Impact of Capital Structure on Financial Performance of Real Estate Essay - 1

Impact of Capital Structure on Financial Performance of Real Estate Firms Listed In Chinese Stock Exchange - Essay Example The study analyses the listed firms based on the following objectives The study is a descriptive research design that explores the capital structure of companies listed in the Chinese stock exchange in seeking to describe their impact on the financial performance of the same companies. Information about 20 companies was collected from the official website of the Shanghai Stock Exchange (SSE). The companies were selected in accordance to the composite index of the SSE, to ensure the findings can be generalised to other firms. Quantitative data analysis methods have been utilised in analysing the data gathered form the research with regression analysis being utilised to enhance the quality of the research findings. . Different financial ratios of companies have been calculated and an industry average determined. The ownership of the listed firms is mainly by the government and legal institutions who own 28% and 24% respectively. The total debt and long term debt of the listed companies is 50.49% and 10.15% respectively. The equity over fixed asset ratio for the companies is at 92.77%. There has been a significant drop in the return on assets value which is currently at 9.74%. Chinese firms have an average liability of about 45% while the average liability of the G-7 countries in 54%. Most of the Chinese companies listed on the SSE utilise a short term financing options and this has been the man characteristic of their capital structure. The capital structure adopted by these firms has the greatest impact on their performance. The companies listed in the SSE have been posting high profits and have financial debts which are lower than the average industry level. These firms are mainly financed through equity capital which is not a debt. Low debts have had a significant effect in resulting to the high profits since there is a reduced level of interests paid, ensuring the

Water Scarcity is a Real Threat Essay Example for Free

Water Scarcity is a Real Threat Essay The next war ripping across continents may well be triggered by water scarcity. Already a third of the world is suffering from water shortages. Ironically, rainfall has been adequate. The water is there. But what has gone awry is its management. Water scarcity in Asia and Australia alone affects a fourth of the world’s population and is triggered by over-usage whereas in Africa, it is lack of adequate infrastructure that wreaks havoc. Water scarcity around the world has come about primarily due to quintessentially wasteful practices that have seeped into present-day agriculture which sadly mops up 80% of fresh water. Over the past 100 years, water usage has gone up by six times globally, and is threatening to double again by the year 2050, driven mainly by demands of irrigation and increased agricultural activities. Current methods of irrigation will have to be urgently revisited and more efficient means reinvented. Problems of water scarcity can best be addressed by better efficiency in its utilisation, recycling, pricing of water (and the electricity used for lifting and conveying the water) where not already in vogue, transportation without losses, leaks and pilferage, and through education of the perils of the dangers to all humanity that is presently straining at the tethers due to the current reckless abandon with which it has been mismanaged. Interestingly rich nations like Australia are not immune to water scarcity. An urban Australian on the average trashes 300 litres of water daily and the European notches 200 litres, while the sub-Saharan African makes do with less than 20 litres a day. On the other side, one never ceases to marvel at Israel, which has truly mastered the art and science of water and its sustainable utilisation, conservation and augmentation. For a country that receives a best average rainfall of about 700 mm annually (in the Zefat region in the northern mountainous terrain), its agricultural productivity puts to shame any other agricultural economy. Here, efficiency of farm production is calibrated against water used for irrigation and a deterrent placed on its wastage. With agriculture being the main culprit for abysmal water scarcity, one should look up to advances in genetic engineering that has notched a few successes in ameliorating this acute paucity of water by suitably altering the plantâ€⠄¢s architecture, reduced need for water through modifications of internal anatomy and adjustments of crop physiology, besides enabling plants to survive and succeed in saline, salty and harsh environments. Improving the efficiency of agricultural production and water use are fundamental to any blueprint for a sustainable and equitable growth. The Murray-Darling that runs through Australian agricultural heartland has been steadily receding, triggered in part by an unprecedented string of droughts and exasperated by incessant siphoning for irrigation purposes. The Mekong, running through Laos, Cambodia, Thailand and Vietnam is another startling example of how a once life-sustaining force could threaten the very communities that it once helped found and nurture. Nearer at home the muffled rumblings that one hears from time to time in some high-fluted national seminar where the wind bags wax eloquently of the virtues of linking rivers to ward off a cataclysmic disaster in the making is all hog wash. The idea of ‘linking rivers’ is a dated notion, tracing its origins to Sir Arthur Cotton in the 19th century. Akin to Captain Dastur’s ‘Garland Canal’, Dr K L R ao’s proposal of a Ganga-Cauvery Link was another idea that was just as handsomely popular as it was ridiculously impractical! Rao’s plan envisaged the link to take off near Patna, pass through the basins of the Sone, Narmada, Tapi, Godavari, Krishna and Pennar rivers before joining the Cauvery upstream of the Grand Anicut. Traversing 2,640 km, 60,000 cusecs of water were to be drawn from the flood flows of the Ganges for 150 days in the year. A substantial part of that water was to be lifted over 450 metres. The scheme was abandoned for its huge financial costs and large energy requirements, besides the colossal misery that it would have wreaked on hapless hamlets and populations of people in the millions along the trail of this grandiose link. Techno-economic viability apart, diversion of waters from the Ganges would have unfailingly embroiled India in an international dispute with neighbouring Bangladesh for such a flagrant violation. Based on environmental impact assessments, multi-criteria cost/benefit analyses, qualitative assessments of non-quantifiable considerations and rigorous investment appraisals, the National Commission on Integrated Water Resources Development Plan summarily rejected all but one of the river-linking proposals with the conclusion that the â€Å"the assessed needs of the basins could be met from full development and efficient utilisation of intra-basin resources except in the case of Cauvery and Vaigai basins†. A PIL filed in the Supreme Court in 2002 elicited a direction to accelerate the ‘linking of rivers’ by the learned judiciary. Debatable as the propriety of judicial directions on such a subject might be, the process brought to the fore a staggering revelation of cost of the order of Rs. 5,60,000 crore, according to one estimate! As a country, we simply don’t enjoy that kind of a luxury. Instead of frittering away our limited resources on such grandiose s chemes, we’d do well to channel our energies on micro-projects that collectively aim at conservation of water and promote its sustainable use through judicious management. The success of rain-water harvesting schemes in some of our states and the resultant improvement of ground water is a case in point. Likewise, the de-silting and strengthening of temple tanks and community water bodies ought to be practiced beyond symbolic gestures of photo-ops for the politically inclined. Polluting users of water sources need to be provided alternate, technology-driven solutions and continued intransigence must attract severe penalties under the law. Populist measures of providing free use of electricity and water for agriculture must be weaned down and agricultural productivity must reflect efficient use of energy and water inputs. Water shortage hinders total sanitation project Though 50% of village panchayats have achieved 100% total sanitation and got the Nirmal Puraskar tag, defecation in the open still continues and is more evident in the plains areas of the district. According to total sanitation project officer Taranath, 65 village panchayats out of 226 have received this award from the Union government and panchayats with a population of 5,000 and above got Rs 5 lakh and panchayats below 5,000 got Rs 2 lakh cash awards with citations. He said 35 panchayats are ready to get this award as they have fulfilled all the required parameters. When TOI visited some village panchayats in the plains, the toilets constructed were being used for some other purpose and families still prefer defecating in the open. In many houses, toilets have been converted into small godowns to store agricultural seeds, manure or other materials. When asked why they werent being used for the original purpose, they attributed this to water scarcity. Many said they arent getting enough drinking water for domestic use itself. In Malnad region, this programme has gathered momentum and some villages have been achieved 100% total sanitation. Sringeri and Narasimharajapura taluk in this area have been declared total sanitation taluks. Koppa taluk is just short of three panchayats to get this prestigious tag. The project was started in 2005 and so far 1,44,808 families have shown interest in constructing their own toilets in the backyard but 1,33,362 families are yet to get converted to this idea. For BPL families, the government gives Rs.3,500 as subsidy to construct toilets but even these families are not ready to have their own toilets. Water scarcity affects business of 60% Indian companies: An overwhelming majority of Indian companies consider water scarcity an increasing business risk, prompting them to conserve the commodity, a survey has revealed. As many as 83% respondents identified inadequate availability of water as a major risk to their business, in a survey of 27 major industrial sectors conducted by the US-based Columbia Water Center in association with industry lobby FICCI. While 60% respondents said inadequate availability of water was already impacting their business, 87% said the scarcity would impact their business 10 years down the line.

Pro-Child / Pro-Choice: An Exercise in Doublethink? by Judith A. Boss E

In her essay â€Å"Pro-Child / Pro-Choice: An Exercise in Doublethink?† Judith A. Boss deconstructs the argument supporting legalized abortion on the basis that it is beneficial to children in general. Boss presents the oft-used slogan of the pro-choice position, â€Å"Pro-Child / Pro-Choice†. She maintains that this slogan seems closely related to â€Å"newspeak†, which she characterizes as â€Å"†¦vocabulary pared down to a minimum so that whole ideologies are expressed in a single slogan†¦Ã¢â‚¬  (156-7). The term â€Å"newspeak† comes from George Orwell’s 1984. In the novel, these simplistic slogans serve to perpetuate â€Å"doublethink†, which entails, as Orwell writes, â€Å"holding two contradictory beliefs in one’s mind simultaneously and accepting both of them† (156). Boss also explains, â€Å"Doublethink is maintained by a refusal to examine the assumptions and facts supporting one’s beliefsâ₠¬  (156). In order to weaken the pro-child/pro-choice position, Boss begins by presenting the â€Å"assumptions and facts† supporting it. Boss states that the basic assumption behind the pro-child /pro-choice position is the belief that â€Å"†¦the exclusion of humans prior to birth from the protection of the moral and legal community, thereby leaving the choice of carrying a pregnancy to term entirely up to the woman, benefits children† (157). Boss creates two categories of children and presents the possible benefits that abortion-on-demand provides. The first category, the unborn child, benefits because his or her â€Å"†¦ abortion will spare him or her a life of misery† (157). On the other hand, the second category, the born child, benefits because he or she â€Å"can enjoy a higher quality of life and paternal love unhindered by the presence of burdensome siblings who were... ...recognizes that the true utility that legalized abortion serves may lie in the benefits that it presents to women and that those benefits may appear in the form of social empowerment. It does seem that since 1973, women have been able to empower themselves in the occupational realm. However, Boss leads us to ask ourselves if this professional empowerment of women has come at any cost. In order to understand the true utility of allowing abortion-on-demand, one must weigh all the consequences it creates. It seems though that we have not appropriately measured the consequences of ensuring abortion-on-demand. Questions: How is doublethink mutually exclusive with the correct use of utilitarian theory? What positive consequences, if any, come from ensuring abortion-on-demand? How does one ensure that every child is a healthy child? Is it even possible?

Adolescent Period Essay

At many points in life, one can wonder if it can get any harder, but at what stage is life truly at its hardest. There four main stages in life are childhood, adolescence, maturity and old age. At what point in life can one make something spectacular of his life, or lose it all. There are times where excess amounts of stress can cause problems, or lead people to their own problems such as alcohol. Where is the stage where one can face the most stress, the most challenges and still be undergoing many physical changes at the same time? Adolescence is considered by many to be the most fun years of our lives, yet it is also the time where we can face to most stress and our decisions during this time can affect us for the rest of our lives. One of the toughest things about adolescence is the pressure one may face during this crucial stage of life. The pressure to succeed may come in many different forms, or even many different people. One could pressure themselves to do get straight A’s in school, or their own family could be the culprits of the excess pressure. See more: Homelessness as a social problem Essay While a little bit of pressure may be good, too much of it can cause stress on teenagers that are already stressed out from all of the changes they have to face. There was a parent who tried to strangle his son’s hockey coach because his son wasn’t getting enough ice time. What is a thirteen year old kid supposed to do at their next practice? Even if a teenager is succeeding at a high level in sports, they may only be doing it to please their parents. Many teenagers do things that they do not appreciate just to please their parents because they feel pressured to do so. All this excess pressure can cause someone to be stressed out. This stress can cause one to not live up to their own expectations, never mind their parents own expectations of them. This is the stage where you have the potential to live up to your own expectations, or ruin your own goals. There are many challenges one can face as they go through high school. One can fail to achieve the marks necessary to move on to the post-secondary college they want for themselves. Your pathway may be derailed by factors such as drugs or alcohol. Almost all teenage kids get faced with peer pressure to fit in and have a drink or smoke a joint, but these are things that can affect your future. If one gets addicted to drugs, they will have a steep mountain to climb to get to where they want to be. Within the few short years of adolescence, one can exceed their own expectations or set themselves up for failure in the future. One of the most difficult parts of adolescence is when one wants to be treated like an adult, but they get no respect from their parents. Some parents act as if their teenage kids are inferior to them, and treat them as if they are children. The teenagers think of themselves as adults who are equal to their parents, so when those parents treat them like children, they act out. The teenagers want more control in their life, even if they are not ready to handle that load. One of the biggest arguments might be about curfews. Parents want their child to be safe, but the teenager wants to do what they want even if it is not the best thing ever. This can often cause rifts between the parents and their teenager, which is another reason for stress during â€Å"the best years of our lives† All of the excess stress that is placed upon one person during this crucial time during adolescence makes teenagers deal with much more than they are capable with. The decisions we make can affect us for years to come, even if we do not think they will. Teenagers are expected to achieve high marks, compete in sports and sometimes work a job on top of that. This causes boatloads of stress on one person, and they are not ready for it. Sometimes ones only goal in high school is to fit in, so one will do anything even if it is harmful to their future. If one does not fit in, they may face challenges such as suicide or drugs, but they will not ask for help from their family. The biggest reason adolescence is the hardest stage in life is because of the sheer amount of change one faces as they transition between childhood and maturity.

Digging Essay

Nidhi Ranjalkar English 10 Block E Ms. Wilkins 30/08/2012 DIGGING The poem ‘digging’ is the first in poet Seamus Heaney’s collection ‘Death of a Naturalist’ (1966). This poem has a free structure, which allows the poet to express his feelings of pride and the value of his as well as his ancestors’ work.The poet may not be following his father and grandfather’s footsteps in the area of work which is potato farming but that doesn’t mean he does not respect, value and take pride in the work that they did. This poem clearly reflects the complex feelings of a son who has chosen to break away from the family tradition and forge a new path for himself. The author talks about the family’s potato farm. Through this poem he shows respect and pride towards their work. He succeeds by painting a scene using different types of imagery.He uses visual, auditory, olfactory and tactile imageries to paint a picture. This technique makes reade rs feel present as if they had just stepped into the moist potato field. The title ‘Digging’ refers to the act of hard labour. The reader can immediately picture a scene of a man hard at work digging the ground. Seamus Heaney is not a farmer. He does not dig the ground for potatoes nor does he work in the hot fields every day. He is an author who uses his pen to dig deep into his surroundings, deep into the emotions and convey them through his writing.Heaney starts off the poem by comparing his pen to a gun. He uses this image to convey the idea of ‘the pen is mightier than the sword. ’ He uses this visual imagery to tell his readers that he uses his pen, as his ancestors’ used their spade, to make a living. Also by the line â€Å"The squat pen rests, as snug as a gun,† we get a feeling that Heaney likes his work and doesn’t mind earning his living by writing. Digging in the hot fields is no easy task. It is tiring, frustrating and toug h.Heaney understands this and to show it he uses words like ‘gravely ground’ and ‘straining rump ‘where he emphasizes on the adjectives like ‘gravely’ and ‘staining’. When he says â€Å"Till his straining rump among the flowerbeds, Bends low† we can visualize an old man with a heavy spade in his hand, sweating, bending low, straining his back, digging. He uses that line to explain how hard his father worked and this line also reflects a bit of his pride for his father who worked tirelessly in the farms every day.Heaney also uses olfactory imagery to give the readers a feeling of the scene. â€Å"The cold smell of potato mould, the squelch and slap of soggy peat†¦Ã¢â‚¬  emanates an odor of potato mould, soggy peat and it helps imagine the scene to understand the poem. By doing this Heaney manages to bring the scene alive and the reader feels as if he is standing near the potato field can smell these odors and the reader ’s face immediately scrunches up in disgust.Heaney also uses tactile imagery to give us a sense of touch which helps us to make a connection. â€Å"Loving their cool hardness in our hands† shows the readers that he and his ancestors’ are satisfied with their work and take pleasure in doing it. The poet talks about loving the cool hardness of the potatoes in his hands. It also shows us the sense of happiness and satisfaction experienced by the father and the grandfather after their work has been done and successfully completed. Digging’ by Seamus Heaney is a poem based on the different work line between the past and the present generations and the value of hard work and determination for all work whether it is ours or not. The poet uses all these imageries to paint a clear scene in our minds which makes us appreciate the poem better. It also gives us a better understanding of what the poet is trying to say. Through his use of imagery, Heaney communicates h is ancestors’ determination, the advantages of hard work and the importance of loyalty to one’s family.

The History of Port Royal, Jamaica

The History of Port Royal, Jamaica Port Royal is a town on the southern coast of Jamaica. It was initially colonized by the Spanish but was attacked and captured by the English in 1655. Because of its excellent natural harbor and critical position, Port Royal quickly became a significant haven for pirates and buccaneers, who were made welcome because of the need for defenders. Port Royal was never the same after a 1692 earthquake, but there is still a town there today. The 1655 Invasion of Jamaica In 1655, England sent a fleet to the Caribbean under the command of Admirals Penn and Venables to capture Hispaniola and the town of Santo Domingo. The Spanish defenses there proved too formidable, but the invaders did not want to return to England empty-handed, so they attacked and captured the lightly fortified and sparsely populated island of Jamaica instead. The English began construction of a fort on a natural harbor on the southern shores of Jamaica. A town sprang up near the fort: at first known as Point Cagway, it was renamed Port Royal in 1660. Pirates in Defense of Port Royal The administrators of the town were concerned that the Spanish could re-take Jamaica. Fort Charles on the harbor was operational and formidable, and there were four other smaller forts spread around the town, but there was little manpower to defend the city in the event of an attack truly. They began inviting pirates and buccaneers to come and set up shop there, thus assuring that there would be a constant supply of ships and veteran fighting men on hand. They even contacted the infamous Brethren of the Coast, an organization of pirates and Buccaneers. The arrangement was beneficial for both the ​pirates and the town, which no longer feared attacks from the Spanish or other naval powers. A Perfect Place for Pirates It soon became apparent that Port Royal was the perfect place for privates and privateers. It had a large deepwater natural harbor for protecting ships at anchor, and it was close to Spanish shipping lanes and ports. Once it started to gain fame as a pirate haven, the town quickly changed: it filled up brothels, taverns and drinking halls. Merchants who were willing to buy goods from pirates soon set up shop. Before long, Port Royal was the busiest port in the Americas, primarily run and operated by pirates and Buccaneers. Port Royal Thrives The booming business done by pirates and privateers in the Caribbean soon led to other industries. Port Royal soon became a trading center for slaves, sugar and raw materials such as wood. Smuggling boomed, as Spanish ports in the New World were officially closed to foreigners but represented a huge market for African slaves and goods manufactured in Europe. Because it was a rough-and-tumble outpost, Port Royal had a loose attitude towards religions, and soon was home to Anglicans, Jews, Quakers, Puritans, Presbyterians, and Catholics. By 1690, Port Royal was as large and important a town as Boston, and many of the local merchants were quite wealthy. The 1692 Earthquake and Other Disasters It all came crashing down on June 7, 1692. That day, a massive earthquake shook Port Royal, dumping most of it into the harbor. An estimated 5,000 died in the quake or shortly after that of injuries or disease. The city was ruined. Looting was rampant, and for a time all order broke down. Many thought that the city had been singled out for punishment by God for its wickedness. An effort was made to rebuild the city, but it was devastated once again in 1703 by a fire. It was repeatedly hit by hurricanes and even more earthquakes in following years, and by 1774 it was essentially a quiet village. Port Royal Today Today, Port Royal is a small Jamaican coastal fishing village. It retains very little of its former glory. Some old buildings are still intact, and it’s worth a trip for history buffs. It is a valuable archaeological site, however, and digs in the old harbor continue to turn up interesting items. With increased interest in the Age of Piracy, Port Royal is poised to undergo a renaissance of sorts, with theme parks, museums and other attractions being built and planned. Famous Pirates and Port Royal Port Royals glory days as the greatest of the pirate ports were brief but noteworthy. Many famous pirates and privateers of the day passed through Port Royal. Here are some of the more memorable moments of Port Royal as a pirate haven. In 1668, legendary privateer Captain Henry Morgan departed for his famous attack on the city of Portobello from Port Royal.In 1669, Morgan followed up with an attack on Lake Maracaibo, also launched from Port Royal.In 1671, Morgan made his greatest and final raid, the sacking of the city of Panama, launched from Port Royal.On August 25, 1688, Captain Morgan died in Port Royal and was given a send-off worthy of the greatest of the privateers: warships in port fired their guns, he lay in state at the Kings House, and his body was carried through town on a gun carriage to its final resting place.In December of 1718, pirate John Calico Jack Rackham captured the merchant ship Kingston within sight of Port Royal, infuriating local merchants, who sent bounty hunters after him.On November 18, 1720, Rackham and four other pirates who had been captured were hanged at Gallows Point at Port Royal. Two of his crewmates -   Anne Bonny and Mary Read  - were spared because they were both pregna nt.On March 29, 1721, infamous pirate Charles Vane was hanged at Gallows Point in Port Royal. Sources Defoe, Daniel. A General History of the Pyrates. Dover Maritime, Paperback, Dover Publications, January 26, 1999. Konstam, Angus. The World Atlas of Pirates. Guilford: the Lyons Press, 2009.

What Should Be Included in a Recommendation Letter

What Should Be Included in a Recommendation Letter Before we get into what should be included in a recommendation letter, lets explore different types of recommendation letters and take a look at who writes them, who reads them, and why theyre important.   Definition A recommendation letter is a type of letter that describes the qualifications, achievements, character, or capabilities of an individual. Recommendation letters are also known as: Letters of recommendationReference lettersJob referencesAcademic referencesCharacter referencesLetters of reference Who Writes Them People who write recommendation letters typically do so at the request of an individual who is applying for a job or a space in an academic program (like a college of business school degree program). Recommendation letters may also be written as character evidence for legal trials or other situations requiring investigation or assessment of a persons character. Who Reads Them People who read recommendation letters do so in hopes of learning more about the individual in question. For example, an employer may ask for a recommendation to learn more about a job applicants work ethic, social aptitude, past work responsibilities, and professional skills or achievements. Business school admissions committees, on the other hand, may read business school recommendations to assess a program applicants leadership potential, academic capability, work experience, or creative abilities. What Should Be Included There are three things that should be included in every recommendation letter: A paragraph or sentence explaining how you know the person you are writing about and the nature of your relationship with them.An honest evaluation of the persons characteristics, skills, capabilities, ethics, or accomplishments, preferably with specific examples.A statement or summary that explains why you would recommend the person you are writing about. 1. Nature of the Relationship The relationship of the letter writer and the person being recommended is important. Remember, the letter is meant to be an evaluation, so if the writer is not familiar with the person that they are writing about, they cant offer an honest or thorough evaluation. At the same time, the recommender shouldnt be  too  close or familiar with the person being recommended.  For example, mothers should not write job or academic recommendations for their children because mothers are essentially obligated to say nice things about their children. A simple sentence describing the relationship is a good way to start the letter. Lets look at a few examples: I have worked as Jans direct supervisor for the last five years.Eddie was in my AP English class last year.I was Jamals debate coach for three years.I met Amy three years ago at the community food bank where we both volunteer.   2. The Evaluation/Assessment The bulk of the recommendation letter should be an evaluation or assessment of the person you are recommending. The exact focus will depend on the purpose of the letter. For example, if you are writing about someones leadership experience, you should focus on their role as a leader, their leadership capability, and their achievements as a leader. If, on the other hand, you are writing about someones academic potential, you might want to offer examples of that persons academic achievements or examples that demonstrate their potential and passion for learning. The person who needs the recommendation can help direct content by explaining exactly what they need the recommendation for and what aspect of themselves or their experience should be evaluated. If you are the letter writer, make sure this purpose is clear to you before you begin writing the letter. If you are the person who needs a recommendation, consider writing up a short, bulleted list that explains why you need the recommendation and the subject of the assessment. 3. The Summary The end of a recommendation letter should summarize the reason why this particular individual is being recommended for a specific job or academic program. Keep the statement simple and direct. Rely on the earlier content in the letter and identify or summarize the reason why the individual is a good fit.