Preparatory Questions for California Pizza Kitchen

Brief history of CPK (p.3) Reasons for CPKs success (p.3) Ways to facilitate the success of CPK (p.3-4) Anticipated effect of changing the capital structure on return on equity (p.4) Anticipated effect of changing the capital structure on cost of capital (p.5) Expected number of shares of CPK that can be repurchased (p.6-7) Anticipated effect of changing the capital structure on CPKs stock price (p.6-7) Our recommendation (p.7)  In order to explore whether or not California Pizza Kitchen should change their capital structure, we must first look at the brief history of the firm to get a better idea of the corporate culture and the firms appetite for risk. California Pizza Kitchen started in 1985 and they have been rather successful given†¦show more content†¦As we see in Exhibit B in the appendix, with an increase of 10, 20, and 30 debt to total capital, we see our ROE increase to 9.52, 10.19, and 11.05 respectively. However this increase in ROE comes at a price, as the ov erall risk of the company is increased with the addition of the debt obligations. In Exhibit B, we see that the beta of equity increase as we increase our debt in the capital structure, and increasing beta indicates increased systematic risk for the firm. This increase in beta is also a factor that contributes to the increased cost of equity. As shown in Exhibit B, the cost of equity increases 21 bps with the addition of 10 debt, 43 bps with the addition of 20 debt, and 67 bps with the addition of 30 debt into the capital structure. The increased basis points come as investors will begin to demand a higher rate of return on their investment as more debt is added to the structure because, as residual claimants, their claim to assets are reduced in favor of the bond holders. This increased rate will make it more difficult to raise future capital in the equity market if needed. However, by issuing debt which has a lower cost of capital at 6.16 and repurchasing equity that has a cost of capital of 13.37 (unlevered), the company can reduce its overall cost of capital, or the weighted average cost of capital (WACC). The WACC is measured by taking the weight of debtShow MoreRelatedPrep Question988 Words   |  4 PagesThe answers to the following preparatory questions are not necessary or sufficient for your Case Briefs. Rather, the questions are to serve as a guide for your group discussion of the cases and a help to getting started on each case. Your final solution the case and recommendations should not necessarily be limited to the answers to these question or the assumptions in the case. FOR INDVIDUAL ASSIGNMENTS: For individual assignments, you must answer the questions labeled â€Å"Memo.† Individual

Steinbecks Nonteleological Perspective Essays - 2954 Words

There is no meaning to life. Life has no inherent meaning. The meanings of our lives are chosen by what we feel and experience or are assigned to us by others. The ends of our existence cannot be foreseen and will not be limited by such things as destiny. These are the ideas and philosophies of those who believe life to be non-teleological. A famous literary example of a non-teleologist is a man named John Steinbeck. Throughout his life Steinbeck experimented with Darwinism, transcendentalism, realism, socialism, naturalism, and Taoism (Endnotes 1). Each of these ways of thinking show up in Steinbeck’s philosophy and therefore his work cannot be classified specifically. All that may be said is that he had a non-teleological way of†¦show more content†¦For instance, we do not use a knife to cut objects because the blade is sharp, we made the knife in order to cut the object. But teleologists admit that there are objects that are non-teleological. We take advantage of t he shape of mountains by skiing on them, but mountains are not the shape they are in order for us to ski on them (1). This can also be explained as â€Å"ends exist in the mind which studies nature, not in nature itself† (1). Teleologists must admit that there on non-teleological parts of life, otherwise their philosophy would include such ridiculous beliefs as sodium and chloride being combined to taste salty rather than the salty taste being an effect of the two elements bonding. Steinbeck was correct in thinking that as a non-teleological thinker he must also take into account the teleological outlook on life. Steinbeck said: â€Å"Teleological answers necessarily must be included in the non-teleological method since they are a part of the picture even if only restrictedly true and as a soon as their qualities of relatedness are recognized. Even erroneous beliefs are real things and have to be considered proportional to their spread or intensity† (Log from the Sea of Cortez 171). Steinbeck believed teleology to be only a small part of the big picture and that by not expanding their view and opening their minds teleologists would have a very limited

A Mid-Summer Night’s Dream Free Essays

â€Å"A Mid-Summer Night’s Dream†, Opus:   Op. 61: Wedding March as composed by Felix Mendelssohn. Kind of music as referred or viewed with a referential listener that shows the dramatic end of the twist-love stories of the four major actors. We will write a custom essay sample on A Mid-Summer Night’s Dream or any similar topic only for you Order Now Which, after a long tirey, challenging day of winning each real true love: to the extent of Helena’s following Demetrius just to win his love; and, Lysander escaped Hermia from her father’s eye, live happily ever after to a far place away from theirs’. To the point when Fairies took charged and ‘kind of’ messed up the story at first, but later on had perfectly turned it up with a happy ending. The story was so inspiring as well as to music (march wedding) being composed and used as soundtrack for this movie, in the sense that the referential listener felt each character being portrayed. And â€Å"despite to all odds, there’s still a rainbow after the rain† intention and desired of the musicologist to deliver to his listeners was successful. I, for an instance, was entertained and got associated by his music because I felt the connection, excitement and fulfillment the main personas including others have achieved. They were able to fight for their right to love. The song was played during the marches of the brides through the aisles as they were being waited by their grooms near the altar (although, this was not really seen in the movie but we all can visualize what was happening every time we hear songs like this). It gave courage, hope, and undying love to be bounded forever. The song is arranged for Organ, and is meant to be played for very especial occasions like wedding ceremonies. The kind of instruments also enhances great impact to the composition because it made the song more meaningful, inspiring, solemn, touching and unbreakable. Music is an art, and instruments add up its harmony, expressions, to dwell in people’s heart. Right instruments to be used into a certain piece make them (the songs) to be more especial and valued by the listeners who analyze and accept the work of every musician. Composer Mendelssohn had made a fine, perfect and soul-breaking to the lovers who want to make a bind for the rest of their lives become true. How to cite A Mid-Summer Night’s Dream, Papers

The Golden Era of East Coast Hip-Hop free essay sample

This piece will demonstrate an understanding of the golden era of East coast help- hop, from 1986 to 1993, focusing and analyzing the historical roots, influences and inspirational individuals, giving reference to musical examples that shaped East coast hip-hop. Attention will also be centered on the legacy left, concentrating on the music that was influenced as well as the resulting change in fashion and political views. Historical roots Influence The East coast was influenced somewhat by the traditions of West African culture, theGrits dating back hundreds of years who traveled as poets and lyricists, contributed greatly to the lyricism of East coast hip-hop; the music of the Last Poets, Gill Scott- Heron and Gala Mansard Unhurried, had great importance to the development of east coast hip hop with their early raps and rhythm. The furthermost direct Influence on East coast hip-hop was the Jamaican style of Toasting, which consisted of chanting over African American RB records. African American sailors introduced Toasting in the asses at dances termed Blues dances, whilst in port.The advent of Hip-hop culture can be traced back to the ever more widespread block parties of New York City (1973), where a cross colonization of African Americans and Puerco Ricans began In the South Bronx. These block parties mostly comprised of Ids playing vernacular genres such as soul, funk and disco, DC Cool Here amongst them, was credited with the development of East coast hip-hop, his technique of isolating the break from a hard hitting funk track and extending it by using two copies of the same record became very popular.He emigrated to America (1967) from Jamaica ringing with him the already popular DC style of break-beat mixing used in Jamaican Dub music. He encouraged B-oblong or break-dancing, which became part of the four elements of hip-hop culture (B;oblong, rap, graffiti and D]ling he Introduced a generation of sampling, which was extensively used in ass hip-hop w hilst creating a generation of Ids and influencing artists such as Grandmaster Flash, Africa Bombast and DC Premier. Gangs had great influence on the evolution of East coast hip-hop culture, from guarding equipment, security for Ids, to collecting money off the doors of parties.Africa Bombast once head of the largest gang in New York, the Black Spades, managed to create one the largest movements in hip-hop culture, the Zulu Nation. This hip-hop awareness group began organizing social events for the youths of New York, merging the mall the four elements of hip-hop, B-oblong, graffiti, rapping and violence and where the youth could socialize, as well as promoting black power. Bombast had great effect on the growth of hip-hop culture; one very influential piece he produced was Planet rock (1982), which became one of the most ever sampled and remixed tracks in hip-hop.The influence from Jerkwater is apparent throughout; the melody from the Trans-Europe express (1977) is used as well as their style of synthetic drums and rhythms. Arthur Baker, the producer, set a blueprint for future producers by the u se of the Roland TRY-808. Distinctive elements individuals In divergence to many early raps, which utilized basic rhyme patterns, East coast can be defined by its emphasis on poetic skill; it may also be characterized by its intricate wordplay, metaphors, polysyllable rhymes and smooth conveyance, production may be perceived as hard hitting, aggressive and mainly sample driven, as seen in DCPremiers iconic production. A major influential duo in East coast rap was Eric B Racism, who made sampling James Brown the main basis of hip-hop in the late ass and early ass. The duo saw their debut with the single Eric B is president (1986), which consisted of Rakes notable ladybird vocal style and Eric Bis distinguished scratching. The original record recognized Eric B as the producer and Marble Marble as the mixer, but the fact was, Marble Marble arranged the parts together; the duo Just simply paid him, due to their lack of knowledge with studio equipment.The track entwined the famous baseline from Found Races over like a rat (1982) above drums from the Honey Dippers Impeach the president (1972) and the vocal sample of James Browns funky president (1974), which was the scratched by Eric B; a subtle 808 kick was also layered underneath. Marble Marble produced the entire track using a four track recorder and an Kaki Mac Renaissance, he described these confines as, Limitations made us what we were, he said. We were making classic hip hop in the projects in the living room, no studio and a four track.So its not where youre from, its where youre at. Sometimes limitations are good[l]. The duo had their album debut with Paid in full (1987) which soon became East coast hip-hops most influential album of the golden era, with Rakes style setting a blueprint for future East coast rappers, it was taken from the old-school era to the lyrical dexterity known to define East coast hip-hop of the ass. Rakes Jazz influences were portrayed throughout the album with his tranquil implementation.Woven Bone describes this era as During this period, it was rap artists, rather than Black churches or traditional civil rights organizations, who through their music and persona connected with chicaneries urban youth[2]. James Brown had a very similar influence, His music not only reflected the stride of and the diligence and militancy of the Black liberation struggle, but some of his songs became anthems of Black Pride in the face of racism and state repression, such as, Say it Loud, Im Black and Im Proud, which our knees[3].These views on Black Natio nalism, social states and Affirmations became the main reasons for the extensive sampling of James Brown in this era, many would agree that without James Brown hip-hop would not be where it is today. K. R. S One became a foremost influence to the East coast hip-hop movement, eager to express his West Indian heritage he began creating a new hip-hop reggae style, deeply motivated by reggae legend Skinhead he started to incorporate and promote Jamaican dance hall expressions into hip-hop music.He had his debut after founding PDP (Boogie Down Productions), combined with D-Nice and DC Scot La Rock with the influential album Criminal Minded (1987), which soon gained credit for the establishment of gangs rap. The albums production followed the path of Eric B and Racism by the wide acceptance of sampling James Brown. Poetry (1987) contained samples from James Browns Dont tell it (1976), Dope beat (1987) enclosed samples from ACID Back in Black (1981) and Criminal minded incorporated the vocal melody from the Battles Hey, Jude (1968).The Jamaican inspiration is present throughout the album, utilizing the Diseases iridium which began with Helmsmans reggae song Gauzing (1982), the groove can strongly be heard in Remix for p mm but was more hostile and provocative. Criminal minded was the first album to contain a vivid portrayal of real life in the south Bronx streets; it paved the way for the next decade f gangs rap. The albums was the first of their kind to promote gun violence as can be heard in mm and the brandishing of firearms on the front cover, which soon became widely accepted in the ass era.The album was mainly produced by K. R. S; it is sampled based production, a very aggressive style and utilizing the sampling of funk breaks. The legacy The legacy East coast hip-hop left was vast, greatly expanding to a more commercially viable demographic, with the help of Bombast, it was spread worldwide. Dry. Jocosely Wilson describes the legacy left, Surely the cultural expressions in a hip-hop epistyle created a way for many people across a variety of backgrounds to grow wealth, extend the boundaries of their artistic talents and establish a foothold in areas of political and civic engagement[4]. Political and social views expressed through music had been preserved in many other styles of music, gangs rap was soon to follow the golden era, heavily influenced by Eric B Racism and K. R. S, it became a dominant force in hip hop culture up until its collapse in the late asses. The majority of early rap was accredited for decreasing gang violence but the emergence of gangs rap did completely the opposite, many youths of society would come to express the quarrels of individuals into a nationwide dispute, this can be seen in the feud between the Blood and the Crisps gangs.The golden era was the most innovative, diverse and creative period in hip-hop; it currently entered our daily vernacular and penetrated conventional culture. The early fashion style of the a-boys (baggy Jeans, trainers, Jewelry and tracksuits etc. ) has been echoed throughout mainstream society, with the majority of popular fashion companies following. Businesses such as Aids, Mike, Fred Perry, and so Roth have all played part in spreading hip-hop fashion to the masses.