Marine Finance(Capital Funding Structure) Essay

Marine Finance(Capital Funding Structure) - Essay Example In 1958, Franco Modigliani and Merton Miller, two prominent financial economists, constructed a theory of capital structure (usually referred to as the MM) that is widely considered as the most influential financial theory up to this time. Basically, the MM theory assumes perfect capital market conditions where all relevant information is readily available, where there are no transaction costs, and where borrowing and lending rates are the same for all investors. The theory likewise assumes that there are no income taxes, that operating income is constant over time -- i.e., there is no growth -- and that all earnings are paid out as dividends. In 1963, Modigliani and Miller modified their original work by including corporate taxes. With such taxes, leverage would increase the firms value because interest on debt is a tax-deductible expense and more income accrues to the investors. Consequently, the value of the firm increases. The cost of debt is the after-tax yield (1-tax). This lower cost of debt, combined with the existing cost of equity, will result in a lower weighted average cost of capital the greater the leverage. The benefits of debt financing derive from solely from the tax deductibility of interest payments. This observation would lead one to conclude logically that the company should use more leverage to the extent that all financing will be done through debt. In reality, however, companies do no such thing. While historically the debt/asset ratios have risen overall, companies maintain capital structures that are stable with a some combination of debt and equity at some in-between point. (See Brealey & Myers; Brigham & Gapenski; Keat & ). Much later, Merton Miller extended the theory by including personal taxes. Personal taxes in the modified model would reduce -- but not eliminate -- the benefits of debt financing. Because the introduction of personal taxes lowers the income to investors, they reduce the value

Reasons for wanting to be assistant director trainee. Personal Essay

Reasons for wanting to be assistant director trainee. Personal accomplishment. organizational experience, hobbies and interests, - Essay Example 1-B. Your short and long term goals in the entertainment industry, 5 years, 10 years; Although my final goal is to become a director in the film industry, my short term goals in the industry include, but are not limited to becoming a noted 2nd assistant director in the next 5 years. In about 10 years time I see myself working as the 1st assistant director with notable actors and directors in Hollywood. 1-C. How Have you confronted and overcome adversity (hardship) in your academic and/or work life. I spent a total of six years working for an apparel manufacturing company. While employed with them, I dealt with telephone based customer service and creating the daily and monthly sales reports. Since I was expected to multitask on the job, I was often pressed for time in the completion of each activity. Sometimes a telephone call would come in while I was trying to balance the sheets, or my boss would ask me to do something that would take me away from the phone and books for a period o f time. This often resulted in half finished work on my part. Since I was never a person to work only partly on a task, I learned how to work accurately using only a short period of time in order to allow me precious seconds or minutes that could be devoted to my next activity. However, I decided that if that system were to work, I would need to prioritize the client calls on the phone because those could easily be managed when compared to the records that I had to keep track of within the company. 1-D. Experiences that illustrate that you have the potential to be a successful assistant director. My office experience in the field of apparel manufacturing has more than prepared me for the rigors of the life of an assistant director. I already have preexisting and finely honed managerial, administrative, communication, and facilitation skills that will aid me in performing my tasks as an assistant director. I am no stranger to working under extreme pressure and circumstances either. M y work ethic has always been that all tasks must be accomplished at the soonest possible time in an effort to aid the others whose tasks my actions have a direct effect on. 2. Personal Accomplishment Of all the achievements that I have had in my life, both in the office and my personal life, I would have to say that my sense of personal accomplishment comes from the fact that I am living the life that I know I was meant to lead and that all the actions I have taken are leading me towards the path that I have chosen. Some people would most likely talk about their awards and other accomplishments but I am not that kind of person. I do not get my sense of accomplishment from the approval of others but rather, I take my personal accomplishments from living what I feel to be a just and secure life that has not inflicted harm upon others. 3. Organizational Experience As one of the more senior people at the apparel company that I worked for, I was often tasked with organizing my co-workers for various promotional activities related to the company products. My role in the company was not limited to customer care or administrative work. Instead, I was expected to and accomplished work with various departments at the office because we share all our duties and responsibilities whenever necessary. My role in these promotional instances