Presumed Innocent Essays - English-language Films, Films

Presumed Innocent Scott Turow writes an engrossing book based on love, obsession, and the legal system. In the beginning the protagonist character, Rusty Sabich, a District Prosecuting Attorney (P.A.) begins the story in first person speaking about what is expected of him as a P.A. His voice gives reason that he is unhappy and lacks faith in the legal system. Rusty has been accused of a horrible crime, rape and murder. Turow's story depicts a typical situation of a person being set up. The ending will ravish your outlook on love and infidelity. Rusty speaks of his sorrow for a peer who has been raped and murdered. Her name is Carolyn Polhemus. She was a Deputy Prosecuting Attorney for Kindle County. She was known to excel in her job of prosecuting rapist and her reputation became that of a slut. Raymond Horgan, the acting P.A. and Rusty Sabichs' boss asks him personally to investigate her murder. Rusty and his co-worker, Lipranzer "Lip", talk over the case and decide that it would be best to start with the men that Carolyn had put behind bars. This inquiry led them to a missing file, dubbed the "B" file, meaning bribery. The "B" file becomes a crucial twist to the plot. Rusty is seeing a psychiatrist. The first session that Turow reveals is that of Rusty talking of his affair with Carolyn Palhemus. He goes back in time as he discusses his compulsive, obsession for her. They began their affair after they won the case of a young boy who was brutally abused by his own mother. The book gives explicit, erotic details of their sexual encounters together. Carolyn ends the affair with Rusty because she can not talk him into pushing Raymond to the side and running for office himself. This change in professional status for Rusty would in turn give Carolyn the chance to move up in the ranks. Rusty does not deal with the break up and continues to persue Carolyn at the office and via telephone. He did not want the affair to end, nor would he have left his wife for her. Rusty confessed to his wife, Barbara that he was having an affair with Carolyn Polyhemus, but that it had ended. The fingerprint report is back and the prints belong to Rusty. There several phone calls from Rusty's home to Carolyn's home. Lip also told him that the pathology results lead to type A blood and type A semen and that the person was sterile. Rusty made the comment that he is type A and Lip said that he thought about that; however, Rusty has a son. The evidence against Rusty is taking a huge toll on the election of Rusty's boss, Raymond Horgan. Raymond Horgan, a knoble man, looses the election to a man who used to work him, Nicco Della Guardia, an unfare, dirty player. Rusty's house is searched and tests are performed on carpet and coat fibers. Rusty's wife is surprisingly very strong and supportive for Rusty. Shortly after the results come in Rusty is arrested for the rape and murder of Carolyn Polhemus. He hires the best and most expensive Defense Attorney in town, Sandy Stern. In the mean time, Lip has found that the "B" file leads to a criminal named Leon who had Carolyn as a probation officer. Raymond finds out about Rusty's affair with Carolyn and Rusty finds out about Raymond's affair with Carolyn. Rusty is stunned and Raymond is pissed-off. Rusty, being Raymonds right-hand-man for twelve years, is furious when he learns that Raymond plans to testify against him since he withheld the fact that he had an affair with Carolyn. Raymond gave Caroloyn a case that she wasn't necessarily qualified for. He gave in to her like the all the other men did. Carloyn was a seasoned bitch. Turow never gives out the identity of the murderer; however, throughout the trial he leads you to believe that it is Rusty. The trial begins and right away the biggest piece of evidence is missing, the beer glass containing Rusty's fingerprints which was removed from Carolyn's apartment. The fingerprint expert is allowed to testify even though the glass itself is missing from the evidence room. The evidence presented of the carpet fibers matched Rusty's home carpet fibers and pathology report of bodily fluids automatically fingers Rusty as the murderer. Rusty's lawyer believes that Rusty was set-up by Nicco to make Raymond's campaign look bad, leading to Nicco winning the election. Lip was removed from the case, but

The History of Concrete and Cement

The History of Concrete and Cement Concrete is a material used in building construction, consisting of a hard, chemically inert particulate substance known as an aggregate (usually made from different types of sand and gravel), that is bonded together by cement and water. Aggregates can include sand, crushed stone, gravel, slag, ashes, burned shale, and burned clay. Fine aggregate (fine refers to the size of the aggregate particulates) is used in making concrete slabs and smooth surfaces. Coarse aggregate is used for massive structures or sections of cement. Cement has been around a lot longer than the building material we recognize as concrete. Cement in Antiquity Cement is thought to be older than humanity itself, having formed naturally 12 million years ago, when burnt limestone reacted with oil shale. Concrete dates back to at least 6500 BCE when the Nabatea of what we know now as Syria and Jordan used a precursor of modern-day concrete to build structures that survive to this day. The Assyrians and Babylonians used clay as the bonding substance or cement. The Egyptians used lime and gypsum cement. The Nabateau are thought to have invented an early form of hydraulic concrete- which hardens when exposed to water- using lime. The adoption of concrete as a building material transformed architecture throughout the Roman Empire, making possible structures and designs that could not have been built using just the stone that had been a staple of early Roman architecture. Suddenly, arches and aesthetically ambitious architecture became much easier to build. The Romans used concrete to build still-standing landmarks such as the Baths, the Colosseum, and the Pantheon. The arrival of the Dark Ages, however, saw such artistic ambition dwindle alongside scientific progress. In fact, the Dark Ages saw many developed techniques for making and using concrete lost. Concrete would not take its next serious steps forward until long after the Dark Ages had passed. The Age of Enlightenment In 1756, the British engineer John Smeaton made the first modern concrete (hydraulic cement) by adding pebbles as a coarse aggregate and mixing powered brick into the cement. Smeaton developed his new formula for concrete in order to build the third Eddystone Lighthouse, but his innovation drove a huge surge in the use of concrete in modern structures. In 1824, the English inventor Joseph Aspdin invented Portland Cement, which has remained the dominant form of cement used in concrete production. Aspdin created the first true artificial cement by burning ground limestone and clay together. The burning process changed the chemical properties of the materials and allowed Aspdin to create a stronger cement than plain crushed limestone would produce. The Industrial Revolution Concrete took a historic step forward with the inclusion of ​embedded metal (usually steel) to form what’s now called reinforced concrete or ferroconcrete. Reinforced concrete was invented in 1849 by Joseph Monier, who received a patent in 1867. Monier was a Parisian gardener who made garden pots and tubs of concrete reinforced with an iron mesh. Reinforced concrete combines the tensile or bendable strength of metal and the compressional strength of concrete to withstand heavy loads. Monier exhibited his invention at the Paris Exposition of 1867. Besides his pots and tubs, Monier promoted reinforced concrete for use in railway ties, pipes, floors, and arches. Its uses also ended up including the first concrete-reinforced bridge and massive structures such as the Hoover and Grand Coulee dams.

Chad Essays - Chad, Republics, Idriss Dby, NDjamena, Outline Of Chad

County Report Chad is one of the most underdeveloped countries in the world because of its climate, geographic location, and a lack of infrastructure and natural resources. It's main cash crop that is helping it's economy is cotton, which accounts for 48% of exports.1 The industry of Chad is mainly based on processing agricultural products. It is run by a republican government and it's legal system is based on French civil law system and Chadian customary law. The recent president is Idriss Deby and head of government is Prime Minister Joseph Yodoyman Chad had gained its independence from France on August 11, 1960. Its national holiday is held on the same day every year. The geography of Chad is mostly pastures and meadows. Chad is located in Central Africa and is between the Central African Republic and Libya. The total area is 1,259,200 km2, and the land area is 1,259,200 km2.2 The total size in area of Chad is slightly more than three times the size of California. The land boundaries of Chad are; Cameroon (1,094 km), Central African Republic (1,197 km), Libya (1,055 km), Niger (1,175 km), Nigeria (87 km), and Sudan (1,360 km).3 All of these countries total to 5,968 km. Chad is landlocked which has no coastline. It has no marital claims. The disputes between Chad and other countries is that Libya claims and occupies the 100,000 km2 Aozou Strip in the far north. The year around climate is tropical in the south, and desert in the north. The terrain is broad, arid plains in the center, desert in the north, lowlands in the south and mountains in the northwest. The natural resources are petroleum, uranium, natron, kaolin, and fish. The land use consists of arable land (2%), permanent crops (0%), meadows and pastures (36%), forest and woodland (11%), and other (51%).4 The irrigated land used is 100km2. Its environment is hot, dry, dusty harmattan winds occur in the north, drought and desertification affecting much of the south, and subject to plagues of locusts. The people of Chad rely on agriculture for survival. The total population is 5,350,971 people. The growth rate of the population is 2.13%. The birth rate is 42.21 births / 1,000 population. The death rate is 20.93 deaths / 1,000 population. The migration rate is 0% migrants / 1,000 population. Chad's death at infancy is at a great risk at 134 deaths / 1,000 live births. For infants the expectancy rate at birth is 40.41 years. The rate for males is 39.36 years and the rate for females is 41.5 years. Total fertility rate is 5.33 children born/women. The people of Chad are Chadian in nationality. The ethnic divisions in the north are Muslim (Arabs. Toubou, Hadjerai, Fulbe, Kotoko, Kanembou, Baguirmi, Boulala, Zaghawa, and Maba). In the south are non-Muslims (Sara, Ngambaye, Mbaye, Goulaye, Moundang, Moussei, Massa). The religions of Chad are Muslim (44%), Christian (33%), indigenous beliefs, and animism (23%). The common spoken languages in Chad are Sara (spoken in south), Sango (spoken in north). The official languages of Chad are French and Arabic. There are over 100 different languages and dialects spoken in Chad. The literacy rate is at age 15 and over people can read and write French or Arabic. The total population of literacy is 30%. 42% for males and 18% for females. Chad has a republican government. The capital of Chad is N'djamena. It's administrative divisions are 14 prefectures (prefectures, singular - prefecture); Batha, Biltine, Borkou-Ennedi-Tibesti, Chari-Baguirmi, Guera, Kanem, Lac, Logone Occidental, Logone Oriental, Mayo-Kebbi, Moyen-Chari, Ouaddai, Salamat, and Tandjile. Chad had gained its independence on August 11, 1960, from France. They had gained their constitution on December 22, 1989. Chad's legal system is based on French civil law system and Chadian customary law, it has not accepted compulsory ICJ jurisdiction. The national holiday is held on the 11th of August. The political parties and leaders of Chad are the Patriotic Salvation Movement, Idriss Deby, and chairman. There are no other political party or pressure groups. Elections were last held on July 8, 1990 and disbanded on December 3, 1990. The Executive branch in Chad's government consists of the president and the Council of State (cabinet). The Legislative branch cons ists of unicameral National

Introduction to the Framers of the Constitution Research Paper

Introduction to the Framers of the Constitution - Research Paper Example Limited government is the key approach of doing away with the abuse of power. It is impossible for the government to work and serve citizens with unlimited power. Thomas Jefferson states â€Å"That government is best which governs the least because its people discipline themselves†. This is why there is the creation of a limited government with guidelines on how ought to act (Hanson, 22). A government that is limited has a positive effect on society. One is that it is less expensive compared to unlimited government. The less the citizens look at the government to solve their issues, the less tax they have to pay. It is the citizens who pay for programs like salaries and benefits of employees (Kelman, 49). A limited government lowers the waste, inefficiency, and fraud. It is hard to keep track of what goes on when there are so many agencies. Bureaucracy makes the thing run slow, accountability lacks and having many agencies, commissions and departments lead to duplication of services, which sometimes are not necessary (Samples, 192). A limited government sees the value of economic and individual freedom. Having a less government power means there is less intrusion into the lives of citizens. The more the freedom from government regulations, the more choices people can be able to make at a personal and economic level. People are able to live their life the way they see fit and not what the government thinks is fit (Samples, 195). Another positive effect is that a limited government offers freedom in the marketplaces. The less there is government participation in the market, the more businesses thrive and make an innovative and competitive atmosphere. Innovation and competition are the key drivers of consumer freedom, offering goods at all prices.  Ã‚  

Learning Principles in Video Games Essay Example | Topics and Well Written Essays - 750 words

Learning Principles in Video Games - Essay Example Presently the â€Å"Play- station† has revolutionized gaming as it is fun, trendy, at times violent and at most times intelligent and kindles curiosity. It appeals to all age groups because it includes sped, accuracy with a filmic production values and background. Game Chosen – â€Å"Democracy†: Democracy is a highly educational game. It featured as the best Sim Game of the Year in 2005. It is related to politics where the player finds himself as the President or the Prime Minister of a country. â€Å"Democracy†, lets you find out how you would fare as a leader of a developed country such as The United States of America, France, Germany or Canada. The game allows you to take charge and manage your country’s finances, policies, internal affairs and security. Principles of Democracy: The most important principle of any video game is its multi media form of entertainment involving a unique synthesis of 3D art, CG effects, architecture, dramatic performance, music, sound effects, story telling, artificial intelligence and most importantly inter- activity. The basic principles of this particular game, is to educate a person on how to cope with a situation using good leadership tactics. The player is very often placed in the middle of a dilemma or a crisis where he has to use his skill and intelligence to get out of it. The most difficult aspect faced by the player is in finding the correct balance between finances, taxation and legislation to ensure the country doesn’t go into bankruptcy.

The Rights of Animals Essay Example for Free

The Rights of Animals Essay When we say that all human beings, referring to both men and women, whatever their race or sex may be are created equal, what is it that we are actually proclaiming? Peter Singer, writer of â€Å"All Animals are Equal† aims to advocate to us as readers to make the mental switch in respect to our attitudes toward a species other than our own. And by this I am referring to animals. R.G Frey takes on a very different position that he expresses in â€Å"Moral Standing, the Value of Lives, and Specieism. † Although there is nothing in his work that has ever suggested that animals don’t count, he disagrees with Singer, in a way, because he does not believe that animals possess moral standing. But first, I would like to discuss Singer’s essay merely due to the fact that there may be a case for a new liberation movement. Singer â€Å"urges that we extend to other species the basic principle of equality that most of us recognize should be extended to all members of our own species (pg. 171).† Many may note or make the connection that the idea of â€Å"the rights of animals† is somewhat of a parody to the case for women’s rights. But some may argue that the case for equality between men and women cannot validly be extended to non-human animals because, for an example, and realistically speaking, women now have the right to vote because they are just as capable of making that decision like men are, whereas animals on the other hand are incapable of understanding the significance of voting so they cannot have that right. Which then brings me back to, what exactly are we declaring when we say all human beings are equal? Because as we know it, we must face the fact that humans come in different shapes and sizes. We each have different moral capacities, different intellectual abilities, different amounts of feeling and sensitivity to others, different abilities to communicate, and different capacities to experience pleasure and pain- all of which are examples Singer discusses. And as a result, if the demand for equality were merely based on the actual equality of human beings, we would have to stop demanding it. â€Å"It would be an unjustifiable demand. (pg. 173)† states Singer. It is unjustifiable to discriminate on the basis of age, sex, or gender because neither of those are a guide to a person’s ability. Singer proposes another important reason as to why we ought not to base our opposition on any kind of factual equality because, â€Å"we can have no guarantee that these abilities an d capacities really are distributed evenly, without regard to race or sex, among human beings (pg. 173).† The most important thing we must consider is that equality is a moral ideal, not a simple assertion of fact. â€Å"The principle of the equality of human beings is not a description of an alleged actual equality among humans: it is a prescription of how we should treat animals (pg. 174).† I strongly agree with Singer here; animals have the capacity to experience pain and suffering just as humans do. Therefore the interests of every being that is being affected by an action should be taken into account and given the same weight as the interests of any other beings, such as animals. At this point, Singer expresses animal testing as what should be a major concern in our society. Singer states that it is simple discrimination. He uses an orphaned human infant for comparison, by suggesting that if the experimenter is not prepared to use this human over his readiness to use a nonhuman being, it is simply a form of discrimination. As far as we can tell, an animal is just as sensitive to pain and any human infant. â€Å"Experimenting on animals, and eating their flesh, are perhaps the two major forms of specieism in our society (pg. 176).† Animals have emotions and desires that allow them to live a good life whether we think so or not. And to that respect, the distinction between humans and animals will be a continuum in which we will move gradually. Frey, on the other hand, has a very different standing on this issue compared to Singer. Frey focuses his essay on the comparative value of human and animal life, taking the notion of autonomy to be central to this issue since autonomy is the source of a huge part of the value of one’s life. ‘Thus, I [Singer] am a restricted vivisectionist, not because I think animals are outside the moral community but because of views I hold about the value of their lives (pg. 193).† The three propositions Frey mentions in his essay are that animal life has some value, not all animal life has the same value, and lastly, human life is more valuable than animal life. Frey calls this claim of the comparative value between human and animal life the unequal value thesis. The unequal value thesis expresses why the value of humans is of more importance than the value of animals. What is missing is the potentiality for enrichment, because lives of less richness have less value. Autonomy plays a vast part of the human case, because by exercising our autonomy one can mold their life to fit the conception our society portrays of what is perceived to be living â€Å"the good life.† â€Å"Thus, by exercising our autonomy and trying to live out some conception of how we want to live, we make possible further, important dimensions of value to our lives (pg. 196).† Although Frey does mention that not all members of the moral community have lives of equal value. In fact, some human lives fall drastically below the quality of normal human life, which would conclude that in some cases a perfectly healthy animal can have a higher quality of life than that of some human, such as ones with mental disabilities for example. But Frey addresses to his readers that the way in which we defend this thesis is a vitally important affair. To discuss the issue of using animals in scientific research as Singer did, he remains a vivisectionist because of the benefits medical and scientific research can present. And it is the unequal value thesis that justifies the use of animals in medical and scientific research. Frey believes that the unequal value thesis is in fact defensible. In conclusion, Frey stresses again that the argument of his essay is not to present animals of having no value, but rather about whether they have lives of equal value to normal human life. Overall, both writers express that animals for in fact have some value to their lives, whether we believe it to be of equal value to humans or of less value is based purely on our moral principles. Works Cited: Lafollette, Hugh, ed. Ethics in Practice. Malden: Blackwell Publishing, 2007. Print Frey, R.G. â€Å"Moral Standing, the Value of Lives, and Speciesism.† Lafollette 192-204. Singer, Peter. â€Å"All Animals Are Equal.† Lafollette 171-180.

Power and Betrayal in The Great Gatsby by F. Scott Fitzgerald Essay

Scott Fitzgerald was a writer who desired his readers to be able to hear, feel, and see his work. He made it his goal to be able to make readers think and keep asking questions using imagery and symbolism. The Great Gatsby was not just about the changes that occurred during the Jazz Age, but it was also about America’s corrupted society which was full of betrayal and money-hungry citizens. It was the eyes of Dr. T.J. Eckleburg that overlooked all the corruption that occurred throughout the Valley of Ashes. It was the eyes of Dr. T.J. Eckleburg that serves as a symbol of higher power who witnesses everything from betrayal to chaos in Scott Fitzgerald’s The Great Gatsby. We encounter the eyes of Dr. T.J. Eckleburg in the valley of ashes, the desolated land between West Egg and New York. The vulgar eyes of Dr. Eckleburg have become something to intertwine with the Valley of Ashes to many critics and readers. The setting of where the billboard is located makes it seem as if it is not significant. However it is also the location of the billboard that explains how the eyes overlook both New York and West Egg since it is between it. The valley of ashes is exactly what its name sounds like. Scott Fitzgerald described it as: About half-way between West Egg and New York the motor road hastily joins the railroad and runs beside it for a quarter of a mile, so as to shrink away from a certain desolate area of land. This is a valley of ashes---a fantastic farm where ashes grow like wheat into ridges and hills and grotesque gardens, where ashes take the forms of houses and chimneys and rising smoke and finally, with a transcendent effort, of men who move dimly and already crumbling through the powdery air. Occasionally a line of grey cars cr... ...haracter percipient enough to comprehend Gatsby’s greatness and who rock pneumonia to pay homage to the man who has given them so much – not exoterically but esoterically.† (Savage 74) In other words, they both appreciated all the things they have received, learned, or gained from Gatsby. In return, they both were there for him through the end. Gatsby was more than the neighbor who was rich and threw parties, but he was also a friend†¦a human being. Work Cited Fitzgerald, F. Scott. The Great Gatsby. New York: Scribner, 2013. Print.

Primary Commodity Exports and Civil War Essay

Fearon’s study particularly pertains to the evaluation on which particular countries are actually prone to undergoing situations such as civil wars. In this article, he along with his co-researchers found out certain elements that contribute to the increase of threat towards the possibility of a country undergoing a civil outburst. According to the said researchers, the most important issues that needs consideration on this part of the situation is the emergence of countries that are involved in primary commodity export appointments in the field of international trade. Apparently, it is in this article that poverty has been noted to be a reactive result of several globalization approaches which also brings about the possibility of social chaos giving way to civil war. The bridge that was supposed to keep nations together through globalization is now serving as the strongest reason of gap between people around the world and even within countries. The widening gap is also producing serious consequences for the richer nations. This is because of their growing dependence on the raw materials of the nations of the â€Å"Third World. † But now these nations have changed their attitudes about how their resources will be used, and paid for. An example of this was the action taken by the oil-producing underdeveloped nations, sending shock waves throughout the industrial lands. For many decades, the poorer oil-producing nations had to sell their oil at a relatively cheap price. Recently, these nations banded together and agreed to quadruple their prices. The poor nations have laid down a clear challenge to the rich nations. They will no longer passively accept what the industrial nations have assumed for more than two centuries. That assumption was that there would always be cheap raw materials available from the poor nations. No longer is this the case. However, the dilemma of the poor nations is that most of them are not blessed with abundant raw materials. Most of them lack abundant mineral and oil resources. They are largely agricultural lands, and in bad years, they have nothing to fall back on to sell to other nations. Therefore, they will not have the money to buy the food and other things they need to help them in bad years. That is just what is happening now to various countries in Africa, Asia and Latin America. The main idea of studying the way people live in the society is to see how far they have fared in making their way to progress. However, contrary to the aimed unified progress, development is usually shifted only to the â€Å"haves†. Yes, the world may be seemingly unfair, equality may even seem too impossible to be achieved, but through a unified effort, having an equal community could still be worked upon by the entire human civilization; something that is most needed to avoid possible outburst of civil war. Bibliography Fearon, James. Primary Commodity Exports and Civil War. Journal of Conflict Resolution, Vol. 49, No. 4, 483-507 (2005).

Capital Structure Question Solution

FINE 3100 Problems for Midterm – Additional Capital Structure Problems Question 1 Belgarion Enterprises Asset beta, the riskiness of the firm, can be found as the weighted average of the betas of its debt and equity, where the weights are fraction of the firm financed by debt and equity: ? A = D/V ? D + E/V ? E = . 5 ? 0 + . 5 ? 1. 4 = . 7 To find the beta of the firm with no debt, find ? o or ? u using the formula for levered equity: ? E,L = ? o + [? o – ? D] D/E ( 1 – TC) Rearrange to find ? o = ? E,L + ? D D/E ( 1 – TC) 1 + D/E ( 1 – TC) Since the debt beta is zero, the equation simplifies to: ?o = ? E,L = 1. 4 / ( 1 + (. 5/. 5) ? (1 – . 4) ) = . 875 1 + D/E ( 1 – TC) The asset beta is higher if the firm has NO DEBT, in the otherwise perfect financial markets world. The firm with debt has an asset that the firm no debt does not: the interest tax shield. The riskiness of the tax shield is lower than the riskiness of the firm’s operating assets (its business risk). In fact, in this case, the interest tax shield is riskless because the debt is riskless. The beta of the levered firm’s assets is lower than beta of the unlevered firm’s assets. Remember, bankruptcy is costless in this problem. If bankruptcy is not costless, the result may not hold – by increasing leverage, the probability of bankruptcy goes up and therefore the expected costs of bankruptcy increase. In this case, the firm’s riskiness may well increase with leverage). Question 2 Little Industries a) Current market values EL = 300,000 ? $3 = $900,000 Value per bond: (. 05 ? 1000)/. 1 = 50/. 1 = $500 Total bonds: D= (. 05? 100,000)/. 1 = $50,000 VL = D + EL = 50,000 + 900,000 = $950,000 b) Current required rates of return Debt: rD = 10 % (given) Equity: rE,L = (EBIT – I) ? (1 – TC) = (270,000 – 5,000) ? (1 – . 4) = . 1766666 = 17. % EL 900,000 WACC = (D/VL) ? rD ? (1-TC) + (EL/VL) ? rE. L = (50,000/950,000) ? .1 ? (1-. 4) + 900,000/950,000 ? .177 = . 1708 c) For case of perpetual debt: VL = Vu + Tc D Therefore: Vu = VL – Tc D = 950,000 – . 4 ? 50,000 = 950,000 – 20,000 = 930,000 NOTE: another way to solve for the unlevered firm value is to first calculate the unlevered cost of equity and then use it to discount the unlevered firm’s cash flows 1. Unlevered cost of equity Recall: rE. L = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: 0 = [rE,L + rD D/E (1 – Tc) ]/ [1 + D/E (1 – Tc)] = (. 177 + . 1? 50,000/900,000 ?. 6)/(1+50,000/900,000?. 6) = . 1741935 VU = EU = EBIT ? (1- TC)/r0   = 270,000 ? .6/. 1741935 = 930,000 d) (i) After restructuring, the firm will be 30% debt financed. Let D* be the total debt after refinancing and VL* be the total firm value after refinancing. It must be true that: D* = . 3 ? VL* Since VL = Vu + Tc D, then VL* = Vu + Tc D* Substituting for D* VL* = Vu + Tc . 3 ? VL* Solve for VL* (1 – . 3? TC) VL*  = Vu VL*  = Vu/ (1 – . 3? TC) = 930,000/ ( 1 – . 3 ?. 4) = 1,056,818. 2 And D* = . 3 ? VL*  = . 3 ? 1,056,818. 2 = 317,045. 5 EL* = . ? VL*  = . 7 ? 1,056,818. 2 = 739,772. 7 (ii) By issuing new debt and retiring equivalent value of equity, total firm value increases VOLD  = 950,000 VNEW = 1,056,818. 2 Increase in firm value = 1,056,818. 2 – 950,000 = 106,818. 2 Since the required rate of return to debt is unchanged, we can assume that all of the benefit of the restructuring is captured by the shareholders. On the announcement of the proposed restructuring, the total value of equity will increase by the increase in firm value: Value of existing equity on the announcement = 900,000 + 106,818. 2 = 1,006,818. 2 New share price = 1,006,818. 2/300,000 = $3. 356 To figure out the number of shares repurchased, first figure out the dollar value of the new debt issued: New debt issued = New total debt – previous total debt = 317,045. 5 – 50,000 = 267,045 Shares worth $267,045 are repurchased, at $3. 356 per share Total shares repurchased = $267,045/$3. 356 per share = 79,572 shares Share remaining = 300,000 – 79,572 = 220,427 (iii) New required return to equity Method 1: rE. L = r0 + (r0 – rD) D/E (1 – Tc) = . 17419 + (. 17419 – . 1) ? (317,045. 5/739,772. 7) ? .6 = . 193 Method 2: Interest on total debt, I = . 1 ? 317,045. 5 = 31,704. 5 rE,L = (EBIT – I) ? (1 – TC) = (270,000 – 31,704. 5) ? 1 – . 4) = . 193 EL 739,772. 7 New WACC = . 3 ? .1 ?. 6 + . 7?. 193 = . 1531 e) (i) Because the model assumes bankruptcy costs are zero, it does not consider the potential downside of increasing leverage. With bankruptcy costs, the expected costs of bankruptcy increase with leverage, offs etting the benefit of reduced taxes. (ii) Given D* = 317,045. 5 and Interest = 31,704. 5 EL = (EBIT – I) ? (1 – TC) = (270,000 – 31,704. 5) ? (1 – . 4) = 571,909. 1 EL . 25 Total firm value: V = D* + EL = 317,045. + 571,909. 1 = 888,955 Now, taking into account the impact of the bankruptcy costs, on the announcement of the increased leverage, the firm value FALLS: Change in firm value = 950,000 – 888,955 = -61,045 New equity value on the announcement = 900,000 – 61,045 = 838,955 New share price on the announcement = 838,955/300,000 = $2. 80 Share price falls from $3 to $2. 80!!! Therefore, the restructuring is a bad idea if the new required rate of return to equity rises to 25%. Question 3 Mighty Machinery Initial situation: market value of debt = . 08? 50m/. 08 = 50 m market value of equity = 8 m ? 20/sh = 160 m market value of firm = 210 After Restructuring: Assume that all change in value is borne by the shareholders. So the loss of the tax shield will impact shareholders only. Value of lost tax shield = Tax rate ? change in debt = . 35 (-10m) = – 3. 5m New firm value = old value + value of tax shield = 210 – 3. 5 = 206. 5 m New debt value = old debt + change in debt = 50m – 10 m = 40m New equity value (at the actual restructuring date) = new firm value – new debt value = 206. 5 – 40 = 166. 5 m New share price: Given that shareholders bear all of the impact of the reduced tax shield, given efficient financial markets, the value of the equity will fall by 3. m ON THE ANNOUNCEMENT of the plan. Thus, at the announcement, total equity is worth 160 – 3. 5 = 156. 5m or $19. 5625 per share ($156. 5m/8m = 19. 5625). Another way: the NPV of the restructuring is -3. 5m, which is all borne by shareholders. The change in share price will be -3. 5m/8m = -$0. 4375, giving a new share pric e of $20 – . 4375 or $19. 5625. ii) Shares issued = $10m/$19. 5625 or 511,182 Check: final share value/new number of shares = 166. 5/8. 511182 = $19. 5625. (iii) Use the formula: rE = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: r0 = [rE + rD D/E (1 – Tc) ]/ [1 + D/E (1 – Tc)] = [. 5 + . 08 ? 50/160 ? (1-. 35)]/[1+50/160 ? (1-. 35)] = . 138181818†¦. Then New rE = r0 + (r0 – rD) (new D/new E) (1 – Tc) = . 138 + (. 138-. 08) (40/166. 5) (1-. 35) = . 1429 The restructuring causes rE to fall, as expected. The leverage is lower, the risk of equity is lower, shareholders’ required rate of return falls. b) You answer this question! Question 4 NOTE: This was a particularly tricky question. Part marks were given for wrong answers. Assume that it is valid to use the CAPM†¦this is ok, given the perfect financial markets assumption. Need to get all of the components of WACC: rD = current yield-to-maturity, 9% Market value of D = (. 08 ? 2. 5m )/. 09 = 2. 22222m TC = 35% What about value of equity and cost of equity Use a competitor to figure out†¦the closest company to GLC is All Lawn Chemicals. The most complete way to go is to figure out the unlevered cost of equity of All Lawn (reflecting the business risk), and value GLC at this rate. This will give us the unlevered value of GLC. Next, use GLC’s current capital structure to get GLC’s levered value of the firm and its equity. Next calculate the cost of equity, given GLC’s current capital structure†¦. 1. Find unlevered cost of capital for All Lawn Use the same rearrangement of the cost of equity formula in question 6: rE = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: r0 = [rE + rD D/E (1 – Tc) ]/ [1 + D/E (1 – Tc)] Use CAPM to find current rE of All Lawn: rE = rf + ? ? MRP = . 075 + 1. 2 ? .07 = . 159 r0 = [. 159 + . 09 ?. 3? (1-. 35)] / [1+. 3? (1-. 35)] = . 14774 Value of firm for GLC  : V L = OCF ? (1 – tc) + tcD RU V = 1. 5M * (0. 65) + 2. 222M*(0. 35) .1477 VL = 7. 37892M Value of Equity for GLC: VL = Ve + VD = 7. 37892M = 2. 222M + Ve Ve = 7. 37892 – 2. 222 = 5. 1569M Ve = 5. 1569M = y R equity = (OCF – Interest expense)(1 – tax rate)/ Value of equity = { ($1. million – . 08x$2. 5 million) . 65}/5. 1569= . 163858 =16. 39%. OR 1. Find unlevered cost of capital for All Lawn Use the same rearrangement of the cost of equity formula in question 6: rE = r0 + (r0 – rD) D/E (1 – Tc) Rearrange the formula for r0: r0 = [rE + rD D/E (1 †“ Tc) ]/ [1 + D/E (1 – Tc)] Use CAPM to find current rE of All Lawn: rE = rf + ? ? MRP = . 075 + 1. 2 ? .07 = . 159 r0 = [. 159 + . 09 ?. 3? (1-. 35)] / [1+. 3? (1-. 35)] = . 14774 2. Value of Unlevered GLC Vu = [OCF – Taxes] / r0 = [1. 5 ? (1-. 35)] /. 14774 =6. 59943 3. Value GLC with its current capital structure VL = Vu + Tc D = 6. 59943 + . 35 ? . 22222 = 7. 37721 4. Value GLC’s equity and its required rate of return Thus: EL = VL – D = 7. 37721 – 2. 22222 = 5. 15499 and rE = r0 + (r0 – rD) D/E (1 – Tc) = . 14774 + (. 14774 – . 09)? (2. 22222/5. 15499)?. 65 = . 1639 5. Calculate GLC’s WACC Wacc = (2. 22222/7. 37721)?. 09?. 65 + (5. 15499/7. 37721)?. 1639 = . 1322 Question 5 a) False. Although often increases in firm value increase equity value, it is not always the case. When debt is risky (that is, there is a chance that the debt will not be paid the full promised interest and principal), improvements in firm val ue may go partly or totally to debt holders. This means that the debt has become less risky: there is less chance that the bondholders won’t get the promised interest and principal repayments. An example: when a firm is in financial distress, a value-increasing investment may only increase the value of the debt – and none of the value goes to shareholders. See kit and also the Barclay, Smith, Watts article. b) False. All that is necessary for the risk of equity to increase is that the firm’s operating cash flow be variable. Whenever you add the fixed interest payments, the result is to intensify the variability of the cash flows to shareholders (they get paid only after the fixed payments have been made to the debtholders). Look at the kit, – risk of equity increased with the addition of debt – and there is no chance of bankruptcy in this example (debt is riskless – no matter what state of the world occurs, the debtholders get their promised payments). c) False. For this answer, assume perfect financial markets and keep the firm’s investment and borrowing constant. If you don’t make these assumptions, then we have to make other assumptions about the state of the financial markets. These ones make our story easy). It is true that a shareholder may have to sell shares at the bottom of the market to create homemade dividends. But if the firm increases its dividend, they too will have to sell shares at the bottom of the market!! If we assume that the firm is currently payi ng out the money they have, the rest is tied up in investment plans and no new borrowing is made, if the dividend is increased, THE FIRM WILL HAVE TO GO TO THE MARKET AND SELL SHARES to pay for the higher dividend. The risk of selling shares at the bottom of the market has not gone away and shareholders still get stuck with it – either they pay for it directly when they sell their shares or indirectly when the firm brings in new shareholders who pay less for their shares than if it had been the top of the market. So this is not a valid reason why the firm paying a dividend will increase firm value. d) Uncertain. What the answer depends on is whether the bond holders anticipated correctly the chances and costs of distress/bankruptcy. If bondholders correctly anticipate distress and the costs associated with it, they will pay less for the bonds than if the costly distress did not occur. Shareholders end up paying the costs – because the company gets less for the bonds sold – raising the cost of debt financing. Of course, if bondholders do not correctly anticipate the distress, then they share in the costs. e) THIS IS A POST MIDTERM QUESTION True. Cost savings are much more likely to be achievable than revenue increases – firms have control over their production process but not over their customers. f) False. This question is very much related to a). Shareholders will not be willing to contribute more money to positive NPV projects when the bulk of the benefit goes to bondholders. See the references in a). g) True. The messy formula for the impact on firm value of adding debt when both personal and corporate taxes are considered is outlined in the kit. This happens when (1-TB) < (1-Tc)(1-TS)†¦.. Translating: 1-TB is the after-all-taxes cash flow of a $1 of bond income, (1-Tc)(1-TS) is the after-all-taxes cash flow of $1 of equity income (because first corporate taxes are paid and then personal taxes on equity income are paid). If investors get less in their pocket, after all taxes, when $1 of bond income is paid then after a $1 of equity income, they won’t want the firm to borrow – pay only dividend income and less total taxes (corporate plus personal) are paid. Firm value will be lower if the company borrows!!! h) True. This follows from the â€Å"free cash flow problem† discussed in Barclay, Smith and Watts. A company with lots of cash but few investment opportunities (low growth) puts management into temptation: spend the money on projects they like but aren’t necessarily positive NPV. For such a firm, a high dividend payout (high dividends/net income) and high interest and principal obligations keeps the cash out of the hands of manager and gives them fewer opportunities to make negative NPV investments, increasing the value of the firm. i) True. Given these assumptions, adding debt creates a new asset: a tax shield. The tax shield is a â€Å"gift† from the government, increasing the firm’s after-tax cash flows. This tax shield is lower risk than the assets of the business – it depends on the riskiness of the firm’s debt (and we assume that the tax rate doesn’t change). Thus total risk of the levered firm is lower than if it is unlevered (the levered firm has the same business risk plus the lower risk tax shield – the overall risk is lower). j) THIS IS A POST MIDTERM QUESTIONS False. All valuation methods requiring assumptions to be made. Earnings capitalization is a simpler valuation method than discounted cash flow– but it is loaded with strong assumptions about the future cash flows/earnings such as constant growth, constant dividend payout and unchanging capital structure. ) True the firm will have received the cash without having to issue new shares, however, the firm will also have missed out on raising equity when these warrants are not exercised and the warrant holders (and other potential investors) are disappointed and may not invest in this firm in subsequent rounds of equity financing if they were not able to benefit from their warrant purchase. Warrants are not like call options. With call options the firm in not involved in the transaction. With warrants the firm’s reputation and ability to raise financing is affected.

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