Creating Good Emergency Lesson Plans

Making Good Emergency Lesson Plans Educators are required to have a lot of crisis exercise designs so that in case of a crisis there is no break in the conveyance of guidance. There can be any number of motivations to require crisis designs: a demise in the family, a mishap, or an unexpected sickness. Since these sorts of crises can emerge whenever, crisis exercise plans ought to be not be related with exercises that are a piece of a succession. Rather, crisis exercise plans ought to be identified with themes canvassed in your homeroom, however not part of center guidance.  Despite theâ reason for your nonattendance, your substitute plans ought to consistently incorporate data basic to the activity of the homeroom. This data ought to be copied in the crisis exercise envelope. For each class period, there ought to be class records (with parent telephone numbers/email), seating diagrams, times for an assortment of calendars (entire day, half-day, specials, and so forth) and a general remark on your methodology. The fire drill methodology and a duplicate of the understudy handbook ought to be remembered for the organizer just as any uncommon school techniques. While as yet remembering an understudies right to protection, you may likewise leave general notes to set up the substitute for any uncommon needs understudies. You may likewise give the names and showing assignments of those teachers close to the study hall in the occasion your substitute may require prompt help. At last, if your school has a substitute sign in for PC use, you may leave that data o r a contact for the substitute to demand a sign in. Rules for Emergency Lesson Plans The rules that ought to be utilized in building up a decent crisis exercise is like what you may leave for a booked nonappearance. The plans include: Sort of learning: crisis exercise plans ought exclude new learning, but instead work with ideas or rules that understudies as of now comprehend in yourâ subject area. Timelessness: Because emergenciesâ can happen anytimeâ during the school year, these plans should deliver ideas imperative to the control, however not attached to a specificâ unit. These plans ought to likewise be returned to during the school year and balanced dependent on what subjects understudies have covered.Length: In numerous schoolâ districts, the proposal is that crisis exercise plans should bolster a substitute for at least three days. Accessibility: The materials in crisis exercise plans ought to be arranged with the goal that understudies of all degrees of capacity will have the option to finish the work. On the off chance that the plans call for bunch work, youâ should leave suggestions on the best way to compose understudies. Substitute plans ought to be contain deciphered materials for English L anguage Learners if there is a need. Resources: All materials for theâ emergency exercise plans ought to be readied and, if conceivable,  left in the envelope. All papers ought to be duplicated ahead of time, and a couple of additional duplicates included the occasion the homeroom numbers have changed. There ought to be headings with regards to where different materials (books, media, supplies, and so forth) can be located.â While you need to ensure that your understudies are occupied with significant exercises, you likewise ought to envision the measure of work you will get when you return. Your first response might be to stuff the envelope with a wide range of worksheets to keep understudies involved. Coming back to class to confront an organizer loaded up with occupied work doesn't profit you or your understudies.  A better approach to help the substitute is to give materials and exercises that draw in understudies and can reach out over some stretch of time.  Proposed Emergency Lesson Plans Ideas Here are a few thoughts that you can use as you make your own crisis exercise plans: There are constantly expanded inquiries from parts in your reading material that you may never get to during the school year.â The all-encompassing responseâ questions (here and there named further study...) once in a while take additional time than a class period or they might be all the more testing and involveâ applying aptitudes understudies as of now haveâ in taking care of real or certifiable issues. There might be situations for understudies to attempt. A model of what is relied upon ought to be given to the substitute.There might be articles that are identified with your order with questions that understudies can reply. On the off chance that there are no inquiries with the perusing, you can utilize these four close perusing addresses that meet the Common Core Literacy Standards. You should leave a guide to display for understudies with the goal that they should know to give proof from the content to each question.What is the creator revealing to me? Any hard or signif icant words? What do they mean? What does the creator need me to understand?How does the creator play with language to add to importance? Contingent upon the media accessible in your school, you might need to utilize short recordings (TED-ED Talks, Discovery Ed, and so forth ) that are regularly trailed by questions. In the event that questions are not accessible, similar inquiries utilized for an article (see above) can be utilized in reacting to media. Once more, you might need to leave a model reaction for understudies to see.If your understudies are skilled to do composing improvement exercises freely, and relying upon the understudy access to explore apparatuses, you could leave a visual (painting, photograph, or realistic) that is identified with your teach and have the substitute utilize the Question Formulation Technique. The visual can be a recent development photograph, an infographic for math, or an artwork of a scene for a storys setting.This procedure permits understudies to pose their own inquiries and work off their peers’ questions. In this action, the substitute would pose understudies to figure the same number of inquiries as they can about the visual. Have the studentsâ write down each question precisely as it is expressed; at that point have the studentsâ determine which questions can be replied and which need more examination. The substitute can lead the class inâ prioritizing the inquiries. At that point, the understudies can pick (at least one), and do the examination so as to react. Leaving the Plans While crisis exercise plans won't spread material you are right now taking a shot at in your group, you should utilize this chance to expand their insight about your order.  It is consistently a smart thought to stamp the area of your crisis exercise designs in a spot not quite the same as your regularâ substitute organizer.  Many schools request the crisis exercise plans be left in the primary office. In any case, you might not have any desire to remember them for the envelope in order to dodge confusion.â At the point when crises come up and expel you from the study hall out of the blue, it is a great idea to be readied. Realizing that you have left plans that will draw in your understudies will likewise limit unseemly understudy conduct, and coming back to manage discipline issues will make your arrival to the study hall progressively troublesome. These crisis exercise plans may set aside some effort to get ready, however realizing that your understudies have important exercises while you are not accessible can remove the pressure from the crisis and make your arrival to class progressively smooth.

Midsummer Nights Dream essay Essays - Demetrius, Hermia, Helena

All through the play A Midsummer Night's Dream, Shakespeare utilizes both destiny and unrestrained choice to introduce his way of thinking towards the idea of affection. The characters battle through disarray and clashes to be with the one they love. In spite of the fact that the course of their affection turned out poorly, love eventually triumphs over all toward the finish of the play. The confusion arrives at a peak causing extraordinary interruption among the sweethearts. In any case, the disturbance is in the end settled by Puck, who fixes his mix-up. The disarray at that point closes and the sweethearts are with their genuine affection. All through the play Shakespeare's way of thinking was shown in different scenes, and his idea despite everything remains constant in present day society. Destiny has an excellent influence in the play. A case of destiny all through the play would be the adoration elixir that the pixies use on the characters. Puck, also called Robin Goodfellow, was directed by Oberon to place the affection elixir in the Athenian lovers'eyes. In the first place, Oberon advises Puck to place the elixir in Demetrius' eyes. He reveals to Puck that he will know who Demetrius is by the Athenian pieces of clothing he wore. Puck obeys Oberon and goes off looking for Demetrius. Puck at that point discovers Lysander. Mixing up that Lysander was Demetrius, Puck places the affection squeeze in Lysander's eyes. This is the point at which all the confusion begins to happen. At the point when Lysander gets up, the primary individual that he sees is Helena, making him fall profoundly infatuated with her. Lysander at that point says to Helena, Content with Hermia? No! I do atone/The monotonous minutes I with her have burned through. (2.2.117-18) Fate can't be prognosti cated and the impact it has can't really be controlled. Despite the fact that Lysander didn't really cherish Helena, the affection mixture affected him, hence making him fall energetically enamored with Helena. As a result of Puck, genuine affection that Hermia and Lysander shared was turned, and not a bogus turned valid. Puck answers that those are the guidelines of destiny. As it were, it was destiny that the...

Networking COLUMBIA UNIVERSITY - SIPA Admissions Blog

Networking COLUMBIA UNIVERSITY - SIPA Admissions Blog One buzz word you’re likely to hear a lot during your time at SIPA is “networking.”   We talk about the power of networking and its importance all the time, but even the most experienced SIPA student can feel intimidated at the prospect. Networking like any other skill, improves with practice and the better you get, the more comfortable youll feel using it. Here are some tips to exercise your networking muscle: Network Before You Need It.  Networking is not about using people, its about fully participating in your professional community. One of the great joys of my professional experience has been connecting people. A former intern wants to go to intern and the state department and I happen to know a SIPA grad who works there. A classmate wants to work for the Sierra Club and I attended a training session with someone who works there. Not only have I helped my colleagues find jobs or staff, but I know that there are competent people working for the causes in which I believe. By building a network before you need it, you enable yourself to help shape your professional community and people are more than happy to return the favor when the time comes. (And youll feel better about asking). Value Yourself and Your Experience. You have every right to reach out to your colleagues and people youve done good work for.  Put yourself in the other persons shoes. If a friend of a classmate wanted to pick your brain for advice or you were in a position to forward your former interns resume, wouldnt you be happy to help?  Why shouldnt you expect the same professional courtesy?   Public policy people tend to be especially giving in this capacity because we understand what it takes to be a committed and effective advocate and we want to promote those traits. Assuming youve done good work in the past, there is no reason for them not to help you unless a) they are insanely busy b) they are being a jerk or c) they dont feel youll use their time wisely (see below). Ask For Advice.  People like when you ask for their advice. It makes them feel admired and important. (Hello, advice column I am in the midst of writing.)  Asking career advice is a great way to get useful information and establish a relationship at little cost to the advisor. Good questions to ask include, Who should I be talking to? and If I want x job eventually what kind of experience do I need?  Asking these questions is a useful exercise in and of itself.  You should only ask questions to which you genuinely want the answer. That said, you may find that your questions are rewarded with an offer to help. If not, once youve established a relationship you can follow up with Thats a great idea, do you know anyone there? Would you mind forwarding my resume? etc. Do your homework.  I will let you in on a little secret, it drives me CRAZY when people email or message me asking questions that I have already answered on my blog.  Likewise, when they ask me questions that could be answered by Google. Dont get me wrong, it is my absolute privilege to be a resource to my professional community, but as such I get a lot of requests for help or advice and I expect my time to be respected. Value the time and energy of your prospective sponsor or mentor. Dont ask questions you could have figured out on your own. Dont go on an informational interview without having done a little research on your interviewee or their company and Follow up.  Just like it takes time to give advice, it takes time to do a favor. If I offer to look over or forward your resume, dont take a week to send it to me.  If I respond to your email by offering advice, follow up thanking me. If you dont, not only will I feel disrespected, I will doubt your professionalism and therefore be disinclined to link my name with yours. The way you treat someone after they do you a favor impacts the likelihood that theyll do you one again. I hope this helps get you thinking about ‘networking’.    Remember, you are worth it! Be respectful and Im sure others will be more than happy to help!   Happy Hunting,

The Legalization of Marijuana - 862 Words

Cannabis, also known as marijuana, is a plant which when consumed has psychoactive effects. It is believed to have been first used in the 3rd millennium BCE in what is now modern-day Romania (Rudgley). Throughout history, it has been known to be used during rituals and ceremonies, becoming an important aspect of numerous cultures. It has become illegal to possess, sell or use marijuana in various countries beginning in the 20th century, despite that it’s used quite commonly. According to a United Nations’ report, â€Å"cannabis was the world’s most widely produced, trafficked and consumed drug in the world in 2010† (Dockterman). Meanwhile, other, more-lethal substances such as alcohol and tobacco are legal and help benefit the economy. If two substances that can easily harm or kill people can be legal, then marijuana should receive the same treatment as they do. In America, we are warned continuously that drugs are harmful. Marijuana has shown to cause eff ects such as relaxation, euphoria and increased appetite, while its side effects include a decrease in short-term memory, dry mouth, impaired motor skills and reddening of the eyes (Hall). While those side effects may sound terrible at first, they are only temporary. Aside from respiratory damage, very few long-term negative effects have been documented. On the other hand alcohol and tobacco have much worse effects. Alcohol and tobacco are two very damaging substances that the United States sees as acceptable to be legal.Show MoreRelatedThe Legalization Of Marijuana Legalization1061 Words   |  5 PagesThe Legalization of Cannabis in Ohio Marijuana is a controversial topic all across the United States. Recently marijuana has been voted on, legalized, and denied legalization in multiple states. There are still more states trying to fight the green fight for marijuana. The fight for legalization hasn’t been an easy one for cannabis supporters; they have been fighting tooth and nail to make it happen. One of the main concerns in the marijuana debates are whether or not marijuana is a gateway drugRead MoreLegalization Of Marijuana And Marijuana1633 Words   |  7 PagesBalyuk March 8, 2016 Legalization of Marijuana Marijuana has a few different names that are commonly used in today’s society including weed and cannabis. Weed is smoked with joints, bongs, or pipes. Marijuana can also be mixed with foods usually brownies, cookies, and candy which are called edibles. The main chemical responsible for the high feeling is called THC but marijuana also contains over 500 chemicals. The chemical is found in resin produced by the leaves and buds. â€Å"Marijuana is the most commonlyRead MoreThe Legalization Of Marijuana Legalization Essay2566 Words   |  11 Pagescurrent prohibition on marijuana reforms has put the United States in a similar situation. Marijuana is the most widely used illicit drug in the United States. According to the National Survey on Drug Use and Health, â€Å"95 million Americans age 12 and older have tried pot at least once, and three out of every four illicit-drug users reported using marijuana within the previous 30 days† (ONDCP). The decriminalization and eve ntually legalization for the recreational use of marijuana will bring forth benefitsRead MoreThe Legalization Of Marijuana Legalization1282 Words   |  6 Pages On November 8th, 2016, the California Marijuana Legalization Initiative may be included on the ballot. The people of California will vote on whether to legalize the recreational use of cannabis for adults. The move targets at regulating the consumption of the drug and taxing it like other legalized drugs. California was the first state to legalize medical marijuana in 1996 (National Institute of Drug Abuse). 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However, the medical benefits of the drug seem on the process of chemical compounds as compared to the drug itself. Medical debates show that chemical compound in marijuana are the problem as compared to the plant. The said chemical compound af fects the mental and physical health of the personsRead MoreThe Legalization Of Marijuana Legalization996 Words   |  4 Pages the monetary gain of its legalization for most has been productive to say the least. For example, Denver Colorado is on track to more than triple the marijuana tax revenue this year alone. $44 million was collected in 2014. In July 2015, 73.5 million was collected, while 19.6 million went to schools. A place such as Chicago could really use the legalization to help with the school system infrastructure issues they have. With a deficit of over 1.1 billion marijuana sales could alleviate bothRead MoreLegalization of Marijuana1550 Words   |  7 PagesLegalization of Marijuana: Benefits and Statistics The topic of legalizing marijuana has been a topic of controversy for quite some time now not only throughout our local streets, but throughout the local and into the state government. The legalization of marijuana is such a controversial topic because some are for it and some are against it. People are for the legalization because of the great uses it has towards medicine, the money that could come from the taxation of legalized marijuana, andRead MoreLegalization of Marijuana972 Words   |  4 PagesOn January 1st the states of Colorado and Washington officially began the regulation of legal marijuana sales. Thousands of people from all over the country including tourists from Wisconsin, Ohio, Chicago, and even Georgia lined up out front of dispensaries to make a purchase. Recreational marijuana is being regulated and monitored like alcohol; you must be at least 21 years old to make a purchase. The drug, which is controversial in many states’ legislations, is currently l egal for medical useRead MoreThe Legalization of Marijuana628 Words   |  2 PagesThe Legalization of Marijuana Marijuana, the plant of the cannabis, has been around since the early 1900’s. Throughout history, marijuana has been used illegally, for both recreational and medical uses. Recently, marijuana has been used for medicinal purposes, like aiding HIV/AIDs patients, healing migraines and controlling nausea caused by chemotherapy. Today, there are currently 21 American states that have legalized medicinal marijuana including two states that have legalized recreational marijuana

Market Value Of The Firm Finance Essay - Free Essay Example

Sample details Pages: 24 Words: 7225 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The corporate market value is the value of a company as an enterprise and it derives this value from the underlying equity share. In this sense, business or corporate valuation is about  measuring the continuing  value of a  companys business. An organization employs different types of funding to run a business smoothly. Don’t waste time! Our writers will create an original "Market Value Of The Firm Finance Essay" essay for you Create order This is what capital structure is all about, that is, the composition of different types of financing employed by a firm to acquire resources necessary for its operations and growth and it primarily comprises of long-term debt, preferred stock, and net worth. Most of the companies raises fund by equity or debt. So this strategic decision is very important as it will have an impact on the market value of the firm. The corporate value of a company is of great significance when it is on the stock market as is has a direct impact on the price of the shares on sale. Higher market value will imply a higher share price which will procure many advantages to the company. First, it shows that the company is doing well and will give potential buyers a sense of confidence in the company. They will feel more confident in investing in the company instead of elsewhere. Second, the higher price of the shares will give the company a bigger capital for funding. An increase in funding will give the company the possibility to aim bigger and achieve much more in terms of profitability. In the paragraph above, I explained the relationship between equity financing and market value but, as mentioned previously, capital is about funding by equity and/or debt. And financing with debt has also its advantages, namely in terms of the tax shield arguments. Tax shield is a reduction in taxable income for a company gained through claiming acceptable deductions such as interest, or depreciation. These deductions decrease the companies taxable income for a given year or postpone income taxes into future years. Tax shields differ from country to country, and their advantages will depend on the companies overall tax rate and cash flows for that given tax year. 1.1 Tax Shields A  tax shield  is a legal way of decreasing income with the purpose of sheltering it from  taxation. In that sense a  tax  shield is the same as a  tax deduction, except that a  tax  shield can also include rescheduling of income to future years. Any firm is entitled to use a tax shield. For example, donations to charity can be employed as a tax shield, as can business losses, interest on many business loans, and  depreciation. There are two types of tax shields that may be considered as a legal method to reduce the tax burden, namely debt tax shields (or interest tax shields) and non-debt tax shields. Debt tax shield is a reduction in  tax liability  coming from the ability to  deduct  interest payments from ones  taxable income. An interest tax shield may encourage a company to  finance  a project through  debt  because  dividends  paid on   stock  issues are never deductible. Companies are able to use debt to their advantage. When a company needs to raise capital, they have two options. They can sell stocks and shares or take on debt. Selling stocks and shares means they need to pay dividends to their shareholders. Taking on debt is advantageous because the company can write off the interest payments on their income taxes. Debt in this instance is less risky and more profitable than selling equity. DeAngelo and Masulis (1980) were among the original ones to point to the significance of non-debt tax shields, mainly tax credits and depreciation, for capital structure relevance. There is also evidence, principally in the accounting literature that U.S. companies have been taking a host of other or newer tax shields as shown through examples in Bankman (1999), Desai (2003), Manzon and Plesko (2002), and Mills, Newberry and Trautman (2002). Non-debt tax shelters are a very crucial aspect of tax shields as they procure the same advantages as debt tax shield but they do not generate the same bad effects, like financial instability, on economic activity. 1.2 Problem Statement Debt tax shield is a very important factor as it can be detrimental to companies which choose to ignore it. Debt tax shield can be used as a strategic tool to reduce voluntarily earnings before tax so that the tax expense too decreases. In other words, it encourages the use of debt financing which can have both a positive and a negative impact on the market value of the company. So debt tax shield can be said to have somehow a connection with the corporate valuation process of firm. This connection is what this study is going to be based on and how the calculation of market value is going to be affected by the debt tax shield factor. 1.3 Objectives of Study Capital structure is a combination of debt and equity. As it was pointed out by Modigliani and Miller, a primary advantage of debt is the tax shield effect. The objective of this research is to evaluate and assess the tax shield argument in the corporate capital structure decisions, particularly with the listed firms of Mauritius. The following aims can be attached to this study: Understand the importance of the market value of a firm. Assess the significance of the tax shield argument. To distinguish between debt and non-debt tax shields. To identify the effects of tax shields on the market value of the firm. 1.4 Significance of Study The listed firms in Mauritius will find this study important in such a way that these companies can design their future strategies to use debt tax shield effectively without causing any negative impact on their market value. The study will give the opportunity to these listed firms to be able to see the connection of various variables like debt tax shield, debt, or profitability on their market value. This research will impose companies to embark upon the right management of debt tax shield to help eliminate its negative impacts on market value. This dissertation will be of paramount importance to anyone looking for a clear explanation on the tax shield argument and its impact on the market value of a company. 1.5 Format of Study 1.5 1 Chapter 1 Introduction This chapter gives an overview of what the dissertation will consist of. The topic has been identified and the research objectives of the study have been set up. In addition, the reason why the study of the tax shields argument is worthwhile to have been pointed out. 1.5.2 Chapter 2 Literature Review The literature review shall begin with an introduction followed by a brief overview on capital structure decisions. There shall be discussions on the different tax shields associated with corporate capital structure decisions. This chapter will consist of two parts, one being the theoretical review which summarises all the previous literature reviews done on the topic. The second part is the empirical evidence which is about all the information acquired by the means of previous researches and analysis done on the subject by authors. 1.5.3 Chapter 3 Research Methodology This chapter provides an illustration of how the study has been conducted and the precautions taken to ensure reliable and valid results. Moreover, the hypotheses to be tested will be formulated in this chapter. 1.5.4 Chapter 4 Analysis and Findings Regression analysis will display the findings and shall be presented and analysed with reference to the literature review. The findings shall be discussed and those data that are in par or contradictory shall be highlighted to be further discussed. 1.5.5 Chapter 5 Conclusion The chapter has given an overview of what the whole dissertation shall comprise and what is to be investigated. The conclusion of this study shall be pointed out along with the recommendations that are deemed to be the solution to the problems found out. The chapter shall provide further insight on the topic that has been investigated. 2.0 Literature Review 2.1 Market Value of the Firm Valuation theories have been comprehensively studied by various accounting researchers. Although, empirically there has been not a clear-cut winner, it appears that this area of examination is going in the path of performance based examinations to evaluate valuation. Torrez, Campus, Al-Jafari, and Jumah (2006) used Arbitrage Pricing Models (APM) and Capital Asset Pricing Model (CAPM) as methods to estimate the value of companies. Benninga and Sarig (1997) recommended using more than just only one valuation method to evaluate the corporate value. It was advised to utilise more than one technique because there is a great uncertainty in relation to estimation of corporate value as it implicates predicting future returns of the firm, and if the various techniques give similar outcomes it implies that the estimation of corporate value is sensible. On the other hand, Kemsley and Nissim (2002) found that the value of the company is a strong, constructive function of debt, and there have b een similar studies on this relationship. One worth pointing out is the study done by Sharma (2006) which suggested a direct correlation between the value of firms and financial leverage. So the market value of a firm is also somehow connected to the firms capital structure. Capital structure is mostly defined as the particular blend of debt and equity that a business uses to finance its activities. An optimal capital structure will produce the greatest income to the shareholders without adding supplementary cost to them and, at the same time, will increase the value of the corresponding company. 2.2 Tax Benefits Associated with Debt In 1963, the authors acknowledged the effect of taxes on corporate capital structure. Modigliani and Millers (1963) Proposition-II tried to give an answer to the problem of why when the debt ratio was boosted there was an increase in rate of return that resulted. It specified that the increase in expected rate of return spawned by financing with debt is accurately counterbalanced by the risk acquired, despite the consequences of the choice of financing mix. The selection of capital structure became so important as it will have a significant impact on the market value of the company. The most important motive that prompts companies to increase debts is owing to the tax benefits that arise from the tax discounts caused by making interest payments on debt. In considering the corporate income tax, they explored the question of the tax benefits generated by the use of debt capital as a source of funding such that interest payments, considered as an expense, are deducted from the calcula tion of taxable income. Thus, the value to be paid on taxes and increasing the free cash flow of the company is reduced. The fact that tax can be deducted on interest payments is considered as a major advantage of debt, and this tax deductibility on companies interest payments supports the use of debt. As a result, by using debt, forecasted tax liability of companies could be subtracted and thus amplify its after-tax cash flow, provoking more profitable commerce to exploit the greater level of debt for the interest of augmenting their debt tax shield. Using debt decreases a firms expected tax liability and increases its after-tax cash flow, making profitable firms employ more debt to increase the value of their debt tax shield. However, Taggart (1985) contends that corporate debt enjoys a net tax advantage when corporate tax rates exceed marginal personal tax rates. This violates the earlier Modigliani- Miller conclusion regarding corporate income tax, making corporate tax deduction s at least partially offset by additional personal tax liabilities of the acquiring debt holders. Miller (1977) concludes that personal income taxes paid by investors in corporate debt just offset the corporate tax shield provided that the firm pays the full statutory tax rate. Green, Murinde and Suppakitjarak (2002) examined that tax policy has a vital impact on the capital structure choices of companies. Corporate taxes permit companies to remove interest on debt in calculating taxable profits. This recommends that tax benefits gained from debt would direct companies to be entirely financed through debt. This advantage is generated as, like mentioned before, the interest payments related with debt are tax deductible and while payments connected with equity, like for example dividends, are not tax deductible. Consequently, this tax effect supports debt use by the company, as more debt raises the holders after tax proceeds (Modigliani and Miller, 1963; Miller, 1977). MacKie-Mason (1990) examined the tax consequence on corporate financing choices and offered proof of significant tax effect on the option between equity and debt. He ended by adding that alterations in the quantity of tax paid on a supplementary unit of income for any corporation should have an impact on financing decisions. Graham (1999) ended that on the whole, taxes do influence corporate financial choices, but the degree of the consequence is generally not large. Miller (1977) and Myers (2001) argue that being the supply of debt for all the firms increases, investors with better tax brackets have to be lured to take hold of corporate debt and to gain more of their revenue in the shape of interest instead of any profits on the disposition of capital assets. Interest rates climb as to a greater extent debt is issued, so firms face augmenting charges associated with debt compared to equity-related expenses. The tax advantages resulting from the issuance of more debt may be counteracted by the significant tax on interest income. Eventually it may be that it is the trade-off that concludes the final impact of taxes on the use of debt (Miller, 1977; Myers, 2001). Myers and Majloof (1984) examined the behaviour of corporate financing and argued that bankruptcy cost cannot be disregarded and the capital structure is trade-off between corporate tax benefit and bankruptcy cost, named as trade-off theory. It forecasts that a desirable objective debt percentage is to create the supreme value of the company. The tax trade-off model forecasts that profitable companies will make use of additional debt given that they are further prone to have a greater tax weight and little bankruptcy risk. Followers of the trade-off theory believe that debt-equity financing decision is a trade-off between interest tax shield and the cost of financial distress. The trade-off theory demonstrated that the companies should amplify their debt level until the occurrence of agency costs and bankruptcy costs from debt are simply indemnifying its tax gains, which is called the optimal level. And according to this trade-off theory, value-maximising organisations choose the level of debt by balancing tax benefits of debt against the cost associated with debt such as bankruptcy and agency costs (Gwatidzo and Ojah, 2009). Baxter (1967) and Altman (1984) argued that firms attain optimal capital structure- where benefits from tax shield equalled the cost of financial distress. The companys tax benefit from leverage is the present value of tax discounts generated by paying interest which are tax deductible on leverage in place of dividend compensations made to investors. The present value in general is obtained from the stage in which the risk related with the tax benefit is the equivalent of the risk of leverage that engenders the tax benefits. Nonetheless, the impact of interest tax benefit is based on the constitution of the tax system put into operation by every nation. Research undertook by Adedeji (1998) and Ashton (1989) disclosed that the tax system in UK does not encourage firms to use debt as much the classical tax system does in US. Compared with the UK tax regimen, the US tax system allows firms to sustain a loss for the year to carry-back or carry-forward such losses. 2.3 Tax Benefits Associated with Non-Debt Factors In addition, the allocation of debt would be altered by the presence of alternate non-debt tax benefits like, for example, development expenses, depreciation, investment tax credit and allowances for research. Debt interest tax shields are not the sole technique of minimising corporate tax weights. The existence of non-debt tax shields offers a substitute (and most probably less expensive) way of minimising income taxes and could be used to alleviate the advantage of debt tax shields (Cloyd, 1997). Without a doubt, there is a variety of non-debt tax shields, like for example investment tax credits and accelerated depreciation (Allen and Mizuno, 1989). Non-debt tax shield is described as a percentage of total yearly depreciation to total assets. There are various reasons for why do companies would rather choose alternative tax shields to debt. The first and foremost reason is that many tax shields are not as expensive as debt, because debt generally requires expensive interest payme nts. Various tax shields do not demand any supplementary expenses for the company. Another factor that favours non-debt tax shield to be rather considered is the cost to the company linked with debt covenants. These debt covenants are expected to create greater transaction costs for some companies. Lastly, tax shields usually take advantage of the provisions in the accounting rules that permit the company to decrease taxes without having an impact on the income statement. DeAnglo and Masulis (1980) explained that firms with tax deductions for depreciation and investment tax credits can consider these deductions as a substitute for the tax shield. They concluded that the positive tax shield alternate suggests that the anticipated marginal corporate tax advantage declined as leverage is added to the capital structure. Given that the cumulative tax discounts from an additional unit of debt declined with augmenting non-debt tax discounts, therefore greater leverage will be further expen sive for a company with elevated level of non-debt tax discount. Subsequently, it would have an impact on the actions of managers to increase not as much of debt when the firm already utilized a significant quantity of non-debt tax discount. From this point, it was disclosed that there is an adverse correlation between debt and non-debt tax discount. Debt is thus more expensive for firms with a high level of non-debt tax shield because the marginal tax discounts from an extra unit of debt reduces with augmenting non-debt tax benefits. Bradley, Jarrell and Kim (1984) were in the midst of the initial ones to experiment for the tax effects put forward by DeAngelo and Masulis (1980). They did a regression on company-specific debt-to-value ratios on non-debt tax shields and they discovered that debt is positively correlated to non-debt tax shields, on the contrary to the forecast in De Angelo and Masulis (1980). Bradley et al. (1984) make use of depreciation and investment tax credits, r esearch and development, and advertising expenses as their alternatives for non-debt tax shield. As Graham (2003) draws attention to, if a company invests greatly and takes loans to invest, an optimistic relation between such alternatives for non-debt tax shield and debt may result. In recent times, Shivdasani and Stefanescue (2010) demonstrated that pension assets and liabilities also operate as tax shields and pension contributions are about a third of those from interest payments. 2.4 Empirical Evidence According to the theoretical point of view, the increased use of debt will result in an augmentation of income as firms will pay tax less. But this tax benefit is traded off against the possibility of sustaining cost like agency costs or bankruptcy costs. Now lets turn to the empirical evidence with regard to a variety of tax-related features of capital structure decisions. What we can take note on previous researches undertaken is that there is a small amount of empirical investigations that may be regarded as to be direct experiments of the tax shield model of debt. Givoly, et al. (1992) examined the impact of the TRA (Tax Reform Act) of 1986 on the alterations in leverage in US companies. They experimented and found solutions that maintained the tax shield based hypothesises of capital structure decisions. Kemsley and Nissim (2002) used cross-sectional regressions in their study to approximately calculate the worth of the debt tax shield. They distinguished that debt is po ssibly related with the value of procedures along non-tax aspects and used reverse regressions to moderate the impact of this relationship. After that, they found that the value of the company is a strong, constructive function of debt. Additionally, they found the approximate worth of the net debt tax shield is undeniably linked to time-series deviation in constitutional tax rates and it is without fail linked to cross-sectional deviation in approximated company level marginal tax rates. Moreover, the outcomes are strong to the utilization of interest expense to compute debt. Singh and Hamid (1992) utilize information from nine developing countries from multiple sites all around the globe. They discovered that differences in tax and legal factors and other institutional aspects (like degree of development of financial markets or accounting practices) are the causes of all the dissimilarities in the scales of the determinants of capital structure. Their facts indirectly provided a backing for the tax model in the capital structure decisions. Booth, et al. (2001) considered if capital structure theory is moveable to different countries which have diverse institutional constitutions. They discovered that debt ratios are adversely connected to taxation. They accredited their apparently peculiar verdict to the likelihood that the tax rate measure utilized in their research is covering for profitability instead of the tax shield, which meant that the higher the tax rate the greater the profitability. Antoniou, et al. (2002) utilize archive data from Germany, Britain, and France and got mixed outcome, which showed that institutional planning and national customs have a say in capital structure decisions. Frank and Goyal (2004) carried out experiments and put forward that their evidence is reliable with the trade-off theory; however they did not find backing for market timing theories or the pecking order. Kim and Wu (1988) as well as Mandelker and Rhee (198 4) provided empirical evidence that leads to a trade-off between debt tax shields and investment. Barakat, M.H. and Rao, R.P. (2003) found that companies working in Arab states use much more debt when these states have a corporate tax system in position compared to those working in countries where there is no proper corporate tax system. In a current analysis, Cespedes et.al (2009) gave explanation to the actions of companies in Latin America enveloping seven countries. They encountered that ownership oriented companies favored equity financing because of higher bankruptcy costs and inferior tax shields. Afza T. and Hussain A. (2011) provided evidence that the companies of the automobile segments with big asset structure have a preference for debt financing to gain with the advantages of tax shield. Boquist and Moores (1984) results did not back the tax shield theory at the company level but, on the other hand, they did discover feeble proof in support of the hypothesis at the indus try level. Bartholdy and Mateus (2008) took a look at small and medium sized firms in West European which are, nonetheless, just engaged in their domestic markets and they stated that there are economically imperative and significant outcomes of local taxes on debt ratios. Desai et al. (2004a) as well as Altshuler and Grubert (2003) have been the initial ones to observe balance sheet information of foreign associates of multinational companies. Both works empirically corroborate a considerable effect of local tax rates on associate leverage of multinationals based in the U.S. Whilst Altshuler and Grubert (2003) utilize statutory tax rates in their experiments, Desai et al. (2004a) make use of median effective tax rates described as foreign income taxes settled over foreign pre-tax profits for every nation. Breaking off the totality of leverage into internal and external debt, Altshuler et al. (2003) only discovered considerable tax impacts on internal debt ratios. Whereas Desai e t al. (2004a) stated considerable effects for both sorts of debt. Mintz and Weichenrieder (2005) examined the effect that host-country taxes have on the capital structures of associates of German multinationals, and they also discovered a positive tax effect on total debt. In addition, they discovered greater tax elasticity if an auxiliary is totally-possessed by the German parent firm. Additionally, Mintz and Weichenrieder (2005) provided explanation for various sources of debt. They could only corroborate a considerable favourable tax effect on internal debt, whilst they were not capable to discover an arithmetically significant tax effect of the home country taxes on external debt funding of overseas associates of German parent firms. Bà ¼ttner et al. (2006) made use the similar information set but, compared to Mintz and Weichenrieder (2005), do take into consideration the cross-section tax variations and do not completely manage for unmonitored country-specific consequences. Bà ¼ttner et al. (2008) demonstrates that during the previous decades, the number of countries that put a ceiling on the tax deductibility of interest payments related with debt financing has considerably augmented. Recent studies examine the consequences of thin-capitalization regulations on debt financing. Consequently, Bà ¼ttner et al. (2008) investigate the efficiency of thin-capitalization regulations in OECD and European countries on financing with debt of subsidiaries of German multinationals. The end results put forward that thin-capitalization regulations cause a decrease in internal debt and efficiently get rid of the reason to utilize such loans for tax planning. When utilizing the tax variation between various host countries of a multinational group, they discovered a positive impact of host-country taxes on both external as well as internal debt. Ruf (2008) also reassesses the effect of host-country taxes on financial choices of associates held by German parent corporations. He makes use of various explanations of the financial leverage and discovers that the positive effect of host-country taxes on debt financing is mostly an outcome of the scarcity of retained earnings at high-tax places in place of an incentive to make use of supplementary debt as a tax shield. In addition, he presents empirical evidence that an elevated corporate income tax rate augments the likelihood of multinationals setting up a finance firm in the respective country which then bears considerable quantities of debt. The empirical evidence concerning non-debt tax shields has given in miscellaneous outcomes. We can take the example of Bennett and Donnelly (1993), Saa-Requejo (1996), Wiwattanakantang (1999), De Miguel and Pindado (2001), Ozkan (2001) and Ngugi (2008) who have authenticated the forecast of DeAngelo and Masulis (1980) that non-debt tax shields are a replacement for debt. Titman and Wessels (1988) too did not find any proof to support the association between leverage and non-debt tax shields. On the other hand, Bradley et al. (1984), Barclay, Smith and Watts (1995) and Boyle and Eckhold (1997) gave proof recommending that non-debt tax shields have a positive effect on a companys leverage. Huang and Song (2006) carried out an empirical research in China and discovered that non-debt tax shields are positively linked to company leverage, which is unfailing with the result of Bradley et al. (1984). Chang et al. (2009) also corroborated the positive link between non-debt tax shields and leverage for Compustat- listed non-financial companies. Quite the opposite, Scott (1977) and Moore (1986) argue that companies with considerable non-debt tax shields must also have significant collateral assets which can be utilised to secure debt. From a theoretical point of view, it has been argued above that a secured debt carries less risk than an unsecured debt. Therefore, still theoretically, one could also argue for a positive link between non -debt shield and leverage. But in fact, the empirical tests of the non-debt tax shield effect on debt policy again are found to be mixed. For example, Shenoy and Koch (1996) found a negative connection between non-debt tax shield and leverage, while Gardner and Trcinka (1992) find a positive one. This disagreement is not astonishing because of two major causes presented by Barclay and Smith (2005). First of all, companies with high non-debt tax shields have greater quantity of tangible assets in their balance sheet. And this offers an amplified probability to mount up more debt. For that reason, non-debt tax shields might not only be a alternative for low taxes, but somewhat a proxy for low incurring costs related with debt. Secondly, companies with tax loss carry forwards are over and over again in financial distress. Therefore, the market value of equity for such companies is worn down in that way rising the debt ratio. Consequently, it is not obvious whether tax loss carry forwar ds are a dependable alternative for non-debt tax shields. Graham and Tucker (2006) utilise a matched pairs approach to recognize tax effects on the capital structure selection. They measured up to the use of debt financing of companies which are contracted in aggressive tax preparation and of companies which do not apply these arrangements. They discovered proof that non-debt tax shields engendered by the tax shelters work as an alternate for debt. Their sample, which consisted of 76 companies, the 38 companies utilizing tax shelters obtain debt ratios that are more than 5 percent inferior than those of other companies which are not engaged in that kind of tax preparation. SayÃÆ'„ ±lgan, Karabacak, and Kà ¼Ãƒ §Ãƒ ¼kkocaoglu (2006) carried out an empirical experimenting to analyze the impact of company specific determinants on the capital structure decisions of Turkish companies, using dynamic panel data methodology. Their sample covered 123 Turkish manufacturing companies which are listed on the ISE (Istanbul Stock Exchange) and their analysis was based on year-end inspections of ten successive years running from 1993-2002. In their study, they used the panel data methodology and non-debt tax shields was one of the six variables which were analyzed as the company specific characteristics of the corporate capital structure. The empirical results on the capital structure determinants of the Turkish companies revealed that non-debt tax shields are negatively related with the leverage ratio. A few authors, like for example Givoly, et al. (1992) or Graham (1996), found a negative link between the companys level of debt and the amount of non-debt tax shield, supporting DeAngelo and Masulis (1980) substitutability hypothesis. And many others, like Bradley, et al. (1984) and Bathala, et al. (1994), found a positive link between the companys level of debt and the amount of non-debt tax shield. A positive connection disagrees with the conventiona l substitutability argument between debt tax shield and non-debt tax shield. Harris and Raviv (1991) speculated that leverage is positively linked to non-debt tax shields. The positive connection is argued away by suggesting that non-debt tax shield is an instrumental variable for debt collateral, that is, non-debt tax shield is taking up the collateral effect of debt, which thus means that the higher the non-debt tax shield, the higher the collateral value of assets. And in connection with the consequence of personal taxes, only a restricted quantity of analysis was encountered in many review of the literature. Among the few studies encountered, Givoly, et al. (1992) discovered that personal taxes have a negative impact on the companys leverage while Graham (1996) observed that the relative taxation of equity and debt at the personal level has no impact on debt. Chaplinsky and Niehaus (1993) used the percentage of depreciation cost plus investment tax credits to total assets to cal culate non-debt tax shields and the experiment prove that leverage is negatively linked with non-debt tax shields. Thomas W. Downs (1993), in his study, examined whether financing with debt is crowded out by depreciation tax shields. This crowding-out theory is asserted on the supposition that as non-debt tax deductions augment, the incentive to rely on debt tax shields reduces. His analysis computed the non-debt tax shields as the discounted value of expected tax depreciation deductions. When the discounted depreciation tax shield is scaled by either discounted income before tax or total assets, and subsequently the ratio is related to market based leverage measures, the estimates indicate that crowding-out does not occur; the estimated coefficients are almost always positive and statistically significant. The results showed that companies with relatively high depreciation tax shields also tend to have high leverage ratios. The explanation for this is that companies garnering a substantial proportion of cash flow from depreciation have substantial collateral assets, which are financed at a lower interest rate and possess a greater debt capacity, and the greater debt capacity is exploited as companies maintain a capital structure with significantly more debt than otherwise. 2.5 Conclusion By adding more debt, a company amplifies its value through the markets awareness of lower bankruptcy costs and greater tax benefits. But any best possible capital structure at a top to bottom debt financing is obviously unsuited with monitored capital structures, so some results initiated a substantial investigation attempt to recognize the costs of financing with debt that would counterbalance the corporate tax benefit. Robichek and Myers (1965) argue that the detrimental result of bankruptcy costs on debt will prevent companies from having the yearning to acquire more debt. The general result is that the mixture of debt related costs (such as agency costs and bankruptcy costs) and the tax gain of debt creates the most favourable capital structure which will not be entirely debt funded, as the tax benefit is traded off against the possibility of sustaining the costs. 3.0 Data and Methodology According to John W. Best (2002) research method may be defined as systematic and objective analysis and recording of controlled observations that may lead to development of organizations, principles and possibility ultimate control events. This chapter describes the research methodology used in the present study. Firstly, we describe the rationale of the methodology, which justifies the choice of research approach and research strategy adopted to assess the impact of tax shields on the market value of a firm. Next, the data collection techniques are explored with a view to explain the types of data to be used. Finally, the chapter stresses on the measures adopted to ensure validity and reliability of data gathered. 3.1 Research Objectives The aim of this study is to know whether the market value of companies are affected by the tax benefits associated with debt factors and if so, to what extent, and how it can be a used as a tool for better future strategic decisions. This study aims at better helping the companies in Mauritius, more specific the listed firms in the official market, to better understand the theory and impact of tax shields. Find the best model to estimate debt tax shield. Collect all the data required from the annual reports of the listed firms in Mauritius. Analyse how far average profitability and debt can affect the corporate market value. Analyse the impact of debt tax shield on the market value of a firm. 3.2 Research Hypothesis As a general rule, to identify the truth of a given hypothesis, some data or evidence is gathered with a supposition that this evidence set was engendered from the hypothesis. Hypothesis testing is an arithmetic decision making process with regard to an uncertain hypothesis. The aim is to test the statistics to determine the possibility that a given hypothesis is accurate. The hypothesis testing will reveal the correlation between the variables and through this statistical method, a more concise and lucid evaluation can be obtained. First hypothesis: Ho: There is no significant relationship between the market value of the firm and operating income. H1: There is a positive relationship between the market value of the firm and operating income. Second hypothesis: Ho: There is no significant relationship between the market value of the firm and level of debt. H1: There is significant relationship between the market value of the firm and level of debt. Third hypothesis: Ho: There is no significant relationship between the market value of the firm and total assets. H1: There is no significant relationship between the market value of the firm and total assets. Fourth hypothesis: Ho: Debt tax shield has no impact on the market value of the firm. H1: Debt tax shield has an impact on the market value of the firm. 3.3 Data Collection The purpose of gathering information is to meet objectives. According to Phipps (2001), data gathering must be easy, meaningful, and clearly related to the current study. Data collection can be of primary and/or of secondary type. Secondary data have been used for the study. 3.3.1 Secondary Data Often the information that an organization needs to solve its problem already exists in the form of secondary data, or data that have been collected for some purpose other than the question at hand (Churchill, 1996). Housden (2003) further adds to it stating that secondary data is also called desk research because it is usually accessible from a desk via intranet or online or in hard copy. 3.3.2 Advantages of Secondary Data Secondary data  can assist or conduct the researcher in looking for or deciding on a better research problem; for this reason a duplication of a parallel problem may be made using a different locale or a different set of respondents. Secondary data can also ensure that there is no duplication of an investigation already made as it may also serve as a basis of comparison. It also helps in the formulation of specific questions, assumptions, framework, methods, sampling techniques, implications, and conclusions. Secondary data may also be used to verify the researchers own findings and may save money and time if on target. 3.4 Sample Data The sample of companies used in this dissertation was drawn from the Stock Exchange of Mauritius since it included the lists of all listed companies in Mauritius. Twenty listed firms have been included for which the financial statements have been analysed for the period of 2007-2011. The companies that have been chosen to be included to this study needs to have the following requirements, that is, it must have filed accounts for the period of the study and that it does not have inconsistent financial data for more than four accounting periods. For that reason, a number of companies have been rejected for which data was not available for the whole period, either because they have missing values for more than four years or were newly formed. Since all the listed firms in this sample have the same financial year, this eliminates the twisting impact of dissimilar reporting periods and seasonality patterns. 3.5 Regression Model Following Modigliani and Millers equations to value debt tax shield, I have come to two distinct equations that forms the foundation for two opposite approaches for observing the value of debt tax shields. These approaches are the forward and reverse approach. For this study, we will be taking these approaches into consideration only for mathematical purposes as each approach has its advantages and drawbacks and each of these drawbacks could cause errors that could bias the estimates. So using both equations from the forward and reverse approach, we can now develop a linear empirical equation to better analyse the value of debt tax shield. This empirical equation that we are going to estimate is: In the equation, stands for the market value of the company, determined as the book values of debt added with the market value of equity. FOI symbolizes average operating income over the subsequent five years. TA represents total assets and D represents debt. In the model above, I follo wed Fama and French (1998) by deflating all the variables in the equation by total assets (TA), and also like Fama and French (1998), I have not deflated the intercept. By the use of an undeflated intercept basically switches the variables into ratios. 3.6 Variables Having already instituted the foundation of the theoretical point of view of this study, which is also relevant to the way to which the evidence was brought together will be considered, it is now essential to reflect upon how the evidences will be gathered to back the arguments that were put forward in this dissertation. In this model, there are four main variables that each are linked to one another. These are the market value of the firm (VL), Total Assets (TA), Average Operating Income (FOI), and debt (D). The average value of each item was considered for the purpose of ratio computation and analysis. 3.6.1 Market Value of Firm We must start with the Modigliani and Millers stylised setting in which there are no personal tax effect, no financial distress costs form debt and only one constant corporate tax rate. So given this setting, we can use the following tax adjusted valuation model to calculate market value of the company: In the above equation, stands for the market value of the company which equals to the market value of debt added to the market value of equity. D symbolizes the market value of debt, stands for the market value of the listed company, and t stands for the tax advantage from a dollar of debt. Thus, here is used as an estimate for debt tax shield. In this model, the market value of a firm is the dependant variable, so I will put forward the impact that the independent variables will have on the market value of its corresponding companies. 3.6.2 Total Assets (TA) Total assets comprises of all assets of a firm. An asset may be described as any items of ownership which can be converted into cash. The total assets data figures were all collected from each of the companies balance sheets obtained from their respective annual reports. Most of the researches done to find the connection between total assets and market value of firm showed that they have a positive relationship. Market value of a firm and total assets reacts symmetrically to the changes in one another. For example, an increase in total assets would result in a consequent increase in the market value of the company. But theres also the possibility that an increase in debt may increase total assets but also decrease market value due to the higher risk of financial distress. 3.6.3 Average Operating Income (FOI) In finance and accounting, operating income or earnings before interest and tax (EBIT) is the companys measure of profitability that excludes income tax expenses and interest. I measured FOI as the average operating income for the last five years starting from 2007 to 2011. Requiring five years of data permits us to obtain growth trends in operating income that we could not analyse by minimally using single-period-ahead operating earnings. The relationship between operating income and market value has been quite unanimous as the majority asserted that there is a positive link between operating income and market value due to the fact that increases in operating profit would result in an increase in the share price of the company and therefore an increase in the market value of the company. 3.6.4 Debt (D) In this equation, I measured debt by excluding operating liabilities, which characteristically do not engender explicit tax-deductible interest expense. By removing operating liabilities from our measurement of D (and consequently), it permits me to uphold the MM relationship. In the model that I have chosen, the debt variable will be used as a proxy for debt tax shield. Debts effect on market value will give us an estimate of the impact of debt tax shield on market value of the company. The relationship between debt and market value has been subject to many debates. Many researchers asserted that there is a negative relationship between debt and market value due to the fact that an increase in debt would automatically mean a decrease in market value as explained earlier and it would also result in a decrease in profits after tax and therefore a fall in the share price. But some researchers provide proof that debt may also have a positive link with market value as an increase in de bt would result in an increase in earnings per share (EPS), which would cause an increase in the market value of the firm. 3.7 Limitation of Study On the whole, the research work proved to be a very enriching experience, however there were some limitations worth pointing out. In the model that is being used for this dissertation, the variables represent ratios, so there also the possibility of biasness. To some degree, FOI/TA is a defective control for market value of equity over total assets () and is correlated to D/TA. So this bias will be negative.

Evolution of Mobile Phone Technology Free Essays

string(148) " Analog AMPS were eventually superseded by Digital AMPS \(D-AMPS\) in 1990, and AMPS service was shut down by most North American carriers by 2008\." A mobile phone (also known as a cellular phone, cell phone and a hand phone) is a device that can make and receive telephone calls while moving around a wide geographic area. It does so by connecting to a cellular network provided by a mobile phone operator, allowing access to the public telephone network. By contrast, a cordless telephone is used only within the short range of a single, private base station. We will write a custom essay sample on Evolution of Mobile Phone Technology or any similar topic only for you Order Now In addition to telephony, modern mobile phones also support a wide variety of other services such as text messaging, MMS, email, Internet access, short-range wireless communications (infrared, Bluetooth), business applications, gaming and photography. Mobile phones that offer these and more general computing capabilities are referred to as smartphones. The first hand-held mobile phone was demonstrated by John F. Mitchell and Dr Martin Cooper of Motorola in 1973, using a handset weighing around 2. 2 pounds (1 kg). From 1990 to 2011, worldwide mobile phone subscriptions grew from 12. million to over 6 billion, penetrating about 87% of the global population and reaching the bottom of the economic pyramid. In 2012, for the first time since 2009 mobile phone sales to end users is declining by 1. 7 percent to 1. 75 billion units which is dominated by Samsung for 385 million units (53. 5 percent is smartphones) and Apple for 130 million units of all smartphones. History The first mobile tel ephone calls were made from cars in 1946. Bell System’s Mobile Telephone Service was made on 17 June in St. Louis, Missouri, followed by Illinois Bell Telephone Company’s car radiotelephone service in Chicago on 2 October. The MTA phones were composed of vacuum tubes and relays, and weighed over 80 pounds (36 kg).. John F. Mitchell, Motorola’s chief of portable communication products in 1973, played a key role in advancing the development of handheld mobile telephone equipment. Mitchell successfully pushed Motorola to develop wireless communication products that would be small enough to use anywhere and participated in the design of the cellular phone. Martin Cooper, a Motorola researcher and executive, was the key researcher on Mitchell’s team that developed the first hand-held mobile telephone for use on a cellular network. Using a somewhat heavy portable handset, Cooper made the first call on a handheld mobile phone on 3 April 1973 to his rival, Dr. Joel S. Engel of Bell Labs. As I walked down the street while talking on the phone, sophisticated New Yorkers gaped at the sight of someone actually moving around while making a phone call. Remember that in 1973, there weren’t cordless telephones or cellular phones. I made numerous calls, including one where I crossed the street while talking to a New York radio reporter – probably one of the more dangerous things I have ever done in my life. Martin Cooper The new invention sold for $3,995 and weighed two pounds, leading to a nickname â€Å"the brick†. The world’s first commercial automated cellular network was launched in Japan by NTT in 1979, initially in the metropolitan area of Tokyo. In 1981, this was followed by the simultaneous launch of the Nordic Mobile Telephone (NMT) system in Denmark, Finland, Norway and Sweden. Sever al countries then followed in the early-to-mid 1980s including the UK, Mexico and Canada. On 6 March 1983, the DynaTAc mobile phone launched on the first US 1G network by Ameritech. It cost $100m to develop, and took over a decade to hit the market. The phone had a talk time of just half an hour and took ten hours to charge. Consumer demand was strong despite the battery life, weight, and low talk time, and waiting lists were in the thousands. In 1991, the second generation (2G) cellular technology was launched in Finland by Radiolinja on the GSM standard, which sparked competition in the sector as the new operators challenged the incumbent 1G network operators. Ten years later, in 2001, the third generation (3G) was launched in Japan by NTT DoCoMo on the WCDMA standard. By 2009, it had become clear that, at some point, 3G networks would be overwhelmed by the growth of bandwidth-intensive applications like streaming media. Consequently, the industry began looking to data-optimized 4th-generation technologies, with the promise of speed improvements up to 10-fold over existing 3G technologies. The first two commercially available technologies billed as 4G were the WiMAX standard (offered in the U. S. by Sprint) and the LTE standard, first offered in Scandinavia by TeliaSonera. Handheld mobile phone Prior to 1973, mobile telephony was limited to phones installed in cars and other vehicles. [13] Motorola and Bell Labs raced to be the first to produce a handheld mobile phone. That race ended on 3 April 1973 when Martin Cooper, a Motorola researcher and executive, made the first mobile telephone call from handheld subscriber equipment, placing a call to Dr. Joel S. Engel of Bell Labs. The prototype handheld phone used by Dr. Cooper weighed 2. 5 pounds and measured 9 inches long, 5 inches deep and 1. 75 inches wide. The prototype offered a talk time of just 30 minutes and took 10 hours to re-charge. John F. Mitchell, Motorola’s chief of portable communication products and Cooper’s boss in 1973, played a key role in advancing the development of handheld mobile telephone equipment. Mitchell successfully pushed Motorola to develop wireless communication products that would be small enough to use anywhere and participated in the design of the cellular phone. Analog cellular networks – 1G The first analog cellular system widely deployed in North America was the Advanced Mobile Phone System (AMPS). It was commercially introduced in the Americas in 1978, Israel in 1986, and Australia in 1987. AMPS was a pioneering technology that helped drive mass market usage of cellular technology, but it had several serious issues by modern standards. It was unencrypted and easily vulnerable to eavesdropping via a scanner; it was susceptible to cell phone â€Å"cloning;† Many of the iconic early commercial cell phones such as the Motorola DynaTAC Analog AMPS were eventually superseded by Digital AMPS (D-AMPS) in 1990, and AMPS service was shut down by most North American carriers by 2008. You read "Evolution of Mobile Phone Technology" in category "Papers" Digital cellular networks – 2G In the 1990s, the ‘second generation’ mobile phone systems emerged. Two systems competed for supremacy in the global market: the European developed GSM standard and the U. S. developed CDMA standard. These differed from the previous generation by using digital instead of analog transmission, and also fast out-of-band phone-to-network signaling. The rise in mobile phone usage as a result of 2G was explosive and this era also saw the advent of prepaid mobile phones. In 1991 the first GSM network (Radiolinja) launched in Finland. In general the frequencies used by 2G systems in Europe were higher than those in America, though with some overlap. For example, the 00 MHz frequency range was used for both 1G and 2G systems in Europe, so the 1G systems were rapidly closed down to make space for the 2G systems. In America the IS-54 standard was deployed in the same band as AMPS and displaced some of the existing analog channels. In 1993, IBM Simon was introduced. This was possibly the world’s first smartphone. It was a mobile phone, pager, fax machine, and PDA all rolled into one. It included a calendar, address book, clock, calculator, notepad, email, and a touchscreen with a QWERTY keyboard. The IBM Simon had a stylus you used to tap the touch screen with. It featured predictive typing that would guess the next characters as you tapped. It had apps, or at least a way to deliver more features by plugging a PCMCIA 1. 8 MB memory card into the phone. Coinciding with the introduction of 2G systems was a trend away from the larger â€Å"brick† phones toward tiny 100–200g hand-held devices. This change was possible not only through technological improvements such as more advanced batteries and more energy-efficient electronics, but also because of the higher density of cell sites to accommodate increasing usage. The latter meant that the average distance transmission from phone to the base station shortened, leading to increased battery life whilst on the move. The second generation introduced a new variant of communication called SMS or text messaging. It was initially available only on GSM networks but spread eventually on all digital networks. The first machine-generated SMS message was sent in the UK on 3 December 1992 followed in 1993 by the first person-to-person SMS sent in Finland. The advent of prepaid services in the late 1990s soon made SMS the communication method of choice amongst the young, a trend which spread across all ages. G also introduced the ability to access media content on mobile phones. In 1998 the first downloadable content sold to mobile phones was the ring tone, launched by Finland’s Radiolinja (now Elisa). Advertising on the mobile phone first appeared in Finland when a free daily SMS news headline service was launched in 2000, sponsored by advertising. M obile payments were trialed in 1998 in Finland and Sweden where a mobile phone was used to pay for a Coca Cola vending machine and car parking. Commercial launches followed in 1999 in Norway. The first commercial payment system to mimic banks and credit cards was launched in the Philippines in 1999 simultaneously by mobile operators Globe and Smart. The first full internet service on mobile phones was introduced by NTT DoCoMo in Japan in 1999. Mobile broadband data – 3G As the use of 2G phones became more widespread and people began to utilize mobile phones in their daily lives, it became clear that demand for data services (such as access to the internet) was growing. Furthermore, experience from fixed broadband services showed there would also be an ever increasing demand for greater data speeds. The 2G technology was nowhere near up to the job, so the industry began to work on the next generation of technology known as 3G. The main technological difference that distinguishes 3G technology from 2G technology is the use of packet switching rather than circuit switching for data transmission. In addition, the standardization process focused on requirements more than technology (2 Mbit/s maximum data rate indoors, 384 kbit/s outdoors, for example). Inevitably this led to many competing standards with different contenders pushing their own technologies, and the vision of a single unified worldwide standard looked far from reality. The standard 2G CDMA networks became 3G compliant with the adoption of Revision A to EV-DO, which made several additions to the protocol whilst retaining backwards compatibility: * the introduction of several new forward link data rates that increase the maximum burst rate from 2. 45 Mbit/s to 3. 1 Mbit/s. * protocols that would decrease connection establishment time. the ability for more than one mobile to share the same time slot. * the introduction of QoS flags. All these were put in place to allow for low latency, low bit rate communications such as VoIP. The first pre-commercial trial network with 3G was launched by NTT DoCoMo in Japan in the Tokyo region in May 2001. NTT DoCoMo launched the first commercial 3G network on 1 October 2001, using the WCDMA technology. In 2002 the first 3G networks on the rival CDMA2000 1xEV-DO technology were launched by SK Telecom and KTF in South Korea, and Monet in the USA. Monet has since gone bankrupt. By the end of 2002, the second WCDMA network was launched in Japan by Vodafone KK (now Softbank). European launches of 3G were in Italy and the UK by the Three/Hutchison group, on WCDMA. 2003 saw a further 8 commercial launches of 3G, six more on WCDMA and two more on the EV-DO standard. In the mid 2000s (decade), an evolution of 3G technology begun to be implemented, namely High-Speed Downlink Packet Access (HSDPA). It is an enhanced 3G (third generation) mobile telephony communications protocol in the High-Speed Packet Access (HSPA) family, also coined 3. G, 3G+ or turbo 3G, which allows networks based on Universal Mobile Telecommunications System (UMTS) to have higher data transfer speeds and capacity. Current HSDPA deployments support down-link speeds of 1. 8, 3. 6, 7. 2 and 14. 0 Mbit/s. Further speed increases are available with HSPA+, which provides speeds of up to 42 Mbit/s downlink and 84 Mbit/s with Release 9 of the 3GPP standards. By the end of 2007, there were 295 million subscribers on 3G networks worldwide, which reflected 9% of the total worldwide subscriber base. About two thirds of these were on the WCDMA standard and one third on the EV-DO standard. The 3G telecoms services generated over 120 Billion dollars of revenues during 2007 and at many markets the majority of new phones activated were 3G phones. In Japan and South Korea the market no longer supplies phones of the second generation. Although mobile phones had long had the ability to access data networks such as the Internet, it was not until the widespread availability of good quality 3G coverage in the mid-2000s (decade) that specialized devices appeared to access the mobile internet. The first such devices, known as â€Å"dongles†, plugged directly into a computer through the USB port. Another new class of device appeared subsequently, the so-called â€Å"compact wireless router† such as the Novatel MiFi, which makes 3G internet connectivity available to multiple computers simultaneously over Wi-Fi, rather than just to a single computer via a USB plug-in. Such devices became especially popular for use with laptop computers due to the added portability they bestow. Consequently, some computer manufacturers started to embed the mobile data function directly into the laptop so a dongle or MiFi wasn’t needed. Instead, the SIM card could be inserted directly into the device itself to access the mobile data services. Such 3G-capable laptops became commonly known as â€Å"netbooks†. Other types of data-aware devices followed in the netbook’s footsteps. By the beginning of 2010, E-readers, such as the Amazon Kindle and the Nook from Barnes Noble, had already become available with embedded wireless internet, and Apple Computer had announced plans for embedded wireless internet on its iPad tablet devices beginning that Fall. Native IP networks – 4G By 2009, it had become clear that, at some point, 3G networks would be overwhelmed by the growth of bandwidth-intensive applications like streaming media. Consequently, the industry began looking to data-optimized 4th-generation technologies, with the promise of speed improvements up to 10-fold over existing 3G technologies. The first two commercially available technologies billed as 4G were the WiMAX standard (offered in the U. S. by Sprint) and the LTE standard, first offered in Scandinavia by TeliaSonera. One of the main ways in which 4G differed technologically from 3G was in its elimination of circuit switching, instead employing an all-IP network. Thus, 4G ushered in a treatment of voice calls just like any other type of streaming audio media, utilizing packet switching over internet, LAN or WAN networks via VoIP. Evolution 2G networks were built mainly for voice services and slow data transmission (defined in IMT-2000 specification documents), but are considered by the general public to be 2. 5G or 2. 75G services because they are several times slower than present-day 3G service. . 5G (GPRS) 2. 5G (â€Å"second and a half generation†) is used to describe 2G-systems that have implemented a packet-switched domain in addition to the circuit-switched domain. It does not necessarily provide faster services because bundling of timeslots is used for circuit-switched data services (HSCSD) as well. The first major step in the evolution of GSM networks to 3G occurred with the introdu ction of General Packet Radio Service (GPRS). CDMA2000 networks similarly evolved through the introduction of 1xRTT. The combination of these capabilities came to be known as 2. 5G. GPRS could provide data rates from 56 kbit/s up to 115 kbit/s. It can be used for services such as Wireless Application Protocol (WAP) access, Multimedia Messaging Service (MMS), and for Internet communication services such as email and World Wide Web access. GPRS data transfer is typically charged per megabyte of traffic transferred, while data communication via traditional circuit switching is billed per minute of connection time, independent of whether the user actually is utilizing the capacity or is in an idle state. 1xRTT supports bi-directional (up and downlink) peak data rates up to 153. kbit/s, delivering an average user data throughput of 80-100 kbit/s in commercial networks. It can also be used for WAP, SMS MMS services, as well as Internet access. 2. 75G (EDGE) GPRS1 networks evolved to EDGE networks with the introduction of 8PSK encoding. Enhanced Data rates for GSM Evolution (EDGE), Enhanced GPRS (EGPRS), or IMT Single Carrier (IMT-SC) is a backward-compatible digital mobile phone technology that allows improved data transmission rates, as an extension on top of standard GSM. EDGE was deployed on GSM networks beginning in 2003—initially by Cingular (now ATT) in the United States. EDGE is standardized by 3GPP as part of the GSM family and it is an upgrade that provides a potential three-fold increase in capacity of GSM/GPRS networks. Duplex A duplex communication system is a point-to-point system composed of two connected parties or devices that can communicate with one another in both directions. An example of a duplex device is a telephone. The people at both ends of a telephone call can speak at the same time, the earphone can reproduce the speech of the other person as the microphone transmits the speech of the local person, because there is a two-way communication channel between them. Duplex systems are employed in many communications networks, either to allow for a communication â€Å"two-way street† between two connected parties or to provide a â€Å"reverse path† for the monitoring and remote adjustment of equipment in the field. Systems that do not need the duplex capability use instead simplex communication in which one device transmits and the others just â€Å"listen. † Examples are broadcast radio and television, garage door openers, baby monitors, wireless microphones, radio controlled models, surveillance cameras, and missile telemetry. How to cite Evolution of Mobile Phone Technology, Papers

Bmw Series Essay Example For Students

Bmw Series Essay BMW seriesbmw 3 series:Extra centimetres in the interior, more miles to thegallon, better emissions figures. Just three of theon-paper improvements in the third-generation 3Series sedan. Yet the figures only tell half the story. does: in the effortless yet seductive way it delivers itspower, in the way the cabin cossets its occupants withthe finest materials, and in the unmatched poise withwhich it sweeps round bends. Its a package socomplete, so sophisticated and so satisfying, itredefines the sports sedan. bmw 5 series:The wisdom to learn from experience, thecourage to push the limits: this is thecombination that leads to lastingsuccess, also in the world of automotiveengineering. Design, comfort, safety andperformance are the pillars upon whichthe success of the BMW 5 Series rests. bmw serie 7 :The BMW 7 Series was created from a single definingprinciple: timelessness. This is a vehicle thatexpresses the essence of BMW: Dynamic agility. Unequalled elegance. Self-assured, understatedstyle. The 7 Series represents the highest levels oftechnical sophistication unified by classic design. Likeits predecessors, this is a car that does more thansimply follow the spirit of the times. The BMW 7 Seriesdefines it. history of bmw in the middle east:A brief history In a way, BMWs history in the Middle East goesback to the year 1924, when BMW was still only anaircraft-turbine manufacturer. That year the first intercontinental flight powered byBMW engines went to Persia. July 1976 the first BMW car officially sold in theUAE was a BMW 520i. 1994: The BMW regional office opened in Dubai. It was the first regionaloffice of a European car manufacturer in the Middle East. In mid-1996 the regional training centre for BMWmechanics began operations in Dubai. A yearlater, a similar centre was opened in Cairo,Egypt. The first worldwide launch of a new BMW product in the Middle East tookplace in Oman in March 1997, when the BMW L7 was launched at the AlBustan Palace Hotel in Muscat. The first BMW assembly plant in the MiddleEast was opened in June 1997 in Egypt. Qualitycars Made by BMW, but assembled in theMiddle East have been delivered to customerssince late July 1997. facts figures :Business Overview Af ter the establishment of the BMW Middle East office in 1994 there hasbeen a double digit increase of sales figures for three years in a row:1995: +17% 1996: +25% 1997: +35% This extraordinary development is mainly due to the execellence of BMWproducts. The range of BMW luxury cars is constantly developing with atleast two new models every year. In the Middle East, the brand has alsobenefitted from an overall prosperous economic situation with a continuouslystrong US Dollar and firm oil prices. In line with the worldwide development, the BMW 7 Series has become themost successful car in the upper luxury segment. With the introduction ofthe BMW L7, the absolute star in luxury and exclusivity, BMW has pushedits drive for leadership in this segment even furtherMarketing Essays