edu

education

Essay代写:The Fundamentals of Corporate Finance

2019-05-20 17:37:53 | 日記
下面为大家整理一篇优秀的essay代写范文- The Fundamentals of Corporate Finance,供大家参考学习,这篇论文讨论了公司财务。公司财务是研究公司中与货币相关的决策,包括资本投资、资本融资、资本结构、短期流动性等。公司财务关注的是对公司资本管理的研究,随着时间的推移,它会有新的研究和发现。公司财务中的某些问题,如资本结构问题,仍然缺乏精确的公式和严谨的理论。虽然遵循公司财务的基本原则和公认的做法是有益的,但比较不同的方法和参考各种资源也很重要。

Corporate finance is the study of money-related decisions in corporations, which encompass capital investments, capital financing, capital structure, short-term liquidity, and so on. The primary goal of corporate finance is to maximize the value of the company to its shareholders through multiple channels, such as maximizing profits, minimizing costs, maximizing market share and establishing sustainable competitive advantage in the industry (Lecture 1 page 5). The subject of corporate finance also consists of a series of analytical tools that enable managers and other stakeholders to take measures to allocate a company’s financial resources in an optimal way so as to achieve this ultimate objective (Giddy 2008). This paper is to describe and discuss the principles of corporate finance and major concepts and theories. As such, this paper is to be divided into three sections, each section focusing on each of the three principles of corporate finance. Under each section are descriptions and practical examples of the concepts and theories following the principle. To go into more depth, this paper will also compare and contrast related theories and practices and analyze the pros and cons. The objective of the paper is to give an overview of the important components of corporate finance and elaborate on a few of those wherever appropriate.

1. The Investment Principle

The first principle of corporate finance is to invest in assets and projects that would yield a return greater than the minimum acceptable hurdle rate (Lecture 1 page 3). In layperson’s term, the cost of investment must exceed the return of investment or otherwise the action would not make economic sense. The return of capital is most commonly and widely measured by cash flow, with time factored into the equation. The value of money does not stand still, but rather it changes with time. The time value of money denotes that money at the present is worth more than the exact amount of money in the future, because the money in the now holds the potential to earn more money over time. The earning capacity of money derives from interest, which is the amount a lender charges a borrower for the use of his or her assets. The rate of interest is typically expressed as a percentage of principal, noted on an annual basis, which is known as the annual percentage rate or APR. In financial equations, interest rate is expressed as “r” and it explains the differences between cash flows along the spectrum of the timeline; in another frame of thought, interest rate discounts cash amounts in points of the future back to the present baseline and the discounted value represents the opportunity cost of time. For instance, if you have 3000 dollars in the bank and the current bank rate is 2%, you have the choice of spending the money on a trip to the Caribbean or keeping it in your savings account. If you keep the money in the bank, in a year you would have 3060 dollars, earning 60 dollars of interest. If you decide to blow it on a winter vacation, you would have nothing in the bank in a year. The 60 dollars is the opportunity cost of your choice. Now, a friend wants to borrow the 3000 dollars and promises to pay you back 3100 dollars in a year. Should you lend it to her? Purely from the perspective of the investment principle, you should because if you discount 3100 dollars, which is the future value of your investment, with the bank rate 2%, the present value would be 3039.21 dollars, which is more than the 3000 dollars you have. Therefore, the net present value is 39.21 dollars, which is a positive return. As illustrated by the example, net present value is simply the present value of the expected cash flow minus the the principal or the cost of investment. When the NPV is positive, the investment is worthwhile; and to pick the most profitable investment assets or project, the investor should choose the one with the highest NPV.

Slightly different from the example, corporations mostly have multiple cash flows over many periods of time, one period usually being one financial year. In addition, interested rate compounds over time, with some compound annually and some semi-annually. To calculate the present value of all expected future cash flows of a company, corporate finance introduces the method called discounted cash flow analysis (Appendix 1). The DCF analysis is also commonly used for stock valuation as it discounts the profits that the stock will bring to the shareholders in the foreseeable future (Sharpe 1978). The DCF can be used with a broad range of firms, and for firms with a stable and predictable dividend payouts, there is another major stock valuation method called discounted discount model, which we will discuss in the third section. The period of time “n” goes on to infinity and the discount rate r often uses WACC, an important concept soon to follow in the paper. Furthermore, there exists another criterion for the return of investment called the internal rate of return or IRR. Instead of applying “r” as a given, the IRR method sets the NPV to zero to arrive at “r”. In this case, “r” is the internal rate of return and used as a benchmark to the discount prevailing in the market. When the IRR is bigger than the discount rate, the investment is a yes; otherwise it is a no.

On the other end of the investment principle lies the hurdle rate or the cost of investment. One way to understand the cost of capital is that it is the opportunity cost of funds for the lenders of the capital (Lecture 2 page 3). As company’s capital typically consists of shareholders’ equity and debt and they each come at a cost for the company. To compute the cost, a company can calculate the cost of equity and the cost of debt separately and get the weighted average of these costs. This method is called the weighted average cost of capital, or WACC, and the formula looks like this: WACC = wdrd (1-t) + wprp +were. Wd is the weight of debt, wp is the weight of preferred stock and we is the weight of equity, t is company tax rate. For example, if a company has 40% of its capital in debt, which has an interest of 7%, and the remaining in equity which pays a dividend of 10%, no preferred stock, the tax rate is 20%, by simple arithmetics we can calculate WACC to be 0.182. WACC is a significant concept for it has many hats in corporate finance. In addition to signify the opportunity cost of capital, it also indicates the risk of a firm’s future cash flow. Moreover, the weightings of debt and equity reflects the composition of a firm’s capital structure, which we will discuss shortly.

2. The Financing Principle

One of the most fundamental rules of investment is the higher the risk, the higher the yield and vice versa. Although in theory risk and yield go hand in hand, in practice, managers at corporations should control risks and maximize the value of capital by choosing the appropriate mix of debt and equity. In order to control for risks and increase capital value, we must first measure the risk and return of a firm’s capital.

A company’s capital is a portfolio of different assets which primarily consists of debt and equity. There exist a few probable rates of return such as recession, normal and boom. To solve for the expected return of the portfolio, we must first solve for the expected return of each asset followed by calculating the weighted average of all the possible scenarios. Using expected rate of return of each asset, we can further calculate the squared deviation of the rates of return in each scenario and arrive at the variance and standard deviation of each asset by getting the square root of variance (Lecture 3 page 6). The standard deviation is the measurement for risk; the higher the standard deviation, the riskier the asset. To arrive at the expected return of the portfolio, we compute the weighted average of the expected return of each individual asset using the formula rp=wBrB + wSrS, in which rp stands for the return of the portfolio, rB that of bonds or debt, rS that of stocks or equity. The formula for calculating the risk of the portfolio is a little more complex and requires the covariance of the two assets:

Dividing the covariance of the two assets by the products of the two standard deviation, we get correlation of the two assets. In the equation above, pBS is the correlation coefficient. If the two assets are uncorrelated, for instance, the correlation coefficient would be zero; if they are positively correlated, the coefficient would range from zero to one; and if they are negatively correlated, the coefficient would range from minus one to zero. Therefore, it is obvious that negative correlation gives the lowest risk, and no correlation stands in the middle, while positive correlation results in the highest risk. Conventional wisdom tells us that the more diversified a portfolio, the less risky it is; in other words, by enhancing the diversification of the asset pool, a company can meaningfully reduce the standard deviation of the portfolio without affecting adversely its expected return, as shown in the graph (Appendix 2).

To delve deeper into the risk of a portfolio, the study of corporate finance breaks it down into two types, namely systematic risk and unsystematic risk. In the graph we see that as the number of assets increases, the risk curve takes on a downward sloping concave shape but it never goes to zero. Rather, the curve flattens out as the number of assets approaches infinity. The space between the flattened curve and the bottom of risk axis is systematic risk, which cannot be diversified away because it is embedded in the economy and affects almost all assets, such as GDP growth rate and the overnight rate (Lecture 1 page 23). In contrast, unsystematic risk affects a specific individual asset or a group of assets and can be reduced by diversification. For instance, stocks of a luxury consumer product company are exposed to risk of the company’s performance and this risk may be offset by stocks of a telecommunication company or bonds. Corporations can utilize this knowledge to allocate capital to obtain the most efficient portfolio of assets (Appendix 3).

To achieve the optimal portfolio, a company may also add risk-free assets into the mix, such as T-bills in the US. The financial officer of the company can select a point on the efficiency curve, as shown in Appendix 4, and connect this point with the risk-free point on the return axis, the consequent line represents the possibilities of the risk-free security and the selected risky asset combination. By moving along the line, the financial officer adjusts the percentage of the risk-free and risky assets in the portfolio. However, there exists one line, the capital market line, that gives superior returns at a fixed amount of risk to all the other lines and it is the tangent of the risky asset curve. The intersection between the CML and the efficiency curve is the market portfolio (Appendix 5). An informed financial officer creates a company’s capital portfolio along this line, given the company’s risk tolerance. For instance, if a company wants to shoot for higher returns at the expense of higher exposure to market risk, the portfolio would be higher along the line, and vice versa.

Despite that unsystematic risk could be minimized by a sufficiently diversified portfolio, as represented by the market portfolio, to compose the optimal capital portfolio, a company must understand and control the systematic risk of every security. The best measurement of systematic risk concurred by researchers is the Beta (Appendix 6). It quantifies the movement of an individual security to that of the market. With the Beta, we can calculate the expected return of an individual security from the known expected return of the market (Appendix 7). A Beta of zero means that the security does not respond to market movement, and therefore its expected return is equal to the risk-free rate. A Beta of one signifies that it mirror the movement of the market and would yield the market rate of return. A beta higher than 1 magnifies the movement of the market and would result in higher than market returns but also bigger than market losses.

The capital structure of a firm aims to minimize cost and risk exposure, maximize value and its debt to equity ratio should reflect the type of business it operates. The previous section has explained the role of WACC, so the changes in capital structure should strive to achieve the lowest WACC. Furthermore, it should also aim to obtain the highest value, which in the subject of corporate finance has a few parameters to choose from. The first one is return on equity, or ROE, which is net income divided by shareholder’s equity; the second one is return on assets, or ROA, which is net income divided by total assets; the third one is earnings per share, which is net income divided by outstanding common shares. A company should use a mixture of these parameters in accordance with company’s financial characteristics to get a comprehensive view of the company’s capital returns.

There’s no hard and fast rule when it comes to arriving at the best capital structure, nor is there a golden ratio between debt and equity. Rather, decisions about capital structure are determined by corporate taxes and specific financial distress. Modigliani and Miller devised a theory that significantly simplifies capital structure theory. Centering on leverage, which means the amount of debt a company uses to finance its capital, they proposed two propositions to evaluate how financial leverage affects a company’s market value. Proposition one assumes there are no taxes, in which case the capital structure of a company is irrelevant to its market value. Proposition two assumes taxes exist, where higher financial leverage brings up the cost of equity on a linear function (Lecture 3 page 11). Moreover, the tax advantage of debt can be offset by the costs of financial distress resulting from taking on debt. These could be a mix of monitoring cost, bonding costs, residual loss, agency cost, asymmetric information cost and so forth (Lecture 3 page 31 - 33). All in all, when determining and adjusting a company’s capital structure, one must consider a set of factors, which include the company’s business, taxes, governance, financial transparency and the tangibility of its assets (Lecture 3 page 38).

The Dividend Principle

The last major principle of corporate finance is the dividend principle. It states that if the residual income is not enough to make investment that can make more than the hurdle rate, distribute the cash to shareholders through either dividends or stock buybacks. Dividend is the cash amount a company gives to shareholders on a specific date and is usually expressed as dollars per share or as a percentage of EPS (Lecture 5 page 6). Dividend payouts may affect stock price and the effects would depend on the market’s attitude toward the payouts.

Three theories exist to explain the relationships between dividend payouts and stock prices. The first one refers back to Modigliani and Miller’s theory which states that investors are indifferent to dividend payouts and retention-based capital gains, rendering dividend irrelevant to the stock price. However, it must be pointed out the assumptions of this theory, that there are no taxes and no other agency costs, are unlikely to happen in reality. The next one states that investors welcome payout and like higher payout better than lower payout. This group investors are usually averse to risk and considers dividends more secure than future capital gains. In this instance, dividends are not only relevant to stock prices but higher dividends bring forth higher stock prices. The last one considers taxes to be a high factor and that investors prefer a lower dividend payout. For this group of investors, who have higher degrees of risk tolerance, dividend differed equates to long-term capital gains. In this case, higher dividends can lead to lower stock prices.

From the position of the corporation, how much cash to give out as dividend has to match the specific profile of the firm’s capital budget. A company should have both a capital budget and a target equity ratio, the product of which results in earnings needed to be retained. Subtracting retained earnings from net income yields the amount that should be distributed as dividends. This is the essence of the residual dividend model. The economic rational for the cash distribution is so that the company can avoid incurring cost to issue new equity, which is called floatation cost. The very action of dividend payouts sends signals to the market about the company management’s view of the business and the future. For example, if a company increases its dividend, it shows the market that it is confident that its earnings will keep strong in the foreseeable future. Using next year’s dividend, the discounted dividend model sheds light on the stock value of the company, following the equation: stock value = dividend per share/ cost of equity - dividend growth rate. However, it is important to keep in mind that this model is only suitable for company that has a stable and regular dividend payout as it requires the input of a dividend growth rate.

Final Thoughts

Corporate finance focuses on the study of capital management of firms and it evolves over time with new research and findings. Certain questions in corporate finance still lack precise formulas and rigorous theories, such as those of capital structure. While it is useful to follow the fundamental principles and recognized practices in corporate finance, it is also important to compare different approaches and refer to various resources.

References

Course Lectures 1-5

Giddy, Ian, Briefing onThe Five Principles of Corporate Finance, New York University, 2008. Retrieved from http://pages.stern.nyu.edu/~igiddy/articles/five_principles.htm on December 6, 2017.

Sharpe, William F, Investments, Prentice-Hall, 1978, pp. 300

51due留学教育原创版权郑重声明:原创essay代写范文源自编辑创作,未经官方许可,网站谢绝转载。对于侵权行为,未经同意的情况下,51Due有权追究法律责任。主要业务有essay代写、assignment代写、paper代写、作业代写服务。

51due为留学生提供最好的essay代写服务,亲们可以进入主页了解和获取更多essay代写范文 提供代写服务,详情可以咨询我们的客服QQ:800020041。

Assignment代写:Death of an American Dream

2019-05-20 17:36:11 | 日記
下面为大家整理一篇优秀的assignment代写范文- Death of an American Dream,供大家参考学习,这篇论文讨论了小说《推销员之死》。在小说《推销员之死》中,推销员威利·洛曼的故事展示了他的梦想和现实之间的冲突,体现在他的职业生涯的绝望和破碎的家庭。威利·洛曼真正的悲剧不是他的死亡,而是他的美国梦的破灭,这是社会、个人和家庭原因的结果。

The story of salesman Willy Loman has shown the conflict between his dream and the reality, embodied by the hopelessness of his career and his broken family. As a salesman in a company in New York, the main job of Willy is to drive between states in the New England area to promote the products of his company. When he was young, Willy was full of hope for the future. He firmly believed that he would be able to bring profit to the country with his talent as a salesman, before he would be able to set up his own company. However, after working for 36 years tirelessly, Willy was fired by his boss (Miller 75). Another dream of Willy also ended in failure. His family, the last thread that attached Willy to the world, was cut. His two sons, whom Willy had great expectations of, are not successful in life, either. None of the family members of Willy truly understood the spiritual world of him, nor did any of them attempted to know more about Willy. The burdens and setbacks made Willy a tired, lonely old man unable to fulfill his dreams. Under the pressure of life, the conflict between the father and sons becomes more frequent, and the family members even began deceiving and hating each other. All these have lost Willy’s hope to live further. From the play, it can be observed that the real tragedy of Willy Loman is not his death, but the shattering of his American dream, which is the resultant of social, individual and family reasons. In this paper, these contributors to Willy’s death will be analyzed, together with three of the most distinguished ideas from the play: the American dream, tiredness and loneliness.

Willy was born in the era when the country was ambitiously expanding and selling its people the belief of gold rush. However, as a representative of the common Americans, Willy has found himself increasingly suppressed by the society. Trapped in the difficulties of life, there was less and less space for him to survive. Despite being the land of the dreams, America tolerated only the most practical dreams that can lead people to material success. Sadly, Willy’s dreams were not considered practical by the mainstream. As time went by, the freedom of choice for Willy was also becoming limited. In the age when commercial value was the core of all values, it has become the aspiration of countless Americans to become rich quickly, one way or another. As a result, the spirit of diligence and entrepreneurship has been lost, replaced by the marketing skills and lack of patience (Bradford). When all activities in life were converted to simple purchases, men became enslaved by money. In the end, Willy didn’t manage to earn a fortune being a salesman, nor was he the favorite person in the crowd. The fact that only a few people attended his funeral proves once again the brutality of the society (Miller 110). For an ordinary man, being successful can be a path full of obstacles. This is the case not only for Willy himself, but also a social crisis for all of the Americans of the same era. In the society with established social orders, it is extremely difficult for a man with little resources, such as Willy, to break the barrier between social classes and be successful. The best result that Willy could hope for, was probably to live a happy, content live as a salesman. Sadly, even this dream was shattered by the son of his former boss, which became the triggering event of all Willy’s tragedy.

There was very little mentioning in the play about the specific products sold by Willy. It is believed that this is done on purpose by the play writer, Arthur Miller, so that the audience is able to comprehend the idea of Willy as an “ordinary American”, and even situate themselves to the protagonist (Bradford). Willy’s dreams do not belong to him alone, but also to all people who aspire to fulfill their goals of life and live the ideal life. However, the fatality of Willy’s dream was not the dream itself, but the dislocation of the persona value. When the reality has grown far from idealism, the pressure to live and the recognition of value are dependent on one’s living conditions. Therefore, dreams that are not based on the realities were considered impractical and useless. There are frequent mentions of the word “dream” in Death of a Salesman. In the highly competitive society, not all dreams are of value. Willy’s dream was more like a mistake that did not take into account the realities (Zhang 191). Such a mistake cost him decades and his life in the end. To be specific, the American dream of Willy is the belief in charisma and personal charms. When Biff told Willy about making fun of his teacher’s lisp, the first response of Wily was to ask about the reaction of his classmates (Miller 93). Obviously, Willy was more concerned about his son being popular among his peers, as he thought this was a demonstration of personal success and value. Although these are useful personalities for a salesman, they are not the determining qualities for success. In addition to holding the misguided beliefs and dreams, Willy taught his sons about his own values as well: being popular in the crowd matter the most for one to succeed. This further led to the failure and emptiness of his sons in their lives.

The second reason for Willy’s death is his own character, his sense of pride and stubbornness. While the society was suppressing his version of the American dream, Willy had many other opportunities to live a happy life. However, his persistence in the idealism drove him to a place where basic survival became a problem (Cardullo 587). The American dream became the only pursuit in Willy’s life, with nothing else to rely on in the spiritual level (Cardullo 591). However, there was no answer to the secret of success that Willy was looking so hard for. All he was able to do was to gain the courage to continue by constantly comforting and fooling himself. On the other hand, Willy was also a person with high self-esteem (Ribkoff 49). When he was abandoned by his young boss at his most vulnerable moments in life, there was no other way for him to escape from the brutality of the reality, except for death. Throughout the play, the most distinguished description of Willy is “tired” and “exhausted.” The majority of the appearances of these words are related to Willy. It started when Willy first got home from work, when Willy wasn’t noticing the sound of the flute. At the age of 60, Willy still needed to feed his family. However, his sons did not realize the difficulties of their father, nor did they show appreciation about it. When Biff planned to borrow some money, and start his own business, Willy felt relieved for the first time since his son was able to stand on his own feet for the first time. But the hope was gone quickly when Willy got fired and Biff did not manage to get the money. As long as Willy lived, there was huge amount of pressure that suffocated him, making the audience feel sorry for him. The young Willy with the passion to become the greatest salesman of the world was long gone. Instead, he became an old man in desperate need of a harbor to rest without worries. The burden of reality has put so much weight on Willy that only by death could he finally be free from the never-ending tiredness. Besides, Willy’s death was “useful”, as it brought Biff the necessary funding to start his own business.

The final reason for the tragedy of Willy was his family. For a long time, Willy believed his sons to be both smart looking and talented enough to succeed. However, his over-indulgence has taught Biff the wrong values (Wattley 7). Theft became his habit and he found little achievement in his studies. After frequently switching between jobs and working on a farm for years, Biff realized that he still had nothing at the age of 34. The second son Happy lived almost under the shadow of his bigger brother for the first half of his life. He worked in a small company like his father did. Instead of pursuing his dreams with diligence, he chose to use unethical actions to compete, such as accepting bribes and seducing the fiancée of his boss. The conversation between Willy and Happy made him realize the deception between them the entire time. The influence of the wife, Linda, on the fate of Willy should not be underestimated, either. Although Linda appeared to be a good wife, caring and obedient to Willy the entire time. She was also constantly encouraging Willy to earn more money. Her love for the children and Willy brought immense pressure on him. More importantly, Linda’s praises and exaggerated encouragements made Willy lose the objectivity in evaluating himself, prompting Willy to weave his unrealistic dreams. Instead of trying to wake him up to see the reality and bring Willy back to the ground, Linda added to the burden of her husband. As the attention to material desire became the entirety of Linda’s life, she completely ignored the care for Willy’s spiritual world. This is demonstrated when Linda expressed her confusion about Willy’s death. She could not understand why Willy chose to die when they just finished paying all their house loans after 35 years, being “free and clear” (Miller 110). Obviously, Linda did not have a clue about the inner struggles of her husband, despite being the seemingly caring and encouraging wife.

The meaning of life for Willy was not to repay the loans only, but also the expectations for his sons. When these feelings were understood by no one, loneliness became the second most distinguished feature of the protagonist. There are over a dozen descriptions about how lonely Willy was. As a salesman on the road, loneliness became part of Willy’s life. He even tried to justify having an affair by such loneliness, as there was no one Willy was really able to talk to. Willy’s father had left him at the age of 3 (Bradford). The love of a father was never acquainted for him. As a father of two sons, Willy found that his sons never truly understood him (Wattley 18). The source of loneliness came from the competition in the society as well. As a salesman from the older ages, Willy quickly became an old dog in the business, and was no longer able to sell anything to anyone. From Linda’s descriptions, the image of an old man is formed, who is unloading a car full of products, before loading it again after failing to sell them. Although he wasn’t able to sell to anymore, Willy still repeated the labor, as it was the only thing he considered meaningful for his life (Bloom 12). Since Willy was working most of the time on the road traveling without company, there was little time left to spend with his family. The loneliness was not only for Willy, but also for Biff and Happy. After knowing about his father’s affair, Biff left home, trying multiple jobs, but still ended up failing. Different from his older brother, Happy has many things of his own: an apartment, a car, and many women. However, these were far from enough to fill the loneliness in his heart. Without the sense of belonging and security established from an early age, the Lomans were like rootless souls drifting in the ocean of loneliness. The lack of cohesive force in the family was the main reason for their loneliness, and another major contributor to Willy’s death.

The Death of a Salesman is uniquely constructed within a timeframe of two days and one night. Although the scenes in the play are direct and realistic, such as the kitchen, bedroom and the New York restaurant, the scope of the play extends far beyond these scenes through flashbacks, memories and narration (Bloom 68). Willy Loman is a representative American in the post war pursuit for wealth. Built on the expansion of industry and commerce, the way of pursuing happiness and success became singular, and money became the only parameter of success. The conflict between the American dream and desire for a peaceful life accelerated Willy’s mental breakdown. Overall, social, individual and family reasons are the major contributors to the death of Willy. The hopes, dreams, sorrows and pain of Willy were demonstrated in the play, as a representation of the frustration of a generation of Americans. As a character who lost his values and dreams, but was not reconciled to his failures, death became the final resort for him to maintain his dignity.

Works Cited

Bloom, Harold. Arthur Miller's Death of a Salesman. Chelsea House Publishers, New York, 2007.

Bradford, Wade. “Character Analysis: Willy Loman from "Death of a Salesman."” ThoughtCo. Retrieved on 24 July 2017 from: https://www.thoughtco.com/willy-loman-character-analysis-2713544

Bradford, Wade. “The American Dream in “Death of a Salesman.”" ThoughtCo. Retrieved on 24 July 2017 from: https://www.thoughtco.com/the-american-dream-in-death-of-a-salesman-2713536

Cardullo, B. “Death of a Salesman, Life of a Jew: Ethnicity, Business, and the Character of Willy Loman.” Southwest Review, vol. 92, no. 4, 2007, pp. 583–596.

Miller, Arthur. Death of a Salesman. Edited by Gerald Clifford Weales, New York, Penguin Books, 1996.

Ribkoff, Fred. "Shame, Guilt, Empathy, and the Search for Identity in Arthur Miller's Death of a Salesman." Modern Drama, vol. 43, no. 1, 2000, pp. 48-55.

Wattley, Ama. "Father-Son Conflict and the American Dream in Arthur Miller's "Death of a Salesman" and August Wilson's "Fences"." The Arthur Miller Journal, vol. 5, no. 2, 2010, pp. 1-20.

Zhang Lifang. "Misguided American Dream in Arthur Miller’s Death of a Salesman." Scientific Horizon, no. 15, 2014, pp. 191-192.

51due留学教育原创版权郑重声明:原创assignment代写范文源自编辑创作,未经官方许可,网站谢绝转载。对于侵权行为,未经同意的情况下,51Due有权追究法律责任。主要业务有assignment代写、essay代写、paper代写服务。

51due为留学生提供最好的assignment代写服务,亲们可以进入主页了解和获取更多assignment代写范文 提供北美作业代写服务,详情可以咨询我们的客服QQ:800020041。

英文写作中Proofreading的五个注意事项

2019-05-20 17:34:42 | 日記
想必留学生们也知道,Proofreading对于英文论文写作来说是非常重要的,如果英文论文完成后没有及时Proofreading的话,那么论文中的一些错误就会影响到质量,导致最后拿到的分数不高,下面就给大家讲解一下英文论文中Proofreading的五个注意事项。

避免结构重复

简洁的语言表达是更有利于essay写作的,所以如果可以简单的句子的话,就尽量不要进行过多的描绘。但是,如果整篇文章都是相同的句式,那么也会让人感到无趣的。所以我们应该尝试写不同长度的句子,适当对文章的节奏进行变化。这样也不会因为全篇语句的单调而使导师失去对文章的兴趣以及分散内容的注意力。

慎用修辞

在essay写作中,我们需要格外注意不要过度地使用修辞,这样一来会使文章失去专业性。我们可以恰当的使用一些像双关语、隐喻等有趣的写作手法,但不可以过度的使用哦。

混合比喻不可用

恰当的使用隐喻的手法可以给文章增添亮点,但是如果重复叠加使用只会让人难以理解。所以隐喻的手法一定要慎用,切忌混合使用哦。

模棱两可不可用

在essay写作中,模棱两可的说法是大忌。同学们一定要勇敢的亮出自己的观点,就算错了也好过使用一些模棱两可、说不清楚的说法。

however的滥用

人们会对于however或者but这类词汇后边的内容格外的注意,所以切记不可滥用。否则我们无法对强烈的矛盾进行很好的反转。

以上就是关于英文论文写作中Proofreading的注意事项,希望同学们在进行Proofreading的时候,都能处理好这些细节,让论文拿到高分。

想要了解更多英国论文写作技巧或者需要英国代写,请关注51Due英国论文代写平台,51Due是一家专业的论文代写机构,专业辅导海外留学生的英文论文写作,主要业务有英国代写、essay代写、assignment代写、paper代写。亲们可以进入主页了解和获取更多关于英国代写以及英国留学资讯,我们将为广大留学生提升写作水平,帮助他们达成学业目标。如果您有英国代写需求,可以咨询我们的客服QQ:800020041。

Paper代写:Stop-motion animation

2019-05-20 17:33:22 | 日記
本篇paper代写- Stop-motion animation讨论了定格动画。定格动画指的是在一定的空间里,通过操纵一些人偶或物件而产生动态,以及对每一个动态的影像来进行逐帧的拍摄,然后连续播放所拍摄的照片形成动态效果。定格动画展现的是影像连续播放出来的,基于视觉暂留现象的运动幻象,视觉暂留现象是指人类眼睛看到的影像会投射到大脑去,而大脑会短暂地保存眼睛所看到的影像。本篇paper代写由51due代写平台整理,供大家参考阅读。

Stop-motion animation refers to the dynamic effect produced by manipulating some people or objects in a certain space, and shooting each dynamic image frame by frame, and then playing the photos continuously to form a dynamic effect. Stop-motion animation is a motion illusion based on the phenomenon of visual persistence. Visual persistence refers to that the image seen by the human eye will be projected to the brain, which will temporarily preserve the image seen by the eye.

At the end of the 19th century, static frame effect was widely used. In 1899, British Arthur Melbourne couberley created and shot what is considered to be the first ever animation film "the man with the match collection" for Brian may match company with frame effects. In the film, the first still animation character appeared, which is the earliest stop-motion animation.

Stop-motion animation can be divided into clay animation, puppet animation, composite material animation, etc., according to different materials, and can also be classified according to different forms of expression, such as puppet animation, sand painting animation, stop-motion collage animation, among which puppet animation is the most attractive form of expression. The simple sense of different materials is not the same, the expression of emotion is unique.

Clay and play-dough are ideal materials for stop-motion animation. Compared with pure skeleton dolls, they are not only cheap, but also prone to exaggerated deformation. The special properties of clay and plasticine allow for small changes in movement. In the case of larger movements, the character must be re-sculpted. Clay animation is a form of animation that emphasizes the expression of handicraft. The characteristics of clay and plasticine make the characters look stocky and bulky, with big and clumsy hands and feet, but this is also the originality of clay animation. The combination of the clay and the skeleton allows the doll to perform more delicate movements and maintain its sense of volume. In the film balance, which won the best short film award at the 62nd Academy Awards in 1989, the doll was shot with a clay doll with a skeleton. Although the features are very simple, the size, weight and reality of the clay figure endow the character with a heavy and unique charm.

In addition to the dummy model, stop-motion animation has two main forms of expression, sand painting and collage. Some creative animators have unique forms of creation. For example, Caroline liv used a combination of sand and a light box in the film "the owl who married a goose" and "sandbox". Vera neubauer animates directly from sand and trash on the beach in wheel of life. These forms are full of dramatic and unpredictable creativity.

Collage is another special form of animation. Each part of the character is made separately, so the dynamic can be formed without repeatedly making the model of the character. Collage animation will be layered control of the animation characters, so that there is a real sense of space between the materials, in the visual effect will also produce more layers and texture effect.

Clay animation refers to the dynamic effect produced by manipulating some clay characters in a certain space. The dynamic images of each clay character are shot frame by frame, and then the photos are played continuously to form a dynamic effect. Clay animation is a kind of stop-motion. Understanding and deeply understanding the definition of clay animation is conducive to our research on British clay animation.

In the early 20th century, most British animations were still images flashing on the screen, called lighting sketch. However, it was actually the product of backward technology in the early development of experimental animation. This period of global animation are in the early experimental stage.

Animation became a major propaganda tool during the first world war, when many artists produced works mocking and inspiring the German rulers. And the British animators will be animated as in all walks of life are not only practical means of propaganda, more as it is a reflection of a kind of art, they groped in the innovation and practice in, contributed to the combination of commercial and artistic quality, and high art and popular culture to increase the experimental animation to a new level of art. After the end of the first world war, there have been some animation production technology and experienced animators in Britain, whose development represents the rise of British animation art.

In the 1930s, foreign animators went from country to country in Europe to learn from each other, while the shortage of British artists made Britain a place for many foreign animators to stay. The bold innovations of animators in this period were reflected in the exploration of graphics, colors, materials, lighting and three-dimensional space.

The favorable factors for the development of British animation are mainly reflected in the government's advocacy and support, scientific educational concept, broad market prospect and wide media dissemination. First of all, the preferential policies offered by the British government greatly promoted the development and progress of the animation industry. Second, the education of art colleges focuses on the practice of students and advocates the educational concept and mode of all-round development and openness, which stimulates students' interest and enthusiasm in learning. Thirdly, the popularity of animation advertising by advertisers opens up a wider market for animation. Fourthly, the financial and market support provided by the TV station makes the development prospect of the British animation industry bright.

First of all, during the first world war, it was the experimental stage of British animation, which was used as a means of political propaganda. Animated war propaganda films led to the rapid development of the British film industry, and animators began to shoot works in the education industry, advertising industry, politics and other aspects, as well as film festivals and television stations. This not only makes the British animation development has the new development, moreover in the animation content and the use to be able to enrich.

The second stage is the technology update stage. After the first world war, the preferential policies and development opportunities of the British government encouraged animation artists from all over the world to come to Britain. They brought new technologies to the development of animation in Britain and were also an important factor in starting the diversification stage.

The third stage, the diversification stage. With the addition of new talents and new technologies, the development of British animation is more colorful. In addition, Britain is an industrial country, so it pays attention to the practicality and diversification of functions in the shooting and production of films and cartoons.

With a long history of development, British animation has played a leading role in the development of global animation art, and its clay animation is known as a treasure. As a pioneer of experimental animation, British animation has been in the forefront of contemporary animation art for a long time, from which we can learn a lot of valuable practical experience and development ideas.

要想成绩好,英国论文得写好,51due代写平台为你提供英国留学资讯,专业辅导,还为你提供专业英国essay代写,paper代写,report代写,需要找论文代写的话快来联系我们51due工作客服QQ:800020041或者Wechat:Abby0900吧。

Essay代写:SPARK PE class in the us

2019-05-20 17:31:00 | 日記
下面为大家整理一篇优秀的essay代写范文- SPARK PE class in the us,供大家参考学习,这篇论文讨论了美国的SPARK体育课。如今,为了应对美国青少年肥胖危机,很多与健康有关的体育课程都被开发出来了,其中发展最好的就是SPARK课程。SPARK课程是美国开发的与健康有关的课程之中发展得最好的体育课程。它不仅是一门体育课程,而且还是将游戏、休闲娱乐与体育运动结合在一起的综合性课程。在课程教学过程中要求学生至少有50%的时间进行高水平的中等强度至剧烈的体育活动。

Education, especially basic education in primary and secondary schools, plays an important strategic role in the construction and development of the whole country, which has become the consensus of more and more people. Since 2001, physical education curriculum in primary and secondary schools has been officially launched in China. However, whether the results of physical education curriculum reform can be smoothly integrated with the teaching of primary and secondary schools, in addition to the factors of the new physical education curriculum itself, the professional level of in-service physical education teachers in primary and secondary schools can bear the responsibility of the implementation of new physical education curriculum, plays a very critical role. Therefore, in this case, we should broaden our vision, go abroad, or introduce advanced foreign courses, learn from each other. Based on the above reasons, the author checked the video of American SPARK course on the Internet and took it as the object to interpret and analyze American SPARK course.

Today, obesity has developed into a new epidemic in the United States. In response to this crisis, health-related physical education courses have emerged, and SPARK is arguably the best developed. SPARK was originally designed to address the social need to prevent children from becoming less physically active and capable. In 1989, a San Diego state university research team received a seven-year, multimillion-dollar national institutes of health study to design, implement, and evaluate the effectiveness of physical education programs for primary health.

SPARK is one of the best developed health-related programs in the United States. It is not only a physical education course, but also a comprehensive course combining games, recreation and sports. It clearly states that students will achieve through learning: active participation and choice of physical activities; Develop sports skills that contribute to lifelong participation in sport; Develop and maintain an ideal level of physical fitness and enhance the ability to interact with others in the sport and other specific goals. In the course of teaching, students are required to spend at least 50% of their time in high level moderate to intense physical activity.

The beginning of the class students listen to the music rhythm according to the prompt of the teacher down, dwarf, one foot, feet, toes, heel, stride, lunges, run leapfrog, slide, imitating animals, character forms, and various natural phenomena, the wind blowing willow, switchgrass is how to swing, in cold and hot weather the performance of the human body such as walk and running practice of all sorts of attitude, a moment is fast, slow for a while, the duration of the each kind of posture, some more than ten seconds, some tens of seconds, which is the length of the music, music in the middle of the interval is 1, 2 seconds. Requirements: music start practice, music stop no matter how you maintain the posture should immediately stop, the teacher quickly looked around all the students, see whether all according to the requirements, continue to listen to music imitate various posture practice. At the beginning of class, the main goal of this process is to establish a good classroom routine with physical activities as the carrier, with strict rules and regulations, so that children can develop good habits of what to do and what not to do.

Continue to increase the difficulty of the practice, after 5 or 6 times, is also to listen to music for a variety of posture go run and jump practice, increased the change of direction, forward, backward, left, right, zigzag, s-shaped, asked the students in the case of security, can according to the teacher in class activities area prompt independent practice changes of direction, the music stop immediately stop. Music stop after a quick group of two, and according to the teacher's tips, a back to back, a shoulder to shoulder, a knee to knee, a toe to toe and so on. Those without companions go to their teachers. Requirement: each time the combination must change a new partner, each new partner must talk one or two words with him, such as today the weather is very good, the mood is very happy, you have what for breakfast, your speech in Chinese class is very good and so on, then say goodbye, continue the next practice. We usually do this activity is similar to the game of a friend, the difference is that our students find friends happily after Y was a keep looking, and after this lesson the teacher let the students find friends both parts of the body cognitive, how to communicate with peer, is also a game, add some contents, it is deep connotation, have education significance and the students correct understanding of their body parts, both found friends deepen friendship enhance communication, completed the teacher's teaching instruction, and improved the direction, space and body awareness.

Two arms side flat to turn a circle in place, do not meet others, remember this is your personal activity space, facing the teacher to learn the first dance movement after the cross step, students learn to cross step dance partner say goodbye, continue to listen to music imitation exercise; Music stop quickly find the second new partners, two arms levelly obeying spins around a circle, don't touch others, find personal space, for teacher to learn a second step dancing, skiing, and prompt the students to remember the name of the second partner, remember and a second partner to learn dance moves and name, and then the second partner say bye-bye, continue to look for a new partner, and continue to learn dance movements and so on, and studied the two actions, after learning, the teacher prompt students to learn in accordance with movements in the order you find four partners, then students yelled after they, they, the steps skiing, skiing, At the same time to find partners quickly, with partners practice together, 4 dance movements, 4 eight beats, after practice, the teacher prompted students to find their own space, listen to music complete movement practice. This process is the basic part of teaching, we adopted method of teaching is the teacher usually an action demonstration, the interpretation of an action repeated teaching, students learn step-by-step, although learning is good also, but compare two kinds of teaching strategy, this method can make students learn lessons are perceptual interest and enthusiasm will be higher. That is to say, no single in order to make students learn to teach, but at the same time to make the students not only master the teaching, but also promoted the development of intelligence, performance characteristics, remember friends name, remember the action name and learning with a partner, method, order, and promote the students polite by say goodbye. Changed the rigid method that simple preaches, put an end to the teaching behavior of strong change.

Meet in the middle. In the first round, the teacher prompts the students to run fast to the center line to meet their partners. After the meeting, they will cooperate to practice the four dance movements they have just learned. At the same time, they discuss what kind of method to choose when they meet in the second round. Teacher unified command game; T after the first round, the second round of the middle to meet adopts the way two people have agreed on, meet in the middle after creating a took eight action, choice when they met for the third round of discussion way at the same time, the teacher's command, start the game, then you will find some hop, some back running, sideways, etc., fast return after the completion of the stipulated time; Listen to the command to continue the game, ask the students to use their own way to meet after learning the four movements and you create the combination of action, complete practice again, return to the sideline; Then the vegetable and fruit teams were displayed separately. Instead of counting, the game is based on the students' existing life experience and named after vegetables and fruits. Game when the teacher specific goals proposed cooperation, inquiry learning, cooperative learning in the dance moves at the same time, discuss the way when they met the next choice, to be in the shortest possible time to reach an agreement, an 8 action taken and innovation, cooperation, inquiry learning is the teacher, providing a wide range of material on the basis of is in a planned way, content, purpose, so that students will have direction, agent content, practice, to improve from it. Such collaborative inquiry is not formalized, but real and fleshy.

For a long time, our country is ready to part of the sports game as the sports course or end part to implement, as an attachment to the classroom, but by watching the SPARK program of video, it is easy to find, now the United States has put the sports game development as a basic part of classroom teaching, is in the game to learn knowledge, master the technology. Therefore, the author believes that the PE curriculum reform of primary and secondary school students in China can properly focus on the development of sports games, so that students can learn knowledge in games and grow up in games. Consider the following:

Now the society develops so fast, because of a variety of reasons, now the game has relative limitation unavoidably sometimes, hard hit it off. Therefore, how to create more novel sports games according to local conditions and make them more effective is an important topic for sports researchers.

Sports games are now teaching material is given priority to, although in the physical education class is an indispensible part of the game, but are basically appear in preparation activities, therefore, as long as the scientific and reasonable development use for sports games, perfecting the rules and enrich its content, perhaps even produced more formal classroom teaching. But so far, in the field of sports game research in China, there has been no in-depth development of sports game materials, even if there is, it is still in a small range and may not have formed yet. The American SPARK course does very well in this aspect.

The development of the SPARK program in the United States is very good, but we cannot undertake to we should on this basis, combining with the actual conditions of the region and the national, the SPARK of course reform, different schools can undertake various reforms, in somebody else's results based on development, study our own this place, the national sports games.

想要了解更多英国留学资讯或者需要英国代写,请关注51Due英国论文代写平台,51Due是一家专业的论文代写机构,专业辅导海外留学生的英文论文写作,主要业务有essay代写、paper代写、assignment代写。在这里,51Due致力于为留学生朋友提供高效优质的留学教育辅导服务,为广大留学生提升写作水平,帮助他们达成学业目标。如果您有essay代写需求,可以咨询我们的客服QQ:800020041。

51Due网站原创范文除特殊说明外一切图文著作权归51Due所有;未经51Due官方授权谢绝任何用途转载或刊发于媒体。如发生侵犯著作权现象,51Due保留一切法律追诉权。