Friday, August 24, 2012

Business and other

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International Freight farwarding Center of Mongolian Railway has been introducing computer automatic system since August 1, 001. Therefore we would like to underline to our all clients that you have been providedwith a great possibility to utilize our updated technology. On the other hand it is the biggest investment for our cooperation.



• You are able to contact your freight manager directly and quickly by e-mail due to every manager has own e-mail address through IFFC getting domain address by using internet netwok. Therefore, telephone and fax communication will be decreased and it will be qucker and economical with confirmation.

• You have a great chance to get tracing information on IFFC all arranging shipment by air, rail, sea and road without any approach with us whenever, wherever you want during 4 hours from our website in internet.




• In connection with all freight variables collected in one main database theres great improvement in information exchanging by eradicating repetition and upgrading accounting statement.

Obviously, you should have your own password to access our network and it will be supplied privately.

IFFC gained A classification by its capacity and resources from Ministry of Infrastructure and have a comprehensive authority to handle project and aid shipments besides running freight forwarding services. So far only two companies have received A grade in Mongolia.

IFFC has handled a number of international project shipments, managing deliveries for some world-known projects as

- Rehabilitation of Mongolian Railway

- Ulaanbaatar heating Sysytem Improvement

- Power Plant #4 by Japanese Government Aid

(Implementation period - years)

- Rehabilitation of Ulaanbaatar Municipal Telephoine and Communication System,

Alcatel, France

- Coal mining construction improvement project

- Ulaanbaatar City Transport Improvement Project

- Nescor Energy Crude Oil Project - Oil export shipments

- Enlargement of Buyant Ukhaa airport, Ulaanbaatar

- Fiber Cable project, Mongolian Railway

- 8500 MT rice aid shgipment from Japanese Government

- 1 Combine shipment from Finland and Japanese Government

- Przhevalsky Horse replacement in Mongolia from Holland

- Annually 1.5 million MT of crude oil shipments from Russia to China have been successfully handled by IFFC in recent years.

IFFC gained A classification by its capacity and resources from Ministry of Infrastructure and have a comprehensive authority to handle project and aid shipments besides running freight forwarding services. So far only two companies have received A grade in Mongolia.

IFFC has handled a number of international project shipments, managing deliveries for some world-known projects as

- Rehabilitation of Mongolian Railway

- Ulaanbaatar heating Sysytem Improvement

- Power Plant #4 by Japanese Government Aid

(Implementation period - years)

- Rehabilitation of Ulaanbaatar Municipal Telephoine and Communication System,

Alcatel, France

- Coal mining construction improvement project

- Ulaanbaatar City Transport Improvement Project

- Nescor Energy Crude Oil Project - Oil export shipments

- Enlargement of Buyant Ukhaa airport, Ulaanbaatar

- Fiber Cable project, Mongolian Railway

- 8500 MT rice aid shgipment from Japanese Government

- 1 Combine shipment from Finland and Japanese Government

- Przhevalsky Horse replacement in Mongolia from Holland

- Annually 1.5 million MT of crude oil shipments from Russia to China have been successfully handled by IFFC in recent years.

IFFC gained A classification by its capacity and resources from Ministry of Infrastructure and have a comprehensive authority to handle project and aid shipments besides running freight forwarding services. So far only two companies have received A grade in Mongolia.

IFFC has handled a number of international project shipments, managing deliveries for some world-known projects as

- Rehabilitation of Mongolian Railway

- Ulaanbaatar heating Sysytem Improvement

- Power Plant #4 by Japanese Government Aid

(Implementation period - years)

- Rehabilitation of Ulaanbaatar Municipal Telephoine and Communication System,

Alcatel, France

- Coal mining construction improvement project

- Ulaanbaatar City Transport Improvement Project

- Nescor Energy Crude Oil Project - Oil export shipments

- Enlargement of Buyant Ukhaa airport, Ulaanbaatar

- Fiber Cable project, Mongolian Railway

- IFFC gained A classification by its capacity and resources from Ministry of Infrastructure and have a comprehensive authority to handle project and aid shipments besides running freight forwarding services. So far only two companies have received A grade in Mongolia.

IFFC has handled a number of international project shipments, managing deliveries for some world-known projects as

- Rehabilitation of Mongolian Railway

- Ulaanbaatar heating Sysytem Improvement

- Power Plant #4 by Japanese Government Aid

(Implementation period - years)

- Rehabilitation of Ulaanbaatar Municipal Telephoine and Communication System,

Alcatel, France

- Coal mining construction improvement project

- Ulaanbaatar City Transport Improvement Project

- Nescor Energy Crude Oil Project - Oil export shipments

- Enlargement of Buyant Ukhaa airport, Ulaanbaatar

- Fiber Cable project, Mongolian Railway

- 8500 MT rice aid shgipment from Japanese Government

- 1 Combine shipment from Finland and Japanese Government

- Przhevalsky Horse replacement in Mongolia from Holland

- Annually 1.5 million MT of crude oil shipments from Russia to China have been successfully handled by IFFC in recent years.

I am student at the CIULA.

Mind that the sample papers like Business and other presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!

Wednesday, August 22, 2012

INNOVATION IS THE ONLY SOURCE OF COMPETITIVE ADVANTAGE

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Innovation is the Only Sustainable Source of Competitive Advantage

“An innovative business is one which lives and breathes ‘outside the box’. It is a combination of good ideas, motivated staff, and an instinctive understanding of what your customer wants.” (Branson, R., 18)

Every business must grow in order to survive. Innovation involves using ideas and knowledge to create products and services, which create consumer demand in the marketplace. “The innovation process is a cycle in which ideas, talent, design skills, money and management expertise come together to create commercially viable products and services” (London Development Agency, 00, http//www.london-innovation.org.uk/innov_drivers.htm). Therefore, innovation is the fuel for the engine of growth within an organisation (Innovation In Action, 00, http// www.jeffmaynard.com/innovate.htm). Businesses must invest in developing new products, exploiting the potential of new partnerships and seeking out new markets if survival and growth are their aim in today’s hyper-competitive marketplace, ie. they must innovate.

Innovation is then basically, “finding new ways to better perform” (McPhearson, M., 001, pg. ). It can be customer-driven, take for example BMW’s NPD System. To maintain market leadership and the prominence of their brand BMW have developed a very deliberate innovation strategy. They have divided the innovative process into steps; innovation research, innovation management, and, innovation transfer, incorporating a “systematic, but flexible approach” (Seidel et al, 00, pg.) to the generation of new products and ideas, and ensuring their continued success and dominance in the motor-vehicle industry. (Seidel et al, 00). Innovation can also spring from a spontaneous event or a flash of genius, which can be turned into a marketable and saleable product or service. Take for example ‘Lonely Planet’. This company which is now the market-leader in the worldwide travel information industry developed from a small idea by Tony and Maureen Wheeler to write a book about their travels across Asia (Johnson, G., Scholes, K., 00). Innovation can occur both by accident and deliberately in almost all industries, but in organisations where survival depends on a constant stream of new products and services, then, it is imperative that innovation is a deliberate and well-resourced business process.




According to David Teece’s Complementary Assets Framework innovations are a major source of profitability for an organisation, and there are two factors which determine whether an innovation is beneficial for a firm � imitability and complementary assets. Figure 1 below illustrates when an innovation can lead to increased profitability for a firm.

Figure 1 Who Profits from Innovation (Afuah, A., Tucci, C.L., 001, pg. 71)

If imitability is high and complementary assets are “freely available or unimportant” (Afuah, A., Tucci, C.L., 001, pg. 71) then generating revenues is difficult. However, if complementary assets are “tightly held and important” (Afuah, A., Tucci, C.L., 001, pg. 71) then whoever owns these complementary assets stands to make some money. When imitability is low, the innovator will profit, even if complementary assets are “freely available or unimportant” (Afuah, A., Tucci, C.L., 001, pg. 71). Nonetheless the firm hoping to become profitable would be best positioned where imitability is low and complementary assets are “tightly held and important” (Afuah, A., Tucci, C.L., 001, pg. 71) because in this position the barriers to entry are high and the threat of substitutes and new entrants is low. Hence, it is clear that innovation can and does generate profits for an organisation (Afuah, A., Tucci, C.L., 001). But, while it does lead to increased profitability, and therefore a competitive advantage for firms, is innovation the only source of competitive advantage for those firms, and more importantly, is it the only source of sustained competitive advantage?

“Competitive Advantage is at the heart of a firms performance in competitive markets” (Porter, M., 185, pg. 15).

Finding a common definition for the term ‘competitive advantage’ however, is not easy. Traditionally it was seen as a firm consistently earning a higher rate of return than its competitors (Beal, R., 001). Michael Porter argues that competitive advantage is about successfully translating your competitive strategy into a competitive advantage (Porter, M., 185). In his article, ‘Competitive Advantage Sustainable or Temporary in Today’s Dynamic Environment?’ Reginald Beal states that competitive advantage is “the achievement of above average industry profitability” (Beal, R., 001, pg.5). Therefore, it can be said that competitive advantage incorporates one’s ability to outperform one’s rivals on the primary performance goal, profitability. However, it is ‘sustaining’ this competitive advantage that creates an industry leader. It should be noted at this stage that many researchers have questioned this notion of “sustained” competitive advantage, asking, is there such a thing, and if yes, what exactly constitutes “sustained”. They argue that terms such as ‘long-term’ and ‘in the future’ are ambiguous and lack specificity. Beal proposes that in order to determine a state of sustained competitive advantage a firm’s performance must be examined in each of the four industry life-cycle stages � introduction, growth, maturity and decline. A company is said to possess sustained competitive advantage if it yields “above average financial performance in two or more stages of the industry lifecycle” (Beal, R., 001, pg. ). However for the purpose of this discussion sustainable competitive advantage is looked at from a more simplistic perspective and is defined as “above average performance in the long run” (Porter, M., 185, pg. 11). In other words, sustainable competitive advantage is about outperforming your rivals over a long period of time. This ‘out-performance’ can be achieved by differentiating (ie. offering something unique and inimitable to you customer) or, by striving to become and becoming, the lowest cost producer in your industry (Beal, R., 001).

Traditionally, gaining sustainable competitive advantage was primarily dependent on barriers to entry � patent protection, economies of scale, access to capital, and regulated competition (cost advantages) and, differentiation advantages such as a unique (inimitable) activity or product that was seen as valuable by the customer. The competitive advantage was seen as more sustainable the greater the number of sources of cost or differentiation advantages (Beal, R., 001). However, in today’s global marketplace, where the scale and pace of change are so rapid, this traditional view is being challenged, and innovation, speed, adaptability and efficiency are becoming key drivers for the competitively positioned firm (McPhearson, M., 001). With the birth of the Resource-Based View of the firm, a firms resources (assets, capabilities, processes, competencies) have become the key consideration when discussing sustained competitive advantage. Resources that are non-imitable, non-substitutable and nontransferable are sources of sustained competitive advantage. Therefore, in contrast with the traditional view, the RBV shifts the focus of competitive advantage from the external to the internal (Beal, R., 001). In Michael Porter’s ‘What is Strategy?’ article he articulates that in order to remain competitive, companies must be, flexible to respond rapidly to competition and changes in the marketplace, “outsource aggressively to gain efficiencies” (Porter, M., 16, pg. 1), engage in continuous benchmarking in a bid to have best practice, and above all, develop and maintain a number of core competencies to keep ahead of the competition. (Porter, M., 16). Porter identifies five competitive forces which must be considered by firms aiming to gain sustainable competitive advantage. These include, the bargaining power of suppliers, the bargaining power of customers, the threat of substitutes, rivalry among firms in the industry, and the threat of new entrants into the industry. Gaining a sustained competitive advantage is determined by fast and effective responses to these five forces. (Afuah, A., Tucci, C.L., 001). Kathleen M. Eisenhardt argues that to sustain a competitive advantage firms must “focus on unique strategic processes with simple rules, on the modular patching of businesses to fleeting market opportunities, and on evolutionary timing for ongoing strategic moves” (Eisenhardt, K.M., 00, pg. 4). Joe Peppard, in his article ‘Strategic IS/IT Planning’ states that sustained competitive advantage can be achieved through alignment of the business and the IS/IT strategy, and using these two to introduce new products and services and retain new customers (Peppard, J., 1). Peter Drucker also focuses on the customer as the means for sustainable competitive advantage. He articulates that success comes through determining what the customer really wants and focusing all the company’s resources on satisfying these wants. (Drucker, P., 18).

From the research cited and arguments presented in the paragraph above, it is obvious that while innovation does play a major role in sustaining the competitive advantage of a company, it is not in itself the only factor affecting this sustainability. Firstly, some of the traditional factors mentioned such as patent protection and economies of scale still contribute greatly to the competitive advantage of firms. Take priceline.com, with their patented ‘Name Your Own Price’ Strategy. PriceLines most valuable resource is this patent which almost assures PriceLine will continue to lead the unique reverse auction market. PriceLine is essentially without peers at the moment, and there are few other firms that have such a vibrantly growing market all to themselves. Not many companies have a model that can match the scope of eBay, but PriceLine is one of them. Yet unlike the eBays and Amazons of the world, PriceLine doesn’t have to worry about well-funded competitors coming in and nibbling away at market share. Therefore PriceLine could be said to have a ‘sustained competitive advantage’ for the foreseeable future. Also, the academics referenced identify a number of other factors which are major contributors to the competitive advantage of firms. These include, inter alia, speed, adaptability, efficiency, flexibility, strategic processes, anticipation and relationships.

In my opinion, the essence of sustainable competitive advantage lies, not in processes or practices, but with the Customer. With increased globalization and the fast-pace hyper-competitive marketplace in which firms are competing, customer value and loyalty are paramount, without them firms simply will not survive. Thus, what establishes a firms sustained competitive advantage is “their ability to serve customers’ present and future needs (holistic needs)” (Kandampully, J., Duddy, R., 1, pg.1). The market leading firm must be aware of, and fulfill, both the customers’ present and future needs and it can be argued that sustained success “is essentially determined by its ability to expand and maintain a large and loyal customer base” (Kandampully, J., Duddy, R., 1, pg.1). The firm must create loyalty by creating a type of ‘relationship’ with their customer. They can do this by fulfilling their present needs and anticipating future ones. Like any ‘long-term relationship’ trust is of extreme importance. That is, the firm must win the heart of their customer and create and maintain a trust relationship with them (Kandampully, J., Duddy, R., 1). Creating this ‘relationship’ with your customer can prove extremely valuable. It is five times more expensive to attract a new customer, than to retain an old one, and some of the major benefits of such a relationship include ; “increased purchase, reduced costs, free advertising through word of mouth, employee retention and the life-time value of the customer” (Kandampully, J., Duddy, R., 1, pg.). Through exceptional service and innovativeness (anticipating the customer need) firms will attract and maintain customers, therefore maintaining their position as market leader. It should also be noted that the concept of the ‘relationship’ also takes in other stakeholders, including, employees, suppliers, distributors and shareholders. These relationships serve to create ‘networks’ or partnerships which add to the overall value of the firm and can lead to success for all parties involved. Also, a major challenge for firms today lies in building an environment that successfully creates and nurtures this ‘relationship’ with their customer. The strength of the ‘network’ or ‘partnership’ that exists with the firm’s stakeholders is what underpins and maintains this customer relationship. Loyalty and trust within the firm in turn leads to customer trust and loyalty and therefore creates this ‘long term relationship’ (Kandampully, J., Duddy, R., 1).

Anticipation is another key component of sustained competitive advantage. According to Kandampully and Duddy “there are limited advantages to being a trend setter; it is the trend creator that wins the game” (Kandampully, J., Duddy, R., 1, pg.). Here, of course, innovation is the key. With increased competition and threats from rivals and substitute products sustained competitive advantage can only be reached through constant innovation and growth (staying ahead of the competition). The key however, is to anticipate where the future is headed and where innovation is needed. The successful firm must think for the customer and anticipate their future needs. What works now, may not work in the future, and in order to be successful you must know what is going to work in the future (Kandampully, J., Duddy, R., 1). The firm that fails to “anticipate, react and respond” (Kandampully, J., Duddy, R., 1, pg.) to opportunities in their industry, whether they are deliberate or accidental, will quickly find themselves in the position of market-follower rather than market-leader.

When patenting is not possible it can also be argued that sustainable competitive advantage is achieved when the firm creates a product or service that cannot be imitated. This is especially fitting for service sector firms. Air Canada’s “Star Alliance” for example, where they formed partnerships with a number of airlines, including some of their major competitors created the idea of a single customer interface, providing flexibility for their customers and adding value for all those incorporated in the partnership (Kandampully, J., Duddy, R., 1). Another example would be the online auction site OnSale.com. This company tries to create an inimitable virtual value chain.

It renders value to its customers by enhancing every component along its customer’s value chain. That is; OnSale provides the most complete product description on-line, the auction is the most efficient form of pricing for B-goods, customers are notified by email about their successful bid which is very convenient for them, products are shipped to the customers desired location. OnSale has also developed its own proprietary software over four years, with a team of software engineers. This software can deliver a high throughput of 5000 transactions a day ensuring that OnSale has unique capabilities to deliver the value it boasts to its customers.

Therefore, it is not only innovation which generates sustained competitive advantage for organisations. It is a combination of factors internal and external to the firm. Internal factors are the firm’s own resources and include assets, capabilities, processes, competencies, strategies etc. External Factors include speed to market, adaptability to market changes, efficiency to incorporate and more importantly create best practices, flexibility to change, anticipation of future needs, and, relationships, both internal and external.

To conclude, becoming the leader in your market, ie. creating a sustainable competitive advantage lies in your ability to anticipate future trends (anticipation), take appropriate actions (innovation) and ‘think outside the box’ (relationships) (Kandampully, J., Duddy, R., 1). Sustained competitive advantage can be achieved through embracing and interpreting future customer needs and concerns. Consequently, innovation, while it is important and a key to sustained competitive advantage, is only effective if it is derived from a customer perspective. The key is to become your own customer and therefore develop products and services that “tomorrows customers want, before they become a reality” (Kandampully, J., Duddy, R., 1, pg. 4).





Mind that the sample papers like INNOVATION IS THE ONLY SOURCE OF COMPETITIVE ADVANTAGE presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!

Sunday, August 19, 2012

Pat Parker Case Study

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1. Abstract

Pat Parker was a law school graduate who started a consulting firm that specialized in conducting opposition research and writing reports for political candidates, primarily for the Democratic Party. This specific case is about how Pat Parker developed a research report for Democratic nominee, Dale Jackson for the statewide Attorney General position. Two years later, representatives of the State Academy of Trial Lawyers wanted to buy the same research document on the Republican Attorney General, Terry Paine in what Parker believed to be an effort to inoculate their candidate during an upcoming election. Parker wasn’t sure how to proceed. There was the potential to be arrested for reselling the information, plus it could jeopardize the political party’s candidate.

There are several legal issues to be concerned with in this case. Would Pat Parker violate either contract or federal copyright laws by selling the research or the associated postcards to the State Academy of Trial Lawyers or anyone else who desired to purchase them? Could Parker sell the research to the State Academy of Trial Lawyers without violating the $500 maximum funding limit under the Florida Campaign Finance Statute? Would Parker be violating the Florida Voluntary Code of Fair Campaign Practices if he sold a report generated for one party to the other party? Also, if the items were resold to a third party, would Parker & Associates be violating any particular codes of ethics?

. Legal Analysis




The first legal issue to be analyzed is whether Parker would have violated contract law if all or any portion of the research document had been sold to the State Academy of Trial Lawyers? To determine if Parker would be violating the contract, a valid contract must first exist. Three elements of a valid contract must be proven, including competent parties, consideration, and mutual assent or meeting of the minds.

· Element 1 Competent Parties. For a valid contract, each side must have the capacity to enter into it. This case provides that Parker is a competent individual who willfully accepted an offer to conduct research for the Democratic nominee, also a competent party. We can conclude that both parties had the capacity to enter into a binding contract and element one is satisfied.

· Element Consideration. In order to hold both parties to the contract, each must give something in exchange. Money is the most common form of compensation. The Democratic nominee agreed to pay Parker $5,000 plus expenses to research their opponent, and Parker agreed to provide a report in return. The exchange of a completed report for money satisfies the second element of consideration.

· Element Meeting of the Minds, or Mutual Assent. This means that both sides must fully understand the details, rights, and obligations of the contract. Exhibit 8 of the case study, the agreement between Parker and the Democratic Party, provides clear, concise details as to what each party was required to do to satisfy their part of the contract. Therefore, a mutual assent or meeting of the minds clearly occurred when both parties signed the agreement, and the third element was satisfied.

Since all valid contract elements were satisfied, it can be concluded that the contract between Parker and the Democratic nominee was valid.

The original agreement, Exhibit 8, with the Democratic Party candidate specifically stated the “use of reports” which essentially said that the research and the publications used in the research shall not be used “for any other purpose, campaign, or person” and that the research was to be used “during the present campaign cycle only.” This type of bilateral contract basically promised that the two parties would maintain the terms of the contract between them only. If the research had been sold to another party during the campaign in addition to who it was originally created for, then Parker would have been in breech of contract and the Democratic Party would have every right to sue for damages.

However, the report that the State Academy of Trial Lawyers wanted to purchase from Parker was for an upcoming election that would be occurring during a different campaign cycle. The original agreement outlined that Parkers obligation would expire upon the determination of the last election in which the Campaign had qualified its candidate. It did not state that Parker & Associates could not use the research later, only that the campaign couldn’t. Therefore, it would not be a violation of the original agreement terms if Parker decided to sell the original report to the State Academy of Trial Lawyers or to whomever their firm chose to.

The second legal issue is whether Parker could sell the research to the State Academy of Trial Lawyers or other interested parties without violating federal copyright law. A copyright offers protection for original works of authorship. Copyright protection affords the author of copyrighted work with specific rights that the authors can give or sell to others or keep for themselves.

Possible copyright problems stem from two different items. The fact that the Democratic nominee contracted the work makes it possible that they hold the copyright on the research report. Additionally, when the State Academy of Trial Lawyers heard about the postcards developed by another consultant that were based on the research done by Parker’s firm, they wanted to purchase copies of those also.

According to the Copyright law, a holder has the right to control the material covered by the copyright. Copyright law also states that for research to be copyrightable, the material must

· Exist in a fixed, tangible form that can be reproduced

· Be an original creative effort

· Not already exist in the public domain

The information that Parker researched existed solely in the public domain. The consolidation of this information is still public domain, but the assumptions added to the publicly gained information established the report developed by Parker & Associates as unique. Therefore, the elements of copyrightable material have been satisfied.

The initial issue of who owns the work and therefore the copyright is confusing at first. The general rule is that the author of the work is the owner and therefore the copyright holder. Although the person who creates a unique piece of work is the author of that work and normally, the owner, there is an exception to that principle. Copyright law defines a category of work called works made for hire. For a “work made for hire, the purchaser or employer is considered the author, not the employee. Thus, the employer owns the copyright and possesses 5 exclusive rights granted in the copyrighted work.

1. Reproduction rights

. Modification rights

. Distribution or sale rights

4. Public performance rights, and

5. Public display rights

In 18 the Supreme Court ruled, that to determine whether a work is made for hire, it must first be determined if an employee or an independent contractor prepared the work.

The key item in this case is that Parker was an independent contractor, not a campaign employee. If an employee creates the work, generally the work would be considered a “work made for hire”. In this case, the Campaign was considered the purchaser of Parkers’ services. If a work is created by an independent contractor, such as Parker, then the work is a specially ordered or commissioned work, and it is only owned by the commissioner if the work is one of the types as follows,

· A part of a larger literary work,

· Part of a motion picture or other audiovisual work,

· A translation, or

· A supplementary work such as a chart, an introduction, an atlas, a test or answer material for a test, or an instructional text.

The parties must also expressly state in their contract that the work is “work made for hire”. This was not accomplished in Parker’s case. Nowhere in the contractual agreement does this statement appear. Since the research Parker conducted technically did not fall into any of the above categories and the “work made for hire” statement is missing, it can be said that Parker, as the original author of the work also holds the copyright.

There is also the agreement that both Pat Parker and the Democratic campaign manager signed. In Section 11 of the original agreement, it states that the Democratic Campaign can only use the research during the election year and not use it “for any other purpose, campaign, or person.” Between this, and the fact that Parker is the owner of the copyright, Parker & Associates, not the Democratic Party, has full authority to sell the research to whomever they choose.

The issue of the un-mailed postcards is different from the research itself because they were not actually written by Parker & Associates. Parker’s research was provided to an outside consultant that used the research data to create the postcards. However, Parker & Associates was asked to verify that the research they provided was sufficient to support the postcards’ claims.

For Parker to have a copyright claim to the postcards, there would have had to be a joint authorship of the work considered. If at the time the postcards were created both authors had intended their works to be part of an inseparable whole, this would be considered a joint work. However, from the interview provided in the case, Parker and the other consultant did not have such an understanding regarding the postcards; therefore the postcards cannot be considered a joint work, but rather a collective work.

In a collective work, each author owns the copyright for only the material they added to the finished product. Since both Parker and the other consultant have claims to copyright in the postcards, it would take the express permission of the other party before either could sell them. As before, the Democratic Party appears to have no claim to the postcards.

The agreement does not preclude the sale of the postcards with regards to the Democratic Party. If the other consultant had not been involved and Parker’s firm had made the postcards, the postcards would be under Parker & Associates copyright. However, since the postcards are a collective work, it would preclude Parker from being able to sell them to the State Academy of Trial Lawyers. From a legal standpoint, it seems that Parker & Associates have all the backing they need to sell the research, but not the postcards.

The next issue that Parker was concerned with was violating the campaign statute (though not provided in the case), specified that it would be illegal to give, and for a campaign to accept, an “in-kind” contribution in excess of the legal limit of $500, “through or in the name of another, directly or indirectly.” Any business that violated the campaign financing statutes could be fined or even dissolved. Anyone who aids, abets, or advises in violation of the statute could also be found guilty of a misdemeanor.

Parker knew that the research report was worth substantially more than the legal limit of $500, but was not aware of how the State Academy of Trial Lawyers intended to utilize it. If the State Academy of Trial Lawyers attempted to channel the report to the Republican candidate through a loophole in campaign financing laws, then Parker & Associates might not be guilty of violating the statutes. However, if the State Academy of Trial Lawyers were to give the entire report as an “in kind” donation to the Republican Attorney Generals campaign, then both the campaign and Parker, since Parker & Associates was represented in the report, would be in violation of campaign financing statutes. In this case, Parker would probably violate the Florida Campaign Financing Statute by having contributed more than $500 to a campaign indirectly through the State Academy of Trial Lawyers and would result in a misdemeanor offense. Parker could argue that the firm was unaware that the State Academy of Trial Lawyers intended to provide the report to the campaign for free or under the $500 donation limit.

The final issue of concern for Pat Parker was whether Parker & Associates would be violating the Florida State Voluntary Code of Fair Campaign Practices if they sold the research report to the State Academy of Trial Lawyers. The Florida State Voluntary Code of Fair Campaign Practices applies to potential candidates, but Parker was not a candidate running for any political position in the State of Florida. Therefore, Pat Parker could not violate this Florida Statute by selling the research report since the data presented in the research does not appear to violate the criteria established in Exhibit of the case study.

. Ethical Analysis

Would the reselling of a research project originally created by Pat Parker & Associates constitute an unethical action? Could that action be potentially damaging to either Parker & Associates or the Democratic Party? The evidence presented in this case is concerned with ownership and control of research created by one party for use by another.

As was proven by the legal analysis, Parker & Associates was the owner of the copyright for the research report that they created, and could therefore choose to sell it to another party if they so desired. There was an assumption that Parker had an ethical obligation to maintain loyalty to the Democratic Party since the firm had never done research for any other party, and would not sell their research to the Republican Party.

An ethical alternative would have been for Parker to not sell the research report to the State Academy of Trial Lawyers or any other interested party, thus fending off any potential damages to their reputation or to the Democratic Party.

Pat Parker had to address personal opinions and beliefs before a decision about the research report could be made. Pat Parker seemed hesitant to sell the case to the State Academy of Trial Lawyers for two reasons.

1. Pat Parker wasn’t sure about the legal ramifications

. The desire to continue working for Democratic candidates only

Parker & Associates was a successful business without doing research for any Republican candidates. The need for Parker to feel satisfied with a job well done was evident. Many times during the interview with Leslie Kent, Parker mentioned a feeling of pleasure when the candidates Parker & Associates had provided research to won their elections. That feeling transferred to job satisfaction and satisfaction of personal goals.

This case deals with an issue of whether it is ethical for Pat Parker to sell a research report developed for a Democratic candidate to a third party, with the possibility of the Republican candidate whom it was written about receiving it. Pat Parker had a feeling that it would be unethical to resell the research to the opposition party. Given that Pat Parker was a campaign research consultant, it can be assumed that Parker operated with a specific Code of Ethics. It can also be rationalized that Parker would live up to those principles in order to stay credible amongst the Democratic Party, whom Parker & Associates had conducted all of its business.

A Code of Ethics usually contains a list of principles that professional organizations wish their members to abide by. Yet Parker & Associates was one of only a few firms that specialized in opposition research. There was no established organization, and there was no established Code of Ethics either. It was essentially up to Pat Parker to decide the ethical stand that Parker & Associates would take. However, the Pat Parkers and Parker & Associates reputations were at stake if the wrong decision was made.

In this case, Pat Parker did not want to lose credibility amongst peers or current and future clients. Humans by nature require justification. They have a need to know why they should do something and for what reasons. Humans need specific criteria for judging what decisions are right and what decisions are wrong. It is usually not enough to simply list appropriate actions without an explanation.

Pat Parker in this case is trying to determine the right decision from the wrong decision. Ethical theories can be used to justify such decisions. Consequentialism probably has the best approach in this case. The theory believes that one can distinguish right actions from wrong actions by the fact that right actions will have better consequences. That the right actions will lead to the maximization of overall happiness. This basic form of Consequentialism is known as Utilitarianism. Therefore, if the final decision were to not sell the research to the State Academy of Trial Lawyers, Parker would have made the right decision that would afford better consequences. This obviously would proclaim Parker loyal to the Democratic Party and boost the credibility of Parker & Associates amongst current and future clients.

In trying to clarify what the right action to take is, codes of conduct are often a combination of both Deontological and Utilitarian approaches. In substance, codes of conduct are an expression of the deontological approach. They say, Here are the principles that should be followed. Whether professionals follow a more deontological scheme when formulating ethical codes of conduct or a utilitarian one, both are similar since they clarify the specific duties a profession is obligated to carry out.

From a Virtue Theory perspective, Parker needed to evaluate certain things. If a decision were made not to sell the research, would Parker & Associates still be considered a competent entity in the business? Using the Virtue Theory, the selling of the research would not satisfy any of Pat Parker’s internal or external goals. The sale would throw Pat Parkers character traits out of balance and would consequently be considered an unethical act.

Selling the research would not develop Pat Parkers character in any way and would be considered unethical. Although it appears to be legal for Parker & Associates to sell the research to the State Academy of Trial Lawyers, the ethical reasons show that it should not be done.

4. Conclusion

I believe this case raises an issue regarding intellectual property, specifically federal copyright law. The legal problems surrounding this case are basically about one research report that was written by one person that may have belonged to the client that commissioned it. Parker acted cautiously as though Parker & Associates owned the copyrights to the report they had created. Under federal copyright law, a specific category called “work for hire, “ which states that once a product is completed and turned over to the employer, it rightfully became the property of the employer.

However, Parker was an independent contractor, not an employee. Plus, no such language of “work for hire” ever existed in the research or the contractual agreement between Parker and the client. Therefore, Parker & Associates had every legal right to sell the report to anyone else that wished to do so without violating federal copyright law.

However, Pat Parker would have gone against the personal beliefs that had carried Parker & Associates for years if the research report had been sold to the State Academy of Trial Lawyers. There would have been a sense of betrayal or untruthfulness to the Democratic Party, which Parker & Associates had supported for many years.

Pat Parker could legally sell the report to the State Academy of Trial Lawyers, but would feel ethically and morally wrong for having done so. It could have opened up the potential for future clients, but at what cost to Parkers personal preferences or to Parker & Associates in the long run by playing both sides against the middle? Which was more important, the potential for increased business or the continued respect of the firms chosen affiliation?

I believe that Pat Parker would be better off taking the path that leads to both the legal and ethical right answer. Parker & Associates had the legal right to either sell or not sell the research report to whomever they chose. By not selling a report produced for one party to another party would put Parker & Associates in a Win-Win situation.

· They would maintain the respect of the party with whom they had done business for years by not having opted for higher revenues over loyalty.

· The potential for more clients from the Democratic Party in the future was greater since it would show them that Parker & Associates was both ethically and legally bound to the good faith trust that their clients had placed in them.

· Pat Parker would be satisfied knowing that Parker & Associates had not provided documentation to the party that was not aligned with personal preferences.



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Tuesday, August 14, 2012

Desirees Baby

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Desiree’s Baby

Kate Chopin

I thought that this story was sad and very interesting. It showed us how innocent people suffer because of the racial barriers. Desiree was married to a black man and didn’t know it until they had their baby. Even at the end of the story the author doesn’t tell us that she’d found out about his color. Armand, her husband, accused her of being black and made her leave with the baby. But he was mistaken. Armand’s mother was black and his parents kept it a secret from him. The story has a lot of irony in it. The entire time I thought that Desiree was responsible for the child’s color, until the last paragraph! He sent her away and then found out that he was black. I think he regretted his actions afterwards and wanted her to come back. Armand was willing to give up his love only because he thought she was black. It’s a great story and it made me realized that this actually happens to many people. I didn’t like that Armand acted so cruelly towards his wife, and made her suffer. Even if she would have been black, I didn’t think he should have acted the way he did.

After the class discussion, I understood the story more. More than that, I realized that the discrimination is still among us, even after about 50 years. Not as much as it used to be and maybe by far less, but the unfairness is still there.






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Monday, August 13, 2012

canterbury tales

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In the beauty of April, the Narrator and oddly assorted travelers happen to meet at the Tabard Inn in Southwark, London. This becomes the launching point for their 60-mile, four-day religious journey to the shrine of St. Thomas … Becket at the Cathedral in Canterbury. Great blessing and forgiveness were to be heaped upon those who made the pilgrimage; relics of the saint were enshrined there, and miracles had been reported by those who prayed before the shrine. Chaucers pilgrims, however, are not all traveling for religious reasons. Many of them simply enjoy social contact or the adventure of travel.

As the travelers are becoming acquainted, their Host, the innkeeper Harry Bailley, decides to join them. He suggests that they pass the time along the way by telling stories. Each pilgrim is to tell four stories - two on the way to Canterbury, and two on the return trip - a total of 10 stories. He will furnish dinner at the end of the trip to the one who tells the best tale. The framework is thus laid out for the organization of The Canterbury Tales.

Chaucer, the Narrator, observes all of the characters as they are arriving and getting acquainted. He describes in detail most of the travelers which represent a cross-section of fourteenth-century English society. All levels are represented, beginning with the Knight who is the highest ranking character socially. Several levels of holiness and authority in the clergy are among the pilgrims while the majority of the characters are drawn from the middle class. A small number of the peasent class are also making the journey, most of them as servants to other pilgrims.

As the travelers begin their journey the next morning, they draw straws to see who will tell the first tale. The Knight draws the shortest straw. He begins the storytelling with a long romantic epic about two brave young knights who both fall in love with the same woman and who spend years attempting to win her love.




Everyone enjoys the tale and they agree that the trip is off to an excellent start. When the Host invites the Monk to tell a story to match the Knights, the Miller, who is drunk, becomes so rude and insistent that he be allowed to go next that the Host allows it. The Millers tale is indeed very funny, involving several tricks and a very dirty prank as a young wife conspires with her lover to make love to him right under her husbands nose.

The Millers fabliau upsets the Reeve because it involves an aging carpenter being cuckolded by his young wife, and the Reeve himself is aging and was formerly a carpenter. Insulted by the Miller, the Reeve retaliates with a tale about a miller who is made a fool of in very much the same manner as the carpenter in the preceding rendition.

After the Reeve, the Cook speaks up and begins to tell another humorous adventure about a thieving, womanizing young apprentice. Chaucer did not finish writing this story; it stops almost at the beginning.

When the dialogue among the travelers resumes, the morning is half gone and the Host, Harry Bailley, urges the Man of Law to begin his entry quickly. Being a lawyer, the Man of Law is very long-winded and relates a very long story about the life of a noblewoman named Constance who suffers patiently and virtuouly through a great many terrible trials. In the end she is rewarded for her perseverence.

The Man of Laws recital, though lengthy, has pleased the other pilgrims very much. Harry Bailley then calls upon the Parson to tell a similar tale of goodness; but the Shipman, who wants to hear no more sermonizing, says he will take his turn next and will tell a merry story without a hint of preaching. Indeed, his story involves a lovely wife who cuckolds her husband to get money for a new dress and gets away with the whole affair.

Evidently looking for contrast in subject matter, the Host next invites the Prioress to give them a story. Graciously, she relates a short legend about a little schoolboy who is martyred and through whose death a miracle takes place.

After hearing this miraculous narrative, all of the travelers become very subdued, so the Host calls upon the Narrator (Chaucer) to liven things up. Slyly making fun of the Hosts literary pretensions, Chaucer recites a brilliant parody on knighthood composed in low rhyme. Harry hates Chaucers poem and interrupts to complain; again in jest, Chaucer tells a long, boring version of an ancient myth. However, the Host is very impressed by the serious moral tone of this inferior tale and is hightly complimentary.

Since the myth just told involved a wise and patient wife, Harry Bailley takes this opportunity to criticize his own shrewish wife. He then digresses further with a brief commentary on monks which leads him to call upon the pilgrim Monk for his contribution to the entertainment.

The Monk belies his fun-loving appearance by giving a disappointing recital about famous figures who are brought low by fate. The Monks subject is so dreary that the Knight stops him, and the Host berates him for lowering the morale of the party. When the Monk refuses to change his tone, the Nuns Priest accepts the Hosts request for a happier tale. The Priest renders the wonderful fable of Chanticleer, a proud rooster taken in by the flattery of a clever fox.

Harry Bailley is wildly enthusiastic about the Priests tale, turning very bawdy in his praise. The earthy Wife of Bath is chosen as the next participant, probably because the Host suspects that she will continue in the same bawdy vein. However, the Wife turns out to be quite a philosopher, prefacing her tale with a long discourse on marriage. When she does tell her tale, it is about the marriage of a young and virile knight to an ancient hag.

When the Wife has concluded, the Friar announces that he will tell a worthy tale about a summoner. He adds that everyone knows there is nothing good to say about summoners and tells a story which proves his point.

Infuriated by the Friars insulting tale, the Summoner first tells a terrible joke about friars and then a story which condemns them, too. His rendering is quite coarse and dirty.bHoping for something more uplifting next, the Host gives the Cleric his chance, reminding the young scholar not to be too scholarly and to put in some adventure. Obligingly, the Cleric entertains with his tale of the cruel Walter of Saluzzo who tested his poor wife unmercifully.

The Clerics tale reminds the Merchant of his own unhappy marriage and his story reflects his state. It is yet another tale of a bold, unfaithful wife in a marriage with a much older man.

When the Merchant has finished, Harry Bailley again interjects complaints about his own domineering wife, but then requests a love story of the Squire. The young man begins an exotic tale that promises to be a fine romance, but Chaucer did not complete this story, so it is left unfinished.

The dialogue resumes with the Franklin complimenting the Squire and trying to imitate his eloquence with an ancient lyric of romance. There is no conversation among the pilgrims before the Physicians tale. His story is set in ancient Rome and concerns a young virgin who prefers death to dishonor.

The Host has really taken the Physicians sad story to heart and begs the Pardoner to lift his spirits with a happier tale. However, the other pilgrims want something more instructive, so the Pardoner obliges. After revealing himself to be a very wicked man, the Pardoner instructs the company with an allegory about vice leading three young men to their deaths. When he is finished, the Pardoner tries to sell his fake relics to his fellow travellers, but the Host prevents him, insulting and angering him in the process. The Knight has to intervene to restore peace.

The Second Nun then tells the moral and inspiring life of St. Cecelia. About five miles later, a Canon and his Yeoman join the party, having ridden madly to catch up. Converstion reveals these men to be outlaws of sorts, but they are made welcome and invited to participate in the storytelling all the same.

When the Canons Yeoman reveals their underhanded business, the Canon rides off in a fit of anger, and the Canons Yeoman relates a tale about a cheating alchemist, really a disclosure about the Canon.

It is late afternoon by the time the Yeoman finishes and the Cook has become so drunk that he falls off his horse. There is an angry interchange between the Cook and the Manciple, and the Cook has to be placated with more wine. The Manciple then tells his story, which is based on an ancient myth and explains why the crow is black.

At sundown the Manciple ends his story. The Host suggests that the Parson conclude the day of tale-telling with a fable.

However, the Parson preaches a two-hour sermon on penitence instead. The Canterbury Tales end here.



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Friday, August 10, 2012

your mum loves it

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Australian Drama and Theatre

The Seven Stages of Grieving, collaborated by Wesley Enoch and Deborah Mailman, and Garry’s House, written by Debra Oswald are both Australian dramas that examine the relationships between Australian characters and the environments that they inhabit. This is achieved through the use of dramatic forms, styles, and conventions. The comparison on the two plays shows a dramatic contrast between the traditional Aboriginal culture and the rough city/country contrast of the white Australian culture. These two theatre pieces also have thematic parallels which include life, death, grief, guilt, isolation, regret and anger. These themes are expressed through the way in which the characters relate to one another and their emotions are reflected through these relationships which are influenced and shaped by the freedom and constraints that their environments hold.

The world is made up of life and life is the central thing that people, animals and nature all have in common. It is what makes the world united without having to take into account religion, skin colour, language or gender. The purpose for living beings is to live and this is what is at the centre of the two plays, Garry’s house and the seven stages of grieving. In Garry’s house, it is life that is the reason for the five characters to hold relationships together and it is life that helps all, bar Garry, to push through past their own selfish desires and attitudes to see the needs of the baby and in that frame of mind, the characters change accordingly to meet the needs that have been neglected or not completed.

For Christine, the life of her nephew brought out the maternal emotions that she had ignored in pursuit of her career. She re-adjusted her actions and attitudes to best suite those needs of the baby. On the other end of the scale, Garry succumbed to the stresses and pressures that pregnancy and the construction of a house bring and chose to leave the situation all together. It appears that Garry felt that life was not worth persevering through the pain and torment to move past the state the he found himself in the night he committed suicide. QUOTE… (HEARTBREAK.) The life Sue-Anne lives is an emotional roller coaster. She could commonly be described as narcissistic as her actions and conversations lend the impression that the world revolves around her and she holds little consideration for the emotions that others may feel after encountering her. She has not lived a long life as she is only seventeen. With this still in mind, she is very immature considering she is pregnant and it is evident that she has not taken her share of the responsibility for the life she helped create.




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Thursday, August 9, 2012

Exxon Mobile Corp.

We are ready to represent the best custom paper writing assistance that can cope with any task like Exxon Mobile Corp. even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Exxon Mobile Corp. in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.



Exxon Mobile Corp.

There are hundreds of financial decisions made every day. What is the basis for these decisions, and is there any way to avoid uncertainty? What thought process do buyers and sellers utilize when attempting to make sound investment decisions? These are questions asked by many. Finances are a great concern for most Americans, especially for those planning for their future after retirement. It is not a lack of concern that prevents many from investing money today to make money tomorrow. The hesitation comes from a lack of knowledge. It is advantageous to carefully research a potential investment company and compare it to similar companies in its industry. It is my attempt in this paper to provide the reader with a basis for valuation techniques. I will be focusing on only one actively traded security, and will ultimately decide on the value of the stock.

Project Environment






The security that I have chosen is Exxon Mobile Corporation. I feel that this company belongs to a unique industry that exemplifies uncertainty and volatility. Like others, the energy industry has been feeling the effects of the slow economy. Consumers have certainly felt these effects, as a result. I will attempt to discuss the environment of the energy industry to obtain a better understanding of the financial outlook for Exxon.

This industry’s functions are the exploration, production, manufacture, transportation, and sale of crude oil, natural gas, and petroleum products. The world’s largest non-government oil companies consist of Exxon, Royal Dutch/Shell, BP, Total Fina, ENI, and Texaco.

The Organization of Petroleum Exporting Countries (OPEC) has a lot of control over the supply and price of gasoline. The organization is made up of several countries that hold a majority of the world’s proven oil reserves. During 000, around 46% of our oil came from OPEC nations. The top suppliers of oil to the United States are Canada, Saudi Arabia, Venezuela, and Mexico. We depend on them for our oil supply to maintain a reasonable inventory.

The industry is on the rebound from the cuts made during the oil price collapse of 17/18, and has responded with higher prices. A variety of factors started the oil crisis. Asian economies that had once dominated the oil industry suffered as they felt the effects of an economic collapse. The Northern Hemisphere experienced a warmer than usual winter, which reduced demand. Surpluses developed, which made prices fall. OPEC became very involved, encouraging countries to better manage their production. These higher prices have reached most of the industry, including producers, refiners, pipeline companies, equipment makers, field service providers, and gas station attendants. All are reaping the benefits and enjoying new profits. Twenty-seven major energy companies reported overall net income of $14.1 billion on revenues of $1.4 billion during the fourth quarter of 1. These higher prices are enabling the industry to develop new oil fields, accelerate production, and store more refined products.

Oil is known as a commodity. Commodities are basic materials available from a wide variety of suppliers whose prices are very subject to the laws of supply and demand. Prices of commodities have fallen in recent months. In dollars adjusted for inflation, gas sells for about the same as it did 0 years ago. This means that the increase in prices is just an economic normality. In general, the commodities environment of today is one of heightened competition, excess capacity and lower operating costs, and an abundant supply. As oil prices began to fall in 17, the entire commodities index fell significantly over recent history. This shows the dominance of oil prices.

Project Analysis

To properly analyze an oil company, you must begin by looking at general industry factors. Once you have established an outlook for the entire industry, you should begin to review company specific factors. This gives the analyst the opportunity to compare individual company results with those of the industry on a whole. I will present several key ratios for Exxon to eventually determine its financial outlook. I will be using the most current data that I found on Exxon to compare with the same effective dates of other companies.

DuPont Equation

The DuPont Equation is very useful in determining two key ratios. These two are Return on Equity (ROE) and Return on Assets (ROA). A company’s ROE is calculated as follows

ROE= Asset Turnover x Net Profit Margin x Leverage

By breaking ROE down into three parts an analyst can evaluate how well a company is managing assets, expenses and debt. The last reported ROE for Exxon was 14.7%. If we compare this to its fierce competitors, it fares well. Chevron, Texaco, Royal Dutch, and Exxon all seem to have experienced steady increases in ROE in the years leading up to the oil price collapse. Surprisingly, Exxon did not experience as much of a decrease as did all of the other companies. From 17 to 18 the return fell only 5 percentage points, as compared to Texaco, who fell almost 1 percentage points, and Royal Dutch, who fell almost 1. Exxon appears to make a great return on its equity, and is the only asset with any consistency.

A firm’s ROA is similar to the ROE, except the interest expense is added back to net income in the ROA calculation. Again, the most recent reports show Exxon with a steadily increasing return up until the oil collapse. All other companies dropped significantly. Recent figures show Exxon with a 6.6% return on assets. This seems to be about the average for the industry. By evaluating these two ratios, it appears that the oil collapse of 17 did not affect Exxon as much as it did every other company in the industry. There are many scenarios as to why this is. Perhaps they did not maintain a large quantity of oil; therefore they were not stuck with a surplus. Exxon could have had a very seasoned and knowledgeable team of financial planners that could foresee the oil crisis. Whatever the case, Exxon has proven to avoid the economic blows that affect the remainder of the industry.

The price/earnings ratio can tell prospective investors a lot about the asset. It essentially indicates the value that investors place on the company’s earnings. The last reported P/E ratio for Exxon had a high of 8 with a low of 8. This is the only company in the industry that saw an increase from the previous year. It has actually experienced a steady increase every year. The difference between the high and low market price is minimal, as compared to the span of other firms. This tells me that there is not as much price volatility as with other companies. The market price appears to be around the average for the industry.

A pertinent measure of operating efficiency is the profit margin. Exxon has a profit margin of . this year, and . last year. That makes the company consistent. Chevron has a little bit higher margin with .7, with last year being .4. The fact that other companies maintain a higher profit margin could mean a multitude of things. One possibility could be that Exxon has a lot of operating expenses. This could actually be advantageous to the company. Exxon may possess more operating equipment and may do more drilling than the other companies in the industry. This would create more expenses for Exxon, but in turn, may also create more revenue. Exxon has been looking to expand its drilling projects and this lower profit margin could very well be a short run effect.

Dividend Discount Model

A popular model used to value a stock is the dividend discount model. This method of estimating value sums all expected future dividend payments. For this purpose, I will be using the stable model. I feel it is best suited for Exxon because the company is experiencing long-term stable growth. All projected ratios for the firm show continued growth for Exxon. The company’s recent decision to incorporate more drilling should prove advantageous to its growth. Generally, these types of firms grow at a rate equal to the growth rate of the economy. For illustration purposes, we will use a growth rate of 6%. (inflation of % plus real growth in GDP of %) I will also use another growth rate of %, which is equal to the projected EPS growth rate for Exxon. The current dividend for the asset is $1.76. For ks, the required rate of return for the investment, we will use the formula as follows

return = risk-free rate + (market risk premium) beta

We will use the rate for a t-bill for the risk-free rate. The market risk premium is the expected return of the market in excess of the risk-free rate. For our purposes, we will use a percentage of 6.8%, which was suggested in an article about the dividend discount model. We will be using a beta of .41, given by the company’s stock information. If we plug these figures into our formula, we get a return of 8.7%.

ks = 6% + (6.8%) .41

To determine the value of the stock, we must incorporate the expected growth rate mentioned previously.

v = 1.76 (1.06) / .0870 - .06)

We find that the value of the stock is $6.10. If we compare this to the current selling price of $85, we can see that customers will pay a premium price for the Exxon name and brand.

If we use a growth rate of %, that equal to the projected EPS growth rate, we end up with a value of $68.51. There is not much difference between the total if using a 6% rate of growth or using a % growth rate. It is still well below the selling price of the security.

Capital Asset Pricing Model

Another formula that is useful when valuing a stock is the Capital Asset Pricing

Model (CAPM). This shows the expected return for the asset. There are three factors to consider in this computation the time value of money, the reward for bearing risk, and the amount of systematic risk. We used this formula previously when deciding the market risk premium. We can conclude from our result of an 8.7% reward-to-risk ratio, that there is more reward for bearing risk. 8.7% tends to be a bit higher than the industry average, but this could be because Exxon bears more risk.

Economic Value Added

The Economic Value Added (EVA) focuses on managerial effectiveness. It provides a good measure of the extent to which the firm has added to shareholder value. The common goal of all firms is to maximize shareholder wealth, and by monitoring and interpreting EVA, managers can do just that. EVA for Exxon was negative last year. This could be because the amount of capital grew more than Net Operating Profit

After Taxes. This pulled the EVA way down. This is not necessarily a bad thing, however. The value of the asset to shareholders has been fairly substantial in previous years, and we have proven already that existing stockholders deem the asset very valuable.

I have covered the most pertinent ratios and evaluation techniques that will enable us to value Exxon. The current selling price for the asset is approximately $85. We valued the stock using several different models. In using the dividend discount model, we found that the stock price was much higher that the value that we calculated. This is not necessarily a bad thing, however. I do not feel that Exxon has over-valued its asset. I think the company realizes that they are the leader in the oil industry, and investors are willing to pay a premium price for the brand. Our findings have proven Exxon to remain stable and consistent in an ever-changing, volatile environment. Investors trust the firm to continue to maximize their wealth, even in times of economic hardship. As we compared Exxon to competitors in the industry, we found that Exxon was the only company to remain fairly stable and strong through the oil collapse of 17/18. Exxon has continued to show growth in each year following the crisis. The Profit to Earnings ratio showed us that investors have faith in the future of the asset. There is not much of a spread between the high and low price. Investors trust that the stock will give them a good return. The company’s profit margin was slightly lower than other firms in the industry. We came to conclude, however, that this was probably a result of its recent plan to incorporate more drilling. The company may have more operating expenses than other firms, but this may work to Exxon’s advantage in the long run.

By analyzing these ratios and interpreting the meaning behind them, we can find the true value for an asset. We were able to conclude from our findings that Exxon is a leading company in the oil industry, and will only continue to grow in the next several years. We can see that existing investors hold a lot of hope in the firm’s ability to maximize stockholders’ wealth. As we begin to see revitalization in the economy, we will also see Exxon leading the way for the other companies in the oil industry.





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Wednesday, August 8, 2012

Basketball is a great sport

We are ready to represent the best custom paper writing assistance that can cope with any task like Basketball is a great sport even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Basketball is a great sport in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.



One of the smoothest sports that can be played is basketball. Basketball consisted of many different positions like forwards, shooting guards, a point guard, and a center that makes a team. A jazz band is also like a basketball team in many ways. A jazz band has many different instruments that can be compared to a basketball team. The instruments can be compared to a team because every complete jazz band has trumpets, saxophones, and clarinets that can represent the player at the top of the key. Also, the band has all the basses, and trombones that could represent the player down low. The most important instrument would be the drums that would represent the point guard, who leads the team. Playing basketball for a team is like playing in a jazz band because it’s very exciting.

The looks of a basketball team is very important for a team performance. The looks of a team includes on how they move the ball from end to end of the court, how the pass the ball, how they perform as a team, and how they shoot the ball. In order for a team to look good they must be able to run the floor without going tried. While running up and down the court they must be able to play hard defense. On offense they must be able to make nice sharp passes in order not to get a turnover. Also, the team must be able to shoot in order to look good for there fans. Next, a team must have a type of chemistry between each other for better communication. Communication is vital because it allow the team to be more focus which helps them make better decisions. But, looks are also important for a jazz band for the performance. In order for a jazz band to look good they must be able to make smooth transition in the music, keep full energy while playing and all the instrument must be in tunes with each other with playing. A jazz band must be able to make smooth transition from measure to measure in order for them to look and perform well. For example the band must be able to go from a nice fast swinging beat to a nice smooth beat in a matter of two measures. Second, the band must be full of energy especially the wind section. The wind or brass section consists of the trumpets, trombones, saxophones, and clarinet that make up half of a jazz band. Most of the energy lies in the hands of the drummer which usually slow or speeds up things in the band. In return the rest of the band feeds off the energy provided by each other and the drummer giving them a good exciting performance. Third, in order for the band to look good they must be able to sound good. In order for them to song good all of the instrument must be in tune with each other. For example the whole band must play their B flat on their instrument before and performance to get in tune. Therefore, a jazz band and a basketball team are very alike on how they look at a performance.

Every Basketball team has a coach to help guide them through a basketball game. Usually the coach control the tempo of the game by giving his player special plays to control the game. Also he subs different player in and out the game according to the type of game that is being played. For example if it’s a hard played fast tempo game he might put in one his more aggressive and relax players in to try to slow the tempo down some. Next, he can also be the most moody person on the floor on changes of events. A coach can be in a semi relax mood and with a bad call against his team he can become the most aggressive person on the floor. But, a jazz band is lead by and conductor which control the tempo of the band. The conductor is very important to the band in many different ways. The conductor always gives the band the tempo of the song before they actually started playing. This gives the band an idea on how fast the song would be played in the performance. During the performance he queue different instruments in and out the songs. Like if the drums, trombones, clarinets, and trumpets started the song playing, and the saxophones had rest in the beginning he would queue them in when it’s their time. The conductor is also very moody because he can go to a nice, smooth, and relaxing to a swinging, fast, and dancing mood in a matter of a measure. Therefore, the conductor gives you many qualities of a basketball coach doing to game.

The performance of a basketball team is very important to a team. The team that gives their best performance usually draws a bigger crowd of fans to their game. Fans like this because they know that the game will be very exciting and well played. This will begin in more money for the franchise to better help their futility. But, the performance of a jazz band is very important. The performance is important because the better the show is the more people will attend the concert. This will result in more people beginning and donating money to the band. With the money that the band begins in they will the able to buy better material like amps, and microphones to better the band. Therefore, the performance of a jazz band and a basketball team is very similar.




In conclusion playing for basketball team is like playing for a jazz band it’s very exciting.





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Wednesday, August 1, 2012

Who Pays the Bell fo Internet Shopping?

We are ready to represent the best custom paper writing assistance that can cope with any task like Who Pays the Bell fo Internet Shopping? even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Who Pays the Bell fo Internet Shopping? in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.



Foing to the mall may soon go out of style. These days more and more people are shopping from home over the Internet. In 1 electronic commerce took in approximately 18 billion from dhoppers by 00 that amount is expected to be 76 billion or more. These numbers are good news for the online stores and for online shoppers, who can anticipate increasing variety in e-commerece offerings. But because taxes are not collected on Internet sales as they are on purchases in almost allstates, online stores comete unfairly with traditional stores, and shoppers with Internet access have an unfair advantage over shoppers with no such access. to improve equity between online and traditional stores and between consumers with and without access to the Internet, tax laws should be reformulated to allow sales taxes to be collected on Internet purchases.

Internet commerce is regulated by the same tax laws that govern other commerc. However, in 1 the Supreme Court ruled that vendors do not have to collect taxes on behalf of states where they do not have a physical presence, because such collection would place an unconstitutional burden on interstate commerce. Buyers are supposed to send the correct taxes to gheir state governments voluntarily, but they rarely do and states currently have no way to collect. In a decision addressing mail-order sales but considered applicable to Internet sales, the Court’s majority urged congress to reexamine the tax laws governing inerstate commerce



The underlying issue is not only one that Congress may be better qualified to resolve, but also one that Congress has ultimate power to resolve. Accordingly, Congress is now free to decide whether, when, and to what extent the States may burden interstate mail-order concerns with a duty to collect use taxes. (Quill Corp v. North Dakota 18-1)






Mind that the sample papers like Who Pays the Bell fo Internet Shopping? presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!