Cultural Theory Essay Australian Tourism Essay Example

Cultural Theory Essay Australian Tourism Essay Example Cultural Theory Essay Australian Tourism Essay Cultural Theory Essay Australian Tourism Essay The Australian tourism advertisement that was released earlier this year, complete with the tagline â€Å"So where the bloody hell are you? † was one of the most controversial government-funded ads in recent memory. The advertisement was created and funded by Tourism Australia and screened on domestic television in dozens of countries around the world. The release of the ad prompted considerable worldwide discussion: it was initially banned from British television by the Broadcast Advertising Clearance Centre, due to the ad’s use of the word ‘bloody’ and its perceived connotation as a profanity (â€Å"Brits ban ‘bloody hell’ TV ad†). I have chosen to analyse this advertisement because it is a recent, controversial text filled with many complex images that portray what it means to be Australian. The advertisement portrays the following Australian locales: outback pub; secluded beach; ocean-side saltwater pool; kangaroo-inhabited golf course; open patio house; remote offshore tropical island; Uluru, Australia’s center; Sydney Harbour; barren desert (refer to appendix for a full description). The implied negative consequence of ignoring the advertisement is that potential tourists will be unable to visit and experience the beauty of the Australian landscape. Australia is portrayed in multiple ways by this text. As it is a tourism advertisement, its purpose is to convince foreigners to visit our country. According to the representations of Australian culture that are put forth by this text, we Australians value alcohol (primarily beer); engage in physical activity, no matter the age; frequent our many beaches; appreciate our native fauna; value family life; respect our indigenous citizens, and are generally sociable people. Each of these depictions of what Australians represent and value are tied to the process of ideology. The term ‘ideology’ is rooted in the work of Marx. He argued that the dominant ideas and viewpoints in society were that of the ruling class (â€Å"Questions of Culture and Ideology†). Althusser submits that there are two sides to ideology: one that consists of the actual living conditions of people’s lives, which is not false; and a set of meanings which misrepresent class and power within society, which is thus false. As many of the scenes and situations depicted in the focus text are irregular and stereotypical, the advertisement is ideologically constructed to depict Australian culture in a particular light. Ideology can be thought of as a sophisticated filter, through which our worldview is perceived (â€Å"Ideology†). Personal ideologies and societal ideologies may differ: whereas a society, by and large, may subscribe to ideologies of peace, democracy and justice, an individual may hold opposing viewpoints and thus, opposing ideologies. Within our focus text, Australian ideological values such as equality, respect and the importance of family are prevalent. The Australian tourism ad is one that is rife with complex imagery, whose purpose is to represent Australia. Semiotics, the study of signs, refers to the way in which particular images, text or objects can be used to create messages, which are often a part of a larger system of signs. For example, a green light is generally interpreted as a sign to ‘go’, within the larger context of a traffic light-controlled motor vehicle intersection. Once isolated and taken out of that context, the green light makes little sense. Consider an example from the text; the casual manner of the man who tells us â€Å"Bill’s on his way down to open the front gate† ironically suggests that this is a petty task, until the shot of a vehicle driving across a vast landscape conveys the message that such a seemingly simple task is, in fact, quite an ordeal. When discussing semiotics, ‘myth’ refers to a sign or series of signs that depicts one term within a system as indicative of all other terms. Furthermore, the simplification of signs known as ‘indifferentiation’– the refusal of difference (Thwaites 68) – perpetuates myths by silencing all non-dominant terms or voices. For example, within the focus text, the producers are guilty of mythic indifferentiation by suggesting that the only place that Aboriginals have within Australian culture is as an entertainment source for non-Aboriginals. Though it is unfair to write the advertisement off as largely mythic in its semiotic construction and thus not indicative of wider Australian culture, I have, for the purpose of this essay, ntertained the thought. A ‘metonym’ refers to the association between terms, either in part or whole. Thus, the scene in the bar metonymically suggests that all Australian men work hard and enjoy a cold beer – served by a woman, no less – at the end of a day’s work. The choice of an attractive young woman in a bikini to represent beach culture m etonymically invokes sex. The purpose of this sign is to physically attract foreigners to Australia through the use of a sexually attractive woman. Whether or not this specific sign is aimed at a particular sex is irrelevant: the woman in the bikini nonetheless represents happiness, health and virility. These traits are exhibited by a majority of the Australians in the ad, and are thus metonymically indicative of the rest of the Australian society. The very idea that all Australians are happy and healthy is, of course, ridiculous. For example, it is estimated that half of Australia’s population is overweight (â€Å"About Overweight and Obesity†) and approximately one in twenty Australians is currently living with depression (â€Å"Understanding Depression†). Imagine if you were a European and saw an ad on television that portrayed Australians as they are in reality: for example, if the beautiful blonde bikini girl was replaced with an overweight man with a disgusting smoker’s cough. While this may more closely mirror reality, it would be an extremely poor marketing decision. The signs that appear in this text are all carefully chosen for the purpose of appearing attractive to an overseas market. The producers’ attempt at political correctness in regard to the Aboriginal people largely misses the mark. While their native musical instruments of rhythm sticks and didgeridoo, and the spiritual icon of Uluru are well-represented and tasteful, the final scene featuring Aboriginal people dancing and the quoted line, â€Å"And we’ve been practicing for over forty thousand years† invokes a connotation that effectively reduces the entire Aboriginal people to little more than a tourist attraction, assumedly for the rich, white Europeans that the advertisement is largely aimed at. While it is highly unlikely that the producers of the text intended for this to be the denotation (or ‘preferred reading’, Thwaites 62) of the scene, the fact that it can be easily read in this manner, as derogatory toward the Aboriginal people, is demonstrative of the many different ways in which signs can be read. The Australians that speak in the advertisement use short, simple sentences to convey their messages. The language is constructed in this manner for two reasons: firstly, because it was broadcast in countries where English might not be prevalent, and thus the producers wanted to simplify the language as much as possible; in addition, they attempted to capture the manner in which an ordinary Australian speaks, which is something that they achieved well. Furthermore, the one word that caused quite a stir, â€Å"bloody†, is not even worth batting an eyelid at, as an Australian living in Australia. Tourism Australia’s Manager of Strategic Insights, Lawrence Franklin, suggests that the use of the word â€Å"tapped into real perceptions of the irreverent, self effacing nature of Australians† (â€Å"Bloody hell, does research work? †). While the word was apparently politically incorrect enough within other cultures for them to attempt to ban the advertisement, the colloquialism is so institutionalised within our society that the so-called â€Å"great Australian adjective† is well and truly a part of our vernacular, endorsed far and wide, from the average citizen right up to our Prime Minister (â€Å"Australia’s Bonzer†). The inclusion of golf as the choice of sport to portray Australian-ness is a strange one. The creators of this text clearly wished to send out a particular image of Australian sport; instead of showing scenes from a popular team sport for which Australia is well known, such as rugby league or cricket, the producers chose to show the financially exclusive sport of golf. This sign attempts to convey a message of sophistication. I suppose that golf is more of an internationally recognised sport than the other two mentioned, and the producers decided to make a safe bet on a commonly played game, rather than alienate their audience by displaying an unfamiliar sport. Tourism Australia’s â€Å"So where the bloody hell are you? † television advertisement is an undoubtedly well-produced, well-researched product that adequately represents a majority of Australia’s culture, people and values. When analysed using semiotics, ideology and ordinariness, it is exposed to be a rich text that provides many points of discussion. While it is next to impossible to coherently convey everything that it means to be an Australian within a one-minute audio-visual presentation, the ad was, overall, fair in its depiction of the Australian way of life. References and Works Consulted â€Å"About Overweight and Obesity. † Australian Government Department of Health and Aging. 30 September 2002. 1 June 2006. health. gov. au/internet/wcms/publishing. nsf/Content/health-pubhlth-strateg-hlthwt-obesity. htm â€Å"Australias bonzer. So why the bloody hell arent you guys here? † Times Online. 4 February 2006. 31 May 2006. timesonline. co. uk/article/0,,3-2055531,00. html â€Å"Bloody hell, does research work? † Australian Market Social Research Society. April 2006. 29 May 2006. mrsa. com. au/index. cfm? a=detailid=2095eid=121 â€Å"Brits ban ‘bloody hell’ TV ad. † Sydney Morning Herald Online. 9 March 2006. 30 May 2006. smh. com. au/news/national/brits-ban-bloody-hell-tv-ad/2006/03/ 09/1141701625132. html Barker, Chris. â€Å"Cultural Studies: Theory and Practice. † Questions of Culture and Ideology. Ch. 3 pp. 57-87. Ideology. † Elana Starr. 31 May 2006. http://www89. homepage. villanova. edu/elana. starr/pages/ideology-cinema. htm Thwaites, Tony, Lloyd Davis and Warwick Mules. â€Å"Introducing cultural and media studies: a semiotic approach. † Interaction of Signs. Ch. 3 pp. 48-74. Altheide, David L. â€Å"Media Hegemony: A Failure of Perspective. † Public Opinion Quarterly 48. 2 (1984). â€Å"Understanding Depression. † BeyondBlue: The National Depression Initiative. 24 November 2005. 31 May 2006. beyondblue. org. au/index. aspx? link_id=7. 246tmp=FileStreamfid=263

Osmolarity and Osmolality in Chemistry

Osmolarity and Osmolality in Chemistry Osmolarity and osmolality are units of solute concentration that are often used in reference to biochemistry and body fluids. While any polar solvent could be used, these units are used almost exclusively for aqueous (water) solutions. Learn what osmolarity and osmolality are and how to express them. Osmoles Both osmolarity and osmolality are defined in terms of osmoles. An osmole is a unit of measurement that describes the number of moles of a compound that contribute to the osmotic pressure of a chemical solution. The osmole is related to osmosis and is used in reference to a solution where osmotic pressure is important, such as blood and urine. Osmolarity Osmolarity is defined as the number of osmoles of solute per liter (L) of a solution. It is expressed in terms of osmol/L or Osm/L. Osmolarity depends on the number of particles in a chemical solution, but not on the identity of those molecules or ions. Sample Osmolarity Calculations A 1 mol/L NaCl solution has an osmolarity of 2 osmol/L. A mole of NaCl dissociates fully in water to yield  two moles  of particles: Na  ions and Cl-  ions. Each mole of NaCl becomes two osmoles in solution. A 1 M solution of sodium sulfate, Na2SO4, dissociates into 2 sodium ions and 1 sulfate anion, so each mole of sodium sulfate becomes 3 osmoles in solution (3 Osm). To find the osmolarity of a 0.3% NaCl solution, you first calculate the molarity of the salt solution and then convert the molarity to osmolarity. Convert percent to molarity:0.03 % 3 grams / 100 ml 3 grams / 0.1 L 30 g/Lmolarity NaCl moles / liter (30 g/L) x (1 mol / molecular weight of NaCl) Look up the atomic weights of Na and Cl on the periodic table and add the together to get the molecular weight. Na is 22.99 g and Cl is 35.45 g, so the molecular weight of NaCl is 22.99 35.45, which is 58.44 grams per mole. Plugging this in: molarity of the 3% salt solution (30 g/L) / (58.44 g/mol)molarity 0.51 M You know there are 2 osmoles of NaCl per mole, so: osmolarity of 3% NaCl molarity x 2osmolarity 0.51 x 2osmolarity 1.03 Osm Osmolality Osmolality is defined as the number of osmoles of solute per kilogram of solvent. It is expressed in terms of osmol/kg or Osm/kg. When the solvent is water, osmolarity and osmolality may be nearly the same under ordinary conditions, since the approximate density of water is 1 g/ml or 1 kg/L. The value changes as the temperature changes (e.g., the density of water at 100 C is 0.9974 kg/L). When to Use Osmolarity vs Osmolality Osmolality is convenient to use because the amount of solvent remains constant, regardless of changes in temperature and pressure. While osmolarity is easy to calculate, its less difficult to determine because the volume of a solution changes according to temperature and pressure. Osmolarity is most commonly used when all measurements are made at a constant temperature and pressure. Note a 1 molar (M) solution will usually have a higher concentration of solute than a 1 molal solution because solute accounts for some of the space in the solution volume.

History Essay Modernity Example | Topics and Well Written Essays - 1250 words

History Modernity - Essay Example ctives that originates back to the origins for the purposes in a manner that would create objectivity for the purposes of embarking on reduction of feudalism in the region of Western Europe. It has the capabilities of conversion of modern societies for the establishment of the functionalities of modern world for ensuring the concept of globalization for the furtherance with amazing outcomes that is a source of transitional effects of history. The accent of this treatise is to embellish the concept of modernity for the purposes of ensuring an element that would create a philosophy of preponderance for ensuring modern outlook and thoughts as well as inspirations. The transitional phase can be described as a positive thrust for the emancipation of various processes that converge in the formation modernity for the exuberance that would embellish the token of success. In a society there are various processes and forces such as traditionalism, understanding of modernity with a balance between sobriety and style that would broaden the outlook and relevance. This aspect would accentuate a balance between perfection and eliciting the balance in the formation of thoughts for achievement of modernity. It should be appreciated for the development of the society for establishment of a remarkable example that would create various vistas and avenues for being in limelight to become a personality with sound judgment as well as astute thinking on the aspect of modernity. The objective is to follow in certain parts of the society traditionalism without compromising the benefits and achieve the happiness and freedom of modernity without sacrificing the value s and principles. Various schools of thought as well as various pronouncements of theorists that would enable the modern man to embark on a mission that would pave the way for amazing awakening for establishment of modernity. The awakening of thoughts and the process of transformation towards modernity would further accentuate a

Bringing a Global Perspective on Business Studies to IGCSE Essay

Bringing a Global Perspective on Business Studies to IGCSE Underprivileged Youths - Essay Example ‘Organizational structure’ refers to the people conducting and carrying out the processes within the Organization. It also describes the different functional areas within a corporation and how well they work together to complete their task in the most effective and efficient manner. It is well understood that organizational structure directly impacts the alignment between business units. This emphasizes the need for a fluent structure in order to streamline the business operations in a more complete manner that will allow for more efficient and effective operations. Having a good and complete organizational structure will lead to better a decision-making process in order to achieve long-term goals. The following parts will explain the hierarchical order of the organizational chart for this project, as well as a detailed elaboration of each of the main organizational roles.Simply defined, an organization chart is a graphical representation of the people in a project team and the relationships and linkages between them. The organizational chart here shows the duties and responsibilities of each individual involved in this project from a hierarchical perspective. This chart also gives an idea of what the flow of operations are and how it was throughout the term of the project. These positions in the organizational chart were the main ones held by the people implementing the whole project, and it would be important to note that there was a heavy interaction between these positions.

Central Nervous System Essay -- Biology, Cells, Retinogenesis

SPECIFIC AIMS The neural progenitor cells give rise to myriad cell types of the central nervous system during development [1]. However, the molecular basis of generation of diverse cell types from a single pool of progenitors is largely unknown. As a part of the central nervous system, the neural retina is an ideal model system to comprehend this mechanism because its cellular diversity also results from multipotent progenitors, the retinal progenitor cells (RPCs) [2-4]. During retinogenesis, RPCs pass through different competent stages, each characterized largely by a unique set of transcription factors and defining RPCs’ ability to generate specific cell types during sequential cell divisions [5-7]. This study is an attempt to further our understanding of how transcription factors direct RPCs to differentiate into retinal ganglion cells (RGCs), the cell that connect retina to the brain. It is known that the basic helix-turn-helix transcription factor Math-5 renders RPCs the competence to adopt an RGC fate [8-10]. It essentially acts by turning on the expression of the POU domain factor Pou4f2 and the LIM homeobox factor Isl1, both critical for RGC differentiation and survival [11-12]. However, not all Math5-expressing progenitors become RGCs [13]. Nor can Pou4f2 and Isl1 be the only factors governing the terminal differentiation of RGCs as a large proportion of Math-5 controlled genes is not regulated by them [12]. What factors specify RGC fate? What are those non-Pou4f2/Isl1 factors that take part in RGC differentiation? If we are to set a milestone in medicine by using cell replacement therapy to treat neurodegenerative diseases, such fundamental questions like these must be answered. Available evidences suggest that the tra... ...OC factors in RGC development. In the developing liver, OC factors control TGF-ÃŽ ² signaling [18, 21], which is pro-apoptotic in RGCs [23]. Therefore, an Inquiry into the retinal onecut/TGF-ÃŽ ² connection and its downstream consequences may further our understanding of the regulation of RGC apoptosis, which is disturbed in several degenerative diseases. Using qPCR, Western blot, and reporter assay, I will first assess if retinal TGF-ÃŽ ² signaling is enhanced in the absence of OC factors. Then using a rescue experiment, I will see if increased TGF-ÃŽ ² signaling accounts for the retinal phenotype seen in onecut-null mice. Finally, using in situ hybridization, IF staining and reporter assay, I will look into the relationship of OC factors with Math5, Pouf42, and Isl1 to establish their tentative position in the hierarchy of transcription factors that control RGC development.

Case Review: Linear Technology Essay

Linear Technology was based out of Silicon Valley and founded in 1981. The company specialized in design, manufacture and marketing of analog integrated circuits. Linear enjoyed a diversified customer base, with 33% of its business coming from the communications sector, 27% from computers, 6% from automotive, and 34% from various other applications. With their focus on the analog segment of the IC sector, which was characterized by custom designed products, it was imperative that Linear hires and retains talented people who were accustomed to out-of-the-box thinking and who could readily develop innovative techniques and products that would keep them competitive. Going IPO in 1986, Linear operated with a modest CAPEX. Additionally they enjoyed low obsolescence of equipment and techniques. This combined with their low R&D expenses led to margins that exceeded that of competing digital IC products. This is supported by Linear’s 7th seat positioning on the Philadelphia Stock Exchange Semiconductor Index (SOX). Linear’s net income was at its highest in 2001, when global technology spending was at its highest, and its lowest sales the following year. They still maintained positive cash flows and strong margins; this was accomplished through various mechanisms such as cost cutting aided by their variable cost structure. As of 2003 Q3, Linear was emerging out of the recession with strong financials. However, top line sales and net income remained lower than their high point in 2001. Due to political unrest throughout the World, the future of the tech industry remained unclear. Year over year growth in 2003 when compared to 2002 was good, but the company didn’t see a clear path to reaching 2001 levels. At the same time, they didn’t want to sacrifice margins in new markets like Asia. By 1992 Linear’s management was comfortable in their ability to sustain future cash flows, having been cash flow positive since IPO, and began issuing dividends of $.00625 per share (payout ratio: 15%). In 2002 LLTC  continued issuing dividends, despite the higher payout ratio (27.24%), as they didn’t want to lose favor with investors. It is likely that Linear viewed dividends as a way to stay in the portfolio of mutual funds and EU investors who strongly favored dividend-paying stocks. Simultaneously, Linear also began to buy back shares when interest rates were low or/and when market valuation of Linear stock was low. They were skeptical about paying out all or more of their cash in dividends as this could signal lack of growth potential. It is notable that many institutional investors held Linear stock, largest among which was Janus Capital. Linear wanted to be sure to send positive signals to their investors. With a large cash balance ($1.5 billion) and no debt, Linear was at a crossroads – they needed to know what to do with their cash. Their options were: 1) Invest in new projects, 2) Payout via dividends and/or repurchases, and 3) Save it for future investments in innovation and diversification. In this p per, we will analyze three different approaches in deciding Linear’s payout for Q3. Approach – 1 Cent Dividend Increase The analysis below assumes the decision to repurchase 165.7 million in stock will not be adjusted. The decision to be made is to either raise our dividend by one cent per share, or leave the third quarter dividend of .05 per share intact. Payout Decision Historically Linear has not increased dividends in Q3, so a conservative approach for the board would be to approve the continuation of the dividend policy from Q2. Continuing the status quo of .05 per share, the payout ratio would adjust to 27.48 percent of Net Income. Increasing dividend by one cent per share would increase the YTD payout ratio to approximately 29.31 percent for the three quarters (Exhibit 1), a modest increase. At $0.06 dividend per share, the total Q3 dividend payout will be $18.7 million, which will still be considered small by our institutional investors, given our large cash position. The adoption of the 1-cent increase will provide a full offering of 215.70 million dollars back to our investors in the form of dividends and stock repurchases as shown below: Paying the additional 1-cent would still be consistent with our long-term dividend strategy, but the total package will not be aligned with the requests of some of our largest investors. Available Cash to Distribute At this point it is important to note that the firm will be paying out more to the shareholders via share buybacks and dividends, than the firm has available to the equity holders through its operations. This overpayment holds true if the firm holds the dividend at .05, or increases it to .06. The firm has generated a total of 207.5 million FCFE dollars, but would be choosing to payout a total of 215.7 million given the decision to increase the dividend by one cent. Staying committed to the .05 dividend reduces this figure by only three million. Cash Needs and Agency issues Surplus cash to address any unforeseen needs will readily be available by adopting the conservative one-cent increase plan. Increasing the dividend to .06 includes holding on to almost 100 percent of a very large cash position, and therefore provides little pressure to identify such future cash needs. Signaling Linear’s sales are trending upward since the 2002 decline, but the immediate future is still not clear. The adoption of this conservative plan would continue their strategy of consistently signaling a message of safety and consistency of cash flows to their investors, yet provide options for our turbulent times. Other uses for this cash such as improved employee incentives, training, and workplace improvements should also be considered. Other Considerations The drawback for adopting the conservative plan without addressing the concerns of Janus and other like-minded investors could signal that they are not quite ready to suggest that their recent troubles are behind them. If we do choose this plan, a carefully crafted message to address investor concerns should be communicated to investors as quickly as possible. Additionally, other approaches such as one-time share buybacks and special dividends should be considered to address the concerns of Janus and other firms that share their view on Linear’s current cash position. We address these in Approach 2, 3 outlined in the sections that follow. Approach – 2 Payout all of Linear Technology’s Cash 1 In this section, we consider an alternate payout strategy in which Linear returns all of its 1.5 billion to its shareholders, by either (a) Paying a special dividend of $5.01 per share, or (b) Repurchasing about 50 million shares. (a) Special Dividend of $5.01 per share One goal of the special dividend will be to show investors that Linear is in a good position and to buy shares from Linear Technology is not comparable with the risk normally associated with the purchase of shares from technology companies. Additionally it signals to the market that Linear is serious about sharing its wealth with its shareholders. With these higher overall payouts, Linear Technology can reach investors that have specific income goals. Share price In case of a dividend announcement, demand for shares will rise. If investors know that a certain dividend amount will be paid, the share price increases by that amount (Law of One price). In this case, the current share price is $30.87 and dividend announced will be $5.01; hence the share price cum dividend can be expected to increase to $35.88. 1 Exhibit 4 shows calculations for numbers presented in this section Firm value Depending on the time until the dividend is paid, not the whole amount of dividend is added to the share price. If there is still a certain period of time until the dividend is paid, only the net present value of the dividend will be added to the share price. It also can be said that the closer the payment of the dividend gets, the more the amount of the total dividend payment is added to the normal share price. That also means that consequently the market value of equity also will rise. At the day ex-dividend day the share price will drop below the level of the pre-announcement day because the dividend as driver of the rising demand had been paid. The additional value of $5.01 that was is not part of the share value any more. The dividend, as part of the equity, is paid to the shareholder. Therefore, the dividend policy as a whole will not be a decisive factor in the firm’s value. Payout ratio However, in this scenario the payout ratio becomes a ridiculously high 945% (Exhibit-4), which is very high compared to peers. (Exhibit 2) Signaling By deploying capital through an increased dividend versus a share repurchase, management is signaling that Linear’s stock is fairly valued in the market. However, If Linear increases its dividend too much say by giving out all the cash as dividends, management could signal to the market that it believes the company’s growth is slowing and there are no new positive NPV projects for the company to invest in. However, this may help send a positive signal that the company is confident about generating positive cash flows for its operational and investment needs. Since profits of Linear Technology this quarter was far lower than that last year, a huge special dividend may help the investors regain faith in the company. Agency problems Increasing dividend is also a good way to reduce agency costs. With large amount of cash balance in hand, managers’ control over the capital becomes larger. Paying dividend to the investors is an efficient way to get additional monitoring of the capital, and thus make it less attractive to managers to invest the money in projects that will reduce the benefits of the shareholders. Tax Clientele With this very high dividend, the company may attract more European and/or mutual fund investors, but it may generally upset Institutional investors who do not have tax exemptions. Also, the announcement of a dividend may prompt older and poorer investors to buy more of Linear’s stock. (b) Share repurchase Share price and Shares outstanding Linear can repurchase 50.7 (16.23% of common shares) million common shares by spending all of its cash. When they do that, the number of outstanding shares will be 261.7 million. Historically, the stock price of companies has risen following a share  repurchase announcement as it can boost EPS. In this case EPS increases to $0.65. (Exhibit-4) Signaling By deploying all of its capital towards share repurchases, management can signal the market that its stock very undervalued. Linear has had a positive cash flow over the years and they have an opportunity with a net cash of $1.5 billion to bridge the supposed valuation disconnect by accelerating share repurchases. In summary, if the company goes out with a big stock buyback or special dividend, it will send a signal to investors that the company, is no longer a growth company, and stock value may decrease Approach – 3 Payout 50% of Linear Technology’s Cash2 Considering that management does not have a good line of sight into the future at this point, paying out all of Linear’s cash may be a risky move. Hence, in this section we look at a less aggressive approach that lies between preserving their cash balance (Approach 1) and paying out all of their cash (Approach 2). In evaluating this approach, we have assumed that Linear will need to keep up its quarterly dividend at $0.05, and the remainder of the cash after accounting for this quarterly dividend is available for either a special dividend or a share repurchase. The following section analysis the effect of paying out 50% of the remaining cash reserves either in the form of a special dividend of $2.51 or by repurchasing 25.35 million shares. EPS and Share Price If we were to repurchase shares using 50% of the cash, the EPS will increase from 0.55 to 0.59 close to the 2002 numbers of 0.62. Using a price/earnings ratio of 56.53 in 2003 (Exhibit-3), we can estimate the share price to increase to 33.65 with this increased EPS, cum dividend. If we were to pay out a special dividend of $2.51 per share instead, the share price cum dividend could be estimated to be a closely comparable $33.38 (Exhibit-5). EPS will be 0.55, very close to Q2 levels (0.54). Payout Ratio The dividend payout ratio in the case of the special dividend will be close to 486.3% (Exhibit-4) which is once again much higher than all of Linear’s peers (Exhibit-2). In contrast, with a share repurchase, the payout ratio remains at level consistent with previous quarters at 27.5%. 2 Exhibit 4 shows the calculations for numbers presented in this section Firm value and Shareholder wealth Repurchases will help alleviate some of the dilution of the EPS arising out of options awarded to employees and managers, considering that Linear’s incentives for all employees include stock options. On the other hand, dividends will help distribute the wealth more evenly among all investors, while repurchases cause an uneven distribution as the shareholders who do not sell will see a drop in book value of the shares, from $5.01 to $3.23 (rough approximation based solely on cash assets – Exhibit 5. Tax Clientele With the new rules that stipulate equal taxation rate of 15% for Capital gains and OIC, there are no quantifiable advantages one way or the other with respect to the decision to payout either in the form of a special dividend or repurchases. There may however, be some psychological impacts to be considered depending on preferences of the shareholders. For example, if the vast majority of shareholders belong to the older demographic, they may prefer it if the stock paid dividends. Signaling Linear’s investors are used to getting a dividend, and seeing periodic repurchases. Additional payouts of cash help increase ROE and reduce shareholders’ risk premium. At current low interest rates on cash (as of 2003), paying out at least some of the cash balance appears to be in the best interests of the shareholders. Though high payouts may signal that the company is lacking growth potential, it helps send a positive message that the company is keen on sharing its wealth. This message of being a â€Å"cash-cow† is better compared to the image of a company that is hoarding its wealth. Peers A quick look at Maxim’s financials indicates that they have started sharing their cash with their shareholders – in 2002 their cash returned was over 200% of their FCFE (Exhibit-2), and their cash reserves reduced by 455 million. They appear to have used that cash in repurchases in an effort to concentrate their wealth among a smaller number of shareholders, at the same  time they managed to increase their top line numbers significantly, even compared to 2000. By sharing half their cash with their shareholders, Linear will be able to put itself on par with this close competitor. Agency issues and other considerations One time special dividends don’t need to be kept up, so are essentially similar to repurchases in that respect. However, repurchases help boost EPS and prevent dilution, both of which have longer-lasting effects. In this respect a repurchase may be better than a dividend. As far as agency issues go, retaining 50% of the cash position may not provide as much incentive to work harder on identifying positive NPV projects, as expending 100% of the cash, but will work much better than retaining almost all of the cash as in Approach 1. Our Recommendation for Linear Our recommendation to Linear is to maintain status quo with respect to dividends – pay the quarterly dividend of $0.05 per share, and to buy back 25.35 million shares using half the cash balance. Dividends consistent with previous quarters of 2003, are recommended to avoid any adverse market reactions, while the company works on figuring out their strategy to increase top line sales and earnings to the 2000-2001 levels or better. Cancelling the dividend altogether or paying less than last quarter is not an option, as this would be perceived very negatively by the market. Historically, Linear has never increased dividends in the Q3 compared to Q2; hence it is safe to maintain a dividend of 5 cents per share as in Q3. Additionally, as shown in Exhibit-2, Linear already pays more dividends compared to peers, including their close competitor Maxim. Paying out all of the cash may deprive the company of the required levels of liquidity. Given that the analog semiconductor industry requires constant innovation and considering opportunities for new ventures such as entering the Asian market, it is safe to assume that the company should keep some cash reserves to account for unknowns. Linear is well aware that they need to expand their business and find ways to increase top line numbers, so keeping some cash, and supplementing it with capital from debt or/and equity markets is worth looking into. This forms the basis of our reasoning for recommending the use of only 50% of the cash balance to repurchase shares. Additionally, by repurchasing shares, Linear will be able to still sufficiently signal to the market that the stock is undervalued. At the same time, by maintaining some of the cash balance, they additionally signal the existence of profitable positive NPV projects for Linear to pursue. Considering the industry characteristics, and the stagnation reached in top line revenues, Linear will need to look at innovation and new markets, both of which could bring dramatic increases in growth. In light of this, we are convinced that the EPS boosting effect of a share repurchase is more valuable to Linear at this point, than the effects of an equitable distribution of shareholder wealth via special dividends.

Long Term Management Plan After 45min Consultation

We would like to consider this patient as a whole instead of 2 different illnesses. This patient is chronically depressed and recently being diagnosed with stage 3a Non Small Cell Lung Cancer. It is very difficult to formulate long term management plan after 45min consultation because information available about patient expectations and concerns are limited. In order to arrange patient centered management , patient participation is very important, because patient had stopped antidepressant and counselling prematurely, it could have been due to lack of patient involvement during the treatment choices and poor therapeutic relationship with the physician. Firs all, It is very important to establish a good rapport with the patient , because this patients doesn’t have pleasant experience with the conventional medical treatment, considering severity of his condition and available treatment modalities, conventional treatments are the first line options to be considered. Alternativ e treatments can be considered as an adjuvant therapies to conventional plan to minimize adverse effects or improve the quality of life. So, this long term plan is just a hypothetical sketch, which addresses key challenges, most appropriate therapeutic choices for best outcome of the patient health.The most difficult challenge in this patient is lack of time; How long you can wait to improve patients depression and energy level? ; Because waiting might have injurious to his health, and jeopardizeShow MoreRelatedA Project Study on ‚Äà ²Recruitment and Selection in Ims Learning Resources Pvt. Ltd‚Äà ´11571 Words   |  47 Pagesmost important thing is that enterprise grows, diversifies, and takes over other units-all necessitating hiring of new men and women. In fact recruitment functions stop only when the organization ceases to exist. To understand recruitment in simple terms it is understood as process of searching for obtaining applications of job from among from whom the right people can be selected. To define recruitment we can define it formally as it is a process of finding and attracting capable applicants for employment