East Asian Economic Crisis :: essays papers

East Asian Economic Crisis A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices, high foreign debt,loose government regulation, and corruption. Due to East Asia's large impact on the world economy, the panic in Thailand, Indonesia, Korea, and other Asian countries has prompted other countries to worry about the affect on their own economies and offer aid to the financially troubled nations (Sanger 1). The East Asian crisis has affected almost all of the Asian nations, but the three hardest hit countries are Thailand, Indonesia, and South Korea. The panic began in Thailand in May of 1997 when speculators, worried about Thailand's slowing economy, exces sive debt, and political instability devalued the baht as they fled for market-driven currencies like the American dollar. Indonesia's economy soon fell soon after when the rupiah hit a record low against the U.S. dollar. Indonesia is plagued by more than $70 billion worth of bad debts and a corrupt and inefficient government. Thailand and Indonesia also suffer from being overbuilt during real estate booms that Reven2 were the result of huge influxes of cash by optimistic foreign investors. South Korea faltered under the weight of its huge foreign debt, decreasing exports, and weakening currency (Lochhead 4-5). Other major countries touched by the crisis are Japan, China, Malaysia, and the Philippines. Japan's economy is burdened by $300 billion in bad bank loans and a recession. Chinese banks may carry bad banks loans of up to $1 trillion. The banks lend 66% of China's investment capital to state-run industries that only produce 12% of China's industrial output (Manning 2). Malaysia and the Philippines are both faced with devalued currencies and lowered stock markets (Lochhead 5). The implications of the Asian financial crisis are many. A declining Asian economy will reduce demand for U.S. and other countries' exports. The devalued currencies of East Asia will make Asian imports seen cheap and will lead to increased American imports, thus increasing our trade deficit (Lochhead 2). A worldwide banking emergency could result if the embattled Asian economies failed to pay back their loans to the U.S. and other countries (Duffy 2). If the Asian economies fall further, in a desire to raise cash, they might sell the hundreds of billion dollars of U.S. treasuries they now own, leading to higher interest rates and an American recession (Lacayo 2).

Firstly, what does auteur theory mean? Essay

Firstly, what does auteur theory mean? It compares the film director to the author of a book, it attributes artistic control to the director and proposes that the film is the artistic project of the director primarily. His or her vision, creativity, and design determine the end result, the finished film. Basically, it means that if the director is an auteur, the film will be completely their ideas and visions and they have complete control of it. I believe Danny Boyle uses this control to make his films. Danny Boyle was born in Manchester in 1956. He started a career in theatre at the age of 18 and by the time he left the Royal Court Theatre in 1987 he was the deputy director. He also did some television direction in the 80s including Mr Wroe’s Virgins and episodes of Inspector Morse. Shallow Grave, released in 1994, was Danny Boyle’s first film. It took 30 days to film and had a budget of i 1,000,000. i 150,000 was from Glasgow Film Fund and the remaining i 850,000 came from Channel Four. Although the film was set in Edinburgh, the money from Glasgow meant that a lot of the film was made there. The film’s scriptwriter John Hodge was very clear minded about how to get the film made for â€Å"virtually nothing†, for instance the majority of the film is filmed inside a flat. Danny Boyle said the film has â€Å"fascinating character development† but not in the â€Å"traditional† way because â€Å"audiences are not there primarily to watch a character being drawn†¦ they want the excitement and speed of the journey that cinema can provide†. He described the film as â€Å"intelligent entertainment†, meaning that it doesn’t patronise audiences and there’s an agenda behind the film if they want to look for one. He, John Hodge and producer Andrew MacDonald all wanted the film to be a partnership of 3 performers. They didn’t approach one major star because they thought the audiences would all be concentrating on that one person. To prepare for the film, Boyle lived in a flat for a week with the three actors. CLIP OF SHALLOW GRAVE Trainspotting, released in 1996, was the second film from the team of Danny Boyle, Andrew MacDonald and John Hodge. The screenplay was adapted from the Irvine Welsh novel of the same name. John Hodge took some persuading to make the film – he described the novel as having â€Å"no story† and Welsh’s prose as â€Å"dialogue-driven†. Again, it took 30 days to shoot. The film cost i 1. 6 million, financed by Channel 4 who was able to pre-sell it on the back of the success of Shallow Grave. The film went on to take i 13 million worldwide and is the second highest grossing British film of all time – after Four Weddings and a Funeral. Danny Boyle thoroughly researched heroin addiction for the film – he met a lot of addicts and got them to talk to the actors and held â€Å"cookery classes† where the actors learnt how to cook up. Ewan McGregor also read all the books he could find on the subject. Ewan McGregor was the only advance casting the team made – all the other actors had to audition. Robert Carlyle expects to play the lead in a film but he accepted playing a part under McGregor so the team â€Å"knew [they] were getting thoroughbreds all the way down†. The film was criticised for its â€Å"neutral attitude† to drugs but Boyle said that patronising and preaching to today’s youth was pointless and in today’s culture you need to speak directly to them. So, the film shows the dangers drugs can provide but also the pleasures. Danny Boyle used the soundtrack in this film to move the narrative along quickly – it moves through time, but also to attract audiences. CLIP OF TRAINSPOTTING The team rejected Alien 4 in 1997 to make A Life Less Ordinary. Danny Boyle said of the Alien film â€Å"I don’t do storyboards†. He was worried he would not have the creative freedom he liked and he would become swamped in high pressure film-making. The film was bigger than their previous two – it took 50 days to shoot and had a budget of i 7. 5 million, financed by Twentieth Century Fox. Despite this and the fact it was a romantic comedy shot in Utah, Danny Boyle still considers it a British film, albeit partly so. He said he wanted to combine the two cultures as much as possible but the film wasn’t developed in America, was made by the three of them and starred Ewan McGregor. He shot the film in America and brought it home to edit. The film uses the same surrealism that sometimes appears in Trainspotting. CLIP OF A LIFE LESS ORDINARY The Beach, released in 2000, was the first film made by the team that didn’t star Ewan McGregor. It is a Hollywood film with a budget of i 25 million financed by Twenty-first Century Fox. Before the team even approached the studio, they bought the rights to the book, adapted the screenplay and travelled to Thailand to research so that when they did contact the studio, they had a script, photos of locations and knew what the budget would need to be. In Alex Garland’s original book, Leonardo DiCaprio’s character Richard is English. Boyle felt this would not have worldwide appeal so he chose to make him American and chose Leo to play him. In the film, Richard lies to his girlfriend about sleeping with another woman and later splits up with her. The studio tried to get Boyle to change these things but he retained his creative control. This film is a perfect example of how he lures audiences into his films then shocks them. This film has all elements to make a film popular – big Hollywood star, soundtrack, adventure, romance – but the story soon changes to a much darker one than an average Hollywood blockbuster. There were reports of Boyle being disrespectful to Thailand authorities and damaging land but he made every effort not to and he is proud of his end result, as this quote shows.

Student Success Course Takers Perceptions Of College...

Introduction â€Å"Internet Use and Academic Success in University Students†, by Torres-Dà ­az, Juan-Carlos and others, discusses how â€Å"technological activity corresponds with student success in higher education† (Torres-Dà ­az et al, 1). â€Å"Engagement Strategies for Increasing Student Writing Success† by Patricia R. Huskin explores â€Å"various writing strategies meant to help students succeed† (Huskin, 1). â€Å"College Student Success Course Takers’ Perceptions of College Student Effectiveness† by Leah D. Hoops, and Ashley Atrip studies â€Å"what factors make up a successful college student† (Hoops and Atrip, 1). â€Å"What Impacts Student Success? Findings from the Perceptions of Korean Students† by Dong-Il Kim and Young-An Ra aims to show â€Å"what techniques make college students successful, from the eyes of high achieve Korean students† (Kim and Ra, 1). â€Å"First Generation Students to Academic Succ ess and College Completion†, by Tanjula Petty, analyzes â€Å"the motivations that make students want to succeed and continue their four-year academic career† (Petty, 1). Internet in Academic Success Article â€Å"The purpose of this source was to use scientific methods to analyze how â€Å"the internet has had effects on student success† (Torres-Dà ­az et al, 1). Research Methods The research methods of this experiment rely solely on scientific data and statistical information. In order to conduct their research, the authors procedure to procure their results involved the creation of variables that would â€Å"calculate whatShow MoreRelatedA Short Summary And Rhetorical Analysis Of Five Sources Regarding Student Success Essay1443 Words   |  6 PagesPertaining to Student Success Defining student success and how to improve it will forever be an important endeavor. Student success has been defined in many different ways by many different people and countless methods to improve the rate of success have been discovered. In this literature review, I will summarize and analyze five papers on student success, its attributes, and methods to improve it. Act I: A Teaching Intervention Summary In A Teaching Intervention that Increases Underserved College Students’Read MoreCollege Uneducation by Jorge Bocobo1486 Words   |  6 PagesCOLLEGE UNEDUCATION† Jorge Bocobo About the Author Dr. Jorge Bocobo was born in Gerona, Tarlac in 1896. 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For a person who just wants a cup of coffee, the drink itself is the product, and its salient attributes are qualities such as taste, aroma, temperature—and, of course, price. But for the person who mainly wants to watch the world stroll by on the Champs-Élysà ©es, the salient attribute is access to a critical piece of real estate—and the price paid for the coffee is rent for sitting time on the famous boulevard.Read MoreThe effect of assessment type (self vs. peer) on Iranian University EFL students course achivement4982 Words   |  20 PagesAvailable online at www.sciencedirect.com Procedia - Social and Behavioral Sciences 70 (2013) 1552 – 1564 Akdeniz Language Studies Conference 2012 The effect of assessment type (self vs. peer) on Iranian university EFL s course achievement Zainab Abolfazli Khonbia* , Karim Sadeghib a/b Department of English Language, Faculty of Literature and Humanities, Urmia University, Urmia165, Iran Abstract For education to be improved, there must be some indications of the efficiency inRead MoreThe Code Of Ethics, And The Environment That Is Safe And Promotes Learning8323 Words   |  34 PagesAs God has paved the way for our lives, teachers must pave the way for learning to be possible for every student. 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The Between Faith And Reason Essay - 1201 Words

Saint Augustine, Aquinas, and Dante are all philosophers that question and analyze the balance between faith and reason in human life. All three men are on personal journeys to better understand not only themselves, but their faith as well. Although the three have different writing styles, Augustine’s The Confessions, Aquinas’ Summa Contra Gentiles, and Dante Alighieri’s The Divine Comedy, all share the common theme of faith and reason. These pieces of writing are extremely influential, which are why they continue to be studied today. Faith and reason will always be a popular topic for discussion. It can be difficult as a Catholic to accept the connection between the two However, these three writers have used each other’s ideas to build and create theories to show the importance as to why both faith and reason need to work together. Saint Augustine’s journey to self-understanding ignites a fire. Augustine’s ideas are responsible for the theories of other philosophers who came after him. When it comes to the relationship between faith and reason, Augustine believes that it is necessary to have faith when seeking understanding. â€Å"But though I held these truths sometimes more strongly, sometimes less, yet I always believed both that You are and that You have a care of us even if I did not know what I must hold as to Your substance, or what way leads to You-- or leads back to You. Thus, since men had not the strength to discover the truth by pure reason and therefore we neededShow MoreRelatedThe Relationship between Faith and Reason1369 Words   |  6 PagesESSAY FaithReason â€Å"Faith and Reason are like two wings on which the human spirit rises to the contemplation of truth† Explain the dangers for a theologian when faith and reason are divorced from each other. 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Secondary Research - 3401 Words

AO3: Secondary Research- Introduction- Starbucks is a global coffee company that currently has a relatively small product range. They offer a group of different coffees, snacks, cold drinks and even coffee accessories (merchandise). However, after doing a lot of research I feel that they have a gap in their market. I feel that adding a food hall to their chain of stores would be successful. This could potentially be very risky for the business as it means they are entering a market they don’t really have any experience in with products they aren’t used to. The food halls will not be an extension onto the existing stores; they will be a completely different brand, following in the footsteps of John Lewis and Waitrose. Though, it won’t†¦show more content†¦This is one of the most competitive global industries due to the great amount of competition. The grocery market changes constantly. How well a business is doing can change drastically in such a small period of time. However, luckily a lot of the key businesses in the grocery sector such as Tesco (who holds currently 30.7% of the market shares) and ASDA (who hold17.2%) are not key competitors to Starbucks as they have a different target audience. To ensure that the business becomes a key player in the grocery market; competing with the likes of Waitrose (holding 3.9%) it will need to produce and release strong, effective promotional campaigns. Organisational Structure- Starbucks has many different employees, in order for the communication to run smoothly between all of these there needs to be some form of organisation within the business. From doing some research I found that they in fact use the matrix structure. This structure ensures that the CEO isn’t dealing with all of the problems within the business. The employees turn to the person above them in the structure. This is an example of a matrix structure. For Starbucks, Howard Schultz will be at the top of the structure and the baristas of the stores will be at the bottom. This is an example of a matrix structure. For Starbucks, Howard Schultz will be at the top of the structure and the baristas of the stores will be at the bottom. Competitor Analysis- WhenShow MoreRelatedSecondary Research1650 Words   |  7 PagesAssignment:- Values and Weaknesses of the secondary research and How primary research supplements secondary research Contents 1.0 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 1.1Research definition†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.4 1.2 Secondary research †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 1.3 Advantages of secondary research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 1.4. Disadvantages of secondary research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 2.0 How primary research supplements secondary research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 2.1 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreEssay Secondary Research808 Words   |  4 PagesResearch Process Questionnaire Robert Mike Moore COM/112 September 8, 2011 University of Phoenix Research Process Questionnaire 1. What is research and its purpose in academic writing? What qualifies as effective research? Research is a way for an author to expand on an idea, discussion, or topic that provides legitimacy to the work. 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Secondary data is data that have been previously gathered for some other purpose.† (Burns Bush, 2006). This paper will explore the differences in primary and secondary research when using qualitative and quantitative approaches. The paper will further discuss the tools that are used for each approach. Quantitative Qualitative Approaches â€Å"Quantitative research is definedRead MorePrimary vs. Secondary Research Essay1108 Words   |  5 PagesPrimary vs. Secondary Research When conducting research, when is it conducive to use primary research over secondary research and vice versa? Both research techniques are viable and beneficial. They each have purpose and can be used as a marketing research template when conducting research. Both techniques are equipped with tools that can be used to guide a researcher through the research process. If these tools are properly adhered to, the research process can be seamless and quite effective.Read MorePrimary and Secondary Marketing Research Essay836 Words   |  4 PagesPrimary and Secondary Marketing Research When looking to add a new product to the market, traditionally five steps occur in marketing research and lead to marketing actions. Of these five steps, step number three covers the collection of marketing data. Marketing data can be collected through either primary research or secondary research. The goal of this assignment is to describe both primary and secondary research, provide examples of each and determine how the author’s organization could benefitRead MoreResearch And Analysis Of Secondary School Students3085 Words   |  13 PagesRESEARCH FINDINS AND ANALYSIS 4.1 INTRODUCTION This chapter shows the results from both quantitative and qualitative research methods. This research is implemented by completing questionnaires by secondary school teachers and students. 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Recommendations for future research are presented in the view of strengths and limitations of this study. Initially, this study aimed to explore the levels of self-esteem of early adolescents at the end of primary school and gender differences regarding self-esteem. Secondly, it attempted to examine the type of coping strategies that early adolescents employ and gender differences regarding the different coping strategies. The first main finding of this research indicated thatRead MoreA Research Study On Secondary School Teachers Perceptions Of Ipad Integration And The Meanings1775 Words   |  8 Pagesdeciding on a research question, a researcher must map out how the research will be conducted by creating a research plan. When designing a research plan there are a number of variables to consider, including deciding which research method to use. According to Creswell (2013), a research method is a set of criteria for how data is collected, analyzed, and interpreted. The author also explained that the chosen method is based upon the researcher’s philosophical assumptions and the research design (Creswell

Ancient Chinese Art Forms Essay Example For Students

Ancient Chinese Art Forms Essay Category:HistoryPaper Title:Ancient Chinese Art FormsText:Chinese art is known as one of the worlds oldest found art forms, with piecesdating back to 1500 BC. There are many different mediums used in Chinese art,such as sculpture, painting, and architecture. Sculptures were often mad ofjade, ivory, or glass. Sculpture flourished during the time of the Ming(1368-1644) dynasty. Although Chinese painting styles became very popular in the Tang (618-906)and Sung (960-1279) dynasties, the human form was often disregarded. FollowingTaoist and Confucian ideas, people were left out so as not to intrude on theorderly magnitude of nature. Throughout the later Ming (1368-1644) dynasty,the human figure and still life became more accepted and of greater importance. * * *Peach VaseQing Dynasty, Qianlong period (1736-1795). This vase is a beautiful example of the Chineses use of ceramics withlaquers and enamels. This vase rivaled Western artists achievements in oilpaints with highly advanced opaque enamel colors. Made in the 18th century, thisvase is symbolic of peace and longevity, as it shows the peach in all stages oflife at the same time. This vase sits 50.3 cm high. * * *Deer EwerTang dynasty (618-907)Changsha ceramics, such as this ewer were the first to have paintings paintedon them under the glaze, so as to prolong the painting and colors. The mostwidely used designs were flowers and birds. Anything that added to theatractiveness of the piece was considered. Even so, man-made items such asbuildings or bridges were never seen. Very rarely a piece will be founddepicting the human figure in the form of women and children, but never men. * * *Jade Dragon and Phoenix3rd Century BC, period 480-221 BC. The pendant is dated back to 300 BC. The pendant was most likely used asornamentation for the upper class. The style used to carve this piece representsflowing elegance, shown in its wonderfully sloping curves. Jade, being and extremely hard stone, was never carved. In this case it hadbeen ground and drilled into shape, and polished to a sparkling finish. BibliographyIndianapolis Museum of Art, www.ima-art.org/. Copyright 2000, IndianapolisMuseum of ArtEncyclopedia.Com, www.encyclopedia.com/chinese-art/. Copyright 2000,Encyclopedia.ComHistory

Laura Martin free essay sample

Laura Martin is a sell-side equity analyst at CSFB. She covers 15 large capitalization stocks and focuses on 2 industries. Martin estimated that she spent approximately 40% of her time analysing firms she covered, 35% communicating that analysis to buy-side clients and 25% on internal CSFB activities. Martin has covered the cable industry for the last 5 years. During that time, she had tried to differentiate herself from her competitors through an emphasis on more advanced valuation techniques. While most of her competitors were content with metrics such as EBITDA multiples, Martin had chosen to emphasize discounted cash flow analyses and EVA analyses. Recently, her attention had shifted to real options analysis as she felt other valuation metrics neglected an important aspect of the cable industry. ROIC Target Price Analysis Using regression analysis, Martin analysed the relationship between ROIC and the valuation of cable and entertainment companies as defined by the ratio of enterprise value to average invested capital. We will write a custom essay sample on Laura Martin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Martin projected that Cox would improve its ROIC by 0.8% or 80 basis points, in 1999. Martin then used the regression line to estimate the target enterprise value to average invested capital multiple. Adjusted for non-consolidated assets, other assets, cash and option proceeds and debt, Martin inferred a target price for Cox by year-end 1999 of $50. This ROIC â€Å"Target Price† Analysis indicated to Martin that Cox had significant upside potential relative to its current stock price of $37. 50. EBITDA Multiples Analysis The valuation of Cox Communications has been framed by Martin in the form of EBITDA multiples since it is a common metric in the cable business. In Exhibit 6, Martin compares how Cox currently traded as a multiple of EBITDA relative to how it would trade if Martin’s target process of $50 and her projections for EBITDA would be realized. According to this analysis, Cox currently traded at 13. 3X EBITDA and Martin’s target price would translate into a 20. 9X EBITDA multiple for 1999. This analysis reflected only the past figures and doesn’t account for different accounting practices. A dynamic industry makes it difficult to find comparable firms for valuation using multiples. Ques 2. Consider the DCF analysis presented in Exhibit 7. Based on the case contents, comment on how realistic the assumptions are, justify? From the DCF analysis presented in Exhibit 7, we see that the value of Cox Communications comes out to be $54. 29 per share which presents a 31% upside in the stock based on the current price. This is a very high stock valuation so we need to look into the assumptions made while calculating the DCF value. EBITDA growth rate has been assumed to be a highly optimistic estimate of 16% CAGR for the next 10 years. Perpetual growth rate of 4. 4% has been assumed which is a realistic assumption. Concern over CAPEX decreasing as capital will depreciate to nothing over time. The capital structure remains unchanged at 18% debt to capital ratio. Risk free rate has increased to 5. 359% from 5. 12% so the cost of equity is raised to 10. 69% and the WACC increases to 9. 42% Martin was too optimistic in her assumptions. If we do the DCF using our inputs then we find that the value comes out to be $41. 10 per share which is a 9. 6% premium over the market price. Ques 3. Why is Martin pushing real options valuation as an alternative to DCF analysis? Martin felt that discounted cash flow analysis was a significantly better valuation toll than EBITDA multiples but it had several shortcomings in the new digital world of the cable industry in particular; Martin noted that the previous analysis did not include the value from unused bandwidth capacity. Martin considered the DCF valuation unsatisfactory for these unused channels because companies are being hit for 100% of the capital spending but only the visible revenue streams from the existing services are being counted for the DCF valuation. Since the stock price of Cox was below the DCF valuation and since the DCF valuation did not incorporate the value of the stealth tier, Martin reasoned that the stealth tier was actually being ignored by the market. Thus Martin felt that by incorporating the Real options valuation in her investment thesis she could differentiate herself from her competitors and provide better value to her clients. Ques 4. What is the analogy Martin is trying to draw with options? What is the ‘stealth tier’? In what way is the stealth tier like a call option? What is the unit of analysis? What is the underlying asset price? What is the Strike price and Volatility? Martin turned to real options to value ‘stealth tier’ since she considered the stealth tier as a real option for cable companies such as Cox as they could potentially light up the stealth tier as new, currently immature or unknown interactive services were developed. According to Martin, the contingent nature of investment decision and the uncertainty surrounding the ultimate revenue streams made the stealth tier ideal for valuation through real option analysis. As financial options give holders the right, but not obligation, to buy securities, this real option gave each upgraded cable company the right, but not the obligation, to obtain revenues from the stealth tier, depending on market conditions. Real option analysis has been used in several industry settings including natural resources extraction and pharmaceuticals research. Cable companies were upgrading cable infra to have 750 MHz of bandwidth and additional 15% to 550 MHz by June 1999. Out of the 750 MHz of capacity in an upgraded cable plant, 550 MHz was typically devoted to analog video and another 98 MHz was dedicated to digital services, network control, telephony and internet services. The remaining 102 MHz comprised of 6 MHz channels and was essentially unused. This unused capacity of 102 MHz was called stealth tier as the revenue streams were invisible. In order conduct a real options valuation of stealth tier, Martin considered the best approach was to value the option of each channel of the stealth tier per home passed. Martin used the average current market value per home passed for a typical cable company of $2,500 which was further divided by 108 lit channels currently being employed to yield a current value of channel per home passed of $23. 15 which is the value of underlying asset (Exhibit 10). For strike price, she calculated the cost of light up one of the seventeenth channels of the stealth tier which was coming close to zero. She eventually considered the higher opportunity cost of not lighting up the fiber immediately. With 61% penetration rate, implied annual revenue of $263 or $2.44 ($263/108 channel) per channel translated into $1. 22 (cable industry margin of 50%) of foregone annual profit per channel per home passed which is the strike price. She used implied volatility from a traded at-the-money call option on the Cox stock to estimate the relevant volatility for the real option. A one-month call option traded in the market was priced to imply a volatility of 50% per year. Ques 5. Would you purchase Cox Communications on the basis of her analysis? Investment recommendation will be to buy Cox Communications since there is significant upside potential in the stock even with our conservative estimate.