Evaluating the Historical Capital Budgeting Method Essay Example for Free

Evaluating the Historical Capital Budgeting Method Essay Currently AES employs Project Finance Framework. Project finance tends to be used in projects with tangible assets with predictable cash flows in which construction and operating targets can be easily established through explicit contract. The key to AES projects financing lies with the precise forecasting of cash flows. In effect, the possibility of estimating cash flows with an acceptable level of uncertainty allows for allocation of risks among various interested parties. The ensuing certainty in cash flows allows for high level of leverage and enables project assets to be separated from the parent company. Let us now take a closer look at the pros and cons of the Capital Budgeting System currently in place. Principal Advantages Non-Recourse The separation of the parent company is structured through the creation of a Special Purpose Vehicle (SPV). This SPV is the formal borrower under all loan documents so that in event of default or bankruptcy AES is not directly responsible before financial creditors. Instead, their legal claims are against the SPV assets. Maximize Leverage Currently AES seeks to finance the cost of development and construction of the project on highly leveraged basis. High leveraged in non-recourse project financing permits AES to put less in capital to put at risk permits AES to finance the project without diluting its equity investment in the project. Off-Balance Sheet Treatment AES may not be required to report any of the project debt on its balance sheet because such debt is non-recourse. Off balance sheet treatment can have the added practical benefit of helping the AES comply with covenants and restriction relating to borrowing funds contained in loan agreements to which AES is also a party. Agency Cost The agency costs of free cash flow are reduced. Management incentives are to project performance. Most importantly close monitoring by investors is facilitated. Multilateral Financial Institutions One of the four constituents that have contractual arrangement with the SPV in a typical project are the banks (an integral part group of financiers that include share holders, insurers, equipment manufacturers, export credit agencies and funds). Among these banks there are multilateral financial institutions (like IFC, CAF and etc). Presence of these institutions as financiers helps in raising capital from these institutes at lower cost and secondly it is also read as a positive sign by commercial banks. Drawbacks Projects V/S Division The company is not only expanding its geographical boundaries, but it is also diversifying its business through backward and forward integration. The current financial model does not provide the AES with the big picture, which now constitutes more number of variables that are being influenced by multiple factors due to the increase in depth and breadth of the organization. Complexity Financing of projects requires involvement of a number of parties. They can be quite complex and can be expensive to arrange. Secondly it demands greater amount of management time. Macroeconomic Risk The current methodology employed by AES for capital budgeting does not take into account the exchange rate risk. This risk will be of higher magnitude in the developing countries because of their unstable monetary and fiscal policies[2]. As we have seen that fluctuation in exchange rate has greatly hurt the AES business and they were unable to mitigate this risk as they haven’t anticipated it. This risk becomes important when the exchange rate fluctuation affects balance sheet items unequally. Thus keeping check on the foreign exchange rate requires timely adjustment of both the items of revenue and expenditure, and those of assets and liabilities in different currencies. Political Risk: This is another important factor which the current financial management system does not take into account. This will be of significant importance when it comes to investing in developing countries where frequent changes in government policies occur. Does this system make sense? The financial strategy employed by AES was historically based on project finance. This approach solely took into account those factors that minimized AES exposure to the project and achieved the most beneficial regulatory treatment thus ensuring availability of financial resources to complete the project. The model worked well for the domestic market as well as for the international operations, provided the opportunities undertook by AES were either in the sector of building and running a power plant or simply buying an existing facility and upgrading it and then operating. The underlying assumption over here was that the symmetrical and asymmetrical risks faced by the project were more or less same irrespective of its geographical location (Refer to Exhibit 3). However when AES started diversifying the breadth of its operations by incorporating other offshoots of energy related business and transforming from a cogeneration to a more utility organization with majority of expansion occurring in developing economies. This diversification of business increased the symmetrical risks like business risk, a classic example of which we see in Brazil where AES experience shortfall in demand /sales volume due to Energy Conservation Policy of Brazilian government and this had a chain effect on debt servicing capacity of the SPV as well the stock price of the parent company. Other factor that current model was not able to include was the risk of devaluation of currency in developing economies which resulted in significant losses due to the inability of the company to survive its international debt obligations. Expansion in developing economies also exposed the business to political risk where the policies change erratically with changes in government. Hence we see that the geographical diversification of business causes asymmetrical risk to increase causing bimodal behavior in the result. Project financing becomes less recommendable as a symmetrical risk becomes more manifest. This constitutes a problem for emerging countries where these risks tends to be at the forefront. Lal Pir Project Valuation Scenario 1: Pakistan In order to calculate the value of project for the Lal Pir project in Pakistan, we first need to calculate the Weighted Average Cost of Capital (WACC) using the new proposed methodology. For this we have followed the approach given in exhibit 8 of the case. The first step is to calculate the value of levered ? using the formula and information given in the case[3]. The value of the levered ? comes out to be 0. 3852 or 38. 52%, which essentially means that our project is not very highly correlated to the market return. Using this value of ? we now calculate the cost of Equity (refer Exhibit 4A). We have used the return on U. S. Treasury Bond (i. e. 4. 5%) as the risk free return in calculating the cost of equity. The cost of equity comes out to be 0. 072 and similarly, using the risk free return and the default spread (given in exhibit 7a of case) we calculate the cost of debt which comes out to be 0. 0807. It is important to note that the cost of debt and the cost of equity also need to be adjusted for the sovereign spread (0. 0990 for Pakistan). Once we have the adjusted costs of equity and capital we can now calculate the WACC for the project using the formula given in case where we essentially multiply equity and debt ratio with the adjusted costs of equity and debt respectively[4]. The WACC in this scenario comes out to be 0. 1595 or 15. 95%. However, now we need to adjust this WACC for the risks associated with doing the project in Pakistan and we do this by using Table A given in the case. We know that the total Risk Score for Pakistan is 1. 425 and since there is a linear relationship between business specific risk scores and cost of capital[5] we need to adjust our WACC by 7. 125% thus making our final WACC 23. 075%, using which we calculate our NPV (refer to Exhibit 6) from the year 2004 to 2023, and it comes out to be negative $234. 34 million. Scenario 2: USA For USA similar calculations are made to calculate the WACC (Exhibit 4B). However there are two things that are different. First we see the sovereign spread is equal to zero. Secondly, in this case we would need to calculate the business risk using the information given in exhibit 7a of the case (refer to Exhibit 5). This score comes out to be 0. 64 and using this score, our business risk comes out to be 3. 23% and adding it to our calculated value of WACC, we get our final WACC of 9. 64%. Using this we calculate our NPV for USA which comes out to be negative $ 35. 92 million (refer to Exhibit 7). Adjusted Cost of Capital and Probabilities of Real Events in Pakistan In calculating the adjusted cost of capital for Pakistan the WACC is adjusted for six common types of risks: Operational, Counterparty, Regulatory, Construction, Commodity, Currency and Legal. We can clearly see from table A given in the case that besides construction there is a probability of all these risks actually effecting the project in Pakistan. In these, the highest probability is that of currency risk and the legal risk. The adjusted cost that we have calculated is adjusted by the total risk score for Pakistan. There is a linear relationship between the total risk score and adjustment to the cost of capital, i. e. a score of 1 leads to an adjustment of 500 basis points in the WACC. When we calculate the WACC for Pakistan through traditional formula it comes out to be 15. 95%, however in order to incorporate the risk factor associated with Pakistan we need to adjust it for the Total Risk Score, which in this case is 1. 425. So we simply multiply this by 500 and we find out that we need to adjust our WACC 23. 075%. Since this 23. 075% is adjusted using the total risk score we can safely assume that it incorporates for the probability of the afro-mentioned six types of risks in WACC with respect to Pakistan. Discount Rate Adjustment: USA v/s Pakistan As mentioned earlier the discount rate is adjusted based on the total risk score of the country. This total risk score is compiled from 6 main types of risks, the probability of which varies from country to country. If we simply compare the risk scores for USA and Pakistan[6], we can see that there is a major difference between the risk profiles of both the countries. For instance, while currency, regulatory and legal risks are significantly high in Pakistan, they do not exist in the USA at all. Also we see that operational, counterparty and commodity risks are higher in USA as compared to Pakistan. Similarly when the respective WACCs of the two countries are adjusted for their risk we see that the adjusted WACC for Pakistan (23. 075%) is much higher as opposed to that of USA (9. 64%), which essentially implies that Pakistan is inherently a riskier country to invest in as opposed to the USA and any investments made in this region would have to cross a higher hurdle rate than if they were made in the US region.

Carl Friedrich Gauss Essay -- essays research papers

Carl Friedrich Gauss   Ã‚  Ã‚  Ã‚  Ã‚  This report is on Carl Friedrich Gauss. Gauss was a German scientist and mathematician. People call him the founder of modern mathematics. He also worked in astronomy and physics. His work in astronomy and physics is nearly as significant as that in mathematics. Gauss also worked in crystallography, optics, biostatistics, and Making mechanics.   Ã‚  Ã‚  Ã‚  Ã‚  Gauss was born on April 30, 1777 in Brunswick. Brunswick is what is now called West Germany. He was born to a peasant couple. Gauss's father didn't want Gauss to go to a University. In elementary school he soon impressed his teacher, who is said to have convinced Gauss's father that his son should be permitted to study with a view toward entering a university. In secondary school nobody recognize his is talent for math and science because he rapidly distinguished himself in ancient languages. When Gauss was 14 he impressed the duke of Brunswick with his computing skill. The duke was so impressed that he generously supported Gauss until his death in 1806.   Ã‚  Ã‚  Ã‚  Ã‚  Gauss conceived almost all his basic mathematical discoveries between the ages of 14 and 17. In 1791 he began to do totally new and innovative work in mathematics. In 1793-94 he did intensive research in number theory, especially on prime numbers. He made this his life's passion and is regarded as its modern founder.   Ã‚  Ã‚  Ã‚  Ã‚  Gaus...

Custom Fabricators Case Solution

I. Problem: How can Custom Fabricators, Inc. (CFI) prevent a possible business takeover of the Mexican suppliers and at the same time, ensure long-term profitability? II. Assumptions: 1. The case is set on the current year. 2. The Mexican suppliers will win the bid and production will move to Mexico. 3. In case CFI would switch to contract manufacturing, the contracted volume of units that they will produce is within the range of their production under lean manufacturing. 4. Orleans would shoulder the cost of shipping products from Mexico to CFI only. III. Alternatives: Based on the opportunities of CFI, the group has identified three alternatives for the company to implement: a. Work closely with Mexican suppliers This involves establishment of effective communication lines (e. g. through Internet, video conferencing), assigning a representative to monitor quality of products to be shipped, sending quality control machines to Mexico or asking Orleans to require the Mexican suppliers to conduct quality check before shipment. b. Differentiate product and/or expand market This involves developing more advanced products (e. . touch-screen elevator control panels) or expanding its target market (e. g. instead of just supplying control panels for elevators it can also create ones for ATMs, safety vaults etc. ) c. Switch to contract manufacturing This means instead of producing outputs only when Orleans needs it, CFI would now have a fixed production per month that they would need to deliver. IV. Analysis: First, let us identify the major is sues in the case. Currently, CFI has several strengths that help them establish a competitive advantage. First is the company’s proximity to the construction site and to the Bedford plant which serves as its supplier as it was able to keep the transportation costs minimal. Another one is its customer intimacy. Because CFI knows exactly what Orleans needs and when to provide it, it is able to cater to their customer’s demands in time with good quality products. Having been in the business for over 15 years, CFI was also able to set up efficient operations which helped them on becoming a lean manufacturer. It also has loyal and skilled employees that are satisfied in their job. Lastly, its business has also been profitable with a high profit margin of almost 30%. However, the company also has several weaknesses that we must take into consideration. First, CFI is a private company which means it has limited financing options and relies heavily on its revenues as generated by its operations. Also, because it wants to maintain its good relationship with its employees it could not reduce labor cost. Because of Orleans’ increasing efforts to reduce costs, the company faces the threat of having the production of raw materials moved to Mexico because of the cheaper labor costs there. If that would happen (and this paper assumes that it will), CFI might have problems with shipping back items that are not of par quality in addition to possible problems in communication. Moreover, there is also the threat of competition as Orleans might look for other suppliers in Mexico to continue to lower costs and since CFI couldn’t lower its costs anymore, Orleans might just source totally from Mexico. Now, let us analyze each of the alternatives. The first one is to work closely with its Mexican suppliers. Through this, CFI will be able to ensure the quality and secure shipment of units to their company. It would also lessen chances of error in production and delivery and decrease waiting costs for the unit replacements. However, there is the uncertainty of soliciting cooperation from the Mexican suppliers and sending a representative or a quality control machine in Mexico is costly. Moreover, the Mexican suppliers might gain knowledge of CFI’s efficient production process which increases the risk of business takeover. If CFI will differentiate its product, it would be able to lessen its dependence on Orleans as it would be able to get more customers and therefore generate more income. Also, there is a lesser risk of business takeover as their product will increase competitive advantage as it was able to provide more value for a small additional cost. This can also be related to the alternative of market expansion as its differentiated product could open new market opportunities for them. However, it should also be considered that this alternative requires more investment in R&D and other equipment. Also there are risks of market failure and having problems in meeting demand due to its limited capacity. Lastly, we have the alternative of switching from lean manufacturing to contract manufacturing. This would help CFI develop economies of scale and receive fixed income or stable inflow of revenues. Because of this, it will be able to better allocate its resources and might even reduce labor costs as it would generally need less workers. CFI can also use its excess capacity to cater to other customers or work on other products. However, this can also be a factor against them because Orleans might be reluctant to have it as a contract manufacturer thus increasing the risk of CFI being replaced by a Mexican supplier. In addition to that, this alternative also comes with termination costs and decrease in competitive advantage. V. Plan of Action: After analyzing the position and the possible alternatives of CFI, we created an action plan that takes into consideration the long-run costs and benefits of each option and its technical, operational and economic feasibility given the current capacity, resources, and opportunities of the company. Based on the analysis, CFI could undertake several alternatives but each should be implemented at the right time. Here is the proposed action and contingency plans for the company: Short-term (1-2 years) Assuming that the production of raw materials will move to Mexico, the best immediate action that CFI could undertake is to work closely with the Mexican suppliers. The company might not be able to lower its costs anymore but they could still ensure that the products that they create are still of good quality and are able to meet the demand. Moreover, we see that it is unlikely for Orleans to eliminate CFI in the supply chain as it would be more costly for them to look for new Mexican suppliers considering that they already established a good business relationship and developed the efficiency caused by over 15 years of working together. Long-term (More than 2 years) To address the issue of ensuring long-run profitability knowing that CFI couldn’t compete with Mexican suppliers in terms of cost, it can try to differentiate its products to enhance its competitive advantage. Since the company has a high profit margin and loyal workers that produce when there is only a demand for it, it could use these as additional investment in R&D and be used to cater to other consumer demands. Because of this, it would be impractical for Orleans to eliminate CFI in the supply chain as they would get more value from it that they couldn’t just get anywhere easily. Moreover, CFI could also see get an opportunity to expand its market for its unique selling proposition therefore increasing its profitability.

Abnormal Psychology Critique

Changes in impairment level, functional status, and use of assistive devices by older people with depressive symptoms. Dayao, Arveene L. BS Psychology II – 01 Manila Tytana Colleges To be submitted to : Ms. Sheila Laine Dela Paz Date submitted : January 30, 2012 ABSTRACT This study sought to understand how functional status, impairment level, and use of assistive devices change over 3 years for older adults with depressive symptoms. I further explored factors that predict change in severity of depressive symptoms. During 3 years, participants experienced ncreased physical disability, a decline in severity of depressive symptoms, and an increase in the total number of assistive devices owned. A significant number of older adults will experience a decrease in depressive symptoms over 3 years, despite an increase in physical disability. They also will obtain more assistive devices as they age. The specific issue that stands out in the journal is relative to the various changes in impairment level, functional status and use of some suggested assistive devices that could be used by older people who suffer symptoms of depression. I do very much agree how the author ouched the subject and explained depression among the older people. There is nothing from the journal article that I disagree about. The points presented by the author about the existence of this feeling of depression among the older people are true and satisfactory. The second journal that I have, Suicide In Older Adults : Nursing Assessment Of Suicide by Linda Garand, PhD, APRN, BC, Ann M. Mitchell, PhD, RN, AHN, BC, Ann Dietrick, MSN, APRN, BC, Sophia P. Hijjawi, BSN, RN, and Di Pan, BSN, RN, is somewhat parallel to my first journal. This second article talks about suicide in older adults.It is being discussed here that suicide and attempted suicide is associated with depression, psychosis and substance abuse among younger individuals, yet among older adults, depression and co morbid medical cond itions play important contributory roles. Same as what was being talked about in the first article. The issue that attracts my attention is on the prevalence of suicidal behaviors in older adults and lays a foundation for understanding the role of risk factors in the prevention of suicide. Just like in the first article, the issue focuses more on depression on older adults.It has been proven that the older adults are the one that easily get depressed than the younger ones. Just as no single factor is universally causal, no single intervention will prevent all suicides. The multi-dimensionality of suicide presents great challenges, but also has important implications for prevention. Suicide in late life must be understood as a complex combination of interactive effects in which mood disorders take a central role. Our ability to more precisely target preventive interventions will hinge on a better understanding of those relationships. Until then, urses and others must be diligent in t he identification of older adults at risk for suicide. Subgroups of older adults at high risk for suicide include those with depressive illnesses, previous suicide attempts, physical illnesses, and those who are socially isolated. Therefore I can say, that major depression is the most common diagnosis in older adults (of both sexes) who attempt or complete suicide. This study used data from Rehabilitation Engineering Research Center on Aging Consumer Assessment Study, a longitudinal study of coping strategies of elders with disabilities.Seventy-three participants with depressive symptoms were interviewed at baseline and 3 years later. I believe that the author used the most appropriate method because they have come about with good results. And thus, there is no other appropriate or suitable way to test the depressive symptoms of older people than having a study or conducting a survey on a rehabilitation center. For me, application through conducting tests would be the best idea to p rove whether the issue is correct or not. The journal article fully and clearly explains what depression is all about that affects the lder people. It is notable that depression happens to some people more especially the old ones who are said to be prone to the disorder. Upon relating the topic to my course, such situation is under the field of Abnormal Psychology. The field is of great importance to students taking up Psychology course like me who would desire to pursue the field of Clinical Psychology. As depression is common and could happen to everyone, this study is applicable to all. Through it, we shall have a clear idea of the appropriate way to do if ever we meet or experience a feeling of depression.Above all things, this will be a great help to me who would really like to be a successful Clinical Psychologist in the future. REFERENCES Mann, William C. , et al. â€Å"Changes in impairment level, functional status, and use of assistive devices by older people with depressi ve symptoms. †Ã‚  AJOT: American Journal of Occupational Therapy  62. 1 (2008): 9+. InfoTrac Custom 100 Titles. Web. 19 Jan. 2012. Document URL http://find. galegroup. com/gtx/infomark. do? &source=gale&srcprod=SP00&prodId=SPJ. SP00&u serGroupName=phmtc&tabID=T002&docId=A208219498&type=retrieve&contentSet=IAC-Documents&version=1. 0 Agree, E. , & Freedman, V. (2003). A comparison of assistive technology and personal care in alleviating disability and unmet need. Gerontologist, 43, 335-344. American Psychiatric Association. (1994). Diagnostic and statistical manual of mental disorders (4th ed. ). Washington, DC: Author. Bergner, M. , Bobbitt, R. , Pollard, W. , Martin, D. , & Gilson, B. (1976). The Sickness Impact Profile: Validation of a health status measure. Medical Care, 14, 57-67. Bradburn, N. (1969). The structure of psychological well-being. Chicago: Aldine. Center for Functional Assessment Research. 1990). Guide for use of the Uniform Data Set for Medical Rehabilitatio n (Version 3. 1). Buffalo, NY: Author. Chen, T. Y. , Mann, W. C. , Tomita, M. , & Nochajski, S. (2000). Caregiver involvement in the use of assistive devices by frail older persons. Occupational Therapy Journal of Research, 20, 179- 199. Federal Interagency Forum on Aging-Related Statistics. (2004). Older Americans 2004: Key indicators of well-being. Washington, DC: U. S. Government Printing Office. Fillenbaum, G. G. (1988). Multidimensional functional assessment of older adults: The Duke Older American Resources and Services procedures.Hillsdale, NJ: Erlbaum. Fillenbaum, G. G. , & Smyer, M. A. (1981). The development, validity, and reliability of the OARS Multidimensional Functional Assessment Questionnaire. Journal of Gerontology, 36, 428-434. Folstein, M. , Folstein, S. E. , & McHugh, P. (1975). â€Å"Mini-Mental State†: A practical method for grading the cognitive state of patients for the clinician. Journal of Psychiatric Research, 12, 189- 198. Gilson, B. S. , Gilson, J . S. , Bergner, M. , Bobbit, R. A. , Kressel, S. , Pollard, W. E. , et al. (1975). The Sickness Impact Profile: Development of an outcome measure of health care.American Journal of Public Health, 65, 1304-1325. Hamilton, B. , Granger, C. , Sherwin, F. , Zielenzy, M. , & Tashman, J. (1987). A uniform national data system for medical rehabilitation. In M. Fuhrer (Ed. ), Rehabilitation outcomes: Analysis and measurement (pp. 137-147). Baltimore: Paul H. Brookes. Hamilton, M. (1960). A rating scale for depression. Journal of Neurologic Neurosurgical Psychiatry, 23, 56-62. Hoenig, H. , Taylor, D. , & Sloan, F. (2003). Does assistive technology substitute for personal assistance among the disabled elderly? American Journal of Public Health, 93, 330-337.Kruskal, W. , & Wallis, W. (1952). Use of ranks in one-criterion variance analysis. Journal of the American Statistical Association, 47, 583-621. Lebowitz, B. , Pearson, J. , Schneider, L. , Reynolds, C. , Alexopoulos, G. , Bruce, M. , et a l. (1997). Diagnosis and treatment of depression in late life. Journal of the American Medical Association, 278, 1186-1190. Lenze, E. , Schulz, R. , Matire, L. , Zdaniuk, B. , Glass, T. , Kop, W. , et al. (2005). The course of functional decline in older people with persistently elevated depressive symptoms: Longitudinal findings from the cardiovascular health study.Journal of the American Geriatric Society, 53, 569-575. Lubin, B. (1967). Manual for the Depression Adjective Check Lists. San Diego, CA: Educational and Industrial Testing Service. Mann, W. , Llanes, C. , Justiss, M. , & Tomita, M. (2004). Frail older adults' self-report of their most important assistive device. Occupational Therapy Journal of Research: Occupation, Participation, and Health, 24, 4-12. Mann, W. , Ottenbacher, K. , Fraas, L. , Tomita, M. , ; Granger, C. (1999). Effectiveness of assistive technology and environmental interventions in maintaining independence and reducing home care costs for the frail elder ly.Archives of Family Medicine, 8, 210-217. Noel, P. , Williams, J. , Unutzer, J. , Worchel, J. , Lee, S. , Cornell, J. , et al. (2004). Depression and comorbid illness in elderly primary care patients: Impact on multiple domains of health status and well-being. Annals of Family Medicine, 2, 555-562. Ottenbacher, K. , Mann, W. , Granger, C. , Tomita, M. , Hurren, D. , ; Charvat, B. (1994). Inter- rater agreement and stability of functional assessment in the community-based elderly. Archives of Physical Medicine and Rehabilitation, 75, 1297-1301. Pollak, N. , Rheult, W. , ; Stoecker, J. 1996). Reliability and validity of the FIM for persons aged 80 years and above from a multilevel continuing care retirement community. Archives of Physical Medicine and Rehabilitation, 77, 1056-1061. Pollard, W. , Bobbitt, R. , Bergner, M. , Martin, D. , ; Gilson, B. (1976). The Sickness Impact Profile: Reliability of a health status measure. Medical Care, 14, 146-155. Pollock, B. , ; Reynolds, C. (20 00). Depression late in life. Harvard Mental Health Letter, 17, 3-5. Pollock, B. , ; Weksler, M. (2000). Clinical update: How to recognize and treat depression in older persons.Geriatrics, 55, 67-7 . Raccio-Robak, N. , McErlean, M. , Fabacher, D. , Milano, P. , ; Verdile, V. (2002). Socioeconomic and health status differences between depressed and non-depressed elders. American Journal of Emergency Medicine, 20, 71-73. Radloff, L. (1977). The CES-D scale: A self-report depression scale for research in the general population. Applied Psychological Measurement, 1, 385-401. Radloff, L. , ; Locke, B. (Eds. ). (1986). The community mental health assessment survey and the CES-D scale. In M. M. Weissman, J. K. Myers, ; C. E. Ross (Eds. , Community surveys of psychiatric disorders (pp. 177-189). Piscataway, NJ: Rutgers University Press. Raskin, A. , Schulterbrandt, J. , Reatig, N. , ; McKeon, J. (1969). Replication of factors of psychopathology in interview, ward behavior, and self-report r atings of hospitalized depressives. Journal of Nervous and Mental Disease, 148, 87-96. Roelands, M. , Van Oost, P. , Buysse, A. , ; Depoorter, A. (2002). Awareness among community- dwelling elderly of assistive devices for mobility and self-care and attitudes towards their use. Social Science and Medicine, 54, 1441-1451.Rosenberg, M. (1965). Society and the adolescent self-image. Middletown, CT: Wesleyan University Press. Substance Abuse and Mental Health Services Administration, Center for Mental Health Services, ; National Institute of Mental Health. (1994). Mental health: A report of the Surgeon General— Executive summary: Chapter 5–Depression in older adults. Rockville, MD: Authors. Retrieved February 13, 2003, from http://mentalhealth. org/features/surgeongeneralreport/chapter5/sec3. asp Schiller, J. , & Bernadel, L. (2004). Summary health statistics for the U. S. opulation: National Health Interview Survey, 2002. Vital Health Statistics, 10(220) 1-101. Tomita, M. , Mann, W. , & Fraas, L. (2004). Predictors of the use of assistive devices that address physical impairments among community-based frail elders. Journal of Applied Gerontology, 23, 141-155. Verbrugge, L. , & Sevak, P. (2002). Use, type, and efficacy of assistance for disability. Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 57B, S366-S37 . Wechsler, D. (1955). Manual for the Wechsler Adult Intelligence Scale. New York: Psychological Corporation.Westfall, P. , ; Young, S. (1993). Resampling-based multiple testing: Examples and methods for p-value adjustment. New York: Wiley. Wilcoxon, F. (1945). Individual comparisons by ranking methods. Biometrics, 1, 80-83. William C. Mann, OTR, PhD, is Chairperson and Distinguished Professor, Department of Occupational Therapy, University of Florida, P. O. Box 100164, Gainesville, FL 32610-0164; [email  protected] ufl. edu Jessica L. Johnson, MA, OTR/L, is Research Assistant, RERC-Tech-Aging, Rehabilitation Scie nce Doctoral Program, University of Florida, Gainesville.Lisa G. Lynch, MHS, OTR/L, is Occupational Therapist and Owner, Creative Therapy Works, Inc. , Lake Worth, FL. Michael D. Justiss, PhD, OTR/L, is Assistant Professor, Department of Occupational Therapy, Indiana University-Purdue University at Indianapolis. Machiko Tomita, PhD, is Associate Professor, Department of Rehabilitation Science, University at Buffalo, State University of New York. Samuel S. Wu, PhD, is Assistant Professor, Department of Epidemiology and Health Policy Research, University of Florida, Gainesville.

Life and Work of Roy Lichtenstein, Pop Art Pioneer

Life and Work of Roy Lichtenstein, Pop Art Pioneer Roy Lichtenstein  (born Roy Fox Lichtenstein; October 27, 1923  Ã¢â‚¬â€œÃ‚  September 29, 1997) was one of the most prominent figures in the Pop Art movement in the United States. His use  of  comic book art as source material to create large-scale works in the Ben-Day dot method became a trademark of his work. Throughout his career, he explored art in a wide range of media, from painting to sculpture and even film. Fast Facts: Roy Lichtenstein Occupation:  ArtistBorn:  October 27, 1923 in New York City, New YorkDied:  September 29, 1997 in New York City, New YorkEducation:  Ohio State University, M.F.A.Notable Works:  Masterpiece  (1962),  Whaam!  (1963),  Drowning Girl (1963),  Brushstrokes  (1967)Key Accomplishments:  American Academy of Arts and Letters (1979), National Medal of the Arts (1995)Spouse(s):  Isabel Wilson (1949-1965), Dorothy Herzka (1968-1997)Children:  David Lichtenstein, Mitchell LichtensteinFamous Quote:  I like to pretend that my art has nothing to do with me. Early Life and Career Born and raised in New York City, Roy Lichtenstein was the oldest child of an upper-middle-class Jewish family. His father, Milton Lichtenstein, was a successful real estate broker, and his mother Beatrice was a homemaker. Roy attended public school until he was 12  years old. He then attended a private college preparatory high school until he graduated in 1940.   Lichtenstein discovered his love of art in school. He played piano and clarinet, and was a  fan of jazz music. He  often drew images of jazz musicians and their instruments. While in high school, Lichtenstein enrolled in summer classes of the Art Students League of New York City, where his primary mentor was the painter Reginald Marsh. In September 1940, Roy entered Ohio State University, where he studied art and other subjects. His primary influences were Pablo Picasso and Rembrandt, and he  often stated that Picassos Guernica was his favorite painting. In 1943, World War II interrupted Roy Lichtensteins education. He served for three years in the U.S. Army and continued as a student at Ohio State University in 1946 with assistance from the G.I. bill. Hoyt L. Sherman, one of his professors, had a significant influence on the young artists future development. Lichtenstein earned his Master of Fine Arts from Ohio State in 1949. Early Success Lichtenstein had his first solo show in New York City in 1951,  years after he graduated from Ohio State. His work at the time fluctuated between Cubism and Expressionism. He moved to Cleveland, Ohio, for six years, then in 1957 returned to New York, where he briefly dabbled in abstract expressionism. Lichtenstein took a position teaching at Rutgers University in 1960. One of his colleagues, Alan Kaprow, a pioneer of performance art, became a new significant influence. In 1961, Roy Lichtenstein produced his first pop paintings. He incorporated the comic style of printing with Ben-Day dots to create the painting Look Mickey, featuring the characters Mickey Mouse and Donald Duck. Reportedly, he was responding to a challenge by one of his sons, who pointed at Mickey Mouse in a comic book and said, I bet you cant paint as good as that, eh, Dad? In 1962, Lichtenstein had a solo show at the Castelli Gallery in New York City. All of his pieces were purchased  by influential collectors before the show even opened. In 1964, amid his growing fame, Lichtenstein resigned from his faculty position at Rutgers to concentrate on his painting. Emergence as a Pop Artist   In 1963, Roy Lichtenstein created two of the best-known works of his entire career: Drowning Girl and Whaam!, both of which  were adapted from DC comic books. Drowning Girl, in particular, exemplifies his  approach to creating pop art pieces out of existing comic art. He cropped the original image to make a new dramatic statement, and  used a shorter, and more direct, version of the text from the original comic. The massive increase in size gives the piece a very different impact from the original comic  book panel. Much like Andy Warhol, Lichtensteins work generated questions about the nature and interpretation of art. While some celebrated the audacity of his work, Lichtenstein was heavily criticized by those who argued that his pieces were empty copies of something that already existed. Life magazine ran an article in 1964 titled, Is He the Worst Artist in the U.S.? The relative lack of emotional engagement in his work was seen as a slap in the face to the soul-baring approach of abstract expressionism.   In 1965, Lichtenstein  abandoned the use of  comic book images as primary source material.  Some critics are still bothered by the fact that royalties were never paid to the artists who created the original images used in Lichtensteins large-scale works.   In the 1960s, Roy Lichtenstein also created cartoon-style works with Ben-Day dots that reinterpreted classic paintings by art masters, including  Cezanne, Mondrian, and Picasso. In the latter part of the decade, he created series of paintings that depicted comic-style versions of brushstrokes.  The works took the most elemental form of traditional painting and turned it into a pop art object, and were intended to be a send-up of abstract expressionisms emphasis on gestural painting. Later Life In 1970, Roy Lichtenstein bought a former carriage house in Southampton, Long Island, New York. There, Lichtenstein  built a studio and spent most of the rest of the decade out of the public spotlight. He included representations of his older works in some of his new paintings. Throughout the 1970s and early 1980s, he also worked on still lifes, sculptures, and drawings.   Late in his career, Lichtenstein received  commissions for large-scale public works. These works include the 26-foot  Mural with Blue Brushstrokes at New Yorks Equitable Center, created in 1984, and the 53-foot Times Square Mural for the New Yorks Times Square Bus Station, created in 1994. The corporate logo for Dreamworks Records, commissioned by David Geffen and Mo Ostin, was Lichtensteins last completed commission before his death. Lichtenstein died of pneumonia on  September 29, 1997  after several weeks of hospitalization. Legacy Roy Lichtenstein was one of the leading figures in the Pop Art movement. His method of turning ordinary comic strip panels into monumental pieces was his way of elevating what he felt were dumb cultural artifacts. He referred to pop art as industrial painting, a term that reveals the movements roots in mass production of common images.   The monetary value of Roy Lichtensteins work continues to increase. The  1962 painting Masterpiece  which sold for $165 million in 2017, features a cartoon bubble whose text is seen as a wry prediction of Lichtensteins fame: My, soon you will have all of New York clamoring for your work. Sources Wagstaff, Sheena.  Roy Lichtenstein: A Retrospective.  Yale University Press, 2012.Waldman, Diane.  Roy Lichtenstein. Guggenheim Museum Publications, 1994.

Disagreements on the Interpretations of the Zhuangzi Essay

Disagreements on the Interpretations of the Zhuangzi - Essay Example These differences can be summed up in presenting two modern analyses and interpretations of some parts of the Zhuangzi, with emphasis on the governing forces that shape and control the universe. For writer Erica Brindley, she interprets the Zhuangzi as the driving force and endless source of power that moves the universe and is above even Heaven itself is the Dao ?, which is â€Å"an upright way†, â€Å"a method†, â€Å"a path†, or â€Å"a truth†.1 The Dao allows the proliferation of diversity, thus any kind of method is considered acceptable as long as it is in line with the truth, making it a cyclical or a circular concept. Meanwhile writer Michael J. Puett interprets Heaven or Tian ? as the apex in the universal hierarchy and governs laws initiating changes and transformations, similar to patriarchy as a social order.2 Because the two authors read and interpreted the Zhuangzi using two different terms with differing ideologies, there are disagreements b etween the two, wherein Brindley’s interpretation of the Zhuangzi shows that the universe has a cyclic nature accessible through transcendence, while Puett’s interpretation states that the universal hierarchy is linear with Heaven at the apex, and man must live in balance with it without having to enter transcendence. Comparisons of the Two Interpretations of the Zhuangzi Brindley’s interpretation of the Zhuangzi gives a greater emphasis on the Dao as the all-encompassing, dynamic, unbounded and limitless driving force that shapes the cosmos and initiates its constant transformations.3 This is due to how she explains some ideas in the Zhuangzi using the Dao as the major influence. For example, she interprets the Dao to be impersonal, thus when a person unites with it, the perception of the self ceases to exist and becomes indistinguishable through emptiness, Wu ?. Thus this person does not act of his own accord anymore, because the self is no more. A passage fro m Zhuangzi mentions the impersonality of the Dao: â€Å"The Way has its reality and its signs but is without action or form. You can hand it down but you cannot receive it; you can get it but you cannot see it (Zhuangzi 6.9).†4 The idea is similar to Descartes’ â€Å"I think, therefore I am†, but instead it becomes I no longer am, and thus my thoughts are not mine.5 This turns thoughts from something personal to something that is not from the person, thus being impersonal. On the other hand, Puett’s interpretations of the Zhuangzi gives more emphasis on Heaven to be the one governing all changes that happen in the universe, and that humans must strive not to work against it, but rather follow its patterns.6 This is because resisting or controlling these changes makes people resentful, and will turn into an endless cycle of dissatisfaction, whereas allowing changes to happen as fate brings one pleasure and peace. This can be further explained using a passa ge from Zhuangzi: â€Å"Such things from time to time may happen to come your way. When they come, you cannot keep them from arriving, but when they depart you cannot stop them from going (Zhuangzi 16.5).†7 By allowing things to happen according to the patterns of Heaven and forgoing all, man can easily live in peace. Another disagreement between Brindley’s and Puett’s interpretations of the Zhuangzi is on how normalcy or humanity is defined. For Brindley, what the universe creates that man does not see normal are the products of how the Dao allows diversity to exist in the cosmos, while for Puett anything that exists in nature, regardless of whether humans consider it normal or not are still the products of the will of Heaven and are thus â€Å"heavenly†. The two texts both mentioned the following passage from Zhua

Economics Forecast Paper Essay Example | Topics and Well Written Essays - 500 words

Economics Forecast Paper - Essay Example Adjustable home loan rates have attracted more consumers. The risk involved in the possibility of increases in interest / repayment obligations which was not realized by the consumers, is now being driven home literally. The crisis got deepened due to the unregulated growth of derivative markets for mortgage loans, which has now impacted everyone – the consumers, the financial institutions, the industry and the national economy as a whole. As can be seen, the rates remained high during 1995 – 2000 and started declining from 2001 to 2004 but again started firming up from 2005 onwards. Increase/decrease in the bank prime rate has corresponding impact on commercial lending in the economy. This period coincided with the decline in the number of housing starts both nationally and in California, which in the later area reduced from 1 million plus to just about 200,000 during the above period. In view of the serious crisis in the mortgage and financial industries, and in order to avoid the lurking fears of recession, one can forecast that the bank rates across the sectors will soften in the short to medium term period, as already confirmed by the 25 basis points cut announced by the FED this week. This policy approach will help to stabilize the home loan industry and at the same time impact the national economy positively. Budget deficit is the gap between the planned spending and revenues of the government for a given financial year (It becomes a surplus if the revenue exceeds the spending). The higher the government spending, the higher is the economic activity and vice versa. However, pumping too much money into the system, without creating corresponding products or services, will stoke inflationary trends and can lead to a decline in consumer spending and hence, a decline in the demand. A delicate balance is maintained to help economic growth without raising