Summary Modigliani & Miller

L1 – Modigliani & Miller (1958) ‘The Cost of Capital, Corporation Finance and the Theory of Investment’ This article mainly discusses the cost of capital, the required return necessary to make a capital budgeting project worthwhile. Cost of capital includes the cost of debt and the cost of equity. Theorist conclude that the cost of capital to the owners of a firm is simply the rate of interest on bonds. In a world without uncertainty the rational approach would be (1) to maximize profits and (2) to maximize market value.When uncertainty arises, these statements vanish and change into a utility maximization. The goal is to get more insight in the effect of financial structure on market valuations. I. Valuation of Securities, Leverage and the Cost of Capital A. The Capitalization Rate for Uncertain Streams In the paper, M&M (1958) assume that firms can be divided into equivalent return classes such that the return on the shares issued by any firm in any given class is proportional to the return on shares issued by any other firm in the same class.This implies that various shares within the same class can differ at most by a scale factor. The significance of this assumption is that it permits us to clarify firms into groups where shares of different firms are homogeneous (perfect substitutes of each other). This again means that in equilibrium in a perfect capital market the price per dollars worth of expected return must be the same for all shares of any given class. This will result in the following formula’s: = pj = the price xj = expected return per share of the firm in class k k= expected rate of return of any share in class k 1/pk = the price which an investor has to pay for a dollars worth of expected return in the class k B. Debt Financing and its Effects on Security Prices In this case, shares will be subject to different degrees of financial risk or leverage and hence will no longer be perfect substitutes for each other. Compan ies will have different proportions of debt in their capital structure and gives a different probability distribution of returns.To exhibit the mechanism determining the relative price of shares under these conditions two assumption are made 1)all bonds yield a constant income per unit of time 2)bonds, like stocks, are trade in perfect market (perfect substitutes) Proposition 1 ‘The value of an unlevered firm is the same as the value of a levered firm’ V = value of the firm S = market value of common stock D = market value of the debts X = expected return on the assets owned by the company (cost of capital)The market value of any firm is independent of its capital structure and is given by capitalizing its expected return at the rate pk appropriate to its class. This shows that the average cost of capital to any firm is completely independent of its capital structure and is equal to the capitalisation rate of a pure equity stream of its class. Capitalization rate (or â €Å"cap rate†) is a measure of the ratio between the net operating income produced by an asset (usually real estate) and its capital cost (the original price paid to buy the asset) or alternatively its current market value.The pure equity stream is showed in the next example: If proposition 1 did not hold, an investor could buy and sell stocks and bonds in such a way as to exchange one income stream for another stream, but selling at a lower price. It would be corrected through arbitrage. Return on a levered portfolio can be written as: Y2 = return from this (levered) portfolio ? = fraction of the income available for the stockholders of the company/fraction total shares outstanding X = expected return rD2 = interest charge Return on a unlevered portfolio looks like this: 1 = fraction/amount invested in stocks S1 = total stocks outstanding To see why this should be true, suppose an investor is considering buying one of the two firms U or L. Instead of purchasing the shares of the levered firm L, he could purchase the shares of firm U and borrow the same amount of money D that firm L does. The eventual returns to either of these investments would be the same. Therefore, the price of L must be the same as the price of U minus the money borrowed D, which is the value of L's debt. Proposition 2 > re = ro + (ro – rd) x D/E = required rate of return on equity (cost of equity) pk = cost of capital for an all equity firm r = required rate of return on borrowings (i. e. , cost of debt or interest rate) D/S = debt to equity ratio That is, the expected yield of a share of stock is equal to the appropriate capitalization rate pk for a pure equity stream in the class, plus a premium related to financial risk equal to the debt-to-equity ratio time the spread between pk and r. C. Some Qualifications and Extensions of the Basic Propositions Effects of Present Method of Taxing CorporationsProposition 1 becomes (with taxes): ? = average rate of corporate income t ax ? = expected net income accruing to the common stock holder Proposition 2 becomes (with taxes): pk can no longer be indentified with the average cost of capital when taxes come into play. Yet, to simplify things the writers will still do this. Effects of a Plurality of Bonds and Interest Rates Economic theory and market experience both suggest that the yields demanded by lenders tend to increase with the debt-equity ratio of the borrowing firm (or individual).The increased cost of borrowed funds as leverage increases will tend to be offset by a corresponding reduction in the yield of common stock. Proposition 1 remains unaffected as long as the yield curve is the same for all borrowers. However, the relation between common stock yields and leverage will no longer be the strictly linear one given by the original Proposition 2. If r increases with leverage, the yield i will still tend to rise as D/S increases, but at a decreasing rather than a constant rate. Yield curve: D. The Rel ation of Propositions 1 en 2 to Current Doctrines.Proposition 1 asserts that the average cost of capital is a constant for all firms j in class k, independently of their financial structure. II. Implications of the Analysis for the Theory of Investments A. Capital Structure and Investment Policy Proposition 3 (Proposition 4 in lecture slides): A firm will exploit investment opportunities if and only if the rate of return on the investment p* is as large as or larger than pk . This will be completely unaffected by the type of security used to finance the investment (bonds or stocks).So the main conclusion is that companies should invest when . Capital structure is a matter of indifference and the problem of the optimal capital structure is no problem at all. B. Proposition 3 and Financial Planning by Firms Misinterpretation of the scope of Proposition 3 can be avoided by remembering that this Proposition 3 tells us only that the type of instrument used to finance an investment is irr elevant to the question of whether or not the investment is worth while.This does not mean that the owners (or managers) have no grounds whatever for preferring one financing plan to another; or that there are no other policy or technical issues in finance at that level. C. The Effect of the Corporate Income Tax on Investment Decisions The cost of capital now depends on the debt ratio, decreasing , as D/V rises, at the constant rate of . Thus with a corporate income tax under which interest is a deductible expense, gains can accrue to stockholders from having debt in the capital structure, even when capital markets are perfect. L1 – Fama & French (1998) ‘Taxes, Financin

Finding Nemo Essay

When fearing the unknown, one can only hide away from the world trusting no one but one’s self, but in order to overcome fear, on must learn to trust in themselves and those around them. In Disney’s Pixar film Finding Nemo, a clown fish named Marlin sets out on a journey to find his son Nemo who was captured. Through the journey, Marlin learns to trust in those around him instead of living in fear of the unknown. With overcoming obstacles and fighting the ocean, Marlin learns what it means to be a part of the world as an adult and as a father instead of fearing the world around him (North). In Finding Nemo, Marlin is ready for a wonderful life with his wife and their hundreds of children ready to be born. He had found the perfect home as it was like a Garden of Eden for him. But happiness did not last long. Tragedy hit Marlin as his entire family was killed as fast as Zeus’s striking bolt, yet a survivor had lived the attack. Little Nemo was born with a handicap of a smaller fin due to an injury from the tragic attack. Due to the terrible experience, Marlin became wary of the world, cautious of every corner at all times. He took precautions of every little thing. Being over protection of Nemo became an understatement. â€Å"Marlin doesn’t believe that Nemo can do much of his own because of his somewhat deformed fin† (reelclassrooms). Marlin seems to put his entire life around Nemo, protecting and every possible way as if he were a baby. Though Marlin’s actions are extreme, one can see that Marlin takes caution in order to keep his son safe and alive. Being traumatized and losing almost everything affected Marlin to not trust the things around him, and fear the unknown. It was through this tragic event that caused Marlin to hide in the shadows in fear. Out of defiance of his father, Nemo strays away from the reef and gets captured by a fisherman; eventually put into a tank with other fish at the diver’s dentist’s office† (reelclassrooms). With his taken son, Marlin sets out to cross the ocean in order to find Nemo. As his journey begins, Marlin meets Dory who suffers from short term memory loss. Through he becomes impatient with Dory; he learns to befriend her and to trust her. Through their journey together, they experience several obstacles in which tests Marlin’s fear of the unknown. When the two were faced between going through a dark trench and going up above, Marlin did not choose to trust Dory because of her memories and decides to follow his own way causing them to battle a field of jellyfish. When the two were swallowed by a whale that they had asked for directions to Sydney, Marlin believed they were going to be eating, fearing and not trusting the whale that was in fact helping them. When the whale had told them to go down his throat, Dory had trusted the whale. In this scene, Marlin questions her how she knew it was going to be okay and how does she know if nothing bad would happen? Dory replies with that she did not know (Finding Nemo). The scene signifies Marlin’s transition in character. Because of this incident, Marlin learns not only to trust Dory but also to trust more of those around him and to take chances, slowing breaking through the fear of the unknown. A significant scene in the film was Marlin’s encounter with Crush, a sea turtle who had rescued him and Dory who had fell unconscious from the jellyfish field. With his encounter with Crush, he learns that he needs to trust his son; to live life and to just experience what comes to him. He learns that baby turtles are left alone to come back to the sea and find their way home on their own and is shocked that Crush had no concern or fear for his son’s lonesome journey without protection, but Crush had trusted his son and but his faith on him. Marlin sees that they do not fear the world, but embrace it. It is with this encounter that Marlin grows to accept the world, and becomes more determined to find his son so that he can â€Å"mend their broken relationship† (reelsclassroom). When Marlin is finally reunited with his son Nemo, he faces an obstacle which tests his fear of losing his son again and urge in protecting him. Dory is caught in a fishing boat’s large net along with hundreds of other fish. Nemo, knowing in how to save Dory and the school of fish, swims into the net but is stopped by Marlin. Nemo tells his father to trust him. Through the experiences Marlin had faced during his journey, he finally learns to trust his son to go on his own for the first time. In this suspenseful, emotional scene, Marlin finally learns to trust his son and the world, to not live in fear and to face the unknown along side with his son Nemo and Dory.

Blueprint and Refined Thesis Template

Blueprint and Refined Thesis Template Time can change everything, it may even flip your world upside down in seconds.. If one makes a single wrong move, everybody tends to judge them. This can be clearly seen in Little Deaths by Emma Flint through the theme of the book. Moreover, by using makeup as a mask to hide feelings, and judging someone due to their appearance. This book portrays hardships of a single, driven mother living in a judgemental society. Body The theme of the book clearly showed how one wrong move can change one’s life completely. Helping one find the angel or devil inside them. Moreover, POINT: This quote help show the true side of Ruth, how she cared about her kids. This quote helps ignore other people’s judgemental opinions. â€Å"She stretched out a hand but Devlin was suddenly there, pulling her back. Forbidding her to touch. She opened her mouth, but the flies and the heat and the smell and the sudden awareness that this was the hair she had shampooed and combed and braided for four years made everything go dark for a moment.† COMMENT: This is a clear example that shows how kids require time and attention of parents to survive, otherwise they disappear. This quote helps understand the theme of the book. Ruth is not just a woman that cares about her looks, lovers, and drinks. She has a very soft side for her kids. POINT: This passage expresses the type of mindset Ruth had. She wasn’t very aware of where her kids were. She was also comfortable with the idea of strangers bringing her kids back home after they escape. This suggests that if anything ever went wrong with her kids, she wont know. Unless someone informs her. PROOF: Ruth knew she should be proud of these kids. She should be proud of herself, bringing them up practically alone. They had toys and books, their clothes were neat and clean, they ate vegetables for dinner every night. They were safe here. It was a friendly neighbourhood: when they climbed out of their window back in the spring, an old lady brought them home before Ruth even knew they were gone. COMMENT: Through this passage, Ruths adoration for her children is evidently portrayed. How she provided them with everything they needed and wanted. However, it also show how careless Ruth truly was, as mentioned: when they climbed out of their window back in the spring, an old lady brought them home before Ruth even knew they were gone. Shows how careless she truly was. Unfortunately, even after providing her kids with everything, she failed to take care of them. She was a mother who guaranteed to be dedicated to her youngsters, yet she worked long shifts in a shabby bar as opposed to remaining home to deal with them, and she locked them in their room for quite a long time while she dozed late. Concluding Statement (try and link points made in paragraph back to thesis) Providing kids with what they need or want isn’t enough, one must spend time with their kids. As opposed to leave them alone at house. It’s not wrong to say that Ruth’s worst move was to abandon her kids for long hours. Believing that they lived in a â€Å"friendly neighborhood† and nothing could go wrong. Which eventually led people into judging her after her kids death, and believing that she was the murderer. Topic sentence: Ruths veil of cosmetics, her eagerness on looking right, fills in as a screen on to which social dreams are anticipated. POINT: This passage portrays Ruth’s obsession with looking perfect. Doesn’t matter how critical a situation might be . Also proving that she, once again, cares more about how she looks than her dead children. Moreover, she also tends to use makeup to hide her true feeling that can evidently be felt in this passage. PROOF: ‘She knew that there would be men, strangers, looking at her, asking questions. Their eyes all over her like hands. She had to be ready for them. She had to look right.’ COMMENT: As soon as ruth realizes that cops are on their way to investigate her young childrens murder case. She doesnt hesitate even a bit to fix herself. Ruths fragile cover of cosmetics and pride that also portrays her sadness, and misfortune with an extreme delicacy that is both correct and awful. She was grieving, yet she kept on dressing provocatively and to apply her substantial cover of make-up in the days following the revelation of her kids bodies. POINT: Even during grieving for her children’s death, she couldn’t ignore the thoughts of how she expects herself to look. Again, showing her interests and first priorities. Priorities that depict the importance of her makeup mask she wears, rather than her kids. PROOF: She wiped at it savagely and thought how she must look: smudged and blotched and swollen. Drooling. And for a while she did not care. COMMENT: even during crying for her dead kids, she still hesitated to let out her feelings. Ruth always wanted to present herself elegantly in front of everyone. She cared way too much about her looks and reputation. To the point where her looks were always a bigger concern than anything else. This also hints how Ruth always kept her feelings to herself. As proven by the text: Finally she could weep. Even now she remembers the sweet relief of being able to let go in front of a woman who had seen the worst of her all her life. It was hard for her to express her feelings. Concluding Statement:It was hard for her to express her feelings without being concerned about the way she looks. These insecurities and obsession with looking good destroyed Ruth completely. As people around her judged her, she kept possessing herself over make up. Topic sentence: Society judged Ruth according to her appearance. The fact that she had lovers and drinked a lot, made her an indecent women in the eyes of her community and the police. POINT: Since everyone around Ruth blamed her for her children’s death. Ruth also started believing that it was her fault. Showing how devastated and pitiful she had become. PROOF: her leaking wet body that had betrayed her. It was her fault that someone had taken the children, her fault that Frankie was missing, that Cindy was . . . gone. COMMENT: Women in the modern world are still judged and misunderstood based on their appearance and sexuality more than anything else. People blamed Ruth for her kids death. Which lead her into believing that it was her fault only. POINT: This helps clarify the thoughts of people around Ruth. From police officer to neighbors, they all lead to the same conclusion, that Ruth was the killer. All judged by her appearance and without any evidence. PROOF: Seen through the eyes of the cops, the empty bourbon bottles and provocative clothing which litter her apartment, the piles of letters from countless men and Ruth’s little black book of phone numbers, make her a drunk, a loose woman–and therefore a bad mother. The lead detective, a strict Catholic who believes women belong in the home, leaps to the obvious conclusion: facing divorce and a custody battle, Malone took her children’s lives. (from article) COMMENT: The police just jumped to conclusions without proper investigation. Ruth was also involved with a lot of men, they also couldve been culprit. However, because of Ruths appearance, her drinking and other inappropriate habits. Sbe was automatically considered the murderer. Concluding Statement (try and link points made in paragraph back to thesis) Ruth suffered to prove herself guilty. As she feared of not looking perfect, people around her solved this puzzle, blaming Ruth for her children’s death. Without any evidence, and purely based on Ruths outer appearance. Ruth’s wrong move here was that she still cared more about her looks at such a critical time. Which lead into the whole world pointing fingers at her. CONCLUSION Children require time and consideration of guardians to survive, or else they vanish. If one makes a solitary wrong move, everyone tends to judge them. This can be unmistakably found in Little Deaths by Emma Flint through the epic theme of the book. Also by using cosmetics as a cover to shroud feelings, and passing judgment on somebody because of their appearance. People should start considering the fact that you cant judge a person through their appearance. We might not know what someone else is going through. Either way, no one should have the right to blame someone for such a tragic crime.

Shale gas Essay Example | Topics and Well Written Essays - 750 words - 1

Shale gas - Essay Example the middle of crisis; an economy struggling with a huge debt problems in the wake of a deadly financial meltdown as well as the damages caused by Hurricanes Katrina and Rita to the U.S. Gulf natural gas supply infrastructure adding fodder to the skyrocketing crude oil prices in the world market. That although the recession that began with the global financial crisis, fine-tuned by the catastrophic events mentioned, had their effects in lowering the demand for natural gas, the supply of shale gas production, which increased tenfold between 2005 and 2010, tremendously slashed the natural gas prices, in effect boosting/repairing demand in almost all sectors damaged by the unfortunate events above. To be specific, the wellhead prices for US natural gas currently trading at approximately 4 USD/Mbtu was as high as 8 USD/Mbtu and above prior to 2008; a tremendous improvement of the affordability of the commodity irrespective of the final consumer (Spencer, et al. 16). More generally, shale gas has displaced the more expensive and costly sources of energy such as coal, in effect, spurring investments in energy intensive sectors of the economy. Accordingly, hundreds of thousands of new jobs have been created either directly or indirectly by â€Å"reshoring† plants established abroad due to escalating costs on the same and substantially lowering the cost of capital and/or operational costs for fresh businesses; the ready availability of a cheap energy source, massively reducing the US net imports of oil and gas, has more than assured investments of a steady flow of energy with stable prices, thus, ensuring a steady rebounding of employments levels that suffered heavy blows after the events already mentioned (Spencer, et al. 16-17). There are currently more than 20 major facilities for the production of shale gas either under construction or on their final planning phases, all in efforts to use natural gas as fuel; a fact that has boosted inve stors confidence to the effect

Researching in Business management 2 Literature review

Researching in Business management 2 - Literature review Example As per my research topic I chose that how efficiently UEL undergraduates are planning their future lives and choosing their career. This is a small scale research project where I have chose two different data collection methods they are questionnaire and interview among from three different data collection methods the last one is observation approach. This research is very important for the undergraduate students of UEL as well as the organization which ready to come to the campus to recruit these students and for faculties also. For students that they can evaluate themselves and start thinking straight for their future, teachers can have a clear prospective and view about their students thought process and it will be easy for them to help students accordingly. For industry recruiters that they can evaluate and find right mind for the right kind of profession in their respective organisation. 2. Research Methodology: 2.1 Methods Used: For this research I used both the pillars of mark eting research they are primary and secondary research approach. For primary research best way to complete that is survey method. For data collection approach as I said earlier that among the three different approaches (Questionnaire, Observation and interview), I choose two of them like Questionnaire and Interview methods. For students I chose questionnaire data collection method as they have enough time and patience to do that. But for industry experts and human resource management of various industries as they do not have that much time to evaluate each question and they are professionals so I chose to take interview data collection approach. One to one personal interview is a costly and time consuming one but this interview is best suitable for the qualitative answers from the professionals. As it is a small research so while on data analysis I have to take the help of secondary research as well. Quantitative questions are close ended type in nature here the response from the re spondents will be premeditative and there will be no chance of uncertainty. So compiling of these data will easier as the results are predetermined in nature. But for qualitative responses, response will be explorative and descriptive in nature. Primary research can be descriptive, explorative, causal or very casual in nature. Descriptive research will be at that time when the researcher is doing a research on a broader topic which base is situated among several topics but for explorative research the topic need to be out of the box kind of and very few or no previous research is done on that topic. Here researchers need to look forward to innovative responses and need to explore various approaches. For causal research, researcher will research on cause and effect of a given problem or research project. 2.2 Sample: The most appropriate sampling method is simple random sampling technique. For the students of UEL close ended, quantitative, questionnaire method is the best suitable sam ple technique and for industry experts and human resource department of various organisations qualitative, open ended, interview method is best suitable. As two type of research methods are taken for two different target groups, so questionnaire also will be split up into two different modules. For questionnaire research method the close ended

Business Plan - Swan Taxi Essay Example | Topics and Well Written Essays - 3000 words

Business Plan - Swan Taxi - Essay Example The team for the company will be formed in such a way that the business succeeds in the long run. The team will be built in such a way that it should remain updated with the latest developments in the markets. Swan Taxi will be owned by four partners Yanallah, Mansour, Yousef, and Khalid. The company will employ five chauffeurs, who will be responsible for driving the passenger taxis, and few staff who will be engaged in daily office works.The key skills, attributes, and behaviors are must-haves for every entrepreneur in today’s society since the chances of business failure have gone significantly higher. The business environment has become increasingly complex with intense competition, innumerable product substitutes for customers, restrictive governmental regulations and higher customer expectations due to globalization.The economy of Swansea is advanced and diverse, with principal contributions from manufacturing and services sectors. In a 2010 report by Business Register a nd Employment Survey, services sector alone employed about 85% of the total workforce. This finding is important because the concentration of workforce in any particular sector denotes the growth and viability of that sector. The idea of starting a taxi business in Swansea gained prominence with an increase in demand for taxis by the passengers. It has been noticed that about 16,000 people regularly travel out of Swansea and about 26,000 people travel inside the city for their different purposes.

Development Essay Example | Topics and Well Written Essays - 2000 words

Development - Essay Example In 2002, the World Health Organization encouraged the international communities to conduct studies on disasters and their impact on the genders, male and female. A pattern about the vulnerability was observed but needed evidence, further studies, and analysis in terms of â€Å"exposure to risk, risk perception, preparedness, response, physical impact, psychological impact, recovery and reconstruction†(WHO [a] 2002, p.1). As early as that time, WHO had reported that 2 billion people had been affected by a combination of natural and man-made calamities from 1990 to 1999,wherein nearly 30% died. And there seemed to be a trend of increasing disasters. . [Source: Zakour, M.J. and Gillespie,D.F. (2013). Community Disaster Vulnerability. p.12 ] II.Random Sample of Disasters Worldwide This research compiled a random set of disasters arranged in chronological order to verify such a report of increasing trend reported by the World Health Organization. ... Catalina Floods & Mudslides 128 1/2/2010 Haiti Earthquate 316,000 died. 2010 Russia Heat Wave 56,000 2010 Japan Heat Wave 1,718 2011 Brazil Rio de Janeiro Floods & Mudslides 1,000 It should be noted that according to the World Health Organization statistics for 2010 (Kaiser, H. 2012, p.1), the vulnerable sector of society affected by malaria epidemic is the pregnant women and children. Of the 216,000,000 cases in 2010 alone, 665,000 died of which most were children. Because the children were attended to by the female gender, they too were very vulnerable to the epidemic. As a result of such findings, one of the policies of WHO effective 2012 is the â€Å"intermittent preventive treatment of malaria in pregnancy. . .† (WHO [b] 2012, p.2). Hurricanes and storms worldwide also killed thousands from 1990 to 2011. In just this classification of a natural disaster, it can be seen how the female gender would actually be at a disadvantage by virtue of the fact that she is a weaker sex . Their trauma is aggravated by their being emotional to people and things they value and have lost. It would be but natural for women to feel the great damage when their homes are blown away or destroyed by the powerful twisters which could have carried every person who does not hide. Statistics are shown as follows: [Source: Weather Underground Inc. Hurricane Archive. Viewed February 16, 2013 @ http://www.wunderground.com/hurricane/hurrarchive.asp] It was discovered that natural disasters had lowered the life expectancy among women more than it does to men. In terms of total impact on the total population, women are more damaged in terms of living shorter lives compared to men whenever a disaster takes place.

Legal Environment of Business Essay Example | Topics and Well Written Essays - 250 words - 2

Legal Environment of Business - Essay Example In the agreement, they had also agreed that the amount ordered was subject to market forces. From this, their evidence was admissible. Oral contracts are enforceable in law as noted by Morgan, Shedd and (Coley 790). They explain that oral contracts are valid and therefore legally binding. Morgan, Shedd and Coley (783) however, point that oral contracts are not enforceable in some jurisdiction like in the sale of land. Morgan, Shedd and Coley (798) assert that if a sale contract that lacks a delivery date is enforceable in law. In the case where a plaintiff brings a case against the defendant though the sale contract is enforceable in law, the plaintiff cannot be awarded damages since the other part of the contract was not written while it has to be enforced together. In the where goods were stolen at the merchant’s store, Amy bears the responsibility of loss of the goods since they had not transferred ownership of the goods to Tex but was holding in trust for Amy (Morgan, Shedd and Coley 893). Slacks, Inc is not liable for the defective tacks since the made a contract with the boutique to either sell them or return them. Failure to return the tanks means that the boutique is supposed to pay for them. Sandra is entitled to revoke her acceptance since on buying the Nissan, Rocky Mountain Nissian must be aware that in sale or return, the seller delivers the goods to buyer with the knowledge that the buyer can set aside the deal by returning the goods (Morgan, Shedd and Coley 893). In the contract Sandra can return the Nissan. Summer is liable since even cannot get transfer goods for they do not have ownership. Smith could recover since the boat must have been in that condition at sale at Stewart must have known of this

Personal statement Essay Example | Topics and Well Written Essays - 500 words - 15

Personal statement - Essay Example threats from simple access security to more potent threats of economic crime and terrorism scares on the internet, it is an increasingly important area of concern that requires the appropriate training of professionals such as in this area of study. I feel that I need to make part of this important part of problem solving professional group with relevant training in averting the threats. I hope to gain insights that particularly deal with blocking potential threats due to the high risk capacity facing the global village. I hope to learn how to avert financial crimes using specific defense tools for the end users as well as learning how to mitigate the dangers when such dangers occur. I will particularly devote myself to gain analytical processes in handling security threats with a keen interest. I believe by engaging my interests in security processes in the lecture hall and in the lab will make me a good student having found my rightful place in terms of career and academics. Having studied in computer studies in my undergraduate studies presents me with a tremendous opportunity to bring out the best qualities of a scholar and specifically as a security agent in the computing world. The program will assist me progress in my career since most of my work and project ideas have always found a hindrance due to lack of security concepts. Gaining the relevant security skills at a higher level in form of postgraduate training will enable me to develop more competent project ideas that can compete in the computing market. Modern employers are looking for secure products and brains that can develop such products as well, which will enable me to add value to both my resume and skills. The most important part of the program that attracts me most is how computer forensics can be applied in today’s unprecedented exposure to online threats. Due to the fact that more millions of people are likely to become involved in some way with the growing social network and online