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The Greek And Persian Empires - 1156 Words

Throughout the years, many historians have acknowledged that the classical era was a time when Greek and Persian Empires flourished. With that being said, from approximately 323-800 B.C.E., both the Greek and Persian Empire were experiencing periods of economic, political, and artistic growth. The Persians, like the Greeks, were Indo Europeans, and were located by the Mediterranean Sea, which consequently allowed Greeks and Persians to develop similarities. At this time, many emerging civilizations lacked communication with other societies. Consequently, this enabled many civilizations to established their own political systems, cultures, and religions. However, unlike other aspiring nations, the Greek and Persian Empires had interaction†¦show more content†¦The Greeks were also located near the Mediterranean Sea. Ancient Greek culture was known for its contributions to the architecture, science, mathematics, theatre and arts, and literature. The Greeks also made the first significant, fundamental steps in science. The Greeks developed specific scientific branches, such as zoology, biology, and anthropology. They were also known for controlling the Persian Empire after the Persian War. King Alexander the Great initiated a war with Persia, conquered and killed the last emperors. When they got ahold of Persians important city, Persepolis, they burned it down. After Alexander, Greek culture spread out throughout Persia and it was known as Hellenistic Era. (Lecture 10). Religion also separated the Greeks and Persians. Persians placed a great emphasis on ritual, and practiced religious autonomy or religious toleration. Also, Persia was known to have three distinct religions. However, Zoroastrianism was considered the primary religion in Persia, because it was the first monotheistic religion. This religion introduced the idea of a dualistic universe that focused on good versus evil and heaven and hell (Lecture 8). The Persians were also committed to having people convert to their religion. As for the Greeks, â€Å"They did not recognize a single, exclusive, all powerful God† (Bentley 212). Greeks believed in mythology and in many different gods, such as Zeus, Poseidon,

Coca Cola And Its Social Responsibility - 1093 Words

From the late 1800s until today, the Coca-Cola’s brand has evolved into a top contender in the beverage industry, which ignited the â€Å"cola wars† with the company’s top competition PepsiCo. with Coca-Cola controlling 45 percent of the global soft drink market; Coca-Cola’s most famous brands include: Coke, Diet Coke, Sprite, Powerade, Dasani water and Fanta with Coke, Diet Coke, Sprite and Fanta being four of the top five leading soft drinks. At the peak of Coca-Cola’s reign, an estimated $1 billion of their products were consumed daily. In 2006, Coca-Cola lost it’s top position to PepsiCo. due to their competitors diverse strategy to include snack foods in their product line. As a result, Coca-Cola’s reputation was in jeopardy. Although Coca-Cola takes pride in its social responsibility by offering educational opportunities and learning tools to the youth and graduates, environmental conservation efforts and charitable donations for HIV/AIDS research, the company has encountered a stream of ethical dilemmas. Coca-Cola’s ethical dilemmas include: contaminated products, antitrust violations, racial discrimination suits, fraud accusations, manipulating marketing and financial statements, anti-union tactic allegations, ‘strong-arming’ distributors and channel surfing. This misconduct has severely affected Coca-Cola’s reputation with its shareholders. Although Coca-Cola has set a strong standard of accountability and is reinforcing the integrity that once fueled the company, theirShow MoreRelatedSocial Responsibility Of Coca Cola Essay1597 Words   |  7 PagesCokes are good. Liz Taylor knows it, the President knows it, the bum knows it, and you know it.(Andy Warhol, 1975) Regardless of its corporate reputation, the organizational performance and its social responsibility of Coca-Cola makes it loved around the world. Ever since its creation in 1886 Coca-Cola has been a household brand kn own globally for generations of families. I have to mention, of all the cases researched this is my least favorite not only because of my childhood love for the productRead MoreCoca Cola Social Responsibility And Sustainability1742 Words   |  7 PagesCoca-Cola Corporate Social Responsibility and sustainability Berlandie Benoit Professor Altamirano Monroe College: King Graduate School Abstract Large companies like Coca-Cola, have always engaged in corporate social responsibilities. The objective of this paper is to determine whether or not Coca-Cola fulfilled their social responsibilities in India. Coca-Cola had launched their sustainability framework as well as adopting the international Corporate Social Responsibility the Ruggie’s frameworkRead MoreCoca Cola s Struggle With Corporate Social Responsibility Essay1276 Words   |  6 Pages Coca-Cola’s struggle with corporate social responsibility Name Institution Corporate social responsibility is a term that is usually associated with a company putting in place structures that aim to give back or benefit the society that enables them to do their operations in their environment. As far back as 1991 CSR has been discussed by academicians extensively one of them Mr. Carroll came up with a multi-layered pyramid approach that sought to explain the four key areas of CSRRead MoreThe Effects Of Social Media On Coca Cola1387 Words   |  6 Pagesthey prefer Coca-Cola or Pepsi 9 out 10 would probably say Coca-Cola. This paper will explore social media presence for The Coca- Cola Company. Why do people drink Coke? Why is Coke so popular? Questions such as these will be answered throughout this strategy recommendation project. This paper will discuss the current effects of social media and how Coca-Cola should use social media to their advantage. Social media is an amazing entity for companies to use for public relations. Social networking sitesRead MoreCoca-Cola Case Study1574 Words   |  7 Pagesï » ¿Coca-Cola May 17, 2013 I. Introduction Corporate Social Responsibility is the corporate initiative to assess and take responsibility for the company s effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups.   Corporate social responsibility may also be referred to as corporate citizenship and can involve incurring short-term costs that do not provide anRead MoreEssay on Corporate Social Responsibility1417 Words   |  6 PagesAccording to the Business Wire (2011), corporate social responsibility refers to organizations embracing responsibility for their actions and participating in activities that bring positive impacts to the environment, in which they operate, the consumers, employees, communities, general members of the public and all the stake holders. It involves proactively promoting the public stakeholder interests, and eliminating any practices that may harm the public. The decision maker puts into considerationRead MoreComprehensive Health Data Breach Response Plan906 Words   |  4 Pages Comprehensive Health Data Breach Response Plan Student’s Name Professor’s Name Course Title Date Definition Corporate social responsibility (CSR) is the ethical behaviour of a company towards society it operates in. It is a commitment to the concern to the society’s sustainability development. â€Å"Corporate social responsibility (CSR) is concerned with the ways in which an organisation exceeds its minimum obligations to stakeholders specified through regulation.† (Johnson et alRead MoreEthics And Product Consumption Of Coca Cola1320 Words   |  6 Pageshonesty, 4) fairness, 5) responsibility and 6) respect. All these components separately play a significant part in the marketing code. Understanding how each element pertains individually and collectively to the success of a business can prove crucial to any organization longevity. The 125 years of operation has shown Coca-Cola (n.d) has been sustainable. One can easily observe the 6PM in the company’s vision (Figure 1), mission (Figure 2), and value core (Figure 3). The Coca-Cola Company initiatedRead MoreCoca Cola And Ethical Crises1214 Words   |  5 PagesIntroduction Coca-Cola is the world’s largest beverage company specializing in the production in soft drinks. It had also grown over the past 120 years into one of the most reputable companies in the world with an instantly recognizable brand name (Thorne, Ferrell, and Jackson 408-409). However starting in the 1990s, Coke began to experience series of bad decision, mismanagement, and alleged misconduct (Thorne, Ferrell, and Jackson 409). Debbie Thorne, O.C. Ferrell, and Jennifer Jackson’s case studyRead MoreThe Pepsi Of Coca Cola1491 Words   |  6 Pagespop, for most people the brand that comes to mind is Coca-Cola. The bright red logo and classic bottle design are recognized not only throughout the United States, but also around the globe. As a large company that carries much influence, it is imperative that Coca-Cola is aware of the impact that they are having not only on their shareholders, but also all of their stakeholders and the world as a whole. The drink that is now known as Coca-Cola was invented in 1886 by a pharmacist in Atlanta. Dr

The Power of Spike Lees Film, Malcolm X Essay - 2242 Words

The Power of Spike Lees Film, Malcolm X The struggle of man against power is the struggle of memory against forgetting. (Milan Kundera) [1] Malcolm Xs life revolved around his desire for the voices of himself and his people to be heard. He struggled against those who worked to keep him silent. In the end, those forces succeeded to a certain degree, but not before Malcolm left us with enough of his words to keep people talking for centuries. In fact, in his autobiography, Malcolm left us a permanent loudspeaker, eternally shouting out against injustice and oppression. Spike Lees film Malcolm X is another timeless work that strives to keep Malcolm alive and speaking despite all the efforts to silence and marginalize†¦show more content†¦There is something about the way that Malcolm had no desire to soften his message so that it would be more easily digested. No, Malcolm came at you swift and hard, and left you really thinking about what he said. His ideas and politics were radical, and they force one to re-think the whole foundation upon which America is based, both economically and socially. He forces people (students in particular) to ask some tough questions about themselves and their country. More importantly, he forces his people to take a good look at themselves and their country. They are forced to ask themselves, Can I live with dignity and in peace in this country? And if so, by what means can I achieve this? [4] Spike Lees Malcolm X seeks to bring Malcolm back from the margins in order that he can again assert himself in American society. The film is based on Malcolms autobiography, which is the story of his life as he evolves from a petty street hustler to one of the most influential Black leaders of the 20th century. Malcolms autobiography, at its heart, is a story about the power of personal growth and responsibility. I feel that, though at times historically inaccurate and one-dimensional, the film captures the essence of Malcolms story. Film is history as vision. The long tradition of oral history has given us a poetic relationship to the world and our past, while writtenShow MoreRelated Spike Lee Essay1478 Words   |  6 Pages(Gale 1). At a young age, Lee was nicknamed â€Å"Spike† by his mother who noticed his rough nature and the nickname stuck well into his adult life. He attended Morehouse College in Atlanta, Georgia where he gained an interest in film and then graduated with a Bachelors degree in Mass Communication. Lee went on to attend New York University’s Tisch School of the Arts where he created his first student film and graduated in 1982 with a Master of Fine Arts in Film and Television. Being one of the few blackRead More A COMPARISON BETWEEN THE BOOK AND MOVIE: MALCOLM X Essay569 Words   |  3 Pagescase I think the book, quot;Autobiography of Malcolm X† and the movie, â€Å"Malcolm X† quoin side with one another. Spike Lee is not only one of the best filmmakers in America, but one of the most crucially important, because his films address the central subject of race, as so does the book. He doesnt use a sentimental approach or political work, but shows how his characters lived, and why. Alex Haley depiction of Malcolm X life as told to him by Malcolm, shares the same perception as the movie, butRead MoreFilm Review : Film Registry1481 Words   |  6 PagesThe film was a critical and commercial success and received numerous honors and awards, including a nomination for an Academy Award and Spike Lee being nominated for Best Original Screenplay. Danny Aiello was nominated for Best Supporting Actor for his role as Sal. In 1999 the U.S. Library of Congress deemed the film to be culturally significant and was selected for preservation in the National Film Registry, one of just six films to have this honor in their first year of eligibility. Spike LeeRead MoreSummary Of The Film I Was Not Prepared For It At All. 1187 Words   |  5 PagesThe original occasion that I watched this film, I was not prepared for it at all. I was not prepared for the casualties, and I was not prepared for the intensity. What I got from the first time I watched the film was that Spike Lee plays the role of Mookie as a youthful man simply existing in a black and Puerto Rican region in Brooklyn with his sister, Jade played by Joie Lee, and is employed as a pizza delivery man for a native pizzeria. Salvatore Sal Frangione played by Danny Aiello, the pizzeriaRead MoreDenzel Washington2082 Words   |  9 PagesAttended Morehouse College and was drafted in 2006 by the NFL’s St. Louis Rams. They then began to start a family, having three other children; Katia Washington (born November 27th, 1987), who attends Yale University, and the twins Malcolm (Named in honor of â€Å"Malcolm X†) and Olivia Washington (born April 10th, 1991). In 1995, the couple renewed their wedding vows in South Africa with Archbishop Desmond Tutu officiating. Denzel attended grammar school at Pennington-Grimes Elementary School in MountRead More Analysis of Spike Lees Do the Right Thing Essay1420 Words   |  6 Pages Director and actor Spike Lee presents his truth about race relations in his movie Do the Right Thing. The film exhibits the spectacle of black discrimination and racial altercations. Through serious, angry, and loud sounds, Lee stays true to the ethnicity of his characters, all of which reflect their own individualism. Lee uses insulting diction and intense scenes to show how severe racism can lead to violence. The biases reflected through Do the Right Thing model those of today which hasRead MoreFight The Power By Spike Lee2248 Words   |  9 PagesWhile twenty-nine years has passed since its release, Spike Lee’s 1989 film Do The Right Thing remains a tragically relevant tale of race relations, heated confrontations, and police violence. As the sweltering summer heat rises in the black Brooklyn neighborhood of Bedford-Stuyvesant, racial tensions escalate between the locals and the Italian-Americans. Characters sweat and scream, fight and fend, dance and die. On screen, Spike Lee depicts a 1989 Brooklyn that acts as a magnified view of whatRead MoreThe First Day Of Lecture The True Power Of Film Essay1880 Words   |  8 PagesRevere as he rode late at night to warn Americans of the impending danger. Film gives us that opportunity. It gives filmmakers the ability to artistically depict the information in history in whatever manner they see fit. It gives us as viewers, the opportunity to turn words into action and see that which authors try desperately to describe in history books, allowing us to empathize with the emotions of a production. The film industry is an avenue in which the nature of attraction is the manner inRead MoreThe Learning Tree Is Among The Most Influential Films Directed By Gordon Parks1716 Words   |  7 PagesThe Learning Tree is among the most influential films di rected by Gordon Parks. The film was produced and released in 1969 by Warner Bros-Seven Arts. The genre concentrates on the story of an African-American growing up in the United States during the late 1920s and early 1930s. Across the globe, racial discrimination is a challenge that prevents socialization and extensive interaction among different ethnic groups. During that particular time, racial discrimination was a major problem in most partsRead MoreEssay on U.S. Influence on Latin Culture989 Words   |  4 Pagesa reward for merit, a sense of community, diffused authority, respect for law and tolerance of secularism (Leonard, 1999). Between countries of Latin America, there is variation in the extent to which progress towards decentralization of elitist power and modernization in general has been made. The diplomatic efforts of the United States have had a hand in this, but progress is substantially limited by the simultaneous U.S. exploitation of economies as well as natural and labor resources [United

Privacy and Marriage in To Room Nineteen, by Doris Lessing

â€Å"All human beings have three lives: public, private, and secret.†This quotation can have various interpretations. One main idea which Gabriel Garcà ­a Mà ¡rquez is portraying in this quote is that privacy is vital for a person and gives the individual autonomy and individuality. Without privacy a person would not be able to live normally. However privacy can and is violated in various scenarios, for instance, in marriage. In the story â€Å"To Room Nineteen† written by Doris Lessing the protagonists, Susan Rawlings, privacy was intruded which lead to her suicide. Before Susan married she had a comfortable life with a great career however she was forced to give that all up. In her commentary â€Å"In Room Nineteen-Why Did Susan Commit Suicide?†¦show more content†¦The identity changes result not only from their interaction in the dyad, as described by Berger and Kellner, but also from the common front they present toward the world and the influence of their marriage upon other relations. The process can be expected to have a profound influence upon a wife for several reasons, all embedded in the family institution. In the first place, although girls are socialized into individualistic personality identities, married women and mothers are expected to be oriented primarily toward family welfare. Secondly, the roles of wife and mother are considered the basic and the only really important ones for adult women .The addition of the roles of husband and father are not expected to produce an equivalently significant shift in the role cluster of men. Finally, the reality constructed by a couple symbolically and in actual life-style tends to be built around the husbands occupational role outside of the home (408). Additionally, Lopata emphasizes that the importance of marriage in the life of a woman is symbolized by her name change. In effect, becoming Mrs. Harry Jones wipes out the whole past of Mary Smith, her family, her ethnic and personal achievement identities. In the historical past this was accompanied by a complete shift into the husbands family-life-style, and even now continuity of identity without change is almostShow MoreRelatedTo Room Nineteen Crytical Analysis1710 Words   |  7 Pages_To Room Nineteen_ I plan to argue To Room Nineteen by Doris Lessing for an audience of professors interested in the field of psychology and its affect on womens lives, stating that the cause of suicide for Ms. Dubois is not because of the social judgments and perception negatively that impacted Susans domestic responsibilities but rather the lack of emotion within her life and her relationship with her husband, because she could live up to the ideals valued by culture and beliefs but deepRead MoreThe Hours - Film Analysis12007 Words   |  49 Pagespreparations for a party she will give the same evening. During the day, she now and then reminisces on the time she was eighteen and lived at her parents house at Bourton. Her thoughts turn to her past love Peter Walsh and her rejection of his marriage proposal and to another old friend from Bourton, Sally Seton, with whom she was once in love. However, those times are all long gone now, and Clarissa is married to Richard Dalloway and has not seen her old friends for years; Sally having married

Towson University Application Essay free essay sample

I am involved in a large variety of extracurricular activities as well as several out of school organizations. I have been the most involved in my schools marching band, having been a member for the past four years. In both 11th and 12th grades, I was selected to be section leader for the flute section. I have been a show choir for all four years as well. In 11th grade I was selected to be one of two soprano section leaders, and I auditioned last spring to be one of the three student choreographers. I am currently choreographing songs in preparation for show choir in the spring. I have been a member of my schools auditioned Chamber Ensemble since 10th grade. This is a small group of talented singers who are able to learn music at a faster pace than a normal choir. I have been on the cast for my schools spring musical for the past three years, and I will hopefull be participating for a fourth year this spring. We will write a custom essay sample on Towson University Application Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Lastly, I have been an All-County member since 10th grade. My academic extracurriculars include a large number of various honors societies. Being the most active in the National Honors Society, after being inducted in 11th grade, I was elected to be Secretary for this school year. Im also the vice president for the Tri-M Music Honors Society, having been a member for three years. This year I applied and was admitted into the National Science Honors Society, the National Mathematics Honors Society, and the National English Honors Society. I wanted to become more academically involved in school this year rather than doing all music related extracurricular activites, and I feel as if I have a nice balance of academic clubs and extracurricular activities. Outside of school I do various community service, work, and activities. I am currently employed at a restaurant in Frederick, as a Hostess. I have been employed there since June of 2010. I am very involved in community service, especially with my church. Every summer since 7th grade I have volunteered to be a group leader at my churchs Vacation Bible School. In both 11th and 12th grade, I have been a peer minister for the confirmation class and the high school religious education class. In 11th grade I was an assistant Sunday School teacher for 1st graders, and this year I am the head teaching in a Kindergarten class. I am also still involved with Girl Scouts, even though I am no longer a member myself. The past two summers, Ive been a program aide, or a teen leader, for groups of girls. Lastly, this is my sixth and final year being a member of the Youth Orchestra, having recieved Principal Flautist this year.

Accounting & Financial Management Asset Pricing

Question: Discuss about the Accounting Financial Management for Asset Pricing. Answer: Part A A Critique of the Capital Asset Pricing Model CAPM: Capital asset pricing model starts where Markowitz left off. The CAPM developed by William F Sharpe, Jan Mossin, and John Linter is one of the significant developments in the financial industry. The capital asset pricing model talks about the expected return from an asset and the risk associated with it. CAPM model is used to measure the expected returns of the risky securities. According to CAPM, the investor can be compensated by either the time value of money (TVM) or risk. The model is based on some assumptions. Those are: Assumptions underlying the theory: All investors are Markowitz efficient investors who want to target points on the efficient frontier. Investors can borrow and lend any amount of money at the risk-free rate of return. The investor can lend and borrow any amount of funds desired at a rate of interest equal to the rate for riskless securities. All investors have the same homogeneous expectations- they see the same risk/return distribution and cannot buy below the capital market line. All investors are assumed to have identical expectations with respect to the necessary inputs to the portfolio decision (Blitz, Falkenstein and Van Vliet 2013), (AAFM 2014). All investors have the same one-period time horizon. Investors are assumed to be concerned with the same mean and variance of returns or prices over a single period, and all investors are assumed to define the relevant period in exactly the same manner (AAFM 2014). All investments are infinitely divisible-meaning that it is possible to buy and sell fractional shares of any asset or portfolio. This means that investors could take any position in investment, regardless of the size of their wealth. There is no taxes or transaction cost. There is no cost of buying or selling any asset. If transaction costs were present, the return from any asset would be a function of whether or not the investor owned it before the decision period. Thus to include transaction costs into the model adds a great deal of complexity. Whether it is worthwhile to introducing this complexity depends on upon the importance of the transaction costs to investors' decisions. Given the size of transaction costs, they are probably of minor importance (Blitz, Falkenstein and Van Vliet 2013) There are no inflation and no interest rate changes. Capital markets are in equilibrium. The absence of the personal tax. This means, for example, the individual is indifferent to the form (dividends or capital gains) in which the return of the investment is received. An individual cannot affect the price of stock by his buying or selling action. This is analogous to the assumption of the perfect competition. While no single investor can affect the prices by an individual action, investors in total determine the rates by their actions (AAFM 20114). Investors are expected to make decisions solely regarding expected values and standard deviations of the returns on their portfolios. Unlimited short sales are allowed. The individual investor can sell short any amount of any shares (Blitz, Falkenstein and Van Vliet 2013). All assets are marketable including human capital, can be sold or bought on the market. Relationship of CML and SML: The capital market line reflects the relationship between the excessive return of the portfolio over the risk-free rate, and the total risk of that portfolio. According to the Markowitz portfolio theory, any portfolio below the CML must be inefficient. IN another word, investors will not invest in such kind of portfolios that are dominated by portfolio combinations on the CML. Nevertheless, in the market, some investors hold the portfolio that lies below CML. The reason for this is that the market will not compensate the investors for bearing the total risk of the portfolios. Instead, the market only compensates investors for bearing the systematic risk of portfolios, as it is believed that any specific risk can be diversified away by the investors. This results in the existence of the Security Market Line (SML), which depicts the relationship between portfolio's excessive return over the risk-free rate and the portfolio's systematic risk- represented by beta. For the market portfoli o, it has an only systematic risk, so the beta of the Market Portfolio is one (Elbannan 2015 p.216). CML measures risk by standard deviation or total risk. SML measures risk by beta to or systematic risk. A CML graph only defines efficient portfolios, but the SML graph defines both efficient and non-efficient portfolios. CML eliminates diversifiable risks for portfolios. SML includes all portfolios that lie on or below the CML, but only as a part of M, and the associated risk is the security's contribution to M's risk. Firm's specific risk is irrelevant to each, but for different reasons (AAFM 2014). Figure 1- CML Vs. SML (Source: Author) Arguments in favor of and against CAPM: Capital Asset Pricing Model or CAPM or CAPM model is such a theory, which has a lot of followers as well as a lot of critiques. There is always arguments exists over CAPM model. These arguments are discussed below: In favor: As CAPM model only considers the systematic risk, it reflects the reality which suggests that the investors hold diversified portfolio without unsystematic risk. CAPM helps to create a theory based relationship between the systematic risk and required rate of return. CAPM has been considered a much better method to calculate the cost of capital than the Dividend Growth Model. CAPM model provides WACC the necessary discount rates which are used for the purpose of appraisal of investment. Against: The rate used as the risk-free rate of return is the short-term government securities. The rate changes on a daily basis, which leads to volatility. The CAPM model is built on some assumptions. Some of them are unrealistic which creates a false picture of the share market. Thus, it is not very reliable (Dobrynskaya 2014). Uses of CAPM model: By using the CAPM model, one can easily derive the required rate of return. This model is also used for eliminating the unsystematic risk from the equation. In CAPM model, the investors hold a diversified portfolio, which reduces the unnecessary risk. CAPM model is used to calculate the systematic risk of the market. On another model, the systematic risk is not always considered. As a result, it creates a bad effect on the return (Mangram 2013 p.59-70). CAPM model help to use the Weighted Average Cost of Capital in the case of investigation of business opportunities (Mazzola and Gerace 2015). Critique of Assumptions: The CAPM model is not a critique-free model as most of the assumptions are unrealistic. They are discussed below: CAPM model considers that there is no transaction cost in the while trading of securities. However, in actual the assumption is incorrect as most of the trading involves huge transaction cost. As per CAPM model, the trading process of securities is entirely tax-free, and the return is not affected by the tax rate. But there are some transactions which are subjected to tax. CAPM says that the expectations of all the investors are same, but originally the expectations of investors vary person to person. According to CAPM model, the govt. Bonds are entirely risk-free. But there is some govt. Bonds which are subjected to risk (Cai, Clacher and Keasey 2013). Alternatives to CAPM model: One of the alternatives to CAPM model is the Multi-Beta Models. There are two models in this model i.e. the Arbitrage Pricing Model the Multifactor Model. These models work better than CAPM model in calculating the return differences. Another alternative process is Market Price Based Models. In this model, the standard deviation is used to calculate the return. The reason is that it is easy to calculate the standard deviation than the beta. Accounting Information Based models are another alternative if CAPM model. In this process, the risk is calculated based on the companys fundamentals (Carter 2016). Overall assessment of CAPM model: CAPM is an equilibrium model. CAPM and SML are important extensions of the original ideas of Henry Markowitz and accompanying Capital Market Line. The CAPM equation validates the conclusion that systematic risk is the only essential ingredient in determining expected returns and that non-systematic risk plays no role. The investor gets rewarded for bearing systematic risk. It is not the total variance of returns that affects expected returns, but only the part of the variance in returns that cannot be diversified away. The difference between the expected market return and the risk-free return is often called the market risk premium, and the equation of the CAPM when plotted on the risk-return graph, (now using beta as a measure of risk), is referred to as the SML (AAFM 2014). CAPM is an attractive idea because it is simple and calls for that expected returns depend on upon factors that make sense. There are two kinds of risks. The investor can measure the non-diversifiable or market risk of an asset by the extent to which the value of the asset is affected by a change in the aggregate value of all the assets in the economy (Francis and Kim 2013). This is called the asset's beta. The only important risks are the ones the investor cannot get rid of- the non-diversifiable ones. This is why the required return of asset increases in line with beta (Fernandez 2015 p.4-23). Though the model is simple, the overall assessment of the CAPM model reveals some limitations of this model. The model makes unrealistic assumptions. The parameters of the model cannot be estimated precisely. Like the definition of the market index and the firm may have changed during the estimated period. The CAPM model does not work well. If the model is right, there should be a linear relationship between returns and beta and the only variable that should explain returns is beta. The reality is that the relationship between beta and returns is weak, and other variables (size, price/book value) seem to explain differences in returns better (Mazzola and Gerace 2015 p.43), (AAFM 2014). Part B Capital Budgeting and NPV Analysis: (a) Calculation for Net Present Value:- Particulars Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Change in Sales Revenue -10000 -10000 -10000 -10000 -10000 Add: Increase in Depreciation -32000 -32000 -32000 -32000 -32000 Less: Reduction of Cooling Cost 90000 90000 90000 90000 90000 Less: Interest on Loan -17500 -17500 -17500 -17500 -17500 Increase/(Decrease) in Net Operating Profit before Tax 30500 30500 30500 30500 30500 Less: Increase of Income Tax 9150 9150 9150 9150 9150 Increase/(Decrease) in NOPAT 21350 21350 21350 21350 21350 Add: Depreciation 32000 32000 32000 32000 32000 Change in Working Capital -25000 0.00 0.00 0.00 25000 Sale of Machine 80000 0 0 0 40000 Net Cash Flow from Operating Activities 108350 53350 53350 53350 118350 Discount Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Discounting Factor 0.9090909 0.8264463 0.7513148 0.6830135 0.62092132 Discounted Cash Flow 98500 44091 40083 36439 73486 Total Discounted Cash Flow 292598 Less : Intial Investment 350000 Net Present Value -57402 Profitability Index -16.40% Calculation of Depreciation:- Particulars Details Details Cost Base 350000 300000 Salvage Value 40000 Estimated Life 5 10 Depreciation 62000 30000 (b) Harry should not purchase the machine because NPV is negative. 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