Neurophysiology Lab Report Sample

Neurophysiology Lab Report Paper Keep on expanding voltage by 0. V and snap single upgrade until you discover Max voltage. Maximal Voltage = 10. V Record information Activity 2 Mechanical Stimulation 1. Clear the oscilloscope. 2. Drag the glass pole over the nerve, and discharge it to demonstrate the bar is contacting the nerve. What do you see on the oscilloscope? (An activity expected follow. ) How does this following look at? (It has activity potential, however extraordinary voltage from past tracings. Action 3 Thermal Stimulation Click on the glass bar and drag it to the radiator. Snap the warmth button. At the point when the bar turns red, demonstrating its been warmed, snap and drag it over the nerve. What occurs? (The activity capability of the following appears as though it increments. ) How does this follow contrast with the unheated glass bar? (Activity potential is higher. ) Explanation? (The warmed glass bar influences the nerve more than the cool glass bar. ) Activity 4 Chemical Stimulation 1. Snap and drag the sodium chloride bottle over to the nerve to apportion drops. Does this create activity potential? (No move potential makes place. ) 2. Take a gander at action 1 and use voltage and snap single boost. Is there anything Yes - Yes extraordinary? (No distinction. ) Record information Nasal: Action Potential-Yes 3. Clean nerve chamber, and clear the oscilloscope. 4. Snap and drag HCI to nerve chamber Action Potential-Yes Different structure edge boost? No. 5. Clean nerve chamber. 6. Print information. What sorts of boosts can evoke an activity potential? Voltage > or HCI Activity 8 Measuring Nerve Conduction Velocity See lab manual. E. Results Experiment: Eliciting a Nerve Impulse Activities 1-4 Voltage Glass Barnacle Heat Action Potential 3. 0 v Yes . V 10. 0 Yes Experiment: Nerve Conduction Velocity Activity 8 Nerve Type Time (mess) Distance (mm) Conduction Velocity Worm 5. Ass mm 8. 60 m/sec Frog . Ass mm 27. 56 m/sec Rata 2. Ass mm 16. 67 m/sec Rat 2 1. So mm 43 reset F. Conversation = 3. OVA, Nasal, In this analysis I researched, the neurophysiology of various sorts of nerves. In exercises 1-4, I found what invigorates the nerve through various kinds of strategies. We utilized mechanical, warm, and concoction incitement on the nerve to discover an activity potential on the given nerve. We will compose a custom paper test on Neurophysiology Lab Report explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on Neurophysiology Lab Report explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on Neurophysiology Lab Report explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer In action 8, we estimated the nerve conduction speed of various kinds of nerves. The nerves were tried were the night crawler, frog, and two rodent nerves. The worm had the slowest conduction speed, trailed by the principal rodent, at that point the frog, and the quickest one was the subsequent rodent. My decisions about this trial are that given enough voltage, or a synthetic, mechanical, or warm incitement activity potential can be found in a nerve. Different elements that assume a job in finding an activity potential were common substances, for example, Nasal, HCI, and ethanol.

Change Managment Essay Example | Topics and Well Written Essays - 5000 words

Change Managment - Essay Example As the conversation declaresâ managers today face steady change and they are frequently presented to different difficulties. Against this foundation, this paper has been intended to fundamentally dissect the degree to which the ideas of the board and administration sway on the change procedure in a given organization. This paper features thatâ change is either impromptu or arranged adjustment in the method of completing exercises or the norm. Change is tied in with making things diversely and if there should be an occurrence of arranged change, it tends to be seen that the change exercises are objective situated and they are deliberate. Both inward and outside elements can require change in a specific association. The interior factors that can impact change in an association incorporate HR issues while outside elements incorporate financial, social, political just as innovative issues.â It is significant for associations to conceptualize change as the hole that exists between t he present business as usual and the ideal target. So as to accomplish this accomplishment, change must be appropriately arranged and there are numerous issues that are engaged with completing this activity. Drawing from the case given in patch1 appended, it very well may be seen that overseeing change is a procedure that requires purposeful endeavors particularly by the pioneers liable for the change process. There are a lot of exercises that are engaged with change the executives, for example, starting change, arranging, activity plan just as balancing out the change results.

How Minimalism Is Changing Entrepreneurship

How Minimalism Is Changing Entrepreneurship On a white-skyed afternoon in March, the two of us teamed up with our friends Joshua Becker and Courtney Carver to discuss How Minimalism Is Changing Entrepreneurship in front of a large crowd at SXSW 2013.  You can listen to the 60-minute audio recording below: Timetable 0:00 Joshua Becker states the case for minimalism 11:59 Joshua Fields Millburn discusses cultivating your passion 21:35 Ryan Nicodemus discusses overcoming the fear of money 28:35 Courtney Carver discusses practical applications of minimalism 40:00 QA with the crowd If youd like to discuss our panel, you can do so using the #simplework hashtag on Twitter. Also check out Emily Lyonss SXTX write-up.

Analysis Of Fahrenheit 451 By Ray Bradbury - 921 Words

American Journalist Nora Ephron said, â€Å"structure is the key to narrative†. I strongly agree with this statement, for an unorganized essay leads to chaos and misunderstanding. The narrative structure includes exposition, rising action, climax, falling action, and resolution. The narrative structure was evident in the novel Fahrenheit 451 by Ray Bradbury. The exposition includes the basic introduction and background information that sets the time, situation, and place of the story. At the beginning of this novel, a futuristic dystopian society is described as the setting where the citizens have no control over their own lives, but they are equally unaware of this fact. They are the perfect example of â€Å"ignorance is bliss†, for they are†¦show more content†¦Later in the chapter, the firefighters are called to start a fire, the woman was so passionate about her books that she burns herself with her books. This was a huge factor of change in Montag, for he started to see that books aren’t so dangerous, the government is. The fire chief, Captain Beatty, becomes suspicious of Montag breaking the law when he catches Montag and Mildred catching about Montag’s private collection of books. Soon after, Montag meets his old friend, a retired English professor, named Faber to discuss what he should do with his collection. They are trying to get the books back into society, so they come up with a plan to do so. Faber gives Montag an earpiece so they can keep in touch always. The final piece of rising action I found was when Montag finally told Beatty that he was ready to return to work. Beatty took Montag on his first burn and it was his own house; he had been caught and there was no way to go back to how it was. All of this rising action and building suspense led to the climax of the story. The climax is the height of suspense in the story. The suspense is at its highest point and this is usually the turning point in the story. T he turning point in this novel was when Montag kills Captain Beatty in the fire. Guy Montag was called to a start a fire at his own home. Mildred and her friends had called the firemen and Montag was forced to burn his own home down, but notShow MoreRelatedLiterary Analysis Of Fahrenheit 451, By Ray Bradbury792 Words   |  4 PagesLiterary Analysis of Fahrenheit 451 by Ray Bradbury â€Å"We never burned right†¦Ã¢â‚¬  (Bradbury 113) stated Guy Montag, the main character of Fahrenheit 451. This book is about a society that is oppressive and dictatorial. They depend on firemen to burn books at an attempt at censorship and to block free thinking. They obstruct books and literature as a way to restrict knowledge and understanding. One of the major theme of Fahrenheit 451, written by Ray Bradbury, is as society gains more knowledge and wisdomRead MoreAnalysis Of Ray Bradbury s Fahrenheit 4511743 Words   |  7 PagesIn Fahrenheit 451, by Ray Bradbury, the protagonist, Guy Montag, suddenly realizes his overwhelming discontent with life when he meets Clarisse McClean, a seventeen year old girl who introduces him to beauty of the world and the notion of questioning ones surroundings. This novel, having been released shortly after the Second Read Scare, a time when fear of communism lead to the baseless accusation of political figures by Senator McCarthy, was re ceived with mixed reviews. However, today more so thanRead MoreAnalysis Of Ray Bradbury s Fahrenheit 451 Essay2089 Words   |  9 PagesThe analysis of Ray Bradbury s dystopian novel, Fahrenheit 451, shows that literature as books, education and alike is abused and criminalized in the hero’s reality, who is Guy Montag. The novel’s setting is when new things seem to have totally replaced literature, fire fighters set flames instead of putting them out, the ownership of books is deserving of the law and to restrict the standard is to court demise. The oppression of literature through innovation and technology can be analyzed throughRead MoreAnalysis Of Ray Bradbury s Fahrenheit 451 1396 Words   |  6 PagesAn Analysis of Freedom of Information in Fahrenheit 451 by Ray Bradbury This study examines the issue of freedom of information in the story of literary oppression found in Fahrenheit 451 by Ray Bradbury. Bradbury presents the oppression of an authoritarian state that does not allow its citizens to reads books. Guy Montag is initially a servant of the state that requires him to locate and persecute members of the community that still collect books. In various cases, Bradbury defines the rightsRead MoreCharacter Analysis : Fahrenheit 451, By Ray Bradbury831 Words   |  4 Pages Fahrenheit 451: Character Analysis Fahrenheit 451 by Ray Bradbury, is about a dystopian society that burns literature and everything and anything to keep the civilians distracted from the obstacles of life. Guy Montag is a citizen whose job is to burn down houses that contain literature, for books are illegal because the government says it causes controversy. His wife, Mildred, sits in front of the â€Å"parlor walls† with â€Å"seashells† in her ears and goes along mindlessly with society. ThroughoutRead MoreAnalysis Of Ray Bradbury s Fahrenheit 451 1815 Words   |  8 PagesRay Bradbury was a well-known author who happened to write several novels, books, and short stories. He was very famous and I have never read anything that he wrote, until I read this book. I wasn’t sure what to expect because I had no idea what it was about and what kind of story it told. Fahrenheit 451 told a breathtaking adventure, was relatable, and it was almost as if I was submerged in this dystopian society, who wa s forced to live without imagination, books and a sense of wonder. Mr. BradburyRead More Analysis of Fahrenheit 451 by Ray Bradbury Essay3557 Words   |  15 PagesAnalysis of Fahrenheit 451 by Ray Bradbury Imagine living in a world where you are not in control of your own thoughts. Imagine living in a world in which all the great thinkers of the past have been blurred from existence. Imagine living in a world where life no longer involves beauty, but instead a controlled system that the government is capable of manipulating. In Ray Bradburys Fahrenheit 451, such a world is brought to the awareness of the reader through a description of the impactsRead MoreAnalysis Of Fahrenheit 451 By Ray Bradbury1387 Words   |  6 Pagesdifferent and so similar in the exact same time†¦ Imagine a society where everything an individual can mentally and physically do is under the power of the government. Self-difference does not exist. In a futuristic setting of the novel ‘Fahrenheit 451’ written by Ray Bradbury, and the short story ‘Harrison Bergeron’ written by Kurt Vonnegut are both two very eventful and interesting readings that will keep one’s mind runn ing on about the outlook on futuristic life and the governments strict needs and wantsRead MoreAnalysis Of Fahrenheit 451 By Ray Bradbury1119 Words   |  5 PagesIn the novel Fahrenheit 451 Mildred and Montag reside on polar sides of society, one is a supporter the other is a rebel. Despite their difference, their internal thoughts reveal they are both broken people. Bradbury’s symbolic patterns claims their destruction originated because both of them don’t have dominance over their minds. Mildred’s addiction to her parlor walls disrupts her cognitive presence in reality. As Guy ponders the word living room, he comments â€Å"what a good job of labeling that wasRead MoreAnalysis Of Fahrenheit 451 By Ray Bradbury1379 Words   |  6 PagesVisual media, such as the computer and television distract people from the natural world, and instead blinds them from reality. Fahrenheit 451 exposes the idea that mass visual media initiates problems of violence, unawareness, and ignorance. The advanced technology causes the people of society to stray farther away from reality, and they become trapped in their own world of unawareness. Thus, unlike in nature where everything is free, the advanced technology confines people within the boundaries

Franz Kafka s The Metamorphosis - 1222 Words

For many people the family is something that is there as a form of support and guidance. Mothers, fathers, sons, and daughters all gain strength from those around them to face the sometimes harsh challenges of day to day life. However, not many often consider the possibility that the family can not only build you up but also tear you down. In Franz Kafka’s The Metamorphosis this destruction is what is seen in the Samsa family. Through what they believe to be necessary, Gregor’s family destroys the environment that he knows, Gregor Samsa destroys his family, and Mr. and Mrs. Samsa bring unnecessary destruction to both of their children. The very nature of Kafka’s The Metamorphosis is change and the effect on people. The first very obvious change is that of Gregor Samsa into a â€Å"monstrous vermin† (Kafka 3). However, one change that many may not realize is that of the arrangement of the apartment after Gregor’s metamorphosis. The Samsa family, with the exception of Grete, does not know how to properly cope with Gregor’s transformation. So in response to their new normal, the family decides to make changes. One of the first is when Gregor’s sister Grete and his mother decide to change the arrangement of his bedroom; which up until then had been the only place he had been left to live in solitude. Kafka explained the actions of the women as, â€Å"They were clearing out his room; depriving him of everything that he loved. . .† (Kafka 35). Gregor had not had much to love in life. HisShow MoreRelatedThe Metamorphosis Franz Kafka s Metamorphosis1663 Words   |  7 PagesIn The Metamorphosis Franz Kafka tells the story of a young man named Gregor who observes the radical changes in his life after transforming into an insect. Gregor’s life was centered on his job as a traveling salesperson and his family. One morning Gregor woke up transformed into an insect. Afraid of the transformation Gregor stays in his room and ignores calls from his family. When Gregor realized that his new body did not allow him to have a normal life, he tried to adapt. After his metamorphosisRead MoreMetamorphosis By Franz Kafka s Metamorphosis1496 Words   |  6 PagesIn Franz Kafka s Metamorphosis, Grete changes from a child into an adult while also trying to do the opposite with her own family. Gregor’s metamorphosis leaves her family without anybody money to pay for their needs. Consequently, Grete replaces Gregor and begins to cook and clean for her family and go to work. These jobs allow Grete to become more experienced and to mature. Similarly, Grete shows displays these changes by dressing more provocatively and becoming more interested in romance. HoweverRead MoreReview Of Franz Kafka s The Metamorphosis 958 Words   |  4 PagesBibliography of the Life of Franz Kafka There are several aspects about the writing of Franz Kafka that make it enticing to the reader and tantalizing enough to keep the reader intrigued. The narrative that I find most intriguing by Kafka is The Metamorphosis. The Metamorphosis is a tale wherein Kafka essentially gives his perception of the story of his life through the use of storytelling devices, which without the use of them would have made it a less interesting tale. Franz Kafka was born on July 3rdRead MoreAnalysis Of Franz Kafka s The Metamorphosis 3979 Words   |  16 PagesAustin Day Professor Imali Abala English 357 18 February 2015 The Theme of Alienation in Franz Kafka’s The Metamorphosis The Metamorphosis written by Franz Kafka in 1915 is said to be one of the greatest literary works of all time and is seen as one of Kafka’s best and most popular works of literature. A relatively short novel; the story explains how the protagonist, Gregor Samsa wakes up one morning to find himself transformed into a vermin which completely estranges him from the world even moreRead MoreAnalysis Of Franz Kafka s The Metamorphosis 1087 Words   |  5 Pagesmercy were ignored. Franz Kafka’s novella is not about a dictator but it alludes to a person close to Franz that was as close to a dictator that he ever go to. Franz Kafka’s The Metamorphosis, is about a young man that wakes up one day and is a vermin and has to maneuver around his home and come to terms with his six itchy legs. It probably sounds like a load of fictitious ramblings that somehow became a classical novel. Wrong! Look a little closer and the secret message Franz Kafka wrote for his fatherRead M oreFranz Kafka s The Metamorphosis882 Words   |  4 Pagesâ€Å"The Metamorphosis† is a surreal story by Franz Kafka surrounding the transformation and betrayal of Gregor Samsa, who wakes up one day, reborn into a large insect. Along with the bizarre and nightmarish appearance of his new hard back, brown segmented belly, and many legs, Gregor only desire is to live a normal life, unfortunately, this is impossible because he struggles to even get out of bed. Gregor transformation into an insect is a vivid metaphor for the alienation of humans from around theRead MoreFranz Kafka s The Metamorphosis814 Words   |  4 Pages When Franz Kafka first penned his short novel The Metamorphosis in 1915, he had no idea that it would become one of the most influential pieces of fiction of the twentieth century, continuously being studied in colleges and universities across the Western world. The novel rotates around the life of a man named Gregor Samsa, who wakes up on a routine day, and suddenly finds himself transformed into an insect. As the story progresses, the reader can see how Gregor’s physical transformation triggersRead MoreAnalysis Of Franz Kafka s Metamorphosis1985 Words   |  8 Pagestruly seen? Does one view one’s external self, or do they see a reflection of past experience? Not many have the value of altruism, but some do. Sometimes altruism can turn extremist though, to the point where it can be a negative thing. In Franz Kafka’s Metamorphosis, the main character Gregor Samsa is a workaholic that randomly one day awakens as a bug. Initially, Gregor sees himself with a condition, and then slowly tries to adapt to his bug transformation. Gregor did not put himself first when heRead MoreFranz Kafka s The Metamorphosis1630 Words   |  7 Pagesomnipresent in the context of Franz Kafka’s The Metamorphosis. Throughout the story, the Samsa family struggle to balance their own lives and the sympathy for Gregor, the only son, as his transformation from human to cockroach leaves a burden on the family and results in the loss of Gregor’s humanity. Despite the fact that Gregor had been the sole income of the family, the loss of humanity from becoming a cockroach was overwhelming to the family, resulting in selfish tendencies. Kafka displays how humans areRead MoreFranz Kafka s The Metamorphosis1318 Words   |  6 PagesFranz Kafka’s twentieth-century classic, The Metamorphosis, shows the changes of the Samsa family after their son, Gregor, turns into a vile insect. Even though Gregor has turned into the most disgusting of creatures, this â€Å"metamorphosis† is ironic compared to the transformation that his family endures. While Gregor still sustains his humanity, the lack of any compassion and mercy from his family, is what makes them the disgusting creatures rather than Gregor. The changes of Gregor’s father, mother

Valuating Financial Prediction of Fortescue Metals Group Ltd Free Essays

| Valuating Financial Prediction of Fortescue Metals Group Ltd| AFX9540 BUSINESS FINANCE| | | | Executive Summary This report is written to offer a business analysis of Fortescue Metals Group Ltd (FMG) where there will be a discussion on the background of the company, its return on the pre-post announcement of raising funds, the capital structure during the global financial crisis in comparison to its peers and the estimation on the share valuation in comparison to the actual share value. Fortescue Metals Group (ASX:  FMG) is an Australian iron ore mining company. The company has holdings of more than 87,000 km? in the Pilbara region of Western Australia making it the largest tenement holder in the state. We will write a custom essay sample on Valuating Financial Prediction of Fortescue Metals Group Ltd or any similar topic only for you Order Now It is listed as FMG on the Australian Securities Exchange (ASX). In 2008, the group loaded its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore. For the share valuation, the report uses the CAPM model to determine the prevailing cost of capital and also uses the dividend discount multistage model to predict the share price for the company. The components of the CAPM model (i. e. risk free rate, company beta, Market return and growth rate) are calculated and predicted on historical data. The valuation data is then compared with the actual market price of the shares for the corresponding years and a brief analysis is then performed on the economic and internal reasoning behind any variance encountered. Table of Contents Executive Summary2 1. 0Brief overview of the company4 2. 0Capital Structure4 2. 1Funds raised by the company4 2. 2Usage of the fund5 2. 3Announcement date for the issue5 2. 4Share-return pre and post announcement5 2. Market return same period6 2. 6 Market Perception6 2. 7 Effect of recent financial crisis7 3. 0 Valuation of FXJ shares7 3. 1Risk free rate calculation8 3. 2Market rate calculation8 3. 3Beta calculation9 3. 4CAPM Calculation10 3. 5Growth rate calculation10 3. 6Share valuation11 3. 7Comparison of valuation vs. actual data12 3. 8 Evaluation of the variation13 4. 0 Conclusion13 Appendix 1: Cash rate target14 Appendix 2: Market data for beta calculation14 Reference Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 . 0General background of the Firm Fortescue Metals Group Ltd is the New Force in Iron Ore and has joined the world’s leading producers of iron ore. Since the Company was formed in 2003, its extraordinary growth has been unparalleled. Listed in the S;P/ASX 50 share index, Fortescue has firmly established itself as one of the world’s largest producers and sea-borne traders of iron ore. From Construction to Production Construction of Fortescue’s port, rail and mine project commenced in February 2006 with the turning of the first sod at the Company’s port site at Anderson Point in Port Hedland. Just two years later in 2008, the open-access rail infrastructure was complete and  operations were underway  at the Fortescue Herb Elliott Port and at the Company’s first minesite, Cloudbreak. Shipping started on 15 May 2008 and Project Completion was achieved within months. On 18 July 2008, Fortescue’s fifth anniversary, the Company successfully mined, railed and shipped at a rate of 24mtpa (Million ton per annum) for a one month period. In the first full year of operations, Fortescue mined, railed and shipped more than 27 million tonnes of iron ore to customers in China. Finance Fortescue’s project was founded on the raising of A$3. 7 billion capital, including A$1 billion equity, during two finance road shows in August 2006 and July 2007. The August 2006 raising was the largest single high-yield Asia-Pacific transaction, the largest high-yield bond project financing ever, one of the largest corporate bonds out of Australia and one of the largest global bond issues in the sector. Since then Fortescue has grown to become an S;P/ASX 50 company. Over 55,000 Australians have become shareholders in the proudly Australian founded and managed company. A substantial increase in Fortescue’s Resource Inventory to 10. 03 billion tonnes in March 2011, including 1. 6 billion  tonnes of Reserves,  positioned the company as one of the world’s major resource houses. This massive Resource Inventory was achieved in record time and was delineated from approximately 10 per cent of  Fortescue’s 88,000 square kilometres of Pilbara tenements. 2. 0Capital Structure of the Firm 2. 1Funds raised by the company 1,326,316 number of Ordinary Shares were issued to generate A$6. 3 million. 2. 2Purpose of Fund 1,326,316 number of Ordinary Shares were issued as payment for a distribution of A$6. million due under the A$140m, Redeemable Preference Share issued with maturity on or before February 2017. 2. 3Announcement date of the issue The initial announcement date for this issue of the Ordinary Share was 15th September 2010. 2. 4Share return from two days before the announcement date to two days after the announcement. Holding Pe riod Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price | Date| Open| High| ow| Close| Volume| Adj Close*| 17 Sep 2010| 4. 87| 4. 92| 4. 83| 4. 84| 25,307,700| 4. 82| 16 Sep 2010| 5. 2| 5. 02| 4. 85| 4. 86| 15,360,000| 4. 84| 15 Sep 2010| 5. 03| 5. 08| 4. 99| 5. 03| 11,614,800| 5. 01| 14 S p 2010| 4. 99| 5. 07| 4. 97| 5. 02| 10,319,500| 5. 00| 13 Sep 2010| 4. 91| 5. 01| 4. 90| 4. 97| 14,643,800| 4. 95| | Closing price adjusted for dividend and splits Before the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=5. 02-4. 914. 91 ? 100 = 2. 24% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4. 84-5. 025. 02 ? 100 = -3. 59% 2. 5Market Return same period | Date| Open| High| Low| Close| Volume| Adj Close*| 17 Sep 2010| 4,657. 70| 4,692. 50| 4,657. 0| 4,685. 10| 1,523,846,600| 4,685. 10| 16 Sep 2010| 4,703. 00| 4,707. 70| 4,648. 90| 4,650. 00| 1,813,657,000| 4,650. 00| 15 Sep 2010| 4,670. 10| 4,710. 50| 4,669. 90| 4,702. 70| 1,644,565,600| 4,702. 70| 14 Sep 2010| 4,661. 40| 4,688. 90| 4,661. 10| 4,669. 10| 1,422,233,600| 4,669. 10| 13 Sep 2010| 4,613. 30| 4,660. 90| 4,612. 70| 4,654. 20| 1,433,713,600| 4,654. 20| Closing price adjusted for dividend and splits Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price Before the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4669. 10-4613. 304613. 30 ? 100 = 1. 21% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4685. 10-47034703 ? 100 = -0. 38% 2. 6Market Perception From the above analysis it can be seen that the share performance of the company and the market was stable during the pre and post two days of the announcement. Previously before the announcement the performance of both is going the similar path (upward movement). On the other hand post announcement illustrated negative result (-3. 59% against -0. 38%) for Fortescue Metals Group Ltd. There might be two causes behind this; one, the share price have been over estimated for which the price had to be adjusted. Secondly, the investors did not take the fund raising issue positively as they might think it would not generate much fund for the company’s growth and thus unable to generate enough wealth for them. 2. 7Effect of recent financial crisis | | BlueScope| Fortescue Metals| Mount Gibson| OneSteel| Net Gearing| 2007| 0%| 0%| 0%| 46. 65%| | 2008| 0%| 0%| 25. 42%| 56. 72%| | 2009| 0%| 9%| 6. 29%| 28. 22%| | 2010| 14. 82%| 169. 90%| 3. 97%| 21. 45%| | 2011| 24. 43%| 183. 43%| -| 38. 36%| Table 1: Gearing ratio-peer analysis of Fortescue Metals Group Ltd. We can conclude that the recent financial crisis did not affect the industry’s capital structure. As of now the mining industry is going boom. In the time of recession, most of the companies will not have enough profit to repay a debt so; investors are more interested in investing in mining industry rather than some other industry. By using the gearing ratio, it can be seen that Fortescue’s degree of leverage is higher, the more higher the  company is considered risky. However Fortescue Metals Ltd is very strong with their high growth rate compared to its competitors. For them paying off the debt would not be a big issue as they are enjoying three benefits which are; one, mining industry is going boom; two, Australian dollar (AUD) getting stronger; and three, Fortescue’s operations are well placed to maintain the 55mtpa rate across the 2012 financial year while development to 155mtpa continues in a mixture of brownfields and greenfields projects, scheduled to take place through to June 2013. 3. 0Valuation of shares The dividend discount multistage model is a procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value. The idea is that if the value obtained from the dividend discount multistage model is higher than what the shares are currently trading at, then the stock is undervalued. Formula P0 = D11+R The required return can be calculated using the CAPM (capital asset pricing model) model, which becomes the cost capital of the project. Formula CAPM: E(r)= Rf+[? i (Rm-Rf)] 3. 1Risk free rate calculation The benchmark interest rate in Australia was last reported at 4. 75 percent. In Australia, interest rates decisions are taken by the Reserve Bank of Australia’s Board. The interest rate needs to be adjusted yearly using the Effective Annual Rate. EAR = (1+in)n-1 EAR| 2011| 2010| 2009| Calculation| (1+. 0475/365)365-1| (1+. 0396/365)365-1| (1+. 0479/365)365-1| Rf| 4. 86%| 4. 03%| 4. 90%| Table 2: Risk Free rate 3. 2Market rate calculation The calculation of market return will include statistics from 5 years to counteract any data abnormality from recession or seasonal spikes. | 2005| 2006| 2007| 2008| 2009| 2010| 2011| Calculation| 4,229. 93,546. 1-1| 5,034. 04,225. 9-1| 6,310. 65035. 4-1| 3,947. 85,345. 8-1| 3,947. 85,345. 8-1| 4,324. 83,934. 4-1| 4,659. 84,309. -1| Return| 0. 1928| 0. 1912| 0. 2532| -0. 1549| -0. 2615| 0. 0992| 0. 0811| Average Market return based on five years performance is: Rm2011 = (0. 2532-0. 1549-0. 2615+0. 0992+0. 0811)5 = 0. 0034 = 0. 34% Rm2010 = (0. 1912+. 2532-0. 1549-0. 2615+0. 0992)5 = 0. 0254 = 2. 54% Rm2009 = (0. 1928+0. 1912+0. 2532-0. 1549-0. 2615)5 = 0. 04416 = 4. 42% 3. 3Beta calculation: The beta is taken from FinAnalysis. Beta (? ) is a number describing the relation of its returns with those of the financial market as a whole. The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It measures the part of the asset’s statistical variance that cannot be removed by the diversification provided by the portfolio of many risky assets, because of the correlation of its returns with the returns of the other assets that are in the portfolio. Formula for Beta is: i=1n[Ri-ER]2n-1 Data from 2009 to 2011 has been used and a data of 3 years is used to calculate the beta. | 2009| 2010| 2011| ?| 0. 91| 0. 80| 0. 88| A beta of greater than 1 indicates that the security’s price will be more volatile than the market. Fortescue Metals Ltd has a beta of 0. 88; therefore it is less volatile than the market. 3. CAPM Calculation: Hence, using Capital Asset Pricing Model (CAPM) as Required Return E(r)= Rf+[? i (Rm-Rf)] | 2009| 2010| 2011| Calculation| 4. 90% + [0. 88(4. 42%-4. 90%)]| 4. 03% + [0. 88(2. 54%-4. 03%)]| 4. 86% + [0. 88(0. 34%-4. 86%)]| Return| 4. 48%| 2. 72%| 0. 88%| Table 4: Cost of Capital 3. 5Growth Rate Calculation Growth rate calculation represents theà ‚  compounded annualized rate of growth of a company’s revenues, earnings, dividends, etc. The formula for growth rate = Return on equity X Plowback ratio = ROE ? (1-DividendEPS) This growth rate will be used for the calculation of share prices for the last three years. ROE, DIV and EPS from 2009 to 2011 are shown below: | 2009| 2010| 2011| ROE| 13. 62%| 51. 57%| 75. 36%| DIV ($)| -| -| 7. 0| EPS ($)| 21. 90| 22. 12| 31. 88| Table 5: Financial data g2011 = ROE(2011) (1- Div(2011)/EPS(2011)) = 75. 36%(1-7/31. 88)= 58. 81% g2010 = ROE(2010) (1- Div(2010)/EPS(2010)) = 51. 57%(1-0/22. 12)= 51. 57% g2009 = ROE(2009) (1- Div(2009)/EPS(2009)) = 13. 62%(1-0/21. 90)= 13. 62% Below is the summary of the data discussed: Components| 2009| 2010| 2011| Er| 4. 48%| 2. 72%| 0. 88%| Rf| 4. 86%| 4. 03%| 4. 90%| Rm| 4. 42%| 2. 54%| 0. 34%| ?i| 0. 91| 0. 80| 0. 88| | 13. 62%| 51. 57%| 58. 81%| Table 6: Summarisation of component 3. 6Share Valuation To calculate the value of the shares, we need to determine the method of valuation so; mixed stage dividend model can be used to calculate the value of the share. Bearing in mind the business nature, we can see an average of 41. 33% growth which is abnormally high. For the purpose of calculation we will presume this high gro wth rate will continue for another 40-45 years at least. As it is a new mining company and as we know that the return comes late so, the growth rate is high even after a long term. From 2053 onwards we assume that the business will grow at 7% rate, which we believe is a conservative approach, as because by then there will be many mining companies opening both domestically and internationally. China is progressing very fast and by next 15-20 years they will level up, not just China; India, South Africa, South America etc are also catching-up fast, so due to the high competition the market would not remain the same and it will change consecutively as forecasted. The valuation calculation will take this assumption towards establishing the model. P2009=i=20092012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i P2010=i=20102012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i P2011=i=20112012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i | Growth Rate| Net Cash Flow| Cost of Capital| | D2009| | -13,643| 4. 48%| | D2010| | 1,877,963| 2. 72%| | D2011| 41. 33%| 4,206,365| 0. 88%| | D2012| 50%| 4,906,922| 0. 92%| | D2013| 55%| 6,767,080. 65| 0. 99%| | D2014| 60%| 10,435,594. 64| 0. 99%| | D2015| 60%| 16,587,385. 22| 0. 96%| | D2016| 60%| 26,477,415. 36| 0. 98%| | D2017| 60%| 42,346,454. 77| 1%| | D2018| 60%| 67,743,188. 44| 0. 95%| | D2019| 60%| 108,379,297. 7| 0. 96%| | D2020| 60%| 173,398,415. 1| 0. 98%| | D2021| 60%| 277,429,356. 2| 1%| | D2022| 60%| 443,881,664. 5| 0. 98%| | -| -| -| -| | D2052| 8. 19%| 13,101,273,811| 0. 98%| | D2053| 7%| 22,933,861. 67| 0. 98%| | | P2009| 3. 89| | P2010| 3. 61| | P2011| 5. 46| Table 7: Summary calculation 3. 7Comparison of valuation vs. actual data From the valuation calculated through the process, now we will compare that with the actual data from the market. Year| Valuation Data| Actual Data| Variance| Comment| 2009| 3. 89| 3. 64| -6. 40%| Undervalued| 2010| 3. 61| 3. 96| 9. 64%| Overvalued| 2011| 5. 46| 5. 98| 9. 43%| Overvalued| Table 8: comparison of actual and calculated data 3. Evaluation of the variation The valuation of the shares seems to be in the right track compared with the market trend. Nevertheless, post state gives a more variable scenario. Dividend was replaced by using the net operation Cash Flow per share. The operation cash flow only represents the cash flow in the company’s operation activities; whilst the company also have investing activities and fina ncing activities. Thus, only use of the operation cash flow in the valuation has a high percentage of uncertainty. According to the table above, the actual price is undervalued. The valuation can be endorsed to the lower than expected risk premium in the market resulting from the controlled risk free rate determined by the government. Another issue can be AUD getting stronger compared to USD, resulting additional dent on the nominal cost of capital for the company. In the later part of the table, the actual price is overvalued. In order to illustrate this phenomenon, one possible reason is inflation. Inflation is an overall general rise in prices. As we know, global financial crisis happened few years back, the effect of the financial crisis was significant on the whole market and caused inflation. Therefore, due to inflation, the market prices are higher than the actual prices. Another possible reason is some unpredicted economic/natural events happened during this period and lead to movements of the market price. On the other hand the factors can be attributed to the assumptions and predictions using the calculation components. CAPM formula and Beta calculation has its own risk and de-merits. The growth rate is strongly manipulated by the industry’s landscape, economic status and political issues. The information available could also affect the actual share prices in the market which will impact on decision making for share buyers/sellers. The share price valuation will be varied from one investor to another depends on their information. As there is an existence of asymmetric information in the market, one cannot estimate the share price exactly the same with the actual share price. Besides, the investors behaviour are different between one another, hence, the pattern of the actual share price is not only based on market returns in general, but also depends on whether the level of the risk that the investors are willing to bear. . 0Conclusion In conclusion, we need to consider about inflation and unpredicted events when we investigate the market price. In addition, we need to distinguish nominal interest rate and real interest rate when we calculate. Appendix 1: Cash rate target: Effective date| New cash rate| Adjusted cash rate| | | 2011| 4. 75| 5 May 2010| 4. 75| 2010| 3. 96 | 7 Apr 2010| 4. 50| | | 3 Mar 2010| 4. 25| | | 2 Dec 2009| 4. 00| | | 4 Nov 2009| 3. 75| | | 7 Oct 2009| 3. 50| | | 8 Apr 2009| 3. 00| | | 4 Feb 2009| 3. 25| 2009| 4. 79| 3 Dec 2008| 4. 25| | | 5 Nov 2008| 5. 25| | | 8 Oct 2008| 6. 00| | | 3 Sep 2008| 7. 00| | | Appendix 2: Market Data for beta calculation: Date| Open| High| Low| Close| Volume| Adj Close| 3/10/2011| 0. 81| 0. 94| 0. 79| 0. 89| 18267300| 0. 89| 1/09/2011| 0. 85| 0. 9| 0. 74| 0. 82| 16091200| 0. 82| 1/08/2011| 0. 87| 0. 92| 0. 68| 0. 85| 15948300| 0. 85| 1/07/2011| 0. 98| 1. 01| 0. 86| 0. 88| 11603100| 0. 88| 1/06/2011| 1. 09| 1. 09| 0. 94| 0. 98| 17479100| 0. 98| 2/05/2011| 1. 32| 1. 33| 1. 03| 1. 08| 21843500| 1. 08| 1/04/2011| 1. 29| 1. 37| 1. 25| 1. 32| 17067200| 1. 32| 1/03/2011| 1. 29| 1. 3| 1. 17| 1. 29| 18402900| 1. 29| 1/02/2011| 1. 34| 1. 46| 1. 28| 1. 3| 14583200| 1. 3| 4/01/2011| 1. 4| 1. 42| 1. 33| 1. 35| 10259000| 1. 5| 1/12/2010| 1. 37| 1. 46| 1. 36| 1. 4| 18060000| 1. 4| 1/11/2010| 1. 44| 1. 49| 1. 32| 1. 37| 15254000| 1. 37| 1/10/2010| 1. 45| 1. 55| 1. 4| 1. 45| 12209300| 1. 45| 1/09/2010| 1. 47| 1. 57| 1. 44| 1. 47| 10714700| 1. 47| 2/08/2010| 1. 48| 1. 52| 1. 33| 1. 44| 12983000| 1. 43| 1/07/2010| 1. 3| 1. 51| 1. 29| 1. 48| 10254300| 1. 46| 1/06/2010| 1. 52| 1. 52| 1. 26| 1. 32| 17287600| 1. 3| 3/05/2010| 1. 72| 1. 76| 1. 4| 1. 51| 19697600| 1. 5| 1/04/2010| 1. 79| 1. 83| 1. 72| 1. 73| 12311100| 1. 71| 1/03/2010| 1. 62| 1. 86| 1. 62| 1. 8| 16808300| 1. 78| 1/02/2010| 1. 7| 1. 88| 1. 64| 1. 65| 17412500| 1. 63| 4/01/2010| 1. 74| 1. 88| 1. 7| 1. 73| 13261300| 1. 71| 1/12/2009| 1. 63| 1. 75| 1. 56| 1. 74| 8904800| 1. 72| 2/11/2009| 1. 55| 1. 77| 1. 52| 1. 63| 11449600| 1. 62| 1/10/2009| 1. 72| 1. 8| 1. 52| 1. 61| 14759100| 1. 59| 1/09/2009| 1. 46| 1. 75| 1. 42| 1. 72| 18761900| 1. 7| 3/08/2009| 1. 49| 1. 55| 1. 4| 1. 47| 18455600| 1. 46| 1/07/2009| 1. 19| 1. 48| 1. 07| 1. 48| 15136300| 1. 46| 1/06/2009| 1. 15| 1. 35| 1. 15| 1. 22| 15624600| 1. 21| 1/05/2009| 1. 18| 1. 18| 0. 99| 1. 14| 15047200| 1. 13| 1/04/2009| 1. 01| 1. 19| 1. 01| 1. 18| 16260500| 1. 17| 2/03/2009| 0. 95| 1. 08| 0. 8| 1. 01| 18923300| 1. 01| 2/02/2009| 1. 35| 1. 39| 0. 92| 1. 08| 9490000| 1. 07| /01/2009| 1. 64| 1. 76| 1. 25| 1. 4| 5383300| 1. 39| 1/12/2008| 1. 4| 1. 6 7| 1. 33| 1. 63| 7776700| 1. 62| 3/11/2008| 1. 94| 2. 09| 1. 12| 1. 35| 8740000| 1. 34| 1/10/2008| 2. 75| 2. 76| 1. 85| 1. 92| 6877000| 1. 9| 1/09/2008| 2. 82| 3. 11| 2. 59| 2. 64| 7193700| 2. 62| 1/08/2008| 2. 65| 3. 05| 2. 58| 2. 82| 10400800| 2. 79| 1/07/2008| 2. 9| 3. 2| 2. 57| 2. 75| 8612800| 2. 72| References Bibliography * http://www. asx. com. au/asx/research/companyInfo. do? by=asxCodeasxCode=FMG * http://www. investsmart. com. au/shares/asx/Fortescue-Metals-Group-FMG. asp * http://www. fxj. com. au/shareholders/Fairfax_AnnualReport_2011. df * http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3 bAllotmentofShares * http://au. finance. yahoo. com/q/ao? s=FMG. AX * http://datanalysis. morningstar. com. au. ezproxy. lib. monash. edu. au/af/company/issuedcapital? ASXCode=FMGpage=1resultsperpage=25xsl_predicate=xsl_start_year=1999xsl_end_year=2011active=ISU_Sec1xsl_start_date=1999-01-01xsl_end_date=2011-12-31xtm-licensee=dat#Active_ISU_Sec2 * http: //www. asx. com. au/asx/statistics/announcements. do? by=asxCodeasxCode=fmgtimeframe=Yyear=2010 * http://www. specthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/mainview? ASXCode=FMG * http://au. finance. yahoo. com/q/hp? s=FMG. AXa=06b=1c=2008d=05e=30f=2011g=m * http://www. asx. com. au/research/market-statistics. htm ——————————————– [ 1 ]. http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3bAllotmentofShares [ 2 ]. http://au. finance. yahoo. com/q/hp? s=FMG. AXa=08b=13c=2010d=08e=17f=2010g=d [ 3 ]. http://au. finance. yahoo. com/q/hp? s=%5EAORDa=08b=13c=2010d=08e=17f=2010g=d [ 4 ]. ttp://www. bluescopesteel. com/investors/annual-reports [ 5 ]. http://www. igo. com. au/IRM/content/investor/annualreports. htm [ 6 ]. http://www. mtgibsoniron. com. au/pages2/InvestRelations. aspx? PageID=IR_AR [ 7 ]. http://www. aspecthuntley. com. au. ezp roxy. lib. monash. edu. au/af/company/annualratios? ASXCode=OSTxtm-licensee=finanalysis [ 8 ]. http://www. investopedia. com/terms/d/ddm. asp#axzz1aBqlpkfj Table 3: Market return [ 9 ]. http://www. tradingeconomics. com/australia/interest-rate [ 10 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualps How to cite Valuating Financial Prediction of Fortescue Metals Group Ltd, Papers

Sir Issac Newton Essays - Isaac Newton, Copernican Revolution

Sir Issac Newton Sir Isaac Newton English mathematician and physicist Birth December 25, 1642 Death March 20, 1727 Place of Birth Woolsthorpe, England Known for Inventing, in part, the branch of mathematics now known as calculus Formulating the three laws of motion, which describe classical mechanics Proposing the theory of universal gravitation, which explains that all bodies are affected by the force called gravity Career 1661 Entered Trinity College, University of Cambridge 1665-1666 Developed what he called the fluxional method (now known as calculus) while living in seclusion to avoid the plague 1669-1701 Served as Lucasian Professor of Mathematics at the University of Cambridge 1687 Published his seminal work, Philosphiae Naturalis Principia Mathematica (Mathematical Principles of Natural Philosophy), which contained his three laws of motion and the theory of gravitation 1703-1727 Acted as president of the Royal Society, an organization that promotes the natural sciences 1704 Published Opticks (Optics), describing his theory that white light is a blend of different colors Did You Know? Newton was reluctant to share his research with other scientists for fear they would take credit for his discoveries. Newton instigated a Royal Society investigation to prove that he invented calculus before German mathematician Gottfried Wilhelm Liebniz, who had published the method first. In addition to science, Newton showed an interest in alchemy, mysticism, and theology. French writer Voltaire first recorded the story that a falling apple gave Newton the inspiration for his theory of gravitation. Voltaire cited Newton's niece as his source for the story. Bibliography none