Progression Module Essay Example for Free

Progression Module Essay The progression module is a course which I would recommend for anyone. It has a numerous amount of benefits, one of the main benefits is it allows you to explore a broad range of courses at a variety of university. I feel the progression module has prepared me for university as I have discovered many courses that interest me. The progression module has also helped me understand other vital things that need to be considered when going university, such as deciding whether to live at home or away from home and all the financial implications university life holds. During the progression module I have discovered a great deal about myself and what I would like to pursue a career in. After completing the progression module I feel I now have the opportunity to access the career I want through a variety of routes. I also feel I am now much more confident in terms of writing letters, CV’s and personal statements. This has benefited massively because when applying for voluntary work I was much more assertive when writing my CV, I took a positive approach which I learned from the progression module and due to this approach I was given the role of volunteer in the hospital. Whilst doing a-levels students are expected to deliver presentations on subject topics. In the progression module I had to create a presentations and deliver it, I followed all the information provided from the progression module and I feel I managed to deliver my presentation effectively remaining confident and clear at all times. Another thing the progression module prepared me for was interview, following the progression modules guidelines helped me develop all the positive and necessary skills required for delivering a questionnaire. After following these guidelines I was successful in my mock interview. I remained confident at all times, I did everything possible to express the knowledge and interest I had for medicine without showing arrogance. After participating in a mock interview I was also given feedback on my performance and what I should do to do even better. The mock interview was a huge boost of motivation as all the feedback I received was positive and I was told if I go for an interview tomorrow I will be successful. Universities always look at personal statements before accepting any student for an interview. So essentially the personal statement is a vital part in the acceptance of an applicant. In unit four of the progression module I was expected to write a personal statement but obviously I was given ideas on how to structure it, what to avoid and what to definitely include. This was extremely beneficial as I now feel I am prepared for university, I have a personal statement written and all I need to do is fill in my UCAS. Overall the progression module has helped me decide what I would like to do in terms of living at home or living away from home. I have decided I am going to study at a university close to home so I can love at home. I know about all the financial implication involved when living at home and I know how to approach these implications and deal with them effectively. The progression module was very interesting and intriguing it has been a huge benefit to my future especially my career. I feel I am now much more confident when applying for university and I am also aware of all the options that are available for me to undertake. The progression module is fantastic and completing it not only helps applying for university but also benefits an individual in terms of the academic challenges they may have to face.

The Judgment of Paris and The Miracle of the Fishes Artwork Essay

How often do we see things in life that require a double-take, a second glance, a follow-up look, or even multiple subsequent studies? The answer is quite simple: everyday. The things we often look at a second time are often not intellectually worth the look, whether it be an irrational teenager attempting some outrageous skateboarding stunt, a monkey drinking its own urine, or even a two-headed cat, people have stopped spending their second or third glances on things that are meaningful and sensible. As a result people have lost the appreciation of evaluating and scrutinizing art and often don’t think of looking at it a second or third time to really â€Å"look† at it. Sure people go to museums and galleries, but nowadays, how many of them actually try and conceive the painters’ thoughts or motivation for the paintings? Upon my search two paintings really stuck out to me and required second and third inquiries, The Judgment of Paris and The Miracle of the Fishe s; both making me return to make a suitable judgment of my own. By looking at paintings multiple times in person a viewer can see different details and aspects of the painting they’re looking at or studying—making their observations more accurate and varied— upon a second or third scrutiny. In these two paintings by Jacob Jordaens, The Miracle of the Fishes and The Judgment of Paris, there are many similar and contrasting ideas. From a first glance they are quite different; The judgment of Paris is centered on the three Goddesses and their surrounding aura that is the bright center of the painting while The Miracle of the Fishes seems to have a rather dark and almost gloomy center. However, upon a second examination or a more thorough look one begins to notice an abundance of... ...utinize both paintings multiple times I was able to gather enough information to make accurate analyses. Even without seeing every miniscule detail a decent analysis can be made if an adequate amount of details is observed, whether the observation is in person or from a picture. Seeing a painting in person and being able to get close and look at the minute details allows a person to more accurately describe or analyze a painting. Works Cited 1. Julius S. Held and Donald Posner. 17th th century art; baroque painting, sculpture, and architecture, New York: H.N Abrams, 1971 2. â€Å"Jacob Jordaens.† The Artchive. 28 Sep. 2006 http://artchive.com/artchive/J/jordaens.html 3. Malcolm Gladwell. Blink, New York: Little, Brown and Company, 2005 4. â€Å"Jacob Jordaens.† The Getty. 28 Sep. 2006 http://www.getty.edu/art/gettyguide/artMakerDetails?maker=359

Cell Transport Lab

â€Å"Cell Transport Lab† Hypothesis: I hypothesis that there will be a movement of molecules out of the egg, and will move into the water solution. Osmosis will occur within the egg, and in the process the molecules of the egg will diffuse. Time (hrs)| Observations| Circumference (cm)| 0| * Egg is of normal weight and size * No membrane is being shown, and is almost perfect| * 14 centimeters| * 24| * Egg has gotten larger taking in some of the water * Shell is soft | * 15 centimeters| * 48| * It larger now than before, opaque in appearance * Firm to touch| * 16 centimeter| * 72| * Transparent almost see through, fluid inside is visible * It has become even more firm and hard| * 17 centimeters| Conclusion: 1. The egg changed exactly three centimeters in size from 14 centimeter, to 17 centimeters. 2.Yes my hypothesis was correct, osmosis occurred and the molecules in the egg transferred and in a result the egg took in water. 3. The type of transport that will occur within the e gg will be osmosis. Displacement occurred within the egg, when water was taken in within the egg. 4. The liquid goes through the membranes of lettuce or spinach cells and surges the overall firmness of the leaves. 5. What I think will happen to the egg if you put it in syrup, would be that the egg will egg deflate a little from the humongous state and go back to normal. Maybe the water will come out from the egg and go within the syrup somehow.

Equity and Fixed income investments in the market - Free Essay Example

Sample details Pages: 16 Words: 4829 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The Equity Fixed Income Investment basically deals with analysis of company stock, what are investment opportunities in the company. This report undertakes an in-depth study on financial analysis .Numerous studies point out to the fact that financial analysis help investors, company to have a clear idea about their investment options. Financial Analysis Refer to an assessment of the viability stability and profitability of a business or project. This project is used for owner, investor Creditors, Shareholders, Bankers etc. For an outsider user the detail in the financial statements indicates only raw data or raw material. This Raw material needs to re-organised, processed converted into easy to understand form. Don’t waste time! Our writers will create an original "Equity and Fixed income investments in the market" essay for you Create order Kingfisher plc is Europes leading home improvement retail group and the third largest in the world, with over 830 stores in eight countries in Europe and Asia. Its main retail brands are BQ, Castorama, Brico Dpt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Ko Group, and a 21% interest in, and strategic alliance with Hornbach, Germanys leading large format DIY retailer. This report is also analysis of nature of Retail industry of Europe and what is the industry life cycle of the of retail industry. RESEARCH METHODOLOGY As the process of analysis Equity Fixed Income investment is a thought provoking process, it is totally based on the secondary data that is being obtained from the audited balance sheet of the division and then this data is being processed using various techniques of analysis. Research methodology describes the research procedure. KINGFISHER PLC Kingfisher plc is a United Kingdom-based home improvement retailer. The Company, together with its subsidiaries, joint ventures and associates, supplies home improvement products and services through a network of retail stores and other channels, located mainly in the United Kingdom, continental Europe and China. As of January 30, 2010, the Company operated over 830 stores in eight countries in Europe and Asia. Its main retail brands are BQ, Castorama, Brico Depot and Screwfix. Kingfishers portfolio of own brands includes the Colours range of decorative products, and MacAllister and Performance Power power tools. Kingfisher also has a 50% joint venture business in Turkey under the name Koctas, Yapi Marketleri Ticaret A.S., and a 21% interest in, and strategic alliance with Hornbach Holding A.G., a do-it-yourself (DIY) retailer operating in Germany. The Companys geographic segments are France, UK Ireland and Other International. Kingfisher plc is Europes leading home improvement retail group and the third largest in the world, with over 830 stores in eight countries in Europe and Asia. Its main retail brands are BQ, Castorama, Brico Dpt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Ko Group, and a 21% interest in, and strategic alliance with Hornbach, Germanys leading large format DIY retailer. OVERVIEW OF RETAIL INDUSTRY The UK retail market is set to increase in size by 15% over the next five years, taking its value to just over 312bn (UK Retail Futures 2011: Sector Summary, Datamonitor). However this represents a slowing down of annual growth and with operating costs and the cost of credit set to raise, the retail sector faces challenging times. Companies who cannot compete against shrinking margins will suffer. The electrical sector is currently the best performer, with a predicted growth of 24% (UK Retail Futures 2011: Sector Summary, Datamonitor), while the home sector retailers face a tough period as falling house prices make people more cautious about moving home. Consumer debt, rising interest rates, inflation, house prices and job security all affect how much people shop, and the current economic climate indicates that consumer spending will slow down. Customer confidence is a key issue: if people feel optimistic about their situation, they will spend more. If they are nervous about their own financial security, they will spend less. The retail industry employs over 3 million people (data collected March 08). This equates to 11% of the total UK workforce (UK Retail Futures 2011: Sector Summary, Datamonitor). Almost 8% of the Gross Domestic Product (GDP) of the UK is generated by the retail sector. UK retail sales were approximately 265 billion in 2007, which is larger than the combined economies of Denmark and Portugal (UK Retail Futures 2011: Sector Summary, Datamonitor). ÂÂ   STRATEGIC GROUP ANALYSIS Kingfisher being at the first rank in the retail sector being highest profit gainer and sales has many competitors. The competitors of Woolworth (previous name for kingfisher) are deemed as follows:- Discounters:-those stores which have or offer stock particularly at lower prices have this unique selling point. These would Wilkinsons, asda-walmart and poundstrecher. Supermarkets:-these are the stores that used to sell predominantly only food items have now expanded their range towards other items like home decor, toiletries etc. These are basically termed as substantial non-food categories. E.g. Tesco, Sainsbury etc Departmental stores: these are the kind of stores which sell a range of items usually non-food, divides its goods into distinct areas of the stoppers known as departments. In UK this category includes MS, Debenhams, and house of Frazer etc. Catalogue stores:-in this kind of store the retailer has a large storing space which is dominantly dedicated to storing space rather than selling space. Very few goods (at times) are on display and customers select their goods from a catalogue. They select their choice of product before actually seeing it. Argos and next are most well-known in UK related to the examples of this kind of store. Specialist stores:-those who are concentrated on a specific part of product or subject in a store which corresponds on parts of Woolworth range. Foe e.g. mothers care and early learning centres for childrens clothes, BQ, home base and focus DIY for DIY products. Competition is relatively very high which has lead to ignoring or blurring of retail sector differences between the categories. Many companies are diversifying into new sectors which have for many years now had a fierce competition or are aiming high market penetration for their existing product. A good example is the supermarkets. MICHAEL PORTERS FIVE FORCES AS APPLIED BY KINGFISHER PLC As it can be seen in the above figure this is a diagram of Michael porters five force model. The explanations for these can be seen in brief as below. Rivalry:- Traditionally it is believed that rivalry drives profits to zero. But in todays advanced age rivalry is taken up in a positive attitude and it is termed as competitive advantage. In case of kingfisher PLC it had 3 major rivals focus (DIY), Homebase LTD and wolseley. Rivalry tends to be more if there are more competitors and vies versa. In case of the retail sector when barriers to leaving an industry are high, competitors tend to exhibit greater rivalry. Rivalry among kingfisher and the other retailers decreased when the buyers had high switching costs. Threat of substitutes:- In the retail sector Substitute product can be referred to as other products in the industry which could replace the existing industries product. A threat from the substitutes is known to occur when a products demand is affected by the price change in the substitute product. A products price elasticity is affected by the substitute product. In case of kingfisher PLC its substitute was mark and spencers which took the place of kingfisher in 1968 as Britains leading retailer both in terms of profit and sales. As more substitutes enter the market, demand becomes more elastic since the buyer has more alternatives or choices. The threat from a substitute comes from a product engendered outside the industry. Bargaining power of buyers:- The buying power of customers decides the kind of impact that a company has had on the markets. Especially when it comes to the retail sector the buyer is considered as the kingpin case of kingfisher PLC staff turnover led to consumer dissatisfaction. This led to decreasing profits for the industry. When the buyers side is strong he is close to what an economist calls as a monopsony. monopsony refers to a situation where there are many suppliers and just one buyer. When such a situation occurs the buyer decides the price. In reality monopsony can hardly be seen but frequently there is some asymmetry between a producing industry and buyers. Bargaining power of suppliers:- An industry which is involved in production requires certain raw material like labour, components and certain other supplies. The suppliers of kingfisher PLC were the manufacturers themselves. At the beginning the manufacturers were reluctant to give supplies to them but later on they felt that the direct supply decision that was taken was right. This requirement of raw materials leads to a buyer-supplier relationship. This kind of relation is between the industry and the firm which provides the raw material to create the finished goods. If the suppliers are powerful then it can produce an influence on the producing industry. Suppliers are powerful if the customers are concentrated, significant cost to switch suppliers etc and they are termed to be weak if there are many competitive suppliers, concentrated purchasers and if customers are weak. Kingfisher had also helped some suppliers to grow. By early 1960s duttons was one of the major suppliers to Woolworth. Threat of new entrants:- Rivals are not the only people who pose threat to the retail industry. When kingfisher was into action new entrants in their field led to a lot of stress among the kingfisher employees. Even new entrants are a certain kind of threat to the existing industries. According to theory there is free entry and exit of firms in a market. According to that the industries have to keep the profits normal. But in reality the industries work with a high profit and gain a good name which proves to be very unhealthy to the new entrants. These are barriers to entry. Other sources for the barriers to entry are government barriers, patents and proprietors service to restrict entry, asset specificity, organisational economies of scale ETC. LIFECYCLE OF KINGFISHER PLC. Introduction. Kingfisher primarily opened as a subsidiary of F.W.Woolworth and company of the U.S.on July 23 2003, 1909 the subsidiary was incorporated in England as a private limited company, F.W.Woolworth ltd with a share capital of 50,250 pounds. in 1912 the share capital was increased to 1,00,000 pounds. During the first two days of the business 60,000 people visited the shop. Between 1909 and 1919 the shareholders did not receive any dividends and following six years it issued paltry dividends. All this was not due to low profits but because the shareholders wanted to create reserves for the company. After a steady business in the US it opened its branch in Britain. Everything was priced only in pennies. GROWTH. Supplies were being brought directly from the manufacturers. In US they had a problem in making the manufacturers agree that they should supply them the materials directly but in Britain the manufacturers readily agreed and soon they found that the decision taken was right. By 1912 the chain had expanded to 28 shops 26 of which were managed by Britons. Again Woolworth started an Irish subsidiary. At the beginning of World War 1, women replaced men in the stores here. After the war the British subsidiary had become ready for a major expansion. The man who was mainly responsible for the expansion was William.L.stephenson.stephenson started working in the company in 1909 even before the first shop had opened. Later on he became the chairman in 1931.there was a flotation of chain of 444 shops which resulted in an excellent track record of the company. The Woolworth flotation was a success despite it taking place during the great depression. Since its foundation in 1909 the company had ma de considerable profits which increased year after year and continued to do so until the beginning of the Second World War. Maturity. After all the flotation and steady profits Woolworth had reached a settled position in the markets.ste phenson had brought in an important change which was that he had made properties of Woolworth instead of leasing spaces(Stephensons property investment would later prove to be a major contribution to the revival of worldworths successor, kingfisher, during the 1980s).under stephensons management Woolworth had opened many new shops at the rate of one every fortnight this remarkable growth was maintained till world war two. World war two led to a big loss for Woolworth.23 shops were destroyed and 353 were damaged by enemy in action. But again by the end of 1951 the expansion programme had resumed. Decline. Though it was a decline, it was only for a short period. The company faced many ups and downs before it was names as kingfisher PLC in 1989. A visible sign of trouble was seen when Woolworth lost its place as Britains leading retailer and marks and Spencers overtook it both in terms of profits and sales. Despite all of the modernisation programmes Woolworth still possessed a number of small and poorly locate branches with an extremely low rate of turnover and profitability. In 1971, with the profits still not coming into place, Woolworth opened new cash and wraps policy and began to convert 777 shops from conventional behind the counter service to a system of centralised payment in each shop. Despite of that profits failed to recover very strongly as a result of its heavy cost of modernisation and created a prolonged start-up problem with a new distribution centre. Despite recovery in profits, Woolworth had still not solved its problems. Woolworth had now began to reorganise by selling all the unprofitable parts of the business and finally on March 17 1989 woolworth was rechristened as kingfisher PLC. During the 90s kingfisher has made a number of acquisitions in the process becoming a much more diversified retailer. GENERIC STRATEGIES ANALYSIS In the retail sector, specifically related to the kingfishers home improvement business, the industry can maintain a high profitability specially with reference to the porters generic strategies mentioned as below:- Cost leadership:- Kingfisher was ranking first in the retail sector related to the profit and sales. One of the main reasons was their cost leadership. The company that attempts to be the lowest cost producer in the industry can e referred to as those following the cost leadership strategy. Kingfisher was run with the lowest costs but would run highest profits in the events when the competing products are essentially undifferentiated, and selling at a standard market price. Kingfisher placed an emphasis on every activity in the value chain. It must be noted that the company might be a cost leader but that doesnt mean that its products are that of lower prices. In certain instances companies have followed the company charges an average price while following the low cost leadership strategy and reinvest the extra profits into the business (lynch, 2003). The risk of following a cost leadership is that the companies focus on cutting the costs may sometimes affect the vital factors and this mistake may become so dominant that the company may lose vision on why it embarked on this type of a strategy at the first place. Differentiation. When a company makes a certain difference in its product it is often able to charge a premium for its products and services in the market. Generally speaking in the retail sector differentiation would include better service levels to the customers, better product performance, better packaging, and better after sale services etc as related to its competitors. Porter argues that a company following the differentiation strategy would incur further charges resulting in an increase in the cost of production. The high costs would be incurred for the purpose of better advertising features etc. Differentiation brings about many advantages to the firm which makes use of the strategies. Some problematic areas include the difficulty on part of the firm to estimate whether the extra costs can be recovered from the customers by charging a premium cost. Moreover successful differentiation strategy of a firm may attract the competitors to enter the market segment and copy the differentiated product (lynch, 2003). Focus. Porte initially presented focus as one of the three generic strategies but later on recognised the focus as the moderator of the two strategies. Companies follow this strategy by focussing that part or area of the market which has the least amount of competition (Pearson, 1999). Companies can make use of this strategy by concentrating on a specific area of the market and create a product specifically suiting that area of market. This is why the focus strategy is also sometimes referred to as the niche strategy as it focuses on a specific niche in the market. Therefore by employing focus strategy the company can attain competitive advantage. The company can make use of the cost leadership or differentiation approach with regards to the differentiation strategy. In that the company using the cost focus approach would aim for differentiation in its target segment only and not overall the market. This strategy provides the company with the possibility to charge a premium price for superior quality or by offering a small low priced product to a group of buyers. Compound Annual Growth Rate CAGR A compound annual growth rate (CAGR) measures the rate of return for an investmentÂÂ   such as a mutual fund or bondÂÂ   over an investment period, such as 5 or 10 years. The CAGR is also known as smoothed rate of return because it measures the growth of an investment as if it had grown at a steady rate on an annually compounded basis The compound annual growth rate is calculated by taking the nth root of the total percentage growth rate, where n is the number of years in the period being considered.ÂÂ   This can be written as follows i.e CAGR = ( Dn/Do)1/n -1 Here we know that, Ending valve in Year 2005 i.e Do = 204.8 Beginning valve in Year 2010 i.e Dn =125 n = 5 no. of years We using above formula we get CAGR = (125/204.8)1/5 1 CAGR = -0.0940 CAGR = -9.40% These are some of the common CAGR applications[3]: Calculating and communicating the average returns of investment funds Demonstrating and comparing the performance of investment advisors Comparing the historical returns of stocks with bonds or with a savings account Forecasting future values based on the CAGR of a data series (you find future values by multiplying the last datum of the series by (1 + CAGR) as many times as years required). As every forecasting method, this method has a calculation error associated. Analyzing and communicating the behaviour of different business measures such as sales, market share, costs, customer satisfaction, and performance. Absolute Valuation Models Dividend Discount Model: this model is theoretically one of the most correct valuation models. This model is also known as the GORDON MODEL named after Professor Myron J. Gordon who popularised this model. The model is effective when a company is distributing a significant amount of their earnings as dividend. This model value shares at a discounted value of the future dividends paid because share is worth the present value of all future dividends. This is a procedure of valuing the price of a stock by predicted dividends and discounting them back to present value. The idea behind this is that if the value obtained from the Dividend Discount Model is higher than what the shares are trading at, than the stock is undervalued. Returns derived from the model can be combined with risk data to construct a market line benchmark. Securities that plot along the line are considered fairly priced, the ones below the line are unattractive and the ones above the line are offer more return. The rational of the model lies in the present value rule. Two basic inputs to the model are the expected dividends and the cost of equity. Two Stage model: this model allows for two stages of growth. It states the fact the company goes through ups and downs and a high growth period will lead to face a decline in the growth rate and later the company will have a steady growth face. The initial phase is where the growth rate is not stable and a subsequent steady state where the growth rate is stable and is expected to remain same for a long time. This model allows greater flexibility in the testing of scenario for the investor looking at a firm in its infancy or in a new industry. This works on the assumption that the firm grows at a higher growth rate in the first period, the growth rate will drop at the end of the first period to the stable growth rate and the dividend payout ratio is consistent with the expected growth rate. The Formula: P=nt=1[D0(1+g1)t/(1+ke)t]+t=n+1[Den(1+g2)t-n/(1+ke)t] where: P = intrinsic value D0= expected initial period dividend Den= expected dividend during mature period ke = appropriate discount factor for the investment g1= expected dividend growth rate for initial growth period g2= expected dividend growth rate for mature period There are limitations with this model: Defining the length of the extraordinary growth period. It is difficult to convert qualitative considerations into specific time periods. The assumption that the growth rate is transformed overnight from a higher rate to a lower rate. The focus on dividends can lead to skewed estimates of value for firms that do not pay what they can afford in dividends. It under estimates the value of the firm that accumulates cash and pay little in dividends. Multi stage model: this is an advanced version of the Gordon growth model that determines the equity valuation by utilising an assortment of growth rates. This model incorporates the H-model, the two stage model and the three stage model. The model assumes growth rate which is different every year. It takes three different rates of growth- initial high rate of growth, transition to slower growth and a sustainable steady rate of growth. The present value of each stage is added to derive the intrinsic value of the stock. The main drawback of this model is the assumption that dividends will grow in perpetuity at a constant rate that can be determined at the time of the calculation. This assumption is unrealistic with companies that undergo different stages of growth. High growth: fast growth is early in companys development as it capitalizes on opportunities in new market segments or uses new approach to gain a share in the existing market. With the market expanding new clients may be easy to attract and revenues will grow. Transition: the companys initial growth slows down as the market grab period ends. The overall market might grow at a slower pace or may become more competitive reducing scope for dynamic revenue growth. Maturity: the revenue growth slows down as the market moves closer to the saturation point. It becomes more difficult to attract new clients and the firms have to compete hard on their prices and services to avoid switching to their competitors. Taking into account the different phases of the growth of the companies the multistage dividend model focuses on forecast cash flows for the high growth and transition stage. When the maturity stage is reached we use constant dividend growth projection. The limitations of this model: It remains vulnerable to minor inaccuracies in source data. It is more prone to errors in calculations which are due to poor cash flows which are estimated during high growth phase of a companys development. It is not reliable for companies that are in their early phase of growth as it is difficult for them to accurately forecast the duration of the high growth and the transition stage. FREE CASH FLOW APPROACH: this is the cash that a firm has after has managed to lay out the money required to maintain and expand its asset base. It is mandatory for a firm because it allows a company to pursue opportunity to enhance shareholder value. It is difficult for any company whether small or big to develop products, pay dividends and reduce its debts without cash. FCF is calculated as: This can also be done by taking operating cash flow and subtracting capital expenditures. A firms stock is valued by forecasting free cash flow to firm (FCFF) or free cash flow to equity (FCFE) and by discounting these cash flows back to the present at the required rate of return. These models are used when a firm pays no or little dividends and when free cash flow traces profitability. Free cash flow to firm (FCFF) is the cash available to all the firms investors including bondholders and stockholders, after the firm buys and sells products, provides services, pays the cash operating services and makes short and long term investments. Once the firm is free from meeting all its obligations to its other investors is called Free cash flow to equity (FCFE). Free Cash Flow to Equity (FCFE) = Net Income (Capital Expenditures Depreciation) (Change in Non-cash Working Capital) + (New Debt Issued Debt Repayments) Free Cash Flow to Firm (FCFF) = FCFE and FCFF Two stage models are designed for firms which are expected to grow faster than a stable firm in the initial period and at a stable rate after that. FCFE and FCFE Three stage models are for firms that have three stages of growth an initial stage of high growth, a transitional period when the growth rate declines and the period when the growth rate is stable. RESIDUAL INCOME APPROACH: it is a performance measure that consists of some measure of operating income minus capital used by the unit being evaluated. This model is designed for companies that do not pay dividends. When there is a great uncertainty in estimating the terminal value than this method is appropriate. It is designed to influence managements investment in capital assets, to undertake investments for which the net present value is positive and to let go of those where the net present value is negative. The rate used in calculating the cost of capital is the riskless interest rate in the world of certainty. The Residual income = investment centres profit [investment centres invested capital ÃÆ'Æ’- imputed interest rate] Where, imputed interest rate = firms cost of acquiring investment capital It works on the assumption that: The market value of a company should equal the present value of the future expected dividends. The change in the book value between two dates equals earnings minus dividends in the period t. The book value of equity after infinity equals to zero. Asset Based Model: we will not use this model because our company kingfisher plc does not use natural resources. The Dividend Discount Model (DDM) ( ALL VALUE IN MILLION) All value taken by financial income statement of kingfisher plc Given: D= dividend per share= 3.4p R=discount rate= 10.2759% G= dividend growth rate=0 Po=Price per share =221.5p Do=dividend that year=80 Ke=cost of equity=7.9% g= dividend growth rate=0 The value of single period of DDM as follow as Single period : Vo=Do*(1+g) / (Ke-g) Vo= 80*(1+0) / (7.9%-0) Vo= 1012.658 So value of firm= 1012.658 i.e. DDM The Free Cash Flow to Firm Given: Net Income=385 Tax rate= 31.9% Net Borrowing= -1024 Non cash charges=260 Working capital Investment= -582 Interest rate = 72 Fixed Capital Investment = -87 Cost of Equity=7.9% Equity= 4955 Total Debt= 1530 Cost of Debt= 8.15% FCFF= net income+ non cash charges working capital investment + interest (1-t) fixed capital Investment FCFF= 385+260+582+72(1- 31.9%)+87 FCFF= 385+260+582+ 49.032+87 FCFF= 1363.032 We want value of firm fist find out WACC WACC=Ke*e / e+D+Kd * e / e+D *(1-t) WACC= 0.079*0.7640+0.0815*07640*0681 WACC=0.102759 WACC= 10.2759% Value of firm using FCFF Value of firm= FCFF/ WACC Value of firm=1363.032/0.102759 Value of firm=13264.356 The Free Cash Flow to Equity FCFE= FCFF-interest(1-t)+net borrowing FCFE=1363.032-72(1-31.9%)-1024 FCFE=290 So value of firm using FCFE Value of firm= FCFE/WACC Value of firm= 290/0.102759 Value of firm=2822.137 The Residual Income Model The Residual Income =net income (Ke*equity) The Residual Income =385-7.9%*4955 The Residual Income =385-391.445 The Residual Income=-6.445 So value of firm using The Residual Income model Value of firm =RI/Ke Value of firm= -6.445/0.079 Value of firm= 81.582 ÂÂ   CONCLUSION From the above learning outcome we came to know that the kingfisher PLC has come through various ups and downs in the retail sector. Its strategy of opening various branches and making reserves rather than paying the shareholders their shares has helped the company with all its financial and expansion functions. The employees of kingfisher especially the chairmen of the company have played a very important role in the companys success. It was deemed to be the first most profitable and most selling company. These are main features of the kingfisher PLC that made it the no. 1 company amongst the retail sector. There have been certain ups and down but strategies like opening discount shops or closing down the unused branches has helped the company in many ways.

What New Factors Contribute For Prolonging Conflict Dynamics

What new factors contribute to prolonging conflict dynamics? Ellsworth (1999) stated that â€Å"ethnicity and religious affiliation are the two highest ranked identity makers for a vast majority of Nigerians than other indices such as state, national, ECOWAS and African identity†. His research revealed that â€Å"northerners are more inclined towards religious identification, and southerners are likely to rank ethnicity first, ethnicity was discovered to be the second highest ranked identity country-wide after religion, with state and national identity coming third and fourth, respectively† (Ellsworth, 1999). This finding introduces a complex dimension to the Jos crisis since the indigenes are predominantly Christians and the settlers, are mostly†¦show more content†¦The South African example, has stimulated the idea of a permanent Court of Arbitration in the African region.† Adopting such in Jos may be successful. Actors Who are the main actors? In the context of the crisis in Jos, the players and actors vary, the politicization of justice and ethnic bigotry play a part in the consistent crisis. The local heads in the case of religion-driven violence, are in most cases players, while the youths among them actively participate in violent crimes. Hagazi states that, â€Å"in the rural areas, there has also been widespread violence between Berom farmers and Fulani pastoralists† (Higazi, 2011). Consequently, community leaders/traditional leaders are also involved. Rival politicians also in their attempt to render rivals incompetent fabricate chaotic scenarios that opponents have to grapple with. Observers of intractable ethnic disputes like Hall frequently suggest that â€Å"group with different socio-cultural backgrounds, often get into conflict because of the gap created by communication or their ability to effectively communicate† (Hall, 1959). The problems that could exist between settlers/indigenes in Jos coul d only be aggravated by communication vacuum played up by leaders that have followership, their manipulations of dialogue thus yieldingShow MoreRelatedWhat Triggers Could Cause The Outbreak / Further Escalation Of Conflict?1329 Words   |  6 PagesWhat triggers could contribute to the outbreak/ further escalation of conflict? â€Å"Politics, plays a very vital role in an intense and violent struggle like the one in Jos. This precipitates inter and intra communal/ethnic conflict†. In order to adequately understand the nature of any, there is the need to understand the possible causes of such crises. From the analysis of scholars in the field of conflict resolution, causes of conflict can range from historical, mythological and political perspectivesRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesOrganizational Behavior This page intentionally left blank Organizational Behavior EDITION 15 Stephen P. Robbins —San Diego State University Timothy A. Judge —University of Notre Dame i3iEi35Bj! Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Director of Editorial Services:Read MoreParental Grief Essay14598 Words   |  59 Pagesparents are a baffling sense of disorientation and a deep conviction that they must never let go of the grief. But there are also many unique ways that bereaved parents express their grief. These individual parental responses are influenced by many factors including the persons life experiences, coping skills, personality, age, gender, family and cultural background, support and/or belief systems, and even the death or the type of death that occurred. As part of the grieving process, bereaved parentsRead MoreGsl Mc25499 Words   |  102 Pagesperform different activities from its competitors shifting out the productivity frontier as new technologies and approaches are developed (GSL ID 1.1) Question 1.2 Which one of the following statements best describes the classical view of ethics? A B C D Leaders of organisations must comply with society’s ethical and moral values. Organisations should engage in profit-making activities regardless of what they are. Organisations should seek socially responsible goals, which will lead to increasedRead MoreMarketing Management130471 Words   |  522 Pagesthe activities to facilitate the exchange. Within this societal perspective, then (1) the makers (2) what they are marketing and (3) their potential markets all assume broad dimensions. The category of marketers might include, in addition to business firms, such diverse social units as (a) a political party trying to market its candidate to the public (b) the director of an art museum providing new exhibits to generate greater attendance and financial support (c) a labor union marketing its idea toRead MoreMaster plan for the development of Vietname s motorcycle industry in the period of 2006-2015 with a vision to 202026479 Words   |  106 PagesMotorcycle Industry in the 64 Period of 2006-2015, with a Vision to 2020 I. Domestic demand forecast for 2015, with a vision to 2020 64 I.1. Domestic demand forecast 64 I.2. Production capability forecast for 2015, with a vision to 2020 72 II. Factors influencing the development of motorcycle industry in the 73 future III. Master plan for the development of Vietnam’s motorcycle industry 76 in the period of 2006-2015, with a vision to 2020 III.1. Viewpoints on development 76 III.2. DevelopmentRead MoreHow Current Health and Safety Legislation, Policies and Procedures Are Implemented in Setting21540 Words   |  87 Pageswith the opportunity to work for The National Childminding Association and she is currently employed. Share | [pic] [pic]    †¢ The Aims Of The Registration System †¢ Regulations †¢ Disqualifications †¢ The National Standards And What They Mean †¢ Standard One: Suitable Person †¢ Standard Two: Organisation †¢ Standard Three: Care, Learning And Play †¢ Standard Four: Physical Environment †¢ Standard Five: Equipment †¢ Standard Six: Safety †¢ Standard Seven:Health

Macbeth Mental Essay - 1536 Words

Macbeth Research Paper Dontee L. Sessoms 3rd period Macbeth With anger, illusions, stress and so much more I will analyze Macbeth and lady Macbeth for their problems and disorders. In my research I will decipher between certain diseases such as bipolar disease, anxiety disorder, obsessive compulsive, panic disorder, post traumatic stress disorder, stress disorder, borderline personality disorder, schizophrenia, sleeping disorder, and paranoia to see exactly which one of these stress/hurtful symptoms in which they both share. I’ve got my observation information from many resources such as doctor, psychiatrist, prison guards, and the dictionary. And overall I would find them very resourceful.†¦show more content†¦With all this said I hereby until further notice diagnose Macbeth with schizophrenia, sleeping disorder, and post traumatic stress disorder. Macbeth will take Clozapine for his schizophrenia, drugs used to induce drowsiness hypnotics and sedatives are often the same as those used to relieve anxiety for his slee ping disorder, and propranolol, imipramine, and phenelzine for his post traumatic stress disorder. He would be given a mandatory minimum of 3 years with psychiatric help. Lady Macbeth on the other hand is a completely different case. She is faced with many problems as well throughout Shakespeare’s tragedy. In away lady Macbeth is just like Macbeth but at the same time they where very different. Ultimately it was Lady Macbeth who led Macbeth to this deranged state of mind. If it wasn’t for her Macbeth wouldn’t have killed the king in the first place because he wouldn’t have been provoked to follow out with his first thought. With that said she said to Macbeth â€Å" I would, while it was smiling in my face, have plucked my nipple from his boneless gums, and dashed the brains out, had I so sworn as you have done to this † which states that sheShow MoreRelatedMacbeth Mental Illness Paper1012 Words   |  5 PagesIn Shakespeare’s Macbeth, Macbeth and Lady Macbeth both show signs of what would today be diagnosed as symptoms of schizophrenia. Schizophrenia is defined as â€Å"long-term mental disor der of a type involving a breakdown in the relation between thought, emotion, and behavior, leading to faulty perception, inappropriate actions and feelings, withdrawal from reality and personal relationships into fantasy and delusion, and a sense of mental fragmentation†. There are three major symptoms of this disorder:Read MoreMental Illness Rehab in Macbeth by William Shakespeare788 Words   |  3 PagesIn Macbeth it went insomnia, hallucinations, and depression. All common symptoms of a mental disorder, luckily they all have cures. There’s millions of mental disorders, some more common than others, all still take a huge place within mental illness, which doesn’t make them any less important than any other illness. The topic is mental illness, sit down and explain the problem, causes of said mental illness, effects of said mental illnesses, and the solutions to nail it down. The problem that’sRead MoreMacbeth Mental Illness Essay746 Words   |  3 Pages In the beginning of the play, Macbeth was in a great state of mind, he won the war for the people of Scotland, and was seen as a hero. On the way home from war, Macbeth meets three witches who prophesied that he will become The King of Scotland, which led to the ultimate downfall of his mental health. Throughout the rest of the play, you start to see him struggle with insomnia, hyperarousal, hallucinations, paranormal schizophrenia, and anxiety which we see throughout the play, that graduallyRead MoreEssay On Mental Illness In Macbeth1182 Words   |  5 PagesScotland vs. Macbeth, the prosecution will claim a tale of a power-hungry man who let ambition get the best of him. They will present physical evidence of him with the dagger, him conspiring with his wife, and him hiring men to kill. However, the evidence presented today by the defense will tell the true story: a man overtaken by menta l illness. Macbeth displays the classic signs of narcissistic personality disorder: elevated sense of entitlement and delusions about power. While Macbeth did commitRead MoreMental Health Problems In Macbeth Essay1001 Words   |  5 Pages William Shakespeares Macbeth is a play about Macbeth, a cruel and ruthless man who will do anything to gain power, and his wife Lady Macbeth, a disturbed woman with too much evil for her own good. Macbeth’s own ambition gets to him and ultimately leads to his demise. In many ways, Shakespeares Macbeth is relevant in todays society. Explores mental health problems, greed for power and Leadership, and lastly guilt and its effects. In todays society, mental health problems are on the rise inRead MoreMental Insanity In Macbeth And Hamlet By William Shakespeare952 Words   |  4 Pages Shakespeare often uses stress as a trigger to spiral his characters into this state of mind. Shakespeare’s tragedies Macbeth and Hamlet both contain characters that experience a great deal of stress and fall into mental unrest. This mental unrest or insanity is a device used by Shakespeare for contrasting imagery of characterization. The contrast of mental illness with mental wellness within these tragedies is shown in multiple ways. Shakespeare uses insanity in characters throughout the playsRead MoreThe Struggle Of Mental Illness1212 Words   |  5 Pages3EP - A October 21, 2015 The Struggle of Mental Illness Today, mental illness is still a recurring sickness that can have positive and negative effects on mankind. William Shakespeare’s tragedy, Macbeth, takes place in Scotland and features famous characters like Macbeth, Lady Macbeth, and Banquo. Macbeth, the tragic hero, is a power hungry Thane whom seeks kingship. However, he lacks ambition and his wife attempts to urge him towards this edge. As Macbeth is urged toward ambitious ways, he commitsRead MoreThe Catcher Of The Rye, By J. D. Salinger1699 Words   |  7 Pageswritten in the present. The play Macbeth, written by William Shakespeare, and the novel The Catcher in the Rye, written by J. D. Salinger follow the lives of two protagonists’ as they are each individually shaped by society’s idea of prosperity. The protagonists of both the novel and the play, Holden and Macbeth, exhibit similar qualities that allow them to attempt to achieve ultimate greatness and find success. Both the novel The Catcher in the Rye and the play Macbeth demonstrate the pressure thereRead MoreThe Supernatural Evil Within Lady Macbeth in Shakespeare’s Macbeth1561 Words   |  6 Pagesgenders. With this in mind, Shakespeare’s Macbeth heightens the supernatural evil possessing Lady Macbeth as she condones murder for her own selfish ambition, while in Shakespeare’s time women were regarded as peaceful and full of feminine sympathies. This anachronism with the reality of Shakespeare’s day, illustrates the immense sense of wickedness and abnormality emphasizing her character’s influence on her husband and the plot of the play. In contrast, Macbeth appears to some extent a more acceptableRead MoreSupernatural Soliciting Within Shakespeare s Macbeth1728 Words   |  7 PagesJulia Sawicka Ms. Paolone ENG3U1d Monday, November 6th, 2017 Supernatural Soliciting within Shakespeare s Macbeth Shakespeare’s Macbeth is broadly known as a cursed play by a myriad of individuals globally. Given its appalling history of death and disorder, as well as the supernatural elements present within the play, many have come to the latter conclusion. To add, Macbeth is also a tragedy, adding more malediction to the already allegedly accursed play. To create such a tragic, ill-fated

From Element to Riches Essay Example For Students

From Element to Riches Essay From Element to RichesA diamond in a sense is the most communal, elegantly, used jewel used in circulation today. Do people in actuality understand the concept and edifice of this mineral? A diamond is known as the hardest rock in existence and to most of the world it is a piece of jewelry, but do we know what the chemical composition of a rock and how is it formed?A diamond in actuality is carbon in its most concentrated form. While a few diamonds may have trace impurities such as boron or nitrogen, most diamonds are composed mostly of carbon. Carbon is a chemical that is fundamental in the process of life and used in various amounts of ways on the Earths surface. In diamonds, carbon atoms share all four valance electrons with adjacent carbon atoms, which form a tetrahedral unit. The covalent bond that is formed in this process is responsible for many of the diamonds superlative properties. As a result of the highly symmetrical arrangement of eight atoms that are fundamentally arran ged in a repeating structural unit diamond crystals can form a variety of different shapes known as crystal habits. The octahedron is the most common of these crystal habits, but others include cubes dodecahedra and combinations of theses shapes. All however, are manifestations of the cubic crystal system to which the mineral diamond belongs. Diamond crystals that are real do not have entirely smooth faces which can be seen in the trigons that reflect the subtle changes of height in the diamonds face. However some raised trigons that point the same direction as the crystal face can occur from dissolution, etching, and the crystals natural growth. Another notable property that the diamond is well known for is its hardness. Diamonds are the hardest substance known, receiving a ten on Mohs hardness scale. While diamonds are not fragile or prone to breaking they can fracture or shatter. The best place for splitting a diamond is along one of its lines of cleavage as the crystal is know t o have fewer chemical bonds on the plains of its octahedral face which allows for its perfect cleavage. Two of the most valued attributes of the diamond are its brilliance and luster, qualities obtained from the diamonds great ability to refract light. Light that passes through a diamond is reduced to approximately 77,000 miles per second, displaying the maximum amount of reflectance which creates what is referred to as an adamantine luster. When the light energy in the diamond equals the amount needed to change the electron configuration, parts of the spectrum are then absorbed. Pure diamonds are colorless because the visible light does not have enough energy to alter the electron configuration, meaning that no light can be absorbed. However when the diamond contains impurities such as nitrogen, boron, or hydrogen or has structural flaws electron states can be effected by the visible lights energy allowing the diamond to display colors such as yellow, blue, red, violet, real white, black, and many others. Diamonds are poor electrical conductors due to their transparent color; they can however, be used as an insulator and in some rare diamonds, such as the gray-to-blue ones, can be used as semi-conductors. Diamonds are excellent conductors of heat though. Their capacity for heat conduction exceeds that of copper by about four times, when at room temperature. The vibrational energy travels along the strong internal chemical bonds of the crystals. Therefore the incredible strength of the diamond provides excellent thermal conduction as well. Diamonds form in the molten rock at the Earths mantle, about a hundred miles below the surface. In order for a diamond to form the carbon must be subjected to temperatures of at least 752 degrees Fahrenheit and under pressure of at least 435,113lbs per square inch. After being formed diamonds are brought to the surface through powerful magma eruptions that create kimberlite pipes. These pipes were first founded in Kimberly, South Africa, and it is believed that the vast majority of the eruptions occurred between 1,100 million and 20 million years ago. As magma flows through deep fractures in the Earths crust the kimberlite pipes are formed. These eruptions are usually very short, generally being completed in just a few short hours, however, just because they are over rather quickly there strength is not to be underestimated. They originate ate depths three times that of the source of volcanoes and have many more times the power than that of the volcanic eruptions that occur today. Wh en the eruptions occur the magma in the pipes push the diamonds as well as other rocks and minerals through the mantle and crust. The magma then cools inside the pipes leaving conical veins of bluish kimberlite rock that contains diamonds. .u83ea8a88fa9b5fbada5258278b7223aa , .u83ea8a88fa9b5fbada5258278b7223aa .postImageUrl , .u83ea8a88fa9b5fbada5258278b7223aa .centered-text-area { min-height: 80px; position: relative; } .u83ea8a88fa9b5fbada5258278b7223aa , .u83ea8a88fa9b5fbada5258278b7223aa:hover , .u83ea8a88fa9b5fbada5258278b7223aa:visited , .u83ea8a88fa9b5fbada5258278b7223aa:active { border:0!important; } .u83ea8a88fa9b5fbada5258278b7223aa .clearfix:after { content: ""; display: table; clear: both; } .u83ea8a88fa9b5fbada5258278b7223aa { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u83ea8a88fa9b5fbada5258278b7223aa:active , .u83ea8a88fa9b5fbada5258278b7223aa:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u83ea8a88fa9b5fbada5258278b7223aa .centered-text-area { width: 100%; position: relative ; } .u83ea8a88fa9b5fbada5258278b7223aa .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u83ea8a88fa9b5fbada5258278b7223aa .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u83ea8a88fa9b5fbada5258278b7223aa .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u83ea8a88fa9b5fbada5258278b7223aa:hover .ctaButton { background-color: #34495E!important; } .u83ea8a88fa9b5fbada5258278b7223aa .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u83ea8a88fa9b5fbada5258278b7223aa .u83ea8a88fa9b5fbada5258278b7223aa-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u83ea8a88fa9b5fbada5258278b7223aa:after { content: ""; display: block; clear: both; } READ: Deming EssayWhile all diamonds originate from kimberlite pipes geological activities such as water or erosion can move diamonds thousands of miles away from their original location. Currently diamonds are being mined in about 25 countries on every continent except Europe and Antarctica. The majority of production is from Borneo, Russia, Brazil, Botswana, Zaire, Australia, and of course South Africa, which remains the diamond leader of both volume and value. A common misconception of diamond mining and production remains that the majority of diamonds are used for decoration and adornment as gemstones, this however is not true. Eighty percent of the diamonds being mined toda y are used in industry. In addition to that almost four times that number is grown synthetically for industry, for a total of 500 million karats a year. Diamond industries are a rapidly growing industry as more and more uses for diamonds are found. Because of their strength, long working life, resistance to abrasion and fast cutting action diamonds are now being used more than ever. Today diamonds are being used for cutting, grinding, polishing, diamond phonograph needles, ceramics, metals, concrete, gems, eyeglasses, computer chips, blades used for critical surgery, and more. All of these uses can be condensed down to three primary functions: it is used as a cutting tool, it is embedded in another material and is used as a tool or abrasive, and is turned into a powder or paste for grinding or polishing. Diamonds are also being used in science for many purposes as well. From smaller tasks such as windows for research instruments, to experiments on the nature of planetary interiors and dense matter, to mimicking Earths core, as well as producing solid hydrogen. All of these uses for the diamond would not be possible without the invention of the belt device formed by General Electric and thee invention of tungsten carbide, a material that can gain the pressure containment necessary for diamond growth. Today General Electric is the largest producer of synthetic diamonds, with de beers and many other manufactures all of which help contribute to the more than eighty tons of synthetic diamonds that are produced annually. With Constant technological and scientific advances both for locating natural diamonds as well as in synthetic diamond production, the future for the diamond industry seems secure. As scientific study finds new ways to further utilize the potential of the diamond by consta ntly determining new applications to take advantage of all this mineral has to offer, the possibilities that the future holds for the mineral seem limitless. From the current projected uses such as super electronics, indomitable optical windows, and un-scatchable surfaces, to many more things that have yet to be thought up. This mineral is definitely a very unique and diverse substance, unmatched by any known to man. So while the diamond may be appealing to the eye, this beauty is one with depth and purpose far beyond that which meets the eye. BibliographyBonsor, Kevin. How Diamonds Work. HowStuffWorks. 1 Dec. 2004. http://science.howstuffworks.com/diamonds.htmDiamond. BambooWeb Dictionary: Open Content Encyclopedia. 1 Dec.2004. http://www.bambooweb.com/articles/d/di/Diamond.htmlDiamond. Encyclopedia Britannica Online. Britannica Concise Encyclopedia Online. 2004. Encyclopedia Britannica Premium Service. 4 Dec. 2004. . The Nature of Diamonds. American Museum of Natural History. 1 Dec. 2004. http://www.amnh.org/exhibitions/diamonds/