Friday, July 25, 2014

MANAGING ORGANIZATIONAL DESIGN AND CHANGE Assignment Help | Organisational Behavior Assignment Help |

This portfolio is an in-depth analysis of the organization from the starting stages of organization to the last stages, which are an evaluation of the organization stakeholders. Organizations are part of the business world, and it is important to understand their formation, working condition and values and their organization. Businesses are growing entities that develop through inputs to make them into strong organizations.
Seminar Question one
An organization is a systematic arrangement of persons who have common goals. An organization is a system that is goal oriented and has member who form it to attain the common goals. Every organization that is formed has its distinct purpose different from another organization (Schermerhorn, 2011). An organization comprised of is composed of the members who have a common agenda. Choo and Bontis (2002) in their recent research found that different organizations have different organizational structures, and each organization is because each organization was formed for its own distinct purpose. The organization structures differ in terms of hierarchy; each organization has its distinct hierarchy chart. Research (Robbins and Coulter, 2008) suggests that the reason for the difference in hierarchy is because each of organizational values, culture and nature of business. Kinicki and Williams (2012) in their research found that organization has its unique values and culture and the nature of business affects its hierarchy. An organization in the banking industry will have a different structure in comparison to a company in the agriculture industry. Every industry has a distinctive structure in which organizations in the industry thrive.
Seminar Question Two
Understanding the culture in which an organization operates is very crucial for any interested party (Schermerhorn, 2011). The reason behind this is that every organization exists within a certain context. From the definition of an organization, it is formed by person with same ideas, goals and, therefore, this is a group of people who have an idea of what to accomplish and by what means to do that (Baligh, 2011). Research (Robbins and Coulter, 2008) suggests that in order to understand the context of the organization, it will be helpful in understanding the origin of the arrangement, the common ideas, the culture of the organization and the values within that organization.  Understand the context means coming to terms with how the organization operates both in the short term and in the long term.
Seminar Question three
Every organization must make a decision at one point while, in the business. It is the nature of the decisions made that determines the success of such an organization (Cole, 2004). Strategic decision-making is an approach whereby all the aspects are put into consideration and, therefore, the decision make ensure that there is a comprehensive plan that ensures efficient utilization of resources in consideration of current and future business environment to meet both long term and short-term goal in the organization (Henry, 2011). Strategic decision makers sometimes use developed frameworks such as SWOT analysis and PESTEL (Stacey, 1996). These developed frameworks give an initial analysis of the working condition of the organization and give the performance of the organization that guides the decision maker in making a strategic plan.
Seminar Question Four
Proton Company Pestle Analysis
NAFTA policies
Economic crisis
Large population
Competing development in technology
High taxation
Change in environment pollution policies
Slow growth and development  of Malaysian economy
Automobile ownership
Maturity of technology
Agreement to supply
Increased temperatures
Increased the competition
Decrease buying pattern of the consumer
Potential for innovation and development
Government policies
Increased environmental awareness

Proton is experiencing competition, decrease in sales volume, decrease in the market share, also is affected significantly by AFTA policies as seen in the PESTLE analysis. The company has strong government support, and it dominates the market in term of its market share. Nevertheless, the company level of technology is low and this might affect it future comparative advantage. To become successful in the future the company should increase the innovation level. Through innovation, the organization will be able to produce new model of cars. The Analysis shows that the company performance is declining and thus there is a need for new strategies to ensure long-term growth (Asean Affairs, 2009). The company must make a comprehensive plan to ensure that it remains profitable in the long-run. It must implement strategies that favor growth and cut losses where possible.
Seminar Question Five
Coca Cola Five Forces Analysis
1 Minimal Threat of New Entrants
 There is a low threat from new entrants in the market. This is because entry is low due to the high initial cost require to operate sufficiently in the market. The new busunesses increase competation and cut profitability.
2. The threat from substitutes.
 Today the many forms of substitute beverages that have a significant impact in the beverage industry (The Coca-Cola Company, 2011). Health concerns by consumers have also increased, and more people are dropping the coke for other beverages.  
3. Minimal threat from suppliers.
The main suppliers of the company are bottles and ingredient suppliers. The commodity ingredient suppliers have low bargaining power that is  an added advantage to the organisation in terms of cost of production (The Coca-Cola Company, 2011).
4. Moderate Bargaining Power of Buyers
Lare groceries, supermarkets, restaurants, and convenience stores are the main buyers from Coca Cola, and they have strong bargaining power which can affect prices. The company should work on reducing the production cost through economies of scale and buying from cheaper markets. This will ensure that the strong burgaing power moderately affects profitability.
5. Strong competition from Pepsi.
The main competitor of Coca Cola is PepsiCo that been rival more than a century now with the famous cola wars (The New York Times, 2003). The two brands have tried to stake a claim in the market.
In conclusion, Coco Cola company has a low level of threat from suppliers and needs to work on diversifying its products to ensure it competes will the beverage brands in the market. The company needs to come up with new and innovative products to ensure that it stays ahead of other major brands.
Seminar Question Six
After successful, completing the PESTEL analysis and SWOT analysis, the Mckinsey 7S can be used to complement the two analyses (Capon, 2009). The McKinsey 7S provide more in-depth understanding of the current condition of the organization and its future. The 7S, which are strategy, structure, systems, skills, staff, style, and shared values enable the decision maker to evaluate both the head element, which are tangible in nature and easy to control, and a soft, intangible element in the operation of the organisation (Stacey, 1996.)
Research (Robbins and Coulter, 2008) suggests that all the 7S are interdependent and can be used after looking at both the external and internal business environment. The 7S act as complements to help in understanding how various conditions in the organisation are working, and this will help in determining the nature of the decision to make.
Seminar Question Seven
  The cause of either cash user, cash generator classification is the relative market share and the relative mark growth. In relative market share, the ratio of the market share of the organisation’s product or service to the share of the market leader is determined. This gives a analysis of competition in the marketplace. At Market growth rate, rapid growth offers greater opportunities to generate wealth. It also gives rise to opportunities to develop products, services and markets. Combining the two aspects, we get BGG matrix (Slack et al., 2003).

An organization may make a decision in continuing its production even after it has reached its low returns stage if management is looking for alternatives and if they have not reached the duration agreed to produce a product (Stark, 2011).
The value chain shows the flow from research to teaching of students. The value chain has both the primary and the supportive activities that take place in a university organization.
To reduce the cost effectiveness of the value chain, all process should be put under a collective system that combines all the process (Dawson, 1996).
Seminar Question Nine

Ryan Air, Rolls Royce and BMW competitive advantage

Ryan Air
Rolls Royce

Position of these organizations in the Porter Generic Strategy Model
                                                Low cost                         Differentiation
Strategies Scope
Cost leadership
Ryan Air
      Cost focus
Differentiation focus
         Rolls Royce

Ryan Air ensures it produces at low cost while BMW ensure it has many varieties and Roll Royce is trying to differentiate its products.
Seminar Question Ten
University of Huddersfield Stakeholder Analysis

Stakeholder Analysis

Interest / stake
University of  Huddersfield Registry
Data processing  streamlining – removing duplication of data input
University of Huddersfield Marketing
Module and course information availability– easy presentation and manipulation of data's ability
University of Huddersfield Admissions
Data processing streamlining – removing duplication of data input.
University of Huddersfield IT
Simplifying of data management Integration and integrating MIS.
WYLLN Partner Institutions
 Looking for possible implementation by observing projects.
University of Huddersfield (exec/governance)
The institutional strategies incorporate the use of successful projects.
Alan Paull
Accountable for the initial examination of systems and processes and proposing an implementation plan.

Discussion of Findings
The entire stakeholders except WYLLN Partner Institutions have a high interest and importance WYLLN Partner Institutions has a medium importance level. This means that the University of Huddersfield should collaborate with all the organization as they have very significant interests and importance to the university (Yoon, 2002).
The paper has looked at various aspects in relation to the organization that help in understanding an organization structure and analysis the environment so to make the correct strategic decisions.
Asean Affairs, 2009, Malaysia’s Proton Still Needs Government Support. Available at :<> [Accessed 12 June 2014]
Baligh, H. H. 2011. Organization Structures: Theory and Design, Analysis and Prescription. Springer.
Capon, C, 2009, Understanding the Business Environment. New Jersey: Pearson Education.
Choo, C, & Bontis, N, 2002. The Strategic Management of Intellectual Capital and Organizational Knowledge. Oxford: Oxford University Press.
Cole, G.A., (2004). Management Theory and Practice, 6th ed. Thomson Learning.
Dawson, S, 1996, Analyzing Organizations. Hampshire: Macmillan.
Henry, A, 2011, Understanding Strategic Management. 2nd ed. Oxford: Oxford University Press.
Kinicki, A., & Williams, B, 2012. Management. McGraw-Hill Higher Education.
Robbins, S, P & Coulter, M, 2008. Management. New Jersey: Pearson Prentice Hall.
Schermerhorn, J, R, 2011. Introduction to Management. New Jersey: John Wiley & Sons.
Slack N et al., 2003, Cases in Operations Management. New Jersey: Pearson Education
Stacey, R, 1996. Strategic Management and Organizational Dynamics. 2nd ed. London: Pitman.
Stark, J, 2011. Product lifecycle management. Springer London.
The Coca-Cola Company, 2011, Annual and Other Reports 2008 – 2010.
Available at: <>(Accessed 12 June 2014)
The New York Times,2003 . Coke Makes Up with Burger King over Rigged Test of Frozen Drink. Available at < (Accessed 12 June 2014)
Yoon,.2002. Development of a Structural Model for Tourism Destination Competitiveness from a Stockholder’s Perspective. Unpublished D Phil Dissertation. Virginia Polytechnic Institute and State University, Virginia.27-33.

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Wednesday, July 23, 2014

Tourism Sample Assignment | Tourism Management Assignment Help | Tourism Marketing Assignment Help |

You are the research director of the Colorado Tourism Office and plan to conduct a study of tourists visiting the state to create a profile of the Colorado visitor to help guide advertising and promotion decisions. What questions will you ask in the study? What demographic data will you collect? How will you sample visitors to ensure you have a representative sample? How will you tabulate the results? How will you present your findings?
Be sure to elaborately answer the questions. 
The questions that could be addressed in the study would be related to the key tourism spots of Colorado. We will first ask the people about their domicile i.e. whether he or she is domestic tourist or international tourist, if domestic, then from which state and if international, then from which country. We will also collect data about their age, sex, purpose of visit, whether accompanied by family or friends or business associates. To enhance the representational value of the sample, it will be my endeavour to collect data from all the entry points that are, airport, railways and bus stations. Data can also be collected from the gas stations located at the entrance to the city in order to cover people travelling in their own vehicles. Further, data will also be collected from different categories of hotels, motels, camping sites and guest houses. All the above mentioned factors would be considered and tabulated in a table with a proper format. These tabulations will be shown to the people and hence conclusions will be drawn. All parameters will be seen and kept in mind to be able to make a plan to enhance the tourism industry of Colorado. Prime motive would be changing the area according to the needs of tourists. Cultural diversification and hospitality needs can be incorporated to enhance the tourism. Tourism is a booming industry and its important to weigh all the factors for developing it.
Psychographic Market Segmentation
It is a type of segmentation based on the customer’s behaviour.  It basically divides the market according to the lifestyles of the customers. Other factors that it considers are attitudes, activities and expectations of the consumers. Knowledge of these can help change the campaigns and advertisements and promotional activities.
The broad categories in which Psychographic Market Segmentation can be divided are-
Lifestyle of people- There are differences in the lifestyle pattern of different families and people. For example, a family having 2 kids and a couple is likely to have a different schedule as compared to an elderly couple living alone.
Opinions and interests of people- it covers various spheres like the political opinions of the customer, recreational options, environment opinions and views on arts and cultural issues. These opinions do have an impact on what customers prefer and buy.
Loyalty towards Brands- certain customers are loyal to a specific brand. They prefer that brand over all other options. Such preferences help in knowing the buyer’s interest and buying behaviour.
Occasions- This tells us about when the product is bought. Having knowledge of purchasing behaviour of customers can help in segmenting the market according to the customer’s demands on particular occasions.
Benefits- some consumers look for specific benefits from a product. Marketers can segment the market according to the benefits the consumers look for in the product. For example, particular toothpaste, or a particular shampoo etc.
Usage benefits- markets can also be segmented according to either the consumers buy light, heavy or medium level products.
What might be an obstacle to the optimistic projections of increased international tourism forecast?
An optimist projection of increased international tourism forecast presupposes ideal economic and political situation. However, we are not living in an ideal world. There can be many foreseen as well as many unforeseen events which can hamper the growth of international tourism in any state or even country. These factors can be summarised as below-
Economic factors
International tourism costs a lot of money. Airfare and accommodation charges constitute the major chunk of this cost. International tourism will grow only if people have spare cash. In case of any downturn in the economy the ‘carry home of packets’ dwindle be it the employees or self employed entrepreneurs. In such a scenario, the axe invariably falls on the budgeted holiday expenditure.
Political factors
International tourism is also depending upon the prevailing political situation in their choice of destination. No one would like to visit a state or country where the general atmosphere is marred by protests, violent demonstrations and unrest. Security concerns in the shape of terrorism threat or an actual terrorist attack may also force tourists to curtail their visits to a particular area.
Can tourism enhance and improve a destination area’s cultural and hospitality resources?
When a destination starts exploring its tourism capabilities, it tries to change the overall outlook of the area. Every aspect of the nation is taken care of to invite international tourists to the country. This helps in giving boost to the tourism industry of the nation. To attract business or recreational tourism, the area develops all its factors. Cultural and hospitality are taken major care of. All the major hotels and motels focus on enhancing the cultural diversities of the nation. The attention of the world is directed towards the nation through its diverse and different culture. The staff and other attendants in the hotel or motel are trained to handle the customers with utmost attention and care. They give extra attention to the tourists. They know how to behave with them and handle them with patience if a problem arises. Hence, it can be seen that the tourism can improve culture and hospitality of the destination. It also provides a sense of belongingness towards their area in the hearts of people.
What do you think the future of space tourism will be?

Space tourism is referred to as the travel of space for recreation or business activities. Many corporations have started up hoping to covert space tourism into a booming industry. Russian Space Agency is the only company providing orbital space tourism. But, this is expensive and limited in nature. This tourism industry is new in the market and can become a million dollar market in the coming years. In the last decade, 8 citizens have paid around 20 million dollars for space travel. Around 500 tickets have been sold by Virgin Galactic agency. The price and sales of tickets is expected to rise by next year. Many organizations like Space Tourism Society have been formed to advertise and promote space tourism. But there are problems about environment which are likely to crop up. Climatic system can become imbalance due to rise in temperature. Ozone layer can also be affected and there can be an imbalance around the poles as well.

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Tuesday, July 22, 2014

Finance Assignment Help | Financial Management Assignment Help |

Buying back of shares is a dangerous financial strategy as it increases the company’s capital gearing”
Over time, organizations have been in the dilemma of the effects that various financial actions on their leverage. While the some of these actions have no effect on gearing ratios, they affect other aspects of the organization. One of the actions that a company undertakes in its course of life is a share repurchase. A share or stock repurchase is the act of an organization purchasing some or all of its shares from the existing stock holders. This can be done in phases or in one time offer. There are various implications of this move. One of them is signaling. A share repurchase does signal different and conflicting information to shareholders and potential buyers. It could be a signal that the management views their stock as undervalued in the market. By repurchasing the investors see this as a sign of higher future returns. It also reflects the fact that the organization lacks profitable projects to invest in. In this case, they will not be motivated to buy.
A stock buyback also has some profound effects on a firms leverage or gearing. The degree of financial leverage measures how a firm’s cash flows change with the fluctuation in operating income. The degree of operating leverage reflects the sensitivity of income to fluctuations in sale revenue. Therefore, change in the cash available has an effect on the degree of a firm’s leverage because it is paid with cash from the organization’s reserves.
Organizations repurchase their stock from the existing shareholders for various reasons. A firm may repurchase some or its entire stock if, in their view, it is undervalued. The company’s stock prices may be pushed down by, for example, poor economic conditions. The management may be having more information than the investors about the stock price. Their expectations of future earnings are unknown to the investors. In the event of a buyback, it may signal to investors that the market has lowered it prices below their expected price. A company may also repurchase some of its stock to avoid dilution. Increase in shares erodes share value as well as weaken it financial outlook. Buyback can be used to reverse this effect.
Another motivation for a stock repurchase is to improve its financial indicators like financial gearing and EPS (earnings per share). An indicator such as return on assets increases because the company’s overall assets diminish with buy back. Cash is taken as an asset hence the decline in assets. Buying back shares requires use of a company’s cash reserves eroding its assets. The return of equity also improves because the number of shares diminishes as a result of a buyback. Stock repurchase can be used to avoid a takeover. Improved financial indices coupled with increased value of stock can shield a firm from a hostile takeover.
The notion that share buyback is a dangerous strategy as it increases the company’s capital gearing is a valid one. However, the benefits outweigh the disadvantages. A share repurchase essentially refers to a company buying back its equity stock from the existing shareholders. This involves the use of cash reserves to finance this project.[1] This increases a firms gearing by reducing the overall value of outstanding shares.[2] The increase in gearing increases the overall value of the firm but increases its exposure to risk. The benefits that a firm derives from the repurchase far much outweigh the risk involved. The firm, however, has to find the optimal tradeoff between the risk and the benefits. There is an optimum point at which their risk is unbearable and can lead to liquidation.
Stock is usually charged a withholding tax. By selling back their shares; investors are not taxed as would be the case with a cash dividend. This implies that investors stand to benefit from the capital gain.[3] Another important benefit that arises from the stock repurchase is the flexibility associated with the practice. It gives the company another option of distributing excess income to shareholders. There is managerial reluctance to increase cash dividends. As a result, managers, issue excess cash to the company stock holders by buying back their shares. This way, they can keep a stable dividend policy while still passing excess cash flow to shareholders.
According to Acta,[4] other motivations for buybacks are better explained by investments and leverage hypothesis. Leverage hypothesis talks about adjustments in the organization’s capital structure or the change in the ratio of debt to equity ratio with time. Companies that are overcapitalized would wish to adjust their leverage ratios. This makes stock repurchase a useful tool for this purpose. This effect originates from a decrease in a company’s equity as a result of a repurchase. It also emanates from an increase in leverage if the company chooses to use debt to finance stock repurchase.
Investment hypothesis, on the other hand, offers that rise in share buyback and payout has a direct relationship with a decline in viable investment projects. A firm issuing dividend payout and share repurchase are an indication that a company is lacking investment opportunities. That is why it will issue excess cash buy back shares because they do not want to raise the payout ratio.
Another hypothesis about stock repurchase is about free cash flow. A buyback in this case is a reflection that the management is not willing to channel capital to unviable uses. Availability of free cash balances increases stock repurchases.[5] This is so because a repurchase is associated with payment flexibility. Flexibility derives from the common knowledge that a company has an alternative method of distributing its earnings to shareholders. Shareholders, on the other hand, prefer this method because of the tax advantage. If they are going to make considerable capital gains, shareholders will not stand to lose any income to the tax authority.
There is a strong correlation between a leverage ratio and weak portfolio returns.[6] Accordingly the debt overhang theory suggests offers that an increase in leverage raises the chances that a firm might have to forego viable investment opportunities in the future. The simple reason is that the project’s NPV will end up being less than the initial outlay after adjustments for debt obligations. The firm stays under invested as a result of the repurchase. Therefore, one can say that a decrease in a company gearing can decrease the real investment by the firm. In an organization low investment of funds reduces its potential for growth. Therefore, for those keen on the market, a share buyback should always worry them because everything remaining constant the stock price will decrease further in the event of a buyback.[7]
There is also an argument suggesting that the risk of default has a price. When a firms gearing increases, it also increases a firm’s probability of defaulting on future debt obligations. If; therefore, there is a price tag to the increase in leverage, the stock price will come down as fast. The stock market reacts with a decrease in prices as a result of the excess debt capacity that the firm is taking making it more prone to liquidation than if had no debt.[8]
Dimitrov and Jain in a 2008 study find that there is a strong negative connection between fluctuation in gearing and stock returns for the current and coming year yields on stock. They propose that a firm can increase its level of debt when they predict that their performance will decline. Their major point of argument is that gearing ratios communicate volumes about a company performance especially the future yields from the stock.
Greater gearing increases the likelihood that a firm might experience a debt overhang. As a result, the firm value will decline. There is no direct negative relationship between gearing and indicators of future performance from operations. These include Return on Assets and Earnings before interest tax depreciation and amortization (EBITDA). These two are not prone to effects of interest charges on leverage.
Nevertheless, high gearing has a profound effect on the performance of the company. To understand this, there are factors that influence a company’s gearing. One of these factors is sales or profits. Companies with stable earnings and growths rates are better placed to use debt financing. This is because they can sustain the interest charges that accrue from the debt. They are also able to repay the capital in time. The higher the profits, the higher the gearing a firm can use. Another factor affecting the level of gearing in a company is the interest charges. In the event that a firm is in a high risk position, then it cannot borrow more to finance its operations. If at all it can borrow, then the interest cost would be high to cover the risk. A company also needs enough cash flow to meet current obligations as they arise. Previous loan covenants can restrict a company from acquiring additional debt to finance operations. An example of a borrowing restriction is a loan covenant.[9]
A lender also considers the industry trends and norms before advancing credit to the company.[10] Highly volatile sector companies will have low leverage ratios because of the unpredictability of the company returns. Those in stable industries have relatively stable revenue and can maintain a higher leverage ratio. Security is also another major factor affecting a company’s leverage. A lending institution will need security for their debt instruments. If a security is not available; a firm cannot raise additional capital. Stake holders have a say in the company’s capital structure. While the managers are the ones in control of the company’s leverage ratios, stakeholders also have their say in the same. Their attitude towards the financial risk that a higher leverage places on a company will determine a company’s gearing. Availability of alternative sources of funds also affects how a company is geared. If the company can get cheaper alternatives to borrowing, it will most probably go for it. This will dictate if a firm is going to use additional debt to finance operations.[11]
It is clear that a stock repurchase will affect a company’s level of gearing. This is because as the company repurchases its shares it will need cash to give back to shareholders. This cash can be from their internal earnings or borrowed. Either way it will have an effect on the level of gearing. This change in leverage comes as a result of changes in the cash balances of the company.
Companies retain earnings to reinvest in projects with a positive. The reason is that retained earnings bear no extra costs to the organization. When a company is retains earnings, it foregoes the option of raising extra capital through expensive methods like selling or issuing shares or purchasing debt instruments. When a company wants to buy back shares, it has to use the excess cash it has to finance the operation. This cash could have been employed into another project if there is one. This shows that a firm that is repurchasing its shares lacks profitable projects to invest in. This signal is bad for business because in an imperfect market where only the management knows the real motivation for a share buyback. In that case, investors are going to judge that the firm has run out of investment ideas and can only buy back its shares to distribute earnings.
 The purchase of shares using cash reserves reduces the assets of the company. The reduction in the number of assets increases a company’s leverage. If the company purchases debt instruments then the leverage ratio increases further. An increase in company leverage has its implications. One, the increase in debt increases the value of the firm. Secondly, it increases company’s exposure to risk. Organizations need to strike a balance between risk and benefit. The organizations
Firm value under two scenarios reveals that a levered firm yields a higher firm value theoretically. It also shows that the firm has more returns due to the tax effect on debt.
Hypothetical case
The assumption that a firm can use excess cash to buy back its shares is illustrated as shown below. The action reduces the number of outstanding shares. The net income remains income might remain constant, but the EPS will rise after the buy back. This means that the buyback will reduce the number of shares that the earnings will be distributed to in the future. A dividend is taxed at a certain percentage depending on the country policies. The use if share back could be a great way to maximize the shareholders wealth.
10,000 DOLLARS
Earnings Per Share
P/E Multiple
10 times
10 times

From above it is clear that the investors benefit from a rise in earnings per share (EPS) as well as an increase in the share price
The company’s Earnings before Interest and Tax is fifty thousand dollars and management forecasts that it is going to increase by ten percent in the next period after buy back.
A report by the company shows that the sales for the ABC Company were one hundred thousand and are expected to rise by five percent in the next accounting cycle (period after buy back), the degree of combined leverage (financial and operating leverage)
As a conclusion, it is clear from the above that the company is highly levered as much as the gains from the share buyback are high. The value of the firm if it decided to use debt to finance its operations in future will be greater than if it did not have debt. However, it will be riskier than a company which has a low leverage. The tax advantage will be huge, as well.


Alpha Dhanani and Roydon Roberts. “Corporate Share Repurchases; The perceptions and
Practices of UK financial managers and corporate investors”. Edinburgh, Scotland: Institute of Chartered Accountants of Scotland, (2009).

Cai, J and Zhang, Z. Leverage change, debt overhang and stock prices. (Philadelphia,
Drexel University; 2010). 3-21

Grullon, Gustavo & David, L. What do we know about stock repurchases? Journal of applied
corporate finance 13:1
(2000) 31-51

Malcolm, A. Gearing. ACCA (2000) retrieved March 17, 2014 from

Myers, S. C. Determinants of Corporate Borrowing. Journey of Financial Economics 5, (1977)
: 141-179

Ross, A., Westerfield, R. and Jaffe, J. Corporate Finance. 7th edition, (Irwin, 2005)

University of Wasaensia. Liquidity effects, timing and reasons for open market share
repurchases. ACTA WASAENSIA 133. (2004): 8-63
[1] S A Ross and R W Westerfield and J F Jaffe: corporate Finance, 7th edition, Irwin, 2005

[2] Alpha Dhanani and Roydon Roberts: Corporate Share Repurchases; The perceptions and Practices of UK Financial Managers and Corporate Investors. Edinburgh, Scotland: Institute of Chartered Accountants of Scotland, 2009.
[3] Acta Wasaensia on liquidity Effects timing and reasons for open market share repurchases. University of Wasaensia, 10-
[4] Acta Wasaensia
[5] Grullon et al 2000: what we about stock repurchase
[6] Jie Cai and Zhe Zhang
[7] Myers 1977: corporate borrowing
[8] Cai and Zhan 2004. The market price reaction to leverage is affects even firms with a healthy financial record.
[9] Myers 1977
[10] Myers, 1977
[11] Malcolm Anderson 2000. About gearing and the effects factors affecting gearing
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