH Forum Network. 7 Sep. 00. http//pbs.org/wgbh/amex/brown/timeline/index.html.

Thoreau, Henery David. Civil Disobedience and Other Essays. New York Dover, 1.

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Uhmmmm

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ELIZABETH N. BALDWIN - FRIEDMAN

Elizabeth Baldwin, Esquire, prominent Florida attorney, breastfeeding advocate and La Leche League Leader, passed away March 1 after an extended illness.

Known as the countrys authority on breastfeeding and family law, Baldwin worked tirelessly to help mothers nationwide fight discrimination and solidify their right to breastfeed their babies both in public and in the workplace. She was an invaluable help to those who passed breastfeeding legislation in the United States. Ms. Baldwin also brought her expertise into the courtroom representing mothers in cases of child custody and visitation. Other attorneys in their family law cases often consulted her

when breastfeeding rights were at issue.Custom Essays on uhmmmm

Ms. Baldwin was often quoted in national newspapers and often made appearances on television and radio shows across the country. Her devotion to her family and the rights of breastfeeding mothers and babies was apparent as she balanced her family and professional activities. She served as the Director of the Legal Associates Program for La Leche League International.

Ms. Baldwin was scheduled to receive the La Leche League International Founders Award in July of this year for her years of service to LLLI and mothers and babies everywhere.

She is survived by her husband, Kenneth Friedman and her children David and William. Ms. Baldwin will be missed by her many friends and colleagues in the breastfeeding community.

ELIZABETH N. BALDWIN - FRIEDMAN

Elizabeth Baldwin, Esquire, prominent Florida attorney, breastfeeding advocate and La Leche League Leader, passed away March 1 after an extended illness.

Known as the countrys authority on breastfeeding and family law, Baldwin worked tirelessly to help mothers nationwide fight discrimination and solidify their right to breastfeed their babies both in public and in the workplace. She was an invaluable help to those who passed breastfeeding legislation in the United States. Ms. Baldwin also brought her expertise into the courtroom representing mothers in cases of child custody and visitation. Other attorneys in their family law cases often consulted her

when breastfeeding rights were at issue.

Ms. Baldwin was often quoted in national newspapers and often made appearances on television and radio shows across the country. Her devotion to her family and the rights of breastfeeding mothers and babies was apparent as she balanced her family and professional activities. She served as the Director of the Legal Associates Program for La Leche League International.

Ms. Baldwin was scheduled to receive the La Leche League International Founders Award in July of this year for her years of service to LLLI and mothers and babies everywhere.

She is survived by her husband, Kenneth Friedman and her children David and William. Ms. Baldwin will be missed by her many friends and colleagues in the breastfeeding community.

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The limited Brands

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Stock options are a form of compensation granted to an employee, by an employer, in lieu of salary and wages. Stock options grant employees the right to purchase a certain number of shares at a given price . Traditionally, firms have compensated their employees through some combination of salaries, commissions, or bonuses. Less prevalent was compensation tied to firm¡¯s performance, such as stock and/or stock options. Historically, performance-based compensation was designed for corporate executives and officers of the firm. This form of compensation helped align the interests of management and shareholders. Stock options encourage managers to maximize shareholder value. Although stock options were once reserved for upper management, there has been a trend to include more employees.

Generally, the future purchase price, or strike price, is equal to the market price of the stock at the time of grant. When an employee exercises options, he or she pays the firm the strike price for the shares, regardless of the then- current market price. Employees usually remain with the firm for a specified period before options vest. Upon vesting, the employees may exercise their options. If an employee leaves the firm, outstanding vested and unvested options are forfeited or cancelled. Options not exercised by a date specified in the option contract will expire. When an employee decides to exercise their stock options, they may either purchase the underlying stock at a discounted price or receive an equivalent cash premium. This transfer from the firm to the employee becomes part of the employee¡¯s taxable income for the year

Firms now grant stock options to a much broader range of employees for many reasons. A firm¡¯s motivation in implementing a stock option plan includes increased employee productivity, the attraction and retention of valuable human capital, reduction of short-run compensation costs, increased cash flows, and higher levels of book income.

Individuals, employers, and the government are all affected by the widespread use of stock option compensation. However another aspect that is affected by stock options is economic forecasters. Income from stock options is more volatile than traditional forms of compensation, such as wages and salaries. Stock options¡¯ ultimate value to the employee depends on the future stock performance. Consequently, the stock option value is uncertain at the time of grant. There are two major types of stock options incentive stock options (ISO¡¯s) and nonqualified stock options (NSO¡¯s). ISO¡¯s have certain tax advantages for employees. If required holding periods are met, the spread income (difference between the market and strike price at the time of exercise shares exercised) is treated as a long-term capital gain and taxed at lower tax rate of 0%. If an immediate sale is not made upon exercise of ISO, the event is non-taxable, unless taxpayer is subject to Alternative Minimum Tax. A Nonqualified Stock Option is an option that does not meet tax criteria for an ISO and which is taxed as ordinary income at the time the option is exercised. For a nonqualified stock option, the spread income is treated as wage income to the employee and is taxable. If NSO shares are not sold immediately upon exercise, then the employee may also be subject to tax upon any realized capital gain or loss. Despite tax advantages of ISO¡¯s for employees, other factors limit firm¡¯s overall reliance on them. The most significant tax issue is that firms cannot deduct ISO spread income in the computation of taxable income, but they can deduct NSO spread income . Another type of stock option is employee stock purchase plans (ESPP). Under an ESPP, an employee chooses to have a percentage of their salary withheld for a certain period of time. At the end, they may use the withheld wages to purchase firm shares at a discount.

Stock options play an important role when comparing book income and tax income. At the current time, firms may disclose the value of stock options in their financial footnotes or expense their computed fair value. Companies would only recognize the employee stock options as an expense when the employees exercise the options, not at the grant date. Companies are not required to list stock options as an expense, although the Financial Accounting Standards Board (FASB), which sets U.S. accounting guidelines, views the practice as preferable. Backers of the mandate say doing so would help present a more accurate picture of a companys financial performance. Since many firms do not expense stock options; the spread income compensation is not deducted from pre-tax book income, but deducted for taxable income. This treatment of spread income is one of many reasons why book and tax income diverge. With the Enron fiasco and investor uneasiness, some firms have begun to expense spread income.

FASB has recently announced it would review its accounting standard on employee stock options (FASB Statement No. 1) in the first quarter of 00, to decide whether to require companies to treat employee stock options as an expense at the point of grant . A number of companies, such as Coca-Cola, Amazon, General Electric, Bank One and Boeing, have already started to account for stock options in this manner. Prior to 00, Boeing declared their intention to expense options in order to increase investor confidence in financial statements. Some high-tech companies, such as Amazon.com and Computer Associates, have elected to make the change to expensing stock options. Amazon announced last fall that beginning in fiscal 00 all stock-based awards granted will be expensed. Computer Associates said it would begin reporting the cost of new stock options as expenses next fiscal year, which starts April 1 .

A company is, however, required to report its earnings per share on the income statement on a basic and on a diluted basis, the latter taking into account the potential reduction in the ownership of existing shareholders due to the grant and exercise of options. On the tax side, when an employee exercises an option, the company can take a deduction from its gross income for the gain realized from the option (thereby reducing its corporate income taxes) when the employee recognizes the gain and is taxable thereon.

There are two sides to the argument of expensing stock options at the point of grant. People who support the measure contend that expensing stock options at the point would level the playing field between companies that issue employee stock options and companies that pay cash to their employees. Otherwise, the profits of a company that pays its employees in stock options would be unjustly inflated compared o a company that pays its employees in cash. In addition, firms would be more cost-conscious and prudent in granting options to their executives and staff, as they have to recognize stock options as an expense at the point of grant. If these costs of the stock options are not reflected, there may be a tendency to issue too many stock options.

The major argument against expensing stock options is that they are not easily and accurately valued. How does one know how much the stock will be worth in the future? The Black-Scholes model works well if the stock price is stable . But the model is less accurate when it comes to pricing the options in volatile markets such as the ones in which high technology companies participate . Those opposed to expensing options at the grant date feel that options are not a company expense, but rather costs shifted to shareholders. Footnoting the expense should permit analysts to properly price the stock without distorting a firms profit and loss statement. Since there are many estimates used in GAAP, recording a major expense calculated using a very complex and potentially inaccurate pricing model would further complicate financial statements.

The central issue is that some companies can afford to expense stock options at the grant date and some companies can not afford to expense. As mentioned earlier, Coca-Cola and Bank One were two firms that have started implementing expensing at the grant date. These are companies that are most likely to expense options since they have low stock price volatility and good cash flow. In contrast, companies, such as cash-strapped high tech start-ups depend upon stock options to attract talent.

What is lost in this issue is the shareholder. Stock options were created to align management interests with those of the shareholders. That may not be the case anymore. Company management is focused on actions that drive up the price of their stock in the short term in order to provide continuing value for their own options- actions not focused on growth in long term shareholder wealth. Management should review their companys stock ownership plans with an eye towards increasing equity incentive plans available to their employees, whether options, restricted stock grants or employee stock purchase plans - in order to develop a mix of incentives that will likely result in improved productivity and profitability for the company, its executives, employees and shareholders in the short and the long term!

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Australian Aboriginals

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The way in which humans have managed to survive the varying terrains and climates on earth is a most interesting topic to research. My journey so far has been an attempt to investigate how people past and present including myself are able to survive in the wilderness.

I have conducted further into how Australian Aboriginals have developed effective survival techniques. Compared to other places on earth has extreme variations in both its terrain and climatic conditions yet in the past aboriginals managed to inhabit and coexist with this harsh continent. One thing aboriginals had to master was the ability to hunt and gather food. They developed ingenious techniques to hunt bird, fish and large game. One of their more interesting methods was the use of a duck net. Used on the Murrumbidgee River, they placed large nets of fibre strung across watercourses to trap ducks and other birds. It was an effective and simple way to obtain large quantities of food. The aboriginals used fire to drive out larger game. They accomplished this by lighting a fire in a semi circle and lying in wait on the other side of the fire as the animals would run out and then be killed with spears and boomerangs. They used this method to trap animals such as kangaroos and emus.

Aboriginals developed numerous weapons that enabled them to kill their prey effectively. One such weapon was a spear thrower. This was often a multi purpose implement the edge could be used as a fire saw, stone flake might be attached to the handle to act as a knife or , and the curved body was used as a mixing bowl. In essence the spear thrower was used to throw spears. It accomplished this by having a point on one end of the thrower and on the blunt end of the spear there was a lump of resin that the point of the thrower was very effective as it allowed the thrower to propel the spear three �four times further.

In an attempt to investigate how humans survive in modern times without the luxuries of modern life of modern life I read "Lion Heart" The Jesse Martin Story. This book is an account of a 17-year-old boys solo and unassisted journey around the world in a yacht. It is an extremely inspiring story and proves that determination; courage and a will to succeed are the foundations of survival. For Jesse survival in the first few weeks were the most difficult, he had to face his biggest challenge, loneliness. Surviving in the wilderness alone lead to him commenting that if it were possible to cry 4 hours a day, 7 days a week he would have, as this is how desperate he felt. Apart from overcoming loneliness his next biggest challenge was to cope with Mother Nature and the perils of the seas. He needed to quickly learn how to survive at sea including navigation techniques, how to manage strong winds and rough seas. Furthermore he struggled with the ability to ration food and fresh water. Originally he had packed sufficient food and water for 10 months but the journey took 11 months. Having run out of fresh water he needed to employ the survival techniques of collecting rainwater from the surface of the boat. One method he used was to sponge water off the boat and into a water bottle, surprisingly he managed to collect 1 ½ gerry cans of water (0 litres). Help with essay on Australian Aboriginals

One of the most inspiring things I learnt from reading the Jesse Martin story was reflected in a comment he made at the end of the book, " I am eighteen, I don't have a real job, I haven't finished school and I think I'm allergic to business suits, but I have the most important thing, the ability to dream." Additionally my interests in the psychological aspects of survival were heightened after having read this book. I learnt that being able to survive emotionally is just as important as having the skills to build shelter, make fire, gather food and collect water. Therefore I have decided to add to my research by investigating the psychological effects of survival in the wilderness.

As part of my major project I put myself into a situation where I tested my own survival techniques. During the holidays I visited my uncle's farm near Exeter in the Southern Highlands, where I conducted a number of experiments on wilderness survival over a two-day period. On the first day I left his house only with a video camera and my survival kit containing a compass, fishing line, hook and sinkers, needle and thread, a plastic sheet pura tabs, a first aid kit, a wire saw, a flint, snare wire and a bush stove. I headed off alone in a northwest direction until I reached an isolated area of the farm. I proceeded to do, as most survival books would tell you to do and construct a shelter. I did this by using a plastic sheet, wood I collected, fishing line and an axe. I found this not only easy to construct but found it to be a very effective. Next I attempted to build a snare trap, as the acquisition of food is essential for survival. I built a basic design, which was also most effective; both the shelter and snare trap will be included in my handbook. Following my success I ventured off in search of edible mushrooms. To my dismay I found only poisonous mushrooms and at that stage realized that I myself needed a greater knowledge on how to find and identify edible mushrooms. I discovered a clear outline of edible and nonedible plant types is therefore essential in a good survival handbook. Unlike a great number of survivors I was able to return to the comforts of a warm farmhouse.

The next day I went out to build a shelter, trap and some travelling equipment e.g. backpack frame, and sled. I began the day by building a shelter out of just the materials that I was able to find within the area. The materials I found were wood, string made from bark and leaves. The outcome was a successful shelter. I then attempted to build a spear death fall traps. The way I did this was by lashing a young tree to a bigger mature tree and connecting spikes made of wood to the end of the young tree and then I attempted to build the trigger mechanism, which was extremely difficult. After 1/ hours of trying, I was unable to complete the trap. I had planned another task that I didn't complete due to injury.

Background on Shelter

Shelters are one of the most important aspects of survival. It is necessary for shade, warmth and to repel wind and rain. Sleep and adequate rest are essential for survival.

Where to camp is very important. Places to avoid are;- hilltops that are exposed to wind, valley bottoms and deep hollow- could be damp and especially when the sky is clear, may be prone to frost. Hillside terraces where the ground holds moisture should be avoided.

The best places to camp would be somewhere sheltered from the wind, on rising ground that has no risk of flooding and is safe from rock falls or avalanches.

Hot air rises, cold air sinks, so valley bottoms will often contain pockets of colder air and in cold weather be susceptible to frost and damp mist.

Ideally you should be close to water, with a good supply of wood. You should not be too close to water because you may be exposed to insects and snakes, the sound of running water could disguise dangerous sounds.

On riverbanks look for high water marks, in mountain regions streams can become torrents in minutes. Watercourses should be avoided on plains even if they look dry.

Check above your head for bees and wasp nests and for dead wood in trees that could crash down during a storm or high winds. Solitary trees should be avoided because they attract lightening.

Traps and Trapping

There are many elaborate traps with complicated mechanisms. They take time to build and demand physical effort. The survivor needs simple traps that are easily remembered and easy to construct. However, because each animal has different habits a wide variety of traps are essential.

Where to trap is determined by finding the game trails or runs, which lead to an animal's home to where it feeds or waters. Any natural bottleneck along the route where it will have to pass through a particular position- an area where there is an obstruction is an ideal place to set a trap.

The simpler traps and snares are made of string or wire. It will be easier to keep a loop open in the air if you use wire. All you really need is a knife, wood and wire. A strong springy wood is important to use don't use wood that has fallen on the ground.

There are a few rules to follow when making your traps, firstly try not to disturb the environment. If at all possible hide your scent by using gloves and handling the trap as little as possible.

Camouflage any freshly cut ends of wood with mud; cover any snare or trap on the ground with the surroundings.

Snares are the simplest of traps and should be part of any survival kit. They are made with a hangman's knot at one end through which the other end of the wire passes before being firmly anchored to a stake or rock or tree. A snare is a free-running noose, which can catch small game.

A snare can be improvised from string rope twine or wire. You make the loop a fist width wide, set it four fingers above the ground and one hand's width from an obstruction or trail. Finally check that it is securely anchored, with twigs to support the loop in position if necessary.

Surviving can be a very dangerous experience if you are not prepared with the basic knowledge and equipme

Please note that this sample paper on Australian Aboriginals is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Australian Aboriginals, we are here to assist you. Your cheap college essays on Australian Aboriginals will be written from scratch, so you do not have to worry about its originality.

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