Swot Walt Disney - 1875 Words

SWOT ANALYSIS WALT DISNEY Ayse Aybike YILMAZ Strategic Management About the Company: The Walt Disney Company was founded in as a cartoon studio in 1923. Walter Elias Disney, founder of the Walt Disney Company, was a pioneer in the development of animation as an industry. Disney is one of the most famous names in the animation industry, known for providing entertainment directed to adults and children alike; with international theme parks and a world-class animation studio and business franchise, the company nearly dominates the industry. Famous names such as Mickey Mouse began with Disney, and were the foundation of a company that has now branched out into several†¦show more content†¦The company has a very frequently changes and its corporate officers makes the corporate structure even more difficult. There are many positive things that often changes, but the changes are also associated with resistance, and high expenses. 1. High operating cost 2. Frequent change in top management 3. The $1.8 Billion park have only 16 attractions. 4. R eligious welfare group protest against the release of material which was found offensive by many people. 5. Poor working conditions in factories that produce their merchandise. 6. Disney was also criticized by animal welfare group for their caring procedure for animals at Disney Animal Kingdom theme Park. 7. Poor management. 8. Disney has been blamed of having sexual implication or references concealed in some of their animated movies, including The Lion King, The Little Mermaid, Aladdin, Who Framed Roger Rabbit, and Disney original releases of The Rescuers. 9. High investment with high risk involved. 10. Continuous innovative ideas are required to retain the attention of customers. 11. Limited range of target audience mainly Children. Opportunities External opportunities should be recognized, analyzed, and responded to in a very early stage. The Walt Disney Company is facing severalShow MoreRelatedSWOT The Walt Disney Company960 Words   |  4 PagesSWOT Walt Disney SWOT analysis 2013 Strengths Weaknesses 1. Strong product portfolio 2. Brand reputation 3. Competency in acquisitions 4. Diversified businesses 5. Localization of products 1. Heavy dependence on income from North America 2. Few opportunities for significant growth through acquisitions Opportunities Threats 1. Growth of entertainment industries in emerging markets 2. Expansion of movie production to new countries 1. Intense competition 2. Increasing piracy 3. StrongRead Morewalt disney swot3058 Words   |  13 PagesAPPENDICES ......... Walt Disney â€Å"Let’s go for fun† Everyone nowadays working so hard to pass to next level through this life. Children working hard on their studies and parents working hard to get great income for spend and expenses. However, at the end of the year must have a time for taking relax. Disney is one of people’s targets for having fun; everyone can have fun there from kids to parents. Walt Disney is the company which Disney theme park is just one of their segmentsRead MoreSwot Analysis of Walt Disney Company Essay2999 Words   |  12 PagesCOMPANY PROFILE The Walt Disney Company REFERENCE CODE: 8C7AE530-4ECC-4EF5-AC18-370E646FD097 PUBLICATION DATE: 31 May 2013 www.marketline.com COPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED. The Walt Disney Company TABLE OF CONTENTS TABLE OF CONTENTS Company Overview..............................................................................................3 Key Facts...........................................................Read MoreWalt Disney: Swot, Pestel and Porter Analysis Essay3375 Words   |  14 PagesSUBJECT: Walt Disney: SWOT, PESTEL and Porter analysis Introduction 2 Pestel analysis 2 Political factors 2 Economic factors 3 Social factors 3 Technological factors 4 Environmental factors 4 Porter’s Five forces model 5 New entrants 5 Buyers 5 Substitutes 6 Suppliers 6 Competitors 6 Swot analysis 7 Strengths 7 Weaknesses 8 Opportunities 9 Improvement of customer relations strategy 9 Advertising Growth 9 Differentiation 9 Read MoreIncorporated In 1938, Walt Disney Has Been A Well-Known1181 Words   |  5 PagesIncorporated in 1938, Walt Disney has been a well-known name in the entertainment business. According to Global Financial Data, Disney first started offering stock to the public in 1940 with a cumulative convertible preferred and then in 1946 it offered â€Å"OTC† (over the counter) common. On November 12, 1957, the NYSE added Disney to its list. So how is the financial condition of Walt Disney today? In the next few sections, I will take a closer look at the financial records of the company includingRead MoreDisney s Current Published Mission Statement Essay1357 Words   |  6 PagesDisney s Current Published Mission Statement Walt Disney s does not have a distributed vision articulation. On the other hand, their current Statement of purpose can be found on their site (The Walt Disney Company, n.d.). The current statement of purpose peruses as takes after: The mission of The Walt Disney Company is to be one of the world s driving makers and suppliers of diversion and data. Utilizing our arrangement of brands to separate our substance, administrations and customer items,Read MoreWalt Disney Company s Organization921 Words   |  4 PagesIntroduction According to investor relations, The Walt Disney Company’s exemplifies an organization composed of four strategic business units which, with the consideration of the consolidated revenue, represented roughly an enormous 35.5 billion dollars in 2007. The four SBUs are Disney Consumer Products, Studio Entertainment, Parks and Resorts, and Media Networks Broadcasting, and these can be further subdivided into 28 categories and are composed of a plethora of brands. The onlyRead MoreWalt Disney Value Chain Analysis Essay1360 Words   |  6 Pagesa value chain analysis for Walt Disney Company, I will be able to accurately show the â€Å"parts of its operations that create value, and those that don’t† (Hitt, Ireland, and Hoskisson, 87). The value chain is segmented into two categories: support functions and value chain activities. Support functions include finance, human resources, and management information systems which â€Å"support the work being done to produce, sell, distribute, and service the products [Walt Disney] is creating† (Hitt, IrelandRead MoreThe Management Of The Walt Disney Company900 Words   |  4 Pages The Walt Disney Company exemplifies an organization composed of four strategic business units (SBUs) which, with the consideration of the consolidated revenue, represented roughly a enormous 35.5 billion dollars in 2007. The four SBUs are Disney Consumer Products, Studio Entertainment, Parks and Resorts, and Media Networks Broadcasting, and these can be further subdivided into 28 categories and are composed of a plethora of brands. The only two important commonalities that can be deducedRead MoreWalt Disney Company s Organization967 Words   |  4 Pagesto Investor Relations, The Walt Disney Company’s â€Å"exemplifies an organization composed of four strategic business units which, with the consideration of the consolidated revenue, represented roughly an enormous 35.5 billion dollars in 2007.† They are â€Å"Disney Consumer Products, Studio Entertainment, Parks and Resorts, and Media Networks Broadcasting, and these can be further subdivided into 28 categories and are composed of an overabundance of brands† (Walt Disney, 2013). The only two

Functionalist Theory And Conflict Theory - 1597 Words

Emily Harris Sociology 409 Exam #2 Group A FUNCTIONALISM AND CONFLICT THEORY Functionalisms reign was dominant through earl 1950s through late 1960s. August Comte, Herbert Spencer, and Emile Durkheim played important roles in the development of the theory. Talcott Parsons, another important writer of the functionalist theory, attempted to develop concepts that would help organize our perception of reality. He also developed a fourfold classification scheme, Adoption, Goal attainment, interagation, and latency. Adaptation refers to the idea that systems are embedded in environments to which they much adapt in order to survive. Goal attainment is described as the need in any system to define its primary goal and the methods used to obtain the goal. Interagation refers to the need to coordinate the component parts of the system so that they contribute to the maintenance of the whole. Latency is described as the structures that serve to maintain and revitalize the motivation of individuals to perform their roles according to social expectations (Farganis, 20111). Spencer compared society to the telegraph, with wires running to and from the central nervous system and it nerves, as well as a social organism. He viewed evolutionary schema based on social functions and survival of the fittest, relating to simple and complex societies. Knigsley Davis and Wilbert E Moore developed Some Principles of Stratification (1945) and described stratification as a functional necessity. TheyShow MoreRelatedThe Conflict And Functionalist Theories Behind Social Class1496 Words   |  6 Pagesmany sociologist, will argue that social class does create an underlying disadvantage, amongst groups in society, in particular education and health, of an individual is impacted. In this essay, I will strive to critically examine, the conflict and functionalist theories, behind social class. This will allow me to determine, weather some groups are constrained, or advantaged, by their current social status. Max Weber (1864-1920), a well known German sociologist, saw society was organised into statusRead MoreJesus Christ and Functionalist and Conflict Theory Essay1799 Words   |  8 Pagesone must first understand the functionalist theory. He conveys his message with a common language that is appropriate to the situation, thus implementing the symbolic-interaction theory. Although, according to the Christian Worldview, his message is truth, social conflicts existed because of class, religious background, and misunderstanding of long-term purposes in Jesus’ ministry on the part of the teachers of the Law, thus creating a link to the conflict theory. Summary: Jesus is arguablyRead MoreTheories on Social Inequality from a Functionalist, Conflict, and Symbolic-Interactionist Points of View670 Words   |  3 Pagesthree areas I am going to focus on are those of the Functionalist, Conflict and Symbolic-Interactionist. The Functionalist theory believes that society functions so that each individual plays a specific role. Their perspective of social inequality is the belief that inequality is not only inevitable but also necessary for the smooth functioning of society. (Davis-Moore (1954) p. 214 chapter 8 Society In Our Times: The Essentials) Functionalists believe that all societies have important jobs andRead MoreThe Theory Of The Age Stratification Theory Essay972 Words   |  4 Pagesmany other theories which include, structural functionalism, modernization, disengagement, continuity, activity, life course, and age stratification. The functionalist perspective has some advantages. These perspectives have been used more often than any other perspectives in the study of aging. Some of the earliest and most influential theories which gerontology used are, the disengagement theory, activity theory, and the modernization theory. These theories all rely on the functionalist and structureRead MoreCompare and Contrast the Main Tenet of the Functionalist and Conflict Perspectives.884 Words   |  4 PagesTopic: The conflict perspective views society less as a cohesive system and more as an arena of conflict and power struggles. Compare and contrast the main tenet of the Functionalist and Conflict Perspectives. Over the years, sociologist has put forward their views when it came to defining, studding and understanding society. Society can be defined as a group or unit of people living in a geographical area, sharing a similar background and/or culture. In sociological term, a society is any groupRead MoreCrime And Deviance1550 Words   |  7 Pagesuse the three major sociological theories to recognize the causes of crime in American society. Functionalism is the theoretical perspective that looks at the relationship between the parts of society and how the different aspects of society are functional. The functionalist perspective believes that each aspect of society is interdependent and makes the society function as a whole. Deviance may seem as though it is dysfunctional for society, but functionalists believe that deviance is necessaryRead MoreSymbolic Interactionist Perspective In Sociology1543 Words   |  7 PagesThese perspectives work as sociologist’s lenses in which the y look through; they can either clear up or distort the â€Å"image.† Sociologists employ three primary theoretical perspectives: the symbolic interactionist perspective, the functionalist perspective, and the conflict perspective. (Crossman, 2017) Symbolic Interactionist Perspective Also known as symbolic interactionism, the symbolic interactionist perspective directs sociologists into considering symbols and details found in the everydayRead MoreSociological Perspectives On Social Networking Sites916 Words   |  4 Pageswebsites impact society? Above all, this is the question that is the central focus shared by all three of the primary sociological perspectives (Structural Functionalism, Conflict Theory, and, Symbolic Interactionism) when studying and performing research on the topic. Otherwise, the three paradigms of sociological theories are differentiating interpretations of how they perceive social networking sites. Namely, I find this subject intriguing because humans are perpetually seeking innovationsRead MoreThe Conflict Resolution Of Sri Lanka1374 Words   |  6 PagesThe occurrence of conflict is an issue that societies have faced since the genesis of human beings. Take, for example, the country of Sri Lanka. For years, Sri Lanka has been torn apart by the conflict between the Buddhist Sinhalese, who constitute the majority of the population, and the Hindu Tamil, who are the minority of the population. The country gained independence from the European rule in 1948. Since then, the country became a symbol of economic prosperity, political stability and harmonyRead MoreTalcott Parsons s Sex Role Theory993 Words   |  4 Pagessex role theory was based and structured according to a more traditional family structure in that the man was the work-oriented contributor (breadwinners) and the women was the domestically oriented partner (housewives) of the man ensuring the home, children an d day to day household functions were tended to. In retrospect this structure was seen to produce future laborers who became contributing members of society which is all part of a capitalist system (Conley, 2013). Conflict Theory sees social

Design Construction Of Reciprocating Engine-Myassignmenthelp.Com

Question: Discuss About The Design Construction Of Reciprocating Engine? Answer: Introduction The reciprocating engine can be called as "Piston Engine". The design concept of free piston has a simple and elegant format for the hydraulic power supply (McGee, Raade Kazerooni, n.d.). Generally, it is different from the standard reciprocating engines. The work can be extracted directly from the hot gas, by the process of piston's harnessing linear motion and gives more pressure on the hydraulic fluid. It will produce the result of both pump and engine design integration. The below diagram shows the cross section of the free piston. The high pressure is injected along with the catalyst of hydrogen peroxide, on the left side of the solenoid valve Auditing. This catalyst will be decomposed into the oxygen and steam. Then, both will be exhausted through the left catalyst bed. To enable the movement of hydraulic fluid pumps, the high-level pressure is released from the right side of hydraulic cylinder. In both lower right and upper left valves, the remaining valves are closed when the stroke is presented. Then, the hot gases will be expanded and this can be done until the left exhausted ports can be uncovered by the hot gas piston. At the particular point, the gases will be released into the atmosphere and then the free piston stops its moving process (Romeyn, n.d). Then, again the cycle will be restarted. The right side solenoid valve can be opened on the opposite side of the piston. The hot gases can be passed into the head of piston, when the gases are moved into the exhausting port. The compressed gas can be released from the left side of the cylinders chamber. It is same as the cycle of left-hand process. As the piston is moving towards both left and sides, the operation can be performed. Thus, it makes the changes in pulsating flow of hydraulic fluid and this flows from the reservoir, to the accumulator. Critical Evaluation The main objective of this design concept is to increase the overall performance as the continuous average power supply of 2.2 kW. It can be achieved by pumping the fluid with 6.9Mpa and 5 gallons per minute. For more power supply, additional pumping unit can be fixed (Shaikh, Rathore Hota, 2013). Figure 1 Press fit among hydraulic cylinders and hot gas When investigating the design and construction of reciprocating engines, maintaining the smooth movement of both hot gas and hydraulic cylinder is a crucial task. It can be achieved by the perfect alignment. Between three cylinders, a press fit interface is located. To avoid the fluid leakage, between the hydraulic cylinder bore and the piston, the portion is sealed with the temperature of 200C and the speed of hydraulic piston can be 15 m/s. The safety is the most critical aspect of the propellant design. It can be ensured by adequate the thickness of the cylinder wall. Thus, the rupturing will be avoided from hoop stress level. The major challenges and issues involved in the design concept of reciprocating engine are lubrication with high level temperature, assembling the core components, and alignment and design of the exhaust port (Tanaka, 2014). Therefore, the design and construction of the free piston engine (reciprocating engine) is discussed and the critical evaluation is observed. References McGee, T., Raade, J., Kazerooni, H. Monopropellant-Driven Free Piston Hydraulic Pump for Mobile Robotic Systems.Journal Of Dynamic Systems, Management, And Control,126(1), 75. https://dx.doi.org/10.1115/1.1649972 Romeyn, A.https://www.asasi.org/papers/2004/Romeyn_Propulsion%20Failure_ISASI04.pdf. Retrieved 12 August 2017, from https://www.asasi.org/papers/2004/Romeyn_Propulsion%20Failure_ISASI04.pdf Shaikh, D., Rathore, M., Hota, P. (2013). Magnetic Repulsion Piston Engine.International Journal Of Science And Financial (IJSR). Retrieved from https://www.ijsr.net/archive/v4i12/NOV151877.pdf Tanaka, J. (2014). DESIGN OF PISTON RING SURFACE TREATMENT FOR REDUCING LUBRICATING OIL CONSUMPTION.MM Science Journal,2014(04), 533-536. https://dx.doi.org/10.17973/mmsj.2014_12_201420

Water Billing System free essay sample

The City of Tampa billing system is set up in such a way that the majority of our customers receive an average bill one month then the next month an actual read bill. Below is an example of an average bill. Mouse over the colored portions to read explanations. | | | |   | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Water Bill Explained Billing Units: 1 billing unit = 100 cubic feet (ccf) of water (748 gallons of water) Averaged vs. Actual Meter Reading Bill: Most meters are read bimonthly (every two months), but billing occurs monthly. One is a water usage AVERAGE, which is an estimate based on the past year of consumption. One is the ACTUAL METER READING for the previous two months of water usage. The months payment is a credit toward the total bimonthly water usage charge. You can tell whether your bill is an averaged bill or a actual meter reading bill by looking in the Meter Reading field (yellow box above) if there is a number in there than you have a Meter Reading bill. We will write a custom essay sample on Water Billing System or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page If the Meter Reading field is blank and you have an A next to units used number than you have an AVERAGED bill. Usage Threshold: Are based on the average bi-monthly water usage throughout our service area, and are expressed in ccf units. Thresholds are averaged according to customer class. Average Monthly Water Usage Table Customer Classification| Average Monthly Water Use For Fiscal Year 2007 (in ccf)| Average Monthly Water Use For Fiscal Year 2008 (in ccf)| | Average Monthly Water Use For Fiscal Year 2009 (in ccf)| | Single Family Residential| 9| 8| 8| Apartment, per unit| 5| 5| 5| Hotel, per room| 4| 4| 3| Office Building, per 1,000 sq. ft. | 3| 3| 2| Small Commercial| 14| 13| 12| Medium Commercial| 109| 97| 90| Large Commercial| 767| 752| 716| Small Industrial| 23| 22| 20| Medium Industrial| 159| 243| 137| Large Industrial| 1615| 1423| 1308| The Tampa Water Department bills in units of ccfs. 1 ccf (100 cubic feet) = 748 gallons Are you above average? See how you can conserve water inside and outside. Water Meter Installation Charges Meter Size | Peak Flow Rate (gpm) | Application Fee | Deposit | Meter Installation | 3/4| 0 20| $50| $45| $665| 1| 21-50| $50| $60| $715| 1/2| 51-100| $70| $105| $990| 2| 101-160| $70| $150| $1,035| If water service has existed at the location within the past five (5) years, a $70 meter reinstallation fee will be charged provided the service line meets current engineering standards. Contact Water Department Planning Section at (813) 274-8121 begin_of_the_skype_highlighting  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  (8 13) 274-8121  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  end_of_the_skype_highlighting regarding fees and deposits for meters larger than two (2) inches. Top of Page Water Connection Fees Meter Specifications | Buildings Existing Prior to 10/1/97 | New Construction | Size | Flow Rate (gpm)| Inside City | Outside City | Inside City | Outside City | 3/4| 0 20| $2,800| $2,800| $2,800| $3,500| 1| 21-50| $7,000| $7,000| $7,000| $8,750| 1 1/2| 51-75| $10,500| $10,500| $10,500| $13,125| 1 1/2 | 76-100| $14,000| $14,000 | $14,000 | $17,500 | 2| 101-125| $17,500| $17,500| $17,500| $21,875| 2| 126-150| $21,000| $21,000| $21,000| $26,250| 2 or 3| 151-200| $28,000| $28,000| $28,000| $35,000| 3| 201-300| $42,000| $42,000| $42,000| $52,500| 3 or 4| 301-500| $70,000| $70,000| $70,000| $87,500| 4| 501-750| $105,000| $105,000| $105,000| $131,250| | 751-1000| $140,000| $140,000| $140,000| $175,000| 6| 1001-1500| $210,000| $210,000| $210,000| $262,500| 6 or 8| 1501-3000| $420,000| $420,000| $420,000| $525,000| Additional fees may be required, under unusual circumstances. If it is not financially feasible for the Water Department to provide service, customers may be given the option of receiving service by paying the cost the City would have incurred. All fees and deposits must be paid prior to the installation of mains and meters. Top of Page Reclaimed Water Fees Meter Size | Application Fee | Meter Installation | 3/4 | $15| $375| | $15| $445| 1. 5| $70| $695| 2| $70| $890| Contact Water Department Planning Section at (813) 274-8121 begin_of_the_skype_highlighting  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  (813) 274-8121  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  end_of_the_skype_highlighting regarding fees and deposits for meters larger than two (2) inches. Top of Page Fire Line Connection and Service Fees In accordance with Tampa City Code Section 26-95, fire protection systems connected to Tampa Water Department mains must contain an approved detector check valve to detect possible leakage or unauthorized use of water for other than fighting fires from the fire protection system. If the periodic inspection of the detector system by the city indicates that water is being used from the fire protection system for uses other than fighting fires or if the system shows excessive leakage, the owner must pay the Tampa Water Department for the cost of installing an approved water meter, and the meter will be established as a regular account, subject to all rules, regulations and appropriate water rates. | Fire Flow Rate (gpm)| Application Fee| Connection Fee| Annual Service Fee| 0 50| $70| $3,950| $10| 51-100| $70| $5,140| $10| 101-150| $70| $5,990| $10| 51- 300| $70| $7,780| $30| 301-500| $70| $9,343| $90| 501-750| $70| $10,994| $90| 751-1000| $70| $12,255| $90| 1001-1500| $70| $14,280| $200| 1501-3000 | $70| $18,550 | $200| 3001-4500| $70 | $21,616| $300 | Please contact the Water Department Planning Section at (813) 274-8121 begin_of_the_skype_highlighting  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  (813) 274-8121  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  end_of_the_skype _highlighting regarding fees for fire connections larger than eight (8) inches. Top of Page Monthly Minimum Charge Your water bill is based on actual water usage or the minimum monthly  charge, whichever is more. Minimum monthly charges are based on meter size. Meter Size | Inside City | Outside City | 3/4| $1. 50| $1. 75| 1| $4. 50| $5. 25| 1 1/2| $7. 50| $8. 75| 2| $9. 00| $10. 50| 3| $16. 50| $19. 25| 4| $22. 50| $26. 25| 6| $37. 50| $43. 75| Top of Page Tampa Bay Water Pass-Through Charge The Tampa Bay Water Pass-Through Charge was established in order for the city to recover the additional costs associated with water purchases from Tampa Bay Water. Tampa Bay Water is a regional wholesale provider that sells water to local water providers. The City of Tampa purchases water from Tampa Bay Water during times when demand is high and our own resources can no longer meet customer demand. This surcharge was put into place to recover the difference between what we pay Tampa Bay Water and what it costs us to produce water at our own facilities. The surcharge is only passed on to our customers during times when the City of Tampa has had to buy water from Tampa Bay Water. A per unit cost is calculated from the total cost for all of the purchases from Tampa Bay Water during the previous 3 month period. The amount each customer pays is calculated by multiplying their individual usage times that per unit cost. The surcharge appears a separate line item on the utility bill and, like the tier rates for water, the surcharge line item is subject to tax. Sample Bill Move your mouse over the bill statement. Click on a section to learn more about it. * Account Information * Contact Information * Meter Information * Account Activity * Current Charges * Total Amount Now Due * Payment Due Date * Pay Statement Stub Account Information * Customer – Person responsible for paying the bill Service – Address where service is provided * Account – Please reference this number on any correspondence or when discussing the bill * Bill Date – Date bill statement was printed * Status – Shows billing status, i. e. , Active, Final, etc. [back to top] Contact Information * Customer Service – Time and days billing office open, phone numbers for water, sewer, solid wast e recycling * Water Emergency – Phone number for 24 hour hotline for water emergency [back to top] Meter Information * Meter Number(s) – Number stamped on meter * Service Period From–To – Shows billing period for current charges. Meter Readings – Shows previous reading with reading code (whether it’s an ACT (actual), EST (estimated), CUS (customer provided), or PRO (prorated for period) reading and present reading with reading codes. * Units Used – Number of consumption units used (748. 5 gallons = 1 consumption unit) * Description – Shows kind of meter in use Account Activity — Shows: * Previous balance that is due or a credit (CR), * Adjustments for usage (based on activity previous to current bill date), * Any payment received, and * The balance forward to be added or credited with current charges to arrive at total amount now due. [back to top] Current Charges — Shows: * Charges for water used during current billing period (with number of units multiplied by current water charge or minimum fee for the billing period). * Sewer charges based on the average volume of water used during the four months of the winter period or the minimum monthly sewer fee and the Minnesota water testing fee. * Solid waste charges with the recycling credit if you have signed up for recycling. Charges are based on the number of dwelling units from City inspection records. The cart disposal fee, and solid waste taxes and fees are listed here, too. (See About Your Bill Statement for more information. * Stormwater fees are charged based on property use and size. [back to top] Amount Due Amount to be paid or credit due from the totals of the balance forward and the total current charges. Payment Due Date Amount to be paid or credit due from the totals of the balance forward and the total current charges. Statement Stub Please detach and return the statement stub with your payment. Make check payable to: Minneapolis Finance Department. Stub also shows: * Account Number and Service Address * Billing Address – Customer mailing address * Check box for address correction * Space to enter Amount enclosed [back to top]

Its Mine free essay sample

Group – anis,farhana,dieba| Coffin Analyse how characters are developed to enhance plot and theme. Group – bimal,kalai,aina| Coffin Analyse how historical events are dealt with in the play. Group – farah,zai| Coffin Relate the treatment of historical events in the play to critical theories. Group – uyun,wini,syieda| Jungle of Hope

Assistance with Footnotes and Endnotes Use Our Online Help

Assistance with Footnotes and Endnotes Use Our Online Help How to use footnotes and endnotes. Read about the difference between endnotes and footnotes. Footnotes Vs. Endnotes In higher education, students are required to write papers that incorporate a multitude of sources. And when they do so, the student must cite these sources, in order to give credit to any source they borrowed, summarized or paraphrased. The incorporation of sources adds depth, clarity and a sense of professionalism to one’s paper. And to avoid plagiarism, the student must cite every single source they use, or else they risk failing the assignment or worse: expulsion. THE DIFFERENCE BETWEEN THE WORKS CITED AND A BIBLIOGRAPHY In most instances, the writer of a paper must use in-text citations, such as: (Thompson, 1998, p. 199). This applies to the MLA (Modern Language Association) style, which is used for most commonly to write papers and cite  the sources within the Liberal Arts or the Humanities, as well as for the APA (American Psychological Association) style, which is used to cite sources within the Social Sciences. These two styles are most commonly used in higher education. And whenever a student needs to provide supplementary or explanatory notes when they are citing a source in an academic paper, they either use footnotes or endnotes. The main difference between the two is the placement of the notes: footnotes are placed numerically at the foot (the bottom) of the very same page where direct references are made; while endnotes are placed numerically at the end of the essay or published work on a separate page entitled â€Å"Endnotes† or just â€Å"Notes,† which can be found just before the Bibliography or page. Footnotes and endnotes are used because long explanatory notes are rather distracting for the reader. If a note is needed, either to further explain a point, translate a word or phrase, or as a digression to explain why perhaps a writer used a certain source in a certain case, it may be easier for the reader to glance down at the bottom of the page they are a currently reading as opposed to turning to the back of the book to read the explanatory note. Both styles, APA and MLA, allow for both kinds of notes – endnotes and footnotes – although MLA recommends that all notes be listed on a separate page entitled â€Å"Notes.† Both style types, however, recommend limited use of both kinds of notes. But the student writing an essay or paper would probably, for efficiency reasons, want to use footnotes. The inclusion to include either kind depends on the student writing the essay or the preference of the student’s professor who will be ultimately evaluating the e ssay or paper. Examples of  Footnotes and Endnotes These can either be endnotes or footnotes which refer to cited publications a reader may wish to consult: 1. See Blackmur, especially chapters 3 and 4, for an insightful analysis of this trend. 2. On the problems related to repressed memory recovery, see Wollens  120-35; for a contrasting view, see Pyle 43; Johnson, Hull, Snyder 21-35; Krieg 78-91. 3. Several other studies point to this same conclusion. See Johnson and Hull 45-79, Kather  23-31, Krieg 50-57. Also, endnotes and footnotes are occasionally used for explanatory notes (also known as content notes), to refer to brief, additional information that may digress from the main text: 4. In a 1998 interview, she reiterated this point even more strongly: I am an artist, not a politician! (Weller 124). There are also cases when footnotes are indicated not by enumeration but symbols. In Anton Chekhov’s Ward No. 6 and Other Stories, published and translated by Barnes and Noble Classics, this occurs in the next to last paragraph in part V of his short story Ward No. 6:  Ã¢â‚¬ ¦ Pushkin* suffered terrible agonies before his death †¦ And at the bottom of the page, the footnote reads: *The great Russian poet Aleksandr Pushkin (1799-1837). If you have any problems with using endnotes and footnotes, feel free to contact our experts for getting assistance. Also, you may order any type of academic paper from our writers and dont worry how to do footnotes and endnotes.

How Other Countries Approach Reentry. Whether Their Approaches are Research Paper

How Other Countries Approach Reentry. Whether Their Approaches are More Successful - Research Paper Example Introduction Reentry program involves the use of certain programs that are targeted at promoting the effective reintegration of people released from jails and prisons back to the community. Reentry is a comprehensive case management approach that is intended to aid former prisoners to gain skills that would assist them to become law abiding citizens. It helps people with criminal background become self-sufficient and become productive upon release from jail (Ismaili, 2010). This paper focuses on the issue of reentry, and particularly compares the effectiveness of incarceration approaches of different countries. Some recommendations on the best practices have also been provided. How other counties approach reentry Parole The processes of releasing prisoners vary from country to country. Parole is used after certain sentence is served. In Finland, there is a general rule that requires individuals, who have not been to prison for a period of up to three years, to be paroled after servin g the first half of the sentence. Australia also uses automatic parole to manage the reentry of the prisoners once they are released. The court is used in England and Wales to determine the proportion of the sentence that a prisoner serves, while a parole board is used to determine who among the prisoners is eligible for the parole. Supervised Probation Period In Finland, prisoners who have long sentences are placed under supervised probation. This happens when such people need more support and services while in the community. In other nations, the practice of supervision once the individuals are released is defined by the mode of supervision, which gives clear distinction (Ismaili, 2010). This reduces the application of supervised parole. In Canada and Australia, they use the supervised and service parole as reentry approach. Supportive Parole This is where the state incorporates more reentry services. This is particularly informed by the pressure of the population of prisoners. It is designed to assist prisoners who are back to the community with advice and supervision by the parole officers. In such cases, there are always risk management strategies. Whether Their Approaches are more successful Than Ours (Why or Why Not) Reentry services should help people successfully return permanently to the society. It also helps reduce the number of people in prison. These jurisdictions have some form of supervision practices that are carried out. Unlike in our country, reentry in these countries is usually accompanied by an automatic release before the end of the routine sentence (Australia, Finland and Germany). The reentry services in these states are usually automatic, widely and routinely available. In addition, the prisoners are rarely imprisoned until their term ends. Instead, they are released and provided with service of a parole agency - this is commonly described as probation. The practice of surveillance, which is used to prevent committing of more offences , ensures that released individuals are not remanded. In our country, the number of paroles who are returned to prison after a particular parole is revoked is high. This has been attributed to the nature of supervision that is conditional. In the U.S, the parole is designed to arrest the individual. In other jurisdictions, they ensure that prisoners who are

Hollywood Melodrama Textual Analysis Essay Example | Topics and Well Written Essays - 1000 words

Hollywood Melodrama Textual Analysis - Essay Example Brick’s character is enigmatic and every movement, gesture or line that comes from him may give a clue as to what is making him â€Å"passive-aggressive†. He holds the audience desperate to understand him. Brick is a former athlete who tried to relive his glory days one time, when at three o’ clock in the morning, he tried to jump hurdles imagining a wild crowd cheering him on. Being drunk, he lost his balance and injured his ankle rendering him disabled. â€Å"The image of masculinity is a dominant one in sports, and it is one that privileges men who do not show feelings of vulnerability and where the only emotion valued is one of toughness and competitiveness† (Trujillo, 1991). Stereotypically, from his â€Å"masculine† athletic background, this injury is assumed to affect Brick’s masculinity. Going against stereotype, quadriplegic men in wheelchairs participate in a sport called â€Å"Quad Rugby† or â€Å"Murderball†, borrowing rules from able-bodied rugby, basketball and hockey. Its players also proudly display their masculinity as well, claiming that they play rough and tumble, and ready to take a spill for a loose ball (Buchanan, 2002; Gitonio, 2002).  That is a far cry from the attitude presented by Brick. Brick’s injury, â€Å"a wound in his otherwise intact masculinity, is also a figure for his castration, the unmanning implied in homosexual desire.† (http://www.sparknotes.com/drama/cat) The term ‘impaired masculinity’ describes Brick at the outset with his good ol’ reliable crutch by his side. The crutch, it itself represents disability. It limits Brick’s movements and capacity to do the things he used to before his accident. Being cold and indifferent to the advances of his wife is a defence mechanism that covers up his utter shame of his physical limits. That includes his physical marital obligations. The audience is led to think that turning away from his wife at her

Does Urban Crime Increase When or Where Racial Residential Segregation Research Paper

Does Urban Crime Increase When or Where Racial Residential Segregation Exist - Research Paper Example Racial residential segregation has been a cause of grave concern for policymakers and researchers alike, primarily because of its association with racial inequality and disparity. After undertaking a comparative analysis and assessment of data from 1980, 1990 and 2000, the research paper validates the findings of prior literature by stating that there exists a strong correlation between racial residential segregation and urban crime, additionally, the paper also assesses trends in racial residential segregation and crime for the period of 1980 to 2000. Types of crime such as homicide, assault, theft and robbery are also assessed with regards to their relation with racial segregation. In conclusion the literature cited in the paper is evaluated and the causes behind the positive correlation between racial segregation and urban crime such as poverty, unemployment, illiteracy, the role of dominant subcultures and unavailability of welfare services to black communities and neighborhoods are also discussed. 1. Introduction An assessment of the crime rates in America from the latter half of the 1980s to the early years of the 1990s is reflective of a decline in crime in the United States (Blumstein and Wallman 1) that is also observable from the statistics that have been collected in the past decade (Bjerk 2). Regardless of these considerations however, violence and crime in America has been a topic of extensive public debate and a highly significant issue because of the critical role that it plays in shaping the face of crime in America. According to the data provided in the Handbook of Crime the existence of factors related to race and racial determinants are eminent in the statistics that have been collected by official agencies across the United States, these statistics have been able to uncover two important observations with regards to crime and race which state that the crime rates for the African American population are reportedly higher in comparison with me mbers of the population that are white, while, victimization reports have also stated a greater percentage of African Americans victims of crime (Ellis, Beaver and Wright 224). Several scholars and researchers have presented a range of theoretical postulations and explanations behind the consistent observations which point towards a substantial divide in the experience of crime shared by members of various racial groups. The scope of this paper however, is directed towards examining the role of racial residential segregation on the topic of race and crime. According to Beaulieu and Continelli, the adverse impact of racial residential segregation on black communities has been widely documented in several researches and literature, however, a hypothesis that has not been tested thus far suggests whether the effects of racial residential segregation are reversed with regards to white communities (488). This paper aims to address the question of urban crime and racial residential segreg ation by undertaking necessary research and evaluations of empirical data to determine whether urban crime increases when or where racial segregation exists. For the purposes of attending to the topic under research in an objective, effective and extensive manner, the paper utilizes the literature presented by Ellis, Beaver and

Comparison of Stroke Rehabilitation Guidelines

Comparison of Stroke Rehabilitation Guidelines Stroke is considered to be the third cause of death and disability for millions of people in developed countries (1). Stroke is the clinical manifestation of a wide range of pathologies, with different etiologies and prognoses, and many risk factors. Stroke is defined as a syndrome characterized by rapidly developing clinical symptoms and/or signs of focal loss of cerebral function, in which symptoms last more than 24 hours or lead to death, with no apparent cause other than that it is a vascular origin. Stroke victims who survive the first attack may have persisting impairments such as cognitive impairments, upper and lower limb impairments and speech disabilities. The United Kingdoms prevalence of stroke in the population is estimated to be 47 per 10000 making stroke the most common cause of adult physical disability (1; 2; 3). In the United State the Veterans Health Administration (VHA) estimated that 15000 veterans are in hospitals with a diagnosis of stroke every year (4). Stroke rehabilitation is a main factor in helping stroke survivors to regain their functional ability when medical and surgical interventions are limited (5). Physical therapy plays a major role in stroke rehabilitation. Physical therapists choose the duration and type of therapy given and provide education for stroke patients. Stroke rehabilitation aims at giving the patients the ability to regain maximum and full potential in functional activities and restoration of motor control (6; 7; 8; 5). Three main factors in rehabilitation contribute to the speed and quality of recovery. These factors are: treatment session duration and frequency, type of treatment approach used for rehabilitation, and providing education about the condition for patients during and after therapy (2; 3; 7; 8; 9). Physical therapy rehabilitation for stroke patients is designed to impact the disabilities and impairments associated with post stroke conditions. Rehabilitation is mainly aimed at limiting any deterioration of impairments and maximizing the functional level for patients suffering from stroke. To be able to deliver this, physical therapists should follow a certain set of guidelines which will insure better outcomes and avoid unnecessary practices that could prolong and delay optimum gain of function (6; 7). It is unclear whether physical therapists in Kuwait follow any specific guidelines in stroke rehabilitation. Therefore, it would be plausible to learn more about current local rehabilitation procedures. This may help in the further development of local rehabilitation procedures and practice guidelines, optimization of treatment and rehabilitation management, improvement in stroke patients health and quality of life, and minimization of conflicted rehabilitation practices that prolong therapy which in turn affect and burden the health system with increased number of patients (6; 8; 10; 11). We hypothesize that physical therapist in Kuwait rehabilitation do not follow stroke rehabilitation guidelines and science based practices in stroke rehabilitation. Therefore the aims of this study are to: Explore if stroke rehabilitation in Kuwait follow general guidelines of stroke rehabilitation regarding frequency of treatment sessions and duration of each session. Investigate if physical therapists specializing in the field of neuroscience in Kuwait follow general guidelines of stroke rehabilitation regarding their treatment approaches. Identify if education is being provided for stroke patients about their condition during and after rehabilitation. Literature Review: Stroke is defined as a syndrome in which clinical symptoms and/or signs of cerebral function loss develop rapidly, and last for more than 24 hours or result in death. Stroke can be classified according to the cause, which is either ischemic or hemorrhagic. Ischemic strokes account for 85% of all strokes, while 15% account for hemorrhagic strokes. Over 10% of patients who had a first stroke will have a second one within a year, and the risk of recurrence within 5 years is 15-42% (1). There are a wide range of conditions that lead to stroke, such as hypertension and diabetes. Each year, 5.45 million deaths are attributed to stroke, and over 9 million survive. Survivors often experience a wide range of persisting impairments. Common impairments include Physical disability, cognitive impairment, Lower limb impairments, and speech difficulties (1). Rehabilitation is an important part after survival from a stroke. Rehabilitation was defined in the New Zealand guideline for management of stroke as a problem-solving and educational process aimed at reducing the disability and handicap experienced by someone as a result of disease, always within the limitations imposed by both available resources and the underlying disease (12). Its of utmost importance that the stroke patient understands, and receives education concerning his/her condition and what limitations may persist, even after rehabilitation (12). Reker D. M. et al, researched whether adherence to post stroke guidelines was associated with greater patient satisfaction. They used a prospective inception cohort study design for new stroke admissions, including post-acute care, and they made follow-up interviews at 6 months after the stroke injury. Two hundred and eighty eight patients were included in the study, from eleven Veterans Affairs medical centers (VAMCs). The main outcome measures used in this study were: 1) compliance with the Agency for Healthcare Research and Quality (AHRQ), 2) patient satisfaction with care provided, and 3) stroke-specific instruments. Results have shown that, for every 10% percent increase in guidelines compliance, the average value of patient satisfaction increases by 1.5 points for the mean overall satisfaction score, which ranges from 4 to 39, and includes items for hospital satisfaction, home satisfaction, and overall satisfaction. The study concluded that compliance to AHRQ guidelines is sign ificantly associated with patient satisfaction (7). Several comparisons between Stroke Rehabilitation Protocols/ guidelines have been performed. This is beneficial in establishing the best treatment, with regards to dosing, intensity, duration, as well as efficiency and efficacy of interventions. A study by McNaughton H, et al examined the practice and outcomes of stroke rehabilitation between New Zealand and the United States facilities. This study used a Prospective observational cohort design and included 1161 participants from six United States (U.S.) Rehabilitation facilities and 130 participants from one New Zealand rehabilitation facility, all above the age of 18 years. In this study, New Zealand patients were older than the United States patients. However, the severity of initial stroke was higher for the U.S. patients. Despite that fact, patients in the U.S. were discharged earlier. They also had more intensive therapy, represented in higher durations spent with physical therapy and occupational therapy professionals. Also, U .S therapists tended to spend less time on assessment and non-functional activities, while focusing more on active management of patients. Results showed that, U.S. participants had better outcomes represented by changes in Functional Independence Measure FIM scores and fewer discharges to institutional care (13.2% vs. 21.5%). This study illustrates that duration and intensity of therapy can be adjusted to gain a better outcome. Also, it is important to know which activities are being done in the treatment session, and find out if they contribute to a better outcome of rehabilitation (10). Horn et al. investigated the effect of specific rehabilitation therapies in stroke rehabilitation on outcomes, taking into account the differences between patients. In this study, they wanted to examine the associations between patient characteristics, rehabilitation therapies, neurotropic medication, nutritional support, and time of starting therapy with functional outcomes and discharge destination for stroke inpatients. Discharge total, motor, and cognitive FIM (functional independence measure) scores and discharge destinations were registered for 830 patients with moderate or severe strokes from five U.S. inpatient rehabilitation facilities. Results showed that earlier initiation of rehabilitation, time spent in higher-level rehabilitation activities, such as upper-extremity control, gait and problem solving, usage of newer psychiatric medications, and gastric feeding, were all associated with better outcomes. The study also illustrated that a variety of Physical Therapy, Occupat ional Therapy, and Speech Language Pathology activities were correlated with higher or lower FIM scores. On one hand, more minutes spent per day on PT gait activities, OT upper-extremity control activities and home management, and SLP problem solving activities were associated significantly with higher FIM scores. On the other hand, more minutes spent per day on PT bed mobility and sitting, OT bed mobility, and SLP auditory comprehension and orientation were consistently associated with lower FIM scores (11). One study described Physical Therapy intervention for stroke patients in inpatient facilities within the U.S. (13). Six rehabilitation facilities in the U.S. included 972 subjects with stroke injury. Variables studied were time spent in therapy, and content and activities that were used in rehabilitation. The mean duration of stay in the inpatient facilities was 18.7 days, and received PT was on an average of 13.6 days. Patient spent 57.15 minutes on average for Physical therapy treatment every day. Activities of gait, transferring, and pre-functional activities, which include strengthening exercises, balance training, and motor learning, were the most performed interventions. Also, therapists included activities that incorporated different functions into one functional activity. This study implicated that a focus of physical therapist when providing treatment is optimizing functional activities, as they were the most frequent activities performed. However, activities to remediate im pairments and to compensate for lost functions were also included in the treatment sessions (13). Brocklehurst et al. investigated the use of physical therapy, occupational therapy, and speech therapy for patients suffering from stroke, as they mentioned that those interventions formed the basis of stroke rehabilitation. The study included 135 stroke patients from five general and one geriatric hospital, in South Manchester. Of the 135 subjects, 107 received PT, 35 received OT, and 19 received speech therapy. Results were obtained after measuring the rate of change in function over a one year period. Patients, who had more severe disabilities, and the worst prognosis, were more likely to get physical therapy treatment. Factors that determine type and specificity of physical therapy to stroke rehabilitation were also examined. Some of the factors were extent of disability, and disability-associated morbidities, such as fecal incontinence, spasticity, sensory loss and dysphasia. Even though the most disabled received the most physical therapy treatment, they showed the least improv ement in function even after six months of therapy. This study also concluded that patients, whose progress was poorest, received more physical therapy (5). Hsiu-Chen Huang et al. investigated the impact of timing and dose of rehabilitation delivery on the functional recovery of patients suffering from stroke. In this study, a retrospective review of medical charts was done for 76 patients who were admitted to a regional hospital for a first-ever stroke. Patients had multidisciplinary rehabilitation programs, including PT, OT, and a continuous rehabilitation for at least three months. The main outcome measure for this study was the Barthel index, taken at initial assessment, one month, three months, six months and one year after stroke. Results of this study showed that there is a dose-dependent effect of rehabilitation on functional outcome improvements of stroke patients. Also, earlier delivery of rehabilitation is associated with lasting effects on functional recovery up to one year post-stroke (14). It is unclear whether physical therapists follow evidence based practice many countries of the world including Kuwait. There is no doubt the era of evidence based practice is upon us for many reasons including better treatment outcomes, patient satisfaction, reimbursement amongst others. In one survey study, conducted by Iles and Davidson, examination of physical therapists current practice in Australia was undertaken. This study found that there are several barriers in the way of evidence-based practice. Those barriers included time to stay up to date, access to journals, access to summaries of evidence that are easy to understand, and lack of personal skills in looking for and evaluating research evidence (15). Salbach et al. examined the determinants of research use in clinical decision making among physical therapists treating post-stroke patients. Two hundred and sixty three physical therapists from the state of Ontario, Canada, responded to a survey questionnaire, containing items for evaluating practitioner and organizational characteristics and perception of research believed to be influencing evidence-based practice. The survey also contained the frequency of using research evidence in clinical decision making in a typical month. Results showed that, only a small percentage of therapists (13.33%) reported using research in clinical decision making six times a month or more. However, most therapists (52.9%) reported using research 2-5 times a month, while 33.8% used research 0-1 time per month. In this study, research use was associated with the academic preparation in the principles of Evidence-Based Practice (EBP), research participation, service as a clinical instructor, being self -effective in implementing EBP, attitude towards research, perceived organizational support of research use, and access to bibliographic databases at work. This study concluded that a third of therapists rarely apply research evidence in clinical decision making. Suggested interventions to promote research use included education in the principles of EBP, EBP self-efficacy, having a positive attitude towards research, and involvement in research (8). A study by Ogiwara, made a comparison between the bases of treatment between Japanese physical therapists, and Swedish therapists. They investigated the reasons why the Japanese choose certain approaches of treatment when handling stroke patients, and then compared the results with those of Swedish therapists. Swedish therapists attributed their choice of treatment to hands-on experience and participation in practical courses, in which various techniques are taught. Bobaths approach was the only method that was commonly continued to be used after graduation in both countries. Results have illustrated that Swedish therapists were more interested in new methods of treatment (91%), whereas only 77% of Japanese therapists had an interest. Implication of their results might mean that Japanese therapists are interested in their treatment approach, and also show that introducing new approaches of treatments takes a longer time in comparison to Sweden. Additionally, Swedish therapists tend t o make a combination of treatment approaches, while Japanese physical therapists tend to follow only one particular approach. Several reasons were speculated for addressing the differences in treatment protocols, some of which were: 1) diversity of cultures, 2) diversity of health the care system, 3) availability of equipment and space needed to follow a certain new approach, 4) belief of efficacy of a certain approach and 5) the language barrier imposed on Japanese therapist, and availability of translated literature. This study showed that there are several barriers and differences encountered when the need of application of new approaches is desired (9). Wachters-Kaufmann et al. conducted a study regarding the conferring of information for stroke patients and caregivers. Their study investigated how information was provided to patients and caregivers and how they actually preferred to be informed. The actual and desired information correspond in terms of content, frequency, and method of presentations well as the actual and desired information. The study was done in the North of the Netherlands and the stroke unit of University hospital Groningen. The General practitioners (GP) distributed a guide from a community-based study of cognitive disorders and quality of life (CognitiVA) after a stroke. The guide was given three months after the stroke. For the final measurement of the study, which was 12 months later, the patients and caregivers participated in a telephone survey, which asked about three things: 1) professional stroke-care providers, 2) other sources of information, 3) the guide. Fifty one patients and 38 caregivers were co ntacted, of which 18 patients and 11 caregivers declined to be interviewed for various reasons. The results showed that the GPs, neurologist, and physical therapists were both the actual and desired information providers. As for the content, the actual content was the guide, whereas the desired was mostly medical information concerning the course of the disease, its cause, consequences, and treatment. Regarding the frequency, the actual and desired was within 24 hours of the stroke, and one day to two weeks later, and after two weeks. As for the method of presentation of information, the patients and caregivers mostly desired only verbal (73% patients, 89% caregivers) (16). Methods: This comparative design research project will compare the stroke rehabilitation program implemented in Kuwait with the established guidelines for stroke rehabilitation in the United States of America. The rehabilitation program stroke patients are receiving in Kuwaits Ministry of Health hospitals, specifically, Al-Jahra, Mubarak, Farwanya, Physical Medicine and Rehabilitation, and Al-Sabah hospitals will be investigated. Subjects of the study will be physical therapists practicing in the stroke rehabilitation field. We will provide physical therapists experienced in stroke rehabilitation with self-administered questionnaires, which will be collected after one week. We will also examine patient records over a three week period. To access the records, we will get permission from the head of the physical therapy department of each hospital as well as each hospitals director. Institutional Review Board (IRB) approval will be obtained prior to any data collection. Approval from the Minist ry of Healths IRB will be obtained as well as approval from Kuwait University. Data will then be compared with the established American Stroke Guidelines. All data gathered during the study will be kept under lock and key. Any identifiable information obtained from patient files and records will only be accessible to the primary investigator. No identifiable information will be used for publication purposes. Confidentiality will be insured throughout the study duration. Subjects: The subjects of this study will be physical therapists working in Kuwaits Ministry of Health hospitals neurology department and with experience in out-patient stroke rehabilitation. Tools: To investigate the frequency and duration of treatment, we will look into the records, which are the patients files. There is also a section in the questionnaire that will ask about the frequency and duration of sessions. As for finding out the treatment approach patients are receiving, a self-administered questionnaire will be distributed at selected MOH hospitals, specifically at Al-Jahra, Mubarak, Farwanya, Physical Medicine and Rehabilitation, and Al-Sabah hospitals. Therapists will be given the questionnaire to fill out. In order to evaluate the type of education given to patients, educational guides, or pamphlets, about the patients condition available at the hospital and distributed to patients will be looked at. The questionnaire will also ask about different patient education techniques used by the participants. For comparison of data, we will compare the data we obtain with the American Stroke Association guidelines. Questionnaire: The questionnaire will consist of several questions used in the Ogiwara (9) questionnaire as well as others pertinent to our study population. The questionnaire will consist of four parts: demographic information questions concerning the therapists professional history and experience Questions concerning the rehabilitation program: treatment approach, and frequency and duration of sessions. questions concerning the types of education techniques Each questionnaire will have a cover letter explaining the purpose of the study, and a consent form. Data Analysis The data will be analyzed using SPSS (Statistical Package for Social Sciences) (v. 17.0) to describe means, standard deviations, frequencies, and percentages. Once the data is analyzed, we will compare the data we collected with the general guidelines and treatment approaches in the literature. Expected Outcomes and Recommendations Our expectation for this study is that physical therapists in the state of Kuwait will not be following the American stroke rehabilitation guidelines. Due to cultural differences between the two countries, establishing new guidelines for the stroke rehabilitation in Kuwait might be necessary, addressing the nature of referral to physical therapy in Kuwait, and making recommendations for increasing treatment duration if needed. Also, it should be mentioned what type of special equipment might be used in the process of rehabilitation. References: Rudd A, Olfe C.W. (2002, Feb). Aetiology and pathology of stroke. Vol. 9, pg 32-36. Hafsteinsdottir T.B, Vergunst M, Lindeman E, Schuurmans M. (2010, 29 July). Educational needs of patients with a stroke and their caregivers: A systematic review of the literature. www.elsevier.com/locate/pateducou Hoffman T, McKenna K, Herd C, Wearing S. Written stroke materials for stroke patients and their careers: perspectives and practices of health professionals. Top Stroke Rehabil 2007;14(1):88-97 Duncan P, Zorowitz R, Bates B, Choi J, Glasberg J, Graham G, Katz R, Lamberty K, Reker D. Management of Adult Stroke Rehabilitation Care: A Clinical Practice Guideline. (Stroke. 2005; 36:e100-e143.) Brocklehurst J.C, Andrews K, Richards B, Laycock P. J. (1978, 20 MAY). How much physical therapy for patients with stroke? Vol. 1, 1307- 1310. British Medical journal. Kollen, B, Kwakkel G, Lindeman E. (2006, 11 July). Functional Recovery after Stroke: A Review of Current Developments in Stroke Rehabilitation Research. Vol.1, No.1, 75-80. Reker D.M, Duncan P. W, Horner R.D, Hoenig H, Samsa G.P, Hamilton B, Dudley T.K.(2002, June) Post acute Stroke Guideline Compliance Is Associated With Greater Patient Satisfaction. Arch Phys Med Rehabil Vol. 83, pg 750-756. Salbach N, Guilcher S, Jaglal S, Davis A. (2010) Determinants of research use in clinical decision making among physical therapists providing services post-stroke: a cross-sectional study. http://www.implementationscience.com/content/5/1/77 Ogiwara S. (1997) Physical therapy in stroke rehabilitation: A comparison of bases for treatment between Japan and Sweden.vol.9 Pg. 63-69, Journal of physical therapy sciences. McNaughton H, DeJong G, Smout J, Melvin L, Brandstater M. (2005, Dec) A Comparison of Stroke Rehabilitation Practice and Outcomes between New Zealand and United States Facilities. Vol. 86, suppl.2, Arch Phys Med Rehabil. Horn D, DeJong G. Smout J, Gassaway J, James R, Conroy B. (2005, Dec) Stroke Rehabilitation Patients, Practice, and Outcomes: Is Earlier and More Aggressive Therapy Better? Vol. 86, pg. 101-114, suppl. 2, Arch Phys Med Rehabil. Life after stroke: New Zealand guideline for management of stroke (November 2003). Jette D.U, Latham N.K, Smout R.J, Gassaway J, Slavin M.D, Horn S.D (2005, March) Physical Therapy Interventions for Patients with Stroke in Inpatient Rehabilitation Facilities. Vol. 85, num. 3, pg. 238-248, physical therapy. Huang H, Chung K, Lai D, Sung S. The Impact of Timing and Dose of Rehabilitation Delivery on Functional Recovery of Stroke Patients (J Chin Med Assoc: May 2009 , Vol 72, No 5) Iles R, Davidson M. Evidence based practice: a survey of physiotherapists current practice. Physical therapy. Res. Int. 11(2) 93-103 (2006) Watchers-Kaufmann C, Schuling J, The H, Jong B. Actual and desired information provision after a stroke. Patient Education and Counseling 56 (2005) 211-217 Appendices Appendix 1 American Stroke Association Guidelines: E. Patient and Family/Caregiver Education Background The patient and family/caregivers should be given information and provided with an opportunity to learn about the causes and consequences of stroke, potential complications, and the goals, process, and prognosis of rehabilitation. Recommendations Recommend that patient and family/caregiver education be provided in an interactive and written format. Recommend that clinicians consider identifying a specific team member to be responsible for providing information to the patient and family/caregiver about the nature of the stroke, stroke management rehabilitation and outcome expectations, and their roles in the rehabilitation process. Recognize that the family conference is a useful means of information dissemination. Recommend that patient and family education be documented in the patients medical record to prevent the occurrence of duplicate or conflicting information from different disciplines. N. Educate Patient/Family, Reach Shared Decision about Rehabilitation Program, and Determine Treatment Plan Objective ensure the understanding of common goals among staff, family, and caregivers in the stroke rehabilitation process and, therefore, optimize the patients functional recovery and community reintegration. Recommendations Recommend that the clinical team and family/caregiver reach a shared decision about the rehabilitation program.   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  The clinical team should propose the preferred environment for rehabilitation and treatments on the basis of expectations for recovery.   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Describe to the patient and family the treatment options, including the rehabilitation and recovery process, prognosis, estimated length of stay, frequency of therapy, and discharge criteria.   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  The patient, family, caregiver, and rehabilitation team should determine the optimal environment for rehabilitation and preferred treatment. Recommend that the rehabilitation program be guided by specific goals developed in consensus with the patient, family, and rehabilitation team. Recommend that the patients family/caregiver participate in the rehabilitation sessions and be trained to assist patient with functional activities, when needed. Recommend that patient and caregiver education be provided in an interactive and written format. Provide the patient and family with an information packet that may include printed material on subjects such as the resumption of driving, patient rights/responsibilities, support group information, and audiovisual programs on stroke. Recommend that the detailed treatment plan be documented in the patients record to provide integrated rehabilitation care. Intensity of Therapy The heterogeneity of the studies in all aspects-patients, designs, treatments, comparisons, outcome measures, and results-combined with the borderline results in many of the trials limits the specificity and strength of any conclusions that can be drawn from them. Overall, the trials support the general concept that rehabilitation can improve functional outcomes, particularly in patients with lesser degrees of impairment. Weak evidence exists for a dose-response relationship between the intensity of the rehabilitation intervention and the functional outcomes. However, the lack of definition of lower thresholds, below which the intervention is useless, and upper thresholds, above which the marginal improvement is minimal, for any treatment, makes it impossible to generate specific guidelines. Partridge et al did not find any differences in functional and psychological scores at 6 weeks in 104 patients randomized between a standard of 30 and 60 minutes of physical therapy. Kwakkel et al randomized 101 middle-cerebral-artery stroke patients with arm and leg impairment to additional arm training emphasis, leg training emphasis, or arm and leg immobilization, each treatment lasting 30 minutes, 5 days a week, for 20 weeks. At 20 weeks the leg training group scored better for ADLs, walking, and dexterity than the control group, whereas the arm training group scored better only for dexterity. The clinical trials provide weak evidence for a dose response relationship of intensity to functional outcomes.

A Rebirth & story Essay

A thirteen year old boy named Brian Robeson is the central character in Gary Paulsen’s novel entitled Hatchet (Paulsen, 1999). Brian left Hampton, New York to visit his father. He boarded a plane to the Canadian north woods. Unfortunately, the pilot suffered from a heart attack and died. The young boy was left with no choice but to take over the controls of the plane. Following a traumatic fall, the plane crashed into a lake in the Canadian woods and left the boy stranded. Brian’s mother gave him a hatchet to use in the woods whenever he gets a chance to visit his father. Fastened to his belt at the event of the crash, the hatched served as his only possession that survived the accident. It was a constant element in the young boy’s adventure. His ultimate rescue was made possible when he got the survival pack in the plane through the use of his hatchet. The survival pack contained a transmitter which allowed him to send a signal to the rescuers. He suffered a painful transition when his parents divorced. Brian is an exceptionally dynamic character. As a young boy accustomed to the comforts of city living, he undervalues the conveniences of the life he lives. Yet when he was stranded in the woods, Brian emerged as an independent and mature man who gained a better understanding of the world. It took time for him to learn how to love and respect his environment. In the same way, moving on from his parents’ divorce took him some time. Initially, Brian was a picture of resentment, frustration, and helplessness. However, his adventures in the woods transformed him into a man he never knew he could become. He acquired lessons and adopted traits necessary for survival. A newfound appreciation for his environment and the sense of harmony in mind and body molded his character. Brian developed into a man capable of surviving not just the woods but life in general. He learned the value of patience. The virtue allowed him to mature. If he was who he used to be, setbacks would have already immobilized him. However, he was not his old self anymore. Thus, setbacks become manageable. The moment he came to a realization that feeling hopeless and frustrated will not do him any good, Brian learned to control his temper. It was through a process of trial-and-error which allowed him to succeed in building a shelter and in hunting for food. In the event of failure, he learned from his mistakes and never dwelt on them. When problems arise, he tried different approaches whenever possible until he succeeds. In the woods, he gained a well developed sense of observation. He used his senses not solely as a means for survival. His senses helped him grasp the beauty of his natural environment. The continuous stimulation of urban life has dulled his senses. The comparative peacefulness of the woods made it possible for him to perceive sound anew. Through it, Brian was able to pick up on different of sounds since he has learned to hear them. In the beginning, the view of the woods and the lake seemed to be a blur. Eventually, he was able to see its beauty. His now perceptive sense proved to be an indispensable tool in order to survive. He acquired a new appreciation for nature and the independence that is essential when the comforts of city life are out of reach. He respects the animals who like him find shelter in the woods. He started to acknowledge the fact that he is but a living thing struggling to survive. This makes him no different to the flora and fauna around him. Prior to the plane crash, all the knowledge he has about nature was provided primarily by the books he read, the things he was taught at school and the information relayed by the media. His adventure in the woods affirmed that indeed, experience is the best teacher. When he arrived at the woods, Brian was a little overweight. He was used to eating hamburgers and the food his mother cooks for him. However, when he arrived in the woods, his food intake consisted of fish, rabbit, berries, and chicken-like birds he preferred to call â€Å"foolbirds† (Paulsen, 1999). His new diet reduced the size of his stomach leaving him with lean muscles. He himself was surprised when he first saw how his physical look has changed. Nevertheless, his physical appearance is not the sole and most profound change which took place in his person. Living in the woods has provided him a renewed perspective in life. He found harmony of mind and body when he gained a better understanding of nature. He recalled that his English teacher once told him that the mind has the power to dictate the how the body behaves. It had never been so true. No goal is beyond reach for someone who stays active and maintains a positive outlook in life. For Brian, the body and mind connection is something he has never felt before. It signified a growing comfort with his natural environment. The aforementioned changes were a sign his emerging manhood. Brian used to define his own identity through his parents. In this regard, his parents’ divorce caused a significant impact on his person. It brought about utter pain on the young boy. He came to believe that future will not be as stable as it used to be. The solace he used to find in his identity with his family had gone. He was unprepared to define himself as an adult. Much so, he does not know where to find his own sense of identity as an individual. The plane crash and his consequential stay in the woods are the events which compelled Brian to begin to accept and finally deal with his damaged sense of self. When he was confronted with the challenge of survival, he only had to pick one choice. Brian was forced to decide whether to learn to be tough and mature in the process or to helplessly die. He chose the former and accepted the challenge that fate has brought on his way. He succeeded and emerged from the experience as a man with a sense of responsibility. Brian then became a person ready to take on the pressures that come with growing up in a world devoid of comfort. Reference Paulsen, G. (1999). Hatchet. Aladdin Paperbacks: New York.

Revisiting Cost of Capital in Commercial Banks

CHAPTER 1: INTRODUCTION 2 Background Capital Structure decision remains one of the corporate strategies to corporate managers because it affects firm’s value. This research is conducted within the commercial banks. In many research journals and articles the cost of capital is the expected rate of return of capital in investor’s investment. Weighted average cost of capital is considered as required rate of return in the company. Component of cost of capital are; long-term debt, preferred stock, and common stock. Each must have minimum return.We analyze from previous research articles that the banks should not focus on historical cost but on new cost, because in order to invest and rise, new cost of capital is used to make decisions. Level of interest rates, tax rates are two of the factors that affects cost of capital in the commercial banks. Interest rates apply on debt and equity. It is the most important factor for investors. Cost of debt affects by the level of inter est rates and also the cost of equity. As described in many articles, if interest rates increases the cost of debt increases, which increases the cost of capital.So, the raising of capital delayed till interest rate become favorable. This shows how the interest rate can be a source effective measure of the cost of capital. Similarly, if the tax rates increases, the cost of debt decreases, which decrease the cost of capital as it affects the after tax cost. The cost of capital directly and totally linked with capital structure. Capital structure influence the value of the banks, firm, company potentially by reflects the financing strategy. And capital structure should consider tax strategies.We found from different articles that the most important capital structure decisions are when the expected tax rates goes higher. The basic function of capital structure is to minimize the cost of capital and risk. Interest is tax deductable. The deductibility of interest payments provides influe nce for value. Higher the tax rate, the greater impact of deductibility of interest potentially on the after-tax cost of debt. These are the proved facts that are evaluated in previous researches. According to this research we are trying to find what role these factors play in commercial bank’s capital structure.It is necessary for top management of any business institutions to ascertain the banks or firms relevant cost of capital. From the banks’ perspective, the cost of each source of capital reflects the level of return because it is affected by certain factors like tax rates, interest rates, dividends etc. as the time period changes, the level of return also changes. In its simplest form, the capital structure decision is the selection by firm management of debt-to-equity ratio for the firm. Cost of Capital is perhaps the most fundamental and widely used concepts in financial economies.Managers of banks or corporation and also regulators employ the weighted average cost of capital for investment decisions. The WACC and the tax rates are endogenous to the firm’s debt policy. The interest rates affect the cost of debt as increasing debt increasing interest payments. We also derive the sources of capital structure that which source is better for the commercial banks and how the interest rates, tax rates brings variation in the cost of debt and the dividends and growth rates affects the cost of equity that totally affect the weighted average cost of capital.Our methodology allows us to value the government tax rates and interest rates that affect cost of debt. We specify numerically the affects of the variations in the factor like interest rates, tax rates and dividends, thus providing useful conceptual framework for the tax and interest policy debates that influence cost of capital of debt and equity. Finally we come to analyze that cost of debt increase or decrease by variation in the interest rates and tax rates and that help in the est imation of WACC that show that whenever the WACC decreases, it results in an increase in the profit that is useful for any organization or commercial banks. . Problem statement (Revisiting the cost of capital in the commercial bank) The problem statement of this research proposal includes re-examine the cost of capital in commercial banking sector of Pakistan and also to evaluate the direct and indirect association of the factors that affects weighted average cost of capital and how this variation (increase or decrease) can affect the profit and also the capital structure -debt and equity- of the commercial banks. 2. Research objectives While doing research planning, we analyze that the cost of capital considers the factors affecting decision making.The following object of the research comes into play: ? We will find out the factors which creates the variation (increase or decrease) on cost of capital and their effect on the capital structure decision making. ? To analyze the after effects of these factors on capital structure. ? To examine up to how much extent they are controllable or not from bank’s perspective. 3. Significance The importance of this research paper is that, the relation between the different determinants of the costs of capital creates different impact on the different commercial banks by affecting capital structure of that commercial bank.We know that as the weighted average cost of capital decreases, it increases the profit n the Commercial Banks. Risk associated with cost of capital and capital structure taking needs to b looked at differently in the case of the commercial banking institutes. This research sheds new light on how the cost of capital computed in the case of commercial banks. Also the relationship between the cost of capital and capital structure is investigated. This research has another importance as banking system has a vital role to play in the economic development of a nation. A healthy economy requires a sound banking system.This research states that how banks applies different techniques that enhance their performance and also affect the decision making of the Mangers regarding their capital. In this research, the main finding of the paper suggests that the commercial bank should focus on reducing the cost of capital that maximizes the profit. According to our findings, it is concluded that each banks has its policies of financing. Each bank takes decision of selecting capital structure for minimizing their cost, risk factor differently that occupies good financial position in market.Factors that have impact on cost of capital as well as on capital structure are tax rates, interest rates, dividends payout, risk of default and other like market fluctuation, corporate governance. This research plays a vital role by showing the significant contribution of Commercial Banks while equating debt to equity ratio. It also shows the understanding of the performance of Banks by evaluating weighted average cost of capital. The main findings of the paper suggest that private commercial banks should focus on reducing the cost of capital which can magnify the returns to their stockholders.Finally this research paper would also help the students in academics in understanding the relation between the factors and the cost of capital and also their after affects that create impact on the weighted average cost of capital. 4. Limitation Time constraint of this semester is the issue for this study as we have limited time in this semester as compared to the actual time required for the research. By being in banks we will acquire interviews approximately 15 -30 minutes with questionnaire because of the time given by the Mangers of Finance Division.The information given by the managers is also limited because it difficult for them to provide all necessary information as they are bound by the policies of the commercial bank. 1. 6 Report Structure Chapter 1 represents the introduction of res earch topic its background, problem statement, objectives of research that set, significance of this research and limitations. This chapter gives brief information about the topic pervious information, the scope of research and its benefits, the target of the research. And also provides the basic information that already conducted by different authors researchers.Chapter 2 deals with the literature review and conceptual framework. In this portion you will find the different views of different researchers related to this research topic cost of capital in commercial banks including capital structure importance its link with cost of capital, and factors that affect cost of capital. This portion also gives the direction and relevant information which is very helpful in proceedings the research. Conceptual framework helps in determining the relationships of factors with WACC.Chapter 3 provides the detail of methodology that is adapted to proceedings the research. This portion gives expla nation of research type, method, sample size, instruments that is used in finding and collecting the data. Chapter 4 gives the analysis of data that is collected through the questionnaire, interviews and calculating the WACC of commercial banks that chosen with assumptions, and research findings that proves the hypotheses that is set. Chapter 5 includes the conclusion of research findings and literature review findings.Also gives the recommendations. Finally Appendix attach to our research that contain Questionnaire. CHAPTER 2: LITERATURE REVIEW AND CONCEPTUAL FRAMEWORK 1 Literature Review 2 Capital structure (Khadka 2005) has analyses in his research that the firms meet their operational needs by raising their funds and this can be done through the capital structure that involves the two major sources of debt and equity. There should be an appropriate balance between debt and equity as it has effects on the risk and return of the shareholders of the company.If there are reasonable proportions of debt and equity in the capital structure of the firm, it maximizes the shareholders wealth while minimizing the cost of capital and that could be considered as the optimal capital structure. (John J. Pringle, Jun. , 1974) Since banks are private economic units, it is reasonable to suppose that shareholder interests will influence, if not control, managerial decisions. Capital is an important managerial decision variable and that it plays an important role in the financial management of the individual bank. Groth 1997) said that the selection of capital structure affects the cost of capital. Carefully selection of capital structure is more important. Banks and companies consider more conservative capital structure with sensitivity to cyclical effects of economy. It involves in dividing not in sharing. If payments of dividend are not deductible and if interest is tax deductible on debt then capital structure is important. Barton and Gordon (1987) Financing and capital s tructure choices are among the several key decisions made by firm managers.Yet the study of these questions has been generally neglected by strategy researchers. Several scholars have noted that the issues involved are concerned with fundamental choices ‘which should support and be consistent with the long- term strategy of the firm. Balakrishnan and Fox (1993) said that by selecting suitable financing, a ‘firm's ability to manage its relationship with lenders thus becomes a key source of competitive advantage. Capital is a critical resource for all firms, the supply of which is uncertain. This uncertainty enables the suppliers of finance to exert ontrol over the firm. Stearns (1986) and Mizruchi (1993) estimate the cost of equity capital use a dividend discount model (DDM) methodology and earnings estimates. They find that the cost of equity capital for large U. S publicly traded companies ranged between 10% and 12% during 1979-1995, depending on the assumptions used wi th the DDM approach. Interestingly, Myers and Borucki (1994) obtain the same range of estimates for the cost of equity capital of a limited sample of U. S. utility companies using a DDM-type method.Bruner (1998) and Weaver(2001) surveying large corporation and confirm about WACC methodologies. Both authors find that there is a significant difference exists in estimating the equity capital component of the firm. Some uses CAPM while other uses different methods. 4 Cost of capital Cost of capital is the minimum required rate of return by investors in firm’s securities. It occupies an important role in the theory of financial management and in the investment decision making as it provides criteria for allocation of the capital that what a firm pays for its capital like debt, preferred stock and equity.Cost of Capital is related with the level of risk associate with existing and new assets and investments. (Khadka 2005) Modigliani and Miller (1958) proved that firms cost of capit al is independent of capital structure as it has no effect on the capital structure. The traditional belief of Modigliani and Miller (1963) is that the cost of capital can affect capital structure as in this belief they said that the personal taxes may include that brings variation in the cost of capital and hence affects the capital structure of the company. Khadka 2005) states that there is an empirical relationship between the cost of capital with capital structure, the size of the firm, growth of the firm, dividend payout ratio and liquidity of underdeveloped economy like Nepal but the major focus was the relationship of the leverage with the cost of capital where he conclude that negative beta shows that there is a negative relationship of cost of capital with the leverage as cost of capital decreases with the use of the leverage and this is done by the tax deductibility of the interest charges in the Nepalese firms.Cost of capital is the expected rate of return of capital in i nvestor’s investment. On debt, the amount of interest is paid is called cost of debt. Whereas cost of equity is equivalent to the risk free rate of interest plus risk premium for business risk. (Groth 1997). 5 Factors that affects cost of capital Groth (1997) further said that risk is one of the factors that affect the cost of capital which determines the expected risk of cash flow in the asset side of the bank. Business risk is that when bank and companies cash flow are not able to meet its operating expenses.Risk is linked to economic changes. And it would be at risk to business risk when change in economy occurs and when financing is done by totally with equity. Cost of equity influenced by business risk. Equity holder’s risk has not accepted by the creditors and preferred stock holder if present. If increase in business risk occurs then it decreases the financial risk and the optimal D/E ratio, and increases the cash flow uncertainty of asset side. Financial risk i s that when bank and companies cash flow are not able to meet its financial obligations. If firm finances through debt, then it has financial risk.Tax rates and interest rates are also factors. Interest payment expected deductibility give opportunity for value. If the tax deductibility is realized by the company then stockholders get the expected benefit of the tax deduction. Jorgenson and Landau (1993) or Bond and Devereux (2003) analyses that the government’s choice of the corporate tax rate is an important factor with respect to the investment decision made by shareholders and it is well known that the existence of corporate taxes distort this investment decision away from the social optimum . John J. Pringle, Jun. (1974) said that the traditional function of risk-bearing, capital is important in adjusting the maturity structure of liabilities. Risk is a function of uncertainty regarding future events, e. g. , earnings, losses on loans and securities, fluctuations in depos its, conditions in the financial markets, etc. Cost of equity increases if the financial risk become high. The cost of equity and debt increases with the increase in debt. The deduction of tax and its benefit is an expected benefit, to allow deduction of interest; the pre-tax EBIT income must be large.On after tax cost of debt, there is the greater the impact of interest deductibility, if the tax rate s higher. John R. Graham, (2003) analyze that the appropriate cost of capital in the presence of personal taxes does not depend directly on either the dividend payout rate or the tax on dividends. Equity shares have a market value lower than the difference between the reproduction cost of a firm's assets and the market value of its debt obligations. Because of this capitalization, it need not be true that an economy without risk or uncertainty would have no equity financing.Groth (1997) said that asymmetry of effects is that the expected return to stockholder will goes up, if in place of some equity; some debt is used. The good or bad leveraging effects are asymmetry if interest is tax deductable. The inability to realize the interest deduction result in an asymmetry effect on expected return to stockholder. Weighted average cost of capital become low with the cost of capital high, if the debt capital increase in proportion. Cost of equity increases with the cost of debt.If the cost of components high the weighted average cost of capital increases and reason is that shareholder prefer to use of debt when expected value of tax benefit is attractive as compared to the added financial risk associated with the debt. The Demanded rate of increase in cost of debt and equity, effects on value of the expected increase in tax benefit of using more debt. Interest rate affects the cost of debt. It involves the risk components that have the probability of default on the debt. Meziane (2006) in his article said that a company pays interest which is treated as an expense for t ax purpose and therefore it is tax deductable.Company will be bankrupt, if default on payment of interest to bank present by company. Equity financing cannot create a tax advantage because dividends are paid after interest and tax. Interest is paid on debt before tax deduction, whereas, dividend is paid after tax benefit. So, the cost of equity is high then cost of debt. Debt financing becomes attractive when tax is deductable from interest. Banks use cost of capital for decisions, a weighted average interest on debt. Bank should select D/E ratio for which the cost of capital fluctuate with the degree of debt finance is minimized.The D/E ratio is considered as one of the way of financing. (Alan J. Auerbach, aug. 1979). William F. Coffin and Sean Collin (2006) said that in the mid of 1990, a trend towards higher B/S debt in which low cost interest rate, lending level reduced by commercial banks and increase payback period for borrowers, a stable banking system. Cost of capital become low that could lower by the management in down market through viewing current corporate governance themes, taking action on giving management training with respect to capital market issues of today and advanced planning to identify the potential investors. Cost of capital and Corporate Governance Ramly and Rashid said corporate governance is also the factor that affects the cost of capital. CG directly affects the cost of equity, And indirectly with beta. This means poor performance of manager created through weak rights, thus increase cost of capital. Strong (weak) shareholders right associated with increase (decrease) cost of equity capital. CG generate liquidity problem in which investor high the sell price and decrease the buy price which can high the transaction cost and also affects the COEC.Thus, the CG creates strong mechanism on COEC and provides positive shareholder value for firm. It has also reducing effects on cost of capital. Banks and other financial institutes have negative influence on CG. Hennart, (1994) Both classes of suppliers (debt holders and equity holders) have governance abilities. The level of governance ability varies between the two and the optimal selection of the type of financing depends on the nature of resources of the firm. Seth, (1990) financing choices have the potential to affect performance by changing the level of governance costs. Importance and difficulties of WACC Denis Boudreaux (1995) in his article uses the buildup model for the cost of equity capital by estimating cost of equity capital for capital budgeting analyses. He said that whenever there is a need to determine the value of the firm, the cost of capital must be estimated. He said that the cost of debt of closely held firm is much higher that the publicly traded organization because of the loans or debt borrowed by the closely held firms including the commercial banks.He further said that the public traded firms have the low risk whereas a huge risk factor is involved in the closely held businesses. Experts have recognized that the exploitation of debt and equity can enhance the corporate value in 1940s. Later in the years, five concept developed on this area(1) early gearing leverage model; (2) the model of Modigliani and Miller (MM); (3) Capital Asset Pricing Model(CAPM); (4) Arbitrage Price Theory (APT); and (5) Gordon Model Shubbar and Alzafiri, (2008). Unless a firm can gain in excess of its cost of capital, it will not add value to its investor’s wealth.Company’s cost of capital is expressed by the weighted average of the cost of individual sources of capital employed. Bruner et. al. , (1998). For a firm using common stock (equity) and bond (debt) financing, with re and rd as the cost of equity capital and the cost of debt capital, the WACC is expressed the following equation: WACC = r = wd rd (1 ? t) + we re Where, wd (weight (proportion) of debt) = (value of debt/value of debt and value of equity), we (weight (pr oportion) of equity) = (value of equity/value of debt and value of equity), wd + we = 1, and t = tax rate on corporate income.The component costs, re and rd, as well as the weights are based on market values: re is frequently calculated as the risk free rate plus a risk premium, based on the capital asset pricing model, and rd reflects the market rates on the firm’s outstanding debt and on the rd of similar firms. The standard treatment includes (1? t) in the WACC calculation to reflect the deductibility of interest payments in the calculation of the corporate tax on the firm’s income statement: the interest cost of debt, by this procedure, is reduced.Also, to avoid double counting the tax â€Å"advantage† of debt, the interest payments are not calculated in the prospective cash flows. This is the textbook treatment in calculating a firm’s cost of capital. (Miller2006) Evaluating a firm’s weighted average cost of capital has its importance to the m anagers who estimate investments projects for capital budgeting purposes or to the investor whose desire is to assess the overall riskiness and expected return from a company’s activities for valuation purposes. (Miller 2006).Fama and French (1997, 1999) analyse that few difficulties arise because there is some uncertainty in evaluating a firm’s (or banks) cost of capital. This uncertainty is a sort of risk faced by the firm when projecting a project’s cash flow. Bruner, Eades, Harris, and Higgins, (1998) also analyze that there is wide variation in estimating WAAC by different methods. This is due to the manager’s differences in firms cost’s of equity capital that helps in investment decision making. 8 Conceptual Framework DV= DEPENDENT VARIABLE IV= INDEPENDENT VARIABLE MV=MODERATE VARIABLE 9 Conceptual HypothesisHo: WACC increases with increase in interest rates and decreases with decrease in interest rates. H1: WACC increases with decrease in ta x rates and decreases with increase in interest rates. H3: Cost of debt increases with increases in interest rate and decreases with decrease in interest rates. H4: Cost of debt increases with decrease in tax rates and decreases with increase in interest rates. CHAPTER 3: RESEARCH METHODOLOGY 10 Type of Research Research can be defined as the search for knowledge, or as any systematic investigation, with an open mind and facts, usually using a scientific method.Our research is empirical research, which tests the feasibility of a solution using empirical evidence. This research comprises of both the qualitative and quantitative research method for the data analysis. Firstly we search for the secondary data in order to know and understand the analysis of the previous researcher that how they work and create different perspective for the Weighted Average Cost of Capital than we include the researches of the previous researcher in the literature review of this research in order to creat e relation and direction between the previous researches with our research. 1 Sampling Technique Sampling Technique used in our research is Random Sampling in which we chosen from a population for investigation. In this method we chose from managers in the Commercial Banks and estimates obtained from the random sample in order to solve our queries related to WACC. 12 Sample Size The Sample Size is comprises of 5 Commercial Banks of Karachi. More than the given sample size is not possible because of the time of this semester and also the little difficulty in finding the appointments with the Mangers of Finance Departments. 3 Instruments Questionnaire includes 12 question given to the Managers of the Commercial Banks in order to analyses the perception of the manager that how each individual differs in their perception for the factors that affects the weighted average cost of capital. Most of them include five point likert scales. Other than questionnaire, the balance sheet of 2009 of each bank is used to estimate the WACC for the year and evaluate how the factors like tax rates, interest rates affect WACC. 14 Data CollectionThis research has been carried out to evaluate the correlation between the factors of cost of capital like tax rates, interest rates and the WACC that how these factors affect the WACC in the commercial banks. The selected five banks include: Allied Bank Limited (ABL), Habib Bank Limite(HBL), Muslim Commercial Bank(MCB), Alfalah Bank and Soneri Bank Limited. Descriptive Data Analysis is taken place in order to estimate WACC. This study employs after-tax cost of debt and equity in order to estimate WACC for selected banks. The procedure of calculating after-tax cost of debt and cost of equity has been stated here.The cost of debt measures the cost of borrowing funds of the firm. In calculating the after-tax cost of debt of each bank for the year 2009 by the following formula: After-tax cost of debt = pre-tax cost of debt (1 – tax rate) The cost of equity evaluated through the given formula: Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share)] + g) Finally the Weighted Average Cost of Capital calculated by WACC = (Weighted average cost of debt) + (weighted average cost of equity) CHAPTER 4: DATA ANALYSIS 15 QUESTIONNAIRE ANALYSIS Banks normally prefer financing through debt plus equity. 1% of the commercial banks use both (debt and equity) as their sources of finance while remaining 29% of the banks prefer debt for their investment. Only exploitation of equity is not preferred by any banks because through debt finances, the banks gain and improves profit. [pic] Equity sources liable bank to pay dividend, 71% of the banks says that the dividend payment increases the cost of capital while the other 14% said that it decrease the cost of capital and the remaining said that dividend payment has no such impact on the cost of capital. [pic] 5% of the commercial banks said that by using tax shield , cost of capital decreases as it decreases cost of debt and also impact interest rates. While 14% said that it has no such impact like some of Islamic bank like Meezan Bank. [pic] 71% of the sample size agreed that the Cost of capital has positive impact on the capital structure by using both sources of finance while 15% disagree and other 14% are highly disagree. That means most of the commercial banks are in the favor of Ho that the using both sources improves the profit of the commercial bank. [pic] 7% agrees and 28% strongly agrees that the risk factor of the default increases as there is an increases liabilities when bank finance through debt while only 10% of the sample size disagree to this fact but still they have profit by increasing their liabilities. [pic] Approximately 86% of the commercial banks agree from the fact that the fluctuation in the interest rate affects Cost of Capital and also the Capital Structure of their banks while other says that there is no as such im pact of the interest rates but from secondary data we analyze that interest rate is the factor that affects the cost of capital and the capital structure. pic] 71% of the managers agrees that as low dividend payout affects the reputation of their bank, similarly high dividend payout and dividend growth also affect the capital structure decision whereas 29% of the managers said that high dividend has no such impact on the cost of capital and on investment decision. [pic] 100% of the sample size agrees that cost of capital highly impact the investment decision in the commercial bank that also affects capital structure decision making and increases the profit if the weighted average cost of capital is low. [pic] 5% of the sample size agrees that the cost of capital has a huge impact on the level of risk because the maximization of the profit in the commercial bank is truly based on cost of capital and its other factors. [pic] 57% of the sample size agree that the taxes bring variation in the cost of capital in commercial bank while the other denied that taxes has no such affects on cost of capital but many researches has proved that taxes highly affects the cost of capital. [pic] 100% of the managers agree that weighted average cost of capital reduces as there is reduction in the net financial debt.It can be explained by the fact that if the cost of debt remains same but there is variation in the weightage of the debt. The lower weightage reduces the WACC of the commercial bank. [pic] While the method used for the cost of equity varies in different banks. 15% uses the CAPM, 42% uses the Gordon Growth Model whereas the remaining percentage uses both the CPM and Gordon Growth Model method when they finances through the equity. [pic] 16 DESCRIPTIVE ANALYSIS 17 Allied Bank Limited WACC = (Weighted average cost of dbt) + (weighted average cost of equity)WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share)] + g) COST OF EQUITY: |YEAR |2005 |2006 |2007 |20 08 |2009 | |DIVIDEND/SHARE |2. 5 |2. 5 |3 |3. 5 |4 | |GROWTH |0% |0% |20% |16. 66% |(14. 28%) | Average growth=4. 476% Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share)] + g) Cost of equity =4(1+0. 4476)/59. 11+0. 04476 = 11. 54% | |g |Growth Rate |4. 476% | | |Do |Last Dividend |4 | | |MP |Market Price |59. 11 | | | | | | COST OF DEBT: Interest Rate = 9. 619% Tax rate = 32. 4% Weighted average cost of debt after tax = 0. 09619(1-0. 324)Weighted average cost of debt after tax =6. 503 % WEIGHTED AVERAGE COST OF CAPITAL: | |AMOUNT |%AGE COMPONENT |COST |WACC | | |Thousand |(a) |(b) |(a*b) | | |(000) | | | | |DEBT |39,457,216 |0. 0055 |0. 650 |0. 00036 | |EQUITY |7,110,007,580 |0. 9945 |0. 1154 |0. 11476 | |TOTAL |7,149,464,796 | | |0. 11512 or 11. 51% | ANALYSIS In order to prove our research hypotheses, we find different relation between the interest rates, cost of debt and WACC; we assume different variation in the interest rates as it is the independent v ariable that affects the WACC hich is the dependent variable. In 2009, the interest rate of ABL was 9. 619%, we assume two different rates in which one is greater than 2009 rate i. e. 15% and other is less than 2009 interest rate i. e. 7. 00%. As the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cost of capital. Hence, hypotheses Ho and H3 of our research has proved by this analysis because as the interest rate decreases to 7. 00%, the cost of debt also declines which result in decreases in the WACC and vice versa. INTEREST |COD |WACC | |7. 00% |4. 73% |11. 50% | |9. 62% |6. 50% |11. 51% | |15. 00% |10. 14% |11. 52% | pic] For the relation between the taxes rates, cost of debt and WACC. We find different variations among them. Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, ABL has the tax rate of 32. 40%. Similarly we assume one tax rate greater than 32. 4% and another is less than 32. 4% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital.Hence, hypotheses H1 and H4 of our research have proved by this analysis. |TAX RATES |COD |WACC | |30% |6. 73% |11. 84% | |32. 40% |6. 50% |11. 51% | |35% |6. 25% |11. 50% | [pic] 8 Habib Bank Limited (HBL) WACC = (Weighted average cost of debt) + (weighted average cost of equity) WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share)] + g) COST OF EQUITY: |YEAR |2005 |2006 |2007 |2008 |2009 | |DIVIDEND/SHARE |1. 5 |1. 48 |1. 48 |3. 01 |0. 30 | |GROWTH |0 |-1. 333% |0 |103. 378% |-90. 033% | Average growth=2. 4024%Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share)] + g) Cost of equity = 0. 03 (1+0. 024)/40. 9+0. 024 = 2. 475% | |g |Growth Rate |2. 4024% | | |Do |Last Dividend |0. 03 | | |MP |Ma rket Price |40. 90 | | | | | | COST OF DEBT: Interest Rate = (LIBOR+1. 75) = 18. 65% Tax rate = 37. 2% Cost of debt after tax = 18. 65 (1 – 0. 3732) Cost of debt after tax = 11. 69% WEIGHTED AVERAGE COST OF CAPITAL: | |AMOUNT |%AGE COMPONENT |COST |WACC | | |Thousand |(a) |(b) |(a*b) | | |(000) | | | | |DEBT |33,536,837 |0. 786 |0. 169 |0. 0912 | |EQUITY |9,108,000 |0. 214 |0. 0246 |0. 0053 | |TOTAL |42644837 | | |0. 0965 or 9. 65% | ANALYSIS We find different relation between the interest rates, cost of debt and WACC in order to prove our research hypothesis. We assume different variation in the interest rates as it is the independent variable that affects the WACC which is the dependent variable.In 2009, the interest rate of HBL was 18. 65%, we assume two different rates in which one is greater than 2009 rate i. e. 20% and other is less than 2009 interest rate i. e. 12. 00%. As the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cost of capital, this can easily proved by given table and you can also find this relation through the given graph. Hence, hypotheses Ho and H3 of our research has proved by this analysis because as the interest rate decreases to 12%, the cost of debt also declines to from 11. 69% to 7. 2% and which result in decreases in the WACC from 9. 65% to 6. 44% and vice versa. |INTEREST |COD |WACC | |12% |7. 52% |6. 44% | |18. 65% |11. 69% |9. 65% | |20% |12. 536% |10. 38% | pic] Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, HBL has the tax rate of 32. 40% that having COD 6. 503% and a WACC of 11. 51%. Similarly we assume one tax rate greater than 32. 4% and another is less than 32. 4% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital. Henc e, hypotheses H1 and H4 of our research have proved by this analysis. Tax rates |COD |WACC | |30% |6. 73% |11. 84% | |32. 4% |6. 503% |11. 51% | |35% |6. 25% |11. 50% | [pic] 19 Muslim Commercial Bank (MCB)WACC = (Weighted average cost of debt) + (weighted average cost of equity) WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share)] + g) COST OF EQUITY: |YEAR |2005 |2006 |2007 |2008 |2009 | |DIVIDEND/SHARE |4. 5 |5. 1 |5. 6 |6 |6. 8 | |GROWTH |0 |13. 33% |9. 8% |7. 14% |13. 33% | Average growth=8. 72%Cost of equity = Gordon growth model = (Do (1 + g))/ (market price per share)] + g) Cost of equity=6. 8(1+0. 0872)/189. 79+0. 0872 =12. 62% | |g |Growth Rate |8. 72% | | |Do |Last Dividend |6. 8 | | |MP |Market Price |189. 79 | | | | | | COST OF DEBT: Interest Rate = 12. 75% Tax rate = 33. 07% Cost of debt after tax = 12. 275 (1 – 0. 3307) Cost of debt after tax = 8. 216% WEIGHTED AVERAGE COST OF CAPITAL: | |AMOUNT |%AGE COMPONENT |COST |WACC | | |Thousand (000) |(a ) |(b) |(a*b) | |DEBT |44,662,088 |0. 0221 |0. 0822 |0. 0018 | |EQUITY |1,972,537,950 |0. 778 |0. 1262 |0. 1234 | |TOTAL |2,017,200,038 | | |0. 1252 or 12. 52% | ANALYSIS From many different previous researches, we find different relation between the interest rates, cost of debt and WACC. We assume different variation in the interest rates as it is the independent variable that affects the WACC which is the dependent variable. In 2009, the interest rate of MCB was 12. 28%, we assume two different rates in which one is greater than 2009 rate i. . 11. 6% and other is less than 2009 interest rate i. e. 14. 90% in order to find the after affects of these changes. Remaining other things constant, as the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cost of capital, this can easily proved by given table and you can also find this relation through the given graph. Hence, hypotheses Ho and H3 of our research has proved by t his analysis because as the interest rate decreases to 11. 6%, the cost of debt also declines to from 8. 22% to 7. 6% and which result in decreases in the WACC from 12. 52% to 12. 51% and vice versa. |INTERSET RATES |COD |WACC | |11. 60% |7. 76% |12. 51% | |12. 28% |8. 22% |12. 52% | |14. 90% |9. 97% |12. 6% | [pic] For the relation between the tax rates, cost of debt and WACC. We find different variations among them. Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, MCB has the tax rate of 33. 07%. Similarly we assume one tax rate greater than 33. 07% and another is less than 33. 07% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital.Hence, hypotheses H1 and H4 of our research have proved by this analysis. |TAX RATES |COD |WACC | |30% |8. 59% |12. 53% | |33. 07% |8. 22% |12. 52% | |40% |7. 36% |12. 50% | pic] 20 Al-falah Bank Limited WACC = (Weighted average cost of debt) + (weighted average cost of equity) WACC = (interest (1-tax)) + (Do (1 + g))/ (market price per share)] + g) COST OF EQUITY: |YEAR |2005 |2006 |2007 |2008 |2009 | |DIVIDEND/SHARE |0. 5 |1. 25 |1 |2. 25 |2. 25 | |GROWTH |0 |150% |-20% |125% |0 | Average growth=51%Cost of equity = Gordon growth model =(Do (1 + g))/ (market price per share)] + g) Cost of equity = 2. 25(1+0. 51)/26. 13+0. 51 = 64% | |g |Growth Rate |51% | | |Do |Last Dividend |2. 25 | | |MP |Market Price |26. 13 | | | | | | COST OF DEBT: Weighted average Interest Rate = 6. 406%.Tax rate = 34. 84% Cost of debt after tax = 0. 06406 (1 – 0. 3484) Cost of debt after tax = 4. 174% WEIGHTED AVERAGE COST OF CAPITAL: | |AMOUNT |%AGE COMPONENT |COST |WACC | | |Thousand (000) |(a) |(b) |(a*b) | |DEBT |18,687,600 |0. 00138 |0. 0417 |0. 000057 | |EQUITY |13,491,562,500 |0. 986 |0. 64 |0. 639104 | |TOTAL |13,5 10,250,100 | | |0. 639 or 63. 9% | ANALYSIS Many different researches have concluded that different variation in the interest rates as it is the independent variable that affects the WACC which is the dependent variable. In 2009, the interest rate of Alfalah Bank was 6. 404%, we assume two different rates in which one is greater than 2009 rate i. e. 8. 6% and other is less than 2009 interest rate i. . 4. 6% in order to find the after affects of these changes. Remaining other things constant, as the interest rates increases, it also increases the cost of debt that results in the increase in the weighted average cost of capital, this can easily proved by given table and you can also find this relation through the given graph. Hence, hypotheses Ho and H3 of our research has proved by this analysis because as the interest rate decreases to 4. 6%, the cost of debt also declines to from 4. 174% to 2. 997% and which result in decreases in the WACC from 63. 914% to 63. 0% and vice versa. |I NTEREST RATES |COD |WACC | |4. 6% |2. 997% |63. 90% | |6. 406%. |4. 174% |63. 914% | |8. 6% |5. 604% |63. 918% | [pic] For the relation between the taxes rates, cost of debt and WACC.We find different variations among them. Tax rates are the independent variable so they create different affects on WACC as it is dependent variable. In 2009, Alfalah has the tax rate of 34. 84%. Similarly we assume one tax rate greater than 34. 84% and another is less than 34. 84% in order to prove our hypothesis. From the following analysis, we come to know that as the tax rates increases, it decreases the cost of debt that results in the decrease in the weighted average cost of capital. Hence, hypotheses H1 and H4 of our research have proved by this analysis as they are negatively correlated. TAX RATES |COD |WACC | |25% |4. 805% |63. 917% | |34. 84%. |4. 174% |63. 9% | |40% |3. 844% |63. 915% | [pic] 21 Soneri Bank Limited ANALYSISSoneri Banks has following interest rates and tax rates, which affe ct WACC in the same manner as it affects other commercial Banks. In 2009, it has interest rate of 12. 63% that has the cost of debt 8. 54% and the WACC is of 0. 37%. Variation in the interest rates brings following changes and hence proves our research. |INTEREST RATES |COD |WACC | |11. 60% |7. 84% |0. 35% | |12. 3% |8. 54% |0. 37% | |14. 60% |9. 87% |0. 43% | [pic] Tax rates posses the same affect. As tax rates increases, it has negative relation with the COD and WACC that proves the hypothesis H1 and H4 of our research as in 2009, the tax rate was 32. 34%, when it decrease, the COD increases which also increases WACC and again inversely proportional when Tax rate increase. TAX RATES |COD |WACC | |25% |9. 47% |0. 41% | |32. 34% |8. 54% |0. 37% | |40% |7. 57% |0. 33% | [pic] CHAPTER 5: CONCLUSION AND RECOMMENDATION 1. ConclusionAccording to past related researches, there should be a suitable balance between debt and equity as it has effects on the risk and return of the sharehold ers of the bank. If there are reasonable proportions of debt and equity in the capital structure, it maximizes the shareholders wealth while minimizing the cost of capital and that could be considered as the optimal capital structure. Factors like Interest payment expected deductibility give prospect for value. If the tax deductibility is realized by the bank then stockholders get the expected benefit of the tax deduction.If firm finances through debt, then it has financial risk. And if through equity, then it has business risk. The cost of capital can affect capital structure that the taxes bring variation in the cost of capital and hence affect the capital structure of the banks. Cost of equity increases if the financial risk become high. The cost of equity and debt increases with the increase in debt. On after tax cost of debt, there is the greater the impact of interest deductibility, if the tax rate s higher. Weighted average cost of capital become low with the cost of capital high, if the debt capital increase in proportion.Cost of equity increases with the cost of debt. If the cost of components high the weighted average cost of capital increases and reason is that shareholder prefer to use of debt when expected value of tax benefit is attractive as compared to the added financial risk associated with the debt. The Demanded rate of increase in cost of debt and equity, effects on value of the expected increase in tax benefit of using more debt. Interest rate affects the cost of debt. It involves the risk components that have the probability of default on the debt.In this research, the main finding of the paper suggests that the commercial bank should focus on reducing the cost of capital that maximizes the profit. According to our findings, it is concluded that each banks has its policies of financing. Each bank takes decision of selecting capital structure for minimizing their cost, risk factor differently that occupies good financial position in market . Factors that have impact on cost of capital as well as on capital structure are tax rates, interest rates, dividends payout, risk of default and other like market fluctuation, corporate governance.These factors differently affect the cost of capital and capital structure of each commercial bank. Some banks agree that tax brings variation in the capital structure as the use of taxes decreases the cost of debt but some banks strongly disagree, like Islamic bank Meezan and Alfalah,. These Islamic banks have no such interest rate risk. Tax impacts on cost of capital increases cost of capital agrees by majority of commercial banks, and disagrees by some commercial banks. Dividend impacts on cost of capital increases cost of capital agrees by some banks, and disagrees by some banks.Interest rate brings effects on increase in cost of capital as the interest rate increases the cost of debt also increases but some banks strongly disagreed. Other factors like market fluctuation also influen ce interest rate to increase. And sometimes sudden increase in interest rates influence market. Due to this, all factors differently impact on cost of capital variation (increase and decrease) and capital structure decision making. We have estimated Weighted Average Cost of Capital (WACC) of commercial banks in order to find the effects of cost of capital and their factors on profit and capital structure decision making.We analyze from computing WACC with different assumptions that; †¢ The interest rates increases (decreases), it also increases (decreases) the cost of debt that results in the increase (decreases) in the weighted average cost of capital. Hence, hypotheses Ho and H3 is verify. †¢ The tax rates increases (decreases), it decreases (increases) the cost of debt that results in the decrease (increases) in the weighted average cost of capital. Hence, hypotheses H1 and H4 is verify. The cost of capital improves the profit and capital structure decision making in wh ich other factors also takes part to maximize the profit in the commercial banks. . Recommendations Cost of capital plays a central role in valuation, portfolio selection, and capital budgeting. Therefore, measuring and validating the cost of capital has been the subject of much research. †¢ For reducing cost of capital of bank, we recommend that proportion of debt plus equity financing is better although debt increases risk of default as most of the commercial banks prefer debt financing. Because, debt financing provides tax benefit under suitable market conditions and reduces WACC. †¢ Through equity financing banks give dividend which increases their reputation in market.In short, payment of dividend gives market position. And it is also important because in terms of financial ratios, equity financing shows bank more strong as compared to debt or liabilities. †¢ Adopt an optimal capital structure to improve shareholder value. Capital structure is part of a bank†™s package of financial policies, which include dividend policy and amount of debt and equity claims issued which improves share holder wealth and reduces WACC. Conventional thinking in the area of finance has also assumed that a certain amount of debt in the capital structure is a good thing. Interest rates are high in Pakistan.The following reforms looked-for from the Government of Pakistan (GOP): †¢ Allow and encourage consideration of financial institutions to reduce disintegration in the financial sector. †¢ Strengthen legal and judicial reform laws to allow financial institutions to foreclose on guarantee to reduce risk in the case of unpaid loans without going through lengthy court proceedings. CHAPTER 7: AREA OF FURTHER STUDIES After performing this research we have concluded that the researches on the Weighted Average Cost of Capital in Banks are less or there is no proper research that has taken place for the Commercial Banks.There should be more researches on the factor that are affecting WACC in the commercial banks as its proper estimation maximizes profit. It is found with the help of weightage there is a huge impact on the cost of capital that may be a source of further studies for the commercial bank because proper weightage of debt and equity can improves or enhances the profit of commercial banks. The WACC affects the profit or Capital Structure decision making that has direct affect on the reputation of the commercial banks. CHAPTER 8: REFERENCES †¢ Nadeem A.Sheikh and Zongjun Wang, June 2010, International Journal of Innovation, Management and Technology, Vol. 1, No. 2, Financing Behavior of Textile Firms in Pakistan, pg 130-135 †¢ Khadka, H Bahadur,2006. Leverage and the Cost of Capital. The Journal of Nepalese Business Studies,Vol. III, No1: 85-91 †¢ Modigliani, F. and Miller, M. H. 1963. Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review: 433-443. †¢ Shubber, K. and Alza firi, E. (2008). â€Å"Cost of capital of Islamic banking institutions: an empirical study of a special case†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. No. 1, pp. 10-19 †¢ Bruner, R. F. , Eades, K. M. , Harris, R. S. , Higgins, R. C. (1998). â€Å"Best practices in estimating the cost of capital: survey and synthesis†, Financial Practice and Education, Spring/Summer, pp. 13-28. †¢ Miller, R. A. (2006). â€Å"The weighted average cost of capital is not quite right†, The Quarterly Review of Economics and Finance, 49 (2009) 128–138 †¢ Jorgenson, Dale W. and Ralph Landau (1993). Tax Reform and the Cost of Capital – An International Comparison. Washington, D. C. : Brookings Institution. †¢ Fama, E. F. , and K.French, 1997, Industry costs of equity, Journal of Financial Economics 43, 153-193. †¢ Fama, E. F. , and K. French, 1999, The corporate cost of capital and the return on corporate inv estment, Journal of Finance 54, 1939-1967. †¢ John J. Pringle, the Capital Decision in Commercial Banks, the Journal of Finance, Vol. 29, No. 3 (Jun. , 1974), pp. 779-795 †¢ Richard Lambert*, Christian Leuz, Robert E. Verrecchia â€Å"Accounting Information, Disclosure, and the Cost of Capital† September 2005, Revised, August 2006 †¢ Barton, S. L. and P. J. Gordon (1987). ‘Corporate strategy: Useful perspective for the study of capital structure? Academy of Management Review, 12, pp. 67-75 †¢ Balakrishnan, S. and I. Fox (1993). ‘Asset specificity, firm heterogeneity, and capital structure', Strategic Management Journal, 14(1), pp. 3-16. †¢ A. Seth (1990). ‘The impact of LBOs on strategic direction', California Management Review, 32(1), pp. 30-43. †¢ Groth John C. , â€Å"Capital structure: Perspectives. † Management Decision 35:7 (1997): 552–561. †¢ John C. Groth, Professor, Texas A University, USA â€Å"Capi tal Structure: Implications†, 1997. †¢ Ross, Stephen A. , Randolph W. Westerfield, and Jeffrey Jaffe. Corporate Finance. 9th ed.Boston, MA: McGraw-Hill, 2010. †¢ Alan J. Auerbach, Wealth Maximization and the Cost of Capital, the Quarterly Journal of Economics, Vol. 93, No. 3 (Aug. , 1979), pp. 433 †¢ John R. Graham, â€Å"Taxes and Corporate Finance: A Review†, the Review of Financial Studies, Vol. 16, No. 4 (Winter, 2003), pp. 1075-1129 †¢ Meziane Lasfer, Professor, Cass Business School, UK â€Å"Optimizing the Capital Structure: Finding the Right Balance between Debt and Equity†. †¢ William F. Coffin and Sean Collin, 2006, Techniques to lower the cost of capital in today’s volatile markets, CCG Investor Relations. Ali Murtaza, manager financial reporting and analysis, finance division, BANK ALFALAH LIMITED. †¢ Amir Ahmed, risk manager, Asst. vice president, Risk Management Unit, MEEZAN BANK. †¢ Aniel Victor, Asst. manag er, Riak management, UBL FUNDS MANAGERS. †¢ Syed Ali Shabar, Branch Manager, MCB BANK LIMITED. †¢ Raza Abbas, Asst. vice president, Portfolio Management, HABIB BANK LIMITED. †¢ Aamir Maysorewala, customer service manager, ALLIED BANK LIMITED. †¢ Riazullah Khan, Assistant Vice President & Manager, SONERI BANK. APPENDIX A Questionnaire NAME_________________________DESIGNATION_________________ BANK__________________________ BRANCH_______________________ 1. Debt and equity are the sources of finance, through which source your bank finances their investment? a) Debt b) Equity c) Both 2. What is the impact of dividend payment on cost of capital as using equity is source of finance that will liable bank to pay dividend? a) Increase cost of capital b) Decrease cost of capital c) No impact on cost of capital 3. Tax shield also has an important factor in cost of capital, how tax impact on cost of capital? a) Increase cost of capital b) Decrease cost of capital ) No impact on cost of capital 4. Cost of capital has positive impact by using both sources of finance. [pic] 5. When bank finance through debt, it increase liabilities that also increase the risk factor of default. [pic] 6. Fluctuation in the interest rate affects Cost of Capital and also the Capital Structure of your banks. [pic] 7. As low dividend payout will affect the reputation of your bank, is high dividend payout and dividend growth affect the capital structure decision? [pic] 8. Cost of capital occupies an important role in the financial management and in investment decision making in commercial banks. [pic] . Cost of capital affects the level of risk in commercial bank. [pic] 10. Taxes bring variation in the capital structure of commercial banks. [pic] 11. Reducti