THE EFFECT OF FINANCIAL DISTRESS ON OPERATING CASH FLOWS - Free Essay Example

Sample details Pages: 17 Words: 5006 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? This paper provides new evidence on the financial performance of Joint stock firms by emphasizing the role played by financial distress. The purpose of this paper is specify a model for early predication of financial distress that allows us to predict the specific nature of financial distress that can effect operating cash flow and which can lead the firm toward bankruptcy and to see the effect of financial distress on operating cash flows of companies listed on Karachi Stock Exchange. Financial distress is a situation when a firms assets value falls below some threshold. Don’t waste time! Our writers will create an original "THE EFFECT OF FINANCIAL DISTRESS ON OPERATING CASH FLOWS" essay for you Create order Firm starts to incur losses and it is not in a position to generate positive cash flows. A firm enters to financial distress before it goes bankrupt. We have studied 67 firms listed on Karachi Stock Exchange to see the effect on financial distress on their cash flows. Our sample includes financially distressed as well as financially health firms. We have incorporated financial data of consecutive four years (2003 to 2008) of 67 firms. In order to measure the financial distress we have used Modified Altman Z-Score as a proxy. Other independent variables, which have been used, are size of the firm, Working Capital, Working capital productivity and Operating Profit. By regressing these Five variables (Financial Distress, Working Capital, Size of Firm, Working capital productivity and Operating Profit) on Operating Cash Flows we have found that financial distress have a negative effect on corporate cash flows. However Size of Firm, Operating Profit and Working capital productivity have p ositive effect on Corporate Cash Flows. Working Capital has a negative effect on operating cash flows. We have estimated our model with the help of regression analysis. Our study is unique in a sense that there is a dearth of literature on financial distress with special reference to Pakistan. Keywords: Financial distress, Working capital, Working capital productivity, Bankruptcy, Altman Z-Score, Corporate Failure, Insolvency, Survival Analysis. Table of Contents 2 Abstract 2 Table of Contents 4 1. Introduction 5 2. Literature Review 8 3. Methodology 13 Data and Variables 13 Measurement of Variables 14 Operating Cash Flows (OCF) 14 Explanatory Variables 14 Financial Distress (FD) 14 Size of Firm (SZ) 15 Operating Profit (OP) 15 Working Capital (WC) 15 Working capital Productivity (WCP) 15 Hypotheses Testing 15 4. Empirical Framework 17 5. Results 17 Model Summary (b) 20 6. Discussion 22 Conclusion 23 Refererences 25 1. Introduction Financial Statements basically show the historical performance or record of the company at some previous point of time. By the time when financial statements are made public, changes are many economical areas such as market conditions, currency exchange rate and inflations can change the values of assets and liabilities. In this case there often exist discrepancies between book value of assets and their market values. In above case there might be companies that are healthy and many go through period of financial distress. In particular is the threat of not being able to meet debt obligations. The first Indication of financial distress is when firm does not have enough liquid assets (short-term assets) to cover (pay for) current liabilities (short-term liabilities) when this happen than firm ability to covering long-term liabilities is reduced resulting in creditors taking on more risk than the investment of loaning money to the firm is worth. When company is facing financi al distress, book value of company liabilities can become worth more than the market value of the same liabilities. If this happen, than firm is in danger of not meeting its obligations to creditors. In this case creditors may not be paid and in worst of financial distressed time, the creditors may receive nothing in interest or principal, if the firm files for bankruptcy. The importance of financial-decision making goals is to increase shareholders value and to keep them away from financial distress. The Predicting of financial distress is an early warning signal to keep investors from being loss. It has been more than 70 years, since Ramser Foster, and Fitzpatrich in 1931-1932, and 44 years, since Beaver (1966) but still they have not found the theory of financial distress ( Laclere M,2006). They were more statistical consideration then the intuitive models or fundamental causes of financial distress (Ooghe Prijcker, 2007; Balcean Ooghe, 2004). Since The Altmans model widely used among the investors, though it is not an intuitive model, once a firm is predicted having a financial distress next year, it has been treated as it has been financial distress currently (whtaker, 1999). This work aims at studying the effect of financial distress on operating cash flows of corporations. The interest in the area of financial distress has increased due to considerable number of corporate failures around the globe in recent years especially since the early 1990s. Notable failures include Global Crossing, Enron, Adelphia, Worldcom, HH Insurance, One Tel, and Ansert Airlines in 2001, and most recently FIN Corp in 2007. Financial distress is defined as a low cash flow state of a firm in which it incurs losses without being insolvent or financial distress is a term in Corporate Finance used to indicate a condition when promises to creditors of a company are broken or honored with difficulty. Financial distress is different from insolvency. Financially distressed companies have lower profitability, higher leverage, lower past excess returns and larger size compared to active companies. The failure or bankruptcy of financially distressed firms results in significant direct and indirect costs to many stakeholders; including shareholders, managers, employees, lenders and clients. For instance Shareholders lost nearly $11 billion when Enrons stock price, which hit a high of US$90 per share in mid-2000, plummeted to less than $1 by the end of November 2001. Failure of Australias second largest insurance company, HIH Insurance, in 2001 represents the 2nd largest corporate collapse in Australias history. The collapse of HIH entailed huge individual and social costs. The deficiency of the group was estimated to be $3.6 billion and $5.3 billion. The lineup of major corporate bankruptcies was capped by the mammoth filings of Conseco ($56.6 billion in liabilities), WorldCom ($ 46.0 billion), and Enron ($ 31.2 billion actually almost double this amo unt once you add in the enormous amount of off-balance liabilities making it the largest bankruptcy in the united states. Such costs may be avoided if financially distressed companies are identified well before failure. Then corrective measures can be taken to save the company from ominous bankruptcy. Much of the literary work on financial distress relates to failure prediction and survival analysis of firms. Some studies on financial distress have been made in the context of corporate risk management. Our study aims at studying the financial distress along with key performance indicators of the corporations to see how these indicators (profitability, Size of Firm, Working capital and Working capital productivity.) co-move with the financial distress. There is not sufficient literature on studying the effect of financial distress on corporate cash flows. Especially in Pakistan, the area has not been researched thoroughly. We estimate a linear model, which helps us in the measu rement of magnitude of effect of financial distress on the operating cash flows. Along with financial distress, we also measure the effect of size of firm, operating profits, working capital and working capital productivity on operating cash flows. We have included both financially distressed and financially healthy firms in our sample. Our findings provide evidence that financially distressed Pakistani firms face adverse cash flow problems. The remainder of this paper is organized as follows. Section 2 presents a review of literature in the area of financial distress. Section 3 describes Methodology and research design, i.e. data and variables used in the study. Section 4 describes the empirical framework (Model Description). Section 5 presents the results of the regression analysis. Section 6 Discussion and concludes the paper. 2. Literature Review The effect of financial distress on financial structure decisions is another conflicting point. According to the static trade-off theory, both the advantages of debt (tax shields) as well as its disadvantages (insolvency costs) have been traditionally considered in the capital structure literature. This trade-off between the benefits and costs of debt focuses on ex-ante insolvency costs, whose negative effect on leverage has been theoretically justified (Barnea et al., 1981) as well as empirically documented (Miguel Pindado, 2001). According to (Warner (1977), Altman (1984), Franks Touros (1989), Weiss (1990), Asquith, Gertner and Scharfstein (1994), Opler Titman (1994), Sharpe (1994), Denis Denis (1995), Gilson (1997) Financial distress has both direct and indirect costs. (Opler Titman (1994), (Shleifer Vishny (1992), Direct costs of distress, such as Litigation fees are relatively small. Indirect costs, such as loss of market share and inefficient asset sales are belie ved to be more important, but they are also much harder to quantify. The debate on financial distress started after the occurrence of corporate failures. Theorists and researchers emphasized on how to save a firm from being financially distressed. Opler Titman (1994) provide empirical evidence that financially distressed firms lose significant market share to their health competitors in industry downturns. Chevalier (1995) was of the view that financially distressed firm is likely to violate the debt covenants and these violations put heavy costs on the firm. Froot et al. (1993) established that financially distressed firms forego positive NPV projects. Researchers are of the view that a firm with a high leverage has an incentive to engage in hedging activities. The measurement of financial distress has also been debatable in the literary circles. Some researchers use leverage as a proxy for financial distress. Failure prediction models use firms distance to default as a prox y of the financial distress. Some models used accounting based measures of financial distress. Hill, Perry Andes(1996), Ward Foster(1997), DeYoung(2003), Nikitin(2003) and laitinen(2005) use only financial ratios as financial distress predictors; while Altman(1969), Ahrony, Jones and Swary(1980), Altman Brenner(1981), Broenstein Rose(1995) and Fama French(1995) used only market based covariance. Majority of researchers believe that financially distressed firms appear to exhibit lower profitability, lower historic excess returns and larger size than active companies. Beaver (1966) pioneered the development of model for corporate failure prediction. He found that the model can predict failed firms for at least five years before to failure. His model was based on financial ratios as single predictors of financial distress. Altman (1968) criticized the model and upheld that the model may give inconsistent and confusing classifications results for different ratios on the same fir m. Altman (1968) came up with his own model which can handle multiple financial ratios in predicting companys failure. In Altman (1968) study, five financial ratios include (1) working capital to total assets (2) retained earnings to total assets (3) earnings before interest and tax to total assets (4) market value of equity to par value to debt and (5) sales to total assets. His model found to be the best predictor of corporate bankruptcy. The model is very popular and is called Z Score model. The critics of this model say that it violates the assumption about the multivariate normal distribution of independent variables. Castagna Matolcsy (1981) pioneered the study of corporate financial distress and failure .In USA and Europeon countries, survival analysis techniques form the basis for a number of studies in financial distress research area. Cash flow is strongly related to financial distress. Henbry (1996) studied whether adding cash flow information will improve current ban k failure prediction models. Some researchers were of the view that combining market-driven variables with accounting ratios provide more accuracy to the financial distress models. Compartive studies have also been done in the area of financial distress. Rommer(2005) compared the financial distress predictors between French, Italian and Spanish firms using competing risk models. There are few research studies on financial distress in Asian context. For example, Honjo(2000) employs multiplicative hazards model for investigating business failure for new firms in Japanese manufacturing industry whereas Raj Rinastiti(2002) use Cox proportional hazards model to examine the failed banks in Asia during 1997 Asian crisis. Some of the prior corporate failure studies focus the analysis on specific industry sector. Chen and Lee (1993) focus the study on oil and gas industry. Similarly, Lee Urrutia(1996) have studied the property liability insurance industry. Researchers have establishe d that income capacity, operating efficiency and leverage are important factors in explaining corporate failure and financial distress.According to Hossari Rahman (2005), empirical investigation of corporate failure may be classified in to two categories; the studies that do not use financial data and those which use financial data which may be further classified in to those that use non ratio financial data and those that make use of financial ratios in modeling corporate collapse. The use of financial ratios to predict corporate failure has been well established since the original study of Beaver (1966). Most of the empirical research in this area has used financial ratios and have been successful in discriminating between failed and successful firms. However despite this success, financial ratio models have been criticized because of window dressing of figures on the part of the firm by use of creative accounting. Critics emphasize the use of market-based data along with fina ncial ratios. Many studies make use of market data for analyzing the financial distress of companies. Aharony, Jones and Swary (1980) find differences in the behavior of total and firm-specific variances in returns four years before formal bankruptcy is announced. Altman and Brenner (1981) suggest bankrupt firms experience deteriorating capital market returns for at least a year before to bankruptcy. Clark and Weinstein (1983) suggest that there is negative market return at least three years before to bankruptcy. Mossman et al. (1998), Shumway (2001) and Turetsky and McEwen (2001) also support that there is a relationship between market based variables and the likelihood of corporate financial distress. Company specific variables such as company age, size of the firm and squared size have also been used in the prediction of financial distress. Prior studies suggest that company age and size effect its endurance. The younger and smaller firms are more likely to fail than establ ished or bigger firms as they dont have sufficient experience in the business. Larger firms are expected to better manage and protect them from financial distress than smaller firms (Audretch Mahmood, 1995; Honjo, 2000). Small firms have a higher probability of entering financial distress because they are not resistant to the shocks they might encounter and the large firms have a high probability of entering financial distress because they might have inflexible organizations, problems with monitoring managers and employees and difficulties with providing efficient intra-firm communications. Researchers have also established that probability of financial distress is a decreasing function of firm size. Luoma Laitinen ( 1991) established that the symptoms of financial distress are observable from the deterioration of financial ratios or the effect of such ratios on corporate failure dont stay constant over time. Studies provide evidence that financial distress is not without costs . Financially distressed firms have to incur direct bankruptcy costs, higher contracting costs, the loss of tax shields and loss of valuable investment opportunities All the above studies provide us a solid base and give us idea regarding effect of financial and its components on operating cash flow. They also give us the results and conclusions of those researches already conducted on the same area for different countries and environment from different aspects. On basis of these researches this paper extends the previous research work done on financial distress. We have used modified Altman Z Score as a proxy for the financial distress. After including the financially distressed and financially healthy firms in our sample, we have seen the effect of financial distress on corporate cash flows. Prior to this work hardly any paper can be seen which studies the impact of financial distress on corporate cash flows, especially in Asian context. Our work adds to the literature in a sen se that it not only identifies the financially distressed firms but also measures the effect of financial distress on operating cash flows of the firms listed on Karachi Stock Exchange. Our work also contributes to the literature in establishing a fact that whether the model of financial distress developed by Altman is relevant in Pakistans Corporate Environment. 3. Methodology The purpose of this research is to contribute towards a very important aspect of financial management known as financial distress effects on operating cash flow with reference to Pakistan. Here we will see the relationship between financial distress effect on profitability of 64 Pakistani Joint stock firms listed on Karachi stock Exchange for a period of six years from 2003 2008. This section of the article discusses the firms and variables included in the study, the distribution patterns of data and applied statistical techniques regression analysis in investigating the relationship between financial distress and operating cash flow. Data and Variables Secondary data has been used in this study. The financial data of 67 companies listed on Karachi Stock Exchange has been compiled. The source of data is Statistics Department, State Bank of Pakistan. We have used financial data of 67 companies for four consecutive years i.e. from 2003 to 2008. We have selected 67 companies from different sectors such as Fuel and Energy, Cement, transport and communication, Engineering, Sugar, Chemical, Paper and Board and Miscellaneous sectors. Our sample consists of financially healthy as well as financially distressed companies. In this study we have operating cash flows as dependent variable and Financial Distress as independent variable. Along with financial distress we have used four other variables; firm size, operating profit working capital and working capital productivity. Measurement of Variables Operating Cash Flows (OCF) OCF has been arrived at by adding depreciation and current liabilities to the operating profit and deducting the accounts receivables there from have measured OCF. OCF is a dependent variable in this study. Explanatory Variables Financial Distress (FD), Size of Firm (SZ), Working Capital (WC), Working capital productivity (WCP) and Operating Profit are explanatory variables. Financial Distress (FD) In order to measure financial distress we have used modified Altman Z-Score model. It has been calculated as follows Altman Z Score= EBIT/Total Assets + Sales/Total Assets + 1.4*Retained Earnings/Total Assets + 1.2*Working Capital/Total Assets Where EBIT stands for earnings before income tax and interest. If Altman Z-Score is 3 or greater than 3, firm is said to be in good financial health. If Altman Z Score is greater than 2 but less than 3 firms has some risk of entering financial distress. And if firm has Altman Z Score of less than 2, it means that firm has entered financial distress and it may become bankrupt. Size of Firm (SZ) We have measured the size of firm (SZ) by taking the natural logarithm of the total sales of the firm. Operating Profit (OP) Operating profit means the profit associated with the core operations of the business. Working Capital (WC) Working Capital has been measured by deducting current liabilities from current assets. WC= Current Assets Current Liabilities Working capital Productivity (WCP) Working capital productivity is an expression of how effectively a company spends its available funds compared with sales or turnover, the working capital productivity figure helps to establish a clear relationship between its financial performance and process improvement. Higher will be the figure better would be working capital productivity. Working capital productivity = Sales à · (Current assets Current liabilities) Hypotheses Testing Since the aim of this study is to examine the relationship between financial distress and operating cash flow, the study makes a set of testable hypothesis {the Null Hypotheses H0 versus the Alternative ones H1}. Hypothesis 1 The first hypothesis of this study: H01: There is positive effect of financial distress on operating cash flow of Pakistani firms. H11: There is a negative effect of financial distress on operating cash flow of Pakistani firms. Hypothesis 2 The second hypothesis of the study is: H02: There is positive effect of operating profit on operating cash flow of Pakistani firms. H12: There is negative effect of operating profit on operating cash flow of Pakistani firms Hypothesis 3 The Third hypothesis of the study is: H03: There is positive effect of size of firms on operating cash flow of Pakistani firms. . H13: There is negative effect of size of firms on operating cash flow of Pakistani firms. Hypothesis 4 The Fourth hypothesis of the study is: H04: There is positive effect of working capital on operating cash flow of Pakistani firms. H14: There is negative effect of working capital on operating cash flow of Pakistani firms. Hypothesis 5 The Fourth hypothesis of the study is: H05: There is positive effect of working capital productivity on operating cash flow of Pakistani firms. H15: There is negative effect of working capital productivity on operating cash flow of Pakistani firms. 4. Empirical Framework Our estimated model, which shows the effect of financial distress on corporate cash flows, is as under: OCF = B B1FD + B2 SZ + B3 OP -B4 WC + B5WCP In this equation: OCF = Operating Cash Flows B= Constant Term or intercept of the equation B1= Slope of the variable financial distress (FD) FD= Financial Distress B2= Slope of the size variable SZ= Size of the firm B3= Slope of the operating profit variable OP= Operating Profit B4= Slope of the working capital WC= Working Capital B5= Slope of the working capital productivity WCP= Working capital productivity 5. Results The model shows that variable FD has a negative coefficient, which means that with the FD has a negative effect on the operating cash flows. Variable Size (SZ) has a positive coefficient which means that greater the size of the firm, the more cash flows for the firm from operations. Operating Profit (OP) has a positive coefficient, which means that OP has robust effect on Operating cash flows. Working capital has negative coefficient, which means that it is negatively related to cash flows from operations and working capital productivity (WCP) has a positive coefficient, which means Sales growing faster than the resources required to generate them is a clear sign of efficiency. B in this equation is intercept of the model or constant term. Let us see some descriptive statistics of our analysis. The table shows the mean values of OCF, FD, OP, SZ, WC and WCP. Descriptive Statistics Mean Std. Deviation N OCF 4525.2953 12646.70110 67 FD (Altman Z-Score) 1.926 1.5573 67 Firm Size 7.45587 2.162929 67 Working Capital 882.35 2587.491 67 Working Capital Productivity Operating Profit 6.75426 1348.82373 1.876545 5619.621546 67 67 Let us see the correlation matrix of the dependent and explanatory variables. The matrix shows that OCF is negatively related to FD while it is positively related to SZ, WC, and OP. It shows that FD is negatively related to OCF and OP while positively related to SZ and WC. Firm Size (SZ) is positively related to all variables. Similarly WC is negatively related to WCP and positively related to positive correlation with all other variables. Operating Profit (OP) has negative correlation with FD while positive correlations with OCF, SZ, WC and WCP .Working Capital Productivity (WCP) is negatively related to WC and positively related to all other variables. Correlations OCF FD(Altman Z-Score) Firm Size Working Capital Working Capital Productivity Operating Profit Pearson Correlation OCF 1.000 -.110 .443 .645 .387 .928 FD(Altman Z-Score) -.110 1.000 .174 .020 .225 -.044 Firm Size Working Capital Working Capital productivity Operating Profit .443 .421 .645 .928 .174 .225 .020 -.044 1.000 1.500 -.043 .309 .343 .348 1.000 .752 .174 -.100 2.50 .285 .309 1.032 .752 1.000 Sig. (1-tailed) OCF . .189 .000 .000 .000 .000 FD(Altman Z-Score) .189 . .079 .437 .000 .363 Firm Size .000 .079 . .002 .079 .005 Working Capital Working Capital Productivity .000 .000 .437 .072 .002 . .387. . .000 Operating Profit .000 .363 .005 .000 .005 . N OCF 67 67 67 67 67 67 FD(Altman Z-Score) 67 67 67 67 67 67 Firm Size 67 67 67 67 67 67 Working Capital Working Capital Productivity 67 67 67 67 67 67 67 67 67 67 67 67 Operating Profit 67 67 67 67 67 67 Variables Entered/Removed (b) Model Variables Entered Variables Removed Method 1 Operating Profit, FD(Altman Z-Score), Firm Size, Working Capital(a) Working Capital Productivity . Enter a. All requested variables entered. b. Dependent Variable: OCF Consider the Model Summary of our Estimated Regression Model. Model Summary (b) Model R R Square Adjusted R Square Std. Error of the Estimate Durbin-Watson 1 .954(a) .911 .905 3892.72617 2.145 a. Predictors: (Constant), Operating Profit, FD (Altman Z-Score), Firm Size, Working Capital (WC), Working Capital Productivity (WCP) b. Dependent Variable: OCF Coefficient of determination (R Square) or Model Fit is 0.911 which means that explanatory variables are capable of explaining 91% variations in the dependent variable i.e. Operating cash flows OCF. The ANOVA Table shows us the F-statistics. F-Statistics shows the overall strength of the model. F Value is 158.653 which is quite high. Hence we reject the null hypothesis that explanatory variables have positive effect on operating cash flows and we establish that Financial distress (FD) has a negative effect on operating cash flows (OCF). ANOVA shows that our model is quite good to estimate the effect of financial distress (FD), Size of the Firm, Operating Profit, Wor king Capital and Working Capital Productivity on Operating Cash Flows. ANOVA (b) Model Sum of Squares df Mean Square F Sig. 1 Regression 9616471554.991 4 2404117888.748 158.653 .000(a) Residual 939505654.596 62 15153317.010 Total 10555977209.586 66 a. Predictors: (Constant), Operating Profit, FD (Altman Z-Score), Firm Size, Working Capital, Working Capital Productivity b. Dependent Variable: OCF Consider the table which shows the t-values for our variables. The table shows that the size of the firm (SZ), operating profit and Working Capital Productivity (WCP) are statistically significant to affect the operating cash flows. If we ignore the sign FD is statistically significant to affect the corporate cash flows. Coefficients (a) Model Standardized Coefficients t Sig. Correlations Beta Zero-order Partial Part 1 (Constant) -3.051 .003 FD(Altman Z-Score) -.101 -2.605 .011 -.110 -.314 -.099 Firm Size .214 5.192 .000 .443 .550 .197 Working Capital Working Capital Productivity -.165 .245 -2.818 5.428 .006 .000 .645 .389 -.337 .500 -.107 .187 Operating Profit .982 16.916 .000 .928 .907 .641 a. Dependent Variable: OCF Coefficient Correlations (a) Model Operating Profit FD(Altman Z-Score) Firm Size Working Capital Working Capital Productivity 1 Correlations Operating Profit 1.000 .105 -.100 -.724 -.200 FD(Altman Z-Score) .105 1.000 -.187 -.046 -.185 Firm Size -.100 -.187 1.000 -.165 -.285 Working Capital Working Capital Productivity -.724 1.500 -.046 -.187 -.165 -0.45 1.000 -.058 -0.56 1.000 Co-variances Operating Profit .017 4.327 -3.154 -.027 -2.564 FD(Altman Z-Score) 4.327 98915.750 -14174.525 -4.175 -12178.252 Firm Size -3.154 -14174.525 58048.854 -11.340 58045.85 Working Capital Working Capital Productivity -.027 -3.254 -4.175 -12175.252 -11.340 4.327 .082 -.028 -4.585 .958 a. Dependent Variable: OCF Case wise Diagnostics (a) Case Number Std. Residual OCF Predicted Value Residual 56 3.892 11960.00 -3190.8577 15150.85766 62 4.706 27198.30 8880.1328 18318.16716 a. Dependent Variable: OCF Residuals Statistics (a) Minimum Maximum Mean Std. Deviation N Predicted Value -7234.8931 94892.6719 4525.2953 12070.79593 67 Residual -6178.19580 18318.16797 .00000 3772.92117 67 Std. Predicted Value -.974 7.486 .000 1.000 67 Std. Residual -1.587 4.706 .000 .969 67 a. Dependent Variable: OCF 6. Discussion Analysis on financial distress prediction model with modified Altman-Z Score results shows that our model is robust in explaining the variations in dependent variable i.e. Operating Cash Flows (OCF). Our estimated model shows that the variable Financial Distress (FD) is negatively related to corporate cash flows. However Firm Size (SZ) Operating Profit (OP) and Working Capital Productivity (WCP) are positively related to FD. In this study we found another negative relationship between Working Capital (WC) and operating cash flow. This study shows that financial distress negatively affects the operating cash flow of firm and if firm would be big in case of size than effect of financial distress on operating cash flow would not be as negative as this will be in case of small firm and positive effect of Working capital productivity and operating cash flow shows that how effectively a company spends its available funds compared with sales or turnover, the working capital productivity f igure helps to establish a clear relationship between its financial performance ,process improvement and operating cash flow. Negative effect of working capital on operating cash flow is obvious because it shows that capital not being put to work properly is being wasted, which is certainly not in investors best interests. Conclusion Our results show that our model is robust in explaining the variations in dependent variable i.e. Operating Cash Flows (OCF). We have used the financial data of 67 firms, half of which were facing financial distress. We measured the effect of Financial Distress (FD) on the Operating cash flows. Our estimated model shows that the variable Financial Distress (FD) is negatively related to corporate cash flows. However Firm Size (SZ) Operating Profit (OP) and Working Capital Productivity (WCP) are positively related to FD. The notion that large firms in Size have more probability of entering financial distress has not been substantiated by our study. Rather our study shows that the larger the size of the firm, the more the operating cash flows and company effectively spends its available funds compared with sales or turnover, the working capital productivity figure helps to establish a clear relationship between its financial performance and process improvement and therefore less chanc es of being financially distressed. Another important finding of the study is negative relationship between working capital (WC) and Operating Cash Flows (OCF). It means the more working capital we have, the less operating cash flows we have. Actually greater working capital means we have more funds tied up which have not been gainfully utilized in the business. This may be as a result of an error of estimating cash for business requirements on the part of the management. Huge working capital has its opportunity cost and that cost may be in the shape of less operating cash flows and less profitability. Our analysis strongly supports that higher operating profits result in higher operating cash flows for the firm; and this is true for small firms as well as for large firms in size. Summing up we can say that by using this model, on large data set we can obtain more generalize ability of the results. Refererences Altman E. (1968). Financial Ratios, Discriminant Analysis and the prediction of Corporate Bankruptcies. Journal of Finance, 23,589-609. Aharony, J., Jones, C. P. Swary, I. (1980).An analysis of risk and return Characteristics of corporate bankruptcy using capital market data.Journal of Finance, 35(4), 1001-1016. Altman, E.I. Brenner, M.(1981).Information effects and stock market responses to signs of firm deterioration. Journal of Financial and Quantitative Analysis, 16(1), 35-51. Audretsch, D.B. Mahmood, T. (1995). New Firm Survival: New Results using a hazard function. The review of Economics and Statistics, 77(1), 97-103. Beaver, W. H. (1966). Financial Ratios as predictor of failure, Empirical Research in Accounting: Selected Studies. Supplement to Vol. 4,71-111. Borenstein, S. Rose, N. L.(1995). Bankruptcy and pricing behavior in U.S. airline markets. The American Economic Review, 85(2) ,397-402. Castagna, A. D. Matolcsy, Z. P. (1981).The prediction o f Corporate Failure: Testing the Australian experience. Australian Journal of Management, 6(1) ,23-50. Chen, K. C. W. Lee, C. W. J. (1993).Financial ratios and corporate endurance: A case of the oil and gas industry. Contemporary Accounting Research, 9(2), 667-694. Clark, T. A. and Weinstein, M . I. (1983). The behavior of the common stock of bankrupt firms. Journal of Finance, 38(2),489-504. Chevalier, J., (1995).Capital Structure and Product Market Competition? An Empirical Evidence from Super Market Industry,Journal of Finance, 50,1112-1195. Froot, K. A., D. S. Scharfstein and J.C. Stein, (1993).Risk Management: Coordinating Corporate Investments and Financing Policies. Journal of Finance ,5,1629-1658. Opler, T. S. Titman, (1994). Financial Distress and Corporate Performance. Journal of Finance 49,1015-1040.

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Getting the Best Creative Writting What to Do About Creative Writting Before It Is Too Late You'll discover a supportive environment of instructors and fellow students to help you with your travels. You don't need to create the paint you use, though of course you will mix various shades to make your own. If at all possible, the student is assigned to another instructor for each training course. Students that are deemed not prepared to defend will be discouraged from doing this. As an example, think of when a significant vehicle provider begins designing a new model. The net is a darling friend once it comes to search and looking up information. However, it can likewise be the deadliest foe when we are in need of solitude to work on matters. The point is to encourage children to write about something every day. Much the exact same can be said pertaining to any change that may have happened before inside your niche or industry! Thinking up creative writing ideas is vital for anyone utilizing content when working online. however, it can be challenging! Put simply, it's a technique or a means to begin with to let your innate creativity unfold. The creative genius within you'll simply lay dormant making it that far more difficult to use if you do call upon it! To receive their creative juices flowing, teens can take a favorite song and provide it new lyrics. The Chronicles of Creative Writting Your creative writing potential is a huge ocean. Creative writing's objective is to captivate an audience and make an emotional or thoughtful appeal, even though the kind of writing will determine the way that it will do so. You don't need to begin from the precise point wherever your writing project ended. Anyone who isn't writing is requested to illustrate the part they've completed. As an example, let's say I need to come up with a college student persona for a brief story I am writing. Should you ever end up in the incorrect story, leave. Your story is often as straightforward as your real life story. A brief story will usually present a primary character and the conflict he or she's hoping to resolve. What Creative Writting Is - and What it Is Not Reading also improves your writing, so in case you have the tiniest desire to write well, read a wide array of books in various genres. Writing prompts are not something which will explain to you how to write and what sort of words you should employ into your writing. Novels are stories which have a start, middle and end. Writing a very first novel is exciting, thrilling and most likely the biggest creative challenge you could ever face. Some varieties of creative writing, like poems and songs, have limited space, and so have a tendency to be more mysterious and not as narrative. Read my essay writing service reviews and my guide to selecting the ideal service for everything you will need to understand about how to pick the best writing businesses. If you're primarily looking to just get going on the writing I would personally recommend you make the most of some excellent creative writing prompts. It's crucial that the service you decide on knows for sure they're only employing the very best essay writers. The most important job of the author is to write. Proceed to any bookstore, and you'll find our writers. Every writer should shell out part of each day writing. Any fantastic writer likes to be challenged to raise and adapt by writing in various styles and on unique topics.

Endoscopic Retrograde Cholangio-Pancreatography Free Essays

Choledocholithiasis (which called bile duct stones or gall bladder stones in the bile duct) is the presence of stones from gall bladder in the common bile duct. Stones usually form in gall bladder but they sometimes pass through the cystic duct into common bile duct. There are many symptoms of gallstone in common bile duct. We will write a custom essay sample on Endoscopic Retrograde Cholangio-Pancreatography or any similar topic only for you Order Now For example; abdominal pain (in the right upper or middle upper abdomen), fever, jaundice (yellowing of the skin and eyes), loss of appetite, nausea and vomiting and clay-colored stools. So, this condition diagnosed and treated by ERCP. ERCP (Endoscopic retrograde cholangiopancreatography) is a procedure that enables doctor to examine the pancreatic and bile ducts by insert lighted tube which called endoscope (like the thickness of your index finger) is placed through the mouth and into stomach and first part of the small intestine (duodenum) exactly in (ampulla) and passed of cannula (which a small plastic tube) through the endoscope and into this opening with injected contrast material and X-rays are taken to study the common bile duct. Fluoroscopy is a radiographic procedure that provides a dynamic image of the inside of the body frequently after the administration of the contrast media with the use of persistent x-ray beam that passes through the area of interest and later the attenuated beam that come out of the patient is received by a video monitor to view the body part motion in details. The fluoroscopic studies can efficiently detect variety of abnormalities of different body systems such as the skeletal, digestive, cardiovascular, respiratory, reproductive and urinary system. (University of Rochester Medical Center,2018). In this assignment I will discuss about equipment used in ERCP, role of radiographer in ERCP, technical and exposure consideration of ERCP and case study. ? ERCP Equipment ERCP contain endoscopy and fluoroscopy. Fluoroscopy consists of C-arm and monitor. Endoscopy consist of flexible tube which called endoscope with at the end it contain a tiny video camera and light. There is a canal inside components of the scope through which thin instruments are passed and can be poked out the tube’s end. These instruments include a catheter, balloon, basket, sphincterotome, biopsy forceps and cytology brush and stents. So, for injecting contrast media into the ducts by used of catheter. Used of balloon is to stretch tight areas of the bile duct or pancreatic duct. Also, for removing and manipulating stones used of basket, and to incise tissue and make the bile duct or pancreatic duct opening larger used of a sphincterotome. Biopsy forceps and cytology brush use to obtain microscopic exam, and use stent to bridge blockages. Other openings allow the doctor to suck out water or air inside digestive system as well as clean the camera lens. Control the movement of the tube by gently pushing and pulling on its outside end is done by the doctor while also steering the inside end with control knobs that the doctor holds in his hand. Video television screen in the procedure room is received images from the endoscope. Also, obtain an x-ray image of the bile duct and pancreatic duct by the fluoroscopy. Role of Radiographer in ERCP:Before examination:First, asked to remove any clothing or jewelry that may get in the way of the body area to be examined and wear gown. Then, check name and an identification number of the patient. Third, prepare the C-arm machine and the monitor. Fourth, positioned on the x-ray table depending on what the doctor want. Fifth, make sure everyone who stays in ERCP room wear lead apron. During examination: Regarding on department’s equipment, radiographer may have to stay out in the control panel or may be able to stand in the room to x-ray. stand in the room to x-ray In the latter, it is important to pay close attention so as not to miss cue to x-ray. The doctor will ask the radiographer to x-ray when it is required if screen or spot. Also, the radiographer be attention for doctor and patient condition.After examination:The radiographer save the image and sent it. Make sure the machine is clean. Technical of ERCP:Endoscopic retrograde cholangiopancreatography (ERCP) is a technique that to diagnose and treat diseases regarding to the pancreatobiliary system by used of endoscopy and fluoroscopic imaging. The endoscopic portion of the examination uses endoscope that is passed through the esophagus and stomach and into the second portion of the duodenum. For obtaining high-quality radiographic images and for the prevention of pulmonary aspiration and considered optimal for cannulation of the papilla, so ERCP is performed with the patient in the prone position. But, patients who can not able for prone position for ERCP are often placed in the left lateral decubitus or supine positions.Radiation exposure consideration of ERCP:In ERCP the fluoroscopy time is shorter when ERCP is performed by doctor who has many years experience of done ERCP and carried out a large number of ERCPs in the past year. In general, radiation exposure is higher during therapeutic ERCP than during diagnostic ERCP. Radiation dose to patients during ERCP depends on many factors, and the doctor unable to control some variables which are patient size, procedure type, or fluoroscopic equipment used. In a recent prospective study where ERCP instruments used for example, stent insertion, lithotripsy, needle-knife, biopsies, the use of a guide wire or additional wires other than the standard, a balloon and catheter, that will significantly increase fluoroscopy duration.Patient preparation and care:Before the examination, the stomach should be empty. The patient who does the ERCP must not eat anything after midnight on the evening before the exam. Regarding for examination time, if the procedure is done early in the morning, no drinks must be taken, but if examination is done at noon time, a cup of tea, juice, milk, or coffee can be taken four hours earlier. medications of heart and blood pressure must always be taken with a little amount of water in the early morning. The patient needs to have a companion drive them home after the procedure, since the procedure will require intravenous sedation.To cause relaxation and sleepiness, the patient will be given medications through a vein. Local anesthetic is given to the patient to decrease the gag reflex. Some doctors prefer to give the patients more intravenous medications for sedation, so do not use local anesthetic. This also applies to those patients who cannot tolerate the bitter taste of the local anesthetic or who have a history of allergy to xylocaine and the numbness sensation in the throat. The intravenous medication is given, while the patient is lying on the left side on the X-ray table, and then the instrument is inserted gently through the mouth into the duodenum. The instrument advances through the food passage and not the air passage. It does not interfere with the breathing and gagging is usually prevented or decreased by the medication. After the examination, patients must be observed in the recovery place until most of the effects from the medications have worn off. This sometimes takes one to two hours. Case study:Â   This case study is about 77 years old female patient with H/O common bile duct stones. The condition start 8 months ago by right upper abdominal pain and clay colored stools. The patient came to Royal Hospital and the doctor decided to take x-ray first. So, they found 3 large stones in common bile duct. Then the doctor decided to do ERCP. The ERCP was done in 7/5/2018. The doctor saw a perimapullary diverticulum and with injected contrast through common bile duct, the cholangiogram showed 3 large stones proximally back to back, the balloon was used to remove the stones. However, this patient was uncooperative, so stenting done in long time with use 9cm plastic biliary stent with good bile drainage. How to cite Endoscopic Retrograde Cholangio-Pancreatography, Papers

Public Sector vs. Private Sector Budgeting

A budget is a financial list of all planned expenses and revenues. It shows saving, borrowing and spending habits. The budget of a government summarizes all intended plans of revenues as well as expenditures. It consists of a plan developed in monetary values (Cooper, 2006: 23).Advertising We will write a custom essay sample on Public Sector vs. Private Sector Budgeting specifically for you for only $16.05 $11/page Learn More Budgeting keeps economies active. It is worth noting that the budgeting process is a system of financial planning and management that guides both public and private sectors within the economy. Private and non-governmental organizations have established financial departments that are charged with the responsibility of drawing the financial plan for every financial period. In the same manner, various governments around the world also have finance ministries which are tasked to provide financial roadmap for the government’s spen ding activities within a given year. In the light of the above, budgetary processes of the private sector still emerge to be better than the public sector especially based on the principles governing both budgetary processes. The budgeting process in the private sector is systematic and strict. Usually, private organizations engage in budgeting processes once in a year. In this context, various leaders within different departments in the organization are charged with the task of developing the budgetary estimates for their respective departments. These leaders are then supposed to submit their budgetary proposals to the top level management for consideration and approval. Once the executive arm of the organization receives the proposals, thorough analysis is done to the proposals from every department. Since the organization is guided by a series of principles and culture, the budgetary proposals are approved based on such terms. As a result, there are high chances of fairness to al l the departments as concerns their budgetary proposals. Similarly, the executive branch of the organization ensures that only pertinent elements within all the budgetary proposals from the departments are approved based on the policies within organization. This means that chances of equality and fairness are high in private sectors (Fry, Brian and Raadschelders, 2008: 78-79)Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, budgeting processes in the public sectors are often unstable and full of partiality. Since governments are composed of three arms (legislature, executive and judiciary), the budgetary processes often encounter a lot of challenges. In as much as the executive branch tasks the financial department to develop a budget for a nation, several procedures are often observed leading to low levels of implementation of the proposed budgets (Denhardt, 2003: 56-58). As a matter of fact, the proposal produced by the financial department has to be exposed for review, scrutiny and criticism by the legislative. It is in such contexts that various legislators with selfish interests underscore various proposals that are unsuitable for them. As a result, pertinent and helpful budgetary proposals are disregarded by most legislators. This is due to the fact that the legislators can institute or amend laws to cancel various budgetary proposals. It is worth noting that all the arms of the government are often misguided by political interest. As a result, the budgetary processes in the public sector are majorly unstable and full of partiality. Secondly, the system of budgeting in private sector is highly controlled thus eliminating any elements of mistakes. This is because any proposals provided by a department that are contrary to the company’s policies would automatically be ignored. As a result, an organization manages to plan within its financi al means and estimates. This is contrary to the public sector which has various centers of power thus making it difficult to control spending on various elements in the budget. Since the government is three-armed, the issue of controlling various pertinent and unnecessary elements of the budget becomes overly difficult. As a result, the budget is error prone (Mckevitt and Lawton, 1994: 112-114). In consideration of the above differences, it is clear that the public sector needs to learn from the private sector. Indeed, the public sector should strictness and properly enforced policies to govern the budgetary process. All the arms of government need to set up independent committees tasked with analyzing and verifying the budgetary proposals produced by the treasury department.Advertising We will write a custom essay sample on Public Sector vs. Private Sector Budgeting specifically for you for only $16.05 $11/page Learn More This process will protect the budget from political influences as well as selfish goals by various arms of government. In order to establish success in most public sectors, financial budgeting needs to be free from any political and individual interests. The needs of the nation have to be prioritized accordingly. Secondly, a regulatory commission should be established by the government to eliminate errors and overspending. Unlike private sectors that are controlled by a team of executives, the public sector lack definite regulatory systems. As a result, public sector is often prone to overspending and high tax cuts to ordinary citizens in a bid to meet the budgetary costs (Shafreitz and Hyde, 2008: 56-67). Therefore, successful budgeting in the public sector should be governed by an independent impartial regulatory commission that will eliminate all errors. Such a commission will also ensure that the government stays on-course within its budgetary means to avoid overspending and borrowing. In conclusion, budgeta ry processes of the private sector still emerge to be better than the public sector especially based on the principles governing both budgetary processes. This is because the private sector is systematic and strict. In addition, it is highly controlled thus eliminating any elements of mistakes. As a result, the public sector needs to set up independent committees tasked with analyzing and verifying the budgetary proposals produced by the treasury department in order to match the success of the private sector. In addition, a regulatory commission should be established by the government to eliminate errors and overspending. Bibliography Cooper, Phillip J. Public Law Public Administration 4th Ed. New York: Wadsworth Publishing, 2006. Denhardt, Robert. Theories of Public Organization by 6th Ed. New York: Wadsworth Publishing, 2003.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Fry, Brian R., and Raadschelders Jos C.N. Mastering Public Administration: From Max Weber to Dwight Waldo, 2nd Ed. Boston: CQ Press, 2008. Mckevitt, David, and Lawton Alan. Public Sector Management Theory, Critique and Practice. London: Sage Publication Ltd., 1994. Shafreitz, Jay M., and Hyde Albert C. Classics of Public Administration, 6th Ed. New York: Wadsworth Publishing, 2008. This essay on Public Sector vs. Private Sector Budgeting was written and submitted by user Jair H. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

City Planning Essays - Ahmedabad, Urban Planner, Gujarat

City Planning Essays - Ahmedabad, Urban Planner, Gujarat Functioning of City Planning City Planning Department Ahmedabad Municipal Corporation State-Gujarat Gujarat is one of the most developed state in India. The state is capable with vast reserves of mineral and characterized by high industrialization. It features high rate of GDP growth and contributes almost 20% to Indias overall industrial output. Power, construction and trade contribute a major share to the prosperity of the state. Gujarat, with its mission to make itself a vibrant place to live and work, has been implementing several structural reforms in the recent past. With its growing industrialization, presently, the state is all set to achieve an exponential growth curve. To facilitate such economic growth, increasing needs of the people for better quality of life and to cater the growing trade through the hinterland, the state has also drawn an infrastructure road map and intends to develop a world class infrastructure to sustain the rapid pace of economic growth. Gujarat has experienced a rapid rate of urbanization in last four decades. About Ahmedabad Ahmedabad is the largest city in Gujarat in terms of population as well as in area. Ahmedabad is also the seventh largest metropolitan area and third fastest growing cities of India. Looking at its growth rate and rapid expansion, there is an urgent need to reconsider and redirect the development and growth patterns in the next decade. Ahmedabad, since its foundation has been a critical political and economic center of Gujarat and western India. During 16th century to 18th century Ahmedabad was the major hub of trade and commerce. Under the British rule, it became home to numerous textile mills, being known as Manchester of the East. Ahmedabad Municipal Corporation (AMC) Ahmedabad Municipality was established as Ahmedabad Municipal Corporation in July 1950 under the Bombay Provincial Municipal Corporation Act (BPMC) The AMC area was divided into 43 wards and 5 zones, namely Central, North, South, East, and West covering an area of 190 sq. km prior to year 2008. Spatial distribution of the population within the city over the decades shows that up to 1981 most of the new population added to the city was concentrated within the old AMC limits itself, especially in the Eastern part. Expansion of the peripheral areas began in the 1980s and has continued since then earlier only the Eastern parts and particularly the Eastern periphery registered faster growth rate, but since 1980s even the Western periphery has grown rapidly. In the year 2008, around 180.01 sq. km area had been added on the Western side of the city and 79.66 Sq. km area had been added on the Eastern side of the city, which made the total area of the city to 450(466)Sq. km. This 450(466) sq. km area of AMC is consist of 6 zones i.e. 64 wards. Map - Ahmedabad Municipal Boundary with zone boundary Past Planning Efforts The Bombay Town Planning Act, 1915 mainly provided for the preparation of Town Planning Schemes (TPS) for areas in course of development within the jurisdiction of local authority. Under this act 11 TPS have been prepared amongst which the 1st TPS was the Jamalpur scheme in1920. Due to the rapid industrial growth coupled with increasing level of urbanization during mid-century, the need for an integrated urban development was felt. The need to have a planned development within the whole of municipal limits lead to the enactment of the Bombay Town Planning Act, 1954. This act came into force from 1st April 1957. The concept of preparation of Development Plan (DP) within the limits of the Local Body was introduced for the first time in the 1954 Act as the main planning instrument, retaining the TPS for implementation of the DP. Under this act 20 TPS were prepared; also the first Development Plan was prepared in the year 1965 for the Municipal limits of Ahmedabad. The State of Gujarat as it exists today was formed on1st May 1960. It was realized that the preparation of DP for areas confined within the Municipal boundary would not meet the challenges of urban development since the urban growth knows no boundaries. It was felt that if planning activities are undertaken in a more rational and scientific basis with reference to development of areas which are not necessarily restricted to the areas within the jurisdiction of local authorities, it will be possible to create better conditions. It was, therefore, considered necessary to replace the aforesaid Act by a more comprehensive legislation. Thus a more comprehensive planning legislation was enacted titled as The Gujarat Town Planning and Urban Development Act, 1976 which

How to Use German Adjectives to Describe Things

How to Use German Adjectives to Describe Things To speak German, you have to know your adjectives. As a reminder, these are the descriptive words used to describe a person, place or thing. In this case, lets look at adjectives commonly used to describe people, both physically and behaviourally. We have grouped adjectives by nouns that theyre commonly associated with, but of course, these descriptive words may be used to describe many different things, not just the body part listed. Also, the adjectives are given in neuter form, so make sure to appropriately declinate adjectives according to the noun gender they describe.   Tip: If you are studying German on your own, a quick and simple way to practice the vocabulary would be to pick a picture of someone in a newspaper, magazine or website and describe them. German Worlds to Describe Physical Appearance Der Kà ¶rper (body): schlank (skinny) - dà ¼nn (thin) - hager (gaunt) - groß (big) - riesig (gigantic, really tall) - dick (fat) - stark, krftig (strong) - schwach, schwchlich (weak) - braun (tanned) - gebà ¼ckt (stooped). Das Gesicht (face): lang (long) - rund (round) - oval (oval) - breit (broad), Pickel im Gesicht (pimples on the face) - mit Falten, faltiges Gesicht (with wrinkles, a wrinkly face) - pausbckig (chubby-cheeked) - bleich, blass (pale) - ein rotes Gesicht (a red face) - kantig (angular) Die Augen (eyes): tiefliegende Augen (deep-set eyes) - strahlend (bright, brilliant), dunkel (dark, hazel) - mandelfà ¶rmig (almond-shaped eyes), geschwollen (puffy), mà ¼de (tired), klar (clear), funkelnd (twinkling) - wulstig (bulging) Die Augenbrauen (eyebrows): dicht (thick), voll (full), schà ¶n geformte (nicely-shaped), dà ¼nn (sparse), geschwungen (slightly curved) Die Nase (nose): krumm (crooked) - spitz (pointy) - gerade (straight) – stumpf (turned-up) – flach (flat) Der Mund (mouth): lchelnd (smiling) - die Stirn runzeln (to frown) - eine Schnute ziehen/einen Schmollmund machen ( to pout) - eckig (square) - offen (open) - weit aufgesperrt (gaping) - Mundgeruch haben (to have bad breath) Die Haare (hair): lockig (curly) – kraus (tightly-curled) – kurz (short) – glnzend (shiny) – glatt (straight) - glatzkà ¶pfig (bald) - schmutzig (dirty) - fettig (greasy) - einen Pferdeschwanz tragen (in a ponytail) - einen Knoten tragen ( in a bun) – gewellt (wavy) - voluminà ¶s (voluminous). See also colors. Die Ohren (ears): herausstehende Ohren (ears that stick out) – Elfenohren (elf ears) - die Schwerhà ¶rigkeit (hard of hearing) – taub (deaf) – Ohrringe tragen (wearing earrings) - Hà ¶rgert tragen (wear a hearing-aid) Die Kleidung (clothes):   modisch (fashionable) - lssig (casual) - sportlich (athletic) - beruflich  (professional) -  unschà ¶n (not fashionable) - altmodisch (dated) More clothes-related nouns that can help describe details: die Hose (pants) - das Hemd (shirt) - das T-shirt ( t-shirt) - der Pullover (sweater) - die Schuhe (shoes) - die Sandalen (sandals) - die Spitzschuhe (high heels) - die Stiefeln (boots) - der Mantel (coat) - die Jacke (jacket) - der Hut (hat) - der Anzug (a suit). See more on clothes and fashion. Other: manikà ¼rte Ngel (manicured nails) - das Muttermal (birthmark) - schmale Lippen (thin lips) – Plattfà ¼ÃƒÅ¸e (flat-feet) German Words To Describe a Person Eigenschaften (personality): Erregt (excited) - redselig (talkative) – schlechtgelaunt (bad-tempered) – jhzornig (violent-tempered) - spaßig (amusing) - zufrieden (happy; satisfied) - freundlich (friendly) - tapfer (courageous) – gemein (mean) – sanft (gentle) – großzà ¼gig (generous) – ungeduldig (impatient) – geduldig (patient) - faul (lazy) – hard-working (fleißig) – nervà ¶s (nervous) - ernst (serious) - schà ¼chtern (shy) - schlau (clever) - klug (smart) - religià ¶s (religious) – dickkà ¶pfig (stubborn) - traurig (sad) – depremiert (depressed) - komish (funny, weird) - seltsam, merkwà ¼rdig (strange) - gierig (greedy) – gerissen (sly) – barmherzig (compassionate) - fleißig (hard-working) – witzig (witty, funny) - jemand der sich immer beklagt (complainer) – eitel (vain) – sportlich (athletic) Descriptive Verbs Hobbys:  lesen (reading) – tanzen (dancing) – schreiben (reading) - Sport treiben (to play sports), singen (singing) – basteln (to do crafts) – photographieren (to take photos) – reisen (to travel) Holzbearbeitung machen (woodworking) – backen (to bake) – kochen (to cook) – malen (to paint, color) – zeichnen (to draw) – camping (Campen gehen) – einkaufen (shopping) Other Descriptive Nouns Die Familie (family): die Eltern (parents) - die Mutter (mother) - der Vater (father) - der Sohn (son) - die Tochter (daughter) - die Schwester (sister) - der Bruder (brother). See Family Glossary for more. Describe Yourself in German Here is a sample description of how it might sound to describe yourself in German. An English translation is below. Hallo. Ich heiße Hilde und komme aus Deutschland. Ich bin in Essen geboren, aber lebe seit vierzehn Jahren in Stuttgart. Zur Zeit studiere ich Maschinenbau an der Universitt. Ich mag reisen, lesen und tanzen. Meine Freunde nennen mich „Schwatzliese,â€Å" weil ich immer so redselig bin – auch whrend den Unterricht! Ich habe dunkle, krause Haare, haselnussbraune Augen und ziehe à ¶fters eine Schnute wenn ich beleidigt bin. Ich bin sehr fleißig zum Studieren aber zu faul um meine Wohnung aufzurumen. Ich trage lieber Jeans und Rennschuhe, als Rà ¶cke und Spitzschuhen. English Translation: Hello. My name is Hilde and I am from Germany. I was born in Essen, but have lived for fourteen years in Stuttgart. Currently, I am studying mechanical engineering at the university. I like to travel, read and dance. My friends call me a chatterbox because I’m always talking so much – even during class! I have dark, curly hair, hazel eyes and can pout really well when I am offended. I am very studious, but very lazy when it comes to cleaning up my apartment. I rather wear jeans and running shoes than skirts and high heels.

Assignmentweek5 Assignment Example | Topics and Well Written Essays - 250 words

Assignmentweek5 - Assignment Example The employee training that is derived from the client’s needs is useful in addressing customers concerns. Being the boss, I believe that the buck stops with me. During the training, I will tell employees that the importance of feedback mechanism is to get an opportunity to learn from our challenges and weakness with the view of offering better services to the customers. It also informs us on how we can remain competitive and easily beat our competitors (Stacey, 1996). Focus groups involves gathering of between 6-8 persons from the target market guided with a moderator and have them share their ideas, feelings and attitudes about a subject. Some of the advantages includes; cost effective when gathering primary data, easily to build on others ideas and makes it easier in getting the idea of the target market. The disadvantage is that it can only gather opinions on ideas and concepts and not how people can best use the designs. They can be used when attempting to develop something new but not sure on how people might react and also when one has no or little knowledge about the target market. They could however go wrong when an idea of a vocal person overrides other participant’s ideas besides, it can go wrong when quantitative data is required (Stacey,