Reflection essay Example | Topics and Well Written Essays - 750 words - 11

Reflection - Essay Example Thus, a respectable woman is to be a good housewife and a careful mother, while her husband must maintain family. It seems to be an old-fashioned stereotype now. A huge number of modern families may illustrate this. The task of many husbands is to take care of children, while their wives adopt a role of breadwinners. Statistic data may illustrate this: Thus, precious few people are surprised to hear that a wife earns more than her husband does. It seems to me that this tendency roots in adolescence or even in childhood. The aim of most young people is to build up a successful career in future. Earlier it was accepted to think that high ambitions are more typical and even natural of men, rather than of women. This is not the case in our time. I notice such a tendency among my friends – girls usually pay much more attention to their studies than guys. As they say, they must think about their future career in advance. At the same time, most guys seem to be quite careless about this. Such a tendency may partially be prescribed to the fact that girls are proven to grow up faster than boys, both physically and mentally (Bergland, 2013). It seems to me, however, that certain feminist ideas exert much more influence in this case. Anyway, such girls are quite likely to become successful business-ladies in future. One more thing which helps girls and guys become friends is their similar hobbies. Surprisingly, a lot of my female friends adore football, basketball, and even hockey, though all these games are traditionally associated with men. For example, as statistics show, in 2012 soccer was the third most played team sport by high school girls – almost 1,5 million school girls tried this game only in the US (NFHS, 2011). When it comes to pastime, it is also necessary to mention computer games and computer skills in general. People are used to think that computer games are only for narrow-minded and not really responsible

Economic of a Security System Essay Example | Topics and Well Written Essays - 500 words

Economic of a Security System - Essay Example airline and airport security. It provides trained federal employees for passenger and baggage screening and it supplies sky marshals (air marshals) for unnamed commercial flights (Salant, 2002). With all the increased taxes because of additional airport security undertaken by our government, is it still viable for airports to further add their own measures in security Will these measures not affect passenger's willingness to travel by air, given an additional $ 5 to their tickets and more minutes waiting in line The federalization of commercial aviation resulted in the removal of contract private security personnel from passenger- and baggage-screening points. They were replaced with twice as many federal TSA employees, who earn almost two times the salary of their private-sector counterparts. The impact of this transition has yet to be measured. Some have argued that federalized passenger screening has not delivered a noticeable improvement in air passenger safety (Dalton, 2003). Also, wages of airport security personnel have been increased and are now comparable to police and fire protection jobs. Entry-level pay starts at around $20 an hour plus U.S. federal employee benefits (GAO, 13 June 2003). As airline security is now a national concern, it is the standard operating procedu

Bergers Disease: IgA Nephropathy

Bergers Disease: IgA Nephropathy Sarah A. Poorman IgA nephropathy, or Bergers disease, is one of the most prevalent, primary, and chronic glomerular disease and an imperative cause of renal failure (Mayo Clinic, 2017). IgAN is one of the most common renal diseases present in todays world. It can occur at any age, perceiving first evidence of renal disease when people are in their teens to late 30s (Wyatt and Julian, 2013). It is twice more likely to appear in men than women, being the most common amongst Asian and Caucasian populations (Wyatt and Julian, 2013). Early stages of Bergers Disease may not have symptoms. It can be silent for years, sometimes even decades before a single symptom shows. The most common symptom witnessed is hematuria, or bloody urine (NIDDK, 2015). This is a definite sign of a damaged glomeruli. Usually, the tint of urine will become a hue of pink or resemble the color of tea or cola (National Kidney Foundation, 2016). Another common symptom to arise is albuminuria. This is when urine contains an overabundance or albumin. Albumin is a protein, typically found in the blood, which maintains fluid balance throughout the human body (Nephcure, 2016). Blood loses its capacity to absorb fluid from the body once albumin leaks into the urine. Due to the lost blood supply, low blood albumin levels will occur. Too much fluid will let to edema, or swelling, of various body parts. The most common body parts to experience edema are the legs, feet, and ankles, leaving the face and hands to be the least commonly affected (NIDDK, 2015). Foamy urine is a signal of albuminuria. The least common symptoms associated with IgAN are high blood pressure and high cholesterol levels (NIDDK, 2015). Glomerulus is a system of capillaries situated at the beginning of a nephron in the kidney (Wyatt and Julian, 2013). Its focal objective is to assist as the first phase of the filtration process of the blood, which is carried out by the nephron in the creation of urine (Mayo Clinic, 2017). IgA nephropathy, or IgAN, is considered an autoimmune disease that affects the glomeruli of the kidneys. Glomeruli are tiny filtering units where the blood is cleared. As the IgA deposits build up in the glomeruli, it causes the kidneys to leak blood and protein into the urine. Human IgA antibodies have two subclasses, IgA1 and IgA2, while IgA1 constitutes 85% of the total IgA in the circulation, starting in the bone marrow (Wyatt and Julian, 2013). Predominantly, these deposits consist of IgA, but they can also exhibit IgG and IgM antibodies by themselves or combined. As the IgA deposits build up in the glomeruli, it causes the kidneys to leak blood and protein into the urine. IgA in the glomerular deposits are exclusively of the IgA1 subclass and are in the polymeric form (Wyatt and Julian, 2013). IgA1 exhibits galactose deficiency in the O-linked glycans in the hinge region of the heavy chain (Suzuki et al, 2011). Going all the way back to basic chemistry, galactose, or Gal, is a monosaccharide sugar that is composed of the same element as glucose, but has a different arrangement of atoms (Maillard et al, 2015). The Fc receptor will blind the GD-IgA1 to create immune complexes that leads to the complement activation. The transcription of IgG and IgM trigger the pathways of complement activation, containing immune complexes (Maillard et al, 2015). Eventually, over time, the massive discharge of ctyokines, components of the ext racellular matrix, and oxidants that disrupt the function of the glomerular basement membrane will induce apoptosis (the product of TGF-B and IL-6) and glomerular scarring (Maillard et al, 2015). This creates the destruction of the kidneys which leads to the major development of end-stage renal disease. To put it simply, T cell-dependent activation of B Cells is initiated by APCs, which processes the antigen, and creates peptides to present, in MHC 11, to CD4+ T cells. This results in the production of T Helper cells. With the interaction of B and T cells, the expression of CD40L, a protein apart of the TNF (tumor necrosis factor) family, begins. Isotype switching of naà ¯ve B cells towards IgA1 and IgA2 producing plasma cells takes place. The B cells carry the antigens to the surface of the cell by Ig expression. They present this to MHC II, which aids in the recruitment of T cells. With the expression of CD40L and cytokines and signals from APCs will begin the regulation of production for IgA the IgA immunoglobulin will typically bind oneself to an antigen or infection found in the body. This will result in the activation of an immune response, which will find a way to rid the body of the infection. People with IgAN have an augmented blood result of IgA that signifies less galactose than what is considered normal. This galactose-deficient IgA, or GD-IgA1, in the blood, is recognized as foreign by the other antibodies circulating the blood. But, when an individual has IgAN, a flawed arrangement of IgA antibodies attach their selves to another IgA antibody, as an alternative of an infection or antigen, resulting in the creation of immune complexes. These immune complexes turn out to be jammed in the kidneys glomeruli, causing damage to the filters. Inflammation takes place, which causes blood and proteins to leak out of the kidneys and into the urine. Eventually, this will lead to end-stage renal disease (ESRD) and total kidney failure, resulting in death or the dire need of a kidney transplantation. Currently, there is no known cure for IgA nephropathy, with no ultimate way of knowing what path the ailment will take. Once the kidneys are scarred, they cannot be repaired. Therefore, the vital goal of IgA nephropathy treatment is to inhibit or delay the inevitable, end-stage renal disease. Some people experience complete remission and others live normal lives with low-grade blood or protein in their urine. Treatment with numerous of medications can slow the progress of the disease and help manage symptoms such as high blood pressure, protein in the urine, and swelling. Some of the medications that are currently being used to treat IgAN are as follows: 1) Angiotensin-converting enzyme (ACE) inhibitors or angiotensin receptor blockers (ARBs) which lowers blood pressure and reduces the amount of albumin in the urine. 2) Omega 3 Fatty acids, which aid in the reduction of inflammation throughout the body, in this case the glomeruli, leaving no harmful side effects. 3) Immunosuppressants such as corticosteroids medication (prednisone) will suppress the immune system response, allowing to protect kidney function. However, these can cause serious side effects such as high blood pressure and high blood sugar. 4) Statin therapy are cholesterol lowering medications that are known to help slow the damage to the kidneys. 5) Mycophenolate mofetil, or CellCept, has been successfully used in some pati ents who have had persistent protein in the urine, however, most studies so far have failed to show the benefit for using this medication. There are no sources in the current document.   Ã‚  

Carbon Sinks and Global Climate Change :: Environment Earth Papers

Carbon sinks have been a hot topic surrounding global climate change. To understand this debate it is first essential to understand what carbon sinks are and what they do. Plants have the natural ability to soak up carbon dioxide from atmosphere, storing it as carbon. In relation to global climate change, plants, especially trees, can help to absorb some of the carbon dioxide that humans have emitted into the atmosphere. This becomes one possible solution in mitigating climate change. As with many possible solutions to climate change, there are positive and negative sides of carbon sinks as a mitigation option. There is also quite a divergence of viewpoints between countries. The issue of carbon sinks continues to be debated today. Is this an area in which consensus and cooperation can occur? Unfortunately, this has just been another area in which there has been controversy in global environmental politics. After an in depth look at the negative and positive aspects of carbon sinks i n relation to global climate change, it seems at this time the negative aspects outweigh the positive. Due to scientific uncertainty, an inadequate monitoring and measuring system, as well as a lack of rules and guidelines, the use of carbon sinks will prove to be more of a problem than a solution to the global climate change problem. First of all, what are carbon sinks? The earth contains various natural stocks or reservoirs of carbon. These stocks can be found in the ocean, forests, soils, and the atmosphere. When one of these stocks releases carbon, such as when a forest is reduced by fire, decomposition, or deforestation, it is known as a source of carbon. When these stocks absorb carbon they are called sinks (Sedjo, 4). The ocean can hold the most carbon; it contains about fifty times as much carbon as the atmosphere. Forests and soils contain about 3.5 times as much carbon as the atmosphere (Kolshus, 2). This paper mostly focuses on carbon sinks in forests because it is currently the subject under debate in the climate change regime. Sinks can be used to mitigate global climate change in two ways: either by producing new forests to absorb the carbon, or by preventing the release of carbon into the atmosphere through actions such as deforestation (Pagiola, 25). However, currently there is a lack of consensus as to how much carbon can actually be absorbed by these sinks.

Dream of the Rood Essay

In the poem The Dream of the Rood, many parallels between a seemingly inanimate object directly correlates with the crucifixion and resurrection of Christ. Although, Christ is mentioned in the poem he is never the speaker, rather the Rood is personified and is the central speaker and theme of the poem. The poem begins with the dreamer’s account of what he experienced as he saw the rood â€Å"gloriously graced† then bleeding as the tree spoke directly to the dreamer. Like Christ has done in biblical stories, the â€Å"tree† speaks him in a dream, depicting the first parallel of the Rood and Christ. The rood tells of how soldiers were forced to carry â€Å"him† on their shoulders and set him up on a mountain, just as Christ was forced to do before his crucifixion. The rood continues to display his bravery as he stands steadfast even though the earth was trembling, for he â€Å"dare not act against the Lord’s word. † This depiction of bravery in the rood is to parallel the bravery Jesus showed and his experience as there was an earthquake during his crucifixion. He expresses how he was â€Å"pierced† just as Christ was pierced, and how he was mocked just as Christ was mocked by onlookers. The cross seems to physically suffer as it â€Å"raised up a mighty king, the heaven’s lord; I dared not bow in homage. † This scene represents all the suffering that Christ endured, yet his bravery prevailed. The rood continues his account as he illustrates his and Christ’s death; â€Å"Finally men brought axes to fell us to earth. That was a frightful destiny! They buried us in a deep pit. Although in the biblical account of Christ’s crucifixion the cross was not buried, the author choose to show a connection between Christ and cross by showing they both perished that day. In the same likeness as Christ, the rood is resurrected and adorned by â€Å"friends â€Å"who learned about him, just as Christ was adorned after his resurrection. The rood announces to the dreamer that he must tell others of his triumph â€Å"so that far and wide men worship me everywhere on earth, and all creation pray to this sign. This metaphor shows the correlation between the rood and Christ, and the reason for which Christ endured all the suffering, so that all those who worship him shall have everlasting life. The rood states: â€Å"On me the son of God suffered a time; therefore I now tower in glory under heaven, and I may heal any of those in awe of me. † The rood explains that he is adorned above all other trees, just as Christ was after his resurrection. He continues to tell the dreamer that he must let all know about Christ and use the rood as a tool to explain his second coming and mankind’s salvation. Although no biblical stories tell of Christ coming to one in a dream, this was to represent God’s plan in sending his Son to tell of God’s plan and their salvation through his crucifixion and resurrection. This idea is clearly displayed when the rood professes â€Å"And on this earth each soul that longs to exist with its savior forevermore must seek His kingdom through that cross. As the dialogue of the poem switches back to the dreamer, he states that he was renewed with hope and joy as he â€Å"prayed to that tree. † Again another depiction of a parallel between Christ and the rood, instead of being described as a rood or crucifix, it’s described as a tree, something unlikely for one to worship. Perhaps the tree is to symbolize Christ, as the tree of life who should be worshiped and adorned with â€Å"gold and gemstones† just as the tree gleamed at the opening of the poem.

Taking a Look at Interpersonal Communication - 1139 Words

I do not need to copy many definitions from books, use plagiarism, or check thousands of websites to w honestly write about the concepts taught in this course. Concepts that have modified many of my ways of thinking that were previously erroneous. The contents of this class have helped me learn more about the verbal, and non-verbal communication among different cultures, ethnic groups and societies. We all practice communication some how, but I feel privileged of learning more details about the concepts of interpersonal communications after finishing the course. Each chapter of the book offers a very interesting, and educational instruction about social problems in relation to communication. I enjoyed reading about the roots of the different types of human behaviors. I consider the study of interpersonal communication as a very intellectual discipline that is essential in our daily lives. I each unit, different concepts were described, but the five of them that captured most of my attention are the following: Internal Tensions The book describes internal tensions as â€Å"relationship stresses that grow out of peoples needs, and peoples interactions.†(Wood 332) For me, it was very important to learn about the influence of the internal tensions that affect the health of friendships, psycological health, and physical health. All human beings have experienced internal tensions that somehow affected relationships with other people. In our lives, we have experiencedShow MoreRelatedTaking a Look at Interpersonal Communication716 Words   |  3 Pagesunderstood,† said Ralph Nichols and this thought is agreeable as the interpersonal skills are the skills people use throughout their life to interact with individuals or group of people in the society. 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You have two white LAPD officers John and Hansen, the African-American couple CameronRead MoreCharacteristics Of Interpersonal Communication746 Words   |  3 Pagesdiscusses interpersonal communication and impersonal communication, chapter one also discusses characteristics of a competent communicator. Interpersonal communication is a process where people exchange information using verbal and nonverbal messages and feelings, it is also described as face to face communication. People create meaning and relationships through the exchange of messages often the messages are affected by external, physiological, and psychological noise. Interpersonal communicationRead MoreDear Sacramento Chinese Community Service Center,. I Hav e1409 Words   |  6 PagesDear Sacramento Chinese Community Service Center, I have been recently taking an interpersonal communication course and have discovered a great deal of information that I believe can be extremely beneficial to our agency’s communication effectiveness. I invite you all to think back to one of our previous meetings, do you recall any of the following? A lack of eye contact, a lack of enthusiasm, and frustrated looks on faces? How about an overall sense of discontent so much so that people are disengagedRead MoreThe Importance of Studying Interpersonal Communication913 Words   |  4 PagesInterpersonal communication is an important day-to-day life skill that many people may go their entire life without formally learning about. Interpersonal communication is the communication between two or more people who are sending and receiving verbal or nonverbal language back and forth. The opportunity to study it at a college level is very important in that it can give you a more refined insight into how it works without needing to bre eze over or amend certain segments for the audience. WithoutRead MoreThe Importance Of Skills And Knowledge Of Your Employer829 Words   |  4 PagesI do believe that skills in today’s work environment have changed. Getting a job used to be based solely on your Interpersonal skills. Being social and knowing the right people or being in the right place at the right time would give you endless opportunities for employment. While I still believe this is true, employees are looking for more skills. One question during interviews includes your knowledge of the job/position and what the employee can bring to the company. Having basic computer, mathRead MoreThe Blind Side Character Analysis1395 Words   |  6 PagesIn this relationship, the interpersonal needs, conflict style, and the nonverbal communication shine in the relationships between the Tuohy family and Michael.The three interpersonal needs are the need for inclusion, need for control, and the need for affection(â€Å" William Schutz PH.D. and the Interpersonal Needs Theory.†2015). The theory behind interpersonal needs is how well a relationship is sustained by the three basic needs(â€Å"William Schutz PH.D. and the Interpersonal Needs Theory.†2015). LookingRead MoreInterpersonal Relationships856 Words   |  4 PagesInterpersonal Relationships Page 1 What are Interpersonal Relationships? Crystal Kinnersley Com 200 Interpersonal Communication Dr. David Koskowitz January 10, 2011 Interpersonal Relationships Page 2 What are Interpersonal Relationships? Do you know what I mean when I say â€Å"What are some things that affect your interpersonal relationships?† Interpersonal relationships are any type of relationship that you have with someone else. I am going to share some tipsRead More Essential Workplace Skills Essay example1596 Words   |  7 PagesI am referring to are Oral and Written Communication, Interpersonal, and Teamwork skill. These sets of skills have been identified US dept of Labor and other universities and learning Centers as the essential skills every person needs. Oral and Written Communication skills are two of the most important skills a person could have in the workplace. Without the ability to effectively communicate or understand communication in written or auditory form taking and giving direction would be extremelyRead MoreThe Importance Of Interpersonal Communication1091 Words   |  5 PagesHave you ever taken into consideration how your intrapersonal communication has an impact on your interpersonal communication? Our interpersonal communication is communication that strives us to create and maintain relationships with others in our life. My interpersonal communication is solely based on my self-concept, self-image, how I perceive myself, my bad and good qualities, and my non-verbal communication. My expectations about myself or my self-concept influences how I communicate with others

Financial Performance Analysis of Amazon - Free Essay Example

Sample details Pages: 8 Words: 2521 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Executive Summary Amazon.com, Inc (Amazon) registered strong growth of 36% in 2008 mainly due to increased unit sales and expanded sales base in several categories. Meanwhile during the 3rd quarter of 2009, Amazon managed to report a steady growth despite the recession period. This report reviews and analyse Amazon financial performance as well as comparison with its competitors. All analysis and ratios are derived from data collected from respective companies annual reports and www.reuters.com. Brief Description of the Company Amazon is one of the leading online retailers in the world based in Seattle, Washington, United States of America. The company started its operation in 1995 and has regional involvement in the Asia Pacific, North America and Western Europe. Initially the core business of the company is selling online books however has diversified to products such as apparel, electronic and home improvement products. Don’t waste time! Our writers will create an original "Financial Performance Analysis of Amazon" essay for you Create order The company is involved in the internet retailing industry with 7.5% market share in 2008. The e-commerce industry has gone through major phases of growth and decline however, Amazon persevered and surprised everyone. Amazon achieved its first annual profit in 2003 and has continuously performed better each year. Amazons main competitors are the book retailer, Barnes and Nobles (BN) and third party retailing non-book related good, Ebay.com (Ebay). BN and Ebay are engaged in the similar industry as Amazon, which is online business and catalogue retailing of single and diversified product lines In terms of market capitalisation, Amazon has the highest at $59.57 billion and followed by Ebay and BN at $30.59 billion and $1.21 billion respectively. This indicates that Amazon has greater stability and low risk compared to the competitors. Financial Analysis Profitability The companys performance has improved wherein it has performed above the projections made throughout the four years period. Net sales have increased by 29.2% from $14,835 million in 2007 to $19,166 million in 2008 with net income of $476 million and $645 million respectively. The Cost of Sales (COS) has increased throughout the years partly contributed from the free shipping cost and has affected the net income figure. There was a drop in the net income in 2006 due to increase spending on technology and content and in income tax expenses. However, the said figure has increased thereafter. In terms of sales, Amazon has performed double from the competitors throughout the four-year period. Sales increased tremendously primarily due to low prices, vast selection of products and free shipping offers. However, in terms of Gross Profit Margin (GPM), Ebay operated at 74% has outperformed Amazon at 23% in 2008. The reason behind this is due to Amazons high expenditure on Cost of Sales (COS), which is about 70% of its sales value. The high COS was mainly contributed from the free shipping cost incurred. In comparison to Ebay, the company applies different business model from Amazon and have managed to minimise its expenditure on COS at about 20% of its sales value and therefore reflected to a high GPM. GPM proves that eBay is generating a very large percent of net income from each dollar of sales and this contributes greatly to the growing of eBays overall financial strength. Meanwhile, BN showed a better margin because of its smaller size and the retailer aspect. Amazon and BN have a stable Operating Profit Margin (OPM) of 4% compared to Ebay, which fluctuates within the same period. Its constant operating expenses of 20% from its sales value support the stable growth for Amazons OPM. Ebays fluctuation figures are resulted from high expenses incurred from selling, general and administrative. Based on the industry standard, Amazon and its competitors have performed ahead from the standard, which are 14.1% and 0.53% for GPM and OPM respectively. The low OPM standard can be ascribed to the effect of the recent financial crisis. As of the 3rd quarter of 2009, Amazons sales were $14,989 million with net income of $518 million. For the current year, it is projected a further increase of 21% and 19.5% in sales and COS respectively from 2008 primarily to the low prices, vast selection and free shipping offers. With the said sales projection, the net profit is projected at $743 million in 2009. The basis for the projection takes into consideration on the global economic downturn and changes in customer purchasing preferences. Based on the current quarter performance, the same trend was observed wherein Amazon is still having the highest net sales while Ebay still dominating the net income figure. BN was badly hit from the result of economic crisis. In comparison with the competitors, Amazons Return on Equity (ROE) was high in 2005 at 135% but drastically dropped throughout the years to 40% and 20% in 2007 and 2008 respectively. The main reason for the decrease was due to the yearly increase in the businesss equity. As at 2008, Amazons ROE is equivalent to the competitors and is expected to be in line with the competitors in the future. In comparison on the ROE and Return on Assets (ROA), Amazon has the highest growth among its competitors as it has a smaller capital base than Ebay and a higher profit level than BN. The high ROE is indicates that Amazon is continuing to grow. Meanwhile the ROA showed that Amazon is efficient in generating income from its assets compared to its competitors. The industry standard for the ROE and ROA are 3.8% and 1.6% respectively. The lower industry standard might be driven by the economic condition, which has a great impact to the performance and profitability of most companies. There was an increase of 1% for each year from 2006 to 2008 for the Return on Investment (ROI), whereas the Return on Capital Employed (ROCE) was at the highest in 2008 at 29%. These have indicated that Amazon is efficientat using its assets to generate earnings compared to the competitors. Liquidity and leverage analysis The companys current ratios are more or less similar to BN during the four-year period. The companys current ratio was between the ranges of 1.3 to 1.5 for the past four years. This indicates that Amazon is able to lay its hands on $1.30-$1.50 for every $1.00 they owe. In comparison between current and acid test ratio, acid test ratio is lower at average of 1.0 within the years. It will enable the company to cover its short-term liabilities adequately with its liquid assets. This is within some of the industry standards of 1:1, showing that the company will be able to cover its short-term liabilities adequately with its liquid assets. In comparison with the industry, Ebay performed better than Amazon for both the current ratio and acid test ratio. Amazon fell below the standard in the initial years but almost meeting the standard in 2008 at 1.5:1. Although not performing better than the industry average, Amazon has good and stable ratios, which indicates that the company is able to cover its current liabilities. Amazons gearing ratio was high in 2005 at 86% and subsequently reduces within the years to 13% in 2008. Due to the operational efficiency, increased sales and improved liquidity, Amazon was able to reduce its debt and currently the business is funded with internal generated funds. Meanwhile, Ebay has no borrowings and BN has an average of 30% for the gearing ratio. The high borrowing in 2005 has a huge impact on the debt-to-equity ratio, which was 6:0:1. However as the borrowings is paid, the debt equity ratio when down to 0.2:1 in 2008. This indicates that Amazon has 20 cent debt for every $1 equity the company have. As for BN, its debt/equity ratio was at average of 0.5:1 during the four years. Therefore, in comparison, Amazon is less risky than BN. As Ebay has no borrowing, the interest cover for the said company is high compared to Amazon and Ebay. In comparison with the debt-to-equity ratio set by the industry, Amazon has a very low ratio of 0.2 compared to 40.98. As mentioned earlier, the industry ratio is on the high side due to the economic condition. Investment analysis Amazons common shares outstanding plus shares underlying stock-based awards outstanding totalled 446 million on December 31, 2008, compared with 435 million a year ago. As of to date, the said shares amounted to 451 million. Based on Amazons Earning per Share (EPS) trend, it indicated that the markets willingness to pay for the companys earnings has increased. This indicates that the market foresees Amazons long-term prospects over and above its current position. As at 3rd quarter 2009, the EPS was $1.20 and to grow further based on the companys projection on higher earnings in 4th quarter. Analyst predicts that strong online holiday sales will boost the shares of retailers, including Amazon and has recommended that the said shares will outperform in the market (Reuters.com, 2009). In terms of market performance, Amazons share price fluctuates throughout the years and increased tremendously in 2007 at $92.64 due to the launch of its e-book reader, Kindle. However, during the economy downturn in 2008, the share price dropped to $51.28 due to low operating profit as Amazon begins its price reduction for the goods and services. In 2009, the share price gradually increased and after the 3rd quarter results, it continuously went up and as at 11 December 2009, the share price was $134.15. The current Price/Earning Ratio has increased to 80.70 times from 33.80 times in 2008. Analyst predicted that with a strong revenue growth Amazon would be able to gain significant market share from other competitors (Stahl, 2009). Due to the economic downturn, all companies are affected which was reflected in its performance. Similar to Amazon, Ebays and BNs share prices had an initial stable growth but in 2008 it dropped by about 50%. While others are still struggling to recover from the economic situation, Amazon has showed a growth in 2009 and the share price has currently increased by 168% compared to Ebay and BN at 70% and 62% respectively. Cash flow Analysis As at 3rd quarter 2009, the cash and cash equivalents was $2,514, which a reduction from the opening balances at the beginning of the year of $2,769. During the period, the cash used in financing activities was $229 million compared to $1,199 million in 2008 of which the cash outflows results from repurchases of common stock, repayments of long-term debt. Repayments on long-term debt and payments on capital lease obligations were $379 million for the 3rd quarter 2009 and $335 million in 2008. Meanwhile, free cash flowwas $446 million for the quarter. Throughout the years, Amazon has managed to have a positive cash flow from its operating activities. This indicates a good sign that the core operation of the company is generating income. In comparison of Amazons total liabilities to the cash flow generated from operations, the company has enough funds to cover level of investment and takes about 3.3 years to pay back all its financial commitments. With the current cash, cash equivalents, and marketable securities balances, the company is likely to be able to meet its anticipated operating cash needs for at least the next 12 months. In comparison between the cash flow from operating activities and net income, it indicated that Ebay has the higher ability compared to Amazon in managing its operating cash cycle through receivables, payables and inventory. The reason is that Ebay takes advantages of its payable days for as long as 361 days. Due to the similar business model, both companies have a negative cash cycle of which cash is generated from its payable and quick settlement payment from the customers. Management of Working Capital In terms of managing working capital, Amazon had maintained its positive cash flow being the highest at 2007 for an amount of $1,450. This indicates that the company is able to pay off its short-term liabilities and operating expenses accordingly. In comparison between the competitors, Ebay has the highest working capital of $4,023 million in 2007 while BN has the lowest at $841million in 2006. The high working capital for Ebay has enabled the company to be successful in its expansion programme and improve their operations. For the 3rd quarter ending 31st December, Amazons working capital is $1,832 million and is expected to increase further due to higher expectation of sales in the coming quarter. Working capital provides information on the companys underlying operational efficiency. In terms of efficiency, Amazon is efficient in using its assets in generating sales compared to its competitors, which are reflected in the asset turnover ratio. This indicates Amazons improved efficiency in inventory and asset management that is partly supported from the low pricing strategy and low profit margin. In comparison to the competitors, BN has the lowest account receivable days due to its retail business model, which is based on the cash transaction. Based on the account payable days, Ebay has taken advantage on the free source of finance for the business at 361 days compared to Amazon at 62 days. In respect of the inventory days, Amazon is able to turn the inventory quickly as low as 12 days compared to BN at 140 days. BN has high stock inventory days due to the reason of its retailing business model and product which requires some time to be sold. Due to the same business application, both Amazon and Ebay have a negative cash operating cycle, which indicates efficiency in cash management. In term of the industry standard, the three companies are performing above the indicative ratios, which are supported by the significant growth in the industry. Based on the industry standard, Amazon and the competitors are performing ahead from the standard. For the assets turnover ratio, Amazon was the highest at 2 times compared to 0.7 times industry standard. This indicates the companys efficiency at using its assets in generating sales. The reason Amazon performed better than the competitors is relatively derive from the pricing strategy wherein low profit margin company tends to have high asset turnover. Amazon Future Prospects Based on Amazons current performance, it is projected that the company will have a strong growth supported by the low pricing strategy and free shipping. Moreover, the latest acquisition of Zappos.com and improvised version of Kindle are expected to increase Amazon sales which leads to higher profitability. Due to the growth of Amazon, its annual earning is expected to grow over the next two to three years with sales reaching $2.38 million and $2.86 million respectively. Due to robust financial performance during the current economic condition, it has enhances investors confidence. Share prices are expected to increase with earnings of $2.57 and $2.38 per share in 2008 and 2009 respectively. In line with the said growth, Amazon will benefit in gaining additional market share despite tough competition from other online sites such as Ebay. 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