Chaucers Canterbury Tales - Comparing the Millers Tale and the Reeves Tale :: comparison compare contrast essays

Comparing the Miller's Tale and the Reeve's Tale  Ã‚      In the conclusion between the Miller's Tale and the Reeve's Tale, the Reeve's Tale is far more insulting and malicious and convincingly closer to the true definition of quiting, then the Miller's Tale. The Reeve's Tale defines what trickery and evildoing and cuckolding is. The Miller's Tale is more of a tale dealing with a form of black 'humor and slapstick comedy, rather than a succession of put-downs which occurred in the Reeve's Tale.   Ã‚  Ã‚   In the Miller's Tale, we see many insults directed towards bow ignorant the man was in choosing the right wife for marriage. He picks out an eighteen year old bombshell, named Allison and John, the carpenter, who marries her says:   Ã‚  Ã‚   This carpenter had married a new wife Not long before, and loved her more than life. She was a girl of eighteen years of age. Jealous he was and kept her in the cage, For he was old and she was wild and young; He thought himself quite likely to be stung.   Not only are their ages apart, but they share no similarities in their lifestyles, pointing to the fact that he is a dimwitted fool. (MiLT 89)   Ã‚  Ã‚  Ã‚   The other quiting of the Reeve in the Miller's Tale is when, once   again, the carpenter is portrayed as a dullard by being totally oblivious to the situation; Allison, his wife, and a man named Nicholas, a man known locally for making love in secret, (which was his talent), are trying to have sexual laissons behind John's back. (MiLT 91). They get John to believe that a great flood, worse than Noah's is coming, and will destroy all of them. This fool by believeing this tale and following them with the preparations protects himself, even though no flood of any sort arises. This is the ultimat act of stupidity! The Reeve's Tale about the Miller is a perfect example of evil and trickery at it's best. The part being that in the end, the trickster becomes tricked over and over againt but the tables turn and the Miller is the real loser having lost his stolen flour and to add insult to injury, he finds out that his wife and daughter have been cuckolded especially after all the jargon about the following:   Ã‚  Ã‚   In order to have Simpkins his relation, The nuns had given her an education.

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.

Philosophy of Counseling Essay

The purpose of the school counseling program is to guarantee academic, social, and professional success among all students. School counseling is s collaborative relationship between students, school counselors, teachers, parents, administrators, and the community. Through these partnerships, the counseling program will develop a support system to enhance student achievement and promote growth of future productive citizens. The role of the school counselor is very active. School counselors must be an assertive advocate by creating opportunities for all students to foster their dreams and achieve their goals. A dedicated counselor plays a major role in the school through research, data, collaboration, individual counseling, group counseling, career planning, and caring for the students overall well being. The school counselor serves as a leader and team member; working with parents and school personnel to make sure that each student succeeds. Human nature can be viewed as all individuals are considered equally good. People are creatures of habit and learn from their cultural upbringings and the ones around them. Now days, students deal with poverty, single-parent households, thoughts of suicide, neglect, abuse and so much more. In this complex society, it is necessary to provide learning experiences which will empower the child to overcome life challenges and set achievable goals. Goals can be reached by change. I feel an individual can change through awareness and influence. Students have to want to change and be aware that there is a need for change. The role of the professional school counselor is to support and influence the student. Change is achievable by tracking data and giving constructive feedback. The counselor will assist student in their academic, social, emotional and personal change and help to decide the best ways to successfully achieve their goals. Disaggregating data is the foundation for the school counseling program. The use of these resources will track student progress and provide evidence for growth. Data also helps the school counselor understand what is and is not working in the counseling program. If a student is not successful then we are not providing the correct interventions for that particular student. The changing needs of students, families and schools require professional school counselors who are current with new counseling programs. These programs must focus of students academic, career, and personal/ social needs. I feel as society changes that the students are setting the new goals for the counseling program. It is essential for the school counselor to foster and set realistic achievable goals for the student.

Charles Inglis essays

Charles Inglis essays Charles Inglis was born in Donegal, Ireland in 1734. As an Anglican clergyman and a Loyalist, he came to America. He became a teacher and then was ordained to London, England in 1758. He returned though to America in 1759 to be a missionary in Dover, Delaware until 1765. In late 1765, Charles Inglis worked with Rev. Thomas B. Chandler as assistant to the rector of Trinity Church in New York City. During this time he worked for establishment of an American diocese. After the outbreak of the Revolution in 1776, Charles Inglis answered Thomas Paines Common Sense and it was titled The True Interest of America. Following Rev. Samuel Auchmuty, Charles Inglis became Rector of Trinity in 1777; he continued writing against the American reason over the pen name Papinian. In 1783 he returned to England where he was consecrated first Bishop if Nova Scotia in 1787. Charles Iglis was a very good writer. He cared a lot about how America treated him. I dont really thing he got enough recognition because I couldnt find out a lot about him. I wish I were able to though. He seemed to have done a lot for writing in America and expressing feelings freely. He is a great role model for writers who want to change the world. ...

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You can create this Research Proposal Example | Topics and Well Written Essays - 500 words

You can create this - Research Proposal Example Welcoming international trade, the country is expanding its business relations with Spain (its closest neighbor), the US, and African countries. In many cases goods shipped to Portugal do not arrive there directly, but come to some other country of the EU, and only then travel to Portugal – in order to use the advantage of lower value added tax rates of the other country. Companies entering the Portuguese market are welcome to contact the closest US Export Assistance Center which supports exporters. U.S. & Foreign Commercial Service (100) recommends entering the market with an assistance of a local partner. Besides, finding a group or a right person to obtain useful advice and contacts is considered to be very beneficial because personal contacts are important for conducting a successful business in the country. In order to establish an office in Portugal, one should create a Portuguese company according to the country’s law. For most tenders and goods price is more important than quality. So, in order for a product to be competitive, the price must not be higher than that of the rivals. Portuguese importers now prefer to receive C.I.F. or F.O.B. quotations that include a product description, shipping weight, volume and time of shipment and delivery. Though such invoices (with all the mentioned above information) are not mandatory, they are very desirable. The largest part of the businesses of the country is concentrated in Lisbon, a capital of Portugal. Modern techniques of conducting business are widely spread in the country. However, traditional values are still in a great respect: personal contact and a handshake are still considered by many Portuguese businessmen to be more valuable than a signed contract. At the same time, a request for a formal contract will not offend them. At the same time, personal relations are valued and respected more than any legal

The description, feeding and threats of Arabian oryx Essay

The description, feeding and threats of Arabian oryx - Essay Example It has black markings on its face and legs and is of the size of a deer. It has reasonably long legs with wide hooves that help them in running in deserts. It possesses a splendid peripheral vision that helps it in spotting predators. It has the ability to increase its body temperature and make it higher than the ambient air in order to lose inordinate body heat (Walther, 1990). Although, sweating also helps the animal in loosing heat. The ability to increase its body temperature permits the Arabian Oryx to release heat into the surroundings. The brain is, however, protected during the process of increasing body temperature by the cool blood that returns from the nasal pathways, thus absorbing heat from arterial blood that is destined for the brain (Walther, 1990). (National Wildlife Research Center, 2007). The Oryx leucoryx (Arabian Oryx) is also known as white Oryx. It is a moderate-size antelope with a distinguishable shoulder bump, a tufted tail and long and unbowed horns. It is a bovine and is the smallest-sized member of the genus Oryx, native to steppe and deserted regions of the Arabian Peninsula. By the years 1970s, the Oryx leucoryx had vanished in the wild but was preserved in private preserves and zoos and then was reintroduced, in 1980s, into the wild (Wildscreen, 2013). It was enlisted as an endangered species in 1986 on the IUCN Red List while it was the first animal species that was reverted to vulnerable status after being categorized as extinct species in the wild. The populations of Arabian Oryx, in 2011, were estimated to be more than 1,000 animals in the wild while there are around 6,000-7,000 animals in the preservation areas and zoos worldwide (Wildscreen, 2013). General Description The scientific name of Arabian Oryx is Oryx leucoryx. It belongs to the Order Artiodactyla, family Bovidae. Its range of habitat noticed formerly was Iraq, Syria, Jordan, Israel, Arabian Peninsula and Sinai. Sand deserts and gravel plains constitute the habita t of Arabian Oryx. Its diet includes herbs, fruits, grasses, melons and roots. The average body length has been found to be around 5.3 ft/ 160cm. The average shoulder height is approximately 2.7-3.4 ft/ 81-102 cm. The tail length has been recorded to be 1.5-2 ft/ 45-60 cm while its weight is 143-154 lb/ 65-70 kg (AZA, 2009). The colour of its coat is white in colour, without any colour washes, as noticed in the other species of Oryx. The colour of its legs is brownish black, excluding the ankles, which have white bands. Its face is spotted with black splotches that run from the eyes, beneath the jowls and down the cheeks, and dark hair triangles are noticeable down the nose bridge as well as on the forehead. The tasselled tail of the Arabian Oryx is somewhat dark brown and black. The unbowed, long, ridged horns are noticed in both sexes of the Arabian Oryx, growing 1.6-2.2 feet/ 50-68 cm long (AZA, 2009). It is a white, graceful antelope, standing 3 to 4 feet tall and around 300 pou nds weight, with black markings on the legs and face. Its white cost radiates the sunlight while during cold mornings heat is absorbed by the dark legs from the ground. The wide ears of the Arabian Oryx are circular at the tips. It is a keen-sighted animal, alert and wary, which protects itself by lowering its head in order to point forward its horns (AZA, 2009). The wandering herd comprises a leading male and various females with their young ones. Arabian Oryx is able to go without water for long periods, and the