What Is The Cost Of Capital Structure Finance Essay

What Is The Cost Of Capital Structure Finance Essay The cost of capital is the cost of a companys funds (both debt and equity), or, from an investors point of view the expected return on a portfolio of all the companys existing securities. It is used to evaluate new projects of a company as it is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. In order to be a worthwhile investment, the expected return on equity is greater than the cost of capital. The capital cost of the return to capital is expected to earn in an alternative investment with similar risk. If a project similar to the average risk to the companys business, it is reasonable to use the companys average cost of capital underlying the ratings. The companys securities are typically in the debt and equity, the expected, both because of the cost of debt and equity costs of determining the companys capital. The cost of debt is relatively simple to calculate, since the interest rate is paid. In practice, the interest rates paid by the company modeled as a risk-free rate plus a risk component (risk premium), which also includes the expected probability (and the amount of recovery given default). For companies with similar credit risk or the interest rate is largely exogenous (to be explained by the use of external in this context). The cost of equity is more challenging to calculate as capital is not a fixed return to investors. Than the cost of the loan, the cost of equity, broadly defined as the estimated risk-adjusted returns that investors require, which yields a barely known. The cost of equity, therefore, conclude by comparing the investment and other investment (like) with similar risk profiles to determine the market cost of equity. If the cost of debt and equity costs have been established, a combination of the weighted average cost of capital (WACC), calculated. The WACC is then used to estimate the discount rate for project cash flows. In this paper I will explain, first, 1 chapter, the capital as well. From the second chapter, Sources of Capital, and finally, 3 chapter, capital will be explained. CAPITAL Capital, the most basic conditions for the money. All companies need capital to purchase assets and maintain operations. Corporate capital is available in two main forms: debt and equity. Debt refers to loans and other loans to be repaid in the future, usually with interest. The capital, however, generally do not impose a direct obligation to repay the amount. Instead, investors have a rule in the form of ownership shares in the company. The capital, wage describes the various means by which the capital of the people who save money for businesses that need money. Such transfers can be direct, which means that a company sells shares or bonds directly to investors, who own a business in return. Transfer of capital can also be made indirectly by investment bank or a financial intermediary such as a bank, broker or an insurance company. The indirect transfer through an investment bank, is selling the business assets of the bank, which in turn sells them to investors. In other words, the easy flow of capital investment bank. The indirect through a financial intermediary, however, a new form of capital, which is actually created. The intermediary bank or fund raise capital to invest and issue its own securities exchange. Then the broker uses the funds to buy stocks and bonds of companies. 1.1 Capital Structure Because of the small business capital is expensive, it is particularly important for small business owners to define the structure of the target companys capital. The share capital structure of debt and equity is achieved. Trade-offs are involved: increases the risk of liability to the companys revenue, which tends to reduce the companys stock. However, the debt lead to a higher expected return, which tends to increase a companys share price. As Brigham stated, The optimal capital structure is the one that strikes a balance between risk and return and thereby maximizes the price of shares and simultaneously reduce the cost of capital. Capital structure decision depends on several factors. One of the companys business risks and risks related to operations, which the company participates. Companies in the hazardous industries, such as high technology, lower than the optimal level of debt than other firms. Another factor in the companys capital structure involves tax situation. Since interest on debt is tax deductible, debt is usually better to use the company tax rate is high, and not many are able to protect income from taxation. The third important factor is the companys financial flexibility, or ability to raise capital in less than ideal conditions. The companies that are able to maintain a strong balance sheet resources generally can be more reasonable terms as other companies in the economic downturn. Brigham suggested that each company has a power reserve borrowing to defend themselves in the future. In general, tends to a stable level of sales, assets, collateral for loans to be good, and the high growth rate using a higher debt than other firms. On the other hand, the companies that have conservative management, high profitability, or poor credit ratings that they want to rely on equity instead. 1.2 The Modigliani and Miller Theorem 1.2.1 Definition The Modigliani-Miller theorem states that if there are no taxes, bankruptcy costs and asymmetric information, the efficient market, the companys value affects how it is financed with the equity shares or bonds, or a combination thereof, or what is the dividend policy. The kit is also known as capital structure is essentially irrelevant. A number of principles underlying rate, which agrees with the adoption of the tax and no taxation. The two main principle is that, firstly, if there is no tax, thus increasing the benefits of power does not create value, and second, that if there are taxes, the benefits in the form of interest tax shield occurs when you leverage and / or elevated. The price compares to the two companies one unlevered (ie, funded entirely of their own capital) and the second levered (ie, partially financed by equity and partly debt) and says that if the same value in all other ways the two companies are identical. For example, why it must be true, it is assumed that an investor buys a company or a levered or unlevered company. The investor buys shares in the companys levered or unlevered firm buys shares in a loan of an equivalent amount of money borrowed from the levered company. In both cases, the return on investment should be the same. Thus, the cost of the levered firm is the same as the unlevered firm minus the price of borrowed money, with the value of the levered companys debt. There is an implicit assumption that the investors cost of borrowing money is the same as the levered company, which is not necessarily true in the presence of asymmetric information, or in the absence of efficient markets. A company that is risky debt, as debt-equity ratio increases, the weighted average cost of capital is constant, but there is a higher return on equity, due to a higher risk for shareholders in the companys debt. 1.2.2 Advantages and Disadvantages of Modigliani and Millers Theorem Advantages: In practice, this can be said that none of the assumptions are met in the real world, but we teach the lot, that capital structure is important because one or more assumptions will be violated. Using mail-equations, economists find the determinant of an optimal capital structure and see how these factors affect the optimal capital structure. Disadvantages: Modigliani-Miller theorem, which justifies virtually unlimited economic power has been used to increase the economic and financial activities. However, its use also led to increased complexity, lack of transparency and greater risk and uncertainty in these activities. The global financial crisis of 2008, which saw a number of highly leveraged investment banks, has been partly attributed to the excessive leverage concepts. SOURCES OF CAPITAL 2.1 Debt Capital Small businesses can obtain debt capital from various sources. These sources can be divided into two broad categories, public and private sources. Private sources of debt financing according to W. Keith Schilit in The Entrepreneurs Guide for Preparing a winning business plan and venture capital, such as friends and relatives, banks, credit unions, consumer finance, commercial finance companies, trade financing, insurance, factor companies and leasing companies. Public sources of debt financing from a number of loans granted by the state and federal governments to support small businesses. Many types of debt financing to small businesses, including a private placement of bonds, convertible debentures, industrial development bonds and leveraged buyouts, but by far the most common type of debt financing in the conventional loan. Credits include the long-term (longer than a year) and short-term (maturity of less than two years), or the loan (for more immediate borrowing needs). These may be approved by the signatory, as the government, or secured to the property, debts, stocks, savings, life insurance, stocks and bonds, and purchased the product on the loan. In the evaluation of a small company, a loan, Jennifer Lindsey said in his book Guide to the contractor in the capital, the lenders prefer to have a two-year operating history, stable management team, a desirable niche in the industry, market share growth, strong cash flow and the ability to get short-term loan to supplement the funding from other sources. Most lenders require a small business owner to prepare a full proposal for a loan or credit application. The lender will then determine the application taking into account several factors. For example, the lender will consider the small business credit card, and look for evidence of their ability to repay the loan in the form of previous earnings or revenue forecasts. The lender will also consider how much equity in the business, and that management has sufficient experience and skills to function effectively. Finally, the lender seeks to determine whether the small firms in a reasonable amount of guarantee for the loan. 2.1.1 Cost of Debt The cost of debt is estimated by the risk-free interest rate bonds, whose length is equal to the yield curve for corporate debt and then add a default premium. This is the standard premium will increase in debt increases (since all else being equal, all other factors, increased the risk of increasing debt). Since in most cases, the debt burden of the deductible expense is the cost of after-tax cost of debt is expected to be comparable to the cost of equity (after tax). Thus, profitable companies, is debt at a discount. The formula can be written as: (Rf + credit risk rate)(1-T) where T is the corporate tax rate and Rf is the risk free rate. 2.2 Equity Capital Equity capital for small businesses is also available from many sources. Some possible sources of equity include the Farmer family and friends, private investors (the general practitioner, to groups of local business owners to wealthy entrepreneurs known as angels), employees, customers and suppliers, former employers, venture capital companies , to investment banking firms, insurance companies, corporations, and government-backed Small Business Investment Corporation (SBIC). There are two main methods that small businesses use to obtain equity finance: the private equity investors or venture capital firms, public stock issues. The private placement is easier and more common for young companies or start-ups. Even if the stock still closed with a number of federal and state securities laws, does not require formal registration with the Securities and Exchange Commission. The main requirements for private equity that the company did not advertise the offer, and you have to do the transaction directly to the customer. However, the public stock offering includes a lengthy and costly registration process. Indeed, it charges, the public stock offering in more than 20 percent of the capital. As a result, public stock offerings are generally a better choice for mature companies, as a starter. Bids may benefit from intervention maintaining control of a small company, but also expand the participation of different groups of investors, but by concentrating it in the hands of a venture capital company. 2.2.1 Cost of Equity Cost of equity = Risk free rate of return + Premium expected for risk Expected Return The expected return (or required rate of return for investors) can be calculated with the dividend capitalization model, which is: That equation is also seen as: Expected Return = dividend yield + growth rate of dividends. THE COST OF CAPITAL The capital required for a productive, as with any other factor is that there is a cost by Eugene F. Brighams book Fundamentals of Financial Management. In this case, the cost of debt capital the interest which the company must pay to borrow. In the capital cost shall be repaid to investors in dividends and capital gains. Since the amount of available capital is often limited, it is distributed in various companies on the basis of price. Business is the most profitable investment opportunities are willing and able to pay most of the capital and thus attract out inefficient firms, or those for which such goods are not in demand, Brigham explained. The good thing is that in most industrialized countries (eg USA, Germany, Japan, Britain, etc.), there are agencies that help individuals or groups of loans on favorable terms. Among those eligible for such assistance to small businesses, certain minorities, and the company is willing to build plants in areas with high unemployment. As usual, the cost of capital for small businesses tend to be higher than the big, established companies. Because of the higher risk for both service providers and charge a higher price for equity funds. Several researchers found that small stock portfolios have consistently achieved the higher average returns than large company stocks, it is called the small business impact. In fact, its bad news for small firms, where small companies effect means that the market requires a higher return on capital stocks of small companies than otherwise similar stocks of large companies. Therefore, the cost of equity is higher for small businesses. The weighted average cost of capital of the companys return that investors expect the various debt and equity issued by the company, according to Richard A. Brealey and Stewart C. Myers, in his book, Principles of Corporate Finance. Table 1 Cost of Capital 3.1 Capital Asset Pricing Model Capital Asset Pricing Model (CAPM) is used to determine the economics of the theoretically appropriate price of the asset as security. 3.1.1 The Expected Return on Equity According to the Capital Asset Pricing Model Market risk is generally characterized by ÃŽÂ ²-parameter. Thus, investors would expect (or demand) that: Where: Es: The expected return of security RF: The expected risk-free rate in this market (bonds) Î’s: Sensitivity to market risk to the safety RM: The historical performance of the stock market / stock market (Rm-rf): The risk premium in the market risk-free assets in the assets. Writing: The expected yield (%) = risk-free interest rate (%) * + sensitivity to market risk (the historical performance (%) risk-free interest rate (%)) Other expected yield (%) = yield of the bonds closest to the concept of the project or the projects safety + beta * (market risk premium) historically the market risk premium of 3-5% Comments The models show that investors expect a return on risk-free rate plus a market risk sensitivity of the security times the market risk premium. A truly risk-free rate is the lowest offer price for the bonds market, such as government bonds. The risk premium varies over time and space, but some developed countries in the twentieth century, an average of around 5%. The real stock market returns are roughly the same as the annual real GDP growth. The gains in the Dow Jones Industrial Average is 1.6% per year over the period 1910-2005. The dividend increased by all the real return on average equity in the double, about 3.2%. Sensitivity to market risk (ÃŽÂ ²) is unique to each company and depends on the management to every business and capital structure. This value is not known ex ante (beforehand), but may not be retrospective (past) experience with similar guarantees and undertakings. 3.2 Cost of Retained Earnings/Cost of Internal Equity We must remember that the profits from the component of equity, and thus the cost of retained earnings (internal equity) equal to the cost of equity capital as described above. The dividends (income paid to investors, and should not be) part of the return on capital to shareholders, and to influence the capital cost of the mechanism. 3.3 Weighted Average Cost of Capital What makes the weighted average cost of capital WACC does this mean? This estimate is the companys cost of capital, which is weighted in proportion to their capital. Each source of capital ordinary shares, preference shares, debentures and other long-term debt include the WACC calculation. Each equal to the WACC of a company increases the return on equity beta and the woman, and notes a reduction in the WACC increases and a higher level of risk. The total value of equity (for a company that no outstanding warrants and is the same as the companys market capitalization) plus the cost of debt (the cost of debt should be continually updated as a result of changes in the cost of debt interest rate changes). It should also be noted that justice in the debt-equity ratio of the total market value of equity, no equity on the balance sheet. To calculate the weighted cost of capital, we must first calculate the cost of some funding sources, namely: cost of debt Cost of Preference Capital cost of capital. WACC is calculated by an iterative procedure that requires an estimate of market value of equity. WACC formula is: [Rd x D / V x (1-5)] [Re x E / V] Rd = Bond yield to maturity (Y / Y Calculator) D = Market value (NPV) of debt (1 T) = 1 tax shield on interest deduction for interest expense = Re = shareholder return requirements V = value of total capital (debt equity) Generally, a company or assets financed by debt or equity securities. WACC is the average cost of financing sources, each weighted by its use in a given situation. By taking a weighted average, we see that much interest the company must pay for every dollar it finances. Since a companys WACC is the overall expected return on the company as a whole, and as such are often used internally by company directors to determine the economic feasibility of expansionary opportunities and mergers. This is the appropriate discount rate to use the cash flow risk similar to the entire company. 3.3.1 Example of Weighted Average Cost of Capital (WACC) A Corporation issued 10,000 units of the bonds, which currently sells for 98.5. The coupon rate of 6% this year bonds, the interest semi-annually. The remaining period of these bonds is 3 years. The companys current share price of two million common shares for $ 10 a share. The stock beta 1.5, a 4.5% risk-free rate on government bonds and the expected return on equity of 14.5%. The tax rate is 30% Table 2 Bond and Stock Calculations Bond Calculations Stock Calculations N = 3 x 2 = 6 I/Y = ? (Rd) PV = 0.985 x 10,000 x $1000 = $9,850,000 (D) PMT = (-10,000,000 x 0.06) / 2 = $-300,000 FV = $-10,000,000 P/Y = 2 C/Y = 2 Solution: I/Y = 6.56% Re = Rf + B[Rm Rf] Re = 0.045 + 1.5 [0.145 0.045] Re = 0.045 + 0.15 = 0.195 (19.5%) Market Value of Equity = E Stock price x common shares O/S $10 x 2,000,000 = $20,000,000 V = Total Capital Structure V = 9,850,000 (bonds debt) + 20,000,000 (equity of common shares) V = 29,850,000 3.4 Cost of Capital in Islamic Banking Proper use of investment criteria is important for industry and agriculture as well. Although the assessment can be used for both public and private sectors of the economy, should the public sector in its own special problems considered complementary, because the social costs and benefits. Therefore, we will participate in the private sector and the problems of evaluating investments in various industrial projects. Contradictions abound in the relative merits of different methods of investment valuation. But the most important points with different match. It is worth noting that almost every economist in the treatment discounting as a method of evaluation, as the only possible way to choose between different investments. Essentially two methods frequently used economists, namely the net present value (NPV) and the enlarged internal rate of return (IRR). The concept of internal rate of return (IRR) was JM Keynes (perhaps better known as the marginal efficiency of capital MEC) schedule, called the marginal efficiency of investment (MEI). It is defined as the rate at which the present value of future income exactly equal to the market price for the project. In other words, this is Return on capital employed. It is, committed while the return of the project. NPV of the project is formally defined as the value today of the surplus that the company can do in addition to the investors own marginal. IRR on the basis of the extended to the negative cash flows are discounted back to the companys cost of capital as long as it does not outweigh the positive cash flow. Both methods (the extended NVP and IRR) on its own common deficiencies, such as non-IRR NVP can be used either in the usual way that the correct ranking of projects in situations where the entrance is a rationing system. But there are ways to eliminate gaps and allow them to appropriate methods of investment evaluation. We will have a higher degree of internal rate of return, which is simply called the internal rate of return. A simple rule of decision in cases where the decision is all or nothing about which projects should be chosen from the various investment options, to implement all the projects whose IRR exceeds the cost of capital. Cost of capital, the capitalist system, the rate that a loan company and the investment is likely to be, which is simply the interest. In other words, that cut off rate, in relation to the internal rate of return regulation, which are also found in the literature as a barrier percentage. Note that the NPV approach to investment decisions, it is essential that decision-making, that there is no explicit prior discount rate, which, as already mentioned, is nothing more than to get money market rates. But they did not have a pre-determined percentage of the IRR method, except when its time, where debt capital is rationed in the various projects. This makes it completely independent of the IRR method is very appropriate rate and can be used for investments in the Islamic interest-free option and follow the debate. In the case of capitalism, is the internal greater than or equal to the market, the project will be implemented. The project also encourages companies to maximize profits, which last carried out the projects internal rate of return equal to interest. Apparently, the internal time of a declining function of investment, more projects, which would reduce the internal rate of return (in the same trade, of course). Already adopted (the Western economists) that the interest rate plays a decisive role in determining which projects will be implemented and also how much capital to be invested in various projects. Roll the relationship between these two terms seem to be exaggerated. Since only one project, the established criteria are quite valid and applicable as the optimal size of equity should be considered. As the number of projects increases, the IRR should be calculated for each project will increase so much. Moreover, it happens to all nodes in the two IRRs. This complicates the problem, and this will reduce the importance of interest, especially if interest rates happen to be far from the IRR to the last possible projects. Given that an investors risk-taking entrepreneurs, he is usually in front of the chains of investment options from which to choose allegedly, the first of the highest IRR. Assuming that you know, a lot of project finance, there may be dozens of projects whose IRR is higher than the going rate. There is no doubt that these projects are attractive, but to varying degrees, the contractor and will be selected in descending order rate. This is the case in the real economy, the role of interest rates is rather passive, even useless. This is because in such circumstances, the project IRR rate range. This is beyond that point to the role that a reasonable interest rate, and the role of the cut-off ratio. In other words, it is a long process before the existence of the interest rate becomes irrelevant, because the IRR for a couple of projects related to each other because of the interdependence refers to the ratio of investment is not at all. Exogenous real interest rate in the sector (especially investment), it is ironically suggested the capitalist system and then used to determine the optimal level of investment. In addition, the speculators, who needs money market interest in the products, allowing decisions to lead the business, whose activities are so important to the economy. It seems reasonable to link the contrary, ie, because of the interest, but we assume it to be the real sector, led by the monetary sector, if any. The abolition of an Islamic state, it would not be an external variable such as interest, what type and level of investment. Investment projects, in this framework are competing with each other, and the investment will be needed to achieve full employment, that is, until there are idle production factors in the economy. This is particularly true of human resources make it necessary and inherent meaning, as we see in Islam, the authorities should not keep the unemployed, for the sake of the interests of capitalists. Can easily be shown that in an Islamic context, for each part of the money (ie, the potential capital) that comes out of the interest-free banks to finance various projects under various types of contracts, it becomes possible to go directly to the products and / or services. Is a term, and it is: a prerequisite for an Islamic state is strictly prohibited, and appear to prevent speculation in any market (be it either money or goods). It has long been a misunderstanding among some Islamic scholars in the financial support that speculation can take place, and the abolition of interest is permitted. Easy to show that one-to-one correspondence between the interest (rate), and speculation. Interest rate (rate) is necessary and sufficient condition for the speculation that takes place. Although the lack of clearly illegal-frame-rate, if speculation is allowed in any market, you will definitely be of interest in its own nature. Therefore, the prohibition of interest leads logically to a ban on speculation. This interdependence between interest and speculation is not only very rarely in the economic literature, but also its negligence was the source of serious misunderstandings. Economic relations are rarely a single direction. A collection of the IRR can be measured both by an Islamic bank, Islamic banking sector, an independent agency authorized to appropriate guidance on the nature and viability of the project. This measure is to be used so that the expected profits can be divided into an Islamic bank and finance company demanding. The matrix is very useful for determining how much funding should be allocated to projects that are in the priority list for economic development. To determine the companys share of the profits, various factors, such as the following may be considered: the risk premium, the rate of poverty in different parts of the countrys priorities for economic development plans, the degree of capital intensity, taxes, employment considerations of the burden of rates and the like. All of these factors, or a combination thereof may affect the companys demanding (my fiancee) share of the profits that can be safely manipulated without interfering with the market mechanism. It gives interest-fr ee banking system, the IRR method, the absolute advantage of the artificial manipulation of interest rates, which is quite often the case in capitalist countries, and an obvious interference with market mechanisms. This contrasts with the situation are often held in the Western economists who argue that market mechanisms should be avoided. Add to this the expected negative correlation between interest and investment as both a classical and Keynesian economists have empirically demonstrated that infertile. This is so, while the bill may be taken into account the positive correlation between the rate of profit and investment. This bill provides not only the interest cost of the capitalist system, but also that profit maximization is consistent with the aims of each company. Surprisingly, however, this goal is at the micro level, the capitalist will change textbooks without a logical explanation for the negative correlation between interest investment at the macro level. Using the IRR method of an Islamic state is not only compatible with the goal of maximizing profits (if proof was not suitable for such a system) and to avoid interfering with market mechanisms but it is an absolute advantage in another, so the opportunity cost of capital to zero. The logic is simple. This lack of interest, all projects compete with each other (with due regard to their own priorities), internal rate of return. Also, the fact that the investment projects against each other at each other and there is no reason to ensure that any external factors to determine the same extent as the cost of capital for each project. The capitalist system, the current interest rate to be logically the next best alternative, or the cost of capital for each project. The logic of the independence of the IRR for the project. The second best option not to report to the IRR for a project according to an account must be seen as the opportunity cost of capital. This is because of the interdependence of all projects do not meet any of the BMR in another appropriate opportunity cost of the project, otherwise it would cost hundreds of alternatives to the capitalist framework, while the interest rate will be to measure the opportunity cost of all capital investment. In other words, to allow costs to be met independent state. Failure to consider the interdependencies between projects and independent degree of internal rate of investment has led to that many writers to form the misconception about the opportunity cost of capital. This lack of interest, there is nothing to compare the IRR of the various projects (with the exception of the IRR of the project by themselves). Interdependent and common to the Islamic banks, these proje

In the Country of Men Course Notes Essay

Thorough and insightful understanding of the ideas, characters and themes constructed and presented in the text. Complex discussion and critical analysis of the structures, features and conventions used to conduct meaning. Complex analysis of the ways in which social, historical and/or cultural values are embodied in the text. Construction of a sophisticated interpretation, which demonstrates an understand of ways in which the text is open to different interpretation by different readers. Considered selection of significant textual evidence and highly appropriate use of relevant metalanguage. Highly expressive, fluent and coherent writing. Hisham Matar Born NY 1970 Returned to Libya as a 3yo Father a diplomat Accused of opposition of Gadhafi’s revolution In 1979 family escaped to Egypt Father kidnapped by Egyptian security in Cairo and handed over in Libya Never heard of again – 2 letters in 1996. Matar biographical details Personal experiences provide a real link to the events of the novel Father of young Libyan captured by security forces and detained for his opposition to a regime which he claims oppresses freedom This novel is NOT a biography, rather a reflection of his own experiences, particularly his relationship with his mother. Matar’s messages uses his own experiences, or memory of these, to illustrate ideas about family and, to a lesser extent oppression. Where is Libya, North of Africa, surrounded by Egypt, Sudan, Chad, Algeria. Near Turkey and Iran. The Problems with Libya Libya was often occupied during its history – Phoenicians, Greeks, Romans all colonised Libya in ancient times – archaeological sites still there 7th century Arabs introduced Islam religion and culture early 20th century Italy colonised Libya after an agreement with British and French to carve up north Africa Italian influence still strong in Libya – evidence in text – Signor II Calzoni, Faraj reads and swears in Italian Post WWII Libya divided up between French and British Given independence by them in 1951 King Idris 1 ruled 1951 onwards Oil discoveries in 1959 made Libya a very strategically important and potentially wealthy country GADDAFI 1969 Muammar el Gaddafi (Qaddafi), a military officer, headed a military coup against the autocratic King Idris – popular uprising Gaddafi known as The Leader Of The Revolution or The Guide Erratic Ruler, became more and more autocratic himself Strange man Formed in the 1980s – Amazonian guards – personal bodyguards – all women Gaddafi claimed that they would be the perfect guards because Arab gunmen would not fire at women Many claimed that the guards were an example of his eccentric showmanship and that he enjoyed being surrounded by beautiful young women He always travelled surrounded by the Guard Women were very well trained in martial arts and were apparently hand picked by Gadhafi himself They had to take a vow of chastity After he was deposed, many claimed they had been raped by him Shades of 1984 Living in Libya, under Gadhafi Most industries and media were controlled by state Most aspects of peoples lives controlled Telephones tapped, sometimes tapper intrudes on conversations ITCOM Easily identified secret police roam the streets watching people ITCOM Extensive surveillance systems – 20-30% of people worked in surveillance for the Revolutionary committees which oversaw and infiltrated every part of Libyan Society. They are able to walk into people’s homes and look for evidence of ‘disloyalty’ ITCOM Press was silenced University students silenced Public excecutions of ‘enemies’ of state, often televised ITCOM People lived in fear of being accused of crimes against the revolution Gadhafi had dissidents living overseas assassinated. His power is evident not just in Libya but also in Egypt where the Matar family escape to, but Gadhafi’s supporters in Egypt capture the father and hand him over to Gadhafi’s regime. Libya was known as a pariah state for many years – one which acts in a brutal way against its own citizens Libya often shunned by other countries because of active promotion of, and sanctuary given to, terrorist groups. Big Brother Cult of personality built around Gadhafi (Recall 1984) Referred to himself as The Guide of Libya, rather than the leader. Called himself a socialist, an Arabist, an African and a Muslim at various times in his rule. He changed according to which way the political wind was blowing and his actions were always about maintaining power. Libya Mainly a Muslim nation. People called to daily prayers from loudspeakers in mosques. Drinking and eating of prok prohibited. Often women are required to cover up in public. Like all religions, followers range from strictly observant to those who are Muslim in name only. Suleiman’s mother drinks when father is away but doesn’t go out when she drinks because alcohol is prohibited (ITCOM) Alcohol is prohibited by both the Koran and the legal system. Arranged marriages (ITCOM) blood feuds, arguments common, particularly in underdeveloped areas What ideas are these covers trying to convey? Cover 3 bleak, dark, tree represents shelter mulberry tree, tree of knowledge. Storm clouds suggest bad luck is coming etc. again the contrast  looks very western Cover 4. Plain white and blue almost white and blue collar shirts, the smart and the dumb, the rich and the poor. and the boy being in the middle almost a shadow, not 100% there. Red the colour of anti revolutionary. How are the colour font and other visual aspects used to convey meaning here? The white colour reflects the hotness of Libya and the shadow of the boy reflect that he’s not entirely there, the colour use of red is anti revolutionary, symbolic of blood. Why do you think that the author chose the title IN THE COUNTRY OF MEN for this book? Muslim way of life, women are almost lesser important, symbolizes no freedom or mention of women at all, almost symbolizes the WWI as WWI was for men only and women didn’t fight at all. What questions are raised about concepts of country, manhood and humanity? The country of men means its really a man dominant country, there is no such thing as a woman almost. Very sexist society How does the title tie in with the themes of the novel and the position of the characters as they struggle in their environment? How does the author use contrasting imagery in the opening passage to set the tone of the book? How does the image of people seeking mercy from the heat reflect the broader condition of the characters? HOLIDAY HOMEWORK How is betrayal shown to be a strong force in the lives of the characters in the country of men? In the country of men suggests that people cannot avoid brutality in a country under a dictatorship. Discuss. What forms of imprisonment are depicted in the novel? How do the characters experience and react to a lack of freedom? Through the mothers alcohol, women are imprisoned by men, in the country of men, means no voice for women. What can we infer about the lives of women in Libya during the time period represented in the story? They are in a mans world with no control. Throughout the novel, Suleiman refers to his mothers alcoholism as her ‘illness’. How accurate is this observation? Do you feel it is a reflection of Suleiman’s naivety in youth or a kind of wisdom about her actual condition? In the Country of Men Themes Narrative voice The novel is written in first person narration, largely through the eyes of 9 year old Suleiman, but with comments at times from him as an adult. Much of it is internal monologue, one of the reasons that matar created Suleiman as an only child. As he had no one to talk to he internalises his experiences, hence making for a more reflective novel. The child-like commentary allows for readers to understand things that Suleiman does not: for example, Mama’s ‘medicine’ and her ‘illness’. Names Names and naming are important in the text. Interestingly, Suleiman’s name can be traced back to Suleiman the Magnificent, the emperor of the Ottoman Empire in the sixteenth century who expanded the empire significantly and instigated enormous social and cultural developments. He is also known as â€Å"Slooma† a family name which is appropriated by Sharief and ‘habibi’ by his mother which means â€Å"my darling† â€Å"beloved† or â€Å"baby† (Innocence) SETTING The setting of Lepcis Magma is used symbolically as a fallen civilization, an example of how every society will one day decay and die. The concerns of its people have long disappeared into time. MOTIFS The heath/summer is a motif running through the novel. At times it represents hell, as Suleiman tries to avoid hell by practising running over the bridge to paradise. Other times, its glare stupefies the people and pushes them indoors, leaving only the children to jostle each other outside. The long days of summer without school also allows for Suleiman to have the freedom where he observes the adults more than usual. The sea is also another motif, the beautiful blue ocean just at the end of the road. At times Suleiman swims in it looking to be cooled and cleansed from the dirty activities he faces day-to-day. He tries to take Kareem into it to seek some solace from his grief but Kareem resists. Interestingly, it is here where he almost drowns Bahoul the beggar, exerting his power and giving into the base urges that he sees in his society SYMBOLISM The symbolism of replacing the picture of Baba with an enormous picture of the Guide in the reception room, shows loyalty to the regime and the strains on family relationships. Also showing that they have nothing to hide to show loyalty. Shows their not related to what Baba did, and the guide is now their father and father of Libya. The games played by the boys, games such as ‘My land, Your Land’ where they try to take power by gaining more land, represents the political ‘games’ of the older men around them. The squabbles and fights are also a microcosm for  the violence in the country in which they are growing up. Much is made of the power of words in this novel. In an act of resistance to the dictatorship. Nasser is seen running through Martyrs’ square after Faraj, clutching a typewriter used for producing subversive pamphlets. In another scene, Najwa and Moosa burn all Faraj’s books to save him from incrimination; however, the image of books burning is redolent of violent regimes trying to rid themselves of intellectuals who might question them. Moosa is a poet and lover of language; he is also closely tied with dissident acts. Linked to this idea, is the power of storytelling. Ironically, Najwa condemns Scheherazade for being ‘a coward who accepted slavery over death’ pg15. She berates her for not standing up to her husband, for staying to look after her children, for being thankful for her life. The irony is that Najwa appears to be restricted as Scheherazade was and she also seems to fall in love with her husband over time. To Suleiman though she is a hero; that she managed to keep telling tales without giving in to fear amazes him. Also, he is a storyteller too, as is Mama. Loyalty and Betrayal: the novel addresses the issue of loyalty. How do the characters experience loyalty and betrayal? Discuss some examples. What do you think is the main cause of some of the betrayals that occur? In chapter 5, Moosa says â€Å"its our obligation to call injustice by its name pg53† Suleiman’s mother replies â€Å"go call it by its name in your country. Here it is either silence or exile, walk by the wall or leave. Go be a hero elsewhere.† What does she mean? Who is right? How do the different characters in the novel face injustice and what are the consequences? Point of view? How does the point of view of the story affect the way that we see the injustices represented in the story? How might this be different if the narrator were an adult? Hisham Matar has much in common with Suleiman. Both left Libya where they were children, although unlike Suleiman, Matar was  accompanied by his parents. In 1990, Matar’s father was kidnapped while living in exile in Cairo and was returned to Libya, where he was tortured and imprisoned. He has not heard from him since. How does knowing the similarities between the author and protagonist affect the way you think about the novel? Role of women Do the women in Suleiman’s life have any true power, and if so, from where is it derived? How has Suleiman’s opinion of his mother changed by the time he reaches the novels closing scenes? Insight into the text What is the effect of reading about this episode in history through a child’s point of view? What clarity does it bring? In what ways do a child’s impulses muddy the truth? When the students visit Lepcis Magna, Kareem states, â€Å"Children are useless in a war.† Do you think this is true? What might the authors point of view be? What profession does Suleiman ultimately choose? Why do you think the author decided to have Suleiman choose this profession? Pg 232 He chose the profession of medicine, being a pharmacist. It reflected the influence his mother had on him with her illness and helped him to understand what it really was. Gadhafi is the most important character in the novel, despite his absence. Do you agree? The novel examines the futility of resisting oppressive power. Discuss. How does Matar use both tension and narrative point of view to engage the reader? How is tradition shown to be a powerful force in the lives of the characters in In the Country of Men? How does Matar develop a sense of time and of place in his novel? Along with confusion, pain and despair, there is a strong message of hope in Matar’s novel. To what extent do you agree? Corruption is not only isolated to the Libyan dictatorship. To what extent do you agree? In the Country of Men suggests that life demands a choice between resistance and surrender.’ Discuss In the Country of Men demonstrates that it is a man’s actions that deï ¬ ne him.’ Discuss In In the Country of Men, Matar shows more sympathy for women than for men. ’Discuss. â€Å"Why does our country long for us so savagely?† Matar’s love of his country and his fears for it permeate his novel In the Country of Men. Discuss. How does Suleiman’s view of the world change during the course of the novel? ‘Despite the horror of the political regime, this is still a novel about the power of love.’ To what extent do you agree?

Raymond Chandlers Hardboiled Prose Style

The most durable thing in writing is style, said novelist Raymond Chandler, and style is the most valuable investment a writer can make with his time. These examples of Raymond Chandlers hardboiled prose style have been drawn from the opening and closing chapters of his 1939 novel, The Big Sleep. (Note that several of Chandlers sentences have been adapted for our Exercise in Identifying Nouns.) Compare and contrast Chandlers style with that of Ernest Hemingway in the excerpt from his story In Another Country. from The Big Sleep* by Raymond Chandler Opening of Chapter One It was about eleven oclock in the morning, mid October, with the sun not shining and a look of hard wet rain in the clearness of the foothills. I was wearing my powder-blue suit, with dark blue shirt, tie and display handkerchief, black brogues, black wool socks with dark blue clocks on them. I was neat, clean, shaved, and sober, and I didnt care who knew it. I was everything the well-dressed private detective ought to be. I was calling on four million dollars. The main hallway of the Sternwood Place was two stories high. Over the entrance doors, which would have let in a troop of Indian elephants, there was a broad stained-glass panel showing a knight in dark armor rescuing a lady who was tied to a tree and didnt have any clothes on but some very long and convenient hair. The knight had pushed the vizor of his helmet back to be sociable, and he was fiddling on the ropes that tied the lady to the tree and not getting anywhere. I stood there and thought that if I lived in the house, I would sooner or later have to climb up there and help him. There were French doors at the back of the hall, beyond them a wide sweep of emerald grass to a white garage, in front of which a slim dark young chauffeur in shiny black leggings was dusting a maroon Packard convertible. Beyond the garage were some decorative trees trimmed as carefully as poodle dogs. Beyond them a large greenhouse with a domed roof. Then more trees and beyond everything the solid, uneven, comfortable line of the foothills. On the east side of the hall, a free staircase, tile-paved, rose to a gallery with a wrought-iron railing and another piece of stained-glass romance. Large hard chairs with rounded red plush seats were backed into the vacant spaces of the wall round about. They didnt look as if anybody had ever sat in them. In the middle of the west wall there was a big empty fireplace with a brass screen in four hinged panels, and over the fireplace a marble mantel with cupids at the corners. Above the mantel there was a large oil portrait, and above the portrait two bullet-torn or moth-eaten cavalry pennants crossed in a glass frame. The portrait was a stiffly posed job of an officer in full regimentals of about the time of the Mexican war. The officer had a neat black imperial, black moustachios, hot hard coal-black eyes, and the general look of a man it would pay to get along with. I thought this might be General Sternwoods grandfather. It could hardly be the General himself, even though I had he ard he was pretty far gone in years to have a couple of daughters still in the dangerous twenties. I was still staring at the hot black eyes when a door opened far back under the stairs. It wasnt the butler coming back. It was a girl. Chapter Thirty-Nine: Concluding Paragraphs I went quickly away from her down the room and out and down the tiled staircase to the front hall. I didnt see anybody when I left. I found my hat alone this time. Outside, the bright gardens had a haunted look, as though small wild eyes were watching me from behind the bushes, as though the sunshine itself had a mysterious something in its light. I got into my car and drove off down the hill. What did it matter where you lay once you were dead? In a dirty sump or in a marble tower on top of a high hill? You were dead, you were sleeping the big sleep, you were not bothered by things like that. Oil and water were the same as wind and air to you. You just slept the big sleep, not caring about the nastiness of how you died or where you fell. Me, I was part of the nastiness now. Far more a part of it than Rusty Regan was. But the old man didnt have to be. He could lie quiet in his canopied bed, with his bloodless hands folded on the sheet, waiting. His heart was a brief, uncertain murmur. His thoughts were as gray as ashes. And in a little while he too, like Rusty Regan, would be sleeping the big sleep. On the way downtown I stopped at a bar and had a couple of double Scotches. They didnt do me any good. All they did was make me think of Silver Wig, and I never saw her again.   Selected Works by Raymond Chandler The Big Sleep, novel (1939) Farewell, My Lovely, novel (1940) The High Window, novel (1942) The Lady in the Lake, novel (1943) The Simple Art of Murder, essay and short stories (1950) The Long Goodbye, novel (1954) NOTE: The sentences in our Exercise in Identifying Nouns were adapted from the sentences in the first three paragraphs of The Big Sleep by Raymond Chandler. * Raymond Chandlers The Big Sleep was originally published by Alfred A. Knopf in 1939 and republished by Vintage in 1988.

Annotated Bibliography Plagiarism - 39529 Words

Plagiarism Bibliography Buckwalter, J. A., Wright, T., Mogoanta, L. and Alman, B. (2012), Plagiarism: An assault on the integrity of scientific research. J. Orthop. Res., 30: 1867 1868. Granitz, N. and Loewy, D. (2007). Applying Ethical Theories: Interpreting and Responding to Student Plagiarism. Journal of Business Ethics, 72(3), 293-306. Luke, B. and Kearins, K. (2012), Attribution of words versus attribution of responsibilities: Academic plagiarism and university practice. Vaccine, 30(50): 7131-7133. Rushby, N. (2013), Plagiarism. British Journal of Educational Technology, 44: 3 4. Vitse, C. L. and Poland, G. A. (2012), Plagiarism, self-plagiarism, scientific misconduct, and VACCINE: Protecting the science and the public. Organization, 19(6): 881- 889. Global Health Bibliography Carabali, J. M. and Hendricks, D. (2012), Dengue and health care access: the role of social determinants of health in dengue surveillance in Colombia. Global Health Promotion, 19(4): 45-50. Deguen, S., Sà ©gala, C., Pà ©drono, G. and Mesbah, M. (2012), A New Air Quality Perception Scale for Global Assessment of Air Pollution Health Effects. Risk Analysis, 32(12): 2043-2054. Hassoun, N. (2012), Global Health Impact: A Basis For Labeling And Licensing Campaigns?. Developing World Bioethics, 12: 121 134. Mackey, T. M. and Liang, B. A. (2012), Promoting global health: utilizing WHO to integrate public health, innovation and intellectual property. Drug Discovery Today, 17(23-24): 1254 1257.Show MoreRelatedPersonal Reflection1034 Words   |  5 PagesPlagarism is not allowed in any form while working towards a doctorate degree. All NCU students have to be cognizant that improper Paraphrasing is not permitted either. At least one work in the semester is run through a software to check for plagiarism. If plagiarism is detected students will receive sanctions up to termination from school. 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Specifically, APA (2010) sections 8.11 Plagiarism, 8.12 Publication Credit and 8.13 Duplicate Publication of Data were applied via APA formatting and style in the composing of the articles. Harris and Robinson Kurpius (2014) present specific references to the APA (2010) Code of Ethics. HarrisRead MoreIntegrating Source Materials Into Research716 Words   |  3 PagesYork, NY: Graymark. Part 2: Sources for Your Research Paper  · Select two sources from your annotated bibliography that you did not use for the Week Three assignment.  · Summarize and paraphrase the contents of the two sources, with the intention of using them in your rough draft. Include at least one direct quotation from each source, and include in-text citations for all sources to avoid potential plagiarism.  · Identify how you plant to integrate these sources into your rough draft. Source 1 SummaryRead MoreThe Concept Of Reference Management As Seen The Eyes Of Author Dianne Ridley1289 Words   |  6 PagesA record of key word searches is in a way similar to writing an annotated bibliography because of the idea to elaborate on the results of the research, however the log goes deeper into collecting the keywords or phrases, dates the search was carried out and the databases or search engines used. This entire process is strenuous but also satisfying, and eliminates time wastage at a later dat e. According to the article â€Å"A bibliography is the list at the end of your dissertation or thesis of books,Read MoreThe Term Limits Movement For State Legislatures1665 Words   |  7 Pagesfor a long time, however, it is time for a change to help the entire country get more leverage in the government. Overall, term limits will benefit the public citizens of this nation, it will allow them to better trust the government. Annotated Bibliography (N.a.). Pros and Cons of Congressional Term Limits. (February, 2015). Retrieved from http://apecsec.org/pros-and-cons-of-congressional-term-limits/ This is a secondary source that explains the good and bad parts of term limits for congressmen