had never been to a concert before, so I was incredibly excited about it

It was the sixth of April 2001 and I recall everything about. I was with 6 of my dear companions; Ben, my sweetheart of 5 months, Becka, my closest companion for whatever length of time that I can recollect, Charlotte and her beau Steve, Sbecky and her sweetheart Tony. Charlotte and Sbecky were additionally old companions of mine from school years, both of whom I had stayed in touch with since leaving school. We were all amped up for the gig, and as we remained outside trusting that the entryways will open, I saw that no one was worried about the way that it was sharply cold. I remained among my companions and keeping in mind that we were discussing Charlotte's birthday that had quite recently been, I felt a whirlwind hit my face like sharp knifes penetrating my skin. I scoured my face to warm myself marginally. Ben saw that I was unbelievably cold and he folded his arms over me to shield me from the cruel frigidity of the night. It was moderate getting into the setting as there were such huge numbers of individuals pausing, so as we gradually crawled closer to the entryways, we as a whole turned into somewhat more on edge to get in. At the point when we at last arrived we gave over our tickets and they were torn into equal parts, much the same as at the film. The main thing I saw as I strolled through the entryways was the moment warmth, so inviting as opposed to the frosty breeze that stood by to follow us on our arrival home. Next I saw the measure of individuals that encompassed me; it was much the same as an ocean of young people all as cheerful and energized as me and my companions. It was such a vivacious eager condition. I pivoted, hoping to see Ben, yet rather there was a short lady in her mid twenties. I began to glance around and stroll back towards the entryways until I heard Ben's voice from around 5 feet away, so I turned and moved towards him. When I was back with him I had a sense of security and loose. Every other person before long discovered us, and when we were all back together we headed towards the primary lobby. There was a long entry prompting the fundamental corridor, I was certain it would have appeared to be longer if there were less individuals encompassing me. The entryways on our correct hand side were immense and had two individuals in iridescent yellow coats remaining at either side. As we strolled in we had somewhat more space to move about. We went to the back, and plunked down on the hard, awkward plastic seats. For me Charlotte and Becky, it was the first occasion when we had ever been to a show, so we had no clue about what's in store. We hung tight for around twenty minutes until the help band went ahead stage. They welcomed the crowd and revealed to us that they were called Ten Benson. Every individual from the band wore a fish-net top and a green baseball top. We had just started to stroll down the steps and into the fundamental group when they began playing. The commotion was so ground-breaking it started to make my ears shiver. As we drew nearer and closer to the front, we could see the band somewhat more plainly. They were such an enthusiastic band; their demonstration comprised of hopping on enhancers and bouncing off, while as yet playing their instruments staggeringly well. The drum beat was incredible thus we were completely constrained to move. At the point when the vocalist started to sing on the second melody unmistakably he was an overwhelming smoker, yet his voice was so inebriating, I was unable to do anything besides hear him out. Toward the finish of every melody there was a tremendous sound of applauding and rooting for the band, yet it wasn't until they begun to leave the phase that the sound became like thunder. They had played incredibly well and I'm certain that any individual who didn't have their collection as of now would possess it inside the following week. At the point when the band had left the stage and the lights went ahead gradually, individuals started to float back towards the seats. Becka, Charlotte and I, chose to do the inverse. As individuals were leaving the front we pushed ahead. We in the long run figured out how to press our route straight up to the front. Different individuals were going onto the stage, trading leads about, tuning the lead and low register guitars, and attempting to make the stage somewhat tidier. After around fifteen minutes the group began to drive their way back to the front once more. I was being crushed against the metal railings that were shielding the group from getting onto the stage. Security monitors remained before the railings, I felt desirous of the measure of room they had. It appeared to be peculiar to such an extent that a great many individuals were completely stuffed into a space tight as can be and under two feet from them stood security watches who had all the space they preferred. The principle band showed up and the crowed thundered by and by. They were known as The Darkness and I had just heard one track they had ever constructed, yet I cherished it from the first occasion when I heard it. They conversed with the group for a couple of moments, saying that it was so extraordinary to be back in Wales and what an incredible group we were. They began playing and the agony I was feeling as my ribs got squashed was diminished as I was occupied by the imagination of the band. They were extraordinarily acceptable. The drummer seemed as though he had quite recently gotten away from a psychological establishment. He let out the entirety of his vitality onto the drums, with his head going all over quickly and arms all over, he was so gifted. The lead guitarist/vocalist wore a feline suit with zebra print on it and an enormous opening from the midriff line up to the shoulders so his middle was on full showcase. He had medium length dull hair, and as he was playing his hair was flying about so unreservedly. His fingers went here and there the guitar effortlessly, and he appeared to completely appreciate each part of the exhibition. The bassist, then again wasn't moving a lot, he looked intense and was focusing on his instrument. He played well indeed, and the bass line was exceptionally clear, which was surprising. I was having a great time, and I didn't figure the night could show signs of improvement, until they played the one melody I'd heard by them the prior week. It was called ‘Love on the Rocks with No Ice', and it was played so much better live, than when I had heard it on the TV. The group adored them, there were individuals on others' shoulders, singing with the band and individuals were swarm surfing over our heads. The excitement from the group was incredible to such an extent that it appeared to give me more vitality, so I moved and moved for the remainder of the set. At the point when the band played their last piece the group all yelled for additional, no one needed the night to end. Inevitably the band returned on to the stage and revealed to us we could have one more melody. They played what would have been their next single. It was extraordinary, yet when the melody finished, I realized it was the night's end. The lights in the lobby went ahead and the environment was reduced. As we meandered out of the corridor with the remainder of the group, I felt overpowered with satisfaction. Ben attempted to converse with me however I was unable to hear him, I don't know whether it was that the commotion from the show had marginally harmed my ears or whether it was the way that such a large number of individuals were talking around us. As we got into the fundamental banquet room where shirts and banners were being sold hysterically, my companions and I started to discuss the show. Everybody had completely appreciated the night; the main thing that had turned out badly was that Becka had lost her coat in the group. We as a whole set up our cash and got her a long sleeved top to keep her somewhat hotter on the walk home. We strolled outside, said our farewells and headed out in our own direction. As anticipated, the virus wind crawled behind me, Becka and Ben, helping us to remember its essence once in a while, until we at last arrived at the glow of our own homes.

Destiny, Fate, Free Will and Free Choice in Homers Iliad :: Iliad essays

Destiny and Destiny in The Iliad   The Iliad depicts destiny and predetermination as preeminent and extreme forces.  The Iliad presents the subject of who or what is at last liable for a man's fate, yet the responses to this inquiry are not exactly clear.  In numerous occurrences, it appears that man has no power over his destiny and fate, yet at different focuses, it appears as though a man's destiny lies in the results of his activities and choices. In this way, The Iliad uncovers a man some of the time controls his fate.   In The Iliad the god's destiny is controlled much similarly as a mortal's, with the exception of one significant contrast, the immortals can't kick the bucket and in this way don't have a fate. Undying's lives may not be judged in light of the fact that they have not and won't bite the dust. The divine beings can control mortal's destiny yet not their own directly.   In Book I, the plague is an aftereffect of the upsetting of Apollo.  The divine beings produce circumstances over minor things, for example, overlooking a penance or, for this situation, offending Chryses.  The divine beings have hissy fits, and they switch sides rapidly and without consideration.  One day they ensure the Achaeans, the nextt day the Trojans.  The divine beings play top choices with no sense at all of any of the good or policy centered issues associated with the war.  Zeus does what he can, however the others act just as they were superior to all the rest, in a bigger number of ways than one.  They have no empathy for their own sort, and their anxiety for man is even less.  Occasionally, the divine beings will show worry for one of their top picks when he is making some awful memories, yet it is very rare.  This demeanor is the consequence of their own malevolence against humankind and man's own inclination to nonsensical conduct or remissness in adoring the gods.  But as a general rule, men wind up battling a power outside their ability to control.   The initial articulation of The Iliad contains the expression the desire of Zeus, and this mirrors the Greek's conviction that man is in the grasp of powers that he can't control.  It is additionally another method of saying that everything is destined and out of the hands of man.  Book XXII shows that the divine beings control the destinies of man:   Be that as it may, when they arrived at the springs for the fourth time,

Writing Essay Samples For 8th Grade Students

Writing Essay Samples For 8th Grade StudentsWriting essays is a good way to keep your grade point average high and also, it is an easy way to present your opinion about a particular subject. It is a good skill to acquire but there are those who have trouble with this task and that is why the writing essay samples for 8th grade students is a wonderful idea.The writing is normally done by the students on their own, which means that they do not take too much care to make sure that their notes are right or that the classwork they do is good enough. For this reason, writing for the exam in a particular subject is a bit more difficult than writing on general topics.In addition, many students find it hard to just go out and buy a book or get it from a store and start studying the class material. Instead, these students will study essays as practice papers. They can also write essays themselves by copying or by hiring someone to do the same for them.The only drawback here is that they may ne ed some extra help. In any case, there are writing samples for the different subjects that can be used in order to give students a few tips on how to use them and improve the results they get.There are also some rules that you need to follow in order to produce the best result possible when you are doing the essays on different subjects. These include the following:The first important tips on how to get the best essay results is to keep the number of words per paragraph to at least ten words. Also, you should make sure that you spell the word correctly even if it is not too difficult. Use as much information as you can and also, you should not write on the same subject topic in each paragraph of the essay.Another tip on how to produce a good essay on a specific subject is to emphasize the main points of the essay. It should be short and clear to make it easier for your reader to understand it.In addition, you should not use words that are not related to the topic or it could be very confusing for your readers and it could also hinder the flow of the whole essay. If you can, you should read the actual text and know the subject before writing an essay and make sure that you have all the knowledge that you need.

Child Marriage Facts and Causes

The Universal Declaration of Human Rights, the Convention on the Rights of the Child, the Convention on the Elimination of All Forms of Discrimination Against Women and the Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment (among other charters and conventions) all directly or indirectly forbid the degrading and mistreatment of girls inherent in child marriage. Nevertheless, child marriage is common in many parts of the world, claiming millions of victims annually--and hundreds of thousands of injuries or deaths resulting from abuse or complications from pregnancy and childbirth. Facts About Child Marriage According to the International Center for Research on Women (ICRW), 100 million girls will be married before the age of 18 in the coming decade. Most will be in sub-Saharan Africa and the Asian Subcontinent (Nepal, India, Pakistan, Bangladesh). In Niger, for example, 77% of women in their early 20s were married as children. In Bangladesh, 65% were. Child marriage also occurs in parts of the Middle East, including Yemen and the rural Maghreb. In the United States, child marriage is still permissible in some states, with parental or judicial consent.Globally, according to UNICEF, 36% of women aged 20 to 24 were married or in a union, forced or consensual, before theyd reached 18.An estimated 14 million girls between the ages of 15 and 19 give birth each year. They are twice as likely to die during pregnancy or childbirth than women in their 20s.Girls who marry between the ages of 10 and 14 are five times as likely to die during pregnancy or childbirth as women in their early 20s. Causes of Child Marriage Child marriage has many causes: cultural, social, economic and religious. In many cases, a mixture of these causes results in the imprisonment of children in marriages without their consent. Poverty: Poor families sell their children into marriage either to settle debts or to make some money and escape the cycle of poverty. Child marriage fosters poverty, however, as it ensures that girls who marry young will not be properly educated or take part in the workforce.Protecting the girls sexuality: In certain cultures, marrying a girl young presumes that the girls sexuality, therefore the girls familys honor, will be protected by ensuring that the girl marries as a virgin. The imposition of family honor on a girls individuality, in essence, robbing the girl of her honor and dignity, undermines the credibility of family honor and instead underscores the presumed protections actual aim: to control the girl.Gender discrimination: Child marriage is a product of cultures that devalue women and girls and discriminate against them. The discrimination, according to a UNICEF report on Child Marriage and the Law, often manifests itself in the form of domestic violence, marital rape, a nd deprivation of food, lack of access to information, education, healthcare, and general impediments to mobility.Inadequate laws: Many countries such as Pakistan have laws against child marriage. The laws are not enforced. In Afghanistan, a new law was written into the countrys code enabling Shiite, or Hazara, communities to impose their own form of family law--including permitting child marriage.​Trafficking: Poor families are tempted to sell their girls not just into marriage, but into prostitution, as the transaction enables large sums of money to change hands. Individual Rights Denied by Child Marriage The Convention on the Rights of the Child is designed to guarantee certain individual rights--which are abused by early marriage. Rights undermined or lost by children forced to marry early are: The right to an education.The right to be protected from physical and mental violence, injury or abuse, including sexual abuse, rape, and sexual exploitation.The right to the enjoyment of the highest attainable standard of health.The right to rest and leisure, and to participate freely in cultural life.The right to not be separated from parents against the childs will.The right to protection against all forms of exploitation affecting any aspect of the child’s welfare.The right to eventual employment. Case Study: A Child Bride Speaks The 2006 Nepal Report on Child Marriage includes the following testimony from a child bride: I was married to a nine-year-old boy when I was three. At that point of time, I was unaware of marriages. I dont even remember my marriage event. I just remember that as I was too young and was unable to walk and they had to carry me and bring me over to their place. Getting married at an early age, I was destined to suffer a lot of hardships. I had to carry water in a small clay-pot in the mornings. I had to sweep and swap the floor every day. Those were the days when I wanted to eat good food and wear pretty clothes. I used to feel very hungry, but I had to be satisfied with the amount of food that I was provided. I never got to eat enough. I sometimes secretly ate corns, soybeans, etc that used to grow in the field. And if I was caught eating, my in-laws and husband would beat me up accusing me of stealing from the field and eating. Sometimes the villagers used to give me food and if my husband and in-laws found out, they used to beat me up accusing me of stealing food from the house. They used to give me one black blouse and a cotton sari torn into two pieces. I had to wear these for two years. Never did I get other accessories like petticoats, belts etc. When my saris got torn, I used to patch them up and continue wearing them. My husband married three times after me. At present, he lives with his youngest wife. Since I married at an early age, early child-delivery was inevitable. As a result, I now have severe back problems. I used to weep a lot and consequently, I faced problems with my eyes and had to undergo an eye operation. I often think that if I had the power to think like I do now, I would never go to that house. I also wish I had not given birth to any children. Retrospective sufferings make me wish not to see my husband again. Nevertheless, I do not want him to die because I dont want to lose my marital status.

The Effect Of Media Coverage On The Thinking And Behavior...

Abstract This paper explores published articles that report on results from research conducted on various methods of persuasion. The articles, however, vary in their definitions and utilization of the methods of persuasion and their relationship with consumers. Based on psychological principles that direct human behavior, Robert Cialdini’s (2007), 6 principals of persuasion suggests that face to face interactions are most effective in emphasizing knowledge and authority. This paper examines Berger and Berger’s (2012) scientific research evidence to substantiate the major role of technology and mass media in the persuasion of consumers. The use of persuasion to control people for the sole benefit of the persuader is examined in Ridout and Franz’s (2011) research of persuasive ads and who is affected by ad exposure. This book also presents evidence to support this research. Shen and Dillard’s (2013) research suggests mass media contributes great influence on the thin king and behavior of consumers’ and is scientifically proven to be the universal source of information. This paper will examine the impact of media coverage of elections and how it persuades the electorates behavior, it will explore the effects of mass media on political power and show how media simultaneously disrupts and defends the status quo, including the advantages and disadvantages during election campaigns. Shrum’s (2012) research suggests that marketers integrate products in the media by injectingShow MoreRelatedExploring Whether or not Profanity in Music is Corrupting our Youth1376 Words   |  6 Pagesmusic, however the question remains should music be censored. In Robert T. M. Phillips’ address to congress he insists that we must act now to protect our society from the damaging effects of explicit music. Becky L. 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Analysis Of The En Plein Air Paintings By William Cullen...

During the 19th century, the en plein-air paintings were introduced to many artists. Since thatï ¼Å'natural light became particular important to the Hudson River School. Also, art and literature were constantly entwined, such as American Romanticism. Significant individuals became familiar with one another’s work, resulting in inspiration that led to creative works that pay homage to another artists’ work. For instance, Asher Brown Durand’s Landscape-Scene From â€Å"Thanatopsis† was inspired by the romantic poet William Cullen Bryant, whose work was influenced by the multifaceted cultural creations. Both Bryant and Durand investigated the themes of men, nature, individualism, and the inner and after lives. Through detailing natural elements that emphasized the life cycle, Durand created literary art by paying tributed to Bryant’s â€Å"Thanatopsis†. Asher Brown Durand was an American painter, one of the founders of the Hudson River School o f landscape paintings. He was born in 1796, New Jersey, USA. He died in 1886. He used to be an engraver. He illustrated gift books and annuals, and engraved a popular series of 72 portraits of antemproary Americans. In 1840, he visited Europe to study the works of old masters. After he returned, he went to Adirondack Mountain with Thomas Cole to do the en plein-air painting. Because of this experience, it changed the rest of Asher’s life. He changed into painting creative. Under the influence of his fellow artists, Durand turned more attention

Accounting & Finance Telstra Corporation Limited Case Study

Question: Case Study on "Telstra Corporation Limited". Answer: 1. Introduction Telstra Corporation Limited was founded in 1901 that is located in Melbourne, Australia. It offers the telecommunications and information services to corporations, governments, society, and people in Australia and worldwide. There are different operating channels of Telstra such as Telstra Retail, Global Enterprise and Services, Telstra Operations, and Telstra Wholesale segments. It also provides various telecommunication products, services, and solutions related to the mobiles, fixed and mobile broadband, television, data and Internet protocol networks, and network applications and services. The Telstra provides around 16.7 million retail mobile customers, 6 million fixed voice customers, and 3.1 million retail fixed data customers. It offers their services via 371 retail stores, 84 business centers, and 137 business and enterprise partners, as well as through 18,700 retail points (Bloomberg, 2015). This report explains about the financial status and risk of Telstra by analysis of companys historical financial statement from 2011 to 2016. Beside this, it assesses the companys corporate governance structure, risk profile, and costs of capital and equity. It also evaluates the earnings, cash flows, competitive strengths, and analysis of its competitors. This report also focuses on the financing sources, the trade-offs between debt and equity for the company. Further, this report determines the Telstra ability to decrease the cost of debt, and its dividend policy related to the returns of the shareholders. 2. Corporate Governance 2.1 The Chief Executive Officer Andrew "Andy" Penn was appointed as the Chief Executive Officer (CEO) and Managing Director of Telstra Corporation Limited in May 2015. Prior to this from 1990 to 2011, Andy worked for National Mutual which later merged with AXA Asia Pacific, and in the end as its CEO. He is passionate about the visual arts and supports Telstras programs with the National Gallery of Victoria, Museum of Contemporary Art and the National Aboriginal and Torres Strait Islanders Art Award (Telstra, 2015). 2.2 Board of directors: The Telstra board currently comprises of 10 directors in which 9 directors are independent Non-Executive Direction. They are selected by shareholders together with the Executive Director (Andy Penn). They are the responsble for setting and reviewing the strategic direction of Telstra and monitoring the implementation of that. Besides this, the Telstra board is supported by 3 further committees: an audit committee, a nominations committee, a compensation committee. In this way, each committee helps the board for accomplishing the particular tasks that set out in the committee contract, as assigned and approved by the board (Annual Report, 2015). Executive and Board Remuneration Framework The Board Remuneration Framework is designed to attract, motivate, and retain the executive team, board members and meeting shareholder requirements. Telstra grants the reward to executive directors who support management in long-term decision making. Non-Executive Director does not get the performance-based remuneration, but they receive travel benefits, allowance to 2 long hauls and 6 short haul tour each year (Telstra Corporation Limited, 2015). 2.3 Financial Market Considerations Telstra financial market interactions are represented as the Error! Reference source not found. and Error! Reference source not found. from October 2011 to 2016. This chart depicts its share price, trade volumes and trends with regards to the Dow Jones Index. At the end of 2016, Telstras shares have been more variable due to falling its share price. For instance; share price is recorded as $3.00 in October 2011 that increases in October 2015. In opposition to this, it can be seen in chart that share price of Telstra has declined in the end of October 2015. Thus, it can be explained that Telstra shares are broadly traded in the market, with average daily stock movements in the order of 3 million (Error! Reference source not found.). As Compared to the movements of the Dow Jones Index, it can be illustrated that fluctuations in Telstra share prices are relatively parallel to the movement in Dow Jones market. It means when Telstra shares price has declined with decline in Dow Jones index. In a similar way, when Telstra shares prices have increased with increase in Dow Jones index (Error! Reference source not found.). Therefore, it would suggest that the performance of Telstra is closely tied to the performance of the Dow Jones market (Telstra, 2015). Following charts are explored in greater detail: 2.4 Corporate Social Responsibilities of Telstra Corporate social responsibility of Telstra is designed to offer good jobs at good remuneration to people. For example; Telstra is investing on the activities of their workforce and cultural training programs. Hence, employees will be more productive due to the most rewarding place of work. Telstra has invested $200 million over 5 years on the workforce to provide the training. It also serves as equitable respectful and diverse working environment for people. For Instance; Telstras Gender team has recently established the Virtual Womens Network (VWN) to serve the network of Telstra women in order to meet their demand on a regular basis (Telstra Corporation Limited, 2015). It also tried to meet the needs and wants of their customers. For example, Telstra launches the Next G network to offer the better and more responsive services for people. This scheme is also offering in rural and remote schools in Australia to implement the appropriate and interactive program (Annual Report, 2015). In addition to this, company focused on increases the shareholder value and worked for protection of shareholders interests through attractive dividend payments. Beside this, it focuses on safe environment practices. Furthermore, it voluntarily contributes in their resources, people, technology, goods and services to sustain the community. For Instance; Telstra established the water-saving pilot program and implement into the commercial buildings and associations in the region of Australia by the installation of modern new water-saving technologies. This technology saves 83 million liters of water annually that the equivalent of approximately 33 Olympic sized swimming pools (Telstra, 2015). Interest and Benefit of Telstra Directors Telstra provides numerous benefits to its employees and its directors. Except newly joined Timothy Chen (the year 2013) all the directors of Telstra has ownership of equity. The CEO of the Telstra Mr. David Thodey has the maximum stakes in company which is around 1,009,652 shares in the financial year 2013-2014. At the time when he was CEO he received $3.4 million as a short-term cash bonus from Telstra. Even after he resigned from the post of CEO he was provided a number of benefits. For instance, later on, he received $913,577 worth of shares from the Telstra under short-term bonus plans also. Thus, Telstra not only provides various benefits to its directors when they are with the company but also provides bonus benefits even after leaving for a limited time span (Whyte, 2015). Figure 1 : Table showing equity holdings of the directors of Telstra (Image source: Telstra annual report, 2013) Following is the table representing the benefits of Telstra to its directors. Figure 2 : Benefits to directors of Telstra in the financial year 2014-2015 Ethical and responsible decision-making shareholders interest and communication In Telstra, the decision making and ethical responsibility are underpinned by the corporate governance framework which comprises of various group policies and principles. Telstra laid these principles and policies of the way in which it conducts its business and ensures accountability. These policies and principles provide direction to Telstra and enable accountability to the shareholders. The code of conduct of Telstra supports the Values of the company which sets outs standard behavior of their people. This represents the commitment of Telstra for good corporate governance, their personnel, corporate environment, etc (ethical boardroom, 2014). This governance framework allows the Telstra to keep a check on elements like health safety, bullying, sustainability, issues related to the privacy, corruption, social media and whistleblowing. In terms of communication, Telstra is open, clear and accurate for their shareholders. The purpose of communication is conveying the relevant information as soon as possible also to understand the view of shareholders also. This enables smooth two-way communications (Telstra, 2016). 3. Risk and Return 3.1 Sources of Risk for Telstra The risk is associated with Telstra is high for the stakeholders as it is related to technology and technology is dynamic in nature. It also faces risk of a change in the customer expectations, variation in market demand; changes in the strategies of the competitor etc. There is also the presence of natural risk for the company like extreme weather conditions, natural disasters etc they can create problems for the Telstra. For Telstra, another important thing to manage is the data information of their customers and corporate. Thus, data management also poses a risk to the company. Sometimes there are unfavorable regulations by the government which can easily become the reason of underperformance resulting in the negative effect on the market share price. Thus, there is a presence of political risk also for Telstra (Telstra, 2016). 3.2 Historic Risk Parameters Below table shows the return on equity of Telstra for five years: Below graph shows the trend line of return on equity of Telstra from 2011 to 2015: Capital Assets Pricing Model (CAPM) is an appropriate model for calculation of return on equity investment over stocks of Telstra. According to this, expected return on equity of an investor depends on value beta (), the market risk premium (rm) and the risk-free rate (rf) (Levy, 2011). On basis of above of data related to return on equity of Telstra for five years, following tables presents the findings of regression analysis: On basis of findings of regression analysis in above tables, the value of R Square for return over company stocks is obtained as 0.57, which means the data related to return on equity of company are closely linked with each other. Value of standard error is obtained as 1.202, which shows standard risk involved in decision related to investing company stocks. At the same time, slope of regression data can be presented by equation of Y = 1.18X 2345 (Levy, 2011). 3.3 Valuation of Telstra In order to determine whether the Telstra share price is over or under valued a financial comparable multiples analysis was undertaken. In this analysis the comparison of price to earnings (P/E) between Telstra and its main competitors like, Optus, Vodafone etc. Telstra is the market leader in the industry. The P/E ratio is better than in than the competitors of Telstra. In the current scenario, the earning score for Telstra is 7.35. thus, Telstra Corporation is undervalued (capital Cuba, 2016). Figure 3: Table representing Telstra Financials (Morningstar, 2016). Figure 4: Table representing Telstra Profitability (Morningstar, 2016). Above figures (3, 4) represents that market strength of the Telstra showing a consistent growth in growth and profitability. Liquidity of Telstra Figure 5: In the above table T= Telstra O=Optus V=Vodafone (Wei Xin, 2013). With the help of above table, it can be interpreted that the liquidity ratio of Telstra is lower than the ideal ratios. That means there can be a liquidity crisis in the general situation but as Telstra is a telecommunication company ratio lower than 1 can be accepted and on the other side, when the liquidity of Telstra is compared with the other competitors in the industry the liquidity of Telstra is better. This shows better liquidity of Telstra in the industry. 3.5 Capital Structure: Particulars 2015 ($m) 2014 ($m) Closing net debt 13,566 10,521 Total equity 14,510 13,960 Total capital 28,076 24,481 Gearing ratio (%) 48.3 43.0 Telstra involves both equity and debt in the capital structure. From the above, it can be depicted that closing net debt is $13,566m that is greater than the previous years value. Additionally, total equity is $14,510m that is higher than 2014. Besides this, total capital has risen from $24,481m to $28,076m in the period of 2014 and 2015. Along with this, the gearing ratio has risen from 43.0% to 48.3% in 2014 to 2015. Liquidity ratio: Ratios Formula FY15 ($m) FY14 ($m) Current ratio = 0.85 =1.20 Current assets 6,970 10,438 Current liabilities 8,129 8,684 Quick ratio = 0.79 = 1.16 Current assets 6,970 10,438 Inventory 491 362 Current liabilities 8,129 8,684 Liquidity ratio: Liquidity ratio represented the Telstras ability to meet its short-term financial obligations. As per the above analysis, it can be explained that Telstras current ratio is 0.85 and quick ratio is 0.79 in the year 2015 that are declined from the year 2014. It depicts the decreasing organizational short-term financial position. Therefore, it can be suggested that firm should focus on enhancing their liquidity ratios by reallocating their capital in current asset and current liabilities. Marginal Tax Rate Tax Rate/Year 2015 2014 Tax Rate 0.29 or 29% 0.26 or 26% Marginal Tax Rate (0.29-0.26) = 0.03 or 3% Analysis: Marginal tax rate is the difference between the current year tax rate and previous year tax rate. As per the above calculation, it can be said that the Telstras marginal tax rate is 0.03 or 3%. Recent Borrowing and Interest Rate: Particulars /Years 2015 ($m) 2014($m) Borrowings 1,496 2,277 Interest Rate 846 1,113 Interpretation: Above table depicts the Telstras borrowing and the interest rate that are paid by the company on its borrowings. In this way, it can be explained that company pays a $846m interest rate on its borrowing (i.e. $1496m) in 2015. It is also determined that its borrowings and interest rate has declined as compared to the previous years. Thus, it states that companys performance has improved than the last years performance. Cost of capital to Telstra Weighted Average Cost of Capital (WACC): Market Value of Equity 49954.030 Market Value of Debt 13439.8755028 Cost of Debt 4.857% Cost of Equity 5.75% Weight of Debt 0.212 Weight of Equity 0.788 Corporate Tax Rate 30% WACC 5.27% Working Note: WACC = E / (E + D)*Cost of Equity + D / (E + D)*Cost of Debt*(1 - Tax Rate) 0.788*5.75%+0.212*4.857 %*( 1 - 28.195%) = 5.27% Analysis: As per the above table, it can be said that Telstras WACC is 5.27% that represented the average cost of capital to company. It is because; Telstras cost of debt is low as compared to its cost of equity that means the company has sufficient equity to meet its obligations. 4. Earnings and Cash Flows 4.1 Analysis of Existing Investments Accounting Return of Telstra: Accounting return of Telstra for 2015 is $4.3b, which is presented as net income after tax of the company in Income statement. In addition to this, the accounting return is also measured in terms of gross profit, EBIT etc. The return of company can be compared with cost of equity and cost of capital of the company. The overall cost of capital is presented in terms of WACC of the company. The value of WACC of Telstra is identified as 5.27% in 2015. At the same time, earning per share is also a good measure for efficiency of utilization of company resources for generating profits. It tells about companys ability to offer dividend to shareholders (Telstra, 2016). 4.2 Marketplace Performance The value of accounting return provides information about proficiency of company in terms of cost control and investment of capital in profitable investment projects. For example, value of gross profit margin is helpful to measure profitability (marketplace performance) of firm as well as the cost efficiency of company. Hike in gross profit margin is also an indication of improvement in cost efficiency of company (i.e. reduction in cost of production) (Gibson, 2012). 4.3 Assessing Competitive Strengths Sustainability of Competitive Strength: It is a competitive strength of Telstra that it has access the multiple markets with the high-quality network that provides long-term competitive advantages to the company. There are some other companies in telecommunication sectors but they are nor capable of accessing the multiple markets. In addition to this, key market players like Vodafone and Optus have not capabilities to imitate this competitive strength of Telstra. Besides this, new market players have a lack of funds to compete with the competitive strength of the Telstras. 4.4 Competitors Analysis: There are main three competitors of Telstra includes Vodafone, virgin, and Optus. Comparison between the Telstra and its main key competitors: The following table represented the comparison among the Telstra and their key market players: Company Name Telstra Vodafone Optus Quantitative Measures (Size, Profitability, and Risk) Telstra market size is large because it provides a 4G network in most of the areas. Its net profit is $4.3b in 2015. Additionally, Telstras WACC is 5.75% that represents low the risk. Vodafone cover medium market size as compared to the Telstra. Its net profit is S$3,782m in 2015. Besides this, Vodafones WACC is 7.4% that represents the medium risk (Vodafone, 2014). Optus market size is small as compared to the Telstra and Vodafone. Its net profit is $5,970m in FY15. Its WACC is 8.5% that represents the higher risk (Optus, 2016). Qualitative Measures (quality of management, and service) It provides the best network quality to their customer. It also offers the high-quality customer services to attract and retain the more customers. It provides less network quality as compared to the Telstra. It also facilitates the medium quality customer services. It provides low-quality network than the Telstra and Vodafone. It also offers the low-quality customer services. 5. Financing Sources 5.1 Assessing Current Financing Methods of raising equity: Telstra uses two methods for raising funds through equity such as initial public offering (IPO) and private placement. Telstra sells their share through IPO because it is cost effective methods. Additionally, there is no fixed burden to pay a dividend to the shareholders. Furthermore, Telstra uses private placement methods in which company offers their share to particular group of investors and institute. This is less time-consuming methods because the company sells their share in less time and utilizes funds in business at right time. Sources of Borrowing Money: Telstra has high portion of equity in capital as compared to the debt hence; they can use different sources for borrowing money in order to expand their business. They use two different financial sources in terms of borrowing money that are bank loan and corporate bonds. Maturity structure for Debts: Telstra has used a nine-year high-quality corporate bond rate on 30 June 2015. In addition to this, it takes a bank loan for a long period. Besides this, Telstra pays floating rate on the corporate bond while fixed rate pays on the bank loan. Marginal Tax Rate: Company Name/Year FY15 FY14 Marginal Tax Rate Telstra 29% 26% 3% Vodafone 22% 31% 9% Optus 15.20% 15.89% 0.69% 5.2 Debt-equity Trade-offs and Free Cash Flows: Debt Servicing and Debt Level: Formula: Debt Servicing = Operating Income/ Debt servicing obligation of the company Debt Level: Particulars/FY FY15 ($m) FY14 ($m) Total Debt 13,566 10,521 Total Equity 14,510 13,960 Debt to Equity ratio 0.93 0.75 Working Note: Debt to Equity Ratio = Total Debt/ Total Equity Interpretation: Above table shows that companys debt servicing is in 2015 that is equal to its targeted value. Hence, it can be explained that companys ability is effective to meet the expenses of debt such as payment of principle amount of debt, and payment of interest expenses of debt. On the other side, debt to equity ratio is less than the 1 in both FY. Therefore, it can be described that companys credit worthiness is good. In this way, it can be stated that company can use bank loan as a source of finance. Free Cash Flows: Particulars FY15 ($m) FY14 ($m) Growth (%) Free Cash flow 2,619 7,483 (65.0) EBITDA 10,745 11,135 (3.5) Fair value of Cash flow 1396 5527 As per the above table, it can be interpreted that free cash flow, EBITDA, and fair value of cash flow has declined in 2015 as compared to the previous year. Therefore, on the basis of given analysis, it can be said that Telstra is not making good investments recently. Responsibilities of managers towards the stockholders: Managers are responsible for assessing the net profit after tax. Therefore, they make the policies and guidelines to increase the net profit. In addition to this, managers mainly work for the interest of shareholders. It is because; if net profit will be increased then the company will be able to pay a higher dividend to the shareholders. 5.3 Financing Cost of Debt There are different sources that are available to bondholders to assess the equity shareholders. These sources can be an annual report, the decision of general meeting, share movement in the market, and market information. Investment Forecasting: Telstra uses several modes such as board meeting and assesses future plan in order to forecast the investment opportunities, future investment, and needs. In this way, it can be said that company organizes the board meeting where all board member gives their opinion to grab the future investment opportunities. Assets of Telstra: Telstra uses various intangible assets such as goodwill, software assets, mastheads, patents and trademarks, licenses, customer bases, brand names, and deferred expenditure. The total value of intangible of Telstra has increased from 12659 to 15764 in 2015. Besides this, the cost of these assets has also increased from 6277 to 6432 from 2014 to 2015. 6. Dividend Policy 6.1 Historical Dividend Policy Analysis Historical Dividend of Telstra Analysis: As per the historical performance, it can be explained that total dividend has increased in 2014 and 2015 that was constant in last three years. In this way, it can be expressed that dividend paid per share is $28.0m in FY11, FY12, FY13 that has risen $28.5m in FY14 and 30.0 in the FY15. Therefore, it can be said that dividend has continuously increased in last 2 years. Payout Ratio and Dividend Yield Ratio: It is calculated as follow: Particulars 2014 ($m) 2013($m) Dividend Payout Ratio 86 93 Dividend Yield Ratio 6.0% 7.0% Interpretation: Above dividend payout ratio defines the portion of profit that is distributed as the dividend to the shareholders. On the basis of above dividend payout ratio, it can be explained that dividend has declined as compared to the last years that means companys performance is not good. On the other side, dividend yield ratio defines the amount of cash dividend which is distributed to the common shareholders and it is also relative to the market value per share. In this way, it can be said that it has declined as compared to 2014. Therefore, Telstra needs to improvement in the dividend policy. Relation of the dividend with the earnings and cash flows: Particulars FY15 ($m) FY14 ($m) FY13 ($m) FY12 ($m) Dividend 30.0 28.5 28.0 28.0 Earnings 26607 26296 24776 25503 Cash Flows 1396 5527 (1502) 1291 Interpretation: From the above table, it can be determined that there is a positive relationship between the earnings and dividend. It is because; earnings and dividend both are reciprocally increased. On the other side; there is no relationship among the cash flows and dividends. It is because; the company uses dividend policy according to their own decisions. Modes of Convey Information to the financial market There are different sources of conveying information to the financial market includes the annual report, media communication, and general meetings. Importance of dividend policy: A dividend policy is set the rules and guidelines that are used by the company to decide the amount of profit which will pay out to their shareholders. This policy is important for the company in order to retain and attract the more investors. Besides this, the company can invest in more sectors by using dividend policy of the company. 6.2 Firm Characteristics Marginal Stakeholders of Telstra: There are several stakeholders are available in the company such as directors, managers, employees, customers, and suppliers. These stakeholders take some parts of the profit according to their needs and benefits. In this way, it can be explained that some stakeholders are interested in taking dividend as a profit but, at the same time, some are interested in buying back shares. From the analysis of the annual report, it can be interpreted that Telstra buyback share is $1b whereas its total dividend per share is 30.5 cents. Compare the firm dividend policy in telecommunication sectors Vodafone and Optus are the main competitors of the Telstra in the telecommunication sectors. Company Name FY15 ($m) FY14($m) FY13($m) FY12($m) Telstra 3545 3699 3475 3480 Vodafone 1975 3365 3193 3102 Optus (1593.8) (1594.2) (1434.0) (1434.3) Evaluation: As per the above table, it can be evaluated that Telstras dividend is high as compared to its competitors such as Vodafone and Optus. In addition to this, it can be said that Telstras dividend policy is best to attract and retain the more investors whereas, its key competitors do not use appropriate dividend policy. Hence, Telstras dividend is higher than the market players. Conclusion On basis of above, it can be concluded that CEO of Telstra is Andy Penn. CEO and board of directors of the company works positively for the interest of stockholders of company and company as a whole. It can also be concluded that capital structure of company is composed of debt financing and equity financing. It can also be summarized that debt equity ratio of company is approx 1 that means companys creditworthiness is good. It means, company may easily obtain long term loans from banks and other financial institutions. References Gibson, C.H. (2012) Financial Reporting and Analysis. USA: Cengage Learning. Levy, H. (2011) The Capital Asset Pricing Model in the 21st Century: Analytical, Empirical, and Behavioral Perspectives. UK: Cambridge University Press. Morningstar (2016) Telstra Corp Ltd TTRAF. Optus (2014) Annual Report. Optus (2016) Annual Report. Telstra (2014) Annual Report. Telstra Corporation Limited (2015) Corporate Social Responsibility.