How to Stop Comparing Yourself to Others

The most effective method to Stop Comparing Yourself to Others What amount of your day do you spend fanatically contrasting yourself with your companions or associates? Your closest companion from school gets more cash-flow than you do, despite the fact that she’s been at her particular employment for less time. Your desk area mate consistently gets praised by your chief, despite the fact that you realize she spends a large portion of her workday on Facebook. In the event that you’re a successive player of the examination game, you realize it generally prompts youâ feeling horrendous about yourself. Indeed, everybody on LinkedIn is improving on the stepping stool than you are. What's more, truly, everybody on Instagram is carrying on with their best life. However, did you realize that without the entire story, you truly have no reason for correlation? Here’s how you can make a point to not fall into the snare of unnecessary correlation. Whenever you play the â€Å"here’s why he’s better† game, basically recall these tips, take a full breath, and work on developing yourself instead of holding yourself against incomprehensible standards.1. Understand that examinations don’t tell the entire story.Are you contrasting what you know with be your most noticeably terrible against what you judge to be somebody else’s best? Is it true that you are contrasting your start with somebody else’s center? Your initial profession to their brilliance days? Your entrance level compensation to their 40-year profession? Recollect that examinations require measurements, which are difficult to find in any event, when you aren’t attempting to contrast one type with a totally different type or seeds to trees.2. Comprehend that you’re squandering valuable time.Every hour you spend contrasting yourself with another person is an hour you’re not spending improving, finding out additional, procuring new aptitudes, and pushing ahead. Contrasting yourself with another per son moves your mentality away from where it should be-on you-by putting it elsewhere significantly less gainful. Concentrate on yourself and what you should do to be the place you should be, and removed the remainder of the noise.3. Realize that internet based life isn't your friend.The next time you tumble down an Insta-opening of entirely presented pictures, turn off your gadget (or possibly shut down your application) and power yourself to go through in any event one hour without logging back on. In the event that you go through that hour dealing with a personal growth venture, that’s all the better. Work on building the sort of life you can be glad for. Concentrate on the present, not on what number of â€Å"likes† you jumped on your last post. Accomplish something for yourself or another person that will really matter.4. Turn that grimace upside down.Address whatever negative emotions are hiding in the rear of your mind and attempt to transform them into positives . Utilize your envy and instability to spike you to become quicker and then some. Truth be told, rather than review the individual who’s causing you to feel not exactly as rivalry, you can consider that person as a dream or a motivation to improve. You may even connect with that individual in a mentorship or cerebrum picking capacity!5. Keep your dignity.You have nothing to pick up in correlation circumstances, yet everything to lose your time and vitality, yet your drive, your enthusiasm, your pride, and your nobility. You’re just in charge of one life-your own. Do what you can to make it as well as can be expected be, and don’t become unpleasant and desirous while neglecting to make a big deal about yourself meanwhile.

Strategies to Fight Low-Cost Rivals by Nirmalya Kumar

HP’s rebuilding has contracted Dell’s cost adv from 20% to 10%. Clients have acknowledged included advantages like moment convey, capacity to seeYour customary activity will turn out to be more competitive.Your minimal effort adventure will get more cash-flow that it would have made as a free unit. You can dispense satisfactory assets to the minimal effort unit. Dow Corning’s Xiameter unit †ease supplier of silicone items sells just 350 of Dow’s 7000 contributions, doesn’t tear up the its folks deals. From 28 M misfortune in 2001 to 500 M benefit in 2005 Switch to selling solutionsNo cooperative energies conceivable between existing endeavor and ease unit. Joining of your items and administrations offer one of a kind vale to clients. Australian mining organization Orica †offered explosives to stone quarries. New help laser profiling rock appearances to distinguish best places to penetrate gaps. Become only low client cost providerNo cooper ative energies conceivable between existing endeavor and minimal effort unit. A significant bit of client portion is value delicate. You are happy to secure new business capabilities.RyanairFirms can either assault, exist together precariously or turn out to be minimal effort plays themselves. It is anything but difficult to battle customary opponents because of likenesses in their courses of action and ability however most organizations disregard the dangers from problematic, minimal effort contenders. Coke battles Pepsi, sony with Phillips, avis with Hertz, P$G with Unilever. Amazon with Ebay etc.Businesses that sell at extremely low costs when contrasted with the officeholders may go to liquidation (US Airlines) however the point worth considering is that, they rapidly reappear. They cut passages and cut rushes and in the long run snatch a lump of market. For example Southwest aircrafts, JetBlue, Aldi grocery store in Germany and different parts. The monetary estimations of minim al effort players are not the same as the set up ones. They win littler gross edges yet their plans of action transform those into higher working margins.Higher than avng resource turnover proportion, noteworthy profit for resources, due to returns and high development rates, advertise capitalization is higher than industry pioneers regardless of bigger value base. System for reacting to minimal effort rivals.ASK †will this organization remove my present or future clients? NO †observe yet don’t take on the new opponent. Truly †don’t dispatch cost war, rather attempt and increment item differentiation.ASK †are adequate number of clients ready to pay more for the advantages my item offer? Truly †Intensify separation by offering more advantages and after some time rebuild your organization to decrease the cost of advantages you offer. NO †Learn to live with the littler organization. In the event that conceivable union or take over rivals.ASK †in the event that I set up a minimal effort business, will it produce cooperative energies with my current business? NO †Switch to selling arrangements or change into a minimal effort player. Indeed †Attack your minimal effort rival by setting up an ease business.Low cost players remain ahead in the market since buyer conduct work in support of themselves, new ease participant present stiffer test contrasted with the customary ones. for example †JetBlue’s section is a worry for Southwest.The Futility of Price Wars. In any event, when showcase pioneers duplicate the basic components of the minimal effort rivals’ plans of action, they can't coordinate their costs. for example †Internet reserving for aircrafts doesn’t convey the sort of cost decreases to conventional aircrafts that they never really cost bearers. Cutting costs brings down the benefit for pioneers without driving the minimal effort equals out of market.When Differentiation works: When pioneers acknowledge, they can't win the value war, they pick differentiation.Differentiation draws near: Design cool items. for example †Apple Continually improve. for example †Gillette, 3M Offer an extraordinary item blend. for example †Sharper Image, entire nourishments. Brand a network. for example †Harley Davidson Sell encounters. for example †Starbucks, Nordstrom.Differentiation works when: Smart business don’t utilize this strategies in segregation. Organizations must have the option to convince clients to pay for benefits. Organizations must get cost and advantages line before actualizing it.Dealing with double systems. Organizations should set up ease activities just when the customary ones will get serious subsequently and new business will determine a few advantages that that it would not have appreciated as an autonomous unit. For example †First Direct, ING Direct. Ease specialty unit should utilize a one of a kind brand n ame like HSBC’s First Direct. Auxiliary ought to be housed separately.A two dimensional technique conveys results just when the minimal effort activity is propelled unpalatably to bring in cash and not as an absolutely protective ploy to hurt ease rivals. Eh †Dow Corning’s making of Xiameter.Switching to Conquer If there is no cooperative energy among conventional and ease organizations, there are two different choices to manage the ease rivals. Begin selling arrangements. For example †Orica’s impacting arrangements Convert into minimal effort player. For example †Ryanair.Original Article by NIrmalya Kumar

Fighting Marketing Fatigue

Question: Compose a synopsis on Fighting Marketing Fatigue? Answer: Presentation An article named late research has distributed a diary which incorporates the examination of the a few buyers conduct with respect to advertising. The quantities of the clients are just about 15,000. The time range of the investigation was over multi month. The exploration was made to discover the job of the advertising messages in the event of deals advancement and different realities with respect to the market. All the more especially, this is a review of the promoting messages. The examination shows that in this propelled period of correspondence where email is the most significant thing in the event of the online business the utilization of advertising message is still lower than this mailing system(Ojha et al., 2010). The advertising messages are the primary things in the realm of business. These are the advanced instruments of the correspondence. There are numerous methods of the promoting message. The supervisors are utilized utilize these things to speak with their clients. The fundamental goal of the chiefs is to associate with the clients 24*7 and send them quality messages. The showcasing messages are assumes a vital job in the realm of correspondence. They can utilize the web media or the basic informing or to associate with them straightforwardly. These helps a great deal when the time has come to speak with the everyday citizens (Temple, 2013). Promoting message The all out procedure needs some detail to process this with an extraordinary quality. The primary concerns are talked about underneath Be Concise: the messages need to contain some quality data. This will assist the buyers with getting the precise news or the ideal data. The organizations need to maintain a strategic distance from the garbage from the messages. Customers have their valuable time. They dont need to lose their time behind these things. Along these lines, the supervisors need to make such messages which the fundamental data in them. Be steady: the buyers are having unique proposals from different organizations consistently,. Along these lines, taking a gander at the expanding market the organizations need to attempt to be reliable when they are offering these messages. They need to thump the entryway of the client every day. Concentrate on the client: the organizations need to examine the clients. As indicated by them they need to make the messages. There are different kinds of clients in the market, to reach at them need to make different sorts of messages. The fundamental trouble is the clients keep associated with the clients and they all send them the messages. Some they are furious with the providers that they sends too amny messages and they started to dismiss those messages. From hypothesis to rehearse: 5 standards for overseeing promoting pressure These are five significant components which are referenced are not maintaining a strategic distance from the brilliant principle are exceptionally useful to the advertisers in the event of expanding the absolute deal Individualize the methodology: The advertisers need to think about the individual client commonly. At that point they can drop the message as indicated by the idea of the client. This methodology will assist the merchant with increasing the complete deal (Cope and Kalantzis, 2009). Concentrate on message pertinence: the advertisers need to make such messages which are containing helpful data. The messages ought not convey such messages which are not important. This can draw in more than previously. Increment message volume: if the advertiser feels that there is any data which is missing or which is significant, they can send that message every now and again. Give direction: It is the obligation of the advertisers to recognize the ineptitude of the message and which point is the most important one(Guidance on relative appraisal, 2011). If all else fails, improve: it is common that the clients can't peruse the message or to comprehend the message. At that point the advertisers need to cause them to comprehend the message. The explanation is they are the benefits and they will expand the all out deal. Along these lines, it is significant that they need to peruse the message appropriately and comprehend the entire message. Making a move Legitimate moves need to make to build the deal. The advertisers can keep their record and they can review them as per their presentation. They can utilize various hues to check them as their exhibition like significant one, normal one or at last the poor important one. To cause this enthusiastically they to need to experience each message minutely. The activity plans can be this way: 360-degree perspective on the client: The advertisers need to peruse their client minutely to have a deep understanding of him. As indicated by their investigation they can take appropriate activities. Explanatory and prescient functionalities: The clients need to take the correct information from the clients to know the survey and their experience(Editorial Board, 2012). Consistent reconciliation between client information battle execution: Two sorts of messages can be dropped, the first is practicality and the personalisation. The can send a ton of message with brimming with data. It is an appropriate move to be made. Constant suggestion and personalisation motors: they can utilize those motors which permit the advertisers to think about the requests of the clients. These are valuable instruments. Cross-channel capacities: they need to permit such channels which can follow the clients. In the event that they are in a difficult situation they can help the clients right away. End From the above conversation plainly the utilization of Real-time proposal and personalisation motors is the most significant one and the 360-degree perspective on the client is the most noticeably awful one. the utilization of Real-time suggestion and personalisation motors is the most important one on the grounds that the issue can be sort out inside a second and oral and continuous discussion gives the ideal plan to the client. 360-degree perspective on the client is the most exceedingly terrible one since this takes also time and they dont have that time(Weaver, 2006). References Publication Board.(2012). Urology, 80(2), p.A2. Direction on relative assessment.(2011). EPPO Bulletin, 41(3), pp.256-259. Jacobsen, C. what's more, Lempert, L. (2013). Institutional Disparities: Considerations of Gender in the Commutation Process for Incarcerated Women. Signs, 39(1), pp.265-289. Kinnunen, T., Aapaoja, A. what's more, Haapasalo, H. (2014). Breaking down Internal Stakeholders Salience in Product Development. Innovation and Investment, 05(02), pp.106-115. Ojha, D., Singh, R., Sharma, A. what's more, Shukla, A. (2010).A Model of Anonymous cum Idiosyncratic Machiavellian Mailing System Using Steganographic Scheme.International Journal of Computer Applications, 8(14), pp.1-4. Weaver, C. (2006). 360-Degree Communication and Professionalism Assessment Instrument.MedEdPORTAL Publications. Adapt, B. what's more, Kalantzis, M. (2009). Omnipresent learning. Urbana (Ill.): University of Illinois Press. Sanctuary, M. (2013). The Media and the Message. Diary of Political Marketing, 12(2-3), pp.147-165.

Fats Navarro essays

Fats Navarro papers The story starts in Key West, Florida where Theodore Fats Navarro was conceived of blended Cuban-Black-Chinese parentage on September 24, 1923. His melodic preparing started ahead of schedule with piano exercises at age six, yet he didn't begin paying attention to music until he took up the trumpet at age thirteen. He turned out to be acceptable during his secondary school years. He likewise played tenor saxophone and played quickly with Walter Johnson's band in Miami. Obviously Fats couldn't have cared less much for Key West. He was once cited as saying I didn't care for Key West by any stretch of the imagination. I'll never return. So, in the wake of graduating secondary school, he joined Sol Allbrights' band in Orlando, so Fats headed out with him to Cincinnati, and took further trumpet exercises from an Ohio instructor. He at that point went out and about with Snookum Russell's Indianapolis ensemble. Russell's gathering, a band notable in the region during the 1940s, end up being excellent for Fats. It was where he created, tested, and committed errors that nobody would recollect before going to the national stage. Fats remained with Russell for around two years (1941-42) and turned into their trumpet soloist. Fats worked next with Andy Kirk and his Kansas City Billows of Joy. Here he made a fellowship with trumpeter Howard McGhee. Fats job in the Andy Kirk band clarifies this story retold by Billy Eckstine portraying how Fats moved over to his band. Unsteady Gillespie left my band in Washington, D.C. He advised me to head toward hear Andy Kirk, on the grounds that there was an individual with Kirk named Fats Navarro. 'Take a hear him out,' said Dizzy, 'he's great!' So I went out to the club, and the main thing Fats needed to blow was behind a chorale number. In any case, he was howling behind this number, and I said to myself, 'This is adequate this'll fit.' So I got Fats to stop by and talk it over, and around fourteen days after that he took Dizzy's seat, and take it from me, he came directly in ... Incredible as Diz is ... Fats played his book and you wou ... <!

Bladder Cancer

BLADDER CANCER Bladder disease is the development of threatening cells in the urinary bladder. Most types of bladder malignancy start in the shallow layer of the transitional epithelium, and regularly influence the transitional cells. It might likewise be called transitional cell carcinoma or even urothelial carcinoma. Urothelial carcinoma is likewise a term utilized for transitional cell malignant growth in the renal pelvis, ureters, and urethra. Bladder malignant growth is a moderately normal malady. It is the fourth driving malignant growth among men (following prostate, lung, colorectal diseases), and the tenth driving malignancy among ladies; happening in men around multiple times more regularly than ladies. Like most sorts of malignant growth, bladder disease as a rule includes epithelial cells, for this situation, the transitional epithelium that lines the urinary bladder. Consistent dreary harm to the epithelium makes the develop cells pass on. This invigorates fast replication in the basal layer, and soon new provinces of juvenile cells relocate to the surface. These new cells are handily disturbed by hereditary transformations and may become threatening developments that cause seeping into the bladder. The reasons for bladder malignant growth differ as per clinical history and topographical area. Individuals who have had pelvic radiation for different issues and individuals who have had incessant contaminations, bladder stones, or catheter use are at an expanded hazard for creating bladder malignant growth. In Africa, Asia, and South America, bladder malignant growth is related with a particular parasitic disease, called Schistosoma haematobium. In the United States and mechanical nations, most instances of bladder malignant growth are legitimately identified with increasingly controllable components. The transitional epithelium of the bladder is by all accounts especially helpless to harm from ecological poisons. A few hereditary changes that limit the body’s capacity to hinder tumor development or attack have been connected to bladder malignant growth. These changes are as often as possible activated by presentation to cancer-causing substances. About portion of bladder malignant growth cases are accepted to be identified with cigarette smoking. Other contributing components incorporate presentation to sweet-smelling synthetic compounds utilized in cleaning liquid, hairdressing synthetics, and material and elastic enterprises. The soonest most reliable indication of bladder malignancy is hematuria (blood in the pee). The pee of a bladder malignant growth persistent is regularly recognizably blushed or rust shaded, in spite of the fact that the patient has no specific torment in the beginning times of the sickness. On the off chance that the tumors proceed to develop and attack further layers of the bladder, auxiliary side effects may create. These are the consequence of mechanical weight, including the bladder peevishness (agonizing pee, expanded recurrence of peeing, diminished pee yield) and pressure on the rectum, pelvic lymph hubs, and whatever other structures that might stand out. So as to analyze bladder malignant growth, pee tests might be tried to search for shedding disease cells, and a computerized rectal test (or a pelvic test if the patient is a lady) gives data about tumors. Other indicative strategies incorporate utilizing color to recolor the pee and make the bladder simple to radiograph. Explicit markers for bladder disease have as of late been recognized, however tests to discover them are not yet reliably precise or broadly accessible. Notwithstanding, proceeded with improvement around there show a promising future toward the early identification and treatment of this sickness. The most effective method to treat bladder malignant growth relies upon the phase at determination. Specialists can utilize a little wire circle toward the finish of a cystoscope to evacuate unusual tissue, or another apparatus might be utilized to consume the tumor with extreme heat with power. Increasingly obtrusive medical procedures may evacuate part or the whole bladder, and if indications of pelvic metastasis are available, different tissues also. Pee stream might be directed out of the body through a stoma, or an assortment of medical procedures have been created to shape counterfeit bladders from parts of the enormous or small digestive system. Notwithstanding medical procedure, radiation and chemotherapy might be utilized in the fight against bladder malignant growth. Over 70% of bladder disease analyze are made when the cells influence just shallow layers of tissue. Obviously, this is incredible news in light of the fact that the endurance rate for malignant growths got early is far superior to for diseases trapped in stage three or later. All things considered, bladder disease has an unordinary propensity for developing in a few places without a moment's delay, so in spite of the fact that it might be conceivable to get a couple of tumors, any imperceptible third, fourth, and fifth tumors may not get suggestive for an additional a while. This implies the reoccurrence rate for bladder disease is shockingly high; up to 80% percent of bladder malignant growth patients have at any rate one reoccurrence. The connection between bladder malignancy and cancer-causing substances is one of the most obviously showed interfaces between natural exposures and disease. The uplifting news is the bladder malignant growth is most likely a totally preventable malady, if introduction to the cancer-causing substances is constrained or destroyed. References Bladder Cancer. (2008). Recovered 30 January, 2009, from Mayo Clinic Foundation for Medical Education and Research Web website: http://www. mayoclinic. com/wellbeing/bladder-malignant growth/DS00177 General Information about Bladder Cancer. (2008). Recovered 30 January, 2009, from National Cancer Institute Web webpage: http://www. disease. gov/cancertopics/types/bladder Health Information: Bladder Cancer. (2008). Recovered 30 January, 2009, from University of Wisconsin Hospitals and Clinic Authority Web website: http://applications. uwhealth. organization/wellbeing/adam/hie/1/000486. htm

How capital structure affects cost of capital for UK companies - Free Essay Example

Abstract Firms require a reasonable capital structure to meet the required target. To raise the finance, firms normally choose to review some different factors that are taken into account in considering. In this study, the author will examine the correlation between capital structure and the cost of the capital. As the cost will be a main factor for the firms to raise the finance. And different of capital structure will cause variable cost. This report will review the literature in capital structure and cost of finance. Along with the availability of source of finance, including the matching principle, a famous tools à ¢Ã¢â€š ¬Ã…“trade-off theoryà ¢Ã¢â€š ¬?. As well as the argument follows, pecking order theory and agency cost theory. Drawing a conclusion based on the research survey data collection. Justify the relationship in how capital structure affects capital cost. Key word: Capital structure, finance, cost of capital, UK Introduction The term capital structure refers to the mix of different types of funds which a company uses to finance its activities. Capital structure varies greatly from one company to another. For example, some companies are financed mainly by shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ funds whereas others make much greater use of borrowings. à ¯Ã‚ ¼Ã‹â€ www.accaglobal.comà ¯Ã‚ ¼Ã¢â‚¬ ° Since the seminal publication of Modigliani and Miller (1958), corporate finance researchers have devoted considerable effort to investigating capital structure decisions (e.g. Myers, 1977 and 1984). Significant progress has been made in understanding the determinants of corporate capital structure with an increased emphasis on financial contracting theory (for example, Barclay and Smith, 1995; Mehran et al., 1999; and Graham et al., 1998 and, for an international view, Rajan and Zingales, 1995). This theory suggests that firm characteristics such as risk and investment opportunity set affect contracting costs. In turn, these costs impact on the choice between alternative forms of finance such as debt and equity, and between different classes of fixed-claim finance such as debt and leasing. The author will examine the relationship between the cost of capital and the structure of capital, and the effect of cost to raise finance in terms of making financial decision in the firms. Literature review 2.1 Theory of capital The origins of capital structure theory lie in the models of optimal capital structure that were developed in the wake of the famous Modiglianià ¢Ã¢â€š ¬Ã¢â‚¬Å"Miller irrelevance theorem. These models later became to be known as the static trade-off theory (see e.g. Modigliani and Miller, 1958, 1963; Baxter, 1967; Gordon, 1971; Kraus and Litzenberger, 1973; Scott, 1976; Kim, 1978; Vinso, 1979). In this theory, the combination of leverage related costs (associated with e.g. bankruptcy and agency relations) and a tax advantage of debt produces an optimal capital structure at less than a 100% debt financing, as the tax advantage is traded off against the likelihood of incurring the costs. This theoretical result is now widely accepted in the profession. However, in seeking to model the wide diversity of capital structure practice, a number of additional factors have been proposed in the literature. 2.2 Factors that affect capital structure First, the use of debt finance can reduce agency costs between managers and shareholders by increasing the managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ share of equity (Jensen and Meekling, 1976) and by reducing the à ¢Ã¢â€š ¬Ã…“freeà ¢Ã¢â€š ¬? cash available for managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ personal benefits (Jensen, 1986). Second, Myers and Majluf (1984) argue that, under asymmetric information, equity may be mispriced by the market. If firms finance new projects by issuing more equity, under pricing may cause les profit for existing shareholders in terms of the project NPV. Myers (1984) refers to this as pecking order theory of capital structure. The underinvestment can be reduced by financing the mispriced equity by the market. Internal funds involve no undervaluation and even debt that is not too risky will be preferred to equity. If external finance was required, firms tended first to issue the safest security, debt, and only issued equity as a last resort. Under this model, there is no well-define target mix of debt and equity finance. Each firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s observed debt ratio reflects its cumulative requirements for external finance. Generally, profitable firms will borrow less because they can rely on internal resources and retain earnings. The preference for internal equity implies that firms will use less debt than suggested by the trade-off theory. Other factors that have been invoked to help explain the diversity of capital structures include: management behaviour (Williamson, 1988), firm-stakeholder interaction (Grinblatt and Titman, 1998), and corporate control issues (Harris and Raviv, 1988 and 1991). 2.3 How to finance The conventional discussion on a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s choice between long-term and short-term debt has generally focused on three aspects: matching debt maturity with asset life; extending the term-to-maturity of loans to stretch the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s debt capacity; and concentrating long-term debt issues in periods of relatively low interest rates. Recent development in the financial research literature has advanced several economics concepts such as transaction and agency costs, tax-timing option, and information asymmetry, to the debt maturity choice paradigm. Brick and Ravid (1985) show that taxes can also imply an optimal debt maturity structure. Depending on the term-structure of interest rates, long-term (short-term) is optimal, since it accelerates the tax benefit of debt given an increasing (decreasing) term structure. When firms cannot reveal the true quality of their cash flows, i.e. when information asymmetry exists, they can prevent or abate undervaluation by using a variety of signalling devices, such as debt (leverage), dividend payments or the maturity structure of debt. Thus, information asymmetry gives firms an incentive to signal their quality and credibility by taking on more debt and shortening their debt maturity. A higher leverage, especially more short-term debt, signals favourable inside information to the market because it offers the possibility to renegotiate terms in the future, when more information has become available. Long-term debt entails higher information costs than short-term debt, because the market expects a stronger deterioration of quality than insiders do. Firms with a low level of information asymmetry are therefore more likely to issue long-term debt (Flannery, 1986). In the study of international capital structures, Rajan and Zingales (1995) argue that it is important to test the robustness of US finds in different environments. They identify as potentially important the cross-country differences in tax and bankruptcy codes, in the market for corporate control and in the historical role played by banks and security markets. Methodology This survey focuses primarily on the determinants of the capital structure policy of firms but also includes some questions on topics that are closely related to the capital structure. For example, the questions address their approximate cost of equity to the managers, how they estimate their cost of equity (with CAPM or other methods), and whether the impact on the weighted average cost of capital is a consideration in their capital structure choice. The survey was developed after a careful review of the capital structure literature pertaining to the U.S. and European countries. For ease of comparability, the author tried to keep the format and design the survey similar to that of Graham and Harvey (2001), but modified or simplified some questions that are likely to be relevant in the UK context. For example, literature suggests that there are strong differences in corporate objectives between American and UK financial systems since the former system focuses on maximizing shareholder wealth while the later emphasizes the welfare of all stakeholder including employees, creditors and even he government. To examine this difference, the author ask the CFOs about the extent to which different stakeholders influence their firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial decisions, the author also ask the firms the percentage of their free float share and whether they have preference or common share. 3.1 Sampling The initial samples for mailing the survey consist of a total of 57 firms from UK. The choice of initial sample was based on selecting firms that are representative of the UK firms, are widely traded, are comparable across country, and are public limited with available information. These criteria are important to justify the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ specific difference. From this sample, 9 firms were deleted because of non-availability of addresses and another 17 firms were deleted because they declined to participate in the survey, leaving a final sample of 31 firms. The survey was anonymous as this was an important criterion to obtain honest responses. In the mailing a letter was included that was addressed to the CFO or CEO explaining the objective of the study and promising to send a copy of the findings to those who wished to receive. A total of 12 responses were received by mail, which represents a response rate about 38 percent. 3.2 Findings: Figure 1: Figure 2: Figure 3: Other characteristics Figure 4: Figure 5: Figure 6: Figure 7: 3.3 Summary of findings The respondent firms represent a wide variety of industries with a larger concentration in manufacturing; mining; energy and transportation sector; high technology; and financial sectors. About three forth of firms have a target debt to equity ratios, and about half of these firms maintain a target debt to equity ratios of one. Further, many respondents have a large percentage of their total debt in short term. About 80 percent of respondents report that they calculate their cost of equity, and over 77% of them employ the Capital Asset Pricing Model (CAPM) to calculate this cost. The estimated cost of equity reported by respondents ranges between 9%-15% only few firms report cost of capital greater than 15% The correlations among the demography variables of this survey are largely as predicted in the literature. These correlations will be discussed in detail in the next section. Analysis Three sets of factors in managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ opinion that are likely to influence capital structure of firms are selected based on a review of literature. The first set is based on the implications of different capital structure theories such as the trade-off theory, the pecking order theory, and the agency cost theory. Generally the managers will make the financial decisions based on theories and through these decisions to affect their cost of capital. The second set relates to the managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ timing of debt or equity issues since literature suggests that managers are concerned about financial flexibility. With evidence support in the findings, most of managers within all industries consider the financial flexibility as the most important issue when raise finance. Finance by short term may give the company advantage in changing their status to meet the changing world environment and provide less risks in investments. Finally, the last set of factors is based on common beliefs among managers about the impact of capital structure changes on financial statements such as the potential impact of equity issue on earnings. This factor shows the important of experience in managers mind and how it will be impact on the decisions. In summary, to analyse a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital structure, we assume that the company is only financed by two ways, either by shareholders equity or borrowings. It is just to consider how cost of capital affect the different proportion of debt in capital structure. Figure 8: Two advantages and two disadvantages of borrowing Advantages Disadvantages 1. Cheap direct cost because debt is less risky to the investor 1. Financial leverage causes shareholders to increase their cost of capital 2. Cheap direct cost because interest is a tax deductible expense. 2. Bankruptcy risks if borrowings are too high. à ¯Ã‚ ¼Ã‹â€ www.accaglobal.comà ¯Ã‚ ¼Ã¢â‚¬ ° The main advantage of borrowing is that the debt has a cheaper direct cost than equity. Debt is less risky to the investor than equity (low risk result a low required return) Interest payments are tax deductable whereas dividends are not. However, borrowing has two distinct disadvantages. Firstly it causes shareholders to suffer increased volatility of earnings. This is known as financial leverage. The increased volatility to shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ returns resulting from financial leverage causes shareholders to demand a higher rate of return in compensation. The second disadvantage of borrowing is that if the company borrows too much, it increases its bankruptcy risks. At reasonable levels of gearing this affect will be imperceptible, but it becomes significant for highly geared companies and results in a range of risks and costs which have the effect of increasing the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost of capital. Limitation and Ethical issue The research focus on the UK market and respondents are from different areas of industry. The limitation has been carried out. First will be the time of the research. As a three months research, the data was not examined as à ¢Ã¢â€š ¬Ã…“correctà ¢Ã¢â€š ¬? enough to support the authorà ¢Ã¢â€š ¬Ã¢â€ž ¢s point. The data collection should be carrying continually in a long period of time and often reviewed at some certain time. Second, the way of collecting these data is limited by mailing. The survey may not represent the whole market as the limited number of respondents. A research should conduct all the possible methods including quantitative and qualitative. Finally, as this is not a professional research, lots of objectives in the research declined to give feedback in judging their financial structure in the case some of this could be their classified information. The ethical issue has been raised in this research; this will be à ¢Ã¢â€š ¬Ã…“honestyà ¢Ã¢â€š ¬? in the feedbacks from the respondents. As this survey is anonymous research, the managers may not give the right information in case of rising threats in competition. The importance of financial structure in firms causes the mangers to think before they actually answer the questions. The privacy issue in their mind raised that they may not want to share all the information regarding to the financial statement. Conclusion The purpose of this article is to supplement the existing literature with an analysis of the factors determining the financial structure affecting the cost of capital. The analyses give rise to the following conclusions. The study presents a dynamic model to address the possibility of adjustment costs incurred in reaching an optimal capital structure. And examine the literature in the factors in capital structure in affecting the cost of financing a firm through the facts in reality. The conclusion can be drawn as the cost of capital is a key factor that firms taken into account when raise finance along with the financial flexibility. On the other hand, the capital structure of a firm will affect the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost in both short term and long term. The firms raise the finance to meet the required target, there is no such a way to limit firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial structure. They may want to choose a short term loan to meet flexibility of cash flow, in the contrast; the long term finance may require more information and satisfaction of the firms. The cost of capital depends on how firms finance their capital structure. Reference and bibliography Barclay, M.J. and C.W. Smith (1995), à ¢Ã¢â€š ¬Ã‹Å"The Priority Structure of Corporate Liabilitiesà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Finance, Vol. 50, No. 3 (July) Baxter, N. D. (1967) Leverage, the Risk of Ruin and the Cost of Capital, Journal of Finance, 22 Brick, I. and Ravid, A. (1985) On the relevance of debt maturity structure, Journal of Finance, 40 Flannery, M. (1986) Asymmetric information and risky debt maturity choice, Journal of Finance, 41 Gordon, M. (1971) Towards a theory of financial distress, Journal of Finance, 26 Graham, J.R., M.L. Lemmon and J.S. Schallheim (1998), à ¢Ã¢â€š ¬Ã‹Å"Debt, Leases, Taxes and The Endogeneity of Corporate Tax Statusà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Finance, Vol. 53, No. 1 (February) Graham, J.R. and C.R. Harvey (2001), à ¢Ã¢â€š ¬Ã‹Å"The Theory and Practice of Corporate Finance: Evidence from the Fieldà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Financial Economics, Vol. 60, Nos. 2/3 (May) Grinblatt, M. and S. Titman (1998), Financial Markets and Corporate Strategy (Irwin/McGraw- Hill, USA) Harris, M. and A. Raviv (1988), à ¢Ã¢â€š ¬Ã‹Å"Corporate Control Contests and Capital Structureà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Financial Economics, Vol. 20 Harris, M. and A. Raviv (1991), à ¢Ã¢â€š ¬Ã‹Å"The Theory of Capital Structureà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Finance, Vol. 46, No. 1 (March) Jensen, M.C. (1986), à ¢Ã¢â€š ¬Ã‹Å"Agency Costs of Free Cash Flow, Corporate Finance and Takeoversà ¢Ã¢â€š ¬Ã¢â€ž ¢, American Economic Review, Vol. 76, No. 2, Jensen, M.C. and W. Meckling (1976), à ¢Ã¢â€š ¬Ã‹Å"Theory of the Firm: Managerial Behaviour, Agency Costs, and Capital Structureà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Financial Economics, Vol. 3, No. 4 Kim, E. (1978) A mean-variance theory of optimal capital structure and corporate debt capacity, Journal of Finance, 23 Kraus, A. and Litzenberger, R. (1973) State preference model of optimal leverage, Journal of Finance, 28 Mehran, H., R.A. Taggart and D. Yermack (1999), à ¢Ã¢â€š ¬Ã‹Å"CEO Ownership, Leasing and Debt Financingà ¢Ã¢â€š ¬Ã¢â€ž ¢, Financial Management, Vol. 28, No. 2 Modigliani, F.F. and M.H. Miller (1958), à ¢Ã¢â€š ¬Ã‹Å"The Cost of Capital, Corporation Finance, and the Theory of Investmentà ¢Ã¢â€š ¬Ã¢â€ž ¢, American Economic Review, Vol. 48, No. 3 (June) Myers, S.C. (1977), à ¢Ã¢â€š ¬Ã‹Å"Determinants of Corporate Borrowingà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Financial Economics, Vol. 5, No. 2 (November) Myers, S.C. (1984), à ¢Ã¢â€š ¬Ã‹Å"The Capital Structure Puzzleà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Finance, Vol. 39, No. 3 (July) Myers, S. and Majluf, N. (1984) à ¢Ã¢â€š ¬Ã‹Å"Corporate financing and investment decisions when firms have information that investors do not haveà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Financial Economics, 13, Rajan, R.G. and L. Zingales (1995), à ¢Ã¢â€š ¬Ã‹Å"What Do We Know About Capital Structure Choice? Some Evidence from International Dataà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Finance, Vol. 50, No. 5 Scott, J. (1976) A theory of optimal capital structure, Bell Journal of Economics, 7 Vinso, J. (1979) A determination of the risk of ruin, Journal of Financial and Quantitative Analysis, 14 Williamson, O.E. (1988), à ¢Ã¢â€š ¬Ã‹Å"Corporate Finance and Corporate Governanceà ¢Ã¢â€š ¬Ã¢â€ž ¢, Journal of Finance, Vol. 43, No. 3 (July) à ¢Ã¢â€š ¬Ã‹Å"Advantage and disadvantage of borrowingà ¢Ã¢â€š ¬Ã¢â€ž ¢, available on website www.accaglobal.com, access on 28.04.2010

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