Gay Marriage Research Paper - 1970 Words

It is rooted in our traditional Western values that marriage is intended to be between man and woman. The dictionary defines it as the social institution under which a male and female establish their decision to live as husband and wife by legal commitments and religious ceremonies.1 I do not believe marriage should have an alternate definition. President George W. Bush once addressed our nation stating: â€Å"The union of a man and woman is the most enduring human institution honored and encouraged in all cultures and by every religious faith. Ages of experience have taught humanity that the commitment of a husband and wife to love and to serve one another promotes the welfare of children and the stability of society. Marriage cannot be†¦show more content†¦It is argued that gay marriage does not harm society in any way therefore it does not make a difference whether it is legal or not. On the contrary, people who are against gay marriage hold the idea that homosexualit y is a sin and is considered immoral. They believe that extending the definition of marriage diminishes the true meaning of traditional family. It is proven that children who are raised in homosexual homes are exposed to negative influence. Homosexual relationships deny a child a mother or father. Females who grow up without a father are more likely to engage earlier in sexual activity. They are also more likely to become pregnant during their teenage years. Research suggests that children who do not have mothers are deprived of emotional support and valuable advice.4 Another argument against gay marriage is also believe that homosexuals cannot procreate. Procreation is a prominent reason to marry. People also argue that legalzing same-sex marriage could lead to polygamous and interspecies marriages.4 If the exception is granted for gays and lesbians than other groups will expect the right to wed as well. Another prominent argument against gay marriage is that it negatively impacts children. This makes adoption for gay marriage extremely controversial. Gays and lesbians must adopt if they want children because they cannot procreate. If same-sex marriage isShow MoreRelatedGay Marriage Research Paper899 Words   |  4 PagesIn recent years, the debate over gay marriage has grown from an issue that occasionally arose in a few states to a nationwide controversy. People have opposing viewpoints on whether gays should be allowed to marry or not, and the sub topics that coincide with gay marriage. People wonder if it is okay for gays to marry, and if so, should it be legal everywhere? In the United States I 2009, some states like Iowa, Vermont, and Connecticut allow gays to marry, while states like California, Florida,Read MoreGay Marriage Research Paper1852 Words   |  8 Pagesmarried or reap the benefits of said marriage. Marriage is basic to the recognition as equals in society and any status short of this becomes inferior, unjust and unconstitutional. Our nat ion cannot live up to its promise of equality and the fundamental rights to life, liberty, and the pursuit of happiness, until the invidious discrimination on the basis of sexual orientation is done away with. Equality under the law extends to all persons. Legalizing same-sex marriage, a recognition of basic AmericanRead MoreHomosexual Marriage Should Be Legal Essay1111 Words   |  5 PagesHomosexual marriage should be legal because marriage is a symbol of love and passion for one another, the homosexual family life is just as good as heterosexual family life, and prohibiting gay marriage is unconstitutional discrimination. Homosexuality occurs in over four hundred and fifty species, but homophobia (irrational fear or dislike against homosexuality) only occurs in one. (Gay Marriage Research Paper) We live in the â€Å"land of the free,† but we still have laws that ban marriage of homosexualRead MoreThe Legalization Of Gay Marriage1411 Words   |  6 PagesAbstract The legalization of gay marriages is one of the most controversial issues throughout particularly in modern life. This paper, based on secondary research, arguing for legalizing same-sex marriage through specific analysis of its positive influences. In particular, there are two main benefits regarding society as well as economy. The finds of the research indicate that gays or lesbians are completely an important part of society. Therefore, they must have the rights to live and marry legallyRead MoreGay Families are Still Families Essay1051 Words   |  5 Pagesare legalizing same-sex marriage, new questions arise. Regardless of ones position about whether gay marriage should be legal, it is clear that the definition of family is changing and the legal system will need to address these changes. Whether it is determining who should be a custodial parent, clarifying adoption processes, or implementing legal protections in cases of divorce, family law must grow and change along with the definition of family. Through my research, I hope to present point/counterpointRead MoreMarriage Equality For Same Sex Couples1480 Words   |  6 PagesStudies Interest Research Project Marriage Equality for Same-Sex Couples in Australia. Tiarne Milton Year 12, CAFS Mrs Stamoudis Table Of Contents Abstract/summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3 Acknowledgments†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..5 Review of existing research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreFeminism Of A Post Feminist Period Essay1692 Words   |  7 PagesPosition paper 1. An introduction This paper will be presenting a position paper focusing on the debate whether we are living in a post-feminist period in which gender is no longer a major barrier to equity. The paper will utilise feminism theory through use of article to create an argument to support this debate. It will also incorporate some compelling case justifying the researcher’s position. †¢ Identification of the issue (background information) Post Feminism simply can be referred toRead MoreGay Marriage Should Be Legal1434 Words   |  6 PagesGay marriage has slowly become a significant factor amongst individuals of today’s society. On June 26, 2015, it was ruled out by the U.S. Supreme Court that gay marriage was now legal. The first thing that I thought was that â€Å"Wasn’t it already legal in the United States?† Well, apparently no it has not been legalized in the United States! (Dumb me.) The U.S. is known to be a nation of equality and gives everyone the freedom of the speech, but it is actually a nation full of racism, sexism, and homophobiasRead MoreSame Sex Marriage Should Be Legalized1309 Words   |  6 PagesKaterina Do Dr. Clay ENGL 1302-013 29 September 2015 Issue Proposal I would introduce this issue to an audience explaining that same-sex marriage, also called gay marriage, is a marriage or a civil union between couples of the same sex. I would continue to explain it as a controversial and moral issue discussed worldwide today, due to many gay couples coming out and openly expressing their need for equal rights. I would add onto and explain how supporters of equal rights and those who oppose theRead MoreDifference Between A Good Survey And A Bad Survey941 Words   |  4 Pagesto try understand what we can get from it, it is important for us to know the difference between a good survey and a bad survey. Methods In this research paper I went online and found two different surveys that had the same topic in their questions. I looked on the proposition 8 that the U.S. Supreme Court had handed down regarding same sex marriage in California. The reason I choose this poll was because many of the misunderstanding the people had when they voted. I got this information from Kathy

Financial Statement Analysis The Stock Market

Question: Describe about the Financial Statement Analysis for The Stock Market. Answer: Introduction:- The stock market is very much volatile in comparison to other investment options. Therefore, the investors have to rely on various valuation models for the future stock performance of any company. The methods can be classified into two sections. The first section correlates the stock prices with the overall market index and various external factors, which can affect the market index as well as the individual stock prices. The other section focuses on the internal performance of the company for evaluating the stock prices. It also helps to measure the financial performance of the company. Thus the investors and other stakeholders can determine the proper valuation of the company and take proper investment related decisions accordingly. There are various models, which are used to measure the financial performance and valuation of the company. However, Residual income, Return on Operating Income, Free Cash Flow and Dividend Discount Model are considered as the most reliable and effective metrics for ascertaining the fair value of the company and its stocks (Gibson 2012). Cochlear Ltd. is an Australia based company, which designs and manufactures implant hearing products. It is one of the largest hearing implant companies in world and holds over almost 30% of the worldwide market. The company is enlisted in Australian Stock Exchange and maintains a good repute in the stock market. The report is prepared to demonstrate the financial evaluation models, which focuses on the financial performances of the company, to evaluate the fair value of Cochlear Model. The future performances of the company have been forecasted through its financial performance of last 5 years. The forecasted performances are analyzed through the aforementioned models to derive the fair value of the stock prices. Prospective Analysis:- As discussed above, the fair value of the company and its share price are evaluated on the basis of the future prospect of the company. Therefore, it is very necessary to forecast the financial performances of the company to depict the prospect of the company. The forecasted financial performance of Cochlear Ltd. for the upcoming 5 years, starting from 2017 to 2021, has been calculated on the basis of the financial data of the last 5 years. The financial data has been derived from the last 5 years annual reports of the company. The key components of forecasting are listed below: Sales Growth Asset Turnover Dividend Payout Profit Margin Cost of Capital (Brigham and Ehrhardt 2013) Assumptions for Key Components:- The key components are mainly computed through ratio analysis of last 5 years financial performance. However, some assumptions have been done to forecast the performance with more realistic approach. The assumptions are mentioned below: It has been observed that the sales growth rates were quite higher in the last 2 years in comparison to the previous years, which has caused the average sales growth rate higher than the normal rate. Therefore, in 2017, the actual average growth rate is applied to predict the revenue and in 2018 and 2019, the growth rates are reduced by 5% from the previous year. On 2020 and 2021, the growth rates are remained same as the previous years (Casey et al. 2015). As the fixed assets are not traded frequently, the asset turnover ratio, which is the average of last 5 years asset turnover ratio, is kept unchanged for the next 5 years. The dividend payout ratio has been very fluctuating in the last 5 years. Hence, instead of applying the average dividend-payout ratio for the last 5 years for forecasting, it is set at 60%, which is the general benchmark for the market. The profit margin rate of the next 5 years is assumed to be same as the average profit margin of last 5 years. The cost of debts of the company had reduced constantly in the last 5 years. Therefore, for forecasting purpose, the average cost of debt for last 5 years has been applied and kept unchanged for the next 5 years (Cantoni 2012). The weighted average cost of capital is considered as the most authentic cost of capital for any evaluation purpose. It is derived by adding the cost of debt and cost of equity capital in weighted average method. For Cochlear Ltd., the average cost of debt of last 5 year, is considered as the cost of debt. The cost of equity is computed under Capital Asset Pricing Model on the basis of the stock market return of the company and its correlation with the market index (Fabozzi and Peterson 2013). The calculations for the key components are shown in the appendices. Forecasting of Future Financial Performance:- Based on the calculations and assumptions, various important financial items, required for the four aforementioned four models, have been forecasted accordingly. The financial data of last year,i.e., 2016 is considered as the base of the forecast. The process of forecasting various financial items, required for the four models, are described below Forecasted Sales = Sales of Previous Year + (1+ Sales Growth Rate) Net Operating Assets (NOA) = Sales/ATO Net Operating Profit after Tax (NOPAT) = Sales x Profit Margin Free Cash Flow (FCF) = NOPAT Change in NOA Dividend Payable (d) = NOPAT x Dividend Payout Ratio Net Payment to Debt Holders (F) = FCF d Net Financial Expenses after Tax (NFEat) = Net Financial Obligation of previous year x Cost of Debt Net Financial Obligation of Current Year (NFOt) = NFOt-1 + NFEat F Comprehensive Income (NI) = NOPAT NFEat Equity (OE) = NOA NFOt Based on the aforementioned formulas the projected financial performance of Cochlear Ltd. from 2017 to 2021 is given in the following table: Forecasts for Cochlear Ltd. Actual Forecast Forecast Forecast Forecast Forecast 2016 2017 2018 2019 2020 2021 1.Forecast sales Sales growth rate - estimated 7.38% 7.01% 6.66% 6.66% 6.66% Sales 1,130,552 1,214,012 1,299,152 1,385,708 1,478,030 1,576,503 2.Forecast ATO and calculate NOA forecast ATO 1.91 1.91 1.91 1.91 1.91 1.91 Calculate NOA (NOA=sales/ATO) 590,540 634,135 678,608 723,820 772,044 823,482 3.Revise sales forecasts 4.Forecast PM and calculate NOPAT Forecast PM 16.14% 16.14% 16.14% 16.14% 16.14% 16.14% Calculate NOPAT (NOPAT = Sales x PM) 195,995 209,740 223,714 238,619 254,517 5.Forecast any other operating income (unusual items) 0 0 0 0 0 0 6.Calculate free cash flow (NOPAT change in NOA) change in NOA 43,595 44,473 45,212 48,224 51,437 calculate FCF 152,400 165,268 178,502 190,395 203,080 7.Forecast net dividend payout estimated as a % of NOPAT 60% 117,597 125,844 134,229 143,171 152,710 8.Calculate net payments to debt holders payments = FCF - dividend 34,803 39,423 44,274 47,223 50,370 9.Forecast cost of debt and debt balance Forecast cost of debt after tax 4.69% 4.69% 4.69% 4.69% 4.69% 4.69% Opening debt balance 212,711 187,884 157,273 120,376 78,798 Calculate cost of debt (net financing after tax) 9,976 8,812 7,376 5,646 3,696 Calculate closing debt (opening + interest - repayment) 193238 187,884 157,273 120,376 78,798 32,124 check leverage (d/noa ratio) 33% 30% 23% 17% 10% 4% 10.Calculate comprehensive income NOPAT - NFEAT 186,019 200,928 216,338 232,973 250,821 11.Calculate equity (and check it works both ways) 448,557 equity = assets - liabilities 446,251 521,335 603,444 693,246 791,357 closing equity = opening equity + income - dividend 516,979 592,063 674,172 763,974 862,085 Evaluation of the Company under 4 Models:- Residual Income Model:- The residual income is mainly based on the Comprehensive Income and Owners Equity. The residual income is the total of comprehensive income and cost of owners equity. In the Residual Income model, the forecasted residual incomes for the future years are used to determine the terminal value and then the discounted terminal value is added with opening comprehensive income and owners equity to derive the net value of the company (Healy and Palepu 2012). Residual Operating Income Model:- Residual operating income model is a modified form of RIM, which focuses on NOPAT and Net Operating Assets. In this model, residual operating earnings is calculated by adding the NOPAT with the cost of net operating assets. Then, the discounted terminal value of forecasted ROEs is added with net present value of total ROIs and NOA to compute the total value of the firm. The net value of the firm is derived after deducting the total debt from the total value of the firm (Patterson 2013). Free Cash Flow Model:- The free cash flow model considers the free cash flow of the company for its valuation purpose. The projected free cash flows of the future years are discounted by the cost of capital. The discounted free cash flows are then used for calculating the net value of the company (Robinson et al. 2015). Dividend Discount Model:- In the dividend discount model, the forecasted dividends amounts are used to compute the discounted terminal value. The discounted terminal value is then used as the base of the net value of the company. The details of the calculation of each model are attached in appendices. However, the fair value of Cochlear Ltd.s shares under each method is shown in the following table: Share Price of Cochlear Ltd. under different models:- Particulars Amount Market Price as on 30/06/2016 121.25 Fair Value as per RIM 33.39 Fair Value as per ROIM 41.69 Fair Value as per FCF 109.77 Fair Value as per DDM 3.15 Sensitivity Analysis:- The forecast is done on the basis of previous years financial data and assumptions. In the future, the forecasted figures may vary with the actual amounts due to change in the assumed scenarios. Therefore, it is very necessary to conduct sensitivity analysis on the outcomes of each model. The evaluation process of each model is based on the key components, which are either assumed or computed from the financial performances of previous years. Hence, the sensitivity analysis is conducted to check the stock prices are how much sensitive to the key components (Sridharan 2015). The analysis is done under two approaches- optimistic and pessimistic. Under optismistic approach, all the key components are increased by 25% and. The components are subsequently decreased by 25% under pessimistic approach. The outcomes of the analysis are shown in the following table: Sensitivity Analysis:- 2017 2018 2019 2020 2021 RIM ROIM FCF DDM Sales Growth Rate 7.38% 7.01% 6.66% 6.66% 6.66% 33.39 41.69 109.77 3.15 Sales Growth Rate + 25% 9.23% 8.77% 8.33% 8.33% 8.33% 39.33 47.07 -187.45 3.46 Sales Growth Rate - 25% 5.54% 5.26% 5.00% 5.00% 5.00% 29.25 37.82 52.3 2.92 ATO (Average Turnover) 1.91 1.91 1.91 1.91 1.91 33.39 41.69 109.77 3.15 ATO + 25% 2.39 2.39 2.39 2.39 2.39 33.64 44.1 115.53 3.15 ATO -25% 1.44 1.44 1.44 1.44 1.44 32.97 37.68 100.18 3.15 PM (Profit Margin) 16.14% 16.14% 16.14% 16.14% 16.14% 33.39 41.69 109.77 3.15 PM + 25% 20.18% 20.18% 20.18% 20.18% 20.18% 42.35 53.89 145.26 3.94 PM - 25% 12.11% 12.11% 12.11% 12.11% 12.11% 24.42 29.99 74.29 2.36 Dividend Payout Ratio 60% 60% 60% 60% 60% 33.39 41.69 109.77 3.15 Dividend Payout Ratio + 25% 75% 75% 75% 75% 75% 34.2 41.69 109.77 3.94 Dividend Payout Ratio - 25% 45% 45% 45% 45% 45% 32.57 41.69 109.77 2.36 Results under Optimistic Approach:- The table, shown above, describes that the increase in sales growth would affect the fair values of each model positively, except the FCF model. The rise of profit margin would have the same affect on the values of each model. The upward change in ATO would reduce the values under RIM and ROIM model, but affect positively for FCF model. Due to increase in dividend payout ratio, the fair value under DDM RIM would improve, whereas, the values under ROIM and FCF would remain unchanged. Results under Pessimistic Approach:- The fall of sales growth would cause all the values decrease, except the value under FCF model. If the ATO would decrease, then the values under RIM and ROIM would rise and FCF would decrease, whereas, for fall in profit margin, all the values under all the methods would decrease. Due to fall in dividend payout ratio, the value under DDM and RIM models would move downwards. Recommendation:- From the fair values of Cochlear ltd., determined under four models, it can be concluded that currently the market price of the company is overvalued. The investors will not prefer any stock, which are overvalued, as they will not get adequate return from such shares in term of dividend. Moreover, there is high chance of fall in the market prices of such overvalued shares in near future. Hence, in such scenario, if Cochlear Ltd. intends to raise capital through share issue, it should take corrective measures to increase the fair value of its shares. The possible way to increase the fair value is to focus on its key components, which can trigger the fair value upwards. Amongst all the models, the FCF model have predicted the fair values closer to the market price. The company may adopt the following strategies for the improvement of the fair values: Cochlear Ltd. is a reputed brand in the implant hearing sector. It should utilize its brand name and adopt such marketing strategies, which can increase its sales volume. Due to good market repute, it may also increase its product price to generate more profit and increase the profit margin accordingly. It may introduce new cost affective structure to reduce its costs and increase the profit margin. The company should expand its market for generating more sales. Such market expansion may reduce the profit margin in the initial stage due to high expenses. However, if it will be done with proper planning, the company may increase its profit in the future periods. References and Bibliography:- Brigham, E.F. and Ehrhardt, M.C., 2013.Financial management: Theory practice. Cengage Learning. Brigham, E.F. and Houston, J.F., 2012.Fundamentals of financial management. Cengage Learning. Cantoni, E., 2012. Financial statement analysis and insolvency forecast models: a proposal for local firms.Economia Aziendale Online, (4), pp.1-17. Casey, R.J., Gao, F., Kirschenheiter, M.T., Li, S. and Pandit, S., 2015. Do Compustat financial statement data articulate?.Journal of Financial Reporting,1(1), pp.37-59. Fabozzi, F.J. and Peterson, P.P., 2013.Analysis of Financial Statements. Wiley. Gibson, C.H., 2012.Financial statement analysis. South-Western. Healy, P.M. and Palepu, K.G., 2012.Business Analysis Valuation: Using Financial Statements. Cengage Learning. Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D. and Tan, R., 2012.Financial Accounting. Pearson Higher Education AU. Li, L., 2013. Financial statement analysis. Patterson, G.A., 2013. FIN6465: Financial Statements Analysis. Course Syllabus: 2013: 08 (fall). Pyles, M.K., 2014. Financial Statement Analysis: Whats Right, Whats Wrong, and Why?. InApplied Corporate Finance(pp. 29-69). Springer New York. Robinson, T.R., Henry, E., Pirie, W.L. and Broihahn, M.A., 2015.International financial statement analysis. John Wiley Sons. Sridharan, S.A., 2015. Volatility forecasting using financial statement information.The Accounting Review,90(5), pp.2079-2106. Titman, S. and Martin, J.D., 2014.Valuation. Pearson Higher Ed. Weil, R.L., Schipper, K. and Francis, J., 2013.Financial accounting: an introduction to concepts, methods and uses. Cengage Learning. Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons.