Thursday, June 25, 2020
Inscribing Beloved The Importance of Writing in Morrisons Novel - Literature Essay Samples
In an essay entitled Writing, Race, and the Difference it Makes, Henry Louis Gates, Jr. discusses the way in which over the course of history, a binary has existed between whiteness and writing, blackness and silence. Summarizing this tradition, he writes, Human beings wrote books. Beautiful books were reflections of sublime genius. Sublime genius was the province of the EuropeanBlacks, and other people of color, could not write' (56). Attacking a tradition of European writers including Kant, Hegel, and Bacon, Gates outlines the way in which whites asserted their superiority through writing, and maintained that superiority through the suppression of black voices or pens. For example, a 1740 South Carolina Statute made black literary mastery unlawful, thereby preventing blacks from developing the tools to break out of the inherent hierarchy (58).In the final pages of Toni Morrisons Beloved, when Sethe pleads, I made the ink, Paul D. He couldnt have done it if I hadnt made the in k (271) she alludes to a larger theme of the novel, and one with which Gates is extremely concerned the relationship of writing to the institution of slavery. The ink to which she refers is the product of her labors as a slave; it is the substance that Schoolteacher takes from her in order to write a white supremacist discourse and perpetuate slavery. Acts of writing or inscription in the novel, as is true in much of literature, represent assertions of agency. Conversely, the inability to write symbolizes a loss of agency, as does becoming the object of inscription. By writing Beloved, Morrison gives voice not only to the murdered infant, but also to Sethes lost ink, attempting to ventriloquize the slave woman and provide a way for contemporary readers to confront the issue of slavery. Revisiting a time when whites controlled the power of inscription under the institution of slavery, Morrison first presents a series of images that dramatize the suppression of black agency thro ugh inscription Sethes ink, and the scar on her back and then presents another series of images that attempt to counteract that inscription. By asserting her own black, female identity on the white pages of the novel, Morrison nullifies the process of white inscription that took place during slavery. Just as the ghost Beloved haunts 124 and the novel as a whole, the novel itself haunts contemporary society, demonstrating an alternative to the tradition of white inscription.I must mention here that Paul Ds recollections of having the bit in his mouth vividly and effectively symbolize the assertion of white agency through the silencing of black voice, as does Sethes recollection of having bitten her tongue while being whipped. However, the treatment of speech and voice is beyond the limits of this paper, so I shall for the present deal solely with the occurrences of writing in the novel.The first of two central images of suppression is Schoolteachers act of stealing the ink. The ink, like a child, is the product of Sethes labor. That ink represents her ability to control her destiny, to rise up against the association of blackness with silence and inferiority, and to do what Gates calls write [herself] out of slavery (66). Schoolteacher does not merely confiscate the ink; he exploits it to write history and perpetuate the white supremacist discourse of slavery. As Sethe laments at the end of the novel, He couldnt have done it if I hadnt made the ink (271). Paralleling the way in which white slave masters raped their slaves in order to perpetuate the commodity, Schoolteacher robs Sethe of the fruits of her labor the ink in order to inscribe the discourse of slavery. While Sethe has the potential to write her own history, that potential is shattered in the robbing of her ink, and the white supremacist inscription that ensues.Sethes scar is the other major symbol of negative inscription, and the multiple ways it is interpreted underscores its literarine ss. Sethe, although refusing to look at it, embraces Amy Denvers interpretation of it as a chokecherry tree, while the narrator describes it as the decorative work of an ironsmith (17). While the scar is not so obvious as to be in the shape of a letter, it is still a form of inscription, and the impulses to interpret it as a signifier suggest its discursive quality. By whipping her, the slave master permanently inscribes her, placing the mark of his white identity on her black skin. Like the stealing of her ink, the permanent scar on her back represents the way in which inscription, or the act of writing, is integral to the hierarchy of slavery and its perpetuation.With the placement of these images of negative inscription, Morrison sets about balancing them with more positive images of inscription, accompanied by the assertion of black agency. The first of these images is Sethes infanticide, which serves to counter Schoolteachers act of stealing her ink. Interestingly, Sethes child and Morrisons work have the same name. That is, there is a deliberate conflation of Sethes and Morrisons offspring. Sethes ink, Sethes child, and Morrisons novel are all products of labor. But whereas Schoolteacher claims the product of Sethes labor (the ink) and uses it to write history, Sethe claims the product of her own labor (her child) by murdering it. Through the infanticide, Sethe controls the fate of her offspring, just as Morrison controls the fate of her characters. By killing her child, Sethe makes up for the ink that has been stolen from her, essentially writing her own discourse. Ironically, that discourse is written at the cost of a human life.In addition, Sethes infanticide is made possible only by Morrisons literal act of writing the novel. Her infanticide is a kind of writing in that it is an assertion of her agency, despite her status as an enslaved black woman. Morrisons act of writing literally allows the events of the novel to take place, but it also asserts her own identity as a free black woman on the white pages of the book. Thus, the inscription of the book is presented as a way to counter the previous acts of racial inscription that have taken place in the past.This idea of inscription as retribution for past offenses is underscored by three key ideas or images that appear in the novel: the inscription of Beloveds gravestone, the appearance of Beloveds skin, and the location of the word Beloved on the very last page. In the first few pages of the novel, Sethe recalls how Beloveds headstone was engraved. Morrison writes:there it was again. The welcoming cool of unchiseled headstones; the one she selected to lean against on tiptoe, her knees wide open as any grave. Pink as a fingernail it was, and sprinkled with glittering chips. Ten minutes, he said. You got ten minutes and Ill do it for freeTen minutes for seven letters. (4-5)The image of unchiseled headstones evokes the idea of blank pages, and the act of engra ving closely parallels Morrisons act of inscribing the novel. However, the engraving of the word Beloved on the headstone occurs as the result of a sacrifice here, Sethe must give up her body to pay for the engraving. Placed at the beginning of the novel, this symbolizes a problematic inscription; the engraving itself represents an assertion of black agency through writing, yet the act is performed only as the result of sacrifice.The description of Sethe with her knees wide open foreshadows the birth of Beloved into the novel, and her appearance helps counteract the first series of inscriptions (the scar on Sethes back and the stealing of her ink). Specifically, it is the appearance of Beloveds skin when she arrives at 124 that serves this purpose. In the first few paragraphs describing her, the narrator comments that her feet were like hands, soft and new (52) and that her skin was flawless except for three vertical scratches on her forehead so fine and thin they seemed at fir st like hair (51). Beloveds soft, new, and nearly flawless skin resembles the unchiseled headstone both images have the quality of blankness, like surfaces that await inscription. Morrisons description of Beloveds skin is cleverly self-referential; it is like a blank canvas, marked by three vertical lines, and closely resembles the pages of Beloved that await Morrisons inscription. The blankness of Beloveds skin directly opposes Sethes scarred back, and that blankness welcomes writing a more positive form of inscription than the kind that appears on her back. Again, Morrisons act of inscribing Beloved (that is, writing both the character and the novel) serves to counteract the previous instances of racial inscription that have occurred in slavery. However, the lines of Beloveds forehead suggest that inscription is still problematic, and that despite her good intentions, Morrison cannot simply heal the past through writing.Finally, the placement of the word Beloved at the very end of the novel draws attention to the novel itself, and its presence as an example of an alternative form of inscription, meant to counter the binary that Gates identifies between whiteness and writing, blackness and silence. The location of the word Beloved as the last word of the final page suggests that Morrison has re-enacted the inscription of the headstone at the beginning of the novel; in other words, Beloved remains entombed in the book. However, I would argue that although Morrison does provide a series of inscriptions the gravestone, Beloveds skin, and the novel itself as retribution for past transgressions the stealing of Sethes ink, and her chokecherry tree scar she does not mean to merely insert a black literary voice in the place of white discourse. In his essay, Gates writes, Whereas I once thought it our most important gesture to master the canon of criticism, to imitate and apply it, I now believe that we must turn to the black tradition itself to arrive a t theories of criticism indigenous to our literatures (67). While he ostensibly writes about literary criticism, he evokes larger separatist notions regarding the formation of a distinctly black literary voice. And although Morrison directly addresses Gates notions of blackness and suppression, whiteness and writing, Morrison does not share Gates sentiments on reconciling this tradition.
Saturday, May 23, 2020
The Classroom Management Is Defined As A Person...
Management Management can be defined as a person controlling and directing the affairs of certain circumstances. As teachers we hear the term ââ¬Å"managementâ⬠; we immediate think of our classrooms. In Child Development McDevitt mentions, ââ¬Å"Classroom Management refers to the skills and strategies that teachers use to organize instruction and maximize the productive use of their instructional timeââ¬â¢ (McDevitt, 2008, 408). Educational Psychology Moreno states, ââ¬Å"In a well-managed classroom, studentsââ¬â¢ behaviors rarely interfere with achievement of instructional objectsâ⬠(Moreno, 2011, 408). Classroom management helps to enhance a well-organized classroom with effective classroom planning, effective lessons plans and preparation; which then enhances the productivity in the classroom. With establishing classroom procedures that are clear, students are able to understand the expectations/goal of each class, whether the procedures are for behavior or learning objec tives students can stay consistent throughout the day or within a different class setting. Moreno argues the effectiveness of classroom strategies. i.e., , ââ¬Å"the routines for accomplishing recurring classroom tasks such as how students will turn in homework, go to the restroom, or transition from one activity to anotherâ⬠(Moreno, 2011,417). In overseeing my classroom observation in an integrated English classroom, my classroom mentor Ms. Lee always enforces clear and direct classroom procedures. Before the children enter theShow MoreRelatedLesson Plan10685 Words à |à 43 PagesEpisode 4â⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. Getting to Know the Classroom Routines Practice Teaching Learning Episode 5â⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. The Journey Begins with the First Step Practice Teaching Learning Episode 6â⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. Writing My ââ¬Å"Firstâ⬠Lesson Plan in My Second Home Practice Teaching Learning Episode 7â⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. Preparing my IMs Practice Teaching Learning Episode 8â⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. My First Assessment Tool Practice Teaching Learning Episode 9â⬠¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. Designing the Classroom Bulletin Boards Practice Teaching LearningRead MoreLibrary Management204752 Words à |à 820 PagesCenter Management Recent Titles in Library and Information Science Text Series Library and Information Center Management, Sixth Edition Robert D. Stueart and Barbara B. Moran United States Government Information: Policies and Sources Peter Hernon, Harold C. Relyea, Robert E. Dugan, and Joan F. 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While on patrol, officers attempt to become thoroughly familiar with their patrol area and remain alert for| |anything unusual. Suspicious circumstances and hazards to public safety are investigated or noted, and officers are dispatched to | |individual calls for assistance within their district. During their shift, they may identify, pursue, and arrest suspected | |criminals, resolveRead MoreDeveloping Management Skills404131 Words à |à 1617 Pagesis an online assessment and preparation solution for courses in Principles of Management, Human Resources, Strategy, and Organizational Behavior that helps you actively study and prepare material for class. Chapter-by-chapter activities, including built-in pretests and posttests, focus on what you need to learn and to review in order to succeed. Visit www.mymanagementlab.com to learn more. DEVELOPING MANAGEMENT SKILLS EIGHTH EDITION David A. 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THERead MoreChange Management49917 Words à |à 200 Pagesorganization. It may be reactive or proactive in nature. When change takes place due to external forces, it is called reactive change. However, proactive change is initiated by the management on its own to enhance the organizational effectiveness. The change is one of the most critical aspects of effective management. It is the coping process of moving from the present state to a desired state that individuals, 1 MBA ââ¬âH4010 Organisational Development And Change groups and organizationsRead MoreFundamentals of Hrm263904 Words à |à 1056 Pagescom/college/quickstart Technical Support 24/7 FAQs, online chat, and phone support www.wileyplus.com/support Your WileyPLUS Account Manager Training and implementation support www.wileyplus.com/accountmanager MAKE IT YOURS! Fundamentals of Human Resource Management Tenth Edition David A. DeCenzo Coastal Carolina University Conway, SC Stephen P. 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Monday, May 18, 2020
The Gate Keeper Interview Essay - 1357 Words
The Gate-Keeper Interview Essay Introduction The perceived ââ¬Ëcantankerousââ¬â¢ relationship that characterises the exchanges between public relations professionals and media practitionerââ¬â¢s has been rife since the birth of public relations. The pair is, in its simplest term ââ¬Ëfrenemiesââ¬â¢, they do work together, albeit covertly, and are usually hesitant to admit (on the media side) their cooperation. However, there is no absolute trust held between the two since there is a shifting power of control and influence that continually changes, which Fletcher (as cited in Hobsbawn, 2010, p. 64) believes is due to the market value of the particular product that public relations is representing. Media practitioners are often called the ââ¬Ëwatchdogsââ¬â¢ ofâ⬠¦show more contentâ⬠¦For this essay, the interviewee was journalist Mike Munro AM, well known for his time on 60 Minutes, A Current Affair, Sunday Night, 10 Eye-witness news and his print newspaper time working at The Australian, The Daily Mirro r and under Rupert Murdoch as a reporter for The New York Post. He has been in the journalism industry for over 40 years and has bared witness to the fast-paced changing environment that has changed the news cycle and the interaction between public relations practitioners and the media. As mentioned earlier, the symbiotic relationship between the two is highly contentious, however, what is known is that they do work together and, although unwilling to admit it particularly on the media side, is that they need each other more than ever in this ever-changing, technology driven world. The ââ¬Ësymbiotic relationshipââ¬â¢ the perspective from the ââ¬Ëgatekeeperââ¬â¢ Journalists are quick to deny the thought of a ââ¬Ësymbiotic relationshipââ¬â¢ with public relations practitioners. However, with copious amounts of research conducted, regarding the relationships between the two it would seem, ironically, that the journalists are not being all that truthful. A study conducted by the Australian Centre for Independent Journalism (ACIJ) and Crikey (2009) discovered that across 10 newspapers in Sydney that ââ¬Å"...nearly 55% of stories examined were driven by some form of public relationsââ¬
Tuesday, May 12, 2020
A Brief Note On Advocacy And Social Justice - 1599 Words
Advocacy and Social Justice Unfortunately the United States has a complex history with topics such as religion, race, language, and many more. In recent years, some regulations have paved the way for equal opportunity for all students regardless of the factors listed above. Reviewing past policies and changes will help us understand the importance of advocating for the oppression of those systems and helping promote social justice for our society. Religionââ¬â¢s role in education stemmed from two controversial issues, the promotion of religious instruction in public schools and the use of public tax money to aid nonpublic schools. Religious freedom was an apparent issue in the late 1700s. With the enactment of the First Amendment statingâ⬠¦show more contentâ⬠¦The issue in the Gobitis case in 1938 was the right of a student to be protected from rules that violate his or her religious freedom. This issue arose because a family objected to the requirement of reciting the Pled ge of Allegiance as Jehovah s Witness. This family advocated for their child to have a right to religious freedom in schools and it paved the way for all religions to also uphold their rights. This later became a reason for the reversal of position in the 1943 case of West Virginia v. Barnett were religious freedom became a valid reason for children to be excused from school activities. This family advocated for their child to have a right to religious freedom in schools and it paved the way for all religions to also uphold their rights. In 1947, 2 million public schools were released to attend religious classes during some part of the week. In the McCollum v. Board of Education of Champaign, Illinois case, in 1948, the Supreme Court ruled that releasing students to attend religious classes in public school buildings was illegal (Pulliam, J. Van Patten, J., 1999). A case in New York later found that releasing students to take these classes outside of public schools did not violate the separation of church and state. Educational practices have been changed due to lawsuits and regulations that have come from them. The issue of participating in religious activities held by the school was found to
Wednesday, May 6, 2020
Era of Prohibition in THe Great Gatsby by F. Scott Fitzgerald
A Time of Grieving With its increase in organized crime, notorious icons, and unhealthy lifestyle, the Era of Prohibition represented the Roaring Twenties which F. Scott Fitzgerald vividly portrayed in The Great Gatsby. Alcoholic beverages were illegal in the Roaring Twenties, which caused many Americans to develop hidden bars or speakeasies to drink their alcoholic beverages. The number of speakeasies increased tremendously when the Prohibition Act was established. The high number of speakeasies caused organized activity to increase during the Roaring Twenties. ââ¬Å"Speakeasies for illicit drinking sprang up, and organized crime activity increasedâ⬠¦Ã¢â¬ (Hutchinson Encyclopedia). Americans during the Roaring Twenties knew that alcohol wasâ⬠¦show more contentâ⬠¦They became rich and powerful by providing speakeasies and others who were willing to buy their alcohol. Some bootleggers got their alcohol from other countries. ââ¬Å"The first large-scale organized criminal activity of the Prohibition Era was smugglingâ⬠¦The manufacture, importation, and sale of alcoholic beverages were perfectly legal in Canada, Mexico, and the Caribbean,â⬠(Cohen). During the Roaring Twenties , someone who bought alcohol from other countries had to smuggle the alcoholic beverages inside the country. ââ¬Å"As soon as Prohibition went into effect there was a dramatic increase in Mexican imports of scotch whiskey from Britain. The Mexicans werent drinking more; eventually all of this whiskey made its way north across the borderâ⬠(Cohen). 0Bootleggers were powerful and rich and became one of the biggest reasons for the increase of organized crime in the Era of Prohibition. à ¬Ã ¬Ã ¬During the Roaring Twenties, there were many lawbreakers who increased the rate of organized crime. Unlike bootleggers, these lawbreakers stole alcoholic beverages from locked up warehouses, to resell to their customers. ââ¬Å"Hijacking was another way of getting the liquor. Early in the Prohibition Era there was still a lot of liquor locked away in government warehouses to be sold for medicinal purposes. Much of this was simply stolen by the criminals, particularly while it was being transportedâ⬠(Cohen). The lawbreakers during the Roaring TwentiesShow MoreRelatedThe Great Gatsby Summary1036 Words à |à 5 PagesSummer Project 2012- ââ¬Å"The Great Gatsbyâ⬠: FULL SUMMARY OF ââ¬Å"THE GREAT GATSBYâ⬠: During the 1920ââ¬â¢s era, within the various movements of prohibition, womenââ¬â¢s rights, and the Jazz Age, F Scott Fitzgerald bore a timeless novel by the name of ââ¬Å"The Great Gatsby.â⬠The predominant character, Nick, who duals as narrator, is indecisive but thoughtful. He lives in West Egg on Long Island Sound, amidst the aristocratic air and luxurious titles. 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Scott Fitzgerald s The Great Gatsby1003 Words à |à 5 Pagesnewfound sexual expression. In this age, there was a boom in literary expression as well. F. Scott Fitzgerald was one of the many twentieth-century writers to focus on American ideals in their novels. In Fitzgeraldââ¬â¢s masterpiece, The Great Gatsby, the character of Jay Gatsby represents the opulence and underlying corruption of the 1920s. As the novel begins, Fitzgerald describes Gatsbyââ¬â¢s outrageous wealth. Gatsby harbors an obsession for money, which is a reflection of the booming economy in the TwentiesRead MoreTaking a Look at the Jazz Age1600 Words à |à 6 Pageserupted in new musical and cultural changes. These changes can be seen through the shift in literature, from conservative to contemporary writings, by literary giants like F. Scott Fitzgerald and Bessie Smith. The Jazz Age was known as the Roaring Twenties, and is still popular today due to its infamous jazz music, flappers, and prohibition. 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Even though he didRead Moreââ¬Å"the Jazz Ageâ⬠and F. Scott Fitzgerald1095 Words à |à 5 Pagesââ¬Å"The Jazz Ageâ⬠and F. Scott Fitzgerald It was an age of miracles. It was an age of art, it was an age of excess, and it was an age of satire.â⬠(ââ¬Å"Fitzgerald: The Jazz Ageâ⬠p. 3). As the 1920s began, the old, conservative ways of life began to disintegrate. A new era was just beginning. This era is called ââ¬Å"The Jazz Age.â⬠The Great Gatsby, a literary masterpiece written by F. Scott Fitzgerald, the social historian of the 1920s, directly reflects the virtues, materialism, and revolutionary nature
Challenges Struggle and Arnold Spirit Jr Free Essays
Challenges Challenges, struggles are always a part of human life. Challenges are to test of oneââ¬â¢s abilities. Struggle what makes people stronger physically and emotionally itââ¬â¢s a difficulty, conflicts that people face to be success. We will write a custom essay sample on Challenges: Struggle and Arnold Spirit Jr or any similar topic only for you Order Now It is not easy to accept challenges and struggle and achieve what you have been challenged for. In a novel called The Absolutely True Diary of a Part-Time Indian by Sherman Alexie the main character name Arnold Spirit Jr. was born in a poor Indian family and lived in a Indian reservation. Junior is a boy who wanted to do something different, different then people in his rez have ever done. His life always brings new challenges and struggled a lot. Life always brings challenges and struggles but the most important thing is how you accept challenges and struggle in order to succeed. Arnold spirit Jr. Life is began with a challenge He was born with cerebral spinal fluid and forty two teeth. Doctors said he is not going to survive or just a living object ââ¬Å"even if I somehow survived the mini Hoover. I was supposed to suffer serious brain damage during the procedure and live the rest of his live as a vegetableâ⬠(page # 2). Due to his brain damage he had eyesight problem. But he survived he was fine a lived his live normally. He was born in a poor Indian family were they live in Indian reservation. They sometimes have to sleep empty stomach, ââ¬Å"My family misses a meal, and sleep is the only thing we have for dinnerâ⬠(page #8). One of his best friend name Oscar his pet. He lost him because he and his family didnââ¬â¢t have money to cure him. In spite of being poor and losing his pet Oscar he understood that his family is poor. He controlled his anger he had towards his family and him being poor. He learned and understood that it wasnââ¬â¢t his or his parentââ¬â¢s fault that they are poor. His anger level increased and he got out of control when he saw her motherââ¬â¢s name on his book. He had to study so old book. His teacher realizes and tells him that he is strong and he has hope in his life that he can fulfill it. He doesnââ¬â¢t want to live his life like others. He then decided that his life is not going to be like others in rez he then decided to study in other school to fulfill his dream and goal. One of the most important challenge in his life was when he decided to think beyond what he have thought before, No one in his family or in his rez have ever thought of doing he decided to leave his rez school and join another school where white people studies in Readan. He had to face many problems and strugg led a lot in order to go and study and be what he wants to be in life. His best and his only friend in rez Rowdy was no longer his friend. He was alone as he was the only Indian in that school. He was being bullied being called by different names in his new school as he was Indian. In spite of all his problem struggled he accepted it as a challenge. He fought with roger a student who bullied him all the time he punched him. Students started knowing him he was no longer being bullied or an unknown in school. He gained confident on himself. He started making friends. Even Roger became his friend. As he was physically weak than others he still joined basketball team were students in his team were big and tuff. It was hard for him to join the team but he did it he proved himself that he can do it. He worked hard one his selection were he had to face roger one on one in order to be selected he lost several time but he didnââ¬â¢t give up. His coach inspired him a lot it was him who made him strong, his advice, ââ¬Å"The quality of a manââ¬â¢s life is in direct proportion to his commitment to excellence, regard less of his chosen field of endeavorâ⬠(page #148). He then started playing game so good that he became star of Readan. He lost his loves one people who he inspires and loves. He lost his grandmother his fatherââ¬â¢s friend Eugene and his sister. Their death made him upset and depressed his but he still managed to control himself and fulfill his biggest challenge. Life is not easy I believe struggle and challenges are parts of live. No matter who you are what you are life always brings challenges and struggles. Life always brings challenges and struggles but the most important thing is how you accept your challenges and struggle in order to succeed Arnold Sprit Jr. faced challenges and struggles from the day one of his life. In spite of all his problems in his life he managed and survived from all his struggle and challenges. I always knew that no matter what I have to face challenges in life as Arnold did. Many famous people in this world like Mahatma Gandhi, Martin Luther king and Christopher Columbus accepted challenges in life and succeeded. How to cite Challenges: Struggle and Arnold Spirit Jr, Essay examples
Corporate Finance of FXZ Samples for Students â⬠MyAssignmenthelp.com
Question: Discuss about the Corporate Finance of FXZ Capital Structure. Answer: Introduction In relation to the financial calculation done, we hereby elaborate WACC in details and discuss the effect of FXZ capital structure and recommended changes in it. FXZ is a un-geared company with its capital structure highly dependent on equity share capital. It is an attempt to find out the efficiencies and deficiencies in the capital structure of the company. The capital structure basically comprises of four elements- Equity, Preference, Debt and Retained earnings. There can be various combinations of above depending upon the needs of the company. It may be different from company to company suiting to their needs and requirements. Calculation of Weighted Average Cost of capital In the given Company, the Weighted Average Cost shall be calculated for Equity and Debt. There are no preference shares in the company portfolio. The retained earnings are in negative i.e there are retained losses. Hence, we shall take the total equity mentioned in the Balance Sheet for calculation of the cost of equity. WACC: W(Ke) + W(Kd) (1-T) where W= Weight Ke Cost of equity Kd Cost of debt T Corporate Tax Rate To find out WACC, first we need to find its component : figures in `000 $ Total equity: 10,34,092 Total debt: 1,79,312 Total Finance Cost: 18,257 here Rf= 2.12% Beta: 0.77 Rm: 12.8% Cost of Equity= 2.12% + 0.77 (12.8% - 2.12%) = 10.34% Cost of Debt = Interest payment/ Interest bearing liabilities (debt) figures in `000 $ Interest Payment = 11,100 Interest Bearing Liabilities = 1,79,312 Cost of Debt = 11,100/ 1,79,312 (1-0.30) = 4.33% Weighted Average Cost of Capital (Amount in '000 $) Year 2016 Amount Proportion Cost of Weighted (%) Capital Cost Total Equity Capital 10,34,092 85.22 10.34 1,06,925.11 Debt 1,79,312 14.78 4.33 7,764.21 Total 12,13,404 100.00 1,14,689.32 figures in `000 $ WACC = Weighted Cost / Total of Equity and Debt = 1,14,689.32/ 12,13,404*100= 9.45 % The cost of Equity = Risk-Free Rate of Return + Beta * (Market Rate of Return - Risk-Free Rate of Return). Judgment on the WACC of the company (FXJ) The company is well placed in terms of its capital portfolio as it is not dependent upon outside debts. The company comprises of 85.22% of total capital as equity which suggests that the company is not liable to pay fixed interest and hence it helps them to retain their profits for any other purposes like capital investment, asset purchase or payment of other liabilities (Fairfax Media, 2016). The company pays a dividend as a return on investment to its shareholder which is $ 4,59,90,000 against a total equity of $ 1,03,40,92,000 which is 4.44 % which is quite low compared to the average cost of capital which is 9.45%. In this way, the company has played a very smart move by not indulging them in any fixed interest payments. The company has not issued any preference shares as well which also suggests that there is no requirement to pay any preference dividend to its shareholders (Bloomberg, 2016). The company has not either issued any debentures as well. So it has also allowed them f rom paying debentures interest. However, there are two reasons to worry for FXZ, which are briefly explained below: The amount of retained losses is huge and ever-increasing which suggests that the company has not been run properly by the management. There are retained losses of $ (37, 20,198,000) which is a dent on companys reputation (Fairfax Media, 2016). The same was the case in the year 2015 as well where retained earnings were in negative to an extent of $ (2, 72, 55,44,000). As the company has not included any outside debt in its capital structure, the company is sure to lose tax benefits on payment of committed interest on outside liabilities and debentures (Fairfax Media, 2016). Also, the financiers do not have any say in companys decision making, unlike equity shareholders which is one of the reasons that the companys management is always under the influence of equity shareholders which shows its adverse effect in companys decision making also (Henderson et. al, 2015). Computation of gearing ratios Gearing ratio refers to an analysis of the ratio of a company's long-term debt compared to its equity share capital. It is a comparison of total debt utilized in the company against the total capital of the company. It reflects the ratio of debt to total capital or total debt against total equity capital. A high gearing ratio reflects that the company is highly dependent on debt as its capital which also says that company shall be required to pay high-interest payments to its financiers (Brealey et al, 2014). On the other hand, A low gearing ratio reflects that company is using more of equity as its source of capital. Both the situations are different and have different effects on the company workings. We shall explain this by an example: Situation no. 1 Total Debt: 100 million $ Total Equity: 500 million $ Total Capital: 600 million $ Gearing Ratio: Debt/ Equity 100/ 500 m $ = 1:5 ratio or 0.2:1 In this situation, we see that company has 20% exposure in debts in its total capital which suggests that company has not entered into any high fixed intrest payments annually. Dividend payment is not necessary hence the dividend payment potion can be retained in the company for various decisions. Situation No. 2 Total Debt : 400 million $ Total Equity: 100 million $ Total Capital: 500 million $ Gearing Ratio: Debt/ Equity = 400/ 100 = 4:1 In this situation we see that the company is highly dependent upon debt as its capital sources, it is evident that company shall be required to pay off annual interest payment to its debt holders may be its bank, debenture holders or other borrowings (Brigs, 2013). The company shall not have the option to save or retain that part of payment. The company shall have the option to pay or not pay dividends to its shareholders. Findings with reference to Capital structure As shown above, the two situations show two different capital structure mixes. Both the situations have its advantages or disadvantages respectively. It is the company strategy or company vision to use the type of the funds it wants to utilize in the company that is dividend or interest (Davies Crawford, 2010). In our recommendation, the company in its earlier years of existence should depend on equity as its mode of capital because the company initially should not want to indulge in fixed payments. On the contrary, the established companies should use debts in its capital portfolio 9 Healy et. al, 2012). The reason behind is that the established companies do not want to share their company voting rights with issuing more equity share capital. The company strategy should decide whether it should use more of debt or equity in its capital structure. An optimal capital structure is one which has a best debt-to-equity ratio for a corporate house that maximizes its market capitalization. The optimal capital structure which offers a balance between debt-to-equity and minimizes the firm's cost of capital is considered as the best capital mix (Correia et. al, 2005). The company aim should be to reduce its total cost of capital i.e. cost of utilization of capital debt, preference shares, equity should be minimum. This shall ensure that the company shall be well placed in terms of optimum capital structure. FXZ is highly un-geared and equity capital oriented company meaning that it has low debt compared to equity share capital, this is not an optimal capital structure as this does not ensure the minimum cost of capital or maximized share value. Market share price is dependent upon company financial performance (Albrecht et. al, 2011). FXZ uses high equity as its source of capital. Its gearing ratio is saved by negative retained earnings which have further reduced shareholders funds. Hence gearing ratios of FXZ are not optimal. The year 2016 has not been good for FXZ because its financial position is not so rosy for its investors . There has been huge impairment and amortization cost in this year 2016 which has an effect on its profits and accumulated losses (Deegan, 2011). Recommendation We recommend changes in company capital structure due to the high dominance of equity capital because the company is able to please its shareholders with negative retained earnings and low dividend payout. The company should borrow some long-term funds with low-interest rates also and it should try to break even or try to reduce its losses (retained losses). The company should try to issue corporate bonds with late maturity or fewer interest rates or it may issue debentures to public to raise funds. Fundraising by the company shall reduce its burden on existing capital structure and shall fuse new energy in the company. The company should also try to explore more earning avenues. The company should various optimal capital structure to find out which suits them better for their company (Brealey et. al, 2016). The company should calculate the cost of capital at different capital mixtures. Conclusion The company FXZ is in cash crunch and is running into losses, the management should seriously think about ways to pull back the company from this awful situation. The company is eating up its resources with every day like high retained losses shall finish shareholders funds and the company shall not have anything to pay back its shareholders. The company can approach its debtors and receivables to pay them fast and soon so that they may invest them and reduce their losses. The company should try to identify areas where cost cutting can be done to reduce its expenses. Budgeting is an excellent tool which can be used by the company to standardize its expenses and spend accordingly. These are some of the ways we would like to recommend to the company to improve company financial position. The company FXZ has to try to include some leverage effect to its financial statements at minimum interest rates. The company board has to bring a radical change in its capital structure by managing it s long-term capital commitments. The company should decrease its cost of capital by using an optimal capital mix. The basic aim of optimizing capital structure is to select that proportion of various forms of debts and equities mixes that maximizes the firms value while minimizing the average cost of capital. References Brealey, R. A., Myers, S. A., and Marcus, A. J. (2015). Fundamentals of Corporate Finance, 8th ed. Australia: McGraw-Hill Irwin. Correia, C, Mayall, P, O'Grady, B Pang, J. 2005. Corporate Financial Management, 2nd ed. Perth: Skystone Investments Pty Ltd. Henderson, S, Peirson, G, Herbohn, K, Howieson, B. (2015). Issues in financial accounting. Pearson Higher Education AU. Healy, P. M, Palepu, K. G. (2012). Business Analysis Valuation: Using Financial Statements. Cengage Learning. Albrecht, W, Stice, E Stice, J. (2011). Financial accounting. Mason, OH: Thomson/South-Western. Brealey, R, Myers, S. Allen, F. (2014). Principles of corporate finance. New York: McGraw-Hill/Irwin Brigs, A. (2013).Financial reporting analysis. Mason, Ohio: South-Western. Davies, T. Crawford, I. (2012). Financial accounting. Harlow, England: Pearson. Deegan, C. M., (2011). In Financial accounting theory. North Ryde, N.S.W: McGraw-Hill Fairfax Media. (2016). Fairfax media 2016 annual report accounts. Retrieved May 22, 2017 from https://www.fairfaxmedia.com.au/ArticleDocuments/193/FAIRFAX%20Annual%20Report%202016.pdf.aspx?Embed=Y Bloomberg. (2016). Australian rates and bonds. Retrieved May 22, 2017 from https://www.bloomberg.com/markets/rates-bonds/government-bonds/australia
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