Free Essays on Small Firm Use Of Leverage

8. Coleman, S. and R. Cohn, (1999)  « Small Firm Use of Leverage : A Comparison of Men and Women-Owned Firms  », Conference Proceedings, United States Association for Small Business and Entrepreneurship, San Diego, January 14-17. Abstract Prior research and anecdotal evidence suggests that women-owned small businesses use less debt than men. This study uses data from a nationwide sample of small businesses to determine differences in leverage between men and women-owned firms. Findings reveal that the primary determinants of leverage are firm size, firm age, and profitability. There were no significant differences in the usage of debt between men and women, and gender was not a significant predictor of financial leverage. Introduction Small businesses in the United States are widely recognized as a principal source of economic growth, new jobs, and new products and services. Access to capital is a frequently cited problem, however, and sources of capital are more limited for small firms that for large ones. Traditional capital structure theory as developed by Modigliani & Miller (1958) holds that firms will select the mix of debt and equity that maximizes the value of the firm and minimizes its weighted average cost of capital. This theory may not hold for small privately-held firms because it is based on the assumption that there are no transaction costs of any kind and that investors and managers have the same information about the firm. In fact, the cost of issuing public debt or equity is prohibitive for small firms, and informational asymmetries abound. Thus, unlike larger, particularly publiclyheld companies, small firms typically do not have the option of issuing stocks or bonds. Owing to their inability to access the public debt and equity markets, small businesses tend to be heavily reliant on commercial banks as a source of debt financing (Cole & Wolken, 199... Free Essays on Small Firm Use Of Leverage Free Essays on Small Firm Use Of Leverage 8. Coleman, S. and R. Cohn, (1999)  « Small Firm Use of Leverage : A Comparison of Men and Women-Owned Firms  », Conference Proceedings, United States Association for Small Business and Entrepreneurship, San Diego, January 14-17. Abstract Prior research and anecdotal evidence suggests that women-owned small businesses use less debt than men. This study uses data from a nationwide sample of small businesses to determine differences in leverage between men and women-owned firms. Findings reveal that the primary determinants of leverage are firm size, firm age, and profitability. There were no significant differences in the usage of debt between men and women, and gender was not a significant predictor of financial leverage. Introduction Small businesses in the United States are widely recognized as a principal source of economic growth, new jobs, and new products and services. Access to capital is a frequently cited problem, however, and sources of capital are more limited for small firms that for large ones. Traditional capital structure theory as developed by Modigliani & Miller (1958) holds that firms will select the mix of debt and equity that maximizes the value of the firm and minimizes its weighted average cost of capital. This theory may not hold for small privately-held firms because it is based on the assumption that there are no transaction costs of any kind and that investors and managers have the same information about the firm. In fact, the cost of issuing public debt or equity is prohibitive for small firms, and informational asymmetries abound. Thus, unlike larger, particularly publiclyheld companies, small firms typically do not have the option of issuing stocks or bonds. Owing to their inability to access the public debt and equity markets, small businesses tend to be heavily reliant on commercial banks as a source of debt financing (Cole & Wolken, 199...

Anti Violence Essay

Anti violence essay Seven years ago I did not think violence existed in America. The most violent act ever committed was the tragedy of the World Trade Center in 9/11/01. The Trade Centers had been the target for something so horrible, and I thought at the time, ‘This will change the world. † I was right about that fact: our airports are more secure, we have to have pass-ports anywhere you go now, you have more thorough bagage checks, and they’re more selective as to what’s in your purse before boarding a plane. I think the most secure place in America right now is our power plants. They have increased security at all our power plants, including the nuclear plants, and also there is air space around each plant so planes have to keep their distance from them. Homeland Security is a common word in our homes today because of 9/11. I wanted to know how. Wanted to know why. Wanted to know what our leaders reactions would be. The world trade center killed many people that my friends knew and loved; that can never be replaced. This act changed the way my friends lived, loved, and acted in school. This spine-chilling nightmare was committed because terrorists took over three planes that flew into the giant buildings. The causes of this violence is the hatred between countries, states, or nations. The hatred is then passed down to the youth generation, because we hear, and see the dislike between the grown-ups. Children learn from the wisdom and actions of what the elders do. Shooting, stabbing, verbal abuse, physical abuse, and gang fights are a few examples of youth violence. All of these exist in schools, neighborhoods, malls, the movies and even in your own home on the internet. Schools have tried to stop it but there is still a lot of verbal abuse anywhere in the school system you go. Youth violence can be stopped by reporting abuse, shooting, stabbings, and anything to do with gangs. It can also be solved by not being the one that does bulling or any of the things listed above. I think it is funny how teachers wonder about why no one reports violence in America. My say on the matter is the kids are scared it will only get worse if we tell a teacher or principal or any adult because they use our name and our grade to the bully or person that Bothers you.

Abortion Essay Example | Topics and Well Written Essays - 1000 words - 5

Abortion - Essay Example But on the other hand, reasons for abortions have not always included health risks. The key questions continually in debate are about the constitutional rights to an abortion, whether the fetus is a person and the morality of an abortion. The legal and moral decisions are based somewhat on the whether one believes that the fetus is a person. Dr Schwarz contends that the fetus is a person, as he describes, â€Å"a fully real person, the same person he will later be. He is only smaller, less developed, in a different environment, and more dependent, in comparison to a born baby†. He believes that the term fetus means â€Å"young one† and so it indicates a young human person. We have to consider what is the difference between the fetus in the womb and the child that is born few minutes after. He argues that once the fetus exhibits the traits which determine personhood, i.e. consciousness, (especially the capacity to feel pain), reasoning, self-motivated activity and the capacity to communicate, then in fact it must be considered a person. This is in keeping with the views of the pro-life supporters who believe that the fetus is a human being from the moment of conception- once the egg and sperm unite. According to this view the fetus has legal rights from this moment of conception. On the other hand there are pro-choice defenders (who believe that the mother has the right to decide on an abortion) who believe the fetus is only a potential human being when it becomes viable, that is, able to survive outside its mother’s womb. Until then the mother carrying the fetus has legal rights over the fetus and can decide whether or not to have an abortion. However according to Encarta, there is no definite consensus on whether the fetus is a person on not. . As they explain, â€Å" Embryology, the study of fetal development, offers little insight about the fetus’s status at the time of

Roles and Role Dynamics within the Daimler-Chrysler Corporation after Essay

Roles and Role Dynamics within the Daimler-Chrysler Corporation after Their Merger - Essay Example The paper tells that merger is one more important element of globalization. The phenomenon of a merger has been observed by the specialists of various sciences. One of the interesting aspects of the phenomenon is its influence on the corporate relations and the role dynamics after the process of merger. The case with Daimler-Chrysler Corporation is interesting to be examined as the example within the research as the case of the merger that appeared to be a takeover, with all its effects, influencing the relations within the corporation with its financial success. "In fact, up to 80 percent of corporate mergers and acquisitions fail to garner the expected financial gains, mainly because the deal-makers fail to anticipate the psychological and philosophical clashes that can undermine the alliance, industrial/organizational (I/O)". Before describing the circumstances of the merger it is important to describe the major events that happened just before the merger. The Chrysler company was a successful enterprise when it was headed by Lee Iacocca, its President. By the end of the 70s, he provided his company with $1.5 billion dollars as federal loan guarantees. These loan guarantees made Chrysler a profitable company until 1988 when innovations became necessary. The President of the company decided to risk and produced four kinds of new products - pickup trucks, sedans, minivan, and jeep. But at the beginning of the 90s Lee retired and it led the company to failure. After the merger, Chrysler began to lose money very quickly... The factors that led to such regress need careful consideration and the specialists are ambivalent as to determine the reason for the situation occurred. The company seemed to run well when the problems fell. When the problems revealed, the successor of Lee Iaccocoa, Robert Eaton, was fired and some other executives were fired with him. His place was occupied by Dieter Zetche, who found that the present market situation demands reorganization in the company structure. He created a team of specialists that replaced the executives that were fired with Robert Eaton. His innovations comprised changes in the improvement of the quality and as well as producing new products - a new model of pickup and jeep. This policy turned out to be successful and Chrysler received 788 million euros in 2002. In the merger of 1998, Daimler Benz and Chrysler Corporation created a new corporation of companies approximately of the same size but quite different in organizational culture and corporate relations. Chrysler was a company created in the USA, with the business strategy of the company dictated by the necessity of the flexible approaches and innovations. Daimler Benz was inspired by the features of the German culture - it is characterized by the strict hierarchical structure with high diversifications in corporate relations. The merger looked like it was the union of two partners with equal rights, and this was the information that had b een presented to the USA public by Daimler. But the fact was that the Chrysler Corporation had been sold. This led to numerous problems that occurred in the company itself, and these problems may partially influence the failure the company faced in 1998 - 2000.

The Battle of King Philip II Augustus of France Essay -- Ancient Hist

King Philip II Augustus of France wasn’t by any means a physically strong individual, but his strengths lay in his grasp of both political and military strategy. He was almost constantly involved in wars from 1180 to 1215. He was fighting his vassals, other kings, both of them together, it didn’t matter; Philip would use political treachery and military tactics to defeat his opponents. When one looks at Philip’s life they notice almost instantly that Philip was constantly fighting someone from the day he became King, to the day he died. Philip was born in Gonesse on August 21st of 1165, his father Louis was determined to have Philip succeed him on the throne; as such Philip was raised with all the training necessary to become a king, he was taught in the ways of politics and war (Smedley 52). All was going to plan until Philip turned thirteen, on a royal hunt; he was separated from his companions and became lost in a forest. He spent hours attempting to find a way out, until he was exhausted by the cold and hunger. Eventually a peasant found him; but this event had caused him to become extremely ill, he contracted a dangerously high fever. His father Louis VII distraught by his son’s illness undertook a pilgrimage to the Shrine of Thomas Becket, in order to pray for his son’s recovery (Smedley 55). He was told that his son had finally recovered, and began his journey back to Paris. On the return journey he suffered a terrible stroke; this began the decline of his health, and eventually leads to hi s death (Smedley 55). Knowing that his health was declining and that he would not be able to lead for much longer, he understood that if he wanted to have Philip succeed him he must act quickly as there were parties at play that w... ...cture, but to anticipate future moves. He deviated from the traditional methods of viewing war as a game of chess, but understood that more elements could be utilized. Through his military history we see wonderful examples of him using rebellions and political means to destabilize military operations of his opponents. He was truly a master of psychological, political, and traditional warfare, and quite possible one of the finest political and military strategists of the Middle Ages. Works Cited The New Encyclopaedia Britannica. Chicago: Encyclopaedia Britannica, 2007. Print. Rees, Simon. "King Richard I of England Versus King Philip II Augustus." Military History Magazine Sept. 2006: 1-5. Print. Smedley, Edward. The History of France, from the Final Partition of the Empire of Charlemagne to the Peace of Cambray. London: Baldwin and Cradock, 1836. Print. The Battle of King Philip II Augustus of France Essay -- Ancient Hist King Philip II Augustus of France wasn’t by any means a physically strong individual, but his strengths lay in his grasp of both political and military strategy. He was almost constantly involved in wars from 1180 to 1215. He was fighting his vassals, other kings, both of them together, it didn’t matter; Philip would use political treachery and military tactics to defeat his opponents. When one looks at Philip’s life they notice almost instantly that Philip was constantly fighting someone from the day he became King, to the day he died. Philip was born in Gonesse on August 21st of 1165, his father Louis was determined to have Philip succeed him on the throne; as such Philip was raised with all the training necessary to become a king, he was taught in the ways of politics and war (Smedley 52). All was going to plan until Philip turned thirteen, on a royal hunt; he was separated from his companions and became lost in a forest. He spent hours attempting to find a way out, until he was exhausted by the cold and hunger. Eventually a peasant found him; but this event had caused him to become extremely ill, he contracted a dangerously high fever. His father Louis VII distraught by his son’s illness undertook a pilgrimage to the Shrine of Thomas Becket, in order to pray for his son’s recovery (Smedley 55). He was told that his son had finally recovered, and began his journey back to Paris. On the return journey he suffered a terrible stroke; this began the decline of his health, and eventually leads to hi s death (Smedley 55). Knowing that his health was declining and that he would not be able to lead for much longer, he understood that if he wanted to have Philip succeed him he must act quickly as there were parties at play that w... ...cture, but to anticipate future moves. He deviated from the traditional methods of viewing war as a game of chess, but understood that more elements could be utilized. Through his military history we see wonderful examples of him using rebellions and political means to destabilize military operations of his opponents. He was truly a master of psychological, political, and traditional warfare, and quite possible one of the finest political and military strategists of the Middle Ages. Works Cited The New Encyclopaedia Britannica. Chicago: Encyclopaedia Britannica, 2007. Print. Rees, Simon. "King Richard I of England Versus King Philip II Augustus." Military History Magazine Sept. 2006: 1-5. Print. Smedley, Edward. The History of France, from the Final Partition of the Empire of Charlemagne to the Peace of Cambray. London: Baldwin and Cradock, 1836. Print.

A Year Round Education and Staff Burnout

As our population increases, schools are being faced with the problems of overcrowding and under funding. Many school districts are proposing a year round education program. I feel that year round education is only a â€Å"quick fix† for school districts d will be detrimental to teachers children and families. Over crowding in schools is becoming a problem in almost all communities. Many schools are building trailers and additions to accommodate a higher capacity. Some districts are proposing building new schools. This raises issues of changing boundarie bussing, and higher taxes. Some districts are proposing a multi- track year round education program. On the surface, year round education seems a logical solution to the overcrowding. Children are separated into four tracks. Each track follows a different schedule going to school for six weeks then having three weeks off. This means that there is a ays one track out of school. This plan increases the school†s capacity by 25%. The year round education plan will only temporarily save taxpayers money. Schools were not made to be year round facilities, many schools are no even air conditioned. Maintenance and janitorial staff will need to be hired full time year round. They ll have to put in over time to get projects done and larger projects will need to be contracted out. The additional cost for transportation, utilities, support staff, ect, may not be worth the inconvenience. Not to mention the extra wear that a school ill take by having children in it year round. In the long run, maintaining a school for a full year may prove to be more costly. Staff burnout is another concern with year round education. Teachers will no longer be able to supplement their income during the summer with seasonal jobs. In some plans teachers will be able to either take the breaks with the children or act as a s stitute for the tracks who are in school. If the teachers choose to substitute they will miss out on their breaks, leaving little time for planning and relaxation. Teachers will miss out on programs to further their education, thus stunting their prof Administrators get a worse deal. They are now responsible for four â€Å"mini schools† and school is always in session so getting away is sometimes hard. Some plans offer to hire a second principal justified by the increased population. Another expense i rred by the year round education plan. Year round education may affect the quality of education for some children. Teachers with more education, credentials, and tenure will opt for the preferred track. Children on the less preferred track will get a different quality of education. Good t chers in general may prefer schools who have the traditional school year. The year round education plan also takes a toll on the family time in many ways. In some plans two children from the same family may not be on the same track and therefore do not have the same breaks. Scheduling time for family outings will be harder One child will always have to mind a bedtime. Taking family vacations is impossible unless one child is taken out of school. Non custodial parents will also have a problem spending their time with their children. Now most active non-custodial parents take their children for a large portion of the Summer break. This time spent with the non-custodial parent gives the child a ense of â€Å"living† with that parent. This arrangement will no longer be a reality. Extended time with the non-custodial parent will hardly be possible unless again one child is taken out of school. I believe this will also cause many divorced parents t eturn to court to revise their decrees, another cost to taxpayers and parents. Year round education may also put a financial strain on working parents. Many parents rely on older siblings to watch younger siblings during school breaks. If the school calendars don†t coincide parents will usually have to pay for alternate care. Some experts think that a year round education will be beneficial to children because they will not have the long break where knowledge is lost. They are concerned with the information that is lost. I believe that information will be lost anyway if a ild is not genuinely interested. School is a place to learn how to learn and to learn the foundations of the world around. College is the place where the information type of learning should take place. Retention is always a concern with any break, b studies show that learning loss begins to occur during the first two to three weeks. By having more breaks during the year we may find more learning is lost. The never ending school year can be very stressful for a child. With a multi- track system playmates will have different breaks causing children to envy different schedules and be unhappy with their own. Children will miss out on events or have to de with the anticipation of school the next day. With a three week break children barely get to relax before having to prepare for school starting again. For children who do not particularly enjoy school this can be a extremely stressful because there i not a long enough break to emerge themselves in something that they enjoy. Extra curricular activities will also be effected. Students may have to attend practices and meetings on their off weeks. They will risk missing out on the team activities, pep rallies, and major events. It is impossible to schedule four separate da es, science fairs, and homecoming games. School will never cease so students will not get the break that they deserve. The programs themselves will get a lower turnout. I believe that less popular clubs and organizations will eventually be gone. Someone posed a the question that if year round education was the traditional school calendar, and a â€Å"new calendar† was proposed where children were only educated for nine months each year would the American public even consider it? My answer is, â€Å"ye The idea of year-round schooling goes back to the seventeenth century. It is actually two hundred years older that the traditional school year. The oldest year round school today is only thirty years old. This means that all other schools once opted I think back to my own Summer vacations. The first two weeks were always spent winding down from the long school year. Then we began to venture out and embark on new adventures. I can remember long bike rides and mapping out new spots to explore, ea day getting farther in to some sort of quest. Sleepovers every other day at each other†s house with my next door neighbor. When I was a child we stayed with my father in Chicago for six weeks of the Summer. That was an experience I would never relin ish. Over the Summer my family took vacations. We went canoeing in the boundary waters of Canada and drove cross country on a whim without the anticipation of getting ready for school. School plays the role of teaching children how to learn. Summer break is a chance to apply what they have learned and enrich their lives with personal experience. Switching to a year round education plan will be detrimental to our children†s problem s ving skills, creativity, and happiness. Overall, I believe that there are too many downfalls and not enough benefits to switching to year round education. Turning to year round education as a solution to over crowding in schools would only be a temporary solution. A year round education wo d put too much stress on our children, families, faculty, and community. We should learn from the past and leave the traditional school year in tact.

Racism Systematic Desensitization And Racism Essay

Injustice: Systematic Desensitization to Racism The history of America has long been viewed by its’s occupants as one of perseverance despite great odds. We take pride in fighting for democracy and promoting freedom around the world. But, at home these tenants of democracy, equal rights and freedom are all relative; to race, gender and class. The Bill of rights offers some insight into who we should be as a nation; while reminding us of who we have not yet become. America’s â€Å"id† has always been moderated by an â€Å"ego† cocktail of social, scientific and political activists. America is at its best when the differences between right and wrong are clearly defined by scholars, artists and scientists who can’t be ignored because of their expertise and ability to present evidence that cannot be refuted. The result of this collective standardization of right and wrong usually leads to change for the greater American good. However, it seems that our collective â€Å"ego† cannot keep our â€Å"id† in check where racism is the primary focus. The resulting effect is pervasive systematic discrimination and individual desensitization to hate that causes a negative impact on people of color’s psychological and physiological well-being. The psychiatric profession s primary index for diagnosing psychiatric symptoms, the Diagnostic and Statistical Manual of Mental Disorders (DSM), does not include racism, prejudice, or bigotry as a category or diagnosis in its text or index. Therefore, there isShow MoreRelatedAnxiety Disorders—Such As Post-Traumatic Stress Disorder,1277 Words   |  6 Pagesevent that causes anxiety in a patient can be done in the presence of a therapist, or it can be self-managed in the patient’s natural environment. Exposure therapy began being developed half a century ago with Joseph Wolpe’s systematic desensitization. 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