IFRS vs GAAP †Equity Accounts Essay

In discussing Equity Accounting standards of GAAP and IFRS we specifically look at Stockholders’ equity in regard to corporations. Of course there are many differences in language; however, we will review some major differences in accounting standards with respect to Equity accounts. There is a glaring difference in the two methods with regards to Distributions to Owners. Under US GAAP, disregarding dividends paid on unallocated shares (Employee Stock Ownership Plans), tax benefits can be received. It follows that the tax expense is reduced and no allocation is made in stockholders equity. The IFRS impose rules where entities must reduce equity accounts for the amount of any distribution, net of tax benefits. To elaborate, a company under GAAP pays 1 million dollars into pensions and 200 thousand would be the taxable amount. It would reduce the stock holder’s equity by 1 million; the 200 thousand would credit the tax expense. A company under IFRS would report 800 thousand as a debit to the equity account, with no tax liability. A broader topic is the issuance of equity instruments which includes stock. Minor differences related to stock are observable in linguistics, or account titles. GAAP accounts are labeled Common Stock and IFRS accounts are labeled Share Capital. One significant difference in accounting methods occurs in the presentation of increasing equity, specifically in regard to issuing stock. An IFRS entity may report Par value and nominal value separately in its equity account. There are some other differences in the accounting practices of IFRS and GAAP to make note of in regard to equity accounts. One difference is the recording of changes in equity. The IFRS implements a financial statement for this specific known as the, â€Å"Statement of changes in Equity.† The statement shows more than just changes. First, the statement reports profits or loss; what follows are incomes or expense titled â€Å"other comprehensive income.† Lastly, the statement shows changes in accounting policies and the financial effects incurred as a result. It’s used for compliance with IFRS accounting policies, estimates and error rules. US GAAP does not require a separate financial statement and can record changes simply in the notes of financial statements.

Federal Mandates Essay

Through out the 1930’s, Federalism began to grow along with an increased power towards federal grants and mandates due to the effects of the Depression. During the New Deal the Supreme Court ruled that national spending was not limited to just specific grants any more. The national government now had the power to grant, fund, and mandate money to any state under what conditions they choose. Currently Congress can imply considerable control over the states by placing federal money to particular federal mandates. Over the past 25 years Federalism has dramatically changed as a result of an increase in federal mandates. Starting with Jimmy Carter trying to return the government to Creative Federalism, he wanted to give federal aid to poor communities and to use public funds to promote private investment for certain problems while trying to create a partnership between state and national government. On the other hand, Ronald Reagan reigned against big government during his four-year term from 1981-1988. In the end he decreased national spending towards states, which made many American citizens very unhappy. President George Bush stepped into to office next with a plan to continue with Reagan’s downsizing of government. While trying to carry out this goal, Bush lowered welfare spending, increased education programs and environmental protection, while increases in the cost of Medicaid rose, leading to a national grant increase. Bill Clinton reversed the system when he signed the Executive Order 13803, which allows for federal intervention in policy matters with state and local government. Many agreed that this order seriously eroded federalism. Through out the past 25 years, the ideas of government  grants and mandates have varied almost from each president. With Clinton in office he increased under-funded federal mandates to states. These changes have caused Federalism t o change as well, with the age-old question still pondering in the minds of Americans, who actually has the most power, the states or national government? In 1990 a federal mandate was passed called the Americans with Disability Act The Federal Law makes it illegal for employers to discriminate on the basis of a disability. It makes it illegal for an employer to discriminate against a qualified individual with a disability in job application process, hiring, discharge of employee, job training, and other terms. Also all businesses must make accommodation for employees with a disability. In addition, it is unlawful to discriminate against a person who is perceived to have a disability, that is if the employer believes one is disabled, even though he is not, and still discriminates against him. The Federal Government issued this mandate in order to ensure that all American citizens have the same advantages. Although a citizen might be disabled, it does not mean that he or she is in capable of working. It is unfair to discriminate against a person with a disability when our country was founded on treating all citizens with equality and ensuring uniform rights for all. Enforcing this act would reduce the number of citizens needing welfare and decrease the unemployment rate. Many mandates affect both the state and local government budgets. Several mandates are associated with federal grant-in-aid programs, where money is paid to state and local governments for programs or activities the federal government wants to promote. While participation in these programs is â€Å"voluntary†, the offer of federal money often is too tempting for states to refuse. For example, the federal government pays about $250 million annually for Minnesota highways. However, the money comes with requirements, such as lane width and pavement thickness. Other mandates apply to both government and the private sector these include the Occupational Safety and Health Administration and the Americans With Disabilities Act. These two mandates are costly and come with no financial assistance. Private sectors include small business; such as my father’s very own physical therapy clinics. In 1990 when the law was past, he had to make accommodations for disabled citizens. Although my father does treat many disable citizens already, he had to make further modification to his clinics such as; even larger bathrooms, special equipment, and wheelchair ramps to meet the federal mandate standards while funding the project by himself. If the government were to remove this federal mandate, the Americans with Disability Act, many consequences would follow. This act enables all  citizens a chance to earn a job. With this mandate the government is ensuring the same equal rights to all Americans. Also with the mandate doctors are not allowed to â€Å"say† if a patient is able to return to work or not after being disabled . The doctors are now only authorized to state the patient’s limitations, it is up to the employer to claim if the patient is unable to work. This one factor allows more citizens with disabilities to work. If the mandate were removed then fewer citizens would return to work, due to the fact that doctors would have to title all patients â€Å"disabled† if they had any sort of limitation. The increase of federal mandates does show that the national governments are taking control over the states governments, which defeats the idea of Federalism. When using a federal system of government, both the state and the national government are suppose to SHARE power. Federal mandates work against the definition of true Federalism. Mandates do not contribute to the sharing of powers. Federal mandates control states. The states do not have a chose to participate in the mandate or not. Therefore, federal mandates drive our country away from the ideas of Federalism.

Bacterial Conjunctivitis Treatment Experiment

Bacterial Conjunctivitis Treatment Experiment Introduction and Background Thanks to the wildly popular Judd Apatow hit â€Å"Knocked Up†, an alarming number of Americans believe that you can contract â€Å"pinkeye† (conjunctivitis) by farting into your pillow. Contrary to popular belief, simply passing gas is not enough to spread conjunctivitis. Conjunctivitis is categorized by the redness or swelling of the conjunctiva – the membrane that lines the eyelid and eye surface. This membrane is typically clear but when it is infected, it becomes red or pink and swells – thus, the common name â€Å"pinkeye† since the infected eye literally appears to be pink. 10 Common symptoms associated with conjunctivitis include eye redness (hyperemia), swollen or red eye lids, an excess of tearing, a burning or itching feeling in the eye, sensitivity to light (photophobia) and drainage from the eye. Conjunctivitis is common but not typically considered threatening – as it can disappear on its own in 7 to 10 days. However, particular strains of bacterial conjunctivitis – namely those caused by the sexually transmitted infections gonorrhea or Chlamydia – can very harmful.9 Most cases of conjunctivitis are caused by viruses or bacteria. However, dry eyes caused by lack of tears or over exposure to wind and sun, chemicals, fumes or smoke (known as chemical conjunctivitis) and allergies are also common culprits. The viral and bacterial forms of conjunctivitis are the contagious forms and subsequently, the most common. The majority of cases are caused by adenoviruses and can be attributed to poor hygiene (i.e. not washing your hands after using the restroom or poor care of contact lenses).10 Since there is no medication available to treat the viral form of conjunctivitis, patients are advised to avoid contact with others until symptoms begin to improve – which typically lasts three to five days. Bacterial conjunctivitis can be treated with a wide variety of antibioti cs including Levofloxacin, Vigamox Opht (Vigamox), Azasite Opht (Azasite) and Polymyxin B Sul-Trimethoprim Opht (Polytrim).5 Patients may return to usual activities such as work and school 24 hours after taking their first does of the prescribed antibiotic. To test and diagnose conjunctivitis, your primary care physician or optometrist can take a sample of eye secretions from the conjunctiva and send the sample to a laboratory for analysis. To prevent the spread of conjunctivitis – bacterial or viral – patients are advised to wash their hands often, to avoid sharing any form of eye make-up, to replace contacts with eye glasses if available and to wash all bed linens, pillowcases and towels with hot water and detergent. Bacterial Conjunctivitis Bacterial conjunctivitis is relatively less common than viral conjunctivitis, especially in adults.3 and essentially, despite having clinically suggestive signs and symptoms of bacterial conjunctivitis, the diagnosis can be incor rect in approximately 50% of cases. Further, bacteria that reside among the normal ocular flora can result in â€Å"false positives† when microbiologic tests are performed.3 This makes treatment of this form of conjunctivitis difficult. In fact, according to multiple studies, general practitioners are unable to determine whether conjunctivitis is bacterial or viral and therefore resort to prescribing antibiotics regardless. According to an article published in BMJ, when confronted with acute infectious conjunctivitis, most general practitioners feel unable to discriminate between a bacterial and a viral cause. In practice, more than 80% of such patients receive antibiotics.  Hence, in cases of acute infectious conjunctivitis, many unnecessary ocular antibiotics are prescribed.4 In 2001 in the Netherlands; more than 900,000 prescriptions for topical ocular antibiotics were issued, at a cost of  £8.85 million ($10.9 million). In England 3.4 million community prescriptions f or these antibiotics are issued each year, at a cost to the NHS of  £4.7 million ($7.1 million, $8.7 million).4

The Implication of a New Form of Flexibility on the World Research Paper - 1

The Implication of a New Form of Flexibility on the World - Research Paper Example A few years ago, people were very resistant to change. This is because they may not have traveled a lot and were comfortable living in the neighborhood that they were familiar with. For instance, the family in the story of the Millers, They were afraid of living in another region as they did not know whether they would be able to adjust to the new region. They might move to an area where the condition for farming was not as favorable as the current location. They were afraid that they would not adequately adapt to the new location. Moreover, traditionally, people were very keen in forming strong social ties with people around them. The Miller’s family had already established a strong social network with friends and family living around them. Moving to a new place would require that they make new friends and it would take a long time to establish a strong social network like the one they already had in Ohio. It would also lead to a change in status. Since they would have to sta rt all over again, their standard of living would go down a notch before they are able to adapt to the new environment. The narrator of this story tries to show a variation between the town and the rural dwellers. The living standards at the village are seen to be terrible compared to that of the urban with Maggie saying she would not take her friends to visit her home because it was in a devastating situation. The story tries to show that a person identifies with their home if they are proud of it. Maggie, her mother, and her sister were unhappy living in this The narrator even imagined being a TV star. This goes to show that the more people take care of their environment or home, the more they are proud of it and willing to live there. Calamities force people from their home in search of a better place.

Essay Example | Topics and Well Written Essays - 1000 words - 48

Essay Example The risks and benefits, the rights and wrongs, or the pros and cons of genetically modified food and science are global concerns in both public and private arenas (Adolphs, Hamilton and Nerlich, 58). In today’s technological world however, GM crops and products play an important role in driving modernization and as such they are here to stay; as long as focus is not placed on future technological advancement instead of today’s risks and disadvantages, and if research, assessment, controls and policies are adequately and stringently evidenced then the benefits, will eventually negate the risks. Martin Teitel, in his article entitled ‘Unsafe at any Seed?’ argues against GM food claiming the argument that GM foods are better for the environment, farmers and consumers â€Å"should be taken with a grain of salt† (1). He further purports that this new technology has grown too quickly with insufficient testing, has entered supermarket shelves too soon, and necessitates further research and an objective commission to verify and validate the safety of such foods prior to entering the market. This paper will argue in agreement of Teitel’s paper in some respects but will not concur with others. Although Teitel has put forward some pertinent points that are significant if biotechnology is to continue and develop, his argument falls short in that he fails to consider the debate from two perspectives – that of the opponent and that of the advocate of GM foods – and has remained steadfast on the side of opponents at the risk of sounding dogmatic and ill informed. The situation is not as black and white as Teitel paints it; within the developed world scientists are at odds in their convictions on measurement of risk, both for health and the environment. Many are convinced that assessments are not necessary or are too harsh, while

Corporate Social Responsibility (CSR) Essay Example | Topics and Well Written Essays - 250 words

Corporate Social Responsibility (CSR) - Essay Example CSR benefits the society through responsible business. In the contemporary society, global warming and sustainable living are the biggest issues that have grabbed the attention of scientists and educationalists everywhere in the world. Need is being felt of a collective effort to combat the conditions emerging as a result of global warming and excessive use of extinguishing natural resources. In these circumstances, businesses need to be very responsible and considerate about several things that are not in their individualistic interest but are of great interest to the society as a whole. CSR makes the businessmen amend their business practices in such a way that they cause maximum benefit to the society and cause minimal harm. Thus, it makes them comply with the standards of ethics and makes them display good moral conduct. In an attempt to fulfill the requirements of CSR, businessmen are trying to do everything that would make their business

FINITE MATHEMATICS - Number Theory Research Paper

FINITE MATHEMATICS - Number Theory - Research Paper Example In the next step we will truncate numbers to different digits. Our number is 5.3476. Let us examine what is rounding off a decimal place. Our number is 5.3476. We use the same concept as above; the digits after decimal points are called â€Å"tenths†, â€Å"hundredths†, â€Å"thousandths†, and â€Å"ten-thousandths†. There are two rules in rounding up of decimal places. Scenario 2: In this scenario we will add and then round up to the whole number. Let us think, I am in a supermarket. I want to buy three products and make sure I have enough money to pay before I go to the cash register. I already know that when I round up decimal number to the whole number, I increase the result if the number after decimal point is 5 or more. I will use this technique. Step 3: I will add numbers of columns from left to the right. I already know that; 247 is 200 + 40 + 7. So, 135 is 100 + 30 + 5 and 682 is 600 + 80 + 2. I have to use this concept when I add from left to right. Scenario 3: In this scenario, I am in a flea market. I found something that costs $ 8.60 each. I want to buy 7 of them. I have $ 60 in my packet. My goal is to find total price. I will truncate the decimal to the whole number and negotiate the price with the seller. This is a scenario of truncation after multiplication. Thus, if â€Å"p† is a known prime number, there is always a new prime number â€Å"n† which is a larger than the known prime number â€Å"p†. Thus for any prime number there is a larger prime number, so there are infinity number of primes. The figure above represents a 12-hour clock. Clockwise movement increases number from 1 to 12. The number 12 can also be expressed as number 0. Using this clock we can do addition, subtraction, multiplication of integers. An integer is a whole number. There is no decimal. An integer can be a positive number or a negative number. Thus, we can use a 12-hour clock for arithmetic calculation with

Hospitality Industry in the UK Essay Example | Topics and Well Written Essays - 2000 words

Hospitality Industry in the UK - Essay Example Moreover, this sector contributes greatly towards the country's Gross Domestic Product. With the current trend of globalization, the UK has come to the full realization of the importance of international trade to its expenditure. The importance of the traded goods sector is slowly but steadily diminishing. The service sector is quickly replacing the traded goods sector in terms of contribution to the UK economy. The UK's economy is the fifth largest in the world as far as purchasing power parity is concerned and sixth largest in terms of the market exchange rates. In Europe, the economy of the United Kingdom is the third largest after that of Germany and France. This presents the hospitality industry with numerous opportunities for growth. The UK was among the first countries in the world to adopt industrialization. It played a very big role in the world economy especially in the 19th century. The United States started coming into the picture in the late 19th century, posing a great challenge to the UK. This also means it was among the very first countries in the world to embrace the service sector. The UK is among the most globalised nations in the world, with its capital London being a main financial centre in the world together with other cities such as Singapore, Hong Kong, and New York City. The UK economy comprises numerous economies including England, Northern Ireland, Wales and Scotland, and is a member of the European Union. The UK privatized most of its state-owned companies in the services and industrial sectors in the 1980s. The UK Government currently owns just a few businesses and industries such as the Royal Mail. After suffering a slow economic growth after the Second World War through to the 1980s, the UK economy experienced an economic boom in the from the 1980s to 2008 when it entered a an economic recession due to the global economic crunch. Just like many of the developed countries, the UK manufacturing sector has been on the decline over the years in relation to its services sector. Currently, the services sector accounts for about 67 per cent of its GDP, with manufacturing accounting for less than 20 per cent of the national output. That means the service sector, which includes the hospitality industry, holds a good portion of the UK economy (Allin, 1999). The fall of manufacturing has been more pronounced in the UK than the rest of the industrialized countries, probably because it is the country where industrial revolution began. Sixty per cent of the food needs in the UK is produced by just one per cent of labour force, a strong indication that its agriculture is efficient, highly mechanized and intensive. The UK financial business services sector and the financial services sector generally account for more than 70 per cent of the country's GDP. This strongly indicates how strong economically London City is, and how rapid the business services sector has grown in the last decade or so. The UK communications sector has also experienced a rapid growth, even though its prices have been falling due to the rapid growth in productivity (Worthington and Britton, 2006). The country's construction sector went into recession in the 1990s as a result of reduced government spending and quick falls in the prices of houses, recovering only in 1997. With the

Congenital Erythropoietic Porphyria Research Paper

Congenital Erythropoietic Porphyria - Research Paper Example CEP, or congenital erythropoietic porphyria is an autosomal recessive trait, which causes the patient to have an enlarged spleen and liver, reddish urine, bones and teeth as well as lesions on the skin that react to UV light due to the excess porphyrin deposits (Bishop et al., 2010, p. 1062). However, another disease, AIP or acute intermittent porphyria could pose as CEP due to some similarities in patient symptoms. Initially, patients that were affected were suspected to have CEP since there were the usual symptoms such as the reddish discoloration of teeth as well as the urine, and pink fluorescence of bones under UV light due to deposition of porphyrin and other precursors (Clavero et al., 2009, p. 585). However, if molecular and tissue analyses would be employed, CEP and AIP can be differentiated from each other, with CEP being an autosomal recessive disease and AIP a dominant one. This paper would be about some studies on congenital erythropoietic porphyria (CEP), as well as som e descriptions of the disease at the genetic level. The first main topic is about the molecular aspect of CEP as a disease. The most common form of mutation of the UROS gene located at locus 10q25.3-26.3 is the C37R mutation, which is fairly common. Other mutations such as non-sense mutations, splicing in certain cites, deletions and insertions as well as other complex rearrangement of sequences at chromosomal locus 10q25.3-26.3 occur and create the CEP phenotype (Bishop et al., 2010, p.1068). In a study on the expression of CEP model expressions in mice, Bishop et al. (2011, p. 751) were able to quantify the approximated enzymatic activities of the UROS enzyme in livers of normal mice and CEP-affected mice. It is hypothesized that since mice are animals with shorter lifespan and thus have several generations in a short period of time, the causative mechanisms of the defective UROS gene would be easier to identify. Also, since the disease would be following the Mendelian Pattern, be arers of the homozygous recessive genotype would show disease symptoms while heterozygous and homozygous dominant would be fairly normal. Meanwhile, in a study about CEP in cats, a publication regarding the discovery of a feline model for CEP was released (Clavero et al., 2010, p. 382). Compared to a previous study, which had cats with AIP instead of CEP, the new proband for this study had PBG and ALA levels which are in normal detectable amounts, with elevated URO I and COPRO levels as well as abnormal UROS activity, much like in human and mice CEP counterparts. Via amplification of the suspected mutated sequences, aside from a shorter polypeptide (one cystein shorter), feline UROS sequence was fairly similar to the previously reported human and mouse. The double-mutant had reduced enzymatic activity, caused by two amino acid substitutions, making the protein product unable to fold in a stable manner, thereby causing reduced activity of the mutated enzyme, as compared to either sin gle mutant or normal enzymes (Clavero et al., 2010, p. 387). Three genotypes were produced after mating several strains and generations of mice: homozygous recessive mice having the CEP gene had a genotype of C37R/C37R, a heterozygote C37R/V99L expresses a milder form of the disease, and a homozygous dominant genotype V99L/V99L exhibits the normal phenotype. Blood sampling for analyses of presence of porphyrin and other precursors were done, as well as histology of the liver and the spleen

Arab-Israeli War of 1973 Essay Example for Free

Arab-Israeli War of 1973 Essay The Arab-Israeli War was an armed conflict initiated by the Arab nations of Egypt and Syria against Israel on October 6, 1973 in an effort to reclaim territories that Israel had controlled since the Six Day War of 1967. The date holds special significance to the Jewish calendar, being Yom Kippur, hence this war is also known as the Yom Kippur War. Though Israel was caught by surprise and experienced severe losses during the war, assistance from the United States military led to a cease-fire less than three weeks later. In the aftermath, Israel retained its territories and its aftermath had far ranging effects on the geopolitics of the Middle East. First, the victory of Israel had an uplifting effect on its population. Its military had been seen to have grown largely complacent following the Six Day War. However, despite initial defeats, they managed a successful turnaround of the Yom Kippur War’s outcome. As such, despite the surprise advantage of Egypt and Syria they had regained the upper hand in less than two weeks, though at a high cost in casualties. In effect, Israel woke up to the reality that their military supremacy in the region was not absolute. (Rabinovich 498) Second, by granting support to Israel, the United States invited the ire of oil-producing Arab states. This manifested itself in the actions of Saudi Arabia, which not only reduced its oil production but declared an embargo against the United States. Saudi Arabia was later joined by other oil-producing Arab states and together they extended their embargo against other import dependent nations in Western Europe as well as Japan. The result was the 1973 energy crisis that sent oil prices spiraling past $60 per barrel and close to $100 per barrel in 1979. (Smith 329) Third, on the geopolitical front, enemy states of Israel concluded in the aftermath that they could not defeat it by force, and thus turned towards diplomatic tactics in antagonizing it. The effect was that many African and Third World nations, under pressure from the Arab states, broke their diplomatic ties to Israel. Works Cited No author. â€Å"The 1973 Yom Kippur War. † Anti-Defamation League, 1999. Retrieved September 24, 2008 from: http://www. adl. org/ISRAEL/record/yomkippur. asp Smith, Charles. Palestine and the Arab-Israeli Conflict. New York, NY: Bedford, 2006. Rabinovich, Abraham. The Yom Kippur War: The Epic Encounter That Transformed the Middle eAst. New York, NY: Shocken Books, 2005. Rabinovich, Abraham [2005]. The Yom Kippur War: The Epic Encounter That Transformed the Middle East. New York, NY: Schocken Books. ISBN 0 8052 4176 0. Charles D. Smith, Palestine and the Arab-Israeli Conflict, New York: Bedford, 2006, p. 329.

Using Industry Average Multiples For Valuation Finance Essay

Using Industry Average Multiples For Valuation Finance Essay Valuation of equity shares of a company is an important exercise and is performed on multiple occasions, be it investment decision in a particular company, merger, acquisition, restructuring, public issue, etc. Using industry average multiple is a common practice, especially when an unlisted security is to be valued. The study looks at eight industries and attempts to derive (a) which is the most stable industry average multiple by using the statistical tool coefficient of variation and (b) which would be the most important financial performance parameter, which could be driving multiple of a particular security within the industry by using statistical tool of coefficient of correlation. Executive Summary A company will get valued/re-valued on multiple occasions such as raising capital, sale of business, swap of shares, issue of stock options, etc. Valuation of publicly traded securities is quite straightforward and often regulated for different events, while valuation of thinly traded or un-traded securities requires some special approaches. There are three main approaches to security valuation such as discounted cash flows, asset based valuation and comparables. Comparables are regarded as one of the most useful and practical method. Ideal approach within comparables is to find out a publicly traded company which is exactly like the company being valued and adopt an appropriate multiple as valuation metric. Finding such a company is a challenge. Even if a company is financially alike, many non-financial factors such as general market reputation, stock liquidity, etc. could be influenced its valuation of a particular stock. Experts often use industry average multiples to counter this anomaly. They could be used on a stand-alone basis or along-with a set of exact comparables. The articles analyses the concept of industry multiples in eight industries: Private sector banks, Public sector banks, General food processing, Agri Inputs, Edible Oil, Rice, Sugar, Plantations (tea, coffee, flowers) and Auto-components and tries to answer two questions: Which is the most appropriate industry average multiple? The criterion used is co-efficient of variation. Multiples used are Market Capitalisation (MCap) / Profit After Tax, Enterprise Value (EV) / Earnings Before Interest Taxes Depreciation and Ammortisation (EBITDA), MCap/Book Value, MCap/Sales Which factor is the major driver of a multiple in a particular industry? The author has calculated co-efficient of correlation between different multiples and factors like revenues, 5 year revenue growth, margins, total assets, provisions, Return on Equity (ROE), Net worth. EV/EBITDA was the most stable multiple followed by Mcap/PAT (similar to P/E ratio). Revenue, net-worth and margins were important drivers. Keywords: Industry average multiple, valuation, market capitalization, book value, coefficient of variation/correlation Background There are many situations wherein a company will get valued/re-valued such as raising capital, sale of business, swap of shares, issue of stock options, etc. While, valuation is easy and fairly regulated (SEBI, the regulator in India has defined how a security is to be valued for different purposes) for a publicly traded company, valuation of a thinly traded or un-traded securities requires some special approaches. At times, analysts also value a well-traded company to determine whether it is value fair or if there is any possible up-side. Different approaches to valuation are as described below: Comparables Asset Value EBITDA PAT Book Value Sales, etc. Equity Value DCF Figure 1 Different valuation methods Asset Value: Asset based approaches such as book value (asset less liabilities as reflected in books of accounts) and realizable value (market value of asset less liabilities) are more relevant when the company/vehicle is wound-up or dissolved in any manner. Discounted Cash Flow (Discounted Cash Flow to the Firm): Discounted cash flow is, theoretically, the best valuation method. The company calculates its projected financial performance. These projections and their assumptions are vetted against market factors, expert opinions. Once the parties are confident with projections, cash flows of the company (called Cash Flow to the Firm) are calculated as follows: EBIT X (1-Tax Rate) Less Working Capital Changes Less Capital Expenditure Add Depreciation. An important component of DCF based valuation is the Terminal Value. Last year in the projection period is capitalized as: Cash flow in terminal year X (1+ perennial growth rate) / (WACC perennial growth rate). This is again discounted to calculate present value of terminal cash flow. This approach is well recognized, but is not widely used due to the following limitations: The model involves a number of assumptions (i) Entire set of assumptions going into calculation of financial projections, (ii) Market risk premium, (iii) Long term growth rate, etc. which makes it very subjective. The method does not work with firms which have un-utilised assets, are in the process of re-structuring, which do not have positive operating cash flows, etc. Comparables: One of the most preferred methods of valuing a company is comparing it with a publicly traded company of similar nature called relative valuation. It is also the most intuitive method we practice it in pricing almost everything real estate, items of daily usage, etc. In relative valuation, the value of an asset is derived from the pricing of comparable assets, standardized using a common variable such as earnings, cash flows, book value or revenues. (Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, by Ashwath Damodaran, Wiley Finance) A publicly traded peer is identified and compared to the company under consideration in terms of various valuation parameters like Price to Earnings, Price to Book, Price to Sales, Enterprise Value / EBITDA which ever is applicable and accordingly the value of the company/security under consideration can be calculated, e.g. If a comparable company is traded at 15 times its earnings, the earnings of the company under consideration are multiplied by 15 to calculate its value. The approach is fairly simple, however, the challenge lies in finding an exact comparable. There can be many differentiating factors, and some of them could be quite stark. The pricing of the publicly traded peer would also be influenced by many non-objective factors like: general market perception, promoter reputation, adverse market rumors, low liquidity in specific stock, low level of public holding, etc. In light of these, many analysts and industry experts use industry-average multiples, on a stand-alone basis as well as to moderate/rationalize multiples of an individual or group of comparables. This brings us to the questions which the article intends to ponder over: Which bench-mark should be used? Every industry has two or three popular benchmarks, which appropriately capture financial and operative strengths, such as the tea gardens are valued at certain times of their sales, so are football clubs. Manufacturing industries are valued at certain time of their EBITDA or PAT as the case may be. However, if an industry average is to be used, high degree of variability in the multiple will compromise its reliability. Another question is what drives a companys valuation. The range in multiples in many industries tends to be quite high. Some tangible financial factor could be an important driver/differentiator for a company. Which would be the driver in a particular industry? The article attempts to answer these questions via an exercise on 214 companies in 8 different industries. The author has: Chosen 8 industries based on his past work experience Selected different publicly listed companies in each industry Derived their multiples and financial parameters from various databases Checked the variability of industry averages of multiples by using the statistical tool co-efficient of variation to answer the first question (most reliable benchmark) Run correlation between a particular industry relevant bench-mark such as 5 year growth, margins, etc. and the multiple e.g. correlation between P/E ratios and book size in banking industry to answer the second question. The breakup of companies across industries is as follows: Table 1 Sectors and number of companies used in analysis Industry No of companies Private sector banks 14 Public sector banks 23 General food processing 16 Agri Inputs 8 Edible Oil 17 Rice 7 Sugar 17 Plantations (tea, coffee, flowers) 17 Auto-components 85 Total 214 The following multiples were used: Market Capitalisation (MCap) / Profit After Tax, Enterprise Value (EV) / Earnings Before Interest Taxes Depreciation and Ammortisation (EBITDA), MCap/Book Value, MCap/Sales. Mcap/PAT is similar to more commonly used Price to Earnings per share (P/E), and Mcap/Book Value is similar to Price to Book value per share (P/B). The following financial performance parameters were selected for analysis: Revenues of latest available financial year, 5 year revenue growth, margins (PAT margin for banks and EBITDA margins for others), total assets, provisions, Return on Equity (ROE), Net worth Analysis Private Sector Banks The following banks were analysed within private sector banks: HDFC Bank Ltd., ICICI Bank Limited, Axis Bank Limited, IndusInd Bank Limited, Yes Bank Ltd, Federal Bank Limited, ING Vysya Bank Limited, The Jammu Kashmir Bank Limited, Karur Vysya Bank Ltd., South Indian Bank Limited, City Union Bank Ltd., Karnataka Bank Ltd, Development Credit Bank Ltd., Lakshmi Vilas Bank Limited. Table 2 Results of private sector banks Banks (private) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 8.40 0.09 0.88 1.19 StdEv 5.43 0.08 0.82 0.93 Coeff of Variation 0.65 0.99 0.93 0.78 Correlation between multiple parameter Revenue 0.10 0.08 0.09 0.09 Past 5 year growth 0.20 0.34 0.36 0.48 Margin 0.32 0.59 0.61 0.63 Total Assets 0.07 0.06 0.06 0.07 Provisions -0.05 -0.10 -0.09 -0.07 ROE 0.01 0.32 0.34 0.43 Net Worth 0.18 0.18 0.18 0.16 MCap/PAT, similar to Price to Earnings showed maximum stability. Margin (calculated as PAT/Revenue) showed maximum correlation with MCap/PAT, followed by high growth rate. The MCap/Book value Price to Book in popular parlance and Return On Equity showed the maximum correlation across all multiples and parameters. Margin and ROE showed maximum correlation with MCap/PAT. Public Sector Banks Public sector banks tend to have different operating objectives and are often valued differently compared to private sector banks. Mcap/PAT of public sector banks is 5.41 v/s 8.40 as observed in private sector banks. The following public sector banks were analysed: Indian Overseas Bank, Andhra Bank, Corporation Bank, Central Bank Of India, UCO Bank, Dena Bank, Bank of Maharashtra, State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore, United Bank of India, Punjab Sind Bank. Table 3 Results of public sector banks Banks (public) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 5.41 0.04 0.45 0.69 StdEv 1.36 0.01 0.15 0.16 Coeff of Variation 0.25 0.29 0.32 0.23 Correlation between multiple parameter Revenue 0.34 0.61 0.65 0.60 Past 5 year growth -0.05 0.12 0.13 0.07 Margin -0.46 0.79 0.81 0.76 Total Assets 0.31 0.62 0.70 0.63 Provisions 0.44 0.51 0.50 0.46 ROE -0.64 0.57 0.57 0.69 Net Worth 0.29 0.70 0.75 0.65 Public sector banks showed a different trend in variability of multiples. The book value multiple seems to show the least variation around mean as compared to Mcap/PAT observed in private banks. Within the book value multiple, margins show the highest correlation of 0.76 followed by ROE, 0.69. Food processing Food processing falls into manufacturing domain. EV/EBITDA multiple is introduced in place of the Total Assets multiple is relevant to the banking and NBFC company wherein income is primarily driven by book size. EV/EBITDA is one of the most popular multiples in manufacturing sector. It captures the operating strength of a company (EBITDA) v/s Enterprise Value. Enterprise value is a debt and cash neutral metric, calculated by Market Capitalisation + Debt Cash. Table 4 Results of food processing (general) Food Processing Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 18.50 9.39 0.97 4.21 StdEv 14.09 6.64 1.61 7.36 Coeff of Variation 0.76 0.71 1.65 1.75 Correlation between multiple parameter Revenue 0.39 0.64 0.49 0.75 Past 5 year growth -0.34 -0.27 -0.17 -0.14 EBITDA Margin 0.02 0.20 0.57 0.26 ROE 0.50 0.80 0.75 0.90 Net Worth 0.06 0.31 0.34 0.34 EV/EBITDA shows the lowest variation around mean (0.71). ROE is the most important driver for this multiple (0.8 correlation), followed by revenue. The following companies were considered for analysis in food processing: Hatson Agro Products REI Agro, Heritage Foods, KSE Limited, Nestle India Ltd., Glaxo SmithKline, Britannia Industries, Zydus Wellness, DFM Foods Ltd., Vadilal Industries, Himalya International, ADF Foods, Anik Industries, Srinivasa Hatcheries, Flex Foods, Bambino Agro, Foods and Inns, Tasty Bite Eatables, Freshtrop Fruits, Temptation Foods, Chordia Food Products. Vadilal Enterprises, Sita Shree Food Products, Simran Farms, Venkys (India), Waterbase. The companies belonged to multiple sub-sectors like dairy, poultry, consumer goods, ice creams, frozen food, etc . Agri Inputs Agri inputs included seed, special fertilizers and some special input companies in food processing industries. The larger fertilizer companies, which fall more into chemicals domain were not considered. The following companies were anlysed: Sukhjit Starch Chemicals, Narmada Gelatines, Sakuma Exports, Vidhi Dyestuffs, Saboo Sodium Chloro, Kaveri Seed, Advanta India, Basant Agro Tech. In agri inputs also, EV/EBITDA showed maximum stability, followed by MCap/PAT. EBITDA margin showed highest correlation with EV/EBITDA. Table 5 Results of specialised agri inputs Agri Input Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.27 8.53 0.98 1.68 StdEv 9.64 5.11 1.28 1.87 Coeff of Variation 0.86 0.60 1.30 1.11 Correlation between multiple parameter Revenue -0.36 0.25 0.04 0.11 Past 5 year growth -0.18 0.25 0.26 0.40 EBITDA Margin -0.88 -0.08 0.71 0.11 ROE 0.02 -0.03 0.40 0.48 Net Worth 0.33 0.66 0.48 0.53 Edible Oil: Edible oil is a special segment within food processing. The sector is characterized by high level of imports, benchmarking with international prices, low regulations compared to commodities like rice and pulses, etc. The following companies were anlysed: Ruchi Soya Industries, Sanwaria Agro Oils, Rasoya Proteins, Gujarat Ambuja Exports, Jayant Agro-Organics, JVL Agro Industries, Vippy Industries Limited, Vimal Oil Foods, Raj Oil Mills, BCL Industries, Hind Industries, Kriti Nutrients, Vijay Solvex, Sam Industries, Modi Naturals, Natraj Proteins, Poona Dal Oil Industries Table 6 Results of edible oil Edible Oil Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.10 6.43 0.21 1.53 StdEv 9.77 4.18 0.27 2.20 Coeff of Variation 0.88 0.65 1.31 1.44 Correlation between multiple parameter Revenue 0.43 -0.12 -0.12 -0.03 Past 5 year growth -0.28 -0.36 0.99 -0.20 EBITDA Margin -0.01 -0.03 0.51 0.16 ROE -0.20 -0.12 0.58 0.61 Net Worth 0.38 -0.14 -0.11 -0.04 EV/EBITDA showed the maximum stability, however, none of the parameters showed any reasonable correlation with the parameter. EV/EBITDA was followed by Mcap/PAT with 0.88 coefficient of variation. This factor showed relatively higher correlation with revenue followed by Net Worth. Rice Rice is also a typical sector within food processing. Most of the publicly traded rice companies have focused on basmati rice. Basmati is a famous variety of aromatic rice and has large export market in the middle east, Europe and US. The following companies were analysed: Khushi Ram Behari La, Usher Agro, LT Food, Lakshmi Energy and Foods, Emmsons International, Chaman Lal Setia Exports, GRM Overseas. The sector showed better stability of Mcap/PAT followed by Mcap/Book Value. Within Mcap/PAT EBITDA margin showed the highest correlation at 0.86. Table 7 Results of rice Rice Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 6.12 7.94 0.16 0.68 StdEv 2.27 3.95 0.13 0.30 Coeff of Variation 0.37 0.50 0.83 0.44 Correlation between multiple parameter Revenue 0.42 0.68 0.16 0.17 Past 5 year growth -0.70 0.47 -0.92 -0.98 EBITDA Margin 0.86 -0.60 0.59 -0.25 ROE -0.77 0.12 0.11 0.73 Net Worth 1.00 -0.17 0.55 -0.30 Sugar: Sugar is one of the largest organized sectors in agri processing. The sector has many large companies like Renuka Sugars, Bajaj Hindustan, etc. The sector also has some typical features like minimum procurement price, cyclical production, concentrated production in Asia and South America, etc. The following companies were analysed: E.I.D. Parry, Bajaj Hindusthan, Bannari Amman Sugars, Triveni Engineering, Andhra Sugars, Dhampur Sugar Mills, KCP Sugar, Ponni Sugars (Erode), Ugar Sugar Works, Dalmia Bharat Sugar, Thiru Arooran Sugars, Sri Chamundeswari, Piccadily Agro, Vishnu Sugar Mills, Kesar Enterprises, Piccadily Sugars, Indian Sucrose EV/EBITDA showed lowest co-efficient of variation (0.44). The multiple showed highest correlation with net worth, followed by revenue. Table 8 Results of sugar Sugar Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 14.38 6.90 0.35 0.80 StdEv 14.79 3.07 0.20 0.39 Coeff of Variation 1.03 0.44 0.56 0.48 Correlation between multiple parameter Revenue -0.01 0.20 0.00 0.19 Past 5 year growth -0.26 -0.04 -0.42 0.23 EBITDA Margin -0.51 -0.43 0.49 0.18 ROE -0.65 -0.69 0.44 0.61 Net Worth -0.01 0.44 0.08 0.01 Plantations Tea and Coffee are another specialized area in agri and food industries. The sector has stakes of many large FMCG companies like Tata Tea, Unilever, etc. This sector also has special policies, farming conditions, competitive factors. For the purpose of this analysis, flowers have also been analysed together with tea and coffee. The following companies for part of this analysis: Karuturi Global, Neha International, Pochiraju Industries, Tata Global Beverage, McLeod Russel India, Tata Coffee, CCL Products India, Warren Tea, Dhunseri Petrochem, Goodricke Group, Jayshree Tea, Assam Company India, Harrisons Malayalam, Russell India, United Nilgiri Tea, Joonktollee Tea, Diana Tea. Here also, EV/EBITDA showed minimum coefficient of variation, followed by Mcap/Sales. Revenue and net worth showed the highest correlation with EV/EBITDA. Table 9 Results of plantation (tea, coffee, flowers) Plantation (tea, coffee flowers) Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 15.17 9.60 1.09 1.13 StdEv 13.19 5.70 0.81 0.87 Coeff of Variation 0.87 0.59 0.75 0.76 Correlation between multiple parameter Revenue 0.22 0.33 0.09 0.27 Past 5 year growth -0.47 -0.38 -0.19 -0.43 EBITDA Margin -0.34 -0.42 0.20 -0.11 ROE -0.37 -0.27 0.20 0.54 Net Worth 0.18 0.29 0.16 0.21 Auto components Auto components industry comprises of a large number of specialized players focusing on different segments of auto industry. Major segments and their composition in total industry size are: Engine parts 31% Drive transmission and steering parts 19% Body and Chassis 12% Suspension and braking parts 12% Equipments 10% Electrical parts 9% Miscellaneous 7% The industry is estimated at USD 43.5 billion in FY 2011-12. (Auto Components Manufacturers Association of India) The following companies were anlaysed in the industry: Bosch, Cummins India, Exide Industries, Motherson Sumi Systems, WABCO, Amtek India, Kirloskar, Amtek Auto Limited, Federal-Mogul, Sundram Fasteners, Wheels India, Shanthi Gears, NRB Bearings, Automotive Axles, Mahindra Forgings, Commercial Engineers, Banco Products, Jamna Auto Industries, Fairfield Atlas, Gabriel India, Lumax Industries, Sundaram-Clayton, India Motor Parts, Saint-Gobain, Steel Strips Wheels, Setco Automotive, Minda Industries, Suprajit Engineering, Rane Holdings, ZF Steering Gear, Munjal Showa, Sona Koyo Steering, Munjal Auto, Lumax Auto Technology, Autoline Industries, India Nippon, FIEM Industries, L. G. Balakrishnan, Subros, Pricol, Hindustan Composites, Ucal Fuel Systems, Rane Madras, Rico Auto Industries, Jay Bharat Maruti, Shivam Autotech, Omax Autos, IST, Bimetal Bearings, Rane Engine Valves, REIL Electricals, Rane Brake Lining, Precision Pipes, Automotive Stampings, Harita Seating, JMT Auto, Alicon Castalloy, JBM Auto, Bharat Gears, Menon Pistons, Talbros Automotive, Triton Valves, Aunde India, Clutch Auto, Pix Transmissions, Bharat Seats, Lakshmi Precision, Menon Bearings, Simmonds Marshall, Kar Mobiles, IP Rings, Jay Ushin, Gujarat Automotive, Competent Automobile, Lumax Automotive Systems, Autolite India, ANG Industries, Hindustan Hardy, Raunaq Automotive, Remsons Industries, Porwall Auto Components, Spectra Industries, Kew Industries, Jagan Lamps, Coventry Coil-O Matic. In this industry again, EV/EBITDA is the most stable multiple. EV/EBITDA shows maximum correlation with revenue and net-worth. Table 10 Results of auto-components Auto Components Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 12.47 6.04 0.67 1.62 StdEv 13.09 4.65 0.93 1.67 Coeff of Variation 1.05 0.77 1.40 1.03 Correlation between multiple parameter Revenue 0.19 0.35 0.18 0.31 Past 5 year growth -0.04 0.05 -0.05 0.09 EBITDA Margin 0.03 0.06 0.47 0.12 ROE -0.31 0.04 0.21 0.45 Net Worth 0.13 0.35 0.30 0.24 Inferences: The most stable multiples across different industries and their respective coefficients of correlations with different financial parameters were as follows: Table 11 Summary of trends Coefficient of variation Correlation Industry Co-efficient of Variation Multiple Highest Correlation Second highest Correlation Private sector banks 0.65 MCAP/PAT Margin 0.32 Past 5 year growth 0.20 Public sector banks 0.23 P/B Margin 0.76 ROE 0.69 General food processing 0.71 EV/EBITDA ROE 0.80 Revenue 0.64 Agri Inputs 0.60 EV/EBITDA Net worth 0.66 Revenue 0.25 Edible Oil 0.88 MCAP/PAT Revenue 0.43 Net worth 0.38 Rice 0.37 MCAP/PAT Net worth 1.00 EBITDA margin 0.86 Sugar 0.44 EV/EBITDA Net worth 0.44 Revenue 0.20 Plantations (tea, coffee, flowers) 0.59 EV/EBITDA Revenue 0.33 Revenue 0.29 Auto-components 0.77 EV/EBITDA Revenue 0.35 Revenue 0.35 *In edible oil, lower coefficient was observed in EV/EBITDA. P/E was chosen because EV/EBITDA showed no correlation with any of the parameters studied. Co-efficient of variation was minimum in public sector banks and highest in auto-components. Industry multiple of public sector banks, hence, stands as the most reliable industry multiple among the industries observed. The co-efficient would be high if there is considerable heterogeneity within the industry in terms of size, profitability, product portfolio, promoter background, etc. Earnings based multiples EV/EBITDA and P/E showed minimum coefficient of variation in all industries, except public sector banks, which showed Mcap to Book Value as the most stable multiple. Considering the correlations observed with the most stable multiple, we can infer that: net margins are the main drivers of multiples in banks (both public and private) among the parameters observed, ROE was most influential in food processing and edible oil plantations and auto-components seem to be driven by revenue vis-Ã  -vis other parameters observed and agri inputs, rice and sugar were influenced by net-worth of respective companies. The following table shows the maximum correlation observed in a particular industry. Table 12 Maximum correlations across industries Industry Maximum Correlation Relationships Private sector banks 0.63 ROE and Mcap/Book Value Public sector banks 0.81 PAT Margin and Mcap/Book Value General food processing 0.90 ROE and Mcap/Book Value Agri Inputs 0.71 EBITDA margin and Mcap/Sales Edible Oil 0.99 5 year growth and Mcap/Sales Rice 1.00 Net-worth and Mcap/PAT Sugar 0.61 ROE and Mcap/Book Value Plantations (tea, coffee, flowers) 0.54 ROE and Mcap/Book Value Auto-components 0.47 EBITDA margin and Mcap/Sales ROE and Mcap/Book Value showed highest correlation in four out of nine industries, followed by EBITDA margin and Mcap/Sales. The results were quite intuitive a company generating higher returns on invested capital (ROE), or a company operating at a higher margin should be valued more than its peers. Table 13 Results of general correlation analysis Parameter Mcap/PAT

GOVERNMENT REGULATIONS ON RADIO BROADCASTING :: essays research papers

In 1978 a radio station owned by Pacifica Foundation Broadcasting out of New York City was doing a program on contemporary attitudes toward the use of language. This broadcast occurred on a mid-afternoon weekday. Immediately before the broadcast the station announced a disclaimer telling listeners that the program would include "sensitive language which might be regarded as offensive to some."(Gunther, 1991) As a part of the program the station decided to air a 12 minute monologue called "Filthy Words" by comedian George Carlin. The introduction of Carlin's "routine" consisted of, according to Carlin, "words you couldn't say on the public air waves."(Carlin, 1977) The introduction to Carlin's monologue listed those words and repeated them in a variety of colloquialisms: I was thinking about the curse words and the swear words, the cuss words and the words that you can't say, that you're not supposed to say all the time. I was thinking one night about the words you couldn't say on the public, ah, airwaves, um, the ones you definitely wouldn't say, ever. Bastard you can say, and hell and damn so I have to figure out which ones you couldn't and ever and it came down to seven but the list is open to amendment, and in fact, has been changed, uh, by now. The original seven words were shit, piss, fuck, cunt, cocksucker, motherfucker, and tits. Those are the ones that will curve your spine, grow hair on your hands and maybe, even bring us, God help us, peace without honor, and a bourbon. (Carlin, 1977) A man driving with his young son heard this broadcast and reported it to the Federal Communications Commission [FCC]. This broadcast of Carlin's "Filthy Words" monologue caused one of the greatest and most controversial cases in the history of broadcasting. The case of the FCC v. Pacifica Foundation. The outcome of this case has had a lasting effect on what we hear on the radio. This landmark case gave the FCC the "power to regulate radio broadcasts that are indecent but not obscene." (Gunther, 1991) What does that mean, exactly? According to the government it means that the FCC can only regulate broadcasts. They can not censor broadcasts, that is determine what is offensive in the matters of speech. Before this case occurred there were certain laws already in place that prohibited obscenity over radio. One of these laws was the "law of nuisance". This law "generally speaks to channeling behavior more than actually prohibiting it."(Simones, 1995) The law in essence meant that certain words depicting a sexual nature were limited to certain times of the

Ladies Fashion Clothing Boutique Essay example -- Research Analysis, L

Throughout this essay, a thorough analysis will be made in relation to specific research on cultures of work in a particular work place. The workplace that will be focused on throughout this essay is a ladies fashion boutique. The main argument will focus on discourses of management throughout the concepts of what is considered as work in the retail sector, how the working environment is managed throughout the fashion industry, commitment in the workplace and relationship of teamwork. All these aspects of work will be tied in together to form a research based argument in relation to the fashion boutique. In order to produce a contextual framework of the notion of work, research will be based on primary research from an interview with the manager of the ladies fashion boutique and observations of the boutique. Throughout the use of the interviewing being incorporated into this essay, theoretical concepts and scholarly articles will be used to back up the focus on discourses of managem ent within the perspective of what is considered as work in the work place. Due to ethical reasons, I will be making reference to the manager of the boutique by the name of Anna. In reference to the notion of work within the ladies fashion boutique, before focusing on that, firstly a brief overview about the company, the workplace and what it provides to customers and the fashion industry. The ladies fashion company offers a diverse range of fashion clothing and accessories for contemporary Australian woman. The wide clothing range caters for women that are 25 years of age and up as well as offering sizes ranged from 8 to 16 to suit their individual needs. The retail sector has become a significant focus throughout the fashion industry and the way... ...ries to consumers. In conclusion, throughout this essay, it has become evident that there are various discourses of management within the workplace environment. Specifically, in relation the Ladies Fashion Clothing Boutique being the main case study throughout the above discussion in overall relation to the topic of cultures of work within the workplace environment. Thorough contextual research has been analysed and discussed in relation to what is considered as work, commitment in the workplace and the notion of teamwork within the workplace, all in accordance to the above relevant case study. Evidently, inclusion of primary research methods from interview questions and observations of the workplace have thoroughly been put into context with theoretical concepts within cultures of work as well as consistent support from scholarly articles and books.

Confronting Fear in Heart of Darkness and Apocalypse Now :: Movie Film comparison compare contrast

Confronting Fear in Heart of Darkness and Apocalypse Now    Inherent inside every human soul is a savage evil side that remains repressed by society. Often this evil side breaks out during times of isolation from our culture, and whenever one culture confronts another. History is loaded with examples of atrocities that have occurred when one culture comes into contact with another. Whenever fundamentally different cultures meet, there is often a fear of contamination and loss of self that leads us to discover more about our true selves, often causing perceived madness by those who have yet to discover. The Puritans left Europe in hopes of finding a new world to welcome them and their beliefs. What they found was a vast new world, loaded with Indian cultures new to them. This overwhelming cultural interaction caused some Puritans to go mad and try to purge themselves of a perceived evil. This came to be known as the Salem witch trials. During World War II, Germany made an attempt to overrun Europe. What happened when the Nazis came into power and persecuted the Jews in Germany, Austria and Poland is well known as the Holocaust. Here, human's evil side provides one of the scariest occurrences of this century. Adolf Hitler and his Nazi counterparts conducted raids of the ghettos to locate and often exterminate any Jews they found. Although Jews are the most widely known victims of the Holocaust, they were not the only targets. When the war ended, 6 million Jews, Slavs, Gypsies, homosexuals, Jehovah's Witnesses, Communists, and others targeted by the Nazis, had died in the Holocaust. Most of these deaths occurred in gas chambers and mass shootings. This gruesome attack was motivated mainly by the fear of cultural intermixing which would impurify the "Master Race." Joseph Conrad's book, The Heart of Darkness and Francis Coppola's movie, Apocalypse Now are both stories about Man's journey into his self, and the discoveries to be made there. They are also about Man confronting his fears of failure, insanity, death, and cultural contamination. During Marlow's mission to find Kurtz, he is also trying to find himself. He, like Kurtz had good intentions upon entering the Congo. Conrad tries to show us that Marlow is what Kurtz had been, and Kurtz is what Marlow could become. Every human has a little of Marlow and Kurtz in them.   Marlow says about himself, "I was getting savage (Conrad)," meaning that he was becoming more like Kurtz.

Advance Directive Essay

The purpose of advance directives is so that you are making it your right to make decisions about your own medical care. This phrase applies to a wide range of instructions that one might make orally or written about actions that one would or would not want to be taken if one were somehow incapacitated and unable to join in making decisions (Corr et al, 2009). An advance directive is a topic that resonates strongly in my heart. Less than two weeks ago my husband and I had a family crisis and had to make some really difficult healthcare decisions regarding our family member. These decisions were less difficult for us because our loved one had previously given us power-of-attorney. So we knew her wishes prior to her illness and were able to make the correct decisions as a family. Unfortunately, most families don’t realize the importance of this legal document until an emergency occurs. Authors of _Death & Dying, Life & Living_ identify six goals of death education. It is the third goal that will be the focus of my paper. According to Corr et al the third goal of death education is to prepare individuals for their public roles as citizens. In this way, death education helps to clarify important social issues that face society and its representatives, such as advance directives in health care (Corr et al, 2009). We each have the right and responsibility to make healthcare decisions for ourselves. There may be a time, whether from accident or illness, when you are no longer able to make important and necessary medical  decisions. This is an opportunity for you to express your wishes and direct your healthcare decisions in advance before they may be needed. We’re living in an age of medical miracles. Tiny babies born months too early can often be saved. Hearts, lungs kidneys and lives can all e transplanted. There are life support machines and devices for almost every purpose. Ventilators to help people breath, cardiac assist devices to take over for the heart, feeding tubes to nourish patients who can’t eat, and dialysis to support people with failing kidneys. My husband and I know this all too well with the recent diagnosis of his mother. Medical advances have saved many lives. But with these advances have come questions about using machines to prolong the natural dying process. Kentucky laws recognize the right of individual’s to make choices about their medical care. We have the right to request or refuse treatment and to ask that life prolonging treatment be stopped. We also have the right to make out an advance directive. An advance directive is a legal paper which lets an individual to state their wishes about the use of life support machines and medical treatment. It can also be used to name someone else to make medical choices for them if they become unable to speak for themselves (ccky.org, 2010; Jasper 2007). According to David Kelly author of _Medical Care at the End of Life: A Catholic Perspective_ claims that treatment can be morally extraordinary only when the person’s death is imminent, regardless of whether the treatment is given, is to give biological life itself an absolute value that supersedes all other values.† (Kelly, 2006).The decision to make an advance directive is personal one and should only be made after careful consideration. My mother-in-law is currently on full life support and the hospital social worker told us that because she is at a Catholic hospital their philosophy there is that withholding or withdrawing treatment does not cause death, but merely allows the natural process of dying to take place. They further stated that they will not do anything to intentionally cause her death. This was an impromptu interview, but I was able to ask the social worker a few questions regarding advance directives. HOSPITAL SOCIAL WORKER INTERVIEW: Q: What is an advance directive? A: Advance directive states in writing your choices about medical care or names someone to make medical choices for you if you become unable to speak for yourself. It is called an advance directive, because it is signed in advance to let your family and doctor know your wishes regarding medical treatment. Kentucky law recognizes many types of advances directives, including living wills, healthcare surrogate designations, and durable power of attorney for healthcare. Q: Do my mother-in-law or anyone else have to have an advance directive before treatment here at this hospital? (Keep in mind it’s a catholic hospital) A: No. You cannot be required to make any advance directives in orders to get medical treatment, and for that matter health insurance or any other reason. It s purely a matter of personal choice. Q: Can anyone in my mother-in-law’s family make healthcare choices for her if she unable to do so and we do not have an advance directive or do you all go by the oldest child? A: If she cannot speak for herself and there is not an advance directive, then according to the state of Kentucky laws its first the court appointed guardian; her spouse; her adult child and if there is more than one then it’s the majority of the adult children available at the time; her parents; and then the nearest living relative and if there is more than one then it’s the majority of them (unnamed social worker, 2010). According to the state of Kentucky adults (ages 18 or older) who are mentally competent have the right to make healthcare decisions in advance. Advance directives state your choices for medical treatment, especially in regard to  life-sustaining procedures. You can also use advance directives to name a healthcare agent, who is any person you choose, to make your healthcare decisions if you are unable to do so. Advance Directives only apply if you are unable to make personal medical decisions, unless you indicate you want your healthcare agent’s authority to begin when the document is signed. You cannot be refused medical care because you do not have advance directives (Jasper, 2007). Any time you have a healthcare need; your doctor should discuss your situation with you and obtain your consent before giving you care. Patients have the right to refuse treatment or to choose among different kinds of treatment. Patients may further leave the hospital or seek treatment and opinions from other healthcare providers. Making a responsible choice does not always mean you accept your doctor’s advice, but it does mean you understand the consequences of your choice. This right to decide to say yes or no to treatment includes consenting to, or refusing treatments needed to sustain life (Shannon, 2006). I use to believe that once you signed the back of the driver’s license then you were giving consent for hospitals to not give you the true care that you deserved. This was a myth that I always believed until I became adult. I think that it was based on those old horror movies like COMA back in the 1970s. From a recent lecture on donation I learned the real value of signing the back of the driver’s licenses and giving consent to organ donation. Organ transplants are truly a miracle of modern medicine. Thousands of organ transplants occur in the United States each year, yet thousands of people also die each year while waiting for an organ. The generous gift of one’s organs or tissues can allow other seriously ill individuals to live. During this lecture I learned that anyone could become an organ donor and age did not mean that you can’t necessary donate. Most importantly was that signing a donor card was not going to affect my care that I received from the hospital. Patients are given the same quality care, whether or not a donor card was signed and that donation proceedings only begin after all efforts to save my life had been done and my death had been declared. Now I feel  confident that signing my driver’s license will not enhance my death. The Kentucky Cabinet for Health and Family Services’ Long-Term Care Ombudsman (LTCO), along with other national, state and community organizations, is leading an effort to highlight the importance of advance healthcare decision-making an effort that has culminated in the formal designation of April 16th as the inaugural National Healthcare Decisions Day (NHDD) (http://www.nationalhealthcaredecisionsday.org, 2010). Despite the fact that the importance and benefits of advance directives have been proven repeatedly for many years, only a small minority of Americans have executed an advance directive, according to information on the National Healthcare Decisions Day (NHDD) website. NHDD seeks to address this issue by focusing attention on advance healthcare planning from a variety of directions simultaneously across the United States. Any number of professionals such as healthcare providers, chaplains, attorneys, and long-term care ombudsmen can provide clear, concise, and consistent information and tools for executing written advance directives about healthcare power of attorney and/or living will in accordance with state laws (http://www.nationalhealthcaredecisionsday.org, 2010). In closing, most people can’t read your mind when you’re healthy, let alone try to figure out your wishes during a major health crisis while under additional stress. Be kind to your loved ones; make those decisions in advance; and have them legally documented. NATIONAL HEALTHCARE DECISION DAY PRESS RELEASE DO YOU HAVE AN ADVANCE DIRECTIVE? Do you know what healthcare treatments you would and would not want if you could not speak for yourself? Do other people know what your wishes are? The 2nd Annual National Healthcare Decision Day will be held on Friday, April  16, 2010, a day for all people regardless of age or current health to be reminded of the importance of making their healthcare wishes known to loved ones and their care providers. Everyone is encouraged to voice their wishes and take steps to ensure that their choices are known and protected. An Advance Directive is a legal document that tells healthcare providers who it is that you wish to make medical decisions for you and what treatments you would want or not want, if you are ever not able to tell care providers what you would want in a medical emergency or life-limiting illness. The simple act of creating an Advance Directive can turn out to be an incredible gift for loved ones in the event of an accident or severe illness. Advance Directives are written instructions about your future medical care. They do not go into effect until you are no longer able to make decisions. Adults can benefit from thinking about what their healthcare choices would be if they were unable to speak for themselves. ADVANCE DIRECTIVES COME IN TWO MAIN FORMS: A _†HEALTHCARE POWER OF ATTORNEY†_ (or â€Å"proxy† or â€Å"agent† or â€Å"surrogate†) documents the person you select to be your voice for your healthcare decisions if you cannot speak for yourself. Your â€Å"healthcare power of attorney† will make medical decisions based on your wishes identified in your Advance Directive. In states that recognize these documents, families and healthcare providers cannot override your living will or your agent’s decision. It is a good idea to discuss your wishes with your friends, family members, and your doctor, now, while you still can. YOUR HEALTHCARE AGENT HAS TO MEET THE FOLLOWING REQUIREMENTS: †¢ Anyone over the age of 18 †¢ Can be a family member, loved one, or close friend †¢ Someone who: you trust, knows you well, will advocate on your behalf, and will honor  your wishes A _†LIVING WILL†_ documents what kinds of medical treatments you would or would not want at the end of life. A living will is a type of advance directive called a healthcare treatment directive. A living will spells out the measures you do and do not wish to have taken to extend your life when you are clearly dying. You may decide whether or not you would want breathing machines, feeding tubes, oxygen, IV fluids, or medicines to be used. A living will needs to be signed in front of a witness. A witness cannot be a relative, creditors and heirs to your estate, or your doctor. It is important that a living will cover decisions about your healthcare only when you have a terminal illness. It is better to prepare a living will when you are healthy, not when you have been ill or in the hospital. Make sure your Advance Directive reflects your wishes. If you plan on moving to another state make sure you update your Advance Directive, because it may not be valid in the state that you move to. Some states do not recognize living wills that have been drafted in other states. Your Advance Directive does not expire and can be updated as needed. It is important for your family members to know your wishes in case of an emergency. Also, you should take a copy of your Advance Directive to the hospital whenever you are admitted so that it can become a permanent part of your medical record. REFERENCE LIST Catholic Conference of Kentucky. (2010). Catholic conference of Kentucky. Retrieved from http://ccky.org/ Corr, C. A., Nabe, C.M., & Corr, D. M. (2009). Death and Dying: Life and Living (6th Ed.). Belmont, CA: Cengage Learning Jasper, M. C. (2007). Health care directives. Dobbs Ferry, NY: Oceana Publications Kelly, D. F. (2006). Medical care at the end of life: A Catholic perspective. Washington, DC: Georgetown University Press National Healthcare Decision Day. (2010). Fact Sheet retrieved November 29, 2010 from http://www.nationalhealthcaredecisionsday.org/ Shannon, J. B. (2006). Death and dying sourcebook: Basic consumer health information about end-of-life care and related perspectives and ethical issues, including end-of-life symptoms and treatments, pain management, quality-of-life concerns, the use of life support, patients’ rights and privacy issues, advance directives, physician-assisted suicide, caregiving, organ and tissue donation, autopsies, funeral arrangements, and grief ; along with statistical data, information about the leading causes of death, a glossary, and directories of support groups and other resources. Detroit, MI: Omnigraphics.

Succubus on Top CHAPTER 3

â€Å"You're such a dork, Doug!† â€Å"Fuck, that hurt!† Doug Sato, the other dysfunctional assistant manager here and one of the most entertaining mortals I knew, pulled off the rubber mask he'd been wearing, revealing the beautiful features he'd inherited from his Japanese ancestors. He rubbed his forehead, giving me a wounded scowl. Upon closer inspection, I saw that the mask was not that of a demon but rather Darth Maul from The Phantom Menace. I should have known. No self-respecting demon would have had that many horns. â€Å"What are you doing?† I leaned down to pick up my scattered belongings. â€Å"Halloween was, like, a week ago.† â€Å"Yeah, I know. Everything's on sale. I got this for three dollars.† â€Å"You got ripped off.† â€Å"Boy, you're one to nag, Miss I-Show-Up-When-I-Feel-Like-It. You're lucky it's just me here.† â€Å"Why are you here?† Doug and I held the same position. On days when we overlapped, we usually worked different shifts, not identical ones. It was for the best. We usually distracted each other enough to accomplish the work of one person. Sometimes less. He grabbed the back of the rolling desk chair and impressively flipped his body into it, the impact of which caused the chair to roll half-way across the office. â€Å"Paige called me in. She's sick.† Paige, our manager, was about six months pregnant. â€Å"Is she okay?† â€Å"Dunno. If she gets better, she'll come in later.† He spun around the room a few times, then rolled up to the desk and beat out a fast rhythm on it with his hands. I presumed the cadence was from one of his band's songs. â€Å"Jesus, you're wound up today. You get lucky last night?† â€Å"I get lucky every night, Kincaid.† â€Å"Whatever. Your demon mask was more believable than that.† â€Å"Okay, maybe I'm not getting lucky every night right now, but that's going to change. The group's getting fucking amazing.† â€Å"I've always thought you guys were fucking amazing,† I stated loyally. Doug shook his head, dark eyes almost feverishly bright. â€Å"Oh no. You can't even believe it now. We got this new drummer, and suddenly†¦it's just like, I don't know†¦we're doing things we've never done before.† I frowned. â€Å"Because of one drummer?† â€Å"No, I mean, it's all of us. He's just one of the good things that's happened. It's like†¦everything's just clicking into place. You ever have days like that? When everything is perfect? Well, we're having weeks like that. Songs. Gigs. Style.† His enthusiasm was palpable, and it made me smile. â€Å"We're even playing the Verona.† â€Å"Seriously?† â€Å"Yup.† â€Å"That's a major venue. I mean, it's not like the Tacoma Dome or anything, but then, they wouldn't let you play there anyway if you didn't have a monster truck worked into the act.† He spun the chair around again. â€Å"You should come see it. A bunch of the other staff is. It'll be the greatest night of your life.† â€Å"I don't know. I've had a lot of great nights.† â€Å"Second best then. Unless you're thinking of joining my groupies. I'd let you be their leader, you know. You could always have first dibs on me.† I rolled my eyes, then turned pensive as the sex jokes reminded me of my recent Seth issues. â€Å"Hey Doug, do you think men and women can date without having sex?† He had been tipping way back in the chair and suddenly snapped forward. â€Å"Oh my God. You are thinking of joining the groupies.† â€Å"I'm serious. Two people dating without sex. Fact or fantasy?† â€Å"Okay, okay. For how long? A week?† â€Å"No. Like, months.† â€Å"Are they Amish?† â€Å"No.† â€Å"Are they ugly?† â€Å"Er, no.† â€Å"No.† â€Å"No what?† â€Å"No, they can't do it. Not in this day and age. Why do you want to know?† â€Å"No reason.† He cut me an arch look. â€Å"Of course not.† He didn't know about Seth and me, but he did know me. Our phone's intercom came to life just then, asking for backup on the registers. â€Å"Paper rock scissors?† Doug asked, spinning the chair around again. â€Å"Nah, I'll go. I should make up for my tardiness. Besides, I think you need to come down from your caffeine high. Or your megalomania high. Not sure which.† He flashed me a grin and turned to the paused game of Tetris on our shared computer. Truthfully, I didn't mind going out anyway. I worked for the fun of it, not the money. Immortality was long, and vocation and daily work sort of regulated human existence, even if I wasn't technically human anymore. It just felt right to be doing something, and unlike so many other unfortunate souls in this world, I actually liked what I did for a living. I checked in on Seth a few times as I worked throughout the day, drank a lot of white-chocolate mochas, and dealt with what was becoming a heavy flow of business as the holiday season grew ever closer. At one point, I finally did have to pull Doug out with me. I found him in our office, still playingTetris. I opened my mouth to make a joke about his work ethic and then caught sight of the computer screen. He played Tetris on a regular basis, so I was familiar with the game and his prowess, but what I saw now blew my mind. His score was the highest I'd ever seen, and he was at such an advanced level now that the pieces zoomed down the screen. I couldn't follow them. Yet, he caught and placed them all, never missing a beat. â€Å"My God,† I muttered. There was no way his hands and reflexes could be responding like that. The computer would probably implode at any moment. â€Å"I guess everything really is clicking into place for you lately. â€Å" He laughed, either at my pun or my astonishment. â€Å"Need me out there?† â€Å"Yeah†¦though it seems so wasteful now compared to this†¦mastery. Like interrupting Michelangelo.† Doug shrugged obligingly, shut down the game, and followed me out. I think the computer was relieved. He and I worked together cheerfully for the rest of my shift. His good mood over the band's success kept him chipper and lively, making the day fly by. When it was time for me to go, I offered to close for him since he'd had to come in unexpectedly early. He waved me off. â€Å"Forget about it. Go do something fun tonight.† As I was leaving the store, I passed a rack of magazines and saw a copy of the latest issue of American Mystery. In big letters, one of the headlines read: Cady and O'Neill Return! Seth Mortensen gives us an exclusive novella. Eek. What a bad girlfriend I was. Seth had told me about this story's upcoming appearance, and I'd completely forgotten about it. It had just come out yesterday. Apparently being with him regularly was distracting me from his art. Before the publication of his last novel, I'd literally marked off days on my calendar until its release. Longing washed over me, but I knew I couldn't read this story tonight. Bastien had left me a cell phone message saying he'd stop by my place later, and I had a feeling he'd distract me for most of the evening. Tomorrow, I promised myself. I'd read the story tomorrow. I'd just settled in back home when Bastien showed up bearing Thai food. â€Å"How was the literary world today?† he asked as we had a picnic on my living room floor. Aubrey watched sharply from a discreet distance, her eyes fixed covetously on a container of green curry. Pad Thai did nothing for her. â€Å"Weird,† I reflected, recalling sleeping in late, Doug's behavior, and the frenetic pace of early holiday shopping. â€Å"Yours?† It was clear from his expression he'd been dying to tell me this from the moment he'd cleared my door. â€Å"Fantastic. I moved into the house today. You should see the neighborhood. It's the American Dream and then some. Big appliances. Manicured lawns. Three-car garages.† â€Å"Three cars? Do you even have a car?† â€Å"Sure do. Company car.† â€Å"Hmphf. No one ever gave me a company car.† â€Å"That's because you aren't on the verge of the Seduction of the Century. I even met her already.† â€Å"Dana?† â€Å"First day, and she comes to me! Can you believe it? It's like I don't even have to do anything. This operation just runs itself. I am its tool. Its plaything even – or rather, Dana's plaything.† â€Å"I don't know about that,† I noted dryly, â€Å"unless you're going to add that she jumped on you and ripped your clothes off today too.† â€Å"Well, no. She actually just came by to welcome me to the neighborhood. But, she did also invite me to a party she's hosting. ‘A Barbecue in November.' Charming, huh?† â€Å"Adorable. Nothing I love better than eating hot dogs in the cold.† He elbowed me. â€Å"It's a theme, Fleur . It's fun. And it's all indoors. You know, you're turning into a regular cynic lately.† â€Å"Not cynical. Just still skeptical of this whole thing. It seems overly elaborate for what it is. A lot of work for one lay.† â€Å"One lay?† He tsked me and shook his head. â€Å"Let me see your laptop.† I retrieved it from my bedroom and returned to find Aubrey licking the edges of my plate. I shooed her away and handed Bastien the computer. A few quick clicks, and he soon had the Committee for the Preservation of Family Values' website open. Dana's organization. Most of her radio broadcasts were archived and available for download. He picked one, and we finished the rest of our meal to the sound of her rich, melodic voice. The first broadcast concerned homosexuality. The CPFV maintained an appearance of sugarcoated goodness, a desire to help people and improve American life. Consequently, because being openly racist or sexist was not good for one's image anymore, the organization only espoused views slanted in those directions in subtle ways. Blatantly condemning homosexuality, however, was not entirely taboo yet – unfortunately – and the bulk of this broadcast involved Dana oozing on about the importance of â€Å"helping† those people to understand the true way both nature and God intended love to be. Toleration of such misguided lifestyles, she claimed, would lead to a breakdown in our families. The children. For God's sake, think of the children. Her next broadcast damned the abominable state of today's clothing. School uniforms and fashion censoring were the only ways to go. How could we expect young girls to grow up with any self-respect when they walked around dressed like sluts? It led to sexual acts they weren't ready for, not to mention instilling in them the idea that their value came from appearance, not character. I thought of the lacy purple thong I wore under my jeans just then. What was wrong with character and sex appeal? The third one we listened to concerned the futility of teaching teenagers about safe sex and contraception. Abstinence training was the way to go. Keep them in pure ignorance. End of story. â€Å"Enough,† I said at that point. Her shallow, prejudiced values cloaked in so-called love and kindness unsettled the food in my stomach. Bastien grinned. â€Å"Still think it's just one lay?† I stretched back on my carpet, resting my feet on his lap. He massaged them for me. â€Å"I hate hypocrites, good or evil. Doesn't matter what they're touting.† â€Å"You should hear some of her background, some of the past issues she's advocated for with her group. Lovely stuff there – I researched her all day. I can pull it up for you. â€Å" I held up a hand. â€Å"No, please. I believe you. The bitch must fall, okay? If I had a sword, I'd tap your shoulders and send you off with my blessings.† He lay down beside me. â€Å"Well, why don't you take a front-row seat then? Come to the party with me. I'm sure no one would mind if Mitch brought his sister.† â€Å"Party on the Eastside? My blessing only goes so far.† â€Å"Oh, come on. Admit it. You have a perverse desire to meet her in the flesh. Besides, it's been a while since you've seen me in action. You might pick up on a few things. Get some pointers.† Laughing, I rolled over on my side to better study him. â€Å"Like I need pointers from you.† He rolled to his side as well, smirking. â€Å"Yeah? Then prove it. Let's go out tonight. Let's go hunting.† My smile diminished. â€Å"What?† â€Å"Just like the old days. We'll find some club, work up a sweat, then tag respective fixes for the night.† Bittersweet memories flashed into my brain, recalling the French cabarets of the nineteenth century. Bastien and I would go out in fine form, separate, and meet back in the morning to laugh and brag about our conquests. The game no longer held much appeal. â€Å"I don't do that anymore. I told you that.† â€Å"Yeah, but you've still got to survive.† â€Å"I am surviving. I got a fix just a couple days ago. I'm set for a while. â€Å" Bastien scowled. â€Å"A few days ago? Bleh. This writer guy's making you boring. â€Å" â€Å"Hey, it has nothing to do with him. It's my choice.† â€Å"Sure.† â€Å"What's with the tone?† â€Å"Not sure. I mean, I thought the whole writer-dating thing was amusing at first – even if he seems kind of dull and will probably only end up causing you pain. But now I'm starting to think it's indicative of a larger issue with you. I mean, there's the whole nice guy hang-up to begin with. Then you're, what? An assistant manager at a bookstore? Not to mention the fact that you have a cat.† Aubrey glared, and so did I. â€Å"There's nothing wrong with having a cat. And Seth isn't dull.† â€Å"I suppose you'd know better. He just didn't really strike me as much, that's all. If you wanted to obsess about a mortal, I could find you a better one.† â€Å"I don't want a better one. I mean, there is no better one. I want him.† â€Å"Suit yourself. You're just becoming ordinary, that's all. You used to be extraordinary.† â€Å"Ouch. All this because I won't go out with you tonight?† Bastien shrugged. â€Å"Okay then. We'll go. But no victim for me.† â€Å"Fair enough.† We went down to a club in Pioneer Square, both of us groomed to the kind of sexy, beautiful perfection that only an incubus and a succubus could achieve. I had pulled my hair up in messy, sex-kitten glory and wore a baby blue tank top with a V-neck that almost went to my belly button. The opening was covered in very sheer lace and made wearing a bra utterly pointless. So I didn't. The tension between us evaporated as we hit the dance floor. The rhythm pulsed through me, the movement and sweat intoxicating. Bastien and I danced together for a while, both of us aware of the admirers we drew, even in a packed room like this. Physical attraction was about so much more than just superficial appearance. It was about eye contact, outgoingness, and movement too. Incubi and succubi learn this early on, and the good ones move with a grace few mortals can match. I, who had danced well before becoming a succubus, knew I was among the best when it came to body language. Watching us was irresistible. A turn-on in itself. After a while, we split up. The results of the succubus game distressed me sometimes, but the game itself was fun. Very fun. I moved from partner to partner, thriving on the effect I created, on the desire I could see mounting in those whose bodies mine toyed with. It was why, despite my frequent bitching, I had given up my mortal soul for this vocation. I confess, that the thought of going home with someone grew tantalizing, my body warming to the idea of someone's hands upon me, but then I thought about Seth and his determined adherence to the arrangement we'd entered into. No. No superfluous victims for me tonight. I could be good. I wanted to be good. I'd wait until I actually needed a recharge. From across the room, Bastien inclined his head to me when he left the club, his arm around a small, entranced blonde. When he turned, I noticed a brunette in his other arm. Overachiever. It was two in the morning when I finally made it home. I woke aching and tired the next day, the weather making me feel worse. Rain formed a steady gray curtain as I walked to work. Everything seemed colder. I had been raised in a warm Mediterranean climate; I could never quite accept these kinds of temperatures. When I showed up at the bookstore, it had once again opened without me. Oddly, though, despite exactly the same staff working today, I didn't get the same boisterous greetings as yesterday. Casey and Janice, on the registers, paused in their work to watch me walk in, their expressions enigmatic. Janice leaned over, murmuring something in the other woman's ear. When they noticed my curious look, they both forced smiles. â€Å"Hey, Georgina.† â€Å"Hey,† I responded, puzzled and slightly uncomfortable. Passing by the information desk a moment later, I found Beth regarding me with an equally peculiar look. â€Å"How's it going?† I asked when she didn't say anything. â€Å"Fine.† She hastily turned to the computer screen in front of her. Now, I'd been subjected to my share of strange looks upon coming into work before, but this was weird even for me. Sometimes, after being with a lover, their absorbed life energy gave me a glamour that unconsciously attracted mortals. It was the same glow that Hugh had teased me about during poker. That was not to blame now, however. My last fix, as I'd told Bastien, had occurred a few days ago. The glow would have weakened by now. Besides, I know entranced looks when I saw them. These were not it. These were curious, what-is-she-doing looks. The kind of looks you get when you have food on your face or a missing button. The likelihood of either of those seemed low, but I ducked into the restroom anyway, just to check. Nope. Flawless. A long denim skirt and a navy, off-the-shoulder sweater. Both smooth and perfect. Makeup in place. Unbound hair hanging to the bottom of my shoulder blades. A typical look for me. Nothing to warrant this attention. Assuming I was reading too much into things, I continued on to thecafe,getting a friendly nod from Seth as he worked in his corner. At least he was behaving normally. A new barista bustled at the espresso bar, and she nearly dropped the cups she held upon seeing me. â€Å"H-hi,† she stammered out, wide-eyed, looking me over from head-to-toe. â€Å"Hi,† I returned. This woman didn't even know me. Why was she acting weirdly too? â€Å"Medium white-chocolate mocha.† It took her a moment to churn into action, writing my order on a cup. As she rang it up at the register, she asked curiously, â€Å"You're Georgina, right?† â€Å"Um, yeah. Why?† â€Å"Just heard of you, that's all.† She looked back down. She said no more to me after that, simply making and handing me the mocha. Taking it, I walked over to Seth and sat across from him. The barista continued watching us with interest, though she immediately turned away upon catching my eye. â€Å"Hey,† Seth greeted me, eyes and fingers busy. â€Å"Hey,† I returned. â€Å"Everyone's acting really weird today.† He glanced up. â€Å"Are they?† I immediately recognized the thrall he fell into when his writing seized him. He became even more distracted and scattered than usual under such conditions. A succubus should be so lucky to have that kind of effect on a man. â€Å"Yeah. Have you noticed anything? I feel like people are staring at me.† He shook his head, stifling a yawn before returning to typing. â€Å"Things seem the same to me. I like your sweater. Maybe it's that.† â€Å"Maybe,† I conceded, slightly mollified by the compliment, even if I didn't believe it. Not wanting to distract him further, I stood up and stretched. â€Å"I should get back to work.† Glancing over at the espresso bar, I noticed Andy, one of the cashiers, buying coffee. â€Å"There!† I hissed to Seth. â€Å"Did you see that?† â€Å"See what?† â€Å"Andy just smirked.† â€Å"No he didn't.† â€Å"He did. I swear it.† When I went downstairs, back to the main part of the store, I passed Warren. Mid-fifties and strikingly handsome, the store's morally questionable owner had once been a regular for me before I'd promised Jerome I'd go back to seducing good men. Warren and I had not had sex in some time. Considering my current regiment of decent souls, I kind of missed having an occasional guilt-free one. â€Å"Hello, Georgina.† I was relieved to see he at least didn't give me any of those gaping looks. â€Å"Been up talking to Mortensen, I presume?† â€Å"Yes,† I agreed, wondering if I was going to be chastised for not getting to work right away. â€Å"Pity you had to take the stairs. We do have an elevator, you know. â€Å" Now I stared open-mouthed. Of course we had an elevator. It was key operated, there for handicapped customers and shipment transport, and was almost never used otherwise. â€Å"Yes. I know that.† Warren winked at me and continued on his way upstairs. â€Å"Just making sure.† Shaking my head, I went back to the main floor and took over a register, giving Andy his lunch break. Janice and Casey remained stiff with me at first, eventually warming somewhat as time progressed. Other staff, moving in and out around me, continued to give me wondering looks, occasionally whispering to each other when they thought I wouldn't notice. When Seth passed by at one point to tell me he had to run errands but would see me later, I thought Beth – dropping off a book – might pass out. â€Å"All right,† I exclaimed once Seth was gone, â€Å"what's going on here?† Casey, Beth, and Janice all turned sheepish. â€Å"Nothing, Georgina, honest.† Beth gave me what was apparently supposed to be a winning smile. The others remained silent, faces perfectly innocent, nigh angelic. I didn't believe any of it, of course. Something weird was going on. Weirder than usual. I needed answers, and there was only one person in the store candid enough to give them to me. Shutting down my register, I stormed back to my office where Doug sat occupied by the computer. Bursting in, I opened my mouth, ready to rant and rave. He jumped about two feet in the air at my sudden arrival, reflexes kicking in with astonishing speed so as not to slosh coffee from the cup he had just raised to his lips. There was a funny look on his face, almost like guilt. No doubt another Tetris game was in progress. But it wasn't that that delayed my tirade. A strange feeling was creeping along my flesh – a feeling that brushed my immortal senses, rather than the usual five that accompanied a human body. It felt weird, almost uncomfortable. Like nails raking down a chalkboard. Nothing I could identify or had even ever felt before. I looked around the room, half-expecting to find another immortal lurking, even though that strange sensation didn't quite touch me like the signature I'd usually feel off of an individual. Doug drank from the cup and then set it down, watching me with bemused calmness. â€Å"Something I can help you with, Kincaid?† Blinking, I gave the office another once-over and then shook my head. The feeling disappeared. What the hell? I could have blamed it on stress-induced imagination, but after over a millennium of succubus life, I doubted my immortal senses would start falling prey to hallucinations now. And yet the only thing in here that could possibly be construed as supernatural or divine was Doug's Tetris mastery. That, I thought wryly, had more to do with hours of skirting work than any sort of magic. Remembering my righteous fury, I pushed aside that momentary weirdness and ratcheted my anger back up to the other weirdness in my life. â€Å"What the fuck is going on?† I exclaimed, slamming the door. â€Å"My sweet Tetriss kills?† â€Å"No! With everyone! Why is everyone treating me so strangely today? They keep staring at me like I'm a freak or something.† Doug's expression stayed baffled, and then I saw understanding flood his face. â€Å"Ah. That. You really don't know?† I could have grabbed his neck and shook him. â€Å"Of course I don't know! What's going on?† Casually, he moved some papers around on the desk and lifted up a copy of American Mystery. â€Å"You read Seth's story yet?† â€Å"I haven't had time.† He tossed me the magazine. â€Å"Do it. Go take your dinner break somewhere – not here – and read. I won't leave until you get back.† Looking at the time, I realized his shift was nearly over. â€Å"But what's that got to do with – â€Å" He held up a hand to silence me. â€Å"Just read it. Now.† Scowling, I took the magazine and left the store, settling myself at one of my favoritecafesdown the street. With clam chowder secured, I turned to the first page, wondering what in the world Doug expected me to find. As Seth had explained a few weeks ago, the story was more of a self-contained mystery, dealing little with the overarching psychology and development of his characters. Cady and O'Neill worked for a fictitious institute based out of Washington, D.C., one that researched and secured archaeological and artistic relics. Thus, the two often found themselves liberating art from international thieves or uncovering mysterious code on a piece of pottery. In traditionally gendered styles, Bryant O'Neill worked as a sort of field agent, doing most of the physical work, getting into a lot of fist-fights and whatnot. Demure Nina Cady focused on the research, often staying up late to unravel some key piece of evidence in an ancient text. This particular story contained a lot of those same elements, but like always, Seth's beautiful writing and quick, witty dialogue kept the material captivating. In another trend consistent with his characters' behavior, O'Neill almost always got involved with some beautiful woman, though Seth's last book had turned this pattern on its head, letting Cady finally see some action. The story I read today fell into old ways, and O'Neill, in his ever suave manner, made the moves on a stunning museum curator: Genevieve sauntered through the halls, a queen among subjects, surveying people and displays with both calculation and command. With those green-flecked hazel eyes, she put him in mind of a cat sizing up its next meal. He felt exactly like prey as she paused in front of him, favoring him with a languid look that oozed over his body, her tongue lightly moistening bee-stung lips. Oh God, to be a mouse, he thought. â€Å"Mr. O'Neill,† she purred, brushing a lock of that shining hair away from her face. Faint streaks of honey laced those pale brown strands, like gold veins in ore. He wanted to bury his face in it. He wanted to taste it. â€Å"You're late.† Despite nearly a foot separating their heights, he felt like the underling here, like he should do penance for his tardiness and kneel in her presence. Not that he would mind that so much, he decided, trying not to stare at the way her dress's thin material molded itself to her hips and full breasts. Those breasts, he decided, were perfect. Definitely impressive in size, but not grotesquely out of control. And their shape†¦ah, even a master sculptor could never have duplicated those exquisite curves†¦ Realizing she expected a response, he filed his base thoughts away under L for Later and gave her an unruffled smile. â€Å"My apologies.† Now probably wasn't the time to mention the attack back at his hotel. â€Å"But I never rush anything. At least not when a woman's involved. â€Å" With that being only the mildest of the suggestive dialogue, I wasn't surprised when things escalated between them near the end of the story. After all, I thought dryly, it wouldn't be a true Cady and O'Neill experience if someone didn't score. And man, did he score. The feline comparisons were right on because Genevieve was a cat in heat. She ended up tying O'Neill up in an elevator, performing an array of kinky acts on him that made even me raise an eyebrow. I was surprised American Mystery hadn't edited them out, though I'd be lying if I said it wasn't sort of a turn-on to realize such sordidness had come from mild, complacent – Elevator? We do have an elevator, you know, Warren had told me. Light brown hair. Hazel-green eyes. Petite. Nice breasts. â€Å"Ahh!† I cried, dropping the magazine as if it might bite me. It landed next to my now-empty bowl, and a passing waitress gave me a startled look. Hastily leaving a wad of cash on the table, I grabbed my coat and purse and sprinted back to the bookstore. Doug was still playing Tetris in our office, but I was too upset to speculate much on what was again an amazing performance. All those looks. The whispers and smirks. It all made sense now. â€Å"They think it's me!† I told him, making him jump for the second time that day.† Genevieve. They all think I'm some sort of horny, rope-wielding, elevator-fetish dominatrix!† Doug raised an eyebrow. â€Å"You mean you aren't?†