Staying Positive free essay sample

Staying positive Staying positive under pressure is one of the hardest thing u can do. Being positive when the odd are stack against u and u have all of your friends, co-worker or teams counting on u is not as easy as it sounds. When you’re in a job interview or in a game or tournament and you are expected to do your best is when the pressure kicks in the most and fears and nervousness kicks in right behind it. Being positive for my first game in my high school handball team was one of the hardest things I ever had to do. When my coach called my name for my first school game it felt like my heart skip a beat and what made it ever more worst it was the match that decide if we won the game. Walking on to the court I could feel how fast my heart was beating and how much my hands were trembling. We will write a custom essay sample on Staying Positive or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The only thing that was going through my mind was â€Å"I better not mess or play bad today and show why I deserve to play as part of this team† at that same moment I felt like i forgot how to completely play like it was something completely new to me and I did not want to be there but in the end I was successful. Let me offer some advice on how to stay positive. One of the best ways to stay positive during a pressure if it’s a job interview or a big game is simply not to think about it or how huge it but to relax and let it fellow be yourself and what u need to do without stressing the major concept of it. Another piece of advice is to try to smile and enjoy yourself and come off confidence.

Relationship between Economic Growth and Nations Health

Relationship between Economic Growth and Nations Health Introduction Economic growth is deemed a positive attribute and it is one of the major aspirations of all nations. This growth results in prosperity for the nation as citizens the per-capita income rises and individuals gain a higher purchasing power.Advertising We will write a custom essay sample on Relationship between Economic Growth and Nations Health specifically for you for only $16.05 $11/page Learn More In addition to this, other positive outcomes such as improved standards of living, better education opportunities, and better health care are attributed to economic growth. Researchers suggest that good health and economic growth influence each other in profound ways and each has major consequences on the other (Guillem et al. 240). Ascertaining the influence of economic growth in health care is necessary for policy makers since such an intimate understanding of the relationship between economic growth and population health will enable them to formula te astute policies that will foster economic growth and enhance population health. This paper will argue that there is a clear relationship between economic growth and the nation’s health with greater economic growth resulting in better health outcomes for the general population. Positive Impact of Economic Growth on Health Outcomes There is a strong correlation between economic growth and better environmental protection measures. Panayotou reveals that as a countrys economy becomes stronger, greater environmental protection measures are adopted therefore countering the negative impacts that increased industrial activity might have on the environment (45). Growth in economic activity results in an increase in business expenditures on pollution abatement costs. Researchers demonstrate that as countries increase their industrial activity in order to fuel economic growth, the amount of money dedicated to reducing the emission of pollutants increases (Guillem et al. 250). Data fr om the OECD reveals that expenditures by the government and private establishments to reduce pollution increased with the increase in income per capita. The pollution abatement costs in the Netherlands rose from 1.6% in 1990 to 2.0% of GDP in 1998. This increase in abatement costs is the norm in industrialized countries reflecting the desire by governments and private entities to reduce pollution with the increase in economic growth. Economic growth therefore drives nations to take action to protect the environment and therefore improve the health outcomes of the population by ensuring that they are not subjected to high levels of pollution. A growing economy is by itself an indication of a healthy population since economic growth is fostered by good health among society members. Guillem, Rivera and Luis reveal that good health raises levels of human capital and this has a positive effect on economic growth rates (3). Healthier populations generally exhibit higher productivity furth er boosting economic growth.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Healthier workers will exhibit higher work productivity since they will have reduced incapacity, and absent days from work therefore raising performance. The UN and ESCAP state that Good health increases the physical capacities of workers thereby enhancing their productivity (6). Economic growth will only be experienced if there is good health among individuals in the population. This growth is therefore an indicator of thriving health outcomes among individuals in the nation. Economic growth results in an improvement in the standards of living and nutrition for the general population. Guillem et al observes that these outcomes of economic growth result in better health for individuals (242). Poor economic conditions are characterized by lower standards of living where sanitation levels are low therefore exposing people do diseases. A poor economy is further on characterized by low incomes by individuals, which makes it impossible for them to enjoy a good nutrition. High standards of living ensure that people are able to observe good hygiene and avoid opportunistic infections. The UN and ESCAP states that diseases such as typhoid and diarrhoea are caused by poor sanitation and such illnesses are confined to areas where standards of living are low (7). Economic growth will therefore ensure that people are not prone to diseases that are exacerbated by poor standards of living. Economic growth has been fuelled by technological advances made by humans over the centuries. With new technological progress, the economic growth of a nation is elevated. Guillem et al documents that this technological progress is reflected in improvements in medicine and medical technology (242). These improvements mean that better cures are obtained for illnesses that typically afflict people and the mortalit y rate is therefore reduced. Research supports this assertion with studies showing that life expectancy is a significant predictor of income levels and also of future economic growth (Guillem et al. 242). Improvements in health outcomes in the last century were attributed to the technical progresses made. UN and ESCAP document that mortality declined by about 50% from 1960 to 1990 because of technical advances, which can be directly linked to economic development (8). This assertion is corroborated by Swint et al. who elaborate that new technologies developed because of economic growth have increased health knowledge and this has led to tremendous declines in childhood mortality rates and contributed to human longevity (78). Economic growth enables the government and individuals to invest in health. The successful economy will result in surplus capital that will enable people to access better health. The UN and ESCAP document that lack of financial investment in health is the critic al factor behind underdeveloped health systems in many countries (7).Advertising We will write a custom essay sample on Relationship between Economic Growth and Nations Health specifically for you for only $16.05 $11/page Learn More This underdevelopment in health care facilities makes it impossible for governments to provide access to universal health care for their citizens. Financial constraints also affect the quality of services in the available health care facilities that contributes to the prevalence of ill health in many poor countries. Sustained economic growth will create wealth that will enable the government and private actors to invest in the health sector. Investment by the private sector is encouraged by economic growth since the investors are assured of getting returns on their investment since the population will be able to afford health care. This premise is confirmed by Guillem et al note that economic growth leads to greater consumption and investments in health care: a fact that has led many economists to admit that improvements in economic growth and health are mutually reinforcing (250). Data indicates that the environment is improving in developed countries and these improvements are credited to the growth in the economy. Aguayo-Rico observes that cities in the US are cleaner than they were in the past and there have been some cases of dramatic improvements in environmental quality as the emission of health threatening toxics is reduced to marginal levels (5). A review of air pollutant emissions in the US since 1940 demonstrates that the levels of emissions decrease as the income per capita increases. Data from 1940 to 1998 shows that emissions of sulphur, nitrogen oxides, and carbon monoxide all decreased by an average of 98%, 60%, and 88% respectively during this period (Aguayo-Rico 6). Economic growth will result in significant reduction in pollution levels and therefore lead to a decline in the number of di seases caused by pollutants. Economic growth may directly lead to less pollution by driving nations away from the pollution intensive industries. Swint et al argue that countries are likely to shift to less pollution intensive industries as their economy grows and this will lead to better health outcomes since pollution levels will be lowered (96). This argument is supported by the realities in the United States where the manufacturing industry has experienced a slow but steady shift towards less pollution intensive industries and therefore significantly reduced the pollution levels in the country. Economic growth has made it possible for the country to do away with some of its most pollution intensive industries over time with positive health outcomes being realized by the population. Negative Impacts of Economic Growth on Health Economic activity is often accompanied by industrial activity that results in environmental pollution. Davis reveals that economic activity affects the le vels of air pollution and by extension human health (1951). The level of air pollution is influenced by the economic activity with high levels of economic growth translating to higher industrial action and therefore higher air pollution levels. Air pollution is a health risk and it results in marked increases in mortality rates.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Aguayo-Rico asserts, The levels of particulate matter in the air are associated with the risk of death from all causes and of cardiovascular and respiratory diseases (5). Economic growth leads to the emission of chemicals that cause severe health effects such as cancer, damage to the immune system to name but a few. Economic growth often results in the emission of unwanted by-products, which have to be disposed of. Nature is expected to act as a sink to these harmful pollutants and when a country lacks good waste management practices, environmental quality falls. It is therefore probable that declining economic growth would increase the health outcomes of the population since it would be characterized by lower industrial activities and environmental pollution. Economic growth in most countries is characterized by a growing margin between the rich and the poor. This statement holds true for most developed countries as well as developing countries such as India and China. The income i nequality fuelled by economic growth does not foster the development of public health since there is inequitable access to health care opportunities. Aguayo-Rico argues that people in highly industrialized regions such as cities are forced to spend more on health care since they are exposed to higher risks due to pollution (5). However, only the richest portion of the urban population can afford to indulge in these expensive health care services. Orme et al. argues that societies that are more egalitarian are healthier and more socially cohesive (216). The authors further argue that good health outcomes in a society are not just the by-product of economic growth but rather a product of domestic social policies that promote equitable health care opportunities. Economic growth is therefore not necessary for progress to be made in public health and the health outcomes of the population Economic growth poses an emerging public health risk for many societies. Orme et al. explain that as a nation experiences economic growth, it experiences an increase in its urban-based population, a transition that brings new public health risks (217). The effect of communicable diseases such as the recent outbreak of the Severed Acute Respiratory Syndrome in urban populations is major due to the dense population in these areas. Non-communicable diseases such as coronary heart disease and cancers are also on the increase due to economic growth and development. Coronary diseases are mostly caused by the lifestyle choices of the individual. As the economy advances, people have more money to use on The World Health Organization reveals that, there is a link between economic growth in the developing world and tobacco-related diseases (Orme et al. 217). Increase in tobacco-related morbidity and disease is therefore directly linked to economic growth. Economic growth has caused global environmental changes. Researchers agree that key global environmental changes have been brought about b y the intensity of modern consumer driven economies (Orme 220). These changes to the earths climate have long-term risks to the health outcomes of the population. The WHO illustrates that fluctuations in climate variables have been responsible for the spread of infectious diseases (Orme 220). As the economic growth accelerates, the rate of environmental changes will increase therefore exposing the population to more infectious diseases. Economic growth will therefore contribute to the negative health outcomes of the population. Discussion While the link between health and economic development is straightforward, the link between economic development and health is complicated with some researchers arguing that economic growth is detrimental to a nation’s health care while others declare that it is beneficial to the health outcomes of the nation. This paper has demonstrated that economic growth will cause both positive and negative impacts on the health of the population. Howev er, research demonstrates that the negative impacts are only temporary in nature. The Environmental Kuznets Curve that proposes that the environmental first worsens as economic growth begins and then improves at higher economic growth levels can be used to explain the impacts of economic growth on health. From this theory, economic growth will at the beginning result in poorer health outcomes as the environment is intensely degraded to cater for the demands of the economic activity. However, the environmental impacts will be reversed when the levels of development are sufficiently high since the economy will move to technology that is more efficient, raise the levels of environmental quality, and therefore decrease environmental degradation. Conclusion This paper set out to argue that there is a positive link between economic growth and the health of the population. The paper has demonstrated that health and economic outcomes are mutually reinforcing in all the developed nations in the world. The spill over effects of economic growth result in higher health outcomes for individuals in the society and economic growth leads populations to live better lives and enjoy better health outcomes. Even so, it has been documented that economic progress does not automatically lead to better health and it may in fact be responsible for adverse impacts on the health of the population. Addressing the pollution effects of economic growth is integral to ensuring that economic growth and development do not impede the population’s health. From the discussions presented in this paper, it can be projected that economic growth will continue to be an important goal of economic policy in our country since it has mostly positive impacts on the health and well being of the nations citizenry. However, this positive impact will only be achieved if humans make use of the technological advances to make improvements in air quality and provide sanitation and proper waste management. Aguayo-Rico, Andres. â€Å"Empirical Evidence of the Impact of Health on Economic Growth.† Issues in Political Economy 14.1 (2005): 1-17. Web. Davis, Mary. â€Å"Recessions and Health: The Impact of Economic Trends on Air Pollution in California.† American Journal of Public Health 102.10 (2012): 1951-1956. Print. Guillem, Lopez, Rivera Berta and Luis Currais. Health and Economic Growth: Findings and Policy Implications. Massachusetts: MIT Press, 2005. Print. Organization for Economic Cooperation and Development (OECD). Pollution Abatement and Control Expenditures in OECD Countries?. Paris: OECD Secretariat, 2003. Print. Orme, Judy, Powell Jane, Pat Taylor, and Grey Melanie. Public Health for the 21st Century. NY: McGraw-Hill International, 2007. Print. Panayotou, Theodore. â€Å"Economic growth and the environment.† Economic Survey of Europe 5.2 (2003): 45-72. Web. Swint, Michael, Luisa Franzini, Chika Honda, Yuki Murakami, and Rafia Rasu. â€Å"Relationships b etween Economic Growth and Population Health in Low and Middle Income Countries.† Osaka Economic Papers 58.2 (2008): 74-106. Print. United Nations (UN) and Economic and Social Commission for Asia and the Pacific (ESCAP). Development of Health Systems in the Context of Enhancing Economic Growth towards Achieving the Millennium Development Goals in Asia and the Pacific. Paris: United Nations Publications, 2007. Print.

Aberlyn Capital

Executive Summary The venture leasing deal that Aberlyn proposed to RhoMed is an innovative way for RhoMed, a start-up firm, to acquire financing without diluting its equity value and raising debt in the market. Management believes that the firm is more valuable than venture capital firms would believe, and debt financing would be extremely costly since RhoMed doesn’t currently have positive cash flow. For Aberlyn, the main benefits of the transaction are the interest payments paid on the lease and potential to sell the patent for a much higher value than the original $1 Million valuation by RhoMed. However, this is a rather risky investment for Aberlyn. If RhoMed defaults on its payments, Aberlyn uses the patent as collateral and must sell it in the market. Since the patent is highly individualized and therefore may not be commercially feasible, the patent is probably worth less than what Lulu’s valuation suggests. RhoMed has limited options in terms of financing as the cost of debt and equity are both very expensive for start-up firms without positive cash flow. However, by going this route, they are risking losing the main driver of their business their patent. In order to value RhoMed as a whole we needed to make numerous assumptions, particularly on their future revenue streams, a huge driver for the valuation and share value, as our sensitivity analysis suggests. We believe that the revenue projections given in the case are far too optimistic. We projected our own descending annual growth rates for revenue and assumed that the firm reaches stability in 2004 and grows at the inflation rate of 3%. We estimated capex by using a constant percentage of revenue of 21% and we used our estimated capex to estimate depreciation. Based on these assumptions, the NPV for the value of the firm is about $19.5 M and with a share value of $3.45. To value the warrants we used the black-Scholes model and reached a call price of $180,915 in total or $2.63 per warrant. Alberlyn requires an implicit yield of 15-17% on firms characterized as â€Å"class 2.† To calculate the IRR for Alberlyn, we evaluated three different scenarios that could potentially occur. Case 1 assumes that RhoMed successfully makes all its payments and buys back the patent at $1 at the end of three years. This yields a 15% IRR. Case 2 assumes that RhoMed defaults on its payments and that Aberlyn then successfully sells the patent in the market in 1995. In order to find then  appropriate sale price we assumed an IRR of 15% and backed into the purchase price of $2,750,652. Case 3 assumes that RhoMed defaults on its payment and Aberlyn is unable to find a buyer in the market. This yields a negative IRR and an NPV of negative 950 M, nearly equal to the negative amount of the initial investment. Based on our analysis we think that Aberlyn should not go ahead with the venture leasing deal and that RhoMed should reconsider issuing equity instead. Costs, Benefits, and risks of the venture leasing deal to Aberlyn and RhoMed Aberlyn 1. Benefits: This is a relatively novel transaction where an intangible asset is leased. As a frontrunner, Aberlyn has first mover’s advantage allowing it to capture profits from this innovative financing approach, even in future transactions after RhoMed. Aberlyn has an incredibly qualified management team and utilizes its expertise both in the case of RhoMed and in future leasing transactions. The two main benefits are the interest payments paid on the lease and Alberyn’s higher valuation of the patent. Aberlyn is providing $1 Million in cash to RhoMed but values the patent at $5 Million. If RhoMed cannot pay the interest or the principal then Aberlyn can use the patent as collateral and sell it in the market at a premium. This means that Aberlyn should be able to recoup its investment even if things do not go according to plan. 2. Costs: Aberlyn might have to engage in costly litigation in order to defend against possible infringements on RhoMed’s patent. If other companies sense that Aberlyn is unwilling to pay the litigation fees necessary in order to defend the patent, other companies will use the technology for free, rendering the patent worthless. 3. Risks: A. Novel Transaction: Since this is a relatively novel approach, and since RhoMed does not have experience with external financing, there are multiple areas under the discretion of Aberlyn’s management, which can ultimately determine Aberlyn’s profitability. B. Low cash balance: A potential risk is that RhoMed does not have enough cash flow to cover the interest expense and principal payments. According to Exhibit 6, the cash balance in 1992 is 21,351, and the net cash flow is -37,783. Considering that the interest expense for 1993 is projected to be 27,000, the default risk should be  highly considered. C. Highly specified product: Since the patent is not commercialized and targeted towards the individual, there might not be a market at all for the patent. It could be that if RhoMed does not exercise the option to buy the patent back or defaults on its payments and Aberlyn can’t sell the patent in the market, it would essentially be stuck with the patent, an a sset that has no value. We calculated the NPV in this scenario and concluded that Aberlyn would essentially lose nearly its entire investment. D. Another potential risk that Aberlyn faces is they are only purchasing one patent, and many firms regard one patent as being far less useful than a patent that is part of a broader portfolio. The patent would be more highly valued if antibodies, proteins, and peptides had already been patented and included within the Antibody Delivery System. E. This patent may actually capture a smaller portion of the market share than Lulu believes; this is because the product is highly individualized and not commercially feasible. If it is difficult for this new technology to capture as much market share as is predicted by Lulu, then Aberlyn will have difficulty selling the patent if and when RhoMed cannot meet its payment obligations. Another reason why it may be more difficult for Aberlyn to sell the patent is that much of the patent’s value is derived from the fact that RhoMed’s scientists have a lot of expertise in the area they are researching. If another firm that didn’t have the same level of human capital necessary to realize the full value of the patent bought the patent then they might value it less. RhoMed 1. Benefits: RhoMed can continue on with its business activities while maximizing its control of equity. Without the deal, RhoMed needs to find external financing from places such as banks until its IPO likely around 1994. Since RhoMed is a new company with negative cash flow, limited resources, and limited partnerships, most external sources of financing will be costly. Further, RhoMed’s founders want to retain their equity. Since most other venture capital firms want 30% equity, Aberlyn’s offer is attractive. 2. Costs: While the costs of maintaining the patent, such as defending it, are shifted to Aberlyn, RhoMed still bears additional leasing costs, which are similar to a loan and include both principal and leasing  interest payments. Although this is a significant cost, this cost is much lower than what the cost of traditional debt financing would be for RhoMed. 3. Risks: RhoMed faces quite a few risks, the main one being that they could lose their patents or what they deem proprietary technology. If RhoMed defaults on either the interest payments or the principal, then Aberlyn keeps the patent. If Aberlyn sells the patent in the market, RhoMed will lose its competitive advantage. Overall, RhoMed is putting the highest value of their business at a substantial risk. Nevertheless, this deal is necessary for RhoMed because of limited financing options. Lulu Peckering’s Evaluation The patents that RhoMed developed for immunotherapy of cancer treatment is a novel approach that has not been conclusively demonstrated. Therefore, there is no current market making it hard to find comparable firms and challenging to project future revenues. The best way to get a relative sense of how profitable the company can be is to try to size the market and make assumptions as to how much of the market RhoMed can capture considering the strength of the patent and the technology associated with it. There are two things to consider with Lulu Pickering’s patent evaluation. First are some of her assumptions. We agree with her valuation of the market size at $735.4 M. However, the assumption that RhoMed can capture 20% of the market seems unrealistic especially considering that if a PET machine is available, it will probably be used over other methods. This implies that splitting the market share evenly between the five options is probably not feasible. I would argue that PET will capture 40% of the market. The fact that the product is very individualized and less commercially feasible makes it even more difficult to believe that RhoMed can capture a substantial portion of the market. Therefore, we claim that they can only capture 10% of the market. Using the same method as in the case, we reach a market size of $36.8 M. Dividing that by half to account for the other risks discussed yields $18.4 M. Based on a royalty rate of 5% over the fourteen year time period of the estimate, with the assumption that this is relevant to all types of cancer, this equals $9.2 M. The discount rate is a measure of risk. Because we accounted for some of the risk associated with this product by  cutting down the size of the market, we can use the 7.3% premium above the risk free rate given in the case (13.35%) as the discount rate over 14 years: $9.2 M/(1.1335)^14 = $1.6 M. Assumptions for FCF of RhoMed and Valuation (Appendix 1) Revenues for RhoMed: We believe the revenue projections for RhoMed in Exhibit 7 are too optimistic. The revenue projections between 1993 and 1994 jump nearly 1000% and while start-ups do grow rapidly at the beginning, this seems highly optimistic. Given RhoMed is in its start-up stage, we project descending annual growth rates for revenue. We assume that the firm reaches stability in 2004 and then peg the subsequent growth rate to inflation at 3%.1 Capex: Given the condition that RhoMed is in a capital-intensive biotech industry, we calculated CAPEX as a constant proportion of revenue. We assume the ratio of CAPEX/Revenue remains constant at 21% (as in year 1992) over the following years. Depreciation: To calculate the depreciation, we use CAPEX and depreciated with a consistent 11-year life using the straight-line method. This patent has a 17 year life span and most PPE have a five year schedule. Therefore we chose an average of those two times, 11 years, as the depreciation schedule for the patent. We were then able to calculate depreciation each year using a depreciation schedule (Appendix 3). Terminal Value: For TV, we used the constant growth method, assuming a constant growth rate of 3% and discounted it back one year to yield a 2004 value of $55,642,743 (Appendix 2). Risk-free rate/discount rate: We used the risk-free rate of the 10-year U.S. Treasury bonds at 6.05%, which we think best reflects the length of the project and added a premium of 7.3% as stated in the case which yielded a 13.35% discount rate. Impact of Warrants: We took into consideration the impact of warrants. Since the warrant coverage ratio is 10%, it means 1,000,000*10%/3.45 = 29,000 warrants can be exercised. Therefore, we added this number to the current total shares outstanding. Based on these assumptions, the NPV for the value of the firm is about $19.5 M. As this is an all equity firm, this is also the firm value, dividing that by the number of shares outstanding (5,699,747) results in a share price of $3.43 (Appendix 2). Assumptions for Warrants and Valuation Sigma: We used the industry average sigma, 68% (from footnotes in Exhibit 10). Risk-free rate: We used the 5-year U.S. Treasury rate of 5.05% as a benchmark, matching the time horizon of the warrants. Valuation: We calculated the value of the warrants using the Black-Scholes model. For the inputs of the B-S model, we used the firm value of $19.5 M that we calculated above as Y, $1.45 for the exercise price, 5,699,747 for the number of shares outstanding, as provided in the case. Number of the warrants is calculated by multiplying 1,000,000 by the warrant coverage 10%, and then divided by the exercise price. Using alpha=n/(n+m), P=alpha*Y and X=(1-alpha)*n*Xw, we derive all the inputs for B-S model. Inputting those values in the model results in: P=234,317, X=98,798 and the value of the warrants or the call price = 181,501 in total or 2.63 per warrant (Appendix 4). Internal Rate of Return for Aberlyn Aberlyn is looking for a 15-17% implicit yield on patents falling into risk class â€Å"2.† We evaluated three different scenarios that could potentially occur based on the benefits, costs, and risks discussed earlier. Scenario 1: Optimistic View In this case, we assume RhoMed would successfully make all the payments and exercise the option to buy back the patent for $1 (which we ignore in our analysis since it’s so small). Amortization of the patent at the assumed book value of $1 million uses the straight-line method and is zeroed out after the sale. This yields a 15% implicit yield (appendix). Scenario 2: Optimistic Default on payments, sell patent. In this case, we assume RhoMed failed to make all the payments either interest or principal or both, loses the option to buy back the patents, and loses the patents in general. We assume RhoMed would fail to make those payments at year 3 (since they borrowed $1 M they could at least make the payment for the first couple years) and thus Aberlyn would sell the patent in the market in 1995. Using Aberlyn’s required implicit yield of 15%, as case 1, we backed out the required sale price of the patent in 1995 = 2,750,652 (appendix). Scenario 3: Pessimistic In this case, we assume that RhoMed would not be able to make payments at year 3 and that Aberlyn will not be able to sell the patent in the market. As discussed above, there could be a situation where Aberlyn cannot find a market for patent and would be left holding an asset that ultimately holds no value. In this case Alberlyn has a negative NPV of $950 M, nearly equal to the amount of the initial investment (appendix). From Aberlyn’s perspective it seems that there is little upside to pursuing this route. They are essentially acquiring an asset that could be replicated by other firms and that is highly individualized, highly narrowing the market. As the sensitivity analysis shows, RhoMed’s valuation and share price are very sensitive to revenue streams (appendix). Even if RhoMed does make the payments, the revenue projections might be off and considered the difficulty in commercializing an individualized product, it seems even less likely that their revenue projections will be realized. While a $1M investment is not large, they could face the possibility of losing nearly entire amount as scenario three indicates. While RhoMed has limited options, this is also a risky approach for them because they are gambling the main driver of their company the patent. While the founders don’t want to dilute equity value, they might want to reconsider traditional equity financing. While this is an innovative approach to venture capital, we think it is risky for both parties involved and we would recommend that they reconsider. Appendix 1 – FCF_Assumptions Appendix 2 – RhoMed FCF, Share Price, Depreciation Schedule Appendix 3 – Depreciation Schedule Appendix 4 – Warrant Valuation Appendix 5 – IRR Calculation

Statistical Data and questions Essay Example | Topics and Well Written Essays - 250 words

Statistical Data and questions - Essay Example Most runaway from their homes due to different forms of abuse, however, the abuse rate is at only 4% of their total population. Churches that take them in are reported to abuse them ‘spiritualy’ Promise House, an NGO that tries to resettle them writes on its website, â€Å"These are children. And it is time for us to see these teens as our children -- lost and alone, terrified and lonely. They have been abandoned by their parents, neighborhoods, cities, by our country. They are abused, sold into prostitution, preyed upon, ignored, assaulted, even murdered. And they are getting younger and are staying on the street longer.† The highest percentage of the homeless teens is run away cases at 67% of the total homeless teen population. Those who run do it mainly because of abuse either at home or at school. There are more females than males at 51% with African Americans leading at 66% followed by Hispanics, Caucasians then other in that order. There are programs ran by the state in partnership with NGOs like Family Connections and Promise House among others. They are offering comprehensive services such as educational support groups, drug-free alternative activities, and life enrichment services. The state has a plan to eliminate homelessness in general by 2014 called the Dallas Ten-Year Plan: An Action Plan to Identify Goals, Strategies and Methodology to Impact and End Chronic

Journal 1 Essay Example | Topics and Well Written Essays - 250 words - 5

Journal 1 - Essay Example During the reconstruction, factors such as social, cultural, political and economic emerged as the root problems that made Haiti experience hard times in handling this process on its own (Ulysses 38). Cultural illiteracy, witchcraft, Haitian Vodou, political instability like the 1991 military coup that ousted Jean- Bertrand Aristide and the effect of imperialism are some of the issues Ulysses highlights in his article (Ulysses, 40). Former American President Bill Clinton stated that the issue of money to reconstruct Haiti was not the fundamental problem, but the Haitians themselves. The earthquake unearthed Haiti’s history that is darkened by colonialism, racism, segregation, witchcraft, cultural illiteracy and political instability. It made Haiti look like, â€Å"a backward and uncivilized black country hidden in the west† (Ulysses 41). In conclusion, Haiti’s problems and internal threats can be summarized into social, cultural, political, and economic factors, which have long been embedded in their history since their independence. The 2010 earthquake justified that these factors need to be adequately addressed in order to solve Haiti’s

Child Responsibilities Essay Example for Free

Child Responsibilities Essay Many parents may be very strict on their kids when it comes to doing things like playing with fire, using power tools, having a job, or even owning a pocket knife, but I on the other hand, disagree. Although I understand that it’s very dangerous for kids to be handling such things, it also builds their character. You wouldn’t just allow any kid to be in charge of such thing, they must have maturity and responsibility up to a certain point to be able to be trusted in these situations. A speech titled â€Å"5 Dangerous Things you should let your kid do† by Gever Tulley on TED.com talks about kids who are allowed and even encouraged to do things most parents would never dare to let their kids be involved in. Tulley discusses how kids who participate in these activities build strong character. It’s good for kids to be in these kinds of environments as long as they already have responsibility up to a certain level. An issue similar to this that is thrown around in politic and economic discussions now days is child labor. Should we allow kids to have jobs? Should families who are economically struggling allow their kids to work in order to bring in enough food and necessities to the family? I don’t see a problem in child labor. Like Tulley, I agree with these ideas and think they build better personalities and make a child more understanding. Although, I do not think that a family should be able to force a kid to work, it’s also important to a kid’s childhood that they get a chance to be a kid, and not have to worry about work. The earlier a person starts working, the bigger chance they have to be successful in life. I can understand why some parent’s wouldn’t be willing to let their kids be in such environments, these environments can be very unsafe sometimes. A kid could have the possibility of cutting a finger off, or doing something that they would have to live with for the rest of their lives, but with adult supervision this is less likely to happen. Although UNICEF has stated that children are more likely to get hurt then adults because they have yet to learn what not to do, we have to understand that getting hurt can happen in any activity that a person participates in, that’s just part of life.

Johnny Five :: essays research papers

The tell 1964 AD: Archeologists that are getting workers to do some digging for Jewish treasures like the monorah in the 'fertile crescent' = Israel. They are in opposition on the ways of the jews, CULLINANE(Irishman) is introduced as main archeologist, in favor of equality, ELIAV thinks women aren't equal and they like it that way. The big find is the CANDLESTICK OF DEATH, nations fight over who gets it, tourist attraction. They integrate the different stories with this quote: "The Hoopoe bird ought to be the world symbol for archaelogists. Us archaelogists also go furiously about, poking our noses into the earth". Also talks about the flints that are found on the dig site that are relating to those of the UR family. Later on found more stuff that showed how much the Old Testament had evolved just in 1100 BC. Cullinane thinks that the Jews right to Israel is of custodianship†¦Ã¢â‚¬ ¦..END: Conclude that Makor was burned around 66 AD by Vespasian. American and Israeli converse about different big topics. ELIAV FINDS A FLINT FROM A HAND AXE SOME 200,000 YEARS OLD, BEFORE HOMO ERECTUS.PLOT *Makor is most charming of the Roman colonies (architecture) in the Jewish kingdom of Israel. *Fall of Rome caused by degenerate Emperors: 1Tiberius 2Caligula 3Claudius *Ongoing thought: if the British had succeeded in their plan for turning Palestine over to the Arabs, Jews would have hated them forever *Should it be Israel or Palestine The tell 1964 AD: Archeologists that are getting workers to do some digging for Jewish treasures like the monorah in the 'fertile crescent' = Israel. They are in opposition on the ways of the jews, CULLINANE(Irishman) is introduced as main archeologist, in favor of equality, ELIAV thinks women aren't equal and they like it that way. The big find is the CANDLESTICK OF DEATH, nations fight over who gets it, tourist attraction. They integrate the different stories with this quote: "The Hoopoe bird ought to be the world symbol for archaelogists. Us archaelogists also go furiously about, poking our noses into the earth". Also talks about the flints that are found on the dig site that are relating to those of the UR family. Later on found more stuff that showed how much the Old Testament had evolved just in 1100 BC. Cullinane thinks that the Jews right to Israel is of custodianship†¦Ã¢â‚¬ ¦..END: Conclude that Makor was burned around 66 AD by Vespasian.

Outline and evaluate Bruce and Young’s theory of face recognition Essay

The face recognition model developed by Bruce and Young has eight key parts and it suggests how we process familiar and unfamiliar faces, including facial expressions. The diagram below shows how these parts are interconnected. Structural encoding is where facial features and expressions are encoded. This information is translated at the same time, down two different pathways, to various units. One being expression analysis, where the emotional state of the person is shown by facial features. By using facial speech analysis we can process auditory information. This was shown by McGurk (1976) who created two video clips, one with lip movements indicating ‘Ba’ and other indicating ‘Fa’. Both clips had the sound ‘Ba’ played over the clip. However, participants heard two different sounds, one heard ‘Fa’ the other ‘Ba’. This suggests that visual and auditory information work as one. Other units include Face Recognition Units (FRUs) and Person Identity Nodes (PINs) where our previous knowledge of faces is stored. The cognitive system contains all additional information, for example it takes into account your surroundings, and who you are likely to see there. fMRI scans done by Kanwisher et al. (1997) showed that the fusiform gyrus in the brain was more active in face recognition than object recognition, this suggests and supports the idea that face recognition involves a separate processing mechanism. This model suggests that we process familiar and unfamiliar faces differently. That we process familiar faces using; structural encoding, FRUs, PINs and Name Generation. However, we use structural encoding, expression analysis, facial speech analysis and direct visual processing to process unfamiliar faces. However, there is evidence by Young et al. suggesting that the idea of double association is poor. He studied 34 brain damaged men, finding there was only weak evidence for any difference between recognising familiar and unfamiliar faces. An issue with this study and the model itself, is the use of brain damaged patients to prove it works. This is because there is only a small sample size so it is hard to generalise to the wider population. It is also unclear if it is the brain injury itself that causes the result and if it is the same for healthy people. There was a study done by Young, Hay, and Ellis (1985) that uses people with no medical issues. They asked people to keep a diary record of problems they experienced in face recognition. They found people never reported putting a name to a face while knowing nothing else about that person. This supports the model as it suggests that we cannot think of a person’s name unless we know other contextual information about them. Prosopagnosia is a condition where a person cannot recognise familiar faces, but only the features, not the whole face. The condition contradicts the model as it suggests that the process are most likely not separate. As most patients had severe problems with facial expression as well as facial identity, this suggests they are processed separately. The model can also be seen as reductionist, as it only gives a vague description of what the cognitive system does. However, there is research that does support the concept that there are two are separate paths for processing face recognition and facial expression. One being Humphreys, Avidan, and Behrmann (2007) who studied three participants with developmental prosopagnosia. All three had poor ability to recognise faces, but their ability to recognise facial expressions was similar to that of healthy individuals. A study that suggests that units of face recognition are separate is Bruyer et al. (1983). Who investigated a patient unable to recognise familiar faces, but who could understand their facial expressions, which implies that facial expression analysis and name generation is separately processed. This supports Bruce and Young’s idea of separate units. Further support for the idea of separate components of face recognition was shown by Campbell et al. (1986). They found a prosopagnosic who could not recognise familiar faces or identify their facial expressions, however they could perform speech analysis. This study suggested that facial speech analysis is a separate unit of face recognition.

!0 Tips for Excelling at a Job Interview Essay

1. Be prepared. Try to find out enough information about the employer, the company and the position you are applying for. Going into an interview not knowing anything will be an unpleasant surprise for you2. Be on time for the interview. This shows the employer that you are serious, dedicated and you’re punctuality is on point. This will make the employer have more interest in you 3. Make sure that you’re resume is believable an up to date. Include previous experiences in any type of work field. Extreme lies on you’re resume will be obvious and will ruin you’re chances of even getting the job. 4. Show confidence and try not to show signs of nervousness. Proving that you can compose yourself I a well manner under pressure is a great characteristic which will give the employer positive thoughts about you. 5. Don’t act like a know-it-all because no one knows it all. If you act like you know everything, this will make the employer feel like you can cause many conflicts in the workplace. If you don’t know how to answer a question, don’t make things up to sound good; most likely you will sound dumb. Just ask for a clearer explanation on the question and try your best to answer it. 6. When the employer is trying to speak, don’t cut them off. Try using your listening skills more than speaking to make yourself seen attentive and focused. This may be your interview but whatever the interviewer has to say to you is way more important than you blabbering away. 7. Have respect and show manners. Don’t chew gum or any type of food like substance during the interview. That can be very distracting and rude to the interviewer. 8. Refrain from trying to suck up to your interviewer. You don’t know them that well yet, nor do they know you well. Being too extravagant in an interview is never flattering and rather more annoying, pushy and desperate. They will most definitely not think you are the best fit for the job. 9. Keep eye contact with your interviewer to show the connection and interest in what you want to accomplish in the interview. This will also show that you actually care and make the interviewer believe that you are an alert and observant employee. 10. Please be sure to be yourself! Acting like somebody you’re not will get you little to nowhere if you get the job. When you are working, you won’t want to constantly act like something you’re not. To prevent that from happening, from the jump-start, show your true colors and personality. You’ll be surprised, many people will like you more if you be true to yourself.

The Self-Destruction of Humank essays

The Self-Destruction of Humank essays The Self-Destruction of Humankind in R. U. R. In Karel Capeks play R. U. R. (Rossums Universal Robots) the idealistic young Helena Glory arrives at the remote island factory of Rossum's Universal Robots, on a mission from a humanitarian organization devoted to liberating the Robots, which are being sold to the world as cheap labour force. Although Helenas decision to ask Dr. Gall, the head of the Physiological and Experimental Department of R. U. R., to make the robots more human was a foolish, naive miscalculation which leads to the extermination of the human race, she isnt the only one to blame for the destructive consequences of Rossums Universal Robots. Helena Glory arrives at the factory of Rossums Universal Robots as a representative of a group which wants to give more human rights to the robots. This is a contradiction in itself because one cant give something non-human the rights of a human. So in order to achieve her request the robots have to become more like human. But this request is very naive because Helena only considers the non-destructive human characteristics like love, to have a soul and to have a free will. The human features she doesnt think which robots shouldnt have are the will not to have a master just like Radius, a highly developed robot, says to Helena (p. 164). This characteristic is responsible for the formation of a Robot organization. Another charcteristic that the robots gain through Helenas decision is the struggle to increase their own power. Thats why the robtos want to rule over others just like Radius tells Helena (p. 164). The most devastating attribute that the robots acquire is to slaughter an d to dominate. Radius tells Alquist, that it was necessary to slaughter and dominate in order to become human beings (p. 192). This attribute was the one which lead to the extinction of the human race. At first Helena believed that it...

Strategic management Essay Example | Topics and Well Written Essays - 2000 words - 6

Strategic management - Essay Example After enumerating the internal and external business affairs of Lego, the essay emphasizes the drawbacks of the company and finds ways through which it may overcome its negativities. 1. Which stage of the industry life cycle is the Toy industry in? How has that affected Lego’s ability to gain market share? This is the period of globalization and liberalization when almost all the industries in the market are booming. International trade is at its zenith, when most of the business firms are enjoying the benefits of the growing market. Consumerism has become the catchphrase of the world economy in 21st century. Income levels of the developed economies are augmenting and the developing economies are emerging with high growth rates. At this stage per capita income levels of almost all the open economies in the world are improving. With the improvements in standard of living, the aggregate demand for luxuries and comforts has enhanced. Life cycle models are not only common to the l iving beings but also associate with industries. Even an industry begins, grows, becomes mature and finally collapse with time. This is not because an industry has life but because an industry’s existence depends on the consumers whose taste and preference changes with time. The toy industry is at its peak of life cycle, where more than thousand companies operate in the industry with high turnovers and revenues. In United States the industry generates high revenue of about $20 billion (Little & King Co., 2010). Top popular toy companies are Lego, Mattle, Hasbro etc. A big segment of the industry comprises of the game making companies like Sony, Microsoft and Nintendo. This industry manufactures a wide variety of toys like non-electric toys, children vehicles, preschool toys, stuffed animals, art & crafts, dolls etc. Toys are not only sources of entertainment for the children but also serve as basic academic tools to develop memory skills in them. Lego is a popular toy manufac turing company in Denmark, the headquarters of the company is in Billund. The company mainly engages in the manufacture of construction toys. The Lego bricks are generally colourful and can be used to make various types of toy cars or buildings. The growth of the toy industry has generated several positive externalities for Lego. The Lego group has exhibited unremitting growth since the last few years and the rates of growth have always been in double digits. The world’s best market for Lego bricks is U.S. Lego toys are marketed in more than 130 countries in the world. The company has a club of its loyal customers that comprises almost 4.2 million members. Today it can be hypothesized that on an average each individual in earth has approximately 80 Lego bricks to play with. Over the years more than 600 billion Lego elements have been manufactured (Lego, 2012). Figure 1: Lego House (Source: Lego, 2012) Producing bright and colourful bricks as toys, Lego have introduced a revol utionary change in the world of toys, where children may explore their creativity. The main driving force of the company is to encourage creative opportunities for all children.   Ã¢â‚¬Å"Our idea is to create a toy that prepares the child for life, appeals to the imagination and develops the creative urge and joy of creation that are the driving force in every human being†. The demand for Lego toys is increasing with time; accordingly the quantity of toy manufactured is also increasing. Figure 2: Experience

Take Home Final Assignment Example | Topics and Well Written Essays - 1000 words - 1

Take Home Final - Assignment Example Family planning policy in Brazil has undergone revolution in the recent years. It has undergone a series of development over the years. In the last decade, Brazil has experienced low birth rates due to increased access in education, contraception, and family planning. In Brazil, there was interventionism and it led to a drop in total fertility rates. Many of the citizens use artificial birth control as a tool to family planning. The influence from media, movies, soap operas, and television is a tool towards family planning in Brazil. This family planning has reduced fertility rates. In the early 1960s, every household had about six children but after this transition to family planning the number of children have significantly reduced to fewer than two children (Krugman & Wells, 2006). The policy of family planning in Vietnam was developed long ago in the 1960s. The national government advocated the policy of almost two children. The local govern is responsible in executing this policy. For any additional children the district government imposed fines. Women who agreed to be sterilized were given bonuses. The government used strict tools to ensure this policy is met. Individuals who never used contraceptives their names were announced in order to embarrass them. THz government went even a step to deny people who violated the policy their salaries, jobs, and promotions. This policy led to reduction in birthrate in Vietnam (Krugman & Wells, 2006). The total fertility rate dropped from 5.6 to 3.2. This policy is a high interventionism to ensure the two-child policy is met. In a declining trade economy, its effect will be felt on the workers. In developing workers are attracted to manufacturing sectors with high wages and move from the rural to urban (Krugman & Wells, 2006). This will be different in an economy where it has deteriorated and the trade declined thus reduced rural-urban migration. Harris model is an