Carry out your own research to find a non-financial firm that changed Essay

Carry out your own research to find a non-financial firm that changed its dividend policy over the last few years. Assess the (p - Essay Example One of the key theories that explain the relationship between dividend policy and stock price is the irrelevance of dividend policy, in which Miller and Modigliani (1961) suggest that dividend policy is immaterial when it comes to determination of the shareholders’ wealth. They specifically argued that, without considering market imperfection and taxes; the shareholders’ wealth is not affected in any way. Hakansson (1982) supported the views of Miller and Modigliani by maintaining that dividend do not play any role in the value of the firm, regardless of whether they are informative or not; but this applies only when investors possess time additive utility and homogenous belief as well as when the market is fully efficient. Different empirical studies associated with dividend theory policies do not show consistent results. As such, it is not possible to give a general view as to whether the investors prefer dividend or capital gain. Brigham (2010) asserts that it is the prerogative of the management to decide the dividend policy based on industry trends and the long-term objectives of the organisation, a view that squarely explains the reasons why the management of Apple has dramatically changed its dividend policy. Even so, it is imprudent for the management to rely on any specific theory in determination of dividend policy for the corporations they head, because the best policy depends on different circumstances and times. Irrelevance theory is neutral with regard to preference of either capital gain or dividend payout (Miller and Modigliani, 1961). In this model MM concluded that capital structure does not have any effect on the value of the firm. However, MM II, argued that by introducing corporate taxes in to the first model, it gives rise to tax shields which in turn leads to optimal capital structure (Black, 2006). The paper puts into perspective the issue of dividend policy in the context of Apple Inc. The paper also gives a brief overview of the company, as well as putting into perspective the imminent change in divided policy that has been lined up, and those that have already been implemented. The analysis will also incorporate different theories that have been put across by several researchers regarding the relationship between dividend policy and share price volatility. Company Overview The Apple Company designs, manufactures and markets computers, networking solutions, software, peripherals and services. Among the many available products are portable music players, which they both design and develop. Notwithstanding, they engage in online distribution of television shows, audio books, short films, third-party music-both audio and videos. Apple Inc. (Apple) was founded by Stephen Wozniak and Steve Jobs in the latter’s garage. January 3, 1977 saw the incorporation of Apple. The Apple II computer was then later introduced by the duo later that year at a West Coast Computer Fair in San Francisco (Linzmayer, 1999). Dividend Policy Trend in the Technology Industry Distribution policy refers to Companies’ policies put in place to govern issues of dividend payout. For instance, a company can have either high or low dividend distribution policy to its both preference and ordinary

IT Managers, Data Access and Privacy Research Paper

IT Managers, Data Access and Privacy - Research Paper Example Formally speaking, â€Å"protection of  data  from unauthorized (accidental or intentional) modification, destruction, or disclosure† is the definition.† (Its, 2012) as quoted at the Institute of Telecommunication Science Colorado. Data is everywhere around man. Present in different forms, it becomes of utmost importance when it holds value as information. The data pertinent to an organization needs to be kept from any alterations or maltreatment so as to prevent it from being damaged or being misused by unauthorized personnel. Thus the security that needs to be associated with all forms of data is referred to as data security. Privacy â€Å"Freedom from unauthorized intrusion† (Merriam-webmaster, 2012) is the formal way privacy may be explained. It may well be used interchangeably with data security as data also needs to be kept private in order to be secured. It is this Privacy that keeps the level of data and knowledge management at distinct levels within a n organization. The discussion further proceeds with how data security and privacy issues are catered with the IT managers and Project Managers respectively. Bottom of Form IT MANAGERS VERSUS PROJECT MANAGERS: Project managers as compared to IT managers bear limited responsibility. The main role of project managers is to manage and handover a working project to a company, Afterwards the IT managers take over the running and overall execution of that project. Both the managers can be compared in terms of employee volume as project managers maintain and manage a very limited crew throughout their task whereas IT managers manage and fulfill the IT needs of whole organization. The main activities performed through the information system of an organization are always monitored and tested under IT managers. The requirements of business process re-engineering are initiated by the IT management and it always seeks a better IT system for an organization. Project managers on the other hand te nd to reduce the workload by keeping the new requirements from springing up. IT managers are responsible for chipping in and processing the data of whole organization. This role demands imposition of certain ethical obligations regarding data sharing and security. The issue of data security is related to both i.e. organizational data (internal data, like personal data of employee etc.) and business data (external data like trade volumes and bidding details etc.). IT managers are responsible for safeguarding internal and external data. Regarding personal data of employee various hazards can easily be anticipated in case of any mishandling of data. For example all or few of the employee information like, employee history, increments, promotion evaluations, compensation offered by the company, previous employment record, salary amount, social security number and account information if leaked out, can not only be misused against that employee, but would also create a significantly negat ive impact on the whole organization. The usage and sharing of such information must be done under tightest scrutiny. The system designed for the purpose may be highly secure but the usage and sharing of data highly depends on the authorized IT personnel. There may be Standard Operating Procedures for data management and security but what if those rules are not properly enforced or followed.

Basseri of Iran Research Paper Example | Topics and Well Written Essays - 2750 words

Basseri of Iran - Research Paper Example As the study of the social structure of the Basseri tribe by Barth (1961) is one of the classical examples of the research in the field of ethnography of nomadic peoples of Iran, it is instructive to closely analyze the modern state of the Basseri people. In this essay, I will deal with the various aspects of social life of the Basseri, focusing on their subsistence patterns, but paying appropriate attention to their kinship practices, social and political organization. Accordingly, the essay will be divided into four sections in which the relevant aspects will be analyzed. My basic argument with regard to the Basseri is that they represent a stage of development transitional between the primitive lineage form and more developed chiefdom organization, which is itself a necessary prerequisite to the fully stratified society, and the organization of the essay will reflect that argument.

Project Management Essay Example | Topics and Well Written Essays - 2000 words - 1

Project Management - Essay Example Rapid results benefits fall into three classes. First, mini projects allow the initiators to determine the success rate of the projects in terms of the activities that require undertaking. Correction of Problems seen at early stages normally carried out as soon as there is the detection this reduces the chances of shady work. Secondly, result delivery period is short. During the implementation of the mini projects in a project, results achievement is less than a hundred days. Lastly, rapid results approach enhances motivation at work due to the quick results. Workers or employees feel a sense of reward due to quick results and hence feel that if they work more hard more results achieved. According to (Sylvester, n.d.) there are several attributes that require inclusion in rapid results for result achievement include impact variable, period, measurement, and scope. People and managers have a different perspective of Rapid results; the view is that it prevents project failure and probl em identification done at the beginning rather than waiting for the outcome at the end. According to reports, fifty percent of the projects fail, this is due to lack of use of rapid results. An example of a current workplace that lacks utilization of rapid result initiative in Kenya. A case study showing the number of people infected and living with HIV and AIDS in Kenya shows that many people have the virus, but they do not know. The lack of awareness is due to lack of use of rapid result initiatives (Mwangi, 2012). According to a survey undertaken in 2007 by Kenya Aids Indicator Survey (KAIS) and published by CDC, shows that eight out of ten infected people are unaware of their status. In the next year that is 2008, a research indicated that 6.3 percent of the adults between the ages of fifteen and forty-nine are living with HIV.

Make solar energy economical Essay Example | Topics and Well Written Essays - 1500 words

Make solar energy economical - Essay Example Solar energy technology is faced with engineering challenges however there follow ways of making it more efficient in its production, storage, and use. For example, most of solar cells today that is used for commercial purposes are highly made of silicon that converts electricity from sunlight, with less percentage of efficiency due to high manufacturing costs. Due to use of silicon material the cost of electricity production is three times higher which makes the engineering pauses need for cost-effective cells with low manufacturing costs (Simon, 2007). The current standard cells provide thirty-one percent efficiency due to use of silicon materials. Use of new materials for production by multilayer cells can increase the efficiency. There are also other ways of enhancing the efficiency of solar energy which includes the development of nanotechnology. This is the development of engineering structures which are effective compared to the use of molecules and atoms. This makes them effe ctive because one nanometer is equal to a billionth of one meter. Use of other materials like lead and selenium elements in the making of the cells which make a nanocrystal which is more cost effective and more efficient. With the use of standard cells, there is the production of excess heat when a photon releases an electron to carry the electric charge which makes it ineffective and inefficient enough. On the other hand use of nanocrystals made of selenium and lead elements produces extra electrons instead of heat.

Micriobiology Case Study Example | Topics and Well Written Essays - 750 words

Micriobiology - Case Study Example A bronchoscopy with BAL has revealed organisms that are consistent with Pneumocystis carinii (Kovacs et al., 2001, 2450-2460). Analysis: His long-drawn disease is consistent with HIV infection that has turned into AIDS over last 2 months leading to most probably an opportunistic infection of the gastrointestinal tract leading to disturbing diarrhea associated with nausea and vomiting. His decreased leukocyte count and pulmonary infection with Pneumocystis carinii indicates opportunistic pulmonary infection that is very characteristic of immunodeficiency associated with AIDS and consequent diminished CD4 count (Newton et al., 2003, 185-186). Thus the original disease that the patient is suffering is AIDS, the hallmark of which is immune deficiency. The treatment with antibacterial agents thus has a chance to break down. This has been ascribed to the profound deficiency in immune function that eventually develops in an infected individual. The virus, HIV suppresses immune function since this has a predilection to infect the immune system, and as a result of continued infection, these cells are eventually destroyed (Adler, 2001, 12-17). The most significant targets of this virus are a subset of thymus derived lymphocytes that carry surface molecule CD4. CD4 has been demonstrated to bind to the envelop glycoprotein of the HIV. Many other cells and tissues, such as, monocytes and macrophages also bear CD4 receptors. Coupled with G-protein coupled receptor family co-receptors, the processing of chemokines in these cells are affected, leading to defective migration, differentiation, and function of leukocytes during immune response to any infective process in the body. Two specific receptors, CCR5 and CXCR4 are important particularly. CCR5 are expressed widely on cells of the immune system that fight disease, such as, lymphocytes, macrophages, and dendritic cells. When the virus strains infect the primary macrophages through these co-receptors, the macrophages which are prime immune cells themselves are rendered defunct (Adler, 2001, 12-17). From that point of view, the CD4 lymphocytes or T helper cells have known significant and central roles in immune functions, and as a result of HIV infection, these cells are destroyed. In consequence, the body immune response of affected, and these in part explain the immunosuppressive effects of the virus. These cells are normally stimulated by antigen contact, and normally they respond through enhanced cell division and synthesis and release of lymphokines, namely, interferons, tumor necrosis factors, interleukins, and other chemotactic factors that are involved in recruitment of more immune cells. The whole cascade of these phenomena are affected, and as a result the functions of the lymphokines to act as promoters of cytotoxic or suppressor CD8 cells and their maturation and behaviour are all affected, culminating into suppressed synthesis of antibody from the B lymphocytes. Other cells participating in the process of this innate immunity against diseases functionally contribute to the process. These are monocytes, tissue macrophages, and dendritic cell, and hence with an infection with HIV, the total immune system is compromised. Macrophages and particularly dendritic cells are

Busines economics Essay Example | Topics and Well Written Essays - 1500 words

Busines economics - Essay Example Primarily among these tool is the GDP. It refers to the net market value of the goods and services provided by a country. It can also be used to assess the standard of living of citizens in that country and can be used to gauge the demand and the buying capacity of individuals during that financial year. The Gross Domestic Product (GDP) of the UK shrunk 0.60% during the latter half of the financial year in 2010. It has been calculated that United Kingdom’s average quarterly growth rate was 0.59% which climbed the charts steadily to 5.30% and also witnessed a record low of -2.5%. (United Kingdom GDP Growth Rate, 2011) The UK as a robust economy has its GDP usually boosted by the strong performance of the banking and insurance services. The manufacturing industry meanwhile faced a recession and the key to overcoming this problem lies in more government involvement while at the same time continuing its social welfare initiatives. One of the most current statistics that have been obtained indicated the following Country Interest Rate Growth Rate Inflation Rate Jobless rate Government Budget Exchange Rate UK 0.50% -0.60% 4.00% 8.00% -11.40% 1.62 (United Kingdom GDP Growth Rate, 2011) However when compared to 2009 there has however been a slight improvement of 1.5% GDP in the last quarter of 2010. The manufacturing experienced a slight boost in the latter half of 2010 climbing by 1.1% and the utility production also grew by 4.6%. The mining sector experienced a slight meltdown falling by 4.5%. The construction industry was also severely hit as several major construction projects were put on hold due the banking crisis that arose in 2009-2010. It fell by 2.5 %. Other sectors that experienced a drop were the business services and the transport sector at 1.1% and 1.4% respectively. (United Kingdom GDP Growth Rate, 2011) The German economy on the other hand fared better compared to its counterpart. The GDP increased by 0.40% in the latter half of 2010 compared to 2009. It also had its share of ups and downs with its average GDP growth at 0.29%. This reached a peak of 2.30% in June 2010 and a nadir of 3.50% in March 2009. (Germany GDP Growth Rate, 2011) Export forms the backbone of German economy and accounts for almost one third of its income. Germany has performed better than UK during this taxing period as shown by the market indicators and its strong commitment in engaging to closer European cooperation between member countries in both economic and commercial policies is reaping benefits. Country Interest Rate Growth Rate Inflation Rate Jobless rate Government Budget Exchange Rate UK 1.00% 0.40% 2.00% 7.40% -3.00% 1.42 (Germany GDP Growth Rate, 2011) Comparing both the Macroeconomic performance of UK with its European counterparts over the past ten years, one finds that its performance of attaining an annual GDP growth of 2.3% places it third behind US and Canada. However rising levels of both private sector debt and public sector debt ha ve held back the government in providing sufficient fiscal stimulus to the manufacturing and industrial sector. Trade, an area where Germany has made rapid progress also has declined in the context of the UK market. (BIS Economic Paper No.9, 2010) Business investment has also taken a backseat in UK. Post 2000, survey estimates indicate that UK is ranked behind