Agriculture Education

IDA/700-PAK-10 Assignment Report Agricultural Education FOR INTERNAL USE ONLY: NOT FOR GENERAL DISTRIBUTION PAKISTAN Horticulture and Vegetable Production at the Sind Agricultural University, Tandojam by Mohamed A. S. Sakr UNITED NATIONS EDUCATIONAL, SCIENTIFIC AND CULTURAL ORGANIZATION (Unesco) Paris, 1982 Serial No. FMR/ED/OPS/82/23KIDA) IDA/700-PAK-10 Assignment Report (Sakr) FMR/ED/OPS/82/231 (IDA) Paris, 22 June 1982 CONTENTS PARAGRAPHS INTRODUCTION ( 1 – 2) AGRICULTURAL EDUCATION: UNIVERSITY PROVISION AND NEEDS ( 3 – 14) Faculties 3- Central Facilities: 5- 8 (1) (2) (3) Central Library Laboratories Water and Electricity (4) 5 6 7 S University Farm 9 Faculty of Agriculture 9 Staffing 10 – 14 Department of Horticulture 10 (1) (2) (3) Staffing Buildings Equipment 11 – 13 14 (15 – 36) ACTIVITIES OF HORTICULTURAL DEPARTMENT AND ADVISER 16 – 20 Undergraduate Curricula 21 Postgraduate Curricula 22 – 29 Vegetable Crops (1) (2) (3) object ives and Methods Growing methods Seed production (4) Results 22 – 23 24 – 27 28 29 30 – 32 Student Training:- practical work and lectures 3 – 34 Staff Training Research 35 – I. INTRODUCTION 1. This report covers the activities of the Adviser in Horticulture and Vega,table Production from 14 March 1981 to 13 March 1982, within the framework of Credit Agreement No. 678, signed on 18 February 1977 between the Government of the Islamic Republic of Pakistan and the International Development Association as provided by the Food and Agriculture Organization (FAO) under sub-contract to Unesco. 2. His functions were defined as follows:Under the direction of theVice-chancellor of the University and the Director of the Third Education Project in Pakistan, the Adviser, besides performing such other duties within his competence as might be assigned him, would assist the University's Faculty of Agriculture to: a) b) Develop curricula and teaching methods for cour ses in horticulture ; c) Prepare courses on physiological features affecting the growth of horticultural crops, including day-length, water-stress, soil and air temperatures, fertiliser use and uptake, etc. ; d) Encourage the development and use of innovative methods for teaching horticulture; e)Identify plant species which could be used locally for seed production; f) I I. Initiate and improve research methods in vegetable production; Prepare, within the Adviser's field of competence, technical documents (manuals, guidelines, brochures, etc. ) to be put at the disposal of the Faculty of Agriculture. AGRICULTURAL EDUCATION: UNIVERSITY PROVISION AND NEEDS Faculties 3. The Sind Agricultural University, which developed from the Agricultural College first established at Sakrand in 1939, had in 1982, an enrolment of 1,700 students and some 200 teaching staff (not including Research Institute s taff).It has a Division of Basic Sciences, three Faculties – Agriculture, Animal Husband ry and Veterinary Science, and Agricultural Engineering — and a Directorate of Advanced Studies. 4. The largest faculty is that of Agriculture, with 1,252 undergraduates and 174 postgraduate students and 88 teaching staff in 1982. It has eleven departments: agronomy, botany and plant breeding, agricultural extension and short courses, agricultural chemistry, agricultural economics, entomology, horticulture, plant protection, plant pathology, statistics and English. -2-Central Facilities (1) Central Library; 5. The Adviser considered that the Central Library, which serves the whole University, had inadequate stocks of recent reference books and periodicals, that its use could be increased if its hours of operation were extended from 7. 30 a. m. to 7. 30 p. m. , and that indexing and shelf-storage of books and other materials should be improved. (2) Laboratories : 6. A Central Laboratory, the Adviser recommended, should be established for advanced studies, suitably equipped and staffed with trained technicians.There was a need for a central service to maintain and repair laboratory equipment and apparatus. He found numerous items to be out of service which could easily have been repaired. Laboratory assistants were needed for proper laboratory maintenance and operation, and every department should have access to laboratories suitable for practical work by students, for demonstrations and for research and experimentation by teaching staff and postgraduate students. (3) Water and Electricity: 7. The water pressure was inadequate in most laboratories, to the detriment of practical work and experimental projects.Intermittent electrical breakdowns interfered with the conduct of laboratory experiments which required maintenance of a certain temperature, humidity and lighting. Wiring in some laboratories was inadequate. Voltage fluctuations should be stabilized by voltage regulators where sensitive apparatus was used. An emergency power, supply should be availab le. (4) university Farm: 8. The importance of practical training should be reflected by the development of a university farm large enough to serve all three faculties.A committee, headed by the Vice-chancellor, should be responsible for the planning and control of the farm, with a farm manager in charge of its activities. The farm would be used primarily for training students and for experimental studies, while production of field crops, fruit and vegetables, together with apiculture and fish-farming, could support research activities. Faculty of Agriculture Staffing: 9. With 88 teaching staff for 1,426 students, the student-teacher ratio in the Faculty of Agriculture is 1:16.This makes it difficult for teachers to teach, supervise practical training and research tasks and deal individually with students. The Adviser considered that the teacher:student ratio should be 1:10. -3- Department of Horticulture (1) Staffing 10. The Horticultural Department of the Faculty of Agriculture pro vides undergraduate and graduate courses in three main fields: pomology, olericulture and ornamental horticulture. The teaching staff of eight (a professor, one associate professor, four assistant professors and two lecturers) should be doubled by the addition of two associates, two assistant professors and four lecturers.A laboratory technician and three assistants, a field assistant for the vegetable garden and a tractor driver (should the Department receive a garden tractor) should also b e provided. For the moment, the University should provide at least a laboratory technician and a field assistant. (2) Buildings (a) Laboratories : 11. The Department has two laboratories, one about 30* x 15†² and the other 60†² x 3 0†², the latter having two store rooms. Considering that this space was not enough for undergraduate practical work, the Adviser-recommended the provision of two more laboratories of 4 0†² x 25 ‘ . b) 12. Horticultural Structures: The Adviser recommended provision of: (i) a lath house of 4 0 x 8 0 ‘ for propagation and to provide proper shade for seedlings and ornamental shade plants; (ii) a greenhouse for tropical foliage plants? (iii) a growth chamber for research on environmental impact on the growth and yield of horticultural plants. If an imported growth chamber cannot b e obtained, an alternative would b e a greenhouse with humidity, light and temperature controls. (c) Post-harvest Structures: 1 3. A building is needed for preparing fruit and vegetables for marketing and torage, de-greening and fruit-curing chambers, cold storage, and preservation of fruit and vegetables. (3) Equipment 1 4. The laboratory equipment is adequate, though some items were in need of repair. Field machinery, for both garden and farm, is provided by the Faculty of Agricultural Engineering. However, the Adviser considered it would be advantageous for the Department to have a 60 hp garden tractor, with trolly and -4- other accessori es, plough, cultivator, rotivator, leveller, pit-digger, driller, power sprayer, etc.This would save time now being lost in borrowing tractors in emergencies, such as one which might arise in connection with disease and pest control. It would ease problems occurring from the shortage of labour. I II. ACTIVITIES OF HORTICULTURAL DEPARTMENT AND ADVISER 1 5. Besides advising on staffing and facilities, the Adviser co-operated with Department of Horticulture staff in a number of activities, including the revision of curricula, growing of vegetable crops, practical work, training students and staff, and research. Undergraduate Curricula 16..Undergraduate studies in horticulture cover a period of five years, the courses being: Years 1 and 2 : Basic science (Intermediate l evel); Year 3 : General horticulture; Year 4 : Fruit and vegetable growing and ornamental horticulture ; Year 5 : Fruit and vegetable production, landscape gardening and general food technology. 1 7. The curricula in the following areas were revised. (a) Intermediate level basic science; (b) Various major field horticultural courses; (c) Agro-ecology of Sind and Baluchistan; (d) Major horticultural crops in Sind and Baluchistan; e) Problems of fruit and vegetable production in these two provinces. 18. An interim development plan was prepared for undergraduate and postgraduate studies. It was agreed that the three existing courses in plant-breeding and genetics provided an adequate scientific background in this field and that priority should now go to fruit and vegetable production. To this end, two new courses should be added so that the overall course would include: vegetable growing, vegetable production (two courses) and seed production. – 5- 19.In vegetable growing, in addition to the existing areas of definition, classification, soil and climatic requirements, the Faculty should add rotation, green manuring and kitchen garden cultivation. The two courses in vegetable production would gi ve time for major crops to be dealt with in greater detail and for more practical training. The area in Sind under vegetable cultivation is increasing steadily as farmers realise its value for cash crops, but the yield is still very low. This is due mainly to lack of knowledge and experience (which the agricultural extension services could provide) and a lack of good seed. 0. A course in vegetables, fruit and ornamental plant seed production should be offered. Students would learn how to collect, harvest, clean, dry, pack and store seeds and they would study seed dormancy, germination and treatment, together with methods of breeding self and cross-pollinated crops. Postgraduate Curricula 21. The present postgraduate curricula cover horticultural plant nutrition, plant propagation and fruit production (two p arts). This last should be replaced by two new courses : (a) the soil and water relations of horticultural plants; (b) temperature and water relations of horticultural plants.Opt ional courses should be introduced for M. Sc. students to supply them with additional information needed in their fields of study. Options could include courses on major horticultural crops and general courses on the improvement of horticultural plants, on growth† regulators and on protected cultivation. As most research experiments on vegetables must be conducted at the Agricultural Research Institute at Mirpurkhas, 30 miles away, it was decided that priority should be given to raising vegetable crops at Malir, the university Farm,to provide the Horticultural Department with the facilities needed for research.Vegetable Crops (1) Objectives and Methods 22. The main objectives of the Horticultural Department in growing vegetable crops were to provide practical training for staff, students and labourers; to become familiar with problems of vegetable production in Sind; to evaluate crops and varieties, and seed production. It was planned to start by using two acres in the horticu ltural garden for growing most of the vegetable crops for practical training, and four acres at Malir Farm for a four-year crop rotation. 2 3.Winter vegetables, carrots, radishes, turnips, cauliflowers, spinach and beet, were grown in the garden. The local varieties were identified, evaluated, weighed and measured. Promising varieties of radish, carrot and onion could be improved by breeding. All peas and spinach were of poor quality, most of the peas being dwarf types, with an average plant height of only ten – twelve inches. – 6- The spinach varieties were prickly-seeded and, during the shortest winter days, started flowering early. The seed stalks had an extreme male-type of inflorescence.Seed of selected suitable varieties of peas and spinach should be imported. (2) Growing Methods (a) Trailed Tomatoes; 2 4. Trailing tomatoes were tried in the open; local and imported varieties were planted and supported by iron stakes, galvanised wire and plastic string. Students and labourers were trained to tie the vines to strings, to pinch and remove auxiliary shoots and to apply fertilisers. The trial was successful, the plants standing well throughout the season and bearing -heavily. Later, owing to virus diseases on some vines, all plants were removed and burnt.A second trial was begun in the summer, the tomato vines being shaded by luffa plants – ridge gourd (luffa acutangula) and sponge gourd (luffa aegyptica) – the small luffa fruit being edible. (b) Soil-level mulches: 2 5. Cucurbits – bitter gourd (mermodica charanta), tinda or Indian squash (citrullos vulgaris, var fistulosa), tori (luffa s p. ), cucumber and cantalope were grown- early. Seeds were planted on December 21st in hillocks on raised beds covered with clear polyethylene film to form soil-level mulches.Two weeks later, seed emergence was observed, with a minimum temperature o f 6 C. Minimum and maximum temperatures and germination percentages were recorded. (c) Pla stic tunnels: 2 6. Plastic walk-in and mini-tunnels were† made of local materials. The mini-tunnels were used for raising nursery plants and for getting tomato, pepper and egg-plant seedlings†¢ They gave high germination percentages and well-established seedlings. The walk-in tunnels were used for trailed tomatoes and for cucumbers, temperature and humidity data being recorded. d) Crop rotation: 2 7. A site on Malir Farm was selected for growing vegetables as an intercrop on the new mango plantation and an area of four acres was prepared for a fouryear rotation. Vegetables were grown on the farm to provide training in managing a vegetable farm for profitable production, and the rotation was designed to cover the main summer and winter crops. The main factors taken into account when planning the cropping sequence were distribution of the root systems and differences in the uptake of nutrients.All needs for seeds, fertilisers, fungicides and pesticides were estimated, and s upply arrangements made, from the beginning. . 7- (3) Seed Production 2 8. Onions, cauliflowers-and spinach were grown on the farm for seed production. Good onion bulbs of two to three inches in diameter were selected, the Phulkara variety being chosen as being an early sort commercially grown on a large scale in Sind's three main districts – Hyderabad, Tharparker and Sanghar. Snow white, an imported variety of cauliflower, was also planted for seed production.Spinach seed was sown in two batches, that for seed production being sown early and a fortnight later another small area being sown to ensure adequate pollination. (4) Results 29. This vegetable growing gave ample scope for training staff, students and labourers. Mini-tunnels and plastic soil mulches showed possibilities of improving yields and reducing costs. The former, as noted, gave high germination percentages and well-established seedlings, while the latter produced good quality summer crops, advanced by some thre e to four weeks and with a 25% to 50% increase in yield, with consequent savings in water and labour.Visitors were interested in getting information on plastic film tunnels and mulches for growing early tomatoes, egg-plants, chillies, okra, melons and gourds, which all gave high market prices. Student Training – practical work and lectures 30. The horticultural garden of about forty acres and the new fifty-acre mango plantation provided ample space for giving students practical training in fruit, vegetables and ornamental horticulture during the academic year 1981/82. Four groups, of 45 third-year general horticulture students, were split into sub-groups, each having its own assignment r e. . in the orchard or vegetable garden, weeding or thinning out, etc. Fourth-year students likewise participated in practical work in ornamental horticulture, trimming hedges and creepers, tending lawns and preparing cuttings. Fifth-year students also took part in practical work on vegetable production. 31. In the winter season, when more land is usually available for practical training and demonstration in vegetable growing, work done by third and fifth year students included: (a) different ways, of sowing seed: by scattering; in hillocks, by drilling, (b) aising and tending nursery plants, both in the open and in mini-tunnels ; (c) weeding, thinning, manuring, applying fertilisers; (d) trailing tomatoes and preparing paper p ots, plastic tunnels and mulches. -8 3 2. included: In addition, practical garden and farm work for fifth-year students (a) identification of spinach and chard seeds, learning by observation that spinach is single-seeded while chard and beet are multiple-seeded; practice in thinning; (b) recognition of spinach sex: extreme male, vegetative male, female, and identification of types of inflorescence; (c) emonstration of sexual propagation of the potato, sweet potato, dasheen and garlic;. (d) practice in cutting seed tubers into two, three or four p ieces according to size and number of eyes; cutting of sweet potato vines. Staff Training 33. In-service training of the'Department's teaching staff was carried o ut, directly or indirectly, by visits, practical work and discussions. Most staff members participated, in groups of two to four at a time, in visits to noted farms, progressive vegetable growers, agricultural research institutes, fruit and flower shows, and to seed markets, merchants and growers.The Adviser recommended that more such visits should be made and that the University should have more transportation for this purpose. 3 4. Practical work included vegetable growing and testing, plant and seed studies, laying out crop rotations and managing day-to-day operations. Discussion topics included undergraduate and postgraduate curricula, teaching methods, laboratory and equipment needs and use, and the draft university development plan. Three topics were prepared for seminars – plastic film tunnels and mulches, ro tation and inter-cropping, and vegetable crop nutrition.A seminar was held on the first of these, attended by university staff, growers and guests. Research 35. The Adviser considered the span of one academic year inadequate for the work that the M. Sc. course should comprise – attending courses and seminars, laying out the research experiment, collecting data and information, and preparing the thesis. Chemical analysis, he noted. , had not been included in any of the eight M . Sc. experiments on vegetables carried out in the previous seven years, although four were on the use of manure and fertilisers and two on variety tests. 9- 36. Eight M. Sc. experiments were due to be conducted at Malir Farm: two on methods of carrot seed production, three on onions (two on fertiliser use and the other on spacing), two on okra (on spacing and on testing varieties) and one on manure-testing for chillies. Other experiments proposed included evaluation and improvement of the keeping qualit ies of local varieties of vegetables, studies on the optimum sowing dates for the main vegetable crops, and the effects on vegetable crops' growth and yields of selected environmental factors and of manure and fertilisers.

Aes Cost of Capital

International Capital Structure and the Cost of Capital Agenda 1 2 3 4 5 International Capital Structure and the Cost of Capital Analyzing Cost of Capital among Countries Cross Border Listing of Stocks International Asset Pricing Model (IAPM) The Financial Structure of Subsidiaries Case Analysis – AES Corporation 6 International Capital Structure and the Cost of Capital Your Logo International Capital Structure and the Cost of Capital †¢ Firms are becoming multinational in both scope AND in capital structure †¢ Fully integrated financial markets = the same cost of capital both domestically and abroad o If not, opportunity may exists to decrease cost of capital Cost of Capital †¢ The minimum rate of return an investment must generate to cover its financing cost †¢ Firms will undertake projects if the return is expected to exceed the cost of capital †¢ Return = Cost of Capital : value unchanged †¢ Return > Cost of Capital : firm’s value incre ases †¢ Return < Cost of Capital : bad investment Weighted Average Cost of Capital (K) †¢ When a firm has both debt and equity financing, weighted average cost of capital: K = (1-? )K+ ? (1- t)i K = (1-? )KL + ? i(1- t) †¢ (1- ? = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capit al that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible K = (1-? )KL + ? i(1- t) †¢ (1- ? ) = weight of cost of capital that is from equity †¢ KL = cost of equity capital †¢ ? = debt-to-total-market-value ratio (weight of total cost of capital that is from debt) †¢ i = before-tax cost of debt capital (borrowing) †¢ t = marginal corporate income tax rate o Interest payments are tax deductible Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 0)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company is financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 Example †¢ K = (1-? )KL + ? (1- t)i o Company s financing 30% of capital by debt (? ) ? So they’re financing 70% (1-0. 30) by equity (1-? ) †¢ Cost of equity capital is 10% †¢ Before-tax cost of borrowing is 6% †¢ Marginal corporate tax rate is 15% K = (0. 70)0. 10 + 0. 30(1-0. 15)0. 06 K = 8. 53% Minimizing weighted average cost of capital(WACC) †¢ Lowest WAC C is obtained when the optimal combination of debt and equity are used †¢ Increases # of profitable capital expenditures o Firm value is increased as long as the return on new projects exceeds the firm’s WACC †¢ Internationalizing the firm’s capital structure helps to decrease the cost of capital Firm’s Investment Decision and the Cost of Capital †¢ A firm that can reduce it's cost of capital will be able to increase the profitable capital expenditures that they can invest in †¢ This results in increasing shareholder wealth †¢ We can do this by internationalizing our cost of capital Factors that affect the WACC Controllable Uncontrollable †¢1 Capital structure policy Proportion of debt and equity †¢ Interest rates Increases cost of debt, may indirectly increase cost of equity †¢ Investment Policy Degree of risk associated with new projects †¢ Tax rates Increase in corporate tax rate decreases cost of debt decreases WA CC Economic conditions Ie. Financial crisis of 2007/2008 Calculating the firm’s equity cost of capital Usually estimated using the Capital Asset Pricing Model (CAPM): †¢ Ri = Rf + ? (Rm – Rf) †¢ Ri: Expected return of security I †¢ Rf: Risk-free interest rate †¢ ? : measures volatility of security i compared to the market portfolio †¢ Rm: Market portfolio Cost of capital in segmented vs. integrated markets †¢ Ri = Rf + ? (Rm – Rf) †¢ In segmented markets, Rm is usually proxied by the S for the United States †¢ In integrated markets, Rm can be proxied using the MSCI World index Cost of capital in segmented vs. ntegrated markets†¦ continued †¢ Same future cash flows are likely to be priced differently in different countries in segmented markets, why? o ? is measured against the domestic market portfolio a this differs from country to country †¢ In fully integrated markets, same future cash flows will be priced the same as ? is now measured against the same world market portfolio Analyzing Cost of Capital among Countries Your Logo Does the Cost of Capital Differ among countries? ? Researches suggest that although international financial markets are not segmented anymore, they are still not fully integrated ? The empirical evidence is not clear-cut If the international financial markets = less than fully integrated, then there can be systematic differences To illustrate that capital markets are less than fully integrated, McCauley and Zimmer (1994) provided a direct comparison of the cost of capital among the 4 major countries: Germany, Japan, UK and US Method: 1. estimate the cost of debt and equity capital 2. compute the cost of funds (weighted average cost of capital) – using capital structure in each country as the weight 3. compute the cost of capital in real terms after adjusting for the inflation rate Effective Real After-Tax Cost of Debt Cost of Equity Debt -to-Equity Value Ratios Real After-Tax Cost of Funds Example – Novo Industri †¢ Produces industrial enzymes and health care products †¢ 1970s, management decided to finance planned future growth of company by entering international capital markets †¢ Danish stock market was small and illiquid – company needed to internationalize †¢ Novo management felt they were facing a higher cost of capital than competitors because of the segmented nature of the Danish stock market Example – Novo Industri Went international by: Increased transparency by presenting financial and technical statements in Danish and English †¢ Cross-listed on the London Stock Exchange, †¢ Listed ADRs (so that US investors can invest in US dollars rather than Danish) The Result: †¢ Novo Industri’s stock price increased while other Danish stocks didn’t Implications of the example Firms operating in small, segmented domestic capital market can gain access to new capit al and lower the cost of capital by listing their stocks on large, liquid capital markets like the New York and London Stock Exchanges. Cross border listing of stocks Your Logo Cross-Border Listings of Stocks †¢ Firms can potentially benefit from crossborder listings †¢ Why? o Gain access to additional sources of capital while lowering cost of capital by increasing investor base o Increase in stock prices due to more demand and trading of the stock Cross-Border Listings of Stocks †¢ Firms seem to prefer to list in neighbouring markets †¢ Why? o Similarities in markets o A â€Å"home bias† Cross-Border Listings of Stocks †¢ Generally, o Potentially expand investor base, which leads to a higher stock price and lower cost of capital lower transaction costs ? improvement in quality and quantity of firm specific information available to investors o Creates a secondary market for the company’s shares and facilitates raising new capital in foreign mar kets liquidity of a company’s stock o Enhance Cross-Border Listings of Stocks †¢ Generally, o Enhances the visibility of the company and it’s products in foreign markets shares may be used as the â€Å"acquisition currency† for taking over foreign companies o Cross-listed o May improve the company’s corporate governance and transparency Cross-Border Listings of Stocks May improve the company’s corporate governance and transparency† †¢ Once companies cross-lists its shares on foreign exchanges (NYSE, LSE), they are required to follow strong disclosure and listing requirements †¢ On average, foreign companies listed on U. S. exchanges are valued ~17% higher Cross-Border Listings of Stocks †¢ Disadvantages o Meeting disclosure and listing requirements can be costly (U. S. GAAP) in overseas markets o Volatility o Foreigners may take a controlling interest in the company and challenge domestic control International Asset Pricin g Model IAPM Your Logo IAPM For understanding the effects of international cross-listings. †¢ assuming cross-listed assets are internationally tradable assets and internationally nontradable assets. IAPM †¢ CAPM: Ri=Rf+(RM-Rf)Bi Bi = Cov(Ri , RM)/Var(RM) =; Ri=Rf+[(RM-Rf)/Var(RM)]Cov(Ri,RM) AMM risk-aversion: Y*=[E(r)-rf]/(A? 2)  » AM is a measure of aggregate risk aversion  » M is aggregate market value of market portfolio =; Ri=Rf+ AMM Cov(Ri,RM) IAPM †¢ Asset pricing mechanism under: †¢ Complete integration – assets are trade internationally according to world systematic risk Complete segmentation – assets are trade respected to country systematic risk. Suppose two countries: Domestic Country and Foreign Country †¢ IAPM Complete Segmentation †¢1 Domestic Country E(R): †¢ Foreign Country E(R): Rg = Rf + AFF Cov (Rg , RF) Ri = Rf + ADD Cov (Ri , RD) Complete Integration Both Domestic and Foreign: Ri = Rf + AwW Cov (Ri , RW) In re alty, assets are priced as partially integrated world financial markets IAPM Partially Integrated World Financial Markets †¢ Internationally tradable assets are priced as if world financial markets were completely integrated †¢ Non-tradable assets will be priced by world systematic risk (pricing spillover effect) and a country-specific systematic risk. o o Spillover effect – externalities of economic activity or processes those who are not directly involved in it. Pollution, technology, even financial markets IAPM Nontradable assets of the domestic country: Ri=Rf+ AwW Cov*(Ri,RW)+ ADD [Cov(Ri , RD)- Cov*(Ri , RD)] Cov* (Ri , RW) Indirect world systematic risk Cov*(Ri,RW) is the indirect covariance between the ith nontradable asset and world market portfolio. Cov(Ri , RD)- Cov* (Ri , RD) Poor domestic systematic risk Cov*(Ri , RD) is indirect covariance between the future returns on the ith non-tradable asset and domestic country’s market portfolio that is ind uced by tradable assets. IAPM implications: 1. International listing (trading) of assets in otherwise segmented markets directly integrates international capital market by making these asset tradable. 2. Firms with non-tradable assets get free ride from firms with tradable assets in sense that former indirectly benefit from international integration in terms of a lower cost of capital and higher asset prices. Effect of Foreign Equity Ownership Restrictions †¢ Restrictions on maximum % ownership of local firms by foreigners †¢ Mexico and India: limited to 49% †¢ Two different classes of equity Chinese firms issue A shares and B shares †¢ Ensuring domestic control of local firms Pricing-to-market (PTM) phenomenon †¢ Constraint is effective in limiting desired foreign ownership eg. Korean firm’s restriction on foreigners is 20% Foreigners want to buy 30% †¢ Foreign and domestic investors may face different market share prices Asset Pricing under For eign Ownership Restrictions †¢ A firm’s cost of capital depends on which investors, domestic or foreign, supply capital. †¢ A firm can reduce its cost of capital by internationalizing its ownership structure. An Example of Foreign Ownership Restrictions: Nestle †¢ Nestle used to issue two different classes of common stock: – Bearer shares: foreigners – Registered shares: Swiss citizens – The bearer stock was more expensive. Nestle An Example of Foreign Ownership Restrictions: Nestle †¢ On November 17, 1988, Nestle lifted restrictions imposed on foreigners, allowing them to hold registered shares as well as bearer shares. †¢ A major transfer of wealth from foreign shareholders to Swiss shareholders. †¢ The total value of Nestle increased substantially when it internationalized its ownership structure. †¢ Nestle’s cost of capital therefore declined. An Example of Foreign Ownership Restrictions: Nestle †¢ The Ne stle episode illustrates: – The importance of considering market imperfections – The peril of political risk – The benefits to the firm of internationalizing its ownership structure The Financial Structure of Subsidiaries Your Logo The Financial Structure of Subsidiaries Three different approaches to determining: 1. Conform to the parent company’s norm – where the parent company is fully responsible for the subsidiary’s financial obligations – not necessarily consistent with minimizing the parent’s overall cost of capital The Financial Structure of Subsidiaries Three different approaches to determining: 2. Conform to the local norm of the country where the subsidiary operates – When the parent company is willing to let its subsidiary default, or the guarantee of obligations becomes difficult to enforce across national borders – Not the optimal one approach (immature nature of local financial markets) The Financial Structure of Subsidiaries Three different approaches to determining: 3. Vary judiciously to capitalize on opportunities to reduce financing costs and risks – Most reasonable and consistent with minimizing firm’s overall cost of capital – Take advantage of subsidized loans Taxes deduction of interest payment – Take advantage of various market imperfections (ex. political risks) CASE: Globalizing the Cost of Capital and Cost Budgeting at AES BRIEF BACKGROUND AES Originally Applied Energy Services †¢ Founded in 1981 †¢ Publically traded since 1991 †¢ In 2003 – Leading independent supplier of electricity in the world – $33 Billion in asset (eg. Power plants, generation facility, other energy related businesses) stretched across 30 countries and 5 continents AES Early Success †¢ †¢ †¢ †¢ †¢ 1983: 1st cogeneration facility is built in Houston, Texas 1988: Net income = $1. million 1991: AES goes public, net income = $42. 6 million 1991-1992: AES initiates international expansion 1996-1998: estimated 80%-85% capital investment is overseas †¢ 2000: Revenue = $4. 958 billion Net Income = $778 million AES Typical Investment Structure AES AES stock price (market cap in 2000 reached $28 billion @ $70/share) AES AES stock price (market cap in 2002 fell 95% to $1. 6 billion @ $1/share AES What Happened? †¢ It's recipe for success (international exposure) became their recipe for disaster o Much of AES' expansion took place in developing countries (there was more unmet demand vs. eveloped countries) †¢ Main factors: o Devaluation of key South American currencies ? Argentine, Brazilian, Venezuelan currency crises o Adverse changes in energy regulatory requirements ? Government mandated energy rationing and competition o Decline in energy commodity prices AES AES ISSUES AES Simple Domestic Finance Framework †¢ 12% discount rate was used for all contract generation projects o al l dividend flows from projects were deemed equally risky ? fair assumption because businesses had similar capital structures o most risks could be hedged in the domestic market AES Same Model was Exported Overseas Worked well initially, when they first expanded to Northern Ireland o had many of the same characteristics as domestic projects †¢ Model became increasingly strained in Brazil and Argentina o Hedging key exposures was not feasible (currency, regulatory.. ) AES SO†¦ AES needed of a methodology for calculating Solution by AES valuation & cost of capital for capital budgeting at AES businesses in diverse locations around the world AES How did AES deal with it? †¢ Rob Venerus, director of Corporate Analysis & Planning questioned whether the traditional CAPM would suffice †¢ He did not advocate the use of a world CAPM o AES owned businesses in poorly integrated capital markets Countries such as Tanzania and Georgia did not have any meaningful capital markets †¢ He did not advocate the use a local CAPM either o AES How did AES deal with it? †¢ So Rob Venerus developed a new model: Step 1 †¢ Calculate the cost of equity using U. S. market data for each of AES' projects o Average the unlevered equity betas from comparable U. S. companies o Relever the beta to reflect the capital structure of each of AES' projects o Cost of equity = Rf + ? (Rm – Rf) AES How did AES deal with it? Step 2 †¢ Calculate the cost of debt by adding the U. S. risk free rate and a â€Å"default spread† o Cost of Debt = Rf + Default Spread o The â€Å"default spread† is based on the relationship between EBIT ratios for comparable companies and their cost of debt. AES AES How did AES deal with it? Step 3 †¢ Add the sovereign spread to both the cost of equity and the cost of debt o this accounts for country-specific market risk, which is the difference between local government bond yields and corresponding U. S. Treasury y ields. †¢ These steps allow AES to calculate a WACC that reflects the systematic risk associated with each project in its local market. AES AES How did AES deal with it? BUT†¦ †¢ Most of these local markets are developing markets where â€Å"access to capital was limited and information less than perfect† –> project-specific risk could not be diversified away †¢ â€Å"Project-specific risk† must be accounted for! AES How did AES deal with it? Example of project-specific risk: †¢ There are 2 hydro plants in Brazil that are identical in every aspect, except for the rivers that feed them. River #1 produces cash flows that vary +/50%, River #2 by +/- 10%. If they are financed by 100% equity, CAPM says they are worth the same. Rob Venerus thought this was unconvincing Seven types of â€Å"Project-specific risk†: 1. Operational/Technical 2. Counterparty credit/performance 3. Regulatory 7. Contractual Enforcement/Legal 4. Construction 5. Commodity 6. Currency Weights estimated from AES' ability to anticipate and mitigate risk. Then given a grade between 0 (lowest exposure) and 3 (highest exposure), multiplied by their weights to yield a â€Å"business-specific risk score† AES Example Risk Score Calculation for Lal Pir Project (Pakistan) Business-specific risk score Used to calculate an adjustment to the initial cost of capital o 0 = no adjustment to WACC o 1 = +500 basis points (5%) o 2 = +1000 basis points (10%) o 3 = +1500 basis points (15%) †¢ Overall (exhibit 8 from case): 1. calculate cost of equity and cost of debt using U. S. market data 2. add sovereign spread to each 3. calculate WACC 4. Add a business-specific risk adjustment to WACC SUGGESTION & RECOMMENDATION FOR AES CORPORATION Suggestion & Recommendation †¢ AES Corporation’s current method of valuing risk is clearly inadequate. Not enough risks were being considered in their model, especially political and economic risks in dev eloping countries that the company expanded to. Under this current model, country-specific risk is also difficult to measure. †¢ This new model to value cost and risk should be implemented by AES. – It gives the company a more realistic projection of the risks that they may face with projects that they take on internationally. – Risks such as political, economic, country-specific and business-specific risks are now considered, where in the previous model they were neglected. THE END THANK YOU! Your Logo

Theme of Religion and Resistance in the Revolts of Nat Turner and Essay

Theme of Religion and Resistance in the Revolts of Nat Turner and Denmark Vesey Denmark Vesey Revolt - Essay Example Many Black slaves who lived in Charleston, South Carolina became aware of the plot. He had planned to murder the slave owners and get hold of the city and sail to Haiti after they rebelled. The revolt was reported to the slave masters by authority prior to its commencement and it was over before it even began. The upraising led to one hundred and thirty black slaves being arrested, sisxty seven people were convicted and other thirty five were hanged. Denmark was finally executed in 1822 after he was accused of plotting a slave rebellion. The Nat Turner rebellion is known as the most major incident of the Black rebellion against slavery in the South. Nat Turner was a black slave himself and he led an upraising in the Virginia, Southampton. A solar eclipse had occurred in February 1831 which Turner saw as the revelation for slave rebellion. Another eclipse occurred in August and Turner considered it as the final revelation. The revolt began in August, 21 when slaves went to each house freeing fellow slaves and murdering all white slave owners and their families whom they encountered. The revolt took two days and by the end about fifty seven white people were killed. Nat turner was arrested by the authorities on October 30, a week after he brought to trial and by November 11, he was executed.

Abolitionist Movement Essay Example | Topics and Well Written Essays - 1250 words - 1

Abolitionist Movement - Essay Example Christian advocates, economic changes and intellectual growth gave rise to abolitionist campaigns within Europe and America (â€Å"A Brief History of the  American†¦Ã¢â‚¬ ). Spain began the first European law that abolished slavery after Dominican religious leader Baryolome de las witnessed the mistreatment of natives, but the laws became weak in 1545. In 17th century Quakers and the enthusiastic religious members began crusades citing that slavery goes against Christian requirements. The England Sommersett’s court case that occurred in 1772 influenced most decisions that led to elimination of slavery. It is clear that France did away with slavery in 1789 however; through the leadership of Napoleon he introduced it later in most colonies. Additionally, Britain banned the sourcing and importation of African slaves in all its colonies around 1807. The British Empire on its part eliminated all forms of slavery in 1883, after the approval of the Slavery Abolition Act while France followed 15 years later (Ferrell 7). The initial calls to end slavery (colonial-era) in America appeared in 1688 by Quakers of German and Dutch heritage from Germantown, Pennsylvania who wrote letters to other Quaker church groups condemning the practice. The Society of Friends was a major contributor to this movement but they did not make much impact on slavery centers. However, their influence was felt in 1787 when the federal government eliminated slavery in the Northwest region and trans-Atlantic slave trade was forbidden in 1808 (â€Å"A Brief History of the  American†¦Ã¢â‚¬ ). It is evident, that the most influential part of the Abolitionist movement started in 1830s through religious resurgence of the commonly known Second Great Awakening. The religious leaders at this time viewed slavery as a sin and requested people to renounce it to receive repentance. In 1833, the American Anti-Slavery Society recruited many members while they preached that slavery was morally wrong and advocated for

McDonald's North America Marketing Plan Research Paper

McDonald's North America Marketing Plan - Research Paper Example The company currently has a global presence in 118 countries. Mission McDonald’s mission statement is to be their customer’s favorite place to eat (Aboutmcdonalds, 2011). The mission of the company is achieved by offering a wide variety of products at low prices that provide value to the customers. The firm is also able to achieve its mission by offering its customers a McDonald’s location near their homes. McDonald’s is the industry leader in both sales and number of outlets with 2010 sales of $24 billion and over 33,000 stores worldwide (Annual Report: McDonalds, 2010). The employees of the company are well trained to provide its customers with an excellent level of service that will keep them coming back for more. Marketing Objectives The marketing objectives of the company are to continue growing the brand of the company, to satisfy the needs of its customers, and to maintain its leadership in the fast food industry. McDonald’s invests millions of dollars each year to ensure its marketing objectives are met. The annual advertising budget of McDonald’s is approximately $2 billion (Chicagobreakingbusiness, 2010). No other company in the fast food industry spends as much on advertising as McDonald’s does. ... An organic growth model can be defined as expansion of a firm’s operations from its own internally generated resources, without resorting to borrowing or acquisitions of other firms (Businessdictionary, 2011). The firm operating results have been outstanding with the company achieving sales growth for eight consecutive years. The appreciation of the company’s common stock is evidence that the company has increased the wealth of its shareholders. Appendix A shows the price movement of McDonald’s common stock during the past five years. McDonald’s common stock is traded in the NYSE under the symbol MCD. The price of the MCD common stock as of September 23, 2011 was $87.37 (Nyse, 2011). During the last five years the price of McDonald’s common stock has more than doubled. Another financial goal of the company is to increase its sales internationally. The aggressive expansion plan the company implemented decades ago has helped the company achieve that g oal. Target Markets McDonald’s has a large target market. The firm has a product that can be consumed by people of all ages. The company over its long history has realized that the best way to build its customer base is by targeting young people including children. McDonald’s is the most effective company in the fast food industry at adverting for children. The Ronald McDonald character is beloved by American children. The company has done a great job at using this character in its children advertising campaigns. Customers that have a need to eat outside on a daily basis are the main target of the company. Everyone that has a full time job and eats outside at lunchtime on weekdays is a prime target of the company.

Service learning assignment Example | Topics and Well Written Essays - 500 words

Service learning - Assignment Example In addition, service learning enables the learners to become active citizens who make a significant contribution to the well-being of the society through the services that they offer. According to Furco and Billig (2002), service learning is applicable in different set ups of learning which include faith-based and community-based organizations, universities, and other types of learning institutions. The participants, in the service-learning program can be members of an entire school, class or only a few selected students. Furco and Billig (2002) gave out a simple example of service learning whereby groups of students undertake projects to collect trash within the neighboring town center, and afterwards they prepare a report documenting on the sources of the trash and the measures that can be implemented to control this problem. Through the division of Community Engagement, the Virginia Commonwealth University has set-up a well-elaborate service-learning program that is dynamic and attracts over three thousand students on an annual basis. Those who are involved in the service-learning projects are students at the university as well as some members of the teaching staff. The customers of the projects undertaken by the student of the university are local communities in the U.S as well as other parts of the world. The Virgina Commonwealth University-service learning program is diversified in different areas such as health, education, environmental conservation, promotion of peace and well-being of the society, and community sensitization programs, among others. Therefore, the local community where the university students will select to conduct their service learning will benefit depending on the project they will undertake, for example, the community could benefit from a cleaner environment, construction of a recreation site, or education on social issues. Crane et al. (2013) stated that besides benefitting from

Facilitation Guide Essay Example | Topics and Well Written Essays - 1000 words

Facilitation Guide - Essay Example e the responsibility of ensuring that they set the agendas to be used in the discussions, monitoring the group’s activities and ensuring that all the set items have been discussed. In undertaking this activity, the facilitators proposed varied ideas and opinions in a bid of ensuring an active participation of all the members present in the meeting (Kremer 2008). Therefore, they have to ensure that they encourage active participation by all the people present in the meeting. This paper presents a facilitation guide for a meeting to be held by Helix Inc. in a meeting with their staff. Setting: Following the fact that most of the staff attending the meeting are located in different location in Europe, the setting for the meeting will be on the Blackboard Collaborate platform. In this case, the participants will be expected to join and follow the proceedings from their different respective locations. Purpose: The main aim of this meeting, which has been called by the company’s CEO, Jane Elliot is aimed at finding an understanding into some emerging developments in the company. For instance, the CEO seeks to have an understanding into how the company’s revenues have been accounted for, following its inability to land various global accounts recently. I take this opportunity t welcome you into this meeting, which is expected to ensure that our company creates and maintains its competitive advantage. I would like to thank all the staff that have made it to this meeting, hoping that the discussion and into recommendations will be actively implemented in ensuring that Helix creates and maintains its position as the best company as far as the production and sale of various technological programs for company operations is concerned. This meeting will be used in setting the expectations for the company’s operations, which will be essential in developing its expected competitive advantages. Finally, I would like to welcome the participation of everyone in this

SWOT &TWOS analysis of QATAR NATIONAL BANK and MASHREQ bank Essay

SWOT &TWOS analysis of QATAR NATIONAL BANK and MASHREQ bank - Essay Example The Qatar National Bank is one of the most secure banks in the world. The number of recorded cases of fraud and theft in Qatar national Bank is recorded to be at the minimum. This is mainly because of the sharia laws that they uphold and their tight security when it comes to safeguarding their assets. Although it is the most dominant bank in the middles east and North Africa, it has not exploited the western and westernized countries whose main religion is Christianity such as Americas, Europe and southern parts of Africa. Since it is an Arabic/Islamic Bank, most western investors and would-be clients in countries such as Germany, The USA and Europe, are resilient to bank with them due to the notion that they might be supporting terrorists or due to their strong diplomatic loyalty to their country. Most African countries have a high number of Muslims and Arabs. Due to this the Qatar National Bank has a high opportunity to expand in these areas through acquisitions and promoting more people to join Islamic banking. (Hossain & Leo, 2009) Over the years there has been an increase in the demand for bond market in the Middle East, most Islamic states and Qatar in general. This is a great opportunity for Qatar National Bank to expand as the actions propel the growth of banks There is a great opportunity to exploit the western countries. This can be done through campaigns to discourage acts of terrorism and campaigns to unite the eastern and western countries together to eradicate the fear that western clients might have. Due to the recent introduction of more banks who are offering services at a lower price, their might be a decrease in foreign investments in the Middle East and Qatar which will in the long run affect the bank (Mostafa 2009) Mashreq bank is globally known and is one of the most productive and effective banks in the United Arab Emirates UAE. It has also achieved recognition by the

Memo on Immigration paper Assignment Example | Topics and Well Written Essays - 250 words

Memo on Immigration paper - Assignment Example 2. The inflated costs of travel is not just a national issue, it is a global issue. The costs of increased security at our borders is only one of the costs. The war overseas, oil prices and the world’s economic market all affect costs. Most countries are in the throes of a deep recession. Planning ahead is one way of controlling costs. 3. The term Homeland Security is a broad term for what our national security is comprised of nationally. We already have several agencies at the State, Federal and local levels assisting us with our immigration issues. The Office of the Secretary is over Homeland Security. 4. Anyone that wishes to enter the United States will continue to be thoroughly screened, have background checks and their activity flagged. As far as costs, as the level of criminals and terrorists entering our borders decrease, so too will out costs. As with anything else over a long period we will see an

Investigating Glue Essay Example for Free

Investigating Glue Essay Title To recycle the bad protein food by reproducing glue Aim Have you even thrown some food because it becomes bad? Do you think it really waste money? Do you want to make them become useful again? If you do, our experiment will show you how to do and everything about it. Apparatus: Heater, measuring cylinder à ¯Ã‚ ¿Ã‚ ½2(250ml50ml), pH paper,beakerà ¯Ã‚ ¿Ã‚ ½2(300ml500ml),glass rod, spoon Chemical: skim milk, vinegar Abstract The sticking properties of different proteins in daily food are being investigated in our experiment. Casein in dairy products and textured soy protein (TSP) in soybean products are abstracted out by precipitation in acid. The samples are then neutralized by carbonate and undergo a series of stress tests to compare the strength of our reproduced protein glues with commercial products. The basic principle of the sticking properties of protein glues is the ionic attractions and the Van der Walls attractive force generated by the protein molecules. Protein molecules are highly folded, resulting in a great contact surface area and exposure of the hydrophobic bonds. When two surfaces of substances like wood or paper are held together by protein, linkages are formed in between the molecules, and the two surfaces are stick together and are difficult to separate. We expect the result the casein in milk and textured soy protein in soybean milk have comparable sticking strength as starch contained in commercial glue. The significant advantage of the production of our protein glues is that proteins in expired food can be recycled and reused to make the useful glue. The glue produced is also not toxic or harmful to the environment. Introduction 1)The history of glue The earliest evidence of use of glue can still be observed in the cave paintings made by Neanderthal ancestors in Lascaux, France. These early artists wanted their work to last and mixed glue with the paint they used to help the colors resist the moisture of the cave walls. Egyptian artifacts unearthed in their tombs show many uses of glues; perhaps the most striking are the veneers and inlays in wood furniture, which was made using glue as early as 3,000 B.C. The Egyptians also used glue to produce papyrus. Greek and Roman artists used glues extensively; mosaic floors and tiled walls and baths are still intact after thousands of years. Around 1750, the first glue or adhesive patent was issued in Britain. The glue was made from fish. Patents were then rapidly issued for adhesives using natural rubber, animal bones, fish, starch, milk protein or casein. As we can see from ancient and medieval records, fish glue was both a common and important adhesive for many special applications; adapted by artists, it was used from the time of ancient Egypt to twentieth-century France, in painting media, coatings and grounds, in the gilding of illuminated manuscripts, and in pastel fixatives. 2)Theory of milk glue Casein is the principal protein found in cow milk (about 3%) from which it has been extracted commercially for most of the 20th century. It is responsible for the white, opaque appearance of milk in which it is combined with calcium and phosphorus as clusters of casein molecules, called micelles. The major uses of casein until the 1960s were in technical, non-food applications such as adhesives for wood, in paper coating, leather finishing and in synthetic fibers, as well as plastics for buttons, buckles etc. The first step in making acid-precipitated casein is acidification. Mineral acids or organic acids can add to the skim milk; or the milk is allowed to sour, in which case lactic acid, produced by fermentation of lactose, is the effective precipitant. The precipitated curd is then drained, washed, press to remove water, milled, drill, and ground. Solutions of casein in alkalis (with enough of the protein to give a suitable viscosity) can be used as glue. Such glue compares favorably in strength with animal glue on drying the protein forms numerous hydrogen bonds with the cellulose in paper and with itself, so it can stick woods together, but it is not water-resistant. Resistance to water can be imparted to casein glue, however, by modifying the simple formula of casein in alkali; these improved casein glues are widely useful in industry. Prepared casein glues are sold in the form of dry mixtures, which need only the addition of water before use. They are commonly composed of casein, lime, and a number of alkaline salts. Various chemicals have been used to improve the resistance to water, and many colloidal materials with adhesive properties can be mixed with casein to modify the properties of the resulting glues. It has thus been possible to adapt casein glues to a variety of specialized applications. These glues are used in the woodworking industry, in gluing paper, and in many other fields. Procedure à ¯Ã‚ ¿Ã‚ ½Preparation of milk glue 1) 250cm3 of milk and 50cm3 of vinegar (about 5% ethanoic acid) were added into a beaker. 2) The mixture was heated slowly and stirred continuously until curds were observed. (Caution: Heater is very hot, temperature of mixture should not be more than 60à ¯Ã‚ ¿Ã‚ ½C) 3) Curds were allowed to settle to the bottom for about 10 minutes. 4) The heated mixture was filtered. 5) The curds were squeezed to remove liquid. 6) The curds were washed with little volume of water and squeezed again. 7) The curds were stirred with solid sodium hydrogencarbonate (NaHCO3) gradually and monitored pH by pH paper until pH became slightly alkali. à ¯Ã‚ ¿Ã‚ ½Testing of adhere strength of glue 1) The glues were used to stick two plywood together, a the plywood at downside , with contact surface of 20 cm2 2) Two samples were made for each glue and one sample of starch glue was made as control. 3) The stack plywood was pressed by 0.8kg mass and allowed to dry at dry place for 2 days . 4) The plywood was set above the ground. 5) 0.5 kg Test mass was added gently each time until the masses drop. 6) The maximum mass of the glues that can afforded were recorded. 7) The plywood was cut into 4, which contact surface was decreased 4 times, and the above tests were repeated. Reference 1)http://classes.ansci.illinois.edu/ansc438/milkcompsynth/milkcomp_protein.html 2)http://science-in-farming.library4farming.org/Crops-Grains-Protein/PROTEINS-ARE-BASIC/Milk-Proteins.html

Pentium Memory Management Unit Computer Science Essay

Pentium Memory Management Unit Computer Science Essay The main aim of the research paper is to analyze Pentium Memory Management Unit. Here, certain key features associated with a memory management unit like segmentation, paging, their protection, cache associated with MMU in form of translation look aside buffer, how to optimize microprocessors performance after implementing those features etc. have been discussed. Some problems and their respective solutions related to Pentium memory management unit are also covered. Also, the current and future research work done in the field of memory management is covered too. The main challenge is to get accustomed with the Pentium memory management unit and analyze the crucial factors related. Introduction A hardware component liable in handling different accesses to memory requested by CPU is known as memory management unit (MMU), which is also termed as paged memory management unit (PMMU). The main functions of MMU can be categorized as follows:-[1] Translation of virtual addresses to physical addresses which is also known as virtual memory management (VMM). Memory protection Cache Control Bus Arbitration Bank switching The memory system for Pentium microprocessor is 4G bytes in size just as in 80386DX and 80486 microprocessors. Pentium uses a 64-bit data bus to address memory organized in eight banks that each contains 512M bytes of data. Most microprocessors including Pentium also supports virtual memory concept with the help of memory management unit. Virtual memory is used to manage the resource of physical memory. It gives an application the illusion of a very large amount of memory, typically much larger than what is actually available. It supports the execution of processes partially resident in memory. Only the most recently used portions of a processs address space actually occupy physical memory-the rest of the address space is stored on disk until needed. The Intel Pentium microprocessor supports both segmentation and segmentation with paging. Another important feature supported by Pentium processors is the memory protection. This mechanism helps in limiting access to certain segments or pages based on privilege levels and thus protect critical data if kept in a privilege level with highest priority from different attacks. Intels Pentium processor also supports cache, translation look aside buffers, (TLBs), and a store buffer for temporary on-chip (and external) storage of instructions and data. Another major issue resolved by MMU is the fragmentation of memory. Sometimes, the size of largest contiguous free memory is much smaller than the total available memory because of the fragmentation issue. With virtual memory, a contiguous range of virtual addresses can be mapped to several non-contiguous blocks of physical memory. [1] This research paper basically revolves around different functions associated with a memory management unit of Pentium processors. This includes features like virtual memory management, memory protection, and cache control and so on. Pentiums memory management unit has some problems associated with it and some benefits as well which will be covered in detail in the later part. The above mentioned features help in solving major performance issues and has given a boom to the microprocessor world. History In some early microprocessor designs, memory management was performed by a separate integrated circuit such as the VLSI VI475 or the Motorola 68851 used with the Motorola 68020 CPU in the Macintosh II or the Z8015 used with the Zilog Z80 family of processors. Later microprocessors such as the Motorola 68030 and the ZILOG Z280 placed the MMU together with the CPU on the same integrated circuit, as did the Intel 80286 and later x86 microprocessors. The first memory management unit came into existence with the release of 80286 microprocessor chip in 1982. For the first time, 80286 offered on-chip memory management which makes it suitable for multitasking operations. On many machines, cache access time limits the clock cycle rate and in turn it affects more than the average memory access time. Therefore, to achieve fast access times, fitting the cache on chip was very important and this on-chip memory management paved the way. The major functionalities associated with a memory management are segmentation and paging. Segmentation unit was found first and foremost on 8086 processor which had only one purpose of serving as a gateway for 1MB physical address space. To allow easy porting from old applications to the new environment, it was decided by Intel to keep the segmentation unit alive under protected-mode. Protected mode does not have fixed sized memory blocks in memory, but instead, the size and location of each segment is set in an associated data structure called a Segment Descriptor. All memory references are accessed relative to the base address of their corresponding segment so as to allow relocation of program modules fairly easy and also avoid operating system to perform code fix-ups when it loads applications into memory. [2] With paging enabled, the processor adds an extra level of indirection to the memory translation process. Instead of serving as a physical address, an application-generated address is used by the processor to index one of its look-up tables. The corresponding entry in the table contains the actual physical address which is sent to the processor address bus. Through the use of paging, operating systems can create distinct address spaces for each running application thus simplifying memory access and preventing potential conflicts. Virtual-memory allows applications to allocate more memory than is physically available. This is done by keeping memory pages partially in RAM and partially on disk. When a program tries to access an on-disk page, an  Exception  is generated and the operating system reloads the page to allow the faulting application resume its execution. [2] The Pentium 4 was Intels final endeavor in the realm of single-core CPUs. The Pentium 4 had an on-die cache memory of 8 to 16 KB. The Pentium 4 memory cache is a memory location on the CPU used to store instructions to be processed. The Pentium 4 on-die memory cache is an extremely fast memory location which stored and decoded instructions known as microcode that were about to be executed by the CPU. [3] By todays standards, the Pentium 4 cache size is very lacking in capacity. This lack of cache memory means the CPU must make more calls to RAM for operating instructions. These calls to RAM are performance reducing, as the latency involved in transferring data from RAM is much higher than from the on-die cache. Often overlooked, the cache size of any CPU is of vast importance to predicting the performance of a  computer  processor. While the Pentium 4s level one cache was very limited by todays standards, it was at the time of its release more than adequate for the majority of computer applications. [4] Likely Pentium Pros most noticeable addition was its on-package L2 cache, which ranged from 256 KB at introduction to 1 MB in 1997. Intel placed the L2 die(s) separately in the package which still allowed it to run at the same clock speed as the CPU core. Additionally, unlike most motherboard-based cache schemes that shared the main system bus with the CPU, the Pentium Pros cache had its own back-side bus. Because of this, the CPU could read main memory and cache concurrently, greatly reducing a traditional bottleneck. The cache was also non-blocking, meaning that the processor could issue more than one cache request at a time (up to 4), reducing cache-miss penalties. These properties combined to produce an L2 cache that was immensely faster than the motherboard-based caches of older processors. This cache alone gave the CPU an advantage in input/output performance over older x86 CPUs. In multiprocessor configurations, Pentium Pros integrated cache skyrocketed performance in comparis on to architectures which had each CPU sharing a central cache. [4]However, this far faster L2 cache did come with some complications. The processor and the cache were on separate dies in the same package and connected closely by a full-speed bus. The two or three dies had to be bonded together early in the production process, before testing was possible. This meant that a single, tiny flaw in either die made it necessary to discard the entire assembly. [5] Technical Aspects of Pentiums Memory Management Unit Virtual Memory Management in Pentium The memory management unit in Pentium is upward compatible with the 80386 and 80486 microprocessors. The linear address space for Pentium microprocessor is 4G bytes that means from 0 to (232 1). MMU translates the Virtual Address to Physical address in less than a single clock cycle for a HIT and also it minimizes the cache fetch time for a MISS. CPU generates logical address which are given to segmentation unit which produces linear address which are then given to paging unit and thus paging unit generates physical address in main memory. Hence, paging and segmentation units are sub forms of MMUs. Figure 3.1 Logical to Physical Address Translation in Pentium Pentium can run in both modes i.e. real or protected. Real mode does not allow multi-tasking as there is no protection for one process to interfere with another whereas in protected mode, each process runs in a separate code segment. Segments have different privilege levels preventing the lower privilege process (such as an application) to run a higher privilege one (e.g. Operating system). Pentium running in Protected mode supports both segmentation and segmentation with paging. Segmentation: Pentium This process helps in dividing programs into logical blocks and then placing them in different memory areas. This makes it possible to regulate access to critical sections of the application and help identify bugs during the development process. It includes several features like to define the exact location and size of each segment in memory and set a specific privilege level to a segment which protects its content from unauthorized access. [6] Segment registers are now called  segment selectors  because they do not map directly to a physical address but point to an entry of the descriptor table. Pentium CPU has six 16 bit segment registers called SELECTORS. The logical address consists of 16 bit of segment size and 32 bit offset. The below figure shows a multi-segment model which uses the full capabilities of the segmentation mechanism to provide hardware enforced protection of code, data structures, and programs and tasks. This is supported by IA-32 architecture. Here, each program is given its own table of segment descriptors and its own segments. Figure 3.1.1.1 Multi-Dimensional Model When the processor needs to translate a memory location SEGMENT: OFFSET to its corresponding physical address à Ã¢â‚¬  , it takes the following steps: [7] Step 1: Find the start of the descriptor table (GDTR register) The below figure shows CPU selectors provide index (pointer) to Segment Descriptors stored in RAM in the form of memory structures called Descriptor Tables. Then, that address is combined with the offset to locate a specific linear address. Figure 3.1.1.2 Selector to Descriptor and then to finally linear address in Pentium MMU Step 2: Find the Segment  entry of the table; this is the segment descriptor corresponding to the segment. There are two types of Descriptor tables: Global Descriptor Table and Local Descriptor table. Global Descriptor Table: It consists of segment definitions that apply to all programs like the code belonging to operating system segments created by OS before CPU switched to protected mode. Local Descriptor Table: These tables are unique to an application. This figure finds the entry of the segment table and then a segment descriptor is chosen corresponding to the segment. [7] Figure 3.1.1.3 Global and Local Descriptor Table Pentium has a 32 bit base address which allows segments to begin at any location in its 4G bytes of memory. The below figure shows the format of a descriptor of a Pentium processor: [7] Figure 3.1.1.4 Pentium Descriptor Format Step 3: Find the base physical address à Ã‹â€  of the segment Step 4: Compute à Ã¢â‚¬   = à Ã‹â€  + OFFSET [7] Paging Unit Paging is an address translation from linear to physical address. The linear address is divided into fixed length pages and similarly the physical address space is divided into same fixed length frames. Within their respective address spaces pages and frames are numbered sequentially. The pages that have no frames assigned to them are stored on the disk. When the CPU needs to run the code on any non-assigned page, it generates a page fault exception, upon which the operating system reassigns a currently non-used frame to that page and copies the code from that page on the disk to the newly assigned RAM frame. [9] Pentium MMU uses the two-level page table to translate a virtual address to a physical address. The page directory contains 1024 32-bit page directory entries (PDEs), each of which points to one of 1024 level-2 page tables. Each page table contains 1024 32-bit page table entries (PTEs), each of which points to a page in physical memory or on disk. The page directory base register (PDBR) points to the beginning of the page directory. Figure 3.1.2.1 Pentium multi-level page table [8] For 4KB pages, Pentium uses a two level paging scheme in which division of the 32 bit linear address as: Figure 3.1.2.2 Division of 32 bit linear address The below figure shows the complete address translation process in Pentium i.e. from CPUs virtual address to main memorys physical address. Figure 3.1.2.3 Summary of Pentium address translation [8] The size of a paging table is dynamic and can become large in a system that contains large memory. In Pentium, due to the 4M byte paging feature, there is just a single page directory and no page tables. Basically, this mechanism helps operating system to create VIRTUAL (faked) address space by swapping code between disk and RAM. This procedure is known as virtual memory support. [9] The paging mechanism in Pentium functions with 4K byte memory pages or with a new extension available to the Pentium with 4M byte memory pages. The 20-bit VPN is partitioned into two 10-bit chunks. VPN1 indexes a PDE in the page directory pointed at by the PDBR. The address in the PDE points to the base of some page table that is indexed by VPN2. The PPN in the PTE indexed by VPN2 is concatenated with the VPO to form the physical address. [8] Figure 3.1.2.4 Pentium Page table Translation [8] Segmentation with Paging: Pentium Pentium supports both pure segmentation and segmentation with paging. To select a segment, program loads a selector for that segment into one of six segment registers. For e.g. CS register is a selector for code segment and DS register is a selector for data segment. Selector can specify whether segment table is Local to the process or Global to the machine. Format of a selector used in Pentium is as follows: C:Bb4JPGfoo4-43.jpg Figure 3.1.3.1 Selector Format The steps required to achieve this methodology are as follows:- Step 1: Use the Selector to convert the 32 bit virtual offset address to a 32 bit linear address. Step 2: Convert the 32 bit linear address to a physical address using a two-stage page table. Figure 3.1.3.2 mapping of a linear address onto a physical address [9] The below figures shows the complete process of segmentation along with paging which is one of the important functionalities of Pentiums memory management unit. [9] Figure 3.1.3.3 Segmentation with paging Some modern processors allow usage of both, segmentation and paging alone or in a combination (Motorola 8030 and later, Intel 80386, 80486, and Pentium) the OS designers have a choice which is cgiven in the below table. [9] Segmentation Paging No No Small (embedded) systems, low overhead, high performance No Yes Linear address space BSD UNIX, Windows NT Yes No Better controlled protection and sharing. ST can be kept on chip predictable access times (Intel 8086) Yes Yes Controlled protection/sharing Better memory management. UNIX Sys. V, OS/2. Figure 3.1.3.4 Usage of segmentation and paging in different processors Intel 80386, 486 and Pentium support the following MM scheme which is used in IBM OS/2. The diagram is shown below: Figure 3.1.3.5 Intels Memory Management scheme implemented in IBM OS/2 3.1.4 Optimizing Address Translation in Pentium processors The main goal of memory management for address translation is to have all translations in less than a single clock cycle for a HIT and minimize cache fetch time for a MISS. On page fault, the page must be fetched from disk and it takes millions of clock cycles which are handled by OS code. To minimize page fault rate, two methods used are:- 1. Smart replacement algorithms: To reduce page fault rate, the most preferred replacement algorithm is least-recently used (LRU). In this, a reference bit is set to 1 in page table entry to each page and is periodically cleared to 0 by OS. A page with reference bit equal to 0 has not been used recently. [10] 2. Fast translation using Translation Look aside Buffer: Address translation would appear to require extra memory references i.e. one to access the Page table entry and then the other for actual memory access. But access to page tables has good locality and thus use a fast cache of PTEs within the CPU called a Translation Look-aside Buffer (TLB) where the typical rate in Pentium is 16-512 PTEs, 0.5-1 cycle for hit, 10-100 cycles for miss, 0.01%-1% miss rate. [11] Page size 4KB -64 KB Hit Time 50-100 CPU clock cycles Miss Penalty Access time Transfer time 106 107 clock cycles 0.8 x 106 -0.8 x 107 clock cycles 0.2 x 106 -0.2 x 107 clock cycles Miss rate 0.00001% 0.001% Virtual address space size GB -16 x 1018 byte Figure 3.1.4.1 TLB rates Using the below mentioned two methods, TLB misses are handled (hardware or software) The page is in memory, but its physical address is missing. A new TLB entry must be created. The page is not in memory and the control is transferred to the operating system to deal with a page fault where it is handled by causing exception (interrupt): using EPC and Cause register. There are two ways of handling them:- Instruction page fault: Store the state of the process Look up the page table to find the disk address of the referenced page Choose a physical page to replace Start a read from disk for the referenced page Execute another process until the read completes Restart the instruction which caused the fault [12] Data access page fault: Occurs in the middle of an instruction. MIPS instructions are restartable: prevent the instruction from completing and restart it from the beginning. More complex machines: interrupting instructions (saving the state of CPU) 3. The other method used to reduce the HIT time is to avoid address translation during indexing. The CPU uses virtual addresses that must be mapped to a physical address. A cache that indexes by virtual addresses is called a virtual cache, as opposed to a physical cache. A virtual cache reduces hit time since a translation from a virtual address to a physical address is not necessary on hits. Also, address translation can be done in parallel with cache access, so penalties for misses are reduced as well. Although some difficulties are associated with Virtual cache technique i.e. process switches require cache purging. In virtual caches, different processes share the same virtual addresses even though they map to different physical addresses. When a process is swapped out, the cache must be purged of all entries to make sure that the new process gets the correct data. [13] Different solutions to overcome this problem are:- PID tags: Increase the width of the cache address tags to include a process ID (instead of purging the cache.) The current process PID is specified by a register. If the PID does not match, it is not a hit even if the address matches. Anti-aliasing hardware: A hardware solution called anti-aliasing guarantees every cache block a unique physical address. Every virtual address maps to the same location in the cache. Page coloring: This software technique forces aliases to share some address bits. Therefore, the virtual address and physical address match over these bits. Using the page offset: An alternative to get the best of both virtual and physical caches. If we use the page offset to index the cache, then we can overlap the virtual address translation process with the time required to read the tags. Note that the page offset is unaffected by address translation. However, this restriction forces the cache size to be smaller than the page size. Pipelined cache access: Another method to improve cache is to divide cache access into stages. This will lead to the following result: Pentium: 1 clock cycle per hit Pentium II and III: 2 clock cycles per hit Pentium 4: 4 clock cycles per hit It helps in allowing faster clock, while still producing one cache hit per clock. But the problem is that it has higher branch penalty, higher load delay. [13] Trace caches: A trace cache is a specialized instruction cache containing instruction traces; that is, sequences of instructions that are likely to be executed. It is found on Pentium 4 (NetBurst microarchitecture). It is used instead of conventional instruction cache. Cache blocks contain micro-operations, rather than raw memory and contain branches and continue at branch target, thus incorporating branch prediction. Cache hit requires correct branch prediction. The major advantage is that it makes sure instructions are available to supply the pipeline, by avoiding cache misses that result from branches and the disadvantage is that the cache may hold the same instruction several times and it has more complex control. [13] System Memory Management Mode The system memory management mode (SMM) is on the same level as protected mode, real mode and virtual mode, but it is provided to function as a manager. The SMM is not intended to be used as an application or a system level feature. It is intended for high-level system functions such as power management and security, which most Pentiums use during operation, but that are controlled by the operating system. Access to the SMM is accomplished via a new external hardware interrupt applied to the SMI# pin on the Pentium. When the SMM interrupt is activated, the processor begins executing system-level software in an area of memory called the system management RAM, or SMMRAM, called the SMM state dump record. The SMI# interrupt disables all other interrupts that are normally handled by user applications and the operating system. A return from the SMM interrupt is accomplished with a new instruction called RSM. RSM returns from the memory management mode interrupt and returns to the interrupted program at the point of the interruption. SMM allows the Pentium to treat the memory system as a flat 4G byte system, instead of being able to address the first 1M of memory. SMM helps in executing the software initially stored at a memory location 38000H. SMM also stores the state of the Pentium in what is called a dump record. The dump record is stored at memory locations 3FFA8H through 3FFFFH. The dump record allows a Pentium based system to enter a sleep mode and reactivate at the point of program interruption. This requires that the SMMRAM be powered during the sleep period. The Halt auto restart and I/O trap restarts are used when the SMM mode is exited by the RSM instruction. These data allow the RSM instruction to return to the halt state or return to the interrupt I/O instruction. If neither a halt nor an I/O operation is in effect upon entering the SMM mode, the RSM instruction reloads the state of the machine from the state dump and returns to the point of interruption. [14] Memory protection in Pentium In protected mode, the Intel 64 and IA-32 architectures provide a protection mechanism that operates at both the segment level and the page level. This protection mechanism provides the ability to limit access to certain segments or pages based on privilege levels. The Pentium 4 also supports four protection levels, with level 0 being the most privileged and level 3 the least. Segment and page protection is incorporated in localizing and detecting design problems and bugs. It can also be implemented into end-products to offer added robustness to operating systems, utilities software, and applications software. This protection mechanism is used to verify certain protection checks before actual memory cycle gets started such as Limit checks, type checks, privilege level checks, restriction of addressable domains and so on. The figure shows how these levels of privilege are interpreted as rings of protection. Here, the center (reserved for the most privileged code, data, and stacks) is used for the segments containing the critical software, usually the kernel of an operating system. Outer rings are used for less critical software. At each instant, a running program is at a certain level, indicated by a 2-bit field in its PSW (Program Status Word). Each segment also belongs to a certain level. Figure 3.3.1 Protection on Pentium II Memory protection implemented by associating protection bit with each frame valid-invalid bit attached to each entry in the page table: Valid indicates that the associated page is in the process logical address space, and is thus a legal page. Invalid indicates that the page is not in the process logical address space. As long as a program restricts itself to using segments at its own level, everything works fine. Attempts to access data at a higher level are permitted. Attempts to access data at a lower level are illegal and cause traps. 3.4 Cache in Pentium Processors Cache control is one of the most common techniques for improving performance in computer systems (both hardware and software) is to utilize caching for frequently accessed information. This lowers the average cost of accessing the information, providing greater performance for the overall system. This applies in processor design, and in the Intel Pentium 4 Processor architecture, caching is a critical component of the systems performance. The Pentium 4 Processor Architecture includes multiple types and levels of caching: Level 3 Cache This type of caching is only available on some versions of the Pentium 4 Processor (notably the Pentium 4 Xeon processors). This provides a large on-processor tertiary memory storage area that the processor uses for keeping information nearby. Thus, the contents of the Level 3 cache are faster to access. Level 2 Cache this type of cache is available in all versions of the Pentium 4 Processor. It is normally smaller than the Level 3 cache and is used for caching both data and code that is being used by the processor. Level 1 Cache this type of cache is used only for caching data. It is smaller than the Level 2 Cache and generally is used for the most frequently accessed information for the processor. Trace Cache this type of cache is used only for caching decoded instructions. Specifically, the processor has already broken down the normal processor instructions into micro operations and it is these micro ops that are cached by the P4 in the Trace Cache. Translation Look aside Buffer (TLB) this type of cache is used for storing virtual-to-physical memory translation information. It is an associative cache and consists of an instruction TLB and data TLB. Store Buffer this type of cache is used for taking arbitrary write operations and caching them so they may be written back to memory without blocking the current processor operations. This decreases contention between the processor and other parts of the system that are accessing main memory. There are 24 entries in the Pentium 4. Write Combining Buffer this is similar to the Store Buffer, except that it is specifically optimized for burst write operations to a memory region. Thus, multiple write operations can be combined into a single write back operation. There are 6 entries in the Pentium 4. The disadvantage of caching is handling the situation when the original copy is modified, thus making the cached information incorrect (or stale). A significant amount of the work done within the processor is ensuring the consistency of the cache, both for physical memory as well as for the TLBs. In the Pentium 4, physical memory caching remains coherent because the processor uses the MESI protocol. MESI defines the state of each unique cached piece of memory, called a cache line. In the Pentium 4, a cache line is 64 bytes. Thus, with the MESI protocol, each cache line is in one of four states: Modified the cache line is owned by this processor and there are modifications to that cache line stored within the processor cache. No other part of the system may access the main memory for that cache line as this will obtain stale information. Exclusive the cache line is owned by this processor. No other part of the system may access the main memory for that cache line. Shared the cache line is owned by this processor. Other parts of the system may acquire shared access to the cache line and may read that particular cache line. None of the shared owners may modify the cache line. Invalid the cache line is in an indeterminate state for this processor. Other parts of the system may own this cache line, or it is possible that no other part of the system owns the cache line. This processor may not access the memory and it is not cached. [15] Current Problems and Solution associated with them When you run multiple programs (especially MS-DOS-based programs) on a Windows-based computer that has insufficient system memory (RAM) and contains an Intel Pentium Pro or Pentium II processor, information in memory may become unavailable or damaged, leading to unpredictable results. For example, copy and compare operations may not work consistently.   This behavior is an indirect result of certain performance optimizations in the Intel Pentium Pro and Pentium II processors. These optimizations affect how the Windows 95 Virtual Machine Manager (VMM) performs certain memory operations, such as determining which sections of memory are not in use and can be safely freed. As a result, the Virtual Machine Manager may free the wrong pages in memory, leading to the symptoms described earlier. This problem no longer occurs in Windows 98. To resolve this problem, install the current version of Windows. [16] There is a little problem with sharing in

Causes of the American Revolution Essay -- Essays on American Revoluti

On July 2, 1776, the second continental congress voted that the American Colonies were free from British influence. (Danzer,102) On July 4, two days later, they adopted the Declaration of Independence. These two events would begin what would become one of, if not the most important events in American History. It began the war of Independence, when America won its right to be free. There were many causes for the American Revolution. However most of them stemmed from paying for the French-Indian War. After the war, in 1763, the British began to feel the strain that often follows the war.(Langley, 14) To raise money Parliament passed the stamp act in 1965, which required the colonists to use special stamped paper for all legal documents, mortgages, deeds, newspapers, almanacs and pamphlets. (Gottschalk, 24) This caused an uproar from the colonists, who didn't feel that Britain had a right to tax them. In October of 1765, Merchants Boycotted British goods until parliament repealed the Stamp Act in 1766. The following year the Townshend acts were passed. (Danzer, 95) To enforce them P...

Essay on Justice vs. Morality in Measure for Measure and Merchant of Ve

Justice vs. Morality in Measure for Measure and Merchant of Venice    There are many similarities shared between Shakespeare's plays, "Measure for Measure", and "The Merchant of Venice".   The underlying theme of each work is well defined by the phrase "Justice without the temperance of mercy, is power misused".   I will support this claim by drawing upon some of the characters and situations that are consistent in each story. In each story a man's life depends on the interpretation, and sanctioning of justice.   In the, "Merchant of Venice", Antonio (who I believe represents mercy), had sealed a bond with Shylock offering a pound of his flesh for the loan of three thousand ducats.   Unfortunately he forfeits this bond, (Merchant III,ii) "Sweet Bassanio, my ships have all miscarried.... my bond to the Jew is forfeit....".   Shylock (who to the strict letter of the law represents justice), is unyielding to any type of compassion and desires nothing other than what he feels is justice, (Merchant III,iii) "I'll have my bond... beware my fangs. The Duke shall grant me justice...".   In, "Measure for Measure", it is Cladio (representing mercy), whose life hangs in the balance of law and morality.   Cladio has slept with Julietta out of wedlock, (Measure I,ii) "I got possession of Julietta's bed... she is fast my wife... Save that we do the denunciation lack...".   For this crime Angelo (who in place of the duke, representing justice), much as Shylock, desires that Cladio's sentence be carried out exactly as stated by the law, (Measure II,i) "  Ã‚   'Tis one thing to be tempted, Escalus Another thing to fall... Sir, he must die". In both cases the guilty parties have committed a crime punishable by death, additionally each man also r... ... of the law, and by not yielding to human decency and compassion, Shylock would have been   given his just deserts.   The same was true for Angelo who desired Cladio's head as the unaltered law required.   It certainly seems to me, that Mr.. Shakespeare was simply stating that in within the realms of these plays' one could easily say that "Justice without the temperance of mercy, is power misused". Works Cited Black, James. "The Unfolding of Measure for Measure." Shakespeare Survey 26 (1973): 119-28. Leech, Clifford. "The 'Meaning' of Measure for Measure." Shakespeare Survey 3 (1950): 69-71. Shakespeare, William. Measure for Measure. The Arden Shakespeare. Ed. J.W. Lever. London: Routledge, 1995. Shakespeare, William. The Merchant of Venice. The Riverside Shakespeare. Eds. G. Blakemore Evans and J. J. M. Tobin. Boston: Houghton Mifflin Company, 1997.

Causes of the Franco-Russian Alliance :: European Europe History

Causes of the Franco-Russian Alliance During the late 19th century many countries sought an alliance with other countries to guarantee their own safety, preserve peace and sometimes to help their economic position. this is highlighted by alliances and treaties such as the "Dual Alliance" of 1879, the "Dreikaiserbund" of 1881 and the "Reinsurance Treaty" This was also the case for both France and Russia, with them agreeing the "Franco-Russian Military Convention" on August 18th 1892 and later agreeing the "Franco-Russian Alliance" in 1893. France and Russia were animated by a common desire to preserve peace. The only reason it was possible for France and Russia to form this alliance is because Germany allowed the Reinsurance treaty to become invalid. Both countries wanted different things from the alliance but there was one common reason between them, and that was to oppose Germany - although both countries had different incentives for this. France, Russia and Germany all contributed to the alliance being formed, either t hrough their aims or what they did. France aimed to get revenge on Germany for the Franco - Prussian war of 1970 - 1971 where France were disastrously defeated, Germany aimed to stay free from an invasion from France and keep Austria-Hungary happy as France and Austria- Hungary were on either side of German, and Russia wanted an ally so it could feel safe form Germany. France made an alliance with Russia because it was against Germany. France wanted Revenge on Germany because of the humiliation of losing the Franco-Prussian war and the valuable land lost, like "Alsace - Lorraine". They wanted revenge and this widely known. France knew that "without Russia's help, the wrong done to France by Prussia in 1871, in the matter of Alsace-Lorraine could never be repaired", so it was important France allied with a relatively strong power. Karl Marx said "If Alsace - Lorraine is taken, then France will later make war with Germany in conjunction with France". France needed an ally because she felt extremely vulnerable, this was mainly due to Bismarck and Germany. Bismarck had been successful in isolating France diplomatically over the previous decade, so she needed to catch up with the other major powers. France couldn't ally with Britain because Britain kept itself in "splendid isolation", so Russia was really the only real choice as they were the only other great power who was suspicious and disliked Germany. France feared Germany, Germany had a preponderant military, so to counterbalance the German - British alliance, France agreed the Franco-Russian alliance.