Required Rates of Return for Corporate Investment Appraisal in the Presence of Growth Opportunities

Traditional methods of estimating required rates of return overstate hurdle rates in the presence of growth opportunities. We attempt to quantify this effect by developing a simple model which: (i) identifies those companies that have valuable growth opportunities; (ii) splits the value of shares into 'assets-in-place' and 'growth opportunities'; and (iii) splits the equity β into β for 'assets-in-place' and 'growth opportunities'. We find growth opportunities for UK companies over the 1990–2004 period to average 33% of equity value. Incorporating the effect of growth opportunities, the average cost of capital for investment purposes falls by 1.1 percentage points

Using Rhetoric to Manage Campus Crisis: An Historical Study of College Presidents\u27 Speeches, 1960-1964

Student protests and other forms of campus conflict are prominent in higher education; however, little is known about the manner in which college presidents have historically responded to these protests and conflicts. Focused on North Carolina in the 1960s, a decade notable for student protests on college campuses, this article identifies three approaches used by college presidents in their public speeches to manage campus conflict. This research examines the speeches of college presidents in North Carolina, where the first mass protests of the decade occurred during the student movement for civil rights starting in 1960 until 1964 when the Civil Rights Act was signed into law

A comparison of processor technologies

The purpose of this paper is to present a discussion of the technology implementation and design of four very high performance mainframe computer systems. The systems evaluated are: Amdahl 580 Series CDC 170 Series 800 IBM 308x Series Univac 1100/90 Series Included in this evaluation is a survey of the technology used, its characteristics, packaging and performance. Each system component is evaluated on the basis of design philosophy, technology, and the total system design with regards to reliability, availability, and performance

African American Women at Historically Black Colleges during the Civil Rights Movement

The African American Civil Rights Movement is a series of intentional occurrences in America that protested the legal segregation of African Americans and Whites. Inequality in the use of public spaces and the unequal opportunities for advancement of African Americans were the core reasons for this movement. This historical essay uses primary and secondary documents, as well as contemporary sources from non-educational fields, to assert that African American women were instrumental in the Civil Rights movement and that historically Black institutions can be credited, in large part, for preparing these women for their roles

An Anglocentric History of Anaesthetics and Analgesics in the Refinement of Animal Experiments

Previous histories of animal experimentation, e.g., Franco (2013) have focused on ethics, the law and the personalities involved, but not on the involvement of anaesthetics or analgesics. Given that these were major subjects of (UK) Parliamentary debates on vivisection in the mid-19th century and viewed as “indisputable refinements in animal experimentation” (Russell and Burch 1959), it seemed that an analysis of their role was overdue. This commentary has, in interweaving the history of animal experimentation in the UK with the evolution of anaesthesia, attempted to: (1) clarify the evidence for Russell and Burch’s view; and (2) evaluate anaesthesia’s ongoing contribution to experimental refinement. The history that emerges reveals that the withholding or misuse of anaesthetics and, or analgesics from laboratory animals in the UK has had a profound effect on scientists and indirectly on the attitudes of the British public in general, becoming a major driver for the establishment of the anti-vivisection movement and subsequently, the Cruelty to Animals Act (1876)—the world’s first legislation for the regulation of animal experimentation. In 1902, the mismanaged anaesthetic of a dog in the Department of Physiology, University College London resulted in numerous events of public disorder initiated by medical students against the police and a political coalition of anti-vivisectionists, trade unionists, socialists, Marxists, liberals and suffragettes. The importance of anaesthesia in animal experiments was sustained over the following 150 years as small mammalian species gradually replaced dogs and cats as the principle subjects for vivisection. In discussing experimental refinement in their 1959 report, “The Principles of Humane Experimental Technique” Russell and Burch described anaesthetics as “… the greatest single advance in humane technique, (which) has at the same time been virtually indispensable for the advance of experimental biology”. Since then, the role of anaesthetics and in particular analgesics has become an unavoidable consideration whenever animal experiments are planned and conducted. This has been accompanied by a proliferation of training and educational programmes in laboratory animal anaesthesia

Longing : Fox-Trot Song

https://digitalcommons.library.umaine.edu/mmb-vp/2023/thumbnail.jp

A Study of Retardation in the Rosenwald School, Luling Texas, and Carver School, Lockhart, Texas Grades Nine Through Twelve

Experiences in the Carver School at Lockhart, Texas and the Rosenwald School at Luling, Texas indicate that there were too many students who did not progress at the rate of one grade or class each year, and that some students did not progress a half grade per year. Information was needed to ascertain if the retarded students\u27 failure to progress at the normal rate was due to poor scholastic aptitude or ability, and if the students\u27 retardation was due to slow development or the lack of skill in the use of language and the communicative mechanisms. The administrators concerned in these two schools were desirous to discover if retardation resulted from conditions which were due to mental development that had failed to keep pace with the chronological development of the student. Also, there were instances where retardation may constitute a failure to attain satisfactory social relationships as would normally be expected at a given age or under given circumstances. This study was limited to fifty-four high school pupils of the Rosenwald School, Luling, Texas and the forty-five high school pupils of Carver School, Lockhart, Texas. Its main concern is with an analysis of the age-grade placement of these pupils as compared with mental and other factors which may impede progress at the normal rate of one grade for each school year

Near-fatal misuse of medical tape around an endotracheal tube connector during inhalation anesthesia in a horse

A 7-year-old gelded Irish sports horse weighing 650 kg was anesthetized on 2 consecutive days for lavage of a septic right radio-carpal joint. On both occasions the endotracheal tube connector, which had been bound in medical tape to produce an airtight seal, functioned as a unidirectional valve during mechanical ventilation, retarding expiration, imposing positive end expiratory pressure (PEEP), and probably continuous positive airway pressure (CPAP). The equipment dysfunction was not identified on either occasion despite close inspection prompted by progressive increases in airway pressure and thoracic distension. Whilst the PEEP and CPAP exerted unexpectedly modest cardiovascular effects and the horse recovered uneventfully on both occasions, the improvisation may have proven fatal in a higher-risk subject