Impacts of Playing Video Games on Learning in Children Essays

Impacts of Playing Video Games on Learning in Children Essays Impacts of Playing Video Games on Learning in Children Essay Impacts of Playing Video Games on Learning in Children Essay Impacts of playing video games on learning in children EDIT 6900 Dr. Janette Hill Spring 2006 March 29, 2006 Myoungjin Yang Tollett Department of Educational Psychology and Instructional Technology The University of Georgia, Athens, Georgia Introduction It has been fascinating for me to watch my 6-year old nephew playing video games since he was three. Many family members have expressed their concerns regarding the number of hours he spends playing video games, about consequences related to his social and behavioral development, and so forth. Thus far, we see no negative influence in his social and behavioral outcomes. According to his mother, he learns Bible stories by playing video games, and he has even learned how to read through a video game. His mother who is a high school teacher is a strong believer in using computer or video games for children in learning. She also stated that more educationally structured computer or video games are needed for young children. Ironically, the video games that taught my nephew how to read were not considered â€Å"educational† games. I have another nephew with severe learning disabilities, Attention Deficit/ Hyperactivity Disorder (ADHD) being one of them. The only thing that keeps him focused and stable for more than 30 minutes is playing computer or video games. His caregiver has tried different games to engage him with learning. Regardless of the caregiver’s strong belief in using games for him to learn simple arithmetic, he has not made significant progress yet on learning basic mathematics. Nonetheless, the caregiver insists that it is because there are not many computer and video games that are designed for children like my nephew with severe learning disabilities regardless of whether or not the games are educational. It is commonly known that the average attention span in young children or children with learning disabilities is very limited. Considering that, it is amazing to watch my nephews intensively playing video games for hours at a time. According to EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 1 VanDeventer White (2002), an average child (not an advanced video game player) may spend from 50 to 300 hours annually playing video games and that by the age of 10, a child may have had thousands of hours of experience with video games. It is no surprise that the video game market grew in annual sales from $100 million in 1985 to $4 billion in 1990 (Emes, 1997) and $7 billion in 2005, more than doubling sales within the software industry since 1996 (Entertainment Software Association, 2006). Today, it is obvious that children spend a lot of time playing video games and their parents spend a lot of resources providing their children or even themselves with video games in America and worldwide. While it does not seem realistic to prohibit children from playing video games, researchers have attempted to answer questions for concerned parents, caregivers and educators: â€Å"Are video games harmful to our children? † (Emes, 1997, p. 409), â€Å"Do children who play video games learn better than peers who do not? † (Din Calao, 2001, p. 8), â€Å"Can video games be a useful tool in promoting learning within the classroom? † (Rosas et al. , 2003, p. 71), â€Å"What are the consequences of game play on the cognition of those who play them? † (Squire, 2004, p. 34), â€Å"Can meaningful learning occur while children play video games? † and so forth. To start exploring the potential impact or implications of playing games at a young age, I inform ally interviewed several adult game players. They indicated that they started playing video games when they were between 8 and 10 years of age. They stated that they typically prefer playing video games with friends and acknowledged that playing games with friends is a valuable social activity. They also admitted that violent contents or other negative contents might influence young audiences in negative ways. At EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 2 the same time, they also acknowledged potential positive impacts of playing video games on problem-solving skills, decision-making skills, and cognitive development. That leaves me with an overarching question: If children can learn something and/or benefit from playing video games, why should we not find a way to facilitate and guide the activities? Research Questions I intend to synthesize potential advantages and disadvantages for children who play video games in regard to learning, cognitive development, and social and behavioral issues. More detailed research questions are as follow: o Can meaningful learning occur while children play video games? o What are the positive and negative consequences of game play on children? Methods In this review, the term video games is used to refer to electronically controlled games played on any platform such as computer, over the Internet, handheld devices, console systems, and various game-like technology toys. I originally narrowed this research focus to young children between ages 3 and 8. However, it has been extremely difficult to locate such literatures with credible authors. Therefore, I have expanded the focus to include studies targeting children at any elementary school age or younger. Literature searches have been conducted through the GALILEO databases including Education Full Text, ERIC, Psyc INFO and Web of Science. I also have found Google Scholar useful for locating more general articles or documents. I have used the following search terms to identify relevant literature: children and video game, children EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 3 and computer game, children, violence and video game, children, and cognition and video game. In addition, an online journal Innovate was thoroughly reviewed for potential literature since the journal featured â€Å"gaming and education† in multiple occasions. I also solicited Dr. Lloyd Rieber, a professor in Instructional Technology at the University of Georgia, and Michael Barbour, a doctoral candidate in Instructional Technology at the University of Georgia, for advice in locating such literatures. The Journal of Computing in Childhood Education was reviewed as recommended by Dr. Reiber, and he also led me to a book chapter written by Dr. Yasmin Kafai (1994). Michael Barbour recommended an electronic journal, Games and Culture from Sage Publications and Innovate, and an online magazine Game Developer Magazine. He also offered his collections of gaming literatures that are related to education. As a result, I located over 40 peer-reviewed publications and many other related documents and articles to write this literature synthesis. reference Literature Synthesis The influence of video games has been one of the most controversial issues regarding children. Some researchers have proposed that children could become violent by playing video games and children could also become less sociable as a result of playing video games (Griffith, 1999). By contrast, Squire et al. (2005) found playing games (a computer game, Civilization III, in this case) to is fundamentally a social experience with every participant showing a desire to share his or her game play with other people. In order to understand consequences of playing video games on children, it EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 4 s important to understand today’s children, â€Å"the new generation†, and how they are different from their predecessors. The New Generation The average American child grows up in a home with two televisions, three tape players, three radios, two VCRs, two CD players, one video game player and one computer (Kaiser Family Foundation, 2005). According to parents, children between the ages of 2 and 17 spend almost 6? hours a day in front of electronic video screens – television, video games or a computer (Woodward Gridina, 2000). A study of over 2,000 young persons ages 8 to 18 years (3rd through 12th graders) found that 83% of them have at least one video game player in their home, 31% have 3 or more video game players in their home, and 49% have video game players in their bedrooms (Roberts, Foeher, and Rideout, 2005 as cited by Institute on Media and the Family, 2001). According to Prensky (2001b): |Our children today are being socialized in a way that is vastly different from their parents. The numbers | |are overwhelming: over 10,000 hours playing video games, over 200,000 emails and instant messages sent and | |received; over 10,000 hours talking on digital cell phones; over 20,000 hours watching TV, over 500,000 | |commercials seen – all before the kids leave college (p. 1) | Prensky (2001a) uses the term Digital Natives to refer to today’s children: ‘They – K through college – are all â€Å"native speakers† of the digital language of computers, video games and the Internet’ (p. ). Recently, more researchers have shared the similar notion that there is a new generation entirely different from their predecessors and those differences are driven by one central factor: growing up playing video games and EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 5 surrounded by other electronic media (Beck Wade, 2004; Carstens Beck, 2005; Kirkley Kirkley, 2005; Shaffer, Squire, Halverson, Gee, 2005; Gros, 2003; Simp son, 2005). According to Prensky (2001a), it becomes clear that as a result of this ubiquitous environment and the sheer volume of their interaction with it, today’s children think and process information fundamentally differently from their predecessors. Therefore, they are no longer the people our educational system was designed to teach. This new generation – Digital Natives – is accustomed to the twitch-speed, multitasking, random-access, graphics-first, active, connected, fun, fantasy, quick-payoff world of their video games, MTV, and Internet (Prensky, 2001b). Of the ubiquitous environment that today’s children are exposed to, this paper is focused on video games and synthesized foundations of the relationship between video games and well-known learning theories in the next section. Foundations of Video Games and Learning Rieber, Smith Noah (1998) introduce two distinct applications of games in education: game playing and game designing. Whereas game playing is the traditional approach where one provides ready-made games to students, game designing assumes that the act of building a game is itself a path to learning. Learning by designing is a central idea in constructivism (Harel Papert, 1990, 1992; Perkins, 1986 as cited by Rieber, Smith, Noah, 1998) and game design is beginning to attract attention in the constructivist literature (Kafai, 1992, 1994a, 1994b as cited by Rieber, Smith, Noah, 1998). Nonetheless, the scope of this paper is limited to the â€Å"playing† aspects of video games in relation to learning. EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 6 Play is one of the most natural and spontaneous activities for young children (Curry Arnaud, 1995). Rieber, Smith Noah (1998) assert that play is derived from the longstanding goal in education of how to promote situations where a person is motivated to learn, is engaged in the learning act, is willing to go to great lengths to ensure that learning will occur, and at the same time finds the learning process to be satisfying and rewarding; therefore, play is an essential part of the learning process throughout life and should not be neglected. Rieber, Smith, Noah (1998) call it â€Å"serious play† to refers to a special kind of intense learning experience in which both adults and children voluntarily devote enormous amounts of time, energy and commitment and at the same time derive great enjoyment from the experience. This kind of play is an ideal construct for linking human cognition and educational applications of technology. It is important to note that for many of today’s children, the chosen form of play is video games (VanDeventer White, 2002) as more children play video games for longer periods of time and the average age that a child starts playing video games is getting much younger now a days. Kaiser Family Foundation conducted random-digital-dial telephone survey of more than 1,000 children and their parents (2003): 30% of children ages zero to six have played video games; by the time they are preschoolers, 16% of children are more likely to play video games on a daily basis (24% of boys; 8% of girls). Although the primary purpose of video games is entertainment, the underlying design employs a variety of strategies and techniques intended to engage players in â€Å"gameplay† (Dickey, 2005). Research into psychological and sociological benefits of play also revealed that games support intrinsic motivation as well as opportunities for EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 7 imitation and learning by providing feedback, fantasy, and challenges (Rieber, 1996). Gee (2005) argues that good commercial video games are already state-of-the-art learning games because they have been so successful in attracting and maintaining players. Although the games are often long, hard and complex, it is clear that commercially successful games appear to have solved this central paradox of learning. The theoretical foundations of engaged learning can be found in both cognitive and constructivist perspectives. Research from a constructivist perspective focuses on the relationship between the player-learner and the environment, and the social aspects of the design, whereas research from a cognitive perspective focuses on the internal aspects of motivation and schema as fostered by design (Dickey, 2005). It is productive to view these perspectives as mutually complementary points of view (Sfard, 1998). Conceptualized by Piaget (1970) but also applied within the work of other influential figures such as Vygotsky (1978), Biggs (1999), and Wenger (1998), constructivist theory suggests that learning is intrinsically linked to learners’ sense of identity. While playing video games, learners come to know themselves and what they are becoming through personal experience and critical reflection on their beliefs about the world in which they live and the domains in which they hold affective agency (Begg, Dewhurst, Macleod, 2005). By creating virtual worlds, games integrate knowing and doing. Games bring together ways of knowing, ways of doing, ways of being, and ways of caring: the situated understanding, effective social practices, powerful identities, and shared values that make someone an expert (Shaffer et al. , 2005). Too often, â€Å"fun games are designed and instructional designers come in and suck all the fun out of it† in the quest to meet instructional goals (Kirkley Kirkley, 2005, p. 43). With advances in EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 8 echnologies, there are exciting opportunities to design learning environments that are realistic, authentic, engaging and extremely fun (Kirkley Kirkley, 2005). Some researchers have proposed criteria for the elements that make video games effective on attracting and engaging players and retaining their attention. For example, according to Rosas et al. (2003), the most highlighted features that make video games effective ar e as follows (p. 75): A clear goal: almost all video games are goal-related; the games have a clear and specific goal that children must try to reach (e. . rescuing the princess, etc. ) Adequate level of complexity, not too low but not too high High speed: most video games have a much faster speed than traditional mechanical games Incorporated instructions: in most video games, children are given instructions while playing the game and do not need to read instructions Independence from physical laws: video games normally do not follow the physical laws of the nature Holding power: they capture players’ attention and continue to do so as the game builds a microworld with its own rules and regulations Therefore, enjoyable educational video games must include elements of 1) challenge: clear, meaningful and multiple goals, uncertain outcomes, variable difficulty levels, randomness, and constant feedback, 2) fantasy: a character with whom players can identify, use of an emotionally appealing fantasy directly linked to the activity, and use of metaphors, 3) two types of curiosity: sensory curiosity (audio and visual effects) and EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 9 ognitive curiosity (surprises and constructive feedback) (Beltra, 1990; Kafai, 1997; Lepper Malone, 1987; Malone, 1980 as cited by Rosas et al. , 2003). Findings from Research Studies Like books, movies, and television show, video games can be used in antisocial ways. Games are inherently simplifications of reality, and current games are often associated with violent and sometimes misogynistic themes (Shaffer et al. , 2005). As Griffiths (1999) points out, one of the main concerns that has const antly been raised against video and computer games is that most of the games are claimed to feature aggressive elements. This has led some critiques to state that children become more aggressive after playing such games (Koop, 1982; Zimbardo, 1982 as cited by Griffiths, 1999). However, these assertions have been made without adequate empirical support. As cited by VanDeventer White (2002), earlier studies of â€Å"non-educational† video games have focused largely on issues of sex stereotypes, aggression, and equity and culture. Some studies have examined motor and spatial skills, simulation and tracking tasks. For example, a study by Irwin and Gross (1995) sought to identify effects of playing an â€Å"aggressive† versus â€Å"non-aggressive† video game on second-grade boys identified as impulsive or reflective. Boys who played the aggressive game, compared to those who had played the non-aggressive game, displayed more verbal and physical aggression to inanimate objects and playmates during a subsequent free play session. Moreover, these differences were not related to the boys’ impulsive or reflective traits. Kirsh (1997 as cited by Cesarone, 1998) also investigated the effects of playing a violent versus a non-violent video game. After playing these games, third- and fourth-graders were asked questions about a hypothetical story. On three of six questions, the EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 10 children who had played the violent game responded more negatively about the harmful actions of a story character whose intent was ambiguous than did the other children. These results suggest that playing violent video games may make children more likely to attribute hostile intentions to others. Nonetheless, Funk, Germann, and Buchman (1997) state that there is insufficient laboratory research to support strong causal statements about the effects of playing violent video games on children’s aggression based on a review of video game research in the 1980s and 1990s. They note that in studies that use behavioral observation to measure aggression, trends suggest some increases in aggression after children play or watch violent games. However, these trends are not so clear in studies that use other measures of aggression (e. g. measuring children’s willingness to help or hurt another child). According to Griffiths (1999), a growing number of studies examining the effects of video games on aggression have only involved a measure of possible short-term aggressive consequences. The majority of the studies on very young children – as opposed to those in their teens upwards – tended to show that children do become more aggressive after either playing or watching a violent video game but these were all based on the observation of a child’s free play. There is much speculation as to whether the procedures to measure aggression levels are valid and reliable. An interesting study was conducted by Fortis-Diaz (1998) on children’s aggressive behaviors after watching or playing violent contents through video games, television or any other media. She observed her kindergarten students during several periods of free play. Particular attention was given to the occurrences of aggression in their play and the circumstances surrounding them. Different strategies were EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 11 implemented in an effort to redirect the aggressive acts after watching or playing video games which may or may not include â€Å"violent contents†. She reports a slight decline in the children’s aggressive play. She concludes that â€Å"we can do something to help redirect the aggression that they are so ready to imitate, if we just take the time to watch and guide† (p. 237). On the other hand, studies of â€Å"educational† games have primarily examined design, cognitive and curriculum aspects (VanDeventer White, 2002). Din and Calao (2001) conducted a study with 47 preschool age children from two classes of an urban school in the northeastern region. The experimental group who played educational video games showed significant increase in spelling and decoding areas than the control group but no difference was found in the math area. The authors concluded that playing the Lightspan educational video games for these young students might have played a facilitative role in their learning of the verbal skills, which are age appropriate tasks for them. However, the experimental group did not show significant improvements in math perhaps because these children were not ready in terms of maturity. A similar study was conducted by Rosas et al. 2003) in Santiago de Chile with 1,274 first- and second-grade students, their 30 school teachers, and directors of six schools. The authors used mixed quantitative and qualitative methods over a 3-month period. Although no significant differences were found in academic performance that would suggest a relationship with playing video games, teacher reports and classroom observations confirm an improv ement in participants’ motivation to learn, and a positive technological transfer of the experimental tool. The authors concluded that further studies regarding the effects of learning through videogame use are imperative. However, they EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 12 acknowledge positive effects on motivation and classroom dynamics indicating that the introduction of educational video games can be a useful tool in promoting learning within the classroom. In the similar notion, Squire et al. (2005) conducted design-based research attempting to find consequences of game play on the cognition of those who play them. Eleven elementary students who were African-American and socio-economically challenged attended twice a week in two-hour sessions and were observed and interviewed for five weeks. The authors argue that these children developed expertise in playing the historical simulation game Civilization III as a form of digital literacy. This study suggests that expert strategy simulation game knowledge is a flexible, systemic level understanding of a game system rather than a simple heuristic understanding. All participants reported increased knowledge of maps, timelines and historical terms and, as has been hypothesized by game theorists, factual knowledge â€Å"came for free† for these players. Children playing in pairs led to increased engagement as they had 1) someone with whom to discuss strategies, leading to greater reflection and less confusion and 2) someone to share in struggles, leading them to not â€Å"blame themselves† for their confusion. Game play was fundamentally a social experience and every participant showed a desire to share his/her game play with other people. The multiplayer game format amplified interest for most male players. This finding suggests the potential value of collaborative/competitive multiplayer games for literacy. The role of the facilitators as expert game players thoroughly mediated gamers’ experience. Another approach of determining educational effects of playing video games was introduced by VanDeventer and White (2002). They conducted a study investigating the EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 13 display of â€Å"expert† behavior by outstanding video game-playing children. Seven highly proficient, video game playing, 10- and 11-year-old children were observed in the act of teaching adult â€Å"foils† how to play one of two popular home video games. The evidence indicated that the children demonstrate expert behaviors. The authors assert that this finding has significant potential import for educators because it may be possible to leverage these expert skills to more commonly valued academic domains. For example, can pattern recognition skills demonstrated in video game play be applied to pattern recognition in mathematics and science? Conclusion As indicated in the New Generation section, it is clear that today’s children live in a whole different world than the one in which their parents and teachers grew up. Like it or not as a parent or a teacher, children play video games and will continue to play them. As Carstens and Beck (2005) state, â€Å"sooner or later, those who grew up without video games will have to understand the gamers† (p. 22) which means not only learning what encourages them to learn and how they learn, but also finding ways to redesign educational and training curricula around their needs. This paper provides a strong foundation of video games in relation to learning and suggests potential benefits that well-designed video games can bring to the community of practice (parents, teachers, educators, researchers and students/children). As cited in the Foundation of Video Games and Learning section, many studies suggest that good video games engage children and sustain their attention for a longer time than any other educational environment can. The question is whether or not we, as parents, teachers, EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 14 educators and researchers, are ready to support learning for the new generation in the ways that today’s children are accustomed to. As we know there is no one perfect standardized environment for our children to learn and live and there never will be, and worst of all, the world is continually shifting on us: Are we ready to guide our children of the new generation in the ever-changing world? In the past, I have not believed in exposing young children to multimedia especially video games. However, I am beginning to believe that there might be something that we, as adults who did not grow up with the same kinds of multimedia and technologies that are presently available, simply do not understand. Implications for Practice Are you ready for the game generation? Prensky (2001b) defines that â€Å"those of us who were not born into the digital world but have, at some later point in our lives, become fascinated by and adopted many or most aspects of the new technology are Digital Immigrants†(p. 1) as opposed to the new generation of Digital Natives. As video games become a bigger influence on our culture, we will need to pay attention to the ins and outs of what gamers are thinking not only today, but also tomorrow. It is going to take some effort, but in the end, it will keep you in the game (Carstens Beck, 2005). Shaffer et al. (2005) assert that our children will learn from video games. This interest in games is encouraging, but most educational games to date have been produced in the absence of any coherent theory of learning or underlying body of research. We, as researchers and educators, need to understand 1) how the conventions of good commercial games create compelling virtual worlds 2) how inhabiting a virtual world EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 15 develops situated knowledge 3) how game players develop effective social practices and skills in navigating complex systems and 3) how those skills can support learning in other complex domains. Video games have the potential to change the landscape of education as we know it. According to the survey conducted by Kaiser Family Foundation (2003), whereas 72% of parents of young children (ages six years or younger) believe that using a computer â€Å"mostly helps† children learn, and just 5% believe that it â€Å"mostly hurts†, parents are less enthusiastic about the educational value of video games than any other medium – computer, Internet and television – addressed in this survey. 0% of parents from the same group believe video games mostly hurt children’s learning, 22% think they mostly help children’s learning, meanwhile 27% believe they don’t have much effect one way or the other. Parents of older children (ages 8 through 18) think either they do not feel that their children spend too much time playing with electronic media including video games or they have given up trying to discourage them from playing (Kaiser Family Fo undation, 2005). Nonetheless, parents are the driving force behind the video game industry (Simpson, 2005). In 2004, over 50% of parents polled said they were going to buy their child a video game for Christmas (Entertainment Software Association, 2004 as cited by Simpson, 2005). Today’s parents are clueless as to what their children are doing with the video games that they are so eager to buy. The majority of today’s teachers are women (79%) with an average age of 46. In some states, 60% of the teachers are over 50 (National Center for Educational Statistics, 2003). Teachers typically do not see the video game as a learning tool. Many school leaders and teachers react negatively to video games and gaming culture, bashing video EDIT 6900 – Literature Synthesis Myoungjin Yang Tollett 16 games as diversionary threats to the integrity of schooling or as destructive activities that corrupt moral capacity and create a sedentary, motivation-destroying lifestyle (Halverson, 2005). While teachers are working within an environment where change tends to be slow, money scarce and bureaucracy plentiful, their students are living in an environment where change is rapid, constant and anticipated (Simpson, 2005). The success of video games at motivating students suggests that schools may bring gaming in from the periphery to reconsider the institutional barriers to change. Simply recognizing games as potent learning environments would be a start for counteracting the current anti-gaming rhetoric. Schools can then take steps to incorporate gaming principles in the design of school learning environments (Halverson, 2005). As a parent, teacher, or educator, Prensky (2006) suggests taking these seven steps to ensure your children’s education and future (pp. 141-149): Educate yourself by locating sources of positive information about digital kids, about video gaming, and what your kids are learning from their games and by getting a feel for what it’s like to learn from games Start asking your kids the right questions: ask open-ended questions that show you are truly curious to find out about what they are involved in. Educate your family by sharing articles and quotes Look over yo ur kid’s shoulder (with permission) Go game browsing with your kids Play a game or two yourself Help organize LAN parties and/or start a game club: this is a radical solution for those who really get into games

Definition of Commonplace in Rhetoric

Definition of Commonplace in Rhetoric The term commonplace has multiple meanings in rhetoric: Classical Rhetoric 1. In classical rhetoric, a commonplace is a statement or bit of knowledge that is commonly shared by members of an audience or a community.   Meaning of Commonplace in Rhetoric 2. A commonplace is an elementary rhetorical exercise, one of the progymnasmata. (See What Are the Progymnasmata?) 3. In invention, commonplace is another term for a common topic. Also known as  topoi (in Greek) and   loci (in Latin).Also see: Commonplace BookEnthymemeTopoiTopic Commonplace Examples and Observations Life holds one great but quite commonplace mystery. Though shared by each of us and known to all, it seldom rates a second thought. That mystery, which most of us take for granted and never think twice about, is time.(Michael Ende, Momo. Doubleday, 1985)[In John Miltons Paradise Lost, the devils] speech to the deities of the void is a deliberative oration; he seeks to persuade them to give him information he needs by pleading the advantage his mission will bring them. He bases his argument on the commonplace of regal power and imperial jurisdiction, promising to expel All usurpation from the new-created world and to re-erect there the Standard . . . of ancient Night.(John M. Steadman, Miltons Epic Characters. University of North Carolina Press, 1968) Aristotle on Commonplaces - The commonplaces or topics are locations of standard categories of arguments. Aristotle distinguishes four common topics: whether a thing has occurred, whether it will occur, whether things are bigger or smaller than they seem, and whether a thing is or is not possible. Other commonplaces are definition, comparison, relationship, and testimony, each with its own subtopics. . . . In the Rhetoric, in Books I and II, Aristotle talks about not only common topics that can generate arguments for any kind of speech, but also special topics that are useful only for a particular kind of speech or subject matter. Because the discussion is dispersed, it is sometimes hard to determine what each kind of topic is. (Patricia Bizzell and Bruce Herzberg, The Rhetorical Tradition. Bedford, 2001) - [A]ccording to [Aristotle], the characteristically rhetorical statement involves commonplaces that lie outside any scientific specialty; and in proportion as the rhetorician deals with special subject matter, his proofs move away from the rhetorical and toward the scientific. (For instance, a typical rhetorical commonplace, in the Aristotelian sense, would be Churchills slogan, Too little and too late, which could hardly be said to fall under any special science of quantity or time.)(Kenneth Burke, A Rhetoric of Motives, 1950. University of California Press, 1969) The Challenge of Recognizing Commonplaces To detect a rhetorical commonplace, the scholar must generally rely on empirical evidence: that is, the collecting and evaluating of related lexical and thematic elements in the texts of other authors. Such components, however, are often hidden by oratorical embellishments or historiographical dexterity. (Francesca Santoro LHoir, Tragedy, Rhetoric, and the Historiography of Tacitus Annales. University of Michigan Press, 2006) Classical Exercise Commonplace. This is an exercise that expands on the moral qualities of some virtue or vice, often as exemplified in some common phrase of advice. The writer in this assignment must seek through his or her knowledge and reading for examples that will amplify and illustrate the sentiments of the commonplace, proving it, supporting it, or showing its precepts in action. This is a very typical assignment from the Greek and Roman world in that it assumes a considerable store of cultural knowledge. Here are several commonplaces that might be amplified: a. An ounce of action is worth a ton of theory.b. You always admire what you really dont understand.c. One cool judgment is worth a thousand hasty counsels.d. Ambition is the last infirmity of noble minds.e. The nation that forgets its defenders will be itself forgotten.f. Power corrupts; absolute power corrupts absolutely.g. As the twig is bent, so grows the tree.h. The pen is mightier than the sword.(Edward P.J. Corbett and Robert J. Connors, Classical Rhetoric for the Modern Student, 4th ed. Oxford University Press, 1999) Jokes and Commonplaces With some hermetic jokes what is required is not knowledge, or belief, in the first instance, but an awareness of what might be called commonplaces. A young Catholic woman told her friend, I told my husband to buy all the Viagra he can find.Her Jewish friend replied, I told my husband to buy all the stock in Pfizer he can find. It is not required that the audience (or the teller) actually believe that Jewish women are more interested in money than in sex, but he must be acquainted with this idea. When jokes play upon commonplaceswhich may or may not be believedthey often do it by exaggeration. Typical examples are clergymen jokes. For instance, After knowing one another for a long time, three clergymenone Catholic, one Jewish, and one Episcopalianhave become good friends. When they are together one day, the Catholic priest is in a sober, reflective mood, and he says, Id like to confess to you that although I have done my best to keep my faith, I have occasionally lapsed, and even since my seminary days I have, not often, but sometimes, succumbed and sought carnal knowledge.Ah well, says the rabbi, It is good to admit these things, and so I will tell you that, not often, but sometimes, I break the dietary laws and eat forbidden food.At this the Episcopalian priest, his face reddening, says, If only I had so little to be ashamed of. You know, only last week I caught myself eating a main course with my salad fork.​  (Ted Cohen, Jokes: Philosophical Thoughts on Joking Matters. The University of Chicago Press, 1999) Etymology  From the Latin, generally applicable literary passage Also see: AdageAphorismArgumentationDiscourse CommunityMaximPlatitudeProverbSententia Pronunciation: KOM-un-plase

Parental Perceptions of educational services provided for children Thesis

Parental Perceptions of educational services provided for children with autism - Thesis Example Furthermore the cost of provision of health care is highly expensive. Coupled with the fact that the children with autism tend to display a range of mild to severe social and behavioural disabilities, the inability to access full health care and appropriate educational services could be daunting for the parents. This study aims to evaluate the various difficulties and challenges faced by the parents and their perceptions about the educational services for children with autism in the UAE. This study aims to critically evaluate the parental perceptions of services provided for children with Autism in the UAE. The findings indicate that there is indeed a gap between the need and demand for such services and the availability of the same. Although the government has and continue to implement appropriate measures including introduction of laws that enable children with special educational needs to be accommodated in mainstream schools and provision of funding to parents to enable proper tr eatment for such children, there still is a huge gap between the need for special support services for such children and the availability of the same. Autism spectrum disorder (ASD) refers to a range of complex neurodevelopmental disorders that tend to disrupt social lives of people with Autism severely affects and limits their communication ability, making it difficult for such people to properly communicate and interact with those around them. Such impaired social interaction further causes learning difficulties. Hence children with ASD are likely to fail in executing routine everyday tasks as simple as responding to their own names when called, interpret things or events around them and understand or grasp social cues such as facial expressions, tone of voice etc. (National Institute of Neurological Disorders & Stroke, 2015). The combination of the three critical impairments, which include impaired

Project Quantitative Method Essay Example | Topics and Well Written Essays - 500 words

Project Quantitative Method - Essay Example Five hospitals will be selected from each of the county and the selection will be done by picking the hospitals at an interval of two on a list. After every two hospitals on the list the next will be the one to be studied. The sample size will consist of 100 hospitals which are expected to be studied in this research. The bigger the sample sizes the better because errors will be minimized and the results of the study could be a clear representation of the actual state on the ground and could also be used in other studies. However a bigger sample size means a bigger budget and more time to carry out the study. In protecting research participants, a number of things are going to be considered. Protecting them will begin from the time the sample will be selected, to collection and use of the information gathered. In selecting the participants, reasons will be given why they should be included in the study, how they were brought into the study in order to avoid coercion, they will be required to give consent before participating in the study, they will also be told of the research procedure and any risks they may face together with the benefits that they will get for participating in the study. In the use of the data gathered anonymity will be ensured and no names will be mentioned in the study. This is aimed at protecting the participant’s identities and thus confidentiality will be maintained from collection, to storage and disposal of the data gathered. The study plans on using structured questionnaires that will be used to gather data on the hospitals selected. This method has been selected because it will be easy to administer the questionnaires. The data gathered will be reliable as they will only be given to five people who manage the hospital to increase validity and objectivity. Everything will be done by the researcher as he will be there to ensure that the questionnaire is filled appropriately by clarifying details that may not be understood. The

National Buy Nothing Day Essay Example for Free

National Buy Nothing Day Essay ​A hard-working, single mother receives her pay-check that to her horror reads a measly $225.30. She doesnt use the money for her, instead she uses that money to care for her two children, she needs to pay the rent, and the electricity but her kids need food to grow. As she heads to the bank to cash the check she passes the neighborhood local store and no cars are outside and the light are dim. Nothing comes to her mind as to what seems different, she proceeds to head over to the bank, and notices that there is no clerks and no long lines? So many things run through her mind so she parks her beat-down car, that clanks and rattles. As she becomes even more worried there is a bright white paper that reads, Due to the over-consumption rates, the government has issued a National Buy Nothing Day, we are sorry for any inconviences. Her world is instantly shut down and she becomes scared as to how she is going to feed her children. This is exactly what I fear will happen if a National Buy Nothing Day is issued, so in my opinion, a National Buy Nothing Day would be a bad idea. ​A National Buy Nothing Day would become a huge inconvenience to many people over the world. Many people in the United States work minimum wage jobs and have a family to care for. 75% of the population works pay check to pay check just to give the basics to their family, and majority of the money is spent on food that they hope will last them the whole month until they are paid again. Sadly, more times than you would like to see parents unhealthy and always tired because they put their children before themselves, and what if the National Buy Nothing Day just so happened to fall on pay day. The heartbreak that would radiate from the couple, and the worry that rushes through their mind as to how they are going to feed their kids tonight and when t hey are going to be able to come back and cash that paycheck? Now that the parents view is shown, imagine the reaction of the kids that come home and see that there is no food on the table and the have to be told from their parents tha t they have to go to sleep hungry tonight. Thats heartbreaking for anybody, and everybody. ​Along with an inconvenience to many Americans, a National Buy Nothing Day would hurt the life of a teenager, very significantly. Teenagers  are the main percentage of individuals that add to the rate of over-consumption. Even though they are the big spenders in this era, they often rely on the quick stops to help them proceed with their school day. 8 out of 10 teenagers have a car in high school and with having a car comes a huge cash flow. Many teens can barely wake up in time to go to school and this often leads to them not eating, and scientists have proven that this can greatly affect their performance with anything they do in the day. So they make a quick stop at either McDonalds, or in New Mexico Blakes Lotaburger for a quick burrito, so they can eat something to fuel their bodies for the day. High school athletes rely on eating more than anyone, because they need that fuel to burn off, either at their zero-hour basketball practices or their afternoon football practice. So, the Buy Nothing Day would send these athletes hungry to school and the only thing they will eat is their lunch, and with starting school at 7:00 and not even eating until 12:00, thats a 5 hour long span of lacking concentration in class. ​Medication is more times than others bought on a daily for many individuals with medical problems and the vast majority of this is children. 30% of individuals die annually because of lack to medications that can save them, and 10% of them are children. Thats almost half the percentage! Children are more venerable to illnesses and harsh sickness than adults due to the fact that their bodies are still developing. What if on the National Buy Nothing Day that one child that has for instance, epilepsy, runs out his precious medication that prevents seizures. At any moment in the day he could experience pain in their head and in a blink of an eye, they are having a seizure. On the daily, 2/3 children die a day from seizures and helpful medication prevents this from ever happening. How must it feel for a mother to know that you cant go and buy your child medication because the government just shut down all stores for a day that may open the eyes to consumers? Anxiety that passes th rough mother knowing their child is at any time vulnerable to a life-taking illness. ​Of course, many feel differently. One argument cited by many others is that a National Buy Nothing Day would open the over spending ways of many Americans. Yes, maybe this all we need to open our eyes but would just like other events that were supposed to help us, more times than others we just go back to our old ways. Like for instance, in the time of The Great Dust Bowl, Farmers were  plowing heir fields non-stop and destroying the once fertile land. Then once the Dust Bowl came wiping out anything that was in its way, Farmers soon realized that their ways were in desperate need of reform, but what happened again? Farmers were back to their old ways and doing what they just did before. Its the mind of the American people that determine everything we do. Now should it be the governments job to show us our wrongs? Why no! We can say were going to change but do we ever really do? For a national objective to work, everyone has to consent to it. ​Although a National Buy Nothing would open the eyes of many consu mers everywhere, it can greatly impact others in different ways. Like the mother who cant find a way to feed her beautiful, small bundles of joy, or the teenager that cant buy his breakfast for the day, more negatives aspects come out of this than the good.

Ginseng Essay -- Ginseng Plant Plants Science Essays

Ginseng What is ginseng? Ginseng is listed as an adaptogen. Hans Selye, a listed expert on stress, defines an adaptogen as a "non-toxic substance which reinforces the bodys ability to react to stress" (http:/www.sunwellness.com/ginseng.html). It is offered in a variety of species each yielding a different response. What is ginseng made of? Ginseng is a plant with many different components. It is used in its entirety in the preparation of teas, powders, and capsules. It contains saponins, or soaplike materials, that have been named with various numbers and letters, such as Rg1. Its root is said to have a composition similar to that of a steroid (http://www.mkservices.com/ginseng/ more.html) ) It contains compounds containing hydrogen, carbon, and oxygen in the proportion C42 H72O14, (Liu et al., 1995). What is it promised to do? Ginseng is said to have many effects on the human body. The cooling effects or relaxing effects are felt from the "Yin" ginsengs such as the American or Siberian species. The warming or stimulating effects are seen from the "Yang" ginsengs which include the species of Korean and Chinese ginsengs (http://www.tenzing.com/g.html). What they are saying: Promised effects Where they are saying it: Internet addresses stimulated mental and physical activity, improved accuracy of work, prevents http://www.mkservices.con-L/ginseng/more.html fatigue, stimulation of endocrine glands, improves memory http://www.com-star.com/ginseng/about.html strengthen the heart and nervous system, builds mental and physical vitality, builds resistance to disease, stimulates endocrine glands http://www.dacom.co.kr/O/o7Ekkm55/moreinfo.html recommended for: decreased health conditions, han... ...ss-induced antinocicpetion in mice. Pharmacology, Biochemistry & Behavior, 52(2) 427-32. Nishiyama N., Wang YL., Saito H. (1995). Beneficial effects of S-113m, a novel herbal prescription, on learning impairment model in mice. Biological & Pharmaceutical Buletin, 18 (11), 1498-503. Van Schepdael P. (1993). Effect of Ginseng G115 on the physical condition of triathletes. Acta Therapeutica, 19(4), 337-347. Wiklund I., Karlberg J., Lund B. (1994). A double-blind comparison of the effect on quality of life of a combination of vital substances including standardized ginseng G115 and placebo. Current Therapeutic Research, 55(1) 32-42. Zhang Y., Takashina K., Saito H., Nishiyama N. (1994). Anti-aging effect of DX-9386 in senescence accelerated mouse. Melissa Schweikhart Vanderbilt University Nashville, Tennessee Health Psychology 115A December 10, 1996 Ginseng Essay -- Ginseng Plant Plants Science Essays Ginseng What is ginseng? Ginseng is listed as an adaptogen. Hans Selye, a listed expert on stress, defines an adaptogen as a "non-toxic substance which reinforces the bodys ability to react to stress" (http:/www.sunwellness.com/ginseng.html). It is offered in a variety of species each yielding a different response. What is ginseng made of? Ginseng is a plant with many different components. It is used in its entirety in the preparation of teas, powders, and capsules. It contains saponins, or soaplike materials, that have been named with various numbers and letters, such as Rg1. Its root is said to have a composition similar to that of a steroid (http://www.mkservices.com/ginseng/ more.html) ) It contains compounds containing hydrogen, carbon, and oxygen in the proportion C42 H72O14, (Liu et al., 1995). What is it promised to do? Ginseng is said to have many effects on the human body. The cooling effects or relaxing effects are felt from the "Yin" ginsengs such as the American or Siberian species. The warming or stimulating effects are seen from the "Yang" ginsengs which include the species of Korean and Chinese ginsengs (http://www.tenzing.com/g.html). What they are saying: Promised effects Where they are saying it: Internet addresses stimulated mental and physical activity, improved accuracy of work, prevents http://www.mkservices.con-L/ginseng/more.html fatigue, stimulation of endocrine glands, improves memory http://www.com-star.com/ginseng/about.html strengthen the heart and nervous system, builds mental and physical vitality, builds resistance to disease, stimulates endocrine glands http://www.dacom.co.kr/O/o7Ekkm55/moreinfo.html recommended for: decreased health conditions, han... ...ss-induced antinocicpetion in mice. Pharmacology, Biochemistry & Behavior, 52(2) 427-32. Nishiyama N., Wang YL., Saito H. (1995). Beneficial effects of S-113m, a novel herbal prescription, on learning impairment model in mice. Biological & Pharmaceutical Buletin, 18 (11), 1498-503. Van Schepdael P. (1993). Effect of Ginseng G115 on the physical condition of triathletes. Acta Therapeutica, 19(4), 337-347. Wiklund I., Karlberg J., Lund B. (1994). A double-blind comparison of the effect on quality of life of a combination of vital substances including standardized ginseng G115 and placebo. Current Therapeutic Research, 55(1) 32-42. Zhang Y., Takashina K., Saito H., Nishiyama N. (1994). Anti-aging effect of DX-9386 in senescence accelerated mouse. Melissa Schweikhart Vanderbilt University Nashville, Tennessee Health Psychology 115A December 10, 1996

Night World : Spellbinder Chapter 3

one for, lost, a goner. Blaise had chosen him, and it was only a matter of how she was going to play him. A parade of names marched through Thea's mind. Randy Marik. Jake Batista. Kristoffer Milton. Troy Sullivan. Daniel Xiong. And now: Brie Ross. But Eric was talking, sounding animated. â€Å"Your cousin? Is she that other new girl? Thea?† â€Å"Yes. Now-â€Å" â€Å"Look, do you know where she is? I really want to talk to her.† The hazy look descended again, and Eric stared into the distance. â€Å"She's just†¦ I've never met anybody like her†¦.† Blaise let go of the notebook and stared. From her hiding place, Thea stared, too. It had never happened before. This guy didn't even seem to see Blaise. That was strange enough. But by the Blue Monkey-headed Goddess of Inquisitiveness, what Thea really wanted to know was why she herself felt so relieved by it. A bell rang. Blaise was still standing there flabbergasted. Eric stuffed the notebook in his backpack. â€Å"Could you just let her know I asked about her?† â€Å"She doesn't care if you asked about her!† Blaise snapped, voice no longer honeyed. â€Å"She said very explicitly that she never wanted to see you again. And I'd watch out if I were you. Because she has a temper.† The last word was uttered in rising tones. Eric looked slightly alarmed-and crestfallen. Thea saw his throat move as he swallowed. Then, without saying good-bye to Blaise, he turned and walked out the far side of the corridor. Well by the Red Crow-headed Thunderbolt Goddess. Blaise turned around and stalked up the corridor in Thea's direction. Thea didn't even try to hide. â€Å"So you saw all that. Well I hope you're happy,† Blaise said waspishly. Thea wasn't. She was confused. Strangely agitated-and scared, because the Cup of Death was still floating before her eyes. â€Å"I guess we should both just leave him alone/' she said. â€Å"Are you kidding? I'm going to have him,† Blaise said. â€Å"He's mine. Unless,† she added, eyes glittering, â€Å"you've already staked a claim.† Thea floundered, shocked. â€Å"I†¦ well no†¦Ã¢â‚¬  â€Å"Then he's mine. I like a challenge.† Blaise ran a hand through her hair, disordering the black waves. â€Å"Isn't it nice that Gran has so many love charms in the shop,† she mused. â€Å"Blaise†¦Ã¢â‚¬  Thea had a hard time collecting her thoughts. â€Å"Don't you remember what Gran said? If there's any more trouble†¦Ã¢â‚¬  â€Å"There isn't going to be any trouble for us,† Blaise said, her voice flat and positive. â€Å"Only for him.† Thea walked to her next class feeling oddly empty. Ignore it, she thought. There's nothing you can do. She didn't see many Night People along the way to class. A young kid, probably a freshman, who looked like a shapeshifter; a teacher who had the hunting light of the lamia-the born vampires-in his eyes. No made vampires, no werewolves. No other witches. Of course, she couldn't be certain. All the people of the Night World were masters of secrecy, of blending in, of passing unseen. They had to be. It was what allowed them to survive in a world where there were so many more humans†¦ and where humans loved to kill anything different. But when she was sitting in the world literature classroom, Thea noticed a girl in the next row. The girl was small-boned and pretty, with thick eyelashes and hair as black and soft as soot. She had a heart-shaped face-and dimples. But what caught Thea's eye was the girl's hand, which was playing with a pin on the girl's blue-and-white-striped vest. A pin in the shape of a black flower. A dahlia. Thea immediately turned to a blank page in her notebook. While the teacher read a passage from the story Rashomon, Thea began drawing a black dahlia, tracing it over and over until it was large enough for the girl to see distinctly. When she raised her head, she saw the girl was looking at her. The girl's lashes swept down as she looked at the drawing, then up again. She smiled at Thea and nodded slightly. Thea smiled and nodded back. After class, without any need to discuss it, Thea followed the girl to the front of the school. The girl looked around to make sure no one was in earshot, then turned to Thea with something like resigned wistfulness. â€Å"Circle Midnight?† she said. Thea shook her head. â€Å"Circle Twilight. Aren't you?† The girl's face lit up with shy delight. Her eyes were dark and velvety. â€Å"Yes!† she said and rushed on, â€Å"But there are only two more of us-two seniors, I mean-and they're both Circle Midnight, and I was afraid to hope!† She thrust out her hand, dimpling. â€Å"I'm Dani Abforth.† Thea felt her heart lighten. The girl's laughter was infectious. â€Å"Thea Harman. Unity.† It was the age-old greeting of the witches, the symbol of their harmony, their oneness. â€Å"Unity,† Dani murmured. Then her eyes widened. â€Å"Harman? You're a Hearth-Woman? A daughter of Hellewise? Really?† Thea laughed. â€Å"We're all daughters of Hellewise.† â€Å"Yes, but-you know what I mean. You're a direct descendent. I'm honored.† â€Å"Well, I'm honored, too. Abforth is ‘All-bringing-forth,' isn't it? That's a pretty impressive line itself.† Dani was still looking awed, so Thea said quickly, â€Å"My cousin's here, too-Blaise Harman. We're both new-but you must be, too. I've never seen you around Vegas before.† â€Å"We moved in last month, just in time to start school,† Dani said. Her brow puckered. â€Å"But it you're new, what do you mean you haven't seen me around?† Thea sighed. â€Å"Well, it's kind of complicated†¦.† A bell rang. Both she and Dani looked at the school building in frustration, then at each other. â€Å"Meet me here at lunch?† Dani asked. Thea nodded, asked which way her French class was, and then flew off toward the other side of the building. She sat through her next two classes trying to actually listen to the teachers. She didn't know what else to do. She had to concentrate to keep the image of gray-flecked green eyes out of her mind. At lunch, she found Dani sitting on the steps out front. Thea settled beside her and opened a bottle of Evian water and a chocolate yogurt she'd bought at the snack bar. â€Å"You were going to explain how you know Vegas,† Dani said. She spoke softly because there were kids everywhere in the front courtyard, sprawled in the sun with paper bags. Thea eyed a row of sago palms and felt herself sighing again. â€Å"Blaise and I-our mothers died when we were born. They were twin sisters. And then both our dads died. So we grew up sort of moving around from relative to relative. We usually spend the summers with Grandma Harman, and we live with somebody else during the school year. But these last couple of years†¦ well, we've been in five high schools since we were sophomores.† â€Å"Five?† â€Å"Five. I think five. Isis knows, it could be six.† â€Å"But why?† â€Å"We keep getting expelled,† Thea said succinctly. â€Å"But-â€Å" â€Å"It's Blaise's fault,† Thea said. She was mad at Blaise. â€Å"She does-things-to boys. Human boys. And somehow it always ends up getting us kicked out of school. Both of us, because I'm always too stupid to tell them she's the one responsible.† â€Å"Not stupid, I bet. Loyal,† Dani said warmly, and put her hand on Thea's. Thea squeezed it, taking some comfort in the sympathy. â€Å"Anyway, this year we were in New Hampshire living with our Uncle Galen-and Blaise did it again. To the captain of the football team. His name was Randy Marik†¦.† When Thea stopped, Dani said, â€Å"What happened to him?† â€Å"He burned the school down for her.† Dani made a sound halfway between a snort and a giggle. Then she straightened out her face quickly. â€Å"Sorry, not funny. For her?† Thea leaned against the wrought-iron stair railing. â€Å"That's what Blaise likes,† she said bleakly. â€Å"Having power over guys, messing with their minds. Getting them to do things they would never ordinarily do. To prove their love, you know. But the thing is, she's never satisfied until they're completely destroyed†¦.† She shook her head. â€Å"You should have seen Randy at the end. He'd lost his mind. I don't think he'll ever get it back.† Dani wasn't smiling anymore. â€Å"Power like that†¦ she sounds like Aphrodite,† she said softly. And that's right, Thea thought. Aphrodite, the Greek goddess of love who could turn passion into a weapon that brought the whole world to its knees. â€Å"Remind me sometime to tell you what she's done to the other guys she's played. In a way. Randy was lucky†¦.† Thea took a breath. â€Å"So, anyway, we got shipped back here to Grandma Harman because there weren't any other relatives willing to take us. They figured if Gran couldn't straighten us up, nobody could.† â€Å"But that must be wonderful,† Dani said. â€Å"I mean, living with the Crone. Part of the reason my mom moved us here was that she wanted to study with your grandmother.† Thea nodded. â€Å"Yeah, people come from all over to take her classes, or to buy her amulets and things. She's not always easy to live with, though,† Thea added wryly. â€Å"She goes through a couple of apprentices a year.† â€Å"So is she going to straighten Blaise up?† â€Å"I don't think anybody can. What Blaise does-it's just her nature, the way it's a cat's nature to play with mice. And if we get in trouble again, Gran says she's going to send us to our aunt Ursula at the Connecticut enclave.† â€Å"The Convent?† â€Å"Yeah.† â€Å"Then you'd better stay out of trouble.† â€Å"I know. Dani, what's this school like? I mean, is it the kind of place where Blaise can keep out of trouble?† â€Å"Well†¦Ã¢â‚¬  Dani looked dismayed. â€Å"Well-I told you before, there's only two other witches in our class, and they're both Circle Midnight. Maybe you know them†¦ Vivienne Morrigan and Selene Lucna?† Thea's heart sank. Vivienne and Selene-she'd seen them going to summer Circles, wearing the darkest robes of any of the Circle Midnight girls. The two of them plus Blaise would make†¦ well, a lethal combination. â€Å"Maybe if you explain to them how important it is, they might help you keep Blaise under control,† Dani said. â€Å"You want to go talk to them now? They'll be on the patio by the cafeteria-I usually eat with them there.† â€Å"Um†¦Ã¢â‚¬  Thea hesitated. Talking to those two- well, she doubted it would help. But on the other hand, she didn't have a better idea. â€Å"Why not?† On the way to the cafeteria, she saw something that made her stop dead. Taped to the stucco wall was a giant piece of butcher paper, painted orange and black at the margins. In the center was a grotesque figure: an old woman with a black dress, disheveled white hair, and a wart-covered, haglike face. She was straddling a broom and wearing a pointy hat. Lettering under the picture said coming OCTOBER 31 †¦ THE ULTIMATE HALLOWEEN PARTY. Hands on hips, Thea said, â€Å"When will they learn that witches never wore pointy hats?† Dani snorted, her heart-shaped face surprisingly dangerous. â€Å"You know, maybe your cousin has the right idea after all.† Thea looked at her, startled. â€Å"Well, they are an inferior species. You have to admit that. And maybe it sounds prejudiced, but then they're so prejudiced themselves.† She leaned closer to Thea. â€Å"You know, they even have prejudices against skin.† She held out her arm. Thea looked at the flawless skin, which was a deep, clear brown. â€Å"They'd think we were two different races,† Dani said, pressing her arm against Thea's tan one. â€Å"And that maybe one was better than the other one.† Thea couldn't deny it. All she could say, feebly, was, â€Å"Well, two wrongs don't make a right†¦.† â€Å"But three lefts do!† Dani burst out, finishing the old witch carol. Then she dissolved into laughter and led Thea to the patio. â€Å"Let's see, they should be over there†¦. Oh. Oops.† Oops, Thea thought. Vivienne and Selene were at a secluded table on the far side. Blaise was with them. â€Å"I should have known she'd find them first thing,† Thea muttered. From the way the three girls had their heads together, it looked as if trouble were brewing already. As Thea and Dani approached the table, Blaise looked up. â€Å"Where've you been?† she said, waving a finger reproachfully. â€Å"I've been waiting to introduce you.† Everybody said hello. Then Thea sat down and studied the other two girls. Vivienne had fox-red hair and looked tall even sitting down. Her face was animated; she seemed sparkling with energy. Selene was a platinum blond with sleepy blue eyes. She was smaller, and moved with languid grace. Now, how do I politely say, â€Å"Please help me suppress my cousin?† Thea wondered. She could already tell it wouldn't be much use. Viv and Selene seemed to be under Blaise's spell already-they turned to her every other second as if checking for approval. Even Dani was watching Blaise with something like fascinated awe. Blaise had that effect on people. â€Å"So we were just talking about guys,† Selene said, twirling a straw languorously in her bottle of Snapple iced tea. Thea's heart plummeted. â€Å"Toyboys,† Vivienne clarified in a lovely melodious voice. Thea felt the beginnings of a bad headache. No wonder Blaise is smirking, she thought. These girls are just like her. She'd seen it at other schools: young witches who seemed to flirt with breaking Night World law by flaunting inhuman power over boys. â€Å"Aren't there any of our kind of guys here?† Thea asked, as a last hope. Vivienne rolled her eyes. â€Å"One sophomore. Alaric Breedlove, Circle Twilight. That's it. This place is a desert-no pun intended.† Thea wasn't really surprised. There were always more witch girls than guys-and nobody seemed to know why. More girls got born, more survived to grow up. And in some places the ratio was particularly unbalanced. â€Å"So we just have to make do,† Selene drawled. â€Å"But that can be fun sometimes. Homecoming dance is this Saturday, and I've got my boy all picked out.† â€Å"So,† Blaise said, â€Å"have I.† She glanced at Thea significantly. And there it was. Thea felt her throat close. â€Å"Eric Ross,† Blaise said, savoring the words. â€Å"And Viv and Sel have told me allll about him.† â€Å"Eric?† Dani said. â€Å"He's the basketball star, isn't he?† â€Å"And the baseball star,† Vivienne said in her beautiful voice. â€Å"And the tennis star. And he's smart-he takes honors courses and works at the animal hospital, too. He's studying to get into U.C. Davis. To be a vet, you know.† So that's why he cared about the snake, Thea thought. And why he's got flatworms in his notebook. â€Å"And he's so cute,† Selene murmured. â€Å"He's so shy with girls-he can hardly talk around them. None of us have gotten anywhere with him.† â€Å"That's because you used the wrong methods,† Blaise said, and her eyes were very smoky. Thea's insides seemed hollow and there was a circlet of pain around her head. She did the only thing she could think of. â€Å"Blaise,† she said. She looked her cousin directly in the face, making an open appeal. â€Å"Blaise, listen. I hardly ever ask anything of you, right? But now I'm asking something. I want you to leave Eric alone. Can you do that-for me? For the sake of Unity?† Blaise blinked slowly. She took a long drink of iced tea. â€Å"Why, Thea, you're getting all worked up.† â€Å"Ism not.† â€Å"I didn't know you cared.† â€Å"I don't. I mean-of course I don't care about him. But I'm worried about you, about all of us. I think†¦Ã¢â‚¬  Thea hadn't meant to say this, but she found the words spilling out anyway. â€Å"I think he might have some suspicions about us. This morning he told me that I seemed so different from other girls†¦.† She managed to stop herself before she mentioned that he'd guessed she had healed him. That would be incredibly dangerous, especially since she didn't know who Vivienne or Selene might blab to. Blaise's pupils were large. â€Å"You mean-you think he's a psychic?† â€Å"No, no.† She knew he wasn't a psychic. She'd been inside his mind, and he wasn't from any lost witch family. He didn't have any powers. He was as much a human as that snake had been a snake. â€Å"Well, then,† Blaise said. She chuckled, a rich, rippling sound. â€Å"He just thinks you're different-and that's hardly something to worry about. We want them to think we're different.† She didn't understand. And Thea couldn't explain. Not without getting herself into very hot water. â€Å"So, if you don't mind, we'll just consider my claim staked,† Blaise said courteously. â€Å"Now, let's see, what to do with the boys at the dance. First, I think we need to spill their blood.† â€Å"Spill what?† Dani said, sitting up. â€Å"Just a little blood,† Blaise told her absently. â€Å"It's going to be absolutely vital for some of the spells we'll want to do later.† â€Å"Well, good luck,† Dani said. â€Å"Humans don't like blood-they're going to run like bunnies from you after that.† Blaise regarded her with a half-smile. â€Å"I don't think so,† she said. â€Å"You don't understand this business yet. If it's done right, they don't run. They're scared; they're shocked; and they just keep coming back for more.† Dani looked shocked herself-and still fascinated. â€Å"But why do you want to hurt them?† â€Å"We're just doing what comes naturally,† Blaise purred. I don't care Thea thought, it's none of my business. She heard herself say, â€Å"No.† She was staring at a pile of squashed napkins in her hand. Out of the corner of her eye she could see Blaise's exasperated expression. The others might not know what Thea was saying no to, but Blaise always understood her cousin. â€Å"I asked you before if you wanted him,† Blaise said. â€Å"And you said you didn't. So now you're changing your mind? You're going to play him?† Thea stared at her wad of napkins. What could she say? I can't because I'm scared? I can't because something happened between him and me this morning and I don't know what it was? I can't because if I keep seeing him I have this feeling I might break the law, and I don't mean the one about never telling humans that we exist; I mean the other one, the one about never falling in love†¦. Don't be ridiculous. That sort of thing is out of the question, she told herself. All you want is to keep him from ending up like Randy Marik. And you can do that without getting involved. â€Å"I'm saying I want him,† she said out loud. â€Å"You're going to play him?† â€Å"I'm going to play him.† â€Å"Well.† Instead of snarling, Blaise laughed. â€Å"Well, congratulations. My little cousin is growing up at last.† â€Å"Oh, please.† Thea gave her a look. She and Blaise had been born on two different days-just barely. Blaise had been born one minute before midnight, and Thea one minute after. It was another reason they were so connected-but Thea hated it when Blaise acted older. Blaise just smiled, her gray eyes glinting. â€Å"And, look-there's lover boy right now,† she said, feigning elaborate surprise. Thea followed her nod and saw a figure with sandy hair and long legs at the other side of the patio. â€Å"What luck,† Blaise said. â€Å"Why don't you just walk over and ask him to the dance?†

Financial Analysis of I.T Ltd.

Company background I. T Limited (0999. HK) is an investment holding company based in Hong Kong. It was listed on the main board of The Hong Kong Stock Exchange on 4-March-2005. The company offers a wide range of apparel products. It sells its products as well as offers a variety of national and international brands through its network of retail stores. As of February 28, 2011, it operated 392 stores in Hong Kong and Mainland China. Objective To undertake a comprehensive analysis on the financial performance of I. T. Limited. Detailed financial ratio analysis will be performed.An estimation of the firm’s cost of equity capital and weighted average cost of capital will also be provided. Horizon of analysis We will focus on its performance in the latest 5 fiscal years. A) Detail financial analysis The financial analysis will be conducted in two ways. First, the major accounts on financial statements will be inspected in order to derive a general picture on the healthiness of the business. Second, PERL (Performance, Efficiency, Risk, Liquidity) framework will be used to further analyze the financial performance of the company. I.Going through the financial statements We can get a glimpse of the healthiness of the business by looking into the trend of accounting items in income statement, balance sheet and cash flow statement respectively. Consolidated income statement (Referring to appendix A – table 1 and 2) 2008/09 was a special year, financial tsunami happened. Therefore there was a huge profitability impact in that year, resulting in a large decrease in operating profit. And since the market recovered in 2009/2010, the profitability suddenly increased a lot in that fiscal year. Other than these wo special years, the overall growth trend in sales turnover, costs, and profit is healthy. (Referring to appendix A – table 3) Standardizing the income statement can extract extra information. All the accounts are expressed as a percentage of turnov er. The company has done a good job in cost controlling, since the cost of sales as a percentage of turnover is in a decreasing trend, hence the gross profit margin is in an increasing trend. On the other hand operating expenses fluctuates at about 50-51% of turnover, but since cost of sales has a greater decrease, the net effect is operating profit is in an increasing trend.Consolidated balance sheet (Referring to appendix A – table 4) In general, total assets experience an increasing trend. This is reasonable since the business is at a growing stage. One notable point is the growth of non-current assets look greater than current assets, especially property, furniture and equipment has a very significant increase in 2010/11, this is probably due to the rapid expansion of retails stores in Hong Kong and China. And as a result, there is a significant increase in inventories in 2010/11 too. (Referring to appendix A – table 5)Similar conclusions can be drawn by viewing th e same accounts in a standardized balance sheet (all items are standardized by total asset value in the fiscal year). Property, furniture and equipment, and inventories make up most of the total assets. (Referring to appendix A – table 6) Liabilities also grow a lot with total assets as the business expands. Notably there is a significant increase in both short-term and long term bank borrowings. In addition the payable accounts also increased more than 100%, meaning that the company bought stocks or services from suppliers on credit more than before.This growth of liabilities is fine as long as the company can generate consistent operating cash flows, as we will see in the next section. (Referring to appendix A – table 7) Similar conclusions can be drawn at standardized balance sheet, bank borrowings and payables increased significantly, especially for longer term bank borrowings. (Referring to appendix A – table 8) The growth of the business was mainly funded by growing liabilities, as we can see that the growth of equity is not so significant, the company has not issued new shares to get funding. The company has simply retained some of the profit in each year into reserves.Consolidated cash flow statement (Referring to appendix A – table 9) The company has improved its cash flow generation as its business grew. The profitability of the company increased, and so as the cash generated from operation. And since the company has increased in size, it has increased its ability to finance from banks, therefore it also increased its cash generated from financing activities. Although the company has increased investment in fixed assets and hence the cash outflow from investment, this is offset by the increase in cash flow from operation and financing.II. PERL (Performance, Efficiency, Risk, Liquidity) analysis (Referring to appendix B and C) 1) Performance Profit margins (Gross, operating, net) Gross profit margin keeps increasing. The la test figure is 63. 35%, which is a very high margin. This is probably due to the increased brand image of the company, hence the company can increase the selling price of the products. Also, the company shifted the focus on selling products of its own brands more than imported brands, this also increased the gross profit margin.Both operating and net profit margin are also in an increasing trend (despite year 2008/09, a special year which financial crisis happened). But it is worth noting that the current margins are 12. 08% and 10. 12% respectively, which show a great difference from gross profit margin. This indicate the operating expenses are very high, eating up more than 50% of profit margin. The company should think ways to further reduce operating costs. Return on Equity (ROE) The company has increased its ROE along the years despite the special year 2008/09. The latest ROE is actually a high return, 21. 6%. So what are the main drivers of such high return? By utilizing DuPon t analysis, the reason for return growth can be found: ROE = Net Profit Margin x Asset Turnover x Financial Leverage The net profit margin is increasing throughout the years. At the same time, since the financing ability of the company has increased, the financial leverage also increased. These two factors drove the ROE up, offsetting the diminishing effect on ROE by asset turnover. The asset turnover actually decreased in last two fiscal years, indicating the efficiency of turning asset to revenue decreased.It is a bit worry to see the ratio decreased from 1. 6 to 1. 17 in these 2 years. It may indicate that the asset size of the firm is too large, further expansion may not bring further increase in revenue. This may be an indicator of the firm has passed its optimum point and management must take extra care in evaluating whether the company should invest in expanding more retail stores or not. Extended DuPont analysis breaks down net profit margin into tax burden, interest burden, and EBIT margin. Tax burden of the company is actually increasing, i. e. it has to pay more effective tax hence impacting the net profit margin.But it’s still fine as the effective tax rate is still at about 20%, which should be quite low when compared to effective tax rate outside Hong Kong and China. Interest burden also experiences an increasing trend. This is reasonable since the company has increased financing ability and financed through more bank loans. EBIT margin is increasing, offsetting the negative effect of tax burden and interest burden. 2) Efficiency Fixed asset Fixed asset turnover is in a decreasing trend (from 16. 08 to 7. 98 in last five years). This indicates the efficiency of generating sales revenue from fixed assets investment is lowering.This confirms with the decreasing asset turnover ratio mentioned above. However the ratio is still at a high level, the management should still invest in fixed asset and expand the business, but extra care should be t aken to determine the amount and scale to be invested. Inventory Inventory turnover is decreasing (from 3. 72 to 2. 48 in last five years). This indicates that in general, the speed of stocks selling has slowed down as the business expands. When this ratio is converted to days of inventory on hand, the meaning can even be clearer. The days increased from about 98 days to 147 days in these 5 years.Overstocking, importing or producing products which are not popular, or insufficient marketing efforts are all possible reasons to this decreasing efficiency. Receivables Receivables turnover is decreasing. To get a clearer meaning, the ratio is converted to days of sales outstanding, and this ratio is increasing (from 1. 97 to 11. 49). This ratio means on average how many days the company’s customers who buy on credit will pay their bills. This increasing ratio means that it takes more time to collect the bill from customers, meaning that capital has to be tied up for longer period. However the number actually is not large, it’s about 12 days and therefore an acceptable value. Payables Payables turnover decreased from 11. 14 to 5. 51. The ratio can be converted to number of days of payable. This ratio increased from 32. 76 to 66. 23. This ratio is the average amount of time it takes to pay its bills. The time has increased significantly. It showed the advantage of the growth of the company, i. e. when the company went listed and expanded, the ability to pay on credit increased. This increased time to pay bills increases the flexibility to manage working capital and hence benefits the operation of the company.Working capital The effectiveness of the company in using working capital has increased since the working capital turnover increased from 2. 72 to 4. 46 in last five years. This means that more sales revenue is generated for each dollar of working capital which funded the sales. This is probably due to increased size of the company, so that the compa ny can get more funding by short-term bank loans, and increase its payables to different creditors. These increased funding are used to purchase inventories to generate sales revenue. 3) Risk Gearing All debt-to-equity, debt-to-asset and financial leverage ratios are in an increasing trend.As the company grows, more funding is needed. Financing by debt issuance is better than equity issuance since the required return by debt is lower, and there is possible tax advantage on debt payment. These three ratios are still in a healthy range and further increase in the ratio is still possible. Debt-to-common equity ratio is 0. 32 and debt-to-asset ratio is 0. 18, these two numbers are fairly low. This indicates that the company has a considerable capacity in debt financing if needed. Coverage Interest coverage ratio maintains at a high level (159. at 2010/11), although the company has increased financing by bank loans. That means the operating profit is more than enough to cover the interes t expense and indicate that the business is healthy. Cash flow coverage ratio is also at adequate level despite it has fallen a bit (50. 54 at 2010/11). This is also a healthy signal because net cash flow is positive and adequate. 4) Liquidity Cash conversion cycle Cash conversion cycle is the days the company takes to convert its investment in inventories back into cash. The company has an increased cash conversion cycle, due to the increase in days on inventory on hand.This is still an acceptable length (92. 15 days), but the company should try to lower the days in inventory on hand as mentioned above. Current and acid test ratio Both current and acid test ratio are decreasing, but they are still at a healthy level. Current ratio is at 1. 85, meaning the current assets are 1. 85 times of current liabilities, which is sufficient for its short-term obligations. Acid test ratio is 1. 12, meaning the cash-like current assets are 1. 12 times of current liabilities, indicating that it i s sufficient to cover its short-term liabilities by short-term cash.Operating cash flow to maturing obligations This is also a measure of the company’s ability to meet short term liabilities from cash flow. Although the overall cash flow has improved, the current liabilities has also increased considerably, therefore this ratio is not at a high level (0. 44). The major cash outflow is from purchasing fixed assets and repayment of bank loans. Management should control the cash outflow in these two areas in order to improve the overall liquidity. III. Summary The company has a healthy business. It has an increasing net profit and positive cash flow.The ROE and profit margin are at good levels. It utilized bank loans to further expand its business, while the leverage ratios are still in a healthy range. There is no liquidity problem associated with the company as seen in liquidity ratios. However the management should focus on improving the efficiency of the company while expand ing the business. The major concern here is reducing days of inventory on hand, in order to reduce the length of cash conversion cycle. To sum up, this is a company with good financial performance, and therefore it is worth to invest in this company.B) Cost of equity capital Capital Asset Pricing Model (CAPM) is used to determine the cost of equity capital. There are three major inputs in CAPM equation: risk-free rate, beta of the company stock to a benchmark market, and equity risk premium of the benchmark market. Since I. T. Limited is a Hong Kong based company, therefore the input parameters mentioned above should come from Hong Kong. Risk-free rate Hong Kong government do not issue bill or bond (despite the newly launched ibond, but that is a floating rate bond which its purpose is for general public to protect inflation).Therefore risk-free rate should be the yield on Exchange Fund Bills issued by Hong Kong Monetary Authority. Risk-free rate should be the yield on short-term bi ll, therefore the yield on one-month bill is selected, which is 0. 05%. Stock beta Hang Seng Index (HSI) is the benchmark index in Hong Kong. 5 years of monthly return stock of I. T. Limited and HSI were obtained. Stock Beta of I. T. to HSI can be calculated by using Slope function of Excel, or regressing both return series. The estimated beta is 1. 399, meaning that the stock of I. T.Limited is more volatile than the index. R2 coefficient is 0. 2261, meaning that about 22. 61% of the variability of the stock returns can be explained by variability in the index. Equity risk premium According to Zhu & Zhu (2010), the equity risk premium of Hong Kong is 8. 19%. Applying CAPM: Cost of equity capital = (0. 05 + 1. 399*8. 19)% = 11. 51%. C) Weighted average cost of capital (WACC) The company has not issued any debt. The â€Å"debt† of the company is in the form of bank borrowings, so the effective interest rate of borrowing will be treated as cost of debt.In the latest annual repo rt, the effective interest rate is 1. 4% (from notes 23 of annual report). Total bank borrowings is HKD594. 145M, total equity is HKD1846. 961M, therefore: WACC = 594. 145 / (594. 145 + 1846. 961)*1. 4% + 1846. 961 / (594. 145 + 1846. 961)*11. 51% = 9. 049% References: Hong Kong Monetary Authority, Exchange Fund Bills and Notes fixing (http://www. info. gov. hk/hkma/eng/press/index_efbn. htm) Zhu & Zhu (2010) – Estimating the Equity Risk Premium: the Case of Greater China, Jie Zhu, Xiaoneng Zhu (http://citeseerx. ist. psu. edu/viewdoc/download? doi=10. . 1. 175. 7333&rep=rep1&type=pdf) Appendix A – Selected figures from financial statements Table 1 – Excerpt from summarized consolidated income statement 201120102009200820072006 HK$'000HK$'000HK$'000HK$'000HK$'000HK$'000 Turnover3,834,422 2,995,952 2,733,256 2,021,283 1,530,763 1,314,443 Cost of sales(1,405,482)(1,176,707)(1,121,570)(819,423)(640,442)(540,243) Gross profit2,428,940 1,819,245 1,611,686 1,201,860 8 90,321 774,200 Other income – incentive income0 13,200 0 0 Other (loss)/gain(7,544)3,791 (11,123)1,900 (4,395)(273) Impariment of goodwill0 (4,217)(59,569)0Operating expenses(1,958,255)(1,524,760)(1,468,877)(1,002,046)(749,898)(642,553) Operating profit463,141 307,259 72,117 201,714 136,028 131,374 Table 2 – Growth trend of turnover, costs and profit, calculated based on consolidated income statement 20112010200920082007 Increase/Decrease (%) Turnover27. 99%9. 61%35. 22%32. 04%16. 46% Cost of sales19. 44%4. 92%36. 87%27. 95%18. 55% Gross profit33. 51%12. 88%34. 10%34. 99%15. 00% Operating expenses28. 43%3. 80%46. 59%33. 62%16. 71% Operating profit50. 73%326. 06%-64. 25%48. 29%3. 54% Table 3 – Excerpt from summarized and standardized consolidated income statement 01120102009200820072006 Turnover100. 00%100. 00%100. 00%100. 00%100. 00%100. 00% Cost of sales-36. 65%-39. 28%-41. 03%-40. 54%-41. 84%-41. 10% Gross profit63. 35%60. 72%58. 97%59. 46%58. 16%58. 90% Other income – incentive income0. 00%0. 44%0. 00%0. 00%0. 00%0. 00% Other (loss)/gain-0. 20%0. 13%-0. 41%0. 09%-0. 29%-0. 02% Impairment of goodwill0. 00%-0. 14%-2. 18%0. 00%0. 00%0. 00% Operating expenses-51. 07%-50. 89%-53. 74%-49. 57%-48. 99%-48. 88% Operating profit12. 08%10. 26%2. 64%9. 98%8. 89%9. 99% Table 4 – Excerpt from summarized consolidated balance sheet 20112010200920082007HK$'000HK$'000HK$'000HK$'000HK$'000 ASSETS Non-current assets Property, furniture and equipment727,022 233,395 229,124 179,850 93,191 Current assets Inventories736,717 394,520 411,145 323,724 196,299 Table 5 – Excerpt from summarized and standardized consolidated balance sheet 20112010200920082007 ASSETS Non-current assets Property, furniture and equipment22. 13%11. 83%13. 44%11. 59%9. 38% Current assets Inventories22. 42%20. 00%24. 12%20. 85%19. 77% Table 6 – Excerpt from summarized consolidated balance sheet 20112010200920082007 LIABILITIES Current liabilities Bank borrowings (214,911)(47,400)(47,400)(10,000)0Trade and bill payables(360,545)(149,488)(155,993)(121,840)(66,805) Accruals and other payables(349,524)(178,245)(135,677)(140,200)(71,648) Non-current liabilities Bank borrowings(379,234)(35,200)(82,600)0 0 Table 7 – Excerpt from summarized and standardized consolidated balance sheet 20112010200920082007 LIABILITIES Current liabilities Bank borrowings-6. 54%-2. 40%-2. 78%-0. 64%0. 00% Trade and bill payables-10. 97%-7. 58%-9. 15%-7. 85%-6. 73% Accruals and other payables-10. 64%-9. 04%-7. 96%-9. 03%-7. 21% Non-current liabilities Bank borrowings-11. 54%-1. 78%-4. 85%0. 00%0. 00%Table 8 – Excerpt from summarized consolidated balance sheet 20112010200920082007 EQUITY Capital and reserves Share capital119,725 115,504 115,504 115,468 103,950 Reserves1,727,236 1,362,219 1,096,205 1,105,369 722,803 Non-controlling interests(3,749)0 0 0 0 Total equity1,843,212 1,477,723 1,211,709 1,220,837 826,753 Table 9 – Excerpt from summarized con solidated cash flow statements 20112010200920082007 HK$'000HK$'000HK$'000HK$'000HK$'000 Net cash generated from operating activities450,446 366,025 135,589 243,939 91,589 Net cash used in investing activities(508,347)(137,011)(156,242)(110,300)(101,843) Net cash generated from/ used in) financing activities204,453 (47,400)22,668 (76,497)(49,807) Net increase in cash and cash equivalents146,552 181,614 2,015 57,142 (60,061) Appendix B – Ratio formula Performance Profit margins Gross profit margin = Gross Profit / Turnover Operating profit margin = Operating Profit / Turnover Net profit margin = Net Profit for the year / turnover Return ratio Return of equity (ROE) = Net Profit for the year / Averageyear, year-1 (Share capital + Reserves) Decomposition of ROE ROA = Net Profit for the year / Averageyear, year-1 (Total Assets) ROE = ROA x Financial Leverage DuPont Decomposition of ROEAsset turnover = Turnover / Averageyear, year-1 (Total Assets) Financial leverage = Averageyear, year-1 (Total Assets) / Averageyear, year-1 (Share capital + Reserves) ROE = Net profit margin x Asset turnover x Financial leverage Extended DuPont Decomposition of ROE Tax burden = Net profit for the year / Profit before income tax Interest burden = Profit before income tax / (Operating Profit + Share of profit of jointly controlled entities) EBIT margin = (Operating Profit + Share of profit of jointly controlled entities) / Turnover ROE = Tax burden x Interest burden x EBIT margin x Asset turnover x Financial leverageEfficiency Fixed asset turnover = Turnover / Averageyear, year-1 (Property, furniture and equipment) Inventory turnover = Turnover / Averageyear, year-1 (Inventories) Days of inventory on hand = 365 / Inventory turnover Receivables turnover = Turnover / Averageyear, year-1 (Trade and other receivables) Days of sales outstanding = 365 / Receivables turnover Payables turnover = Cost of sales / Averageyear, year-1 (Trade and bill payables) Number of days of payable = 36 5 / Payables turnoverWorking capital turnover = Turnover / Averageyear, year-1 (Net current assets) Risk Debt-to-common equity ratio = (Short term + Long term bank borrowings) / (Share capital + Reserves) Debt-to-asset ratio = (Short term + Long term bank borrowings) / Total assets Financial leverage = Averageyear, year-1 (Total Assets) / Averageyear, year-1 (Share capital + Reserves) Interest coverage ratio = Operating profit / Interest expense Cash flow coverage ratio = Net increase in cash / Interest expense LiquidityCash conversion cycle = Days of sales outstanding + Days of inventory on hand – Number of days of payable Current ratio = Current assets / Current liabilities Acid test ratio = (Current assets – Inventories) / Current liabilities Operating cash flow to maturing obligations = Operating cash flow / Current liabilities Appendix C – Calculated ratios 20112010200920082007 Performance Profit margins Gross profit margin63. 35%60. 72%58. 97%59. 46%58. 16 % Operating profit margin12. 08%10. 26%2. 64%9. 98%8. 89% Net profit margin10. 12%8. 77%1. 56%8. 46%8. 0% Return ratios ROE23. 35%19. 53%3. 50%16. 70%15. 55% Decompsition of ROE ROA14. 76%14. 29%2. 61%13. 43%13. 05% ROA*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% DuPont decompistion of ROE Asset turnover1. 46 1. 63 1. 68 1. 59 1. 63 Financial Leverage1. 58 1. 37 1. 34 1. 24 1. 19 Net profit margin*Asset turnover*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% Extended DuPont decomposition of ROE Tax burden80. 65%83. 29%53. 97%81. 23%82. 63% Interest burden100. 46%100. 86%103. 66%106. 90%112. 12% EBIT Margin12. 49%10. 44%2. 8%9. 74%8. 63% Tax burden*Interest burden*EBIT Margin*Asset turnover*Financial Leverage = ROE23. 35%19. 53%3. 50%16. 70%15. 55% Efficiency Fixed asset turnover7. 98 12. 95 13. 37 14. 81 16. 08 Inventory turnover2. 48 2. 92 3. 05 3. 15 3. 72 Days of inventory on hand146. 89 124. 95 119. 58 115. 82 98. 19 Receivables turnover31. 76 31. 98 5 1. 12 81. 59 185. 10 Days of sales outstanding11. 49 11. 41 7. 14 4. 47 1. 97 Payables turnover5. 51 7. 70 8. 07 8. 69 11. 14 Number of days of payable66. 23 47. 38 45. 21 42. 01 32. 76 Working capital turnover4. 6 3. 91 4. 24 3. 39 2. 72 Risk Debt-to-common equity ratio0. 32 0. 06 0. 11 0. 01 0. 00 Debt-to-asset ratio0. 18 0. 04 0. 08 0. 01 0. 00 Financial Leverage1. 58 1. 37 1. 34 1. 24 1. 19 Interest coverage ratio159. 70 119. 70 29. 64 646. 52 45342. 67 Cash flow coverage ratio50. 54 70. 75 0. 83 183. 15 (20020. 33) Liquidity Cash conversion cycle92. 15 88. 99 81. 51 78. 28 67. 40 Current ratio1. 85 3. 00 2. 80 2. 93 4. 66 Acid test ratio1. 12 2. 08 1. 70 1. 91 3. 42 Operating cash flow to maturing obligations0. 44 0. 85 0. 36 0. 77 0. 58

MULLER Surname Meaning and Family History

MULLER Surname Meaning and Family History The Mà ¼ller last name is a German occupational surname for miller, from the Middle High German mà ¼lnà ¦re or mà ¼ller. MILLER is the English version of this common German surname. MÃÅ"LLER is the most common German surname, as well as the most common last name in Switzerland and in the French  dà ©partements of Bas-Rhin and Moselle. Muller or Mà ¼ller is  also the fifth most common surname in Austria. Surname Origin:  German Alternate Surname Spellings:  MUELLER, MOLLER, MUILLER, MUELER, MULER, MILLER, MOELLER Famous People with the Surname MÃÅ"LLER: Erwin Wilhelm Mà ¼ller - German physicist, the first person to experimentally observe atomsFilip Mà ¼ller - Holocaust survivor and author of Eyewitness Auschwitz - Three Years in the Gas ChambersWilly Mà ¼ller - inventor of the first automatic answering machineHermann Joseph Muller -  Ã‚  American  geneticist, educator, and  Nobel laureate Where is the MULLER Surname Most Common? The Muller surname, according to surname distribution information from  Forebears, is most prevalent in Switzerland (ranked 5th in the country), Luxembourg (2nd), France (37th), South Africa (38th), and Austria (39th). The Mueller spelling, on the other hand, is most prevalent in Germany, where it is the 10th most common surname. The Mueller spelling is also common in Switzerland (12th), in addition to the Muller variant. WorldNames PublicProfiler  also highlights the Muller surnames popularity in Switzerland and indicates that it is most common in Nordwestschweiz by more than double any other region. It is also fairly common in Espace Mittelland and Zentralschweiz in Switzerland, and Alsace and Lorraine in France. Genealogy Resources for the Surname MÃÅ"LLER, MUELLER and MULLER Common German Surnames Their MeaningsUncover the meaning of your German last name with this free guide to German surnames meanings and origins. The Mueller DNA ProjectThis DNA project connects individuals with the Mueller surname, or variants such as Muller,  who are interested in using DNA testing to help discover common Mà ¼ller ancestors. Muller Family Crest - Its Not What You ThinkContrary to what you may hear, there is no such thing as a Muller family crest or coat of arms for the Muller surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted. MULLER Family Genealogy ForumThis free message board is focused on descendants of Muller ancestors around the world. Search the forum for posts about your Muller ancestors, or join the forum and post your own queries.   FamilySearch - MULLER GenealogyExplore over 1.2  million  results from digitized  historical records and lineage-linked family trees related to the Muller surname on this free website hosted by the Church of Jesus Christ of Latter-day Saints. MULLER Surname Mailing ListThe free mailing list for researchers of the Muller surname and its variations includes subscription details and searchable archives of past messages. GeneaNet - Muller  RecordsGeneaNet includes archival records, family trees, and other resources for individuals with the Muller surname, with a concentration on records and families from France and other European countries. The Muller Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the Muller surname from the website of Genealogy Today. Ancestry.com: Muller SurnameExplore over 5.6 million digitized records and database entries, including census records, passenger lists, military records, land deeds, probates, wills and other records for the Muller surname on the subscription-based website, Ancestry.com.- References: Surname Meanings Origins Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967. Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998. Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003. Hanks, Patrick, and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003. Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997. Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997. Back to  Glossary of Surname Meanings Origins