Free Cash Flow With A Firms Capital Expenditure - Free Essay Example

Free cash flow and capital expenditure go side by side. What is important to find out is the existence of an association between the two in Sugar Industry of Pakistan by means of ascertaining the strength of their relationship. Annual financial statement data for 27 sugar mills of Pakistan, listed on Karachi Stock Exchange (KSE), was taken to calculate free cash flow and annual capital expenditure over the 2000-08 period. Linear regression test was run on the data to study the relationship between the two variables. The results hence proved an association confirming an existence of a relationship. Introduction Overview of the Sugar Industry of Pakistan Pakistan is the 5th largest country in the world in terms of area under sugarcane cultivation, 11th by production and 60th in terms of yield. Sugarcane is the primary raw material for the production of sugar. Since independence, the area under cultivation has increased more rapidly than any other major crop at around one million hectares. The sugar industry in Pakistan is the 2nd largest agro based industry comprising 81 sugar mills out of which 27 are listed on Karachi Stock Exchange. The annual crushing capacity of the industry is over 6.1 million tones. Sugarcane farming and sugar manufacturing contribute significantly to the national exchequer in the form of various taxes and levies. Sugar manufacturing and its by-products have contributed significantly towards the foreign exchange resources through import substitution. Sugar production is a seasonal activity. The mills, at an average operate for 150 days a year whereas the supplies are made throughout the year. As the industry n ow has large daily crushing capacity there are efforts to reduce the production even further. About the subject The purpose of this research is to examine the significance of free cash flow in relation with firms capital expenditure. Many researchers have studied the relationship built around free cash flow and have argued that managers have to play a vital role in deciding where free cash flow eventually ends up. Something known as an agency problem is widely discussed and commented on by several researchers. This problem talks exactly about the conflict of interest between managers and shareholders. Shareholders are interested in earning as much dividends as possible which would increase their value. On the contrary, managers think for themselves. They tend to invest the available cash flow in projects that would not necessarily increase shareholders value but ensure that the tenure of the manager is as extended as possible. New investments would mean more responsibilities on managers thus their uninterrupted length of service is required in the long term interest of the firm. Going one step ahead of agency problem, this study is related to free cash flow which shows an association and a relationship with the capital expenditure. Free cash flow is a  measure of financial performance and one of the sources of capital expenditure in firms. Managers can either disburse the available cash among shareholders in the form of dividends after  keeping aside the money required to expand or maintain its asset base or hold it back for developing new products, making acquisitions, and reducing debt. At this point in time, it is imperative to note that negative free cash flow in itself is not bad. If free cash flow is negative, it  could show that a company is developing new products, reducing debts or even making large investments. If these cash out flows earn a high return eventually, the strategy has the potential to pay off in the long run. Capital expenditures (CAPEX) are those cash outflows that create future benefits for the firm. A capital expenditure is incurred when a business outlay funds to acquire or upgrade physical assets such as property, industrial buildings or equipment. CAPEX is commonly found on the Cash Flow Statement as an investment in plant, property and equipment or something similar in the investing section. Companies listed on stock exchange will often list their capital expenditures for the year in annual reports, which allows shareholders to see how the company is using their funds and whether it is investing in its long term growth. The hypothesis tested in this study is accepted and thus a relationship between free cash flow and capital expenditure is established. Literature Review Cash flow is determined by integrating the cash receipt and disbursement items from the income statement with the change in each balance sheet item; the sum of the cash inflows equals the sum of the cash outflows. Whereas capital expenditure is the amount a company spends buying or upgrading fixed assets, such as equipment, during the year and acquiring subsidiaries, minus government grants received. The free-cash-flow (FCF) hypothesis by Jensen (1986) suggests that excess cash flow is wasted on value-destroying expenditure because managers have a personal motivation to grow the asset base of the firm rather than dispense cash to shareholders in the form of dividends. Cash flow has always been somewhat of a puzzle in the literature on the determinants of investment. Gugler (2004) argues that in a strictly neoclassical world, cash flow does not belong in an investment equation. Even than pragmatic studies dating back over 4 decades invariably document that cash flow and investment are positively related. The influence of internally generated cash flow on financing capital investment expenditure is well studied. But what is less well understood is the cause behind this influence. Modigliani and Millers (1958) Irrelevance proposition asserts that firms undertake all positive net present value (NPV) investments regardless of the financing source. Firms that pay low dividends rely more heavily on cash flow as shown by Fazzari, Petersen and Hubbard (1988). The first two gentlemen also found that such firms use working capital adjustments and not external financing to maintain the needed capital expenditure in order to smooth cash flow fluctuations. They further argued that in order to save cash flow, firms choose a low dividend payout policy. Calomiris and Hubbard (1995) proved that those firms have heaviest dependence on cash flow to finance capital expenditure which pay the highest taxes associated with undistributed profits. Devereux and Schiantareelli (1990) found that as compared to smaller firms in the UK, the large firms depend more heavily on cash flow financing. The reason they pointed out for such a trend was the manager/shareholder agency problems in these large firms mainly because of lower managerial ownership and higher costs associated with monitoring mechanism. In this thesis, further evidence have been provided on the role of free cash flow and capital expenditure through observing the data provided by the Karachi Stock Exchange. To measure the market reaction to such expenditure plans, the over and above returns around capital announcements have been used. It was moreover, found that the impact capital expenditure has on firm value that is financed by cash flow depends upon the characteristics of the firm making the expenditures. Firms show a strong positive relation between the level of undistributed cash flow and the level of announced expenditure, although large firms depend less heavily on cash flow as compared to the small firms and those firms that have high managerial ownership. Jensen (1986) suggested that those firms which had a large level of free cash flow were likely to squander it on unprofitable investments. As a result undistributed cash flow must play an important role in explaining capital expenditure by these firms. In addition, certain firms are more prone to the agency problems of free cash flow, especially the large firms which, as discussed by Devereux and Schiantarelli (1990), generally have a more diverse ownership structure. Jensen (1993) discussed such firms as the ones that have more costly internal control mechanisms. About small firms, Jalilvand and Harris (1986) commented that they are more vulnerable to suffer from cash flow restraint mainly because they have limited access to external captial markets due to higher transaction costs of public security isssues and the information problems. Therefore, Vogt (1997) believes that small firms tend to have profitable and at the same time unexploited investment opportunities. The available ca sh flow should be the main source of capital expenditure by these firms. Moreover, if cash flow is used by these firms to fund the capital expenditure, such an announcement must show a positive reaction in terms of appreciated stock prices. Jensen (1986) argues that there are agency costs coupled with free cash flow. His study broadens that argument and speculates that shareholders form their valuation decisions on firms reputations regarding free cash flow exploitation. This notion was tested by examining the stock price responses to equity offers, which generally aggravate the cash flow quandary, for firms differentiated by their recent avaricious behavior. The results suggested that shareholders react more positively to equity issue announcements if firms have obtained only assets related to their key business than to other equity issue announcements. On another occasion, Jensen and Meckling (1976) explained the agency problem between managers and shareholders. They unarguably stated that managers are supposed to be the representatives of the shareholders. But they tend to make those decisions that will maximize their own benefits as opposed to the shareholders value. In order to restrict them from doing so, they must either be provided incentives or be monitored. They further argued that in firms where managers have low level of insider ownership, have greater incentives to invest in unprofitable projects that stretch the firms beyond its optimal size and the expected return on new capital expenditure can be negative for such firms. Such actions would obviously be inconsistent with firms value maximization objective. Jensen (1986) suggests that stock prices are tendered downward to imply agency costs coupled with a firms free cash flow. In particular, managers have an enticement to use unfettered funds to benefit themselves instead of the shareholders. John and Nachman (1985) claim that agency costs can be alleviated through reputation building. Particularly, they demonstrate that the agency problem of underinvestment can be determined through reputation. The observed results recommend that managers build reputation through covetous activity whereas the shareholders state their response on pre-acquisition activity. In an ideal world, managers would disburse the entire free cash flow among the shareholders provided; the interests of shareholders and managers complement each other. This would maximize shareholders wealth and allow them to use the available cash for capitalization. Amihud and Lev (1981) however argued that managers have an enticement to minimize their employment risk. Employment ris k aims to explain the insecurity inbuilt in a managers tenure or the term of employment. Managers have an option of increasing the certainty of their tenure by diversifying the real asset portfolio of the firm and they do it by purchasing those assets that are unrelated to the primary line of business of the firm. Managers have an option of financing diversification projects by using the free cash flow that has been held back and not been distributed to shareholders, thus they need not seek funds from the capital markets. Easterbrook (1984) believes that it is easy to watch the managerial behavior of the firms when they seek funds from the well-performing capital markets. Therefore, on one hand it becomes difficult to keep a check on the performance of managers if they use the hoarded cash flow for the purpose while on the other hand, investors are unable to measure free cash flow as they are incapable of scrutinizing the investment opportunity schedule of the firm. Shareholders are expected to take any unencumbered cash request negatively, coming from the management for the purpose of diversifying. Unless they are provided sufficient proof, they will assume the request to be the acquisition of free cash flow. As a result of this ambiguity, stock prices will fall and show the residual loss caused by the probable misuse of free cash flow by management. Further, managers may wish to expand firm size, irrespective of the fact that it increases shareholders wealth or not, based on the assumption that exec utive promotion and compensation are positively related to firm size (Donaldson 1984; Baker 1986; and Baker, Jensen, and Murphy 1988). Cash flow is related to the expected return from new investment as shown by Myers and Majluf (1984). Those firms which have a shortage of cash flow and liquid assets might let go profitable investment expenditure instead of issuing mispriced securities to fund the investment. As a result, these firms might have unexploited investment opportunities that would increase firm value if sufficient cash flow could be generated to finance them. Capital expenditure of high ownership firms must show a dependence on cash flow and positive excess returns must be observed for these firms when they declare new capital expenditure. Morck, Shleifer, and Vishny (1988) described high levels of insider ownership to be associated with high levels of cash-flow-financed capital expenditure because of managerial-establishment issues. Firms with high insider-ownership levels might wish to finance expenditure with cash flow solely to avoid loss of control associated with weakening their ownership position or restrictions imposed by creditors. Lehn and Poulsen (1989) and McLaughlin, Safieddine, and Vasudevan (1996) defined Free Cash Flow to be operating income before depreciation, less interest expense on debt, less income taxes, less preferred and common dividends. Vogt (1997) calculated both cash-flow measures net of interest expense and dividends in order to control for managerial decisions affecting the level of undistributed cash flow. Ignoring these other decision variables might create a bias in the observed relation among cash flow, capital expenditure, and market returns. As an example he referred to a firm with high levels of cash flow that does not manipulate the agency problem. Such a firm will minimize undistributed cash flow by choosing high interest and/or dividend levels. It might pursue profitable investment expenditure and is unlikely to rely heavily on cash flow for financing. This firm must be associated with positive market responses around expenditure announcements. Using a cash-flow figure gross of interest expense and dividends would incorrectly combine positive market returns to firms with high cash flow rather than the correct low level of cash flow that it actually maintains. Vogt (1997) used 421 firms to observe relationship between cash flow and capital expenditure. When these firms announced expenditure increases, the level of announced capital expenditure seemed to be positively and strongly related to the level of cash flow. The strength of this relation increases for firms with profitable earlier investment opportunities, as firm size declines, and as the proportion of insider ownership increases. His further analysis suggested that considerable diversity exists in the capital markets response to capital expenditure financed by cash flow. The positive and statistically significant excess returns found in the sample of firms announcing increases is concentrated in the smallest of the sample firms, in firms with low cash flow relative to capital expenditure, and, to a lesser extent, in firms with high levels of insider stock ownership. Tests explaining the cross-sectional variation in returns reveal that excess returns for medium and small firms in the sample are positively associated with unexpected increases in planned expenditure. These tests also suggest that the capital market responds more favorably to the announced expenditure by small firms when the planned expenditure is more dependent on cash flow. On the other hand, excess returns for the largest firms in the sample are negative, however not statistically significant. Vogt (1997) observed that due to the fact that small firms and high ownership firms are most likely to face the liquidity crunch associated with asymmetric information, they are also the most likely to let go profitable investment opportunities in times of cash flow shortages. As cash flow rises, the set of profitable capital investment projects the firm can carry out also increases. As a result, capital expenditure announcements are met with positive shareholder reactions, particularly when expenditure is dependent on cash flow. Vogt (1997) concluded by observing that the apparent diversity in the markets response to capital expenditure decisions suggests different capital expenditure financing policies for firms that seek to augment shareholder value. The market values of small firms, firms with significant insider ownership, and firms that are generally cash flow confined appear to be improved, on average, by financing capital expenditure with cash flow. These firms might consider policies of saving undistributed cash flow through low payout and leverage policies. Such an action therefore encourages new capital expenditure from internally generated funds. However, all other firms seem to be less dependent on a cash flow retention policy to facilitate capital expenditure. In 1986 while explaining the free cash flow (FCF) hypothesis Jensen (1986), focuses on the agency issue. He argues that managers can increase their wealth at the cost of shareholders by not paying out the funds from a firms free cash flow in the form of dividends or debt financed share repurchases, rather investing them in unprofitable investment prospects. Devereux and Schiantarelli (1990), Strong and Meyer (1990), Oliner and Rudebusch (1992) and Carpenter (1993) later studied the role that agency problems play in the cash flow-investment relationship. Their findings turned out to be conflicting vis-a-vis the importance of free cash flow. Strong and Meyer (1990) found that share prices of firms that undertake investment expenditure with unrestricted cash flow experience negative performance while Oliner and Rudebusch (1992) found little evidence regarding ownership structure affecting the cash flow-investment relationship. The firms dividend decision has connotation for the FCF theory. According to Lang and Litzenberger (1989), dividends are one means of eliminating free cash flow. Vogt (1994) developed a model in this research paper where he showed that firms with the opportunity to exploit free cash flow will follow low dividend payout policies and cash flow will have a strong influence on investment expenditure. On the other hand, if firms are confined from obtaining external funds because of whatever reason, those firms with profitable investment opportunities will maintain low dividend payout policies in order to preserve on cash flow. Therefore his model was found to be consistent with Fazzari, Hubbard, and Petersen (1988); it predicts that low payout firms should be associated a strong cash flow-investment relationship. There has been considerable empirical evidence which indicate that internally generated funds are the primary way of financing firms investment expenditures. Gordon Donaldson (1961), in a detailed study of 25 large firms, concludes as follows: Management strongly favored internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for new funds. A later survey of 176 corporate managers by Pinegar and Wilbricht (1989) discovers that managers prefer cash flow to finance new investment over external sources as 84.3% of sample respondents showed their preference for financing investment with cash flow. Vogt (1994) explains the relationship of cash flow and capital expenditure by analyzing the free cash flow theory of Jensen (1986). As monitoring is assumed costly, and managers can benefit from overinvestment, he predicts that cash flow will significantly influence investment expenditure after controlling for the cost of capital. Investment expenditure of firms not paying dividend will be more influenced by cash flow than investment expenditure of firms that pay dividends. This follows because no-dividend firms are able to retain all cash flow and still not reach the retention constraint. For liquidity-constrained firms, cash flow and changes in the stock of the firms liquid assets should have a significant influence on investment expenditure. Firms with many profitable investment opportunities or large information asymmetries will have investment expenditure that is most sensitive to changes in cash flow, and should conserve on cash flow by paying low or no dividends. Firms indicat ing a liquidity constraint by not paying dividends will have the most significant cash flow/investment relationship. In a study; Fazzari, Hubbard, and Petersen (1988) discovered that cash flow has a strong effect on investment expenditure in firms with low dividend payout policies. They argue that this result is consistent with the belief that because of asymmetric information costs associated with external financing, low payout firms are cash flow confined. One reason these firms keep dividends to a minimum is to preserve on cash flow from which they can fund profitable investment prospects. Later in the year 1993, Fazzari and Petersen (1993) found that the same group of firms paying low dividends, even out fluctuations in cash flow with working capital to maintain desired investment levels. This result is consistent with the findings done by Myers and Majluf (1984) which states that the underinvestment problem arising from asymmetric information can be alleviated by the liquid financial assets. Carpenter (1993) studied the relationships between debt structure, debt financing, and investment expenditure to test the theory of free cash flow, comparing the restructured firms with the non-restructured firms. He observed that firms had increased their investment expenditure that was restructured by substituting large amounts of external equity with debt as compared to non-restructured firms. To him these results seemed to be inconsistent with free cash flow behavior. He believed that cash flow committed to debt maintenance must be correlated with reductions in later investment expenditure. Devereux and Schiantarelli (1990) and Strong and Meyer (1990) conducted studies that support the free cash flow interpretation. Strong and Meyer (1990) studied separately the investment and cash flow of firms in the paper industry into sustaining investment and discretionary investment, and total cash flow and residual cash flow. Discretionary investment and share price performance are negatively and strongly related. Discretionary investment and residual cash flow are found to be positively and strongly correlated. This evidence suggests that residual cash flow is frequently used to finance unprofitable discretionary investment expenditure. Study conducted by Vogt (1994) related to cash flow and capital expenditure predicts that firms not paying dividends should exhibit the strongest relationship, while those paying high dividends should show the weakest relationship between cash flow and investment expenditure. His result suggested that cash flow-financed capital expenditure is slightly inefficient and provides facts in support of the Free Cash Flow hypothesis. Regarding the small firms that paid low dividends over the sample period, Vogt (1994) commented that such firms relied heavily on cash flow and changes in cash to fund capital expenditure. Cash flow-financed growth by small, low-dividend firms is likely to be value- creating, whereas cash flow-financed growth is value destroying for large, low-dividend firms. He concluded by suggesting that managers of cash flow-rich companies may consider increasing dividend payouts as a method of increasing the efficiency of their capital expenditure decisions. A continued hig h-dividend-payout policy may also signal to shareholders that extra and expensive monitoring of capital expenditure decisions is unnecessary. Furthermore, since capital expenditures typically add to the amount of assets under managerial control and create more predictable future cash flows, such expenditures generate the opportunity to exploit free cash flow in following periods. Alti (2003) found out that investment is sensitive to cash flow. The sensitivity is substantially higher for young, small firms with high growth rates and low dividend payout ratios. The uncertainty these firms face about their growth prospects amplifies the investment-cash flow sensitivity in two ways. First, the uncertainty is resolved in time as cash flow realizations provide new information about investment opportunities. This makes investment highly sensitive to cash flow surprises. Second, the uncertainty creates implicit growth options relate to long-term growth potential but not to investment in the near-term. Having a weaker relationship with the value of long-term growth options, cash flow acts as a useful instrument in investment regressions. Gentry (1990) analyzed capital expenditure with total cash flow and found out that the percentage of cash flows going to capital investment ranged from an outflow of 60 percent or more. The giant companies invested a higher percentage of their total outflow in plant and equipment than companies in the other size categories. The small companies invested the lowest percentage of their total outflows in capital. There has been a research done previously that was applied to agricultural firms by Jensen (1993). The results were found to be consistent with previous studies for nonagricultural firms which showed that internal cash flow variables are important in explaining investment. It was found that the addition of internal cash flow variables can improve the explanatory power of agricultural investment models. In terms of elasticity, investment was more responsive to internal cash flow variables. Worthington (1995) has found that cash flow measures industry-level investment equations positively and significantly, even after investment opportunities are proxied by capacity utilization variables. The effect of cash flow is greater in durable goods industries than in non durable goods industries. Moyen (2004) explained the fact that the cash flow sensitivity of firms described by the constrained model is lower than the cash flow sensitivity of firms described by the unconstrained model can be easily explained. In both models, cash flow is highly correlated with investment opportunities. With more favorable opportunities, both constrained and unconstrained firms invest more. Raj Aggarwal (2005) conducted a study in which he concluded that investment levels are significantly positively influenced by levels of internal cash flows. Also, the strength of this relationship generally increases with the degree of financial constraints faced by firms. Overall, these findings seem strong to the nature of the financial system and indicate that most firms operate in financially incomplete and imperfect markets and find external finance to be less attractive than internal finance. Research Methodology Introduction The hypothesis tests the relationship between free cash flow and capital expenditure, concentrating on the Sugar Industry of Pakistan. The aim is to ascertain the strength of the relationship between the variables. In order to do that, linear regression seems to be the best test as it attempts to model the relationship between two variables by fitting a linear equation to observed data. One variable is considered to be an independent variable while the other is considered to be a dependent variable. The objective of multiple linear regression analysis is to use the independent variables whose values are known to forecast the single dependent value selected by the researcher. (Hair, 2006) Data Annual financial statement data for 27 sugar mills of Pakistan listed on KSE is taken to calculate free cash flow and annual capital expenditure for the period 2000 through 2008. Variable 1. Independent variable = Free Cash Flow (FCF) 2. Dependent variable = Net Capital Expenditure Independent variable: The FCF is calculated they way Lehn and Poulsen (1989) and McLaughlin, Safieddine, and Vasudevan (1996) defined it. It is operating income before depreciation, less interest expense on debt, less income taxes, less preferred and common dividends. Free cash flow = Operating income before depreciation à ¢Ã¢â€š ¬Ã¢â‚¬Å" interest on debt à ¢Ã¢â€š ¬Ã¢â‚¬Å" income taxes à ¢Ã¢â€š ¬Ã¢â‚¬Å" preference common stock dividend. Dependent variable: Net capital expenditures are those where funds are used to acquire or upgrade physical assets such as property, industrial buildings or equipment. Change in fixed assets over a year is taken as net capital expenditure by the firm. Net capital expenditure = Current year fixed assets à ¢Ã¢â€š ¬Ã¢â‚¬Å" last year fixed assets. Net capital expenditure = Ln (FA) Ln of fixed assets is taken to control the variability of the data. Sampling criteria Sample companies that are taken for the purpose of research are 27 sugar mills of Pakistan that are listed on Karachi Stock Exchange. Hypothesis Free Cash flow has a significant relationship with capital expenditure. Data analysis Annual financial statement data for 27 sugar mills of Pakistan, listed on Karachi Stock Exchange (KSE), was taken to calculate free cash flow and annual capital expenditure over the 2000-08 period. Model Summary R R Square F Sig. 0.302 0.091 23.676 0.000 Predictors = (Constant), FCF Dependent Variable = Ln FA The researcher has used statistical software SPSS 13.0 to process the data and run regression analysis on the variables. The results are interpreted in light of statistical text book by Hair (2006). All FCF and (ln) FA figures are in Million Rupees. R value: It is the sample correlation coefficient between the outcomes and their predicted values, or in the case of simple linear regression, between the outcome and the values being used for prediction. R value of 0.302 means that the strength of the relationship between FCF and capital expenditure is 30.2%. R squared value: the coefficient of determination, R2 is the amount of variance in the dependent variable that can be explained by the regression model. The R square of 0.091 means that 9.1% of the variability in the data is explained by the predictor. Out of the total free cash flow, 9.1% is used for capital expenditure. The F test for the regression model is significant which proves that regression model is best fit. Regression model summary is showing that FCF has a positive impact on net capital expenditure. Coefficients Model Unstandardized Standardized Sig.    Coefficients Coefficients       B Std. Error Beta    (Constant) 3.251 0.107    0.000 FCF 0.004 0.001 0.302 0.000 Dependent Variable: Ln FA Unstandardized Equation: Ln FA = 3.251 + 0.004 FCF Standardized Equation: Ln FA = 0.302 FCF If FCF changes by 1 million, ln of net capital expenditure changes by 0.004, which means Net Capital expenditure increases by 1.004008 million. The regression coefficient represents the amount of change in the dependent variable for a one unit change in the independent variable. The coefficient plus the constant both are significant at 0.05 level. Implications As discussed through out, the importance of Free Cash Flow and Capital Expenditure, it is quite clear that these two variables have a relation between them. The extent of their relation, although, will vary from industry to industry and economy to economy. The reason behind conducting this study was to look inside the Sugar Industry of Pakistan and trying to establish the same association between these two variables that is found universally. The extent of association varies but what is important is the establishment of an association between Free Cash Flow and Capital Expenditure in this industry. Reiterating the earlier discussion, free cash flow can be put to several uses; capital expenditure is one of them. Researchers in Pakistan will be able to use this study for their own analysis, comparing results with other industries and watching the industry-wise trends. Whereas the foreign researchers will be able to take help from this study while they study and compare their own economy with that of Pakistan. It will help them benchmark the 5th largest country in the world, in terms of area under sugarcane cultivation; to compare and contrast with the country they wish to study. Conclusion The sugar industry in Pakistan is the 2nd largest agro based industry of the country. Pakistan earns heavy foreign exchange resources through import substitution of sugar. Despite of the importance of this industry, significant attention is not paid at the government level to develop it. Lack of support at educational institution level for research and development in this industry is sabotaging the prospects of its better future. Among several other reasons, this research has been done to mark a contribution towards sugar industry, cultivating a field for other researchers to come forward and take the study steps ahead. The relation that exists between free cash flow and capital expenditure is observed in this study. The conclusion verifies that this industry is also consistent with several other industries all over the world in terms of using free cash flow for capital expenditures.

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Which Essay Topics Should You Study

Which Essay Topics Should You Study?Each semester, as you endure English 112, you are besieged with exposition themes. On the off chance that you can't name them all, how might you choose which ones to include?For case, you might be gotten some information about how bigotry has affected the Asian American people group. Presently how would you approach doing that? Your English class teacher could advise you to take a word reference and find it and see what it needs to say.She could likewise instruct you to address a specialist about it to get various choices for exchange. Or on the other hand, if that comes up short, she may guide you toward a nearby book shop or web search. The fact is, you can't completely get a handle on the substance of the circumstance until you have an increasingly intensive information on the topic.This is likewise obvious in an examination abroad course. You can't be certain how an understudy in another nation feels until you have cooperated with them first. Y ou have to comprehend their way of life and how they live their lives to try and start to expound on it.For that reason, you will presumably be better prepared to expound on things you think about, on the grounds that you have been presented to the social world your task originates from. For example, you can profit by thinking about the Hungarian government. You probably won't have the option to assist yourself with things you don't think about, yet you will have a superior comprehension of the legislative issues of a certain society.Another thing you can find out about is the styles of contentions and composing that a teacher utilizes in their proposition proclamation. You can all the more likely set yourself up by perusing more inside and out exposition assignments, particularly those that have questions and contemplations joined to them.Every learning process accompanies its advantages. You become acquainted with your educator, and you may even get the hang of something about ano ther culture. It's a lot for both.So, when you leave on an undertaking to concentrate in another nation, or even become familiar with some unknown dialects, gain from your instructor. Find out about points you can't discover data about. You never know, you may even get the chance to participate in a discussion about bigotry in an alternate nation.

Freshman Environmental Science Position Paper Topics

Freshman Environmental Science Position Paper TopicsPosition papers for environmental science graduates are quite similar to the regular job paper topics for an academic position. However, the assignment for graduate students should be unique as they will be presenting a research project to a university committee. Some of the topics that could appear in a professional career development paper could include:- New methods of gathering data. Environmental science graduates should highlight the use of newer technologies to gather data and evaluate their performance. They should not be afraid to make use of the latest tools and technology. It would also be a good idea to work with the environment through taking care of the environment through collecting data and developing new technologies to benefit future generations.- The life cycle of products. Environmental science graduates can highlight the importance of life cycle assessment (LCA) for the management of a company's environmental qu ality. LCA is a process of determining the waste that goes into a product or site and how it affects the environment.- Life on other planets. Students should explore the importance of learning about life on other planets through studying living organisms that exist in Mars and how we could evolve to live in a place that we know is so different from Earth. The presentation of this knowledge is not only important to support our search for life on other planets but it could also inspire future scientific discoveries and missions to other planets.- Holistic classroom learning. Students should be able to present their observations and experiences in a way that is more relevant to the audience. A presentation that stresses environment and social science using bio-systems can be very interesting.- Technology applications. Students should be able to illustrate their data and support their ideas with a technology application.To present their findings and support their views on a position's p aper topics for environmental science graduates must create a clear explanation of their research. This is done by using the scientific vocabulary of first principles. First principles are used to explain the processes, data collection, data analysis, and statistical modeling that has been performed to create the results of their studies.As students get older and decide on their degree goals, they can be prepared by preparing research projects on their career plans and achievements. It would also be a good idea to update their resume with projects for graduate school as they will be required to have an objective description for them to submit.

Why Everyone Is Mistaken Regarding Writing Reflection Essay and Why You Really Need to View This Report Immediately

<h1> Why Everyone Is Mistaken Regarding Writing Reflection Essay and Why You Really Need to View This Report Immediately </h1> <p>Reflection articles aren't just a school work out. A reflection exposition doesn't include look into, the same number of different types of papers do. The title intelligent article is extremely simple. It is essential to recall that if you are composing a casual self reflection paper, you don't really need to be so immediate. </p> <p>Follow this guide and you will compose an amazing intelligent paper right away. For the absolute first perusing you don't have to peruse it mindfully. Continue perusing to discover more.</p> <p>Our journalists have made every one of these examples to give you an opportunity to appreciate how a not too bad intelligent article looks. On the off chance that you buy articles on the web, it's extremely imperative to comprehend whether the work is still in process or has been done. A generally excellent intelligent article might be stunning intelligent paper with the proper arranging. A reflection paper, additionally called an intelligent article, is where the essayist will pick the opportunity to look at and break down a specific skill in an individual manner. </p> <h2>What to Expect From Writing Reflection Essay? </h2> <p>Turning into an essayist for our firm is very testing. Our organization realizes the best approach to give article help for organization and the scholarly community since we've been doing it for quite a while. It is totally literary theft free! </p> <p>It might be hard to compose a sort of paper for the absolute fir st second. Peruse the content just on the off chance that you're sure about the data utilized in the article model. You just need to pass a simple technique of approval, click purchase inquire about papers, fill an easy buy structure and that is it! The blend of research and duplicating admirably can assist you with forming a splendid article. </p> <p>It is desirable over give a colleague the chance to give an evaluate than to deliver the paper and get a poor quality. The exposition should be explored by methods for a partner or colleague. As you figure out how to make a reflection paper, it's important that you figure out how to create an intelligent exposition layout. In addition, you ought to appreciate what is expected to complete a reflection paper and reflection exposition plot as an approach to make a profitable piece for your perusers. </p> <h2> A Secret Weapon for Writing Reflection Essay </h2> <p>A reflection is finding a picture that imparts qualities to the real item. You'll figure out how to enjoy the appeal of minutes. Endeavor to know the quintessence. </p> <h2>Writing Reflection Essay Ideas </h2> <p>Your peruser is going to realize that you're arriving at the finish of your article. In the chief body, the creator gets the chance to expound on the significant focuses that help the feeling they've framed. He should utilize the layout to compose their considerations. To be a capable scholastic author you need to figure out how to accept fundamentally. </p> <p>Just think of it as what number of brilliant things you may do as opposed to exhausting composition. Eventually, you ought to see how to start composing your theory. You're ready to rehearse intelligent composing even in the occasion you don't have a particular task. At the point when you're simply on the way of an amateur author, you need to see how to think basically, be set up to break down realities, and perceive interconnections between two musings. </p> <p>It's an exposition inside which you incorporate an individual encounter or various encounters, along with direct insights concerning the occasions. The following bit of your layout is maybe the most urgent. The alumni aptitudes exercise manual and assignments were unquestionably a fantastic way to evaluate my capacities and make sense of which territories I ought to grow further. Seeing how to explore the databases will clearly wind up being useful in my different classes as well. </p> <p>The apprentice's exercise manual was very important to find what to look like for data using a few information sources. You're ready to find a business intelligent paper on the site. You can cause your private assortment of inquiries that to can assist you with pondering your experience. </p>

Black History Research Paper Topics - a Quick Overview

<h1> Black History Research Paper Topics - a Quick Overview </h1> <p>A history investigate paper utilizes essential sources to contend how and why occasions happened previously, and the impact on human lives. A decent arrangement of people feel overpowered with making an eBook. A total contextual analysis might be the African-American social liberties development. A heavenly model might be the Great Plains, which would give understudies an extraordinary chance to get familiar with the Dust Bowl. </p> <h2> Black History Research Paper Topics Secrets That No One Else Knows About</h2> <p>Essays need a great deal of exertion for effective culmination. On the off chance that you don't find an adequate subject, you experience an opportunity to arrange a paper on any point for your very own utilization. </p> <h2> Black History Research Paper Topics and Black History Research Paper Topics - The Perfect Combination</h2> <p>By a t that point, you will know about what your paper says. On the off chance that you need to compose just a solitary paper at the finish of the period, you can inhale out since you are honored. Your paper should have a title that doesn't simply report the subject of the paper, however gives some sign of your contention. It is a unimaginable undertaking to create an incredible history paper on the off chance that you expound on something you discover exhausting and couldn't care less about at all. </p> <p>Locating a decent subject is only one of the most critical advances when composing any kind of paper. On the off chance that progressively a phenomenal arrangement exists. While taking a shot at the paper, you must ensure dependable sources are promptly accessible to you. </p> <h2> The New Angle On Black History Research Paper Topics Just Released </h2> <p>Whether you're composing an in-class article test or a 20-page investigate paper, there are various fundamental rules that you should remember. Presentations The introduction of a paper must present its theory rather than simply its theme. At the point when you're reviewing the proof in your draft, you should suitably refer to every one of your sources. All extraordinary history papers should have a rundown of sources refered to. </p> <h2>Up in Arms About Black History Research Paper Topics? </h2> <p>Other occasions, as in a strange brain research instructional class, may req uest that you make your paper on a specific subject like a mental issue. The sex considers exist to build comprehension of the possibility of sex and between sexes for the most part. At the point when it's on the web, it must be valid as without a doubt the most hazardous generalization of computerized locals. Presently, the subject of sex uniformity and sexual orientation considers is very mainstream all through the world. </p> <p>As a history specialist you should grill your sources and pose the significant inquiries. For whatever length of time that it's connected to your unmistakable district of study, it should be destined to be the most reasonable theme for you. For certain understudies, a decision of point is the most straightforward part. Risking upon a subject for your examination can be extreme, however there are loads of extraordinary procedures to consider captivating thoughts. </p> <p>It is conceivable to likewise get help in the event that you select to buy a history investigate paper from a reliable assistance to ensure the best grades. You should ensure you're gathering dependable information that could enhance your task. On the off chance that you should do outside research, the UCLA library framework includes a decent arrangement of assets. In this way, you've made plans to buy explore papers on the web. </p> <p>Some themes may intrigue you, for example, the ones in your principle territory of study. Brain science is such a wide subject, so you might want to find a point that grants you to satisfactorily cover the subject without turning out to be overpowered with data. On the off chance that you need the subject of your history exposition, you will get a kick out of doing research for it. In certain cases, understudies essentially devise the examination and envision the potential outcomes which may happen. </p> <p>There's bounty if valuable data with respect to the Web. Compose a rundown of thoughts you have or a rundown of things you're keen on. Something else, there are many style guides you may choose from. Fortunately, there are heaps of extraordinary spots to search out motivation and the following rundown contains only several proposals to help kick you off. </p> <h2> The Bad Secret of Black History Research Paper Topics</h2> <p>You need to conclude how to organize your contention it could be said that is probably going to sound good to your peruser. Your absolute first thought is almost in every case prone to be excessively critical. You'll be remunerated for free and one of a kind idea. You have to prepare to stun the world and acquire all you know or suspect about this issue. </p>

Some Guidelines On A Tell Me About Yourself Essay Sample

<h1>Some Guidelines On A Tell Me About Yourself Essay Sample</h1><p>A great Tell Me About Yourself paper test will typically follow a couple of various arrangements. The first is the life story of the writer, at that point there is a statement from the writer that is a brief and important response to an inquiry that is posed in the article. At last, there is a type of an appraisal that the article gives the peruser, which would for the most part be the key point or focal point of the essay.</p><p></p><p>In a life story, the writer's musings on their life are typically included. This is commonly recorded in sequential request. It can likewise incorporate a rundown of achievements. Likewise, the life story could incorporate individual citations from the writer that would as a rule cause the peruser to feel better about the author.</p><p></p><p>A statement would typically give the writer's contemplations on something and this could be an individual or an expert thing. For instance, a statement that originates from the creator's youth may be something like 'I was ten years of age when my uncle told me the best way to utilize my trusty electric paintbrush.' Another statement may be 'I am cautious with my cash. I think my folks are very lucky.'</p><p></p><p>An evaluation might tell the peruser whether the creator has positive or negative conclusions on a specific issue or a specific part of society. There are a wide range of kinds of appraisals that could be given. These incorporate; things like 'I disdain the wearing of chains'I despise hearing individuals talk about subjection.' now and again, the writer may be met in regards to an issue to give perusers a superior comprehension of their conclusions on it.</p><p></p><p>One last thing would be an exposition that gives perusers some understanding into the writer's character. For instance, a statement as ' I don't care for individuals who attempt to drive me to get in a relationship' could emerge out of the creator's own words. Different manners by which the writer could enlighten perusers something that is one of a kind concerning themselves is through thinking about their inclinations or hobbies.</p><p></p><p>The exposition ought to consistently be organized with something that would have an immediate and reasonable use for the peruser, and this should be possible through having the writer makes reference to an achievement that they have received in return. They could have a remark about something that is eminent, and the significant thing to recall is that the article ought to give some data that is valuable and educational.</p><p></p><p>In expansion, the Tell Me About Yourself paper test could likewise incorporate a statement that is identified with the current theme. For instance, a statement that identifies with recent developments could be utilized. Different instances of statements to incorporate something from the essayist's life, something that identifies with the topic, or something that would cause the peruser to identify with the subject.</p><p></p><p>A statement may originate from a writer's relative, companion, or even a specialist in the field. It is a smart thought to investigate the statement before including it into the article test in light of the fact that there are some that would be unseemly to use in most situations.</p>

What You Must Know About Rhetorical Question in an Essay College App

<h1> What You Must Know About Rhetorical Question in an Essay College App </h1> <h2> Top Rhetorical Question in an Essay College App Choices</h2> <p>If no, you need to figure out how to make an article for grant. Perusing model expositions works the very same way! Researchers frequently think with respect to thequestionorproblemat the center of their composition. Schools can tell at whatever point your paper is basically a structure exposition. </p> <p>This article theme is an amazing possibility for humor. As opposed to what you could think, you article isn't a spot to show your value to go to school. Not with respect to application papers. Inside this exposition, endeavor to stay positive. </p> <p>All may affect your composition. You never apply these sorts of inquiries in proficient composition. Consequently, it's smarter to shape a diagram that you will follow to set your notes and thoughts in the proper request in your article. Your framework can assist you with sorting out the information you accumulated during your exploration while you respect which thoughts to remember for every individual section. </p> <p>It is a superb plan to have one key body passage for a solitary example of a particular influence procedure utilized in the content under investigation. Indeed, even that part can be improved with the utilization of a facetious inquiry. For certain, you would invest most of your energy recorded as a hard copy body passages. Give each passage to a specific methodology. </p> <p>Also, remember that your peruser is as of now familiar with the content, so you don't should sum up the content as they would see it. The iPad has an onscreen console that could be an extraordinary decision for composing. An individual model like this one adds an amazingly substantial component to Pharinet's contention. Select the correct composing style and the correct progress words. </p> <h2> What Rhetorical Question in an Essay College App Is - and What it Is Not</h2> <p>For that reason, it's fundamental that you begin getting ready when you have the errand and that you perceive exactly what to do. Try not to be terrified to burrow profound and visit about something which may feel powerless. The principle purpose behind this is to show that the strategy climate restriction or all inclusive access, isn't probably going to be compelling. Select a law and clarify why it's so essential to you. </p> <p>When you have perused the content whic h you should dissect and taken the entirety of the urgent notes, you're set up to proceed onward to composing. There are a few different ways to decipher this kind of brief. This brief allows you to talk about your interests and show your extracurricular interests. </p> <p>It is a superb way to deal with locate some additional focuses from your educator. A non-serious inquiry doesn't serve the point of giving data. It requests that the crowd think, and it isn't the understudy's job to get the instructor to consider the substance. </p> <p>It urges the crowd to consider about the theme autonomously. Anaphora is very ground-breaking in underscoring a specific feeling or thought. A customized representation might be a phenomenal strategy to catch your encounters and perspectives all through the focal point of one experience. </p>

What Was the Million Man March

In 1995, Nation of Islam Leader Louis Farrakhan proposed a call to action for black men — this is historically referenced as the Million Man March. Farrakhan was assisted in organizing this event by Benjamin F. Chavis Jr., who was the former executive director of the National Association for the Advancement of Colored People (NAACP). The call to action requested that the participants pay their own way to the Mall on Washington and allow their physical presence to illustrate a commitment to change in the black community. A History of Mistreatment Since their arrival in the country, black Americans have faced unfair treatment — often based on nothing other than the color of their skin. In the 1990s, the unemployment rate for black Americans was nearly double that of whites. Additionally, the black community was plagued by high rates of drug use, along with the high rates of imprisonment that can still be seen today. Seeking Atonement According to Minister Farrakhan, black men needed to seek forgiveness for allowing extraneous factors to come between them and their position as leaders of the black community and providers for their families. As a result, the theme for the Million Man March was â€Å"atonement.† Though this word has multiple definitions, two of them, in particular, illustrated the aim of the march. The first was â€Å"reparation for an offense or injury,† because in his eyes, black men had forsaken their community. The second was the reconciliation of God and humankind. He believed that black men had been ignoring the roles bestowed upon them by God and needed to restore that relationship. A Shocking Turnout On October 16, 1995, that dream became  a reality and hundreds of thousands of black men showed up to the Mall on Washington. Black community leaders were so touched by the image of black men making a commitment to their families that it was referred to as â€Å"a glimpse of heaven.† Farrakhan explicitly stated that there would be no violence or alcohol present. And according to the records, there were zero arrests or fights that day. The event is reported to have lasted 10 hours, and for each of those hours, black men stood listening, weeping, laughing, and simply being. Although Farrakhan is a controversial figure to many black and white Americans alike, most agree that this display of commitment to community change was a positive action. Those who did not support the march often did so based on accusations of a separatist agenda. While there were white people and women in attendance, the call to action was specifically targeted at black men, and some men felt this was both sexist and racist. Criticisms In addition to perspectives that saw the movement as separatist, many did not support the movement because they felt that while black men striving to do better was a good idea, there were many factors that were out of their control and no amount of effort would overcome. The systemic oppression that black Americans have experienced in the United States is not the fault of the black man. Farrakhan’s message lightly revisited â€Å"The Bootstrap Myth,† a common American perspective that believes we are all capable of rising to higher financial classes with hard work and dedication. However, this myth has been dispelled time and time again. Nevertheless, estimates of how many black men were actually in attendance that day range from 400,000 to 1.1 million. This is due to the difficulty of counting how many people are present in a wide area that is geographically structured like the Mall on Washington. A Potential for Change It’s difficult to measure the success that sort of event has over the long run. However, it’s believed that well over a million black Americans registered to vote shortly after and rates of adoption for black youth increased. Though not without criticism, the Million Man March was a significant moment in black history. It showed that black men would show up in droves to initiate efforts to support their community. In 2015, Farrakhan attempted to recreate this historic event on its 20th anniversary. On October 10, 2015, thousands gathered to attend â€Å"Justice or Else† which had core similarities to the original event but put increased focus on the issue of police brutality. It was also said to be directed to the black community as a whole instead of just black men. Echoing the message of two decades prior, Farrakhan emphasized the importance of guiding the youth. We who are getting older... what good are we if we dont prepare young people to carry that torch of liberation to the next step? What good are we if we think we can last forever and not prepare others to walk in our footsteps? he said. It’s hard to say how the events of October 16, 1995 changed the black community. However, it was, without a doubt, an act of solidarity and commitment in the black community that has been difficult to replicate.

Essay Writing Prompts With Story

<h1>Essay Writing Prompts With Story</h1><p>When you are composing an exposition and you have paper composing prompts with a story as your fundamental center, almost certainly, you would concentrate on the story. All things considered, on the off chance that you need to compose a decent paper, at that point you should realize how to intrigue your peruser, right?</p><p></p><p>There are a ton of composing prompts with the story yet the best one for you is the one that will help you during the time spent creation a convincing story that won't leave anybody off course. Truth be told, this kind of composing will make you concoct another story that has an alternate wind on a similar fundamental storyline.</p><p></p><p>The composing brief for this situation is one that you can use as a guide and let your story stream and follow the principle story line. It doesn't make a difference if the story follows a basic story circular segment; it's anything but a prerequisite that you need to utilize an elegantly composed story since this sort of composing won't keep you down. Rather, you will have a ball while composing and will have the option to recount to great stories that will make you satisfied with yourself.</p><p></p><p>But before you can do that, you need to investigate the thought or plot and decide the fundamental idea of the story or the article. You need to make sense of the pith of the story as it identifies with the reason of the exposition, the subject of the article, and other various perspectives that will influence the topic of the essay.</p><p></p><p>As soon as you have set up the substance of the story, you would now be able to feel free to look at composing prompts with a story that you can use to compose a convincing story. These are for the most part as straightforward inquiries that will make a situation or an envisioned situation that can fill in as a guide when you start the real writing.</p><p></p><p>The story could be an innovation of some other individual or a portion of the individuals who you know, however you can likewise make it up all alone as long as you have set aside the effort to create it in your own style. There are heaps of spots where you can discover them, similar to the Internet or even your own imagination.</p><p></p><p>But once you have an idea of a proper component or a component that is significant in the story, you are headed to composing an effective exposition. An extraordinary story that is business-like won't simply engage the peruser yet will intrigue them as well.</p>

Essay Tips - Common Ground Essay Topics

<h1>Essay Tips - Common Ground Essay Topics</h1><p>One of the most ideal approaches to guarantee you get past school with a tolerable evaluation is to compose a decent exposition. Something that can keep understudies down is composing and re-composing exposition points or article inquiries over again.</p><p></p><p>Often times an understudy will invest most of their energy re-composing a similar paper or research question a few times. Such a large number of understudies don't have the foggiest idea what shared opinion paper subjects are. You may find that it is a smart thought to set aside some effort to comprehend what those points are before you compose your essay.</p><p></p><p>What are shared conviction paper themes? They are points that are effortlessly processed for a specific class, similar to 'the street to progress' for instance. That is something that anybody in that class knows about in light of the fact that they most likely have just perused it such a significant number of times.</p><p></p><p>An significant interesting point is to consider what precisely makes up those subjects. For instance, would you like to utilize one that is general or does it should be utilized to drive the point that you are attempting to make in your essay?</p><p></p><p>Another significant hint to consider is to make an effort not to compose a paper theme that is totally one of a kind. I know there are numerous understudies who do this, however don't go excessively far in this direction.</p><p></p><p>Your exposition theme ought to be remarkable enough that it doesn't seem like a paper another person composed, yet it ought to be sufficient with the goal that you despite everything think that its valuable. The more interesting the theme is, the simpler it will be for you to think of a decent essay.</p><p></p><p>There a re different tips that are remembered for this article will assist you with composing an extraordinary exposition, for example, shared opinion paper points, and how to pick a subject. Keep in mind, on the off chance that you go over your exposition multiple occasions, you will miss out on focuses that could assist you with improving your evaluation, so set aside the effort to figure out how to keep your paper's simple.</p>

How to Write a Sample Essay on What Do You Plan to Do After Graduation

How to Write a Sample Essay on What Do You Plan to Do After GraduationWriting a sample essay on what do you plan to do after graduation is a challenging job. What you need to make it more challenging is to be sure that you outline the topics of your proposal. Most schools, colleges and universities will give you a sample of how to write a sample essay on what do you plan to do after graduation but still it is better if you outline your topic so that it will be easier for you to compose an excellent essay on what do you plan to do after graduation.First of all, you should give an introduction to your topic in the first paragraph of your essay. Then, you should tell what you will be doing after graduation in the second paragraph. In the third paragraph, you can mention some facts about your topic that will help the reader understand your topic. You should also mention who are your readers in the last paragraph.The most important thing that you should give in your sample on what do you plan to do after graduation is to tell the readers the reason why they should get interested with your topic. It is not enough that you just tell them that you want to finish your studies. You should also tell them why they should read your paper.You should also give more details of your topic in your sample on what do you plan to do after graduation. All this will make it easier for you to write your good work. You should also put your name in the author's list or the author resource box.Your other pieces of advice when you are writing a sample essay on what do you plan to do after graduation is to follow the style of writing, grammar and punctuation. Also, you should use the rules of English in your writing. Keep in mind that your topic is still not enough to make your paper interesting. Your topic will only be a little bit interesting if you will write an interesting essay.You should also make your sample on what do you plan to do after graduation entertaining. By keeping in mind these two things, you will be able to write an excellent essay on what do you plan to do after graduation. Your audience will not be bored. So, just follow these tips and you will have a successful project on what do you plan to do after graduation.However, when you are writing a sample essay on what do you plan to do after graduation, it is important that you think twice before you write your paper. You should first write your essay as if you are an essay by a professor that will be given in a seminar. You should also go over your essay with a fine tooth comb.When you are writing a sample essay on what do you plan to do after graduation, do not forget to put some notes in your drafts so that you will be able to turn them into a good paper. Doing so will not only make your paper interesting but it will also make it more professional looking and writing.

Scotland Literature Essay Topics

<h1>Scotland Literature Essay Topics</h1><p>Scotland is home to probably the best authors and writers on the planet. Since such huge numbers of individuals despite everything view Scotland as the home of the artistic global control, it's even more imperative to get the best instruction there can be. Composing a Scotland writing exposition ought to be an author's blessing from heaven, and in the event that you are extremely genuine about concocting one, read on.</p><p></p><p>This nation's artistic history extends back hundreds of years. It has been a safe house for authors and writers from around the globe and furthermore impacted different nations. The impact of Scottish compositions on the historical backdrop of writing can't be thought little of. This country, as one of the most educated, must be probably the best wellspring of learning materials in this country.</p><p></p><p>There are a great deal of writing article themes you can browse. The nation is home to a wide assortment of individuals, places, and times. The extraordinary thing pretty much these subjects is that they have to do with culture and society.</p><p></p><p>The history of Scotland is probably the best motivation to compose a paper. When the Scots involved Scotland and built up their realm is one of the most fascinating parts of the nation's history. It was in the sixteenth century that Scottish individuals began composing and distributing books. The firs thing you should take a gander at in this paper subject is the technique for correspondence and the sort of composing they did, on the grounds that it would be exceptionally helpful to know this.</p><p></p><p>The initial segment of the Scottish article point centers around the indigenous individuals of Scotland. It is stunning the amount they changed throughout the hundreds of years. In the prior long periods of Scotland, the loc als used to give out names to the creatures and plants they hunted.</p><p></p><p>The second piece of the Scottish article will discuss the social, political, and social part of the local Scots. You can even incorporate data about the spots and individuals. Here, you could even incorporate a few realities and a touch of legend about the historical backdrop of the country.</p><p></p><p>One of the most significant pieces of the paper is the depiction of the earth encompassing the spot you're expounding on. This could appear as verse, writing, or both. This is an entirely significant piece of the paper, as it will fill in as a prelude to the account and gives foundation data about the areas you are composing about.</p>

Essay Samples Versus Assignment Samples

<h1>Essay Samples Versus Assignment Samples</h1><p>In your school classes, the composing assignments are relegated by educators with class assessment and research papers. The educators in many schools have explicit guidelines on task entries, yet most of teachers relegate understudies with an assortment of paper tests, both famous and remarkable ones. This article covers the various sorts of points for assignments, just as a portion of the issues experienced while presenting these essays.</p><p></p><p>Many understudies present their assignments to an assortment of destinations and won't have a thought what number of they have just submitted, or what issues they are having with them. Since there are some alleged 'quality' destinations that give an interminable gracefully of great papers, understudies frequently find that their task gets lost among the majority. It is for the most part during the altering stage that an understudy finds that the person in question has presented their exposition to an inappropriate site. Subsequent to looking through each significant destinations, the understudy can now and again lose the chance to check whether the person in question has composed something that would be useful to the professor.</p><p></p><p>Some composing sites don't have article tests. In the event that you have a schoolmate who has not been furnished with any example assignments, you might need to request that the person in question address the instructor about it. It is conceivable that the educator may decline to acknowledge your exposition on the off chance that you submit to a site that doesn't have any article samples.</p><p></p><p>While there are several locales that offer paper tests, it is in every case best to peruse the accommodation rules and get a feeling of the sort of papers you might want to compose before rounding out the task structure. Ensure you are sure about the sort of paper you might want to compose. Once in a while an understudy will get what they think they need, yet then understand that the task doesn't fit the point. You will be better ready to concentrate on composing your article on the off chance that you comprehend the sort of paper you will be asked to write.</p><p></p><p>You might be stunned to discover that a quality exposition may require several amendments before it is at long last acknowledged. An inadequately composed paper, regardless of whether it was composed by an understudy who genuinely needs to compose an incredible exposition, may grieve in limbo, not being perused by the teacher. Task test locales don't have a great deal of control over an understudy, except if the understudy is really gifted enough to compose a perfect work of art. The best thing you can do when submitting to countless web based composing locales is to start your task by essentially perusing the paper themes acces sible, and discovering what you might want to compose. At that point you can start by examining the numerous themes that exist, and the various decisions of article subjects that are accessible for you to pick from.</p><p></p><p>Assignment tests are for the most part far less basic than paper tests. Be that as it may, when an understudy gets allocated an assortment of composing tests, they ought to be mindful so as not to race through the creative cycle. Composing short, sweet articles about themes that intrigue you is the perfect method to overcome the task. Most assignments are alloted by educators, and as such they are probably going to be broad. It is essential to tell the educator that you are prepared for more data and would prefer not to get hindered with more data that isn't necessary.</p><p></p><p>It is imperative to be understanding while at the same time trusting that your task will be finished. Most of educators are glad to respond to any inquiries that you may have about the task, as long as you give your authorization to compose the task, just as mention to them what you intend to expound on. They additionally need to see that you have contemplated what they require and can finish the task by the deadline.</p><p></p><p>Assignment tests are extraordinary in that you can have the advantage of working straightforwardly with the teacher, however accomplishing the work at your own pace is similarly as significant. For whatever length of time that you set aside the effort to compose the task appropriately, you will have a more noteworthy possibility of completing the task on time.</p>

College Essay Articles - Tips For Writing College Essay Topics

College Essay Articles - Tips For Writing College Essay TopicsCollege essay topics are what students need to practice for in preparation for the upcoming college admissions exam. Writing essays can be tough, but having a guide is invaluable, especially when working with essay topics that demand unique and innovative thinking. Once you've figured out what it is you want to say, it's time to start gathering your ideas, research and examples to begin writing your essay.To save time and increase the chances of having a well-written college essay, find an online resource or a book that offers writing tips and tricks. I highly recommend a guide that is able to use a wide variety of samples from college essays to give advice on various kinds of topics, but not just for college essays. In fact, most writing guides will also provide sample college essay topics to practice.This means that you don't have to spend hours looking through the samples to get the topics right. If you want to focus on essay topics in particular, you can write a good amount of sample essays and then select which ones you like best. Many of these will contain the kinds of information that is going to be used in your final essay and will give you ideas for different parts of the essay.If you want to write a short essay, it's a good idea to write a few pieces first, so that you'll know exactly what you need to cover and how to outline and organize the information. You want to make sure that you're writing about topics that will cover the type of paper that you have decided to write. This can be the same for different topics and with different writers.One thing you may notice when you look at the examples is that they are all really written at a fast pace. The goal for each is to be able to deliver the information in just five or ten minutes. Using a lot of examples will help you speed up your writing process and make sure that your essay is written in a coherent and well-organized manner.If you have extra time to devote to your work, you can decide how you want to present each part of the essay. Some people prefer to break down a topic into paragraphs to give them more space and allow them to make a more accurate description of their idea. This way, they can give a comprehensive description of the idea without any details left out.Other people will instead choose to write the text out word by word and then organize the ideas in a particular section. They might start at the beginning and then go up to the end, or else they might focus on one part and go to another. Whatever type of writing you decide to do, you'll want to make sure that your writing is clean and readable.Many college admissions officers will take a look at your work and grade it based on how well you organized your essay. They will be looking for overall structure and flow, so it's important that you can do this. You don't want to have several scattered sections and paragraphs that don't flow together. Instead, you want to organize your essay as a unit that is easy to read and understand.

Cancer Essay Samples - Getting The Job You Want

Cancer Essay Samples - Getting The Job You WantBefore applying for your job and after reading cancer essay samples, you need to make a list of all the elements that should be present in your resume. You need to highlight the most important traits and skills and downplay the least important ones. In other words, you should highlight the features that are the most important. Following this path will help you focus your resume, making it easier for you to find a job and taking you further than where you were before.The first step in applying for your job is to select the types of cancer essays that you will have to write. You can get different sample essays online for free or you can buy them from a website. Each type has its own advantages and disadvantages. For example, if you're applying for a medical writing job, you may want to look for essays about writing technical reports or medical reports. Or if you're applying for a management job, your resume may contain more topics related to operations and people management than there are to include in it.Besides looking for cancer essay samples, you also need to decide how you will organize your resume and how you want it to look. If you have an extensive list of the types of cancer cases you have dealt with, then organizing it may take some time. However, if you only have a few things on your list, then you can easily rearrange the list and add information you don't have. For example, if you have had several cases related to lung cancer, you can write a portion of your resume about all the lung cancer you have faced. Or if you have never faced lung cancer, you can simply put that in the first line of your resume.While some people struggle with making the information about the various situations they encountered in their lives match the information about their particular type of cancer, others aren't bothered by that and just write everything in the order they happened. For example, if you have already undergone sur gery, you could still include the word surgery inyour resume. Your resume is not going to mention a surgery you've never had. Some people write about their family's history of cancer because they see that as an indicator of what to expect. Others believe that good grades will give them a chance to get the job they want, so they start researching their potential employers' background. All of these decisions are ones you make based on your experiences and research.When applying for a job, you also need to consider the format and content of the cancer essay samples you look at. For example, a resume that includes examples of your work experience would be easier to read than one that includes definitions of terms. Although the former would be easier to read, it would also be easier to manipulate and change into a format that fits the needs of your employer. This would be less important if you were only applying for a position in a hospital. Otherwise, a more professional-looking resume would be preferable.Although the documents you look at will vary, you will need to remember that the end goal is to improve your chances of getting the job you want. Therefore, when you choose the documents you will use for your resume, take note of their format and content. Keep in mind that it may not be possible to get the document you want unless you get the document that you need first. Therefore, it's important to choose the document based on what it says about your experience and strengths and what it says about your weaknesses.There are many resources available on the Internet to help you use cancer essay samples effectively in finding a job. Choose the ones that best suit your situation and your specific goals. Remember that it's important to find a resource that will help you make the best decision for your situation.

Analysis Of George Orwell s 1984 - 887 Words

To be able to express one’s self through thought, writing, speaking, creates a sense of identity and hope that anything is possible. In 1984, George Orwell suggests that there is hope for humanity regardless of war, terror, and conformity. Based on the events that occurred in the twentieth century, Orwell shares his warning of a possible outcome where individualism is stipped from society. Instead, a dictatorship occurs where society conforms in improving not for themselves, but for everyone. Through Winston Smith, a clerk in the Records Department, the author divulges on the true meaning of living. The novel is based on events that occurred during the mid twentieth century, also referred to as World War II. To restore order in society, a figure known as Big Brother implements laws that result in history to be altered. In order to achieve the restoration of society, the Party must first â€Å"...control the past [in order to] control the future† by conforming individua ls to what is true and what is not (248). From observation of past failures from the German Nazis and the Russian Communists, the party noticed that by letting those who revolt to cease to exist, they are perishing with their beliefs still intact feeling more prideful that they did not succumb to the enemy. Therefore, those who were suspected as criminals were sent to â€Å"room 101† to be reminded everything was a hallucination and the world revolved around Oceania though continuous torture mentally and physically.Show MoreRelatedAnalysis Of George Orwell s 1984848 Words   |  4 PagesCritical Analysis In the George Orwell’s novel 1984, much of the society is watched and have no privacy of any kind. Every person in the Party is under surveillance. In effect, these people cannot live freely and independently, but it seems to be an impossible task because of of the Party surveillance, and how they limit thinking and manipulate reality. We can similarly see these concerns and their effects in today s society and the ways the novel also acts as a warning for the future. In 1984 a manRead MoreAnalysis Of George Orwell s 19841423 Words   |  6 PagesIn the novel 1984 by George Orwell, the Party has many strategies and tactics that help them have complete control of the people of Oceania. The control the Party has maintained gives them the ability to manipulate people as a result. The Party takes away the people’s freedom to have a say in their government and become their own person. They use their power to an extreme against the people rather than to help the people. The Party takes advantage of every opportunity to instill fear in the citizensRead MoreAnalysis Of George Orwell s 1984 949 Words   |  4 Pagesâ€Å"1984† is a story which takes place in what was then the future of England. The book illustrates a dystopian society in which a government figure named â€Å"Big Brother† rules above all. The country is surrounded by eyes so to speak, devices called â€Å"telescreens† are in houses and buildings to monitor wha t all of the citizens are doing via camera. Coupled with that is the existence of the â€Å"Thought Police† whose sole job is to monitor citizens from committing â€Å"thoughtcrime† which is essentially thinkingRead MoreAnalysis Of George Orwell s 1984 923 Words   |  4 Pages1984, is a book written by George Orwell giving the reader a view of what a dystopian government would be like. The government of Oceania controls the lives of it’s citizens; posters of a figure known as â€Å"Big Brother† are seen all over and emphasize that he is always watching it’s citizens. The government enforces rules and regulations amongst it’s citizens, restricting them from giving their own opinion or even opposing the government. Thoughtcrime, face crime, and double think are all strictlyRead MoreAnalysis Of George Orwell s 19841450 Words   |  6 PagesThose familiar with George Orwell’s â€Å"1984† will recall that â€Å"Newspeak was de signed not to extend but to diminish the range of thought.† I recently felt the weight of this Orwellian ethos when many of my students sent emails to inform me, and perhaps warn me, that my name appears on the Professor Watchlist, a new website created by a conservative youth group known as Turning Point USA. I could sense the gravity in those email messages, a sense of relaying what is to come. The Professor Watchlist’sRead MoreAnalysis Of George Orwell s 19841377 Words   |  6 Pagesvarious types of governments, such include democracy, oligarchy, and more specifically, totalitarian. A totalitarian government gains extensive amounts of control and power over all of their people, and dominate over every aspect of their lives. George Orwell’s â€Å"1984,† conveys to its readers how the government presented totalitarianism and obtained control over their citizens. This action by the government compares to the massacre of the Holocaust, which portrayed the act of totalitarianism by aiming discriminationRead MoreAnalysis Of George Orwell s 19841029 Words   |  5 Pages Imagine a world where everything you knew had to be forgotten, and you knew nothing more then what was being told to you. In George Orwell’s book 1984 this is exactly the case. Winston Smith, a m iddle aged man, lives a life already planned for him. Smith works at the Ministry of Truth rewriting the news and other articles to follow the teachings of Big Brother. Big Brother is the leader of Oceania, one of three world powers, and aims to rewrite the past to control the present. Oceania is separatedRead MoreAnalysis Of George Orwell s 1984 Essay1127 Words   |  5 Pagesfirst civilizations of mankind, yet it is difficult find one that is perfect even till today. George Orwell shows an example of this within 1984. 1984 was written based on what Orwell thought the government would be like in 1984. He used his personal knowledge and experience with the government to create his story. The setting of 1984 is set in a superstate where there is a totalitarian government. Within 1984 and the 21st century one major key stands out: corruption rules both governments. Trust isRead MoreAnalysis Of George Orwell s 19841026 Words   |  5 PagesIn 1984, by George Orwell violence contributed to the plot by having three stages of reintegration. The stages are to learn, understand, and to accept, Winston was forced to learn that 2+2=5 under torture, understanding that the party is good, and seeks power for its own. Winston accepts and understands the Party and Big Brother as soon as Winston wishes the burden of torture on someone else who he loves, and to learn that Big Brother is eternal and that 2+2=5, Winston then is committed and loyalRead MoreAnalysis Of George Orwell s 1984 1122 Words   |  5 Pagesfreedom. A growing debate concerning Orwell’s 1984 relevancy is quickly on the rise. Orwell’s fear of a totalitarian society led him to write this book as he lived during the totalitarian movement in Russia. The fear of a totalitarian society spreading sparked his fear and wrote this book to make people understand that it is not benef icial to society. I feel that with the the National Security Agency in the United States, the issue and relevancy of 1984 has never been higher. The public is discovering

Domestic vs International Trade free essay sample

Domestic Vs International Trade Mohammad Tariqul Islam Domestic Trade: Trade among parties in the same country. Domestic trade is the exchange of goods, services, or both within the confines of a national territory. They are always aimed at a single market. It always deal with only one set of competitive, economic, and market issues. The trading is always with a single set of customers all the time, though the company may have several segments in a market. Finally local trade or home trade or Domestic trade may be sub-divided into Wholesale trade, and Retail trade. International Trade: Trade among parties residing in different countries. International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in recent centuries. Some difference between International trade and local or domestic trade International trade is in principle not different from  domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as  tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture. Another difference between domestic and international trade is that  factors of production  such as capital and  labour  are typically more mobile within a country than across countries. Thus international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labor or other factors of production. Advantages and Disadvantages of international Trade Advantage of international trade †¢ Monetary gains to the respective country indulging in trade. †¢ More variety of goods available for consumers. †¢ Better quality of goods. Competition both at the international level as well as local level. †¢ Closer  ties  between nations. †¢ More exchange of technical know-how. †¢ Local producers will try to improve the quality of their products. †¢ Increase in  employment  locally. Disadvantage of international trade †¢ Local production may suffer †¢ Local industries may be overshadowed by their international competitors †¢ Rich countries may influence political matters in other countries and gain control over weaker nations. †¢ Ideological differences may emerge between nations with regard to the procedures in trade practices. International trade is beneficial to world economy. It adds to the money coffers of the world at large. Every country can benefit monetarily if it is able to dispose off its surplus goods after meeting the requirements of the local people. Key differences: †¢ International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. †¢ The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture. †¢ Another difference between domestic and international trade is that factors of production such as capital and labor are typically more mobile within a country than across countries. †¢ Thus international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labor or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production. †¢ Within a country labour and capital moves freely to get maximum returns. These factors of production do not move with such freedom among different countries due to differences in culture, climate, language, customs and political restrictions imposed by regulatory authorities. This immobility gives rise to wage and interest differentials among countries. †¢ Different currency system introduces additional cost and risk in international trade as the value of currencies is constantly subject to variations. As long distances involved transport costs for international transactions are higher than for domestic trades. Home trade is called domestic trade in some countries. These are the differences as seen by me. 1. For home trades, payments could be made in home currency only. Foreign trades are to be paid invariably in convertible currencies. 2. Home trades generally have no restrictions of movement within the country. In international trade, there are restrictions as to movement of specific goods to specified countries. 3. Home trades have taxes levied by the Government and local bodies. International trades have levies called customs duties. These invariably go to the Federal Government. 4. Documents for domestic trades are comparatively simple and easy to understand and follow. Foreign trades have a different set of documents which must be filed in every case. 5. Insurance of consignments sent on foreign trade are compulsory; in home trade it is optional. 6. Usually, foreign trades are preceded by payment or promises of payment made by international foreign exchange traders (also called Letters of Credit. In domestic trades, payments are realised usually after the trade is executed. Depending on the credit rating of the parties concerned, even a simple promise is not taken. Letters of Credit in domestic trades is not common but not ruled out. 7. Credibility of parties can be got verified in foreign trades through the trade representatives of the countries involved in the transaction. 8. On receipt of consignment at a foreign country, the documents are handed over t o the buyers only after payment is realised. Thereafter, the Banks concerned remit the payments to the sellers through normal international banking channels. In respect of domestic trades, bankers may or may not be the intermediaries. Payments can be directly sent to the sellers by the buying party. 9. Under the United Nations charter, goods prohibited for specific countries cannot be sent to them by member countries. Penalties extending to boycott of trade with that country may follow. In domestic trades, such prohibitions do not exist. (Example: selling atomic energy raw materials to Iran, Iraq etc. 10. International trades are further government by agreements between member countries of General Agreement on Tariffs and Trade. Domestic or home trades are not subject to such agreements. An international business is a business whose activities are carried out across national borders. This differs from a domestic business because a domestic business is a business whose activities are carried out within the borders of its geograp hical location. A domestic company is one that confines its activities to the local market, be it city, state, or the ountry it is in. It deals, generally, with one currency, local customs and cultures, business laws of commerce, taxes and products and services of a local nature. The international company, on the other hand deals with businesses and governments in one or more foreign countries and is subject to treaties, tariffs. currency rates of exchange, politics, cultural differences, taxes, fees, and penalties of each country it is doing business in. It may also be conducting business in its home country, but the emphasis is on trading in the international marketplace. Differences between Domestic and International Trade International Trade: The exchange of goods and services between countries is called International Trade. Inter-Regional Trade: The exchange of goods and services with in a country is called Inter-regional Trade. Differences between International and Inter-regional Trade and need for a separate theory: A number of things which make difference between international and inter-regional are given as under. We can understand from these reasons that it gives rise to a separate theory of international trade. . Factor Mobility: Labour and capital as factor of production do not move freely from one country to another country as they do with in the same country. Thus labour and capital are regarded as immobile between countries while they are perfectly mobile within a country. Adam Smith said â€Å"Man is of all forms of luggage, the most difficult to transport†. Differences in cost of production can not be removed by moving and money. The result is the movement of goods. On the contrary between regions with in the same olitical boundaries, people distribute themselves more or less according to the opportunities. Real wages and standard of living tend to seek a common level though they are not wholly uniform as between national these differences continue to persist and check population movements. Capital also does not move freely from one country to another country. 2. Different Currencies: Each country has a different currency. Buying and selling between nations give rise to complications absent in internal trade. This hampers smooth flow of trade as between one country and another country. A large number of foreign exchange problems arise in number of foreign trade which are non-existent in inter-regional trade. 3. Different National Policies: Different needs lead countries to pursue divergent national policies and not only with respect to foreign exchange rates. National Policies differ in a wide matter of domestic matters affecting international economic relations, wages, prices, competition, investment, business regulation etc and often involve interference directly in international economic intercourse in tarrifs, exchange controls, non-tarrif barriers and the like. . Different Political Circumstances: Mostly countries differ in political circumstances. In inter-regional trade, trade takes place among same people. But international trade takes place among people of different cultures, habits and languages. These cultural distinctions between markets, important in the absence of different national measures have led political scientists to take look at the nature of countries. 5. Difference in National Resources: Different countries are endowed with different type of natural resources. They tend to specialise, in the production of those commodities in which they are richly endowed and trade them with others where such resources are scare. 6. Geographical and climatic differences: Every country cannot produce and commodities due to geographical and climatic conditions, except at possibly prohibitive costs. Countries having climatic and geographical advantage specialise in the production of particular commodities and trade them with others. 7. Different Markets: International markets are different in various aspects. Even the system of weights and measures and pattern and styles in machinery and equipment differ from country to country. Goods which are traded within regions may not sold in other countries. This is why in great many cases products to be sold in foreign countries are especially designed to confirm to the national characteristics of that country. 8. Problem of Balance of Payments: The problem of balance of payments is perpetual in international trade while regions with in a country have no such problem. 9. Restrictions on Trade: Trade between different countries is not free. There are restrictions imposed by custom duties, exchange restrictions, fixed quotas or other tarrif barriers. 10. Ignorance: Differences in culture, language and religion stand in the way of free communication between different countries. In inter-regional trade labour and capital freely moves about. These factors too make internal trade different from international trade. 11. Transport and Insurance Costs: The cost of transport and insurance also check the free international trade. The greater the distance between the two countries the greater the cost and insurances.