Wednesday, January 29, 2020
Martin Luther King Memorial in Yerba Buena Gardens Essay Example for Free
Martin Luther King Memorial in Yerba Buena Gardens Essay Situated on the corner of 4th St. and Mission St., in downtown San Francisco is Yerba Buena Gardens. Sounds from the hustle and bustle of cars driving and people walking permeate Yerba Buena Gardens, except in one particular location. In one corner of the gardens stands a Martin Luther King Jr. memorial. The memorial is breathtakingly beautiful with a fifty foot high and twenty foot wide waterfall that falls over Sierra granite. In the Memorial’s hallway, visitors read quotes from Dr. King himself that are engraved on glass panels and set in granite. The physical beauty of the memorial is undeniable, however many people are not aware of the symbolism lying beneath the memorial’s surface. The memorial’s waterfall symbolizes the realization of Dr. King’s dreams the realization of Dr. Kings dream, the tears shed by millions and of the voices of African Americas The memorial also reminds us of the oppressed African Americans whose voices were drowned out ignored; yet, it is apparent that society was pushed backwards in the race to equality with the mandatory evacuation of thousands of people due to the development of the Yerba Buena Gardens. King Jr. dreamt that all human beings, regardless of skin color, will one day be able to live in a completely free, just, and non-discriminatory society. It was his dream of an equal society that pushed Martin Luther King Jr. to become an advocate for universal suffrage. Even though the United States already had universal suffrage, unfair literacy tests and poll taxes plagued the voting process and disqualified nearly all impoverished African Americans from voting 1. King wanted a colorblind society; a society where all human beings are treated equally and respectfully and given the same personal liberties and political freedom. Martin Luther King argued, in his â€Å"I Have a Dream†speech, that â€Å"we are not satisfied until justice rolls down like water and righteousness like a mighty stream†2. This quote from Dr. King’s speech is inscribed on the right end wall of the memorial. After reading the final inscribed quote, it is apparent that the purpose of the waterfall is to signify the realization of Martin Luther King’s dream of a just society. Justice , The United States Martin Luther King’s dream of justice in today’s society; a monumental victory of justice over prejudice. It is so easy to forget about what it took for America to become a truly free and nondiscriminatory nation. The mists are a necessary reminder for people in today’s society that personal liberty and political freedom should never be taken for granted. Though Yerba Buena Gardens is situated in downtown San Francisco, a busy city filled with loud noises, the memorial itself is peculiarly quiet and calm. The memorial’s serenity is due to the overpowering, yet surprisingly tranquil sound of the rushing water from the waterfall. The power of the waterfall to drown out all exterior noise is phenomenal. It is impossible to even hear what someone is saying when they are right next to you. Visitors try to overcome the sound of the rushing water by screaming or whistling, but are unsuccessful. Independent from life’s distractions, visitors are given the opportunity to absorb all that the memorial and Dr. King’s words have to offer. Visitors can take this time to self-reflect and to appreciate the efforts of earlier generations fighting for equality during our nation’s infancy. The undeniable strength of the waterfall’s sound to obscure all external noise makes Being incapable of expressing feelings or thou ghts leaves an unfamiliar and dreadful sensation. People living in today’s society are usually ignorant to this unfamiliar, almost claustrophobic feeling of screaming at the top of your lungs without a single person acknowledging your frustrations. During our nation’s history, however, nearly all African Americans struggled with this same frustration. Helpless against the white minority, blacks throughout history struggled to get their concerns addressed and their votes counted. The visitor’s inability to communicate vocally is short-lived and fortunately, only lasts as long as it takes for the person to walk through the memorial. African Americans, however, were plagued with powerlessness for hundreds of years. Martin Luther King Jr. felt obliged to provide a voice for all African Americans stripped of the right to do so on their own. Due to the hard work of Martin Luther King, civil rights leaders and activists, and President Johnson, on August 6, 1965 the Voting Rights Act was signed into law, which banned the use of literacy tests and also required stricter monitoring of the use of poll taxes in state and local elections†3. Finally, the time had come when African Americans could voice their opinions and have them be heard, and vote for the political constituent whom carried similar beliefs and morals. The development of the Yerba Buena Gardens, as part of the â€Å"Urban Renewal Project†was not always considered to be something positive and beneficial. During the 1950’s, city planners forced thousands of people living in the South of Market area out of their homes, arguing that the area was â€Å"dangerous ‘Skid Row’ ripe for redevelopment, populated by â€Å"bums†and â€Å"transients†whose fate mattered little†4. City planners left out the important fact that many people who lived in this area were elderly and poor and had â€Å"little defense against the federal bulldozer†5. The city did try and relocate as many people as possible, but only had 276 units of new housing to replace thousands of demolished units. Thousands were left homeless and kicked out of possibly the only home they have ever known and will ever know, due to lack of job skills needed to find employment. The irony of placing a Martin Luther King Jr. memorial, a man who advocated for equality and justice until his assassination, on land where thousands of impoverished people were evicted just a couple years earli er, is almost too horrific to comprehend. The hypocrisy in the decision to place this memorial at the Yerba Buena Gardens is undeniable and unforgiveable. The memorial’s waterfall is a reminder of the relentless adversity that plagued millions of blacks for thousands of years and the tears they shed. The waterfall also symbolizes the realization of Dr. King’s dream. The eviction methods used during the Urban Renewal period to obtain the land where the memorial sits were ethically questionable, however it is still important to visit this monument from time to time. The memorial stands there in the middle of Yerba Buena Gardens, in the middle of downtown San Francisco, as a silent, yet constant reminder to never take anything for granted and to always remember the blood, sweat, and tears shed by millions in order for people today to enjoy and exercise the complete personal liberty and political freedom that we are so fortunately blessed with.
Tuesday, January 21, 2020
State and Church Essay -- essays research papers fc
Christopher Columbus and Cabeza de Vaca were two known adventurers, one being an explorer and the other as a treasurer. Both men had great reputations, which led to positions of high status. Cabeza de Vaca became the treasurer on an expedition to explore the Gulf coast as a young nobleman and Christopher Columbus went on many expeditions to explore lands of treasure and jewels of all sorts. Both men explored in a time in which the lands were controlled by church and state and because of this, pressure of enormous amounts were placed on the shoulders of these men. The misfortunes these men encountered on their expeditions led them to choose a side in which they tried to disguise their true outcomes. Cabeza de Vaca and Christopher Columbus used the power the church possessed and embellished in the writings as a means to escape ridicule and or conviction from the state.      One can get a sense from the works of Cabeza de Vaca that he went through hardship when captured by the Indians. In addition you can a sense that he uses much imagery of his men being killed and picked off one by one because he knew that the state and church would read his writings. My opinion of chapter seven is very skeptical because I feel that Cabeza de Vaca wanted to show the state and church that life over in the New World was very troubling and full of challenges so great no man can bare. He embellishes his writings in purpose of being forgiven for the money and manpower spent on the expedition. In chapter seven Cabeza de Vaca shows in his writings how he was attacked numerous times, â€Å"The day following, others came against us from a town on the opposite side of the lake, and attacked us as the first had done, escaping in the same way,                                                        pg. 1 except one who was also slain†(pg. 130). He keeps showing the reader that he was attacked numerous times but yet the Indians escaped the same way as the first did. These accounts could show the church that Cabeza de Vaca was strong in his encounters with harsh conditions and that these experie... ...ed this statement with the hoping he will return to explore because he feels that the third voyage did not find riches and other valuable items.      Both men used the church to somewhat cover up the unsuccessful expeditions and voyages that occurred. I feel that the writings were intentional in the fact they were not only made to keep accounts but also to show the church that they are still skilled as before they left. They also write with a manner in which they want to be rewarded somehow for their findings or misfortunes they encountered in such harsh conditions.                                                        Pg. 4 Works Cited Columbus, Christopher. The Four Voyages of Columbus. Trans. J.M. Cohen      1969. Cabeza de Vaca, Alvar Nunez. Relation of Alvar Nunez Cabeza de Vaca. Trans.      Buckingham Smith. 1871.
Sunday, January 12, 2020
Intellectual Heritage Essay
Intellectual Heritage is one aspect in my life that I really value most. For one, this helped me in understanding things I wasn’t aware before. It also helped me in dealing with things I haven’t been conscious of like how diverse the philosophy of different people known world-wide are. I can say that this particular program, Intellectual Heritage, somehow made me think of something that I haven’t thought of before. The texts that we have dealt with are more of the Western texts which honestly have made me think of things that I wasn’t able to think before. In the book The Republic, Plato said, â€Å"They will never intentionally receive into their minds false-hood, which is their detestation, and they will love the truth†. This main particular text of Plato have made me think in a different way, in a sense that I had realization when that particular was discussed. Being truthful in different things is quite important because it is a fact universally acknowledged that no one wants deception. Before, I haven’t dealt with much importance on telling the whole truth, and that speaks for most of us, I guess. But after discussing the text in the book The Republic, I have become more sensitive of what lying or dishonesty will bring me. And I can proudly say that it will not and will never bring a positive impact or effect in us. Lying just made us capable of hurting other people. It just makes things complicated and help us not to build a healthy community, rather a decaying one. I began to realize that a lie wouldn’t help anyone in one way or the other. It breaks the bond that people have made without us being conscious of that fact. Moreover, even some of us are aware of the consequences it may bring but opted not to give any attention to that matter. Selfish people lie for their own benefits but what they don’t know is that it causes them to be destructed little by little. As Plato have said, it is a detestation to tell a lie not only for a certain person, but to the whole mankind for that matter. Truth undeniably is what people need. As for my learning, I have learned a lot but the topic about falsehood and truth has a biggest influence to me and definitely changed various perspectives in my life. And in that case, Intellectual heritage as a whole apparently gave me a big opportunity in thinking in a different way, in a way of realizing important matter that life brings yet usually disregarded. In line with the course Intellectual Heritage, I can say that I have experienced a variety of connections between Intellectual Heritage and another course, which is the Philosophy course. Although, Intellectual Heritage is a one of a kind course, I can say that it somehow has a connection in Philosophy because it also deal with different thoughts of different known persons in the world. In Philosophy, we are all aware that it tackles mainly on the philosophical thoughts certain people have. In fact, there are many known philosophical figures even at this point in time. Among others were Socrates and Plato. Socrates, as we all know is the teacher of Plato. Plato, on the other hand is the one who had great influence on Augustine, who was a major shaper of Christian theology. â€Å"A philosophy is a comprehensive system of ideas about human nature and the nature of the reality we live in. It is a guide for living, because the issues it addresses are basic and pervasive, determining the course we take in life and how we treat other people, (William Thomas)†. Basically, Intellectual Heritage and Philosophy deals with similar issues. In Philosophy, it primarily talks about the fundamental nature of existence, of man, and of man’s relationship to existence as a whole. In Intellectual Heritage on the other hand, it is somehow the same. Only, it deals with the main texts of the people who have dealt with the issues in the nature of existence, of man, and of man’s relationship to existence. Although the two courses differ in some way, I can say that it is both helpful in just the same way. It enhances and help me improve my line of thinking, in a sense that I am being critical with the things in my life. I can relate being critical in Philosophy in a way that whenever a certain philosopher has an idea, I first think deeply and asses his beliefs. In that way, I have the opportunity whether to agree with his ore her ideas or not. Intellectual Heritage on the other hand, somehow helped me in focusing intently with the texts presented to me. So as to speak, both of the courses, Intellectual Heritage and Philosophy have a connection in someway that it both benefited me in various ways, especially in the aspect of my critical thinking skills. In this semester, it is evident that we have dealt with many different texts in a rhetorical manner. As for me, I must admit that at first, I had a hard time dealing with this course because I’m not used to deal with rhetoric aspects of things, especially in the texts we have used in this course. But later on, I learned how to cope with the topics being discussed and came to know numerous lessons about the texts we have dealt with. As a whole, the things I learned from the experience of dealing with the rhetorical aspect of the texts discussed were all exceptional. I said that it is exceptional because honestly, the course made me think in ways I have never thought I would be able to. My line of thinking now differs in someway from the line of thinking I have now. I am more critical with the things being laid to me and felt happy about it. In this particular course, I have learned to read with more attention focused in the text I’m reading because deep focus is an evident requirement for this particular course. My reading skills were trained and was improved because of the approach of this course. Another is that I also came to know the essentials in demonstrating verbal argumentation. I realized that in order to survive an argument verbally, one must have a strong conviction in what you stand for. Being able to stand for what you believe in is a powerful evidence that you have a really strong will to win the argument. Also, demonstrating listening skills is one of the main learning I have acquired in this actual course. I learned to listen intently, carefully, keenly, and attentively. Listening skills is very important especially when dealing with the rhetorical aspect of the text because it will help you to understand better what the text is all about. The most essential thing that I have learned in this course is the demonstrating the skills in written communication. We are taught of the necessary things to consider to be able to expound our ideas in the written form and helped us build up our ability to communicate in written form. In general, the lessons I have learned in the experience of dealing in rhetorical aspects of the texts are that one must be able to the essential things in life such us being truthful, courageous, being fair, and the likes. I also learned to be keen in every detail of the texts I am reading so that I will not grasp the wrong idea from the text.
Saturday, January 4, 2020
What Is Love Baby, Don t Hurt Me No More By Trinidadian...
â€Å"What is love? Baby, don t hurt me. Don t hurt me no more†(Halligan 1993). These well-known lyrics sung by Trinidadian-German musician Haddaway describes a relational situation in which one side of the relationship is hurting the other individual in some way. Humans crave love and affection yet at times this craving can goes as far as becoming infidelity in a committed relationship. Relational maintenance is a major part of a romantic relationship and McCornack (2013) states, â€Å"Relational maintenance refers to using communication and supportive behaviors to sustain a desired relationship status and level of satisfaction†(p. 300). However, when one half of the relationship decides that they are unsatisfied in their current relationship the darker side of relationships shows and betrayal and deception can occur. The following will analyze one family from the movie Love Actually (2004) and how self-concept, betrayal, and deception occur in their relationship. McCornack (2013) describes self-concept as â€Å"Your overall perception of who you are. Your self-concept is based on the beliefs, attitudes, and values you have about yourself†(p. 40). In the family consisting of Harry and Karen, self-concept is seen frequently with Karen. Karen is a stay-at-home mother that takes care of their two children, Daisy and Bernie, while Harry works in an office. Karen’s self-concept is seen in how she adores being involved with her children and excelling at being a homemaker and wife. However,
Friday, December 27, 2019
Confucianism And Its Influence On Society - 2178 Words
Confucianism can be regarded as a religion, a belief, a way of ruling and a basis for laying the ground rules for the East Asian countries. Confucianism had gone through so many transformations and has been affected by many religions and dynasties. Many dynasties have adapted the ways of Confucianism, which state that there is a connection between humans and heaven. However, as time progressed, religions such as Buddhism and Daoism also adapted the ways of Confucianism, but they changed some of its ways, leading to new form of this learning. The Buddhists and the Daoists changed and adapted their philosophies based on Confucian views towards the universe and the society, as well as stripping their own belief from superstitions and myths. These lead to a new learning of Confucianism, called the Neo-Confucianism, referred to as Dao Xue (the Learning of the Way) or Li Xue (the Learning of the Principle/Reason) (Yau 8). Neo-Confucianism was adopted into Korean, Japanese, and Vietnamese schools. While it was mentioned that it was mostly Buddhism that lead to new changes in Confucianism, other religions played an important role in adapting and changing the method as well and were adopted by different Asian countries. The Christian approach towards Neo-Confucianism was mostly practiced around Korea, China, And Vietnam; the Islamic adaptation was practiced in other parts of China as well as Central Asia; and Neo-Buddhism approach was practiced in parts of Japan and Chine. AccordingShow MoreRelatedConfucianism Of Han Chin Synthesis And Syncretion1581 Words  | 7 PagesTerm Paper Draft Naresh Hing INT 196J 14 November 2014 Confucianism in Han China – Synthesis and Syncretion Abstract: The American Oriental Society suggests that historians consider the fall of the Han Dynasty in negative perspective, viewing the fall of the Han Dynasty as â€Å"the failure of Confucian ethics.†After scrutinizing the available information, one is led to think otherwise. The studies of Confucian traditions are mostly approached by historical and philosophical views. Based on the ChineseRead MoreConfucianism : A Great Chinese Thinker And Philosopher Who Lived During The Warring States1206 Words  | 5 PagesSarthak Singh Mr Rainey 18 June 2015 Ancient China Confucianism Who was Confucius? Confucius was a great Chinese thinker and philosopher who lived during the Warring States Period from 551-479 BCE. He was born in 551 BC, in Zou, Lu state in a family that was in between common people and aristocrats. He never held a high-class job, only working as a shepherd, cowherd, clerk, and a book-keeper. His mother died when he was 23 and he then mourned for three years, an Ancient Chinese tradition. LuRead MoreInfluences of China Essay698 Words  | 3 Pages Daoism, Confucianism, and Legalism To understand China’s current government you need to look at its influences. Daoism involves a deep acceptance of the rhythms of nature and the way of all things (World Religions); which effects people’s personal beliefs and is one of China’s main religions. Confucianism helped pave the way for communism and still is a powerful philosophy today. The ideas of Legalism directly affect the Chinese government. 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(faithresource.com†¦). Hinduism was brought to India by the Aryans around the year 1500 B.C.E. (janesvilleparker.org†¦). Although these two belief systems originated at different times they still share many similarities as well as many differences. Confucianism and Hinduism are two religions that shared many similarities. Such similarities are the idea that both were used as an outline for the way one should live his/her
Thursday, December 19, 2019
Reason For Transcribing Why Augustus Did Not Write This...
Reason for Transcribing There are two potential reasons as to why Augustus may have chosen to write this text. The Res Gestae is said to hypothetically be an elogium, or a formal funeral oration. Since it is known Augustus died in 14 AD and the Res Gestae was written just before his passing, it leads one to believe he may have written the text as an autobiographically styled documentation of his rule and contributions. There is also a historical possibility Augustus did not write this in his â€Å"seventy-sixth year,†but rather after his seventy-fifth birthday due to the last recorded events in the passage (Richardson, 198). Although historians debate this issue, what remains clear is that, â€Å"[†¦] the final version was what Augustus, as he approached his death, wished to hand in as his own account of what he had achieved†(Richardson, 198). As Romans placed a large amount of emphasis on glory, it is possible Augustus intended the Res Gestae to be permanent, en during evidence of his glorious achievements while being the Imperial ruler. This primary source served to be a compiled record of his offices, honors, and public services in a distinguished and foreseeable fashion, demonstrating the ways in which he outshined prodigious leaders of the past. Others argue the reason Augustus took to writing the Res Gestae was to actually rewrite history for his own purposes. In this regard, it could be debated that Augustus, with significant proficiency in propaganda, offered the facts in
Wednesday, December 11, 2019
Accounting for Intermediate Financial Management - myassignmenthelp
Question: Discuss about theAccounting for Intermediate Financial Management. Answer: Debt Valuation Short-term and long-term debts The long-term debts are those that are due for a period exceeding 12 months. In the case of Medical Australia Limited, the long-term debt comprises of trade creditors and payables. The non-current liabilities are the obligations and for the company, it is the long-term debt as they are not due in the present course of time. On the other hand, the short-term debt comprises of the debts that are due in a short course of time that is within a span of 12 months. The current liabilities of the company such as trade creditors, income in advance, payroll liabilities, accruals, etc are the short-term debts. Debt structure The debt structure of the company can be commented with the help of debt-equity ratio. As per standard industrial norms, the debt-equity ratio should not exceed 1. This means that a higher reliance on the debt will affect the performance of the company as more interest payment will be required. As per the computation of the ratio, it can be seen that the debt-equity of the company stands below 0.50 that means it is in synchronization with the industrial standards as the company does not contain a major reliance on debt. Proportion of short-term to long-term debts When it comes to the short-term debts it can be said that the company has utilized more of short-term debts. This implies the company operates with a motto of better operation in the short-term. Such debts are due for payment in a span of 12 months and hence, the company does not have the obligation of the longer term. On the contrary, the long-term debt comprises of the trade payable and provisions that decreased in comparison to the year 2015. This reflects that the company has more involvement in terms of current liabilities in contrast to the long-term liabilities (Medical Australia Limited, 2016). No long-term debt Share Valuation Calculation of Cost of Equity: As other details are not available, we shall calculate Cost of Equity using Earnings Price Ratio Approach an under: Cost of Equity = Current EPS * (1+ growth rate)/ Current Market Price per share = 0.30 cents (1+ 0%) / 0.50 cents = 60 % Growth rate of EPS is negative, hence taken at zero. Revenue, earning, EPS The revenue of the company has been showing increasing trends since past years. This can be seen from the revenue figures in the financial statements of the company. With regard to the changes in revenue earnings, EPS, dividends and growth expectations, following facts can be considered: Revenue - the revenue for the year ending 30th June 2016 have shown an impressive growth as compared to the revenue earnings for the year ending 30th June 2015. The revenue for the year ending 30th June 2016 was $ 12,419,938 as compared to $ 11,510,774 for the year ending 30th June 2015. The growth in revenue earnings has been approximately 8% (Medical Australia Limited, 2016). Earning- There was no foreign exchange gain in the year ending June 2016. Also, the expenses for the year 2016 have increased as compared to the year 2015 which has reduced the net profits by more than 70 %. The major reason behind the decrease in profits is due to increase in employee benefits and increase in the cost of goods sold. Despite the fact, the sale has increased by 8%, but the cost of goods sold has increased by more than 20%. So all of this has reduced the profits or PBIT to $ 3,85,251 (Medical Australia Limited, 2016). EPS has gone down drastically in the year 2016 as compared to the year 2015 because EPS in the year 2016 was (3.24)cents which shows that there has been an overall loss in the business. One of the positive signs are EPS calculated as per the continuing business which stands at 0.30 cents. Although this has also reduced around 70% from the year 2015 where the EPS was 1.04 cents per share. Dividends- Dividend have not been declared during the year, hence no comments can be added for the same. Growth expectations- the business is expected to grow at a minimum of 8% as per the growth trends of the business. However, there has to be a check on two things mainly- the cost of goods sold and employee benefits (Parrino et. al, 2012). P/E Approach P/E ratio depicts the price which an investor can pay to invest in a company for earning the P/E Ratio = Market Price per Share/ Earnings per Share Market Value per share as on 30th June 2016 was 0.05 AUD Earnings per share as on 30th June 2016 was 0.03 AUD or 0.30 cents (Medical Australia Limited, 2016) Hence, P/E Ratio = 0.05/ 0.03 = 1.667 times Constant dividend Growth rate model cannot be calculated here as the company has not declared any dividend during the year (Parrino et. al, 2012). There are various factors that influence a companys stock price such as: Mergers acquisitions Change in demand for the products Reviews and rumors about the company Political changes There are varied reasons for changes in share price. In the P/E Approach model, the reason for the change in share price may be due to the decrease in profits and earnings per share of the company due to which the market prices of the shares may go down. If we talk about the dividend growth model, the share price can be affected in future due to no declaration or low declaration of dividends to the shareholders (Scapens, 2012). Most reasonable The earnings per share as shown in P/E Ratio Approach is the most reasonable value as compared to the market price per share. EPS is 0.30 cents and MPS is 0.50 cents which are quite comparable with each other (Medical Australia Limited, 2016). Valuation of the company stocks Other information that can be used to value the companys stocks may be Dividends(if declared)- dividends are used in the valuation of shares by using models like dividend growth mode, etc hence it is an important information to know if the market prices are to be calculated (Subramanyam Wild, 2014). Financial ratios- such as N.P Ratio, Earning per share, etc. can be compared with other similar company to find out the market valuation. Other factors such as discounted cash flows, P/E Ratio, etc. also help in finding out the market valuation and hence are important information to be preferred. Cost of Capital Calculation of WACC As there are no preference shares, debentures or retained earnings in the company, hence Cost of Capital is equal to the cost of equity only. Hence WACC = 60% Cost of Equity Capital has been calculated using Earnings Price Ratio, where it comes to 60%. Companys tax rate In the calculation of WACC, the tax rate has to be used where there are debentures and preference shares in the company for calculating the cost of debt and cost of preference shares. In the given case, the whole capital structure consists of Equity shares only hence there is no use of tax rate here (Porter Norton, 2014). Difference in the cost of debt and the cost of equity There is no debt in the company in its capital structure. Hence the cost of debt could not be found out. In general, the difference is due to the difference in interest rate and taxes involved. The cost of equity is generally calculated using dividend growth or CAPM or Earning Price Ratio, etc whereas the cost of debt is calculated using interest rate and tax rate (Peirson et. al, 2015). Pros and cons of including current liabilities in the cost of capital calculation No, the current liabilities should not be included in the cost of capital calculation. In the given case there is only equity capital in the capital structure. These are short-term liabilities and not long-term debts occur due to trading activities of the business which may be repaid anytime by selling off the stock or repayment received by the debtors (Porter Norton, 2014). However, payments to equity shareholders, debenture holders or preference shareholders can only be made by selling off a substantial business or shares which may also bring the business to an end or end of a business segment. So current liabilities are short-term which does not affect the cost of equity (Shah, 2013). Major value of the WACC calculation The cost of equity is the major part in the calculation of WACC. As the cost of capital is quite high, the company needs to invest its fund keeping in mind the high cost, so that the company is able to recover its cost of capital and other expenses which should be ideally more than the cost of equity. Information unavailable Capital structure The capital structure of the company consists of only equity share capital. The cost of capital of the company is very high. So, the company should choose other options also in line with the industry and should include debentures and preference shares also in capital structure (Peirson et. al, 2015). Also, the company should somehow restrict its expenses so that there can be some retained earnings for the company. Optimal capital structure An optimal capital structure is one which has the lowest cost of capital. It can be achieved by a balance between the debts and equity. A structure with more debts generally has a lower cost of capital due to tax deduction available. Hence the company should opt for some debt in its structure as well. The circumstances that can cause a change in optimal capital structure can be demerger of the company, the redemption of the heavy amount of debentures, the market in fluctuation, etc (Medical Australia Limited, 2016). Market Analysis Financial performance Going by the financial performance of the company it can be said that Medical Australia Limited performance has fluctuated in the past years. The profitability of the company indicates that the company was not able to operate at full capacity and failed to generate adequate profit. This can be attributed to the market risk that the company faced. Beta is the best measure for the market risk (Kay, 2017). The five-year market beta of Medical Australia is projected at 0.45 that indicates the company is less volatile as compared to others. If the market index changes or varies then that change will have a low change in the price of the stock (Medical Australia Limited, 2016). (Kay, 2017) The beta of MLA indicates that the investors with a portfolio of high beta might view this as irrelevant if they are of the opinion to lessen the exposure to the risk prevalent in the market mostly in times of downturn (Choi Meek, 2011). Overview of the company As per the market capitalization of the company that stands AUD $11.35M ranks MLA in the small-cap category of stocks. Moreover, the company contains higher beta as compared to the larger companies. The operation of the company is in the healthcare sector and tends to have low sensitivity to the shocks of the market (Volcker, 2011). In tune to this, a high beta should be expected for the company but overall a low beta should be present for the healthcare segment. Therefore, it indicates that MLA should be more volatile (Brigham Daves, 2012). During the economic downturn, low demand will lead to re-assessment of the production. The fixed assets of the company constitute only 22.23% of the total assets and the important fact that needs to be noted is that the company does not have a heavy reliance on the costly assets (Medical Australia Limited, 2016). Therefore, the volatility of the company is low and as per the experts, it is a safe investment that is even projected by the beta of the company. Other discussion The important fact that needs to be noted about MLA is that the company bears low fixed cost meaning that when it comes to operating leverage, it is flexible when it is a downturn. Hence, MLA can be tagged as a strong bet when it comes to the economic downturn as the beta is low along with the fixed cost (Wagenhofer, 2014). Both the factors provide a strong cushion to the company and hence, is an important element that can be taken into consideration. Reference: Brigham, E. Daves, P 2012, Intermediate Financial Management , USA: Cengage Learning. Choi, R.D. Meek, G.K 2011, International accounting, Pearson . Kay, L 2017, Before You Buy Medical Australia Limiteds, viewed 13 October 2017 https://simplywall.st/news/2017/10/10/before-you-buy-medical-australia-limiteds-asxmla-you-should-consider-this/ Medical Australia Limited 2016, Medical Australia Limited 2016 annual report and accounts, viewed 13 October 2017 https://www.medaust.com/irm/company/showpage.aspx?CategoryId=190CPID=1565InstanceVersionNumber=0 Parrino, R., Kidwell, D. Bates, T 2012, Fundamentals of corporate finance, Hoboken, NJ: Wiley Peirson, G, Brown, R., Easton, S, Howard, P Pinder, S 2015, Business Finance, 12th ed, North Ryde: McGraw-Hill Australia. Porter, G Norton, C 2014, Financial Accounting: The Impact on Decision Maker, Texas: Cengage Learning Scapens, R.W 2012, Commentary: How important is practice-relevant management accounting research? Qualitative Research in Accounting Management, vol. 9, no.3, pp. 293 295. Shah, P 2013, Financial Accounting, London: Oxford University Press Subramanyam, K Wild, J 2014, Financial Statement Analysis, McGraw Hill Volcker, P 2011, Financial Reform: Unfinished Business, New York Review of Books. Wagenhofer, A 2014, The role of revenue recognition in performance reporting, Oxford University Press
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