Long Term Financing Paper Final Free Essays

string(38) " pay dividends to their stockholders\." Running head: Long-Term Financing Long-Term Financing University of Phoenix Online Introduction to Finance and Accounting MMPBL-503 James R. Sullivan November 3, 2008 Long-Term Financing An established company is considering expanding its operations, and to achieve their business objectives, the company will require additional long-term capital financing. Long-term financing involves debt or equity instruments with greater than one-year maturities, and the cost of this long-term capital can be calculated using either the Capital Asset Pricing (CAPM) or Discounted Cash Flows (DCFM) Model. We will write a custom essay sample on Long Term Financing Paper Final or any similar topic only for you Order Now The organization will have to compare and contrast the Capital Asset Pricing Model with the Discounted Cash Flows Model. The skill of comparing and contrasting financial options will help evaluate and organize the debt/equity mix and dividend policy. The organization must then decide what type of long-term finance alternatives will most likely benefit. Capital Asset Pricing Model and the Discounted Cash Flows Model Capital Asset Pricing Model is a linear relationship between returns on individual stocks and stock market returns over time (Block Hirt, 2005). One use of CAPM is to analyze the performance of mutual funds and other portfolios (CAPM, 2008). Although, more than one formula exists for the CAPM, the most common is referred to as the market risk premium model presented below (Block Hirt, 2005): r = Rf + beta (Km – Rf) Where: r is the expected return rate on a security Rf = the risk free rate of return (cash) B = beta coefficient, or historical volatility of common stock relative to market index Km = is the return rate of the appropriate asset class The market risk premium formula assumes that the rate of return or premium demanded by investors is directly proportional to the perceived risk associated with the common stock. Beta measures the volatility of the security relative to the asset class. The equation is saying that investors require higher levels of expected returns to compensate them for higher expected risk. This formula can be thought as predicting a security’s behavior as a function of beta: CAPM says that if a person knows a security’s beta then they know the value of (r) that investors expect it to have (see graph below) (CAPM, 2008). [pic] More volatile stocks will have a beta coefficient greater than 1. 0, whereas less volatile stocks will have a beta less than 1. 0. If the risk free rate of return (Rf) and average market return (Km) are considered fixed, then the required rate of return for company stock can be calculated for the required rate of return. As an example, if the market risk premium (Km – Rf) is 6% and a risk free rate of return (Rf) is 4%, then the required rate of return would equal 10% for B = 1 and 16% for B = 2. The Discounted Cash Flow Model (DCFM) is another standard way of determining the cost of equity. It assumes that a firm’s current stock price is equal to the present (discounted) value of all expected future dividends from the investment (Utility Regulation, 2008). Modern financial theory contends that the price of a firm’s stock is the present value of the future cash flows discounted at an appropriate interest rate (Freeman Gagne, 1992). To calculate the current stock value, calculate the present value of future dividends and growth in the value of the stock at some future date. The discount rate used for this present value calculation is the weighted average cost of capital for the firm. Both the CAPM and DCF models involve applying data from a single or group of companies, to evaluate the current stock value of a single company. CAPM is more objective and complicated, and requires more calculation and data from the market. DCF is more subjective and simplified. One such DCF assumption is that future dividends will grow forever at a constant rate. Since this assumption is not always true, the DCF method gives a more qualitative estimate of the cost of capital. Limitations of CAPM includes, model uncertainty, it is difficult to know for sure if the use of the model is theoretically correct. Input uncertainty, is another limitation, it is difficult to estimate the appropriate risk premiums accurately (CAPM limitations, 2008). Limitations of the DCF model include miss growth options, options to expand and options to redirect (DCFM, 2008). Debt/Equity Mix Debt/equity mix is a financing strategy used by companies to help fund the business or other investments. Most companies use a combination of both in order to ensure stability and to keep long-term cost down. Debt is the borrowing of money from other lenders such as finance companies and banks. â€Å"Corporate debt has increased dramatically in the last three decades. † (Block Hirt, pg. 468) Other forms of debt include issuing bonds and leasing. Debt has become a common item on balance sheet for many companies, including those just starting out. Debt financing allows companies to finance without having to sell stock or bring in more partners. The major benefit for debt financing, unlike with equity financing, the owner retains full ownership of their business. Bringing in more partners or stockholders in a company causes the loss of primary ownership and possibly the loss of the reason the company was created. Equity is another form of financing. Equity is also used by large and small companies. Equity is financed by other people. With equity financing the initial owner/borrower has a greater risk of losing their company to the partners that have become involved. On the other hand the borrower in an equity finance loan has flexibility on repayment terms and the form of repayment (ie. cash, stock, bonds or services). However, most major corporations have a mixture of debt and equity with making sure they do not have to much leverage in either one. The formula for figuring out what a company’s debt-equity ratio is: (Block Hirt) Debt/Equity Ratio = Total Liabilities Shareholders’ Equity Dividend Policy A company’s dividend policy is up to the company and the profits that are made. If the company is just starting out they may not want to pay dividends to their stockholders. You read "Long Term Financing Paper Final" in category "Essay examples" A beginning company may want to reinvest any earnings that are made in order to help the company expand. â€Å"In choosing either to pay a dividend to stockholders or to reinvest the funds in the company, management’s first consideration is whether the firm will be able to earn a higher return for the stockholders† (Block Hirt, pg. 547). When deciding on a dividend policy the stockholders preference must be considered. The stockholder may or may not want to receive dividends and may only have concern with the value of their investment at relinquishment time. If expanding a business the dividends that are normally sent out will possibly be lower to help cover the cost of expanding. The expansion may also cause the dividends to increase. Some investors care about he future earnings and the increase that may occur because of the expansion and earnings increase. Characteristics and Costs of Debt and Equity Instruments The purchasers of equity instruments have the rights to vote on issues, gain ownership and future earnings of the business. Examples of equity instruments are common stock, preferred stock and retained earnings. Ask Dr Econ, 2008) Common stock is a form of equity instruments, advantages are the common stockholders will share in the company’s profitability, does not have to repay investment, dividends, and the votes can influence management. The disadvantages of common stock, the vote may dilute the management’s interest in the corporation’s growth, and the non-management stockholders can increase in the vot ing power, and the maximum risk falls on the investor. (Raymond, 2002) The cost of common equity is important as â€Å"the ultimate ownership of the firm resides in common stock† (Block Hirt, 2005). The cost of issuing new common stock is expressed as: Kn = D1 / (Po – F) + g D1 = First year common dividend, Po = Price of common stock, F = Flotation selling costs, g = Constant growth rate in earnings (Block Hirt, 2005) Preferred stock is another form of equity instruments, advantages are stocks offers stipulated dividend on an annual or semi-annual basis, preference rights over common stock and dividend payments and liquidating distributions. The dividends can accrue at a certain rate and paid on a cumulative basis. The disadvantage â€Å"includes a subordination of dividends to be paid on common stock and limitations on the use of corporate fund to the extent that pre-established dividend payments. † (Raymond, 2002) The cost of issuing new preferred stock is: Kp = Dp ( Pp – F) Where Dp = Preferred dividend, Pp = price of preferred stock, and F = Flotation selling costs. (Block Hirt, 2005) Retained earnings are equivalent to â€Å"past and present earnings of the firm minus previously distributed dividends† (Block Hirt, 2005). In order to convince shareholders that earnings will equal larger dividends and equity later, it is important to calculate the present value of projected future cash flow. The equation for cost of retained earnings is equivalent to the cost of existing common stock Ke = D1 / Po + g This can be used to reacquire outstanding treasury stock at market price. The cost of retained earnings does not include the flotation or sales cost associated with new issues of common or preferred stock. (Block Hirt, 2005) Debt instruments are requires a fixed payment with interest, examples are bonds, government or corporation and mortgages. Ask Dr Econ, 2008) Bondholders do not gain ownership, paid before other expenses, less risky and not entitle to future profits in the business. (Raymond, 2002). Disadvantages include potential restrictions on operations, limitations on the use of working capital† (Raymond, 2002). Bond financing includes the zero-coupon rate bond and the floating rate bond. Th e cost of debt is measured by the after-tax cost of debt and must be calculated as follows: Kd = Yield (1 – t) where Yield = yield to maturity and t = tax rate The yield to maturity of a bond is dependent on a number of variables: annual interest payment, principal payment, bond price and years to maturity. The yield to maturity for a bond can be calculated using a bond table, or using the equation below: Y’ = annual interest payment + (principal payment – bond price) / years to maturity) (Block Hirt, 2005) Evaluation of Long-Term Financing Alternatives Organizations have several opportunities for  alternative long-term financing to help the organization expand and grow, raise capital depleted by inflation and to supplement insufficient funds generated internally by the organization. Debts for organizations have risen over the past three decades. Organizations are faced with the task of continuing to raise capital to cover the organization’s debts. Organizations can use bonds, stocks, leasing and other options as options for long-term financing Bonds Most large organizations use corporate bonds for long-term financing. â€Å"The bond agreement specifies such basic items as the par value, the coupon rate, and the maturity date† (Block Hirt, 2005). The initial value of a bond is the bond’s par value or face value. The interest rate on the bond is the coupon rate. The fluctuation of interest rates in the market affect the coupon rate of the bond after the bond has been issued. The ending date in which repayment of the principal of the bond is due is the maturity date. The bond agreement or indenture is the legal document that covers the bond from issuance to repayment. Organizations can put up a secured bond offering such as a mortgage agreement, where specific assets are promised to bondholders should they default on the bond or choose an unsecured, or debenture bond offering which doesn’t specify a specific asset. Stocks Common stock is on way an organization can secure long-term equity financing. Common stock is issued at a price per share to relatives, friends and investors. The funds are used by the organization to help the organization grow. The organization can issued to stockholders as dividends to show a payback on the capital investment. The remaining funds after the organization pays out dividends become retained earnings for the organization and are reinvested back into the organization. Individuals who have ownership in the organization can hold preferred stock. Preferred stock holders are repaid first should the organization file for bankruptcy. Leasing Organizations can lease assets instead of financing them. Leasing can give an organization that is short on funds or is not credit worthy enough to borrow funds a way to obtain assets. Leasing an asset is generally more expensive than purchasing the asset. By leasing assets, the organization reduces cash outflow so they can use those funds for other ventures. Organizations can lease assets such as furniture, equipment and land. The organization can choose a Capital Lease agreement where the organization purchases the asset at the end of the lease period. Organizations in a higher tax bracket can take advantage of a depreciation write-off tax advantage by purchasing an asset and leasing the asset to another organization in a lower tax bracket. Other Alternatives Organizations can use Factoring to borrow capital. The factor generally charges higher interest rates than banks. Factors generally review credit history, but the organization may still be able to borrow due to the quality of the organization’s collateral rather than their project projections. Conclusion Expanding a company can be a big step and many plans must be laid out and consider before the final decision can be made. Cost is the biggest factor that must be considered when expanding. The second factor to consider is who or how the cost is going to be covered. Most companies consider there finance options. Financing option that should be considered include taking on more debt, issuing bonds, and selling stock. With these options the interest rate, the selling price of the stock and how much of the company they would like to give up all must be considered when choosing an option. The better option would be to do a mix of all of the financing options to keep the balance sheet leveled, and the company in good financial standing. References Ask Dr Econ. (2008) † Federal Reserve Bank of San Francisco:What are the differences between debt and equity markets? † Retrieved October 31, 2008 from http://www. frbsf. org/education/activities/drecon/answerxml. cfm? selectedurl=/2005/0510. html Block, S. B. , Hirt, G. A. , (2005). Foundations of Financial Management (11th ed. ). New York: McGraw-Hill. Capital Asset Pricing Model, (2008). Retrieved October 31, 2008, from http://www. moneychimp. com/glossary/capm/htm. Capital Asset Pricing Model How to cite Long Term Financing Paper Final, Essay examples

Long Term Financing Paper Final Free Essays

string(38) " pay dividends to their stockholders\." Running head: Long-Term Financing Long-Term Financing University of Phoenix Online Introduction to Finance and Accounting MMPBL-503 James R. Sullivan November 3, 2008 Long-Term Financing An established company is considering expanding its operations, and to achieve their business objectives, the company will require additional long-term capital financing. Long-term financing involves debt or equity instruments with greater than one-year maturities, and the cost of this long-term capital can be calculated using either the Capital Asset Pricing (CAPM) or Discounted Cash Flows (DCFM) Model. We will write a custom essay sample on Long Term Financing Paper Final or any similar topic only for you Order Now The organization will have to compare and contrast the Capital Asset Pricing Model with the Discounted Cash Flows Model. The skill of comparing and contrasting financial options will help evaluate and organize the debt/equity mix and dividend policy. The organization must then decide what type of long-term finance alternatives will most likely benefit. Capital Asset Pricing Model and the Discounted Cash Flows Model Capital Asset Pricing Model is a linear relationship between returns on individual stocks and stock market returns over time (Block Hirt, 2005). One use of CAPM is to analyze the performance of mutual funds and other portfolios (CAPM, 2008). Although, more than one formula exists for the CAPM, the most common is referred to as the market risk premium model presented below (Block Hirt, 2005): r = Rf + beta (Km – Rf) Where: r is the expected return rate on a security Rf = the risk free rate of return (cash) B = beta coefficient, or historical volatility of common stock relative to market index Km = is the return rate of the appropriate asset class The market risk premium formula assumes that the rate of return or premium demanded by investors is directly proportional to the perceived risk associated with the common stock. Beta measures the volatility of the security relative to the asset class. The equation is saying that investors require higher levels of expected returns to compensate them for higher expected risk. This formula can be thought as predicting a security’s behavior as a function of beta: CAPM says that if a person knows a security’s beta then they know the value of (r) that investors expect it to have (see graph below) (CAPM, 2008). [pic] More volatile stocks will have a beta coefficient greater than 1. 0, whereas less volatile stocks will have a beta less than 1. 0. If the risk free rate of return (Rf) and average market return (Km) are considered fixed, then the required rate of return for company stock can be calculated for the required rate of return. As an example, if the market risk premium (Km – Rf) is 6% and a risk free rate of return (Rf) is 4%, then the required rate of return would equal 10% for B = 1 and 16% for B = 2. The Discounted Cash Flow Model (DCFM) is another standard way of determining the cost of equity. It assumes that a firm’s current stock price is equal to the present (discounted) value of all expected future dividends from the investment (Utility Regulation, 2008). Modern financial theory contends that the price of a firm’s stock is the present value of the future cash flows discounted at an appropriate interest rate (Freeman Gagne, 1992). To calculate the current stock value, calculate the present value of future dividends and growth in the value of the stock at some future date. The discount rate used for this present value calculation is the weighted average cost of capital for the firm. Both the CAPM and DCF models involve applying data from a single or group of companies, to evaluate the current stock value of a single company. CAPM is more objective and complicated, and requires more calculation and data from the market. DCF is more subjective and simplified. One such DCF assumption is that future dividends will grow forever at a constant rate. Since this assumption is not always true, the DCF method gives a more qualitative estimate of the cost of capital. Limitations of CAPM includes, model uncertainty, it is difficult to know for sure if the use of the model is theoretically correct. Input uncertainty, is another limitation, it is difficult to estimate the appropriate risk premiums accurately (CAPM limitations, 2008). Limitations of the DCF model include miss growth options, options to expand and options to redirect (DCFM, 2008). Debt/Equity Mix Debt/equity mix is a financing strategy used by companies to help fund the business or other investments. Most companies use a combination of both in order to ensure stability and to keep long-term cost down. Debt is the borrowing of money from other lenders such as finance companies and banks. â€Å"Corporate debt has increased dramatically in the last three decades. † (Block Hirt, pg. 468) Other forms of debt include issuing bonds and leasing. Debt has become a common item on balance sheet for many companies, including those just starting out. Debt financing allows companies to finance without having to sell stock or bring in more partners. The major benefit for debt financing, unlike with equity financing, the owner retains full ownership of their business. Bringing in more partners or stockholders in a company causes the loss of primary ownership and possibly the loss of the reason the company was created. Equity is another form of financing. Equity is also used by large and small companies. Equity is financed by other people. With equity financing the initial owner/borrower has a greater risk of losing their company to the partners that have become involved. On the other hand the borrower in an equity finance loan has flexibility on repayment terms and the form of repayment (ie. cash, stock, bonds or services). However, most major corporations have a mixture of debt and equity with making sure they do not have to much leverage in either one. The formula for figuring out what a company’s debt-equity ratio is: (Block Hirt) Debt/Equity Ratio = Total Liabilities Shareholders’ Equity Dividend Policy A company’s dividend policy is up to the company and the profits that are made. If the company is just starting out they may not want to pay dividends to their stockholders. You read "Long Term Financing Paper Final" in category "Essay examples" A beginning company may want to reinvest any earnings that are made in order to help the company expand. â€Å"In choosing either to pay a dividend to stockholders or to reinvest the funds in the company, management’s first consideration is whether the firm will be able to earn a higher return for the stockholders† (Block Hirt, pg. 547). When deciding on a dividend policy the stockholders preference must be considered. The stockholder may or may not want to receive dividends and may only have concern with the value of their investment at relinquishment time. If expanding a business the dividends that are normally sent out will possibly be lower to help cover the cost of expanding. The expansion may also cause the dividends to increase. Some investors care about he future earnings and the increase that may occur because of the expansion and earnings increase. Characteristics and Costs of Debt and Equity Instruments The purchasers of equity instruments have the rights to vote on issues, gain ownership and future earnings of the business. Examples of equity instruments are common stock, preferred stock and retained earnings. Ask Dr Econ, 2008) Common stock is a form of equity instruments, advantages are the common stockholders will share in the company’s profitability, does not have to repay investment, dividends, and the votes can influence management. The disadvantages of common stock, the vote may dilute the management’s interest in the corporation’s growth, and the non-management stockholders can increase in the vot ing power, and the maximum risk falls on the investor. (Raymond, 2002) The cost of common equity is important as â€Å"the ultimate ownership of the firm resides in common stock† (Block Hirt, 2005). The cost of issuing new common stock is expressed as: Kn = D1 / (Po – F) + g D1 = First year common dividend, Po = Price of common stock, F = Flotation selling costs, g = Constant growth rate in earnings (Block Hirt, 2005) Preferred stock is another form of equity instruments, advantages are stocks offers stipulated dividend on an annual or semi-annual basis, preference rights over common stock and dividend payments and liquidating distributions. The dividends can accrue at a certain rate and paid on a cumulative basis. The disadvantage â€Å"includes a subordination of dividends to be paid on common stock and limitations on the use of corporate fund to the extent that pre-established dividend payments. † (Raymond, 2002) The cost of issuing new preferred stock is: Kp = Dp ( Pp – F) Where Dp = Preferred dividend, Pp = price of preferred stock, and F = Flotation selling costs. (Block Hirt, 2005) Retained earnings are equivalent to â€Å"past and present earnings of the firm minus previously distributed dividends† (Block Hirt, 2005). In order to convince shareholders that earnings will equal larger dividends and equity later, it is important to calculate the present value of projected future cash flow. The equation for cost of retained earnings is equivalent to the cost of existing common stock Ke = D1 / Po + g This can be used to reacquire outstanding treasury stock at market price. The cost of retained earnings does not include the flotation or sales cost associated with new issues of common or preferred stock. (Block Hirt, 2005) Debt instruments are requires a fixed payment with interest, examples are bonds, government or corporation and mortgages. Ask Dr Econ, 2008) Bondholders do not gain ownership, paid before other expenses, less risky and not entitle to future profits in the business. (Raymond, 2002). Disadvantages include potential restrictions on operations, limitations on the use of working capital† (Raymond, 2002). Bond financing includes the zero-coupon rate bond and the floating rate bond. Th e cost of debt is measured by the after-tax cost of debt and must be calculated as follows: Kd = Yield (1 – t) where Yield = yield to maturity and t = tax rate The yield to maturity of a bond is dependent on a number of variables: annual interest payment, principal payment, bond price and years to maturity. The yield to maturity for a bond can be calculated using a bond table, or using the equation below: Y’ = annual interest payment + (principal payment – bond price) / years to maturity) (Block Hirt, 2005) Evaluation of Long-Term Financing Alternatives Organizations have several opportunities for  alternative long-term financing to help the organization expand and grow, raise capital depleted by inflation and to supplement insufficient funds generated internally by the organization. Debts for organizations have risen over the past three decades. Organizations are faced with the task of continuing to raise capital to cover the organization’s debts. Organizations can use bonds, stocks, leasing and other options as options for long-term financing Bonds Most large organizations use corporate bonds for long-term financing. â€Å"The bond agreement specifies such basic items as the par value, the coupon rate, and the maturity date† (Block Hirt, 2005). The initial value of a bond is the bond’s par value or face value. The interest rate on the bond is the coupon rate. The fluctuation of interest rates in the market affect the coupon rate of the bond after the bond has been issued. The ending date in which repayment of the principal of the bond is due is the maturity date. The bond agreement or indenture is the legal document that covers the bond from issuance to repayment. Organizations can put up a secured bond offering such as a mortgage agreement, where specific assets are promised to bondholders should they default on the bond or choose an unsecured, or debenture bond offering which doesn’t specify a specific asset. Stocks Common stock is on way an organization can secure long-term equity financing. Common stock is issued at a price per share to relatives, friends and investors. The funds are used by the organization to help the organization grow. The organization can issued to stockholders as dividends to show a payback on the capital investment. The remaining funds after the organization pays out dividends become retained earnings for the organization and are reinvested back into the organization. Individuals who have ownership in the organization can hold preferred stock. Preferred stock holders are repaid first should the organization file for bankruptcy. Leasing Organizations can lease assets instead of financing them. Leasing can give an organization that is short on funds or is not credit worthy enough to borrow funds a way to obtain assets. Leasing an asset is generally more expensive than purchasing the asset. By leasing assets, the organization reduces cash outflow so they can use those funds for other ventures. Organizations can lease assets such as furniture, equipment and land. The organization can choose a Capital Lease agreement where the organization purchases the asset at the end of the lease period. Organizations in a higher tax bracket can take advantage of a depreciation write-off tax advantage by purchasing an asset and leasing the asset to another organization in a lower tax bracket. Other Alternatives Organizations can use Factoring to borrow capital. The factor generally charges higher interest rates than banks. Factors generally review credit history, but the organization may still be able to borrow due to the quality of the organization’s collateral rather than their project projections. Conclusion Expanding a company can be a big step and many plans must be laid out and consider before the final decision can be made. Cost is the biggest factor that must be considered when expanding. The second factor to consider is who or how the cost is going to be covered. Most companies consider there finance options. Financing option that should be considered include taking on more debt, issuing bonds, and selling stock. With these options the interest rate, the selling price of the stock and how much of the company they would like to give up all must be considered when choosing an option. The better option would be to do a mix of all of the financing options to keep the balance sheet leveled, and the company in good financial standing. References Ask Dr Econ. (2008) † Federal Reserve Bank of San Francisco:What are the differences between debt and equity markets? † Retrieved October 31, 2008 from http://www. frbsf. org/education/activities/drecon/answerxml. cfm? selectedurl=/2005/0510. html Block, S. B. , Hirt, G. A. , (2005). Foundations of Financial Management (11th ed. ). New York: McGraw-Hill. Capital Asset Pricing Model, (2008). Retrieved October 31, 2008, from http://www. moneychimp. com/glossary/capm/htm. Capital Asset Pricing Model How to cite Long Term Financing Paper Final, Essay examples

Adoption process Essay Example For Students

Adoption process Essay Adoption: The ProcessAdoption is metamorphosing into a radical new process that is both sweeping the nation and changing it. But this process is not an easy one, there are many steps to go through. Through research it is made a lot easier. Adoption is a also a highly visible example of a social institution that has benefits from and been reshaped by both the Internet and the exponential growth of alternative lifestyles, from single to transracial to gay. It is accelerating our transformation into a more multicultural society; even as it helps redefine out understanding of family. The process includes three main steps including a type of adoption, the techniques for location a baby for adoption, arranging a successful adoption, the steps at the hospital, and lastly the legal issues in adoption.There are many types of adoption in California, more then any other in the country. The reasonable amount of time it takes to adopt a child is about a year. Independent adoption is an alternative to agency adoption and is the means by approximately 85 percent of all newborns are adopted in California. Since that is the most popular that is the type that I am going to concentrate. The reason that it is the most popular is because of four factors. The first is because the independent agency is flexible, secondly it allows the birth mother to personally meet and select adoptive parents, thirdly it allows the adoptive parents to quickly locate the birth mother rather Smith 2then waiting several years for the agency to do it for them, and lastly the child can be placed in the home of the adoptive parents immediately after birth instead of waiting in a foster home. By law the birth mother must personally place the child with the adoptive parents. That does not mean she has to do it physically it just means she must personally select them. The birth mother is permitted to release her child into the adoptive parents custody as soon as the hospital discharges the baby, usually 2-3 days old. Generally when the child is six-eight months old the adoptive parents can go to court to permanently finalize the process. A new birth certificate is prepared after the adoption is granted by the court. Independent adoption fees and costs can vary dramatically. Most adoption attorneys charge between 3,000 to 4,000. The adoption attorney is assisting the adoptive parents in quickly locating a birthmother, obtains background and health information about birth parents, examines the case for potential legal or practical difficulties, and prepares the necessary legal documents and appears in court when necessary. The techniques of finding a baby for adoption through an independent agency. First thing that needs to be done is to select and adoption attorney. Things to consider when choosing an attorney is remember like all professionals there are good ones and there are bad ones. Consider the quality of their service, depth of their knowledge, and fairness of their fees. The following groups and individuals can provide you with important insight and inside information regarding finding an attorney. The independent adoption social services offices the office is assigned to you is based upon what county Smith 3you live in, public adoption agencies but they have little relation to independent adoption, private adoption agencies which will have knowledge of local attorneys, physicians may be familiar with adoption attorneys in their community, and adoptive parent associations this is an association formed by adoptive parents which they share information about adoption. Networking is important it refers to getting the word out to make as many people aware that you are interested in adopting. .u282712a6caffc96f330b405b5ab5c24b , .u282712a6caffc96f330b405b5ab5c24b .postImageUrl , .u282712a6caffc96f330b405b5ab5c24b .centered-text-area { min-height: 80px; position: relative; } .u282712a6caffc96f330b405b5ab5c24b , .u282712a6caffc96f330b405b5ab5c24b:hover , .u282712a6caffc96f330b405b5ab5c24b:visited , .u282712a6caffc96f330b405b5ab5c24b:active { border:0!important; } .u282712a6caffc96f330b405b5ab5c24b .clearfix:after { content: ""; display: table; clear: both; } .u282712a6caffc96f330b405b5ab5c24b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u282712a6caffc96f330b405b5ab5c24b:active , .u282712a6caffc96f330b405b5ab5c24b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u282712a6caffc96f330b405b5ab5c24b .centered-text-area { width: 100%; position: relative ; } .u282712a6caffc96f330b405b5ab5c24b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u282712a6caffc96f330b405b5ab5c24b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u282712a6caffc96f330b405b5ab5c24b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u282712a6caffc96f330b405b5ab5c24b:hover .ctaButton { background-color: #34495E!important; } .u282712a6caffc96f330b405b5ab5c24b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u282712a6caffc96f330b405b5ab5c24b .u282712a6caffc96f330b405b5ab5c24b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u282712a6caffc96f330b405b5ab5c24b:after { content: ""; display: block; clear: both; } READ: Stability In Satellites Essay When done correctly, it can work effectively. A photo-resume letter is a way to network to birth mothers. This should be done in no formula because you want the birth mother to know you. The letter should be about one page long, you need to include a picture, explain why you are pursuing to adopt, brief description of yourself, and another tip is to hand sign each letter. Arranging a successful adoption, finally the waiting pays off- you learn that the birth mother has expressed an interest in you and wants to meet you

Tefl Course Reflection Essay Example

Tefl Course Reflection Essay Since I have been teaching English as a foreign/second language for learners of all ages for 18 years, I thought that this course wouldnt add much to me, but I have to admit that I found materials and learned techniques that will help me be a more effective teacher. Throughout the course I found many valuable facts, but perhaps the most valuable one was the module on different teaching methods. It helped me notice the different examples of each method that can be incorporated into the lessons I teach. I found The Natural Approach and The CLT are the most appealing to my sensibilities. Classroom setup is another valuable fact I learnt in this course. It never crossed my mind how classroom setup can positively affect the learning process and can facilitate achieving my aims. Lesson planning module is of no less value. I got to recognize that the PPP format is very valuable and can be applied to each and every lesson plan allowing more STT. This course has many valuable themes and areas of concentration. Over all each of the 17 chapters more or less tried to present a theme which is actually clear and can be identified from the title of the chapter itself and they all serve one major theme; integration of different teaching methods, tools, materials, settings to cater for the different needs of different EFL learners to acquire the 4 skills of the English language in a safe student centered environment to be able to communicate fluently and accurately. The course is clearly outlined. The chapters are well structured following a theoretical as well as practical logical path. We will write a custom essay sample on Tefl Course Reflection specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tefl Course Reflection specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tefl Course Reflection specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The only thing I wished I could have known more about in this course is how to assess my learners and how to give them a correct detailed feedback . A chapter dedicated to such a topic will be very beneficial. Apart from that, everything else is amazing; the website is very easy to use. The pace of the assignments is quite adequate. The reading material, videos, assignment samples and e- library are of great help. I would definitely recommend this course; well I actually did, to all my friends who would like to shift to the career of teaching and those who do it to reinforce what they already know.

Learn How to Use Personal Problem Essay Samples

Learn How to Use Personal Problem Essay SamplesPersonal problem essay samples can be very helpful in determining the type of writing style you are comfortable with and that is going to better suit your writing style. It can also help you determine how well a particular writing sample will fit your writing style. Reading it for the first time will help you decide if you need to change any parts of the essay, and if you can easily adapt to the style you have chosen.Sometimes it may be difficult to find personal problem essay samples in your college's library. In this case, you can refer to the online copy you have already downloaded. Just ensure that the paper is not too technical that it does not come out as written.There are many ways of identifying where the information has been presented from; usually you will be able to read the paper from the grammar point of view. You need to check the spelling and the syntax as well. The best kind of problem essay sample is the one that display s these aspects, as it is easier to decipher. Avoid the ones that do not reveal these qualities.Before you start using the essay sample, make sure you know what you are looking for. You may want to go for a more detailed version, or you may prefer to use the simple one. Most students tend to want the more detailed one, but this is often only because they do not feel confident about using the simpler one. If you feel confident in using the simpler one, you can go for it.Trouble is, most of us want the more detailed version. This is because we are not always very sure about how things are written and how they are laid out. This is what makes the simple essay sample good for you. This is what makes it so popular with students today. The reason why it is so popular is that it is very easy to follow and do not make many mistakes.In addition, it is also very good at revealing problematic areas in your writing. If you want to find out how to express something in a different way, or try to get rid of something that was bothering you, this can be very useful. Students often take pleasure in trying to improve their writing, and this essay sample can help them do so.Once you have mastered the easy essay, you may want to consider going for the harder essay. This can often be considered a challenge, so you need to be prepared.

Empire of mALI essays

Empire of mALI essays The Empire of Mali Introduction In its peak, the people of Mali occupied land as far west as the Atlantic Ocean. They also traveled as far east as Gao, the capital of the Songhai, as far south as the Niger bend, and as far north as the Sahara desert. They built a great empire between 1240 and 1337 that underwent a course of slow decline until the seventeenth century. History The empire of Mali originated from a small country known as Kangaba. Its people where known as the Mandingo (they have also been called the Malinke and the Mandinka). After the breakup of Ghana, the Sosso, who had caused the breakup, were still in power. Apparently Sundiata, an heir to the Mandingo throne raised an army and defeated the Sosso in the battle of Kirina. Afterward, Sundiata established the empire of Mali. He converted to Islam for support of the Muslim peoples. When Mansa Musa came into power, in the early 1300s, the empire reached its height. Mansa Musa traveled through Cairo on his pilgrimage to Me cca. It is said that he gave away so much gold that it dropped in value in Cairo for 12 years. Afterward the empire slowly declined, until, in the 1600s it was no more than it had been originally when it originated: the small kingdom of Kangaba. Government The government of Mali was a dictatorship. The dictator, who had the title of Mansa, was the sole secular and religious leader of his people, though not he did not enjoy the same power as Egyptian Pharaohs did. The base of government was located in the capital, known as Niani. It was once written by a traveler that a person could travel safely without fear of harm, and that the people of Mali hated injustice and the Mansa did not tolerate injustice at all. The military branch of government was constant. There was a standing army of professional soldiers, so that Mali was ready for a battle without having to raise an army every time. Religion The religion in Mali was divided between two groups. The mercha ...

Free sample - Brand and Customer Behavior literature review. translation missing

Brand and Customer Behavior literature review. Brand and Customer Behavior literature reviewBrand and Customer Behavior in the contemporary corporate world has received a lot of attention and debate on whether the former affects the latter. As a matter of fact, there have been so many questions seeking to establish whether brands have any effect to the customer behavior. In regard to literature by Glynn (2009, p.97), brand is a market based asset which largely shapes the behavior of a customer. Arguably, brands are advertised so that they may influence the behavior of the customers. In some cases, customers have purchased products owing to the brand. For instance, a car that is branded with a brand reflecting status and reputation may influence a customer to purchase the car brand seeking to get the prestige promised by the brand. On the other hand, brands have effect on the customer behavior (Kumar, 2008). He supports this by presenting detailed information on brand attitude which is the attitude toward a brand by a customer. This attitude is attributed to the brand trust and effect altogether. The former refers to the customer’s willingness to trust the brand to satisfy his or her needs while the latter has to do with customer’s emotional response towards a brand. This makes it possible to generate an emotion toward the customer’s preference of the brand for use (p.193). Further in this context, Wilburn (2006) has examined in detail the factors that affect as well as shape customer’s behavior. As a matter of fact, he points out to brand image as the mental picture formed by a customer towards a brand. In this case, brand has been pointed out as to provide a customer with a reason to purchase a product in place of another. Traditionally, Wilburn (2006, p.2-3) states that brand images have been in use as a method of influencing customer behavior and as well acquisition of new customers of a product. Arguably Salver (2009, p.92-93), has provided literature on the effect that brand has on the customers. In this context, brand image has been associated with an ability to bind consumers on the basis of emotion and thus customers going for the very brands. Brand images have also been cited as powerful tools for establishing loyalty of the customer to the particular brand. From this point of view, it is evident from literature that there have been an academic background regarding brand and customer behavior which has previously tried to answer the research question whether brands affect the customer/ consumer behavior.      References Glynn, MS 2009, Business-to-business brand management: theory, research and executive case study exercises, Emerald Group Publishing, Bingley. Kumar, V 2008, Managing customers for profit: strategies to increase profits and build loyalty, Wharton School Publishing, New Jersey. Salver, J 2009, Brand Management in the Hotel Industry and Its Potential for Achieving Customer Loyalty, GRIN Verlag, Norderstedt. Wilburn, M 2006, Managing the customer experience: a measurement-based approach, American Society for Qualit, Wisconsin.