Assignment Example | Topics and Well Written Essays - 250 words - 187

Assignment Example ssue of female genital mutilation, around which Arab feminists today organize, including the insurance of fair divorce laws, proper health care f or women, family planning education and others. The veil which was also symbolic of Arab women’s meekness was symbolically thrown by Sharawi into the sea as a symbolic protest of how women are treated. To date, there are women NGOs who are taking on increasingly important responsibilities in the context of state withdrawal from the provision of social services and in the context of a global trend in the expansion of civil society. I was surprised to realize that there was and still is a feminist movement in the Middle East and started as early as 1800s. What is more surprising is that its feminist movement father Qasim Amin is actually a man. It is like Abe Lincoln who is a Caucasian and abrogated the slavery against the Negroes. I was also surprised that the veil’s interpretation vary and is not accepted by all Arab women. 3. What role did the non-aligned and secular movements play in the Middle East- how did the West influence on one hand, and fail the secular movement on the other hand? Why has secularism in the region, with the exception of Turkey, failed in the region? The non-aligned and secular movements in the Middle East played a crucial role today in promoting women issues such as passage and enforcement of fair divorce laws, proper health care for women, family planning education and others. It is important to note that the key figures of Middle East feminist movement are educated and well travelled in the West who saw the disparity between the Western woman and a Middle Eastern woman who are secondary to the preferential treatment of men and thus asserted that women should have greater participation and rights in

Protestant Ethic Essay Example | Topics and Well Written Essays - 750 words

Protestant Ethic - Essay Example He finds those sources in the Protestant reformation, especially in Calvinism. It is Weber's conviction that factual reasonable capitalism increased out of Protestant asceticism. Christian asceticism, at the start escaping from the world into solitude, had currently directed the world which it had renounced from the monastery and through the Church. But it had, on the entire, left the routinely spontaneous feature of every day life in the world untouched. Now it strode into the marketplace of life, banged the doorway of the monastery behind it, and undertook to penetrate just that every day usual of life with its methodicalness, to latest tendency it into a life in the world, but neither of neither for this world. t is only essential to believe of the Rhine homeland and of Calw. In this solely introductory consideration it is pointless to stack up more examples. For these couple of currently all display one thing: that the essence of hard work, of advancement, or anything additional it might may be called, the awakening of which one is inclined to ascribe to Protestantism, should not be appreciated, as there is a inclination to do, as delight of dwelling neither in any other sense as attached with the Enlightenment. The vintage Protestantism of Luther, Calvin, Knox, Voet, had prized little to do with what today is called progress. To entire facets of up to date life which the m ost farthest religionist would not desire to stifle today, it was exactly hostile. If any inward connection between certain signs of the vintage Protestant essence and up to date capitalistic heritage is to be discovered, we should try to find it, for better o r poorer, not in its supposed more or less materialistic or not less than anti-ascetic delight of dwelling, but in its solely devout characteristics. Montesquieu states (Esprit des Lois, Book XX, chap. 7) of the English that they "had progressed the most distant of all p eoples of the world in three significant things: in piety, in business, and in freedom". Is it not likely that their financial superiority and their adaptation to free political organisations are attached in someway with that record of piety which Montes quieu ascribes to them A large number of likely connections, vaguely seen, happen to us when we put the inquiry in this way. It will now be our task to formulate what happens to us confusedly as apparently as is likely, contemplating the inexhaustib le diversity to be discovered in all chronicled material. But in alignment to do this it is essential to depart behind the vague and general notions with which we have administered up to this issue, and try to Penetrate into the peculiar characteristics of and the dissimilaritie s between those large worlds of devout considered which have lived historic in the diverse parts of Christianity. This extract, possibly more than any other, states apparently the essence of The Protestant Ethic. Weber accepts as factual that the ascetic essence of Protestantism is to blame for the development of reasonable capitalism. This ascetic impulse not only motored the early Protestants to a life of hard work, especially work inside a calling, but furthermore eradicated any tendencies to relish life, and therefore, to spend their hard acquired incomes. This extract apparently

Landscape Architecture in Palo Alto City Essay Example for Free

Landscape Architecture in Palo Alto City Essay Palo Alto City, a city known because of many famous landmarks and buildings, is located in Santa Clara County, in California of United States. The named of the city was derived from a name of a tall oak tree at the banks of the San Franciscquito Creek bordering Menlo Park called El Palo Alto. The geographic characteristic of the city is at the northern end of the Silicon Valley. The city is also situated near the Stanford University and is known as home of many huge companies in the high-technology industry like Hewlett-Packard. (Bowling, 2007) History of Palo Alto The history of Palo Alto city was traced back in 1979 Gaspar de Portola made an Ohlone settlement in the said city. To commemorate what happened in this place, a plaque was made in order to remember the histiroy for Palo Alto City. The plaque was located at Middlefield Road and Webster Street, (Bowling, 2007) Landscape Architecture Landscape architecture is the art of planning, designing, developing, managing and rehabilitating a land for a specified purpose. Landscape architecture is a profession that is combination of different inter disciplinary field like mathematics, geography, engineering, art, horticulture, social science, politics, history and philosophy. The duties of a landscape architecture can range from different roles like designing of a museum, parks, site planning for commercial buildings, as well as residential lands, and development and maintenance of nature lands like forest. Arastradero Preserve There are many famous buildings and landmarks located in the city. Some of the notable landmarks located in Palo Alto are the Arastradero Preserve. Arastradero Preserve, which is officially known as Enid W. Pearson- Arastradero Open Space Preserve, is a nature preserve which serves as parking lot of the city. The landscape architects designed the Arastradero Preserve so that people can have a biking, hiking and horseback riding session. The preserve is a combination of savanna grassland and broadleaf evergreen forest that is suitable for a nature preserve location. This made also the preserve to be a habitat for many wildlife species like bobcats, deer and diverse birds. (City, 2001) Arizona Cactus Garden Another popular landmark in Palo Alto is the Arizona Cactus Garden located in the Stanford University. Arizona Cactus Garden is a botanical garden specializing in the production of different cacti and succulents. The Arizona Cactus Garden is open for public visit. The Arizona Cactus Garden was designed by Rudolph Ulrich, a landscape architect, for Jane and Leland Stanford. The garden was open in public on 1883. The design of the garden was planned to be near at the residence of the Stanford family as well at the Stanford estate. The garden was designed in such a way it is divided in to two parts, the Eastern and Western Hemisphere. The Eastern Hemisphere part contains aloes, jade plants and other succulents from Europe, Asia and Africa while the Eastern Hemisphere contains cacti that are native in America. The garden was designed and made as public landmarks were people can view different varieties of cactus and succulents. (Bowling, 2007) Stanford University One of the most famous landmarks located in Palo Alto is the Leland Stanford Junior University or simply Stanford University. It is a private university that is situated at the center of Silicon Valley. It was in 1891 the university was established under the supervision of the governor of California, Leland Stanford together with his wife Jane Stanford. The name was derived from their only son, Leland Stanford Jr. who died at his teenage years. The university was firstly known as The Farm because it is situated at eh Leland Stanford’s horse farm and offers courses for both male and female students. (Bowling, 2007) Stanford makes sure that the university will be of good quality that is why he consulted first some key person that may give a big help in the construction of the campus. Some of these person were Francis Amasa Walker, president of another university which is specialize in the filed of engineering, the Massachusetts Institute of Technology and second is Frederick Law Olmsted which is a famous landscape architect. The main role of Olmsted is on the general plans and concept for the proposed university. These are the constructions of the buildings and the removal of hillside sites that will favor for more practical flatlands. Another landscape architect that helps in the design of the campus is Charles Allerton Coolidge. Coolidge used the concept Richardsonian Romanesque style that was derived from his teacher, Henry Hobson Richardson. The said style is has the properties of rectangular stone buildings that are joined by arcades of semi-circle arches. There was also another design that was incorporated at Stanford University, the Mission Revival. The Mission Revival is a Spanish-colonial style and is characterized as red tile roofs and solid sandstone masonry that hold a discrete Californian appearance. The red tile roof has a good combination to bright blue skies making it famous to the people of the city. (Bowling, 2007) The major open space is formed by an on-structure, two-level plaza. It is layered with linear arrays of granite and quartzite aligned to echo the San Andreas Fault line below, and subtly forms gathering areas of various sizes for outdoor classrooms. The lower and more private courtyard provides light to the surrounding laboratories and offices, and exposes a dry riverbed that continues the north/south fault line, while expressing the character of a lower stratum and accommodating gathering places for students, faculty and researchers. (Bowling, 2007) The Stanford University is a huge campus were almost basic building that is required in a university is made. There are different buildings for different department of the campus. There are also dormitories and student housing were the students can reside. Stanford University Arboretum Stanford University Arboretum, which is located at Stanford University, was also designed by Frederick Law Olmsted. First, the land where the arboretum is located was planted by live oak trees. Olmsted designed the arboretum so that the public is free to visit the park. The orientation of the trees to be planted was a factor that was considered by Olmsted as well as the spacing of the trees. Olmsted sees to it that the arboretum will serve as a public park. Jane Stanford finds the arboretum essential to the people of Palo Alto and once said to the people of the city; (Bowling, 2007) In this enlarged Arboretum it is desired that there shall be exhibited to advantage all the trees and wood plants of the world that may be expected to grow to mature natural forms under the climatic and other conditions of the locality. Byxbee Park Byxbee Park, which was designed by Peter Richards and Michael Oppenheimer, shows of the site’s unique form and characteristics. Is shows the inspiration of landfill, slough, marsh, wind, and sky. The park does not allow buildings to be made inside the park making it a very natural in purpose. The intertwined elements of the park make the park a very sensitive environmental landmark. Cantor Center for Visual Arts The Cantor Center for Visual Arts, which is located in Stanford University, is another landmark in Palo Alto. The Cantor Center for Visual Arts is a museum that contains about 24 galleries, terraces, and sculpture gardens. The museum was established when the university was established in 1891 as a memorial park for their late son. Hewlett Packard Courtyard The Hewlett Packard Courtyard was designed to show the aesthetic value of nature. Hewlett Packard Courtyard is a huge company specializing in the production of computer hardware and the likes like printers. Hedges, designer of the courtyard, design the rooms of the employers of the company in such a way that they can view the outside environment. The terminal wires of the computer being utilized allow the programmers to work outside the rooms. Three-dimensional landforms ripple out from the round cafeteria addition, creating a romantic play against the beaux-arts structure of the courtyard, and dividing the space to create more intimate areas. (Bowling, 2007) Conclusion The role of a landscape architect is very important when buildings and landmarks are being constructed. Because the aesthetic value of the proposed building is their product. It must be taken in to account the proper way of designing, planning as well as developing the building. It is in the hands of a landscape architect the success of the building because this will reflect the popularity of the building.

Criminal law: Treating a child as an adult

Criminal law: Treating a child as an adult A 15 year old commits a crime, depending on the seriousness of the crime, that child should be treated as an adult. Children in the past have been given many but not all of the due process protection that is recognized in adult criminal courts, so why cant children be treated as adults if they get certain advantages that adults get. Juvenile courts have many of the same rights as adults such as the right to a hearing. Juvenile offenders are typically treated as a special group. The courts soon realized that children could commit serious offenses therefore the juvenile courts created a procedure to transfer the case to the adult criminal courts. Nearly all states have provisions where if a juvenile who commits a serious felony can be prosecuted as an adult. This provision is called â€Å"concurrent jurisdiction† where the prosecutor can decide if the case will be moved to the adult courts. Statutory exclusion means that the legislature can require that certain serious crimes that involve juveniles can be tried in the adult court system instead of leaving it up to the prosecutor or the judge to decide how the case will be taken care of. In 1994 at least 13 states required that certain juvenile cases should be handled by the criminal courts. The case of the sniper shootings in the Washington D. C. area involved Lee Boyd Malvo who was 17 at the time of the shootings. Malvo was tried as an adult for capital murder and was sentenced to life without parole. One percent of juvenile cases are waved to the adult criminal court each year. Juvenile crimes lead to more serious crimes. Therefore the juveniles need to be stopped by being treated as adults and getting worse punishments than they would if treated as a juvenile. Both Bill Clinton and Robert Dole urged that juveniles charged with violent crimes be tried as adults, removing them from the protective confines of juvenile court proceedings. Courts are going back and looking at court cases that involved juveniles getting sentenced to life without parole. In 2009 the Supreme Court looked at two crimes (Graham and Sullivan) involving juveniles that committed crimes that should not have sentenced them to life without parole. They will be deciding whether life without parole sentences for juveniles is unconstitutionally harsh. Florida is one of six states to charge juveniles for non-homicide crimes. â€Å"An estimated 2,570 juvenile defendants in the United States are serving life without parole sentences, nearly all are homicide related. Of the 111 juvenile defendants who committed lesser offences such as Graham and Sullivan, 77 of them are in Florida p risons† (USA Today, Nov. 10, 2009). The Supreme Court ruled that sentencing a juvenile to life without parole for a non- homicide crime is unconstitutional. There was a 5-4 decision on this ruling. Justice Kennedy states in his majority opinion â€Å"Gives all juvenile non-homicide offenders a chance to demonstrate maturity and reform. The juvenile should not be deprived of the opportunity to achieve maturity of judgment and self-recognition of human worth and potential† (EJI). In 2010, a state judge in Michigan sentenced life without parole to Dakotah Eliason who was convicted of murdering his step grandfather. Dakotah was 14 at the time of the murder. The defense said this sentence was cruel and unusual punishment and violated the 8th Amendment. â€Å"Long-standing and unchallenged precedent establishes that when a juvenile is convicted of killing another human being, a life-without-parole sentence does not violate the Eighth Amendment,† says Judge Scott Schofi eld who was the judge in the Eliason case (WBST.com, October 25, 2010). An article dated May 1995 states that the public is alarmed by the increasing number of juvenile violence. Between 1982 and 1992 arrest for juvenile violence doubled. If people were afraid of the increase in juvenile violence in 1982 and 1992 then what does that have to say for the violence now. Juvenile violence may not be as high as it was in the late 1900s, thats most likely because in the late 1900s security wasnt as serious as it is now. Juveniles in the late 1900s had a better chance of getting something that they should not have in their possession than in 2011. In 1987-1993 politicians started using the phrase â€Å"adult crime, adult time.† A May 2010 article mentions that juveniles cannot be sentenced to life in prison without committing non- homicide crimes. Attorneys explain that juveniles cannot be convicted of a crime that they cannot control because their frontal lobe has not fully developed. The frontal lobe is responsible for reasoning, impulse control, and planning. A study was done at the New York University School of Medicine that shows that the frontal lobe is one of the last areas to reach maturity. It matures around age 20 or beyond. The 26th Amendment changed the voting age from 21 to 18, therefore most states lowered the age of adulthood to 18. Juvenile courts were designed to save children from the damage that could be caused by holding them with adult offenders. Studies show that transferring juveniles to adult courts is not an effective deterrent of further criminal activity. In 2005, the Supreme Court banned use of the death penalty against minors in all cases. In 2009 the Just Kids Partnership found that the adult court system teaches teens to become violent criminals, subject them to sexual and physical abuse and waste taxpayers money. Problems at home could have contributed to the child committing the crime therefore the courts should look into the juveniles family background. Studies show that juveniles who are tried as adults are more likely to commit another crime than those tried in the juvenile court system. This means that it is more effective to prosecute all juveniles in the juvenile court system. The government should treat children as adults depending on how serious the crime is. Example: if a 14 year old murdered someone and it was not self defense then yes the child should be treated as an adult. Lock up only the most serious and most violent offenders. Kids that commit crimes such as murder or terrorism should be tried as adults not kids that are property or drug offenders. If children want to try to be grown up or are trying to grow up to fast then they should be treated like an adult if they want to act like an adult, like the phrase says â€Å"adult crime, adult time†. The only reason why a child should not be treated as an adult is if the crime is not serious enough or if the child has family or school problems or psychological problems then the courts would have to take a whole other approach. If people are concerned that teens being sent to jail with adults is critical to their health then the Government could build a building for teens that get tried as an a dult and sentenced to jail time. Even though this will use tax money, it is better than putting kids into a jail that may not suit them. Also the kids will get more attention and learn to make better decisions if they ever get out of jail. This building will serve the purpose of the juvenile courts for those juveniles that committed serious crimes which is to rehabilitate, not only punish which is what the adult courts are used for. Since courts are now going back and looking at court cases where juveniles were sentenced to life without parole this means they will be letting some convicts out on good behavior or put them in the right facilities. These convicts that the courts are letting out are not murders but they still committed a crime. That is just like letting a 45 year old out for good behavior when he assaulted someone when he was 34. America is suppose to be a safe place, but if we have murders getting let out of jail and roaming the street who knows if they will strike aga in even if they were convicted when they were a juvenile. If the frontal lobe does not mature until into young adult hood than the Government should raise the age of juvenile court jurisdiction till the age of when the frontal lobe is scientifically proven to be fully developed. So then courts can be sure that the convicted persons brain was fully developed and they were fully aware of what was happening and what the consequences should be. The Government should also construct a document that says that you will still be considered a juvenile if you are under the age of 18, but if you commit certain serious crimes while under the age of 18 you will be treated as an adult. Most criminal activity happens after school hours and on weekends in the evening. Schools could help with the crime rate by offering more school activities that do not cost money to be in or are offered for a low cost. Then students would be less likely to commit a crime especially if they are an officer of a club or on a team that they represent in and outside of school. There are pros and cons to whether or not a child should be treated as an adult but if we do not stop the crime rate in children than the crime rate in adults is going to rise because once those children get older their crimes will most likely develop into more serious crimes. Juveniles are â€Å"different† than adults. Juveniles are not as mature as adults both physically and mentally but that does not mean they should not suffer the same consequences as adults. People always say children are the future but if we do not welcome them to the real world and make them realize that the decisions and actions they make have consequences than they will have no future and will not be able to make it through life.

William Randolph Hearst Essay -- History, War

A. Plan of Investigation How greatly was William Randolph Hearst's propaganda concerning the Cuban insurrection involved in the decision of the United States to declare war on Spain in 1898? This question will be addressed in this investigation in an attempt to find the degree of influence that the publisher William Randolph Hearst had on a brief period of American foreign policy (and Cuban domestic policy) by his manipulation of the press, the emerging medium of the screen, and the lobbying of Congress. This will be done by reviewing the two opposing theories regarding Hearst's involvement; one claiming that he was one of the leading catalysts of the conflict, the other arguing that he simply manipulated the existing public opinion to make money. This paper will also analyze the historical evidence that may or may not point to Hearst's early steps towards the war, such as journalist George Creelman's account of the controversial Remington-Hearst telegrams, as well as W. Joseph Campbell's study of the factu ality of Creelman's narrative. The period of time being examined is from Hearst's papers' first calls for intervention in Cuba in 1893 to their coverage of the sinking of the USS Maine on 15 February 1898. It will not discuss anything that Hearst published in this time period advocating intervention in or covering the crises in the Phillipines and Puerto Rico. B. Summary of Evidence On the evening of 15 February 1898, the USS Maine, an American battleship stationed in Cuba's Havana Harbor, spontaneously exploded, killing more than 250 of its passengers. Two days later, despite the warnings of the Maine's commander Captain Charles Sigsbee that "public opinion (about the cause of the explosion) should be suspended until f... ... for description" (New York Journal 17 Aug. 1897). The paper detailed the story of her bold resistance to the advances of a Spanish officer, her imprisonment in a jail reserved for prostitutes and her eventual rescue by Journal correspondent Karl Decker (Thomas 179-184), who, according to fellow Journal writer Willis Abbot, actually bribed the prison guards to stage the rescue (Abbott 215-216). From 12 January to 20 January 1898, the Journal ran a series of cartoons ridiculing House Speaker Thomas Brackett Reed for openly opposing American intervention. On 25 January, the Maine arrived in Havana harbor, the first American boat to arrive. "Our Flag at Havana at Last," declared the Journal. Then, for almost a month the paper was quiet, finally interrupted by the mysterious explosion of the Maine. By that time, Hearst was riding a wave of papers and power to war.

F. Scott Fitzgeralds The Great Gatsby :: essays research papers

Jay Gatsby: Pure Corruption Embodied   Ã‚  Ã‚  Ã‚  Ã‚  The story The Great Gatsby, written by F. Scott Fitzgerald, takes place in the 1920's. It is the story of a man named Jay Gatsby who is on what he sees as a quest to recapture his former love Daisy Fay. Gatsby is a poor man who feels that he can win her back, if he acquires enough material wealth. He sees getting Daisy back as part of finally getting his American Dream. His whole life he has been chasing his American Dream of being happy. He was a corrupt man who saw only corrupt means to make his dream come true. Gatsby is not tricked by anyone into becoming corrupt, on the contrary, he willfully lets himself become corrupt all to achieve what he sees as the American Dream and finally become happy.   Ã‚  Ã‚  Ã‚  Ã‚  Gatsby, as a young man, believes that he can make his dreams come true and become great. The average American believes that you can achieve anything through hard work, Gatsby believes that he does not need to work hard, but only use people. Gatsby is born James Gatz to poor parents. He always thinks that he should have been born rich and 'his imagination had never really accepted them as his parents'; (104). He wants to be rich or famous; he wants to be a somebody, and not the poor farm boy that he merle is. He feels that he can reinvent himself into the person he thought he should be. He renames himself Jay Gatsby and leaves home. He feels that if other people think that he is the person he wants to be, then he will really become that person. He lies about where he comes from to anyone that may ask. He knows from a young age how to deceive people and he does not think twice of it. After young Gatsby leaves home, he does not work like a man driven to achieve great ness, he works ', half fierce, half lazy'; (104). He was better at using young woman rather than manual labor. 'Since they spoiled him he became contemptuous of young virgins because they were ignorant, of the others'; (104). From a young age Gatsby is already corrupt, but only on a small scale. He has no real driving force to motivate him, he is happy with just taking advantage of young women. It will take his obsession of getting back his lost love Daisy to take his corruptness into a whole new arena. F. Scott Fitzgerald's The Great Gatsby :: essays research papers Jay Gatsby: Pure Corruption Embodied   Ã‚  Ã‚  Ã‚  Ã‚  The story The Great Gatsby, written by F. Scott Fitzgerald, takes place in the 1920's. It is the story of a man named Jay Gatsby who is on what he sees as a quest to recapture his former love Daisy Fay. Gatsby is a poor man who feels that he can win her back, if he acquires enough material wealth. He sees getting Daisy back as part of finally getting his American Dream. His whole life he has been chasing his American Dream of being happy. He was a corrupt man who saw only corrupt means to make his dream come true. Gatsby is not tricked by anyone into becoming corrupt, on the contrary, he willfully lets himself become corrupt all to achieve what he sees as the American Dream and finally become happy.   Ã‚  Ã‚  Ã‚  Ã‚  Gatsby, as a young man, believes that he can make his dreams come true and become great. The average American believes that you can achieve anything through hard work, Gatsby believes that he does not need to work hard, but only use people. Gatsby is born James Gatz to poor parents. He always thinks that he should have been born rich and 'his imagination had never really accepted them as his parents'; (104). He wants to be rich or famous; he wants to be a somebody, and not the poor farm boy that he merle is. He feels that he can reinvent himself into the person he thought he should be. He renames himself Jay Gatsby and leaves home. He feels that if other people think that he is the person he wants to be, then he will really become that person. He lies about where he comes from to anyone that may ask. He knows from a young age how to deceive people and he does not think twice of it. After young Gatsby leaves home, he does not work like a man driven to achieve great ness, he works ', half fierce, half lazy'; (104). He was better at using young woman rather than manual labor. 'Since they spoiled him he became contemptuous of young virgins because they were ignorant, of the others'; (104). From a young age Gatsby is already corrupt, but only on a small scale. He has no real driving force to motivate him, he is happy with just taking advantage of young women. It will take his obsession of getting back his lost love Daisy to take his corruptness into a whole new arena.

Case Study of Bg Group

A. METHODOLOGIES: 1. The Weighted Average Cost of Capital (WACC) Approach: This method offers a wide range of advantages. For instance, the Capital Assets Pricing Model (CAPM) is employed in the calculation of the Cost of Equity. Thus, the discounted rate of 7. 58 percent used in figure 1. 12 Appendix is likely to be precise. The total value of the firm is $4. 73 billion. Nonetheless, in view of the probabilities of forecasting errors in the estimation of cash flows, the degree of precision does not guarantee an accurate result.Another drawback of the approach would be the failure to allow for the impacts of real options available to management on future cash flows. Hence, this method is considered as an alternative for crosschecking. The assumptions are the dividends grow constantly in perpetuity at 3 percent and the debt ratio is also constant at 28. 1 percent. For further analysis, please refer to item 2a and 3c in the Appraisal. 2. The EBIT Multiples Approach: Under this methodol ogy, the debt-equity ratio was not required. Thus, the value of the firm is approximately $4. 3 billion after liquidity discount was taken into account. This yields an insignificantly different result compared to the result under the WACC method. However, since the average EBIT multiples strongly depend on the comparable companies in the industry, reliable information is less likely to be available in practice. Therefore, another approach is employed. 3. Adjusted Present Value (APV) Approach: The APV method is more complicated than two methods mentioned earlier inasmuch as it takes account of unlevered value of the firm and the interest tax shield.Recent complexity of the method notwithstanding, APV provides management with an explicit valuation of interest tax shield and an assumption of constant debt-equity ratio is unnecessary. According to figure 1. 10, the total value of the firm before synergies is $5. 02 billion. Nonetheless, this method ignores the costs of financial distres s, which might lead to an overvaluation of the firm with a significantly high debt ratio. 4. Conclusion: Under different methods employed above, the range of difference appears to be immaterial.Thus, the value of the firm before synergies is expected to be approximately $4. 89 billion on average. For the purpose of consistency, APV method is selected for further analysis of the value of the firm both before and after synergies. B. FINANCIAL ANALYSIS: 1. Free Cash Flows (FCFs) Valuation: The present value of the cash flows is calculated based on the WACC rate and it is estimated at $1. 28 billion. The rate is used by reason of the assumption of different components, for instance cost of equity and cost of debt. For further information of the assumption, please refer to the Appraisal. . Terminal Values and Long-term Growth: The terminal value before synergies is $3. 45 billion whereas this amount after synergies is $8. 36 billion. In details, the synergies revenues and the backhaul sy nergies savings are the major contributors to the significant difference. Additionally, the terminal value represents the market value of free cash flows from AirThread Connections at all future dates. This, thereby, lends the analyst the plausibility to believe that the discounted rate is equal to the WACC rate of 7. 58 percent.Lastly, to be conservative, that is, in the worst scenario, the figure of growth rate obtained in the Appraisal is around 3. 0 percent. 3. Non-operating Investment in Equity Affiliates: This amount of $1. 72 billion is equal to Equity in Earnings of Affiliates times the historic P/E multiple for the industry at 19. 1. These investments are valued under the market multiple approach because a thorough due diligence is not possible to be conducted. 4. Value of Operating Assets: This value is equivalent to the present value of the target company on a going concern basis.It is estimated at $5. 02 billion before the synergies and at $10. 38 billion after the syner gies. However, since the value of non-operating assets is not taken into account, the total value of the target company is not fully reflected. 5. Enterprise Value: The Enterprise value is equal to the sum of the value of operating assets and the value of nonoperating assets. i. Before Synergies: In this case, the synergies related business revenues and the backhaul synergies savings are not considered. The FCFs ppear to be more immaterial accordingly. It, therefore, leads to a lower Intermediate Term Value of $1. 57 billion and a lower Enterprise Value of $6. 74 billion. ii. After Synergies: With the effect of synergies, the FCFs and, thus, the Enterprise Value of $12. 1 billion appear to be more material. Importantly, the significant difference is contributed by the cost-saving efficiency in backhaul costs and the network utilization. Thus, more advantages would occur. Firstly, administrative expenses such as auditing fees are reduced.Secondly, the market share will, in essence, i ncrease and monopoly gains due to large regional client bases from the target company could be expected. The company will be able to set a higher price and to increase a sheer volume of sales. Also, the company will gain more reputation and the cost of capital will be lower accordingly. Lastly, due to its new size, the company will have more bargain power and the relationships with banking entities will be better. Consequently, the cost of borrowing tends to decrease. Case Study of Bg Group A. METHODOLOGIES: 1. The Weighted Average Cost of Capital (WACC) Approach: This method offers a wide range of advantages. For instance, the Capital Assets Pricing Model (CAPM) is employed in the calculation of the Cost of Equity. Thus, the discounted rate of 7. 58 percent used in figure 1. 12 Appendix is likely to be precise. The total value of the firm is $4. 73 billion. Nonetheless, in view of the probabilities of forecasting errors in the estimation of cash flows, the degree of precision does not guarantee an accurate result.Another drawback of the approach would be the failure to allow for the impacts of real options available to management on future cash flows. Hence, this method is considered as an alternative for crosschecking. The assumptions are the dividends grow constantly in perpetuity at 3 percent and the debt ratio is also constant at 28. 1 percent. For further analysis, please refer to item 2a and 3c in the Appraisal. 2. The EBIT Multiples Approach: Under this methodol ogy, the debt-equity ratio was not required. Thus, the value of the firm is approximately $4. 3 billion after liquidity discount was taken into account. This yields an insignificantly different result compared to the result under the WACC method. However, since the average EBIT multiples strongly depend on the comparable companies in the industry, reliable information is less likely to be available in practice. Therefore, another approach is employed. 3. Adjusted Present Value (APV) Approach: The APV method is more complicated than two methods mentioned earlier inasmuch as it takes account of unlevered value of the firm and the interest tax shield.Recent complexity of the method notwithstanding, APV provides management with an explicit valuation of interest tax shield and an assumption of constant debt-equity ratio is unnecessary. According to figure 1. 10, the total value of the firm before synergies is $5. 02 billion. Nonetheless, this method ignores the costs of financial distres s, which might lead to an overvaluation of the firm with a significantly high debt ratio. 4. Conclusion: Under different methods employed above, the range of difference appears to be immaterial.Thus, the value of the firm before synergies is expected to be approximately $4. 89 billion on average. For the purpose of consistency, APV method is selected for further analysis of the value of the firm both before and after synergies. B. FINANCIAL ANALYSIS: 1. Free Cash Flows (FCFs) Valuation: The present value of the cash flows is calculated based on the WACC rate and it is estimated at $1. 28 billion. The rate is used by reason of the assumption of different components, for instance cost of equity and cost of debt. For further information of the assumption, please refer to the Appraisal. . Terminal Values and Long-term Growth: The terminal value before synergies is $3. 45 billion whereas this amount after synergies is $8. 36 billion. In details, the synergies revenues and the backhaul sy nergies savings are the major contributors to the significant difference. Additionally, the terminal value represents the market value of free cash flows from AirThread Connections at all future dates. This, thereby, lends the analyst the plausibility to believe that the discounted rate is equal to the WACC rate of 7. 58 percent.Lastly, to be conservative, that is, in the worst scenario, the figure of growth rate obtained in the Appraisal is around 3. 0 percent. 3. Non-operating Investment in Equity Affiliates: This amount of $1. 72 billion is equal to Equity in Earnings of Affiliates times the historic P/E multiple for the industry at 19. 1. These investments are valued under the market multiple approach because a thorough due diligence is not possible to be conducted. 4. Value of Operating Assets: This value is equivalent to the present value of the target company on a going concern basis.It is estimated at $5. 02 billion before the synergies and at $10. 38 billion after the syner gies. However, since the value of non-operating assets is not taken into account, the total value of the target company is not fully reflected. 5. Enterprise Value: The Enterprise value is equal to the sum of the value of operating assets and the value of nonoperating assets. i. Before Synergies: In this case, the synergies related business revenues and the backhaul synergies savings are not considered. The FCFs ppear to be more immaterial accordingly. It, therefore, leads to a lower Intermediate Term Value of $1. 57 billion and a lower Enterprise Value of $6. 74 billion. ii. After Synergies: With the effect of synergies, the FCFs and, thus, the Enterprise Value of $12. 1 billion appear to be more material. Importantly, the significant difference is contributed by the cost-saving efficiency in backhaul costs and the network utilization. Thus, more advantages would occur. Firstly, administrative expenses such as auditing fees are reduced.Secondly, the market share will, in essence, i ncrease and monopoly gains due to large regional client bases from the target company could be expected. The company will be able to set a higher price and to increase a sheer volume of sales. Also, the company will gain more reputation and the cost of capital will be lower accordingly. Lastly, due to its new size, the company will have more bargain power and the relationships with banking entities will be better. Consequently, the cost of borrowing tends to decrease.