Eamon de Valera essays

Eamon de Valera essays Eamon de Valera, although born in New York City, in the United States of America, devoted his life to help the people of Ireland. As he once said it, If I wish to know what the Irish want, I look into my own heart. De Valera loved Ireland and its people with a deep and lasting passion. It was he, probably more than any other person in their history, who helped that country win freedom from British rule and then shaped its history well into the twentieth century. De Valeras mother, Catherine Coll, usually known as Kate, came to the states in 1879, at the young age of twenty-three. Like so many other Irish immigrants of that time, she had suffered from poverty, and even hunger, in her native land and saw America as a place where she could go to try and get a fresh start. She first took a job with a wealthy French family that was living in Manhattan. This is where and when she met Vivion Juan de Valera. He was a Spanish sculptor who came to the home of her employers to give music lessons to the children. In 1881, the couple married. A little over a year later, while living at 61 east 41st Street, Kate Coll de Valera gave birth to the couples only child. His name was Edward, called by Eddie at first, but would become known to the world by the Irish variation of that name, Eamon. Always in poor health, Vivion de Valera left his young family behind him and traveled to Colorado, hoping that perhaps the healthier air would help him out. Within a few months he died. Now a widow, Kate went back to work, leaving Eamon in the care of another woman who also had come from the tiny village of Bruree, in County Limerick. Later in his life, Eamon would remember occasional visits from, as he knew her, a woman in black, which ended up being his true mother. Kate de Valera decided that Eamon would be better cared for by her family back in Ireland. Before long he found himself away from noise of Man...

Case study Example | Topics and Well Written Essays - 500 words - 4

Case Study Example Hence the only available option is $1250 thousand dollars. 5. The formula to calculate terminal value using the perpetuity method is given as: FCFn X (1+g) / WACC –g, where FCFn is the FCF for the last 12 months of the projection period, g is the perpetuity growth rate and WACC is the weighted average cost of capital. Using this formula, 6. Total interest expense from 1971 to 1976, based upon Exhibit 7 equals 3049 thousand. The actual Interest tax shield (interest expense X tax rate) in a given year equals the minimum of the calculated Its and the projected taxes before the ITS is applied. ITS for each year is thus given as follows: 7. The Adjusted Present Value method may be calculated as the sum of the FCFs discounted by the cost of the assets plus the interest tax shields which are discounted at the cost of debt. The present enterprise value of the corporation for 1971: The free cash flow available in 1971 is $726 thousand. The terminal value is $10,010. Therefore, the sum of PCF and TV is 10726. The interest tax shield available in 1971 is $99372; hence the present adjusted value of the enterprise is $10825372 or about $10 million. 8. Since the investors are prepared to provide $4750 thousand at the rate of 9%, the interest payable amounts to $2,137,500. In order to ensure that the investors are motivated to offer the large amount of capital, the company needs to make sure that they are allowed purchase at least 6 million shares as

Leading innovation and change Assignment Example | Topics and Well Written Essays - 3500 words

Leading innovation and change - Assignment Example Meanwhile, it will be admitted that they ways in which organisations are designed and managed that unwittingly discourage the prioritisation and promotion of innovation (Afuah, 2003). With such behaviours, the organisations are forced to acquire behaviours and practices that they wish they had less of. This paper is therefore dedicated to exploring some unhelpful behaviours and practices that militate against innovation, whiles identifying others that promote innovation. More to this, the paper will explore the role of innovation to competitive advantage as this will encourage organisations to pursue innovation. A number of models will also be considered that help in making the implementation of innovation easier. With all these areas of leading innovation and change considered, it will be possible to conclude on the overall relevance of innovation to modern companies. Howells (2005) observed that before the late 20th century, competitive advantage to companies was all about ways in which pricing models will be used by companies to attract customers over their competitors. This has however been said to change since the late 20th century where innovation has become a key word in fostering the goals of competitive advantage for organisations of all kinds, especially profit making ones (Batra et al., 2000). Tidd and Bessant (2009) stated that the real role of innovation in creating competitive advantage is that it gives different organisations the opportunity of dealing with the same context in different ways. For example, Starbuck, McDonalds and Dunkin’ will all be presented with the same context of having to sell coffee products to consumers but through the power of innovation, each of these companies may do different things that make it possible for them to gain reasonable market share. In the absence of innovation therefore,

Ethics in Intelligence Essay Example for Free

Ethics in Intelligence Essay On a clear, late summer day in September of 2001, the hectic yet peaceful lower portion of Manhattan, New York City was turned into the site of one of the largest mass murders in world history when terrorist attacks turned the once imposing World Trade Center complex to a smoking pile of debris and left thousands of Americans dead, physically and psychologically scarred for life. In the aftermath of this act of aggression, the United States, with the cooperation of allies around the world, launched intelligence collection efforts on a scale that had never before been seen. Some nations would be able to do so as they wished without regard for the privacy or rights of their people, but for a nation conceived in liberty and human rights as the US was, issues of ethics and the preservation of individual rights had to be balanced against the dire need to protect the masses from further violence. This research will focus on the ethics of intelligence collection in the US, Constitutional implications of these efforts for American citizens, and the consideration of how much liberty US citizens should be willing to sacrifice for the greater good. Ethics of Intel Collections, Means and Methods Intelligence gathering has always been an essential part of the preservation of American security, dating back to the days of the American colonies and beyond. In the late 1990s, for all of the violence brewing in other nations and the potential for domestic terrorism in the US, the intelligence gathering efforts of American officials consisted mostly of the analysis of data from the comfort of offices located in the US and some offices scattered across the globe. However, these efforts were initially proven to be weak by international terrorist acts against American military installations in other nations, and the original emergence of Osama Bin Laden as an international terrorist to be closely monitored. With such formidable enemies to consider, it became obvious that the old ways of gathering intelligence were badly in need of change, including the introduction of more field intelligence agents, enhancements to technology, better networking with other nations, and many clandestine activities. With the need to increase and improve all levels of intelligence gathering in the US, the question arises as to how far a nation like the US, which stands as a beacon of righteousness and safety in the world, will be willing to go to gain the level of security that is needed to protect American citizens at home and abroad? The child of this need emerged, known as the Department of Homeland Security, an organization which put on a public front of protection of the US in a manner that is illustrative of ethical behavior and forceful yet proper action. With the introduction of the Department, the public gained a higher level of confidence in the protection they would be receiving. However, many of the methods that were necessary, at least behind the scenes, were of the nature that the general public would frown upon at the very least, and rise up in heated protest against at worst if it were known the full extent of what the Department was forced to resort to in the interest of intelligence gathering. Among the steps that were taken, such actions as the monitoring of telephone and Internet communications, the detention of suspected terrorists and the like began to raise the issue of the appropriateness of such activities in line with the promises and obligations of the US Constitution. Constitutional Implications of United States Intel Collection on United States Citizens The war against terrorism is unlike any other war that the US has seen; fighting an enemy that does not wear a recognizable uniform or hails from any specific geographic location poses quite a challenge and makes the application of conventional warfare tactics all but impossible. Therefore, as with those conventional warfare methods, it is necessary for certain drastic measures to be taken. However, it is important to understand that there are Constitutional implications for such actions, especially in the areas of intelligence collection which require frequent intrusions into the privacy that Americans hold so dear and have fought and died to protect for hundreds of years. First, there are misconceptions about the Constitution that are necessary to point out. Specifically, there is a thin line between the investigation of criminal activity and suspected threats to national security, which of course are in and of themselves criminal but take on an added dimension when one realizes that the safety and future of the nation hangs in the balance. In the interest of national security, it is permissible for the surveillance of Americans, domestically and abroad without the obtaining of search warrants, which are usually the standard procedure when an American is being investigated as a possible criminal, under any ordinary circumstances. In this instance, permissible and acceptable are two entirely different things. While authorities may be allowed to basically spy on their fellow citizens so that the nation is protected, where does this leave those who are the target of the surveillance? The argument can fairly be made that if one is not doing anything wrong, if they are being monitored, they actually have nothing with which to be concerned. Further, if that surveillance yields information on other wrongdoers who are in fact a threat to America, the net result makes all of it worthwhile. The issue of habeas corpus also is a key element in the consideration of the rights the accused. In the past, this legal remedy, in place since the days of the Magna Carta, existed to protect the rights of the accused. Constitutionally speaking, it had been established in the early 1940s that habeas corpus would stand if: â€Å"(1) the conviction is void for lack o f personal or subject matter jurisdiction; (2) the statute defining the offense is unconstitutional, or the conviction was obtained in violation of a federal constitutional right; (3) the statute authorizing the sentence is unconstitutional, or the sentence was obtained in violation of a federal constitutional right; (4) the sentence is contrary to the applicable statute, in excess of the statutory maximum, or otherwise unauthorized by law; or (5) the conviction or the sentence is otherwise deemed subject to collateral attack. † In times of crisis, this right has been suspended in the interest of national security, and has been suspended in the age of terrorism due to the need to make terrorists who are evading capture by authorities accountable in courts of law for their crimes. This, also, however is one of those fine points of law that draw criticism and scrutiny in many cases because anytime a right is suspended, innocent people are affected and their rights are often sacrificed, albeit for the sake of the common good. A closer look at the underpinnings of the Constitution itself reveals some interesting powers that many do not realize exist. For example, the Constitution does in fact give Congress the right to make laws as necessary to allow the Constitution to function as it was intended. This right, however, is akin to a broad stroke of a paintbrush, when the finer details of the stroke are really where the beauty lies. In other words, on the surface, it is true that Congress possesses such power, but this is also a power that is open to interpretation and debate. Where one draws the line between permissible monitoring and the trampling of the rights of the majority is an issue with which the American people are currently wrestling and undoubtedly will continue to do so for many years to come. With this in mind, there surely must be a balance to be obtained between sacrificing for the common good and giving up everything that Americans are constitutionally guaranteed. How Much Liberty Should US Citizens Give Up Under the Notion of National Security? It has been said that liberty is something which can be gained all at once, but often is stripped away one small piece at a time, like the gradual erosion of a mighty mountain. If this is true, the question of how many small pieces the citizens of the US can give away before a landslide consumes them? After the horrible events of September 11, 2001, it became readily apparent that there was a need for American governmental agencies to gather additional power if they were to properly mount an offensive against terrorism and to avert a repeat of the horrible events of that tragic day. This need to gather additional power was viewed by many as a feeble excuse for those within the government who craved power to grab as much as they wished, regardless of the inevitable fallout. Still others saw the sacrifice of a small amount of liberty as the necessary toll that needed to be paid for a much larger amount of overall protection and the long-term survival of the US while others around the world plotted to destroy the most powerful nation on earth. Again, however, as was mentioned at the beginning of this passage, small surrenders can sometimes lead to large damage over a period of time.

Beating Murphys Law :: GCSE Business Marketing Coursework

Beating Murphys Law This article deals with the topic of how organizations should go about implementing new technology systems. The article is built around Murphy's Law that, "Whatever can go wrong, will." When organizations implement new system a lot of know problems cannot be avoided and unforeseen problems arise with even grater frequency. Chew outlines seven points to help launch a new system with greater success since they are essential for long-term survival. Key Notes: Â · It is estimated 50 to 70 percent of US firms experience failure in implementing advanced manufacturing technology. Â · New technologies often cause drops in productivity following introduction of new equipment that can exceed the price of the technology. This still occurs with incremental purchases of new inexpensive equipment. Â · Performance tends to drop shortly prior to installation, as firms make ready for new systems. Performance drops can last over a year after the introduction of new equipment. Â · The greatest cost stem from mismatches between the new technology 's capabilities and needs, and existing process and organization. Â · Lack of the different required knowledge about new technologies causes the failures and problems that arise. Solutions to problems usually lead to additional problems due to a lack of knowledge. Â · Rule #1 is Think of Implementation as R&D. Acquisition should instead be considered an ongoing process of data gathering and learning that evolves over time. The introduction of technology should be considered less an investment issue or technical issue and more a question of research design. Technical and organizational concerns should be addressed. The user and technology managers should work together in research of new technologies. Â · Rule #2 is Ask "What made it hard?" Not "How well did it work?" Firms should look to outside experience to not only help them decide what new technologies to invest in but also how to avoid the problems that arose from the technology. Inquiry should be an active even aggressive targeted search for information. Â · Rule #3 Learn in Many Ways at Once. Firms can learn through four methods: vicarious, learning from others experience, simulation, using models and experiments, prototyping, building and operating on a smaller scale, and on-line, examining the

Nike Financial Statement

NIKE, INC. CONSOLIDATED STATEMENTS OF INCOME Year Ended May 31, 2001 2000 1999 (in millions, except per share data) RevenuesIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Costs and expenses:Cost of sales IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Selling and administrative IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Interest expense (Notes 4 and 5) IIIIIIIIIIIIIIIIIIIIIIIIIIIII Other income/expense, net (Notes 1, 10 and 11) IIIIIIIIIIIIIIII Restructuring charge, net (Note 13)IIIIIIIIIIIIIIIIIIIIIIIIIII Total costs and expenses IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income before income taxes IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income taxes (Note 6) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Net income IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Basic earnings per common share (Notes 1 and 9) IIIIIIIIIIIIIIII Diluted earnings per common share (Notes 1 and 9)IIIIIIIIIIIIIII $9,488. 8 $8,995. 1 $8,776. 9 5,784. 9 2,689. 7 58. 7 34. 2 (. 1) 8,567. 4 921. 4 331. 7 $ 589. 7 $ 2. 18 $ 2. 16 5,403. 8 2,606. 4 45. 0 23. 2 (2. 5) 8,075. 9 919. 2 340. 1 $ 579. 1 $ 2. 10 $ 2. 07 5,493. 5 2,426. 6 44. 1 21. 5 45. 1 8,030. 8 746. 1 294. 7 $ 451. 4 $ 1. 59 $ 1. 57 The accompanying notes to consolidated Nnancial statements are an integral part of this statement. 24 NIKE, INC. CONSOLIDATED BALANCE SHEETS ASSETS May 31, 2001 2000 (in millions) Current Assets: Cash and equivalents IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Accounts receivable, less allowance for doubtful accounts of $72. 1 and $65. IIII Inventories (Note 2) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Deferred income taxes (Notes 1 and 6) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Prepaid expenses (Note 1) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total current assets IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Property, plant and equipment, net (Note 3)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IdentiNable intangible assets and goodwill, net (Note 1) IIIIIIIIIIIIIIIIIIIIIII Deferred income tax es and other assets (Notes 1 and 6)IIIIIIIIIIIIIIIIIIIIIII Total assets IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII $ 304. 0 1,621. 4 1,424. 1 113. 3 162. 5 3,625. 3 1,618. 8 397. 3 178. 2 $5,819. 6 $ 254. 3 1,569. 4 1,446. 0 111. 5 215. 2 3,596. 4 1,583. 4 410. 9 266. 2 $5,856. 9 $ $ 0. 2 2. 6 459. 4 (9. 9) (152. 1) 3,194. 3 3,494. 5 $5,819. 6 0. 2 2. 6 369. 0 (11. 7) (111. 1) 2,887. 0 3,136. 0 $5,856. 9 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities:Current portion of long-term debt (Note 5) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Notes payable (Note 4) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Accounts payable (Note 4) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Accrued liabilities IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income taxes payable IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total current liabilities IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Long-term debt (Notes 5 and 14)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Deferred inc ome taxes and other liabilities (Notes 1 and 6) IIIIIIIIIIIIIIIIIIII Commitments and contingencies (Notes 12 and 15) IIIIIIIIIIIIIIIIIIIIIIIIII Redeemable Preferred Stock (Note 7) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Shareholders' Equity: Common Stock at stated value (Note 8): Class A convertible I 99. 1 and 99. shares outstandingIIIIIIIIIIIIIIIIIIII Class B I 169. 5 and 170. 4 shares outstandingIIIIIIIIIIIIIIIIIIIIIIIIIIII Capital in excess of stated value IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Unearned stock compensation IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Accumulated other comprehensive incomeIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Retained earningsIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total shareholders' equity IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total liabilities and shareholders' equity IIIIIIIIIIIIIIIIIIIIIIIIIIIII 5. 4 855. 3 432. 0 472. 1 21. 9 1,786. 7 435. 9 102. 2 I 0. 3 50. 1 924. 2 543. 8 621. 9 I 2,140. 0 470. 3 110. 3 I 0. 3The accompany ing notes to consolidated Nnancial statements are an integral part of this statement. 25 NIKE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS 2001 Cash provided (used) by operations: Net income IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income charges not aAecting cash: DepreciationIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Non-cash portion of restructuring chargeIIIIIIIIIIIIIIIIIIIIIIIII Deferred income taxes IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Amortization and other IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income tax beneNt from exercise of stock options IIIIIIIIIIIIIIIIIII Changes in certain working capital components: Increase) decrease in accounts receivable IIIIIIIIIIIIIIIIIIIIIII (Increase) decrease in inventories IIIIIIIIIIIIIIIIIIIIIIIIIIIIII Decrease in other current assets and income taxes receivableIIIIIIII (Decrease) increase in accounts payable, accrued liabilities and income taxes payable IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash provided by operati ons IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash provided (used) by investing activities: Additions to property, plant and equipmentIIIIIIIIIIIIIIIIIIIIIIIII Disposals of property, plant and equipment IIIIIIIIIIIIIIIIIIIIIIIII Increase in other assets IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Increase in other liabilitiesIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash used by investing activitiesIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash provided (used) by Nnancing activities:Reductions in long-term debt including current portionIIIIIIIIIIIIIII (Decrease) increase in notes payable IIIIIIIIIIIIIIIIIIIIIIIIIIIIII Proceeds from exercise of stock options IIIIIIIIIIIIIIIIIIIIIIIIIIII Repurchase of stock IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Dividends I common and preferredIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash used by Nnancing activities IIIIIIIIIIIIIIIIIIIIIIIIIIIII EAect of exchange rate changes on cash IIIIIIIIIIIIIIIIIIIIIIIIIII Net increase in cash and equivalents IIIIIIIIIIIIIIIIIIIIIIIIII Ca sh and equivalents, beginning of year IIIIIIIIIIIIIIIIIIIIIIIIIII Cash and equivalents, end of yearIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Supplemental disclosure of cash Oow information: Cash paid during the year for: Interest IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income taxes IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Non-cash investing and Nnancing activity:Assumption of long-term debt to acquire property, plant and equipment III Year Ended May 31, 2000 (in millions) 1999 $ 589. 7 $ 579. 1 $ 451. 4 197. 4 I 79. 8 16. 7 32. 4 188. 0 I 36. 8 35. 6 14. 9 198. 2 28. 0 37. 9 30. 6 33. 4 (141. 4) (16. 7) 78. 0 (82. 6) (311. 8) 61. 2 114. 4 214. 4 24. 2 (179. 4) 656. 5 178. 4 699. 6 (191. 1) 941. 4 (317. 6) 12. 7 (42. 5) 5. 1 (342. 3) (419. 9) 25. 3 (51. 3) 5. 9 (440. 0) (384. 1) 27. 2 (60. 8) 1. 2 (416. 5) (50. 3) (68. 9) 56. 0 (157. 0) (129. 7) (349. 9) 85. 4 49. 7 254. 3 $ 304. 0 (1. 7) 505. 1 23. 9 (646. 3) (133. 1) (252. 1) 48. 7 56. 2 198. 1 $ 254. 3 (1. 5) (61. 0) 54. 4 (299. 8) (136. 2) (444. 1) 8. 7 89. 5 108. 6 $ 198. 1 $ $ $ 68. 5 173. 1I 45. 0 221. 1 47. 1 231. 9 $ 108. 9 The accompanying notes to consolidated Nnancial statements are an integral part of this statement. 26 I NIKE, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Common Stock Class A Class B Shares Amount Shares Amount Balance at May 31, 1998 IIIIIIIIIIIII Stock options exercised IIIIIIIIIIIIIII Conversion to Class B Common Stock II Repurchase of Class B Common StockII Dividends on Common Stock IIIIIIIIII Comprehensive income: Net income IIIIIIIIIIIIIIIIIIIIIII Foreign currency translation (net of tax expense of $0. 4)IIIIIIIIIIIIII Comprehensive income IIIIIIIIIIIIIII Balance at May 31, 1999 IIIIIIIIIIIIIStock options exercised IIIIIIIIIIIIIII Conversion to Class B Common Stock II Repurchase of Class B Common StockII Dividends on Common stock IIIIIIIIII Issuance of shares to employees IIIIIIII Amortization of unearned compensation IIIIIIIIIIIIIIIIIIIII Comprehensive income: Net income IIIIIIIIIIIIIIIIIIIIIII Foreign currency translation (net of tax expense of $1. 2)IIIIIIIIIIIIII Comprehensive income IIIIIIIIIIIIIII Balance at May 31, 2000 IIIIIIIIIIIII Stock options exercised IIIIIIIIIIIIIII Conversion to Class B Common Stock II Repurchase of Class B Common StockII Dividends on Common Stock IIIIIIIIII Issuance of shares to employees IIIIIIIIAmortization of unearned compensation IIIIIIIIIIIIIIIIIIIII Forfeiture of shares from employees IIII Comprehensive income: Net income IIIIIIIIIIIIIIIIIIIIIII Foreign currency translation and other (net of tax beneNt of $0. 2) IIIIIIII Comprehensive income IIIIIIIIIIIIIII Balance at May 31, 2001 IIIIIIIIIIIII 101. 5 $0. 2 (0. 8) 185. 5 2. 7 0. 8 (7. 4) $ 2. 7 Capital in Excess of Unearned Stated Stock Value Compensation (in millions) $262. 5 80. 5 $ I Accumulated Other Comprehensive Income Retained Earnings $ (47. 2) $3,043. 4 $3,261. 6 80. 5 0. 2 (1. 5) 181. 6 1. 3 1. 5 (14. 5) 2. 7 334. 1 38. 7 (0. 1) (292 . 7) (135. 6) (17. 3) 0. 5 13. 5 I (21. ) (21. 7) (68. 9) (301. 6) (135. 6) 451. 4 100. 7 (8. 9) Total 451. 4 451. 4 3,066. 5 (627. 1) (131. 5) (13. 5) 1. 8 0. 2 (0. 1) 170. 4 2. 9 0. 1 (4. 0) 2. 6 369. 0 91. 0 (11. 7) (42. 2) (42. 2) (111. 1) (4. 8) 0. 1 6. 7 (6. 7) (2. 5) 7. 3 1. 2 (42. 2) 536. 9 3,136. 0 91. 0 I (152. 2) (157. 0) (129. 6) (129. 6) I (0. 6) $0. 2 169. 5 $ 2. 6 $459. 4 $ (9. 9) (41. 0) (41. 0) $(152. 1) 589. 7 $3,194. 3 The accompanying notes to consolidated Nnancial statements are an integral part of this statement. 27 579. 1 579. 1 2,887. 0 589. 7 99. 1 (644. 5) (131. 5) I 1. 8 579. 1 99. 2 (21. 7) 429. 7 3,334. 6 38. 7 7. 3 (1. 9) 589. 7 (41. 0) 548. 7 $3,494. 5

Mundell Flaming Model - 2973 Words

8. Mundell-Fleming Model with a Floating Exchange Rate (No handout; chapter 13) What is the Mundell-Fleming model? In an open economy with external trade and financial transactions, how are the key macrovariables (GDP, inflation, balance of payments, exchange rates, interest rates, etc) determined and interact with each other? What are the effects of fiscal and monetary policies? The Mundell-Fleming model is the standard open macroeconomic model that tries to answer these questions. Most open macro economy models in the textbooks are variations of the Mundell-Fleming model. Theoretically, it is the most popular model. But its applicability to actual policy making is not as high as we would hope (especially for developing and transition†¦show more content†¦It is downward-sloping in the (i, Y) plane. Moreover, a rise in q (real depreciation) or a rise in G (government spending) shifts the IS curve up and to the right. Aggregate demand - LM curve The LM curve is the same as in the domestic macro version. It shows the condition for money market equilibrium. In particular, we ignore the possibility of currency substitution, a phenomenon where domestic citizens hold foreign currency (typically US dollar) as well as domestic currency, and change their relative shares as circumstances change. No currency substitution is a reasonable assumption in developed countries, where people hold only domestic currency. But in many developing countries, currency substitution may be a big factor that influences the money demand. Currency substitution is also called dollarization. But dollarization has two meanings: (1) the situation where people use dollars in addition to domestic currency, because they do not trust the latter (in this case, the monetary authority usually tries to prevent the use of dollar); (2) the situation where the government declares that the national currency is the US dollar, abolishes the central bank, and gives up independent monetary policy. Currency substitution is equivalent