Critique on Mm Theory - 1159 Words

American economist Franco Modigliani and Merton H. Miller published The Cost of Capital, Corporation Finance and the Theory of Investment (Hereafter MM theory); a paper presented the initial MM theory, which states that under a certain market price process, in the absence of taxes, bankruptcy costs, and asymmetric information, and in an efficient market, the value of a firm is unaffected by how that firm is financed. It does not matter if the firm s capital is raised by issuing stock or selling debt. It does not matter what the firm s dividend policy is (Modigliani and Miller 1958). The basic assumptions of MM theory are: 1. The company only has the long-term bonds and common stocks, both bonds and stock trade in the complete capital†¦show more content†¦That is, the higher corporate income tax rate, the more tax deductible the corporation could achieve from financing by liability. In other words, corporations are inclined to finance by liabilities rather than equity financing in relative higher corporate income tax rate countries, and vice versa. Under the actual situation in China, the corporate income tax is much higher than other countries in the world; corporations should prefer financing from debt theoretically (Huang and Zhang 2007). However, actually, the capital structure of Chinese enterprises runs counter to the MM theory and other capital structure theories. The proportion of liability financing in China is far less than the proportion of equity financing (Huang and Song 2006). First of all, there is merely no mechanism in applying MM theory. In accordance with the MM theory, both individual and institutional investors can process arbitrage actions freely in the capital markets. In western well-developed capital markets, there is a wide range of fund-raising channels and other financing options, the arbitrage mechanisms usually affect the markets. However, at present, the market mechanism is not fully developed in China, as well as capital market is under-developed. Thus, these limit the financing options and forms; make it difficult to carry out arbitrage activities. Generally, MM theory cannot be applied. Secondly, the tax-saving of MM theory affects gently in China. As theShow MoreRelatedThe M M Theorem1838 Words   |  8 Pagesmain difference between them is the potential benefit from debt in a capital structure, which comes from the tax benefit of the interest payments.† (Adrienn, 2014, p23) III. MM Mathematical Model MM theory has two main types: MM model without corporate tax and MM model with corporate tax. 1) No corporate tax MM theory: MM put forward two propositions: A. Proposition 1: The total risk (total return) of all the securities holders of the company will not change as a result of changes in the capitalRead MoreCalifornia Pizza Kitchen Case Study Study Analysis1573 Words   |  7 Pages Summarize the Modigliani-Miller (1958) capital structure irrelevance propositions and the concept of debt tax shields. â€Å"Capital structure of a company is the way a company finances its assets.† (E Finance Management 2015) â€Å"The Modigliani-Miller theory states value of the firm is not dependent on the choice of capital structure or financing decision of the firm. If a company has high growth prospect, its market value is higher and hence its stock prices would be high. 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Indeed, it director and many staff members were fired because they had been taking bribes or were otherwise in collusion with the oil companies. At the heat of the corruption was the fact that the MMS was simultaneously in charge of collecting royalties from companies and giving them permissionRead MoreCorporate Finance69408 Words   |  278 PagesMean–variance analysis ............................................................................................... 30 The capital asset pricing model .................................................................................... 34 The Roll critique and empirical tests of the CAPM................................. ........................ 37 A reminder of your learning outcomes.......................................................................... 40 Key terms .............................Read MoreMarketing Strategy Of A Brand Community1800 Words   |  8 PagesReferences Anderson B (1991) Imagined Communities: Reflections on the Origin and Spread of Nationalism. LondonÍ ¾ New York: Verso. ArrudaFilho EJM and Lennon MM (2011) How iPhone innovators changed their consumption in iDay2: Hedonic post or brand devotion. International Journal of Information Management 31(6): 524–532. Baudrillard J (1981 [1972]) For a Critique of the Political Economy of the Sign. St Louis, MO: Telos Press. Bauman Z (2001) Community: Seeking Safety in an Insecure World. Cambridge: PolityRead MoreWolbachia And Its Effects On The Reproductive Ability Of Its Host And Cause Re Productive Parasitism2100 Words   |  9 Pageshost bacterial cells lysis (Krupovic et al., 2011). The temperate dsDNA bacteriophage WO is an endosymbiont virus of Wolbachia that is only found in arthropod Wolbachia (Metcalf and Bordenstein, 2012). WO phage evolution is not through the Modular Theory but using intragenic recombination, point mutation, purifying selection and deletion (Kent et al., 2011). Phage WO can transmit horizontally between dif-ferent Wolbachia strains that co-infect a same Wolbachia cell (Masui et al., 2000). In additionRead MoreGlobalization and It Effects on Cultural Integration: the Case of the Czech Republic.27217 Words   |  109 Pagesconsidered by social theorists as the first author to focus on the dimensional approach in the explanation of the concept of globalization; He explained the globalization phenomenon, basing his argument on the economic factor. Ma rx in his dependency theory saw that the political-territorial boundaries remain intact and will disappear under a future proletarian supremacy. This is seen because, immediately after his death on 14th of March 1883, his ideas began to invoke a major influence on workers revoltsRead MoreTN20 Diamond Chemicals PLC A And B8527 Words   |  35 Pagesrevised DCF analysis helps to provide students with closure on the discussion. Plan for the B case 1. Do you endorse Eustace’s analysis of the project at Rotterdam? How would you improve on it? This open-ended question is intended to stimulate a critique of Eustace’s analysis. The key point of objection is her inclusion of the right-of-way in the analysis. A brief discussion should establish that the option of the right-of-way should be exercised regardless of whether the project at the Rotterdam

Rome s Paramount Architectural Accomplishments Essay

Many of Rome’s paramount architectural accomplishments can be found in, and around Italy. These sites include the Pantheon, the Arch of Titus, the Mausoleum of Hadrian, the Roman Forum, and Ancient Roman Aqueducts, along with the Colosseum. Many of these architectural feats have been replicated throughout Roman territory. Their domain stretched all over Europe, Northern Africa, and even into the Middle East. Today we are still able to enjoy much of Rome’s artistry, which can be linked to the how their engineers manufactured these monuments. Roman architects created structurally sound buildings by making use of the vault, and the arch. These engineers also created concrete, a binding agent holding the structures together. All of these forms were later replicated throughout the empire (Lake Oswego School District, 2012:1). The remains of one such Roman architectural achievement, was unearthed in Durrà «s, Albania in 1966 (Bowes and Mitchell, 2009:570; Bowes et al., 2003:381; Ponce de Leon, 2013:3; UNESCO, 2004:34). The Roman amphitheater happens to be the largest in the Balkans, and contains several frescos, which helped to track Christianity as it spread throughout the region (Jacques, 1995:154; Ponce de Leon, 2013:3). Currently this remarkable stadium is â€Å"under consideration† from UNESCO as a World Heritage site. Unfortunately, the impact of urban sprawl, Albania’s poor economy, and time, are not helping to maintain this cultural relic. Albania Some of the mainShow MoreRelatedThe Rise and Fall of American Hegemony4258 Words   |  18 PagesAntonio Gramscis theory of cultural hegemony. The term is often mistakenly used to suggest brute power or dominance, when it is better defined as emphasizing how control is achieved through consensus not force. And further more it is a leading or paramount power great power, major power, superpower, world power, and power and is a state powerful enough to influence events throughout the world. Being a hegemon is a very great deal because states are as stated previously, the one who dominates the wholeRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permiss ion(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturersRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pages usually of inferior quality. â€Å"The result in all these cities, from Berlin to Stalingrad, was the classic Soviet-era housing solution: mile upon mile of identical gray or brown cement blocks cheap, poorly-constructed, with no distinguishing architectural features and lacking any aesthetic indulgence (or public facilities).†6 Since the party and the government usually allocated apartments in conjunction with workers’ jobs in the factories, residents had little choice in their housing. NeverthelessRead MoreManaging Information Technology (7th Edition)239873 Words   |  960 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458. Many of the designations by manufacturers and sellers to distinguish their

Continuous Improvement for Popular Mechanics Website-myassignmenthelp

Question: Discuss about theContinuous Improvement for Popular Mechanics Website. Answer: Issues faced by the car care The VTI workshop and car care face the challenge of unsatisfied and complaining customers. The customers claim that the auto shop lacks proper hygiene standards with a lot of dust in the shop. Additionally, the customers claim that the workers do not take good care of the cars when repairing since most of the cars get back to the owners with dents, scratches and stolen parts. The auto shop has also failed to uphold a good worker attitude in the garage. The clients claim that most of the employees have poor attitudes and do not offer customer friendly services. The personnel also delay in service delivery, and customers end up taking longer than expected for some minor repairs(S.K Breja, 2011). Furthermore, the auto shop faces the issue of lack of upgrades and improvements in the physical appearance and other complimentary customer services. The auto shop still uses the old equipment installed ten years ago when the auto shop started operations. Likewise, the place lacks a proper customer ambience such as having an old carpet and no fruits and snacks at the customer waiting area(S.K Breja, 2011). The auto shop also lacks properly trained personnel since the employees do not undergo any training when on the job. The persons working at the auto shop started operating ten years ago, and none of them has trained on the new trends in auto services. Moreover, the shop lacks efficient customer handling procedure for taking customer orders and booking appointments for the customers(S.K Breja, 2011). Reason for lack of standards The auto shop lacks standards of operations due to poor management that does not concentrate on setting proper operating standards. The old management did not care about the customer complaints until Bill took over and started listening to the customer feedback. The customers had many complaints that exposed how the auto shop offered poor services and lacked the proper customer ambience(Nigel Slack, 2010). Additionally, the company lacked the proper technological upgrades of equipment, and the staff lacked proper training to offer quality services. The shop continued using old equipment, which had already become outdated over the years. The old equipment hindered the car cares efforts of upholding high operational standards. Additionally, lack of trained staff prevented the ability to offer proper standards due to lack of knowledge about the customer needs and customer service trends(Nigel Slack, 2010). Group decision model The fishbone model assists in making decisions for the better future of the company and tailoring operations to suit the customer needs. Bill wishes to offer high-quality services to satisfy the customers. Therefore, the cause and effect method properly guides when solving the problems faced by the auto shop(Mind Tools, 2018). VTI auto shop and car care management require brainstorming on the problems facing the shop and reasons for dissatisfied customers. The search for problems should identify the root problems and uncover the bottlenecks of operations that result in customer delays. Consequently, the car care should also identify where the process does not function properly and come up with solutions to the problem(Mind Tools, 2018). After considering all the problems facing the auto shop, the management should focus on eliminating the issues. The elimination procedures should involve suggestions from all the stakeholders including employees and customers. The shop should consider all the ideas from the various persons and implement the best ideas to solving the problems(Mind Tools, 2018). Furthermore, the car care should consider the effect of the problems resulting from various problems. The problems combine to result in the major problem faced by the company, which the management should brainstorm on and come up with the best solutions to the issue. The management should allow brainstorming and mind mapping to come up with solutions from all the stakeholders(Mind Tools, 2018). Ways to provide better services The auto shop should consider automating the operations to reduce the manual handling of vehicles at the store(Derene, 2011). The manual driving of vehicles to the repair centres results to dents and scratches as the vehicle come to contact with other vehicle or buildings. The car care could correct the problem by introducing cranes that lift the cars and place on the repair spots. Additionally, the shop could use computerised methods of diagnosing the vehicle problems and save time identifying motor problems(Derene, 2011). The use of computers to find vehicle problems reduces the labour of employees trying to check all the vehicle parts to find the problem. The computers could reduce the time spent at the shop by customers due to quick diagnosis and repair. Moreover, the shop could have a better organisation at the shop such as having designated places for parking and repairing vehicles. The designation allows the cars to stay away from other equipment and buildings that could result in dents. Additionally, the vehicles have clear and spacious driveways, which prevent contact with other equipment and vehicles thus preventing dents(Hastie, 2017). The shop should also clearly mark the building for the customers to understand where to do what action. The customers do not know where to seat while waiting for the vehicle repair, which results in a nuisance at the shop. The car care could solve the problem by having a waiting lounge where customers relax without causing a disturbance in other sections(Hastie, 2017). Data documentation and presentation The management could document the data in questionnaires and survey sheets(Leach, 2018). The questionnaires allow the documenting of specific research questions and the answers given by the respondents. The questionnaires assist in understanding the attitude of customers towards the company through the answers to the questions asked. Questionnaires ask direct and easy to understand questions to avoid ambiguity. Moreover, the company could document data using survey sheets where a part of the customers answers questions about the services at the shop. The survey could focus on various issues that cause customer dissatisfaction(Leach, 2018). The research team could present the data using charts and histogram(Arizona University Libraries, 2018). The visuals assist in establishing the trends of the various variables at the shop. The histogram assists to present exploratory data and shows the features of the data conveniently. Therefore, the management could use the histogram to show the various intervals of data, which exposes the discrepancies in the operations. Moreover, charts assist in the display of categorical data in segments, with each portion representing a certain variable(Arizona University Libraries, 2018). The SIPOC model The model assists in the identification of all elements of improvement before implementing changes(Simon, 2018). The model assists to simplify a project that seems complex and lacks a proper definition of scope. The tool requires the consideration of the suppliers of materials and other services required at the shop. The car care should brief the suppliers and explain the need for quality at the shop, which requires the delivery inputs that meet the specified standards. The auto shop should vet all the vendors to establish the availability of capacity to supply the required quality of materials with the correct quantity and time. The model also considers the inputs that the shop uses in operations. The inputs should come from a trusted supplier and then inspected for quality(Simon, 2018). The inputs should meet the correct standards to produce outputs that satisfy customers needs. Additionally, the inputs should have reasonable prices to reduce the companys operating costs. The processes also require consideration in the model(Simon, 2018). The auto shop should ensure that the repair procedures meet the customer needs and keep the employees happy. The car care should set up flexible procedures at the shop to meet different customer needs and preferences. The operations should also change efficiently with developments in the market to avoid lagging behind in service delivery. The car care should also consider the outputs from the shop, which include services such as repair and maintenance(Simon, 2018). The VTI shop should produce outputs that satisfy the customers and result in additional business. The customers require durable and high-quality services that show value for the expenses incurred at the shop. Additionally, the company could offer after sales services to satisfy the customers further. The customers require major attention when offering the services at the shop(Simon, 2018). All the services should satisfy the customer needs at affordable prices. The auto shop should prioritise the customers and do everything possible to ensure the customers stay happy. Moreover, the shop should ensure that customers spend less time at the shop by avoiding unnecessary procedures lie having to book appointments personally. Continuous improvement processes The VTI shop should implement the incremental changes at the shop to ensure better services, products and procedures (CI Toolkit, 2017). The shop should improve by introducing new technology at the shop and eliminating unnecessary procedures of customer booking appointments. The customers at the shop have to book appointments physically or through the telephone. The shop could allow the customers to get services at any time without having to book the appointments. The employees get involved in the process since continuous improvement follows the bottom-up approach, which means that the employees give ideas for the changes (CI Toolkit, 2017). The employees at the shop should give ideas on the best ways to reduce customer delays and to improve customer satisfaction. Additionally, the employees should focus on the employees should involve in ensuring that the changes take effect due to a feeling of ownership of the ideas. The employees should show responsibility in ensuring the success of the planned improvements and give ideas on how well to serve the customers. The involvement of employees in the changes results to a better response within the organisation compared to when the changes come from the top management (CI Toolkit, 2017). The PDCA model The models emphasise on following the plan, do, check and act procedure (Plan-Do-Check-Act (PDCA) Cycle, 2018). The VTI auto shop and car care should first identify the areas for change then organise how to implement the changes. The planning should involve all the employees and management at the car care. The plans should specifically tackle the problems at the shop such as dust, customer delay and theft, which result in customer dissatisfaction. The other step requires the shop to do which means testing the changes. The car care could implement the changes on a portion of the shop to identify the customers response to the services. However, the shop could also introduce the changes to all the processes and listen to the customer feedback (Plan-Do-Check-Act (PDCA) Cycle, 2018). After the do step, the car care could check the results of implementing the changes through tests and analysis. The shop could collect customer feedback and record the time taken to offer services at the shop. The management should check for improvements such as satisfied customers and less time taken in service delivery. Additionally, the employees should also give feedback on the processes introduced (Plan-Do-Check-Act (PDCA) Cycle, 2018). Finally, the company should act on the changes required. After checking whether the changes solve the problems at the shop and lead to customer satisfaction the proper action takes place. The auto shop should install the right technology for servicing the vehicles and reduce the booking procedures that the customers go through before accessing the services. Additional changes should also take place depending on the feedback received from the customers (Plan-Do-Check-Act (PDCA) Cycle, 2018). The stakeholders involvement The stakeholders refer to the persons interested in the changes at the shop improvements (CI Toolkit, 2017). The stakeholders include the employees and customers at the car care shop. The employees play a role in the success of the changes at the auto shop. The employees give ideas for change and ensure the success of the improvement procedures. Moreover, the customers also assist in the improvement of the car care. The customers provide ideas through complaints of poor services and giving suggestions on the necessary changes (CI Toolkit, 2017). Communication The communication of the changes require effectiveness to ensure that all the players understand the improvement strategy(Hastie, 2017). The communication should inform the stakeholders on why various changes take place and the role of each party in ensuring the success of the plans. Training methods The training of employees follows various methods such as coaching where the workers at the shop learn from an experienced person(Terje Slatten, 2009). The training method allows the workers to acquire skills necessary to solve different motor problems. Additionally, the use of management games assists in training the employees and management. The method uses real-life situations to train the persons how to solve the problems. The management games improve the employee and management problem-solving skills(Terje Slatten, 2009). Project monitoring The monitoring takes place through financial audits to identify whether the actual costs align with the budgeted costs(Millard, 2014). Additionally, the auditing of whether the employees enjoy the process and the levels of customer satisfaction. Recognition of benefits The recognition of benefits takes place through checking the satisfaction of customers and employees morale(Recognise and Reward Employee Performance, 2018). Happy customers signal that the improvements give the intended benefits and the employees with high morale show satisfaction with the process. Record keeping and procedures The car care could use both digital and financial recording processes(NSW Government, 2015). The financial records include statements of income, which show the changes in profits after the implementation of the changes. Moreover, the digital records include the changes in customer satisfaction and improvement in the processes at the shop(NSW Government, 2015). Issues leading to customer dissatisfaction The customer dissatisfaction arises from lack of clean facilities at the shop, careless handling of vehicles which results in dents, scratches and theft. Moreover, the services take long leading to customer delay at the shop due to many unnecessary procedures(S.K Breja, 2011). Other improvement techniques The auto shop could utilise the business re-engineering process, which involves the use of past operations to come up with better processes for the business. The operations manager uses the past processes to come up with improved services. The car care could use the existing operations such as car repair to improve the services by automating the processes(Nigel Slack, 2010). Continuous improvement strategy Performance measurement and management The performance measurement takes place using the balanced scorecard, which focusses on the auto shops financial, customer, internal processes and people perspectives. The balanced scorecard helps the shop identify whether performance achieves the set goals(Simon, 2018). Communication systems The VTI car care could use meetings and memos to communicate the strategies of the company. The meetings involve seminars where the employees learn of the strategies of improving operations. Additionally, the memos communicate urgent messages to the employees(Clarity of Roles Within a Team, 2018). Job roles and clarity of expectations The employees require knowledge of the managerial expectations of the tasks assigned. The employees should also have the correct qualifications to perform the tasks assigned(Clarity of Roles Within a Team, 2018). Training and development The auto shop could use on the job training to enhance the skills of the employees. The training method utilises experts who have great experience in the performance of the activities. Rewards and contributions The auto shop could use a reward scheme where the employees elect the best worker to get an award. The system motivates the employees to adhere to the strategy with diligence to become the best employee(Mind Tools, 2018). Action plan to implement the strategy The 3Cs gives the best implementation method for a strategy(Edinger, 2012). The plan involves clarification of the strategy, which refers to explaining the strategy to the employees for better understanding. The employees with a better knowledge of the strategy work better to achieve the goals(Edinger, 2012). Additionally, communicating a strategy to the various stakeholders to know what to expect from the shop. The final stage includes cascading a strategy, which refers to putting the strategy into action. The stage involves getting the technical requirement to implement the strategy(Edinger, 2012). Performance measurement from customer feedback The measurement results from the feedback given by the customers on whether the changes yield added satisfaction(DMAIC Process, 2017). The customers give feedback on issues such as whether the shop has better hygiene and the safety of vehicles. Additionally, the clients respond to the level of services provided and the employee attitude when delivering services. The customers inform whether any changes have taken place in service delivery(Olsen, 2018). References Arizona University Libraries. (2018). Retrieved from Arizona University Libraries Website: www.data.library.arizona.edu CI Toolkit. (2017). Retrieved from CI Toolkit Website: https://www.citoolkit.com Clarity of Roles Within a Team. (2018). Retrieved from Management Studies Website: https:www.managementstudyguide.com Derene, G. (2011). Popular Mechanics. Retrieved from Popular Mechanics Website: https://www.popularmechanics.com DMAIC Process. (2017). Retrieved from Tools Hero Website: https://www.toolshero.com Edinger, S. (2012). Three Cs of Implementing Strategy. Retrieved from Forbes Website: https://www.forbes.com Hastie, S. (2017). Expert 360. Retrieved from Expert 360 Website: https://expert360.com Leach, D. F. (2018). Data Presentation. Retrieved from Data Presentation Website: https://www.academic.sun.ac.za Millard, M. (2014). Kai Nexus. Retrieved from Kai Nexus Website: https://blog.kainexus.com Mind Tools. (2018). Retrieved from Mind Tools Website: www.mindtools.com Nigel Slack, S. C. (2010). Operations Management. Madrid, Spain: Pearson. NSW Government. (2015). Retrieved from NSW Government Website: https://www.records.nsw.gov.au Olsen, E. (2018). Strategic Implementation. Retrieved from On Strategy Website: https://www.onstrategyhq.com Plan-Do-Check-Act (PDCA) Cycle. (2018). Retrieved from ASQ Website: asq.org/learn-about-quality/project-planning-tools/overview/pdca-cycle.html Recognise and Reward Employee Performance. (2018). Retrieved from NI Business Website: https:www.nibusinessinfo.co.uk S.K Breja, D. B. (2011). The TQM Journal. Simon, K. (2018). Six Sigma. Retrieved from Six Sigma Website: https://www.isixsigma.com Terje Slatten, M. M. (2009). Managing Service Quality.

The U.N. Human Rights free essay sample

Evolution of United Nations involvement in global human rights. Interventions, aid, military presence, leadership, obstacles.The United Nations deals with human rights questions either through the use of preventive diplomacy and public pressure or, more rarely, through direct intervention (Boutros-Ghali 912). Increasingly, however, it has become difficult in many cases to separate the protection of human rights from either direct military intervention or from missions to provide humanitarian aid. UN interventions take place where there is a very serious need for humanitarian aid (as in the recent mission to Somalia) or a need for an outside force to broker peace and keep ceasefires in place (as in the current intervention in Bosnia). The UN does not directly intervene in most cases where a sovereign state is engaged in the regular, daily violation of the rights of its citizens. in those cases the UN works from outside by attempting to provide aid, relief and education, by imposing