Safe use of ICT in a Business environment

* Make sure all employees' adopt the correct posture and have an adequate lower back support. This reduces the risk of tension strain headaches and musculoskeletal problems like neck pain, Chronic back pain and upper limb disorders such as Repetitive Strain Injury. – Repetitive Strain Injury can be stopped by using a wrist support along with an ergonomic keyboard, and keeping forearm's horizontal. * Make sure all employees' take regular breaks from their computers. This reduces the danger of eye strain, headaches and discomfort. – This can be reduced by making sure eyes are level with the monitor and making sure there is good background lighting and a monitor filter to reduce glare. * All employees' should get regular eye sight checks. This reduces the danger of deteriorating eye sight. – This can be reduced my making sure that the company pays for regular eye sight checks. The employee must go to the appointment and get the treatments provided. * Make sure all employees' have the correct positioning of equipment. This can reduce the danger of eye strain, headaches and discomfort. – Make sure the computer monitor is positioned away from the direct sunlight to reduce glare. Make sure the keyboard is not too far away, or too close, so there is no discomfort of the wrists/hands. Protecting Physical Safety * Make sure there are no trip hazards, e.g. trailing cables. This can reduce the danger of employees' tripping and harming themselves. – This can be reduced by taping cables to the wall or keeping wires in wire surrounds on the wall. * Make sure the electrical safety is upheld, e.g. electric checks (PAT), no water by the machines, not overloading sockets. This can reduce the danger of being electrocuted by the computers. – This can be reduced by making sure the company has regular electric checks, make sure no employees' take water near the machines, and make sure the sockets are not * Make sure there is safety equipment to avoid machinery falling. This can reduce the danger of employees' getting hurt by falling equipment. – This can be reduced by regularly checking the safety equipment and replacing it when needed. * Make sure employees' observe the Health and Safety rules. This can reduce the danger of injuries and the company being sued. – This can be reduced by telling employees' the Health and Safety rules and keeping them in sight for everyone to see. Protecting Flies from Loss * Organising Files. Make sure that the Files are organised e.g. meaningful file/folder names, Structuring files. – This makes sure that file/folder names are not forgotten and where the file/folder is isn't forgotten. * Backup strategies. Files should be backed up and frequently checked to make sure that they have not been tampered with. – This makes sure that files are not lost if they are accidentally deleted or lost somehow. Protecting files from unauthorised access Passwords * Passwords to open files. – This makes sure that no-one that is not authorised can open files. * Passwords to Modify documents/files. – This makes sure that no-one that is not authorised can modify files. * Passwords to protect the contents of the Documents. – This makes sure that no-one can delete all the contents of documents, or steal all the contents. * Choose a STRONG Password – Choosing a strong password is essential. If a weak password is chosen, then there is next-to-no point having a password because it can be easily hacked. Use numbers, uppercase letters, mixed with lowercase letters, and mixed with symbols. This will make your password strong, and VERY hard to crack!

Society and Rules

Expository piece Carla Franz While the rules of society are meant to protect us, they exclude some individuals. ‘ As humans grow up into parts of society, they are connected by the rules which guide them in their thoughts and actions. However, as time progresses and societies change, many individuals are excluded due to new rules that surpass them. Stand by me demonstrates the only do laws change over time, but the societies that dictate them change as well.These rules are changed by the people who set examples to the est. of the world; a powerful example is the classic film ‘Stand by me' which demonstrates the will of the four protagonists who are excluded from their society. Gourde, Chris, Teddy and Fern are the main characters that have negative relationships and past with their family; this had a major impact on their segregation from their surrounding society.A key scene from the film is the conversation between Gourde and Chris; they state how they acknowledge the w eirdness in each other but also agreed that ‘everyone is weird'. This is one of the many prime examples how any individuals are excluded due to there weirdness and failure of following others in ‘society. Many individuals have been excluded from society over the years. Especially as young adolescents, we can become immersed into the rules of society.A well known quote is ‘all actions have benefits or consequences'. This saying is demonstrated in many of today's societies. Being individuals, if you do not fit in or follow societies rules you will be teased or looked at funny, people try to change themselves to fit in and live up to societies satisfaction. Author Glenda Millard explores this in A Small Free Kiss in the Dark. Skip one of the main protagonist's in the book who has Just progressed into his early adolescent years showing his innocent view of his world.Skip was an odd one at school, he wrote notes to his teacher making up excuses for not having friends; h e also invented other notes he would take to school to have permission to put his hands in the sky because that is how he finds about the light. One of the many excuses Skip has for not having friends is a simplistic note explaining that ‘he isn't good at math, the others might think he was dumb'. The note Skip wrote is telling us firstly, skip is scared he will be Judged by society because he is not good at math's and portrayed as ‘dumb', secondly he was often excluded at school because he didn't like the thought of having a friend.This is another example of how young individuals are excluded from society due to not being the smartest in his class or not wanting to associate with other kid's at school. Political exclusion is another major form of being excluded in society. Being denied the basic right to participate way in which society excluded the four protagonists, because of their past, showing the audience the brutal ways in which many individuals are excluded.A Sm all Free Kiss in the Dark also powerfully demonstrates how the four protagonists often grapple with their past and come together as excluded individuals of their own society. People come up with new rules to fit the changing society surrounding them, from the things people wear to the things people eat. As time has shown the changing says society operates in, it also bares the individuals that are excluded because of the rules that are ever changing.Not in who runs the country and how it is run has affected the human race since the creation of communities. North Korea, Russia and Syria are Just a few of the many countries in the world who have dictatorship rulers, this form of commands the rules in which their society runs by. Some of the rules set forth by the surrounding societies in Arabic countries have a substantial effect on the population, rules such as having a male accomplice when in public can make the male population feel excluded from there society.As previously mentione d the political exclusion affects the surrounding societies substantially, making some individuals feel excluded and left out. The rules of society are meant to protect and guide us in greater communities. Some of the rules exclude individuals, because of religion, fashion and in political ways. People try to change themselves to fit in society, because if you don't blend in with society you will be looked at differently and simply be excluded.

Western Medieval Christian Architecture Essay Example | Topics and Well Written Essays - 500 words

Western Medieval Christian Architecture - Essay Example In the beginning of this essay it is important to mention that two major styles, Romanesque and Gothic, were developed in the field of architecture of Western European Middle Ages. These two styles have reflected the world outlook of their era in the best way. Medieval Romanesque period begins in the X century, when a period of a lull was possible after many internecine wars. Historical evidence states that, by this time, a vast empire of Charlemagne had already formed some European states which have not been able to acquire the cultural autonomy and identity, and culture of each of them was just a variation on a European theme (Perry et al. 217-222).It is obvious that pilgrimages to Jerusalem and the crusades introduced Europeans to the culture of the Arab East. Different Christian monasteries greatly expanded their activity: they built roads, bridges, hotels and hospitals. New experience and traditions were transferred from the master of one monastery to other monastery.Composition in the Middle Ages was understood literally, as the folding, drawing up a new form of ready-made. This was evident in all the arts, and especially in the architecture. And even today the Romanesque cathedral seems as it is composed of several separate volumes like cubes. In such a way, previously stated information gives us an understanding of the fact that already the Romanesque era formed the main design features of the cathedral, which was brought to perfection in the Gothic style in the next centuries.

Assignment Example | Topics and Well Written Essays - 2500 words - 3

Assignment Example Through focusing on the activities instead on the departments, activity based costing allows the management which is activity based, to become an active catalyst for the improvement of product quality and business procedure reengineering (Lewis, 1995). It provides exactness in the costing process in relation to the end-customers of product, product line, the inventory-keeping units utilized by the organization and the category and channels which reorganize the product flow from the manufacturer to the end customer. This method better supports to understand the perception of the overhead costs which means allocation of widespread business resources because they are utilised by definite product lines as well as their relation towards exact cost driver (Lobo and Paulo, 1998). This method works best with up gradation and quality improvement programs. One special feature of this method is that it imitates the actual process of business, as the requisition of widespread pool resources occurs in the similar way as the common resources are utilised in the firm (Lobo and Paulo, 1998). It offers a more exact method of service/product costing, therefore leading towards perfect pricing decision. This method also increases the understanding of cost drivers and overheads; and makes non-value adding and costly activities more noticeable, thereby facilitating managers to eliminate or reduce them (Cgma, 2014). Activity based costing enables efficient challenge of the operating costs in order to find enhanced ways of assigning as well as eliminating overheads. It also supports the technique of performance management, for example continuous management (Cgma, 2014). This method will help Berry Ltd. to determine which products, resources, and services are actually increasing their productivity and which are causative to the losses. Supervisors are then capable to produce data in order to generate an enhanced budget

The Insulin Resistant Diet Assignment Example | Topics and Well Written Essays - 500 words

The Insulin Resistant Diet - Assignment Example Researchers have contended that our bodies have become resistant to insulin, and an insulin resistant diet could have significant positive benefits. This paper will explain insulin resistance and the benefits that can be gained from an insulin resistant diet. At the foundation of the problem is that too many processed carbohydrates, fast foods, high fat content foods, and high fructose corn syrup are consumed in the average diet. Not all carbohydrates are bad, but the bad ones are found in "white bread, chips, snacks and other baked or fried foods that have been mechanically processed. These carbs are bad for you because during processing, much or all of the dietary fiber is removed from them, and your body cannot process these new complex carbs with efficiency" (Mason, 2005). In response to these bad carbohydrates, the body over-produces insulin and eventually develops a resistance to it. In addition, "intake of dietary fat, particularly saturated fat, appears to be associated with insulin resistance in animals and humans and may predispose to the development of diabetes" (Bessesen, 2001, p.2786S). Gone unchecked, these patients will gain weight and will eventually develop Type 2 Diabetes. To regain your insulin sensitivity, you need to put 'good' carbohydrates back into your diet and reduce the intake of

Strategic Plan Stakeholders Essay Example | Topics and Well Written Essays - 250 words

Strategic Plan Stakeholders - Essay Example The reasons underlying the development of a document on strategic planning is for the organization to eradicate ill politics emanating from the stakeholders. This may result whenever a certain group within or outside the business perceives biasness. A planning document entails the organization’s objectives and goals. Further, it describes to the stakeholders the essential approaches that business entity targets to implement to accrue the long term plans. Through the implementation of a planning document, the organization gains the ability to pursue its goals since every stakeholder will be knowledgeable of the perceived outcomes thus devoting his support to the planning process (p. 2). Reasonably, the development sets a pace for the organization to meet all its stakeholder needs. Organizations devote their strategic development plans towards achieving beneficial outcomes. Therefore, the documented approach will serve to the effect of ensuring efficiency in delegation of tasks, team-building, and a unified focus towards the set goals and objectives. The document acquaints an organization with a prospectus for scanning the environment. This influences a positive approach towards development of the organization’s mission. Arguably, the documented approach describes the organization’s vision (p. 3). Lastly, it is an essential resolution to a democratic process of inserting decisions harvested from the organization’s internal and external

Week 5 Discussion Coursework Example | Topics and Well Written Essays - 250 words

Week 5 Discussion - Coursework Example Roger Wilson approved the bill from Mr. Griesedeck despite being aware that the funds had been used for political donation. In 2009, Douglas Morgan made request for a $3,000 donation that would be recovered in the same manner as the first one (Lippmann, 2012). Fortunately, the company legal team noticed the bill was strange during a routine review of all legal matters. As a result, Wilson was forced to give Mr. Griesedeck the money back using his personal savings. The type of fraud was done using the expenditure cycle. Legal fees for the company are part of the expenditures that are regularly paid. The use of the expenditure cycle was meant to help hide the fraud due to the routine nature of meeting legal bills. Expenditure cycle is full of loopholes that many people use to misappropriate funds. Lippmann, R. (2012, April 12). Former Mo. Gov. Wilson pleads guilty to misappropriating insurance co. funds. Retrieved from St. LouisPublicRadio:

Heidegger's distinction between the ready-to-hand and the Essay

Heidegger's distinction between the ready-to-hand and the present-to-hand - Essay Example Heidegger has approved the explanation with regard to philosophy as 'its own time comprehended in thought'; the same thought has been delivered by the historians. According to Heidegger, the history of philosophy was to be considered as Western civilization's ever-deepening forgetfulness or oblivion of being, and he disapproved the belief that supported progressive self-realization of spirit version of history f philosophy. Heidegger was also supportive of the notion that Eastern intellectual thoughts can be of support towards technological understanding of being. Heidegger once commented that, 'I am convinced that a change can only be prepared from the same place in the world where the modern technological world originated. It cannot come about by the adoption of Zen Buddhism or other Eastern experiences of the world. The help of the European tradition and a new appropriation of that tradition are needed for a change in thinking. Thinking will only be transformed by a thinking that has the same origin and destiny. The technological world must be superseded in the Hegelian sense, not removed, superseded, but not by human beings alone'(G. Neske, 1990). Heideggar's philosophy has much in similar with the philosophy proposed by Edmund Husserl. Heidegger was much impressed by the article of Husserl on Logical Investigations. Heidegger acknowledged that Husserl's phenomenology produced significant impact on his personal work. Phenomenology is with reference to the science of consciousness and the related objects. The Cartesian tradition has been foundation for phenomenology, Husserl is of the opinion that one can reach the phenomenological attitude, based on the detail analysis of the content of consciousness, from natural attitude, based on actual world and related affairs by the application of methodological procedure. Freedom from prejudice and achievement of purity is possible through phenomenological reduction. Heidegger believes that phenomenology is based on separate analysis of consciousness. DASEIN: Ready-to-Hand & Present-at-Hand Being and Time is supportive of Husserlian phenomenology, and Heidegger has tried to explore the different modes of the existence of the beings, and the experience of its encounter. He analyzed the concept of being in a detailed manner, and referred to the daily life as utensils, or in particular mood of anxiety, and has further revealed the identity of Dasein, and terms it to be particular kind of being. Heidegger has denied the concept with reference to the constitution of the original on the basis of pure consciousness, rather is of the opinion that Dasein in its being is the core of philosophy. Heidegger has forwarded many thoughts which need to be answered. In his letter to Husserl he asked, "What is the mode of being of that being in which the world constitutes itself'" he has stressed over the need to evaluate the constitution supportive of the existence of Dasein, and if certain mysteries with reference to Dasein are unanswered, it will have an impact on the being in general. He wrote to Husserl that, "universal problem of being refers to that which constitutes and to that

How historians make use of other social sciences Essay

How historians make use of other social sciences - Essay Example By tradition and definition, history requires certain written records which can be evaluated and reviewed. Verbal or the oral history often gets lost and the historians or the interested professionals try to understand the history through folklores and myths where there is no written account. History has normally been understood as common memory of the people that provides with the detailed account of the past. The subject also imprisons shared experiences, values and ideas and helps one to analyze the past to figure out the future ideas, experiences and values. The tools offered by the social sciences are â€Å"behind† or â€Å"beneath† historical institutions, ideas and events (dimensions of economic change, social inequality, population growth and mobility, social protest, behavior and mass attitude and voting patterns) (Robinson,†History†). As discussed earlier, history is an amalgamation of various other subjects particularly social sciences. Also, the trend among the historians suggests that the scholars of history have used other disciplines of social science within the periphery of the gamut of history. The scholars of the field often used other related subjects like geography, political science, law and economics in order to analyze the historical events. The scholars of the subject believe that without inculcating other social sciences, historical events cannot be understood in the right and the best spirit. According to the school of thought, one must know about the political happenings or the geographical particulars of any area or person before knowing the history of the person or of the area. Such inculcation provides wider spectrum and helps a lot to understand the exact scheme of things that had occurred long back. Many of the scholars are of the view that such usage of other social science subjects with in the domain of history is because of the fact that all of the social science subjects are inter –

The major purposes of financial statements Essay Example for Free

The major purposes of financial statements Essay The major purpose of financial statement is to provide an overview of the company’s overall performance of the company’s operations and also assess the company’s worth during the year. Financial statement not only assists the financial managers but also the outsiders like creditors, stockholders etc. After reviewing the financial statements of the company all the stakeholders assess the company growth, investment opportunity ,dividend profile etc after that note all the stakeholders made appropriate decisions regarding the firm’s future’s perspective. . Financial statements are also helpful in submitting the tax return of the year (Besley, Brigham, 2001). In basic terms financial statement is comprises on Profit Loss Statement, Balance Sheet, and on Statement of cash flows. There could be several reasons which signify the fact that it is gravely essential for one to understand the business or the industry in order to understand the financial statements better. Some of them may be: 2. The type of information financial statements provides. There are mainly three types of information is available in Profit Loss Statement, Balance Sheet, and Statement of cash flows. All the statements have own importance. Profit Loss Statement debates over the company’s revenue generation power, cost behavior and structure and in the end on Net Income. The balance sheet provides an overview regarding the company’s financial position. In the same time the balance sheet also discussed about the company’s assets, liabilities and owners equity. Cash flow statement discussed over the company’s operating, investing and financing activities during the year. It also discussed on the in flow and outflow of the cash and also on the cash equivalents. 3. The limitations of financial statements. The limitations of financial statements are stated below: †¢ Financial statements are debates over the historical facts they can’t address the trends like inflation, growth rates etc (Erich A. Helfert, 2001). †¢ The qualitative factors are not evaluated in the financial statements and often neglected because no organization discussed the qualitative factors in the monetary terms. Like reputation of the company, employees performance etc (Erich A. Helfert, 2001). †¢ It is the reality that out dated information of the company’s financial profile is not worthy especially when the company’s management is willing to take more debt from bank (Garrison, 2004). †¢ Whenever the financial statements are presented with out the notes then all the reported figures are picture less. 4. The outside factors upon which the conclusions drawn from these statements are reliant. The most relying outside factors that makes an impression on the financial statements are stated below: †¢ Frequently changes in the tax percentages make an impact on the firm’s net income, dividend, EPS, owner’s equity, stock price, etc (Besley, Brigham, 2001). †¢ Government’s regulation on any appropriate business slight distorts the financial statements of the company (Besley, Brigham, 2001). †¢ Events happening after balance sheet dates like case filed in the court of law make a negative impact on the reported figures of the company (Garrison, 2004). †¢ Fluctuation the interest rate percentage makes an impression on the interest expense of the company and also on the prices of the bonds. 5. How items in common-size statements are presented. In order to create common size statements we express it in the form of percentages rather than dollar amounts. It is easier to understand that we take the differences of amounts year by year and divided that difference amount with the total amount. Let’s assume: 2008 2007 Difference increase/ (decrease) Cash $150,000 $100,000 $50,000 And Total Assets is $500,000. Then Difference Amount/Total Assets x 100 50,000/500,000 x 100 10%. Means there is an increment of 10% is reviewed from the year 2007 to 2008. 6. How ratios in ratio analysis are computed and used. The formula of some important ratios is stated below: †¢ Average collection period (in times) = Net Credit sales / Average debtors †¢ Inventory turnover (in times) = Cost of goods Sold / Average Stock †¢ Current Ratio = (Current Assets / Current Liabilities) †¢ Total Debt Ratio = (Total Liabilities / Total Assets) †¢ Return on Equity = (Net Income / Average Equity) †¢ Return on Assets = (Net Income / Average Total Assets) The uses of ratios are sated below: †¢ Dividend yield which expressed as a rate of return on the market price of the stock. †¢ Interest coverage ratio shows the debt servicing ability and capability of a company and also indicator of a company’s ability to meet its interest payment obligations (Myers, Brealey and Marcus, 2001). †¢ Debt ratio shows the percentage of total asset financed by debt, from a creditor / bank’s view point, the lower debt ratio gives a positive signal to the creditor. †¢ Current ratio also suggest the firms liquidity position lower current ratio gives alarming and negative signal to the creditor that firm is financial crises and on the edge of financial crunch (Myers, Brealey and Marcus, 2001). 7. Why most financial analysts prefer ratio analysis to common-size statements. It is quite easy to assess the financial performance of the company at a glance. It is the shortest way to get an appropriate result. Moreover, common size statement is slightly tenacious and complicated to examine the different accounting heads (Erich A. Helfert, 2001). Reference Besley, Brigham, Scott, Eugene F. (2001). Principles of Finance. Florida: Harcourt College Publishers. Brealey, Richard A. , Stewart C. Myers, Alan J. Marcus, (2001). Fundamentals of Corporate Finance. New York. McGraw Hill Helfert, Erich A. (2001). Financial Analysis Tools and Techniques: A Guide For Managers. McGraw-Hill. Noreen, Eric W. , Peter C. Brewer, Ray H. Garrison. Managerial Accounting. 11. 2004.

Targeted Drug Delivery for Sex Dependent Cancers

Targeted Drug Delivery for Sex Dependent Cancers Occurring cancer in any part of the human body such as lung, kidney, skin and etc. has a different incidence ratio between men and women. sex dependent cancers have seen just in male or female which is dependent to sex hormones and specific sex organs such as prostate cancer in male and Ovary and endometrial cancers in female, breast cancer is seen in both sex with 5% incidence in male. Despite of a self-explaining differentiation between the sex organs, since these organs functions are regulated by same hypothalamic gonadotropin-releasing hormone similarities in cell signaling and pathways via molecular interactions are highlighted for cancer studies and targeted therapy. Targeted drug delivery for sex dependent cancers has been studied for many years, but exploring similarities of sex-dependent cancers targeting could provide an opportunity for future targeted drug delivery of these cancers simultaneous effects analysis. Breast Cancer: Breast cancer (BC) is the most common cancer and cause of death among women worldwide during the past decades. To improve diagnosis, therapy and prevention of BC, molecular developments provide various techniques for scientist to study and differentiate BC cell lines as well as observe different phenotype of BC. They classified BC to three main subtypes: estrogen/progesterone receptor (ER) positive, epidermal growth factor receptor (HER2) positive, and triple negative breast cancer (TNBC). Estrogen/progesterone receptor (ER) positive: In BC subtypes of ER+, the overexpression of estrogen receptors on breast cells and nucleus membranes cause the over uptake of estrogen [1]. Many studies showed that estrogen receptors could be targeted for anti-cancer delivery to breast cells. Some estrogen receptor targeted drugs now use in clinical therapy like tamoxifen from the family of SERMs (selective estrogen receptor modulators) which are competitive agonist of the estrogen receptor [2]. Arimidex, Fareston (Toremifene), Anastrozole, Exemestane, anastrozole, letrozole [3], [4],[5]  Fulvestrant [6]  are now in market. Other estrogen receptor targeted drug is a family of aromatase Inhibitors (AI) that suspend the estrogen production. The third-generation aromatase inhibitors are classified into irreversible steroidal inhibitors and they have shown high potential to replace tamoxifen in postmenopausal women such as Exemestane, anastrozole, letrozole[2,4 ,5]. SERDs (selective estrogen receptor down-regulators) is another estrogen targeted that only drug with FDA approved is fulvestrant on the name of Faslodex used in metastatic hormone positive breast cancer [6]. HER2 positive: This breast cancer subtype is referred to overexpression of erbB2 (HER2) from the epidermal growth factor receptor family on breast cells membranes [7]. Anti HER2 agent has studied for targeted therapy of this subtype. Recombinant humanized monoclonal antibodies such as trastuzumab and pertuzumab are widely used for HER2 positive breast cancer and any other HER2 positive cancers [8],  [9],  [10]. Some monoclonal antibodies are under further clinical trials studies like ertumaxomab and margetuximab  [11]  .Her2 Vaccine is now under further studies [11]. Triple Negative breast cancer (TNBC): These subtype tumors do not express receptors for estrogen or progesterone and not overexpress the HER2 receptor. TNBC is a malignant cancer with the high rate of incidence in younger age and it grows faster with the high potential of metastasis in early stage while it is unlikely to be seen on annual mammogram [12]. Not only patients with TNBC almost show poor prognosis compare to other subtypes, but also during therapy they are at the higher risk of relapse, metastasis, and survival [13]. Since the clinical trial of some designed drug were not successful, no commercialized drug and therapy for this subtype still exists. Endometrial Cancer: Endometrial Cancer (EC) begins in the uterus cells of the endometrium layer. Mostly surgery including hysterectomy (removal of the uterus) and removal of ovaries and lymph nodes is the only way to cure the EC if biopsies show that cancer has not spread, no other treatment is needed. According to clinic pathological characteristics, EC is classified to two subtype. Estrogen-dependent endometrioid and estrogen-independent non-endometrioid carcinoma. [14],  [15]. Estrogen-independent EC shows p53 and p16 mutations, overexpression of HER2 and E-cadherin loss [16]. Most of the diagnosed EC tumor are estrogen-dependent that express estrogen receptor and hormonal therapy with progestron is a primary line [17]. Since EC Type I express estrogen receptor the like ER+ BC mentioned previously, targeted therapies for EC are SERM, AI and GnRH inhibitors. Tamoxifen (as SERM) and anastrazole (as AI) commonly used. Anti-angiogenesis drugs are efficiently used for EC like Aflibercept, Abitrexate (Methotrexate) is an only trial drug for EC. Prostate Cancer: Prostate cancer is derived from the specific epithelial of secondary sex organs. Todays, the prostate cancer strategies of treatment is mostly based on suppressing testosterone level by anti-androgenic, gonadorelin agonist or antagonists [18]. Despite of the unknown active mutation in oncogenic pathways in prostate cancers subsets, some molecules express specifically in prostate epithelial cells which have been studied as therapeutic targets including; cell surface prostate-specific membrane antigen (PSMA), the secreted protease prostate-specific antigen (PSA), and the enzyme prostatic acid phosphatase (PAP). PSMA targeting: PSMA is an integral cell surface membrane protein and specifically over-expressed in advanced prostate cancers. PSMA has been studied in phase II trial as a targeted therapy via monoclonal antibody (J591) conjugated with radio and chemical compounds [19]. PSA: The prostate-specific antigen (PSA) mostly use as an indicator for primary diagnosis of prostate cancer. Gonadorelin antagonists can suppress testosterone and PSA, by then Degarelix (Firmagon) is now using for treatment in prostate cancer patients. ARN-509 antiandrogen is only used for prostate cancer with high level of PSA indication. PAP: Prostatic acid phosphatase (PAP) is an enzyme produced by prostate and the amount increased in prostate cancer cells. In clinical studies PAP mostly used as an antigen for anti-tumor vaccines [20]. Ovarian Cancer: Ovarian Cancer is a 5th cause of cancer related death among women worldwide [21].Ovarian cancer has not yet been classified. It is poor diagnosed in stage I and in stage II,III,IV diagnosed by metastasis to other organs  [22]. Surgery and aggressive chemotherapy are currently the only way to treat the ovarian cancer. Many studies on targeted therapy for ovarian cancer by nano-carriers are undergoing. Although, in market there is nano-carriers like liposome that carried chemotherapeutic agents like doxorubicin; DOXIL (Doxorubicin Hydrochloride Liposome), Evacet (Doxorubicin Hydrochloride Liposome) [23]. Novel Targeted therapy: As previously has been mentioned, these cancers are mostly depended on sex hormones level, HER2 expression and other individual molecular marker indications. Almost all chemotherapy regiment have cytotoxic effect on non-cancer cells and caused the chemotherapy side effects. If these chemotherapy regiment could be conjugated with marker to specific targets of cancer cells the result would be cytotoxicity of drug just for cancer cells and no more side effects for healthy cells. This conjugation can be followed by protein based interactions like antigen- antibody mechanism or ligand-receptor affinity. Today novel therapeutical aims are trying to conjugate monoclonal antibodies with drugs which is called antibody-drug conjugated (ADC). Other novel targeted therapy is to conjugate the peptide or protein with drug (PDC). Both ADC and PCD are the subtype of protein drug conjugated approach. The result of covalent conjugation of drug with antibody or peptide is another novel strategy of prod rug in which after delivered to cells would be cleaved by an enzyme and release active drug [24]. For targeted drug delivery for any drugs two main subjects should be considered; Carrier and Targets: Carriers: Antibody: In past decades, targeted drug delivery has been improved by development of antibodies against any identified targeted antigen. Not only antibodies can induce uptake of conjugated drug in targeted cells, but also they can enhance the role of complement-dependant cytotoxicity system to invade targeted cells. The potential of making almost any antigen as a target is an interesting properties of ADCs, however, just few of the human antibodies have shown a longer proper half-lives like IgG1, IgG2, and IgG4. Nearly 40 monoclonal antibodies (mAb) have been approved and develop not only for cancer but also for some autoimmune disease [25]. While antibodies have shown low loading capacity of drug, on molecule of antibodies are capable to conjugate with less than 3 molecules of drug, for improve ADCs efficacy drug should be highly potent. As mentioned previously, HER2 is overexpressed in breast, prostate, ovarian and endometrial cancer that the anti-HER2 antibody can be used for targeted drug delivery. Antibody-drug conjugates (ADC) for HER2 positive is a conjugation of trastuzumab as an antibody and emtansine as cytotoxic compound and commercialized as TDM1. Other cytotoxic compound in conjugation with antibody is under further studies and clinical trial process like defucosylated trastuzumab [26],[27]. Lapatinib is commercialized drug from the family of Receptor tyrosine kinase inhibitors (RTKI) that target the intracellular binding site of HER and EGFR family [28]. In breast cancer antibodies of Anti-LIV1 mAb (hIgG1), Anti-GPNMB mAb (hIgG2), Anti-cripto mAb (hIgG1) in conjugation with drug Auristatin E and DM4 (maytansine) are now clinical Phase I. Anti-HER2 mAb (hIgG1) in conjugation with Emtansine-DM1 (maytansine) has been approved in early 2013 and used for metastatic breast cancer. Anti-TROP-2 mAb (mIgG1) in conjugation with SN-38 (irinotecan metabolite) is under further studies for triple negative breast cancer in Phase II clinical [29]. In prostate cancer Anti-PSMA mAb (hIgG1) in conjugation with Auristatin E (auristatin) is still on phase I clinical [30]. IgG1 ADC targets Folate receptor is in Phase 1 studies for ovarian cancer [31]. Protein/Peptide-drug conjugated (PDC): Proteins are sequences of amino acids with 3D or 4D structures that have vital responsibility in all alive cells. Protein has been studied as a carrier for drug due to its stability, longer half-life, biodegradability and easy modification for carry drug with no effect on its desirable function [32]. Protein which are widely used as for drug delivery are Transferrin and Albumin [33], Zein [34],  Elastin and Gelatine  [35], Gliadin and Legumin [36]. The conjugation of albumin with methotrexate has been studied preclinical for many cancers but it had shown effect on just bone and prostate cancer [37]. Conjugation of transferrin with N-alkylisatin derivatives had shown 10 times more efficient on breast cancer tumor in vivo [38]  and also conjugation with Artemisinin shown high toxicity for breast cancer in rat [39]. Gelatin conjugation with Gallic acid has been studied on prostate cancer [40]. Abraxane is an albumin conjugated with paclitaxel in phase I trial for metastatic breast cancer, prostate and ovarian cancer [41]. Peptide usually refers to a sequence of amino acids (up to 50) with just up to secondary structure [42]. Peptide ligand can be used for targeted receptors. However, peptides have short half-life and poor stability in serum as they can be degraded by protease, but peptides are smaller than antibodies and can easily penetrate the targeted cells and overcome biological barriers that the result would be the fast uptake of drug by targeted cells and also peptides have shown high drug loading potential  [43]. Acyclic RGD4C as peptide c(Cys-Phe-Cys-Asp-Gly-Arg-Cys-Asp-Cys) in conjugation with doxorubicin has been shown higher antitumor activity on metastatic breast cancer in vivo than doxorubicin alone [44]. Targets: Gonadotropin hormone receptor targeting: The overexpression of luteinizing hormone releasing hormone (LHRH) receptors has been well reported on many cancer tumors specially breast, ovary, endometrial and prostate cancer [45],[46]. LHRH analog is widely used as a supplementary drug in order to bind to the LHRH receptor [47]. LHRH agonist induce downregulation of LHRH and suppress sex steroid hormone. While, LHRH antagonist block the LHRH receptors and suppress LHRH and sex steroid releasing immediately [48],[49].  Prostate cancer drug in market like Degarelix (Firmagon) (ANTAGONISTS), Lupron, Leuprolide Acetate, Zoladex (Goserelin Acetate) are LHRH analog [50]. LHRH and its analogue as a peptide with a sequence of 10 amino acids have been studied as a targeted drug carrier. AEZS-108 (formerly known as AN-152) is an LHRH agonist conjugation with doxorubin which is shown anti-cancer activity in phase II clinical trial of gynaecological cancers and a promising result for prostate cancer [51]. LHRH also has been studied for carry cisplatin encapsulated in dextran nano-particle to breast cancer cells [52]. Compound uptake via an interaction between LHRH and its receptor and then endocytosis by cell membrane. As normal cells with no overexpression of LHRH receptor could not uptake the drug, side effects of toxic drug significantly has been reduced36. Growth factor targeting: Growth factor refers to substances that stimulate cells proliferation and differentiation by binding to their receptors which is tyrosine kinase activate other cell pathways. Epidermal growth factor (EGF) and vascular endothelial growth factor (VEGF) and their receptors are two class of growth factors that have been studied for targeted therapy: Angiogenic pathway targeting: In all cancers, tumor growth and metastasis depend on angiogenesis pathway which activated by vascular endothelial growth factors. VEGF family and their receptors (VEGFR) have been studied for inhibition of tomur growth and metastasis as their overexpression had been seen in most of the malignant cancers [53]. The stimulation of VEGF not only induces cells mitosis and abort apoptosis, but also caused the chemotherapy and radiotherapy resistance [54]. On the other hand, chemotherapy and radiotherapy could induce VEGF in tumor cells [55]. Hereby, today anti-VEGF drug have been added to chemotherapy regiment. Ovarian cancer cell lines has shown overexpress of VEGFR as well as breast cancer cell line like MDA-MB-453, and MDA-MB-231,T-47D,and MCF7  [56]. Studies on triple negative breast cancer cell lines; MDA-MB-453; have shown that overexpression of VEGF protected cancer cells from apoptosis and improved cell mitosis and invasion [57]. Treatment of MDA-MB-453 and MDA-MB-231 with anti-sense oligonucleotide inhibition of VEGF has shown over 50% decrease in invasion by Martigel assay [58]. Targeting VEGF has been studied in Phase I and II clinical by designing monoclonal anti-body directly against VEGF that shown suppressing metastasis relapsed in patients with breast cancer [59],  [60],  [61]. Now, Bevacizumab (Avastin ®) is a monoclonal anti-body that bind to VEGF that has studied in phase III trial for metastasis breast cancer. Successful result has been released in phase III trial studies E2100, AVADO, RIBBON-1 that have Bevacizumab as a supplement and chemotherapy regiment like paclitaxel, docetaxel, anthracycline-based as a first line treatment respectively  [62],  [63],  [64]. Epidermal growth factor targeting: Epidermal growth factor (EGF) is a factor that induce cell growth, proliferation, differentiation, and survival by binding to its receptor (EGFR) with tyrosine kinase activity. The EGFR from ErbB family (also known as HER) has shown overexpression in cell surface of many cancers, especially breast, prostate, and ovarian cancer. HER2 is a receptor with three domains of extracellular for ligand, transmembrane domain, and cytoplasmic domain with tyrosine kinase activity. The excess of HER2 on cell membrane and high tyrosine kinase activities induce the downstream signalling pathways like PI3K/AKT/mTOR as well as JAK/STAT pathways which suppress apoptosis and promote proliferation and survival. HER2 is overexpressed in 15-30% of invasive breast cancers [65],  [66],  [67]. Cetuximab (Erbitux) and panitumumab (Vectibix) are the two most advanced monoclonal anti-bodies targeting the extracellular domain of the receptor and inhibit ligand-receptor interaction and tyrosine kinase activity [68],  [69]. But an abnormal form of HER2 which has the lack of extracellular domain, known as P95, is still active but resistance to drug and antibodies that target the extracellular domain[70]. Antibody-drug conjugates (ADC) for HER2 positive is a conjugation of trastuzumab as an antibody and emtansine as cytotoxic compound and commercialized as TDM1. Other cytotoxic compound in conjugation with antibody is under further studies and clinical trial process like defucosylated trastuzumab26,[71]. Lapatinib is commercialized drug from the family of Receptor tyrosine kinase inhibitors (RTKI) that target the intracellular binding site of HER and EGFR family [72]. References: [1] Garcia-Becerra R, Santos N, Diaz L, Camacho J. Mechanisms of resistance to endocrine therapy in breast cancer: focus on signaling pathways, miRNAs and genetically based resistance. Int J Mol Sci. 2012;14(1):108-45. [2] Osborne CK. Tamoxifen in the treatment of breast cancer. N Engl J Med. 1998;339(22):1609-18. [3] Nabholtz JM, Buzdar A, Pollak M, Harwin W, Burton G, Mangalik A. Anastrozole is superior to tamoxifen as first-line therapy for advanced breast cancer in postmenopausal women: results of a North American multicenter randomized trial. Arimidex Study Group. J Clin Oncol. 2000;18(22):3758-67. [4] Mouridsen HT. Letrozole in advanced breast cancer: the PO25 trial. Breast Cancer Res Treat. 2007;105 Suppl 1:19-29. [5] Paridaens RJ, Dirix LY, Beex LV, Nooij M, Cameron DA, Cufer T. Phase III study comparing exemestane with tamoxifen as first-line hormonal treatment of metastatic breast cancer in postmenopausal women: the European Organisation for Research and Treatment of Cancer Breast Cancer Cooperative Group. J Clin Oncol. 2008;26(30):4883-90. [6] Osborne CK, Pippen J, Jones SE, Parker LM, Ellis M, Come S. Double-blind, randomized trial comparing the efficacy and tolerability of fulvestrant versus anastrozole in postmenopausal women with advanced breast cancer progressing on prior endocrine therapy: results of a North American trial. J Clin Oncol. 2002;20(16):3386-95. [7] Menard S, Fortis S, Castiglioni F, Agresti R, Balsari A. HER2 as a prognostic factor in breast cancer. Oncology. 2001;61 Suppl 2:67-72. [8] Baselga J, Albanell J, Molina MA, Arribas J. Mechanism of action of trastuzumab and scientific update. Semin Oncol. 2001;28(5 Suppl 16):4-11. [9] Gennari R, Menard S, Fagnoni F, Ponchio L, Scelsi M, Tagliabue E. Pilot study of the mechanism of action of preoperative trastuzumab in patients with primary operable breast tumors overexpressing HER2. Clin Cancer Res. 2004;10(17):5650-5. [10] Baselga J, Cortes J, Im SA, Clark E, Ross G, Kiermaier A. Biomarker analyses in CLEOPATRA: a phase III, placebo-controlled study of pertuzumab in human epidermal growth factor receptor 2-positive, first-line metastatic breast cancer. J Clin Oncol. 2014;32(33):3753-61. [11] Toss A, Cristofanilli M. Molecular characterization and targeted therapeutic approaches in breast cancer. Breast Cancer Res. 2015;17:60. [12] Jamdde VS, Sethi N, Mundhe NA, Kumar P, Lahkar M, Sinha N. Therapeutic targets of triple-negative breast cancer: a review. Br J Pharmacol. 2015;172(17):4228-37. [13] Mustacchi G, De Laurentiis M. The role of taxanes in triple-negative breast cancer: literature review. Drug Des Devel Ther. 2015;9:4303-18. [14] -Cancer Genome Atlas Research N, Kandoth C, Schultz N, Cherniack AD, Akbani R, Liu Y. Integrated genomic characterization of endometrial carcinoma. Nature 2013; 497(7447):67e73. [15] Bokhman JV. Two pathogenetic types of endometrial carcinoma. Gynecol Oncol. 1983;15(1):10e7. [16] Silva JL, Paulino E, Dias MF, Melo AC. Endometrial cancer: redefining the molecular-targeted approach. Cancer Chemother Pharmacol. 2015;76(1):1e11. [17] Zhang Y, Zhao D, Gong C, Zhang F, He J, Zhang W. Prognostic role of hormone receptors in endometrial cancer: a systematic review and meta-analysis. World J Surg Oncol. 2015;13:208. [18] -Obinata D, Takayama K, Takahashi S, Inoue S. Crosstalk of the Androgen Receptor with Transcriptional Collaborators: Potential Therapeutic Targets for Castration-Resistant Prostate Cancer. Cancers (Basel) [Internet]. 2017;9(3):22. [19] Fernandez-Garcia EM, Vera-Badillo FE, Perez-Valderrama B, Matos-Pita AS, Duran I. Immunotherapy in prostate cancer: review of the current evidence. Clin Transl Oncol. 2014;339-57. [20] Becker JT, Olson BM, Johnson LE, Davies JG, Dunphy EJ, McNeel DG. DNA vaccine encoding prostatic acid phosphatase (PAP) elicits long-term T-cell responses in patients with recurrent prostate cancer. J Immunother. 2010;33(6):639-47. [21] Ferlay J, Shin HR, Bray F, Forman D, Mathers C, Parkin DM. Estimates of worldwide burden of cancer in 2008: GLOBOCAN 2008. Int. J. Cancer. 2010; 127:2893-2917. [22] -Bast RC, Hennessy B, Mills GB. The biology of ovarian cancer: new opportunities for translation. Nat Rev Cancer. 2009;9:415-28. [23] Delie F, Allemann E, Cohen M. Nanocarriers for ovarian cancer active drug targeting. J Drug Deliv Sci Technol. 2012;22(5):421-6. [24] Hamada Y. Recent progress in prodrug design strategies based on generally applicable modifications. Bioorg Med Chem Lett [Internet]. 2017;27(8):1627-32. [25] -Ishii M. Immunology provides a great success for treating systemic autoimmune diseases a perspective on immunopharmacology IUPHAR Review X. Br J Pharmacol [Internet]. 2017. [26] Lewis Phillips GD; Li G, Dugger DL, Crocker LM, Parsons KL, Mai E, Blà ¤ttler WA, Lambert JM, Chari RV, Lutz RJ, et al. Targeting HER2-positive breast cancer with trastuzumab-DM1, an antibody-cytotoxic drug conjugate. Cancer Res. 2008; 68:9280-9290. [27] LoRusso, PM, Weiss D, Guardino E, Girish S, Sliwkowski MX. Trastuzumab emtansine: A unique antibody-drug conjugate in development for human epidermal growth factor receptor 2-positive cancer. Clin Cancer Res. 2011; 17:6437-6447. [28] Rosen, L.S.; Ashurst, H.L.; Chap, L. Targeting signal transduction pathways in metastatic breast cancer: A comprehensive review. Oncologist. 2010; 5:216-235. [29] -Cardillo TM, Govindan SV, Sharkey RM, Trisal P, Goldenberg DM. Humanized anti-Trop-2 IgG-SN-38 conjugate for effective treatment of diverse epithelial cancers: preclinical studies in human cancer xenograft models and monkeys. Clin Cancer Res.2011; 17: 3157-69. [30] -DiPippo VA, Olson WC, Nguyen HM, Brown LG, Vessella RL, Corey E. Efficacy studies of an antibody-drug conjugate PSMA-ADC in patient-derived prostate cancer xenografts. Prostate. 2015;75(3):303-13. [31] Borghaei H, OMalley DM, Seward SM, et al. Phase 1 study of IMGN853, a folate receptor alpha (FRÃŽÂ ±)-targeting antibody-drug conjugate (ADC) in patients (Pts) with epithelial ovarian cancer (EOC) and other FRA-positive solid tumors. Proc Am Soc Clin Oncol.2015; 33 (suppl): abstr5558. [32] Weber C, Coester C, Kreuter J, LangerK. Desolvation process and surface characterisation of protein nanoparticles. International Journal of Pharmaceutics, 2000;194(1):91-102. [33] Kratz F. Albumin as a drug carrier: design of prodrugs, drug conjugates and nanoparticles. Journal of Controlled Release.2008;132(3):171-181. [34] Podaralla S, Perumal O. Preparation of zein nanoparticles by pH controlled nanoprecipitation. Journal of Biomedical Nanotechnology. 2010;6(4):312-7. [35] Babaei Z, Jahanshahi J,Sanati MH. Fabrication and evaluation of gelatine nanoparticles for delivering of anticancer drug. International Journal of NanoScience and Nanotechnology. 2008;4:23-9. [36] Arangoa MA, Campanero MA, Renedo MJ, Ponchel G, Irache JM. Gliadin nanoparticles as carriers for the oral administration of lipophilic drugs. Relationships between bioadhesion and pharmacokinetics. Pharmaceutical Research. 2001;18(1):1521-7. [37] -Burger AM, Hartung G, Stehle G, Sinn H, Fiebig HH. Pre-clinical evaluation of a methotrexate-albumin conjugate (MTX-HSA) in human tumor xenografts in vivo. Int J Cancer. 2001;92(5):718-24. [38] Indira Chandran V, Matesic L, Locke JM, Skropeta D, Ranson M, Vine KL. Anti-cancer activity of an acid-labile N-alkylisatin conjugate targeting the transferrin receptor. Cancer Lett. 2012;316(2):151-6. [39] Lai H, Nakase I, Lacoste E, Singh NP, Sasaki T. Artemisinin-transferrin conjugate retards growth of breast tumors in the rat. Anticancer Res. 2009;29(10):3807-10. [40] -Cirillo G, Kraemer K, Fuessel S, Puoci F, Curcio M, Spizzirri UG, et al. Biological activity of a gallic acid-gelatin conjugate. Biomacromolecules. 2010;11(12):3309-15. [41] -Nyman DW, Campbell KJ, Hersh E, Long K, Richardson K, Trieu V, et al. Phase I and pharmacokinetics trial of ABI-007, a novel nanoparticle formulation of paclitaxel in patients with advanced nonhematologic malignancies. J Clin Oncol. 2005;23(31):7785-93. [42] A.K. Sato, M. Viswanathan, R.B. Kent, C.R. Wood,

ADHD Prescription Abuse at Northeastern :: College Study Drugs Education Essays

ADHD Prescription Abuse at Northeastern Northeastern middler Gary Brown* reclines his small frame on a couch in his Mission Hill apartment. He looks like a patient on a psychiatrist's couch as he dictates his history of abuse with Ritalin and Adderall. â€Å"I started going to concerts with a friend who had a prescription and whose nickname was Bradderall,† Brown said. Ritalin and Adderall are prescription drugs commonly used to treat attention deficit hyperactivity disorder, or ADHD. Brown has never been diagnosed with ADHD but he started taking the drugs recreationally as a college freshman to have energy for concerts and for partying into the early morning hours. Soon after, Brown began taking Ritalin to study for exams. Brown was taking the pills about six times a week. â€Å"It’s pretty easy to get,† Brown said. The National Institute on Drug Abuse (NIDA) cites Ritalin, or Methylphenidate, as a central nervous system stimulant that has a focusing and calming effect on children and adults diagnosed with ADHD. The National Institute of Mental Health estimates that 3–5% of the general population has ADHD, which is characterized as hyperactivity, impulsivity, and inattention. This statistic indicates that one child in every classroom in America has ADHD. But Brown is not part of this 3-5% of the population. For Brown and others without the disorder, ADHD medications increase dopamine levels in the brain, giving the user a sense of euphoria similar to cocaine. Students at Northeastern University as well as other campuses are consuming these drugs for better academic performance and a cheap high on the college party scene. Students are taking Ritalin, Addrall, and the newest drug on the market, Conserta, either orally or crushing and snorting them to study, party, or lose weight. In some cases, kids are melting them down and shooting them up. According to Northeastern students, the drugs are very cheap and very accessible. â€Å"Drugs like Adderall, Ritalin, and Conserta that make you focused and industrious can be very useful,† said Jeff Smith*, a Northeastern student. Like Brown, Smith had never taken these prescriptions commonly called â€Å"study drugs† before coming to college. Smith cites increasing academic pressure as a reason for using the pills to focus and gain an edge. Both Brown and Smith receive free pills from their friends who have prescriptions but they would expect to pay $2-$5 a pill if they had to. In 2000 , NIDA’s Community Epidemiology Work Group found the abuse of methylphenidate (Ritalin) in Boston to be prevalent amongst middle and high school students; especially in middle- and upper-middle class communities.

To Autumn Essay -- To Autumn John Keats English Literature Essays

To Autumn I find this to be a deeply enjoyable poem. I take delight in it, even though I recognize in it some inadequacy. But, frankly, I like it best of all of Keats's work and know it by memory. It all comes together nicely and has an exceptionally fine ending.I do not discern any particular interpretative problems with this work. The poem is a lyrical evocation of autumn with a complex tonal blend which both celebrates autumn's fullness and wistfully regrets its sense of loss and ending. There is nothing in the poem which induces me to seek out a deeper level of meaning, since I believe that poem operates, for the most part, at a very literal level.I respond well to the mimetic depiction of autumn in the work (even though it is a different kind of autumn than the one I am familiar with) and I am generally inclined to enjoy seasonal verse and its various potentialities for lyrical expression. I don't find anything in the poem that gets to me in a moral or philosophical sense. I am not in any sense, "moved" by the poem as some kind of--as many scholars claim it is--meditation on death. I simply don't see that here. It would seem that my pleasure is taken primarily in the aesthetic qualities of the work. However, there is something wrong with the work on this score; the three different stanzas don't match and fit one another as well as they might; there is some clumsiness in the work, especially as one moves from one stanza to the next. These faults, however, are not so serious as to mar the excellence of the work.The general plan of "To Autumn" is relatively simple. As a whole, the poem is a lyrical description of autumn in terms of certain objects, processes, and events associated with that season, or... ...a beautiful poem. There are, of course, flaws in the work--loose ends, slips in structural coherence--and these have been noted and, we hope, accounted for. But the remainder of the evidence points to that kind of extraordinary interrelatedness of elements which is above all the hallmark of a beautiful thing. To be sure, "To Autumn" is not a very great poem; even without the flaws, it is a relatively modest achievement: the very subtle complexity and sophistication of a Shakespearean sonnet, the dynamically brilliant beauty of Miltonic verse, the dazzling precision of Pope are certainly not in evidence here. Even within the scope of Keats's entire work, if "To Autumn" lacks some of the more problematic discontinuities and lapses to be found in his very best writings, it also lacks some of the felicities of aesthetic form to be found in these same works.

Comparing Reality and Illusion in Glass Menagerie, Death of a Salesman, and A Raisin in the Sun :: comparison compare contrast essays

Reality vs. Illusion in The Glass Menagerie, The Death of a Salesman, and A Raisin in the Sun   Ã‚  Ã‚  Ã‚  Ã‚   All three stories are centered on lower income families in urban settings. Each story has one main dreamer with other characters being in various states of reality. Amanda Wingfield, Willy Loman, and Walter Lee Younger are all living on pipe dreams. Amanda dreams of her days on the front porch surrounded by her gentleman callers. Willy is the all time king of pipe dreams bouncing from past to future with imagining how everything would have been different if he had gone to Alaska (or Africa) with his brother Ben or will be different when Howard makes him showroom salesman at the home office or Biff gets ten (fifteen) thousand dollars for his new business idea. Walter Lee is a smart hard working man but he is so eager to be financially successful that his common sense is blurred and he allows con man Willie Harris to take him for the families ten thousand dollars. Amanda's reality check comes from another dreamer, her son, Tom who is totally annoyed by Amanda's nagging and domineering, he thinks that everything will be better if he can just get away. Amanda and her family go on living their fantasy lives. Willy gets it from all sides; primarily his conflict is with Biff but also Charley, Howard, and Bernard. He is an average man who truly believes he is better than those around him, and that his sons, especially Biff, are greater still, but people, he has very little respect for, are all more successful than he is. Biff starts out like Willy perhaps but comes to the realization that being an average man is okay. Willy never comes to that conclusion; in fact he decides he is more valuable dead than alive. Walter Lee probably has the best grasp on reality and the highest hill to climb of all the dreamers in these stories. This story could probably only take place in a northern city in the United States at that time. His reality check comes from Lena Younger, his mother, a highly spiritual woman with a strong sense of what right and wrong is. Lena has raised Walter Lee to be a good man but he is eager to find a shortcut out of the ghetto and be treated with respect.

Human Resourse Essay

Introduction 1. The Definition and Discrimination of HRM and PM 1.1 The Definition of Human Resource Management  Human Resource Management (HRM) is the function within an organization achieved  the best from their highly motivated people and it is new management techniques to  ensure the effective use of human talent to accomplish organizational goals.   Human Resource Management is the process of recruitment, selection of employee,  providing proper orientation and induction, providing proper training and the  developing skills, assessment of employee (performance of appraisal), providing  proper compensation and benefits, motivating, maintaining proper relations with  labour and with trade unions, maintaining employees safety, welfare and health by  complying with labour laws of concern state or country.   (http://www.whatishumanresource.com/human-resource-management) 1.2 The Definition of Personal Management  Personal Management (PM) is includes the functions that Human Resources staff  perform relative to the organization’s employees and include recruiting, hiring,  compensation and benefits, new employee orientation, training, and performance  appraisal systems. The management of the people in working organizations. It is also frequently called  personnel management, industrial relations, employee relations, manpower  management, and personnel administration. It represents a major subcategory of  general management, focusing exclusively on the management of human resources, as  distinguished from financial or material resources. The term may be used to refer to  selected specific functions or activities assigned to specialized personnel officers or  departments. It is also used to identify the entire scope of management policies and  programs in the recruitment, allocation, leadership, and direction of employees. (http://dictionary.reference.com/browse/personnel+management) 1.3 The difference between Personal Management and Human Resource  Management. Human Resource Management Driven by employer needs for   competitive advantage in the marketplace. Operates within competitive markets and  a change agenda Is a distinctive approach to managing  people, with a strong strategic purpose Adopts a unitary frame of reference to  organisation and people management Manages employees individually rather  than collectively Personnel Management Driven by employer needs to treat people fairly in organisation. Operates in relatively stable market  conditions Is a traditional approach to managing  people, with a strong administrative  purpose Is long term, with a strategic time  perspective  Is short time, with an ad hoc perspective Adopts a pluralist frame of reference to  organisation and people management Negotiates with trade unions where they  are recognized 2. The four major stages of the evolution of Personal and Human  Resource Management. 2.1 Social Justice 2.1.1 Explain the Social Justice The origin of personnel management lies in the 19th Century, deriving from the work  of social reformers such as Lord Shaftesbury and Robert Owen. Their criticism of the  free enterprise system and the hardship created by the exploitation of workers by  factory owners led to the appointment of the first personnel managers. In the late 19th  and early 20th centuries, some large employers began to appoint welfare officers to  manage new initiatives designed to make life less harsh for their employees. The  results were higher productivity, improved retention of the workforce and a bigger  pool of applicants for each job.  2.1.2 Robert Owen (14 May 1771-17 November 1858)  The Industrial Revolution provided the impetus for developing various management  theories and principles. Preclassical theorists like Robert Owen made some initial  contributions that eventually led to the identification of management as an important  field of inquiry. This led to the emergence of approaches to management: classical,  behavioral, quantitative and modern. The classical management approach had three  major branches: scientific management, administrative theory and bureaucratic  management. Scientific management emphasized the scientific study of work methods  to improve worker efficiency. Bureaucratic management dealt with the characteristics  of an ideal organization, which operates on a rational basis. Administrative theory  explored principles that could be used by managers to coordinate the internal  activities of organizations. The behavioral approach emerged primarily as an outcome  of the Hawthorne studies. Mary Parker Follet, Elton Mayo and his associates,  Abraham Maslow, Douglas McGregor and Chris Argyris were the major contributors  to this school.   (http://www.icmrindia.org/courseware/Introduction%20to%20Management/Evolution  %20of%20Management%20Chap2.htm) 2.1.3 Cadbury Cadbury Schweppes employs more than 50,000 people and has manufacturing  operations in more than 35 countries. It is the world’s third largest soft drinks  company and holds either the top or second position in the market share of 24 of the  world’s top 50 confectionery markets. This illustrates that the large Quaker company  has its value in the market where it is important for HR to manage their employee’s  performances, working culture and management in an efficient and positive way.  Resource based model, the SHRM role becomes one of the creating systems and  procedures that focus not on external relationships but on how staff and their abilities  are used. The resource-based model recognizes that many aspects of capability can be  formally defined in skill terms and allows the integration of the intangible aspects of  work alongside other more visible areas such as patents, trademarks and other  intellectual. The core competencies inclu de many things such as aspects change of the  management, capability of staff, strategic development capability and speed of  response. (http://www.ukessays.com/essays/business-strategy/cadbury-strategy.php#ixzz2xjamqFC) 2.2 Human Bureaucracy 2.2.1 Explain the Human Bureaucracy Marked the beginning of a move away from a sole focus on welfare  towards meeting various other organisational objectives. The  fostering of social relationships in the workplace and employee  morale thus became equally important objectives for personnel  managers seeking to raise productivity levels. 2.2.2 Henri fayol (1841-1925) Fayol’s â€Å"14 Principles† was one of the earliest theories of management to be created,  and remains one of the most comprehensive. He’s considered to be among the most  influential contributors to the modern concept of management, even though people  don’t refer to â€Å"The 14 Principles† often today. In 1916, two years before he stepped  down as director, he published his â€Å"14 Principles of Management† in the book  Ã¢â‚¬Å"Administration Industrielle et Generale.† Henri Fayol’s â€Å"14 Principles of  Management† have been a significant influence on modern management theory. His  practical list of principles helped early 20th century managers learn how to organize  and interact with their employees in a productive way. Although the 14 Principles  aren’t widely used today, they can still offer guidance for today’s managers. Many of  the principles are now considered to be common se nse, but at the time they were  revolutionary concepts for organizational management. ï ¼Ë†http://www.mindtools.com/pages/article/henri-fayol.htmï ¼â€° 2.3 Consent by Negotiation 2.3.1 Explain the Consent by Negotiation The elements of hard bargaining or win-lose bargaining were illuminate how to set  aggressive target, start high, concede slowly and employ threats, bluffs, and  commitments to positions without triggering an impasse from 1950s to 1960s. 2.3.2 Collective Bargaining Process The process of negotiating the terms of employment between an employer and a  group of workers. The terms of employment are likely to include items such as  conditions of employment, working conditions and other workplace rules, base pay,  overtime pay, work hours, shift length, work holidays, sick leave, vacation time,  retirement benefits and health care benefits. In the United States, collective bargaining  takes place between labor union leaders and the management of the company that  employs that union’s workers. The result of collective bargaining is called a collective  bargaining agreement, and it establishes rules of employment for a set number of  years. The cost of this employee representation is paid by union members in the form  of dues. The collective bargaining process may involve antagonistic labor strikes or  employee lockouts if the two sides are having trouble reaching an agreement. (http://www.investopedia.com/terms/c/collective-bargaining.asp) 2.4 Organisation and Integration 2.4.1 Explain the Organisation and Integration At the late 19th and early 20th century, there are some social problems in British, which  is social injustice and Rich-poor gap. So British make some legislation on the basis of  economic situation, political democracy, the international environment and social  thoughts. 2.4.2 Race Relations Act 1976 The Race Relations Act 1976 applies to discrimination on the grounds of colour, race,  nationality and ethnic and national origins. It applies in Great Britain but not in  Northern Ireland. Religious discrimination is not explicitly covered in Britain but  separate legislation covers this in Northern Ireland. â€Å"Ethnic origin†, however, has  been interpreted broadly to cover groups with a common or presumed common  identity such as Jews or Sikhs. There are important exceptions to the legislation  which, for example, allow discrimination on grounds of nationality to preserve  immigration controls. Both direct and indirect discrimination are covered by the  legislation which applies to all stages of employment: arrangements made for  deciding who is offered a job; the terms on which the job is offered; opportunities for  promotion, training and transfer; the benefits and services granted to employees; and  in job termination or other unfavourable treatme nt of employees. The Act provides for  a few, specific exemptions where it may be a genuine occupational qualification  (GOQ) to be a member of a particular race, ethnic group, etc. (http://www.eurofound.europa.eu/emire/UNITED%20KINGDOM/RACERELATIONSACT1976RRA-EN.htm) 2.4.3 Disability Discrimination Act 1995 The Disability Discrimination Act (DDA) 1995 aims to end the discrimination that  faces many people with disabilities. This Act has been significantly extended,  including by the Disability Discrimination (NI) Order 2006 (DDO). It now gives  people with disabilities rights in the areas of: employment, education access to goods,  facilities and services, including larger private clubs and transport service buying or  renting land or property, including making it easier for people with disabilities to rent  property and for tenants to make disability-related adaptations functions of public  bodies, for example issuing of licenses. (http://www.nidirect.gov.uk/the-disability-discrimination-act-dda) 3. References http://www.whatishumanresource.com/human-resource-management http://dictionary.reference.com/browse/personnel+management http://www.icmrindia.org/courseware/Introduction%20to%20Management/Evolution%20of%20Management%20Chap2.htm http://www.mindtools.com/pages/article/henri-fayol.htm http://www.nidirect.gov.uk/the-disability-discrimination-act-dda http://www.eurofound.europa.eu/emire/UNITED%20KINGDOM/RACERELATIONSACT1976RRA-EN.htm  http://www.investopedia.com/terms/c/collective-bargaining.asp http://www.ukessays.com/essays/business-strategy/cadbury-strategy.php#ixzz2xjamqFC http://www.uniassignment.com/essay-samples/management/cadburys-approach-to-managing-its-human-resources-management-essay.php http://www.ukessays.com/essays/management/study-on-strategic-human-resource-management-at-cadburys-management-essay.php http://www.studymode.com/essays/Henri-Fayol-Five-Functions-Of-222700.html

Journal Writing: Declaration of Independence Essay

The Declaration of Independence by Thomas Jefferson plays an important role to the lives of the American people. Gaining liberty from the authority of the British colonizers signaled the right of the Americans to decide their own fate when it comes to the way by which they can lead themselves as one nation. In relation to this, the Declaration of Independence was able to touch to the sentiments of the people and also connect to the very ideals and values of the American nation because of Thomas Jefferson’s use of the art of rhetoric. The use of rhetoric devices allows Thomas Jefferson to create an effect upon its audience during the time of the very affirmation of freedom for the American people and even at the present time with the readers of the Declaration of Independence. The persuasive appeal of the Declaration of Independence is rooted from the use of ethos, pathos, and logos. Ethos or the standing of the writer is clearly seen at the beginning of the Declaration of Independence, which discusses the course of human events that paved the way for Americans to achieved freedom. Pathos or the appeal to the emotion is seen in the first sentence of the second paragraph wherein the rhetoric device of repetition is applied in the use of the word â€Å"that†. By using the word â€Å"that†, Thomas Jefferson was able to enunciate among the audience and readers with great clarity the fundamental beliefs of the American people. In addition, the use of â€Å"that† also emphasizes the rights of the American people which should be bestowed upon them. Logos or the appeal of the writer to reasoning is greatly observable in the second and fourth paragraph, wherein the writer used deductive and inductive reasoning in order to pint out the importance of independence (Jefferson, 1776). Furthermore, anaphora and parallelism is also employed by Thomas Jefferson in listing the grievances of the American people towards the British rule. The concluding paragraph also relies on parallelism and repetition in asserting the decline of the colonies and the need for the establishment of free and independent states. Lastly, ethos is once again observed in emphasizing that the signers of the Declaration of Independence are heroes who will willingly risk everything to fight for the rights of humans that are established by God (Jefferson, 1776).

Accounting Essay

Contents 1. Introduction2 2. Main Body2 2. 1 Ratio Analysis2 2. 1. 1 Profitability3 2. 1. 2 Efficiency4 2. 1. 3 Liquidity6 2. 1. 4 Risk7 2. 2 Evaluation of Mulberry’s shares as a potential investment7 2. 2. 1 Revenue and Share price8 2. 2. 2 Return10 2. 2. 3 Risk14 2. 3 Funding and capital analysis15 2. 3. 1 Funding analysis15 2. 3. 2 Working capital18 2. 4 Risk management and governance20 2. 4. 1 Corporate governance of Mulberry20 2. 4. 1 Risk & control management22 2. 4. 3 Information and Communication24 2. 4. 4 Monitoring24 3. Conclusion25 Reference26 1. IntroductionThe company that we chose is Mulberry Group. PLC. This is a company that produces and sells bags and purses, as well as designs them for both individuals and other companies. We have chosen the annual report of Mulberry Group. PLC that gives us an in-depth view of the company’s finance performance, investment potential, capital structure and manage operating during the period of time which from financial year 2010 to 2011. With this annual report, we will try to analyze and critically appraise the company’s accounting information, market report and management control system.The following content will be included in this paper: Ratio analysis, investment return, debt and capital analysis, governance and risk management. 2. Main Body 2. 1 Ratio Analysis Ratio analysis is frequently used in evaluating a company’s financial condition. The financial ratios are able to provide us significant information to analyse the company’s financial performance. Depends on these ratios, we can examine the condition of the company’s finance and check whether the results of the company’s operating meet its targets (Atrill and Mclaney, 2008).Normally, we will use cash flow, income statement and finance position to calculate ratios. In the ratio analysis parts, we will calculate and analyse the core ratios of Mulberry plc, these ratios will also be the base of the follo wing parts of this article. According to Mulberry’s annual report, during the financial year 2010 to 2011, the company has experienced a successful year. Mulberry Group’s business mainly focused on the UK market, and the revenues of this company comprised retail and income of design, as the demand of its products increased strongly during the past financial year, the sales raise rapidly.In this part, we will try to analyze the core ratios of the company and simply analyze the probable reason for the changes of these ratios. 2. 1. 1 Profitability To analyse a company’s profitability, there are three ratios concerned: gross margin, net margin and return on capital employed (Collier, 2009). Firstly, we will look into gross margin. This margin mainly shows the relations between the costs and the price of finished goods. Gross margin (2011: 65. 35%; 2010:58. 97%) Gross margin is: (Sales – cost of sales)/sales * 100% The gross margin in 2011: 79501 / 121645*100 %=65. 35 % The gross margin in 2010:42487 /72052*100%=58. 7 % From the ratio, we can see that the gross margin of Mulberry increased to 65. 35% in 2011 from 58. 97% in 2010. The reasons that can cause changes in gross margin is the changes in prices and costs. In Mulberry’s case, the higher gross margin results from the dramatic improvement in revenue as well as cost of sales. According to Note 5, apart from the growth in sale of goods which caused by the impressive performance in new oversea stores and online stores, the 900,000 income, which disclosed in other income, received on the exit of the New Bond Street lease also contributes to the increase in revenue.Net margin (2011:18. 92%; 2010:6. 74%) Net margin is an important ratio to examine a company’s profitability. The formula is: Net margin=Operating profit / sales * 100%, and the ratio for Mulberry is: The net margin in 2011: 23010/121645*100%=18. 92 % The net margin in 2010: 4856/72052*100%=6. 74% Net margin is closely connected with gross margin. From the information above, we can see that during the last year, the gross margin of this company has increased. But the extant of the increase of net margin is higher than it of the gross margin.The most crucial factor result in the increase of operating profit is the operating profit before exceptional items. Details about those exceptional items can be found in Note 7 that a deferred consideration of ? 1,000,000 has been paid to Challice Limited in terms of the growth in the USA operations. Return on capital employed (2011:55. 54%; 2010:19. 26%) Return on capital employed shows the ability of the company to get rewards which can be added into its equity through company’s operating behaviors (Atrill and Mclaney, 2008)Return on capital employed: Operating profit / assets- current liabilities) * 100% Return on capital employed in 2011: 23010/ (76587-34555)*100%=55. 54 % Return on capital employed in 2010: 4856/ (40284-13819)*100%=19. 26% From the ratio above, it is easy to find that the return on capital has raised rapidly in last year, from 19. 26% to 55. 54%. ROCE increased not only because the growth in operating profit and raised asset which mainly contributed by increased inventories as a result of the demand of growing sales and trade receivables.The trade creditors as well as accruals and deferred income have been included in current liabilities since all of them could be paid within 12 months. Moreover, there are ? 1,000,000 provision for the USA deferred consideration, ? 3,900,000 relating to payroll and bonus payments made post year end cut off and ? 1,537,000 accruals for fixed assets happened in 2011 while there were all nil in 2010. 2. 1. 2 Efficiency Based on Collier’s study (2009), there are three core ratios that are usually used to analyse a company’s efficiency, they are asset turnover, stock turnover and sales per employee.The first two ratios are used to measure the efficiency of t he company’s operating of turning its property to generate marketing behaviors and sales, the sales per employee is try to evaluate the employees’ performance. Asset turnover (2011:5. 90x; 2010:6. 70x) Asset turnover: Sales / non-current assets, from it we can calculate: Asset turnover in 2011: 121645/20620=5. 90x Asset turnover in 2010: 72052/10760=6. 70x The asset turnover has slightly fallen, from 6. 70 to 5. 90. The drop of asset turnover indicates a less efficiency use of shareholders’ assets in terms of sales, although the revenue has increased dramatically.However, according to Note 16, it might because the investment in software of ? 615,000 which cost nil in 2010. It also can be interpreted that the return of investment can be effective and huge if invest on new stores or flagship, however, it could also be inefficient but significant return on investment if invest on software, such as ERP system, which might be expensive and need much more time to gain benefit from them. Stock turn (2011: 1. 9x; 2010:3. 3x) The main business of Mulberry is design and retail, according to Collier’s work (2009), stock turn is one of the most important ratio to evaluate the company’s management of its stock.Stock turn: Cost of sale / stock Stock turn in 2011: 42144/22408=1. 9x Stock turn in 2010: 29565/9090=3. 3x The stock turn in 2011 is lower than it in 2010. That means the stock of Mulberry turns 1. 9 times each year now. The considerably increase in inventories which related to the growing demand of sales of goods has contributed to the decline of stock turn. This ratio should be one of the most important ratios of it (Atrill and Mclaney, 2008). Stock turn stands for how many times the stock will turn in a year.Generally, it is important because some businesses treat too much stock as a waste of sources and a high stock turnover rate will usually be regarded as a sign of good management. Although in 2011, there is a decrease from 3 . 3 to 1. 9, it didn’t necessarily mean the company’s management of stock had some problems because the inventories of the company has increased rapidly as we discussed before. As a retailer, the inventories are very important to ensure its market position and the increase of inventories as a result of preparation for market exploring is reasonable. 2. . 3 Liquidity Atrill and Mclaney (2008) stated that the liquidity stands for the short-term finance ability of the company. The ratios that generally used to analyse liquidity are current ratio, and acid test. Current ratio (2011:1. 62x; 2010:2. 14x) First of all, current ratio stands for the proportion between current assets and current liabilities. It is used to analyse the company’s ability to repay its short-term liabilities. High current ratio means the company has enough property to cover its debt, if the current ratio was below 1, the company could be in danger.However, a too high current ratio might mean t he company doesn’t make full use of its property. Current ratio: Current assets / current liabilities Current ratio in 2011: 55967/34555=1. 62x Current ratio in 2010: 29524/13819=2. 14x According to Note 24, the decrease of current ratio mainly because of the current liabilities has increased more than current assets because of those trade payables in current liabilities that not exist in 2010. Acid test (2011:0. 97x; 2010:1. 48x) Acid test is a ratio which trying to evaluate the company’s monetary asset.Different from current ratio, acid test is focusing on whether the company can repay its short-term liabilities with its monetary assets. Acid test: Monetary current assets / current liabilities Acid test in 2011: 33519/34555=0. 97x Acid test in 2011: 20453/13819=1. 48x Because there is high level of inventory in 2011 in order to support the adequate amount of goods to be sale, it is not unacceptable that the monetary current assets without inventory are less than curr ent liabilities for this year. Furthermore, there are several trade payables occurred in 2011 while nil in 2010 in terms of Note 24. . 1. 4 Risk Interest cover (2011:531. 57x; 2010: 197. 00x) The interest cover has increased as a result of much higher profit since it can be seen in Note 22 that there is no changes in borrowings these two years. Therefore, it can be a good thing to shareholders that interest cover increased healthily. The confusing things we found in the annual report were that there is no debt within these two years, only borrowings can be taken into consideration the risk. The details about borrowings can be found in Note 22 that seems all the borrowings are repayable on demand.So, we can’t analyze the risk of this company through these ratios. The reasons why the company didn’t borrow long-term loans from banks and the advantages as well as disadvantages will be discussed in risk management analysis and funding analysis part. The investor part will b e analysed in next part, in the form of buying shares. 2. 2 Evaluation of Mulberry’s shares as a potential investment Mulberry has experienced a significant growth in revenue from 2010 to 2011 and the basic earnings per share increased by 473% to 29. 8p while it was 5. 2p in 2010, both of which are shareholders would like to appreciate.Moreover, it might be out of question that those figures would attract a good deal of investment. However, it is always necessary to assess whether it is an appropriate timing to invest a company in terms of several financial indicators, such as, market value of equity, the P/E ratio (price earnings ratio), dividend yield as well as gearing (Fonseka and Tian, 2011). This part is going to critically interpret these indicators respectively after an overview on the fundamental financial circumstances and provide a suggestion for investment in the end. . 2. 1 Revenue and Share price |? ’m |2011 |2010 |2009 |2008 |2007 | |Revenue |121,645 |72 ,052 |58,585 |51,174 |45,078 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | (Table 1) Before conducting a thorough analysis of return and risk, it is worth reviewing Mulberry’s revenue for last five years.It can be seen from Table 1 that Mulberry has kept a sustainable growth in revenue since 2007, which indicates the optimistic picture of their financial condition. Furthermore, it is remarkable that Mulberry group performed satisfyingly as usual even when other organisation experienced a depressing year result from the financial crisis happened in 2009. [pic](Figure 1) However, comparing the FTSE All-Share, which is a market-capitalisation weighted index of all shares traded listed on the London Stock Exchange’s main market (Ince and Porter, 2006), Mulberry group’s share price has changed significantly since May 2011.As can be seen from Figure 1, the share price has increased dramatically after May in 2010 while the FTSE All-Share index has g one up slightly with fluctuation. [pic] (Figure 2) Furthermore, according to Figure 2, which clearly shows Mulberry’s share price combined with FTSE All-Share index from 2007 to May 2010, the performance of Mulberry basically enable the share price to track market all the time. Although the price touched bottom in 2009 due to the financial crisis, when there has been an uptrend in market between April in 2009 and April in 2010, Mulberry seemed to catch that opportunity and in April 2010, he price went up to the price peaked point in 2007. It is crucial to mention that the marketing strategy as well as the performance of Mulberry group has contributed most to the significant increase since the second half year of 2009. According to Mulberry’s annual report and financial statement for the year ended 31 March 2010, they have continuously invested their business both in the UK and internationally, using retained profit and cash flow.For example, the showrooms opened in New York and Paris could be successful attempts, both of which have played an important role in the growth of profit. In terms of the strategy has made an initial success, it can be assumed that there might be an unpredictable potential market share for Mulberry to explore. Actually, the assumption has been approved with the significant increase in revenue and share price for the next half year in 2010 and continued in 2011. [pic] (Figure 3) Figure 3 shows Mulberry’s one-year share price associated with FTSE All-Share index comparison starting with June in 2010.As can be seen from this chart, the price of Mulberry increased too enormously to see the change of FTSE All-Share index, which means Mulberry performed outstanding when the general financial background was not optimistic. Although it is rare to see the share price recover and grow in such a short time after the financial crisis, the increase of Mulberry’s might had already been predicted and both managers and shar eholders are confident enough to take more market share. Consequently, the ambitious attempts of opening 9 new stores and on-line shop during the next half year of 2010 have been achieved successfully.Fortunately, the dramatic revenue increase harvested by those new stores and flagship indicates the significant demand of Mulberry’s products and services existing in market. In addition, the remarkable performance attracts more investors. However, it is crucial for them to weigh if it is a good timing to invest even though the performance of Mulberry after the financial crisis is extraordinary brilliant. Thus a depth analysis in terms of both return and risk will be conducted in the following sections. 2. 2. 2 ReturnPrice / earnings ratio (P/E Ratio) Price earnings ratio indicates that the common stock of a company is priced in terms of the ability to generate earnings of this company. Meanwhile, it also can be used to examine whether a stock is cheap or expensive (Muresan and Wolitzer, 2001). |? ’m |2011 |2010 |2009 |2008 |2007 | |P/E Ratio (adjusted)|45. 20 |27. 60 |14. 30 |22. 20 |23. 00 | (Table 2)Table 2 shows the adjusted P/E ratio of Mulberry between 2007 and 2011. Comparing with the persistence increase in revenue, the P/E ratio, which related to shareholders as well as potential investors, still has declined since 2008. However, the decrease is completely reasonable because the share price was influenced by the unpleasant economic circumstances. In addition, to some extent, it is the financial crisis that reminds Mulberry to consider expand their business internationally rather than focus on UK local market in order to distract risk.According to Mulberry’s five-year P/E ratio, the expansion strategy enables the company not only to recover from the financial crisis but also to double their share price. However, it is also indispensible to take the probability of continuous earnings growth into account, regardless of the appealing dou bled return indicated by the P/E ratio. In terms of Mulberry’s following strategy will concentrate on production capacity expansion to meet the growing demand, the considerable ability of generating earnings may be guaranteed and remained, even though it seems impossible to gain the similar incredible increase in revenue next year.Consequently, although Mulberry is a company worth investing since it has extraordinary performance in reacting to crisis, as well as the considerable demand for their products in the market, the best timing of investment in Mulberry has already lost. Market capitalisation (value of equity) The market value of equity is a measurement of present value of all future cash flows to shareholders from both assets and future investment opportunities (Adam and Goyal, 2008). It can be calculated by P/E ratio time earnings which is the profits after tax. |? m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | |Mark et value of equity |771. 11 |81. 97 |36. 89 |76. 37 |91. 54 | |P/E Ratio (adjusted) |45. 20 |27. 60 |14. 30 |22. 20 |23. 00 | |Profits after tax |17. 06 |2. 7 |2. 58 |3. 44 |3. 98 | |Equity |42. 03 |26. 47 |24. 38 |22. 52 |16. 87 | (Table 3) According to table 3, the market value of equity changed with share price instead of the number of equity. However, it is remarkable that even when the market value of equity decreased by half in 2009, it still surpassed the equity in that year. Additionally, with the dramatic growth in revenue, the market value of equity has increased by nearly 95% to 771. 1 million between 2010 and 2011, which gives the confidence not only to shareholders but also some potential investors. Nevertheless, if investors decided to invest Mulberry now, it is possible to have two results in terms of return. Firstly, investing for short-term, investors would buy shares with an extremely higher price than two years ago whereas the return would be incredibly smaller. S econdly, investors may harvest a steady return in a long-term investment and there might be another significant increase when Mulberry conducts some other expansion strategies.Dividend yield Dividend yield can be calculated by taking the dividend per share and divide by the share price. To analysis the investment opportunity with dividend yield, this part applies Burberry as a competitive objective. Even though Mulberry’s share price overweighed Burberry’s slightly in 2011, Burberry has a much longer history with high share price as in a same industry. Table 4 provides the share price, dividends per share as well as dividend yield for Mulberry and Table 5 shows Burberry’s. Mulberry group plc: |? m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,333. 33 |183. 33 |64. 52 |133. 33 |187. 5 | |Dividends per share |4. 00 |2. 20 |2. 00 |2. 00 |1. 50 | |(p) | | | | | | |Dividend yield |0. 30% |1. 20% |3. 10% |1. 50% |0. 0% | (Table 4) Burberry group plc: |? ’ m |2011 |2010 |2009 |2008 |2007 | |Share price (p) |1,176. 47 |700 |279. 07 |444. 44 |656. 25 | |Dividends per share |20. 00 |14. 00 |12. 00 |12. 00 |10. 50 | |(p) | | | | | | |Dividend yield |1. 70% |2. 00% |4. 0% |2. 70% |1. 60% | (Table 5) With comparing Table 4 and Table 5, it is obviously that Mulberry has not adjusted their dividends instantly when the share price increased significantly, which results in the unpleasant dividend yield this year. In this circumstance, Burberry seems a wiser investing choice since the 5 times dividends per share of Mulberry’s, which will generate more returns for investors. However, Kothari and Shanken (1997) argues that a considerable increase in share price is possible to result in not only the large positive returns but a downward in yield as well.In addition, according to Akhigbe and Madura (1996), managers’ expectation to alter performance strategy would be a factor contributed to the dividend adjustment. Consequently, Mulberr y needs more time to balance share price and dividend. Burberry has been mature in its global marketing expansion, while Mulberry has just started to occupy its international market share, and therefore there are more potential opportunities for Mulberry’s global development. Thus, Mulberry could be the company suitable and profitable to be selected as a long-term investment. 2. 2. 3 Risk Gearing Gearing (%) |2011 |2010 |2009 |2008 |2007 | |Mulberry |n/a |n/a |0. 54 |0. 14 |23. 05 | |Burberry |n/a |n/a |n/a |n/a |n/a | |ASOS |n/a |n/a |n/a |n/a |n/a | (Table 6) It seems strange that Mulberry does not have debt which results in the incalculable gearing.However, it is a common phenomenon in rag and accessories trade industry in terms of the gearings of the other two companies presented in Table 6 are unavailable. As a result, the risk of investment on Mulberry would be limited. However, considering the high share price this time, it would be a better decision to invest Mulberry for a long time instead of short time. 2. 3 Funding and capital analysis In this part, we are going to identify the sources of funds, analyse the capital structure of Mulberry Group PLC and try to evaluate its suitability.It is easy to witness from its balance sheet in 2011, the company did not have any non-current liabilities. This situation can be triggered by a wide range of reasons, we will try to figure them out in this essay. 2. 3. 1 Funding analysis To begin with, it is necessary to draw on the annual report of Mulberry Group PLC in 2007, and to compare the different data in the two years. According to Mulberry’s annual report, in 2007, the quantity of total non-current liabilities was ? 3. 99 million, composed by borrowings (? 1. 25 million), preference shares (? . 564 million), deferred tax liabilities (? 149 thousand), and obligations under finance leases (? 27 thousand). Therefore, the gearing in 2007 is 19%, which was quite low. So, the relevantly large proportio n of funds, used for maintaining the enterprise’s operation, was from internal financial resources. Besides, it also lowered the financial cost, which is used to pay the interest to the financial institutions. In terms of the cash flow in 2007, it was clearly stated in the balance sheet, the cash generated from operation was ? ,926 thousand and, after the corporation taxes, interest and preference dividends were paid, the net cash from operating activities was ? 5700 thousand. Afterwards, the primary use of cash lied in the investing activity, with ? 3,518 thousand. Finally, the cash and cash equivalents at the end of 2007 was ? 10,271 thousand, with a big increase of ? 2,989 thousand. This absolutely intensified the repayment ability and liquidity, when we compare this data with the number of non-current liabilities. Apart from that, the retained profit in this year surged from ? 4,562 thousand to ? ,186 thousand, acting as a significant role in the sources of funds (annual report 2008). By contrast, in 2011, the company had no non-current liabilities. So we use the current liabilities to calculate the gearing of this year, which is 45%. The cash generated from operation was ? 26,264 thousand and the net cash from operating activities was ? 22,724 thousand. At the end of 2011, the cash and cash equivalents fairly increased from ? 12,171 thousand to ? 21,373 thousand. The increase in raw materials (? 13,318 thousand) and purchases of property, plant and equipment (? 1,176 thousand) were the important components of cash outflow in this year. When it comes to retained earnings, the data increased by ? 16,080 thousand to ? 30,696 thousand. | |Gearing |Non-current liabilities |Net increase in cash and cash|Cash and cash equivalents at the end|Retained profits | | | | |equivalents |of the year | | |2007 |19% |? 3,990 thousand |? 2,989 thousand |? 0,271 thousand |? 8,186 thousand | |2011 |0 |0 |? 9,202 thousand |? 21,373 thousand |? 30,696 thousand | It is ob viously displayed in the table above that Mulberry’s sources of funds and the capital structure are greatly distinct from each other. The gearing of Mulberry in 2007 was 19% due to the existence of Non-current liabilities. By contrast, since there were no non-current liabilities at all in 2011, the gearing of Mulberry this year was 0.This definitely lowered the financial expenses which were incurred by bank loans, and the company did not need to face the financial risk triggered by bank loans as well. Furthermore, the operating profit in 2007 was ? 6,672 thousand and the interest payable of that year was ? 298 thousand, the interest cover ratio in 2007 was 22. 4 times. By contrast, due to the dramatic increase in operating profits (? 23,110 thousand) and the large drop in interest payables (? 44 thousand), the interest cover rate in 2011 became as high as 525. times. As Gillespie et al(2000) stated that high operating profits could be seen as the company has abilities to cont rol its costs effectively, or the volume of sales are increasing faster than operating cost. Currently, Mulberry has got a much better capacity in paying the interests to the financial institutions, those financial institutions may become more willing to lend money to Mulberry now. Although the retained profits in 2007 played an greatly important role as the major internal funds, but taking the non-current liabilities (? ,990 thousand) into consideration, the level of its significance is partly weakened when we compare it with the situation in 2011, because Mulberry currently just use retained profits as the primary source of their funds for operation. It is worthwhile to mention that, one of the Non-Executive Directors, Melissa Ong, who was appointed on 7 September 2010, her parents held about 57% voting rights of the company. Although it is not clarified in the annual report, we can easily deduct that her parents input a large amount of investment for Mulberry, which is also a mai n source of funding.Inventories acted as another source of funding in Mulberry. The stock turn of Mulberry in 2011 was 1. 88x, so the stock turn period was 194 days. The period was relatively long when we compare it with the one (130 days) in 2007, this was partly due to the striking increase in the quantities of inventories, from ? 6,688 thousand to ? 22,408 thousand. However, as mentioned in the annual report, the demand of the market surged in recent years, so the high level of stock is beneficial for Mulberry. When the company suffers from the shortage of cash, they can simply turn their large amount of stocks in to the form of cash.Apart from that, a relatively large proportion of inventories were occupied by the finished goods with ? 20,069 thousand. For Mulberry, which used internal funds as the major source of funding, the high level of inventories is reasonable. However, the reason why Mulberry stopped acquiring long-term funds from banks can be quite complex. As we all kne w, the overwhelming Subprime Crisis happened in the year of 2007,forcing a wide range of banks to close down, simultaneously the interest for applying for long-term loans from financial institutions rocketed since then. The telegraph 2007) This big trend of the economic environment might lead to Mulberry Group’s cease of issuing new loans from the bank. Also, there may be some other reasons. It is fairly clear in the table above, the net increase in cash and cash equivalents in 2011 is about 8 times more than 2007, the balance of cash and cash equivalents in 2011 is approximately 3 times more than the previous and the similar situation also happens in the retained profits and inventories of these two years.Therefore, it seems quite normal for Mulberry to cease the long-term creditors and use its retained profits, inventories and the short-term loans as their source of funds, which can also lower the financial expenses for the enterprise. 2. 3. 2 Working capital In order to fi gure out the suitability of the current financial structure, it is necessary to calculate the number of the working capital and the working capital cycle. Broadly speaking, working capital is a measure of capability for the company which can pay its debt in the short-term liability.It is certainly important to distinguish between positive and negative working capital (Dyson, 2011). The amount of the working capital is equal to the total amount of receivables, payables, stock of raw materials, work-in-progress and finished goods. As what we mentioned above, we can calculate the working capital of Mulberry in 2011. Receivables: ? 12,186 thousand Payables: ? 11,949 thousand Stock of raw materials: ? 1,684 thousand Work-in-progress: ? 655 thousand Finished goods: ? 20,069 thousandIn 2011, the total working capital of Mulberry was ? 22,645 thousand. From the composition of the working capital, it is apparent that a comparably large amount was occupied by the form of inventories (? 22,408 thousand). As the manufacturer, designer and the seller of their own products, it is normal for Mulberry to hold such a proportion of working capital in the form of inventories, thereby meeting the needs of customers and quickly reacting against the sudden change of market’s demand, like the big increase in seasonal demand.When we compare the amount of working capital (? 22,645 thousand) and the retained profits (? 30,696 thousand), it seems that there are not any problems for Mulberry to cover the working capital with their retained earnings, due to the considerable gap between them. Taking the cash and cash equivalents (? 21,373), this indicates that the cash in Mulberry was allocated in operating activities appropriately and there was no idle cash existing in the company, which would lead to an opportunity cost to Mulberry.In terms of the working capital cycle, we need to draw on some other data from the income statement and the cash flow statement. Sales of goods: ? 121, 645 thousand Cost of sales: ? 42,144 thousand Material cost: ? 13,318 thousand Bought-in service: ? 11,176 thousand So the working capital cycle of Mulberry in 2011 was 85 days. The credit given cycle was 37 days, comparatively a short period when we compare it with the data of credit taken cycle (178 days). This means that Mulberry just spent 37 days getting the cash back for the portion of which was sold to customers on credit.Also, it could guarantee that Mulberry got enough time to enhance the balance of cash, in order to cover the following trade payables and avoid the running out of cash at the mean time. In another aspect, the liquidity of Mulberry was intensified at the same time as well. However, if we take the company’s long-term strategy into consideration, keeping more cash is not the bad thing for Mulberry, as stated in the annual report, they are planning to continually expand the international market and opening more and more retailing and flagship stores throu ghout the world. Expansion at such a fast rate may call for a large amount of cash.So, even though there are no problems at all currently for Mulberry to utilize retained profits and short-term creditors as the only source of their funds, issuing some long-term funds, like bank loans, will not bring any disadvantages, although this may incur some charges on financial expenses. From the long-term perspective, it will be beneficial for the company to get some long-term and stable external funds, thereby avoiding the shortage of cash and funds during the process of expansion. 2. 4 Risk management and governance 2. 4. 1 Corporate governance of MulberryAt the beginning of the corporate governance part, the company states itself as an AIM (Alternative Investment Market) member and complying with the Corporate Governance Code is not required (Mulberry, 2011). AIM is a second board enables smaller  companies  to  float  shares with more flexible stipulations (Tricker, 2009). Still, Mulberry follows the fundamental principles of the code (Mulberry, 2011), and importantly, they fit the code contents with their individual situations. Based on this state, our analysis still follows the UK Corporate Governance Code primarily and detects any issues contrary to the code.Besides, comments and debates are connected with the company’s own factors. In the board of Mulberry, the chairman and CEO is the same person. This person, named Godfrey Davis, has been in charge of this company for nearly ten years from November 2002. This setting goes against the UK Combined Code which states, â€Å"The role of chairman and chief executive should not be exercised by the same individual† (the UK Corporate Governance Code, 2010:13). In this case, we doubt that if Godfrey’s power is over-concentrated, which makes him have too strong influence on decision making process in the board (Goyal and Park, 2002).Consequently, strategies may be generated subjectively. Howev er, a specific explanation is not given in the report. Instead, they only point out several criteria of director selection should be carefully assessed, as a way of reduce the possibility of the problems addressed above. But actually, this state explains nothing about the problem, which conversely doubles our doubts. Next, the numbers of Executive Directors and Non-executive Directors are unbalanced, with five Non-executive Directors and only two Executive Directors.The five Non-executive Directors are not entitled to govern company routine affairs and the specific running plans while these two Executive Directors actually do (Mallin, 2004). Hence it is doubtful that if these two people really execute independently or just execute generally. Moreover, combining the fact of Godfrey Davis’s acting as both chairman and CEO, it especially intensifies our thought on the existence of subjective decision making process (Mallin, 2004), or even the over-centralized management in the c ompany.On the other hand, these outside directors, instead of actually contributing to the company’s strategy and policy making relating to its performance, they are actually â€Å"pushed into a conformance and compliance mode† (Tricker, 2009) and do not take much positive effect. Conversely, McKinsey (2002) debates that a sensible structure is combined with a majority of Non-executive directors because they are indeed independent and can result in an effective evaluation. On the other hand, it is found in the profile of directors that, both the executives have the FCA background.Obviously, it enables them to detect and control the financial risk better, by using their financial knowledge (Dionne and Triki, 2005). Conversely, we may also suspect they are fully capable to use professional financial tricks to disguise the poorer performance areas, and at the same time, make their stewardship looks proper. On the other side, according to the UK corporate governance code ( 2010), audit committee is required to monitor the financial performance and check the company’s risk assessment.Chris Robert, the chairman of the Audit Committee, as another financially educated director, suits the requirement of responsibilities stated in the code. Considering the independence of Non-executives, several problems which may raise suspicions are found referring to the code. Firstly, all the Non-executives except Melissa Ong, have been appointed for more than 6 years. Especially Robin Gibson, this person has been in this position for more than 14 years since 1996. These facts raise some questions about the independence of the board and no explanations are given by Mulberry.Additionally, both Steven Grapstein and Bernard Lam Kong Heng are presently serving in Como Holding Group, though in different subsidiary company. This relationship particularly could pose a negative impact on the independent base (Mallin, 2004). Thirdly, Melissa Ong, who is quite young at 37, was newly appointed in 2010. This lady does not directly hold any shares for Mulberry, however, her parents are â€Å"beneficially interested approximately 57% of the Company’s total voting rights† (Mulberry, 2010:14). In other words, Melissa though not own the huge amount of share, she’s actually represent a significant shareholder indirectly.In contrast, according to the code (UK corporate governance code, 2010), some aspects are shown to enhance independence of the Non-executives. For example, no bonus was paid for these Non-executives during the year and none of them was included in the company’s pension contributions (Mulberry, 2011). The company’s internal ‘watchdogs’, three recommended sub-committees (Audit, Remuneration and Nomination) (Pierce, Personal Communication, 2011) are established by Mulberry, with a combination of Remuneration and Nomination body.Additionally, both committees are chaired by Non-executives and effects of the committees are related to the independence of these Non-executives (Mallin, 2004) which has been discussed above. Moreover, the responsibility appointing is reasonably complying with the code (2010). In specific, the Audit Committee is entitled to check issues regarding to the company’s financial affairs, while Nominations and Remuneration is responsible for employment terms and conditions and the remuneration (Mulberry, 2011).However, the numbers and identities of other committee members are not mentioned in the report, which interfere our assessment of Mulberry sub-committee structure and quality. 2. 4. 1 Risk & control management In this part, COSO Internal Control – Integrated Framework (COSO, 1994) is sited as the principal structure to consider Mulberry’s risk control and management. Control Environment A formal system is required make sure the risks are appropriately evaluated and controlled in board level (Tricker, 2009). It is manifested in the report that the Board is fully responsible for Mulberry’s internal risk (Mulberry, 2011).Specifically, Directors pay great attentions to the control throughout the comprehensive aspects of the company’s business running and make it available in practice. These states, though quite simple with only few sentences, clarify the Board’s serious attitude to risk control. Additionally, increasing literature viewpoints in recent years call for â€Å"a formal system to ensure that risk is properly assessed board to give assurances that systems are in place to handle corporate risk in their regular corporate governance reports to shareholders† (Tricker, 2009:328).For Mulberry, the control system was established and the report model well fit the requested as mentioned. Specifically, the control system mainly consists of subsystems including budgeting, actual running results comparison, forecast and review (Mulberry, 2011). Also, the information is reported to shareh olders twice a year (Mulberry, 2011). Risk assessment and control activity First of all, as a result of continuous recession in the UK economy which leads to sales reduce in domestic market, Mulberry considers relieving from the decrease risk by international expansion (Mulberry, 2011).It is reasonable that they concern about the negative impact of recession in the UK (OECD, 2010). However, it seems lack considered by their merely switching to international market because the international market is much more complex with various risks involved (Hollensen, 2006), for example, local regulation limitations, economic environment in foreign market, competitors, customer preference diversity and so on (Kotler, 1994). Also, failure of the global risk transfer may occur that leads to even serious financial crisis for Mulberry. Secondly, terrorist attack, as regarded a principle risk by Mulberry, is related to warehouse disruption.The company tries to prevent it by developing â€Å"a busin ess continuity plan† (Mulberry, 2010). However, it is illogical to take terrorist attack as a major risk, which is a rarely happened incident. Moreover, there is no any further explanation about the so called ‘business continuity plan’ solution. Conversely, an improved warehouse control and management system accompanying an emergency program may be a better approach to prevent the risk. Besides, the risk may be more sensible to be associated with stock disruption or supply chain failure (Aon, 2007) rather than terrorist attack as is stated.On the other hand, key personnel loss is mentioned in the report with simple solutions of remuneration review and succession preparation. However, either the reasons or the details are not revealed. So it is uncertain that if the methods are valid or not. For example, if the loss was caused by unreasonable decision making caused by the arbitrary executive as we mentioned above, then either these ways can hardly solve the problem . As to the online system establishment and accomplishment, Mulberry involves more senior managers for supervising and impose carefully test to reduce the risk of system implement failure which is quite reasonable.With increased attention paid by senior managers, staffs in relative department will do the task more carefully. Also, comprehensive test further guarantees the system implemented successfully. Finally, it is mentioned in the report that the company intends to solve the risk by building a ‘natural hedge of Euro and US Dollar denominated sales and purchases’ (Mulberry, 2011:12). This sector involves professional knowledge about the currency policies and financial operating. Unfortunately, we are lack of knowledge in this area. Hence we would not analyse this issue in depth. . 4. 3 Information and Communication The company includes an information and reporting subsystem in the integrated internal control procedure (Mulberry, 2011), which obviously, is used for c ollecting and conveying relative information. Furthermore, since the internal control is taken charge by the Board at the top of the company’s management layer, it is essential to ensure the effectiveness of information collecting and communication in time according to COSO framework (1994). However, relative details are not mentioned for the assessment and herefore, the facts for the effectiveness are unsure. 2. 4. 4 Monitoring According to COSO Framework (1994), there are two approached for monitoring, one is undertaking it along with the ongoing activities, the other is put it into a separate process. Mulberry adopts the later approach by putting the monitoring process separately. However, a combination of both approaches is recommended in COSO framework (1994), in order to ensure the effect of internal control. In other words, it can be more sensible for Mulberry to develop monitoring affairs in the whole business running procedure.Moreover, the internal audit is function ed by the Board (Mulberry, 2011), for which the details are not given in the report. For example, factors like how the deficiencies been detected and conveyed upstream to the Board are not revealed. Thus the monitoring effect of Mulberry internal control can not be evaluated comprehensively through the report itself. 3. Conclusion From the information above, we can see Mulberry made efforts for market place on the Uk market during the year of 2010 to 2011 and managed each aspect of overseas development.In 2010, Mulberry has become aggressive in invest oversea markets and online stores. As a result, the income of Mulberry has created its new page for share price. However, as other companies, Mulberry has its flaws and drawbacks. Firstly, there is no debt existed in Mulberry; therefore, the investment could be limited. The main funding of Mulberry is internal funding. Mulberry has experienced extraordinary successful times since 2009, which contributed to the significant increase in s hare price. However, the higher share price can be a double-edge sword which might attract many investors as well as scare them.After analyzing the probability of return and the extent of risk, Mulberry is a company worth investing. Nevertheless, it is necessary to mention that it would be much better to choose a long-term investment than a short one. And Mulberry has a series of solutions to solve the risks that existing in its operating process and markets. Reference Anderson, R. 2004. Risk Management and Corporate Governance: The Importance of Independence and Financial Knowledge for the Board and the Audit Committee Anonymous. 2007. 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