Development of Anti-Idiotype Vaccine for Human Follicular Lymphoma

Non-Hodgkin’s lymphomas (NHL) constitute a heterogeneous group of malignancies whose incidence has significantly increased in recent decades. In the year 2000, more than 145,000 cases of NHL were diagnosed in developed countries, representing thus the sixth most common cancer occurring among men and the eighth among women. Low-grade B-cell NHLs, in particular, are incurable diseases characterized by relatively slow growth and excellent initial responsiveness to chemotherapy but also by continuous relapses. In particular, for patients with follicular lymphoma, median overall survival (7-10 years) has not improved over the past 30 years. Although in the vast majority of patients complete or partial remissions can be obtained with either single agents or combination chemotherapy, the clinical course is characterized by a high relapse rate. After relapse, both the response rate and relapse-free survival after subsequent salvage treatment regimens steadily decrease, resulting in a median survival of only 4-5 years after the first relapse. These clinical findings, coupled with the substantial toxicities of standard treatments, have stimulated the search for novel and more tumor-selective therapies.Follicular lymphoma is a clonal B cell malignancy that expresses a unique antigen that is formed by the immunoglobulin light and heavy chains that possess highly variable regions at their amino termini. These variable regions combine to form the antigen recognition site, which can itself be recognized as an antigen, termed the idiotype. The antigen-binding site is a structural feature of each immunoglobulin that distinguishes it from other immunoglobulins. The idiotype of a particular clonal B cell lymphoma represents a tumor-specific antigen. Idiotype is a target of interest in human lymphoma.Therapeutic vaccines targeting B cell lymphoma idiotype (Id) represent a promising immunotherapeutic approach for a better clinical control of these malignancies.Immunoglobulin (Ig) molecules are composed of heavy and light chains that possess highly variable regions at their amino termini. B-cell malignancies are clonal proliferations of Ig-producing cells. The idiotypic determinants of the surface Ig can thus serve as a tumor-specific marker for the malignant clone.Indeed, both protein- and dendritic cell-based vaccines that use the patient-specific Id have resulted in clinically significant tumor-specific cellular responses with very little toxicity. A broad use of Id-based vaccination for B cell lymphomas, however, is hampered by the fact that these approaches are patient-specific so that the vaccine must be individually produced for each patient. On these grounds, new strategies obviating the need to produce customized vaccines would further simplify clinical applications of idiotypic vaccines.Goals:Goal 1:Establishment of a large database including sequences of idiotypic VH and VL genes expressed by a variety of lymphoproliferative disorders, includ ing low grade B-NHL, autoimmunity-associated lymphoproliferations, and chronic lymphocytic leukemia. This will allow the identification of candidate Id proteins for â€Å"cross-reactive† immunotherapy.Goal 2:Pre-clinical characterization of the immunogenicity of selected natural Id proteins, with particular regard to their ability to induce immune responses against lymphoma cells expressing molecularly correlated Id proteins. The characterization will include the identification of B cell epitopes and HLA Class I-restricted cytotoxic T cell epitopes using innovative approaches and will allow the development of dedicated assays for immunomonitoring.Goal 3:Design and validation of optimized Id vaccine.Goal 4:Evaluation and validation of new adjuvants and innovative delivery systems for improved Id vaccine formulations and administration.Goal 5:â€Å"Clinical-grade† production and purification of optimized Id proteins for patient vaccination.IntroductionThere are approxima tely 65,000 new cases of non-Hodgkin’s lymphoma diagnosed each year in the US with a comparable number in Europe. Despite the use of aggressive chemotherapy and recent advances in therapy such as monoclonal antibodies (Rituxan, TM), the disease is almost invariably fatal. Follicular lymphoma (FL) patients, in particular, can have an indolent but ultimately fatal clinical course. The median relapse time for FL patients is three years, with 90% of patients dying of a tumor-related mortality within 7 years of the date of diagnosis.The clinical course is usually characterized by a series of remissions and relapses. Good response rates are seen with treatments such as chemotherapy, radiation, lymphocyte transplantation, and monoclonal antibodies. However, following initial response to treatment, the cancer invariably returns and the majority of patients relapse with resistance to all available therapy. Related B-cell derived neoplasms include multiple myeloma (approx. 15,000 cases /year in the US and chronic lymphocytic leukemia (approx. 10,000 cases/year in the US).Isolation of tumor-specific antigens (TSAs) has been a long sought-after goal for scientists involved in both basic and clinical research. Whereas tumor-associated antigens (TAAs) are localized on both normal and tumor cells, TSA are peculiar to tumor cells. This characteristic makes TSA a very desirable target for immune therapy strategies aiming to spare normal cells, or at least the indispensable ones.As regards effectors mechanisms, although some indirect evidence exists for participation of both natural killer (NK) cells (especially those activated by IL-2, known as lymphokine- activated killer, or LAK cells), and TNF-secreting macrophages in tumor immunity, most interest has been focused on the role of antigen-specific antibodies and T lymphocytes. This is particularly true among scientists developing anti-Id vaccines for human FL, even though no substantial agreement has yet been reached on which of the two main effectors pathways is most important.FL conforms to the general rule that tumors have several mechanisms to escape the attention of the immune system. The risks that Ig somatic hypermutations could result in aminoacid residue replacements leading to substantial changes within the fine immunogenic structure of the Id do not seem to be so relevant. Indeed, no such occurrence has been reported in any of the several dozen patients who have been immunized over the last decade. A much more relevant issue is the very limited ability of FL cells to present their own antigens.Although ontogenetically very close to normal mature B-lymphocytes, with respect to their normal counterparts FL cells are very poor as antigen presenting cells (APCs). This makes it rather difficult to evaluate any vaccine-induced, tumor-specific cytotoxicity even in vitro. On the other hand, no such problems exist for ELISA-based detection of the tumor-specific and vaccine-induced humoral respon se.The first study of anti-Id vaccinations in humans dates only from 1992. Until then, all the work had obviously been confined to animal models. However, the accumulation of experimental data has led to the development of several promising strategies that are currently being investigated in clinical trials. These include the utilization of the Id in the form of a soluble protein or as a DNA sequence, either used to pulse dendritic cells (DCs) or else to be administered in combination with immunologic adjuvants.Soluble protein Id vaccine production is based on a hybridoma technique, which in vitro allows production of exactly the same Ig as that present on the surface of the clonal B cells of FL, or in other words the tumor-specific Id. The suspension of single cells obtained from a biopsy specimen almost invariably contains a residual population of normal B-lymphocytes alongside the tumor cells. Screening of the hybridomas by means of Ig heavy chain CDR3 PCR identification is there fore required in order to make sure that the Ig of the selected hybridoma is truly identical to the tumor- associated one.31 Once the cultured hybridoma has yielded enough purified Id, the TSA needs to be made far more immunogenic than it is in its free form. For this purpose, it may either be conjugated with a highly immunogenic carrier such as keyhole limpet hemocyanin (KLH), or else used to pulse autologous DCs.The association of a soluble protein Id vaccine with immunologic adjuvants monocyte colony-stimulating-has also proved extremely important. Granulocyte factor (GM-CSF) currently seems to be the best such adjuvant both in animal models and humans, probably because of its capacity for local recruitment of DCs in vivo at the site of vaccine injections. This step would appear to be superfluous when autologous DCs are loaded with Id ex vivo and then re-injected into the patient.A completely different alternative approach involves administration of the patients’ Id-encodi ng DNA sequence. With the rise of molecular technology, such DNA vaccines are beginning to come into their own. For instance, exploitation of appropriate molecular vectors (ie containing both a leader and promoter sequence) for insertion of the nucleotide sequences responsible for biosynthesis of both the Ig heavy and light chains variable regions is now relatively easy.Between the heavy- and light-chains variable regions sequences, an intertwined linker peptide must also be inserted to allow the ultimate Id-containing molecule (scFv) to fold properly. Furthermore, the vaccine can be further strengthened by adding other DNA sequences encoding for immunologic adjuvants or powerful immunogens to the vector. Finally, intramuscular injections allow progressive release of the Id following synthesis by muscular cells. In addition, this administration route seems to be associated with prolonged conservation of the genetic information within the cells without any apparent signs of integrati on into their genome.Experimental DesignGoal 1:Establishment of a large database including sequences of idiotypic VH and VL genes expressed by a variety of lymphoproliferative disorders, including low grade B-NHL, autoimmunity-associated lymphoproliferations, and chronic lymphocytic leukemia. This will allow the identification of candidate Id proteins for â€Å"cross-reactive† immunotherapy.In establishing a database, there will be steps to follow in order to support the evidences claimed.I. Finding the cases and the occurrence of VH and VL in lymphoproliferative disorders in different hospitals and institutions that could provide valuable information for the said disorders. The facts and information should have the confirmed consent of the persons involved.II. Subjecting the cases to thorough analysis to provide the essential information needed in documenting the cases.III.   Testing the subject under the identification of Id proteins.IV. Organizing the information and est ablishing the database.Methods:Establishing a database to easily organize information and data needed in making the information available readily whenever they will analyze situation in which there is a suspected occurrence of lymphoproliferative disorder. By providing the information needed, they could develop system that would make things easier for them to do actions required in addressing such situation.Primary step is consolidating all the available facts and information provided that they have the consent from the owner of the information. By having the desired facts available for the reorganization of it, they could classify it according to the general category they want to use in creating their database. It could be based on severity of the case or could be base on gender or any factor that could greatly affect the situation.Then, by gathering the information they needed, the analysis of the data should be carefully done for them to eliminate excess and negligible data for a n easier organization of the structure of their available resources. By implicating the main thrust of the database to the core concept of having advance cases of NHL, the higher chance they could get the information and the data based on the clinical findings of actual patients and people who suffered from that.By simply opening the way of introducing different vaccines in addressing the situation, they could develop a system of transferring and managing information that could make things easier especially in developing new technology and medicinal advancement in creating a better and more effective ways of treating such disease. By making the information more manageable, they could likely innovate an advance communication that would lead them in establishing better information and data management for the use of the development of vaccines and cures.Since they have the information but they should examine carefully every bit of information that will be a part of their set of data an d facts. By looking closely to the subjects result and the specification of the action done, the development of such process in introducing a new finding on the matter should be considered. Since the goal is to establish a database that will focus on the information that could provide the facts needed on the cases diagnosed with a NHL, it is important to screen the cases as important and not negligible for them to be able to use it as a case.At the end of the process, they would go back to their primary goal and that is to establish a functional database that the core information and the key factors are integrated in a way that it would make the processing of facts and vital data would be efficient and effectively handled.Also, it will introduce technology that would compensate the fast rising of development in technological advancement even in the field of medicine. Because there are ready to use valuable information for them to handle and initialize their desired action, they woul d be able to commend the different opportunities in which they could get specimens and studied it for future discoveries and researches.In all, by their incorporation of the cases of NHL and their desired goal of making the information available for them to be able to easily study and review the situations and cases they previously have for them to execute and evaluate the validity of the existing tests in the current occurrence of the disease in the real place.Goal 2:Pre-clinical characterization of the immunogenicity of selected natural Id proteins, with particular regard to their ability to induce immune responses against lymphoma cells expressing molecularly correlated Id proteins. The characterization will include the identification of B cell epitopes and HLA Class I-restricted cytotoxic T cell epitopes using innovative approaches and will allow the development of dedicated assays for immunomonitoring.In dealing with the pre-classification of the immunogenicity of selected natu ral Id proteins, the processes involved are:I.   Accumulating soluble proteins to be tested.II. Testing them with hybridoma essential in testing the equivalence of the tumor inducing material that leads to development of the tumor.III.   Inducing the effect of the proteins and identifying its effect on B cells.IV. Using advance technique in analyzing the result and implicating with the use of the modern testing equipment and processes.Accumulation:Testing the proteins for it to be classified will be the first step. From the patients who are suffering from FL, different samples will be getting for the medical technology to be applied. Then by cultivating natural proteins, they will use it to further test the capacity of the natural cell in penetrating and deeply interacting with other Id proteins in the development of resistance to such substance.By eradicating some external factors such as the presence of other organisms, they could screen the protein level for them to be able t o produce and test the Id proteins by exposing it to toxoids that could develop resistance on the desired solution. Then, the Id proteins gathered will be stored for further testing.Testing:Then, preparation of the Id protein to be tested will be carefully done in a controlled environment. Since the tumor development can not be detected by the immune system, the development of inducing material will be necessary for them to penetrate the basic defenses of the tumor.By exposing it to NKL, tumor will exhibit a different behavior but will not be extinguished. Since B cells epitope derived multiply myeloma that had been the major cause of the return of the behavior of the tumor cells, the gradual exposing it to be classified by soluble Id proteins will be dedicated.The allowance of certain percent productivity will be the basic goal of the clinical testing for them to be able to derive the pre-classification scheme that will determine substances that induce immunity on certain level wit h the use of soluble and Id protein present in the environment.Effect and its IdentificationAfter the testing had been carefully done, they will examine its effect on various elemental positions by trying the substance on the possible outcome. Then, FL cells will be isolated then proteins will be added to see the effect on the neoplasms produced by B-cells. Since the outcome would produce certain behavior that will exhibit a different expected one, the process will be repeatedly associated with soluble proteins to target the development of TSA since it target tumor cells.Analyzing the ResultThen, the result will be analyzed in a way that it consistently produces same output. Then after looking closely and making sure that no other substance induced the effect, the validity of the result will be the next concern in analyzing the data. For it to be valuabe, the result should consist the scientific analysis of the vaccine to be introduced for them to be able to adopt a real one.Goal 3: Design and validation of optimized Id vaccine.Since the protein had been introduced in TSA that would target tumor cells, it is important to develop the next stage wherein it will pay attention to that. Tumor cells, after being extinguished by some other methods, always come back and provide a worse situation that before. It is a common problem of the development of cure because as soon as they introduce stronger antigens and antibiotics, the cells develop stronger immunity to them, making them more powerful and gave them the power to come back and come back whenever they are defeated.The result of the previous testing of the material will be used as the raw data in determining the precise development of the vaccine needed for the tumor cells. Toxoids produced by microorganisms will be introduced to the tumor cells for them to create an astounding reaction with the cells to help the antigens produce a better shield to the tumor cells.They would also address the production of its own immunity by targeting the B cells epitopes produced by the tumor cells for them to be able to weaken the effect of the tumor cells in the body. By simply having the same effect on the cells, they would establish the immunity desired.In addition, since soluble proteins produces amino acid residue, the effect of it to the development of various outgoing tumor cells will be beneficial in the sense that it would catch up the screening proves by a hard core stimulation of heavy chain CDR3 PCR. Then, the use of material that would likely predict the behavior will also introduce for the existing antigen to determine it.Goal 4:Evaluation and validation of new adjuvants and innovative delivery systems for improved Id vaccine formulations and administration.After having the result of the vaccine being tested hand-on on the tumor cells, the activation of the production of antigens will be manipulated for those to be able manage the outcome of the result. By having the systematic chain of micr o toxoids that will enter the entire system of the body, they would likely produce different kinds of reactions that would benefit the production of self stimulating antigens.By exposing it to different procedures that would attest the certainty and validity of the desired production, after introducing different sets of toxoids and NK cells, the development of the self inducing multiple protein will help in eradicating the symptoms and the effect of FL.It is known that FL is fatal in terms of its effect on the human entire system. So it is important to devise a precise way of handling and dealing with it for them to be able to have an outer perspective of the natural phenomena.Id proteins will act as binders to the solutions that will be used in strengthening NK cells and TSA to promote the development and inhibit the further production of malignant development of tumor cells. By preventing the further growth of it, they would have larger revenue in which they could satisfy the need s and the improvement for having a stronger antigen.Then, natural growth of TSA will be affected by the inducing of soluble protein to target dendritic cells for them to be able to manifest the basic function of fighting foreign toxins that could affect the development of the tumor as a vital implication of the vaccine. The use of different methods in determining the feasibility of inducing the growth and the development of natural antigens that would be sufficient enough to fight the invading tumor cells will be of great use for them to be able t produce more antigens that will prevent the further worsening of the situation.Validating the use f the vaccine as one of the potential sources of defense against the foreign material invading the system would be beneficial if the could handle the needs of having a more systematized and organized level of founding a solution that would focus on the elimination of cell processes that inhibits the growth of malignant tumor like FL that is fa tal to humans.Subjecting enough NK cells to further strengthening process will help them in making the process worthwhile I making a protein Id that would address the situation as founding solution to the antigen development.Goal 5:â€Å"Clinical-grade† production and purification of optimized Id proteins for patient vaccination.After developing the vaccine the process would involve the following:I.   Purifying the Vaccine to be prepared.II.   Final VerificationIII. Mass ProductionIV.   Patient VaccinationPurificationAfter devising the vaccine, the next step is purifying it by eliminating microorganisms that would have effects on the vaccine. By continuously subjecting the vaccine into different microorganism killing environment, they would lessen the potential of having such. Radiating and constantly developing processes will be sufficient in terminating such microorganisms.Final VerificationAfter the purification of the vaccine, a method will be done for them o be abl e to test if the results are really valid by having it tested for final verification. It is important to deal with it because the importance f verifying the vaccine would greatly affects its validity in the medical society. By having it tested trough lab rats or animals that have developed FL tumors; they would be injected with such vaccine for them to see if the previous results will e the same.Mass ProductionAfter the verification process, the next process will involve producing the vaccine enough for human consumption. The proteins that deal with the development of TSA would have a various report on it validity and essentialism for them to be able to have a developed system of introducing vaccines.VaccinationAfter the production and the vaccine is ready to use, it would be given to the patients, as long as it is approved by the medical board, to be sued as vaccine against the development of FL into malignant tumors that endangered the lives of many people. Then, by having the sys tem of production of certain involvement of the NK cells within the hybridoma of dendritic cells, the vaccine will be of much use since it will introduce antigens that will prepare the body for the possible FL development.Since there are certain kinds of toxoids that will be introduced, there will be a harsh reaction at first to the place where it is injected because of the behavior of the toxoids and the T cells of the body. This is a sign that the vaccine is effective and doing a reaction that would strengthen the immune system of the body.DiscussionAfter the development of the vaccine in FL, it is important to understand the need of developing such because of its adverse effect on the development of humans. It endangered the lives of many people without having the prior notification of the said disease. This is a vital step in the clinical world.Considering the existence of the natural antigens present in the environment, by the use of Id proteins that inhibits the growth of tumo r cells; it would be beneficial to mankind if the continuous development will take place. By exploring the kind of the interaction ventured in this kind of process, the elemental composition of the vaccine would be developed to address the needs of the people in having the desired implication of the subject process.The processing of vaccine would include the development of stages in which it would acknowledge the presence of the cells responsible for the development of the disease. In effect, they would have a better understanding on the subject, matter and would increase the possibility of having a curable state.By implicating the notion of having a different technique in addressing the development of the vaccine, the question left for it is how long would it last for them not only to develop vaccine but also to develop a cure that would forever block the negative effects of the disease. By using and ensuring the safety of the user, they would have a proper citation of the needed p lan for them to be able to execute the importance of the vaccine and its use in the modern life.Furthermore, by examining the application of the vaccine in the curing of the disease, we would see the importance of development and use of innovating techniques in determining the possible outcome of the curing of the disease.Finally, the consideration of the process if it fits the standards of the medical consideration despite the fact that there exist different processes that involve much medicinal advancement should take into consideration the impact of the introduction of this vaccine prior to the ethical understanding of the matter.   Since FL can be considered as one of the deadliest disease that one can have, the help of having a vaccine against it is beneficial to the human industry.

Apocalyptic Literature

The immediate thought most of us have when hearing the word apocalypse is destruction. From modern doomsday novels to movies like the Viet Nam era Apocalypse Now, we associate the word with war and destruction. The word apocalypse actually comes from a Greek word meaning to reveal or to uncover. So, right off the back we have to adjust our view of Biblical apocalyptic literature. In and of itself, it does not refer to disaster and hopelessness. Instead, it refers to an unveiling of something hidden. In this case, it is the final chapter in the story of Jesus Christ and His victory over sin and evil. In this paper I plan to shed some light on the understanding apocalyptic literature, the characteristics of apocalyptic literature, and how a person should interpret biblical apocalyptic literature. How to understand apocalyptic literature? Understanding the meaning of the word apocalypse is key to grasping apocalyptic literature. Apocalyptic, as a term in the common language or dictionary definition, means something that is written in a warning and threatening way. It is scary, awkward, and about boding evil. The dictionary tells us it is presaging people of imminent disaster, exaggerated predictions, or allusions of the last days. However, this is not what it meant in the original Greek or Hebrew or in the time this term was penned. What did it mean? It means â€Å"discourser of events,† and that is what it literally and truly means to us today, too. It also means an â€Å"uncovering† or â€Å"unveiling,† and â€Å"Revelation† means â€Å"discourser of the apocalypse. † Apocalyptic is not meant to scare us or keep us away from interpreting Scripture; rather, it is meant to help us understand God, victory, hope, grace, God’s plan, and that He is indeed in control. The only people who should be scared are those who reject and hate Christ. When we see how this literature operates, it will help us greatly as it discloses for us the unfolding of historical events past, present, and future, with God’s plan and purpose being the ultimate goal. There for, if we take the time and effort to understand this type of genre, it will make things clearer for us it will expose, not conceal what God has for us. We need to realize that all languages use symbols and metaphors including Greek and Hebrew. If we assume a word is literal when it is not, we will make a wrong conclusion that will lead us and others away from the correct teaching. Then, if we teach it, we lead others astray from the correct teaching all because of our pride or ignorance of not correctly interpreting Scripture or reading the Bible for all that it is worth. For example, a parable should not be treated as history, nor should poetry (both of which contain many symbols) be treated as straightforward narrative; the same goes for apocalyptic literature. Most of the apocalyptic literature in Daniel and Revelation came to the writer as inspired by the Holy Spirit in visions. These are visions that came to them from God and or an Angel, with imageries that need to be put into human based words, but no words have the power or substance to contain the meaning. Therefore, a metaphor is used, as it is able to contain far more information about the â€Å"secrets† of Heaven and End Times than what a few sentences could. These images are usually explained and known to the writer and audience, but not so much to us today (Dan. –12; Rev. 4:9). What are some of the characteristics of apocalyptic literature? Apocalyptic literature is written in symbolism, poetry, and imageries, as well as in an Old Testament prophecy style (Matt. 24-25; Mark 13; Luke 21; Rev. 1:2-4; 19:9; 22:7-19), all intertwined as a textile to describe literal events but with a twist, using language with symbols that are cataclysmic, words that are exaggerated, a nd metaphors that may be lost to a 21st century person. Such imagery is often used for God’s judgments and the end of days. These forms of language are often combinations of narrative and poetry written in vivid imagery and rhythmical phrases that are intended to express a deeper but not necessarily a hidden meaning that a regular word would not convey. Take our English word, â€Å"bull. † It normally means a male cow, but in context, it refers to not just a farm animal, but also could mean someone who is aggressive, an upswing in the stock market, someone who is clumsy, or slang for someone who is telling a lie. This simple word can be exaggerated for a purpose just as Daniel and most of Revelation uses language to express a point. Apocalyptic writing is also found in Isaiah, Ezekiel, Zechariah, and Matthew 24. Apocalyptic literature is a combination of narrative and poetry written in vivid imagery and poetic phrases that are intended to exaggerate for a purpose, such as in Daniel and most of Revelation. Apocalyptic writing is a more specific form of prophecy. Apocalyptic writing is a type of literature that warns us of future events, but the full meaning is hidden to us for the time being. Apocalyptic writing is almost a secret, giving us glimpses of what is to come through the use of symbols and imagery. We may not know the meanings now, but time will flush them out. How to interpret apocalyptic literature? We have to be careful how we interpret the Bible. Most of the time, we are to take his word literally; it means what it means and says what it says. However, in the genre of apocalyptic literature, the language is clear, such as the word, â€Å"lamb,† which is used often. We know what a lamb is and we know that Christ is described as a lamb, but do we also know that Jesus is the lamb been slain which means that Christ is the sacrifice? A lamb is the common animal that was slain and sacrificed for the atonement of sin and used for trade. Jesus replaces this lamb as the ultimate sacrifice, the sacrifice for our redemption. When you see the word, lamb, it is most likely referring to sacrifice and our Lord who offers us salvation (John 1:29; 1 Pet. 1:18-20). In contrast to the image of a lion which means sovereign and judge, the lamb was considered the weakest of all animals, needing constant attention and care just to survive. A lamb would die in the wild, whereas the lion would thrive. The image of the lamb was common in apocalyptic literature, also meaning victory and power through, and sometimes over death (Ex. 12:12-13; Isaiah 53:7; John 1:29; 21:15; Rev. 17:14). You can see that these images and themes have or will have history and significance. When we come to words that seem peculiar to our modern minds, such as stars, the first-century Jews would know that it meant â€Å"angels†. Lampstands meant â€Å"churches;† the phrase, â€Å"wife of the Lamb† meant â€Å"Jerusalem,† and the great prostitute was a covert slogan to refer to â€Å"Nero† or any corrupt leader in power. Babylon usually referred to Rome (Rev. 1:20; 17:1-5, 18; 21:9-10). Babylon the Great mainly referred to Isaiah’s mockery of sin and those who follow it as a harlot does. It is a contrast of evil governments in resentment to God and God’s Kingdom, the captivity of the Jews under Babylon and its moral decadence, and the early Christians under Rome, which was also steeped in immorality. This is also a reference to how people are led captive into sin. It was a metaphor that meant to sin and fall into seduction, meaning what lures us away from faith and what replaces faith. The application of this phrase is that seduction becomes corruption; this can range from pagan worship and atheism to following what is fruitless and meaningless while ignoring our Lord. This is not necessarily referring to one specific person or entity or political system, but pointing the faithful to what is evil in general. Nor, does this mean that Babylon will be rebuilt or restored in some way. This theme is about enmity to God and people’s participation in it which is in direct contrast to what Christ offers and is—Pure and Holy (Is. 1:9; Jer. 51:7-8; Dan. 2:35, 4:30; 44; Rev. 13:1-18; 16:19; 17:1-5; 18:3; 18:2, 10, 21, also 4 Ezra). Another apocalyptic word is star. A star in ancient cultures was a popular expression for divinities or angels; context is the key. Is it talking about messengers, things to come, or stellar events such as astrology? If it is a message being delivered, it could refer to a mighty angel, or refer to a cosmic disturbance, an Angel or ser vant, or an instrument of God (Rev. 8:10; 9:1-11; 20:1). Context and commonsense are the keys. These images are metaphoric, or symbols of specific themes in judgment. The obvious is that the actuality of this passage is pointing to God’s power, but these events are not necessarily verbatim, as it would be seemingly impossible. How could one star, much less billions upon billions land on this plant that is a billion times a billion smaller? The answer is, it is figurative, and it is a mystery how this will be eventually played out and what we will see. This is a depiction, just as a first century Jew would read and write. What we do know is that it will not be the same! The point of this metaphor is that no one is immune from experiencing God’s judgment. The entirety of the universe will bear witness to God’s will as an incredible phenomenon, displayed in the cosmos, that will herald Christ’s Second Coming (Mark 13:24-26; Luke 2:25-27). Overall, it is important to note that 28 percent of the Old Testament is prophecy, most of which came to pass in the life and work of our Lord Jesus Christ. The New Testament has over 20 percent of some form of prophecy too, of which most (although this is debated) has not yet come to pass. Therefore, apocalyptic literature is important because God has dedicated a significant portion of his word to it. Again, do not read in what is not there. We are given a clear warning in Revelation 22:18-19 not to add in our ideas or take a way His precepts and then teach what is false. I believe it is ok to speculate academically, research, and argue and deliberate over the views, but we are not to seek or read in what we want and then miss what he as. Bibliography Stein, Stephen L. , ed. The Encyclopedia of Apocalypticism. Vol. 3, Apocalypticism in the Modern World and the Contemporary Age. New York: Continuum, 2000. McGinn, Bernard, ed. The Encyclopedia of Apocalypticism. Vol. 2, Apocalypticism in Western History and Culture. New York: Continuum, 2000. Himmelfarb, Martha. The Apocalypse: A Brief History. Chichester, UK: Wiley-Blackwell, 2010. Cook, Stephen L. The Apocalyptic Literature. Interpreting Biblical Texts. Nashville: Abingdon, 2003.

IT Strategy and Network Design Proposal Essay

The GFK School of Motoring was established in 1960. Since then, the school has grown steadily and now has a several offices in the London area. However, the Organization is expanding and a new branch is to be built that will link with the existing network and also utilise the latest technologies such as simulators, the internet and the World Wide Web. Furthermore, improvement is needed in the communications and sharing of information between offices spread around the London. The Director wants to take advantage of the Internet to change the way the company operates. The new branch will allow prospective clients to browse the website and make an initial registration. Interview and the checking of documents can then be arranged on-line. Once a client has been registered any payments due can also be made on-line via any of the various credit and debit cards. Flexibility in the provision of services to clients also requires that once registered, a client can take a driving lesson at any of the centres. Hence an integrated and up-to-date database system is to be implemented. The Director of the organization feels that too many mistakes are being made with the current system and that the success of the organization will be short-lived if he does not do something to overcome the situation. He knows that a good IT strategy and network design could help in part to solve the problem and has approached our team to help create a new branch and implement an efficient and reliable information system to support the running of the organization as a whole. 1.3 DESCRIPTION OF GFK OPERATIONS. Each office has a manager (who tends to be a senior instructor), Several senior instructors, instructors and administrate staffs. The staff hierarchy is as follows: – Manager – Senior instructors – Instructors – Office personnel. The manager is responsible for the day-to-day running of the office. Clients must first register on-line or at an office and this requires that they complete an application form, which records their personal details. Before the first lesson, a client is requested to attend an interview with an instructor to assess the needs of the client and to ensure that the client holds a valid provisional driving license. A client is free to ask for a particular instructor or to request that an instructor be changed at any stage throughout the process of learning to drive. After a successful interview, the first lesson is booked. A client may request individual lessons or book a block of lessons for reduced fee. An individual lesson is for one or two hours which begins and ends either at the client’s home or at the office. A lesson is with a particular instructor in a particular car at a given time. Lessons can start as early as 6a.m. and as late as 8p.m. After each lesson, the instructor records the progress made by the client and notes the mileage used during the lesson. The Organization has a pool of cars, which are adopted for the purpose of teaching. Each instructor is allocated to a particular car. As well as teaching, the instructors are free to use the cars for personal  use. The cars are inspected at regular intervals for faults. Once ready, a client will be given a test date by the instructor. It is the responsibility of the instructor to ensure that the client is best prepared for all parts of the test. The instructor is not the responsible for testing the client and is not in the car during the test but should be available to drop off and pick up the client before and after the test at the testing centre. If a client fails to pass, the instructor must record the reasons for the failure. 1.4. AIMS OF THE PROJECT. 1. To design and implement a network solution for the new Barking branch . 2. To redesign or upgrade the company’s existing network system. 3. To connect GFK to the Internet and provide full internet service. 4. To design a desktop and its delivery to all GFK’s client computers. 5. To address security and back-up issues. 6. To design a network monitoring policy to maintain and/or improve performance in the future. This particular aspect of the group work is investigated in detail by Student number: 0212251 in Part B. 1.5 BUSINESS REQUIREMENTS FOR THE PROPOSED NETWORK SYSTEM. The design of the Local Area Network for the new branch and its communication  with the rest of the GFK network will be approached in view of satisfying two fundamental business functions: – Information sharing: refers to having users access the same data files, exchange information via email, or use the internet. – Resource sharing: refers to one computer sharing a hardware device (e.g., printer) or software package with other computers on the network to save costs. The main benefit of information sharing is improved decision making, which is one of the goals of the GFK School of Motoring. Any application, e.g. a web browser, on the GFK LAN will have the following functions: 1. data storage 2. data access logic 3. application or business logic 4. presentation logic Based on these functions we will be implementing client/server network architecture at the new branch. We will be using 3-tier client/server architecture to spread the load between the clients (microcomputers) and the servers (more powerful microcomputers). This is illustrated in the diagram below: (FitzGerald & Dennis, page 46, top). In this case, the software on the client computer is responsible for presentation logic, an application server is responsible for the application  logic and a separate database server is responsible for the data access logic and data storage [1, page 45]. Since the main advantage of a client/server architecture is also its weak point i.e. enabling software and hardware from different vendors to be used together, we will recommend a middleware software such as CORBA (Common Object Request Broker Architecture). It will perform two vital functions: 1. It enables a standard way of communication by translating between software from different vendors 2. It manages the message transfer from clients to servers (and vice versa) so that clients need not know the specific server that contains the application’s data. The application software on the client sends all messages to the middleware, which forwards them to the correct server. The application software on the client is therefore protected from any changes in the physical network. If the network layout changes (e.g., a new server is added), only the middleware must be updated [1, page 44]. By choosing this architecture for the new branch, we have achieved two things: 1. Better load balancing between the servers on the network 2. Scalability. In the future, if due to business demands the system needs to be extended, this can be easily done by adding one or more servers. 1.6 REQUIREMENTS ACQUISITION. In order to obtain valuable information about the GFK School of Motoring, the group decided to send out questionnaires to members of the organization who uses the old system regularly and have a good knowledge of it. We decided on questionnaires because we believe that the users, being under no pressure as they answer questions about the existing system, will provide a reliable feedback. 1.6.1 QUESTIONNAIRE 1. User: Mr A. Patel. Position: Instructor. Time at Company: 3 years. Branch: Stratford Branch. 1. Question: How often do you use the system? Answer: Daily. As many as 20 times a day, when at work. 2. Question: Are you comfortable using the company network? Answer: Sort of. 3. Question: What do you normally use the system for? Answer: Browsing the internet, enquiring about client information, entering client details, sending and receiving emails etc. 4. Question: Which of these tasks do you found most daunting and why? Answer: No doubt, it is obtaining information about clients. The process is very slow and frustrating especially during peak hours. For some reasons the system is sluggish and it slows down the business. 5. Question: From question 4, do you sometimes have to abort the task? Answer: No, because a client details got to be entered. It’s frustrating, but you wait until it’s done before moving on. As a result we tend to record client details at the whenever the system tend to be responsive. This might be a couple of days later. 6. Question: Which of these tasks do you find easiest to do and why? Answer: No doubt, surfing the internet, sending emails, registering clients on-line. 7. Question: Have you had experiences of viruses causing disruption on the system and how? Answer: Certainly on many occasions. I can remember on one occasion a few of my clients and me couldn’t use our computers because it was totally corrupted and my section had to be closed down while the techie people sorted it out. We lost most of the files on our computers. 8. Question: From question 7, on how many occasions did this happen? Answer: I’ve experienced it about 6 or 7 times. 9. Question: What advice were you given about using the systems in terms of avoiding virus infection? Answer: The normal stuff. Don’t open email you don’t the source, log-off the system before you close for the day, etc. But despite taking these measures, we still have the problem. 10. Question: Do you normally back-up your files yourself and how often? Answer: Yeah, files are supposed to be backed up on cd-roms at the end of every working day but not everybody does it. 11. Question: Do you case of lost customer files and how often? Answer: Yeah, we do. I know a few of my mate who do. We just try to re-acquire it from the customer without the knowledge of management. Someone has been reprimanded for it in the past. Sometimes, it’s the fault of the  system. As I said earlier, it can be frustratingly slow. 12. Question: If you can change the system, what will you change and why? Answer: Definitely, it will be the enquiry procedure. Anything that makes the process faster will do.

Transformational Leaders Assignment Example | Topics and Well Written Essays - 500 words

Transformational Leaders - Assignment Example They act as role models, thereby demonstrating integrity in their working relationships. Moreover, they challenge themselves and their colleagues to higher levels of morality and motivation. They set clear goals, have high expectations in addition to encouraging and supporting their teammates. Not only do they stir the emotions of their co-players, they also get them to look beyond their self-interest and inspire them to reach the improbable (Bass & Riggio, 2006). Nelson Mandela did all the above for South Africa. He gave his people hope during a very difficult period and brought about democracy after years of apartheid. Transformational leaders make decisions bearing their teammates in mind. They do not enter leadership positions to meet their own selfish agendas. Decisions made by such leaders are aimed at improving the situation at hand and coming up with solutions for current challenges. Nelson Mandela humbled himself and went to visit Widow Betsie Vorwoer in a bid to bring healing to South Africa despite staying in jail for 27 years. In addition, culture plays a role in transformational leaders. Take Mandela for instance the culture of apartheid in his country motivated him to fight against it. The present circumstance pushes such leaders to bring about change in the society that they live in. Leaders such as Socrates, Abraham, and Gandhi were all motivated by the ways of the society they lived in. I believe that I am a transformational leader. I came to this realization after leading the Red Cross team in raising money to visit a children’s home and donate food and necessities to the less fortunate in the society. I was able to mobilize my team members in addition to motivating them to do their best when we were in the field. I set certain goals some of which we were able to meet and the rest are in progress. I did not give up despite the challenges we faced. Our actions brought about change to those children and we plan to visit them

The consequences of advertisement on young people Essay

The consequences of advertisement on young people - Essay Example Targeting of children as consumers of advertisements is ignoring the fact that they are not cognitively as developed as adults and thus, will not relate to the advertisements as adults do. There is sufficient evidence suggesting that the pre-adulthood brain is not fully developed, which translates into a situation where children cannot be trusted to make decisions and judgments in similar capacities as adults (Snead, 2007). In this case, the influence of advertising on young people is significantly different from that of adults. Whereas an adult can be trusted not to undergo behavior change based on an advertisement, the same cannot be said of children. Examples in which the heightened influence of advertisement on children is visible are discernible. First, advertising alcohol to young people has been shown to bear a number of negative consequences. These include a significant link between exposure to alcohol advertising and onset of drinking among previously non-drinking young people; increased levels of alcohol consumption among youth drinkers; and lastly, evidence of a dose-relationship among young drinkers (Anderson, 2009). The relationship between advertising and snacking also exemplifies the effects of advertising on young people. Harris, Bergh and Brownell (2009), argue that the prevalence of advertising of calorie-dense and low nutrient meals is significantly linked to obesity. Conditioned reflexes alongside the concept of manipulation of human behavior are at work in this case. Young people are more susceptible to these two and thus will most likely snack on available foods when they watch such advertisements. Another aspect from which advertisements bears capacity to influence youth behavior more than adult’s is in the way advertisements are designed. Massey (2006) argues that vigor, immaturity and impetuousness characterize youth; traits which advertisers are well

Reading and writing experiences throughout life Essay

Reading and writing experiences throughout life - Essay Example In my learning of English, I encountered various issues that challenged me in my schooling especially the circumstances in which I had to take exams in English, which was not my native language. In the process of learning, I understood the importance of literacy in any language and its relationship with academic performance. Learning English to me started in my childhood in my elementary school where I was supposed to take some class subjects in English language although I had insignificant knowledge about construction of sentences in English. In order to start my learning in the language, I invested time to understand the most appropriate ways of getting to understand the language so that I could follow the example to gain competence in its usage. I first understood that it is important to have an experience with the environment in which the language is spoken so that I can learn the way the competent were using the language. This was important because as many people interacted in t heir communication, there were aspects of the language that I acquire through staying with them which could be not necessarily found in the teaching syllabus, which I had to go through. Some of the things that I learnt through experience with those who knew to speak in English could have taken long to learn if I had to follow the process of the syllabus. In essence, the experience with English speakers speeded up the process of learning the language in the aspect of speaking but also I realized that I needed some skills in reading and writing the language. This is because even after I learnt to speak some English, I had difficulties in reading and writing in the language because I had numerous errors writing the language. My reading in English language started with understanding of the alphabetical codes that are used in constructing simple and complex word. This was important to me because the words that appeared in the English language were made of alphabets, which produced varyin g pronunciation, which could confuse me if I was to write a dictated passage. The understanding of the alphabets enabled me to have a good understanding of sound in English language that were important in differentiating words that could appear to have slight differences in the alphabets that sound almost the same. Through the interaction with the alphabets also, I was able to understand the various the different issues that can make some letters of the alphabets to be silent in a word which would influence how to written them from a spoken statement. I received valuable learning support from teachers that could elaborate the different ways of constructing words and sentences in English so that I could be able to enhance the study of language. The teacher helped me to construct grammatically correct sentences and later taught to combine the different sentences so that I could form meaningful paragraphs that could communicate some necessary information in the course of learning. Thro ughout the time the teacher taught me to combine different sentences that could be used meaningfully, I used to interact with other people who had experience in English and engage them in simple discourses that were able to advance my skill in the spoken language. Through the teacher, I learnt different signs that are used in the English

Illegal Immigration Essay Example | Topics and Well Written Essays - 750 words - 1

Illegal Immigration - Essay Example Illegal or undocumented immigration elevates a number of concerns related to public rights. During 1990s, it so happened that public confrontations had come up that had focus on the status of the illegal immigrants. Poor financial circumstances in Mexico and military aggression in Central America had led the populations of these areas to immigrate to regions like California, Arizona, and Texas. Anti-immigrant reactions had developed in these areas. In order to discourage the entry of illegal immigrants, the voters of California had passed the Proposition 187, which would bring to an end public social service to them. The services terminated included schooling, food aid, and medicinal care. However the legislation was instantaneously confronted by the court system. Although the proposition was a beginning to limit the services to illegal immigrants, the measure was killed by arguments that arose against the legislation citing the civil rights of education and food facilities. Thus thi s led to a crisis as human sentiments would not accept such illegal activities within their country. (Segal, 117-118). The majority of illegal immigrants who enter a country without any authorization are in general not eligible for welfare grants. However, certain social services and health care programs are available to illegal immigrants as well. Health care services to small children or poor people are provided to all immigrants, be they legal, or illegal. Public education is also another service that is provided irrespective of the child being an illegal immigrant. A country like the United States has no identity card system which makes documentation of individuals difficult. However, various laws are amended that intend to exclude several social services to those individuals who do not form part of the legal documented system of a country. Elimination of supposed illegal students from schools or colleges has been tried in the country. However, not only did this policy face challenges from the court, but this led to individuals creating false documentations to prove that are legal citizens of the country. (Ono & Sloop, 170-172). The use of several social services also leads to huge losses of funds. If services could be denied to people who are unable to produce legal documents of their citizenship in a country, then much of the country’s funds could be saved. Moreover, much of the funds are lost in the verification processes that are required to verify such immigrants. The medical services that are provided are also funding huge amounts, irrespective of the fact whether a citizen is legally or illegally settled, especially small children and pregnant women are always given special care. Basic food and medical services are also provided to poor residents who do not have any insurance or are not covered by any other program. Naturally, denying such services to illegal immigrants would provide huge savings on the part of the government funds. (Ono & Sloop, 170-173). Conclusion: Illegal immigration evidently has defects. Ongoing high levels of

Home Depot VS Lowe's Essay Example | Topics and Well Written Essays - 750 words

Home Depot VS Lowe's - Essay Example Such conditions only intensify the inability of the customers to improve their homes by making purchases in Home Depot or Lowe’s. This is a big risk for both companies (Good fellow, 2013). However, in such a complicated time, Home Depot overcomes financial barriers, and if one compares the change in capitalization, then Home Depot will have more than seventy billion dollars, that is approximately thirty- five percent of the increase in selling. At the same time, Lowes states about thirty billion and fourteen percent of decrease of its selling availabilities. Moreover, the prices at Home Depots were lower, while at Lowe’s they stayed an edge. However, the online availabilities showed that a certain store had lower prices in one area or the item; the other store had the advantage. A price variation, at the same time, revealed great difference between the two retailers and here one could give the edge to Home Depot, especially when the current economic environment squeezed out profits. However, the higher margins give Home Depot possibility to pressure the returns of Lowe’s. Since the return on assets  is essential for discount retailers it is practically impossible to raise prices easily, asset turnover gives the possibility to enhance one’s profitability. ROA indicates how effective one can turn assets into benefit for further profit. While, one wants to see the ROA minimum of seven percent, the advantage here is for Home Depot. For the business the return on equity  measures the way the company is generating good returns of the shareholders’ money. Here again persistence is an important and any number over fifteen percent is determined as exceptional. Other words, the higher percent of persistence, the better the company develops. This is a considerable advantage for Home Depot (Stock, 2013). In addition, according to the Net Promoter Score, special measures that determine a

Emergency room Assignment Example | Topics and Well Written Essays - 250 words

Emergency room - Assignment Example In most cases nurse in the in-patient units do not work during irregular hours (Burgess, 2014). In the ER, documentation focuses on addressing acute symptoms through use of ICD-10-CM codes. This is different from documentation that is used in the in-patient setting since it does not involve coding. In the in-patient unit documentation is done in paper format or electronically but without coding (Burgess, 2014). In the ER, there are several legal issues involved. One of them is determination of how emergent a situation is for the patient since some situations can be deceiving and accurate decisions have to be made. Another common legal issue is ensuring that patients are screened and treated appropriately while keeping them informed of the treatment being given. The legal issues arising from in-patient unit are less compared to the ER. The patients in in-patient unit need to have informed consent of the treatment they receive (Burgess, 2014). Safety and privacy of the patient can be maintained by ensuring that there is always a technician to help the patient at any given time and that there is no displayed information on the patient that other people can see. The client can also be provided privacy through use of curtains to cover his bed area. Through use of curtains around his bed area, only restricted people can intrude his personal space. The protocols related to communication include ensuring protection of the information that the patient gives for purposes of medical records. Such information should be treated with a lot of privacy and should be secured. The technicians should not share a patient’s information by any chance and should ensure that the patient is aware of the results (Burgess, 2014). In such a situation, the nurses and physicians are allowed to carry out the procedure on the patient without any consent to save his or her life. The patient will then be told about the procedures carried out when he is conscious and can

Strategic Analysis for Cathay Pacific Airways Dissertation

Strategic Analysis for Cathay Pacific Airways - Dissertation Example Cathay Pacific, during the global financial crisis in late 2008 and 2009, has incurred a record high of $ 7 billion loss (Cathay Pacific 2010). This is the first time that the company has ever experienced such a huge loss. However, by 2010, the company has reached an all time high of $14 billion profit (Cathay Pacific 2010). Although this turnaround is attributed to the continued growth and strong performance of the China’s economy, what Cathay Pacific shows is astonishing since the airline business, fundamentally, involves heavy investments, but relatively slow return on investments. Yet, Cathay Pacific has gained monumental profit during difficult economic times. In this sense, by looking into Cathay Pacific’s approach and strategy as the company surmounts the hurdle of the global financial crisis with excellent profit, one can learn from their experience as it provides a paradigm that can be used by most companies who are still reeling from the impact of the recent g lobal financial crisis. In this regard, Cathay Pacific strategic management offers alternative frames that can be useful for companies as they address the challenges and impact of the first global economic crisis of the 21st century. 1.1. Background of the Study The airline industry is one of the most dynamic and robust business sectors in the world (Meersman, Van de Voorde & Vanelslander 2008). Its business cycle is consists of ups and downs that continues to modify and restructure the demands and framework of the airline industry market (Uncles & Goh 2002). In this regard, it is significant to understand the important factors contributing to the robust nature of the airline industry. In addition, by looking into the elements modifying the structure of the industry, the approaches develop by the companies not only becomes contextualise, but it also affords the chance to apprehend what is the basic condition of the airline industry. One of the most important factors affecting not only the airline industry but all businesses and countries around the world is globalisation. Globalisation is the removal of trade barriers existing among nations. With this economic policy adopted by most countries around the world th e movement of goods, capital, services, products, culture and people has become freer flowing, thus allowing for exchanges to happen (Coatsworth 2004; Fougner 2006; Munck 2008). In effect, eco0nomic policies of governments have shifted from

Othello (How Is He Lead to His Demise) Essay Example for Free

Othello (How Is He Lead to His Demise) Essay Shakespearean writing are ones of which, with a few strokes of a pen, can achieve more than novelists can achieve in a full length novel. Shakespeare’s writing is complex and includes great measures of love, hatred, loyalty, deception and betrayal. These traits of his texts are all evident in Othello. In Act 1, Othello is perceived as a noble moor. With Shakespeare’s invention of the manipulating and cunning Iago, the multi-layered use of Othello’s mothers handkerchief, and Othello’s past military training being resurfaced due to Iago’s lies, all lead Othello to his demise. Deception and betrayal are two of Iago’s worst traits when he is outranked by Cassio. Iago’s capacity for cruelty appears limitless, and no motivation he gives for his actions seems enough to explain the incredible destruction he wreaks on the lives of the people he knows best. His bitterness in not succeeding on becoming lieutenant is not a sufficient enough reason to match his countless acts of evil machinations. Iago uses a subtle approach when provoking Othello to become untrustworthy of Desdemona. He is able to hurt Othello successfully because he understands him so much. He grows closer to Othello as the plot progresses. In Act 2, scene 1 Iago states, â€Å"The moor, howbeit that I endure him not, is of constant, loving, noble nature†. These 3 adjectives indicate his awareness of Othello’s character. As Iago therefore continues to explain that he knows the noble moor would be a deserving husband of his wife, but then uses this knowledge to his power to play with Othello’s thoughts, using his strong love for Desdemona as a portal to self-destruction for all of those he knows best. He makes this statement in soliloquy after Othello and the entire company land on Cyprus. He is able to acknowledge that Othello is a worthy noble man, however, Iago reveals how evil and manipulating he can be, by wanting to utterly destroy Othello’s life and reputation. He is subbed when Othello gives the lieutenant’s position to Cassio. In return he makes ridiculous excuses that Othello slept with his wife Emilia, as another reason for revenge. It is all because of Iago’s cunning and evil power that he ruins these lives for his own sadistic pleasure. The noble moor is led to become the enraged murder when manipulative Iago tells Othello that Desdemona has given his mother’s handkerchief to Cassio. Act 3 Scene 3 is the beginning of Othello’s â€Å"handkerchief plot†, a seemingly insignificant event that becomes the means in which Othello, Desdemona, Cassio, Roderigo, Emilia and even Iago himself are completely undone. The handkerchief symbolizes love and with the manipulation of Iago, great depths of anger and untrustworthiness. Othello tells Desdemona that an Egyptian witch gave it to his mother, and it serves as a love charm. â€Å"Make it a darling like your precious eye. To lose’t or to give’t away were such a prediction as nothing else could match† Othello tells Desdemona. Othello’s simile here is an alarming one as it is evident that if Desdemona was to be unfaithful, the superstitious purposes can be equated in value for a precious bodily organ. Shakespeare cleverly allows this item to move amongst characters in the novel before Othello demands evidence of his wife’s disloyalty to him. Iago has already planned out his scheme before confronting Othello. Tell me but this, have you not sometimes seen a handkerchief, spotted with strawberries in your wifes hand? Iago uses this rhetorical question as a persuasive technique to make his point more believable. He explains to Othello that earlier that day he seen Cassio wipe his mouth with the handkerchief. We know that Cassio has not seen the item, and it is in Iago’s pocket whilst he asks this question. Othello is so blinded by jealousy that he accepts Iago’s lie as the strongest possible evidence. Although he forgets Desdemona tried to bind his head with it at dinner. Through this imagery and plot device we see that the importance of the handkerchief assists the noble moor in becoming the enraged murderer in scene 5. Scene 5 sees the story unfold and the main characters undone. Othello enters the room as he hovers over Desdemona whilst he tries to prepare himself to kill her. â€Å"It is the cause; it is the cause, my soul, let me not name it to you, you chaste stars! It is the cause†. This use of repetition implies Othello’s constant thought process and how he knows in his mind she has done wrong. He feels as though he must put an end to her betrayal and disloyalty, if not for himself, but for future men she may do it to. His past military training makes the killing of his wife second nature, a routine manoeuvre that’s sees the horrible deed carried out far easier than the circumstances should have allowed. â€Å"Out, strumpet! Weep’st thou for him to my face?† Desdemona is questioned by Othello, asking if she is calling for Cassio right to his face. â€Å"Down, strumpet!†. Othello proceeds to call Desdemona a whore on numerous occasions. This dramatic visualization enforces the idea that Othello has been greatly manipulated. Iago’s words have pushed him to the extent that he can no longer see Desdemona the way he once used too. His second nature of killing and military training is evident when he does not give Desdemona that chance to say a last prayer. He tells her, â€Å"It is too late†, as he smoothers her with the pillow they once both lay on together. This cruel and unfair treatment comes from what he knows best. If in danger, you must protect yourself. Although he was not in physical harm, his heart was in a much deeper pain. He used his unique skills as his defence mechanism to kill. Othello has been considered one of the most painful of Shakespeares tragedies. It explores the collapse of a proud, honourable man, the killing of a beautiful, dedicated woman, and the unreasoning hate of a â€Å"motiveless† villain. The text has evoked terror and pity in audiences throughout the centuries. Othello however holds a power that is perhaps more abrupt and strongly felt for operating on the personal, human plane.

Changes in technology Essay Example for Free

Changes in technology Essay Technology enhances globalization. In past two decades, technology burst out like an explosion, definitely, the improvements of technology make our lives much more convenience. And, the advanced technology in microprocessors, Internet, and transportation enable the spreading out of globalization. Hill, C., (2001) stated Globalization has two main components: the globalization of markets and the globalization of product. In other words, the changing in technology would lead to an influence on globalization of markets and globalization of production. The widely use in microprocessors and telecommunications increasing the amount of information being transferred, but lower its cost. This is very helpful in merging markets. The opportunities for companies to expend businesses are raised, due to plummeting in global communication cost. Updated data can be collected, and monitoring overseas markets trend would become easier. Moreover, population of using Internet grows continuously since 1995 (Hill, C., 2001). This helps to create a global audience; advertisings are not restricted by geographic region anymore. Products can sold at overseas, such as Hill, C. (2001) pointed out customer can buy Levis jeans in Paris; McDonalds restaurant located in Tokyo. And, the cost of transportation plummeted, due to the revolutionized in transportation business, also helpful for expansion of business. Manufacturers can transport products at a lower cost and in a shorter time. As the trendy of globalization of production, productive activities spread out over the world, invention and widely use of microprocessors and Internet help supervisor to control the productive activities, and easier to communication to other in the process. The dispersal of production, for instance Hewlett-Packard separated its operations activities to different places, but reducing cost at the same time (Hill, C. 2001). As the decreasing cost in transportation, many businesses move their manufacturing plants to nations that provide cheaper raw materials and nature resources, in order to diminishing their production cost. Summering the above points, the three main changes in technology (microprocessors, Internet, and transportation) have a great supportive to  the globalization of markets and production. If the lower cost of communication does not exist, people around the world would not have so many chances to connect with others and business would not be willing to put money to widen their markets. If the world without Internet and the World Wide Web, people might not able to get the most updated information, the production skills cannot be improved and productive activities cannot be shared. Without the convenience transportation system, customer and provider would not connect each other; products cannot transfer to overseas market. Therefore, people would lose the opportunities to enjoy different products from all around the world. Finally, markets from different countries should not be merged together, and the production process should not spread out. Thats why the technology essential and enhance globalization. The above assignment is coming from the resources of Hill, C., Globalization, International Business, 2001, 3rd ed, McGraw-Hill Higher Education, New York.

Example Reflective Essay using Rolfe Reflective Model

Example Reflective Essay using Rolfe Reflective Model This reflective essay will adopt Rolfes model of reflection, (Rolfe, G et al. 2001) which was derived from Bortons developmental model. (Boyd E et al. 1983) The scenario is presented as Appendix 1 and the patient has been anonymised as Lee in accordance with the NMC guidelines (NMC 2008) What? When analysed in overview, one can note that the main issues contained in this scenario are that a schizophrenic patient, who may therefore be psychotic, who is certainly confused due to his metabolic disturbances (hyponatraemia) and possibly idiopathic confusion, has made an allegation of physical assault against another staff member. The patient is also forgetful and the event happened three days ago. Clearly the incident cannot be confidently verified at this stage and there is a question as to whether the patient is reliable in making this allegation. Analysis revolves around my reflection on the actions that I took and whether they could be considered appropriate or capable of improvement. My role in the situation was that I was the recipient of the allegation. Having heard the allegation, I tried to make sense of it. On the one hand I was aware of the seriousness of the allegation if it were true, and therefore I was also aware of the potential harm that an untrue allegation could cause to the professional integrity of the ‘Special‘ who was involved. I was obviously aware of Lees potential for confusion and psychosis, but I was also impressed by the apparent veracity of his recollection and also by the fact that he started to cry when he was recounting it. (Nicol M N et al. 2004) On balance, I did believe his account of the situation. I therefore felt that I had a moral and professional duty to escalate the complaint to the Senior Ward Sister. After a period of discussion with the Ward Sister, I filled in an Incident Report Form (IR1), which was then forwarded to the hospital management. After the event, I experienced a period of prolonged self-examination. I was concerned in case I had inadvertently been party to a false allegation and considered further the consequences for the ‘Special involved. After a period of intense reflection, I concluded that I was right to take the action that I did, both because of my professional duty to ‘do my best for the patient but also because I was acting as the patients advocate in these circumstances, which seemed entirely appropriate. (Brooke C et al. 2007) The response of the Ward Sister seemed entirely appropriate. I believe that she went and spoke to Lee herself and determined that there was sufficient evidence to make the reporting of the incident (IR1) appropriate. This reassured me greatly. The Ward Sister also discussed the ethics and implications of the situation with me, which was both professionally helpful and considerate, as she could see that I was unclear about what I should do in these circumstances. In any reflective process, one also has to consider the feelings of the patient. In this case Lee did appear to be pleased that he was being taken seriously, but his fluctuating lucidity meant that further questioning did not clarify the situation any further. He certainly appeared to be pleased when he was told that the ‘special would not be assigned to him again. So what? The theoretical elements of the analysis of this situation are straightforward. Jasper, in his erudite series of analyses (Jasper M 2007), acknowledges that part of the responsibility of being a professional practitioner is to ensure that you give the best care possible to your patients or clients. In an analysis of a similar situation, the author is unequivocal in his assessment that the professional duty of the nurse is to share such reports of possible patient abuse with their immediate superior. Even if the patient is ‘of reduced capacity or ‘of questionable reliability (Jasper M 2007 Pg 36), they should therefore considered ‘vulnerable in the professional sense, and offered greater, not less, protection. An ethical analysis would suggest that the nurse should invoke the Principle of Non-Malificence, which was derived from the often quoted dictum of Hippocrates, which stated that one should â€Å"first do no harm†. (Carrick P 2000). This Principle stated that healthcare professionals must ensure that their patients are not harmed, nor will come to harm. (van Uffelen J G Z et al. 2008). I did consider the possibility of speaking to the ‘Special in an unofficial capacity, but came to the conclusion, that there was nothing that they could say which would change the proper course of action. This concurs with the opinion of Tschudin who analyses a number of similar situations. (Tschudin, V 2003). This level of analysis gave me a deeper insight into the situation and reinforced my initial conclusions relating to the proper and appropriate course of action. Now what? Given the fact that Lee had reported a possible episode of abuse, it seems entirely appropriate that it would be properly investigated. The action of the Sister in removing the ‘Special from caring for Lee also seemed appropriate and proportionate. It may have been considered more appropriate to suspend the ‘Special from work, but in circumstances when one is dealing with a confused and psychotic patient and there is a significant element of uncertainty about the veracity of the allegations, this might be considered inappropriate and unduly prejudicial to the ‘Special. (McMillan J 2005) At the time of the reporting of the incident, I apologised to Lee myself and reassured him that such a situation would not be allowed to occur again. I feel that this was also a professionally appropriate course of action, as it not only communicated a professional sense of responsibility to Lee, but also it demonstrated the fact that I was taking his complaint seriously and was sorry that it had happened. (Kozier, B et al. 2008) When analysed in overview, I effectively had two possible potential outcomes of the situation. Either I believed that Lee‘s story was probably true, or I didnt. This gives rise to a deeper analysis and, in the words of Cruess Cruess, the evolution of a student into an expert practitioner is judged by the ability to operate from a deep and holistic understanding of the total situation, a concept that is often referred to as ‘professional intuition. (Baillie L 2005). Cruess et al. suggest that this ‘professional intuition is better considered as ‘professional expertise, which is generally built up and gained over years of experience and which, when tested in the clinical environment, can become an altogether more robust concept. (Cruess S R et al. 2007). Reflection on this situation, together with the guidance received from the Ward Sister, has helped me to fully understand the main elements of this situation. If I were to encounter such a situation again I wou ld feel more confident in dealing with the situation rather than having to reflect at length after the event. Such analysis has helped me to realise that, to cite Schon, it is one of the ways professionals evolve and move beyond rule-bound behaviour and which enables them to function in a world of uncertainty and see problems in a holistic way and act appropriately. (Schà ¶n, D A (1987) Appendix Scenario: A 78 year old gentleman called Lee was admitted to my Ward with schizophrenia and other medical conditions, one of which includes confusion and hyponatremia. It has been explained to the patient and his next of kin that due to the dangerously low sodium level Lee is on a fluid restriction of 750 mls per day, however due to the patients mental statue, he constantly demands fluids and if not given he will start screaming and disturb other patient and can be very aggressive a time. For this reason the Senior Sister requested a special in order to provide a one to one care for Lee. I supported the patient with personal hygiene care one morning, Lee began to cry, when I asked what is the matter Lee? he said, three days ago a special slapped my arm and pinched me. And he said I was waiting for her to finish her shift to inform a staff nurse, by then I had forgotten. I hope when my son will visit me, I will remember to tell him what has happened. I reassured him that this will not happen again and I also apologised on her behalf and told Lee that particular specialist will not be caring for him any more. I reported the incident to the Ward Senior Sister and together we filled in an Incident Report Form (IR1). References Boyd E Fales A (1983) reflective learning: the key to learning from experience. Journal of Humanistic Psychology, 23 (2): 99-117 Brooke C; Waugh A Eds (2007) Foundations of Nursing Practice, Fundamentals of Holistic Care. Lond Mosby Elsevier. Carrick P (2000) Medical Ethics in the Ancient World. Georgetown University press : Philadelphia Jasper M. (2007) Professional Development, Reflection and Decision – Making. Blackwell Publishing, Singapore. Kozier, B, et al. (2008) Fundamentals of Nursing: Concepts, Process and Practice. Harlow: Pearson Education. Nicol M N, Bavin B C, Bedford-Turner S B, Cronin P C Rawlings-Anderson K R (2004) â€Å"Essential Nursing Skills† 2nd ed. Churchill Livingstone, Mosby NMC (2008) Nurse Midwifery Council: Code of professional conduct: Standards for conduct, performance and Ethics (2008) London : Chatto Windus 2008 Rolfe, G., Freshwater, D., Jasper, M. (2001). Critical Reflection in Nursing and the Helping Professions: a Users Guide. Basingstoke: Palgrave Macmillan. Schà ¶n, D A: (1987), Educating the Reflective Practitioner: Toward a New Design for Teaching and Learning in the Professions, Jossey-Bass Publishers, San Francisco. Tschudin, V (2003). Ethics in Nursing: the caring relationship (3rd ed.). Edinburgh: Butterworth-Heinemann. van Uffelen J G Z, Chinapaw M J M, van Mechelen W, Hopman-Rock M (2008) Walking or vitamin B for cognition in older adults with mild cognitive impairment? A randomised controlled trial. British Journal of Sports Medicine 2008; 42 : 344 351

Decline Catholicism :: essays research papers

Picture this if you will. In the beginning (being 1945) god created a shepherd (the Catholic Church) in which we the sheep followed blindly. Everywhere the shepherd took us, we would follow without complaint. A sheep dared not question the Shepherd or stray from the flock in fear of being labeled a bad sheep (catholic) and suffering the consequences of eternal damnation. But as time went on and the sheep modernized, however the shepherd was stubborn and conservative in his ways and refused to change. So the sheep began to stray from the shepherd with little fear, scattering, going to other pastures and other flocks with other Shepherds. The Shepherd realized his flock was depleting so he began to modernize as well and changed his ways. With this now modern shepherd, the modern sheep began to gradually come back. But living in a modern pasture the relationship between the two had changed. Mr. Houston fellow students, â€Å"What were the reasons for the decline of Catholicism in America since 1945†, this has been the topic of my research for the previous three terms. The previous analogy, although being far fetched, if you put it into perspective outlines my opinion on the development of Catholicism since 1945 to the present day. That initially we followed the Catholic Church unquestionably and devoutly, mass on Sundays, fish on Fridays (etc). But as society modernized and became increasingly secular in education, the media and politics, people began to question some of the church teachings and the church authorities. Though the church, lead by conservatives initially would not change. As Catholics began to move away, the church realizing the situation reassessed their position at Vatican 2, which resulted in the modernized Catholic Church. Consequently from here catholic membership began to increase, however the nature of Catholicism changed. This leads me to my hypothesis: In our modernized secular society, catholic membership began to drop initially, due to the conservative views of the church. As a result of Vatican 2 Catholicism was modernized and membership within the religion was re-established. Although the nature of Catholicism has changed in this age of materialism and consumerism, this does not necessarily indicate direction of decline. Before I begin my findings I would like to define the nature of secularism which is a word you will hear throughout my research. Secularism: rejection of religious and sacred forms and practices in favour of rational assessment and decision-making, and civil institutions of government

Reverse Discrimination and Affirmative Action Essay -- Papers Quota Ra

Reverse Discrimination and Affirmative Action Discrimination in employment has been an issue that has plagued our society throughout history. At the turn of this century it was acceptable to advertise job openings and specifically state that people of a certain race, color, religion, gender, or national origin "need not apply". A lot has changed over the last 100 years. The proverbial "pendulum" has swung in the direction of federal protection of certain people, but the problem now is that it has swung too far. Title VII of the 1964 Civil Rights Act states that it is unlawful for an employer "to fail or refuse to hire or to discharge any individual, or otherwise to discriminate against any individual with respect to his compensation, terms, conditions, or privileges of employment, because of such individual's race, color, religion, sex, or national origin†¦" 42 U.S.C. 2000e-2(a)(1). This law was enacted in an effort to set right the wrongs of the past and instill equity in the workplace; yet a new set of wrongs and social injustices have been created. This newly created set of wrongs and injustices are referred to as reverse discrimination. Reverse discrimination is discrimination against a majority class, and is ever increasing in public-sector employment. Social Equity and Affirmative Action Affirmative action was instituted to redress the social inequities of past discrimination in employment against what became known as a 'protected class' (women and minorities). The goals of affirmative action plans are to increase the representation of historically disadvantaged people in the workplace equal to their representation in the corresponding community and relevant labor market. This formula is how affirmati... ...regardless of skin color or gender, feel the same effects: a brick wall placed between them and their constitutional right of prosperity and equality. Over the last hundred years our societal values (in employment) have swung from an anything goes mentality to the other end of the spectrum, the era of "political correctness" where you are damned if you do and damned if you don't. Uncertainty prevails. It is apparent, though, that the proverbial "pendulum" is in an evening-out process and trying to find middle ground. Discrimination is discrimination regardless of what type of form it takes. There is truly only one kind if discrimination and that is where an individual's rights are infringed upon due to traits in which they have no power to control. Each and every one of us deserves to have the right to freedom and equality given to us by our forefather's.

Harrison Ainsworth Rookwood :: essays research papers

In the early nineteenth century, an interest in criminals and the common highwayman arose in Europe. Many magazines in London, such as Bentley’s Miscellany, Fraser’s Magazine, and The Athenaeum featured sections that were reserved for stories about highwayman and their numerous adventures. The growing interest in the subject inspired many authors to write about the various exploits of popular criminals and highwayman. Some prominent examples of this type of novel were Edward Bulwer’s Paul Clifford (1830) and Eugene Aram (1832); Charles Dickens’ Oliver Twist (1838-39) and Barnaby Rudge (1841); and William Harrison Ainsworth Rookwood (1834) and Jack Sheppard (1839-40). Several of these novels were based upon famous crimes and criminal careers of the past (Eugene Aram, Dick Turpin in Rookwood, and Jack Sheppard); others derived from contemporary crime (Altick, 1970, p. 72). Although many authors chose to base their stories on criminals, William Harrison Ainsworth’s Rookwood and Jack Sheppard are two of the best examples of the theme of ‘crime and punishment’ in the nineteenth century.   Ã‚  Ã‚  Ã‚  Ã‚  Ainsworth started his writing career as a writer of Gothic stories for various magazines. Gothic elements are included in Ainsworth’s novel: the ancient hall, the family vaults, macabre burial vaults, secret marriage, and so forth (John, 1998, p. 30). Rookwood is a story about two half-brothers in a conflict over the family inheritance. The English criminal who Ainsworth decides to entangle in Rookwood was Dick Turpin, a highwayman executed in 1739. However, echoing Bulwer, Ainsworth’s explanation for his interest in Dick Turpin (like Bulwer’s explanation in his choice of Eugene Aram as a subject) is personal and familial (John, 1998, p. 31). Though the basis of the novels seem similar, Ainsworth treated Dick Turpin in a different way than Bulwer treated Eugene Aram. Ainsworth romanticizes history, but basically sticks to the facts (as far as he knew them). Perhaps more importantly, Ainsworth does not pretend that the Turpin he invents is the real Dick Turpin, nor does he attempt to elevate Turpin’s social class status (John, 1998, p. 32). Ainsworth recalls lying in bed listening to the exploits of ‘Dauntless Dick’, as narrated by his father. Despite Ainsworth’s infatuation with the criminal, the real Turpin was no more interesting a character than an ordinary cat burglar. Besides highway robbery, his affairs included stealing sheep and breaking into farmer’ houses, sometimes with the aid of confederates; and he took a turn at smuggling (Hollingsworth, 1963, p. 99). Although Turpin appears in a considerable part of the novel, he really has no effect on the plot. He stole a marriage certificate, but the incident was not important

I deserve to be a Scholar Essay

To pass Education in UST is really an achievement for me. Before I took up the examination, I was so scared because, even though I am confident that I can manage to answer the exam, I am still afraid that I may not be able to have a slot because I am one of the applicants of the last batch. After passing the examination, I really regret that I failed to reserve my slot between the date I received the results up to the deadline of reservation. So, the moment the Dean of Education allowed me to have a late reservation for my slot in UST, I really felt absolute happiness and thanksgiving that finally, I am able to study on a decent and known school. Being asked by my classmates to teach them everytime they get trouble in studying makes me glad and pleasured. But you know what? There is a side that makes me confuse of choosing the course, Education. Why? Because many of my relatives, my father, and even the parents of my classmates said that Education doesn’t suit my intelligence. I deserve more. A higher degree and profession. They always recommend me medicine but well, I do like medicine and I really dreamt to be a doctor someday back to childhood days but its not the course I really prioritize right now. It’s not what do my heart and soul says. Maybe because I know that we cannot afford it and in reality, it takes too long to graduate. Moreover, I am finally decided to myself that I want to teach because I was inspired by my late Mommy Joyce who is a LET passer and to my teachers that’s looks like enjoying the work they have. And in addition I really love teaching that’s why its final that I will focus in BS Education to be my course in College. It seems that teaching is a really nice profession and I imagine of going to a classroom full of students and be able to teach them and afterwards developed a professional one someday. To be offered such kind of scholarship makes me overwhelmed and confident of myself. It makes me think that I am so gifted to be given such glorious award. As I thought, I don’t need a scholarship because I am thinking that more people deserve this more than I do and I already credited my scholarship for being the Valedictorian so I am thinking that maybe, it’s already enough. But then, I realized that working abroad to earn a living for your two daughters and as well as aming for them to study in a good school is such a hard job for my mom. So I was thinking that this opportunity might be a way to lessen the burden to my mom and to be given such additional scholarship would be a really big help for my college degree. Most of my mother’s childhood friends told me that my parents are really good in academics that’s why they think I inherited my intelligence form them. My mother also shared some of her memories and hardships she’d encountered and suffered when she was a student. She experienced being a laundrywoman to earn money for her to finish college and it was really hard for her not to eat sometimes just to save money for her projects and learning materials. According to her, there will be no success if you haven’t faced hardships at all. She always asked me to study hard for us not to have the same fate as hers. Because of her I am so persistent to study hard and finish my studies. I told myself that if I will be able to study without her financial support, it will be a big relief for her. Since my sister is studying as an Engineer at Mapua, she said that if I push studying in UST, her salary won’t be enough to sustain both of us as well as the expenses in our house and daily living. I cannot ask for my father’s help either cause he already have a new family and what he can get from his job is just enough for them. I believe that sholarships are granted for those students who has a potential and I am confident that I am one of tho se because back in highschool days, I have maintained a high and well good grades, participated in various organizations, active in school affairs, helpful to the teachers, loyal to my alma mater and even showed cooperation in my community. I always worry of having low grades and I really work hard in every little thing I do. I remember those nights that I am wide awake studying my lessons and reviewing for examinations. I am also a consistent honor student of my school. When I was in highschool, I always wanted to be a part of those programs and contests. Among my classmates, I am usually the one sent by my school as a representative on some events and contests like quizbee. In fact, I was awarded to be the Most Active of my class. I also received some special awards from our City Mayor for the completion of the days being an Imus Youth. I recite well during class hours and I even tutor my classmates before finals. With those moments and achievement I had in my highschool days, I a m proudly saying that I deserve to have this scholarship and I know that my characteristics made me a competitive applicant for this. That’s why, if blessed, I want to have this scholarship for I know that I am responsible enough, committed to my studies and my aims and goals in life would always bring me to success because I wholeheartedly waste my full and best effort in doing everything to achieve what I want. I never surrender and stop until I get what I want and I always do my best just to maintain high and good grades. Through this scholarship, I would be able to achieve my dream of becoming a professional teacher someday that’s why I will do everything so that I will not lose this scholarship. Most of all, whith the confidence and determination I have as a student, I believe that granting me this award won’t be a waste at all.

Business Analysis and Valuation Exam Notes

Topic 7: NOA1=NOA0+OIt – (C1-I1) NFO1=NFO0+NFE1 – (C1-I1)+d1 NFA1=NFA0+NFI1 – (C1-I1)-d1 CSE1=CSE0+OI1 – NFE1 – d1 NI1=OI1 – NFE1 (C1-I1) = d1+F1 d1=div+ share buyback – share issues F=net purchases of FAs – interest on FAs – net issue of debt + Interest on debt d=C-I+NFI-NFA d=C-I-NFE+NFO FCF=OI-NOA (Method 1) FCF=NFA-NFI+d (Method 2) FCF=NFO+NFE+d CSE=NOA+NFA/(-NFO) CSE1=CSE0+Earnt-dt Net Operating Accruals = OI1 – C1 or NOA – I1 If C-I-i > d: lend or buy down debt. If C-I-i < d: borrow or reduce lending. The rate of return from investing in a firms’ stock is its holding period return. [(div+P1)/P0]. Topic 8:Reformulated CSE Statement CSE0 +Net transactions with s/holders +Share issues – Share buy backs – Dividends +Comprehensive Income +NI reported +/- securities avail. For sale +/- currency translations +/- hedging +/- prior earnings restatements CSE1 Table 8. 1 of Dirty Surplus Item s: OI Items Changes in accting for contingencies Additional minimum pension liability Tax benefits of loss carry-forwards acquires Tax benefits of dividends paid to ESOPs Unrealized gains and losses on equity securities avail. For sale Some adjustments of deferred tax valuation allowances funding status of pension plans Financing inc (or exp) itemsPreferred dividends Unrealized gains on losses on debt securities avail. For sale Operating or Financing inc items F. C. translation gains (losses) Gains(losses) on derivative instruments for hedging purposes Restatement of prior years’ income due to accting principles. Bal/sheet items to be reclassified Credits to s/holders’ equity for stock compensation exp. Dividends payable. Topic 9: Effective tax rate for operations Tax on OIOI before tax ReOI1=OI1 – ( – 1) NOA0 Operating PM from sales OI from Sales (after tax)Sales Net CI Margin = CI/Sales RNOA = OI/Ave. NOA NBC = NFE/Ave. NFO RNFA = NFI/Ave. NFA ROCE = Ea rn (CI)/Ave.CSE OLLEV = OL/NOA Capitalization Ratio = NOA/CSE FLEV = NFO/CSE SPREAD = RNOA – NBC Reformulated Bal/sheet FAs: Cash equivalents S/T investments S/T notes receivable* L/T debt investments FLs: S/T borrowings Current maturities on L/T debt S/T note payable* L/T borrowings Lease obligations Preferred stock OAs & OLs: All else Minority Interest CSE *notes are FA/Ls if they bear the mkt rate of interest. L/T equity investments are usually OAs if they are a >20% holding, recorded at mkt value if avail. for sale or, at cost if held to maturity. S/T equity/marketable investments are OAs if part of a trading portfolio.If used mop up excess cash = FA. Minority interest is a separate line item. And NOA – NFO = CSE + Minority Int. Reformulated Income Statement Net sales -Expenses to generate sales =OI from sales (before tax) -Tax on OI from sales +Tax as reported +Tax benefit from NFE – Tax allocated to other OI =OI from sales (after tax) Other OI (exp) requir ing tax alloc. Restructuring charges and asset impair. Merger exps Gains/Losses on asset sales Gains/Losses on security transactions -Tax on other OI After-tax operating items Equity share in subsidiary income Operating items in extraordinary inc Dirty surplus op. items in Table 8. Hidden dirty surplus op. items OI (after tax) -NFE (after tax) +Interest exp -Interest inc. Realized gains/losses on FAs =NFE before tax -Tax benefit from NFE =NFE after tax Gains/loss on debt retirement +unrealized holding loss D-S items in Table 8. 1 (incl. Pref. dividends) Hidden d-s financing items -Minority Interest =Comp. Income to common Topic 10: Reformulated CF Statement CF from operations +Reported cash from op. Net cash interest payments after tax – CF from investing +Reported cash from inv. +Liquidation of assets +Sale of assets +Maturities of assets – Purchases of Assets Working Cash =FCF from op. ctivities Net Dividends +Dividends +Share buy back – Share issue +Net Debt Financing Cash and Cash Equivalents + net payments to d/holders and issuers =Cash paid for financing activities Topic 11: ROCE = RNOA+[FLEV(RNOA-NBC)] Implicit int. on OL= S/T borrowing rate (after tax) OL ROOA=OI+Implicit Int. (aft. tax)OA RNOA=ROOA+(OLLEVOLSPREAD)OLSPREAD = ROOA – S/T borrowing rate (after tax) ROA=NI+Int Exp (aft. tax)Ave Total Assets Minority interest is added to numerator if any. 2 Drivers of RNOA: RNOA = PM ATO PM = OI (aft. Tax)/Sales ATO = Sales/NOA (usually expressed as 1/ATO) PM Drivers: PM = Sales PM + other items PMSales PM=Gross margin ratio – Exp ratios =GMsales-Admin. expsales-Sell. expsales-R&Dsales-Operating taxessales Other Op. items PM=subsidiary incsales+other equity incsales+Special itemssales+other gains and lossessales Drivers of ATO (1/ATO) can be broken down into ratios for the individual assets and liabilities. Drivers of NBC is calculated from the weighted average of the costs for different sources of net financing. NBC=FONFO ? aft. tax int. on FOFO-FANFO? aft. tax on FAFA-FANFO? Unrealized gains on FAFA+Pref. stockNFO? Pref. DivPref. stock+†¦ Topic 12: OI = Core OI from sales + Core Other OI + Unusual ItemsRNOA=Core OI from SalesNOA+Core other OINOA+UINOA Core OI from salesNOA=Core sales PM? ATO=Core OI from salesSales? SalesATO NBC=Core NFENFO+UFENFO RNOA1=(core sales PM1ATO0) +(ATO1Core Sales PM1) +(core other OI/NOA)+ (UI/NOA) Changes in core sales PM are driven by variable and fixed costs. Sales PM = (Sales – VC – FC)/Sales Contribution Margin Ratio = 1 – (VC/Sales) OLEV=CM ratio/PM %Core OI=OLEV%Core sales CSE1=(sales11/ATO0) +[(1/ATO1)Sales1] – NFO1 Reformulated OI Core OI Core Sales Rev. Core CoS = Core GM Core Op. Exp. = Core OI from sales bef. Tax Tax on core OI from sales +Tax as reported +Tax benefit from NFETax alloc To core other OI Tax alloc to UI = Core OI from sales + Core other OI + Equity income in subsidiaries + Earnings on pension assets + Other conti nuing inc not from sales Tax on core other OI = Core OI Unusual Items Special charges Special liability accruals Nonrecurring items Asset write-downs estimates Start-up costs expensed P/L from asset sales Restructuring charges P/L from discon operations Extraordinary op items Accounting charges Unrealized g/l on equity investments Gains from share issues Currency gains and losses Derivative g/l (operations) Tax allocated to unusual items = Comprehensive OI Topic 13: Earnings component: i) Operating income (ii) Net financial expense (iii) Earnings Book value component: (i) NOA (ii) NFO (iii) CSE Residual Earnings measure: (i) ReOI1 = OI1 – (F – 1) NOA0 (ii) ReNFE1 = NFE1 – (D – 1) NFO0 (iii) RE1 = Earn1 – (E – 1) CSE0 Value of NFO: V0NFO=NFO+ReNFET? D+CVT? DT Value of NOA: V0NOA=NOA0+ReOIT? F+CVT? FT Value of Equity: V0E=CSE0+ReOIT? F+CVT? FT NFO is usually measured at market value. Therefore forecasted ReNFE are zero. Usually: VoE=V0NOA-V0NF O But with ReNFE = 0, VE = VNOA Drivers of RE: RE1 = [ROCE1 – (E – 1)] CSE0 (1) amount of s/holders’ investment (2) rate of return on investment relative to E.Drivers of ReOI: ReOI1 = [RNOA1 – (F – 1)] NOA0 (1) amount of NOA put in place (2) profitability of assets relative to F. Drivers of ReNFE: ReNFE1 = [NBC1 – (D – 1)] NFO0 (1) amount of net financial debt (2) NBC relative to D. AEG Measure (i) AOIG=[OI1 + (F – 1)FCF0] – FOI0 (ii) ANFEG=[NFE1+(D – 1)F0] – DNFE0 (iii) AEG=[Earn1+(E-1)d0] – EEarn0 V0NOA=1? F-1OI1+AOIGT? F Cost of capital: ?E=? F+VoDV0E? F-? D P/B Ratio: V0ECSE0=V0NOANOA0+NFO0CSE0V0NOANOA0-1 Forward P/E ratio: V0EEarn1=V0NOAOI1+ELEV1V0NOAOI1-1NBC1 ELEV = NFE/Earnings Trailing P/E ratio: V0E+d0Earn0=V0NOA+FCF0OI0 +ELEV0V0NOA+FCF0OI0-1NBC0-1