Stearns Book Chapter 1 Notes - 894 Words

Notes from Stearns’ text book World Civilization 1:1 The Neolithic Revolution (10-13) †¢ Farming initially developed in the Middle East, the Fertile Crescent. Grains such as barley and wild wheat were abundant. Also, not heavily forested, and animals were in short supply, presenting a challenge to hunters. 10,000 BCE to 8,000 BCE. Notice: it took thousands of years for this â€Å"revolution† so not fast but profound for history. Agriculture was hard for many hunting and gathering peoples to adopt – lots of work. Those in agricultural communities developed diseases, which they became immune. The agricultural people would unintentionally infect the hunters. †¢ Americas agriculture began as early as 5,000 BCE, especially in Central†¦show more content†¦o Indus had trading contact with Mesopotamia, but developed own alphabet (not deciphered yet) and art forms o Invasion by Indo-Europeans resulted in complete destruction of this culture o Hwange He developed in considerable isolation. 1) organized state regulated irrigation in the fertile but flood prone river valley; 2) by 2000 BCE technology = ride horses and skilled pottery, used bronze, used iron and coal by 1000 BCE; 3) art had delicate designs and early music; 4) by 1500 BCE Shang ruled over the Hwange He valley 5) harmony with nature, opposite of Mesopotamians stressing a gap between humankind and nature 1:3 The Heritage of the river Valley Civilizations (24-28) †¢ Legacy of Ancient River Valley o India, ignorance about possible links and what came later (invasion) o China, definite connection b/c Zhou took over from the Shang about 1000 BCE, ruling a loose coalition of regional lords; recorded history flowed smoothly o Mesopotamia and Egypt points are below †¢ God like King (Romans emulated), city-state gov’t began in M.E., slavery, scientific advancements (measuring time, charting stars), temple building by Egyptian (influence Crete and Greek styles) †¢ Other smaller groups of the Middle East o Phoenicians devised a simplified alphabet with 22 letters around 1300 BCE became the predecessor of Greek and Latin alphabets. Phoenicians also improved the EgyptianShow MoreRelatedDisadvantages Of Consumerism1154 Words   |  5 Pageslatest enthusiasm† (Stearns, 159). Peter Stearns’ book â€Å"Consumerism In World History: The Global Transformation of Desire† offers an extensive perspective on the origins of widespread consumerism, while evaluating its advantages and disadvantages on the cultures and communities infiltrated by communism. Stearns commences his discourse on consumerism by describing the world prior to the eighteenth century- when consumerism initially surfaces, ‘un-imitated’, in society. Stearns implies that thereRead MoreBear Stearns Bailout2159 Words   |  9 PagesBear Stearns Bailout â€Å"The Fed did not bailout Bear at taxpayer expense, but enabled – as it is mandated – the financial markets to continue to function. History will call the Fed’s action the right move at the right time†, says Jeremy Siegel, Ph.D. The Bear Stearns Company began a financial meltdown in July 2007. By March 2008, it was ready to file Chapter 11 bankruptcy. Some people believe that the Federal Reserve should not have stepped in to bailout Bear Stearns because it was rewardingRead MoreHistory and Legacy of Jazz Music Essay1001 Words   |  5 Pagesaudience was through the musician’s use of inflection. The musician would often put extra emphasis on certain words or notes to intensify the music. Other ways artists used inflection were to accent, hold, or flatten the notes (Schuller 379). When the instrumentalist would play solos they would often use inflection on different notes to keep the audience interested on the long run-on notes. This lead to the creation of â€Å"swoops† that are well known in jazz music today. The inflections and â€Å"swoops† led toRead MoreRestructuring at Marvel8331 Words   |  34 PagesJASON AUERBACH Bankruptcy and Restructuring at Marvel Entertainment Group Not since the big retailing bankruptcies of the early 1990s has so much money been lost on Wall Street. Everyone is screaming murder.1 — Wall Street trader On January 28, 1997, one month after filing for Chapter 11 bankruptcy, Marvel Entertainment Group, Inc. (Marvel) filed its plan of reorganization with the United States Bankruptcy Court in Wilmington, Delaware. According to the plan, Ronald Perelman, Marvel’s largestRead MoreMM Pizza Essay examples1730 Words   |  7 PagesFINA 351 – Managerial Finance, Chapter 13, Capital Structure, Notes 1. What is Capital Structure (CS)? It is the mix of debt and equity on the balance sheet. The basic capital structure question is: How much debt is right for this company? Contrary to what your momma may have taught you, according to the so-called finance experts too little debt may be just as costly as too much debt, because debt financing is usually the cheapest source. This is why it is often said that debt is a two-edgedRead MoreEnrons Impact On Enron1417 Words   |  6 Pagesaccounting practices that falsely inflated the company s revenues, which, at the height of the scandal, made the firm become the seventh largest corporation in the United States. Once the fraud was detected, the company quickly unraveled and filed for Chapter 11 bankruptcy on Dec. 2, 2001. (Investopedia, 2014) The first real shock came when then newly elected CEO Jeff Skilling, unexpectedly resigned, bewildering investors. â€Å"After the close of markets on Aug. 14, Jeffrey K. Skilling, the company s hard-chargingRead MoreMarvel Case3450 Words   |  14 PagesMARVEL ENTERTAINMENT GROUP Bankruptcy and restructuring Introduction Marvel entertainment group was started by Martin Goodman in 1939. It originally was a comic book business, known as Marvel Comics now. We have no way to forget the images of X-men, Spider-Man, and Thor. Marvel Entertainment Group has had a glorious history, and a dominant position in the comic market. However, this glorious empire regretfully elapsed in the end. The historical rise and fall influences not only comic fans’Read MoreMarvel Case3458 Words   |  14 PagesMARVEL ENTERTAINMENT GROUP Bankruptcy and restructuring Introduction Marvel entertainment group was started by Martin Goodman in 1939. It originally was a comic book business, known as Marvel Comics now. We have no way to forget the images of X-men, Spider-Man, and Thor. Marvel Entertainment Group has had a glorious history, and a dominant position in the comic market. However, this glorious empire regretfully elapsed in the end. The historical rise and fall influences not only comic fans’ lifeRead MoreCourse Syllabus: Managerial Accounting2699 Words   |  11 PagesfffffffffffffffffCOURSE SYLLABUS Spring 2013 Frank Stearns Riverside Community College Spring 2013 MANAGERIAL ACCOUNTING - 1B COURSE SYLLABUS MANAGERIAL ACCOUNTING - 1B Table of Contents General Information 3 1.1 Contact Information and Communications 3 1.2 Course Description 3 1.3 Learning Outcomes 3 Identification of Course/Reading Materials 3 2.1 Text and Materials 3 2.2 Internet Access 4 2.4 Web-CT / Open Campus 5 2.5 Log on Instructions 5 Course RequirementsRead MoreA Colossal Failure of Common Sense3385 Words   |  13 Pages 1. Introduction A Colossal Failure of Common Sense was one of many books to be published in the aftermath of the Financial Crisis of 2007. After seeing the global economy stall in the face of massive losses in word financial markets, many Americans sought to better understand the crisis and its causes. This book, written from the perspective of a financial market insider, provides a glimpse into the world of global finance and also seeks to explain how the players in this world were involved in

Illegal Immigration and Crime - 2981 Words

Illegal Immigration Introduction The relationship between illegal immigration and crime is an extremely controversial and politically fueled issue. Both immigrations and crime are perceived as threats to public safety and illegal immigrants are easy targets for blame by society. This holds true in he City of Costa Mesa and in Orange County as a whole. Specifically, the Costa Mesa Police Department and the Orange County Sheriff Office has implemented policy to check the immigration status of individuals arrested for serious crimes. This policy has an affect, most notably, on the large Hispanic community living in Costa Mesa and the greater Orange County area. Many community social services agencies are caught in the middle of†¦show more content†¦Traditionally enforcement of this section in California has been left in the hands of federal Immigration officers and not a function of local law enforcement officers. Representative Christopher Cox, a Newport Beach Republican and chairman of the House Select Committee on Homeland Security, had a proposal to have Orange County Sheriff officers be among the nation’s first local law enforcement officers trained to enforce federal immigration laws. This plan immediately began a controversy. The city of Costa Mesa City Mayor Allan Monsoor urged the city council to authorize the city’s police officers to obtain the federal training necessary to enforce immigration. The city council approved this training in a 3-2 vote which made Costa Mesa the first city in the country to go in this direction. Ruben Navarrette, Jr., a member of the editorial board of the San Diego Union Tribune reports that while Mayor Monsoor is trying to calm fears of immigrants by saying he is only interested in police going after those people who are â€Å"criminal offenders† or people suspected of wrongdoing that goes beyond entering the country illegally. This is too includes gang activity. Mayor Monsoor reportedly states he insist that there won’t be any sweeps or raids on employers and that police will not beShow MoreRelatedImmigration : Amnesty Or Amnesia1305 Words   |  6 Pages Immigration: Amnesty or Amnesia Immigrants cross the American border with hope of a better life so; the subject of illegal immigration is greatly debated topic in the United States. With all things considered illegal immigrations affects everyone. These undocumented people can be a neighbor, a waiter, or even a housekeeper. The controversy behind illegal immigrants is whether or not they should be reprimanded for violations of immigration laws. According to the Arizona Sentinel Newspaper, illegalRead MoreImmigration And The United States986 Words   |  4 PagesImmigration in the United States continues to increase rapidly year by year. According to an analysis of monthly Census Bureau data by the Center for Immigration Studies, the immigration population in the United States, both legal and illegal, hit a record of 42.1 million in the second quarter of this year, an increase of 1.7 million since the same quarter of 2014 (CIS.org). Clearly, Immigrants make up a large part of the population in the United States, an d for most immigrants, migrating to theRead MoreHow Immigration Affects Native Born People1694 Words   |  7 PagesImmigration has always been a very debated topic, with some people pointing out the opportunities different countries offer immigrants and the people on the other side of the spectrum highlighting the way immigration affects native born people. During the campaign period for the 2016 election, it was clear that candidates Hillary Clinton and Donald Trump had different views. Clinton sought to be more â€Å"humane† and mindful when reforming immigration policies and Trump sought to quickly remove the badRead More The Pros and Cons of Illegal Immigration into the United States797 Words   |  4 PagesThe Pros and Cons of Illegal Immigration into the United States Illegal immigration has been an important and serious issue for decades; which affects everyone, both Americans and immigrants themselves. Illegal Immigration has three main purposes: first to find a better life in the ?promise land?, second: free healthcare, and third: for criminal activity. Most illegal immigrants come to America with the best intentions for themselves and/or their families, but many others have alternativeRead MoreEssay on Why should the U.S have border patrol?1611 Words   |  7 PagesBorder Patrol: Why should the U.S have border patrol? 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There are many reasons why immigration is harmful and in some casesRead MoreIllegal Immigration : The United States Of America1197 Words   |  5 PagesJorge Romo Ms. Thompson Junior English 2nd Hour February 28, 2017 Illegal Immigration in American The United States of America is one of the greatest countries on this earth. Since the day it was founded, many men and women died while building this country into the nation it is today. But there is a problem that threatens America today and it is illegal immigration. The definition of an illegal immigrant is a foreigner who enters the U.S. without proper authorization. Especially a person who crossesRead MoreIllegal Immigrants : Illegal Immigration1627 Words   |  7 PagesIllegal Immigration in the US What does illegal immigration mean to a hard working, middle class worker providing for a family of four? What does illegal immigration mean to someone who is getting jobs taken right underneath them from illegal immigrants that are willing to work the same job for a lower paycheck? What does illegal immigration mean to someone who is in need for a job? Illegal immigration is an epidemic occurring in the United States of America, the land of the free (to the legal citizens)Read MoreThe Cost of Illegal Imigration Essays1560 Words   |  7 Pagesto keep thriving as the great nation we are. The struggle I speak of is not immigration but illegal immigration. Illegal immigrants have caused a struggle politically, in the government and have affected you even in your own schools and work. We must rectify the immigration system to help our predicament because the effects of illegal immigration may surprise you. One of the largest disadvantages of allowing illegal immigrants in our country is the cost. They take great sums of money away fromRead MoreThe Immigration Act Is A Defining Moment That Changed Us Immigration Policy877 Words   |  4 PagesThe 1965 Amendment to the Immigration Act was a defining moment that radically changed US immigration policy and provided the basis for all that we have witnessed today with its far reaching consequences. Before 1965, the national origins quotas, which heavily favored British, German, and Irish immigrants, was replaced with a less discriminatory system (Hatton, 2015). Many decades following the enactment of this law saw a dramatic rise in the total number of immigrants, and an equally dramatic switch

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Fulfilling the Promise of the American Dream Essay

The promises of the â€Å"American dream† are no longer fulfilled. One does not simply work diligently and expect to achieve success. A number of factors must be taken into consideration: natural talent, class, and most importantly, the ability to assimilate. The American economy today does not allow every citizen to be satisfied with his position. There is a clear distinction between the classes in America. The pursuit of happiness is limited to those who adapt and conform, as well as requiring a set of skills in order to remain competitive in the job market. In â€Å"Class in America: Myths and Realities,† Gregory Mantsios describes the myths and their corresponding realities in America. A myth that was given claims that any American, given the†¦show more content†¦Buchanan provides examples and historical contexts which show the gradual separation and classification of Americans by religion, ethnicity, gender, and political affiliation. America was founded o n the values of â€Å"diversity, equality, and democracy.† Buchanan argues that America today is known for its diversity rather than its unity. Treating Americans differently based on race has become a norm and raises questions every day. â€Å"Hardly a month passes without some controversy or crime rooted in race being forced through cable TV and talk radio onto the national agenda† (601). The fact that the average earnings for Americans is often classified by race, in addition to showing large disparity between incomes, shows that America is far from colorblind. All three selections have made the point, through historical examples or personal experience, that success and failure directly correlates to ones status and background. There is unquestionable variation with race and class being the most prominent factors. An individual that adapts to his respective American expectations can achieve his goals. Gregory Mantsios and Patrick Buchanan discuss the issues that s urround class and race while Stephen Cruz describes a personal ordeal that opens his eyes to the reality of the glass ceiling caused by his background. Mantsios and Buchanan naturally have analytical and statistical information to as support. Buchanan stresses the unity ofShow MoreRelatedExamples Of Fulfilling The American Dream In The Great Gatsby1071 Words   |  5 PagesFulfilling The American Dream What is the American Dream? The Great Gatsby by F. Scott Fitzgerald was published in 1925. The novel takes place in New York, during the roaring ‘20’s of the 1900’s. The novel is about a young man named Gatsby who tries to gain back love from a woman named Daisy Buchanan. The American Dream is a reoccurring symbol throughout this book. The characters in the novel all had their very own ways of interpreting the American Dream. Characters like Nick Carraway, Gatsby, andRead MoreHistory1408 Words   |  6 Pagesnew president of these United States, they have the support of everyone they fooled into believing their blind promises. We fall into their guarantee of topics they claimed they were going to address, and problematic issues they stated would change as soon as they were elected into the White House. As soon as they get inaugurated they still have no idea what is in store for them, the promises made to the public are suddenly pushed to the end of their priorit y list. Maybe they really wanted to fulfillRead MoreGreat Gatsby1147 Words   |  5 Pagesnovel The Great Gatsby , protagonist Jay Gatsby progresses as a hero through his dedication for love, his youthful dreams, and his Christ-like persona. His passion for love reflects in his greatness; for he proves commitment, dedication, and a loving soul for others. Jay Gatsby lives the model of the American Dream in a youthful and undertaking way. Extravagance combined with dreams for success comes greatness. Gatsby also is considered a vision of Jesus Christ as the novel uses different biblicalRead MoreEssay about Honored Irish Immigrants787 Words   |  4 PagesFor many people, the American dreams and promises brought ideas and new hopes of a better life. For the Irish, the American dreams and promises weren’t just ideas and hopes, they were the way to a new beginning in America, a way to start over and forget the horrifying past they encountered. The Irish struggled day after day to pay for fair travel to America. To many people, the challenge the Irish overcame seemed to deserve praise. Today, the Irish are honored and commemorated for their hard workRead MoreF. Scott Fitzgerald s The Great Gatsby 1219 Words   |  5 PagesTHE AMERICAN DREAM IN GATSBY The American dream is a tacit promise given to all citizens in this country, which states that regardless of social class, any individual can aspire to new heights based upon the ideology of meritocracy. The American dream is a â€Å"recurring theme in American literature†(Pearson) and in American society. However, The Great Gatsby, F. Scott Fitzgerald’s critically acclaimed novel, presents the American dream as an illusion which can never be achieved, and according to recentRead MoreAnalytical Essay On The Great Gatsby1048 Words   |  5 PagesThe Great Gatsby, published in 1925, is hailed as a masterpiece of American fiction. The author, F. Scott Fitzgerald offers up a commentary on the American society of which he was a part. He successfully encapsulates the mood of a generation during a politically and socially crucial and chaotic period of American history. In fact, The Great Gatsby stands as a brilliant piece of English literature, offering a vivid peek into Ame rican life in the 1920s. Fitzgerald carefully sets up his novel into distinctRead MoreThe Leader As A Strategist Report1376 Words   |  6 PagesHarley just may be the last pure expression of what it means to be American, the freedom to go somewhere, anywhere, just you and the road and the wind in your hair. The essence of the Harley lifestyle is to dress up in black leather and ride your Harley to the horizon, calling for all the world to see you like an outlaw rather than the mild-mannered citizen you are the rest of the week. It is no wonder that today this American icon is so loved and recognized around the world. Today’s Harley ownerRead MoreF. Scott Fitzgerald s The Great Gatsby1319 Words   |  6 PagesIt only takes a spark to start a fire. That spark could be a dream or a passion that has the possibility of growing into something larger than life. To transform that dream into a reality, goals must be set and plans must be made. The goal that many people were pursuing during the Roaring Twenties was the American Dream. It enticed people with the promise of prosperity and success all with a little hard work and elbow grease. Yet somewhere along the way, the goal was lost in the midst of affluenceRead MoreAmerican Dream A Biological Impossibility, Neuroscientist Says1402 Words   |  6 PagesThe American dream has lurked over its people with open, forgiving, and promising arms. It served as a beacon for all who wanted to escape their indigenous lives, and seek refuge in a place where opportunity and hope ran rampant. The beacon that was once brightly lit for the world and its inhabit ants to gaze in awe at, has since been dimmed by the very people that kneel beneath it. Their absolute, immediate fulfillment of this dream damaged one of the internal foundations that made the country asRead MoreMy Spiritual Journey From Childhood1308 Words   |  6 Pagesrecall having prophetic dreams. My aunt and I would often have similar prophetic dreams which we shared with each other and she would say to me â€Å"You have the gift as well.† This became a special bond that we shared. I thought it special although a little scary because I was told that I should not openly speak of it because most people would not understand. On the morning of my mother’s death when I was age 9, I told my aunt that we would hear news of a death. Prophetic dreams were a part of my life

Understanding Capstone Project for Sale

Understanding Capstone Project for Sale Actually, a number of my former clients have kept in touch over time. To learn the rules for creating a presentation, a student needs at least a while to hunt for useful tips. Some projects take months or even per year or more to finish. Our customized capstone project writing service is available 24 hours per day, seven days per week for your convenience. A professional is going to have the skills required to ensure you'll be on the appropriate track. Generally, our advanced writer options can help to make your life much easier and ensure you spend your valuable time on your capstone project in the most effective and beneficial way possible. Writing Capstone projects normally take a lot of the writer's time and writing them may be hard particularly if you are on a tight schedule. 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Intermediate Financial Management

Question: Discuss about the Intermediate Financial Management? Answer: Article on the potential topics As the episode was related to real estate so this financial market is currently, showing a downtrend as there is fall of prices. Financial market is a lucrative market and it helps in mobilization of savings and channelizing it so that it can further be useful for productive purposes (Brigham Ehrhardt, 2013). Financial markets helps people to guide them to save more so that they can efficiently invest in smarter manner. Financial instruments like, mutual funds, SIP, equity, etc is made available to the people so that they can invest in order to get higher returns in future. The financial market changes in every seconds and investors have to predict according to that. The investors in the process of buying and selling of securities need information. Investors invest a lot of time as well as money in getting the information on securities. The investors should follow ethical practices in order to guide their client in correct direction so that the investment can be utilized in an effec tive manner (Brooks Mukherjee, 2013). Financial market helps the investors to guide them with proper pricing strategy. It is the only market where we can find the buyers as well as sellers available all the time. It helps in providing liquidity to the securities in an extent manner (Kramer, 2012). The investors can easily invest their money at any time that is convenient for them in securities by way of financial markets. Investment can easily be converted into money as per their requirements. A safer banking system helps the people to feel free to invest their money because the advisor sometimes misguides them as well. Training session should be conducted where information related to financial markets are given that will help the common people to understand the importance of saving their money for future purpose Federal Reserve is still relevant in the country as it is the central bank situated in United States. This system was initiated by Congress to provide the country with flexible, safer and most importantly stable monetary as well as financial system (Brigham Houston, 2011). It helps to conduct the monetary policy of nation to influence money as well as credit conditions in the entire economy. Addition to that, it establishes full employment and encourages stability of prices. This system maintains the financial system in order to conduct systematic risk that will arise in financial markets. The system helps in providing a safety banking as well as financial system that will protect the credit rights of the consumers. It is known that the prices of goods as well as services depend completely on the forces of demand and supply (McKinney, 2015). The investors, on the other hand, predict the prices of the securities. . The financial advisor gets a large chunk of money from client in orde r to provide them with wise decisions to improve in the investment decisions. Systematic Investment Plan is a recent way of investing money and is one of the financial instruments whereby people can invest their money in regular interval of period and get higher returns in the future. There is mostly conflict present between the shareholders and managers at the time of attempting for benefits. Managers often look at their own benefits and deal the matters solely in various transactions (Chandra, 2011). Even, managers take decisions on purchasing other companies or investing in projects and these clashes with the shareholders because they do not take prior consent. They even engage in fraud practices by manipulating with figures that will optimize bonus as will get stock price benefits. On the contrary, shareholders hold legal stock of a company so these people also possess rights to sell these shares according to their requirements. The managers have the right to take decisions that will help them to act in the interest of shareholders (Michalski, 2012). The market hypothesis of the real investment market is true as we can see large number of investors is investing in this sector. Speculative activities take place in this market because it is people start predicting about the future by viewing at the trend lines. Speculators predict the future and according to that buy or sell of shares in the market (Moyer et al. 2011). The shareholders have their shares in the organization and they have full right to buy or sell it according to their need and the current market scenario. The investment advisor according to that makes stock market changes every second of time and decisions. Appointing an experienced financial advisor will help people to invest their money in a wiser manner. Client is not aware of the market and they trust the advisor to get better investment plan. However, the financial advisor takes advantage and misuses their money as well as misguides them (Herman, 2011). It may happen that the financial advisor will ask their cl ient to invest when the shares are falling so that they can buy in the near future. However, as result there is further fall in the shares that makes the client money was wasted. At the end of the study, I would recommend that people should be aware of financial market so that they can wisely invest in the market. As the case dealt with real estate investor, he misguided many people in terms of money and used their money for their personal purpose. This video gave us a true understanding of how the investors cheat in terms of money. Therefore, it is wise to have a domain knowledge of this market and then try to invest otherwise others can take advantage of the money spent by the innocent people. Personal reaction on the video I have watched a recent episode of American Greed that was telecasted on 26th of June 2015. The season showed profile of Edward Okun who was a real estate investor. He was convicted on stealing the money of client and using it for its own personal expenses. Edward Okun related the entire episode to real investment and the fraud case. Edward Okun is a Miami businessperson who was convicted on stealing clients money from his tax deferral firm (Dimmock, 2013). For the activity performed by him, he was sentenced to prison for 100 years as because he performed fraud case of $126 million. Edward Okun was indulged in many cases that includes guilty of conspiracy, money laundering and smuggling case. As the case was related to cheating the people on money terms, so it avoided by making the people aware of the financial market. This study deals with the episode of American Greed that displayed a real estate investor named as Edward Okun. He was convicted of using client money for its own pers onal purposes. He was sentenced to jail by the high court for the malpractices performed by him. He even cheated his wife and was accused by her. This study also gives a brief description of real estate market and how it works in the financial market. If the investor can guide their client in right direction, then money laundering case will be solved (Oikonomou et al. 2011). It is important that the client should have information on financial markets so that they can take decisions on their own and their money can be easily utilized in a proper manner. As the convict was using the money lavishly for its own purposes, people should view the episodes and find ways to stop these cheating issues. A prosecutor accused him that he did not hold the money of client in bank; rather spend that money in buying jewellery for his new wife (Sheffet et al. 2014). He owned multi dollar homes, helicopter and jet but the entire money belonged to a tax group of customer. He further expand its company in the year 2006 in order to buy competitors to gain access to their customers sale deposits as far as real estate was concerned. The company further filed case for bankruptcy in the year 2007 (Brigham Daves, 2012). Okun did not listen to its several lawyers who argued that he is wasting the customer deposits in order to clear up its own personal expenses as well as investing in real estate. The fraud was done to the 1031 Tax group of customers. Okun efficiently used clients accounts in order to buy more of 1031 companies so as to keep the schemes runni ng and he can continue with his lavish spending. The client should follow the IRS requirements and should not invest their hard-earned money with Okun because they were putting themselves at risk doing that. Clients trusted Okun and give their money but in return he actually stolen their money for his personal benefits. Okun did not only steal the money from its clients, rather he stole from his father in law and the sum of rupees was $150000. As he was into improper dealing with business, his sister as well as paternal uncle sued him. The case on Edward Okun has made us understand that we should not trust this people blindly rather should involve in understanding the data of financial market. Investors can only help the customers in providing with the information by conducting several training on investment schemes to aware the common people. Mostly, due to lack of information, people do not even study the documents before putting their signature (Lins et al. 2011). They build a complete trust on the investor and they take advantage of that trust. It is easy to misguide people by indulging into unfair practices but that will not gain them to achieve success in long run. Ethics is something that will help the real investment sector to rise in the future. I would recommend that this episode helped us a lot to have a better understanding on the fraud practices that is prevailing in the market. Strict punishment and sentenced of jail is recommended for Edward Okun so that no other person should make it a regular pract ice. Playing with the sentiments of common people is a crime because they invest their hard-earned money into business. Clients should be given proper advice rather being indulged into fraudulent practices by the financial advisor. Mutual funds help the customer to invest small amount in regular interval of time but they will get high interest in the near future. Reference List Brigham, E., Daves, P. (2012).Intermediate Financial Management. Cengage Learning. Brigham, E., Ehrhardt, M. (2013).Financial management: theory practice. Cengage Learning. Brigham, E., Houston, J. (2011).Fundamentals of financial management. Cengage Learning. Brooks, R., Mukherjee, A. K. (2013).Financial management: core concepts. Pearson. Chandra, P. (2011).Financial management. Tata McGraw-Hill Education. Dimmock, C. (2013).School-based management and school effectiveness. Routledge. Herman, R. D. (2011).The Jossey-Bass handbook of nonprofit leadership and management. John Wiley Sons. Kramer, M. M. (2012). Financial advice and individual investor portfolio performance.Financial Management,41(2), 395-428. Lins, K. V., Servaes, H., Tamayo, A. (2011). Does fair value reporting affect risk management? International survey evidence.Financial management,40(3), 525-551. McKinney, J. B. (2015).Effective financial management in public and nonprofit agencies. ABC-CLIO. Michalski, G. (2012). Accounts receivable management in nonprofit organizations.Zeszyty Teoretyczne Rachunkowoņºci, (68), 83-96. Moyer, R. C., McGuigan, J., Rao, R., Kretlow, W. (2011).Contemporary financial management. Cengage Learning. Oikonomou, I., Brooks, C., Pavelin, S. (2012). The impact of corporate social performance on financial risk and utility: A longitudinal analysis.Financial Management,41(2), 483-515. Sheffet, A. J., Flaxman, L., Tom, M., Hughes, S. E., Longbottom, M. E., Howard, V. J., ... Brott, T. G. (2014). Financial management of a large multisite randomized clinical trial.International Journal of Stroke,9(6), 811-813.

Financial Analysis of Macy’s Inc. and Nordstrom free essay sample

The financial statements for both companies used in this report are Consolidated Statement of Income, Consolidated Balance Sheets, and Consolidated Statement of Cash Flow from 2010 to 2012. All tables are included in appendix. 1. Company background amp; Overview Macys Department Stores, Inc. is a U. S. chain of mid-range department stores. In addition to its internationally renowned flagship Herald Square location in Midtown Manhattan, New York City, the company operates over 850 other stores in the United States as of September 12, 2012. Nordstrom, Inc. is an upscale fashion specialty retailer chain in the United States. Originally it is a shoe retailer, nowadays the company also sells clothing, accessories, handbags, jewelry, cosmetics, fragrances and home furnishings in some locations. There are now 231 stores operating in 31 states across the U. S. Beginning in 2008, department stores faced financial challenges partially attributed to the global economic crisis. The downturn negatively impacted department store liquidity, consumer spending and credit market conditions. Companies were able to cut operations and supply chain costs, and most have utilized the savings to improve their liquidity and the strength of their balance sheet. Also, developments in mobile phone technology are drawing more consumers away from brick-and-mortar stores toward online retail platforms. As a result, over the five years to 2012, the number of companies is expected to decrease at an annualized rate of 31. 8% to an estimated 65 operators. 2. Financial analysis 2. 1 Horizontal analysis 2. 1. 1 Horizontal analysis of Balance Sheet In this section, we will look at the comparative statements of balance sheet of Macy’s Inc. for a three-year period. Macy’s fiscal year ends on the Saturday closest to January 31. Fiscal years 2011, 2010 and 2009 ended on January 28, 2012, January 29, 2011 and January 30, 2010, respectively. Fiscal 2009 is chosen as the base year for computing the percentage change in each account in 2010, and fiscal 2010 is the base year for computing the change in 2011. From table 1, two accounts stand out: 2010 cash and cash equivalent decreased by 13% over 2009, while in 2011 it increased by 93% over 2010. Short/Current Long Term Debt increased by 87. 6% in 2010, and kept on increased by 143% in 2011. This huge increased short term debt mainly came from 616 million 5. 35% Senior notes due 2012, 298 million 5. 75% Senior notes due 2013, and 173 million 8. 0% Senior debentures due 2012. The huge increase in short term debt in FY 2011 maybe part of the reason of the big increase in the cash and cash equivalent account. 2. 1. 2 Horizontal analysis of Income Statement From table 2, we can see that net sales for 2011 totaled $26,405 million, compared to net sales of $25,003 mill ion for 2010, an increase of $1,402 million or 5. 6%. Part of this increase is due to an increase on the comparable store basis, and part of it is due to the 39. 6% increases from the companys Internet businesses in 2011. The successive increase in the net sales in the three year trends shows that Macy’s continues to benefit from the successful execution of the My Macys localization strategy. In 2011, the Gain on sale of properties, impairments, store closing costs and division consolidation costs account increased 200% over 2010. This is because Macy’s had a $54 million gain from the sale of store leases related to the 2006 divestiture of Lord amp; Taylor in 2011; while the company only announced 25 million Impairments and store closing costs for 2010. In 2011, Macy’s had the 5. 6% increase in sales. Because the management was able to control its cost of goods sold (6. 17% increase) and SGamp;A expenses (0. 25% increase), plus the big gain from sales of property, the company resulted a 27. 3% increase in operating income. In 2010, Macy’s net sales increased 6. 45% over 2009, part of it is due to the huge decrease in the impairments, store closing costs and division consolidation costs account. The interest expense increased in 2010 over 2009, while the same account decreased 22. 8% in 2011 over 2010. This decreases benefited from lower levels of borrowings during fiscal 2010 and the repayment of debt at maturity. . 2 Vertical analysis 2. 2. 1 Vertical analysis of Balance Sheet From table 3, we can see that accounts receivables, inventory and other current assets accounts, their percentage of total assets didn’t have big difference over the three years trend. The increase of cash and cash equivalent from 7. 1% of total assets in 2010 to 13% in 2011 is the main reason that total current asset in terms of the percentage of total assets had significant increase (from 33% to 40%). Macy’s total current liabilities represent a slightly higher percentage of total liabilities and stockholders’ equity at FY 2011 than FY 2010 and 2009. This increase is balanced by a slight decrease in the relative percentages of long-term debt. 2. 2. 2 Vertical analysis of Income Statement In table 4, the base on which all other items in the income statement are compared is net sales. Macy’s gross profit ratio was very stable and consistent over the three year trends, less than 0. 5% difference among three years. Macy’s profit margin ratio kept growing over three years: from 1. 4% in 2009 to 3. 4% in 2010, and this ratio increased to 4. 8% in 2011. The increasing profit margin indicated that Macy’s management has strong ability to control its expenses. 2. 3 Cash flow analysis Table 5 is the most recent cash flow statement for Macy’s. Net cash provided by operating activities in 2011 was $2,093 million, compared to $1,506 million provided in 2010, reflecting higher net income and a lower pension contribution in 2011. In 2011, Macy’s pension funding contributions was $375 million, which was much lower than $825 million in 2010. The capital expenditure for property and equipment and capitalized software during 2011 was $764 million, the dividends paid was $148 million. Macy’s generated sufficient amounts of cash from operations in 2011 to cover its capital expenditures and dividends. Net cash used by investing activities and financing activities was $617 and $113million respectively for 2011. Investing activities for 2011 include purchases of property and equipment totaling $555 million and capitalized software of $209 million. Cash flows from investing activities included $114 million from the disposition of property and equipment for 2011. For financing activities, Macy’s issued $800 million of debt in 2011, but it is partially offset by the acquisition of company’s common stock at cost of $500 million and the repayment of $454 million debt, and the payment of $148 million of cash dividends. With the excess amounts of cash from operations Macy’s generated in 2011, management budgeted $850 million capital expenditures for 2012, primarily related to new stores, store remodels, maintenance, the renovation of Macys Herald Square, technology and omnichannel investments, and distribution network improvements, including construction of a new fulfillment center. 2. 4 Ratio analysis 2. 4. 1 Liquidity Analysis Table 6 is the liquidity ratios for both Macy’s and Nordstrom over a three year period. At the beginning of 2012, Macy’s had $1. 4 of current assets for every $1 current liabilities. Compared to Nordstrom, both companies have more than enough assets to cover short-term debts, but Nordstrom is more liquid than Macy’s. Macy’s cash flow from operations to current liabilities ratio has increased from 2010 to 2011, from 31. 90% to 37. 20%. It is mainly because cash generated from operations during 2011 was 40% more than it was during 2010. Both companies’ cash flow from operations to current liabilities ratio is less than one, it means that both companies have generated less cash over the year than it needs to pay off short term liabilities as at the year end. This may signal a need to raise money to meet liabilities. But Nordstrom still has higher ratio than Macy’s, which suggests that it is more liquid than Macy’s in the short term. In 2011, Macy’s only needs 4. 8 days for an account to be outstanding. And the number of days’ sale in receivable for the past three years were all less than a week. Macy’s accounts receivable turnover ratio in the three year period is much higher than Nordstrom, which implies  Macy’s extension of credit and collection of accounts receivable is more efficient. From 2009 to 2011, Macy’s kept on decreasing the days took to sell inventory, from 133 days in 2009 to 124 and 120 days in 2010 and 2011, respectively. Macy’s efficiency in managing inventory improved over years. But Nordstrom was much more efficient in selling its inventory than Macy’s. In the past three years, each year Nordstrom used half of the days that took Macy’s to sell its inventory. 2. 4. 2 Solvency Analysis The solvency of a company is the ability to repay long term debts when due. The more solvent a company is the more protected the owners and partners are from bankruptcy. Table 7 is the debt to equity ratios; debt service coverage ratios and cash flow from operations to capital expenditure ratios for both Macy’s and Nordstrom from 2009 to 2011. Macy’s debt to equity ratio was under 1 for FY 2009 and 2010, which suggested for these two years Macy’s assets are primarily financed through equity. This ratio was 1. 06 in 2011. When the debt to equity ratio was over 1, implied the majority of assets are financed through debt, which was a red flag for Macy’s. Compared to Macy’s, Nordstrom had a much higher debt to equity ratio which was above 2 for all three years. A high ratio of 2 or more exposes a company to risk such as interest rate increases and causing creditors uneasiness. Macy’s management is more effective custodians of their shareholders investments than Nordstrom. A companys debt service coverage ratio refers to its ability to meet periodic obligations on outstanding liabilities with respect to its net operating revenue. Higher this figure better is the debt serving capacity. Macy’s DSCR increased from 1. 42 times in 2010 to 3. 91 times in 2011, which showed the improvement of its debt serving capacity. Nordstrom’s DSCR was higher than Macy’s in the three year period, suggested stronger debt serving capacity than Macy’s. Although the cash flow from operations to capital expenditures ratios for two companies decreased over time in three years, both companies generated enough cash from operations to finance their capital expenditures and covered dividend payments. Nordstrom’s capital expenditure was very close to Macy’s, although it generated less cash from operations than Macy’s, it paid more dividends than Macy’s every year. This is the reason that Nordstrom’s ratio was lower than Macy’s. 2. 4. 3 Profitability Analysis Profitability ratios are used to determine the companys bottom line and its return to its investors. Table 8 is the profit margin ratio, rate of return on assets and return on sales ratio for both Macy’s and Nordstrom from 2009 to 2011. The profit margin is an overall indicator of management’s ability to control expenses, reflects the amount of income for each dollar of sales. Note the increase in Macy’s profit margin: from 1. 40% in 2009 to 3. 39% in 2010 and 4. 76% in 2011. Nordstrom has higher profit margin ratio than Macy’s in the three years. A higher profit margin indicates a more profitable company that  has better control over  its costs compared to  its competitors. Macy’s effective tax rate from 2009 to 2011 was 30. 9%, 35. 8% and 36. 2%. Its return on assets rations increased from 2. 31% in 2009 to 4. 82% in 2010, and 6. 64% in 2011. It suggests Macy’s generated more profits for each $1 asset. The lower the profit per dollar of assets, the more asset-intensive a business is. Macy’s ROA suggested it is very asset-heavy. Nordstrom used a statutory Federal income tax rate 35%, and its ROA was 8. 01%, 9. 37% and 9. 14% for 2009, 1010 and 2011 respectively, which were all higher than Macy’s. The higher the return, the more efficient management is in utilizing its asset base. Nordstrom’s management does a better job than Macy’s in this case. Macy’s return on sales ratio also kept on growing over three years, from 2. 16% in 2009 to 4. 12% and 5. 35% in 2010 and 2011 respectively. It implies the company makes more profit for every $1 sales over time. But this ratio for Macy’s still lower than Nordstrom over three years period, suggested Nordstrom’s business operations are more satisfactory than Macy’s. From the profitability analysis, we can see that Macy’s kept on having a healthy development over time, its profitability ability kept on improving. Compared to Nordstrom, the ratios suggest that Macy’s still a less profitable company than Nordstrom. 2. 4. 4 DuPont Analysis DuPont equation provides a broader picture of the return the company is earning on its equity. It tells where a companys strength lies and where there is a room for improvement. DuPont analysis  tells us that ROE is affected by  three things: Operating efficiency, which is  measured by profit margin; Asset use efficiency, which is measured by total asset turnover; and Financial leverage, which is  measured by the equity multiplier. So the formula will be: ROE = (Net Income/Revenue)*(Revenue/Assets)*(Assets/Equity) Table 9 is the DuPont analysis for both Macy’s and Nordstrom from 2009 to 2011. Looking at the components of ROE for both companies helps explain the changes in ROE over time. Since Nordstrom had higher profit margin ratio, asset turnover rate and leverage factors, its overall ROE was much higher than Macy’s in the three year trend. It shows Nordstrom is more effective at generating profits, managing assets and finding an optimal amount of leverage, this is why it can boost its ROE. Although Macy’s ROE were lower than Nordstrom’s, its own ROE still kept on growing over years, from 7. 05% in 2009 to 15. 05% and 21. 25% in 2010 and 2011 respectively. It is result of improving its operating efficiency and asset use efficiency, which suggests Macy’s management kept on improving its performance and the company developed in a healthy and growing direction. 3. Conclusions From above analysis, Macys, Inc. may have more financial risk than other companies in the Multiline Retail industry. It has smaller current ratio and cash from operations to current liabilities ratio than its competitors, implies less liquid in the industry. However, an examination of near-term assets and liabilities shows that, even though there are not enough liquid assets to satisfy current obligations, operating profits are more than adequate to service the debt. Accounts Receivable is typical for the industry, with 4. 8 days worth of sales outstanding. Also, Macys, Inc. is among the most efficient companies in its industry at managing inventories, and it is getting better. The company only has 120 days of its Cost of Goods Sold tied up in inventory. Year over year, Macys, Inc. has been able to grow revenues. Most impressively, the company has been able to reduce the percentage of sales devoted to selling, general and administrative costs. This was a driver that led to a net income growth from $847. 0M in 2010 to $1. 3B in 2011. Compared to its main competitor, Nordstrom, Macy’s is in a weaker financial position. In short run, as mentioned earlier, the liquidity ratios suggest that Macy’s is less liquid in the short term. In the long run, although Macy’s management is more effective custodians of their shareholders investments than Nordstrom, Nordstrom still has stronger debt serving capacity than Macy’s and affording to pay more dividends to its shareholders. From the profitability analysis, Macy’s has smaller profit margin ratio, rate of return on assets and rate of return on sales ratio than Nordstrom, indicates that Nordstrom’s management is better at generating more profit and operating assets efficiency than Macy’s. And this result is consistent with the DuPont analysis.