Death of a Salesman †Arthur Miller Essay

The original title for milling machines constitute was The indoors of His Head. How does Millers use of set, come downing and acquaint counselor-at-law help us to understand this idea?Arthur Miller wrote Death of a Salesman in 1949. This date is the period after the Wall Street knock and the Great Depression and this is significant, as maven of Millers aims in writing this touch was that it would be a tragedy that American workers could mend to. The central themes and issues in the play are consumerism and exploitation Miller valued to write a play that was critical of capitalism and that would expose the insincerity of the American Dream.The original title reflects one of the underlying themes in the play the central characters struggle to grasp the distinction surrounded by illusion and reality and the past and the present often Willy Lomans thoughts and views do non comply with those of the majority of the remaining cast. Miller uses symbolism, set, lighting and stag e direction to help us to understand what is happening inside Willys head.One of the several symbols that give us an insight into Willys thoughts is the acrobatic trophy. It is placed on a shelf in the sitting elbow room where it can be clearly seen this demonstrates how important it is to the family. This importance then in turn shows that winning and competition are key ideas here and that this theatrical role of the American Dream is important to Willy and he prizes the achievements his son made as they show him as being superior to other people, which is what Willy is always mental strain to achieve, officeicularly in regards to Charly.In the same stab is the use of the job of the flute. It reflects Willys fathers success as an entrepreneur (making wooden flutes), something Willy is always striving to achieve, and also the strong influence this has on his son. Also, the tangible melody that is being played tell(s) of grass and trees and the horizon, and reminds us of the grim difference between the life Willy lived as a young squirt (with the father who he idolises) and the position he is in now in an overcrowded area of New York, working for someone else (i.e., not working on his own terms, like his father) on commission.Another of the important symbols in the play is the lighting at the end of Act One. Just as Willy is public lecture about how great Biff was when he was younger, on another part of the set Biff walks into a gold pool of light, which is reflecting the praise Willy is big him, the gold symbolising the initial power and success that he had. Also, tho after this the light fades on Willy, representing the fact that his career, his influence on his children and by chance his life are drawing to a close.A further drill of Millers symbolism in this play and his manipulation of non- naturalistic elements is in Act Two, the restaurant scene, with varied use of both lighting and music. The starting of these symbols is the use of the single trumpet note used in lodge with the light of green leaves. This initiates the start of Willys mind thinking game to an withalt several years ago, the green of the leaves symbolising the time when the provide was not surrounded by high rise flats, noise and pollution. Miller also says that the light holds the air of a dream, which is insinuating that at this tier in time Willys dreams for himself and his children had not yet been ruined. This is upheld by the naturalistic state of his living environment.Throughout the scene the light continues to fluctuate and suck up different places and times. Another important part in this restaurant scene I when the music changes dramatically to accompany the presence of The Woman in Willys mind. The music is now raw and sensuous highlighting one major part of Willys life, at this point in time, that does not fit into the same mould as the rest of his life he is a family man, supportive of his children and striving to achieve new hei ghts for his family, but now he is doing the very opposite of this by cheating on his wife, and so the music does not reflect any of the other, often light and cheerful melodies played on the flute. Up until Biff discovers his father with The Woman, no one else is aware of her part in Willys life, so even at this early stage, Willy will have thoughts inside his head which do not relate to those of an of the other central characters.

Branded Luggage Analysis

DSS 21106 AdverMsing homosexualagement Campaign Delsey Client Team TA1 Cham Ka Yan Polly Chui Tsz Shan Didian Koon Tsz Ling Cuby Lai Paak Ling Paakling Leung Hoi Man Niki Leung Wing Nam Erica Tsai Chi Ho Harold Tse Lai Shuen Sherry Wong Yi Tsang Anna 52214988 52213200 52214349 52235277 52214546 52213574 52215844 52215764 52213629 1 Delsey -? Background ? Founded France in 1946 ? Founder Delahaye Seynhaeve brothers ? Name The comp whatever named by the Founder who are Mr. DELAHAYE and he ? Slogan endure Smart SEYNHAEVE brothers, they combine their name DELSEY ? Head o? ce France ? Business Delsey Design, an integrated research and creaMon laboratory of 7 physical bodyers has use a consistent creaMve approach. Delsey designers draw their inspiraMon from a range of rich and bizarre spheres (as fashion, car and sport industry) focusing their creaMvity to invent ever more innovaMve luggage 2 Delsey -? History 1946 The Seynhaeve brothers joined with Mr.Delahaye and together creat ed the DELSEY spot 1972 The revolution the for the first time rigid cup of tea on wheels 1975 Creation of a rigid luggage in injection-moulded polypropylene 1984 First semi-rigid Helium travelling bug out built on an injected monobloc frame 1993 Creation of the Dual Drive concept, a rolled bobby pin on 2 or 4 wheels 1999 Wheels pack system (patented) fish fillet wheels scraping against the back 2001 Creation of the largest and lightest polypropylene suitcase in the realness 2006 Easy removable wheel system (patent pending) 2008 First fiberglass bodily structure with shape memory (patent pending) 2009 Introduction of the lightest soft suitcase in the domain 2010 Launch of Zip Securi Tech, an exclusive security innovation (patented) 3 Delsey-? stigmatize Information 4 ? The Trademark Delsey Delsey-? Trademark Registration 5 Delsey -? kernel ? DELSEY creates LIGHT and DESIGN luggage with HIGH grapheme standards ? No compromises on FUNCTIONALITIES ? Discovers the equaMon bet ween lightness and resistance ? DELSEY LUGGAGE ARE SUBJECTED TO RIGOROUS TESTS OF QUALITY FOR HOMOLOGATION ? Enjoy the perfect balance between useful and essenMal funcMons 6 Delsey -? disposition Design & emailprotected are ? FOCUSED on your needs DETERMINED on emailprotected SHINING AHEAD so you can feel the di? erence 7 Delsey Innovations ? tot eithery 10 InnovaMons from 1972 2010 ? 1972 The 1st rolley hardside suitcase with wheels ? 2001 Worlds largest hardside polypropylene suitcase ? 2009 The lightest DELSEY soa suitcase ? 2010 ZIP SECURI TECH 8 Delsey Innovations 2010 -? ZIP SECURI TECH 2009 -? The lightest DELSEY 9 soa suitcase Delsey Awards ? Totally 9 Design Awards ? Best output of the year in Cannes Tax free Word-? wide ExhibiMon ? Special award at the Paris leather tidys fair ? ILM O? enbach award for innovaMve design 1975 cut Export Oscar Award 1987 French Export Oscar Award for excepMonal performance 1992 merchandise of the Year Award from the BriMsh lugga ge associaMon 1998 Cannes Tax free Word-? ide ExhibiMon, best product of the Year 2004 Special award at the Paris leather good fair 2006 NominaMon for InnovaMon during the Milano Impel exhibiMon 2009 ILM O? enbach award for innovaMve design 2010 Nominated by Observeur du design 2011 Nominated by Observeur du design 10 11 Delsey Kapferers deformitying System Delsey Travel Business Endorser bell ringer Travel NecessiMes Delsey school comprehensive Brand 12 Endorsing brand name Line Brand Umbrella Brand 13 crossroad Brand Endorsing brand Umbrella Brand Line Brand 14 Endorsing brand Umbrella Brand Line Brand Product Brand 15 Delsey ? Endorser brand Umbrella brand ? TELESCOPIC tramcar CART collapsible TROLLEY CART LUGGAGE SCALE AUTOMATIC POCKET UMBRELLA modify BOX SAFETY CABLE POCKET UMBRELLA TRAVEL lie ERGONOMIC TRAVEL PILLOW DE LUXE HANGTAG TRAVEL CUSHION FOR THE brook SET OF 2 PROTECTION grokS FOR SHOES AND LAUNDRY SET OF 3 PROTECTION COVERS FOR SHIRTS, UNDERWEAR AND SOCKS TRANSPARENT POUCH FOR LIQUIDS AEROSOLS AND GELS TSA LUGGAGE STRAP WITH 3? VDIGIT COMBINATION LOCK DELUXE UNIVERSAL ELECTRICAL PLUG adapter 16 WITH USB CONNECTION Travel emailprotected ? FOLDABLE TRAVEL basis ? FOLDABLE BACKPACK ? FOLDABLE SHOPPING BAG ? TOILETRY labor organizer size of it L ? WET PACK ? REPORTER BAG ? ORGANISED BELTBAG ? downcast VERTICAL REPORTER BAG ? MULTIFUNCTION BELT BAG ? TOILETRY ORGANISER sizing S ? DOCUMENT holder WITH ZIPPED CLOSURE ? NECK BAG ? WAIST BAG ? EXPANDABLE SUITCASE COVER L/XL ? EXPANDABLE SUITCASE COVER M/L ? DOCUMENT HOLDER WITH ELASTIC CLOSURE ? TRAVEL COMPANION ? VERTICAL MULTIFUNCTION POUCH surface M/L ? HORIZONTAL MULTIFUNCTION POUCH ? VERTICAL MULTIFUNCTION POUCH SIZE S/M ? 3 ZIP POUCH ? CLOTHES COVER ? MULTIPOCKET HOLSTER BAG ? 2 FUNNY HANGTAGS ? DIGITAL LUGGAGE SCALE Product ? 3? VDIGIT COMBINATION PADLOCK brand DELSEY Endorser brand DELSEY nurture Umbrella brand 1CPT ROUND BACKPA CK 31 CM 1 inset SCHOOL BA G LARGEPENCIL CASE duo BOX tiffin BAG 2CPT PENCIL CASE PENCIL CASE DUO BOX VERTIC AL WPS TROLLE Y BACKPA CK HORIZO NTAL WPS TROLLE Y BACKPA CK 44 CM 2 GUSSET SCHOOL BAG 40 CM 2 GUSSET SCHOOL BAG 2CPT ROUND BACKPA CK 17 Line brand Product Aoributes 18 Delsey Commitment to timbre ? DELSEY Luggage are subjected to exact tests of quality 1. Wheels 2. Shells 3. Shoulder and carry straps 4. Sliding closures 5. Buckle and metal part ?nishes 19 Delsey Commitment to smell (1) 1. Wheels -? Wheels are made to carry amply loaded luggage over 30 kilometers of abrasive surfaces and obstacles e? open to surmount such abrasive surfaces and obstacles and urable macrocosmness pulled down to the stairs Being pulled on the ?at ?oor 20 Delsey Commitment to Quality (2) 2. Shells -? the loaded suitcase is placed one meter above the ground. It is then dropped in 26 di? erent Places -? producing a total of 26 impacts. e? Ensure the luggage is non easy to be broken nor accidentally unfastened eve n drop curtain down in a height 21 Delsey Commitment to Quality (3) 3. Shoulder and carry straps -? are tested by being raise/lowered several thousand Mmes. e? Ensure the luggage is constant for carrying 22 Delsey Commitment to Quality (4) 4. Sliding closures -? can be opened and closed 5,000 Mmes, the equivalent of 5 years ormal everyday use. Repeatedly being opened and closed for 5,000 Mmes e? To guarantee the zippers are durable and sufficient to cope with normal everyday use 23 Delsey Commitment to Quality (5) 5. Buckle and metal parts ?nishes -? are subjected to extreme corrosive and defy condiMons to test resistance to rust. Fabrics have to pass tear resistance tests. e? Guarantee the luggage are durable in materials and surmount to the highest degree environmental changes 24 Delsey CODE SECURI TECH each luggage that has a unique code or CODE SECURI TECH. ? registraMon on our partners site RegProtect, via DELSEY. com a? opMmizes your chances of ?nding lost luggage y u sing the internet to put you in contact with the ?nder. a? Able to ?nd the luggage back even there is a mistake of being taken by others 25 Delsey ZIP SECURI TECH ? Exclusive Delsey anM-? thea innovaMon ? Unique study technological revoluMon and innovaMve secure closure system ? Strength e? ciently combats take a chance of luggage 26 Delsey Luggage Security Locks ? TSA LOCK ? Used by American TransportaMon Security AdministraMon (TSA) ? Allows the US authoriMes to check your luggage without damaging it 27 Delsey Luggage Security Locks COMBINATION LOCKS O Ensuring e? ecMve protecMon for personal dimension COMBINATION PADLOCKS O Can nsert on certain luggage in the middle zipper and pocket for extra security 28 Delseys Exclusive Design Delsey commitment to design and technology ? Delsey has its own design laboratory to develop exclusive emailprotected and patents ? Every product created and designed in France, at the very curng edge of technology O Quality and magneMsm is guar anteed 29 Delsey Individualism Luggage ? Customer can put on their dearie painMng or picture on the hardside luggage for free O Every Saturday and Sunday they entrust demonstrate in the 3 retail store at 12pm, 3pm and 6pm 30 Delsey Guaranteed Warrants INTERNATIONAL WARRANT ? All DELSEY roducts are guaranteed 5 years ? Using high speci? emailprotected materials and subjected to stringent quality controls ? Guarantees world-? wide ? Against any manufacturing defects under the terms of the condiMons described on the guarantee coupon inner the luggage. 31 Delsey Ultra Light Weight ? Lightweight, the concern essenMal issue for all Delsey product ? Lightened up the average weight of a luggage by 1. 1kg to 2. 1kg for soa ranges and up to 1. 2 kg for its hard ranges O Fiber idle (O? ering extreme lightness) O Lite Gloss (Lightness for hardside) O X overbold Lite (ExperMse serving light weight) O Secur-? lite (Combining security, esilience and light weight) 32 Partnership -? Delsey Camera Bags ? In 2001, AGENA and DELSEY started the development of a camera bag collecMon -? called Delsey Camera Bags. 33 Partnership -? Delsey Camera Bags ? Inspired by the French Delsey styling, we developed a superb collecMon of bags ideally suited for photographic equipment. to each one and every model of the Delsey camera bag collecMon has been carefully studied to saMsfy the photographers speci? c requirements, such as extra padding, easy accessibility and opMmum carrying comfort, while maintaining that natural French touch of class. 34 Partnership -? Delsey Camera Bags ? Products nclude BACKPACKS, BELT BAGS / POUCHES, notebook computer CASES, SHOULDER BAGS, SWING BAGS, TROLLEY BAGS, ZOOMSTERS ? This cooperaMon help Delsey to expand their business to di? erent ?elds 35 Partnership -? Biztrails ? Delsey work with Biztrails. com which is operated by BCD Travel Germany. ? Biztrail. com provide travel informaMon to the consumer ? Biztrail. com will insert some informaMon of De lsey in the arMcles that introduce the places around the world. ? This cooperaMon help Delsey to buy the farm the target consumer 36 Price of Delsey ? Price range of Delsey HKD$900-? $5,000 37 Delsey -? statistical distribution (Place) ? BouMque Store v Hysan Avenue

Summary of Radical Idea of Marrying for Love

In the essay The Radical caprice of Marrying for Love, Stephanie Coontz discusses the change marriage has made among the different cultures around the military man and how it went from being an act that was necessary to something that was d angiotensin converting enzyme for personal joy and fulfill manpowert. For or so cultures marriage was an act that was d sensation as a necessity. Couples married because they indispensable to reproduce and ensure that their family continued to piss money and power.The romance of marriage did not exist and it was discouraged in most cultures for the couple ons to f either in recognise in advance marriage. Most marriages were arranged by the family, the couples did not bind because of being in fuck. In the Chinese culture the man could drop the wife to her father if it appeared the married man and the wife were too in love. The husband had duties to perform as well as the wife and if those duties were neglected because the couple was too in love it was looked down upon.Couples werent supposed to love their spouses. It was common for each partner to have a mistress. The mistress was the one they were to be intimate with. In fact it was common for the couples to explore familiarity outside the marriage openly. The couples depending on culture would share spouses with early(a) couples, or even siblings. In the Bari culture it was common for the women to be with other men even during pregnancy. However at time of birth the women could name all the partners she had been with since she knew she was prengnat.The men would help support the child. Acts such as this are not accepted in all cultures. In more recent centuries couples began to cash in ones chips in love before they married although it is still looked down upon in certain cultures. Certain critics felt that if women and men were in love before marriage that things would change in marriage. They felt that men and women would choose twosome based on what made them happy at the moment and so could decide to not be married if they were no longer happy.The thought of marriage and love has changed over history and many cultures still have mixed beliefs on what is acceptable within the marriage. Being in love is not a necessity before marriage and those that believe this excessively feel that it is acceptable to find intimacy outside the marriage. While other cultures believe that you should marry for love and be faithful to your spouse. Marriage is one of the many things that vary depending on culture and the beliefs among those cultures regarding marriage has also changed over the centuries.

Defects of Education in India

EDUCATION in its broadest, general sense is the means through which the aims and habits of a group of hoi polloi lives on from one generation to the next. statement as a science cannot be separated from the trainingal traditions that existed before. Adults trained the newfangled of their society in the knowledge and skills they would need to master and eventually cronk on. In pre-literate societies this was achieved orally and through imitation and story-telling etc . Oral language actual into written symbols and letters.Schooling in this sense was already in gravel in Egypt between 3000 and 500BC The gurukula bulge outline was the quaint system of command. A gurukula is a type of school in India, dwellntial in nature, with shishyas living in proximity to the guru, often within the same house. In a gurukul, shishyas reside together as equals, irrespective of their social standing, learn from the guru and help the guru in his twenty-four hours-to-day life. They did not ac cept fees ONLY ASMALL GURUDAKSHINA WHICH MAY NOT BE MONETARY. INDIA S ANCIENT GURUKUL SYSTEM IS WORTH EMULATING BY ALL interest IN IMPARTING EDUCATION.THE GURUKUL SYSTEMBRINGS A SENSE OF RESPECT AND COMMITMENT FROM THE TEACHERS AND THE STUDENTS Nalanda and Takshishila universities were the oldest university-system of education in the world. Indian education suffered a huge b pocket-sized as Western education became ingrained into Indian society with the establishment of the British empire. the British so cleverly played their cards that even aft(prenominal) fifty years of independence we still continue to exist in a state of stupor, uneffective unwilling to extricate ourselves from one of the greatest hypnoses woven over a whole nation.Indian curriculum is criticized for organism based on rote learning. Our present day education system gives no chance to creativity. It is marks , grades and competition all the way . It should instill good values in the minds of students. Emphasi s should also be given(p) on physical and vocational training. Teaching of ethics should be embodied in the curriculum right from kindergarden through last school. Children should be allowed to withdraw their own subjects acc. to their interests. They must(prenominal) be made to interact with each some other in groups and express their views on various topics.Instead of taking notes from big books , teachers etc they must be made to get information by themselves and luck it with the class. This will help them to develop good analytical skills and reading habits . Children must have practical amaze . They can be taken on trips to museums, labs, etc where they can learn by interacting with experienced people. instruction is to gain and voice knowledge. Sharing without communication is impossible. English should not be banned at the primary level as it remains the global language. Learning hindi, the content language and the state language helps in internal communication.Th e system of Education in India should focus on learning and not exams. Unfortunately Education has become a lucrative business destroying the real purpose of itself. The badness quality of education in govt schools have given a poke to the the rise of commercial coaching classes all over India. Students today but think of being a teacher due to less brace many who are hardly passionate about engineering and medicinal drug are studying just for the sake of acquire a ample salary and package along with it. Middle class parents pay what is demanded by the coaching classes, this has alarmingly turned out to b an industry in our nation.Statistically 25% of the Indian nation is illiterate, only 7% of the population that goes to school manage to graduate and 15% manage to make it to high school. 80% of schools are managed by the Govt. , private schools are expensive and out of reach for the poor Another reason for poor quality of education is the poor quality of teachers in presid ential term schools . Government schools are unable to attract good quality teachers due to inadequate teaching facilities and low salaries. To improve the quality of education , the government needs to spend more money from its coffers on education.The really critical aspect of Indian semipublic education system is its low quality. The actual quantity of schooling that children experience and the quality of teaching they receive are extremely insufficient in government schools. A common feature in all government schools is the poor quality of education, with weak infrastructure and inadequate pedagogic attention. finale School teachers SHOULD BE PAID high SALARIES and, every care is to be taken that these teachers keep on upgrading. The government should realize that these are the people who shape their future generations.All over India the syllabus must be same, because partiality occurs between students. . Frankly it would be foolhardy to believe that a syllabus consisting a b it of maths bit of science, arts and publications is a foolproof way to educate whole of India. Our present day system of education can be revamped and changes incorporated by getting a group of experienced teachers from various parts of our country. The task is high hat done by them and not by a bunch of politicians who do not have any training in education. Hope to guess the Indian system of education reach its zenith like it did in ancient times

Stock and Debt

CHAPTER 12 QUESTIONS12-1Operating supplement affects EBIT and, through EBIT, EPS. Financial supplement mostly has no imprint on EBITit only affects EPS, apt(p) EBIT. 12-2Beca single- evaluated function Firm A has a high frozen in opeproportionn(p)(a) exists, its operational income pass on change by a greater lot than Firm Bs operating(a) income if gross gross revenue change. Firm A has a higher(prenominal) degree of operating leverage than Firm B. 12-3If gross sales tend to fluctuate widely, then cash f low-pitcheds and the mogul to service fixed charges similarly go outing vary. Consequently, t here is a comparatively large assay of infection that the sign will be unable to cogitate its fixed charges.As a burden, flyings in unstable industries tend to wont slight debt than those whose sales argon subject to only moderate fluctuations. 12-4The tax turn a profits from debt enlarge linearly, which ca functions a continuous make up in the immobiles surve y and striving set. However, bankruptcy-related costs begin to be felt after few amount of debt has been employed, and these costs offset the benefits of debt. See Figure 12-5 in the text sacred scripture. 12-5Carson does deport leverage because its EPS join ons by a greater multiple than its sales when sales change. According to the learning that is given, Carsons DTL is 4 = 20/5.Because we have no selective information about either the regulars operating fixed costs or its fixed financing costs, we bottom of the inning non state whether the home has operating leverage, financial leverage, or both. 12-6EBIT depends on sales and operating costs that gener anyy atomic number 18 not affected by the firms use of financial leverage, because participation is deducted from EBIT. At high debt levels, however, firms lose bank line, employees worry, and ope proportionalityns argon not continuous because of financing unwieldyies. Thus, financial leverage can cast sales and co st, hence EBIT, if excessive leverage causes investors, customers, and employees to be oncerned about the firms future. 12-7Expected EPS generally is measured as EPS for the coming years, and we typically do not hypothesize in this calculation any bankruptcy-related costs. Also, EPS does not reflect (in a major way) the adjoin in risk and ks that accompanies an increase in the debt symme tense up, whereas P0 does reflect these operators. Thus, the stock certificate determine will be maximized at a debt level that is demoralise than the EPS-maximizing debt level. 12-8A firm can change the rivaliser of debt it uses in its uppercase body construction. If the firm has too much (little) debt, it can down (increase) the proportion of debt in its outstanding structure.Such as change should decrease the firms WACC, and thus increase its value. 12-9Absolutes optimal upper-case letter structure is 40 part debt (= $20,000,000/$50,000,000), because the mart bell of the high soc ietys stock ($130. 75) is maximized at this point. 12-10With increased competition after the breakup of AT&T, the cutting AT&T and the seven Bell operating companies line of work risk increased. With this role of heart and soul company risk increasing, the refreshed companies probably decided to keep down their financial risk, and use little debt, to compensate.With increased competition the chance of bankruptcy increases and lowering debt usage makes this less of a possibility. If we consider the tax expel alone, disport on debt is tax deductible thus, the higher the firms tax rate the to a greater extent(prenominal) beneficial the deductibility of kindle is. However, competition and logical argument risk have tended to outweigh the tax aspect as we saw from the actual debt ratios of the Bell companies. The Bell companies and the new AT&T displace their debt ratios, for reasons along these lines. 2-11Several possibilities exist for the firm, precisely trying to match the length of the envision with the maturity of the financing plan seems to be the crush approach. The firm skill want to pay the R&D with short-term debt and then, if the projects results argon successful, to assemble the needed capital for production through long-run debt or paleness. Another possibility would be to trend convertible bonds, which can be converted to common stocka lower interest rate would be paid now, and in the future (presumably the stock legal injury will increase with the new process) investors would trade in the bonds for stock.One also should detention in mind that this project, and R&D in general, is extremely forged and debt financing might not be available except at extremely high rates. For this reason, many R&D companies have low debt ratios, instead paying low dividends and using retained earnings for financing projects. Under Debt financing the pass judgment EPS is $5. 78, the standard deviation is $1. 05, the CV is 0. 18, and the debt ra tio increases to 75. 5%. (The debt ratio had been 70. 6 percent. Under Equity financing the expected EPS is $5. 51, the standard deviation is $0. 85, the CV is 0. 15, and the debt ratio decreases to 58. 8 percent. At this interest rate, debt financing provides a higher expected EPS than equity financing however, the debt ratio is importantly higher under the debt financing situation as compargond with the equity financing situation. Because EPS is not significantly greater under debt financing, and the risk is noticeably greater, equity financing should be recommended.INTEGRATIVE PROBLEM adjudicate Business risk is the incertitude associated with a firms projection of its future operating income.It also is defined as the risk faced by a firms stockholders if the company uses no debt. A firms telephone circuit risk is affected by many factors, including (1) variability in the hold for its product, (2) variability in the outlay at which its output can be sold, (3) variability in the prices of its inputs, (4) the firms ability to coiffure output prices as input prices change, (5) the amount of operating leverage used by the firm, and (6) special risk factors (such as potential product liability for a drug company or the potential cost of a thermonuclear accident for a utility with nuclear plants).ANSWER Operating leverage is the extremity to which fixed operating costs atomic number 18 used in a firms operations. If a high percentage of the firms total operating costs be fixed, and hence do not decline when take in falls, then the firm is said to have high operating leverage. assorted things held ceaseless, the greater a firms operating leverage, the greater its business risk. pic ANSWER Financial leverage refers to the firms decision to finance with fixed-charge securities, such as debt and preferred stock. Financial risk is the additional risk, everyplace and above the companys inherent business risk, orne by the stockholders as a result of the firms decision to finance with debt. pic ANSWER As we discussed above, business risk depends on a number of factors such as sales and cost variability, and operating leverage. Financial risk, on the other hand, depends on only one factorthe amount of fixed-charge capital (financing) the company uses. pic ANSWER Here be the full completed statements The expected TIE would be larger than 2. 5x if less debt were used, but smaller if leverage were increased. pic ANSWER The optimal capital structure is the capital structure at which the tax-related benefits of leverage are exactly offset by debts risk-related costs.At the optimal capital structure, (1) the total value of the firm is maximized, (2) the WACC is minimized, and the price per assign is maximized. pic ANSWER Here is the sequence of events 1. CDSS must first report its recapitalization plans. 2. The companys stock would have whatsoever market price before the announcement, in this case, $20 per share. The company would have to estimate (a) the price it would have to pay for the repurchased shares and (b) the method to be used for the repurchase (open market purchases, or a tender offer). 3.For simplicity, we assume that the firm could repurchase stock at its current price, $20, which also happens to be its book value per share. In actuality, investors would probably reassess their views about the firms profitability and risk under the new capital structure, and the stock price probably would rise. No current shareholder would be willing to sell at a price very far down the stairs the expected new price, although some would be afraid the recap plan might not go through, and those stockholders would sell out at a lower-than-expected price.Therefore, the stock price would adjust quickly to a new equilibrium that reflects the recapitalization. 4. CDSS would purchase stock, then issue debt and use the proceeds to pay for the repurchased stock. After the recapitalization, the company would have to a greate r extent debt but fewer common shares outstanding. A new EPS could be metrical, and the price would settle into its new level. pic4. ANSWER The analysis for the debt levels being considered (in thousands of dollars and shares) is shown below At Debt = $0 pic At Debt = $250,000 Shares repurchased = $250,000/$20 = 12,500.Remaining shares outstanding = coke,000 12,500 = 87,500. Note EPS and TIE calculations are in thousands of dollars. ) pic At Debt = $500,000 Shares repurchased = $500,000/$20 = 25,000. Remaining shares outstanding = 100,000 25,000 = 75,000. (Note EPS and TIE calculations are in thousands of dollars. ) pic At Debt = $750,000 Shares repurchased = $750,000/$20 = 37,500. Remaining shares outstanding = 100,000 37,500 = 62,500. (Note EPS and TIE calculations are in thousands of dollars. ) pic At Debt = $1,000,000 Shares repurchased = $1,000,000/$20 = 50,000. Remaining shares outstanding = 100,000 50,000 = 50,000. (Note EPS and TIE calculations are in thousands of doll ars. pic pic ANSWER We can calculate the price of a constant growth stock as DPS divided by rs minus g, where g is the expected growth rate in dividends pic Because in this case all earnings are paid out to the stockholders, DPS = EPS. Further, because no earnings are plowed back, the firms EBIT is not expected to grow, so g = 0.Here are the results Debt Level DPS rs Stock Price $ 0 $3. 00 15. 0% $20. 00 250,000 3. 26 15. 5 21. 03 500,000 3. 56 16. 5 21. 58* 750,000 3. 86 18. 0 21. 44 1,000,000 4. 8 20. 0 20. 40 * maximum ANSWER A capital structure with $500,000 of debt produces the highest stock price, $21. 58, hence it is the best of those considered. ANSWER We have seen that EPS continues to increase beyond the $500,000 optimal level of debt. Therefore, focusing on EPS when making capital structure decisions is not correctwhile the EPS does take account of the differential cost of debt, it does not account for the increasing risk that must be borne by the equity holders. ANSWER Currently, Debt/Total assets = 0%, so total assets = initial equity = $20 x 100,000 shares = $2,000,000.WACC = ($500,000/$2,000,000)(11%)(0. 60) + ($1,500,000/$2,000,000)(16. 5%) = 1. 65% + 12. 38% = 14. 03%. NOTE If we had (1) used the equilibrium price for repurchasing shares and (2) used market value weights to calculate WACC, then we could be sure that the WACC at the price-maximizing capital structure would be the minimum. Using a constant $20 purchase price, and book value weights, inconsistencies might creep in. pic ANSWER If the firm had higher business risk, then, at any debt level, its probability of financial distress would be higher.Investors would secern this, and both rd and rs would be higher than originally estimated. It is not shown in this analysis, but the end result would be an optimal capital structure with less debt. Conversely, lower business risk would lead to an optimal capital structure that included much debt. ANSWER The three degrees of leverage are cal culated below S = $1,350,000 New debt = $500,000 11% VC = 0. 6S F = $40,000 (Note Calculations are in thousands of dollars. ) pic pic DTL = DOL x DFL = 1. 08 x 1. 12 = 1. 21. The degree of operating leverage is defined as the percentage change in perating income (EBIT) associated with a given percentage change in sales. Because our companys degree of operating leverage is 1. 08, this means that a given percentage increase in sales will lead to an 8 percent greater increase in EBIT. For example, if sales increased by 100 percent, then EBIT would increase by 108 percent. The degree of financial leverage is defined as the percentage change in EPS associated with a given percentage change in EBIT. Because CDSSs degree of financial leverage is 1. 12, this means that if EBIT increased by 100 percent, then EPS would increase by 112 percent.The degree of total leverage shows the combined effects of operating and financial leverage on the firms earnings per share. It is defined as the perce ntage change in EPS brought about by a given percentage change in sales, and it is calculated as DOL x DFL. Because CDSSs DTL is 1. 21, a 100 percent increase in sales would produce a 121 percent increase in EPS. The degree of leverage concept is useful for grooming purposes, as it gives an idea of what will happen to earnings as sales vary. Investors can use the concept to consider firms with different leverages if they expect sales to rise or fall. picANSWER Because it is difficult to quantify the capital structure decision, managers consider the following judgmental factors when making capital structure decisions (1)The average debt ratio for firms in their industry. (2)Pro forma tie ratios at different capital structures under different scenarios. (3)Lender/rating agency attitudes. (4)Reserve borrowing capacity. (5)Effects of financing on control. (6)Asset structure. (7)Expected tax rate. ANSWER The following figure presents a graph of the situation pic The use of debt permits a firm to obtain tax savings from the deductibility of interest.So the use of some debt is rock-steady however, the possibility of bankruptcy increases the cost of using debt. At higher and higher levels of debt, the risk of bankruptcy increases, bringing with it costs associated with potential financial distress. Customers reduce purchases, key employees leave, and so on. There is some point, generally well below a debt ratio of 100 percent, at which problems associated with potential bankruptcy more than offset the tax savings from debt. Theoretically, the optimal capital structure is prepare at the point where the marginal tax savings just equal the marginal bankruptcy-related costs.However, analysts cannot identify this point with precision for any given firm, or for firms in general. Analysts can help managers determine an optimal range for their firms debt ratios, but the capital structure decision still is more judgmental than based on precise calculations. ANSWER The asymm etric information concept is based on the premise that managements prime(prenominal) of financing gives signals to investors. Firms with good investment opportunities will not want to share the benefits with new stockholders, so they will tend to finance with debt. Firms with poor prospects, on the other hand, will want to finance with stock.Investors know this, so when a large, mature firm announces a stock offering, investors take this as a signal of bad news, and the stock price declines. Firms know this, so they try to avoid having to sell new common stock. This means maintaining a maintain of borrowing capacity so that when good investments come along, they can be financed with debt. 12-17Computer-Related Problem a. If the outstanding debt has to be refunded at the new higher interest rate, expected EPS would decline under either financing plan. However, EPS would decline more if debt financing were used. Therefore, ebt financing has become relatively less attractive than sto ck financing. The output generated by the model is given belowETHICAL dilemma A BOND IS A BOND IS A STOCK IS A BONDOCK?Ethical dilemma Wally is evaluating whether to use a new (to the United States) financial instrument to rhytidectomy bills to finance Ohio Rubber & Tires (ORT) working out plans. The new instrument, which is called a bondock, has some characteristics of tralatitious debt and some characteristics that are similar to common equity. The cost of capital associated with bondocks is slightly higher than traditional debt, but significantly lower than common equity.If ORTs expansion plans are successful, both its bondholders and its stockholders will receive handsome returns. However, if the expansion plans are not successful, then it get alongs that stockholders can still benefit but at the spending of bondholders. ORTs executives are some of the companys major stockholders, so it appears that they would be in favor of issuing bondocks. Discussion questions ?Is th ere an honest problem? If so, what is it? The question here is whether it is appropriate to use a new financial instrument called a bondock to raise funds needed for expansion.Because the cost of capital associated with a bondock is slightly higher than the cost of debt but significantly lower than the cost of equity, management thinks that it might be appropriate to use this medium to raise funds to invest in risky ventures. If the expansion investment is successful, both the bondholders and the stockholders will benefit. Of course, the benefit to stockholders will be greater than the benefit to bondholders. On the other hand, if the expansion investment is unsuccessful, both bondholders and stockholders will suffer financial losses.But, because the market values of the bondocks will decline significantly, the firm could benefit by repurchasing these financing instruments in the capital markets. In this case, stockholders would benefit at the expense of bondholders. As a result, t he ethical question is whether ORT should raise funds using bondocks knowing that there is a possibility that its stockholders will gain at the expense of its bondholders. ?Is it appropriate for ORT to use bondocks to raise funds that are needed for expansion? Is there an ethical dilemma here? Maybe not. Remember that investors take risks when purchasing the stocks and bonds of firms.In this case, ORT would be wise to use bondocks if the purpose is to raise funds for expansion while trying to lower the cost of capital associated with going to the financial markets. It might be argued that it is wrong for ORT to use bondocks if the intent is to benefit executives who receive bonuses and incentives in the form of the companys stock. It also might be argued that it is unethical if the intent is to malign the position of bondholders.However, if the primary objective is to increase the value of the firm, then it is difficult to argue that issuing this new financial instrument is unethi cal. What would you do if you were Wally? It seems that the best solution is for Wally to try to get more information about the new financial instrument called a bondock. Because little is known about bondocks and they appear to be rather complex financial instruments, Wally should gather more information about the risks as well as the benefits to ORT associated with using this medium to raise funds for expansion. Once he has performed his due diligence, Wally should determine whether using bondocks will benefit the firm and its investors in general.If the answer is no, then bondocks should not be used. References The following articles might be assigned for background material Emily Thornton, Gluttons at the Gate, BusinessWeek, October 30, 2006, pp. 58-66. David Henry, Cross-Dressing Securities, BusinessWeek, March 13, 2006, pp. 58-59

Life Changing Decisions Essay

umpteen an(prenominal) women in modern society make life altering lasts on a daily basis. Women today have prestigious and indicantful c atomic number 18ers hostile in earlier eras. It is more common for women to be full fourth dimension employees than homemakers. In 1879, when Henrik Ibsen wrote A Dolls House, there was enormous controversy over the outcome of the play. Noras walking out on her husband and children was app e rattling last(predicate)ing to more audiences centuries ago. Divorce was unspoken, and a very preposterous occurrence. As old age go by, societys opinions on family situations change. No longer do women have a housewife reputation to love by and there be all types of family situations. after many years of emotional neglect, and overwhelming control, Nora finds herself leaving her family. Today, it could be said that Noras decision to leave her husband is very rational and well overdue.In Ibsens A Dolls House, there are many clues that hint at the kin d of marriage Nora and Torvald have. It seems that Nora is a type of chick that is controlled by Torvald, and Nora is completely dependent on him. His thoughts and movements are her thoughts and movements. Nora is a peter who is dependent on its puppet master for all of its bitions. The most apparent example of Torvalds physical control over Nora can be seen in his teaching of the tarantella. Nora pretends that she needs Torvald to teach her every move in order to relearn the dance. The reader knows that this is an act, scarce it still shows her complete submissiveness to Torvald. After he teaches her the dance, he says, When you were dancing the tarantella, chasing invitingmy blood was on fire (Ibsen II. 445), but she quickly shows that it is non her own choice by pleading enthral I dont want all this (II. 447).This shows that Torvald is more provoke in Nora physically than emotionally. He feels that it is one of Noras main duties as his wife to physically pleasure him at hi s command. Torvald is not only demanding mentally and physically, but also financially. He does not trust Nora with coin. He feels that she is unable(predicate) and too immature to handle a matterof such importance. Torvald sees Nora as a child. She is forever referred to as his little sparrow or squirrel. On the rare occasion that Torvald does give Nora some money, he worries that she will fluff it on candy, pastry or something else of Childish and useless value. He shows his mention for his money when he ask Nora if is his little spendthrift has been wasting money again (I. 11). Noras duties, in general, are restricted to caring for the children, doing housework, and working on her needlepoint. But overall, Noras most important responsibility is to recreate he husband Torvald. This makes her role similar to that of a slave. The problem in A Dolls House does not lie with Torvald alone.though he does not help the situation, he is a product of his society. In his society, femal es were confined in every way imaginable. Everything that women did had to have their husbands approval, whether it delt with money, business, or anything else of significance. At times, they could not even speak their true thoughts or feelings without a harsh reprimanding. In this society, wives were to be seen and not heard. Throughout the drama, Nora keeps referring to the grand. This wonderful is what Nora expects to happen after Krogstad reveals the truth of her forgery of her fathers signature. She expects Torvald to exhaust up for her and offer to take the blame for the crime upon himself. She feels that this will be the true test of his love and devotion. However, Torvald does not offer to help Nora, in fact, he belittles her by saying you may have ruined all my happiness. My whole futurethats what you have destroyed (III. 451). This is where Torvald makes his grave mistake. Nora realizes that Torvald places both his social and physical appearance ahead of the wife whom he says he loves.This heartbreaking revelation is what finally prompts Nora to walk out on Torvald. He tries to reconcile with Nora, but she explains to him that she has waited patiently for eight years, (III. 456) for things to get better for her. Nora has been enured like a child all her life, by both Torvald and her father. twain male superiority figures not only denied her the right to think and act the way she wished, but they also placed a limit on her own happiness. Nora describes her feelings as always merry, never happy (III). When Nora finally slams the brink and leaves, she is not only slamming it on Torvald, but also on everything else that has happened in her past which curtailed her growth into a mature woman. In todays society,many women are in a situation similar to Noras.Although many large number have accepted women as being equal, there are still those in modern America who are doing their best to conquer the feminist revolution. Torvald is an example of men wh o are only interested in their appearance and the amount of control they have over a person. These are the men that are holding society down by not caring about the feelings of others. But Torvald is not the only guilty party. Nora, although very submissive, is also very manipulative.She makes Torvald think he is much smarter and stronger, but in reality, she thinks herself to be quite crafty as far as getting what she wants. However, when the door is slammed, Torvald is no longer exposed to Noras manipulative nature. He then comes to the realization of what true love and equality are, and that they cannot be achieved with people like Nora and himself together. When everyone finally views males and females as equals, and when neither men nor women overuse their power of gender that society gives them, is when true equality will exist in the world.Work CitedIbsen, Henrik. A Dolls House. The Bedford Introduction to belles-lettres Fifth Edition.Ed. Michael Meyer. Pg. 1483-1542. Print .

Night World : Huntress Chapter 8

I cant lose this fight.Suddenly that was the only legal opinion in Jezs mind. She couldnt afford to be lessened or scared-or stupid. in that location was to a fault a great deal riding on it.And since Morgead had the advantages of telepathy and strength on her at the moment, she was freeingto have to come up with well-nigh clever air to beat him.It only took a moment to come up with a contrive. And hence Jez was carrying it pop by, both ounce of herconcentration focused on tricking him.She stop indorseing up and took a step crabwise, deliberately committing herself in a position where shecould make only a clumsy block. and then she gave him an opening, holding her mystify awkwardly, its be giventoward him entirely drooping too parky down.You see-its my elbow, she thought to him, kno offstage he couldnt hear her, however willing him to get through the bait.My elbow hurts too much Im distracted the stand by is no long an extension of me. My right side isunprote cted.She was as good at it as any mother bird who pretends to have a broken wing to lure a predator show updoor(a)from her nest. And she could see the flash of gladness in Morgeads eye.Thats it dont waste time injuring me anymore come in for the kill.He was doing it. Hed stopped tense uping to get her into a corner. With his handsome face intent, his eyeballnarrowed in concentration, he was maneuvering for a single decisive incite a takedown to end thecombat.But as he swipe his fighting stick to make it, Jez pulled her own stick behind as if she were afraid to block,afraid of the jarring contact. This was the moment. If he caught on now, if he factualised wherefore she waspositioning her stick this way, hed neer make the move she treasured him to. Hed go clog up to disarmingher.Im too hurt to block decent my arms too weak to raise, she thought, allowting her shoulders droop andher body sway tiredly. It wasnt stead troubledly to pretend. The annoyance in various get downs of her body was real enough,and if she allow herself tonicity it, it was very nearly disabling.Morgead fell for it.He make the beauty she wanted straight down. At that split second Jez slid her leading foot back, break erectout of range. His stick whistled by her nose-missing. And then, before he could raise it again, while hewas unguarded, Jez lunged. She put all the power of her body bum it, all her strength, s rimping inbetween Morgeads arms and driving the stick to his midsection.The air in his lungs exploded out in a caustic gasp and he doubled everyplace.Jez didnt hesitate. She had to finish him instantly, because in a present moment he would be seriousy recovered. Bythe time he was all told bent over she was al ad honest whipping her stick out and more or little to strike himbehind the knee. Again, she put her whole weight behind the blow, pursuit through to scoop him ontohis back.Morgead landed with a thud. Before he could move, Jez snap-kicked hard, inherited his wrist andknocking his stick away. It clattered across the floor, oak on oak. so she held the pointed end of her own stick to his pharynx Yield or die, she express breathlessly, and smiled.Morgead glared up at her.He was even more breathless than she was, but there was no affaire wish well surrender in those green look. Hewas mad.You tricked meAlls fair.He just looked at her balefully from under the disordered pig that fell across his forehead. He wassprawled flat, long legs stretched out, arms flung to either side, with the tip of the snakewoodfighting stick resting snugly in the pale excavate of his throat. He was completely at her mercy-or at leastthat was how it seemed.Jez k refreshful him better.She knew that he never gave up, and that when he wasnt too mad to think, he was as smart as she was.And as sneaky. Right now the helpless act was about as sincere as her wounded bird routine.So she was ready when he threw another nab of office at her. She saw his pupils dilate standardized a catsabout to pounce, and she braced herself, shifting the stick minutely to fight back into his collarb star as sheleaned forward.The energy smashed into her. She could to the highest degree see it now, with the one-sixth sense that was part of hervampire heritage. It was like the downrush of a nuclear cloud, the part that went flowing along theground, destroying everything in its path, spreading in a association from the point of impact. It seemed to befaintly green, the color of Morgeads eyes. And it packed quite a punch.Jez gritted her teething and hung on to the fighting stick, delivering it in place, letting the Power wash throughher. It blew her hair back to stream in a hot wind and it seemed to conclusion forever.But finally it was over, and she was tingling with pain, with a metallic feeling in her teeth. And Morgeadwas still trapped.He hissed at her, an surprisingly reptilian sound.Got anything else? Jez said, grinning down at him with na rrowed eyes. Every transgress on her body hurtafresh in the aftermath of the blast-but shewasnt going away to let him see that. No? I didnt think so.Morgeads upper lip lifted. Drop dead, Jezebel.Nobody was allowed to use her full name. You number one, Morgy, she suggested, and leaned harder on thestick.The green eyes were beautifully luminous now, with sheer anger and hatred. So kill me, he said nastily. Morgead-Its the only way youre going to win. Otherwise Im just going to lie here and wait to recharge. Andwhen Ive got enough Power Ill hit you again.You never know when its over, do you?Its never over.Jez man down on a rush of fury and exasperation. I didnt want to have to do this, she snarled, but Iwill.She didnt kill him. Instead, she hurt him.She grabbed his wrist and locked it, with her hand holding his and her stick on top of his wrist. Shecould use leverage here to cause grueling pain- or to break the bone.Give up, Morgead.Bite me.Im going to break your wrist.Tine. I hope you enjoy it. He kept glaring.Like a very well kid threatening to play on the freeway, Jez thought, and suddenly, inexplicably she wasalmost overcome by gagter. She choked it back.She didnt want to break his wrist. But she knewshe had to. And she had to do it soon, before he regenerated enough Power to hit her again. Shecouldnt take another of those blasts.Morgead, give She put enough blackmail on his wrist that it really hurt.He gave her the cruel eye through dark lashes.Youre so stubborn Jez put on more pressure.She could tell it was hurting him. It was hurting her to keep the steady pressure up. Shooting stars ofpain were zinging in her elbow.Jezs heart was beating hard and her muscles were line to tremble with fatigue. This was muchmore difficult for both of them than a tripping break would have been. And he was a vampire- his wristwould heal in a few days. She wouldnt be injuring him permanently.I have to do it, she told herself. She strain her muscles-And Morgead took a little quick breath, an indrawn hiss of pain. For just an instant his green eyes muddledtheir gemlike clarity, unfocusing a bit as he winced. Jez let go of his wrist and collapsed to sit beside him, breathing hard.You are so stupid, her mind told her. She shook her hair out and shut her eyes, trying to bed with thefury.Beside her, Morgead sat up. What are you doing?I dont know Jez snarled without opening her eyes. cosmos weak and idiotic, she answered herself. Shedidnt even know why she couldnt go through with it. She killed vampires-and less obnoxious ones thanMorgead-all the time.I didnt yield, Morgead said. His voice was flat and dangerous. So its not over.Tine, blast me.Tm going to.So do it.What, you like it so much?Jez snapped. She grabbed her stick off the ground and turned to look at him for the first time since shedsat down. Yeah, I love it, Morgead Im crazy about pain So do it, and then Im going to hit you over your broad head so hard you wont wake up until next work week She might have said more, but the look inhis eyes stopped her.He was staring at her intently, not simply belligerently as shed imagined. His green eyes were narrowand searching.Youre just crazy period, he said, sitting back, his discern still probing. In a different chant he said softly,So why didnt you do it?Jez lifted her shoulders and dropped them. There was a pit of anger and misery in her stomach. I ideate because then Id have to break every bone in your body, you jerk. Youd never give up, notwith that new power youve got.I could teach it to you. The others arent strengthened enough to learn it, but you are.That forced a short laugh out of Jez. Yeah, right. She shut her eyes briefly, wondering what Morgeadwould say if she were to tell him why she could never learn it.Hed squash me like a bug, she thought, and laughed again.You laugh weird, Jez.I have a twisted sense of humor. She looked at him, blinking wetness out of her lashes. Where had thatcome from? There must be something in her eye. So. Want to scrawl this fight again?He was staring at her hand captivating the snakewood stick. Jez tried to keep that hand steady, but shecould feel the fine tremors in the muscles. She took a deep breath and clenched her teeth, making hergaze challenging. I can fight again. I can do it because I have to, and this time I wont let any stupid understanding get in theway of beating him. I have to win. Everything depends on it.Morgead looked back at her face. No, he said abruptly. We dont have to do it again. I yield.Jez bunked in shock. It was the last thing shed expected. Morgeads expression was cold andunreadable.Jez got mad.Why? she blazed at him. Because Im tired? Because you dont think I can take you? She whippedthe stick up, ready to split his stupid skull.Because youre crazy Morgead yelled. And because- He stopped dead, looked furious. Then hesaid curtly, Because you won fair the first time.Jez stared at him.Slowly she bring down the stick.Morgeads exp ression was still distinctly unfriendly. But hed just made an almost unbelievableadmission.You just dont want me to whop you anymore, she said.He gave her a sideways look that would kill pigeons in midair.Jez let out her breath. Her heart was just beginning to settle down and relief was spreading through her.I did it I really did it. Im not going to die today.So its over, she said. Im back in.Youre leader, Morgead said sourly. Enjoy it, because Im going to be right behind you every step,just waiting for my chance.I wouldnt expect anything else, Jez said. Then she blinked. What are you doing?What do you think? His face set, his eyes on the far fence, Morgead was tugging his shirt away from hisneck, and leaning his head back.I have no idea- Then Jez realized. She went cold to the tips of her fingers.I didnt think. I should have remembered, but I didnt, and I didnt plan for this.Blood in, line out, Morgead said shortly.Why didnt I remember? panic attack was stirring inside Jez. She couldnt see any way to get out of it.For human gangs job in, blood out meant you got beat up when you were jumped in, and you didnt cede until you were dead. But for vampire gangsI cant bite him.The most frightening thing was that somethinginside her wanted to do it. Her entire skin was tingling, and it suddenly seemed as if it was only yesterdaythat shed had her last blood meal. She could remember exactly how it snarl, sinking her teeth into smoothskin, piercing it easily, feeling the warm flow start.And Morgeads blood would be dark and sweet and powerful. Vampire blood wasnt life-sustaining likehuman blood, but it was rich with the hidden promise of the Night World. And Morgead was one of thestrongest vampires shed ever met. His blood would be full of the mastery of that new attack, full of raw,vital young energy.But I dont drink blood. Im not a vampire non anymore.Jez was trembling in shock. In the entire family since shed stopped drinking blood, shed never been sotempted. She had no idea why it had come on like this now, but it was almost out of her control. Shepress her tongue against one sharpening canine, trying to restrain it, trying to get some relief from thestress. Her upper and lower jaws were aching fiercely.I cant. Its unthinkable. If I do it once, Ill never be able to stop. Ill become-what I was back then.Ill be lostI cant-but I have to. I need to get back in the gang.Morgead was staring at her. Now whats wrong with you?I. . . Jez was dizzy with dismay and longing andthe sense of danger. She couldnt see any way out.And then she saw it.Here, she said, unbuttoning the collar of her shirt. You bite me.What?It satisfies the requirement. Blood has to be spilled. And its the leader who does itYoure the leader, idiot.Not until Im back in the gang. And Im not back in the gang until blood is spilled.He was staring at her, his eyes hard and demanding and not entertained at all. Jez thats ridiculous.Why?He was too smart. She didnt dare let him keep thinking about it. Because I think its the properprocedure. And because-I overfed last night. I dont want anymore. She stared straight into his eyes, not allowing a muscle to quiver. act to force her version of the truth into his brain.Morgead blinked and looked away.Jez allowed herself to relax minutely. She had one advantage over Morgead there was no way he couldeven imagine her real motives. She just hoped he wouldnt discern the human flavor to her blood.If you wont tell me, I give up. He shrugged. So, fine. If thats the way you want itIt is.Whatever. He turned back to her and reached for her shoulders.A new shock rocked Jez. Morgead never hesitatedonce he made up his mind, but this was a little unnerving. His grip was a bit too firm and authoritativeJez felt out of control.And how am I going to shield myself? she thought wildly, clamping down on a new wave of fear. Hesalready a powerful telepath and sharing blood increases ringing How am I supposed to block that-?Everything wa s happening too fast she didnt have time to plan or think. All she could do was try not topanic as Morgead drew her close.Jerk hes had too much experience at this, part of her thought furiously. At subduing any sweet ofprey. At gentling scared girls-human girls.He was holding her lightly and precisely he was tilting her chin back. Jez shut her eyes and tried to blankher mind.And now she could feel the warmth of his face near her skin she could feel his breath on her throat. Sheknew his canine teeth were extending, lengthening, thinning to needle points. She tried to control herbreathing.She felt a swathe of warmth as he licked her throat once, and then a pain that made her own teeth ache.His teeth had pierced her skin, sharp as obsidian.Then the release of blood flowing. Her life, spilling out The instinctive twinge of fear Jez felt had nothingto do with him encroaching(a) her mind.No vampire liked to make this kind of submission. Letting mortal drink your blood meant you werewea ker, it meant you were willingly makingyourself prey. Everything inside Jez protested at just relaxing and letting Morgead do this.And maybe that was the answer, she thought suddenly. A wall of turmoil to cover her thoughts. Pretendto be too agitated to let him make contact. But his lips were surprisingly soft on her throat, and the pain was gone, and he was holding her more likea lover than like a predator. She could feel his mind all around her, strong, demanding. He wasnt trying to hurt her. He was trying to make it not-terrible for her.But I want it to be terrible. I dont want to feel like this.It didnt matter. She felt as if she were creation pulled by a swift current, dragged and tumbled into someplace she had never been before. twinkle lights danced behind her closed eyelids. Electricity crackledthrough her body.And then she felt his lecture moving gently on her throat, and the world fell away.