Running Head Social Work Values - 1966 Words

Running Head: SOCIAL WORK VALUES 1 Title Name Date Course SOCIAL WORK VALUES 2 Introduction Over the course of time there have been factions of organizations created to preserve the best interest of mankind. Primarily, those factions range from health relations to social enhancement. With regards social enhancement, one of the biggest factions dedicated to advancing human interest, is the social work profession. Briefly, the primary goal of the social work profession is to advance human well-being while helping meet the basic needs of humans. In addition, social workers engage in the particular needs of empowerment for people who are fragile, oppressed and subjected to poverty (Code of Ethics (English and Spanish) - National†¦show more content†¦Moreover, commitment and caring allows one to be passionate about the work they are doing. Most importantly, being accountable on behalf of your actions creates great character. Simply, accountability builds the discipline of adhering to your decisions and actions. Accountability shows the expectation one demands for their action. In comparison to the core values on behalf of the NASW Code of Ethics, my core values represent the persona each social worker should have with regards to helping those in need. Specifically honesty compared to the NASW Code of Ethics means that a social worker should also have transparency. With regards to commitment, it compares to the core values because it is allows social workers to express dedication to helping clients. Caring compares to each of the standard core values because ultimately via all core values a culture of caring is being expressed. Following suite, accountability is important because social workers are relied on to fight the battle for victims who cannot fend for themselves. In that event, they most uphold their duty to help. In contrast, my core values fail to differ because my core values aim to advance the well-being of humans. Furthermore, if any value lack adhering to the core values of the code of ethics, one can conclude that those are not viable values. Vignette #2 For the purpose of this paper, I chose vignette two to discuss. Primarily, this scenario hasShow MoreRelatedBusiness Ethics and Social Responsibility Essay1471 Words   |  6 PagesEthics in the workplace help the organization to grow and prosper. They bring about leadership, work culture and literacy. Ethic are beliefs about what’s right or wrong and good or bad based on individual’s values and morals, plus a behavior social context. Ethical behavior conforms to individual beliefs and social norms about what’s right and good. Unethical behavior conforms to individual beliefs and social norms about what’s wrong or bad. 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Gender and Sexuality in Culture - 1053 Words

Diversity or rather, the lack of understanding diversity may be one of the most prevalent issues in the world today. Though the World Wide Web has bridged the cultural gap some, it will never fully or accurately reveal the truth simply because it is difficult to fully understand cultural meanings from an outsider’s perspective. Before the internet, careers in anthropology and similar fields made information available through ethnographic readings and studies. A key inquiry anthropologists seek to answer is the distinction between and role of sex, gender, and sexuality within each separate culture. Y The Last Man and other ethnographic texts connect culture, its language, and the formation of gender, sex, and sexuality roles in any given†¦show more content†¦A more specific type of cultural oppression is what Amazons feel that men have over women. 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Globalizing the Cost of Capital and Capital Budgeting at Aes Free Essays

string(44) " portfolio of contract generation projects\." Globalizing the Cost of Capital and Capital Budgeting at AES In June 2003, Rob Venerus, director of the newly created Corporate Analysis Planning group at The AES Corporation, thumbed through the five-inch stack of financial results from subsidiaries and considered the breadth and scale of AES. In the 12 years since it had gone public, AES had become a leading independent supplier of electricity in the world with more than $33 billion in assets stretched across 30 countries and 5 continents.Venerus now faced the daunting task of creating a methodology for calculating costs of capital for valuation and capital budgeting at AES businesses in diverse locations around the world. We will write a custom essay sample on Globalizing the Cost of Capital and Capital Budgeting at Aes or any similar topic only for you Order Now He would need more than his considerable daily dose of caffeine to point himself in the right direction. Much of AES’s expansion had taken place in developing markets where the unmet demand for energy far exceeded that of more developed countries. By 2000, the majority of AES revenues came from overseas operations; approximately one-third came from South America alone.Once a critical element in its recipe for success, the company’s international exposure hurt AES during the global economic downturn that began in late 2000. A confluence of factors including the devaluation of key South American currencies, adverse changes in energy regulatory environments, and declines in energy commodity prices conspired to weaken cash flow at AES subsidiaries and hinder the company’s ability to service subsidiary and parent-level debt.As earnings and cash distributions to the parent started to deteriorate, AES stock collapsed and its market capitalization fell nearly 95% from $ 28 billion in December 2000 to $1. 6 billion just two years later. As one part of its response to the financial crisis, AES leadership created the Corporate Analysis Planning group in order to address current and future strategic and financial challenges. To begin the process, the CEO and board of directors asked Venerus, as director of the new group, to revalue the company’s existing assets, which required creating a new method of calculating the cost of capital for AES businesses.Central to the questions facing Venerus was the international scope of AES, as he explained: â€Å"As a global company with operations in countries that are hugely different from the U. S. , we need a more sophisticated way to think about risk and our cost of capital around the world. And, frankly, the finance textbooks aren’t that helpful on this subject. † The mandate from the board of AES to create a new methodology presented an interesting but overwhelming challenge. As he prepared his materials for the board, Venerus wondered if his new approach would balance the complexities of the unique business situations around the world with ____________________________________________________________ ____________________________________________________ Professor Mihir Desai and Research Associate Doug Schillinger prepared this case. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management.Copyright  © 2004 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www. hbsp. harvard. edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES he need for a simple, straightforward process that could be implemented accurately and consistently throughout the organization. AES Corporation1 Roger Sant (MBA ’60, HBS) and Dennis Bakke (MBA ’70, HBS) founded AES Corporation (originally Applied Energy Services) in 1981 shortly after the adoption of federal legislation that became known as the Public Utility Regulatory Policy Act (PURPA). The legislation was part of the United States government’s reaction to growing concern over American dependence on foreign oil.The act sought to diminish this dependence by requiring that electric utilities source some of their new power needs through qualified cogenerators and small independent power producers, provided that the power generated by independents cost less than if the utility were to produce the power itself. Sant and Bakke recognized that in shielding small independent power producers from costly state and federal regulation, PURPA actually created a market for a new private sector power market. In practice, the act almost ensured that independent power producers could undercut a utility’s cost of production. The company initially struggled to raise financing but after the construction of its first cogeneration facility in Houston, Texas, in 1983 and the subsequent development of a profitable cogeneration facility in Pittsburgh, Pennsylvania, in 1985, AES experienced rapid growth. By the time the company went public in 1991, revenues had grown to $330 million and net income had soared to $42. million from $1. 6 million just three years earlier. In the early 1990s, AES began to shift its focus overseas where there were more abundant opportunities for the company to apply its nonrecourse, project finance model to the development of contracted generating facilities. In addition, foreign governments often provided incentives to attract foreign direct investment in infrastructure projects like power plants. The willingness of international development banks to invest alongside AES in volatile parts of the world helped mitigate the risk of expropriation, and the increased breadth of the global financial markets provided greater access to capital. AES initiated its international expansion in 1991–1992 with the purchase of two plants in Northern Ireland. The following year, AES began what would become a massive expansion into Latin America with the acquisition of the San Nicolas generation facility in Buenos Aires, Argentina.A year later, AES created a separately listed subsidiary, AES China Generating Co. , to advance Chinese development projects. As the pace of deregulation quickened around the world, AES was presented with an abundant supply of capital and a wealth of opportunities for investments in energy-related businesses, some of which were more complex than AES’ portfolio of contract generation projects. You read "Globalizing the Cost of Capital and Capital Budgeting at Aes" in category "Papers" In addition to expanding its line of business profile, it continued its geographic expansion and between 1996 and 1998 the company acquired several large utility companies in Brazil, El Salvador, and Argentina. By this time the company was spending an estimated 80%–85% of its capital investment overseas in places as diverse as Australia, Bangladesh, Canada, Cameroon, The Dominican Republic, Georgia, Hungary, India, Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, Puerto Rico, Ukraine, The United Kingdom, and Venezuela. 2 1 Much of this overview comes from Paula Kepos, ed. , International Directories of Company Histories, Volume 10 (Detroit: St. James Press, 1995), pp. 25–27. 2 Paula Kepos, ed. , International Directories of Company Histories, Volume 53. (Detroit: St. James Press, 1995), p. 17. 2Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 AES in 2002 By 2002, AES was one of the largest independent power producers in the world. (See Exhibits 1, 2, and 3 for AES consolidated financial statements. ) The company was organized around four separate lines of business: Contract Generation, Competitive Supply, Large Utilities, and Growth Distribution. 3 Contract generation In 2002, AES’s Contract Generation business accounted for approximately 29% of AES revenues and consisted of generation facilities, which sold electricity under long-term (five years or longer) contracts. The term of the contracts allowed AES to limit its exposure to volatility in electricity prices. The resulting stable production requirements enabled AES to accurately predict supply needs and enter into similarly long-term agreements for coal, natural gas, and fuel oil, thereby limiting its exposure to fuel price volatility. Facilities varied considerably in size, with plants as small as the 26 MW Xiangci-Cili hydro plant in China to the enormous 10-plant 2,650 MW Tiete hydro complex in Brazil. Competitive supply Accounting for 21% of AES revenues, the Competitive Supply line of business old electricity directly to wholesale and retail customers in competitive markets using shorter-term contracts or daily spot prices. Competitive Supply businesses, sometimes called â€Å"merchant plants,† were highly susceptible to changes in the price of electricity, natural gas, coal, oil and other raw materials. AES’s margin in U. S. dollars was influenced by a host of factors including weather conditions, competition, changes in market regulations, interest rate and foreign exchange fluctuations, and availability and price of emissions credits.Such price volatility had recently damaged several Competitive Supply businesses including the Drax plant in the U. K. , the largest plant in AES’s Competitive Supply fleet. 4 Large utilities By the end of 2002, the Large Utility business included only three major utilities, each in a different country: Indiana Power and Light Company in the U. S. (IPALCO), Eletropaulo Metropolitana Electricidade de Sao Paulo S. A. in Brazil (Eletropaulo), and C. A. La Electricidad de Caracas in Venezuela (EDC). These utilities combined generation, transmission and distribution capabilities and were subject to local government regulation and price setting.All three enjoyed regional monopolies and in total accounted for 36% of AES revenues. U. S. energy regulations had required AES to sell a fourth such company, Central Indiana Light and Power (CILCORP), when AES purchased IPALCO, a sale that was completed near the end of 2002. Growth distribution Growth Distribution businesses offered AES significant potential growth due to their location in developing markets where the demand for electricity was expected to grow at considerably faster rates than in developed countries.However, these businesses also faced notable risks related to operating difficulties, less stable governments, and regulatory regimes, and differing cultural norms regarding basic principles such as payment conventions and safety regulations. Two new Growth Distribution businesses in Ukraine (Kievoblenergo and Rivoblenergo) and one in Cameroon (SONEL) were acquired as recently as 2001. 3 The description for these lines of businesses comes largely from AES’s annual reports; see AES Corporation, 2001 Annual Report (Arlington: AES Corporation, 2002) an d AES Corporation, 2002 Annual Report (Arlington: AES Corporation, 2003). Energy companies typically refer to generation companies not as members of a â€Å"portfolio† but members of a â€Å"fleet. † 3 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES Recent Difficulties AES’s placement in foreign markets as well as poor performance at several new U. S. businesses nearly crippled the company during the global economic slowdown that began in 2001. AES’s market value started to fall slowly in 2001 but fell precipitously in 2002. Having traded for more than $70 per share in October 2000, AES stock hovered around $1 per share in the same month of 2002 (see Exhibit 4).Wall Street began to question the company’s ability to weather the storm, and one analyst wrote, â€Å"It is clear that AES’s current stock price is reflecting the scenario that the company will not survive. †5 The collapse of the stock price and the subsequent $3. 5 billion loss that included a substantial write-off in 2002 were brought on by several factors, the effect of which was amplified by AES’s capital structure. Among these factors were adverse shifts in foreign exchange markets, regulatory policies, and commodity prices; many of these were factors AES could not fully protect itself against.Currency Devaluations During 2001, a political and economic crisis in Argentina brought about a significant devaluation of most South American currencies against the U. S. dollar. In December, the newly elected government abandoned the country’s fixed dollar-to-Argentine-peso exchange rate (1:1) and converted U. S. dollar-denominated loans into pesos. On its first day of trading as a floating currency, the peso lost 40% of its value against the U. S. dollar. 6 By the end of the year, the peso was trading at a rate of 3. 32 pesos to the U. S. dollar and had been as high as 3. pesos. 7 The currencies in Brazil and Venezuela—equally important markets for AES—followed suit, with the Brazilian Real and the Venezuelan Bolivar each depreciating approximately 50% against the U. S. dollar during the same period (see Exhibit 5). As a result, AES recorded foreign currency transaction losses of $456 million in 2002. Several of AES’s subsidiaries in South America defaulted on their debt and were forced to restructure. The debt was nonrecourse to the parent, AES Corporation, so AES was not obligated to service the subsidiary debt.However, the parent company did suffer from cash flow shortfalls as a result of lower-than-expected dividends back from the subsidiaries. The impact of devaluation was increased when foreign businesses were paid in local currency but had obligations to repay debt denominated in U. S. dollars. Adverse Regulatory Changes During the late 1990s, the regulatory agencies in Brazil had failed to produce a market structure sufficiently attractive to encourage domestic construction of new generation assets. Demand exceeded supply, causing shortages. The majority of Brazil’s generation capacity was hydroelectric, and energy deficiencies were exacerbated in 2001 and 2002 by below-average rainfall. In response, the Brazilian regulatory authorities began rationing energy consumption in June 2001. 8 In addition to the loss of sales volume, the decline of the Brazilian real against the dollar triggered a regulatory 5 Ali Agha and Ed Yuen, Banc of America Securities, â€Å"AES Corporation, Analysis of Sales and Earnings,† October 25, 2002, available from The Investext Group, http://www. nvestext. com, accessed July 15, 2003. 6 â€Å"Argentina’s Peso I Expected to Face Pressure This Week,† The Wall Street Journal, January 14, 2002, available from Factiva, http://www. factiva. com, accessed July 7, 2003. 7 AES Corporation, 2002 Annual Report (Arlington: AES Corporation, 2003), p. 38. 8 Ibid. , p. 20. 4 Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 conflict concerning the applicable exchange rate for the real-to-dollar energy-cost pass-through provisions in AES’s contract. In effect, the government of Brazil required AES to purchase energy in dollars while reimbursing the costs using an earlier period exchange rate, which lagged the deflation. In the fourth quarter of 2002, AES took a pretax impairment charge of approximately $756 million on Eletropaulo, one of its major Brazilian businesses. Commodity Prices Decline A 2001 change in the regulatory regime in the U. K. also adversely impacted AES by increasing competition and reducing prices in its generation markets. That, along with an unusually warm winter in the U. K. brought wholesale electricity prices down approximately 30%. 9 These pressures caused several counterparties to default on their long-term purchase agreements. This counterpart risk, coupled with changes in the commodity markets, enhanced the financial pressure on AES facilities, and those that could not sell electricity above their marginal costs were taken off-line or shut down. Above and beyond the currency and regulatory difficulties at AES, the company was forced to take significant impairment charges on unprofitable or discontinued businesses.In 2002, the company took after-tax charges of $465 million on development and construction projects, $301 million on discontinued operations, and a massive $2. 3 billion in asset impairments associated with several large utility and generation businesses. 10 AES Reaction In response to the financial crisis, AES successfully refinanced $2. 1 billion of bank loans and debt securities. The refinancing arrangement came through the day before AES was to pay down $380 million of its outstanding debt. A group of 63 banks and investment funds agreed to provide $1. billion in new loans, and AES secured a two-year extension on another $500 million in notes due in 2002. 11 AES also secured agreements to sell a number of its assets. Total proceeds from the sales were expected to be approximately $819 million. Proceeds from sales in 2003 were expected to be approximately $310 million. 12 Capital Budgeting at AES Historically, capital budgeting at AES was fairly straightforward. When AES undertook primarily domestic contract generation projects where the risk of changes to input and output prices was minimal, a project finance framework was employed.Venerus explained that this framework consisted of a fairly simple set of rules—all nonrecourse debt was deemed good, the economics of a given project were evaluated at an equity discount rate for the dividends from the project, all 9 AES Corporation, 2002 Annual Report, p. 21. 10 Ibid. , p. 37. Eletropaulo. The $2. 3 billion in asset impairment charges included the $706 million after tax impairment charge at 11 â€Å"AES Stock Shoots Up as Refinancing Keeps Bankruptcy at Bay,† The Washington Post, December 17, 2002, available from Factiva, http://www. factiva. om, accessed July 17, 2003. 12 AES Corporation, 2002 Annual Report, p. 36. 5 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES dividend flows were considered equally risky, and a 12% discount rate was used for all projects. In a world of domestic contract-generation projects where most risks could be hedged and businesses had similar capital structures, Venerus felt that this model worked fairly well. Beginning in the early 1990s, with AES’s international expansions, this model of capital budgeting was exported to projects overseas.Early on, the model worked well (as it had with the initial expansion in Northern Ireland), because this project had many of the characteristics of domestic opportunities. Venerus explained that the model became increasingly strained with the expansions in Brazil and Argentina because hedging key exposures such as regulatory or currency risk was not feasible. In addition, the financial structure of a going-concern business like a utility is notably different than that of a limited-lifespan asset like a generating facility. Nonetheless, in the absence of an academic or other alternative, the basic methodology remained intact. Another factor that created fundamental difficulties for transporting this model to overseas settings was the ever-increasing complexity in the financing of international operations. As one example of this, Venerus described how international operations would be evaluated and financed. Exhibit 6 illustrates the typical structure: subsidiary A and B were financed with debt that was nonrecourse to the parent. The subsidiaries’ creditors had claims on the hard assets at the power plants but not on any other AES affiliate or subsidiary.The local holding company, which often represented multiple subsidiaries, also borrowed to finance construction or acquisitions and received equity in the various subsidiaries it held. In addition, the holding company had debt that was nonrecourse to the parent, secured by dividends from the operating company. Finally, AES borrowed once again at the parent level in order to contribute equity dollars into holding companies and subsidiary projects. At the end of 2002, AES had $5. 8 billion in parent company (recourse) debt and $14. 2 billion in nonrecourse debt.Using this subsidiary structure, the parent company received cash flows in the form of dividends from each subsidiary (some of which were holding companies) and, because the structure of every investment opportunity was essentially the same, all dividend flows were evaluated at the same 12% discount rate. This had the benefit of making similar projects seemingly comparable. However, when subsidiaries’ local currency real exchange rates depreciated, leverage at the subsidiary and holding company level effectively increased, and the subsidiaries struggled to service their foreign currency debt.Venerus recalled how the model started to crumble in early international investments: Imagine a real devaluation of 50%. That cuts EBITDA in dollar terms by 50% and coverage ratios deteriorate by more than 50%. The local holding company cannot service its borrowing, and dividends to the parent are slashed. Ultimately the consolidated leverage was well over 80% without any hedging of foreign exchange for any meaningful duration; this is where the model broke down. Venerus’s solution to the problem had to be consistent, transparent, and accessible. He knew his olution would have to account for changes in required returns due to leverage, incorporate some understanding of a project’s risk profile, potentially include country risks, and still provide values that were consistent with market behavior, including trading multiples. Globalizing the Cost of Capital To overhaul the capital budgeting process and evaluate each investment as a distinct opportunity with unique risks, Venerus knew he would have to calculate a cost of capital for each of the many diverse AES businesses. As a starting poi nt, he considered the 15 representative projects shown in 6Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 Exhibit 7a and, using the financial data in Exhibit 7b, he endeavored to derive a weighted average cost of capital (WACC) for each project using a standard methodology: WACC = E D re + rd (1 ? ? ) V V In order to calculate each WACC, Venerus knew he would have to measure all of the constituent parts for the 15 projects: the cost of debt, the target capital structure, the local country tax rates, and an appropriate cost of equity. In order to find the cost of equity, he would first have to estimate a reasonable equity beta.Venerus questioned whether the traditional CAPM model could help him calculate all of the necessary ingredients for AES businesses in emerging markets. He did not advocate the use of a â€Å"World CAPM† where beta measured the covariance of a project’s return to the world market portfolio of equities. AES owned businesses in poorly integrated capital markets, so Venerus feared the use of a World CAPM might yield artificially low costs of capital due to the low (or in some cases negative) correlation of developing economies with the world market.For example, a world CAPM might generate the unreasonable result of a WACC lower than the U. S. risk-free rate due to its negative correlation with the world market portfolio. Similarly, Venerus did not advocate the use of a â€Å"Local CAPM† where beta measured the covariance of a project’s returns with a portfolio of local equities. Countries such as Tanzania or Georgia, where AES had projects, did not have any meaningful equity markets or local benchmarks. Still, he knew he had to find a way to capture the country-specific risks in foreign markets.At a high level, Venerus developed an approach with two parts. First, he calculated a cost of debt and cost of equity for each of the 15 projects using U. S. market data. Second, he added the difference between the yield on local government bonds and the yield on corresponding U. S. Treasury bonds to both the cost of debt and the cost of equity. Venerus believed that this difference or â€Å"sovereign spread† approximated the incremental borrowing costs (and market risk) in the local country. Exhibit 8 summarizes Venerus’s approach.Calculating the Cost of Equity and the Cost of Debt To estimate an equity beta for each project, Venerus first had the Corporate Analysis Planning group take unlevered equity betas from comparable U. S. companies. They averaged the betas to yield one unlevered beta for each of the four lines of business. Since the equity betas reflected not only the market risk associated with each company, but also the differential effects of leverage, the group relevered the equity betas at indicative capital structures for each of the 15 projects using the following equation: levered = ? unlevered E V Using the relevered equity betas, Venerus had the group calculate the cost of equity for each project using the traditional CAPM equation: Cost of Equity = r f + ? rm ? r f ( ) 7 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES Finally, an appropriate cost of debt needed to be calculated. Given the significant regulatory and market changes impacting AES over the previous two years, Venerus decided not to use the historical cost of debt which might reflect market conditions that no longer existed.Instead, he attempted to estimate the return on debt demanded by investors given the cash flow risks of a given project. To do so, he applied the following equation: Cost of Debt = r f + Default Spread The estimation of â€Å"default spread† was based upon the observed relationship between EBIT coverage ratios for comparable energy companies and their cost of debt (shown in Exhibits 9a and 9b). The group estimated the appropriate EBIT coverage ratio for each project given its volatility of cash flows and leverage. Then, using the observed relationship, they assigned the commensurate cost of debt.For example, a project with a target EBIT coverage ratio of 3. 0x was assigned a default spread of approximately 300 bp. Adding the Sovereign Spread13 Before plugging the cost of equity and cost of debt into the WACC equation, Venerus wanted to account for country-specific market risk. He believed that risk could be captured in the difference between local government bond yields and the corresponding U. S. Treasury yields, or the â€Å"sovereign spread. † Thus, he added the spreads found in Exhibit 10 to both the cost of equity and cost of debt and used those values to generate a WACC for each project.WACC Adjustments for Unsystematic Risk Venerus knew the above CAPM-based sovereign spread approach could provide AES with a useful WACC reflecting the systematic risk associated with each project according to its local market. However, was the approach reasonable in developing markets where access to capital was limited and information was less than perfect? Venerus believed that company-specific risk could not be easily diversified away in such markets. Moreover, AES—as an â€Å"investor† looking for potential projects—could not diversify in the same way a portfolio manager might diversify.Perhaps most importantly, Venerus was concerned that calculating expected cash flows by a probability-weighted average of various outcomes would be extremely difficult, if not impossible, to do accurately or consistently across the entire AES portfolio, even without the urgency of his present task. He felt budgeted cash flows would be more readily available. Thus, he believed the appropriate discount rate for AES businesses should account for some level of project-specific risk. Even if expected cash flows were available, Venerus felt that some degree of project-specific risk deserved consideration.Venerus illustrated his point with an example: Consider two hydro plants in Brazil that are identical in every respect except the hydrological risk of the rivers that feed them. Both plants have the same probability-weighted expected value cash flows. The hydrology of plant #1 produces cash flows that can vary by plus or minus 50% in a given year. The hydrology of plant #2 produces cash flows that can vary by plus or minus 10% in a given year. If both these plants are financed with 100% equity and pay no taxes, CAPM tells us that these plants are worth the same amount.That, to me, is unconvincing. 13 Also referred to as the â€Å"country spread model† or the â€Å"Goldman Model. † See Jorge O. Mariscal and Rafaelina M. Lee, Goldman Sachs, â€Å"The Valuation of Mexican Stocks: An Extension of the Capital Asset Pricing Model,† 1993. 8 Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 In order to compensate for this â€Å"undiversifiable project-specific risk,† the Corporate Analysis Planning group created a risk scoring system designed to supplement the initial cost of capital. First, seven categories of project-level risk were identified.Each category was ranked and weighted according to AES’s ability to anticipate and mitigate certain risks. For example, because AES was unable to hedge changes in currencies in certain markets, â€Å"currency risk† received a high weight and rank. In contrast, AES felt it could control for most technical or plant-related problems and, as such, â€Å"operational risks† received a relatively low weight. See Exhibit 11 for the seven risks and examples for each. Second, projects were graded on their level of exposure to the seven categories of project risk.For each category, a project was assigned a grade between 0 (lowest exposure) and 3 (highest exposure). Next, the grades were multiplied by the respective weights and the seven categories added together to yield a single business-specific risk score. For example, Table A shows how the Lal Pir project, a contract generation business in Pakistan, might be assigned grades that translated into a businessspecific risk score of 1. 41. Table A Risk Score Calculation for Lal Pir Project Grade for Lal Pir 1 1 2 0 1 2 2 Risk Scores (grade x weight) 0. 035 0. 070 0. 210 0. 00 0. 180 0. 430 0. 500 1. 425 Categories of Risk Operational/Technical Counterparty Credit/Performance Regulatory Construction Commodity Currency Contractual Enforcement/Legal Sum of individual scores = business-specific risk score Source: Company document (actual assessments disguised). Weight 3. 5% 7. 0% 10. 5% 14. 5% 18. 0% 21. 5% 25. 0% Finally, the business-specific risk scores were used to calculate an adjustment to the initial cost of capital. The lowest business-specific risk scores (score = 0) received no adjustment to the calculated cost of capital.For projects with the highest business-specific risk scores (score = 3), the cost of capital was increased by 1500 bp. The relationships between business-specific risk scores and adjustments to the cost of capital were linear. Thus, a business-specific risk score of 2 would yield an adjustment to WACC of 1000 bp, and a business-specific risk score of 1 would yield an adjustment of 500 bp. 14 Preparing for the Board Venerus reviewed his methodology and considered the mandate he had received from the board. In order to refine the capital budgeting process at AES, he ad to devise a coherent and practical way to define cost of capital in all of AES’s international markets. In his own mind, he went over the steps 14 AES also considered a more complicated non-linear algorithm to generate the WACC adjustment from the business-specific risk score. 9 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES in his process: calculate the cost of equity and the cost of debt using U. S. market data, add the sovereign spread to each, calculate WACC using a target capital structure, and finally, add a business- specific risk adjustment to WACC. Still, questions lingered in his mind. He reviewed the project cash flows for the AES Lal Pir contract generation plant in Pakistan presented in Exhibit 12 as a way of gauging the effect of his new methodology. In doing so, he considered the differences in value created by each of the adjustments to the discount rate. Was his discount rate an actual representation of the risk associated with the project? Did it yield the correct value? More generally, did the sovereign spreads accurately capture the market risk specific to a given country?Had he used the appropriate risk categories and suitable weights to reflect AES’s appetite for risk? It was time for him to decide. Should he move forward with the addition of the business-specific risk score or should he simply use the traditional sovereign spread model? The board’s reaction was impossible to predict. What if the results were inconsistent with observable trading multiples? Would they accuse him of creating an over-com plicated method, or would they applaud the new technique as a pragmatic way to calculate the cost of capital in an international context? 0 Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 Exhibit 1 AES Consolidated Income Statement 2002 $4,317 4,315 8,632 (3,627) (3,086) (6,713) (112) (2,031) 312 219 (87) (1,600) (612) (456) (203) (2,651) (27) (34) (2,590) (573) (3,163) (346) $(3,509) 2001 $3,255 4,390 7,645 (2,416) (3,052) (5,468) (120) (131) (1,575) 189 116 (65) 18 (30) 176 755 206 103 446 (173) 273 $273 2000 $2,661 3,545 6,206 (2,093) (2,210) (4,303) (82) (79) (1,262) 201 51 (52) 143 (4) 475 1,294 368 120 806 (11) 795 $795Amounts in millions except per share figures Revenues Regulated Non-regulated Total revenues Cost of sales Regulated Non-regulated Total cost of sales SGA expenses Severance and transaction costs Interest expense Interest income Other income Other expense (Loss) gain on sale of investments and asset impairment expense Goodwill impairment exp ense Foreign currency transaction loss Equity in pre-tax (loss) earnings of affiliates (Loss) income before income taxes and minority interest Income tax (benefit) expense Minority interest (income expense) (Loss) income from continuing operations Loss from operations of dicontinued businesses (net of income tax benefit of $90, $10 and $5, respectively) (Loss) income before cumulative effect of accounting change Cumulative effect of change in accounting principle (net of income tax benefit of $72) Net (loss) income BASIC (LOSS) EARNINGS PER SHARE (Loss) income from continuing operations Discontinued operations Cumulative effect of accounting change Basic (loss) earnings per share Source: $(4. 81) $(1. 05) $(0. 65) $(6. 51) $0. 84 $(0. 32) $$0. 52 $1. 67 $(0. 01) $$1. 66 AES Corporation, 2002 Annual Report (Arlington: AES Corporation, 2003). 11 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES Exhibit 2 AES Consolidated Balance Sheet 002 $780 211 1,264 384 218 1,492 4,349 194 23,050 (4,204) 18,846 1,403 8,984 33,776 2001 $802 215 1,137 468 215 1,855 4,692 3,031 21,127 (3,015) 18,112 2,433 8,544 36,812 2000 $950 1,297 1,566 569 1,193 209 5,784 3,122 21,874 (2,632) 19,242 2,248 2,642 33,038 1999 $669 164 936 307 327 184 2,587 1,575 14,210 (763) 13,447 1,904 1,367 20,880 1998 $491 35 383 119 155 71 1,254 1,933 6,029 (525) 5,504 1,490 600 10,781 Amounts in millions, as of December 31 ASSETS Cash Equivalents Other Short-Term Investments Accounts Receivable Inventory Prepayments Advances Other Current Assets Total Current Assets Long-Term Investments Property Plant Equipment Accum Depr. Amort. Property Plant Equipment, Net Goodwill/Intangibles Other Long-Term Assets Total Assets LIABILITIES SHAREHOLDERS’ EQUITY Accounts Payable Short-Term Debt Curr.Long-Term Debt and CLOs Other Current Liabilities Total Current Liabilities Long-Term Debt Total Long-Term Debt Deferred Taxes Other Long-Term Liabilities Total Liabilities Stockholder’s Equity Common Stock Additional Paid in Capital Retained Earnings Treasury Stock Other Equity Total Shareholders’ Equity Total Liabilities + Shareholders’ Equity Shares Outstanding Source: â€Å"AES Annual Balance Sheet,† http://www. onesource. com. December 1,139 3,341 2,031 6,511 17,684 17,684 981 8,941 34,117 727 2,449 1,752 4,928 17,406 17,406 627 8,312 31,273 743 2,462 1,834 5,039 17,382 17,382 1,863 3,212 27,496 381 1,216 973 2,570 12,136 12,136 1,787 1,750 18,243 215 1,413 348 1,976 5,791 5,791 268 952 8,987 6 5,312 (700) (4,959) (341) 33,776 558 2003, 5 5,225 2,809 (2,500) 5,539 36,812 533 available from 5 5,172 2,551 (507) (1,679) 5,542 33,038 509 OneSource 4 2,615 1,120 (1,102) 2,637 20,880 414 1,243 892 (343) 1,794 10,781 361 Services, Information 12 Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 Exhibit 3 AES 2002 Revenues by Line of Business and Geographic Region Line of Business $1,180 $3,137 Large Utilities $1,837 Contract Generation Competitive Power Supply Growth Distribution $2,478 Geographic Region $1,568 $2,783 South America North America Europe/Africa $1,739 Carribean $2,091 Source: AES Corporation, 2002 Annual Report. 13 204-109 Globalizing the Cost of Capital and Capital Budgeti ng at AES Exhibit 4 AES Stock Price History, March 1996 through December 2002 $80. 00 $70. 00 $60. 00 $50. 00 $40. 00 $30. 00 20. 00 $10. 00 $12/1/96 12/1/97 12/1/98 12/1/99 12/1/00 12/1/01 12/1/02 3/1/96 6/1/96 9/1/96 3/1/97 6/1/97 9/1/97 3/1/98 6/1/98 9/1/98 3/1/99 6/1/99 9/1/99 3/1/00 6/1/00 9/1/00 3/1/01 6/1/01 9/1/01 3/1/02 6/1/02 9/1/02 Source: Note: Created by casewriter. Stock prices adjusted for splits. 14 Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 Exhibit 5 Selected South American Exchange Rates (2001–2002) (local currency per U. S. dollar) 4. 0 3. 5 3. 0 2. 5 2. 0 1. 5 1. 0 0. 5 Jan-01 May-01 Brazilian Real (left) Source: Bloomberg LP. 1,600 1,400 1,200 1,000 800 600 400 200 Sep-01 Jan-02 May-02 Sep-02 Venezuelan Bolivar (right)Argentine Peso (left) 15 204-109 -16- Exhibit 6 Typical Structure of an AES Investment AES Parent Corporation Assets Liabilities US Bank Debt Equity subsidiary Equity holding co. Corporate Debt Local AES Holding Company Assets Liabilities $-denominated debt Equity subsidiary (non-recourse to parent) AES Subsidiary A Assets Liabilities Fossil fuel power plant $-denominated debt (non-recourse to parent) AES Subsidiary B Assets Liabilities Hyrdo power plant $-denominated debt (non-recourse to parent) Source: Company documents and casewriter analysis. 204-109 -17- Exhibit 7a Risk Scores AES Project Data Line of Project Description Spread 3. 57% 8. 3% 3 3 Spread 300 MW gas fired combined cycle plant currently under construction 30 km east of Santo Domingo 123 MW hydroelectric power plant located on the San Juan river in western Arg entina Largest coal-fired power station in western Europe. It can produce enough electricity – about 4000 MW- to meet the needs of approximately four million people Distribution company that serves a population of 14 million in Sao Paulo 277 MW fossil fuel plant located in Tocopilla, 1500 km north of Santiago 360 MW gas turbine facility located 25 kilometers southeast of Dhaka, capital of Bangladesh 600 MW coal fired power plant 337 MW coal fired power plant 210 MW Oil-fired facility supplying the capital city of Santo Domingo Joint Venture with the Government of Orissa. Two 210 MW P. C. oal-fired units Oil fired 140 MW cogeneration facility – under contracts of up to 10 years, electricity, steam, compressed air, dematerialized water and nitrogen to three chemical facilities adjacent to the plant 832 MW natural gas-fired plant Distribution Company serving 380,000 customers Distribution Company serving Tbilisi, the capital of Georgia. 600 MW gas-fired combined cycle power plant 7. 9% 25. 0% 23% 35. 1% 28. 7% 25% 32. 9% 0. 0% 33. 3% 2. 5x 17. 0% 35. 2% 2. 5x 4. 34% 34. 0% 30. 0% 3. 5x 2. 89% 0. 0% 29. 5% 3. 0x 3. 57% 0. 00% 35. 0% 40. 8% 3. 0x 3. 57% 16. 25% 3 25. 0% 35. 1% 3. 0x Tax Rate Debt to Cap. Coverage EBIT Default Sovereign Construction Operation/ Technical Regulatory Currency Counterparty Contract enf. / Legal 3 3 3 3 2 2 2 2 2 2 3 3 1 3 1 1 1 1 1 1 2 2 1 2 2 1 2 3 3 3 3 3 2 3 2 1 3 3 1 2 1 3 3 3 3 3 3 2 3 Andres Dominican Republic CG Caracoles Argentina CS 2 DraxUnited Kingdom CS – 2 Eletropaulo Brazil LU 8. 93% – 1 Gener Chile CG 1. 73% – – Haripur Bangladesh CG 4. 34% 5. 23% 2 – Kelvin South Africa CG 2. 5x 3. 0x 4. 0x 4. 34% 3. 57% 1. 85% 3. 14% 9. 90% 8. 93% 1 – 1 3 Lal Pir Pakistan CG Los Mina Dominican Republic CG OPGC India CG 30. 4% 3. 0x 3. 57% 3. 60% – 1 Ottana Italy CS 35. 0% 42. 5% 2. 5x 4. 34% 0. 14% – – Red Oak USA CG 37. 5% 30. 0% 20. 0% 34. 0% 39. 5% 36. 5% 26. 1% 32. 2% 3. 0x 2. 5x 4. 0x 4. 0x 3. 57% 3. 57% 1. 85% 1. 85% 0. 00% 9. 98% 9. 98% 8. 93% – 2 2 – Rivnoblenergo Ukraine GD Telasi Georgia GD Uruguaiana Brazil CG Source: Company document. Project descriptions taken from http://www. aes. om/businesses/default. asp. Commodity 3 1 3 2 2 1 1 3 2 3 2 Business / Project Country Business 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES Exhibit 7b AES Selected Financial Data Select Financial Information 10-Year U. S. Treasury Bond U. S. Risk Premium Unlevered Equity Betas by Line of Business Contract Generation Large Utility Growth Distribution Competitive Supply 4. 5% 7. 00% 0. 25 0. 25 0. 25 0. 50 Source: Company document. Exhibit 8 Summary of WACC Calculations for AES Step 1. Calculate unlevered equity beta. 2. Relever equity betas at target capital structure. 3. Calculate cost of equity for each AES business.Required Information †¢ †¢ †¢ †¢ †¢ Betas at comparable U. S. companies Target capitalization ratios Risk-free rate Equity risk premium Relevered equity beta Risk-free rate Default spread Approach Unlever and average equity betas for comparables in each AES line of business Estimated by project using cash flows to calculate desired EBIT coverage 10-Year U. S. Treasury Note Long-term avg. difference between SP 500 and U. S. Treasuries 10-Year U. S. Treasury Note Observed relationship between EBIT coverage ratios for comparable companies and their costs of debt The difference between local government dollardenominated bond yields and the corresponding U. S.Treasury Note 4. Calculate the cost of debt. †¢ †¢ 5. Add country specific risk to the cost of debt and cost of equity. †¢ Local sovereign spread Source: Company document and casewriter analysis. 18 Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 Exhibit 9a EBIT Coverage Ratios and Default Spreads 25. 0x 12. 0% 20. 0x 10. 0% 8. 0% 15. 0x 6. 0% 10. 0x 4. 0% 5. 0x 2. 0% Baa1 Baa2 Baa3 Caa1 Caa2 Caa3 Ba1 Ba2 Ba3 B1 B2 Aa1 Aa2 Aa3 A1 A2 Aaa A3 B3 – EBIT Coverage Ratio Source: Company documents. Default Spread 19 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES Exhibit 9b EBIT Coverage Ratios and Default SpreadsCredit Rating Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 EBIT Coverage Ratio 21. 1x 15. 1x 10. 9x 8. 1x 6. 3x 5. 2x 4. 6x 4. 2x 3. 9x 3. 6x 3. 2x 2. 6x 1. 9x 1. 0x 0. 8x 0. 6x 0. 4x 0. 1x 0. 1x Default Spread 0. 2% 0. 3% 0. 4% 0. 6% 0. 7% 0. 9% 1. 2% 1. 5% 1. 9% 2. 3% 2. 9% 3. 6% 4. 3% 5. 2% 6. 2% 7. 4% 8. 6% 10. 0% 11. 4% Source: Company documents. 20 Globalizing the Cost of Capital and Capital Budgeting at AES 204-109 Exhibit 10 Credit Ratings and Sovereign Spreads Used by AES US (AAA) Australia (AAA) Bahamas (n/a) Canada (AAA) UK (AAA) Italy (AAA) Spain (AAA) Netherlands (AAA) Hungary (A-) Chile (A-) Qatar (A-)Czech Republic (A-) Mexico (BBB) China (BBB) Oman (BBB) South Africa (BBB-) India (BB) Bangladesh (n/a) Sri Lanka (n/a) El Salvador (BB+) Kazakhstan (BB) Panama (BB) Brazil (BB) Dominican Republic (BB-) Bolivia (B) Georgia (n/a) Pakistan (B) Ukraine (B) Venezuela (CCC+) Argentina (D) Cameroon (n/a) Nigeria (n/a) Tanzania (n/a) Uganda (n/a) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Source: Company document; Standard and Poor’s and Lehman Brothers. 21 204-109 Globalizing the Cost of Capital and Capital Budgeting at AES Exhibit 11 Project Specific Risk Categories and Weightings Risk Category Operational Example An AES plant may fail to operate at capacity or fail to produce sufficient electricity to meet contractual obligations. AES has offtake agreements that—like futures and other derivative instruments—require credit; the counterparty may either fail to post additional collateral as required or fail to pay. Contract settlement processes in a foreign country may change after AES has made investments in a generation facility. Regulatory agencies may choose not to adjust rates for a utility after inflation goes up or other market dynamics change. Construction of a specific plant is complete but the plant may not perform they way it is supposed to (the heat rate is too high, the output too low, the availability too low, etc. ). Prices of coal, oil, or other fuels may spike. How to cite Globalizing the Cost of Capital and Capital Budgeting at Aes, Papers

Annonated Bibliography free essay sample

The author explains how hip-hop artists can not only use their none to buy big houses and cars but also invest into business that would show good examples to their fans; it would therefore create job opportunities. Wade explains how some Of the money earned can be invest in big companies as Energy, Technology, or in job training that would help the lower class as more rooms would open. He believes during all these big award ceremonies artists should acknowledge those between them that contribute in the expansion of the country and encourage other to get involved.He states that if people are willing to spend money to look like hem, they would surely see no issues in wanting to get up and do something that would actually define them instead of following someones dream. This essay answers the questions I have regarding the economical perspective hip-hop might have on our society and how artists can give back to the society that allows and encourages them to live their dreams. What I dont really understand is the concept why artists would feel the urge to help the economy. Is our government not good enough to handle it? Sagging, Kathy. Researcher cites negative influences of hip-hop. Pittsburgh Post-Gazette 13 June 2008: n. Gag.Pittsburgh Post-Gazette In this magazine, the author explains the negative effects hip-hop has on the society and states his blast with strong argument. More kids are taking the messages convey In this music as motto or determination In life that dont even apply to real life says the author. He explains how hip-hop tarnishes the Image of girls as brainless with a nice body. Also, they appear with provocative clothes that basically ask girls to dress less in order to get some attention. In addition, Sagging thinks that looking at he sexual imagery convey trough the videos really impacts the functioning of girls.This article takes a different perspective on hip-hop. At the beginning of the article, the author do acknowledge the fact that hip-hop is considered bad for the directed to the general audience and has for purpose to show the good side of hip- hop on our teens. The author is definitely an advocate of hip-hop. He describes the hip-hop as a unifier of diverse populations when it all started here in the United States. In addition, he accentuates the fact that hip-hop has help teens to be aware f the conditions they face in society and enable them to discuss ways in which they can make a positive change in society.This article is relevant to me because not only it has good positive effects of hi-hop but also greatly balances it with the negative facts people only choose to see. This article will definitely help me in my paper because its full of solid arguments I need to backup this perspective of the paper. I will also be presenting the contrasts the author establishes between the positive and negative effects of hip-hop to convey a certain idea in my paper.

Hospice Сare in the United States

Table of Contents Introduction Hospice care Conclusion References Introduction Hospice care is a type of care that focuses on provision of humane and compassionate care for people who have life-limiting illnesses that no longer responds to treatments.Advertising We will write a custom essay sample on Hospice Ð ¡are in the United States specifically for you for only $16.05 $11/page Learn More This type of care is given to them so that they might live the last phases of their lives as comfortable as possible. Hospice care is a philosophy care that takes the viewpoint that accepts death as a life’s final stage.Practicing hospice care has a specific goal in helping patients in leading pain-free lives of their last days as possible. Hospice care is a family-centered since the family members of the patient are involved in making decisions throughout the process. Hospice care gives patients palliative care, which is a type of treatment that only rel ieves a patient off the symptoms of the disease with main purpose being improving the patient’s quality of life (Hospice Foundation of America, 2011). Hospice care The United States is a good example of a country where hospice care is well developed. Establishment of Hospice care in the United States was in the year 1974 and its development was in New Haven. Today hospice programs in the United States have grown to a huge number of about 4,700 programs. The hospice programs in the United States majorly aims at making patients last days comfortable and dignified. A team of specially trained professionals, family members and volunteers does provision of hospice care. Hospice care generally deals with emotional, spiritual and social impact of the patient’s disease. Lastly, hospice care in the United States provides a variety of counseling and bereavement services to the family members. This is applicable before and after the death of a patient.Apart from the United States practicing hospice care, two other countries, which utilize hospice care, are Thailand and Australia (Hospice Foundation of America, 2011). Hospice care in Thailand began in the 1980s. Previously, patients had to be cared for in hospitals or private residences. In comparison, Hospice care in Thailand consists of inpatient hospice services and outpatient homecare services. In giving hospice care, it is notable that most of the care of about 90% given to patients happens at home.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The difference that is there in Thailand is that provision of hospice care at home and hospice centers are different in that services at the hospice centers are inpatient. In Thailand, hospice services do not cover bereavement services as in the case of the United States where the service lasts for about 6 months or up to 1-year period. Hospice and homecare services in Thailand are twoseparate entities (Yaowarat Aud,2009). In Australia, Hospice care establishment started in 1990. The hospice care in Australia differs slightly with the one provided in the United States and Thailand. The main difference being that, hospice care offered in Australia caters for the patient’s grief needs and the needs of the family members of the patient (Palliative Care Australia, 2011). The similarities that exist between the countries mentioned above that provide hospice care services are that hospice care in all the countries is collaborated by a team of professionals. The team comprises of staff or volunteers who undergo training in specialized knowledge of medical care that is inclusive of pain management. Secondly, the main goal of hospice care in all of the countries is the alleviation or control of pain and symptoms of the disease. Thirdly, hospice care in all the countries mainly focuses on how to deal with the emotional, social and spiritual impacts the patients disease. Conclusion As the patchwork of hospice careservices continues to grow, developments of imaginative models are vital meeting the needs of localpeople worldwide. In many instances, establishment of these services is through prompting ofvisionary individuals and like-minded pioneers,sometimes with meager resources, yet united bythe common aim of providing better care for dyingpeople. However, much morework needs to be done to ensure that the numberof people who have access to hospice careincreases(Hospice Foundation of America, 2011). References Hospice Foundation of America. (2011) End-of-life care resources for professionals, patients and families. Retrieved from https://hospicefoundation.org/ Palliative Care Australia. (2011). About Palliative Care Australia. Retrieved from https://palliativecare.org.au/about-pcaAdvertising We will write a custom essay sample on Hospice Ð ¡are in the United States specifically for you for only $16.05 $11/page Learn More Yaowarat, M. Aud, M. (2009). Hospice Care: A Cross-cultural Comparison between the United States and Thailand.Journal of Hospice and Palliative Nursing, 11, 262 – 268. Retrieved from https://forum.thaivisa.com/topic/330570-hospice-in-thailand/ This essay on Hospice Ð ¡are in the United States was written and submitted by user Mira E. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Spirituality in the Workplace

Spirituality in the Workplace Introduction General Overview The interest in organizational spirituality partially derives from the necessity to balance organizational performance and to improve the codes of ethics within an organization. Specifically, a growing attention to the workplace spirituality allows people to construct and sustain fundamental values at work and facilitate various management operations and practices.Advertising We will write a custom essay sample on Spirituality in the Workplace specifically for you for only $16.05 $11/page Learn More Appeared in 1990s, this domain of organizational ethics has captured the attention of the leading theorist examining management and workplace environment (Giacalone and Jurkiewicz, 2010, p. 27). In particular, contemporary researchers are primarily dedicated to the analysis of spirituality with regard to organizational performance and relationships between the employers and their employees. One way or another, this theoretical framew orks provide promising perspectives for successful development and advancement of company’s philosophies and values allowing to adjust to social and cultural changes. In this regard, there is a growing necessity to study various dimensions of workplace spirituality to define how they influence organizational performance, ethical behavior, and overall atmosphere within an organization. Defining Spirituality in the Workplace So far, spirituality was not considered in relation to work and business and organizational workplace could be compared with oxymoron. However, since 1990 and several decades after, a dramatic interest in the examination of this term as an inherent component in understanding organizations and management provide a solid ground for providing a new definition of spirituality. Manz and Neal (2005) provide the following explanation: â€Å"Spirituality in the workplace is about people seeing their work as a spiritual path, as an opportunity to grow personally an d to contribute to society in a meaningful way. It is about learning to be more caring and compassionate with fellow employees, with bosses, with subordinates and customers. It is about integrity, being true to oneself, and telling the truth to others. Spirituality in the workplace can refer to an individual’s attempts to live his or her values more fully in the workplace.† (p. 121)Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Analyzing this meaning, organizational spirituality touches upon various dimensions of employed environment such as organizational ethics, organizational performance, integrity, cultural diversity, and psychological factors in relations between managers and their subordinates. Literature Synthesis: Elements of Organizational Spirituality Spirituality and organizational performance The introduction of spirituality and virtuous approaches to bu siness management is largely predetermined by the necessity to increase organizational performance, productivity, and revenues. In this regard, a wide range of researches and reports are dedicated to the analysis of these relations. Cavanagh and Bandsuch (2002) question, â€Å"how does [spirituality] maximize the benefits and minimize the problem of spirituality in the workplace† or â€Å"how does one best judge whether a particular spirituality is ‘appropriate’ for the workplace†(p. 109). In this regard, the scholars pay attention to the fact that spirituality contributes greatly to improving cooperation and motivation. More importantly, they believe that spirituality positively affects organizational performance and productivity thus dictating a person-oriented approach to human resource management. The same position is held by Collins (2010) who also believes that spirituality in the workplace is the main condition for achieving impressive financial per formance and productivity and for striking the balance between company’s goals and ethical and spiritual behaviors within an organization. In particular, the scholar provides an original approach for proving that ethics and ethical codes, ethical decision making, and diversity training are closely correlated with performance analysis. More importantly, the research carried by Collins (2010) provides evidence that proper management of organizational spirituality will lead to the improvement of quality of goods and services and facilitates spiritual development and growth. Examinations of relation of spirituality to organizational efficiency and performance have also been proved by Karakas (2010). Specifically, the researcher has managed to successfully outline the main factors affecting high productivity and organization’s prosperity.Advertising We will write a custom essay sample on Spirituality in the Workplace specifically for you for only $16.05 $11/page Learn More The researcher believes that a successful performance is based on three factors: employee’s welfare and living standard, employees’ motivation and incentives, and employees’ interaction with community. All these factors are effectively enhanced by spirituality. Kolodinsky et al. (2008) have proved the research question provided by Karakas (2010). However, the researcher are more focused on the structuring the main elements of spirituality believing that it should be views through the prism of individual, organizational and interactive aspects. Milliman et al. (1999) agree with this idea that the introduction of the organizational spirituality triggers the increase of company’s profits and provides new incentives and motivation for employees to work harder and more efficiently. With regard to the considerations presented above, it should be stressed that all the researchers have provided completely different positions toward the c onnection between spirituality and organizational performance. Nevertheless, all of them emphasize the importance of spirituality penetration to the workplace. Spirituality and organizational ethics The fact that spirituality and ethics are closely interconnected is undeniable. This is obvious when it concerns the world of business and organizational management, which is another dimension of social world. Therefore, there are plethora of researchers and explorations that provide exhaustive information about codes of ethics, organizational ethics, personal development and how they are connected with spirituality in the work place. Sheep (2006) sufficiently explains two important factors – spirituality in the workplace and ethical dilemmas – with regard to the overall atmosphere within an organization. In particular, the researcher believes that harmonic co-existence of several ethical climates will not provide serious problems, but they can trigger ethical misconception s within differently oriented working teams. In order to eliminate and to prevent such dilemmas, the researcher pays attention to â€Å"quiet desperation† and the problem of instrumentality (Sheep, 2006, p. 538). What is more important, Sheep (2006) suggests a comprehensive approach to solving the problems.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Specifically, he refers to instrumentality, societal good, and individual fulfillment as the main pillars for striking the balance between ethical issues and organizational spirituality. The same view is held by Manz and Neal (2008) who believe that â€Å"[w]hile virues offer a blueprint for ideal ethical and moral workplace conduct, the realities of the market are often largely in opposition to these lofty intentions† (p. 131). The researchers also suggest that performance can often encounter the problems of spirituality and virtue formation because such aspects as compassion and integrity can conflict with high productivity. In contrast to Sheep’s suggestions, Pawar (2009b) provides a completely different view on the consideration of spirituality and ethical issues. Unlike previous statements, the researcher does not refer to spirituality in the workplace as to the cornerstone for constructing and adapting ethical codes, but as to the basics of organizational ethics. Like Kolodinsky et al. (2008), Pawar (2009b) offers a three dimensional approach to the evaluation of various techniques for facilitating spirituality in the workplace. These dimensions touch upon personal, group, and organizational viewpoints on the connection between spirituality and ethics. Judging from the above assumptions and evidence, the connection of spirituality and ethics in relation to organizational performance is quite controversial. Therefore, this concept should be carefully considered before introduced in the working environment. Spirituality, religion, and social interaction in the business world The contradictions derived from considering organization spirituality are largely connected with wrong understanding of this definition. The problem is that religion and spirituality are closely interconnected because religion can be considered as the main source of spirituality (Manz and Neal, 2008, p. 121). However, this is only one of the basic components included in t his definition which are not properly revealed and explained. Therefore, it is imperative to understand the differences between those terms because there are people are spiritual enough, but do not belong to any of the known religions. Some researchers believe that spirituality in the workplace does not presuppose religion as its main component (Pavlovich and Corner, 2009). The scholars insist on the idea that organizational spirituality identifies various techniques for consolidating and connecting employees. More importantly, Pavlovich and Corner (2009) provide comprehensive models for analyzing environmental and social issues and connect spirituality management with ecological levels. In the studies provides by Pawar (2009a), there is no mentioning about religion as the basic precursor of workplace spirituality. Instead, the scholar provides that this phenomenon is constructed on the basis of self-interest transcendence, organizational behavior, transformational leadership, proce dural justice, and organizational support. Being the main concepts of organizational behavior, spirituality, thus, is presented as a component of organizational ethics where religion cannot be considered, or should be presented apart from business ethics. In order to separate religion from spirituality it is necessary to consider several dimensions these two aspects encounter. According to Hill and Smith (2003), religion is more community focused while spirituality tend to be more individualistic; religion is more observable, measurable, and objective while spirituality is less visible and quantifiable and more objective†¦.religion tend to be behavior-oriented with an emphasis on outward practices while spirituality tend to be more emotionally oriented and inwardly directed;†¦and religion is more oriented toward doctrine, especially that which distinguishes good from evil while spirituality stresses harmony and unity and is less concerned with doctrine (p. 233). With regar d to these distinctions, it is possible to conclude that spirituality and religion create a two-polar opposition where the coincident point can be observed in case emotional and inward states of an individual are based on religious concerns only. Alternatively, considering spirituality and religious are homogenous terms can lead disorganization and misconception of the established theories and approaches. In particular, according to Hicks (2003) spirituality should be presented in the opposition to religion; otherwise, it can create negative connotations in the employed environment. Therefore, spirituality should be set prior to religions to avoid frictions and conflicts in the workplace. Summing up the presented evidence, spirituality in the workplace is based on numerous aspects and influences among which are organizational behavior, leadership, organizational ethics, self-interest transcendence, and religion. It should be emphasized that the latter provokes numerous controversies because it is often confused with the spirituality in the workplace. Hence, the analysis of differences and peculiarities has revealed that religion may serve as a component of organizational spirituality, but it does not provide fundamental conceptions for constructing business ethics. Discussion and Findings An in-depth examination and assessment of the presented sources have infused several valuable assumptions and findings concerning different dimensions of spirituality in the work place. This specifically relates to the ethical dilemmas in the business environment, strategies for handling an organizational behavior, factors affecting an organizational performance and productivity, and the main elements of spirituality. In addition, the definition and explanation of the term has also been identified. To begin with, the literature analysis has provided several discoveries concerning organizational spirituality and performance. Specifically, it has been found that the majority of the researchers (Cavanagh and Bandsuch, 2002; Collins, 2010; Karakas, 2010; Kolodinsky et al., 2008; Milliman, 1999) agree with the assumption that this aspect positively influences company’s performance and employees’ performance because meeting workers’ spiritual and ethical requirements provides more incentives and more solid motivations for working harder. Second, there are some difficulties in defining the relations between spirituality and ethical issues due to some reasons. Hence, it has been found that such controversy is predetermined by various theoretical orientations of both terms with regard to organizational management. Hence, spirituality is more individual oriented, it provides subjective outlooks and positions that should be tackled carefully by organization (Sheep, 2006; Manz and Neal, 2009; Pawar, 2009). More importantly, it is more connected with cultural and emotional diversities that are sometimes difficult to adjust because they may contr adict some established conceptions within an organization. In contrast, organizational ethics is more concerned with inventing some integral and universal concepts that could contribute to establishing favorable working environment and to meeting high levels of performance and productivity. Third, religion and spirituality are not identical notions, specifically with regard to organizational ethics and behavior. Certainly, both spirituality and religions have similarities if considering them apart from the business world. But within it, spirituality prevails where religion may be included only as one of the components along with leadership, organizational behavior, self-interest transcendence (Hill and Smith 2003; Hicks, 2003). At the same time, businesses should treat religion carefully cultivating tolerance and respect being the basic of cultural considerations. All it can be seen spirituality involves a plethora of complicated issues and dilemmas that are carefully studied and co nsidered at interdisciplinary level. This also implies that organizational spirituality is, indeed, crucial for constructing efficient strategies in the field of human resource management and organizational ethics. Limitations to the Presented Literature The majority of the selected scholarly works provides positive perspectives and connotations for introducing organization spirituality. However, little research has been done to analyze the reasons and negative outcomes of implementing spirituality in the workplace. Mostly all reviewed works relate to the analysis of spirituality from the viewpoint of organizational ethics. Specifically, the point is that this notion is not considered as a separate concept, but inherently affiliated to ethical and cultural considerations. Another explicit gap presented in the researches is absence of sufficient models for implementing spirituality in the workplace with regard to psychological factors and professional growth issue. Rather, the introd uction is primarily aimed at improving organizational productivity and performance. Consequently, there is a great distinction between spirituality in the workplace and that presented in the community. The latter is closely associated with individuals’ religious concerns rather with inward emotional state. Finally, there are no accurate studies dedicated to the measurement of spirituality with regard to different organizations. In particular, irrelevant identification of spiritual goals and approaches can lead to theories ethical conflicts. Therefore, it is necessary to expand the meaning of organizational spirituality to keep pace with recent cultural, social, and political changes. This can serve as serious reasons for further researchers in this field. Conclusion The spirituality in the workplace is connected with a wide range of disciplines and studies. Specifically, this notion concerns such areas as human resource management, business ethics, and organizational behavior , and conflict management. The examination and assessment of presented theories and models for treating organizational spirituality provides great perspectives for further exploration and encouragement for building company’s values and codes of ethics and allows to establish a more favorable ground for adapting to cultural and social shifts. The analysis and review of presented scholarly sources has proved numerous hypotheses and provides a solid ground for further explorations. More importantly, the review has also presented the most urgent problem connected with organizational ethics and establishing spirituality in the work place. The concerns are specifically connected with failure to correctly define the essence of spirituality which is often confused with religion. Numerous findings have proved that these concepts belong to completely different dimensions and studies, especially when they are considered in relation to business and management. Another problem occurs when searching place for spirituality within the ethical frameworks. Ethics and spirituality can also be subjected to a two-polar confrontation because sometime organizational ethics is not congruent with moral and spiritual concerns of individuals. In this respect, there are still many issues and aspect that are worth further examination and discussion to provide more accurate explanations for the place of spiritual issues in the employed environment. Reference List Cavanagh, G. F., and Bandsuch, M. R. (2002). Virtue as a Benchmark for Spirituality in Business. Journal of Business Ethics. 38(1/2), pp. 109-117. Collins, D. (2010). Designing ethical organizations for spiritual growth and superior performance: an organization systems approach, Journal of Management, Spirituality Religion, 7(2), pp. 95-117. Giacalone, R. A., and Jurkiewicz, C. L (2010). Handbook of Workplace Spirituality and Organizational Performance. US: M. E. Sharpe SharpeLtd. Hicks, D. A. (2003). Religion and the work place: pluralism, spirituality, leadership. Cambridge: Cambridge University Press. Hill, P. C. and Smith, G. S. (2003) Coming to Terms with Spirituality and Religion in the Workplace. In R. A. Giacalone and C. L. Jurkiewicz. Handbook of Workplace Spirituality and Organizational Performance. US: M. E. Sharpe SharpeLtd. Karakas, F. (2010). Spirituality and performance in organizations: A literature review. Journal of Business Ethics, 94, pp. 89-106. Kolodinsky, R. W., Giacalone, R. A., and Jurkiewicz, C. L. (2008). Workplace Values and Outcomes: Exploring Personal, Organizational, and Interactive Workplace Spirituality. Journal of Business Ethics. 81(1), pp. 465-480. Manz. C. C., and Neal, J. (2008). The virtuous organization: insights from some of the world’s leading management thinkers. US: World Scientific. Milliman J., Ferguson J., Trickett D., Condemi B. (1999). Spirit and community at Southwest Airlines: An investigation of a spiritual values-based model. Journal of Organ izational Change Management, 12 (3), pp. 221-233. Pavlovich, K. and Corner, P. (2009). Spiritual Organizations and Inter-Connectedness: The Living Nature Experience. Journal of Management, Spirituality and Religion, 6 (3), pp. 209-229. Pawar, B. S. (2009a). Some of the Recent Organizational Behavior Concepts as Precursors to Workplace Spirituality. Journal of Business Ethics. 88(2), pp. 245-261. Pawar, B. S. (2009b). Workplace spirituality facilitation: A comprehensive model. Journal of Business Ethics 90, pp. 375–386. Sheep, M. L. (2006). Nurturing the Whole Person: The Ethics of Workplace Spirituality in a Society of Organizations. Journal of Business Ethics. 66(4), pp. 357-375.

Personal statement Essay Example | Topics and Well Written Essays - 500 words - 17

Personal statement - Essay Example The vibrant and energetic environment, a learning environment that is very conducive, state of art facilities, research, and innovation in the institution provides a perfect gateway to success of the student. As a student at Iowa University, I have been able to learn and contribute in diverse areas outside the academic world. My leadership skills surpassed expectations when I was elected the vice president of Chinese Union in the University. This position required exceptional leadership skills, organization, and dedication. Holding such a senior position made me realize that focus and diligence are the keys to success in any endeavor. University of Miami is a multicultural center and therefore will be the most opportune place to further my interest in intercultural activities. I have realized that a student life must be enriched by participation outside the academic world. Therefore, I successfully initiated a band named â€Å"NO IDEA† that seeks and promotes musical talents through composing and performing songs. Certainly, I will be best placed in University of Miami as a music enthusiast through various talent exposition programs offered by the university. Additionally, Miami is located in an environment that is similar to my hometown and this will be a great advantage when adapting to the new environment. I have profound teamwork skills, which I gained as a volleyball captain. Indeed, I was able to train and improve the performance of the team up to national standards. Currently, I am the proprietress of the university photography club, which nurtures and promotes skills in photography among the student community. I believe these teamwork and interpersonal skills will enable me integrate with the culturally diverse community in Miami University. It will be a great opportunity to grow intellectually, personally, and culturally. However, I believe that my diverse

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All projects are expected to realise a certain Value - Essay Example Taking care of the elderly on an individual or family perspective can be a daunting task hence predisposing the elderly to lower quality of care. The LA project is therefore expected to generate value to the stakeholders such as the construction workers, the government, the families of the elderly, and the general population well-being in general. The family is one of the greatest beneficiaries that tap the benefit of having the elderly among them be taken care of. The challenge of caregiving among the elderly is demonstrated by the costs, energy, and the time taken with the elderly. These three important components can be used in other activities when there is a specialized care that is centralized by the LA. In essence, the elderly gets to have quality care while the family is less involved in the care. This means that they are able to tap insurmountable value from the establishment. The value in the family is also enhanced by the view that little effort is required in looking at the interest of the elderly among them. The LA home environment also adds value to the elderly by making them interact with others and hence have their view of life from the elderly perspective. The chances of the elderly being mistreated will be expected to be minimized since they are kept way from the family members and other caregivers that can easily mistreat them. In addition, the services that is provided in some home settings are poor or inadequate for the wellbeing of the elderly. This means that the elderly get to get quality care from the LA facility. The establishment of the LA project generates value to the constructors that tap a number of related benefits. Though indirectly related to caregiving for the elderly, the construction of the project will require contractors that will be paid in order to develop the project, these will further require suppliers and employees. All these stakeholders among

Scope Of Study And Limitations English Language Essay

Scope Of Study And Limitations English Language Essay At the mention of the term chick lit, it is unavoidable to assume that it is a colloquial form of chick literature or something more elaborate. Campbell (2006) puts it aptly when she says that we should acknowledge that the very term is demeaning and probably peppered with a tinge of sexism. Chick is a derogatory term for the presumably empty-headed girls or young women who are both the characters and the readers; lit is an ironic reference to the assumed lack of quality writing in the form (p. 487). Most definitions of chick lit outline its characteristics; highlight the general plot, the illustrations on the cover and its target audience which do not quite explain the genre as a whole or do it any justice. This study therefore will use the definition describing the genre as heroine-centred narratives written by women that focus on the trials and tribulations of their individual protagonists, to appeal to other women (Kent, 2007 Smith, 2008). Chick lit has been at the brunt of a lot of criticism. According to Razdan (2004), it is wildly successful and that is where the problem lies. Most critics cannot seem to get past the covers in pink or fluorescent green, highlighted with flirty, fashionable accessories like purses or high heels (Ferriss Young, 2006b). However, it does not end there. The major attack is due to it reflecting postfeminist values through its protagonists, themes and plots. The characters in chick lit are young women with newly found independence dealing with careers and the demands of urban pop culture (Campbell, 2006). Ferris Young (2006b) describe them as women who commit errors at the workplace, drink excessively at times, are hopeless when it comes to cooking, or are attracted to unsuitable men quite unlike the flawless women of romance fiction. In short, these characters generally embrace or portray postfeminist values, acknowledging that feminism has taken place and won them equality but all the same, they do not want to be called feminists because of the indulgences feminism has rejected in the past like romance. When it comes to the themes, despite their timelessness and universality, they seem to be rubbing people the wrong way probably because the lifestyle choices this novels centre around are seen as a betrayal of feminism and its call for equality (Davis-Kahl, 2008). Unfortunately for those who hold this view, the themes addressed in chick lit are claimed to be the representation of sociological truths about womens lives today (Knowles, 2004). Although this might seem unsettling, Ferriss and Young (2006b) put forward that chick lit focuses on the issues dear to cultural critics heart. It appears that some just refuse to acknowledge that times are a changing. Looking at the plot, Knowles (2004) claims that many variations can be found in the genre itself but the fundamental structure of the main character looking for satisfaction in a romance-consumer-comedic vein usually characterizes writing in these texts. The inevitable fact for this genre is its broader focus on relationships (Davis-Kahl, 2008, p. 5). Almost every novel has a protagonist pining for a man, dealing with issues like weight, self-image, career burnout and other things along the way once again reflecting these post-feminist values. In her paper, Glasburgh (2006) puts forward five postfeminist characteristics defined by Faludi (1991): 1) negative reaction to second wave feminism, 2) focus on the individual instead of a collective sisterhood, 3) desire for more traditional femininity through domesticity, consumerism, romance, and motherhood, 4) female identity crisis causing fears of a man shortage, a loudly ticking biological clock, and career burnout, and 5) feelings of anxiety over ability to make the correct future decisions. Based on content analysis on ten chick lit books, she concluded that the protagonists generally did reflect characteristics of postfeminism (Glasburgh, 2006, p. 76). These postfeminist characteristics are what critics are debating about. Some feel that chick lit should be taken seriously because it is about the current generation of women while others feel chick lit is force-feeding the current generation with postfeminist values. This study attempts to explore students perspectives on this matter. 1.2 Statement of Problem Even before the existence of chick lit, womens writing has suffered a long history of scoffing (Davis-Kahl, 2008). They have been described as frothy, prosy, pious, pedantic (Eliot, 1856, p. 35) and women writers have been referred to as a damned mob of scribbling women (Ticknor, 1913, p. 141). On the 23rd of August, Beryl Bainbridge, then Booker Prize favourite, called Bridget Joness Diary a froth sort of thing (Davies, 2001), echoing George Elliots words two centuries before. At that point, chick lit had become the new form of womens writing which was under attack. This intentional sidelining of womens fiction has been said to stem from sexism. Both men and women place value on different things such as men on sports and women on fashion and as a result, all things associated with men have been viewed as important while women pursuits have been considered trivial, transcending even into the value placed on books (Woolf, 1929). Chick lit has now been subject to bashing by critics for more than a decade. The most popular claim is that chick lit is force-feeding society with postfeminism values while supporters of the genre claim that chick lit is merely reflecting todays culture. Whether or not chick lit has been affecting culture or the other way round is yet to be seen as not much research has been done in that area. Most certainly, chick lit is a force to be reckoned with based on its soaring popularity. One thing that must be noted in light of this situation is that there has been very little research on the area of chick lit in the academic field. Even in the small number of researches that have been conducted, the majority of it focuses on content analysis from romance, feminist and postfeminist perspectives. This study will focus on the students perspectives towards chick lit from a postfeminist approach as opposed to stand alone text analysis. In their courses on classic womens fiction and chick lit, Ferris and Young (2006b) have concluded that students were certain that despite the fascinating cultural issues raised by chick lit novels, they could not quite contend with the work of Jane Austen, the Brontà «s, Virginia Woolf and Zora Neale Hurston but were unable to state why. This study attempts to go a step further in trying to uncover the issues in which students can relate to and understand the reasons behind it. 1.3 Purpose of Study This study aims to:- Find out the perspectives of students towards chick lit in relation to post-feminism. Uncover the reasons behind these perspectives. 1.4 Research Questions 1. What are the perspectives of students towards chick lit in relation to post-feminism? 2. What are the reasons behind these perspectives? 1.5 Significance of Study The results of this study will reflect the reception of undergraduate students towards chick lit from a postfeminist point of view. It will also explore the reasons behind these perspectives. These results will help to determine whether chick lit should be incorporated into the syllabus to be considered as part of a genre of literature like classic womens fiction. If the reception towards chick lit in light of postfeminism is found to be good, even on a micro-level, it opens up a very viable premise for chick lit to be used as a foundation for teaching literature. Allowing students to utilize materials which they can relate to as a basis of their exploration and providing them with the ability to clarify the plus points as well as shortcomings of a book or a genre is powerful (Davis-Kahl, 2008). Characteristics of postfeminism have been found to be present in chick lit novels to a certain extent. Therefore, chick lit has been claimed to be the document of a new generation quite unlike the era in which writers like Jane Austen and the Bronte sisters lived in. While it is important to note that cultural, social and geographical factors counts for something, the ability of students to relate to a piece of work does a lot to help discuss its literary value. In fact, these novels have the potential to be used in the classroom to explore the generational differences in feminism, uncover the reasons why classic fiction stand the test of time, and to develop an appreciation for the intricate plots, subtle characterizations, memorable language of such works (Ferriss Young, 2006b). Chick lit can be used as a basis for discussions as to the reasons for the significance of womens writing, the changes it has undergone, and the opinions of women in fiction, be it popular or literary. This evolution that fiction in general and womens fiction has gone through is an area worthy of study especially due to its popularity, ease of access and representation of issues that modern women face (Davis-Kahl, 2008, p. 8). Furthermore, chick lit will be viewed as an important representation of modern womens writing, doing this new area of popular womens writing some justice (Ferriss Young, 2006b). This establishment of chick lit as a learning tool or viable area of study in the academic sphere will eventually lead to it being readily available in academic libraries allowing students with interest to gain access to them. 1.6 Scope of Study and Limitations Participants involved in this research are Year 3 Trimester 2 Bachelor of Arts (Hons) English Language students selected through purposive sampling. This study has a number of limitations. First, the sample may not accurately reflect the opinions of students in general towards chick lit. Secondly, the sample does not contain an equal mix of genders to accurately reflect views towards chick lit. Thirdly, some participants may be unfamiliar with the genre itself and therefore incapable of providing their perspectives towards it. However, a brief set of definitions are provided in the questionnaire to help respondents to familiarize themselves with the subject area. 1.7 Definition of Key Terms Chick lit : heroine-centred narratives written by women that focus on the trials and tribulations of their individual protagonists, to appeal to other women (Kent, 2007 Smith, 2008). Feminism: à ¢Ã¢â€š ¬Ã‚ ¦the belief in the social, political, and economical equality of the sexes (Rowe-Finkbeiner, 2004) Post-feminism : A shift away from the feminist idea of needing to right the wrongs of a patriarchal society with regard to women (Faludi, 1991). Post-feminist Backlash Theory: The claim that popular culture has been the direct cause of a backlash on feminism, understood as postfeminism, by attempting to blame it for the supposed misery of women today and calling for a return to a more traditional femininity (Faludi, 1991). 1.8 Organization of the Thesis This study consists of a total of five chapters; Introduction, Literature Review, Methodology, Findings Analysis, and Discussion Conclusion. The first chapter which is the Introduction addresses the background of study, statement of problem, purpose of study, research questions, significance of study, scope of study and limitations, the definition of key terms and the organization of the thesis. The second chapter, Literature Review will outline the history of chick lit, the history of post-feminism, address the five post-feminist characteristics used in this study as well as discuss past researchers study. The third chapter, Methodology will explain the research design, sampling, instruments used for data gathering, the pilot study, procedures as well as the data analysis. The fourth and fifth chapter will present the findings and discuss its significance in relation to the study as well as provide recommendations for further research respectively.