Sample of Admissions Essay For College

Test of Admissions Essay For CollegeThe primary motivation behind examples of self-portrayal paper for school is to cause understudies to find out about their own life and build up a comprehension of their history. It could be considered as their first raid into this present reality of realism and they are bound to break down everything in detail as a resume. For them, composing a report on their accomplishments will be an errand that can't be avoided.This is the place an example can help them a ton. Since the example exposition will contain all that they have to think about their character and foundation, it would urge them to begin forming the genuine article when possible.First and first, you should concoct a subject of this paper. Ask yourself: what would you like to expound on? Maybe it will be your adolescence or something from your childhood; whatever it is, you ought to record it and have your understudy plunk down to make their own topic.Then, you should spread out the confi guration of the example article. You can make it an increasingly formal at least one casual one. In any case, you should let your understudy make sense of the manner in which it ought to be presented.When picking the topic, you should set a cap for it since it will be more than likely that your understudy may require some an opportunity to think about things before concocting the correct one. Keep it dubious and straightforward and you will have your understudy composing precisely the same article in a limited ability to focus time.The last piece of composing an example of collection of memoirs paper for school is to tell about your character attributes and encounters. You should can begin this with an entire section wherein you sum up your history. Let your understudy have a state in the initial area of the paper, since they can without much of a stretch think of an ideaon how you resembled before he resulted in these present circumstances world.Finally, when the example has been p repared, you ought to send it off to your understudy. Reveal to him that you need him to present his paper for distribution in one of the bigger and more rumored diaries so it will have a decent possibility of being perused by many.

What Is So Fascinating About Writing Paper Help?

<h1> What Is So Fascinating About Writing Paper Help?</h1> <h2>Life, Death, and Writing Paper Help </h2> <p>Homework help on the web is actually in reality only an extremely cheap systems to get satisfactory execution. Instruction and research are a basic source, alongside financing for the above to happen. A school exposition is viewed as the period all together with the goal for it to talk all the more in regards to your residence. You should watch a personnel article help benefits that are totally free offers you loads of ways to deal with become in connect with a body. </p> <h2> The Writing Paper Help Cover Up</h2> <p>As an occurrence, the writer may have utilized hinting as to give you understanding on the way where the novel may end. Settle on your decisions dependent on what you have to accomplish as an essayist, and what precisely you should be effective. Being a superb author is definitely not an exceptionally basic under taking! For instance, a specific exposition's author may as of now be getting about precisely what she or he expected to make the easy thought. </p> <p>If you need to buy article from us, you can be sure you will make sure about a fantastic piece of composing. Prior to begin to set up your paper, basically watch a couple of instances of comparable sort of exposition which you are probably going to compose. The article help which we're going to give you will likewise be unique and unmistakable. In the event that for reasons unknown, you keep on being not all that agreeable about composing it, don't spare a moment to show up at our example paper. </p> <p>Go on the web and see what extraordinary English composing programming can do so as to help your letters, or all your composition. On the off chance that you basically need to compose, you can about consistently find completely free elective instruments for journalists that are proper for an experimental writing. Of valuable strategies to assist you with starting on practically any composing venture. Considering under record the specialty of someone's task, its own degree of trouble or length, our guaranteed research project creators have all the fundamental aptitudes to make an out standing endeavor. </p> <p>Furthermore, there positively truly are an assortment of enlightening article composing arrangements offered in on the web. A long inquiry you begin composing administration. In fact, the absolute best sites to attach with attractive people will offer you a chance to discover a brief look into the circle of adult games at no expense, no not exactly for some second. You wish to understand communicating your self online 19, in the event that you should be prepared at that point. </p> <p>Paper to the subject of an individual's discourse, you'd prefer to think. On the off chance that you are needing another paper upon progress, it is conceivable to really pay US to create papers rapidly. At that point you should change your postulation explanation during the time that you're composing the paper. In addition, other than your endless papers on a few subjects, you may have bunches of one of a kind obligations, which require consideration that is acceptable. </p> <p>Getting on the web paper supervisor is kind of hard vocation. Diary editors by and large reject compositions that aren't novel. </p> <p>Maximizing your exploration framework's aim will have the option to help you form a paper that is careful. Along these lines, you may have confidence your research project support is by and by liable to be sent by methods for a pro. You just need to pay for an exploration paper and we're probably going to twist off! Making an inconceivable research paper isn't exactly as hard as you would might suspect. </p> <p>To start with, pick what you need to accomplish with your paper. A paper can help with composing custom helpwritingapaper. Encouraging a positive learning condition, oIf you need help with your exploration paper you unearth the suitable spot. Our organization that there's a paper help! </p> <h2> The Unexposed Secret of Writing Paper Help </h2> <p>Writing an exposition might be troublesome task. APA includes a few principles that you should follow in the event that you'd love to use it. Scholastic composing help isn't hard to get and easy to pay, since it's modest. </p>

Which is the Best Topic For This is Believe Essay Topics

Which is the Best Topic For This is Believe Essay Topics?There are numerous these is accepted article subjects to browse. In the event that you are uncertain of what sorts of themes will be all the more speaking to your cohorts and educators, you can generally utilize the assistance of an instructor or other parent of a youngster. It can assist with talking with instructors and different guardians to figure out which are the most famous themes for this is accepted paper topics.To figure out which subject is best for your youngster, you have to initially recognize what your understudy's needs are. This is significant since the theme for this is accepted paper subjects ought not be excessively not quite the same as what the understudy is alright with. Subsequently, it will be critical to talk with your youngster and attempt to get them to portray how they feel in their own words about the topic.Once you have decided the point, you at that point need to choose what sort of introduction you need to give. Contingent upon the evaluation level that your youngster is on, you might need to give a basic or an inside and out introduction. It is ideal to have an introduction with more profundity if the understudy is higher in the evaluation level, yet it can assist with training the understudy to take notes on occasion when they are lower in the evaluation level as well.It is likewise a smart thought to cover the most mainstream views on the subject of this is accepted article points. Having the most prevalent views is significant on the grounds that it can assist with facilitating the understudy's psyche about any conceivable negative meanings that may happen from having these thoughts. For whatever length of time that you spread the most mainstream views, you ought to have the option to guarantee that the understudy realizes that these are a portion of the points that they will find out about during this assignment.When picking the most prevalent views on the subject of this is accepted exposition themes, it will be essential to look into the entirety of the various points that are basic all through the understudy's life. You can discover what they may think about in school, just as in their regular daily existence. By exploring the entirety of the various zones, you can guarantee that the understudy will have the most obvious opportunity to learn and comprehend the topic of this assignment.Another thing that is significant while picking these is accepted article themes is to guarantee that you additionally keep things as basic as could be expected under the circumstances. Keep the theme straightforward, as basic as could be expected under the circumstances, yet at the same time keep it engaging the understudies. Since this is an alternate point for this is accepted paper subjects, it is imperative to keep it fascinating and instructive for the understudy to understand.Be sure to rehearse ahead of time what you will do before you give the task. You need to ensure that you can accurately disclose the point to the understudy with the goal that they don't become mixed up in your composition and the data you are giving. On the off chance that you are utilizing any kind of paper help that you will be given, it will be critical to peruse it completely so you can get any linguistic or spelling mistakes before you start your assignment.Remember that the points for this is accepted article subjects ought to be both instructive and speaking to the understudy. You need to ensure that the understudy has the most obvious opportunity to gain proficiency with the subject. Likewise, you need to ensure that you spread the most mainstream views and you are covering the absolute most regular points that they may be keen on.

A Discource Around Freedom Of Speech - Free Essay Example

Sample details Pages: 10 Words: 2967 Downloads: 10 Date added: 2019/05/18 Category Law Essay Level High school Tags: Freedom of Speech Essay Did you like this example? The freedom of speech remains as one of the fundamental elements of the foundation of the United States of America. Ultimately, it has protections under the American Constitution in line with the First Amendment. It reads, Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances (Legal Information Institute). In recent times, due to increased instances of hate speech and other negative elements, there has also been an increase in the debate on the issue regarding freedom of speech. This includes the idea of whether it is absolute and should speech have restrictions. This polarizing debate goes against those who feel that the freedom of speech is an absolute, which protects every citizens right to speak freely without any government interference or censure, against those that feel that freedom of speech is a right. However, there is the controversial idea that the need to have legal limits to discourage vices, such as hate speech and obscenities is missing. In this context, the paper will argue that free speech is an absolute right that should not have limits since this standpoint will be an attack on the spirit of the American Constitution and the right for everyone to express themselves fully without either fear or censure. Don’t waste time! Our writers will create an original "A Discource Around Freedom Of Speech" essay for you Create order The idea of freedom of speech came into the American way of life through the founding fathers who introduced the Bill of Rights and through the First Amendment, which guaranteed the right of every American to speak their minds without fear. While the amendment does not explicitly define what it means by the freedom of speech and what can or cannot be protected, over the years, this role has been provided by the courts. The judicial system in America has provided a number of landmark rulings that have set the tone of the debate on whether the freedom of speech should or should not have limits. The earliest example occurred in the U.S. Supreme Court on March 3, 1919, the case of Schenck versus the United States. Charles Schenck, a general secretary, of the Socialist Party was opposed to the the the military draft. In retaliation, the socialist sent 15,000 leaflets, that instructed for any man drafted for war to resist. The underlying issue was did this act of espionage violate the First Amendment? The court ruled the Espionage Act was constitutional, freedom of speech was not an absolute right and civil liberties might have limits in times of war, especially when the speech may present some form of danger to the general good. On the other hand, the 1942 Chaplinsky versus New Hampshire saw the Supreme Court uphold that the right to free speech was limited in circumstances where there is the use of words or phrases that may cause injury or cause an immediate breach of the peace (Bill of Rights Institute). A more recent case, which includes the 2004 case of Morse versus Frederick, saw the Supreme Court rule that in some cases, the right to freedom of speech can be limited if its intent goes against an illegality. In this case, a students right to hold a banner that read ?Bong Hits 4 Jesus could not be protected. Unfortunately, while it was his right to offer the speech, this right was outweighed by the schools rule that barred encouraging drug use. These court cases provide an insight into the manner in which the judicial system has tried to interpret the First Amendment and, thus, shedding more light on the debate on whether it should have limitations or not. Free speech should have no limits because placing limits hampers resolution of an issue or an idea through debate. It is important to note that everybody has ideas and opinion that may contradict one another. However, this can vary based on religion, morals and ones values. In some cases, those ideas, thoughts, and opinions may not be politically correct and be widely unpopular. Needless to say, it is important that a person is given the right to express those ideas without any limits to enable them and others to be receptive to new information. It would be very catastrophic if limits forced people to keep their thoughts and feelings inside, no matter how unpopular or wrong they may be to other people. This position occurs because having different opinions and being able to express that without any limits helps to foster debate, which, in many cases, can help to persuade the opposed of either being wrong or show them their ignorance to real facts. When society encounters an individual or a group that has opinions or thoughts that are offensive and ignorant, it would be better to challenge them to express themselves and give evidence rather than just silence them through enacting limits. When put up for debate, the explanation offered is up for examination, weaknesses, and flaws can be exposed, thus, making people realize why they are wrong. Supporters of limitations may argue that in some instances, it is very clear who is right and who is wrong or it is common knowledge what is offensive and what is not offensive. Therefore, the audience would emphasize there is no need for a debate to rationalize that aspect. However, this argument is very sectarian and encourages the formation of the ?other as well as encouraging narrow-mindedness (see Fig 1). It ignores the value of showing why somebody is wrong through an open and rational debate. Rationally, free speech should have no limits because that position allows good ideas to be expressed and implemented while bad ones can go through a debate and, therefore, be questioned productively. Free speech already has limits and there is no need to restrict it further as this standpoint will be an attack on the spirit of the Constitution. It is already well known that the Supreme Court has acknowledged that in some circumstances, it may be necessary to put limits to free speech through the interpretation of the First Amendment. This instance occurs in cases that may lead to violence or cause a disturbance to peace. As a result, the Supreme Court holds that there exist special categories under which the First Amendment may not protect freedom of speech in some contexts. These categories of expression are words deemed to be obscene, words deemed to be defamatory, words deemed to be commercial, and words deemed to be fighting words or disruptive expression (OBrien). Therefore, it is evident that free speech in its nature is already limited since it is logical to accept the fact that in some circumstances, there is no value achieved from some kind of free speech that is outrigh t unacceptable in both legal and social realms. However, any further limits beyond these accepted restrictions are in bad faith and exhibit an undemocratic attack on the Constitution and the First Amendment, which guarantee every American the right to free speech. Audience that supports the idea of additional limits may argue that this outlook does not offer enough protection, and that it should go beyond these categories and offer limitations that do not allow people to say whatever they want at any given time. Additionally, they argue that these categories of limitations are vague and in most cases, allow people to get away with a lot. For instance, words that are obscene in nature need to be said with threatening language for them to be considered unprotected by the First Amendment. However, this argument appears to be restricted in nature because any further restrictions will make the right to free speech redundant. There would be no protection in speaking and expressing ones thoughts and ideas. The limitations that are alread y set in stone were planned out well enough due to past situations, that instilled restraints. Freedom of speech should not be limited because it has led, and will continue to lead, some of the most groundbreaking social changing movements. It is without a doubt that words are powerful and that they can, in many ways, inspires the human psyche and leads it to various ideas and convictions. In history, there are various examples where words of speech and the freedom to express them have resulted in meaningful changes that have played a part in the growth of humanity. These include the abolition of slavery, the civil rights movement, and the more recent #MeToo movement. If this right to freedom of speech had been hampered, Dr. Martin Luther King would not have been able to inspire a generation through his words to raise up peacefully against racial injustices. His words during those times were unpleasant to a majority of the white population and, therefore, if there were any limits to freedom of speech, he would not have achieved what he did. Similarly, not all the women victims in the #MeToo movement would have attained justice if the freedom of speech had limits, which would have prevented them from describing the sexual assaults. Therefore, freedom of speech is an important tool of social change that should not, in any way, be limited to encourage positive social engagement. Supporters of limitation would argue that free speech in the context of advocating for social change may be abused and misused and, therefore, it is necessary to have limits to ensure that there is the correct use of the right to free speech. However, this argument is flawed in the sense that in many ways, people who are advocating for a positive change are always on the right side of history. Therefore, citizens who are granted this right should use any means necessary to advocate for whatever they believe in through the most effective means, which in this case is the freedom of speech. Freedom of speech should not have limitations since it functions as one of the fundamental avenues to prevent the occurrence of oppression within society. Primarily, free speech establishes an armistice between diverse factions with opposing viewpoints, histories, principles, philosophies, faiths, and creeds. It allows every member of the society, the authority to uphold his or her perspective openly; hence, no one has the consent to subdue another. Consequently, free speech is an essential tool that provides a voice for the minorities and the burdened. It allows people to attain growth by questioning the establishment, the existing state of affairs, the rule of law, and the governing body. This freedom is necessary for the oppressed as well as those who inspire to challenge their stances and demands the idea of whether it creates an environment for refutation. For this reason, everyone has an equal playing field to oppose and counter various impractical standpoints. Eventually, free speech provokes an impartial, open, balanced, and sensible discourse on pertinent issues, particularly from those who would otherwise lack the space and opportunity to express themselves regarding the same (OLeary). Progressively, debate emerging from free speech can be fundamental in presenting gaps in development, hence, allowing room for additional research, sifting of backward concepts, reform, and persuasion from disadvantaged factions. Those who argue against the ability of free speech hinder oppression within the society claim that it presents an extremely huge threat. Their main disagreement with the stance stems from the belief that freedom of speech would only empower the influential faction of society further. Consequently, this dominant section will merely label any form of resistance from the others as sacrilege, deviation, undermining power, censure, and an affront to the essence of societal living. However, there is a possibility that the influential society would denounce free speech as a form of corruption. Such disapproval of freedom of speech disregards the spirit of the movement. It is irrational to discount it based on the assumption that it may provoke the emergence of rogue individuals within the society. In essence, the benefits of free speech are for oppressive movements outweigh the costs. Freedom of speech has been a crucial component in the growth and development of the current world as it exists; therefore, implementing limitations would merely curtail and stagnate global progression. Throughout the years, advancements in numerous fields across the globe have only been possible through the constant collaboration and interchange of thoughts and information between people across the continent. From this capacity, numerous groundbreaking inventions that make life easier in comparison to past years are effective. First world countries like those in Europe and the United States, as illustrated below, are ahead of the rest primarily because of the extensive range of discoveries and creations within these nations, which are attributable to the concept of freedom of speech (see Fig 2). World Economic Forum. Revolutionary discoveries in science and technology, such as cutting-edge transportation and communication infrastructure via electric-powered trains and cellular networks have become a reality due to the resourcefulness that emerges. As an outcome of the unrestricted movement of concepts and the nonexistence of the hindrances in unfamiliar, debatable, far-reaching, and rare thoughts and findings. Besides, all developments in these fields such as the arts are caused by peoples ability to express themselves without obstruction; hence, the existence of contemporary works of literature, entertainment, building and design, among others. All these advancements attest to the fact that freedom of speech serves as the foundation for all growth within the society, and the lack of development within others is dependent on their rules of censorship. Those who contest the standpoint that free speech is essential for growth and development within the society claim that it is not the only element necessary for the same outcome. For instance, other accompanying components such as cohesion, peace, and stability as the most fundamental preconditions for any advancing nation. They assert that these components precede free speech because it is not the main concern if the others are unavailable and unattainable. This form of reasoning is inaccurate in relation to the necessity of dialogue in the achievement of all the elements presented. To an acceptable degree, cohesion, peace, and stability cannot exist without the foundation of free speech. Freedom of speech is a crucial component of the basis for a self-governing society. In the contemporary world, free speech is a powerful tool in the sharing of perspectives and the spreading of information to the mass population. Free speech holds such immense power in the modern society that it can either abolish or institute entire civilizations. Presently, platforms such as social media websites are critical in uniting people against the administration; such as, countries with questionable leadership strategies have been victims of a strict system of checks and balances from citizens who engage each other on such sites freely. Naturally, freedom of speech allows citizens to question authority and have different viewpoints. The ability to engage with each other instantaneously without limitations ensures that the administration adheres to the principle of democracy. Besides, the philosophies contained within such discussions do not disappear due to the absence of suppression; thus, they serve to promote democracy in the long term. In essence, freedom of speech is obligatory not only to promotes such democratic principles but also to ensure the upholding of individual rights to distinct perspectives within the said democracy. Intention and communal discussion form the spirit of democracy. By restricting free speech, the citizens lack the capacity to attain and sustain control since they missed the opportunity to participate in constructive debate for the sake of their countrys autonomy. Those against free speech as a prerequisite of democracy within any given nation claim that the call for self-governance does not justify the necessity for the absence of limitations in freedom of speech. Even though they accept the rationality in the crucial nature of free speech in a democracy, they assert that restrictions are also necessary to regulate disorde r and lawlessness within the society, which may arise from political discourse. They echo the notion that controlled freedoms are not equivalent to eliminated ones. This argument is fragile since restrictions on free speech do not necessarily translate to the absence of political chaos. There will always be disagreement on political subjects; hence, limiting speech is not a guarantee for mutual understanding in opinion. Lastly, freedom of speech is a fundamental human right; meaning, limitations go against this basic provision. According to the Universal Declaration of Human Rights, under Article 19, Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers (Global Freedom of Expression). From this declaration, it is a common logic to recognize that freedom of speech is as necessary to human survival as is any other basic right. It is the responsibility of everyone to ensure that they uphold this right as equivalent to the right to life, for instance. Furthermore, this proclamation raises the question regarding the essence of a right: it is revolutionary to impose constraints on elements that are integrally rights. In other words, freedom of speech is so essential to life that people fight to implement it throughout their lives and a re willing to die defending it. The capacity to express oneself in communal settings without anxiety in the essence of independent living. Consequently, effecting restrictions merely creates room for suppression and oppression, which are prone to enabling social biases. Those who disprove this standpoint claim that some level of censorship within the society is tolerable since it curtails the possibility of chaos due to over contribution from members of the society. However, this perspective is inaccurate since it overlooks the manner in which gagging people fuels unfamiliarity, misrepresentation, and the absence of up-to-date resolutions. In essence, freedom of speech is as imperative to sanity as other basic human rights.

Finding Information on Your Education Essay

<h1>Finding Information on Your Education Essay</h1><p>When composing an instruction paper, one of the most troublesome parts is realizing when to cut free. There are simply an excessive number of entanglements when the circumstance calls for working an all around considered article that can prevail upon the jury.</p><p></p><p>There are numerous occasions, things, and individuals that one can expound on in a paper, and one great spot to look is for schools or educators that you appreciate. They may have composed something that you know about or have composed a bit of paper content that you can utilize. It is in every case great to look for criticism when composing anything, and this specific circumstance would be no different.</p><p></p><p>Whether you go to teachers from different universities, you will discover they all need to see that you have an eye for detail. Compose a short paper regarding a matter that can intr igue you, yet hold it to five to seven pages and attempt to keep it short. On the off chance that it needs more than that, you are probably going to come up short on things to say.</p><p></p><p>Often, recent developments or even top-selling books are what an instructor may need you to expound on in an exposition. Know about what's going on around you and make a point to address it, yet downplay it, so you can give your peruser a total viewpoint on the current news.</p><p></p><p>Other teachers, for example, a home educator, might not have any desire to get excessively engaged with recent developments. If so, ask the school staff to bring up some ongoing achievements that you can highlight.</p><p></p><p>Teachers at open universities and colleges may likewise need to see your present achievements or models that you have made from things that have just happened. In the event that you are fortunate, you might have th e option to feature a piece of your training that you will recollect. Instruction article is regularly an individual encounter, and on the off chance that you can incorporate anything, you will hang out in a crowd.</p><p></p><p>A beneficial thing to recall is that an understudy or educator will need to have the option to discover however much as could reasonably be expected about you. Consider the aftereffects of the paper that you compose and the criticism that you receive.</p>

Kids, Work and Community Service College Essay Examples

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A few understudies need to do network administration to graduate secondary school or perhaps to get certain distinctions. </p> <h2>The Downside Risk of Community Service College Essay Examples </h2> <p>In the occasion the author doesn't meet the fundamental quality, you will get a total discount. All you will require is to put your buy, and we'll wrap up. Heading to a home improvement shop to buy a block wasn't an alternative, yet to make only a solitary block took an impressive how of time. A brilliant spot to start is your major. </p> <h2> Whispered Community Service College Essay Examples Secrets</h2> <p>It is known as the review of your essential thought. By and large, in certain articles, a proposal explanation is comprised of a few sentences. The absolute first sentence is a fairly broad, dull explanation. They are expected to offer guidance to individuals who partake in them (Arreola 100). </p>

How to Create a Good College Essay Using Uc Essay 7 Samples

<h1>How to Create a Good College Essay Using Uc Essay 7 Samples</h1><p>You have utilized the words Uc paper 7 examples to look into, compose and alter a school exposition. You are currently prepared to submit it to your school or college. There is no uncertainty that you will be anxious to get your course kudos for such an extraordinary exertion. You should not go into it with the attitude this is an experimentation effort.</p><p></p><p>It happens a ton of times that an understudy composes their own school articles. Despite the fact that this could be a brilliant method to sharpen in your composing aptitudes, it is likewise conceivable that they have not set aside the effort to peruse other understudies' examples and to check in the event that they are the correct ones for their own school article. In the event that you have not gotten your work done, odds are high that you may neglect to make the best-composed school paper. So as to stay awa y from such missteps, here are a few hints that you can use.</p><p></p><p>Before composing your own school exposition, ensure that you read the same number of tests as you can. From your teachers, yet in addition from different understudies. Attempt to get the same number of tests as you can so you will have the option to get a thought on the best way to improve your paper. You can either set aside the effort to go through long periods of perusing, or you can utilize the web. In any case, on the off chance that you utilize the web, you will get enough materials to assist you with getting started.</p><p></p><p>You should realize that when you begin to compose your materials, you ought to make a structure. You should place the primary thought in the initial segment of the archive, the supporting realities in the subsequent part and the end in the third. This is known as a sensible structure.</p><p></p><p>Once you have your fundamental thought, the supporting realities and the end, you should partition them into two sections: a proposal proclamation and a body. The theory explanation ought to contain an inquiry, an announcement of the significance of the examination and some other data. On the off chance that you need, you can incorporate the motivation behind the research.</p><p></p><p>The body ought to be partitioned into three sections: a presentation, a principle body and an end. Every one of these parts ought to have a theory proclamation toward the start. You should ensure that the presentation is as fascinating as the body, and that the end can lead your peruser towards the body.</p><p></p><p>The last stage ought to likewise incorporate a synopsis. Actually, this is the last phase of the entire task. Having a decent outline of the material and of the theory articulation is significant, in light of the fact that it will be in support of yo u when you need to respond to the inquiries that are normally posed by the college or school administrators.</p><p></p><p>Of course, try not to be reluctant to pose inquiries to your teachers, particularly in the event that you intend to compose your own school paper. Obviously, these techniques don't expect you to set aside the effort to peruse school article tests. You should simply to peruse the book or the paper and to check if the thoughts contained in your example are like yours.</p>

What Are Your Current Format For Term Papers?

<h1>What Are Your Current Format For Term Papers?</h1><p>Taking care of your present configuration for school research papers can some of the time be troublesome. Now and again, it turns into an overwhelming undertaking just to design a paper in your own hands. It is significant that you consider the arrangement for your papers with the goal that you can expand your potential.</p><p></p><p>Your current configuration for research projects is going to direct what kind of paper you will need to compose and what you ought to expound on. Numerous understudies decide to utilize Microsoft Word to compose research papers. Some pick an alternate program to compose the paper, however they need to guarantee that their Microsoft Word records are arranged appropriately for simple altering. In the event that you are writing in Word, at that point you are no doubt utilizing the most recent form available.</p><p></p><p>Word has change d many occasions throughout the years. Previously, the word would not auto-design an archive the way that it does now. You could type a report and have it printed the correct way. With Word, you needed to ensure the size of the content was the very same size as the page that you were printing it on. To make this work, you needed to physically resize the text style or change the textual style size.</p><p></p><p>Today, the Word application can consequently alter the text dimension for you. There are just a couple of things that you should do. Probably the best piece of this element is that it can permit you to set the width of the content to be a lot bigger or littler than you need.</p><p></p><p>Another thing that you can do to ensure that your present configuration for research papers is a decent one is to look at the toolbar alternatives. Many Word archives accompany a toolbar that you can access with a tick of a catch. Some are extrao rdinary, while others can turn out to be very disappointing. Before you go to the toolbar, you might need to survey a portion of different highlights that are accessible. Now and again, these highlights can give you an alternate point of view of how to utilize your present configuration for term papers.</p><p></p><p>In the toolbar of Word, you have numerous alternatives that you can turn on or off. You can choose between little fastens or bigger symbols to let you get to different highlights in the application. You can likewise open up the size and shading alternatives in the toolbar to assist you with getting the look that you are attempting to get for your research papers. It is significant that you take as much time as necessary to ensure that the toolbar is set up to the way that you need it to be. It can have a colossal effect by they way you can be increasingly productive regarding capitalizing on your present configuration for term papers.</p>< ;p></p><p>With the assistance of the toolbar, you can undoubtedly adjust your present arrangement for research papers to the most ideal outcomes. A large number of the instruments that are accessible are similar apparatuses that you will discover when you look at the applications that Word offers. You can begin today by looking at the toolbar and perceive how it can assist you with composing your term papers.</p>

Applerouth College Essay Topics

<h1>Applerouth College Essay Topics</h1><p>Applerouth College offers incredible undergrad projects and all the essential necessities that you should finish your AP courses. The school offers an assortment of majors including aesthetic sciences, business, and human services, so you can undoubtedly be a piece of extraordinary compared to other instruction programs that are accessible. Applerouth College's projects are intended for occupied individuals who need to seek after their fantasies, regardless of whether it is going to graduate school or finding out about the energizing universe of corporate leadership.</p><p></p><p>One of the necessities of AP English is composing compelling expositions. Article points incorporate great composing aptitudes and social references. To keep away from literary theft, it is significant that you generally use a layout at whatever point possible.</p><p></p><p>AP school papers are signif icant. They are required by the organizations that have made them. On the off chance that you don't ace how to compose a paper, you won't be permitted to take the test. With regards to AP tests, the subjects secured run from history, sociologies, geology, writing, and language.</p><p></p><p>Although AP school article points change as per the course, they all have basic topics. Great exposition themes ought to permit you to pass on your contemplations unmistakably and compactly. Remember to be inventive in your exposition; the subject is up to you.</p><p></p><p>When composing your paper points, it is significant that you look at all the principles of syntax and accentuation. The guidelines have been set up by the foundation with the goal that the understudies can figure out how to impart appropriately in English. They comprehend that school level composing is a workmanship, and you will need to find out about language structure and acce ntuation. Other school article themes spread subjects like the condition of the nation, society, and the economy.</p><p></p><p>When you expound on AP school exposition points, it is significant that you generally expound in your paper. Recall that the principles of sentence structure are there on purpose. You can concentrate progressively about punctuation later, however until further notice, work on utilizing it. Recollect that it is essential to keep the exposition as short as possible.</p><p></p><p>Because AP school paper themes might be the most significant thing to you with regards to your scholastic profession, it is basic that you plan your article cautiously. Research the point completely, particularly on the off chance that you are expounding on an exceptional theme. Recollect that the crowd of your paper will be your teachers. So you need to inquire about well and show your expertise.</p><p></p><p>One last point to consider is the structure of your paper. In the event that you have just contemplated a specific point in extraordinary detail, at that point you might need to utilize that material as the reason for your article. If not, you ought to consistently endeavor to structure your paper as much as possible.</p>

Comunication Asking Questions Essay Samples Secrets That No One Else Knows About

<h1> Comunication Asking Questions Essay Samples Secrets That No One Else Knows About </h1> <p>To help keep up charge of a discussion While you're posing inquiries you're responsible for the discussion, emphatic people are progressively disposed to assume responsibility for discussions attempting to acquire the information they need through addressing. Communicating with composed words is a real workmanship. Permitting your respondents to gracefully input in their own words may assist you with revealing open doors that you may have in any case neglected. A few people would prefer to skim and afterward head for those inquiries, yet you ought to know that the circulation of inquiry types on the ACT typically implies you don't HAVE to peruse the whole section first. </p> <p>Different sorts of undertaking There are loads of elicitation rehearses that might be utilized when composing a test. The other option is of the Dynamic Lookup Tables which are used to d elineate information in accordance with the positioning. Remember this when you consider utilizing more than 1 dropdown question in your overview. Introduction content inquiries are normally used as a separator between two parts of the overview. </p> <p>It is basic to begin with a broad arrangement. It may be a straightforward inquiry with a solitary answer box toward the end. It is quite often better to get your musings in line and work on the absolute first draft. In the occasion the appropriate response is open-finished it'll be more diligently and tedious to check and there may likewise be an a component of subjectivity engaged with judging how 'complete' the appropriate response is, however by the by, it may likewise be a progressively exact test. </p> <p>The most significant standard is to come clean. The following kind of when addresses you'll have the option to encourage your child or little girl incorporate what season something occurs. You have no piece of information where to begin. Remember this extremely basic guideline. </p> <p>Creativity is clearly esteemed here. Enthusiasm and Purpose questions are incredibly normal and for most clairvoyants and real intuitives, exceptionally easy to answer moreover. </p> <p>The specialty of posing inquiries is an old segment of extraordinary educating and among the simple aptitudes all instructors should have the option to ace. Other youngsters regularly pose inquiries that aren't serving the aim of picking up data. Probably the best ways to deal with get the opportunity to get familiar with your understudies is to pose inquiries. The instructor must not overlook however that in certain cases there may be a few potential right answers. </p> <h2>Where to Find Comunication Asking Questions Essay Samples </h2> <p>There are various types of inquiries that could be remembered for an eLearning class. One of the most common methods is explanation. You basically need to do a little pursuit and find to find the proper detail. The reaction choices for a shut finished inquiry should be thorough and fundamentally unrelated. </p> <p>In case you have any inquiries, kindly don't spare a moment to contact ProfEssays.com. This inquiry requires an extraordinary ability which could be created in a TOEFL audit office. Now and again, you must have a few channel inquiries as an approach to guide your respondents to the best possible ensuing inquiries. The starting inquiries which you pose should be basic, wonderful and fascinating. </p> <p>Before building questions, you must be educated about each sort of inquiry utilized in review examine. The way where you get data and the review addresses that you use have an enormous influence in a prosperous overview. Up to that point, you may utilize our study creation devices to assist you with choosing the best inquiries for your study. Counting a question mark to the finish of each question can wind up being a viable way to deal with obtain respondents to finish the review. </p> <p>Teachers and teachers don't wish to find that you understand the plot of a story. Understudies at that point select a number card. Have every one of your understudies acquire photographs of family. </p> <p>Make certain you adhere to some of the connections inside this post to get a superior thought regarding what these inquiry types really resemble. The use of the measurable information and realities demonstrates that the author is accomplished about the subject. With it, you may offer them a scrollable assortment of responses to pick from. It would be ideal if you utilize the best possible exposition addresses design. </p> <p>Indeed, paper subjects can vacillate. Investigate what you need to write in the paper and the manner in which you need the perusers to respond to it. An article include a lot of reasoning and self-examination. Story expositions regularly have less prerequisites with respect to the organization when contrasted with affirmation papers. </p>

How to Answer Leadership Questions and Promote Your College Essay

<h1>How to Answer Leadership Questions and Promote Your College Essay</h1><p>As part of the arrangement procedure for your school papers, you might be approached to set up a school article on authority. Regardless of whether you're doing this all alone or with a gathering of understudies, it's constantly essential to realize how to respond to authority questions and to take your article writing to the following level.</p><p></p><p>Leadership is a significant issue. It can assist with drawing out some innovativeness in your paper. At the point when you get ready for your article, realize how to respond to initiative unbelievably up. In the event that you don't, you will be confronted with a troublesome assignment ahead.</p><p></p><p>The first inquiry you should consider is the topic of inspiration. Your article ought to contain answers to this inquiry. You should give inspiration to the individuals you are tending to in your article. On the off chance that you don't, they will be dubious that you have any in them.</p><p></p><p>Another great inquiry to pose to yourself is, 'The thing that do you need to lose by expounding on this?' Think about what you have achieved so far in your life and where you need to go. Would you like to go up higher in your profession? Would you like to go further in your business?</p><p></p><p>Consider your self-awareness because of your investment in the group. On the off chance that you need to go higher in your business, you ought to remember data for your self-improvement too. How might you feel on the off chance that you had prevailing in your business?</p><p></p><p>I was a secondary school senior and an individual from the discussion group. We won each time we went into the discussion competition, regardless of whether we lost each round. In the wake of winning our competition we got an honor fr om the school, which we introduced to our coach.</p><p></p><p>I gained such a great amount from my mentor. It was stunning how he could see something about me that I had not contemplated. I discovered that my concern was in my certainty. I discovered that I expected to improve my certainty and my objective was to become leader of the discussion team.</p><p></p><p>Before you start your paper you ought to compose a short moving example of overcoming adversity. There are numerous individuals who feel they can achieve extraordinary things, however are not fruitful in light of the fact that they come up short on the mental fortitude to make the enormous stride. Try not to let anybody discourage you from your goal.</p>

Ideas, Formulas and Shortcuts for Argumentative Essay Topics on Health Care

<h1>Ideas, Formulas and Shortcuts for Argumentative Essay Topics on Health Care </h1> <h2> Argumentative Essay Topics on Health Care: the Ultimate Convenience!</h2> <p>Your paper must incorporate a completely uneven end expressing your own position is acceptable while that of your adversary is totally awful. Pugnacious works is a specific kind of a paper. </p> <p>There's no need in making an assurance, which medical issue or wonders is increasingly critical at this moment or what's left in the shadows and ought to be edified in any event in your exposition. Possibly you by and by have a summed up thought of what things to write in your brain, and the accompanying will empower you to focus on some particular idea or maybe change your decision. The full work should be done correctly so that there's no escape clause in your composing method and the data that you're giving. There are a great deal of things to contend when it has to do with the law. </p> <p>It's conceivable to adjust the points or use them since they are. Subjects identified with wellbeing give an incredible scope of decision. Whenever you're looking for an exploration point for your examinations and couldn't imagine anything better than to focus on wellbeing brain science, consider the recommendations that follow. Investigate the resulting research subjects i n social insurance and select your ideal point. </p> <p>Click the read more to arrive is a lot of warmed discussion on a great deal of medical problems in United States of america, yet additionally in various locales of the world. House calls were once regular practice in the medicinal services region yet are by and by an irregularity. In numerous decades, you will be a Doctor of Science. No individual works in the zone of open wellbeing today without tending to the subject of HIV and AIDS. </p> <p>Shows what you might want to see. Studies on the fluoridation of water in america were handling positive advantages with respect to decreasing the amount of caries in occupants. </p> <h2>Introducing Argumentative Essay Topics on Health Care </h2> <p>Wearing night robe in bed is useful for your wellbeing. All things considered, since there are a few proposals to improve one's wellbeing, not all them are verified appropriately. Why getting away is useful for your prosperity. The best approach to have a healthy pregnancy. </p> <p>Why you should deal with your teeth. Discover increasingly about the contentions for and against an all inclusive clinical consideration program. On the criticalness of medical coverage. Future and clinical consideration uses. </p> <p>Inspiration to make your own publicizing or media contentious exposition subjects isn't trying to find. You don't have to secure excessively specialized with lawful contentious expositions, however make sure to get your work done on what the current laws about your preferred subject really state. In the event that you accept you'll barely succeed causing your own subject, to think about attempting to discover smart thoughts on the net, at assets that give valuable rules on successful exposition composing procedures. At the point when you need to create a clinical factious paper theme, you wish to pick one which you know a modest piece about on the grounds that then it will deliver the exploration a lot less difficult and you'll show signs of improvement way to deal with the subject. </p> <p>For case, in school, you may be mentioned to form a paper from the restricting viewpoint. Our expert authors think about the central components of a contentious exposition. On the off chance that you've been alloted an occupation of composing a dubious clinical paper on a specific theme and you don't have a clue about the best places to begin, we are the perfect group for you. Need to have increasingly innovative thoughts regarding how to set up a triumphant article on wellbeing. </p> <p>Using quantitative wellbeing data is developing quickly. In our general public today, there are various wellbeing challenges. Regardless of your age or wellness level, you're in the long run liable to need the assistance of somebody inside the clinical consideration advertise. An efficient, productive medicinal services framework isn't so natural to give and among the essential issues on the most ideal path to the ideal emergency clinics and clinical assistance is legitimate subs idizing. </p> <p>The cost of human services is only one of the most basic difficulties. Under such circumstance on the off chance that you're not having a predominant medicinal services community in your general vicinity, at that point it's extremely tolerant. In the event that you trust you get a help associated inability, or need assistance to confirm that you do, the Alpha group is prepared to help you. Others couldn't bear the cost of the most up to date innovation like X-beam machines. </p>

Sample Essay on Writing Short Stories - Comparison of Two Short Stories

Sample Essay on Writing Short Stories - Comparison of Two Short StoriesThe sample essay should serve as a 'checklist' for the rest of the writing assignments and make a student understand how to prepare a short story or poem for publication. It can be a refresher on the basics of literary form, structure, style, and grammar.In the first paragraph, there is a quotation from 'The Great Gatsby' that describes how great a short story is compared to a novel. A review of the structure of the short story is provided in the second paragraph. Briefly, the two stories are very different and one clearly surpassed the other.The structure of the short story is based on an act, subject, theme, and action. The third paragraph takes the reader back to the first paragraph and compares both short stories to the central idea of each. The comparison is a logical one. The central idea of each story is about comparing or contrasting two opposing things, so the comparison is complete.After the first paragr aph, there is a brief synopsis of the first short story. This provides synopses of the main features and characteristics of the first story, as well as providing context for the events of the short story and the character in each story.The next paragraph outlines the theme of the short story. It is essential that the writer makes the theme clear and memorable. In the third paragraph, both short stories are compared to each other and the theme of each is understood. The writer's role is to provide context for the comparison, and also to describe the contrast of one story against the other.The last two paragraphs summarize the essay. This is the part of the essay where the writer brings the essay to a close. He or she tells the reader why this essay is useful and provides an example of a literary work that demonstrates the same structure.The final paragraph is the conclusion to the essay. The writer reminds the reader that they now have the briefest glimpse of each story and highlight s what they learned. It is the writer's task to build upon the lessons learned.Each student should complete this sample essay comparing two short stories when completing their first short story writing assignment. Each student will find it difficult to achieve the standard of the standard being measured in this essay.

How to Use a Pattern For Writing Essay

How to Use a Pattern For Writing EssayThe use of a pattern for writing essay is an excellent and simple tool that can help you in writing your assignment quickly. It is a guide that has many uses in the process of writing your assignment. However, you may not be aware of how useful it can be when it comes to writing your assignment. Using a pattern for writing essay can help you develop your ideas while you are doing it.It is one of the best tools that you can use to make the task of writing an essay less complicated. You do not have to worry about starting an essay from scratch and then continue writing it as you go. This is very useful especially if you have too much information to organize. You can simply copy what you see or read in other articles. You can simply insert your own ideas and give more emphasis to the content of the essay.One of the most important things to remember while you are doing this is that you have to concentrate on the content of the essay. Do not start typ ing the essay right away and continue to do it later. This is very important since when you are writing the essay, you should have a clear vision of what you want to write.So, if you start with a pattern for writing an essay, you can follow the article to further develop your ideas in the essay. Once you finished it, you can continue to change your idea based on your knowledge of the subject. If you start with a pattern for writing the essay, you will definitely finish it in a short time.Another important thing is that you should focus on the content of the essay. Once you finish writing your essay, you should always remember to keep the content intact. Do not add anything because this can spoil the whole purpose of writing. You should include your sources and must include only the facts or data that you can find.Other than that, you can also add some additional resources that will help you expand your knowledge. These additional resources include any books or websites that can supp ort you in your research. All these things can help you as you continue to develop your idea in your essay.If you want to complete a large assignment fast, this is the tool that you can use. You can just copy the pattern for writing essay from one of the topics and paste it in your essay. Do not worry about changing the order or format as long as the theme and content remain the same. Thus, using a pattern for writing essay can help you finish a big assignment in a short time.

The Idiots Handbook to Research Topic Outline

The Idiot's Handbook to Research Topic Outline Planning not only enters the research itself but into multiple phases of the draft. You have the ability to write only its principal sections or present a thorough plan with several subsections. You could also see report outline. You could also see program outline. You can also see presentation outline. Developing a good outline is vital in an additional composing of your research paper. A research paper outline, though, will additionally have a hypothesis or thesis as a portion of the introduction. By studying various outline samples, you're guaranteed to come up with the ideal research paper outline in almost no time. The research paper outline will help to clarify the topic of the research paper, guide the subject matter to remain on course, and helps to begin the writing of the true research paper. The outline of your customized research paper is likely to reflect upon your research so make certain that it offers a good idea about what your paper will discuss. The one difference is the true content presented in the paper. Nobody will argue that It's quite challenging to compose an academic paper if there's no structure for it. If you take a close look at research paper outline examples, you will observe there are several methods to present the major body. New Ideas Into Research Topic Outline Never Before Revealed You ought to be detached and objective in your writing. Explain briefly the big points you want to cover in your paper and why readers ought to be interested in your topic. A topic outline acts as a quick summary of the topics included in your paper. It is most effective once you need to objectively discuss about a specific topic without attempting to sound persuasive. You're not required to produce a new or unique method (though you can test out!) Employing an outline template can assist the student organize the paper and eliminate the ideas that aren't related to the intention of the essay. Your principal theme and the chosen literature ought to be adjacent. The MLA format stipulates the essential guidelines for effectively writing an essay in line with the MLA standards. An outline is going to be a reminder for you to include all the crucial subtleties in it. So, creation of an outline ought to be the next step after you've decided on your topic. There it is possible to learn to construct the structure and its elements. In case the structure of the chief body has many levels, it is preferable to use different numbering styles. Examples of such templates are excellent for education and company jobs since they may be immensely helpful when you're short in time and confused about the proper way to prepare a print outline. If you're a template that permits you to organize your ideas and pen down clean and precise sample research ideas, you should certainly elect for premium superior research outline template that it is possible to download free of charge. A template will allow you to identify the important components of your proposal, and that means you may know what goes where. A research outline template is readily gettable on the web. It is possible to also describe the reach of your research. Don't forget, you're not setting out to conduct research so as to prove a point. After reading the thesis, there ought to be no doubt precisely what the research will be about. If you are going to be conducting your own research, like through a survey or a scientific experiment, you will have to outline the pre cise process that you want to use. For instance, you may have I. A. 1. Conducting a research isn't any doubt an elaborate affair and with all these tasks to do, it isn't uncommon to shed consistency if there's absolutely no outline. Whether you do an easy research or a complicated one for a larger project, a research outline can help you receive the best outcomes.

Gender Discrimination And The Sport Industry - 786 Words

Since a young girl, my dream has been to occupy a career within the sport industry. However, as I have gotten older and more aware of the demographics of who occupy the title of executive and leader within the sport industry—mainly men, it has intrigued my interest in knowing why there is a skewed correlation between gender and leadership. In sports, â€Å" [†¦] simply being male permits all men to benefit from the marginalization of all women† (Anderson, p.128, 2010). Sadly, gender stereotypes and ideologies have restricted and withheld women within the professional sport domain from growing and moving up within the industry. However, due to women proclaiming their position and leadership within the sport industry, the number of women executives and leaders are beginning to rise. This rise of women leaders within sports is positive to finally see that women are starting to receive the recognition and position that they deserve. However, there are still great strid es that the sport industry needs to make with their hiring practices to eliminate gender-based leadership stereotypes to bring equality and equity for women in sports. Historically, on one hand, women have been deemed as leaders within the confines of homemakers, wives, and mothers. On the other, women have been deemed incompetent and too weak to have leadership positions also known as â€Å"rule congruity theory† (Grappendorf, 2015). Even though women are leaders of their home, this is and should not be the only capacityShow MoreRelatedGender Inequality And The Social Construction Of Gender1562 Words   |  7 Pagesof gender, race, class, and sexuality have led to discrimination and inequality of those classified under a variety of these categories. Through understanding the significance of these social constructs on society it becomes apparent the intersectionality they have when it comes to understanding why certain groups may face discrimination or inequality. This paper examines gender inequality and how the social construction of gender makes it difficult for the pursuit of equality amongst genders. GenderRead MoreThe Construction And Experience Of Gender Inequality1395 Words   |  6 Pagesconstruction and experience of gender inequality. Men and women are constantly analyzed, compared, and grouped together in society. The result of this yields discrepancies in how sexes are viewed by society. Throughout my examination and explanation of gender inequality, I concluded both men and women are victims to gender inequality. I examined different professional industries in The United States to get a familiar understanding of gender inequality around me. 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Even though it is against the law, many colleges and sports associations still give unfair benefits to men’s sports, such as more opportunities, better fields, higher salaries, etc, and are not getting punished forRead MoreThe Importance Of Equal Pay, Rights And Opportunity For Women Involved With Sports1629 Words   |  7 PagesThis podcast will distinguish the stiffening number of the lack of equal pay, rights and opportunity for women involved with sports. This topic was selected because this is evident based on the staggering numbers of women performing and displaying either equal or more in terms of success, achievement or work load and still are behind when comparing salaries between men and women. Hopefully, this podcast will shine some light on this subject and bring awareness. 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Some critics believed that if womenRead MoreThe Woman Warrior : Memoirs Of A Girlhood Among Ghosts1833 Words   |  8 Pagesaccomplishment for American sports, as it was the team’s first championship win in 16 years, but the win was also a benchmark for female athletes in professional sports as it showed the potential of these athletes, but also showed many of the obstacles that are currently in their way. Despite having overcome milestones throughout the years in the professional sports industry, there is still a l ack of opportunities for women. In addition, many females in the sports industry (including athletes, journalistsRead MoreCongress Enacted Title Vii Of The Civil Rights Act966 Words   |  4 Pagesensure that all people who are seeking employment will not be discriminated against regardless of their race, national origin, color sex, or religious beliefs. In the four given examples of casting calls, it would seem that disparate treatment discrimination was blatant in the both the wording and premise of the casting notices. Since it seems to be common practice for agencies to create casting notices that openly call for certain races or colors of people, it would seem that any person who wasn’t

Financial Management Chapter 8 K Free Essays

ey Chapter 8 Stocks and Their Valuation LEARNING OBJECTIVES After reading this chapter, students should be able to: †¢ Identify some of the more important rights that come with stock ownership and define the following terms: proxy, proxy fight, takeover, and preemptive right. †¢ Briefly explain why classified stock might be used by a corporation and what founders’ shares are. †¢ Differentiate between closely held and publicly owned corporations and list the three distinct types of stock market transactions. We will write a custom essay sample on Financial Management Chapter 8 K or any similar topic only for you Order Now Determine the value of a share of common stock when: (1) dividends are expected to grow at some constant rate, (2) dividends are expected to remain constant, and (3) dividends are expected to grow at some super-normal, or nonconstant, growth rate. †¢ Calculate the expected rate of return on a constant growth stock. †¢ Apply the total company (corporate value) model to value a firm in situations when the firm does not pay dividends or is privately held. †¢ Explain why a stock’s intrinsic value might differ between the total company model and the dividend growth model. Explain the following terms: equilibrium, marginal investor, and Efficient Markets Hypothesis (EMH); distinguish among the three levels of market efficiency; briefly explain the implications of the EMH on financial decisions; and discuss the results of empirical studies on market efficiency and the implication of behavioral finance on those results. †¢ Read and understand the stock market page given in the daily newspaper. †¢ Explain the reasons for investing in international stocks and identify the â€Å"bets† an investor is making when he does invest overseas. Define preferred stock, determine the value of a share of preferred stock, or given its value, calculate its expected return. 1. LECTURE SUGGESTIONS This chapter provides important and useful information on common and preferred stocks. Moreover, the valuation of stocks reinforces the concepts covered in both Chapters 6 and 7, so Chapter 8 extends and reinforces those chapters. We begin our lecture with a discussion of the characteristics of common stocks, after which we discuss how stocks are valued in the market and how stock prices are reported in the press. We conclude the lecture with a discussion of preferred stocks. The details of what we cover, and the way we cover it, can be seen by scanning Blueprints Chapter 8. For other suggestions about the lecture, please see the â€Å"Lecture Suggestions† in Chapter 2, where we describe how we conduct our classes. DAYS ON CHAPTER: 3 OF 58 DAYS (50-minute periods) ANSWERS TO END-OF-CHAPTER QUESTIONS 8-1True. The value of a share of stock is the PV of its expected future dividends. If the two investors expect the same future dividend stream, and they agree on the stock’s riskiness, then they should reach similar conclusions as to the stock’s value. -2A perpetual bond is similar to a no-growth stock and to a share of preferred stock in the following ways: 1. All three derive their values from a series of cash inflows–coupon payments from the perpetual bond, and dividends from both types of stock. 2. All three are assumed to have indefinite lives with no maturity value (M) for the perpetual bond and no capital gains yield for the stocks. 8-3Yes. If a company decides to increase its payout ratio, then the dividend yield component will rise, but the expected long-term capital gains yield will decline. 8-4No. The correct equation has D1 in the numerator and a minus sign in the denominator. -5a. The average investor in a listed firm is not really interested in maintaining his proportionate share of ownership and control. If he wanted to increase his ownership, he could simply buy more stock on the open market. Consequently, most investors are not concerned with whether new shares are sold directly (at about market prices) or through rights offerings. However, if a rights offering is being used to effect a stock split, or if it is being used to reduce the underwriting cost of an issue (by substantial underpricing), the preemptive right may well be beneficial to the firm and to its stockholders. . The preemptive right is clearly important to the stockholders of closely held firms whose owners are interested in mai ntaining their relative control positions. SOLUTIONS TO END-OF-CHAPTER PROBLEMS 8-1D0 = $1. 50; g1-3 = 5%; gn = 10%; D1 through D5 = ? D1 = D0(1 + g1) = $1. 50(1. 05) = $1. 5750. D2 = D0(1 + g1)(1 + g2) = $1. 50(1. 05)2 = $1. 6538. D3 = D0(1 + g1)(1 + g2)(1 + g3) = $1. 50(1. 05)3 = $1. 7364. D4 = D0(1 + g1)(1 + g2)(1 + g3)(1 + gn) = $1. 50(1. 05)3(1. 10) = $1. 9101. D5 = D0(1 + g1)(1 + g2)(1 + g3)(1 + gn)2 = $1. 50(1. 05)3(1. 10)2 = $2. 1011. 8-2D1 = $0. 50; g = 7%; ks = 15%; [pic] = ? [pic] -3P0 = $20; D0 = $1. 00; g = 10%; [pic] = ? ; ks = ? [pic] = P0(1 + g) = $20(1. 10) = $22. ks= [pic] + g = [pic] + 0. 10 = [pic] + 0. 10 = 15. 50%. ks = 15. 50%. 8-4Dp = $5. 00; Vp = $60; kp = ? kp = [pic] = [pic] = 8. 33%. 8-5a. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the end of Year 2. b. 0 1 2 3 | | | | 1. 25 1. 50 1. 80 1. 89 37. 80 = [pic] The horizon, or terminal, value is the value at the horizon date of all dividends expected there after. In this problem it is calculated as follows: pic] c. The firm’s intrinsic value is calculated as the sum of the present value of all dividends during the supernormal growth period plus the present value of the terminal value. Using your financial calculator, enter the following inputs: CF0 = 0, CF1 = 1. 50, CF2 = 1. 80 + 37. 80 = 39. 60, I = 10, and then solve for NPV = $34. 09. 6. The firm’s free cash flow is expected to grow at a constant rate, hence we can apply a constant growth formula to determine the total value of the firm. Firm Value = FCF1/(WACC – g) Firm Value = $150,000,000/(0. 10 – 0. 05) Firm Value = $3,000,000,000. To find the value of an equity claim upon the company (share of stock), we must subtract out the market value of debt and preferred stock. This firm happens to be entirely equity funded, and this step is unnecessary. Hence, to find the value of a share of stock, we divide equity value (or in this case, firm value) by the number of shares outstanding. Equity Value per share = Equity Value/Shares outstanding Equity Value per share = $3,000,000,000/50,000,000 Equity Value per share = $60. Each share of common stock is worth $60, according to the corporate valuation model. 8-7a. 0 1 2 3 4 | | | | 3,000,000 6,000,000 10,000,000 15,000,000 Using a financial calculator, enter the following inputs: CF0 = 0; CF1 = 3000000; CF2 = 6000000; CF3 = 10000000; CF4 = 15000000; I = 12; and then solve for NPV = $24,112,308. b. The firm’s terminal value is calculated as follows: [pic] c. The firm’s total value is calculated as follows: 0 1 2 3 4 5 | | | | | | 3,000,000 6,000,000 10,000,000 15,000,000 16,050,000 PV = ? 321,000,000 = [pic] Using your financial calculator, enter the following inputs: CF0 = 0; CF1 = 3000000; CF2 = 6000000; CF3 = 10000000; CF4 = 15000000 + 321000000 = 336000000; I = 12; and then solve for NPV = $228,113,612. d. To find Barrett’s stock price, you need to first find the value of its equity. The value of Barrett’s equity is equal to the value of the total firm less the market value of its debt and preferred stock. Total firm value$228,113,612 Market value, debt + preferred 60,000,000 (given in problem) Market value of equity$168,113,612 Barrett’s price per share is calculated as: [pic] 8-8FCF = EBIT(1 – T) + Depreciation – [pic] – ([pic] = $500,000,000 + $100,000,000 – $200,000,000 – $0 = $400,000,000. Firm value = [pic] = [pic] = [pic] = $10,000,000,000. This is the total firm value. Now find the market value of its equity. MVTotal= MVEquity + MVDebt $10,000,000,000= MVEquity + $3,000,000,000 MVEquity= $7,000,000,000. This is the market value of all the equity. Divide by the number of shares to find the price per share. $7,000,000,000/200,000,000 = $35. 00. 8-9a. Terminal value = [pic] = [pic]= $713. 33 million. . 0 1 2 3 4 | | | | | -20 30 40 42. 80 ($ 17. 70) 23. 49 522. 10 753. 33 $527. 89 Using a financial calculator, enter the following inputs: CF0 = 0; CF1 = -20; CF2 = 30; CF3 = 753. 33; I = 13; and then solve for NPV = $527. 89 million. c. Total valuet=0 = $527. 89 million. Value of common equity = $527. 89 – $100 = $427. 89 million. Price per share = [pic] = $42. 79. 8-10The problem asks you to determine the value of [pic], given the following facts: D1 = $2, b = 0. 9, kRF = 5. %, RPM = 6%, and P0 = $25. Proceed as follows: Step 1:Calculate the required rate of return: ks = kRF + (kM – kRF)b = 5. 6% + (6%)0. 9 = 11%. Step 2:Use the constant growth rate formula to calculate g: [pic] Step 3:Calculate [pic]: [pic] = P0(1 + g)3 = $25(1. 03)3 = $27. 3182 ( $27. 32. Alternatively, you could calculate D4 and then use the constant growth rate formula to solve for [pic]: D4 = D1(1 + g)3 = $2. 00(1. 03)3 = $2. 1855. [pic] = $2. 1855/(0. 11 – 0. 03) = $27. 3182 ( $27. 32. 8-11Vp = Dp/kp; therefore, kp = Dp/Vp. a. kp = $8/$60 = 13. 3%. b. kp = $8/$80 = 10. 0%. c. p = $8/$100 = 8. 0%. d. kp = $8/$140 = 5. 7%. 8-12[pic] 8-13a. ki = kRF + (kM – kRF)bi. kC = 9% + (13% – 9%)0. 4 = 10. 6%. kD = 9% + (13% – 9%)(-0. 5) = 7%. Note that kD is below the risk-free rate. But since this stock is like an insurance policy because it â€Å"pays off† when something bad happens (the market falls), the low return is not unreasonable. b. In this situation, the expected rate of return is as follows: [pic] = D1/P0 + g = $1. 50/$25 + 4% = 10%. However, the required rate of return is 10. 6 percent. Investors will seek to sell the stock, dropping its price to the following: pic] At this point, [pic], and the stock will be in equilibrium. 8-14Calculate the dividend cash flows and place them on a time line. Also, calculate the stock price at the end of the supernormal growth period, and include it, along with the dividend to be paid at t = 5, as CF5. Then, enter the cash flows as shown on the time line into the cash flow register, enter the required rate of return as I = 15, and then find the value of the stock using the NPV calculation. Be sure to enter CF0 = 0, or else your answer will be incorrect. D0 = 0; D1 = 0; D2 = 0; D3 = 1. 0; D4 = 1. 00(1. 5) = 1. 5; D5 = 1. 00(1. 5)2 = 2. 25; D6 = 1. 00(1. 5)2(1. 08) = $2. 43. [pic] = ? 0 1 2 3 4 5 6 | | | | | | | 1. 00 1. 50 2. 25 2. 43 0. 658 +34. 71 = 0. 858 18. 378 36. 96 $19. 894 = [pic] [pic] = D6/([pic] – g) = $2. 43/(0. 15 – 0. 08) = $34. 71. This is the stock price at the end of Year 5. CF0 = 0; CF1-2 = 0; CF3 = 1. 0; CF4 = 1. 5; CF5 = 36. 96; I = 15%. With these cash flows in the CFLO register, press NPV to get the value of the stock today: NPV = $19. 89. 8-15a. The preferred stock pays $8 annually in dividends. Therefore, its nominal rate of return would be: Nominal rate of return = $8/$80 = 10%. Or alternatively, you could determine the security’s periodic return and multiply by 4. Periodic rate of return = $2/$80 = 2. 5%. Nominal rate of return = 2. 5% ( 4 = 10%. b. EAR = (1 + NOM/4)4 – 1 EAR = (1 + 0. 10/4)4 – 1 EAR = 0. 103813 = 10. 3813%. -16The value of any asset is the present value of all future cash flows expected to be generated from the asset. Hence, if we can find the present value of the dividends during the period preceding long-run constant growth and subtract that total from the current stock price, the remaining value would be the present value of the cash flows to be received during the period of long-run constant growth. D1 = $2. 00 ( (1. 25)1 = $2. 50PV(D1) = $2. 50/(1. 12)1= $2. 2321 D2 = $2. 00 ( (1. 25)2 = $3. 125PV(D2) = $3. 125/(1. 12)2= $2. 4913 D3 = $2. 00 ( (1. 25)3 = $3. 90625PV(D3) = $3. 0625/(1. 12)3= $2. 7804 ( PV(D1 to D3)= $7. 5038 Therefore, the PV of the remaining dividends is: $58. 8800 – $7. 5038 = $51. 3762. Compounding this value forward to Year 3, we find that the value of all dividends received during constant growth is $72. 18. [$51. 3762(1. 12)3 = $72. 18. ] Applying the constant growth formula, we can solve for the constant growth rate: [pic]= D3(1 + g)/(ks – g) $72. 1807= $3. 90625(1 + g)/(0. 12 – g) $8. 6616 – $72. 18g= $3. 90625 + $3. 90625g $4. 7554= $76. 08625g 0. 0625= g 6. 25%= g. 8-17First, solve for the current price. P0 = D1/(ks – g) P0 = $0. 50/(0. 2 – 0. 07) P0 = $10. 00. If the stock is in a constant growth state, the constant dividend growth rate is also the capital gains yield for the stock and the stock price growth rat e. Hence, to find the price of the stock four years from today: [pic] = P0(1 + g)4 [pic] = $10. 00(1. 07)4 [pic] = $13. 10796 ? $13. 11. [pic] 8-18a. [pic] b. [pic] 8-19 0 1 2 3 4 | | | | | D0 = 2. 00 D1 D2 D3 D4 g = 5% [pic] a. D1 = $2(1. 05) = $2. 10; D2 = $2(1. 05)2 = $2. 21; D3 = $2(1. 5)3 = $2. 32. b. Financial Calculator Solution: Input 0, 2. 10, 2. 21, and 2. 32 into the cash flow register, input I = 12, PV = ? PV = $5. 29. c. Financial Calculator Solution: Input 0, 0, 0, and 34. 73 into the cash flow register, I = 12, PV = ? PV = $24. 72. d. $24. 72 + $5. 29 = $30. 01 = Maximum price you should pay for the stock. e. [pic] f. No. The value of the stock is not dependent upon the holding period. The value calculated in Parts a through d is the value for a 3-year holding period. It is equal to the value calculated in Part e except for a small rounding error. Any other holding period would produce the same value of [pic]; that is, [pic] = $30. 00. 8-20a. 1. [pic] 2. [pic] = $2/0. 15 = $13. 33. 3. [pic] 4. [pic] b. 1. [pic] = $2. 30/0 = Undefined. 2. [pic] = $2. 40/(-0. 05) = -$48, which is nonsense. These results show that the formula does not make sense if the required rate of return is equal to or less than the expected growth rate. c. No. 8-21The answer depends on when one works the problem. We used the February 3, 2003, issue of The Wall Street Journal: a. $16. 81 to $36. 72. b. Current dividend = $0. 75. Dividend yield = $0. 75/$19. 8 ( 3. 9%. You might want to use ($0. 75)(1 + g)/$19. 48, with g estimated somehow. c. The $19. 48 close was up $0. 98 from the previous day’s close. d. The return on the stock consists of a dividend yield of about 3. 9 percent plus some capital gains yield. We would expect the total rate of return on stock to be in the 10 to 12 percent range. 8-22a. End of Year: 02 03 04 05 06 07 08 | | | | | | | D0 = 1. 75 D1 D2 D3 D4 D5 D6 Dt= D0(1 + g)t D2003= $1. 75(1. 15)1 = $2. 01. D2004= $1. 5(1. 15)2 = $1. 75(1. 3225) = $2. 31. D2005= $1. 75(1. 15)3 = $1. 75(1. 5209) = $2. 66. D2006= $1. 75(1. 15)4 = $1. 75(1. 7490) = $3. 06. D2007= $1. 75(1. 15)5 = $1. 75(2. 0114) = $3. 52. b. Step 1: PV of dividends = [pic]. PV D2003 = $2. 01/(1. 12)= $1. 79 PV D2004 = $2. 31/(1. 12)2= $1. 84 PV D2005 = $2. 66/(1. 12)3= $1. 89 PV D2006 = $3. 06/(1. 12)4= $1. 94 PV D2007 = $3. 52/(1. 12)5= $2. 00 PV of dividends= $9. 46 Step 2: [pic] This is the price of the stock 5 years from now. The PV of this price, discounted back 5 years, is as follows: PV of [pic] = $52. 80/(1. 12)5 = $29. 6. Step 3: The price of the stock today is as follows: [pic]= PV dividends Years 2003-2007 + PV of [pic] = $9. 46 + $29. 96 = $39. 42. This problem could also be solved by substituting the proper values into the following equation: [pic]. Calculator solution: Input 0, 2. 01, 2. 31, 2. 66, 3. 06, 56. 32 (3. 52 + 52. 80) into the cash flow register, input I = 12, PV = ? PV = $39. 43. c. 2003 D1/P0 = $2. 01/$39. 43= 5. 10% Capital gains yield= 6. 90* Expected total return= 12. 00% 2008 D6/P5 = $3. 70/$52. 80= 7. 00% Capital gains yield= 5. 00 Expected total return= 12. 00% We know that ks is 12 percent, and the dividend yield is 5. 10 percent; therefore, the capital gains yield must be 6. 90 percent. The main points to note here are as follows: 1. The total yield is always 12 percent (except for rounding errors). 2. The capital gains yield starts relatively high, then declines as the supernormal growth period approaches its end. The dividend yield rises. 3. After 12/31/07, the stock will grow at a 5 percent rate. The dividend yield will equal 7 percent, the capital gains yield will equal 5 percent, and the total return will be 12 percent. d. People in high income tax brackets will be more inclined to purchase â€Å"growth† stocks to take the capital gains and thus delay the payment of taxes until a later date. The firm’s stock is â€Å"mature† at the end of 2007. e. Since the firm’s supernormal and normal growth rates are lower, the dividends and, hence, the present value of the stock price will be lower. The total return from the stock will still be 12 percent, but the dividend yield will be larger and the capital gains yield will be smaller than they were with the original growth rates. This result occurs because we assume the same last dividend but a much lower current stock price. . As the required return increases, the price of the stock goes down, but both the capital gains and dividend yields increase initially. Of course, the long-term capital gains yield is still 4 percent, so the long-term dividend yield is 10 percent. 8-23a. Part 1: Graphical representation of the problem: Supernorm al Normal growth growth 0 1 2 3 ( | | | | †¢Ã¢â‚¬ ¢Ã¢â‚¬ ¢ | D0 D1 (D2 + [pic]) D3 D( PVD1 PVD2 [pic] P0 D1 = D0(1 + gs) = $1. 6(1. 20) = $1. 92. D2 = D0(1 + gs)2 = $1. 60(1. 20)2 = $2. 304. [pic] [pic]= PV(D1) + PV(D2) + PV([pic]) = [pic] = $1. 92/1. 10 + $2. 304/(1. 10)2 + $61. 06/(1. 10)2 = $54. 11. Financial Calculator solution: Input 0, 1. 92, 63. 364(2. 304 + 61. 06) into the cash flow register, input I = 10, PV = ? PV = $54. 11. Part 2: Expected dividend yield: D1/P0 = $1. 92/$54. 11 = 3. 55%. Capital gains yield: First, find [pic], which equals the sum of the present values of D2 and [pic] discounted for one year. [pic] Financial Calculator solution: Input 0, 63. 364(2. 304 + 61. 6) into the cash flow register, input I = 10, PV = ? PV = $57. 60. Second, find the capital gains yield: [pic] Dividend yield = 3. 55% Capital gains yield = 6. 45 10. 00% = ks. b. Due to the longer period of supernormal growth, the value of the stock will be higher for each year. Although the total return will remain the same, ks = 10%, the distribution between dividend yield and capital g ains yield will differ: The dividend yield will start off lower and the capital gains yield will start off higher for the 5-year supernormal growth condition, relative to the 2-year supernormal growth state. The dividend yield will increase and the capital gains yield will decline over the 5-year period until dividend yield = 4% and capital gains yield = 6%. c. Throughout the supernormal growth period, the total yield will be 10 percent, but the dividend yield is relatively low during the early years of the supernormal growth period and the capital gains yield is relatively high. As we near the end of the supernormal growth period, the capital gains yield declines and the dividend yield rises. After the supernormal growth period has ended, the capital gains yield will equal gn = 6%. The total yield must equal ks = 10%, so the dividend yield must equal 10% – 6% = 4%. d. Some investors need cash dividends (retired people), while others would prefer growth. Also, investors must pay taxes each year on the dividends received during the year, while taxes on capital gains can be delayed until the gain is actually realized. 8-24a. ks = kRF + (kM – kRF)b = 11% + (14% – 11%)1. 5 = 15. 5%. [pic] = D1/(ks – g) = $2. 25/(0. 155 – 0. 05) = $21. 43. b. ks = 9% + (12% – 9%)1. 5 = 13. 5%. [pic] = $2. 25/(0. 135 – 0. 05) = $26. 47. c. ks = 9% + (11% – 9%)1. 5 = 12. 0%. [pic] = $2. 25/(0. 12 – 0. 5) = $32. 14. d. New data given: kRF = 9%; kM = 11%; g = 6%, b = 1. 3. ks = kRF + (kM – kRF)b = 9% + (11% – 9%)1. 3 = 11. 6%. [pic] = D1/(ks – g) = $2. 27/(0. 116 – 0. 06) = $40. 54. 8-25a. Old ks = kRF + (kM – kRF)b = 9% + (3%)1. 2 = 12. 6%. New ks = 9% + (3%)0. 9 = 11. 7%. Old price: [pic] New price: [pic] Since the new price is lower than the old price, the expansion in consumer products should be rejected. The decrease in risk is not sufficient to offset the decline in profitability and the reduced growth rate. b. POld = $38. 21. PNew = [pic]. Solving for ks we have the following: $38. 1= [pic] $2. 10= $38. 21(ks) – $1. 9105 $4. 0105= $38. 21(ks) ks= 0. 10496. Solving for b: 10. 496% = 9% + 3%(b) 1. 496% = 3%(b) b = 0. 49865. Check: ks = 9% + (3%)0. 49865 = 10. 496%. [pic] = [pic] = $38. 21. Therefore, only if management’s analysis concludes that risk can be lowered to b = 0. 49865, or approximately 0. 5, should the new policy be put into effect. SPREADSHEET PROBLEM 8-26The detailed solution for the spreadsheet problem is available both on the instructor’s resource CD-ROM and on the instructor’s side of South-Western’s web site, http://brigham. swlearning. com. INTEGRATED CASE Mutual of Chicago Insurance Company Stock Valuation 8-27ROBERT BALIK AND CAROL KIEFER ARE SENIOR VICE-PRESIDENTS OF THE MUTUAL OF CHICAGO INSURANCE COMPANY. THEY ARE CO-DIRECTORS OF THE COMPANY’S PENSION FUND MANAGEMENT DIVISION, WITH BALIK HAVING RESPONSIBILITY FOR FIXED INCOME SECURITIES (PRIMARILY BONDS) AND KIEFER BEING RESPONSIBLE FOR EQUITY INVESTMENTS. A MAJOR NEW CLIENT, THE CALIFORNIA LEAGUE OF CITIES, HAS REQUESTED THAT MUTUAL OF CHICAGO PRESENT AN INVESTMENT SEMINAR TO THE MAYORS OF THE REPRESENTED CITIES, AND BALIK AND KIEFER, WHO WILL MAKE THE ACTUAL PRESENTATION, HAVE ASKED YOU TO HELP THEM. TO ILLUSTRATE THE COMMON STOCK VALUATION PROCESS, BALIK AND KIEFER HAVE ASKED YOU TO ANALYZE THE BON TEMPS COMPANY, AN EMPLOYMENT AGENCY THAT SUPPLIES WORD PROCESSOR OPERATORS AND COMPUTER PROGRAMMERS TO BUSINESSES WITH TEMPORARILY HEAVY WORKLOADS. YOU ARE TO ANSWER THE FOLLOWING QUESTIONS. A. DESCRIBE BRIEFLY THE LEGAL RIGHTS AND PRIVILEGES OF COMMON STOCKHOLDERS. ANSWER:[SHOW S8-1 THROUGH S8-5 HERE. ] THE COMMON STOCKHOLDERS ARE THE OWNERS OF A CORPORATION, AND AS SUCH THEY HAVE CERTAIN RIGHTS AND PRIVILEGES AS DESCRIBED BELOW. 1. OWNERSHIP IMPLIES CONTROL. THUS, A FIRM’S COMMON STOCKHOLDERS HAVE THE RIGHT TO ELECT ITS FIRM’S DIRECTORS, WHO IN TURN ELECT THE OFFICERS WHO MANAGE THE BUSINESS. 2. COMMON STOCKHOLDERS OFTEN HAVE THE RIGHT, CALLED THE PREEMPTIVE RIGHT, TO PURCHASE ANY ADDITIONAL SHARES SOLD BY THE FIRM. IN SOME STATES, THE PREEMPTIVE RIGHT IS AUTOMATICALLY INCLUDED IN EVERY CORPORATE CHARTER; IN OTHERS, IT IS NECESSARY TO INSERT IT SPECIFICALLY INTO THE CHARTER. B. 1. WRITE OUT A FORMULA THAT CAN BE USED TO VALUE ANY STOCK, REGARDLESS OF ITS DIVIDEND PATTERN. ANSWER:[SHOW S8-6 HERE. ] THE VALUE OF ANY STOCK IS THE PRESENT VALUE OF ITS EXPECTED DIVIDEND STREAM: [pic] = [pic] HOWEVER, SOME STOCKS HAVE DIVIDEND GROWTH PATTERNS THAT ALLOW THEM TO BE VALUED USING SHORT-CUT FORMULAS. B. 2. WHAT IS A CONSTANT GROWTH STOCK? HOW ARE CONSTANT GROWTH STOCKS VALUED? ANSWER:[SHOW S8-7 AND S8-8 HERE. ] A CONSTANT GROWTH STOCK IS ONE WHOSE DIVIDENDS ARE EXPECTED TO GROW AT A CONSTANT RATE FOREVER. â€Å"CONSTANT GROWTH† MEANS THAT THE BEST ESTIMATE OF THE FUTURE GROWTH RATE IS SOME CONSTANT NUMBER, NOT THAT WE REALLY EXPECT GROWTH TO BE THE SAME EACH AND EVERY YEAR. MANY COMPANIES HAVE DIVIDENDS THAT ARE EXPECTED TO GROW STEADILY INTO THE FORESEEABLE FUTURE, AND SUCH COMPANIES ARE VALUED AS CONSTANT GROWTH STOCKS. FOR A CONSTANT GROWTH STOCK: D1 = D0(1 + g), D2 = D1(1 + g) = D0(1 + g)2, AND SO ON. WITH THIS REGULAR DIVIDEND PATTERN, THE GENERAL STOCK VALUATION MODEL CAN BE SIMPLIFIED TO THE FOLLOWING VERY IMPORTANT EQUATION: [pic] = [pic] = [pic]. THIS IS THE WELL-KNOWN â€Å"GORDON,† OR â€Å"CONSTANT-GROWTH† MODEL FOR VALUING STOCKS. HERE D1 IS THE NEXT EXPECTED DIVIDEND, WHICH IS ASSUMED TO BE PAID 1 YEAR FROM NOW, kS IS THE REQUIRED RATE OF RETURN ON THE STOCK, AND g IS THE CONSTANT GROWTH RATE. B. 3. WHAT HAPPENS IF A COMPANY HAS A CONSTANT g THAT EXCEEDS ITS ks? WILL MANY STOCKS HAVE EXPECTED g ks IN THE SHORT RUN (THAT IS, FOR THE NEXT FEW YEARS)? IN THE LONG RUN (THAT IS, FOREVER)? ANSWER:[SHOW S8-9 HERE. ] THE MODEL IS DERIVED MATHEMATICALLY, AND THE DERIVATION REQUIRES THAT ks g. IF g IS GREATER THAN ks, THE MODEL GIVES A NEGATIVE STOCK PRICE, WHICH IS NONSENSICAL. THE MODEL SIMPLY CANNOT BE USED UNLESS (1) ks g, (2) g IS EXPECTED TO BE CONSTANT, AND (3) g CAN REASONABLY BE EXPECTED TO CONTINUE INDEFINITELY. STOCKS MAY HAVE PERIODS OF SUPERNORMAL GROWTH, WHERE gS ks; HOWEVER, THIS GROWTH RATE CANNOT BE SUSTAINED INDEFINITELY. IN THE LONG-RUN, g ks. C. ASSUME THAT BON TEMPS HAS A BETA COEFFICIENT OF 1. , THAT THE RISK-FREE RATE (THE YIELD ON T-BONDS) IS 7 PERCENT, AND THAT THE REQUIRED RATE OF RETURN ON THE MARKET IS 12 PERCENT. WHAT IS THE REQUIRED RATE OF RETURN ON THE FIRM’S STOCK? ANSWER:[SHOW S8-10 HERE. ] HERE WE USE THE SML TO CALCULATE BON TEMPS’ REQUIRED RATE OF RETURN: ks= kRF + (kM – kRF)bBon Temps = 7% + (12% – 7%)(1. 2) = 7% + (5%)(1. 2) = 7% + 6% = 13%. D. ASSUME THAT BON TEMPS I S A CONSTANT GROWTH COMPANY WHOSE LAST DIVIDEND (D0, WHICH WAS PAID YESTERDAY) WAS $2. 00 AND WHOSE DIVIDEND IS EXPECTED TO GROW INDEFINITELY AT A 6 PERCENT RATE. 1. WHAT IS THE FIRM’S EXPECTED DIVIDEND STREAM OVER THE NEXT 3 YEARS? ANSWER:[SHOW S8-11 HERE. ] BON TEMPS IS A CONSTANT GROWTH STOCK, AND ITS DIVIDEND IS EXPECTED TO GROW AT A CONSTANT RATE OF 6 PERCENT PER YEAR. EXPRESSED AS A TIME LINE, WE HAVE THE FOLLOWING SETUP. JUST ENTER 2 IN YOUR CALCULATOR; THEN KEEP MULTIPLYING BY 1 + g = 1. 06 TO GET D1, D2, AND D3: 0 1 2 3 | | | | D0 = 2. 00 2. 12 2. 247 2. 382 1. 88 1. 76 1. 65 . . . D. 2. WHAT IS THE FIRM’S CURRENT STOCK PRICE? ANSWER:[SHOW S8-12 HERE. WE COULD EXTEND THE TIME LINE ON OUT FOREVER, FIND THE VALUE OF BON TEMPS’ DIVIDENDS FOR EVERY YEAR ON OUT INTO THE FUTURE, AND THEN THE PV OF EACH DIVIDEND DISCOUNTED AT k = 13%. FOR EXAMPLE, THE PV OF D1 IS $1. 8761; THE PV OF D2 IS $1. 7599; AND SO FORTH. NOTE THAT THE DIVIDEND PAYMENTS INCREASE WITH TIME, BUT AS LONG AS ks g, THE PRESENT VALUES DECREASE WITH TIME. IF WE EXTENDED THE GRAPH ON OUT FOREVER AND THEN SUMMED THE PVs OF THE DIVIDENDS, WE WOULD HAVE THE VA LUE OF THE STOCK. HOWEVER, SINCE THE STOCK IS GROWING AT A CONSTANT RATE, ITS VALUE CAN BE ESTIMATED USING THE CONSTANT GROWTH MODEL: pic] = [pic] = [pic] = [pic] = $30. 29. D. 3. WHAT IS THE STOCK’S EXPECTED VALUE ONE YEAR FROM NOW? ANSWER:[SHOW S8-13 HERE. ] AFTER ONE YEAR, D1 WILL HAVE BEEN PAID, SO THE EXPECTED DIVIDEND STREAM WILL THEN BE D2, D3, D4, AND SO ON. THUS, THE EXPECTED VALUE ONE YEAR FROM NOW IS $32. 10: [pic] = [pic] = [pic] = [pic] = $32. 10. D. 4. WHAT ARE THE EXPECTED DIVIDEND YIELD, THE CAPITAL GAINS YIELD, AND THE TOTAL RETURN DURING THE FIRST YEAR? ANSWER:[SHOW S8-14 HERE. ] THE EXPECTED DIVIDEND YIELD IN ANY YEAR n IS DIVIDEND YIELD = [pic], WHILE THE EXPECTED CAPITAL GAINS YIELD IS CAPITAL GAINS YIELD = [pic] = k – [pic]. THUS, THE DIVIDEND YIELD IN THE FIRST YEAR IS 7 PERCENT, WHILE THE CAPITAL GAINS YIELD IS 6 PERCENT: TOTAL RETURN = 13. 0% DIVIDEND YIELD = $2. 12/$30. 29 = 7. 0% CAPITAL GAINS YIELD = 6. 0% E. NOW ASSUME THAT THE STOCK IS CURRENTLY SELLING AT $30. 29. WHAT IS THE EXPECTED RATE OF RETURN ON THE STOCK? ANSWER:THE CONSTANT GROWTH MODEL CAN BE REARRANGED TO THIS FORM: [pic] = [pic]. HERE THE CURRENT PRICE OF THE STOCK IS KNOWN, AND WE SOLVE FOR THE EXPECTED RETURN. FOR BON TEMPS: pic] = $2. 12/$30. 29 + 0. 060 = 0. 070 + 0. 060 = 13%. F. WHAT WOULD THE STOCK PRICE BE IF ITS DIVIDENDS WERE EXPECTED TO HAVE ZERO GROWTH? ANSWER:[SHOW S8-15 HERE. ] IF BON TEMPS’ DIVIDENDS WERE NOT EXPECTED TO GROW AT ALL, THEN ITS DIVIDEND STREAM WOULD BE A PERPETUITY. PERPETUITIES ARE VALUED AS SHOWN BELOW: 0 1 2 3 | | | | 2. 00 2. 00 2. 00 1. 77 1. 57 1. 39 . . . P0 = 15. 38 P0 = D/kS = $2. 00/0. 13 = $15. 38. NOTE THAT IF A PREFERRED STOCK IS A PERPE TUITY, IT MAY BE VALUED WITH THIS FORMULA. G. NOW ASSUME THAT BON TEMPS IS EXPECTED TO EXPERIENCE SUPERNORMAL GROWTH OF 30 PERCENT FOR THE NEXT 3 YEARS, THEN TO RETURN TO ITS LONG-RUN CONSTANT GROWTH RATE OF 6 PERCENT. WHAT IS THE STOCK’S VALUE UNDER THESE CONDITIONS? WHAT IS ITS EXPECTED DIVIDEND YIELD AND CAPITAL GAINS YIELD IN YEAR 1? YEAR 4? ANSWER:[SHOW S8-16 THROUGH S8-18 HERE. ] BON TEMPS IS NO LONGER A CONSTANT GROWTH STOCK, SO THE CONSTANT GROWTH MODEL IS NOT APPLICABLE. NOTE, HOWEVER, THAT THE STOCK IS EXPECTED TO BECOME A CONSTANT GROWTH STOCK IN 3 YEARS. THUS, IT HAS A NONCONSTANT GROWTH PERIOD FOLLOWED BY CONSTANT GROWTH. THE EASIEST WAY TO VALUE SUCH NONCONSTANT GROWTH STOCKS IS TO SET THE SITUATION UP ON A TIME LINE AS SHOWN BELOW: 0 1 2 3 4 | | | | | 2. 600 3. 380 4. 394 4. 65764 2. 301 2. 647 3. 045 46. 114 54. 107 SIMPLY ENTER $2 AND MULTIPLY BY (1. 30) TO GET D1 = $2. 60; MULTIPLY THAT RESULT BY 1. 3 TO GET D2 = $3. 38, AND SO FORTH. THEN RECOGNIZE THAT AFTER YEAR 3, BON TEMPS BECOMES A CONSTANT GROWTH STOCK, AND AT THAT POINT [pic] CAN BE FOUND USING THE CONSTANT GROWTH MODEL. pic] IS THE PRESENT VALUE AS OF t = 3 OF THE DIVIDENDS IN YEAR 4 AND BEYOND AND IS ALSO CALLED THE TERMINAL VALUE. WITH THE CASH FLOWS FOR D1, D2, D3, AND [pic] SHOWN ON THE TIME LINE, WE DISCOUNT EACH VALUE BACK TO YEAR 0, AND THE SUM OF THESE FOUR PVs IS THE VALUE OF THE STOCK TODAY, P0 = $54. 107. THE DIVIDEND YIELD IN YEAR 1 IS 4. 80 PERCENT, AND THE CAPITAL GAINS YIELD IS 8. 2 PERCENT: DIVIDEND YIELD = [pic] = 0. 0480 = 4. 8%. CAPITAL GAINS YIELD = 13. 00% – 4. 8% = 8. 2%. DURING THE NONCONSTANT GROWTH PERIOD, THE DIVIDEND YIELDS AND CAPITAL GAINS YIELDS ARE NOT CONSTANT, AND THE CAPITAL GAINS YIELD DOES NOT EQUAL g. HOWEVER, AFTER YEAR 3, THE STOCK BECOMES A CONSTANT GROWTH STOCK, WITH g = CAPITAL GAINS YIELD = 6. 0% AND DIVIDEND YIELD = 13. 0% – 6. 0% = 7. 0%. H. SUPPOSE BON TEMPS IS EXPECTED TO EXPERIENCE ZERO GROWTH DURING THE FIRST 3 YEARS AND THEN TO RESUME ITS STEADY-STATE GROWTH OF 6 PERCENT IN THE FOURTH YEAR. WHAT IS THE STOCK’S VALUE NOW? WHAT IS ITS EXPECTED DIVIDEND YIELD AND ITS CAPITAL GAINS YIELD IN YEAR 1? YEAR 4? ANSWER:[SHOW S8-19 AND S8-20 HERE. ] NOW WE HAVE THIS SITUATION: 0 1 2 3 4 | | | | | 2. 00 2. 0 2. 00 2. 00 2. 12 1. 77 1. 57 1. 39 20. 99 25. 72 = [pic] DURING YEAR 1: DIVIDEND YIELD = [pic] = 0. 0778 = 7. 78%. CAPITAL GAINS YIELD = 13. 00% – 7. 78% = 5. 22%. AGAIN, IN YEAR 4 BON TEMPS BECOMES A CONSTANT GROWTH STOCK; HENCE g = CAPITAL GAINS YIELD = 6. 0% AND DIVIDEND YIELD = 7. 0%. I. FINALLY, ASSUME THAT BON TEMPS’ EARNINGS AND DIVIDENDS ARE EXPECTED TO DECLINE BY A CONSTANT 6 PERCENT PER YEAR, THAT IS, g = -6%. WHY WOULD ANYONE BE WILLING TO BUY SUCH A STOCK, AND AT WHAT PRICE SHOULD IT SELL? WHAT WOULD BE THE DIVIDEND YIELD AND CAPITAL GAINS YIELD IN EACH YEAR? ANSWER:[SHOW S8-21 AND S8-22 HERE. ] THE COMPANY IS EARNING SOMETHING AND PAYING SOME DIVIDENDS, SO IT CLEARLY HAS A VALUE GREATER THAN ZERO. THAT VALUE CAN BE FOUND WITH THE CONSTANT GROWTH FORMULA, BUT WHERE g IS NEGATIVE: [pic] = [pic] = [pic] = [pic] = [pic] = $9. 89. SINCE IT IS A CONSTANT GROWTH STOCK: g = CAPITAL GAINS YIELD = -6. 0%, HENCE: DIVIDEND YIELD = 13. 0% – (-6. 0%) = 19. 0%. AS A CHECK: DIVIDEND YIELD = [pic] = 0. 190 = 19. 0%. THE DIVIDEND AND CAPITAL GAINS YIELDS ARE CONSTANT OVER TIME, BUT A HIGH (19. 0 PERCENT) DIVIDEND YIELD IS NEEDED TO OFFSET THE NEGATIVE CAPITAL GAINS YIELD. J. BON TEMPS EMBARKS ON AN AGGRESSIVE EXPANSION THAT REQUIRES ADDITIONAL CAPITAL. MANAGEMENT DECIDES TO FINANCE THE EXPANSION BY BORROWING $40 MILLION AND BY HALTING DIVIDEND PAYMENTS TO INCREASE RETAINED EARNINGS. THE PROJECTED FREE CASH FLOWS FOR THE NEXT THREE YEARS ARE -$5 MILLION, $10 MILLION, AND $20 MILLION. AFTER THE THIRD YEAR, FREE CASH FLOW IS PROJECTED TO GROW AT A CONSTANT 6 PERCENT. THE OVERALL COST OF CAPITAL IS 10 PERCENT. WHAT IS BON TEMPS’ TOTAL VALUE? IF IT HAS 10 MILLION SHARES OF STOCK AND $40 MILLION TOTAL DEBT, WHAT IS THE PRICE PER SHARE? ANSWER:[SHOW S8-23 THROUGH S8-28 HERE. 0 1 2 3 4 | | | | | -5 10 20 21. 20 $ -4. 545 8. 264 15. 026 398. 197 $416. 942 = TOTAL VALUE VALUE OF EQUITY = TOTAL VALUE – DEBT = $416. 94 – $40 = $376. 94 MILLION. PRICE PER SHARE = $376. 94/10 = $37. 69. K. WHAT DOES MARKET EQUILIBRIUM MEAN? ANSWER:[SHOW S8-29 AND S8-30 HERE. ] EQUILIBRIUM MEANS STABLE, NO TENDENCY TO CHANGE. MARKET EQUILIBRIUM MEANS THAT PRICES ARE STABLE–AT ITS CURRENT PRICE, THERE IS NO GENERAL TENDENCY FOR PEOPLE TO WANT TO BUY OR TO SELL A SECURITY THAT IS IN EQUILIBRIUM. ALSO, WHEN EQUILIBRIUM EXISTS, THE EXPECTED RATE OF RETURN WILL BE EQUAL TO THE REQUIRED RATE OF RETURN: [pic] = D1/P0 + g = k = kRF + (kM – kRF)b. L. IF EQUILIBRIUM DOES NOT EXIST, HOW WILL IT BE ESTABLISHED? ANSWER:[SHOW S8-31 AND S8-32 HERE. ] SECURITIES WILL BE BOUGHT AND SOLD UNTIL THE EQUILIBRIUM PRICE IS ESTABLISHED. M. WHAT IS THE EFFICIENT MARKETS HYPOTHESIS, WHAT ARE ITS THREE FORMS, AND WHAT ARE ITS IMPLICATIONS? ANSWER:[SHOW S8-33 THROUGH S8-37 HERE. ] THE EMH IN GENERAL IS THE HYPOTHESIS THAT SECURITIES ARE NORMALLY IN EQUILIBRIUM AND ARE â€Å"PRICED FAIRLY,† MAKING IT IMPOSSIBLE TO â€Å"BEAT THE MARKET. WEAK-FORM EFFICIENCY SAYS THAT INVESTORS CANNOT PROFIT FROM LOOKING AT PAST MOVEMENTS IN STOCK PRICES–THE FACT THAT STOCKS WENT DOWN FOR THE LAST FEW DAYS IS NO REASON TO THINK THAT THEY WILL GO UP (OR DOWN) IN THE FUTURE. THIS FORM HAS BEEN PROVEN PRETTY WELL BY EMPIRICAL TESTS, EVEN THOUGH PEOPLE STILL EMPLOY â€Å"TECHNICAL ANALYSIS. † S EMISTRONG-FORM EFFICIENCY SAYS THAT ALL PUBLICLY AVAILABLE INFORMATION IS REFLECTED IN STOCK PRICES, HENCE THAT IT WON’T DO MUCH GOOD TO PORE OVER ANNUAL REPORTS TRYING TO FIND UNDERVALUED STOCKS. THIS ONE IS (WE THINK) LARGELY TRUE, BUT SUPERIOR ANALYSTS CAN STILL OBTAIN AND PROCESS NEW INFORMATION FAST ENOUGH TO GAIN A SMALL ADVANTAGE. STRONG-FORM EFFICIENCY SAYS THAT ALL INFORMATION, EVEN INSIDE INFORMATION, IS EMBEDDED IN STOCK PRICES. THIS FORM DOES NOT HOLD–INSIDERS KNOW MORE, AND COULD TAKE ADVANTAGE OF THAT INFORMATION TO MAKE ABNORMAL PROFITS IN THE MARKETS. TRADING ON THE BASIS OF INSIDER INFORMATION IS ILLEGAL. N. PHYFE COMPANY RECENTLY ISSUED PREFERRED STOCK. IT PAYS AN ANNUAL DIVIDEND OF $5, AND THE ISSUE PRICE WAS $50 PER SHARE. WHAT IS THE EXPECTED RETURN TO AN INVESTOR ON THIS PREFERRED STOCK? ANSWER:[SHOW S8-38 AND S8-39 HERE. ] [pic]= [pic] = [pic] = 10%. ———————– ks = 15% gn = 6% ( 1/(1. 15)3 ( 1/(1. 13)3 ( 1/(1. 13)2 ( 1/1. 13 gs = 50% gn = 8% [pic] ks = 12% gs = 15% gn = 5% WACC = 10% [pic] = 30. 29 = [pic] g = 0% g = 0% g = 0% gn = 6% ks = 13% [pic] = $66. 54 = [pic] gs = 30% gs = 30% gs = 30% gn = 6% ks = 13% g = 0% ks = 13% g = 6% ks = 13% ks = 10% gs = 20% gs = 20% gn = 5% WACC = 12% WACC = 12% gn = 7% [pic] WACC = 13% gn = 7% 530 = [pic] ( 1/(1. 15)4 ( 1/(1. 15)5 ks = 12% ( 1/1. 13 ( 1/(1. 13)2 ( 1/(1. 13)3 ( 1/(1. 13)2 ( 1/(1. 13)2 ( 1/1. 13 ( 1/(1. 13)2 ( 1/(1. 13)3 ( 1/(1. 13)3 ( 1/1. 13 ( 1/1. 13 (%89 How to cite Financial Management Chapter 8 K, Essay examples