Factors Which Led To The Origins Of Agriculture History Essay

Factors Which Led To The Origins Of Agriculture History Essay The transition from a hunter-gatherer lifestyle to that of an agriculturist, is considered by some, to have been inevitable as part of the natural evolutionary progression and development of man (Rindos 1986: 6). It is in our nature as humans to be progressive and, as such, we automatically follow a sequence of pre-ordained (Harris 1986: 12) and invariable steps in order to achieve higher levels of social development (Westropp 1872, cited by Barker 2006: 8). A lack of knowledge was the only factor that prevented the transition from hunting and gathering to farming; before the Holocene, man had simply not reached the cognitive nor cultural level required to formulate the concept of agricultural subsistence (Richerson et al. 2001: 394). Bender agrees, noting that the mental capacity and physical dexterity of the humans that were responsible for the origins of agriculture, in contrast to hunter-gatherers of 4million years ago, were significantly more advanced, which in turn enabled the development of more complex societies (Bender 1978: 209). This suggests that the accumulation of knowledge regarding their local environment and resources, led eventually to experimentation and ultimately domestication. At the Cave of Diaotonghuan in the Jiangxi province of China, there is a gradual growth in the number of rice phytoliths of domestic form in relation to those of wild form (Higham 2005: 242). This indicates a gradual assimilation of domesticates into their subsistence base following the acquisition of appropriate knowledge in regards to domestication of their local resources; this eventually led to total reliance on intensive agriculture. Similarly, at Abu Hureyra in Northern Syria, the percentage of gazelle bones decreases over the sites period of occupation, whereas the number of bones belonging to domesticates gradually increases, eventually becoming the dominant component in the villagers subsistence base (Watkins 2005: 214). This was not a rapid, single event, b ut a more gradual process in which the villagers steadily became more dependent on domesticates. These examples demonstrate how knowledge was the limiting factor and how the gradual accumulation of knowledge (Zvekebil 1986: 9) and the resulting familiarity with potential domesticates resulted in their manipulation (Braidwood 1960, cited by Cohen 1977: 8), and, ultimately, domestication. The varying rates at which different cultures adopted agriculture can also be explained by this model; it took different societies different amounts of time to acquire the required level of knowledge and familiarity with their local resources (Braidwood 1960, cited by Richerson et al. 2001: 399); until this was achieved, progression to domestication could not occur. It is a common assumption that the lifestyle that is concurrent with agricultural production is significantly superior to that associated with Hunter-Gatherer communities. It has been suggested by some that if the adequate level of knowledge and cultural readiness had been achieved in favourable ecological circumstances, then the advantages of agriculture would have appeared so discernable as to make the transition to a domestic mode of production axiomatic (Zvelebil: 1986(b): 8). It is wrong to make this assumption, however, as it is not inevitable that agriculture will bring with it an easier and more reliable lifestyle; indeed, it has been adduced that the emergence of agriculture bought with it a number of disadvantages. These include chronic malnutrition the consequence of an instable subsistence base and resultant famine increased labour input and reduced leisure time. Furthermore, the appearance of widespread stress does not occur until reliance upon intensive agriculture is well established (Rindos 1986: 38). The Kung!-San Bushmen of the Kalahari Desert provide an interesting illustration of a modern hunter-gatherer group that has no need or desire to transfer to an agrarian way of life. Their subsistence base consists of varying wild materials, including both preferential and contingency resources; they operate on a schedule of strategic seasonal movements in order to exploit particular resources at specific times and locations throughout the year (Lee 1968, cited by Barker 2006: 29). Various mechanisms, including infanticide, allow population levels to be kept low and well within the capacity of the available food supply (Lee 1968, cited by Scarre 2005: 186) as well as enabling them to maintain their ubiquitous lifestyle. The Kung!-San do not suffer from any Puritan Ethos (Bender 1978: 206), and therefore the number of hours per day spent collecting food is kept to a minimum, relinquishing the majority of their time for leisure purposes. It can be s een, therefore, that the hunter-gatherer lifestyle can provide a reliable and varied subsistence base, as well as a more relaxed style of living; the incentives for transition to an agricultural lifestyle are not obvious. Because of this, it is possible that hunter-gather communities did not willingly accept to abandon their lifestyle of choice, but were instead forced by some external factor. Stark identified such factors as Push Models people were coerced into farming by some common factor or stress (Stark 1986, cited by Barker 2006: 36). Bellwood agrees, stating that there are no compelling reasons why hunter-gathers would have adopted agriculture, unless pushed (Bellwood 2005: 41). The origins of agriculture are often attributed to climatic variation, a significant push factor in the process of achieving intensified domestication (Moore 1986: 626). The study of ice cores, deep sea cores, and pollen profiles has revealed that the Post-Glacial period was characterised by a cold, dry and extremely variable climate. The transition into the Holocene, however, saw a shift to a more stable climate, with warmer and wetter conditions (Bellwood 2005: 20). It is this important climatic transition that is thought to have enabled the conversion to agriculture and is the foundation of a number of important hypotheses regarding agrarian development. An example of such is Childes Oasis Theory; he promotes that the melting of the European ice sheets at the end of the last glaciation would have forced rain bearing depressions north, promoting desiccation in the Near East. This in turn would have forced animals and humans into closer proximities around the ever decreasing number of water side locations. This allowed humans to develop a greater understanding of their local resources, and further to this, enabled them to realise the benefits of establishing a symbiotic relationship with the local fauna, as opposed to exploiting them using hunting strategies (Childe 1936 cited by Scarre 2005: 188); the advantages of this would simply have become obvious to them given the stress they were under from post glacial desiccation (Barker 2006: 14). An example of how desiccation can affects the subsistence base of a society can be found at Abu Hureyra. During the Pleistocene the villagers were dependent on a wide range of resources; they hunted wild cattle, sheep and gazelle, but also gathered a number of different plant species. With the onset of the Younger Dryas, the colder and more arid climate made gathering more difficult. The people of Abu Hureyra instead turned to intensive cultivation of rye, a robust cereal that could withstand the more difficult conditions (Watkins 2005: 214). Although this supports Childes idea that it was desiccation that caused the transition to agriculture, his theory in general is flawed and cannot be universally applied. Pollen analysis in the Near East confirms that the Early Holocene was indeed characterised climatically by a warmer, wetter regime and not by desiccation. The climatic transition in this region progressed from dry to moist, rather than the reverse, which devalues the foundation of Childes hypothesis (Wright 1977 cited by Rindos 1984: 15) due to the unsatisfactory environmental data which is the basis of his claims. The emergence of domesticated rye at Abu Hureya between 10800-9600BC, or during the Younger Dryas, is very early in contrast to other sites. For the most part, agriculture in the Near East was not adopted under desiccated conditions, but in the warmer and wetter conditions of the Holocene. The recovery and study of rice phytoliths at the Cave of Diaotonghuan in the Jiangxi province of China has revealed a correlation between climate change and the development of the domesticate. Within Zone G, which correlates to a period of more favourable climate, there is relatively high number of rice phytoliths. This number severely depreciates within Zone F, however, which is reflective of the colder and more arid climate of the Younger Dryas. The quantity of phytoliths once again increases significantly within Zones D and E due to a longer period of warmth between 8000-6000BC; the phytoliths here are evenly split between wild and cultivated forms. By Zone C, the phytoliths are entirely cultivated in form, and remain abundant, due to the continuing warm climate. This sequence reveals a correlation between fluctuations in climate and the quantity of rice phytoliths present. During colder periods, the amount of phytoliths decreases, whereas, they increase with more favourable climates. Ever increasing quantities of phytoliths of domestic form relative to the quantity of wild is also observable during the warmer periods (Higham 2005: 241). This demonstrates that it was during better climatic conditions that domesticates began to be more widely utilised, and not during periods of desiccation. Although Childes theory is, in general, flawed, there is evidence to support the claim that climatic variation did indeed have an effect on the origins of agriculture. One of the most interesting theories regarding the origins of agriculture considers the relationship between sedentism, population growth, and the availability of local resources; the transition to agriculture occurred, simply, because of disequilibrium between the number of available resources and swelling population numbers (Zvelebil 1986 (a): 9). Increased sedentism brought with it relaxation of mechanisms and birth controls previously used to keep population levels low (Rindos 1984: 19), which resulted in a significant increase in population numbers. The favourable, coastal, resource rich areas, that could previously support these smaller, hunter-gatherer populations, could no longer cope once the population had expanded beyond the regions carrying capacity. This led to expansion into more marginal zones (Binford 1968, cited by Bellwood 2005: 22 and Scarre 2005: 189), until further territorial extension became undesirable or untenable (Cohen 1977: 12); the populations of these ar eas were then forced to turn to agriculture as a means of subsistence intensification, allowing them to feed their growing numbers. This theory is particularly desirable as it not only accounts for why agriculture was adopted, but for why it occurred at differing rates at various different loci Population pressure had simply not yet reached the point where reliance upon agriculture was called for (Rindos 1984: 33). Unfortunately, there is an underlying problem with this hypothesis. As mentioned above, climatic change cannot be used as a globally extendable explanation for the change in subsistence base; climate, by nature, is regionally specific and the effects of it are therefore hugely diverse (Rindos 1984: 16). The favourable coast line habitats, which, according to Binford, were the areas where people first turned to sedentism, flourished with increasing sea levels. However, increased sea levels would affect differing coastlines in a number of ways (Cohen 1977: 7) the creation of superior habitats is just one of these. This would not have been a universal or uniform effect, and therefore cannot be a globally applied theory for the origins of agriculture. It still seems tenable, however, that population growth would have brought about a necessity for agriculture in order to provide a more stable food supply for an ever increasing population. Alternative views consider the origins of agriculture to be the result of social factors. Bender in particular promotes this idea, claiming that other factors, such as demography, are often considered to have played a much greater role than is realistic, whilst social structure is significantly over looked (Bender 1978: 204); ultimately it is the social relations that articulate society and set the evolutionary pattern'(Bender 1978: 218). In other words, it is social factors that bring about the most significant transitions and cause the greatest change. Competition between social groups is often considered to have led to the development of intensified food production in order to provide the specifically valued kinds of food deployed in competitive strategies and acts of reciprocity (Scarre 2005: 187). Feasting and the accumulation and distribution of prestige items were common mechanisms for achieving wealth, status and power. They are, however, expensive in terms of subsistence and require surplus resources (Zvelebil 1986(a): 10); hunting and gathering can only supply limited resources. This is why agriculture was developed in order to fund such reciprocal mechanisms via a more stable and consistent subsistence base. Alternatively, for Hodder, the domus the location of production and reproduction which constitute society and social relation (Hodder 1990: 39) was the social mechanism which drove the transition to agriculture. As a concept, it acted as a metaphor for the desire to control and transform nature; the individual experience of domestication led ultimately to intensification and domestication (Hodder 1990: 41). In summary, for economic domestication to be successful, it must be preceded by social domestication. Both of these examples illustrate how social pressure provided a positive incentive for hunter-gatherer societies to transfer to an agricultural lifestyle. Bellwood, however, considers an alternative view on how social pressures had an effe ct on the transition to domestication in certain landscapes, from the perspective of how hunter-gatherer communities were put under pressure from agriculturalists moving into their territories looking for regions of high agricultural potential. The relationship between the native hunter-gatherers and invading agriculturalists would have initially been one of exchange, and would have been mutually beneficial to both parties involved (Bellwood 2005: 41). It is often considered that contact with the agriculturalists would eventually lead the hunter gatherers to realise of the benefits of domestication, encouraging them to switch to this lifestyle. Bellwood suggests, however, that this may not have happened; he argues that as pressure on resources increased, along with increasing attempts by the agriculturalists to dominate the hunter gatherers, this would only have dissuaded them to change their lifestyle (Bellwood 2005: 41). This form of social pressure therefore acts only a deterrent to the adoption of agriculture. It can be seen therefore that no one explanation for the origins of agriculture is entirely satisfactory. This is to be expected, however; these factors are conceived at level that is too general to account for local distinctions (Moore 1986: 622). Domestication would have been adopted for a number of distinct and differing reasons, due to the diverse nature of the various loci where agriculture originated (Zvelebil 1986(b): 167). The origin of agriculture was not brought about by one driving factor it was not a monocausal phenomenon (Scarre 2005: 186). It was a combination of factors most importantly climatic variation, demographic change and social pressure, as well as the accumulation of necessary knowledge which would have combined in various ways to ultimately bring about a shift to food production.

Answer to the Corporate Finance

Chapter 14 Capital Structure in a Perfect Market 14-1. Consider a project with free cash flows in one year of $130,000 or $180,000, with each outcome being equally likely. The initial investment required for the project is $100,000, and the project’s cost of capital is 20%. The risk-free interest rate is 10%. a. What is the NPV of this project? b. Suppose that to raise the funds for the initial investment, the project is sold to investors as an all-equity firm. The equity holders will receive the cash flows of the project in one year. How much money can be raised in this way—that is, what is the initial market value of the unlevered equity? . a. Suppose the initial $100,000 is instead raised by borrowing at the risk-free interest rate. What are the cash flows of the levered equity, and what is its initial value according to MM? E ? C (1)? = ? ? 1 (130, 000 + 180, 000) = 155, 000, 2 155, 000 NPV = ? 100, 000 = 129,167 ? 100, 000 = $29,167 1. 20 155, 000 = 129,167 1. 20 b . c. Equity value = PV ( C (1)) = Debt payments = 100, 000, equity receives 20,000 or 70,000. Initial value, by MM, is 129,167 ? 100, 000 = $29,167 . 14-2. You are an entrepreneur starting a biotechnology firm. If your research is successful, the technology can be sold for $30 million.If your research is unsuccessful, it will be worth nothing. To fund your research, you need to raise $2 million. Investors are willing to provide you with $2 million in initial capital in exchange for 50% of the unlevered equity in the firm. a. What is the total market value of the firm without leverage? b. Suppose you borrow $1 million. According to MM, what fraction of the firm’s equity will you need to sell to raise the additional $1 million you need? c. What is the value of your share of the firm’s equity in cases (a) and (b)? a. b. c. Total value of equity = 2 ? 2m = $4m MM says total value of firm is still $4 million. $1 million of debt implies total value of equity is $3 million. T herefore, 33% of equity must be sold to raise $1 million. In (a), 50% ? $4m = $2m. In (b), 2/3 ? $3m = $2m. Thus, in a perfect market the choice of capital structure does not affect the value to the entrepreneur.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall Berk/DeMarzo †¢ Corporate Finance, Second Edition 14-3. 185 Acort Industries owns assets that will have an 80% probability of having a market value of $50 million in one year.There is a 20% chance that the assets will be worth only $20 million. The current risk-free rate is 5%, and Acort’s assets have a cost of capital of 10%. a. If Acort is unlevered, what is the current market value of its equity? b. Suppose instead that Acort has debt with a face value of $20 million due in one year. According to MM, what is the value of Acort’s equity in this case? c. What is the expected return of Acort’s equity without leverage? What is the expected return of Acort’s equity with leverage? d. What is the lowest possible realized return of Acort’s equity with and without leverage? . b. c. d. 14-4. E[Value in one year] = 0. 8 ( 50 ) + 0. 2 ( 20 ) = 44 . E = D= 44 = $40m. 1. 10 20 = 19. 048 . Therefore, E = 40 ? 19. 048 = $20. 952m. 1. 05 44 44 ? 20 ? 1 = 10% , with leverage, r = ? 1 = 14. 55%. 40 20. 952 20 0 ? 1 = ? 50% , with leverage, r = ? 1 = ? 100%. 40 20. 952 Without leverage, r= Without leverage, r= Wolfrum Technology (WT) has no debt. Its assets will be worth $450 million in one year if the economy is strong, but only $200 million in one year if the economy is weak. Both events are equally likely. The market value today of its assets is $250 million. . What is the expected return of WT stock without leverage? b. Suppose the risk-free interest rate is 5%. If WT borrows $100 million today at this rate and uses the proceeds to pay an immediate cash dividend, what will be the market value of its equity just after the dividend is paid, according to MM? c. What i s the expected return of MM stock after the dividend is paid in part (b)? a. b. c. 14-5. (. 5 ? 450+. 5 ? 200)/250 = 1. 30 => 30% E + D = 250, D = 100 => E = 150 (. 5 ? (450-105) + . 5 ? (200-105))/150 = 1. 4667 => 46. 67% Suppose there are no taxes.Firm ABC has no debt, and firm XYZ has debt of $5000 on which it pays interest of 10% each year. Both companies have identical projects that generate free cash flows of $800 or $1000 each year. After paying any interest on debt, both companies use all remaining free cash flows to pay dividends each year. a. Fill in the table below showing the payments debt and equity holders of each firm will receive given each of the two possible levels of free cash flows. b. Suppose you hold 10% of the equity of ABC. What is another portfolio you could hold that would provide the same cash flows? 2011 Pearson Education, Inc. Publishing as Prentice Hall 186 Berk/DeMarzo †¢ Corporate Finance, Second Edition c. Suppose you hold 10% of the equity of X YZ. If you can borrow at 10%, what is an alternative strategy that would provide the same cash flows? ABC Debt Payments Equity Dividends 0 800 0 1000 XYZ Debt Payments Equity Dividends 500 300 500 500 a. FCF $800 $1,000 b. c. 14-6. Unlevered Equity = Debt + Levered Equity. Buy 10% of XYZ debt and 10% of XYZ Equity, get 50 + (30,50) = (80,100) Levered Equity = Unlevered Equity + Borrowing. Borrow $500, buy 10% of ABC, receive (80,100) – 50 = (30, 50)Suppose Alpha Industries and Omega Technology have identical assets that generate identical cash flows. Alpha Industries is an all-equity firm, with 10 million shares outstanding that trade for a price of $22 per share. Omega Technology has 20 million shares outstanding as well as debt of $60 million. a. According to MM Proposition I, what is the stock price for Omega Technology? b. Suppose Omega Technology stock currently trades for $11 per share. What arbitrage opportunity is available? What assumptions are necessary to exploit t his opportunity? a. b. V(alpha) = 10 ? 22 = 220m = V(omega) = D + E ?E = 220 – 60 = 160m ? p = $8 per share. Omega is overpriced. Sell 20 Omega, buy 10 alpha, and borrow 60. Initial = 220 – 220 + 60 = 60. Assumes we can trade shares at current prices and that we can borrow at the same terms as Omega (or own Omega debt and can sell at same price). 14-7. Cisoft is a highly profitable technology firm that currently has $5 billion in cash. The firm has decided to use this cash to repurchase shares from investors, and it has already announced these plans to investors. Currently, Cisoft is an all-equity firm with 5 billion shares outstanding. These shares currently trade for $12 per share.Cisoft has issued no other securities except for stock options given to its employees. The current market value of these options is $8 billion. a. What is the market value of Cisoft’s non-cash assets? b. With perfect capital markets, what is the market value of Cisoft’s equity after the share repurchase? What is the value per share? a. Assets = cash + non-cash, Liabilities = equity + options, Non-cash assets = equity + options – cash = 12 ? 5 + 8 – 5 = 63 billion. Equity = 60 – 5 =55. Repurchase Per share value = 55 = $12 . 4. 583 5b = 0. 417b shares ? 4. 583 b shares remain. 12 b. 14-8.Schwartz Industry is an industrial company with 100 million shares outstanding and a market capitalization (equity value) of $4 billion. It has $2 billion of debt outstanding. Management have decided to delever the firm by issuing new equity to repay all outstanding debt. a. How many new shares must the firm issue? b. Suppose you are a shareholder holding 100 shares, and you disagree with this decision. Assuming a perfect capital market, describe what you can do to undo the effect of this decision. a. Share price = 4b/100m = $40, Issue 2b/40 = 50 million shares  ©2011 Pearson Education, Inc. Publishing as Prentice HallBerk/DeMarzo †¢ Corporate Finance, Second Edition 187 b. You can undo the effect of the decision by borrowing to buy additional shares, in the same proportion as the firm’s actions, thus relevering your own portfolio. In this case you should buy 50 new shares and borrow $2000. 14-9. Zetatron is an all-equity firm with 100 million shares outstanding, which are currently trading for $7. 50 per share. A month ago, Zetatron announced it will change its capital structure by borrowing $100 million in short-term debt, borrowing $100 million in long-term debt, and issuing $100 million of preferred stock.The $300 million raised by these issues, plus another $50 million in cash that Zetatron already has, will be used to repurchase existing shares of stock. The transaction is scheduled to occur today. Assume perfect capital markets. a. What is the market value balance sheet for Zetatron i. Before this transaction? ii. After the new securities are issued but before the share repurchase? iii. After the share repur chase? b. At the conclusion of this transaction, how many shares outstanding will Zetatron have, and what will the value of those shares be? . i. ii. A = 50 cash + 700 non-cash L = 750 equity A = 350 cash + 700 non-cash L = 750 equity + 100 short-term debt + 100 long-term debt + 100 preferred stock iii. A = 700 non-cash L = 400 equity + 100 short-term debt + 100 long-term debt + 100 preferred stock b. 14-10. Repurchase 350 400 = 46. 67 shares ? 53. 33 remain. Value is = 7. 50. 7. 50 53. 33 Explain what is wrong with the following argument: â€Å"If a firm issues debt that is risk free, because there is no possibility of default, the risk of the firm’s equity does not change.Therefore, risk-free debt allows the firm to get the benefit of a low cost of capital of debt without raising its cost of capital of equity. † Any leverage raises the equity cost of capital. In fact, risk-free leverage raises it the most (because it does not share any of the risk). 14-11. Consider t he entrepreneur described in Section 14. 1 (and referenced in Tables 14. 1–14. 3). Suppose she funds the project by borrowing $750 rather than $500. a. According to MM Proposition I, what is the value of the equity? What are its cash flows if the economy is strong? What are its cash flows if the economy is weak?What is the risk premium of equity in each case? What is the sensitivity of the levered equity return to systematic risk? How does its sensitivity compare to that of unlevered equity? How does its risk premium compare to that of unlevered equity? What is the firm’s WACC in this case? b. What is the return of the equity in each case? What is its expected return? c. d. What is the debt-equity ratio of the firm in this case? e. a. b. E = 1000 – 750 = 250. CF = (1400,900) – 500 (1. 05) = (612. 5,112. 5) Re = (145%, – 55%), E[Re] = 45%, Risk premium = 45% – 5% = 40%  ©2011 Pearson Education, Inc. Publishing as Prentice Hall 88 Berk/DeMar zo †¢ Corporate Finance, Second Edition c. d. e. 14-12. Return sensitivity = 145% – (-55%) = 200%. This sensitivity is 4x the sensitivity of unlevered equity (50%). Its risk premium is also 4x that of unlevered equity (40% vs. 10%). 750 = 3x 250 25%(45%)+75%(5%) = 15% Hardmon Enterprises is currently an all-equity firm with an expected return of 12%. It is considering a leveraged recapitalization in which it would borrow and repurchase existing shares. a. Suppose Hardmon borrows to the point that its debt-equity ratio is 0. 50. With this amount of debt, the debt cost of capital is 6%.What will the expected return of equity be after this transaction? b. Suppose instead Hardmon borrows to the point that its debt-equity ratio is 1. 50. With this amount of debt, Hardmon’s debt will be much riskier. As a result, the debt cost of capital will be 8%. What will the expected return of equity be in this case? c. A senior manager argues that it is in the best interest of the shareholders to choose the capital structure that leads to the highest expected return for the stock. How would you respond to this argument? a. b. c. 14-13. re = ru + d/e(ru – rd) = 12% + 0. 50(12% – 6%) = 15% re = 12% + 1. 0(12% – 8%) = 18% Returns are higher because risk is higher—the return fairly compensates for the risk. There is no free lunch. Suppose Microsoft has no debt and an equity cost of capital of 9. 2%. The average debt-to-value ratio for the software industry is 13%. What would its cost of equity be if it took on the average amount of debt for its industry at a cost of debt of 6%? At a cost of debt of 6%: D (rU ? rD ) E 0. 13 rE = 0. 092 + (0. 092 ? 0. 06) 0. 87 = 0. 0968 rE = rU + = 9. 68%. 14-14. Global Pistons (GP) has common stock with a market value of $200 million and debt with a value of $100 million.Investors expect a 15% return on the stock and a 6% return on the debt. Assume perfect capital markets. a. Suppose GP issues $100 mi llion of new stock to buy back the debt. What is the expected return of the stock after this transaction? i. If the risk of the debt does not change, what is the expected return of the stock after this transaction? b. Suppose instead GP issues $50 million of new debt to repurchase stock. ii. If the risk of the debt increases, would the expected return of the stock be higher or lower than in part (i)?  ©2011 Pearson Education, Inc. Publishing as Prentice HallBerk/DeMarzo †¢ Corporate Finance, Second Edition 2 (15% ) 6% + = 12% = ru . 3 3 189 a. b. wacc = i. re = ru + d / e ( ru ? rd ) = 12 + 150 (12 ? 6) = 18% 150 ii. if rd is higher, re is lower. The debt will share some of the risk. 14-15. Hubbard Industries is an all-equity firm whose shares have an expected return of 10%. Hubbard does a leveraged recapitalization, issuing debt and repurchasing stock, until its debt-equity ratio is 0. 60. Due to the increased risk, shareholders now expect a return of 13%. Assuming there are no taxes and Hubbard’s debt is risk free, what is the interest rate on the debt? acc = ru = 10% = 1 0. 6 x ? 1. 6 (10) ? 13 = 3 = 0. 6 x ? x = 5% 13% + 1. 6 1. 6 14-16. Hartford Mining has 50 million shares that are currently trading for $4 per share and $200 million worth of debt. The debt is risk free and has an interest rate of 5%, and the expected return of Hartford stock is 11%. Suppose a mining strike causes the price of Hartford stock to fall 25% to $3 per share. The value of the risk-free debt is unchanged. Assuming there are no taxes and the risk (unlevered beta) of Hartford’s assets is unchanged, what happens to Hartford’s equity cost of capital? u = wacc = 1 1 200 (11) + (5) = 8% . re = 8% + (8% ? 5%) = 12% 2 2 150 14-17. Mercer Corp. is an all equity firm with 10 million shares outstanding and $100 million worth of debt outstanding. Its current share price is $75. Mercer’s equity cost of capital is 8. 5%. Mercer has just announced that it wil l issue $350 million worth of debt. It will use the proceeds from this debt to pay off its existing debt, and use the remaining $250 million to pay an immediate dividend. Assume perfect capital markets. a. Estimate Mercer’s share price just after the recapitalization is announced, but before the transaction occurs. . Estimate Mercer’s share price at the conclusion of the transaction. (Hint: use the market value balance sheet. ) c. Suppose Mercer’s existing debt was risk-free with a 4. 25% expected return, and its new debt is risky with a 5% expected return. Estimate Mercer’s equity cost of capital after the transaction. a. b. MM => no change, $75 Initial enterprise value = 75 ? 10 + 100 = 850 million New debt = 350 million E = 850 – 350 = 500 Share price = 500/10 = $50 c. Ru = (750/850) ? 8. 5% + (100/850) ? 4. 25% = 8% Re = 8% + 350/500(8% – 5%) = 10. 1%  ©2011 Pearson Education, Inc.Publishing as Prentice Hall 190 14-18. Berk/DeMarzo â⠂¬ ¢ Corporate Finance, Second Edition In June 2009, Apple Computer had no debt, total equity capitalization of $128 billion, and a (equity) beta of 1. 7 (as reported on Google Finance). Included in Apple’s assets was $25 billion in cash and risk-free securities. Assume that the risk-free rate of interest is 5% and the market risk premium is 4%. a. c. What is Apple’s enterprise value? What is Apple’s WACC? b. What is the beta of Apple’s business assets? a. b. 128-25=103 million Because the debt is risk free, ?U = E ? E E+D 128 = (1. 7) 103 = 2. 11 c. rWACC = rf + ? ( E[ RMkt ] ? rf ) = 5 + 2. 11? 4 = 13. 4% alternatively rE = rf + ? E ( E[ RMkt ] ? rf ) = 5 + 1. 7 ? 4 = 11. 8% E D $128 $25 rE + rD = (11. 8%) ? (5%) = 13. 4% E+D E+D $103 $103 rwacc = 14-19. Indell stock has a current market value of $120 million and a beta of 1. 50. Indell currently has risk-free debt as well. The firm decides to change its capital structure by issuing $30 million in addit ional risk-free debt, and then using this $30 million plus another $10 million in cash to repurchase stock.With perfect capital markets, what will be the beta of Indell stock after this transaction? Indell increases its net debt by $40 million ($30 million in new debt + $10 million in cash paid out). Therefore, the value of its equity decreases to 120 – 40 = $80 million. If the debt is risk-free: D ? ?u ( E + D ) EV = ? u ? , ? = E? E E ? e = ? u ? 1 + ? ? where D is net debt, and EV is enterprise value . The only change in the equation is the value of equity. Therefore ? ‘ = ? e e E 120 = 1. 50 = 2. 25. E' 80 14-20. Yerba Industries is an all-equity firm whose stock has a beta of 1. and an expected return of 12. 5%. Suppose it issues new risk-free debt with a 5% yield and repurchases 40% of its stock. Assume perfect capital markets. a. What is the beta of Yerba stock after this transaction? b. What is the expected return of Yerba stock after this transaction? Suppose t hat prior to this transaction, Yerba expected earnings per share this coming year of $1. 50, with a forward P/E ratio (that is, the share price divided by the expected earnings for the coming year) of 14.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall Berk/DeMarzo †¢ Corporate Finance, Second Edition . 191 What is Yerba’s expected earnings per share after this transaction? Does this change benefit shareholders? Explain. d. What is Yerba’s forward P/E ratio after this transaction? Is this change in the P/E ratio reasonable? Explain. a. b. ?e = ? u (1 + d / e ) = 1. 2 ? 1 + ? ? 40 ? ?=2 60 ? 12. 5 ? 5 = 6. 25 ? re = 5 + 2 ( 6. 25) = 17. 5% from the CAPM, or 1. 2 re = r f + b rm ? r f ? rm ? r f = ( ) re = ru + d / e ( ru ? rd ) = 12. 5 + c. 40 (12. 5 ? 5) = 17. 5 60 p = 14 (1. 50 ) = $21 . Borrow 40%(21) = 8. 4, interest = 5%(8. 4) = 0. 42. Earnings = 1. 50 – 0. 42 = 1. 08, per share = . 08 = 1. 80. 0. 60 No benefit; risk is higher. The stock pr ice does not change. d. 14-21. PE = 21 = 11. 67 . It falls due to higher risk. 1. 80 You are CEO of a high-growth technology firm. You plan to raise $180 million to fund an expansion by issuing either new shares or new debt. With the expansion, you expect earnings next year of $24 million. The firm currently has 10 million shares outstanding, with a price of $90 per share. Assume perfect capital markets. a. If you raise the $180 million by selling new shares, what will the forecast for next year’s earnings per share be? b.If you raise the $180 million by issuing new debt with an interest rate of 5%, what will the forecast for next year’s earnings per share be? c. What is the firm’s forward P/E ratio (that is, the share price divided by the expected earnings for the coming year) if it issues equity? What is the firm’s forward P/E ratio if it issues debt? How can you explain the difference? a. Issue 180 = 2 million new shares ? 12 million shares outstanding . 90 24 = $2. 00 per share. 12 New EPS = b. Interest on new debt = 180 ? 5% = $9 million. The interest expense will reduce earnings to 24 – 9 15 = $1. 50 per share. $15 million. With 10 million shares outstanding, EPS = 10 By MM, share price is $90 in either case. PE ratio with equity issue is PE ratio with debt is $90 = 60 . 1. 50 90 = 45 . 2 c. The higher PE ratio is justified because with leverage, EPS will grow at a faster rate.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall 192 14-22. Berk/DeMarzo †¢ Corporate Finance, Second Edition Zelnor, Inc. , is an all-equity firm with 100 million shares outstanding currently trading for $8. 50 per share. Suppose Zelnor decides to grant a total of 10 million new shares to employees as part of a new compensation plan.The firm argues that this new compensation plan will motivate employees and is a better strategy than giving salary bonuses because it will not cost the firm anything. a. If the new compensation plan has no effect on the value of Zelnor’s assets, what will be the share price of the stock once this plan is implemented? b. What is the cost of this plan for Zelnor’s investors? Why is issuing equity costly in this case? a. b. Assets = 850m. New shares = 110. ? price = 850 = $7. 73 110 Cost = 100(8. 50 – 7. 73) = 77 m = 10(7. 73). Issuing equity at below market price is costly.  ©2011 Pearson Education, Inc. Publishing as Prentice Hall

Hill Country Snack Foods Co Essay

Hill Country Snack Foods Company manufactures, markets, and distributes snack foods and frozen treats throughout the United States. Hill Country is overall well performed company. Sales, Net Income, ROE and ROA had increased at a steady rate. Company mainly focused on maximizing the shareholder value by the CEO and other management’s managerial philosophy. Currently, Hill Country uses a risk adverse strategy to choose their business or project. Hill Country’s industry is high competitive but it kept going well with cost efficiency and quick reaction to customer requirements. From these reasons, Hill Country has few risks. However, analyst and experts present that Hill Country’s excess liquidity with zero debt is going to lose benefit and fail to maximize the shareholder value. Risk may be hided in the steady company’s good performance. Pending retirement of CEO is one of risks. ii) Briefly discuss the current corporate culture Hill Country was a well-managed company with decisions which can make shareholder value. CEO and other management insiders also held a significant proportion of company’s common stock. It means that they have responsibility as employee and owner. Company also has strong commitment to efficiency and controlling costs. These are great power to survive in highly competitive markets. Another important of Hill Country’s culture and managerial philosophy was caution and risk aversion. From that reason they choose zero debt financing and fund internally hold large cash balances. From the discussion of our team members, some of members think that it is too risk aversion position. Only efficiency will be stuck in near future so they should invest somewhat risky project and raise the debt. The others think that it is unique and fresh and in snack and food industry, it may be good strategy and philosophy like Coca-Cola’s permanence. iii) How does the stock market evaluate Hill Country’s current situation compared to its peers in the same industry (base your discussion on the valuation in the stock market) As shown in Exhibit 2, we can easily check the financial status of Hill Country with two competitors. In comparison to Snyder’s, a company with a little larger sales, and Pepsi, a company with 47x more sales, Hill Country performs well given its size. Hill Country has 3.5 times more NI than Snyder’s. However market capitalization of Hill Country is 1,412 mil USD which is lower than Snyder’s 1,517 mil USD. Market doesn’t think that Hill Country has lower value which expresses future expectation. This could be a result due to its capital structure and risk aversion strategy. P/E ratio also shows the same judgment. In the part of book value of asset, Hill Country’s ROA is higher than Pepsi’s ROA. However Hill Country’s ROE is lower than Pepsi’s because of debt. This is another indication of market evaluation. iv) Discuss how much financial risk the company would face at each of the three alternative debt-to-capital ratios presented in case Exhibit 4(you may discuss based on the financial risk faced by firms with different credit ratings); As the debt-to-capital ratios increases, the possibility of bankruptcy and cost of financial distress increase. In the case of Hill Country Snack Foods, Co., the credit rating will be downgraded1 and interest rate will increase according to the increased level of debt. Interest coverage ratio which measures company’s ability to honor its debt payments also decrease dramatically as quality of debt increase. Impact on net income from changing in EBIT will increase and financing flexibility will get worsen with the increased level of debt. It also can lose chance to time the market if it has more debts as it has little buffer to issue new debt.

Dissertation Chapter about Training LDS Chaplains to do Effective Pastoral Care for Service Members who Have Been Affected by the Traumas of War

III. THE DATA AND THE TREATMENT OF THE DATA 1. The Data Needed This study intends meeting the intellectual, knowledge level, and abilities of the United States military chaplain corps in their diagnostic and treatment of those afflicted with combat related stress. The target population for the proposed study, thus, consists of two sample groups; (1) military chaplains, and; (2) members of the uniformed services who have served in hostile environments subjecting them to possible stress related (Unwin, Blatchley et al., 1999). 2. Data Collection   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Understanding the intrinsic value of the empirical characteristics of qualitative research is core to its philosophical underpinnings fitting into the intention of this study. Through empirical methodologies, qualitative research permits interpretation of constructs of social reality and exploration of first-hand experiences of research participants forming the philosophical underpinnings of this research methodology (Booker, 2009, 389+). Within this framework are the influences on social science open-ended research questions as they align with the intent of the study for outcome data gathering. This paper further discusses these items and provides an example of how these philosophical underpinnings apply to a specific research design and methodology.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   According to Booker (2009), â€Å"theoretical underpinnings† of qualitative research in researching and interpreting individual participation using empirical research methodology includes study tools of interviewing and observation. Her tenet as a teacher means assuring instruction of qualitative research has a philosophical framework of why and how qualitative research contributes to the study findings as equally as quantitative data (p 389+). In addition, according to Onwuegbuzie, Leech, Slate, Stark, Sharma, Frels, Harris, and Coombs (2012) philosophical underpinnings of qualitative research seeks data from such sources as â€Å"interviews, focus groups, surveys, observations, personal journals, diaries/memos, permanent records, transcription of meetings, photographs, audiovisual material, pictures, paintings, and field notes (p 16+)†. Booker (2009), as a teacher of qualitative research finds instilling the why and how importance of this type of data gathering tool is sometimes an uphill challenge even with her under and graduate students. To this end, Booker explains thinking in terms of â€Å"qualitatively† assists in overcoming what she interprets as a â€Å"resistance†. Her challenge to teach the philosophical underpinnings of qualitative research with its value to the social sciences and in particular educational research involves instruction of the changing nature of educational research using qualitative theories focusing on learner-centered instruction (p 389+). Remaining true to the spirit and intentions of this study relates to qualitative research philosophical underpinnings influencing social science research. At the same time, this type methodology specifically affects research questions, data collection approaches, and data analysis according to Booker (2009) in the social science field of psychology. From their own experiences, participants of qualitative research engage in proactive input guided by its philosophical underpinnings for obtaining socially pertinent first-hand information relating to the thesis. This provides how the philosophical and theoretical underpinnings of qualitative research in the social sciences create pertinent questions for interviews, questionnaires, and other personal feedback of participants according to the type of data sought (p 389+). In her professional experience Booker (2009) educational research – incorporates â€Å"approaches of phenomenology, critical race theory, feminist theory, grounded theory, and the case study approach†. These hold to the intrinsic value of the empirical characteristics of qualitative research permitting interpretation of constructs of social reality and exploration of first-hand experiences of research participants alongside the hard numbers/statistics provided through quantitative research data (p 389+). Using the qualitative methodology of the phenomenology field shows the shift in education embracing the â€Å"philosophical focus on the individual† learner experience providing â€Å"in-depth description†. In this, Booker (2009) explains creating â€Å"significant and valid theories of learning and development† arise from this philosophical underpinning of qualitative research by incorporating use of â€Å"smaller scale observations and interviews† as a qualitative methodology. Booker incorporates the validity of qualitative research philosophy through learning from case studies (p 389+).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Walsh-Bowers (2002) conducted qualitative research using the methodology focusing on student and faculty participants as researchers in the field of psychology. Using interview feedback asking faculty participants describe â€Å"past and present research experience; how contextual features of the research relationship impinged upon their work; and their opinions concerning the potential for alternative methods, research relationships, and scientific-writing styles to gain legitimacy in the discipline (p 163+)†. His student participants’ open-ended qualitative interview questions included â€Å"how they learned to do research with humans and to write scientifically. In addition, he asked â€Å"what exposure they had to alternative methods (e.g., QR) and to complementary writing styles, and what they believed needed to change in psychology, if anything, to legitimize these alternative approaches to research conduct and report-writing (Walsh-Bowers, 2002, p 163+)†. Clearly, this example of qualitative philosophical underpinnings in a case study shows in Walsh-Bowers own definition is a process â€Å"characterized by inductive, flexible exploration of the phenomena of interest by which the investigator seeks to understand rather than predict and control these phenomena; careful attention to the quality of research relationships†. Within the framework of his focus, the feedback provided how â€Å"the inter-subjective nature of investigative processes; and cultivation of multiple and partial interpretations† affect the qualitative data gathering (Walsh-Brown, 2002, p 163+).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A phenomenological study is the most viable for this research with implementation in three stages, including a pretest, in-depth structured interviews, and a follow-up after analyzing the collected data conducting the pretest using an electronic questionnaire format of open-ended qualitative style questions. For security purposes, and to ensure confidentiality, participants will receive an individualized password to access the survey. Results of the survey will be sent directly to the researcher for analysis and thus not be posted anywhere on the site. Conducting the follow-up of the participants will take place via telephone interviews and email correspondence. The researcher will also gather secondary data and collate published studies from various peer-reviewed journals. Noy (2011) adds, the phone follow up is not easily ignored by the respondents in the qualitative methodology of data gathering even to the extent of emails potentially ignored. In the phone conversation, the interviewer has â€Å"the opportunity to make a pitch tailored to your potential respondent, as well as to develop a personal connection†. In addition, Noy explains how phone interviews provide time saving methodology over meeting participants in person. The most important stage of the research endeavor is ensuring the validity of the accumulated data (Foss Ellefsen, 2002). References Ano, G. G. and E. B. Vasconcelles (2005). Religious Coping And Psychological Adjustment To Stress: A Meta-Analysis. J Clin Psychol 61(4): 461-480. Astin, M. C., K. J. Lawrence, et al. (1993). Posttraumatic Stress Disorder Among Battered Women: Risk And Resiliency Factors. 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