Role of Prosody in Language Acquisition

Role of Prosody in Language Acquisition Discuss the role of prosody (i.e. rhythm and intonation) in language acquisition, from early sound perception to sematic and syntactic development. From muffled sounds heard within the womb to singing our favorite songs by memory, we humans have the astounding ability to acquire language. The remarkable thing is that we are born without full-blown language comprehension and production. How is it then that we steadily progress into competent speakers of our mother tongue? A big part lies in the prosody of our native language. Although babies may not be able to speak, they begin to learn about language prenatally. Given that our auditory system is well developed in the womb, a fetus can process sounds as early as 28 weeks of gestation, according to Fernald in 2001 and Saffran and colleagues in 2006 (as cited in Brooks Kempe, 2012, pg.25). While speech sounds are muffled because the fetus is enclosed within the womb, preventing proper individual phoneme identification, there is still perception of rhythm and intonation (Brooks Kempe, 2012, pg.25). Rhythm and intonation are components of prosody, along with other sound features such as stress, pitch, loudness, and duration (Erekson, 2010, pg.80). Newborns are then able to gain prenatal language experience with sounds made by their mothers and other people close by (Brooks Kempe, 2012, pg.25). Babies even have a preference for sounds that became familiar when they were in the womb. In a study by Mehler and colleagues in 1988 it was found that prenatal expe rience allowed babies to distinguish their native language from a foreign language (Brooks Kempe, 2012, g.28). In their study, which utilized sucking rate, French newborns could tell French sentences apart from Russian sentences, even when the sentences were passed through a low-pass filter to make them sound like they would be heard from within the womb (Brooks Kempe, 2012, pg.28). This study showed that newborn infants are sensitive to prosodic characteristics of language (Brooks Kempe, 2012, pg.28). Prosody has important implications in language acquisition even before an infant is born but also continues to be an essential tool throughout their early years when they begin to engage with more experience speakers. Although infants pay attention to their surroundings and are taking in all the different sounds they hear, they are not the only active participants. When people interact with babies, they do not treat them in the same manner they would treat older children or adults. Instead, they expose them to a very distinct aspect of language known as infant-directed speech (IDS) or â€Å"motherese† (Goswami, 2008, pg.148). This special register helps facilitate language learning because of its exaggerated prosodic nature; this emphasizes the boundaries between words and phrases, thus making segmentation of the speech stream easier for babies (Goswami, 2008, pg.148). According to Karmiloff and Karmiloff-Smith in 2001 baby humans learn the rhythm of their native languages from birth to 2 months of age (as cited in Falk, 2004, pg.495). During this time infants pay special attention to their language input and are particularly interested in IDS, which is characterized by simplified vocabular y, repetition, exaggerated vowels, higher tone, wider range of tone, and a slower tempo (Falk, 2004, pg. 495). These are important differences infants seem particularly sensitive to at young ages when prosody plays such a key in language acquisition. Aside from having characteristics based on the prosody of speech to help infants learn their native languages, IDS seems to be universal; it is seen in all languages in cultures, implying that this prosodic way of speaking serves a developmental purpose (Goswami, 2008, pg. 154). Adults break down the language for babies to understand better, and doing so almost instinctively, showing the intuitiveness prosody has in language comprehension and production. Prosody also helps babies learn a thing or two about syntax early on. According to Levitt in 1993, at 10 months infants start to babble in rhythms that are similar to the prosody of their language structure (as cited in Falk, 2004, pg.496). Karmiloff and Karmiloff-Smith say this may be due to the vocal turn-taking that mothers and their babies engage in, helping the babies learn the â€Å"rule† that conversationalists take turns speaking, as seen in their research in 2001 (as cited in Falk, 2004, pg.496). Snowdon (1990) states that this â€Å"social syntax† may help babies learn other rules that are preliminary to learning syntax, the proper arrangement of elements within sentences (as cited in Falk, 2004, pg.496). IDS therefore helps teach babies syntax through phonological bootstrapping, which is fulfilled by paying attention to the correlations between the prosodic cues of IDS and linguistic categories, according to the works of Burnham et al. in 2002, Gleitman Warn er in 1982, Morgan in 1986 and Morgan Demuth in 1996 (as cited in Falk, 2004, pg.496). An infant’s perception of prosodic cues in relation with linguistic categories is essential to learn about phonology, the boundaries between words or phrases in their native tongue, and syntax (Falk, 2004, pg.496). Prosody not only matters when it comes to learning the music of the first language learned but also seems to help teach other components of the language as well. As infants grow older and gain more experience with language, they continue a path towards language mastery and more complicated language use. While young babies use prosody to help tell words apart, it isn’t until they get older that prosody is fully used to tell syntactic relationships (Speer Ito, 2009, pg.94). However, there is mixed research as to when exactly children begin to use prosody to understand ambiguous sentences (Speer Ito, 2009, pg.94). A study in 2008 by Snedeker and Yuan found that children used prosodic phrasings of sentences to the syntax ‘correctly’ and perform an instrumental action (as cited in Speer Ito, 2009, pg.97-98). In their study they did a toy-moving scenario using sentences, such as ‘You can tap the frog with the flower’, with two disambiguating phrasings (Speer Ito, 2009, pg.97). Regardless of the prosodic phrasing, such as [You can tap the frog] [with the flower] versus [You can tap] [the frog with the flower], re sults showed that the children used the location of prosodic boundaries to interpret the correct syntax of the sentences (Speer Ito, 2009, pg.97). Additionally, prosody seems to help syntactic acquisition early on. In a study in 2014 by Hawthorne and Gerken, it was found that 19 month old infants treated prosodically-grouped words as more cohesive and constituent-like than words that straddled a prosodic boundary (pg.420). Because syntactic constituency, groups of words that serve as cohesive units in sentences, is an important part in the early levels of syntax acquisition, prosody is seen as essential concept in language acquisition as a result (Hawthorne Gerken, 2014, pg.420). Although it may be debatable when syntax development exactly begins, a big puzzle piece to figure it out lies in prosody. Prosody continues to help humans from infancy to childhood not only in the syntax of their language but also the semantics. In a study by Nygaard et al in 2008 it was investigated whether speakers were able to successfully make prosodic correlates to meaning across semantic domains and if they used these cues to interpret meaning of novel words (pg.127). The study showed that listeners were able to match new words with their proper meaning significantly more if the prosody used matched the word correctly (Nygaard et al., 2009, pg.127). With their findings, Nygaard and colleagues were able to support that speech has reliable prosodic markers to word meaning and that listeners use the prosodic cues of words to differentiate their meanings (Nygaard et al., 2009, pg.127). New research is also finding prosody to be an essential component for semantic comprehension and development in children. It was previously suggested that children did not utilize prosody to figure out the meanings of n ew words. This was due to studies like Sasso’s 2003 investigation using children age 4 years old and adults, where she found that the children did not readily use prosodic cues to determine the meaning of a new word like the adults did, even when instructed to do so (Sasso, 2003). However, recently in 2011, Herold and colleagues investigated whether children utilized prosodic correlates to word meaning when interpreting new words (Herold et al., 2011, pg.229). They sought to examine if children would interpret a word spoken in a deep, loud, slow voice as referring to something larger than a word said in a high, quiet, and fast voice (Herold et al., 2011, pg.229). It was found that by 5 years old children were successfully utilizing prosody to interpret meaning (Herold et al., 2011, pg. 236). In addition, there were differences in performances between 4 year old and 5 year old participants, suggesting a developmental change in children’s ability to use prosodic cues to infer meaning (Herold et al., 2011, pg.236). Herold and colleagues believed this may do to 4 year olds not yet able to understand that prosody can be used as a tool for novel word interpretation due to insufficient experience with prosodic information and meaning relations (Herold et al., 2011, pg. 236-237). While semantic development in children does not seem to be fully and effectively utilized before age 5, it seems to be on meet a critical transition at this point after children have a certain amount of exposure to their native language. Many studies in linguistics and psychology demonstrate the multiple roles that prosody plays in the acquisition of language from prenatal infants to adults with fluency of their native language. What begins as sound that catches the interest of prenatal humans steadily becomes sound that serve a purpose in language comprehension. While research continues to explore the implications of prosody, there is no denying that it plays a vital and fundamental part in human language. References Brooks, P., Kempe, V. (2012). Language Development (pp. xv-383). Chichester: BPS Blackwell. Erekson, J. (2010). Prosody and Interpretation. Reading Horizons, 50(2), 80-98. Retrieved April 23, 2015, from http://scholarworks.wmich.edu/reading_horizons/vol50/iss2/3 Falk, D. (2004). Prelinguistic Evolution in Early Hominins: Whence Motherese? Behavioral and Brain Sciences, 27(4), 491-541. Retrieved April 23, 2015, from http://journals.cambridge.org.ezp.lib.rochester.edu/action/displayAbstract?fromPage=onlineaid=276842fileId=S0140525X04000111 Goswami, U. (2008). Cognitive Development: The Learning Brain (p. 457). Hove: Psychology Press. Hawthorne, K., Gerken, L. (2014). From pauses to clauses: Prosody facilitates learning of syntactic constituency. Cognition, 133(2), 420-428. doi:10.1016/j.cognition.2014.07.013 Herold, D., Nygaard, L., Chicos, K., Namy, L. (2011). The developing role of prosody in novel word interpretation. Journal of Experimental Child Psychology, 108(2), 229-241. doi:10.1016/j.jecp.2010.09.005 Nygaard, L., Herold, D., Namy, L. (2009). The Semantics of Prosody: Acoustic and Perceptual Evidence of Prosodic Correlates to Word Meaning. Cognitive Science, 33(1), 127-146. doi:10.1111/j.1551-6709.2008.01007.x Sasso, D. S. (2003). The developing role of prosody in novel word comprehension. (Order No. 1413020, Emory University). ProQuest Dissertations and Theses, 46-46 p. Retrieved April 24, 2015, from http://search.proquest.com/docview/250019098?accountid=13567 Speer, S., Ito, K. (2009). Prosody in First Language Acquisition Acquiring Intonation as a Tool to Organize Information in Conversation. Language and Linguistics Compass, 3(1), 90-110. Retrieved April 24, 2015, from http://linguistics.osu.edu/files/Publication-Prosody in First Language Acquisition.pdf

Hamlet: Masks We Wear Essays -- essays research papers

Masks A mask is a covering worn on the face or something that disguises or conceals oneself. All the characters in Shakespeare's Hamlet hide behind masks to cover up who they really are, which contridictes a main idea, expressed by the fool, Old Polonius, "To thine ownself be true" (Polonius - 1.3.84). All the characters share strengths and triumphs, flaws and downfalls. Instead of revealing their vulnerabilities, each of them wears a mask that conceals who they are and there true convictions. The masks brought about feelings such as fear, hatred, insanity, indecisiveness, ambitiousness, and vengeance all of which contribute to the tragic ending of the play. Shakespeare reveals the idea of the masks in the first lines of the play, "Who's there" (Barnardo - 1.1.1). "Nay, answer me. Stand and unfold yourself" (Fransisco - 1.1.2). These masks are upon each character, placed there by either society, self-ignorance, or guilt. Ophelia, Polonius' daughter and Hamlet's lover, hid behind a mask, just like Queen Gertrude's. It was, according to the society and the culture of the time, in the best interest of the woman to display a passive behavior for their personal preservation, which served as Gertrude's mask. Gertrude was brought up to believe that when a woman protests her innocence, in any matter, too much then people will begin to think otherwise. Gertrude revealed the idea of her mask, when responding to Hamlet inquiry of her likes to the play, her response was a bold reply, "The lady doth protest too much methinks" (Gertrude - 3.2.254), while viewing "The Murder of Ganzago." Hamlet's disgust with his mother's lack of strength, in regards to Claudius' sexual temptations, was evident in his soliloquy, after Gertrude begged him to stay with her and Claudius in Elsinore. "And yet, wi th a month let me not think on 't; fratility, thy name is woman." (Hamlet - 1.2.149-50) Gertrude's submissiveness is also evident in her refusal to face the pain of the true nature of her husband's murder. Gertrude begs "O Hamlet, speak no more! / Thou turn'st my eyes into my very soul, / And there I see such black and grained spots / As will not leave their tinct" (Gertrude - 3.4.99-103). In relation to Gertrude, Ophelia is even weaker and more passive. ... ...e murder of his father, Hamlet Sr. After Hamlet killed Polonius, and stored his body, when first asked of him the location of Polonius' body, and Hamlet replied with a riddle; "The body is with the King, but the King is not / with the body. The King is a thing-" (Hamlet - 4.2.27-28). This riddle strange in itself was evidence to Rosencrantz and Guildenstern of Hamlet's insanity. Once the King banished him to his death in England, Hamlet replied with "Farewell, dear mother." (Hamlet - 4.4.58). Shocking to the King, being his father and or uncle, and Hamlet forgave an explanation to the King of why he called him his mother; "My mother. Father and mother is man and wife, / Man and wife is one flesh, and so, my mother" (Hamlet - 4.4.60-61). Hamlet's mask of insanity had fooled the King, the Queen, Ophelia, Polonius, Rosencrantz and Guildenstern. Though he had fooled these people he always kept a full grasp of reality and his true convictions. "To thine own self be true," (Polonius - 1.3.84) the words of a fool followed only by the tragic hero, Hamlet. The masks of the characters were what lead each to their tragedy.

Chamique Holdsclaw :: essays research papers

Chamique Holdsclaw is a star on the rise. And considering the height she has already achieved, that's saying something. In her debut collegiate season, Holdsclaw's play sent ripples through the basketball community. Three years later, the ripples have turned into tsunami-sized waves. As a Tennessee freshman, Holdsclaw opened eyes when she scored a team-high 16 points against the 1995-96 USA Women's National Team on Nov. 22, 1995, then helped the Lady Vols to the 1996 NCAA crown. Making it a perfect three-for-three after winning it all again in 1997 and 1998, Holdsclaw earned 1997 and 1998 NCAA Final Four Most Outstanding Player honors for her stellar play. Holdsclaw, as a college junior to be, tried out for and was selected for USA Basketball's 1997 World Championship Qualifying team. Despite being surrounded by 11 professionals during the summer of 97, and despite her lack of international experience, it was Holdsclaw's first trip out of the country, she more then proved herself to USA head coach Nell Fortner and the veteran players like Edna Campbell, Teresa Edwards, and Katie Smith. Finishing as the team's leading scorer and rebounder, Holdsclaw numbers sparkled - 19.0 ppg. and 6.2 rpg. Helping the U.S. to 12-1 pre-competition record then the silver medal and a berth in the 98 World Championships, she had left her mark. While in Brazil at the qualifying tournament, Holdsclaw celebrated her 20th birthday by giving USA coach Fortner a memorable gift. Scoring 32 points (12-14 FGs, 8-8 FTs) and adding seven rebounds, she led the USA to a hard-fought 94-90 victory over Cuba in the semifinals. Throughout the summer, Holdsclaw learned from four-time Olympian Edwards, perhaps one of the best players ever to play for USA Basketball. During the squad's pre-competition tour of Canada, Germany and Slovakia, Holdsclaw and Edwards were roommates, but about halfway through the tour, rooming assignments were to be switched around. Upon hearing that the rooming assignments were going to change, she asked Fortner to let Edwards and her continue to room together. How could Fortner deny her leading scorer? "Last summer, Chamique was surrounded by great players like Teresa Edwards. I think they were really good for each other, the grand dame' and the rookie. She brought some excitement to Teresa, who in turn gave some wisdom to Chamique. She played all over the world, leading the team in scoring and rebounding the whole time. Chamique Holdsclaw :: essays research papers Chamique Holdsclaw is a star on the rise. And considering the height she has already achieved, that's saying something. In her debut collegiate season, Holdsclaw's play sent ripples through the basketball community. Three years later, the ripples have turned into tsunami-sized waves. As a Tennessee freshman, Holdsclaw opened eyes when she scored a team-high 16 points against the 1995-96 USA Women's National Team on Nov. 22, 1995, then helped the Lady Vols to the 1996 NCAA crown. Making it a perfect three-for-three after winning it all again in 1997 and 1998, Holdsclaw earned 1997 and 1998 NCAA Final Four Most Outstanding Player honors for her stellar play. Holdsclaw, as a college junior to be, tried out for and was selected for USA Basketball's 1997 World Championship Qualifying team. Despite being surrounded by 11 professionals during the summer of 97, and despite her lack of international experience, it was Holdsclaw's first trip out of the country, she more then proved herself to USA head coach Nell Fortner and the veteran players like Edna Campbell, Teresa Edwards, and Katie Smith. Finishing as the team's leading scorer and rebounder, Holdsclaw numbers sparkled - 19.0 ppg. and 6.2 rpg. Helping the U.S. to 12-1 pre-competition record then the silver medal and a berth in the 98 World Championships, she had left her mark. While in Brazil at the qualifying tournament, Holdsclaw celebrated her 20th birthday by giving USA coach Fortner a memorable gift. Scoring 32 points (12-14 FGs, 8-8 FTs) and adding seven rebounds, she led the USA to a hard-fought 94-90 victory over Cuba in the semifinals. Throughout the summer, Holdsclaw learned from four-time Olympian Edwards, perhaps one of the best players ever to play for USA Basketball. During the squad's pre-competition tour of Canada, Germany and Slovakia, Holdsclaw and Edwards were roommates, but about halfway through the tour, rooming assignments were to be switched around. Upon hearing that the rooming assignments were going to change, she asked Fortner to let Edwards and her continue to room together. How could Fortner deny her leading scorer? "Last summer, Chamique was surrounded by great players like Teresa Edwards. I think they were really good for each other, the grand dame' and the rookie. She brought some excitement to Teresa, who in turn gave some wisdom to Chamique. She played all over the world, leading the team in scoring and rebounding the whole time.

Analysis: The American Perspective On Hackers Essay -- social issues

Analysis: The American Perspective On Hackers The issue of public information has always been a controversy in our world. One of our country’s founding arguments was based on the necessity of free speech and free information. Many now believe that our government is being overly restrictive on information, blocking and controlling some aspects of free speech that first amendment advocates feel are necessary to maintain our American society. These advocates of free information have been using the nickname â€Å"hackers† for over twenty years, but improper use by the media has stretched the word to slanderous levels. Hackers are now stereotyped as mindless vandals and miscreants, although the word â€Å"hacker† has been used as a term for computer programmers and technicians since the late 1970s. Modern-day hackers refer to themselves as intelligent socio-political activists who want to raise social awareness of threatening problems. Governments worldwide are trying to persecute hackers when vandals, not hacker s, are most often the ones breaking laws and causing damage. The conflict between hackers and the American public is a deeply rooted standoff, caused by misinformation and sensationalism from the media and the government. To evaluate and analyze this conflict objectively, both points of view must be put into proper perspective. This was a simple task for me, because I am a very technically oriented person who does not get lost in the â€Å"computer jargon† used by both the â€Å"hackers† and the political forces. I have worked as a security engineer for three Internet Service Providers. I am presently a security programmer at the second-largest private Internet Service Provider in Tampa. To do my job, I must to understand the thoughts and methods of the cyber-delinquents often misnamed as â€Å"hackers.† This experience has given me a strong perspective of both the intruder and victim’s side. Firstly, take the view of the American people. This includes people who do and do not have computers at home, and do not understand their core functions. This group also makes up the majority of the users on the Internet. Most of them are home users with no intentions of understanding the machine they own. They see â€Å"hackers† as being electronic vandals and information thieves, breaking computer networks and destroying data. They fear anyone with cyber-power, because they do not un... ... This part of our society has proven that it is unable to accept other individuals and groups who are more intelligent and still believe in our Nation’s first amendment, out of fear that the rest of the world might evolve around them, without them. Rather than persecute and attack the hackers in our society and in our world, we need to embrace them. They are the people trying their hardest to make a difference in our government and society. They are the ones speaking out as we all should about atrocities, such as the East Timor Massacre in Indonesia seven years ago (http://www.2600.com/hacked/). True hackers are not out to destroy things. They want to learn and make a difference in our world. Our society should stop limiting their potential as human beings and citizens by slandering them. Our society should stop blindly believing stories about them without hearing both sides, as our Government, which is run by â€Å"We, the People† must become educated before creati ng and enforcing laws. Otherwise, we, as a society, are burying ourselves in ignorant beliefs, disrupting learning and the growth of knowledge. After all, no one can honestly say that they want to live in an ignorant society.

The William Wrigley Jr. Company Essay

1.0   Introduction Identifying opportunities for corporate financial restructuring was typical for Blanka Dobrynin, a managing partner of the hedge fund Aurora Borealis LLC. In 2002, with the then debt free William Wrigley Jr. Company (Wrigley) in her sights, she asked her associate Susan Chandler to conduct research on the impact of a $3 billion debt recapitalisation on the company. This case report aims to make an informed recommendation on whether Wrigley should pursue the $3 billion debt proposal. 2.0 Optimal Capital Structure According to Miller and Modigliani’s (1958) first proposition, the value of a firm is independent of its capital structure, assuming no corporate taxes. It was later demonstrated that the existence of debt in the capital structure creates a debt shield that increases the value of the firm by the present value of the tax shield (Miller & Modigliani, 1963). This line of reasoning implies that debt financing adds significant value to the firm and an optimal capital structure occurs with 100% debt. However, this is an unlikely outcome in reality with restrictions imposed by lending institutions, bankruptcy costs and the need for preserving financial flexibility implying that management will maintain a substantial reserve of borrowing power (Miller & Modigliani, 1963). These imperfections have since been discussed as additional factors when determining an optimal capital  structure. The trade off theory suggests that an optimal capital structure may be achieved by determining the trade-off between tax shields and the costs of financial distress (Kraus & Litzenberger, 1973). The presence of tax shields means that the optimal capital structure decision is unique for each firm (DeAngelo & Masulis, 1980). High levels of debt can lead to indirect bankruptcy costs and financial distress costs which relate generally the costs associated with going bankrupt or avoiding bankruptcy. At high debt levels, the benefit of debt may be offset by financial distress costs. It appears that the optimal cash structure exists somewhere in the middle. Jensen and Meckling (1976) noted the existence of ‘agency costs of debt’. These costs arise when equity holders act in their own interest rather than the firm’s interest. As Wrigley is a family owned company it is unlikely that agency costs will be an issue. 3.0 Weighted Average Cost of Capital (WACC) The question that underlies the decision to pursue the debt proposal is whether Wrigley is efficiently financed without debt. In this report, the WACC will be the main factor when determining whether Wrigley is efficiently financed. The WACC is the minimum return that a company needs to satisfy all of its investors, which is also the – it is the required rate of return on the overall firm. The value of Wrigley will be maximized when its WACC is minimized. This report will examine the optimal capital structure as the one that produces the lowest possible WACC. WACC is one of the most important methods in assessing a company’s financial health, both for internal use, such as capital budgeting, and external use, such as valuing investments or companies. It is able to provide an insight into the cost of financing and can be used as a hurdle rate for investment decisions. It can also be used to find the best capital structure for the company. The WACC can be used as a rough guide to the interest rate per monetary unit of capital (Pratt & Grabowski, 2008). The WACC method can be considered a better indicator than other methods such as earnings per share (EPS) or earnings before interest and tax (EBIT) because it takes into consideration the relative weight of each component of a company’s capital structure (Armitage, 2005). The calculation uses the market values of the components rather than the book values as these values may differ significantly. The components WACC takes into consideration include internal and external factors such as equity, debt, warrants, options, pension liabilities, executive stock options and government subsidies (Hazel, 1999); whereas the EPS and EBIT calculations only take into consideration the internal factors, such as total earnings. of the company and However, the earnings reported by a company may not be a reliable value, as they tend to report more favourable values as opposed to the true amounts. However, as the WACC is calculated according to M&M theory, some of the input parameters can be difficult to ascertain. This is due to the uncertainty that exists in the market that would influence the outcome. Another issue limitation with the WACC, is that it relies on the assumption made in the M&M propositions, which do not necessarily apply in the real world. Some assumptions that do not apply include the fact that transaction costs exist and individuals and corporations do not borrow at the same rate. Referring to Appendix 1, the calculations show a slight increase in the WACC after the $3 billion debt is acquired. This change is more profound when using the 10 year US treasury rate as the risk free return – an increase from 10.11% to 10.28% for the WACC. Therefore it appears that the optimal capital structure for Wrigley would be one containinginclude no debt as this provides the lowest WACC. 4.0 Estimating the effect of the recapitalisation on: 4.1 Share value In an efficient market, it is assumed that the share price will change  quickly to reflect investors changing perceptions about the new debt issue. The effect of the recapitalisation on the share price can be summarised by Miller and Modigliani’s adjusted NPV formula: Post-recapitalisation equity value = Pre-recapitalisation equity value + Present value of debt tax shields + Present value of distress related costs + SignalingSignalling, incentive & clientele effects Assuming the debt will continue into perpetuity, the present value of the $3 billion debt would be $1.2 billion. Using the post recapitalisation value of equity incorporating the tax shield of $1.2 billion, the stock price is increased from $56.37 to $61.51. The remaining factors of this equation are very difficult to ascertain. The present value of the distress related costs could be assumed to be the value of a put option on the debt. Nevertheless, it could be assumed that financial distress costs would be negligible in Wrigley’s situation, as it is a market leader with a strong financial position. It is very difficult to estimate the cost of signalingsignalling and clientele effects and it is necessary to bear this in mind when looking at the increase on share price as it does not fully reflect all relevant considerations. 4.2 Level of Flexibility Financial flexibility refers to the ability of a firm to respond in a timely and value-maximizing manner to unexpected changes in the firm’s cash flows or investment opportunity set (Dennis, 2011). Chief Financial Officers surveyed by Graham and Harvey (2001) state that financial flexibility is the most important determinant of corporate capital structure (Graham and Harvey, 2001). A flexible capital structure can be achieved by preserving access to low-cost sources of capital. DeAngelo and DeAngelo (2011) argue that firms should optimally maintain low levels of leverage in most periods in order to be better equipped to cope with the adverse consequences of exogenous shocks. They also argue that firms should maintain low leverage and high dividend payouts in â€Å"normal† periods in order to preserve the option to borrow or issue equity in future â€Å"abnormal† periods characterised by earnings short  falls and/or lucrative investment opportunities. The financial flexibility of Wrigley will be reduced as borrowing $3 billion now will lower their ability to borrow in the future if there are any lucrative investment opportunities or cope with any unexpected exogenous shocks to the market and themselves. 4.3 Mix of Debt and Equity Considerations have to be made when evaluating the recapitalisation of Wrigley’s capital structure by adding debt. A concern of Wrigley is deciding the debt ratio which optimizes the overall value of the firm. Companies are often inclined to choose debt over equity as the cost of debt is cheaper due to the tax shield created. With the addition of $3 billion of debt in Wrigley’s capital structure, the tax shields benefit will increase the equity value by $1.2 billion. The estimation of the tax benefits are assumed under the condition that Wrigley will maintain debt value of $3 billion in perpetuity. As a result of $3 billion payout, the value of equity will decline by $1.8 billion which will be offset by the present value of the debt tax shield ($1.2 billion). Wrigley’s debt/equity level after recapitalisation will be 78% and 22% debt. The traditional view is that taking on higher levels of debt could potentially generate more earnings on positive NPV projects which could increase the company’s value. Although it should be noted that considerations have to be made at what which point, debt becomes more costly to Wrigley in terms of increased risk to shareholders. Assessing Wrigley’s optimal debt level, it suggests that the optimal point would be not taking on any debt. By taking on debt, Wrigley’s credit rating will fall from AAA to BB/B, as it would be increasing it’s risk levels of financial distress and risk of bankruptcy cost. Assessing From this, it can be recommended that Wrigley’s optimal debt level, it suggests that the optimal point would be not taking on any debt.having minimal debt. 4.4 Reported earnings per share Before the proposed recapitalisation, Wrigley will have no minimal debt. If Wrigley does not have any income, they still need to pay the interest on the debt, so EPS will be negative. Referring to Appendix 2, the two lines intersect where EBIT is $1.70 billion and EPS is $12.21. This is the break-even point – if EBIT is above this point leverage is beneficial. If Wrigley’s income was higher than $1.70 billion, they could should take the $3 billion debt. In fact, the current income is only $0.51 billion therefore according to a breakeven EBIT analysis, Wrigley should not pursue the debt. 5.0 Other matters for the board’s consideration 5.1 Effect on Voting Control Assuming the $3billion is used either for a dividend payout or share repurchase, only the second option would alter the amount of shares outstanding. The Wrigley family already controlled 21% of the common stock and 58% of the Class B common stock, which had superior voting rights attached. A $3 billion share repurchase would substantially increase the voting control of the Wrigley family, however the family was already in a majority position so voting control would not be substantially different. A strong controlling majority is highly advantageous in deterring potential mergers and acquisitions. 5.2 Clientele and Signaling effects In general, companies that take on debt signal to investors that the company is in a good financial position as it is able to make future interest repayments. If the debt were used for a dividend payout, this would signal to investors that the company is doing well and increase the stock price. However, using the debt for a share repurchase might have a clientele effect  on potential investors that prefer dividend payouts. These investors could potentially sell their remaining stock in reaction to the share buyback resulting in the stock price falling. 6.0 Conclusion The WACC indicated that taking on $3b of debt would reduce the value of Wrigley company. This value could change, provided the Wrigley company had an investment opportunity or plan to use the newly obtained debt of $3b. The WACC value may be disregarded or adjusted if Wrigley had a high NPV project to invest in or provided a specific use for the funds. However, in the current situation, there is no indication of the reasons for Wrigley to take on the debt and thus they are unnecessarily restricting their financial flexibility. This could prove costly in the future if there are any unexpected negative shocks to the market or Wrigley may miss out on a highly lucrative investment opportunity due to their inability to borrow more. Therefore it is our recommendation that the Wrigley company does not take on the $3b of new debt as it would reduce the total value of the company at this point in time. 7.0 References Armitage, S. (2005). The Cost of Capital: Intermediate Theory. Cambridge, UK: Cambridge University Press. DeAngelo H., & DeAngelo, L., (2006) Capital Structure, Payout Policy, and Financial Flexibility, University of Southern California working paper. DeAngelo, H., & R.W. Masulis. (1980) Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics 8, 3-29. DeAngelo, H., DeAngelo, L., & Whited T.M., (2011) Capital structure dynamics and transitory debt. Journal of Financial Economics, 99, 235–261. Denis, D J. (2011) Financial Flexibility and Corporate Liquidity. Journal of Corporate Finance, 17(3), 667-674. J.R. Graham, & C.R. Harvey., (2001) The theory and practice of corporate finance: evidence from the field. Journal of Finance and Economics 60, 187–243. Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3, 305-360. Johnson, H. (1999). Determining Cost of Capital: The Key to Firm Value. London: FT Prentice Hall. Kraus, A., & R.H. Litzenberger. (1973) A State Preference Model of Optimal Financial Leverage. Journal of Finance (September), 911-922. Modigliani, F., & M.H. Miller. (1958). The Costs of Capital, Corporate Finance, and the Theory of Investment. American Economic Review, 48 (June), 261-297. Modigliani, F., & M.H. Miller. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review 53 (June), 433-443. Pratt, Shannon P., & Roger J. Grabowski. (2008) Cost of Capital: Applications and Examples. Hoboken, NJ: Wiley.

Sexual Discrimination in the Workplace

Canada is composed of people from all walks of life and from every race, color,creed and ethnic background imaginable. Despite our varied lifestyles and beliefs, we areall equal and are entitled to the same treatment before the law and in the workplace. Although we have this diversity, discrimination is something that unfortunately, mostpeople have to deal with it at some point in their lives. Provincial human rights codes tryto prevent this unpleasantness, by prohibiting any type of discrimination in service,accommodations and employment. Zero tolerance grounds are based on Discrimination by: race, gender, ancestry, place of origin, color, citizenship, creed, sexual orientation,age, family status and handicap. Discrimination can also include harassment based on both race, and ethnic origin, as well as sexual harassment. Despite these codes, discrimination is not guaranteed to never occur. In fact,everyday people lose their jobs or promotions because of discrimination, and women areharassed at work or people with disabilities are denied opportunities. Harassment, whether by a supervisor or co-worker, creates a barriere to equality by demeaning its victims, interfering with their ability to work effectively and, in some instances, even forcing them to resign. Eventhough there is plenty of publicity surrounding this issue, studies consistently show that women continue to face harassment in the workplace. No organization can afford to lose the talent of its female staff because of outdated attitudes, the imposition of higher standards for women, or a failure to give women the opportunity to acquire relevant experience in key areas of the organization. There is a need for employers to take a hard look at lingering stereotypes and misconceptions and to ensure that high-potential women benefit equally with men from career-enhancing. Although it is not often spoken of, there are occasionally occurrences of sexual discrimination against men. Imagine a day-care center where 12 women and one male work. You are a first time mother and for the first time you are leaving your two year old child in the care of someone else for an entire day. Many women would be likely to ask for their child to remain in the care of strictly some females, due to their loving caring nature and maternal instincts. If you think about this it is obvious how males could getdiscriminated against by women, it is just not reported as often because most men do not want all that attention, and feel it would be better to just forget about it. Employers have a responsibility to: I) provide a working environment that is free from harassment and discrimination; and, ii) deal effectively, quickly and fairly with any situations involving claims of harassment or discrimination that come to their attention. Employers could be held liable by a court or tribunal if they or their managers do not act to put an end to discrimination or harassment in their workplaces. There are several questions that are not allowed to be asked of an employee not only surrounding gender. For example questions about or relating to physical characteristics such as color of eyes, hair, height, weight, or requests for photographs. Questions about speaking English or French fluently, unless to do so is a reasonable and bonafide requirement for the position are also strictly prohibited. Questions about or relating to religious affiliation, religious institutions attended, religious holidays, customs observed,willingness to work on a specific day which may conflict with requirements of a particular faith (e. . Saturday or Sunday Sabbath days)are also against the law. The human rights laws however do come in handy as a way for victims to fight back. How a human rights complaint is handled varies from country to country. In Ontario an individual who believes he or she has been the victim of some form of discrimination asserts his or her rights by filing a complaint with the human rights commission. The complaint is then investigated by an officer of the commission who will try to reach a settlement with the parties involved. If the officers attempts to arrive at a settlement fail and it is concluded that the complaint has merit, a recommendation will be made to the Minister of Labor to appoint a board of inquiry. The board will then conduct a formal hearing, where both parties have the opportunity to present their cases. In Ontario, the board of inquiry has the authority to direct the offending party to do anything necessary to comply with the code, such as ordering restitution for monetary loss and awarding up to $10 000 for mental anguish. When a formal complaint to the human rights commission is made, it can get very expensive an time consuming for the company. As a general rule, the commission publishes settlements and awards that are viewed as having a public education value, thus damaging the company†s reputation. Aside from both the cost and the damage to the company†s reputation employers should recognize that promoting an equal opportunity work place can also help motivate employees and improve a company†s performance. Apart from the adverse publicity, human rights laws have penalties such as a monetary awards, public apologies, reinstatement of employees or orders of financial compensation for lost time, expenses incurred, and damages to professional or personal reputation and fires. Human rights officials can also order companies to make a job offer to a complainant, begin an affirmative action program in the company or sen staff to the discrimination awareness seminars. If a company has a government contract , the board may even seek cancellation of that contract. To avoid the above consequences there are five steps that can be followed to ensure equal opportunity in any workplace. The first step is to make a clear corporate commitment to human rights. Senior executives should declare their commitment and be accountable at each tier of the management structure. There should be a written policy on discrimination distributed to every member of the company. The second step is to examine recruiting procedures. Employers should look for anything that may offend the aw, such as unusual language or physical requirements, unless it can be proven essential to the job. Application forms should be reviewed and interviews should avoid any conduct or comments that could be perceived as discriminatory. The third step is to monitor the workplace. Management has an obligation to intervene if there is any evidence of harassment or discriminatory behavior. Consider providing a hotline whereby employees can report to. Harvey†s, which is operated by CARA limited, has a fairly complex yet easy to follow policy, that other companies could follow. It is five page typed policy that was last updated in May of 1995. It defines sexual harassment as â€Å"deliberate and unsolicited and can be offensive sexual comments, gestures or physical contact that are unwanted or offensive either on a first time basis or as a continuous series of incidents. It may also involve favours, promises of favours, advantages in return for giving in to sexual advances or, the threat of revenge for refusing them. It states that flirtation, or a workplace romance between two consenting persons is not harassment. (Cara Operations limited, 1) Teammates who feel that they are being sexually harassed should immediately SAY NO!!!!! The employee is responsible of immediately making sure that the offender is out of line and that the behaviour is totally inappropriate. 2) The employee is encouraged to approach his or her supervisor and/or a member of the Human Resource Team for guidance. 3) The employee is encouraged to immediately file a complaint with the Human Resource Department. There are also five steps that management guarantees they will take when a complaint of harassment is filed. First they will ensure than an examination of the complaint will take place immediately. Next they will advise the alleged person that a complaint has been lodged. Then an interview with all persons involved will take place. Interviews will be taken with any witnesses followed by a clearly, accurately filled out document. On the final page of the policy, there is a section entitled â€Å"corrective action†. It basically states that is an offender is found guilty he/she will be terminated. It also states that if it is found that someone has intentionally wrongfully accused someone then he/she will be terminated as well. Other methods of corrective action that are stated are suspension, or loss of responsibilities. As you have seen sexual discrimination and harassment are two acts that go hand and hand, and unfortunately they are both issues that are delt with much too often. If all workplaces joined together and made similar policies that are strictly enforced, perhaps our world would be a little more equal, and discrimination would be unheard of.

Playing monopoly Essay

Pretend to embrace a technology and become the major source for that technology like buy out the competitors. Declare it obsolete because your original way is better. Wait long enough for a technique or idea to be forgotten by the majority of people or just long enough that the majority of your followers are naive newbies. Bring out the old idea and present it as a new invention. For example, many things in Visual Studio . Net are presented as new ideas even though they have existed in RAD tools like Delphi for over a decade. Why this works? because the majority of new software geeks have no idea what Delphi is and didn’t know that you could do everything exactly the way Microsoft claims you can in their â€Å"new† invention. It is very much clear about incidences that Microsoft has been unethical in its approaches. Rather that applying their own thoughts, most of the products they have released by copying ideas unethically from other competitor’s products. Rather than having the fair competition in the market Gates always tried to monopolize the market. Though all the monopoly has brought him profit but ethically Microsoft didn’t 2. Some of the characteristics of the market that created monopoly market that Microsoft’s operating system enjoyed are as follows: Incorporation of various Microsoft applications like Windows Digital Media Player and Internet Explorer in 1995 with its operating system gave an advantage to the company as this monopoly worked out for them. Users using Windows didn’t want themselves to get into trouble of purchasing a different browser and different Media Payer. Users were also not ready to pay extra money for buying other companies’ applications, as all those applications were readily available with Microsoft’s operating system. Every company was releasing their applications and operating systems in the market and every time Microsoft was able to know their programs. Using those programs Microsoft created monopoly in the market by releasing advanced version of competitors’ products. As when Navigator came in 1994, Microsoft launched Internet Explorer which was borrowed from Spyglass Inc. and made it similar to Navigator. It incorporated Internet Explorer with Windows. Media player was also incorporated in Windows. Sun Microsystems’s Java was also licensed to Microsoft first and then Microsoft built its own Microsoft java permitting Windows Users to be compatible with it. In the software industry users did not want to shift to new products or applications until proper training and workshops are organized. Microsoft’s used good PLAYING MONOPOLY: MICROSOFT Javier Ian Gonzalez Lopez – 1449556 – 9zi strategies for training users. With the Installation disk, a proper tour of Windows is provided to facilitate user. Attorney General Janet Reno filed an antitrust suit against Microsoft in the court of Judge Thomas Jackson. Microsoft made the computer companies using Windows as their operating system not to license, distribute or promote competitive software products of other companies. It embedded Internet Explorer with Windows and thus demolished consumer freedom to go for any other Browser plus it also degraded windows performance. In the agreements with computer companies those using Windows, Microsoft wanted them to leave Internet Explorer as the default Web–Browser and didn’t allow installation of any other browser. The judge was having complete authority to take hard actions against Microsoft’s unethical business strategies. As per the case study it is evident that Microsoft has used various unethical business strategies to make their business profitable. Microsoft copied the copyright of Apple’s OS/2 and developed its own operating system on the same line. Moreover they forced users to use its Internet Explorer and digital media player. They suppressed the platform independent functionality of Sun’s Java by releasing Microsoft’s Java and making it cross platform language. In my view, government should not have sued Microsoft. Consumers were well satisfied by Windows which was evident from the market share of its use. So signing of agreement involves approval of computer companies and Microsoft and if computer companies have signed that agreement that means they weren’t having any problems and neither consumers upon implementing the agreement. So Microsoft just used a marketing strategy over here. Judge Jackson’s order was fair for the competitors as well as for the software industry because Microsoft has really invoked the monopoly situation in the market. It was essential to have fair competition in the market. As an operating system and applications are totally two different aspects and Microsoft should not club these two aspects. This order would have helped competitors and users to choose their favorite applications. From Microsoft’s point of view it was not the fair decision, as they never wish to separate their business into two domains. It was a marketing strategy adopted by Microsoft so that it can withstand with the PLAYING MONOPOLY: MICROSOFT Javier Ian Gonzalez Lopez – 1449556 – 9zi competition. According to them it also facilitated consumers for not spending their money in buying other corresponding software and also playing a risk of installing and uninstalling. According to the settlement between Microsoft and DOJ, Microsoft was asked to share its application programming interface with other software rivals and to allow users to hide Internet Explorer icon from the screen. It was asked not to prevent other competitors programs to install on its operating system and not to retaliate against computer makers in releasing their products. This settlement was officially approved by Judge Kollar-Kotelly on November 1, 2003. The decision was really fair for the competitors as well as users. The decision has created free competitive market in the software industry. It allows users to use other available applications and allow them to hide icons which they do not want to use. From competitors point of view market became much more open to release more products with advanced technologies. This move also helped people to think out of Microsoft’s box and helped to showcase their technical skills. As a result various new operating systems with better performance than Windows like Linux, Suse, Monopoly of Microsoft’s operating system has harmed everyone from users to computer producers. Due to unavailability of fair market the users were bound to use Microsoft’s operating system and applications. They were unable to hide icons of the Microsoft’s applications from their operating system. From producer’s point of view, they were not free to launch Windows compatible applications due to unavailability of Windows application programming interface in the market. The competition became minimal in the market due to monopoly enjoyed by Microsoft. Due to monopoly in the market one single company Microsoft was holding maximum market share. It hampered the technical advancement and innovation in the market as well. Some of the following public policies could be used to deal with monopoly †¢Government should issue some standards for a given technology/system/product which should be followed by everyone in the industry. †¢Anti-monopoly law can be created to prevent monopoly to occur in the market. †¢Some policies can be incorporated in the system to motivate and encourage newly launched companies to increase the innovation in the market. PLAYING MONOPOLY: MICROSOFT Javier Ian Gonzalez Lopez – 1449556 – 9zi †¢Some policies should be made to share information among the companies whose applications are inter dependant.