Analysis of Oscar Wildes The Importance of Being Earnest

The Importance of Being Earnest: The Importance of Being Earnest is an unusual romantic comedy that was written by Oscar Wilde during the late 19th Century as an intelligent satire of Victorian society. Since then, the play has proven to be an unchanging hit because it has exceeded its initial demographic to an extent that its regarded as the greatest stage comedy of all time. Wilde wrote the play not only to challenge received ideas in the then Victorian society but also to subvert prevailing ideas. Actually, some philosophers have argues that the entire play is a subversion of existing scientific concepts on the operations and functioning of the universe. As a result, the play is arguably the ultimate destruction of the social and moral attitudes of the late 19th Century and the culmination of Wildes career as a transformational moralist. One of the main messages in the play is Wildes proposal to his Victorian contemporaries on the need to treat inconsequential issues with great respect and pay less focus to what is regarded as serious by the society. The suggestion or philosophy was one of the main messages expressed by Wilde in the entire play. Through emphasizing on this philosophy, Wildes play is clearly a comic critique of the values of the Victorian society, especially on what was treated with great respect in the society. This philosophy was expressed in several situations across the play including in the two imaginary individuals developed by Jack andShow MoreRelatedA Critical Analysis of Oscar Wildes Importance of Being Earnest3101 Words   |  12 PagesManners 7 The Dual Identity 8 The Critique of Marriage 8 Idleness of the Aesthete and the Leisure Class 9 The Plot vs. Characterization 9 The Analysis of Character 9 The Structure Analysis of Plot 10 The Title of the play 11 Conclusion 12 Critiquing Play Introduction The play, The Importance of Being Earnest, is written by Oscar Wilde and was first performed in London at St. Jamess Theatre on fourteen February of the year of 1895. In order to escape burdensome social obligationsRead MoreCharacterization in the Importance of Being Earnest987 Words   |  4 PagesLiterary Analysis Sonja Jankovic, group B Characterization in The Importance of Being Earnest Among Oscar Wilde’s varied works, a prominent place has been assumed by a notoriously humorous play The Importance of Being Earnest. Such has been the play’s popularity to this day that countless efforts have been retaken so as to adapting it for modern age due to its scintillating language and the author’s surpassing skill at creating immortal characters. In the attempt to spell out the importanceRead MoreOscar Wilde’S The Importance Of Being Earnest Was Written1600 Words   |  7 PagesOscar Wilde’s The Importance of Being Earnest was written during the Modernism movement. Modernism was a literary movement that pushed back against the movement previously: Victorian/Realism. Wilde suggests that keeping up appearances was so significant during the Victorian ages that men engaged in bunburying: the idea that people take on a different persona, whether real or imagined, as an escape from their current life or in order to portray themselves in a better light. Wilde uses satiricalRead MoreThe Importance Of Being Earnest By Oscar Wilde1243 Words   |  5 PagesBiography An exuberant nonconformist and controversial playwright, eminent author Oscar Wilde produced critically acclaimed literary works that defined the essence of late Victorian England. Posthumously recognized for his only novel The Picture of Dorian Gray and satiric comedy The Importance of Being Earnest, Wilde initially acquired criticism for his immoral and unconventional style of writing. Additionally, to his dismay, strife followed Wilde in his personal life as he was notoriously triedRead MoreCharacter Analysis Of John Worthing In The Importance Of Being Earnest993 Words   |  4 PagesCharacter Analysis of John Worthing A sincere individual is somebody who hones determination, earnestness, or more all genuineness. That being stated, it is hard to locate a male character in the play who has each of the three characteristics of genuineness. In spite of this, one of the lead character of the play The Importance of Being Earnest by Oscar Wilde engaged and charmed their readers and audience for more than one hundred years. In spite of this, the lead characters of The Importance of BeingRead MoreAnalysis of The Importance of Being Earnest by Oscar Wylde757 Words   |  3 PagesAnalysis of The Importance of Being Earnest: A Trivia Comedy for Serious People Oscar Wilde’s The Importance of Being Earnest is a satirical comedy, in which the characters create a double life to escape the burdens of the many social obligations imposed by late Victorian London society. The play repeatedly derides even the most sensitive social customs of the Victorian period, such as love and the institution of marriage. The protagonists, Algernon and Ernest, demonstrate Wilde’s suggestion ofRead MoreRidiculing Victoran Society inrThe Important of Being Earnest by Oscar Wildes1051 Words   |  5 PagesIn ‘The Important of Being Earnest’, Oscar Wildes ridiculing representation of Victorian Society comments on the ridiculous behavior of the Victorian Society’s inability to recognise the difference between important and unimportant issues. Therefore, Oscar Wilde subverts Victorian values to mock and imply triviality and superficiality. Wilde forces the audience to rethink the importance of their life and how they act while also scrutinizing the ignorance of the characters in upper class societyRead MoreThe Importance Of Being Earnest By Oscar Wilde1009 Words   |  5 PagesThe play The Importance of Being Earnest by Oscar Wilde and the novella The Strange Case of Dr. Jekyll and Mr. Hyde by Robert Louis Stevenson showcase the Victorian era. With memorable characters like Aunt Augusta, accustomed to tea time and addicted to her cucumber sandwiches, and the loveable Dr. Jekyll, driven by his own devilish work, one is almost able to hear the trotting of horses with carriages on cobblestone streets. While the thought of high society and misty mornings is appealing, bothRead MoreThe Importance Of Being Earnest By Oscar Wilde1674 Words   |  7 Pages An example of literature that reflects the queer phenomenon publically is presented in Oscar Wilde’s â€Å"The Importance of Being Earnest†. Besides the scenes where Algernon is shown eating muffins and cucumbers, to represent his inability to make a decision between men and women, there is an underlying theme of secrets and things that are kept hidden. The concept of bunburying was used as a coping method to deal with the pressure of societal standards. In order to save face and not look badRead MoreEssay on Oscar Wilde and His Fairy Tales5131 Words   |  21 PagesOscar Wilde and His Fairy Tales I. Introduction Wilde, Oscar (Fingal O’Flahertie Wills) (b. Oct. 16, 1854, Dublin, Ire ?d. Nov. 30, 1900, Paris, Fr.) Irish wit, poet and dramatist whose reputation rests on his comic masterpieces Lady Windermere’s Fan (1893) and The Importance of Being Earnest (1899). He was a spokesman for Aestheticism, the late19th-century movement in England that advocated art for art’s sake. However, Oscar Wilde’s takeoff of his enterprise and, his shaping of his characteristic

Organizational and Management Theory - 1394 Words

Organization and Management Analysis HCS/514 Managing in Today’s Health Care Organizations Organizational Theories Organizational theory as it applies to health care introduces a complex and challenging situation. The health care environment introduces challenges to a structured organization which may not be present in traditional business. For example, measuring output may be difficult in an environment of daily uncertainty, it would be nearly impossible to predict or plan for all of the specific tasks, activities and business interactions in any one unit in the hospital setting. Additional challenges include complex, variable work that cannot often be deferred, work performed under emergency circumstances, high degree of†¦show more content†¦A lazze-faire manager will sit back and trust the decisions of his staff, not intervening on the daily operations and professional decision making of the staff. And a democratic manager, is similar to the participative, however, it is by vote or mutual input not always out of collaboration. Organizational Theory for my Organization At my nursing job, I would describe our organization as a not for profit, IDN. Our health care system included over 25 acute care hospitals and has a network of clinics, outpatient services, and home care. As a not for profit we engage in community outreach activities and services to serve the local community. In addition we operate under a corporate structure with standardization of quality services at the core of the mission or our system. We have a corporate top level administration. Corporate services also include the Risk Management, Occupational Health, Safety and Security, and System Best Practices teams. Each individual facility has a leadership structure including the â€Å"C-Suite† CEO, CCO, CFO and CNO. The next layer of management is directors, usually overseeing a service line. Unit based senior managers oversee each unit and charge nurses oversee the day to day management of the employees. We manage under a pool of self-insurance captives and have incenti ves to cut costs and meet corporate bench-marks. Each facility operates under the common mission, vision, and values. The corporate systemShow MoreRelatedOrganizational Theory Of Organizational Management1488 Words   |  6 PagesOrganizational theory studies the various variables that influence the behavior of an individual(s) working within an organization, but also, â€Å"prescribes how work and workers ought to be organized and attempts to explain the actual consequences of organizational behavior (including individual actions) on work being performed and on the organization itself.† (Milakovich Gordon, 2013, p.145). Of the many approaches to organizational analysis, Classical Organizational theory has been, even to thisRead MoreOrganizational Theory And Management Theory Essay1268 Words   |  6 PagesWhen many of us here the term management, the 1st thing you might think of is being in control of something or someone. In chapter 2 Organizational Theory and Management, it presents administrative and organization the ory and behavior relating to the motions comparing to the opportunities of public management. James H. Boren author and founder of the international association of professional bureaucrats in 1970 stated â€Å"When in charge, ponder; when in trouble, delegate†. Frederick Taylor takes fourRead MoreOrganizational Management Approach And Management Theory1708 Words   |  7 PagesOrganizational Management Approach Analysis Management theories have been long analyzed in search of the most efficient method to achieve the greatest amount of work with the lowest amount of effort. As long as jobs have been worked there has been managers analyzing the efforts and contemplating newer and more efficient techniques to accomplish the work. Management theories have defined the way jobs are completed today. Even some of the oldest management theories still have relevance in today’s workplaceRead MoreOrganizational Theories and Management Styles1585 Words   |  7 PagesOrganizational theories and management styles are key factors in the success of an organization. These theories can determine the structure of the organization by defining the best way to organize and work employees and by helping the organization adapt to its environment. Organizations and managers are unique in their own way; however most organizations and managers can be grouped into categories or types depending on their organizational or management styles. Organizational Theories OrganizationalRead MoreManagement, Organizational Behavior, And The Systems Theory963 Words   |  4 PagesManagement Techniques Management has transformed immensely throughout the years as civilization has progressed and acquired more knowledge about how to manage the workforce effectively. The first approaches to management were effective at first but failed to make a long lasting stay in the management world as times changed. It appears that all early tactics often met only one area of the business needs while neglecting the others. It can be hard to find the right balance and then maintain that balanceRead MoreThe Theory Of Organizational Learning And Performance Management Essay1156 Words   |  5 PagesIntroduction With the changing economic climate and the notion of a global market, corporations all over the world grapple with the idea of management learning as it relates to performance management in an effort to remain competitive. Hall and Rowland’s article explores these ideas in great detail that are rooted in a fifteen-year research project. I will analyze their research problem, purpose of the study, research question, method of research, significance of the study and its global implicationsRead MoreManagement Theories And Organizational Leadership2751 Words   |  12 Pagesdiscuss how management theories is used to help managers achieve good organisational leadership and teach them what attributes they should possess to obtain this. Furthermore, will be discussing what may be considered bad or good practice of organisational leadership. This will be done by analysing different management theories defined as â€Å"A collection of ideas which set forth general rules on how to ma nage a business or organization.† (BusinessDictionary.com, n.d.)Management theories speaks aboutRead MoreManagement, Organizational Behavior, And Systems Theory1027 Words   |  5 Pages Management is a leadership role of someone who works with resources and people to set and achieve goals to make an organization successful. There are many different approaches to management that a manager might use to help discover any problems and make proper decisions to solve anything that might go wrong. When it comes to contemporary methods there are four ways that a manager might utilize working with people, technology, resources, and the internal and external environments. These include sociotechnicalRead MoreOrganizational Management Approach Analysis : Management And Bureaucratic Theory1421 Words   |  6 PagesOrganizational Management Approach Analysis Managers today have many different options when choosing a managerial theory to implement for their organizations. Knowledgeable managers must be aware of the different historical approaches and also able to determine which approach would be most effective for their unit. The established work structure of my unit currently utilizes elements of classical organizational theory, more specifically scientific management and bureaucratic theory. More recentRead MoreOrganizational Design : Management And Organization Theory Essay2638 Words   |  11 Pagesbusiness environments are complex due to imposed constantly changing organizational settings. Much focus is on acquiring, motivating and above all retaining the human resources. Employees create sustainable agility and competitive advantage. An organizational design is the strategy or process of creating an organization’s structure and mode of operation. Organization structure is a framework of roles and procedures. An organizational design usually develops a rational model of a formal organization

Cognitive Behaviorism And Cognitive Behavioral Therapy

Chapter VIII. Cognitive-Behaviorism Cognitive-behaviorism has been highly embraced by popular culture and managed care, partly because it offers quick fixes into behavioral problems and emotional distresses. Often times, students are confused by the terminologies cognitive and cognitive-behaviorism. To add to the confusion, there is also cognitive therapy and cognitive-behavioral therapy. These terms are sometimes used interchangeably in literature, but there are slight differences. Cognitive therapy is a specific type of therapy technique developed by Aaron Beck in the 1960s. Cognitive-behavioral therapy is a group of therapy techniques that share similar theoretical and practical elements in counseling. Some of them are presented later in this chapter. Both Cognitive therapy and cognitive-behavioral therapy are grouped under the field of cognitive psychology or the pragmatic school of thought, also called cognitive approach. All of which have their roots in behaviorism. Counselors typically prefer the term cognitive- behaviorism because change in cognition impacts change in emotions and behaviors. It is this key element that therapists strive to reach with their patients. In other words, simply changing the cognition without changing the behavior or emotions associated with that cognition is futile. 1. Main Assumption: Individual’s maladaptive emotions and behaviors are caused by their faulty ways of thinking (cognitions). 2. Human Nature: Cognitive-behaviorists believeShow MoreRelatedExploring Cognitive Behavior Theory And Therapy897 Words   |  4 PagesExploring Cognitive Behavior Theory and Therapy From the time of the advent of Sigmund Freud’s psychoanalytic theory and therapy until now, psychologists have searched for new and better ways to both understand and treat the human psyche. Many psychologists have spent their lives analyzing the complexities of human thought, behavior, and interactions with societal influences in order to find new ways to guide humans towards a more fulfilling human experience. Throughout time, various theories andRead MoreCognitive Behavior Therapy1617 Words   |  7 Pages Cognitive Behavior Therapy started as Behavior Therapy in 1966 by ten behaviorist who did not agree with the Freudian psychoanalytic model. Behavior Therapy really begins in the early 1900s during the behaviorist movement starting with Pavlov, Watson, Skinner, Thorndike, and Hull along with many other scientists that were primarily dealing with behavior and the observation of behavior. The 1950s two research groups in South Africa were on the way to making behavior therapy a science based therapyRead MoreCognitive Behavioral Therapy And Mental Health Disorders Essay1545 Words   |  7 Pagesdepression. Rather than relying on medications, clinical therapies are more effective to cure a variety of mental disorders. Although there are numerous psychological and physiological treatments to cure depression, ‘Cognitive Behavioral Therapy’ [CBT] will effectively treat depression as well as other mental health problems. Commonly used by most mental health experts, cognitive b ehavioral therapy is â€Å"a short-term, problem-focused form of behavioral treatment that helps people see the relationship betweenRead MoreA Fundamental Component Of Cbt890 Words   |  4 Pagescircumstances (Glicken, 2005). The typical reasoning approaches employed are distinguishing and challenging dysfunctional considerations about substances and distinguishing outwardly extraneous resolutions that lead to a relapse. Characteristic behavioral schemes employed are coping with cravings for substances, signal exposure, preferment of non-drug associated doings, organizing for difficulties and coping with decline (Frances, et al., 2011). Other rudiments of CBT include social abilities trainingRead MoreIs Relational Frame Theory?1730 Words   |  7 Pagessolve those disorders. The specific theory that we will be taking a look on is Acceptance and Commitment Therapy or more commonly known in the psychology world as ACT. Like most other theories that take from other theories in its format, this one is no different. Steven C. Hayes is considered and recognized by the psychological community to be the founder of Acceptance and Commitment Therapy. Steven Hayes is known for an analysis of human language and cognition. Otherwise known as Relational FrameRead MoreReflection Paper On Cognitive Behavioral Therapy1163 Words   |  5 Pagesreflect on my personal experience, I identify with cognitive behavioral therapy (CBT). Changing your thoughts and behaviors can be one of the hardest lifestyle changes. It takes time and effort from the individual to truly change your thoughts and behaviors. Throughout this paper, I will dive deeper into CBT by exploring the historical roots, significance, and why I am drawn to it. Historical Roots The first wave of CBT, called behavioral therapy, originated in the 1950’s. It was a shift from psychoanalyticRead MoreThe Therapeutic Process Of The Bowens Transgenerational Model Is Governed By Two Main Goals1618 Words   |  7 Pagestherapeutic tool that can be used to graphically identify the family system of an individual and the various generational influences that the individual has. Cognitive-Behavioral Therapy (CBT) The CBT model is based on the theory that an event occurs (the situation), then people assign it a meaning (the interpretation), leading to an emotional, behavioral or physiological change (the reaction) (Ledley, Marx Heimberg, 2010, p. 12). CBT approach believes that people assign meaning to their events, and thenRead MoreCognitive Behavioral Therapy Essay2690 Words   |  11 PagesIntroduction: In order to overcome behavioral problems such as anxiety, depression or fear, individuals usually communicate their problems or anxieties with their trusted friends or family members. In case of a somewhat complicated problem, a counselor is consulted. These are a relatively simple form of psychotherapies that individuals have been practicing from centuries. However, with the development of modern science and advancements in the field of psychology, theorists have identified someRead MoreEffective Approaches to Counseling Essay example959 Words   |  4 Pagessituation. A small number of methods that may be put into practice are ego psychology, behaviorism, cognitive-behaviorism, and crisis intervention. Through a selected ethical decision-making process and assessment of the background of the circumstances, counselors are allowed to make determination that assist to extend the ability of people to mature and grow up. Counselors are deferential of approaches to therapy services that are difference from their own opinions. Professional ethics are an essentialRead MoreCognitive Behavioral Therapy ( Cbt )1697 Words   |  7 PagesCognitive Behavioral Therapy (CBT) is one therapeutic approach that is capable of providing this group with effective psychotherapeutic treatment and interventions as well as approaches that enhances the effectiveness and efficiency of group therapy. Often developed for skills training, cognitive-behavioral groups are characterized by the use of practical interventions focused on behavior modification techniques (Wilson, Bouffard, and Mackenzie; 2005). The therapeutic goal of cognitive behavioral

The Convention on the Rights of Children Essay - 1393 Words

The Convention on the Rights of Children Growing up, I could not possibly count the number of times my parents told me how hard it was to raise a child in this world. I can, however, remember how hard it was being one. Luckily, I was blessed with two loving parents who always had my best interests in mind and eventually as I passed through the innocence of my youth and the awkwardness of adolescence to where I am today, I got to fully understand the sacrifices that they made on my behalf. I also realize that not everyone has guardians who are able or willing to make such sacrifices, and as a result children can often suffer. As a society, we must investigate potential dangers to children that could hurt their upbringing both†¦show more content†¦For these reasons the United Nations has proposed The Convention on the Rights of the Child, which has been the most quickly and widely ratified global treaty ever, ratified by every nation with the exception of the United States and Somalia. Why should the United States be a signatory for such a proposal? In my opinion, the major issues that face children worldwide are discrimination, child labor, and abuse. These issues are clearly identified by the Convention in its various articles. Article 2 ensures rights of children despite discrimination based on â€Å"race, colour, sex, language, religion, political or other opinion, national, ethnic or social origin, property, disability, birth or other status†. This is an important issue to me personally because I was an immigrant child, and at some points in my life my family was in the United States illegally, and I know that certain rights were denied to me because of my national/ethnic origin. Many schools around us would not accept me as a student, something that has not changed until a few years ago. I know that children can be denied rights because of this discrimination, and this issue is addressed in the Convention. Another issue that I feel strongly about is ch ild labor. Article 11 states that governments â€Å"shall take measures to combat illicit transfer and non-return of childrenShow MoreRelatedThe Un Convention On The Rights Of Children789 Words   |  4 PagesINTRODUCTION The UN Convention on the Rights of children defines a child as â€Å"everyone under the age of 18 years, unless under the law applicable to the child majority is attained. The UK has a number of laws protecting children and guaranteeing them basic rights The changing ideas about children have led many scientists to claim that childhood is a social construction. The scientists use this term to mean that â€Å"understandings of childhood are not the same everywhere and that while all societies acknowledgeRead MoreEssay on Articles of the Children ´s Rights Convention1895 Words   |  8 PagesIntroduction Every single child of the world has rights that protect and guarantee a peaceful childhood full of education, love, health and care. Nevertheless, the children were not always treated as boys or girls. The idea of children and childhood is not natural; conceptions of childhood have changed over the centuries. These historical changes depend on the modes of socioeconomic organization, forms of parenting, and socio-political organization in different places and times in the history ofRead MoreThe Hague Abduction Convention For The United Kingdom And Europe956 Words   |  4 PagesIntroduction The hague abduction convention in 1980 is the most successful international convention today, with 88 contracting states. Sevaral European countries, especially the United Kingdom, establish more complete system and act as role models in International society. A representative and straightforward case will be mentioned to lead to the purpose of the study. The source of the convention and its determining basis will be discussed profoundly. Moreover, this leading knowledge will be utilizedRead MoreRights of the Child1178 Words   |  5 PagesUN CONVENTION ON THE RIGHTS OF THE CHILD The UN Convention on the Rights of the Child was brought into effect to recognise that Children needed their own set of specific human rights that should be protected and that these were a universal right not a privilege. The UN Convention on the Rights of the Child was drawn up and accepted by the UN in 1989. The UK government agreed to abide by the principles in 1991 and it was fully implemented in 1992. The UN Convention on the Rights of the Child isRead MoreHow Children s Rights Are Being Breached Within The Uk1202 Words   |  5 PagesThis assignment will address how children’s rights are being breached within the UK. Focusing mainly on (The Crime and Disorder Act, 1998) which is an Act currently used within the UK’s society. . (The Crime and Disorder Act, 1998) covers almost all aspects of children’s rights, however the main provisions of the Act are; Antisocial Behaviour order (ASBO), parenting orders and sex offender’s orders. (The United Nations Convention on the Rights of The Child, 1990) became part of the UK’s Law in 1992Read MoreThe Rights Of The Child1186 Words   |  5 PagesChildren are given rights through the Convention of the Rights of the Child. In these rights, are rights that only children have. There are over 42 rights assigned to children alone. Among these rights are topics such as survival and development, drug use, free expression, the child’s best interest, and violence. This essay discusses two books, which examine these rights and the ways they are influenced. Survival and Development is a right given in the Convention of the Rights of the Child. To IshmaelRead MoreThe Convention On The Rights Of The Child837 Words   |  4 PagesThe Convention on the Rights of the Child, which is based on the legal systems and cultural traditions variety constitute a set of standards and obligations universally agreed and not subject to negotiation. And clarify these standards - also called human rights - set minimum entitlements and freedoms that governments must respect, and one based on respect for the dignity of the individual and the same, without any kind of discrimination, such as race, color, sex, language, religion, opinion, originRead MoreWomen s Rights During The Seneca Falls1470 Words   |  6 PagesMy dearest James, Being at the convention in Seneca Falls, New York has caused me to look back on our time in England. I had such a wonderful time on my first trip abroad to England with you. The mistreatment the other women and I faced not being allowed to fully participate showed me the important issues of women’s rights. Despite the hardships we faced at the General Anti-slavery Convention meeting Elizabeth Stanton was wonderful. I believe working with her will help my cause and determinationRead MoreViolation of Child Rights1704 Words   |  7 PagesViolation of Child Rights Introduction First of all, if we want to talk about violation of child rights we have to define child rights, what they are, and to whom they are intended.†A child is any human being below the age of eighteen years, unless under the law applicable to the child, majority is attained earlier. , World leaders in 1989 decided that children needed a special convention, because children often need special care and protection that adults do not. The leaders also wanted toRead MoreDe Facto Relationships1529 Words   |  7 Pagesacquisition of property, degree of mutual commitment to a shared life, the care and support of children and the reputation and public aspects of the relationship. A de facto couple is considered a alternative family relationship as it does not fit the definition of a traditional family unit, known as a ‘nuclear family’. Traditionally, a nuclear family consisted of a married mother and a father and one or more children who are biologically linked to their parent s. 2. Identify and outline any obligations

Aberlyn Capital free essay sample

Executive Summary The venture leasing deal that Aberlyn proposed to RhoMed is an innovative way for RhoMed, a start-up firm, to acquire financing without diluting its equity value and raising debt in the market. Management believes that the firm is more valuable than venture capital firms would believe, and debt financing would be extremely costly since RhoMed doesn’t currently have positive cash flow. For Aberlyn, the main benefits of the transaction are the interest payments paid on the lease and potential to sell the patent for a much higher value than the original $1 Million valuation by RhoMed. However, this is a rather risky investment for Aberlyn. If RhoMed defaults on its payments, Aberlyn uses the patent as collateral and must sell it in the market. Since the patent is highly individualized and therefore may not be commercially feasible, the patent is probably worth less than what Lulu’s valuation suggests. We will write a custom essay sample on Aberlyn Capital or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page RhoMed has limited options in terms of financing as the cost of debt and equity are both very expensive for start-up firms without positive cash flow. However, by going this route, they are risking losing the main driver of their business their patent. In order to value RhoMed as a whole we needed to make numerous assumptions, particularly on their future revenue streams, a huge driver for the valuation and share value, as our sensitivity analysis suggests. We believe that the revenue projections given in the case are far too optimistic. We projected our own descending annual growth rates for revenue and assumed that the firm reaches stability in 2004 and grows at the inflation rate of 3%. We estimated capex by using a constant percentage of revenue of 21% and we used our estimated capex to estimate depreciation. Based on these assumptions, the NPV for the value of the firm is about $19.5 M and with a share value of $3.45. To value the warrants we used the black-Scholes model and reached a call price of $180,915 in total or $2.63 per warrant. Alberlyn requires an implicit yield of 15-17% on firms characterized as â€Å"class 2.† To calculate the IRR for Alberlyn, we evaluated three different scenarios that could potentially occur. Case 1 assumes that RhoMed successfully makes all its payments and buys back the patent at $1 at the end of three years. This yields a 15% IRR. Case 2 assumes that RhoMed defaults on its payments and that Aberlyn then successfully sells the patent in the market in 1995. In order to find then  appropriate sale price we assumed an IRR of 15% and backed into the purchase price of $2,750,652. Case 3 assumes that RhoMed defaults on its payment and Aberlyn is unable to find a buyer in the market. This yields a negative IRR and an NPV of negative 950 M, nearly equal to the negative amount of the initial investment. Based on our analysis we think that Aberlyn should not go ahead with the venture leasing deal and that RhoMed should reconsider issuing equity instead. Costs, Benefits, and risks of the venture leasing deal to Aberlyn and RhoMed Aberlyn 1. Benefits: This is a relatively novel transaction where an intangible asset is leased. As a frontrunner, Aberlyn has first mover’s advantage allowing it to capture profits from this innovative financing approach, even in future transactions after RhoMed. Aberlyn has an incredibly qualified management team and utilizes its expertise both in the case of RhoMed and in future leasing transactions. The two main benefits are the interest payments paid on the lease and Alberyn’s higher valuation of the patent. Aberlyn is providing $1 Million in cash to RhoMed but values the patent at $5 Million. If RhoMed cannot pay the interest or the principal then Aberlyn can use the patent as collateral and sell it in the market at a premium. This means that Aberlyn should be able to recoup its investment even if things do not go according to plan. 2. Costs: Aberlyn might have to engage in costly litigation in order to defend against possible infringements on RhoMed’s patent. If other companies sense that Aberlyn is unwilling to pay the litigation fees necessary in order to defend the patent, other companies will use the technology for free, rendering the patent worthless. 3. Risks: A. Novel Transaction: Since this is a relatively novel approach, and since RhoMed does not have experience with external financing, there are multiple areas under the discretion of Aberlyn’s management, which can ultimately determine Aberlyn’s profitability. B. Low cash balance: A potential risk is that RhoMed does not have enough cash flow to cover the interest expense and principal payments. According to Exhibit 6, the cash balance in 1992 is 21,351, and the net cash flow is -37,783. Considering that the interest expense for 1993 is projected to be 27,000, the default risk should be  highly considered. C. Highly specified product: Since the patent is not commercialized and targeted towards the individual, there might not be a market at all for the patent. It could be that if RhoMed does not exercise the option to buy the patent back or defaults on its payments and Aberlyn can’t sell the patent in the market, it would essentially be stuck with the patent, an a sset that has no value. We calculated the NPV in this scenario and concluded that Aberlyn would essentially lose nearly its entire investment. D. Another potential risk that Aberlyn faces is they are only purchasing one patent, and many firms regard one patent as being far less useful than a patent that is part of a broader portfolio. The patent would be more highly valued if antibodies, proteins, and peptides had already been patented and included within the Antibody Delivery System. E. This patent may actually capture a smaller portion of the market share than Lulu believes; this is because the product is highly individualized and not commercially feasible. If it is difficult for this new technology to capture as much market share as is predicted by Lulu, then Aberlyn will have difficulty selling the patent if and when RhoMed cannot meet its payment obligations. Another reason why it may be more difficult for Aberlyn to sell the patent is that much of the patent’s value is derived from the fact that RhoMed’s scientists have a lot of expertise in the area they are researching. If another firm that didn’t have the same level of human capital necessary to realize the full value of the patent bought the patent then they might value it less. RhoMed 1. Benefits: RhoMed can continue on with its business activities while maximizing its control of equity. Without the deal, RhoMed needs to find external financing from places such as banks until its IPO likely around 1994. Since RhoMed is a new company with negative cash flow, limited resources, and limited partnerships, most external sources of financing will be costly. Further, RhoMed’s founders want to retain their equity. Since most other venture capital firms want 30% equity, Aberlyn’s offer is attractive. 2. Costs: While the costs of maintaining the patent, such as defending it, are shifted to Aberlyn, RhoMed still bears additional leasing costs, which are similar to a loan and include both principal and leasing  interest payments. Although this is a significant cost, this cost is much lower than what the cost of traditional debt financing would be for RhoMed. 3. Risks: RhoMed faces quite a few risks, the main one being that they could lose their patents or what they deem proprietary technology. If RhoMed defaults on either the interest payments or the principal, then Aberlyn keeps the patent. If Aberlyn sells the patent in the market, RhoMed will lose its competitive advantage. Overall, RhoMed is putting the highest value of their business at a substantial risk. Nevertheless, this deal is necessary for RhoMed because of limited financing options. Lulu Peckering’s Evaluation The patents that RhoMed developed for immunotherapy of cancer treatment is a novel approach that has not been conclusively demonstrated. Therefore, there is no current market making it hard to find comparable firms and challenging to project future revenues. The best way to get a relative sense of how profitable the company can be is to try to size the market and make assumptions as to how much of the market RhoMed can capture considering the strength of the patent and the technology associated with it. There are two things to consider with Lulu Pickering’s patent evaluation. First are some of her assumptions. We agree with her valuation of the market size at $735.4 M. However, the assumption that RhoMed can capture 20% of the market seems unrealistic especially considering that if a PET machine is available, it will probably be used over other methods. This implies that splitting the market share evenly between the five options is probably not feasible. I would argue that PET will capture 40% of the market. The fact that the product is very individualized and less commercially feasible makes it even more difficult to believe that RhoMed can capture a substantial portion of the market. Therefore, we claim that they can only capture 10% of the market. Using the same method as in the case, we reach a market size of $36.8 M. Dividing that by half to account for the other risks discussed yields $18.4 M. Based on a royalty rate of 5% over the fourteen year time period of the estimate, with the assumption that this is relevant to all types of cancer, this equals $9.2 M. The discount rate is a measure of risk. Because we accounted for some of the risk associated with this product by  cutting down the size of the market, we can use the 7.3% premium above the risk free rate given in the case (13.35%) as the discount rate over 14 years: $9.2 M/(1.1335)^14 = $1.6 M. Assumptions for FCF of RhoMed and Valuation (Appendix 1) Revenues for RhoMed: We believe the revenue projections for RhoMed in Exhibit 7 are too optimistic. The revenue projections between 1993 and 1994 jump nearly 1000% and while start-ups do grow rapidly at the beginning, this seems highly optimistic. Given RhoMed is in its start-up stage, we project descending annual growth rates for revenue. We assume that the firm reaches stability in 2004 and then peg the subsequent growth rate to inflation at 3%.1 Capex: Given the condition that RhoMed is in a capital-intensive biotech industry, we calculated CAPEX as a constant proportion of revenue. We assume the ratio of CAPEX/Revenue remains constant at 21% (as in year 1992) over the following years. Depreciation: To calculate the depreciation, we use CAPEX and depreciated with a consistent 11-year life using the straight-line method. This patent has a 17 year life span and most PPE have a five year schedule. Therefore we chose an average of those two times, 11 years, as the depreciation schedule for the patent. We were then able to calculate depreciation each year using a depreciation schedule (Appendix 3). Terminal Value: For TV, we used the constant growth method, assuming a constant growth rate of 3% and discounted it back one year to yield a 2004 value of $55,642,743 (Appendix 2). Risk-free rate/discount rate: We used the risk-free rate of the 10-year U.S. Treasury bonds at 6.05%, which we think best reflects the length of the project and added a premium of 7.3% as stated in the case which yielded a 13.35% discount rate. Impact of Warrants: We took into consideration the impact of warrants. Since the warrant coverage ratio is 10%, it means 1,000,000*10%/3.45 = 29,000 warrants can be exercised. Therefore, we added this number to the current total shares outstanding. Based on these assumptions, the NPV for the value of the firm is about $19.5 M. As this is an all equity firm, this is also the firm value, dividing that by the number of shares outstanding (5,699,747) results in a share price of $3.43 (Appendix 2). Assumptions for Warrants and Valuation Sigma: We used the industry average sigma, 68% (from footnotes in Exhibit 10). Risk-free rate: We used the 5-year U.S. Treasury rate of 5.05% as a benchmark, matching the time horizon of the warrants. Valuation: We calculated the value of the warrants using the Black-Scholes model. For the inputs of the B-S model, we used the firm value of $19.5 M that we calculated above as Y, $1.45 for the exercise price, 5,699,747 for the number of shares outstanding, as provided in the case. Number of the warrants is calculated by multiplying 1,000,000 by the warrant coverage 10%, and then divided by the exercise price. Using alpha=n/(n+m), P=alpha*Y and X=(1-alpha)*n*Xw, we derive all the inputs for B-S model. Inputting those values in the model results in: P=234,317, X=98,798 and the value of the warrants or the call price = 181,501 in total or 2.63 per warrant (Appendix 4). Internal Rate of Return for Aberlyn Aberlyn is looking for a 15-17% implicit yield on patents falling into risk class â€Å"2.† We evaluated three different scenarios that could potentially occur based on the benefits, costs, and risks discussed earlier. Scenario 1: Optimistic View In this case, we assume RhoMed would successfully make all the payments and exercise the option to buy back the patent for $1 (which we ignore in our analysis since it’s so small). Amortization of the patent at the assumed book value of $1 million uses the straight-line method and is zeroed out after the sale. This yields a 15% implicit yield (appendix). Scenario 2: Optimistic Default on payments, sell patent. In this case, we assume RhoMed failed to make all the payments either interest or principal or both, loses the option to buy back the patents, and loses the patents in general. We assume RhoMed would fail to make those payments at year 3 (since they borrowed $1 M they could at least make the payment for the first couple years) and thus Aberlyn would sell the patent in the market in 1995. Using Aberlyn’s required implicit yield of 15%, as case 1, we backed out the required sale price of the patent in 1995 = 2,750,652 (appendix). Scenario 3: Pessimistic In this case, we assume that RhoMed would not be able to make payments at year 3 and that Aberlyn will not be able to sell the patent in the market. As discussed above, there could be a situation where Aberlyn cannot find a market for patent and would be left holding an asset that ultimately holds no value. In this case Alberlyn has a negative NPV of $950 M, nearly equal to the amount of the initial investment (appendix). From Aberlyn’s perspective it seems that there is little upside to pursuing this route. They are essentially acquiring an asset that could be replicated by other firms and that is highly individualized, highly narrowing the market. As the sensitivity analysis shows, RhoMed’s valuation and share price are very sensitive to revenue streams (appendix). Even if RhoMed does make the payments, the revenue projections might be off and considered the difficulty in commercializing an individualized product, it seems even less likely that their revenue projections will be realized. While a $1M investment is not large, they could face the possibility of losing nearly entire amount as scenario three indicates. While RhoMed has limited options, this is also a risky approach for them because they are gambling the main driver of their company the patent. While the founders don’t want to dilute equity value, they might want to reconsider traditional equity financing. While this is an innovative approach to venture capital, we think it is risky for both parties involved and we would recommend that they reconsider. Appendix 1 – FCF_Assumptions Appendix 2 – RhoMed FCF, Share Price, Depreciation Schedule Appendix 3 – Depreciation Schedule Appendix 4 – Warrant Valuation Appendix 5 – IRR Calculation

Sacred Stories Of Hinduism Essay Example For Students

Sacred Stories Of Hinduism Essay HinduismIt is not sure where the earliest practices of Hinduism came from. The best evidence suggests that it originated from the Indus valley civilization around 4000 B.C. to 2000 B.C. During this time period Hinduism was influenced by many different invasions. Around 1500 B. C. the Aryan Indo European tribes invaded Northern India. With this invasion they brought their religion of Vedism. The Vedic Arians influenced the practices and beliefs of the Indus valley people and gave Hinduism its distinct identity. It is also said that this theory may not be accurate. Some people say that the time the Arians invaded India does not agree with other historical dates. What was clear was that there was a combining of cultures lead to what is Hinduism today. Hinduism is not really considered a religion; it is a way of life. It consists of thousands of religions that have evolved in India over the years. The beliefs of the Hindu religion are, in short, that goals like salvation, transmigration, and rebirth are looked upon with reverence. Hindus believe that the realization of some goals is beyond us and should be made a part of our activities while we are still living. They believe that everything we do (Karma) is accounted for by the celestial presence (Chitragupta) and has implication on our next life or rebirth (Punarjanma). The Hindus do not have one leader that tells them a sermon, or oversees what they do. They believe that all jivas (a persons soul) will move through a system of castes or there place in society. There are four castes, followers or unskilled workers, producers such as farmers, administrators, and the Brahmins or seers. The Brahmins are considered the leaders of Hinduism. Each Hindu is expected to perform several rituals everyday as part of there worship. These rituals include things like: making offerings to the gods, to all beings, to departed souls, and especially before eating, and to show hospitality to others and a continuous remembrance of God through the study of Holy Scripture. Hindus meditate, visit holy temples, and do charitable work on a daily basis.