“A Journey” -the Short Story of the Day

Identify the;

  • Plot
  • Narrator
  • Point of View

2. Identify ten keywords in the story. 

To review summary technique, see http://content.nroc.org/DevelopmentalEnglish/unit02/Foundations/writing-a-summary.html

guide on how to identify theme in 5 steps

This is the story: She lay in her berth, staring at the shadows overhead, the rush of the wheels was in her brain, driving her deeper and deeper into circles of wakeful lucidity. The sleeping-car had sunk into its night-silence. Through the wet window-pane she watched the sudden lights, the long stretches of hurrying blackness. Now and then she turned her head and looked through the opening in the hangings at her husband’s curtains across the aisle….

She wondered restlessly if he wanted anything and if she could hear him if he called. His voice had grown very weak within the last months and it irritated him when she did not hear. This irritability, this increasing childish petulance seemed to give expression to their imperceptible estrangement. Like two faces looking at one another through a sheet of glass they were close together, almost touching, but they could not hear or feel each other: the conductivity between them was broken. She, at least, had this sense of separation, and she fancied sometimes that she saw it reflected in the look with which he supplemented his failing words. Doubtless the fault was hers. She was too impenetrably healthy to be touched by the irrelevancies of disease. Her self-reproachful tenderness was tinged with the sense of his irrationality: she had a vague feeling that there was a purpose in his helpless tyrannies. The suddenness of the change had found her so unprepared. A year ago their pulses had beat to one robust measure; both had the same prodigal confidence in an exhaustless future. Now their energies no longer kept step: hers still bounded ahead of life, preempting unclaimed regions of hope and activity, while his lagged behind, vainly struggling to overtake her.

When they married, she had such arrears of living to make up: her days had been as bare as the whitewashed school-room where she forced innutritious facts upon reluctant children. His coming had broken in on the slumber of circumstance, widening the present till it became the encloser of remotest chances. But imperceptibly the horizon narrowed. Life had a grudge against her: she was never to be allowed to spread her wings.

At first the doctors had said that six weeks of mild air would set him right; but when he came back this assurance was explained as having of course included a winter in a dry climate. They gave up their pretty house, storing the wedding presents and new furniture, and went to Colorado. She had hated it there from the first. Nobody knew her or cared about her; there was no one to wonder at the good match she had made, or to envy her the new dresses and the visiting-cards which were still a surprise to her. And he kept growing worse. She felt herself beset with difficulties too evasive to be fought by so direct a temperament. She still loved him, of course; but he was gradually, undefinably ceasing to be himself. The man she had married had been strong, active, gently masterful: the male whose pleasure it is to clear a way through the material obstructions of life; but now it was she who was the protector, he who must be shielded from importunities and given his drops or his beef-juice though the skies were falling. The routine of the sick-room bewildered her; this punctual administering of medicine seemed as idle as some uncomprehended religious mummery.

There were moments, indeed, when warm gushes of pity swept away her instinctive resentment of his condition, when she still found his old self in his eyes as they groped for each other through the dense medium of his weakness. But these moments had grown rare. Sometimes he frightened her: his sunken expressionless face seemed that of a stranger; his voice was weak and hoarse; his thin-lipped smile a mere muscular contraction. Her hand avoided his damp soft skin, which had lost the familiar roughness of health: she caught herself furtively watching him as she might have watched a strange animal. It frightened her to feel that this was the man she loved; there were hours when to tell him what she suffered seemed the one escape from her fears. But in general she judged herself more leniently, reflecting that she had perhaps been too long alone with him, and that she would feel differently when they were at home again, surrounded by her robust and buoyant family. How she had rejoiced when the doctors at last gave their consent to his going home! She knew, of course, what the decision meant; they both knew. It meant that he was to die; but they dressed the truth in hopeful euphuisms, and at times, in the joy of preparation, she really forgot the purpose of their journey, and slipped into an eager allusion to next year’s plans.

At last the day of leaving came. She had a dreadful fear that they would never get away; that somehow at the last moment he would fail her; that the doctors held one of their accustomed treacheries in reserve; but nothing happened. They drove to the station, he was installed in a seat with a rug over his knees and a cushion at his back, and she hung out of the window waving unregretful farewells to the acquaintances she had really never liked till then.

The first twenty-four hours had passed off well. He revived a little and it amused him to look out of the window and to observe the humours of the car. The second day he began to grow weary and to chafe under the dispassionate stare of the freckled child with the lump of chewing-gum. She had to explain to the child’s mother that her husband was too ill to be disturbed: a statement received by that lady with a resentment visibly supported by the maternal sentiment of the whole car….

That night he slept badly and the next morning his temperature frightened her: she was sure he was growing worse. The day passed slowly, punctuated by the small irritations of travel. Watching his tired face, she traced in its contractions every rattle and jolt of the tram, till her own body vibrated with sympathetic fatigue. She felt the others observing him too, and hovered restlessly between him and the line of interrogative eyes. The freckled child hung about him like a fly; offers of candy and picture- books failed to dislodge her: she twisted one leg around the other and watched him imperturbably. The porter, as he passed, lingered with vague proffers of help, probably inspired by philanthropic passengers swelling with the sense that “something ought to be done;” and one nervous man in a skull-cap was audibly concerned as to the possible effect on his wife’s health.

The hours dragged on in a dreary inoccupation. Towards dusk she sat down beside him and he laid his hand on hers. The touch startled her. He seemed to be calling her from far off. She looked at him helplessly and his smile went through her like a physical pang.

“Are you very tired?” she asked.

“No, not very.”

“We’ll be there soon now.”

“Yes, very soon.”

“This time to-morrow–“

He nodded and they sat silent. When she had put him to bed and crawled into her own berth she tried to cheer herself with the thought that in less than twenty-four hours they would be in New York. Her people would all be at the station to meet her–she pictured their round unanxious faces pressing through the crowd. She only hoped they would not tell him too loudly that he was looking splendidly and would be all right in no time: the subtler sympathies developed by long contact with suffering were making her aware of a certain coarseness of texture in the family sensibilities.

Suddenly she thought she heard him call. She parted the curtains and listened. No, it was only a man snoring at the other end of the car. His snores had a greasy sound, as though they passed through tallow. She lay down and tried to sleep… Had she not heard him move? She started up trembling… The silence frightened her more than any sound. He might not be able to make her hear–he might be calling her now… What made her think of such things? It was merely the familiar tendency of an over-tired mind to fasten itself on the most intolerable chance within the range of its forebodings…. Putting her head out, she listened; but she could not distinguish his breathing from that of the other pairs of lungs about her. She longed to get up and look at him, but she knew the impulse was a mere vent for her restlessness, and the fear of disturbing him restrained her…. The regular movement of his curtain reassured her, she knew not why; she remembered that he had wished her a cheerful good-night; and the sheer inability to endure her fears a moment longer made her put them from her with an effort of her whole sound tired body. She turned on her side and slept.

She sat up stiffly, staring out at the dawn. The train was rushing through a region of bare hillocks huddled against a lifeless sky. It looked like the first day of creation. The air of the car was close, and she pushed up her window to let in the keen wind. Then she looked at her watch: it was seven o’clock, and soon the people about her would be stirring. She slipped into her clothes, smoothed her dishevelled hair and crept to the dressing-room. When she had washed her face and adjusted her dress she felt more hopeful. It was always a struggle for her not to be cheerful in the morning. Her cheeks burned deliciously under the coarse towel and the wet hair about her temples broke into strong upward tendrils. Every inch of her was full of life and elasticity. And in ten hours they would be at home!

She stepped to her husband’s berth: it was time for him to take his early glass of milk. The window-shade was down, and in the dusk of the curtained enclosure she could just see that he lay sideways, with his face away from her. She leaned over him and drew up the shade. As she did so she touched one of his hands. It felt cold….

She bent closer, laying her hand on his arm and calling him by name. He did not move. She spoke again more loudly; she grasped his shoulder and gently shook it. He lay motionless. She caught hold of his hand again: it slipped from her limply, like a dead thing. A dead thing? … Her breath caught. She must see his face. She leaned forward, and hurriedly, shrinkingly, with a sickening reluctance of the flesh, laid her hands on his shoulders and turned him over. His head fell back; his face looked small and smooth; he gazed at her with steady eyes.

She remained motionless for a long time, holding him thus; and they looked at each other. Suddenly she shrank back: the longing to scream, to call out, to fly from him, had almost overpowered her. But a strong hand arrested her. Good God! If it were known that he was dead they would be put off the train at the next station–

In a terrifying flash of remembrance there arose before her a scene she had once witnessed in travelling, when a husband and wife, whose child had died in the train, had been thrust out at some chance station. She saw them standing on the platform with the child’s body between them; she had never forgotten the dazed look with which they followed the receding train. And this was what would happen to her. Within the next hour she might find herself on the platform of some strange station, alone with her husband’s body…. Anything but that! It was too horrible–She quivered like a creature at bay.

As she cowered there, she felt the train moving more slowly. It was coming then–they were approaching a station! She saw again the husband and wife standing on the lonely platform; and with a violent gesture she drew down the shade to hide her husband’s face.

Feeling dizzy, she sank down on the edge of the berth, keeping away from his outstretched body, and pulling the curtains close, so that he and she were shut into a kind of sepulchral twilight. She tried to think. At all costs she must conceal the fact that he was dead. But how? Her mind refused to act: she could not plan, combine. She could think of no way but to sit there, clutching the curtains, all day long….

She heard the porter making up her bed; people were beginning to move about the car; the dressing-room door was being opened and shut. She tried to rouse herself. At length with a supreme effort she rose to her feet, stepping into the aisle of the car and drawing the curtains tight behind her. She noticed that they still parted slightly with the motion of the car, and finding a pin in her dress she fastened them together. Now she was safe. She looked round and saw the porter. She fancied he was watching her.

“Ain’t he awake yet?” he enquired.

“No,” she faltered.

“I got his milk all ready when he wants it. You know you told me to have it for him by seven.”

She nodded silently and crept into her seat.

At half-past eight the train reached Buffalo. By this time the other passengers were dressed and the berths had been folded back for the day. The porter, moving to and fro under his burden of sheets and pillows, glanced at her as he passed. At length he said: “Ain’t he going to get up? You know we’re ordered to make up the berths as early as we can.”

She turned cold with fear. They were just entering the station.

“Oh, not yet,” she stammered. “Not till he’s had his milk. Won’t you get it, please?”

“All right. Soon as we start again.”

When the train moved on he reappeared with the milk. She took it from him and sat vaguely looking at it: her brain moved slowly from one idea to another, as though they were stepping-stones set far apart across a whirling flood. At length she became aware that the porter still hovered expectantly.

“Will I give it to him?” he suggested.

“Oh, no,” she cried, rising. “He–he’s asleep yet, I think–“

She waited till the porter had passed on; then she unpinned the curtains and slipped behind them. In the semi-obscurity her husband’s face stared up at her like a marble mask with agate eyes. The eyes were dreadful. She put out her hand and drew down the lids. Then she remembered the glass of milk in her other hand: what was she to do with it? She thought of raising the window and throwing it out; but to do so she would have to lean across his body and bring her face close to his. She decided to drink the milk.

She returned to her seat with the empty glass and after a while the porter came back to get it.

“When’ll I fold up his bed?” he asked.

“Oh, not now–not yet; he’s ill–he’s very ill. Can’t you let him stay as he is? The doctor wants him to lie down as much as possible.”

He scratched his head. “Well, if he’s _really_ sick–“

He took the empty glass and walked away, explaining to the passengers that the party behind the curtains was too sick to get up just yet.

She found herself the centre of sympathetic eyes. A motherly woman with an intimate smile sat down beside her.

“I’m real sorry to hear your husband’s sick. I’ve had a remarkable amount of sickness in my family and maybe I could assist you. Can I take a look at him?”

“Oh, no–no, please! He mustn’t be disturbed.”

The lady accepted the rebuff indulgently.

“Well, it’s just as you say, of course, but you don’t look to me as if you’d had much experience in sickness and I’d have been glad to assist you. What do you generally do when your husband’s taken this way?”

“I–I let him sleep.”

“Too much sleep ain’t any too healthful either. Don’t you give him any medicine?”

“Y–yes.”

“Don’t you wake him to take it?”

“Yes.”

“When does he take the next dose?”

“Not for–two hours–“

The lady looked disappointed. “Well, if I was you I’d try giving it oftener. That’s what I do with my folks.”

After that many faces seemed to press upon her. The passengers were on their way to the dining-car, and she was conscious that as they passed down the aisle they glanced curiously at the closed curtains. One lantern- jawed man with prominent eyes stood still and tried to shoot his projecting glance through the division between the folds. The freckled child, returning from breakfast, waylaid the passers with a buttery clutch, saying in a loud whisper, “He’s sick;” and once the conductor came by, asking for tickets. She shrank into her corner and looked out of the window at the flying trees and houses, meaningless hieroglyphs of an endlessly unrolled papyrus.

Now and then the train stopped, and the newcomers on entering the car stared in turn at the closed curtains. More and more people seemed to pass–their faces began to blend fantastically with the images surging in her brain….

Later in the day a fat man detached himself from the mist of faces. He had a creased stomach and soft pale lips. As he pressed himself into the seat facing her she noticed that he was dressed in black broadcloth, with a soiled white tie.

“Husband’s pretty bad this morning, is he?”

“Yes.”

“Dear, dear! Now that’s terribly distressing, ain’t it?” An apostolic smile revealed his gold-filled teeth.

“Of course you know there’s no sech thing as sickness. Ain’t that a lovely thought? Death itself is but a deloosion of our grosser senses. On’y lay yourself open to the influx of the sperrit, submit yourself passively to the action of the divine force, and disease and dissolution will cease to exist for you. If you could indooce your husband to read this little pamphlet–“

The faces about her again grew indistinct. She had a vague recollection of hearing the motherly lady and the parent of the freckled child ardently disputing the relative advantages of trying several medicines at once, or of taking each in turn; the motherly lady maintaining that the competitive system saved time; the other objecting that you couldn’t tell which remedy had effected the cure; their voices went on and on, like bell-buoys droning through a fog…. The porter came up now and then with questions that she did not understand, but that somehow she must have answered since he went away again without repeating them; every two hours the motherly lady reminded her that her husband ought to have his drops; people left the car and others replaced them…

Her head was spinning and she tried to steady herself by clutching at her thoughts as they swept by, but they slipped away from her like bushes on the side of a sheer precipice down which she seemed to be falling. Suddenly her mind grew clear again and she found herself vividly picturing what would happen when the train reached New York. She shuddered as it occurred to her that he would be quite cold and that some one might perceive he had been dead since morning.

She thought hurriedly:–“If they see I am not surprised they will suspect something. They will ask questions, and if I tell them the truth they won’t believe me–no one would believe me! It will be terrible”–and she kept repeating to herself:–“I must pretend I don’t know. I must pretend I don’t know. When they open the curtains I must go up to him quite naturally–and then I must scream.” … She had an idea that the scream would be very hard to do.

Gradually new thoughts crowded upon her, vivid and urgent: she tried to separate and restrain them, but they beset her clamorously, like her school-children at the end of a hot day, when she was too tired to silence them. Her head grew confused, and she felt a sick fear of forgetting her part, of betraying herself by some unguarded word or look.

“I must pretend I don’t know,” she went on murmuring. The words had lost their significance, but she repeated them mechanically, as though they had been a magic formula, until suddenly she heard herself saying: “I can’t remember, I can’t remember!”

Her voice sounded very loud, and she looked about her in terror; but no one seemed to notice that she had spoken.

As she glanced down the car her eye caught the curtains of her husband’s berth, and she began to examine the monotonous arabesques woven through their heavy folds. The pattern was intricate and difficult to trace; she gazed fixedly at the curtains and as she did so the thick stuff grew transparent and through it she saw her husband’s face–his dead face. She struggled to avert her look, but her eyes refused to move and her head seemed to be held in a vice. At last, with an effort that left her weak and shaking, she turned away; but it was of no use; close in front of her, small and smooth, was her husband’s face. It seemed to be suspended in the air between her and the false braids of the woman who sat in front of her. With an uncontrollable gesture she stretched out her hand to push the face away, and suddenly she felt the touch of his smooth skin. She repressed a cry and half started from her seat. The woman with the false braids looked around, and feeling that she must justify her movement in some way she rose and lifted her travelling-bag from the opposite seat. She unlocked the bag and looked into it; but the first object her hand met was a small flask of her husband’s, thrust there at the last moment, in the haste of departure. She locked the bag and closed her eyes … his face was there again, hanging between her eye-balls and lids like a waxen mask against a red curtain….

She roused herself with a shiver. Had she fainted or slept? Hours seemed to have elapsed; but it was still broad day, and the people about her were sitting in the same attitudes as before.

A sudden sense of hunger made her aware that she had eaten nothing since morning. The thought of food filled her with disgust, but she dreaded a return of faintness, and remembering that she had some biscuits in her bag she took one out and ate it. The dry crumbs choked her, and she hastily swallowed a little brandy from her husband’s flask. The burning sensation in her throat acted as a counter-irritant, momentarily relieving the dull ache of her nerves. Then she felt a gently-stealing warmth, as though a soft air fanned her, and the swarming fears relaxed their clutch, receding through the stillness that enclosed her, a stillness soothing as the spacious quietude of a summer day. She slept.

Through her sleep she felt the impetuous rush of the train. It seemed to be life itself that was sweeping her on with headlong inexorable force– sweeping her into darkness and terror, and the awe of unknown days.–Now all at once everything was still–not a sound, not a pulsation… She was dead in her turn, and lay beside him with smooth upstaring face. How quiet it was!–and yet she heard feet coming, the feet of the men who were to carry them away… She could feel too–she felt a sudden prolonged vibration, a series of hard shocks, and then another plunge into darkness: the darkness of death this time–a black whirlwind on which they were both spinning like leaves, in wild uncoiling spirals, with millions and millions of the dead….

* * *

She sprang up in terror. Her sleep must have lasted a long time, for the winter day had paled and the lights had been lit. The car was in confusion, and as she regained her self-possession she saw that the passengers were gathering up their wraps and bags. The woman with the false braids had brought from the dressing-room a sickly ivy-plant in a bottle, and the Christian Scientist was reversing his cuffs. The porter passed down the aisle with his impartial brush. An impersonal figure with a gold-banded cap asked for her husband’s ticket. A voice shouted “Baig- gage express!” and she heard the clicking of metal as the passengers handed over their checks.

Presently her window was blocked by an expanse of sooty wall, and the train passed into the Harlem tunnel. The journey was over; in a few minutes she would see her family pushing their joyous way through the throng at the station. Her heart dilated. The worst terror was past….

“We’d better get him up now, hadn’t we?” asked the porter, touching her arm.

He had her husband’s hat in his hand and was meditatively revolving it under his brush.

She looked at the hat and tried to speak; but suddenly the car grew dark. She flung up her arms, struggling to catch at something, and fell face downward, striking her head against the dead man’s berth.

A Journey was featured as The Short Story of the Day on Mon, Aug 31, 2015

A Journey is featured in Short Stories for High School II

 
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INFLUENCE OF THRIVING AND JOB SATISFACTION ON TURN OVER INTENTION: MEDIATING ROLE OF JOB SATISFACTION

Your article review must be a minimum of two pages in length. Be sure to address each of the following points in your article review.

  • Identify the premise of the article and supporting points.
  • How does the author describe organizational behavior?
  • Why is organizational behavior important?
  • Which business concepts covered in this course were you able to identify?

You are required to use at least one scholarly source. All in-text citations and references must be formatted according to APA guidelines.

INFLUENCE OF THRIVING AND JOB SATISFACTION ON TURN OVER INTENTION: MEDIATING ROLE OF JOB SATISFACTION

Hafeez, M Moosa Ismaa.International Journal of Information, Business and Management; Chung-Li Vol. 11, Iss. 3,  (Aug 2019): 1-8.

Abstract

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Headnote

Abstract

In current scenario, every organization wants to get over competitors. Every organization wants to thrive and get edge over competitors. Data were collected from 2 banks and 2 schools, 106 respondents took part in survey. In current study, we examined positive effect of thriving on job satisfaction and negative relation with turn over intention. All results are significant. Thriving has negative effect on turnover intention and positive effect on job satisfication.Job satisfaction mediates the effect on thriving and turnover intention.

Key words: Thriving, job satisfaction and turn over intention.

Introduction

In current cooperate world, there are lot of factors which determine the performance of an employee. Oragnizations seek the factors to compete in the organization. Now a days most important problem organizations face, employee is willing to get better chance to move and the turn over intention of an employee, If employee wants to move from organization to avail better opprountunity, he will not be goal oriented.

Thriving

According to (Porath, Spreitzer, Gibson, & Garnett, 2012) Thriving is defined “as the psychological state in which individuals experience both a sense of vitality and learning.”

According to (Qingguo Zhai, Saifang Wang, 2017) supervisor and coworker support mediated by thriving increases job satisfaction of an employee. If employee thrives at work place, it means he is ready to learn more and is energetic about his work. Thriving has many antecedents which enables employee to thrive. Thrives employee reduces turnover intention (Abid et al. 2016).Thriving mediates the effect of LMX outcomes affective commitment and job performance (“Jie LI,” 2015). Thriving associates with behavioral outcomes (Mushtaq, Abid, Sarwar, & Ahmed, 2017) thriving is the most discussed phenomena in current scenario, every organization which wants to excel in the cooperate world tries to achieve the level where his employees thrive. Scholarly interest has been increasing in thriving at workplace (Abid and Ahmed, 2016).

Job satisfaction

Job satisfaction is how an employee feels during his work (Salem et al. 2010).Job satisfaction is basically analyze after complete study of job attributes (Brayfield & Rothe, 1951).job satisfaction can be measured by different ways like job involvement, job commitment, work engagement etc. Job satisfaction means how employee takes his job .if employee is satisfied, he enjoys work. Employee empowerment leads to job satisfaction as well and improve his mental health (Spreitzer, G.M. 1996). job satisfaction is need of time, satisfied employee gives his/her full input to achieve the goal of an organization. Supervisor support and coworker support also stick employee to organization,commited employee is satisfied employee and there are many factors which effects the satisfaction level of an employee(Tepper et al., 2004).Leader or boss attitudes effect employee level of satisfaction (Hidayat, 2016). Satisfaction means how much you are willing to input in your work.

Turn over Intention

Turn over Intention means employee willingness to leave the job, there can be many factors which can effect employee thinking to quite the job(working condition,co worker support, supervisor support etc).Turn over Intention can be influenced by many factors (Harrison, D. A., Newman, D. A., & Roth, 2006;Tett, R. P., & Meyer, 1993).In last decades (2001-2009) companies downsize their employees ,which increases the job insecurity among employees and increases turnover intention for better and handsome outcomes(Mgedezi, SiphoRaymond Toga, 2014).According to (Abid, Zahra, et al., 2016)supportive environment reduces the turnover intention of an employee,If employee thrives at workplace he feels energetic and he tries to give his maximum input. Work mindfulness decreases the employee turnover intention(Dane & Brummel, 2013).Turn over intention decreases by supportive ethical leadership approach(Akdogan A. Asuman, 2015).

Objective

The purpose of this research is to see the effect of thriving on turn over intension, if employee thrives it reduces the turn over intention of an employee and it increases the job satisfaction of employee.

Significance

In previous researches we see the relationship of thriving with turnover and job satisfaction(Abid, Zahra, et al., 2016),(Zopiatis, Constanti, & Theocharous, 2014),(Tzeng, 2002),(Porath et al., 2012).Relationship between these three articles have not been seen before. Job satisfaction mediates the effect of thriving and turnover intention.

Research Gap

In this research we are going to see how the thriving effects the employee job satisfaction and turn over intention. The organizations in Pakistan are not worked too much on these three variables collectively.

Theoretical Model

Hypotheses Development

Thriving and turnover Intention

If employee is thrive at work place ,he learns more and feel more energetic during his work. If an employee feels alert and energetic at his work place he reduces his intention to leave the organization(Shihong et al., 2018).

Hypothesis 1: Thriving is negatively related to Turnover Intention Thriving and Job satisfaction

If an employee thrives at work place ,it increases his level of job satisfication.Satisfied employee enjoys his job and learns more. If an employee does not satisfied with his job ,he gets tired from what he does ,satisfied employees enjoys his work. Sometimes employees needs to be feel energetic(Mushtaq et al., 2017).

Hypothesis2:Thriving is positively related to job satisfaction.

Job Satisfaction and Turnover Intention

Job satisfaction motivates employee to keep carry on the current organization((Sukriket, 2014 ;Huei-ling liu, 2018;Sector & Zaraket, 2017; Knapp, Smith, & Sprinkle, 2017),job satisfaction effects turnover intention. Thriving have a negative relation with turnover intention.

Hypothesis3: job satisfaction negatively effect turnover intention Job satisfaction mediating the effect on thriving and turnover intention.

Methodology

Measures

Thriving at work

Ten items scale was used to measure thriving at work developed by ((Porath et al., 2012)on five point Likert scale ranging from (1=strongly disagree to 5=strongly agree).The sample item of learning is “I continue to learn more and more as time goes by” and for vitality dimension “I feel alive and vital”.

Job satisfaction

Three items scale was adapted to measure job satisfaction(Cammann, C., Fichman, M., Jenkins, D., & Klesh, 1979).on five Likert scale,it ranging from (1=strongly disagree to 5=strongly agree).All in all, I do not like my job,2;iam satisfied with my job.

Turnover Intention

The three items scale were used to measure the turnover intention by(Mitchell, T.R., Holtom, B.C., Lee, T.W., Sablynski, C.J.,&Erez, 2001).These items ranging from (1=strongly disagree to 2=strongly agree).The sample items are 1; I think a lot about leaving the organization.2: As soon as possible, I will leave the organization.

Sample Size

All data were collected through convenient sampling. 150 questionnaire distributed but only 106 responses were received.

Population

Data was collected from private sector. All data was collected from Lahore ,Punjab,Pakistan,south Asia. All data was collected from 2 banks and 2 schools.

Pilot Study

Pilot study was conducted,15 questionnaire were distributed to see the problems, if anyone will face. This study is not conducted to check the hypothesis, just to see which hurdle one can face while filling the questionnaire.

ANALYSIS

Correlation table

Data Analysis and Interpretations

Table 1 provides bivariate correlations among all study variables. The correlations coefficients are in the anticipated directions and provide initial support for the study hypotheses. Consistent with our hypotheses, the bivariate correlations indicate that thriving at work is negatively associated with turnover intention( r =-.219·, P> 0.05),Thriving is positively associated with job satisfaction ( r = .701··., P > 0.01),turn over intention is negatively associated with job satisfaction ( r =- 0.381··, P > 0.01).

We used Andrew Hayes spss (version 24) for analysis. Regression analysis run to know the impact of thriving on job satisfaction (B=.5648,t=9.9700,t=9.9700,LLCI=.4525,ULCI=.6722).In second model we see job satisfaction is effecting negatively turn over intention(B=-.4666,t=-3.4923,t=-3.4923).These results shows our two hypotheses(H2 ,H3)are acceptable.

(B=.5648,se= .1077,t=7383,LLCI=-.1341,ULCI=.2931)In third model we see thriving is not effecting turnover intention negatively.Our third hypothesis (H1)is not acceptable, as we saw in past, thriving effecting turnover intention negatively but in current study we see they do not have the same effect.

Discussion

In this study we see the results that thriving directly effects job satisfaction if employee is satisfied he thrives more. Simultanously, job satisfaction effects turnover Intention of an employee. Thriving have a insignificant effect upon turnover intention. Job satisfaction is negatively related with turnover intention (Mcinerney, Korpershoek, Wang, & Morin, 2018). Thriving at workplace is very important, effects the overall performance of an employee (Walumbwa, Muchiri, Misati, Wu, & Meiliani, 2017). In this study, we explore the relationship of thriving.(Abid, Zahra, et al., 2016). Thriving has a positive effect on job satisfaction (Abid, Khan and Michelle Chia-Wei Hong, 2017). which means people are more energetic and gives more output ,if they enjoy work. Job satisfaction reduces the effect of intention to quite, and our study supports it(Sukriket, 2014). In previous studies (Shihong et al., 2018) used to say that thriving has a positive effect on turn over intention ,but our study contradict it, this study shows that thriving is not reducing the effect of turn over intention, it means there are many other confounding variables or factors which effect turn over intention. This study shows the partial full mediatation.

LIMITATIIONS

There are many limitation for future study. Firstly sample size is very small, if we increase the sample size results would be much better.secondly,we collected the data only from private sector, data can be collected from public sector as well.Lastly,we can consider more variables for better understanding. There are many confounding and some important variables which effects and need to study.

References

Abid, G., Author, C., & Ahmed, A. (2016). MULTIFACETEDNESS OF THRIVING : ITS COGNITIVE , AFFECTIVE , AND BEHAVIORAL DIMENSIONS, 8(3), 121-130.

Abid, G., Khan, B., & and Michelle Chia-Wei Hong. (2017). No Title. Academy of Management Proceedings, 2016(1).

Abid, G., Zahra, I., & Ahmed, A. (2016). Promoting thriving at work and waning turnover intention : A relational perspective. Future Business Journal, 2(2), 127-137.

Akdogan A. Asuman, O. D. (2015). No Title. Journal of Business Ethics, 130(1), pp 59-67. Retrieved from The Effect of Ethical Leadership Behavior on Ethical Climate, Turnover Intention, and Affective Commitment

Brayfield, A. H., & Rothe, H. F. (1951). Journal of Applied Psychology, 35(5), 307-311.

Cammann, C., Fichman, M., Jenkins, D., & Klesh, J. (1979). U. of M. (1979). No Title. The Michigan OrganizationalAssessment Questionnaire. , , Ann Arbor, Unpublishe.

Dane, E., & Brummel, B. J. (2013). Examining workplace mindfulness and its relations to job performance and turnover intention. Sage Journals, 67(1), 105-128.

Harrison, D. A., Newman, D. A., & Roth, P. L. (2006). No Title. How Important Are Job Attitudes? Meta- Analytic Comparisons of Integrative Behavioural Outcomes and Time Sequences. Academy of Management Journal, 49((2)), 305-325.

Hidayat, S. (2016). The Authentic Leadership is Source of Intrinsic Motivation in Work Engagement with Moderating Role of Overall Trust ( Cognitive and Affective Trust ), 18(2013), 18-25.

Huei-ling liu, V. hwei lo. (2018). No Title. Asian Journal of Communication, 28(2), pages 153-169.

Jie LI. (2015). Journal of Administrative Science, 28(1), 39-51.

Knapp, J. R., Smith, B. R., & Sprinkle, T. A. (2017). Is It the Job or the Support ? Examining Structural and Relational Predictors of Job Satisfaction and Turnover Intention for Nonprofit Employees. Sage Journal, 46(3), 652 -671.

Mcinerney, D. M., Korpershoek, H., Wang, H., & Morin, A. J. S. (2018). Teachers ‘ occupational attributes and their psychological wellbeing , job satisfaction , occupational self-concept and quitting intentions. Teaching and Teacher Education, 71, 145-158.

Mgedezi, SiphoRaymond Toga, T. M. (2014). Intrinsic Motivation and Job Involvement on Employee Retention : Case Study – A Selection of Eastern Cape Government Departments, 5(20), 2119-2126.

Mitchell, T.R., Holtom, B.C., Lee, T.W., Sablynski, C.J.,&Erez, M. (2001). (2001). No Title. Whypeoplestay:usingjobembeddednesstopredictvoluntary OfManagementJournal, Turnover. Academy of Mangaement, 44(6), 1102-1121.

Mushtaq, M., Abid, G., Sarwar, K., & Ahmed, S. (2017). Forging Ahead: How to Thrive at the Modern Workplace. Iranian Journal of Management Studies (IJMS), 10(4), 783-818.

Porath, C., Spreitzer, G., Gibson, C., & Garnett, F. G. (2012). Thriving at work : Toward its measurement , construct validation , and theoretical refinement, 275(May 2011), 250-275.

QINGGUO ZHAI, SAIFANG WANG, A. H. W. (2017). Thriving at work as a mediator of the relationship between workplace support and life satisfaction. Journal of Management & Organization, 1-17.

Saleem, R. (2010). Effect of Work Motivation on Job Satisfaction in Mobile Telecommunication Service Organizations of Pakistan, 5(11), 213-222.

Sector, P., & Zaraket, W. (2017). International Humanities Studies, 4(September), 1-14.

Shihong, Z., Yu, S., Zhinan, S., Fengzhe, X., Jinghui, W., Shue, Z., … Shue, Z. (2018). +8615904513335; Shi Yu · , MA, Maters student,Health Management College of Harbin Medical University, Harbin, China,. Journal of Clinical Nursing, 0-2.

Spreitzer, G.M. (, “Social structural characteristics of psychological empowerment.” (1996). No Title. Academy of Management Journal, Vol. 39, 483-504.

Sukriket, P. (2014). No Title. AU Journal of Management, 12(2), The relationship between job satisfaction and turn. https://doi-org.libraryresources.columbiasouthern.edu/ISSN 1686-0039

Tepper, B. J., Duffy, M. K., Ensley, M. D., Tepper, B. J., Duffy, M. K., Hoobler, J., & Ensley, M. D. (2004). Moderators of the Relationships Between Coworkers â€TM OrganizationalCitizenship Behavior and Fellow Employees â€TM Attitu …. Moderators of the Relationships Between Coworkers ‘ Organizational Citizenship Behavior and Fellow Employees ‘ Attitudes, (December 2014).

Tett, R. P., & Meyer, J. P. (1993). No Title. Job Satisfication,organizational Commitment, Turnover Intention, and Turnover: Path Analyses Based on Meta-Analytic Findings. Personnel Psychology, 46, 259-293.

Tzeng, H. (2002). The influence of nurses ‘ working motivation and job satisfaction on intention to quit: an empirical investigation in Taiwan, 39, 867-878.

Walumbwa, F. O., Muchiri, M. K., Misati, E., Wu, C., & Meiliani, M. (n.d.). No Title. Journal of Oragnizational Behaviour, 39(3), 249-261.

Zopiatis, A., Constanti, P., & Theocharous, A. L. (2014). Job involvement , commitment , satisfaction and turnover: Evidence from hotel employees in Cyprus. Tourism Management, 41, 129-140.

Abid, G., Author, C., & Ahmed, A. (2016). MULTIFACETEDNESS OF THRIVING : ITS COGNITIVE , AFFECTIVE , AND BEHAVIORAL DIMENSIONS, 8(3), 121-130.

Abid, G., Khan, B., & and Michelle Chia-Wei Hong. (2017). No Title. Academy of Management Proceedings, 2016(1).

Abid, G., Zahra, I., & Ahmed, A. (2016). Promoting thriving at work and waning turnover intention : A relational perspective. Future Business Journal, 2(2), 127-137.

Akdogan A. Asuman, O. D. (2015). No Title. Journal of Business Ethics, 130(1), pp 59-67. Retrieved from The Effect of Ethical Leadership Behavior on Ethical Climate, Turnover Intention, and Affective Commitment

Brayfield, A. H., & Rothe, H. F. (1951). Journal of Applied Psychology, 35(5), 307-311.

Cammann, C., Fichman, M., Jenkins, D., & Klesh, J. (1979). U. of M. (1979). No Title. The Michigan OrganizationalAssessment Questionnaire. , , Ann Arbor, Unpublishe.

Dane, E., & Brummel, B. J. (2013). Examining workplace mindfulness and its relations to job performance and turnover intention. Sage Journals, 67(1), 105-128.

Harrison, D. A., Newman, D. A., & Roth, P. L. (2006). No Title. How Important Are Job Attitudes? Meta- Analytic Comparisons of Integrative Behavioural Outcomes and Time Sequences. Academy of Management Journal, 49((2)), 305-325.

Hidayat, S. (2016). The Authentic Leadership is Source of Intrinsic Motivation in Work Engagement with Moderating Role of Overall Trust ( Cognitive and Affective Trust ), 18(2013), 18-25.

Huei-ling liu, V. hwei lo. (2018). No Title. Asian Journal of Communication, 28(2), pages 153-169. Jie LI. (2015). Journal of Administrative Science, 28(1), 39-51.

Knapp, J. R., Smith, B. R., & Sprinkle, T. A. (2017). Is It the Job or the Support? Examining Structural and Relational Predictors of Job Satisfaction and Turnover Intention for Nonprofit Employees. Sage Journal, 46(3), 652 -671.

Mcinerney, D. M., Korpershoek, H., Wang, H., & Morin, A. J. S. (2018). Teachers ‘ occupational attributes and their psychological wellbeing , job satisfaction , occupational self-concept and quitting intentions. Teaching and Teacher Education, 71, 145-158.

Mgedezi, SiphoRaymond Toga, T. M. (2014). Intrinsic Motivation and Job Involvement on Employee Retention : Case Study – A Selection of Eastern Cape Government Departments, 5(20), 2119-2126.

Mitchell, T.R., Holtom, B.C., Lee, T.W., Sablynski, C.J.,&Erez, M. (2001). (2001). No Title. Whypeoplestay:usingjobembeddednesstopredictvoluntary OfManagementJournal, Turnover. Academy of Mangaement, 44(6), 1102-1121.

Mushtaq, M., Abid, G., Sarwar, K., & Ahmed, S. (2017). Forging Ahead : How to Thrive at the Modern Workplace. Iranian Journal of Management Studies (IJMS), 10(4), 783-818.

Porath, C., Spreitzer, G., Gibson, C., & Garnett, F. G. (2012). Thriving at work : Toward its measurement , construct validation , and theoretical refinement, 275(May 2011), 250-275.

QINGGUO ZHAI, SAIFANG WANG, A. H. W. (2017). Thriving at work as a mediator of the relationship between workplace support and life satisfaction. Journal of Management & Organization, 1-17.

Saleem, R. (2010). Effect of Work Motivation on Job Satisfaction in Mobile Telecommunication Service Organizations of Pakistan, 5(11), 213-222.

Sector, P., & Zaraket, W. (2017). International Humanities Studies, ^(September), 1-14.

Shihong, Z., Yu, S., Zhinan, S., Fengzhe, X., Jinghui, W., Shue, Z., … Shue, Z. (2018). +8615904513335; Shi Yu · , MA, Maters student,Health Management College of Harbin Medical University, Harbin, China,. Journal of Clinical Nursing, 0-2.

Spreitzer, G.M. (, “Social structural characteristics of psychological empowerment.” (1996). No Title. Academy of Management Journal, Vol. 39, 483-504.

Sukriket, P. (2014). No Title. AU Journal of Management, 12(2), The relationship between job satisfaction and turn.

Tepper, B. J., Duffy, M. K., Ensley, M. D., Tepper, B. J., Duffy, M. K., Hoobler, J., & Ensley, M. D. (2004). Moderators of the Relationships Between Coworkers â€TM OrganizationalCitizenship Behavior and Fellow Employees â€TM Attitu …. Moderators of the Relationships Between Coworkers ‘ Organizational Citizenship Behavior and Fellow Employees ‘ Attitudes, (December 2014).

Tett, R. P., & Meyer, J. P. (1993). No Title. Job Satisfication,organizational Commitment, Turnover Intention, and Turnover: Path Analyses Based on Meta-Analytic Findings. Personnel Psychology, 46, 259-293.

Tzeng, H. (2002). The influence of nurses ‘ working motivation and job satisfaction on intention to quit: an empirical investigation in Taiwan, 39, 867-878.

Walumbwa, F. O., Muchiri, M. K., Misati, E., Wu, C., & Meiliani, M. (n.d.). No Title. Journal of Oragnizational Behaviour, 39(3), 249-261.

Zopiatis, A., Constanti, P., & Theocharous, A. L. (2014). Job involvement , commitment , satisfaction and turnover: Evidence from hotel employees in Cyprus. Tourism Management, 41, 129-140.

 

 
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A prestigious university has recently implemented a consolidation strategy that will require it to centralize their student records. In order to move forward, the local university will need to develop a data model that will retain student records and perform various data extract transform and load (ETL) processes. Imagine that you have been hired as a database consultant to assist in the development of a data design strategy for the student records. 

You met with various university subject matter experts and have determined the following after performing various business analysis processes:

  • Faculty groups are divided by core competencies that the university offers. For example, there are groups such as the Art Faculty, Computer Technology Faculty, Language Faculty, and Science Faculty. Each faculty member has an assigned Dean and is designated to teach at one particular campus and school. They are able to teach as many courses as required.
  • Courses are categorized by course code and title. Certain courses have prerequisites and the university has asked for this to be cataloged as well.
  • There are various schools within each campus. For example, the Los Angeles campus holds the following schools: School of Science, School of Law, and School of Computer Technology. Additionally, each school offers different professional study programs such as Forensic Computer Science, Marine Biology, Business Management, and Civil Engineering to name a few. 
  • The study path for students requires that they be enrolled in a specific professional study program. The professional study program requires the students to complete a specific set of core courses. The university also requires that an online grade book be available. The online grade book should show grades awarded to students for specific courses and the term they completed the course.
  • The university identifies each student by his or her name, date of birth, social, and professional study program.

Using these findings, write a three to four (3-4) page paper in which you:

  1. Analyze the university’s requirements and provide a proposal to organize all the required data elements. The proposal should include the following:
    1. Provide an Entity Relationship Model (ERM) that will describe the data structure that will store all data elements. Note: The graphically depicted solution is not included in the required page length.
    2. Describe any assumptions or limitations for each relationship. For example, professors are able to teach more than one course or students can only be enrolled in one program.
  2. Create the primary key and foreign keys using a UML Class diagram for each table.
  3. Suggest at least four (4) types of business intelligence reports that could help the university in course management, student enrollment, or historical tracking. Support your answer by providing specific business functions that these reports could assist executives of the university.
  4. As an alternative for development of the database, you are considering outsourcing the functions above. Research the Internet and other media sources for vendors who develop registrar and school management database systems.
    1. Suggest three (3) vendors that developed and are employing efficient registrar and school management database systems and support your reasons to choose from one (1) of these three (3) vendors.
    2. Compare and contrast the key aspects that each system offers. Examples of system aspects include but not limited to cloud based, pricing model, open source, etc.
  5. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
  • Include charts or diagrams created in any chart or drawing tools with which you are familiar. The completed diagrams / charts must be imported into the Word document before the paper is submitted.

The specific course learning outcomes associated with this assignment are:

  • Describe the role of databases and database management systems in managing organizational data and information.
  • Recognize the historical development of database management systems and logical data models.
  • Design and implement a database solution to solve a proposed business problem.
  • Use technology and information resources to research issues in the strategic implications and management of database systems.
  • Write clearly and concisely about topics related to the strategic planning for database systems using proper writing mechanics and technical style conventions.

Assignment 4: Database Modeling and Normalization Due Week 4 and worth 120 points

Imagine that you work for a consulting firm that offers information technology and database services. Part of its core services is to optimize and offer streamline solutions for efficiency. In this scenario, your firm has been awarded a contract to implement a new personnel system for a government agency. This government agency has requested an optimized data repository for its system which will enable the management staff to perform essential human resources (HR) duties along with the capability to produce ad hoc reporting features for various departments. They look forward to holding data that will allow them to perform HR core functions such as hiring, promotions, policy enforcement, benefits management, and training.

Using this scenario, write a three to four (3-4) page paper in which you:

  1. Determine the steps in the development of an effective Entity Relationship Model (ERM) Diagram and determine the possible iterative steps / factors that one must consider in this process with consideration of the HR core functions and responsibilities of the client.
  2. Analyze the risks that can occur if any of the developmental or iterative steps of creating an ERM Diagram are not performed.
  3. Select and rank at least five (5) entities that would be required for the development of the data repositories. 
  4. Specify the components that would be required to hold time-variant data for policy enforcement and training management. 
  5. Diagram a possible 1:M solution that will hold salary history data, job history, and training history for each employee through the use of graphical tools. Note: The graphically depicted solution is not included in the required page length.
  6. Plan each step of the normalization process to ensure the 3NF level of normalization using the selected five (5) entities of the personnel database solution. Document each step of the process and justify your assumptions in the process.
  7. Diagram at least five (5) possible entities that will be required to sustain a personnel solution. The diagram should include the following:
    1. Dependency diagrams
    2. Multivalued dependencies

Note: The graphically depicted solution is not included in the required page length.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
  • Include charts or diagrams created in a drawing tool with which you are familiar. The completed diagrams / charts must be imported into the Word document before the paper is submitted.

The specific course learning outcomes associated with this assignment are:

  • Recognize the historical development of database management systems and logical data models.
  • Explain the fundamentals of how data is physically stored and accessed.
  • Compose conceptual data modeling techniques that capture information requirements.
  • Use technology and information resources to research issues in the strategic implications and management of database systems.
  • Write clearly and concisely about topics related to the strategic planning for database systems using proper writing mechanics and technical style conventions.

Assignment 5: Tour Operator Agency Database Due Week 6 and worth 90 points

The Strayer Oracle Server may be used to test and compile the SQL Queries developed for this assignment. Your instructor will provide you with login credentials to a Strayer University maintained Oracle server.

A multinational tour operator agency has gained new business growth in the North American market through the use of social media. Its operation has expanded by 50% within six months and the agency requires an enhanced data management strategy to sustain their business operations. Their existing data repository for its reservation processing system is limited in business intelligence and reporting functionalities. The tour operator seeks a database management specialist to assist them in leveraging their data sources to enable them to forecast and project tour sales appropriately.

Imagine that you have been hired to fulfill their need of enhancing the data repository for their current reservation processing system. Upon reviewing the system, you find that the data structure holds redundant data and that this structure lacks normalization. The database has the following characteristics:

  • A table that stores all the salespersons. The table holds their employee id, first name, last name and “Tours sold” field. The “Tours sold” field is updated manually.
  • A table that stores tour customer data and tours sold. The table holds customer name, address, city, state, zip code, tour(s) selected, number of persons in tour, and total amount paid. The current structure will show the customer more than once, if the customer books multiple tours.
  • A tour table that is used as a tour rate sheet which holds the tours offered and the cost per person. Tour rates vary every three (3) months depending on the tourist season.

Write a three to four (3-4) page paper in which you propose an enhanced database management strategy. Your proposal should include the following:

  1. Design a data model that will conform to the following criteria:
    1. Propose an efficient data structure that may hold the tour operator’s data using a normalization process. Describe each step of the process that will enable you to have a 2nd Normal Form data structure.
    2. Create naming conventions for each entity and attributes.
    3. Conclude your data model design with an Entity Relationship Model (ERM) that will visually represent the relationships between the tables. You may make use of graphical tools with which you are familiar. Note: The graphically depicted solution is not included in the required page length.
  2. Construct a query that can be used on a report for determining how many days the customer’s invoice will require payment if total amount due is within 45 days. Provide a copy of your working code as part of the paper.
  3. Using the salesperson table described in the summary above, complete the following:
    1. Construct a trigger that will increase the field that holds the total number of tours sold per salesperson by an increment of one (1).
    2. Create a query that can produce results that show the quantity of customers each salesperson has sold tours to. 
  4. Support the reasoning behind using stored procedures within the database as an optimization process for the database transactions.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
  • Include charts or diagrams created in any chart or drawing tool with which you are familiar. The completed diagrams / charts must be imported into the Word document before the paper is submitted.

The specific course learning outcomes associated with this assignment are:

  • Explain the fundamentals of how data is physically stored and accessed.
  • Compose conceptual data modeling techniques that capture information requirements.
  • Design a relational database so that it is at least in 3NF.
  • Prepare database design documents using the data definition, data manipulation, and data control language components of the SQL language.
  • Use technology and information resources to research issues in the strategic implications and management of database systems.
  • Write clearly and concisely about topics related to the strategic planning for database systems using proper writing mechanics and technical style conventions.

Assignment 6: SQL Concepts and Database Design Due Week 7 and worth 120 points

The Strayer Oracle Server may be used to test and compile the SQL Queries developed for this assignment. Your instructor will provide you with login credentials to a Strayer University maintained Oracle server.

Imagine that you work for a finance industry-based organization. Your organization is looking to submit its database design documentation to an evaluation team in order to meet Sarbanes-Oxley (SOX) compliance. You have been assigned to assist in preparing the documentation of the organization’s sales database. You are asked to propose a data dictionary that can be used to document the following:

  • Employee (EmpNumber, EmpFirstName, EmpLastName, CommissionRate, YrlySalary, DepartmentID, JobID)
  • Invoice (InvNumber, InvDate, EmpNumber,  InvAmount, CustomerID)
  • InvoiceLine (InvLineNumber, InvNumber,  ProductNumber, Quantity)
  • Product (ProductNumber, ProductDescription, ProductCost)
  • Department (DepartmentID, DepartmentDescription)
  • Job (JobID, JobDescription)
  • Customer (CustomerID, CustomerName, CustomerAddress, CustomerPhone)

Write a three to four (3-4) page paper in which you:

  1. Create a data dictionary that includes the following:
    1. A description of the content for each field
    2. The data type of each field
    3. The format the data will be stored as in the field
    4. The range of value for the field
    5. A label, as required, if the attribute is a primary key or foreign key

Note: An example is shown in Table 7.3 in chapter 7 of the textbook.

  1. Imagine that you are asked to identify the number of days that exist between the first invoice and last invoice for each month and complete the following:
    1. Construct a query that will show the number of days that exist between the first invoice and last invoice, for each month, for each employee, using the DATEDIFF function. Be sure to provide the SQL script that will carry out this function.
    2. Construct a query to show the expected payment date if invoices are due within 30 days of transaction.  
    3. Construct a query that will show distinct area codes of the customers.
  2. Create a plan of the necessary activities that would be required to implement a valid database design process by including the following:
    1. Steps in the conceptual design stage
    2. Steps in DBMS selection stage
    3. Steps in logical design stage
    4. Steps in physical design stage
    5. Task details of each activity within each stage

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Design a relational database so that it is at least in 3NF.
  • Prepare database design documents using the data definition, data manipulation, and data control language components of the SQL language.
  • Explain the key principles of data security and identify data security risk and violations in data management system design.
  • Use technology and information resources to research issues in the strategic implications and management of database systems.
  • Write clearly and concisely about topics related to the strategic planning for database systems using proper writing mechanics and technical style conventions.

Case Study: Database Development 

Due Week 8 and worth 50 points

Read the following articles available in the ACM Digital Library:

Note: The ACM Digital Library is a Strayer Library database located in iCampus > Campus & Library > Learning Resource Center > Databases. Go to https://research.strayer.edu to access A-Z Databases > ACM Digital Library or use the direct link to the database: https://libdatab.strayer.edu/login?url=http://dl.acm.org.

  • Dual Assessment of Data Quality in Customer Databases, Journal of Data and Information Quality (JDIQ), Volume 1 Issue 3, December 2009, Adir Even, G. Shankaranarayanan.
  • Process-centered review of object oriented software development methodologies, ACM Computing Surveys (CSUR), Volume 40 Issue 1, February 2008, Raman Ramsin, and Richard F. Paige.

Write a two to three (2-3) page paper in which you:

  1. Recommend at least three (3) specific tasks that could be performed to improve the quality of datasets, using the Software Development Life Cycle (SDLC) methodology. Include a thorough description of each activity per each phase.
  2. Recommend the actions that should be performed in order to optimize record selections and to improve database performance from a quantitative data quality assessment.
  3. Suggest three (3) maintenance plans and three (3) activities that could be performed in order to improve data quality.
  4. From the software development methodologies described in the article titled, “Process-centered Review of Object Oriented Software Development Methodologies,” complete the following.
    1. Evaluate which method would be efficient for planning proactive concurrency control methods and lock granularities. Assess how your selected method can be used to minimize the database security risks that may occur within a multiuser environment. 
    2. Analyze how the method can be used to plan out the system effectively and ensure that the number of transactions does not produce record-level locking while the database is in operation.

Your assignment must follow these formatting requirements:

  • Be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Prepare database design documents using the data definition, data manipulation, and data control language components of the SQL language.
  • Describe the basic mechanisms for accessing relational databases from various types of application development environments.
  • Explain the key principles of data security and identify data security risk and violations in data management system design.
  • Use technology and information resources to research issues in the strategic implications and management of database systems.
  • Write clearly and concisely about topics related to the strategic planning for database systems using proper writing mechanics and technical style conventions.

technical Paper: Database Administrator for Department StoreDue Week 10 and worth 200 points

The Strayer Oracle Server may be used to test and compile the SQL Queries developed for this assignment. Your instructor will provide you with login credentials to a Strayer University maintained Oracle server.

Imagine that you have been hired as the database administrator for a local department store. The department store has recently expanded by opening five (5) stores within your local region. They have also launched a series of marketing campaigns to attract new customers and increase sales. For your hired role, you will be responsible for creating and maintaining an enterprise-wide database system that will hold the sales and inventory data for the organization. The designed database will help operations in supporting its new business marketing strategy. Using the concepts presented throughout the course, you will develop a plan to create this database and establish a design that aligns with the product sales initiatives of the organization.

Write a twelve to fifteen (12-15) page paper in which you:

  1. Identify the potential sales and department store transactions that can be stored within the database.
  2. Design a database solution and the potential business rules that could be used to house the sales transactions of the department store. 
  3. Evaluate all relationships of each entity within your database solution using the Crow’s Foot notation. Include all data elements, entities, relationships (such as 1:M, 1:1, M:N), and cardinalities for the department store database in your diagram. Note: The graphically depicted solution is not included in the required page length.
  4. Research the Internet for best practices of how retail stores use databases for retaining customers and increasing sales and complete the following:
    1. Justify how Big Data tools could be used for forecasting sales and inventory of the department store.
    2. Propose two (2) SQL Stored Procedures that use SQL functions to help sales associates perform explanatory or predictive analytics.
    3. Give your opinion on which of the two (2) ways you proposed in Question four (4) b provide greater value to expanding their business within the region.
    4. Provide a copy of your working SQL code as part of the paper.
  5. Research the Internet for database vendors that provide cloud computing services and complete the following:
    1. Estimate the types of costs involved or the pricing structure required when implementing a cloud-hosted solution for a database. 
    2. Analyze security considerations and pricing of the different cloud implementation types.
    3. Rank the cloud services options of Software as a Service, Platform as a Service and Infrastructure as a Service in terms of functionality, mobility, and ability to provide distributed transaction concurrency. Compare how these cloud-based services fit within an environment where users are mobile. Determine the technical provisions that would be required to ensure data integrity.
  6. Evaluate whether the use of a distributed DBMS structure is appropriate and identify the optimization techniques that should be factored in to enhance the operations of the database in your design.
  7. Provide at least two (2) examples of how lost updates and uncommitted data may occur, keeping in mind that five (5) stores will be generating transactions.
  8. Determine the concurrency control factors that can be used to ensure valid execution of transactions within the current multiuser environment.
  9. Research the Internet for backup and restoration recovery solutions and database security threats that could be applicable to the department store. Upon your research, complete the following:
    1. Suggest at least two (2) options that could be made available to provide disaster management functions for the database system within the retail environment.
    2. Assess the types of security threats that may exist when managing the department store database and suggest measure(s) that can be performed to minimize these threats that are particular to retail.
  10. Use at least six (6) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
  • Include charts or diagrams created in any chart or drawing tool with which you are familiar. The completed diagrams / charts must be imported into the Word document before the paper is submitted.

The specific course learning outcomes associated with this assignment are:

  • Compose conceptual data modeling techniques that capture information requirements.
  • Prepare database design documents using the data definition, data manipulation, and data control language components of the SQL language.
  • Describe the basic mechanisms for accessing relational databases from various types of application development environments.
  • Use technology and information resources to research issues in the strategic implications and management of database systems.
  • Write clearly and concisely about topics related to the strategic planning for database systems using proper writing mechanics and technical style conventions.
 
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Capital Structure: Theory and Taxes

MULTIPLE CHOICE

     1.   PureMeds is a highly profitable pharmaceutical company that places great importance on funding research and development projects. According to finance research, the expected capital structure for PureMeds:

a.would show a high market-value leverage level

b.would show a high book-value leverage level

c.would contain a high long-term debt level

d.would contain a high total debt level

e.would show a low financial leverage level

ANS:                        PTS:   1                    REF:   12.1              

OBJ:   TYPE: application of concepts

     2.   If the bankruptcy laws of a country change such that debtors are afforded increased protection, then over the long-term, market-value of financial leverage:

a.

should tend to increase

b.

should tend to decrease

c.

will remain unchanged

d.

will only be affected in countries with heavy reliance on capital markets versus banks for corporate financing

e.

will only be affected in developing countries

ANS:                        PTS:   1                    REF:   12.1               OBJ:   TYPE: fact retention

     3.   Given an increase in personal tax rates on both dividends and interest income, companies should:

a.

decrease retained earnings and increase leverage levels over time

b.

increase retained earnings and decrease leverage levels over time

c.

decrease retained earnings and decrease debt financing over time

d.

increase dividend payments to investors and increase leverage levels over time

e.

cannot say without knowing the values of the tax rates

ANS:                        PTS:   1                    REF:   12.1              

OBJ:   TYPE: application of concepts

     4.   Devard, CFO of Buymore, Inc., must create a financing plan for a proposed acquisition offer. Buymore’s existing shareholders would likely consider the purchase to be “good news” if:

a.

Buymore issued new shares to finance the acquisition

b.

current Buymore shares were accepted as payment for the acquisition

c.

Buymore employed a debt-financed cash tender for the acquisition

d.

Buymore offered to exchange debt holdings for equity holdings in the new corporation

e.

the entire remaining balance of cash reserves were used for the acquisition

ANS:                        PTS:   1                    REF:   12.1              

OBJ:   TYPE: application of concepts

     5.   In a frictionless capital market, if the market value of a levered firm’s outstanding securities differs from the market value of an otherwise identical all-equity firm’s outstanding securities, M & M demonstrate that:

a.

investors are willing to pay a premium price for shares of levered firms

b.

investors will require “too high” an expected return on levered equity

c.

investors are maximizing personal profits

d.

the market value of levered equity is given by capitalizing operating income at a rate equal to the firm’s WACC

e.

an arbitrage opportunity exists

ANS:                        PTS:   1                    REF:   12.3               OBJ:   TYPE: fact retention

     6.   Two firms, Top-Dog and Under-Dog, generate $20000 in net operating income each year. Top-Dog has a capital structure consisting of 100% equity, whereas Under-Dog uses 50% debt and 50% equity. Under-Dog must pay $10000 in interest on its debt each year. If the tax on corporate profits is 30%, what is the value of the tax shield for Under-Dog each period, employing the M&M “modified” model?

a.

$9850

b.

$2300

c.

$3000

d.

$1700

e.

cannot be computed with the information provided

ANS: 

PTS:   1                    REF:   12.4               OBJ:   TYPE: application of concepts

     7.   Consider the following hypothetical situation: In a given year, the corporate tax rate is 35% and personal tax rates on interest income and income from stock are 40% and 20%, respectively (assume the same tax rate applies to dividends and capital gains). If BestCo uses 100% equity to finance its operations, no dividends are paid and all profits are plowed back as retained earnings. Alternatively, BestCo can finance its operations with some proportion of debt. Suppose BestCo earns a net operating profit of $300000. Which of the following statements is true?

a.

Shareholders are worse off if the company finances part of its operations with debt.

b.

The introduction of a 35% tax on corporate profits causes an immediate increase in the market value of BestCo if it is all-equity financed.

c.

The tax code offers an incentive to increase firm value by increasing equity issues.

d.

The tax code offers firms an incentive to use leverage.

e.

The tax code offers individuals an opportunity to capitalize on dividend income.

ANS: 

PTS:   1                    REF:   12.4               OBJ:   TYPE: application of concepts

     8.   Firms in the __________ industry(ies) use a great deal of debt.

a.

computer software

b.

computer software and pharmaceutical

c.

aerospace

d.

aerospace and retailing

e.

utility and auto manufacturing

ANS:                        PTS:   1                    REF:   12.1               OBJ:   TYPE: fact retention

     9.   __________ firms use almost no debt in their capital structure.

a.

Aerospace

b.

High-tech

c.

Aerospace and pharmaceutical

d.

Aerospace and retailing

e.

Utility

ANS:                        PTS:   1                    REF:   12.1               OBJ:   TYPE: fact retention

   10.   If a firm has $6.5 million in debt, $27.8 million in equity, a tax rate of 35%, and pays 7% interest on debt, what is the firm’s PV of the interest tax shields?

a.

$202200

b.

$327200

c.

$8.5 million

d.

$2.275 million

e.

$418910

ANS: 

PTS:   1                    REF:   12.4               OBJ:   TYPE: application of concepts

   11.   What do you need to know to calculate the gains from using leverage for individual companies?

a.

tax rate on corporate profits

b.

market value of a firm’s outstanding debt

c.

personal tax rate on income from debt

d.

personal tax rate on income from stock

e.

all of the above

ANS:                        PTS:   1                    REF:   12.4              

OBJ:   TYPE: application of concepts

   12.   In attempting to develop a model, M & M showed that capital structure could not affect the firm value in a world with __________.

a.

perfect markets

b.

target leverage zones

c.

homemade leverage

d.

arbitrage

e.

none of the above

ANS:                        PTS:   1                    REF:   12.3               OBJ:   TYPE: fact retention

   13.   When M & M assume that capital markets are frictionless it means __________.

a.

no taxes

b.

no transaction costs

c.

investors can borrow and lend at the same rate that corporations can

d.

all of the above

e.

none of the above

ANS:                        PTS:   1                    REF:   12.3               OBJ:   TYPE: fact retention

   14.   M & M Proposition II says that the WACC is not influenced by changing the mix of debt and equity because changes in leverage cause an offsetting change in the __________.

a.

WACC

b.

required return on equity

c.

target leverage zones

d.

secured debt hypothesis

e.

none of the above

ANS:                        PTS:   1                    REF:   12.3               OBJ:   TYPE: fact retention

   15.   The logic of the Modigliani and Miller’s proposition 1 crucially depends on investors having __________.

a.

risk neutral preferences.

b.

mean-variance preferences.

c.

Neither of these preference types are essential.

ANS:                        PTS:   1                    REF:   12.3               OBJ:   TYPE: critical thinking

   16.   Using M&M propositions with corporate taxes and the following information, what is the value of the levered firm?  NOI = $80000; Corporate Taxes = 40%; the firm borrows $750000 at a rate of 8%.

a.

$900000

c.

$618461

b.

$856211

d.

$839518

ANS: 

PTS:   1                    REF:   12.3               OBJ:   TYPE: application of concepts

   17.   The relationship of corporate income taxes, personal income taxes on equity investments, and personal income taxes on interest income should have a predictable change in debt ratios; which of the following predicts increasing debt ratios?

a.

Higher corporate income taxes, higher personal taxes on equity investments, lower personal taxes on interest income

b.

Lower corporate income taxes, higher personal taxes on equity investments, lower personal taxes on interest income

c.

Higher corporate income taxes, lower personal taxes on equity investments, lower personal taxes on interest income

d.

Higher corporate income taxes, higher personal taxes on equity investments, higher personal taxes on interest income

ANS:                        PTS:   1                    REF:   12.3               OBJ:   TYPE: fact retention

   18.   Financial leverage

a.

Increases expect EPS and Increases EPS volatility

b.

Increases expect EPS and Decreases EPS volatility

c.

Decreases expect EPS and Increases EPS volatility

d.

Decreases expect EPS and Decreases EPS volatility

ANS:                        PTS:   1                    REF:   12.1               OBJ:   TYPE: fact retention

   19.   According to M&M’s Proposition II the expected return on a levered firm’s equity

a.

Falls to the debt-to-equity ratio

b.

The levered firm’s equity expect return does not change with the debt-to-equity level

Rises with the debt-to-equity ratio

c.

Rises with the debt-to-equity ratio

d.

Proposition II does not address the leveraged firm’s expected return on equity

ANS:                        PTS:   1                    REF:   12.2               OBJ:   TYPE: fact retention

   20.   Using M&M propositions with corporate taxes and the following information, what is the value of the levered firm?  NOI = $70000; Corporate Taxes = 40%; the firm borrows $450000 at a rate of 8%.

a.

$705000

b.

$510000

c.

$520000

d.

$320000

ANS: 

PTS:   1                    REF:   12.3               OBJ:   TYPE: application of concepts

MATCHING

Match the following relationships:

a.

M&M theory

b.

managerial opportunism theory

c.

trade-off theory

     1.   capital structure is the result of market timing

     2.   firms balance costs and benefits of debt

     3.   firm value does not depend on capital structure

     1.   ANS:                        PTS:   1                    REF:   12.2 – 12.3    

OBJ:   TYPE: fact retention | TYPE: application of concepts    

NOT:  Managerial opportunism and trade-off theory are introduced in chapter 13

     2.   ANS:                        PTS:   1                    REF:   12.2 – 12.3    

OBJ:   TYPE: fact retention | TYPE: application of concepts

     3.   ANS:                        PTS:   1                    REF:   12.2 – 12.3    

OBJ:   TYPE: fact retention | TYPE: application of concepts

Match the following statements:

a.

increases the tax gain from leverage

b.

decreases the tax gain from leverage

c.

Proposition I

d.

Proposition II

e.

Pecking order model

f.

Homemade leverage

     4.   a reduction in the corporate tax rate

     5.   higher debt increases the cost of equity

     6.   a reduction in personal taxes on interest income

     7.   explains why firms want financial slack

     8.   says capital structure cannot affect firm value

     9.   investors can unwind firms’ capital structures

     4.   ANS:                        PTS:   1                    REF:   12.2 – 12.3     OBJ:   TYPE: fact retention

NOT:  Pecking order is introduced in chapter 13

     5.   ANS:                        PTS:   1                    REF:   12.2 – 12.3     OBJ:   TYPE: fact retention

     6.   ANS:                        PTS:   1                    REF:   12.2 – 12.3     OBJ:   TYPE: fact retention

     7.   ANS:                        PTS:   1                    REF:   12.2 – 12.3     OBJ:   TYPE: fact retention

     8.   ANS:                        PTS:   1                    REF:   12.2 – 12.3     OBJ:   TYPE: fact retention

     9.   ANS:                        PTS:   1                    REF:   12.2 – 12.3     OBJ:   TYPE: fact retention

SHORT ANSWER

     1.   In the late 1990s Ford Motor company held a large cash balance that was often called a war chest. In terms of the pecking order hypothesis, discuss why Ford might have been willing to maintain large cash balances over this period of time. At the end of this period, Ford decided that it no longer had a need for these excess funds for investment opportunities and it made a large payout to existing shareholders. How does this corporate behavior fit with the pecking order hypothesis?

     2.   Consider two firms in the same industry that operate in frictionless markets. Both firms, DebtHungry and Ner-aBorrower, have identical net operating income of $240000 per year. The riskiness of each company’s assets suggests a fair weighted average cost of capital of 10 percent.

a.

What is the value of each company?

b.

If DebtHungry has borrowed $600000 at a required rate of return of 4 percent, what is the fair required rate of return on the firm’s equity?

c.

Given that the expected rate of return on an investment at the corporate level in Ner-aBorrower is 10 percent, explain how you create an investment identical to an equity investment in Ner-aBorrower with only an investment in DebtHungry’s equity and riskless debt (that earns 4 percent).

d.

Suppose the actual market value of Ner-aBorrower is $3.0 million. Explain how you can exploit this mispricing via arbitrage.

ANS: 

     3.   Couglin Inc. has net operating income of $120000 per year. Couglin uses no debt in its capital structure and the required rate of return to equity holders is 12 percent.

a.

Calculate the value of the unlevered firm if the firm has a marginal tax rate of 0%.

b.

Calculate the value of the unlevered firm if the firm has a marginal tax rate of 30%.

c.

Interpret the difference in your findings to parts a. and b.

d.

If your answer to part a. is less than your answer to part b, can we increase firm value by taking on debt? If so, will these benefits always continue as we add more and more debt?

     4.   Kylie Surfboards Ltd. runs a successful enterprise on the Northeastern coast of Australia. Kylie Surfboards has a tax rate of 40 percent and a before tax cost of debt of 7 percent on $4000000 of debt.

a.

What is Kylie Surfboard’s PV of interest tax shields?

b.

Would your answer change if you expected the company to be unwound in ten years when Kylie retires?

ANS: 

     5.   Your firm, FloThru, has a net operating profit of $700000, or $455000 after corporate taxes. FloThru’s tax rate is 35 percent and the personal tax rates on interest and income from stock are 40 percent and 20 percent, respectively.

a.

If FloThru paid the entire $455000 in after-tax income as a dividend, what is the after-tax cash flow to the shareholders?

b.

If operations were financed entirely with debt (so that all of the net operating income escaped corporate taxes), how much cash flow would bondholders receive after paying the required personal tax?

c.

Considering only taxation issues, should the firm finance its operations mostly through debt or mostly through equity given the information above?

d.

Suppose that in part a. above the $455000 in after corporate tax income was retained by the firm. How would that affect your answer to part c.?

ANS: 

     6.   The equation , shows the gains from leverage. Discuss how the traditional M&M findings can be obtained as special cases by using different tax rate assumptions.

     7.   Consider a firm with $5000000 in total debt, a corporate tax rate of 30 percent, and a personal tax rate on interest income of 40 percent. According to the gains from leverage equation , at what personal tax rate on income from stock should the firm be indifferent to using more or less borrowing? If the firm’s total borrowings were twice as large, how does you answer change?

ANS: 

     8.   Within industries, what is the relationship between profitability and leverage? How does this line up with the trade-off model?

     9.   Why do firms with high-value intangible assets use less debt than firms that invest in more tangible assets?

   10.   What is the best single predictor of new equity issues?

ANS: 

The best single predictor of new equity issues is the recent trend in the stock price. Companies tend to issue common shares following unusually large increases in the stock price and essentially refuse to issue new equity after share prices have fallen.

PTS:   1                    REF:   12.2               OBJ:   TYPE: critical thinking

   11.   What are the assumptions of the pecking order hypothesis?

   12.   In the M & M world without corporate and personal taxes, will replacing a security that has a high required rate of return (equity) with one that requires a lower return (debt) lower the average cost of capital?

   13.   What do you conclude as an investor if a firm sells stock and uses the proceeds to repurchase some of its outstanding bonds?

ANS: 

PTS:   1                    REF:   12.1               OBJ:   TYPE: critical thinking

   14.   What is the relationship between the value of a firm and its capital structure in the M & M world without taxes?

ANS: 

   15.   What is the relationship between the value of the firm and its capital structure in the M & M world with corporate taxes?

ANS: 

   16.   What is the relationship between the value of the firm and its capital structure in the M & M world with corporate and personal taxes?

ANS: 

   17.   What is the asymmetric information assumption?

ANS: 

   18.   If the D corporation has a market valuation of equity equal to $103800, a 15% required rate of return on equity, and 3000 shares of stock, what is the market value of a share of common stock?

ANS: 

   19.   Upon introduction of corporate and personal income taxes, why are interest rates not bid up immediately to compensate investors for taxes due?

ANS: 

   20.   Do companies with large amounts of depreciation, investment tax credits, R & D expenditures, and other nondebt tax shields employ less debt financing?

ANS: 

   21.   If a firm operates in a perfect capital market, has a required return on its outstanding debt of 8%, a required return on its common stock of 14%, and a WACC of 12%, what is the firm’s debt-to-equity ratio?

ANS: 

   22.   An unlevered corporation has net income of $60000 and a required rate of return of 14%. What would the value of this firm be if it borrowed $140000 to buy back some of its stock? Assume a corporate tax rate of 40%.

ANS: 

   23.   If a company with no debt decides to change its capital structure and add $20000 in debt to repurchase $20000 in common stock, how much would the value of the company change if it has a 40% corporate tax rate?

ANS: 

   24.   Assume that capital markets are perfect. If a firm finances its operations with $40000 in common stock with a required return of 17% and $16000 in bonds with a required return of 7%, what would happen to the required rate of return on the common stock if the firm issues $15000 in additional bonds at 7% to retire $15000 worth of equity?

ANS: 

   25.   The personal tax rate on debt is 21% and the personal tax on equity is 10%. The corporate tax rate is 15%. There is a firm, initially with no debt and market value $3 billion. This firm decides to issue $200 million of perpetual risk-free debt paying the riskfree interest rate of 3%. The proceeds from the sale of debt are used to buy back shares at a price appropriately reflecting the gains from leverage. What is the new value of the remaining equity in the firm?

ANS: 

   26.   There are two firms, Beautiful Widgets (BW) and Glamorous Thingamajigs (GT). Each has expected Net Operating Income (NOI) of $5 million each year forever, and the NOI to BW will always be exactly the same as that to GT, whether it ends up above or below the expected amount. After any interest payments, all income is paid out to equity holders. BW is all equity (stock). GT has some equity, along with $20 million (market value and face value) in perpetual debt. GT’s debt pays riskfree 6% interest each year, while BW has expected return on its equity of . There are no taxes, and the rest of the Modigliani-Miller assumptions hold.

a.

What is the value of BW equity?

b.

What is the value of GT equity?

c.

What is the expected cash flow to GT equity holders each year?

d.

What is the expected return on GT stock

ANS: 

   27.   There are two firms, Hello and olleH. Each has expected Net Operating Income (NOI) of $18 million each year forever, and the cash flow to Hello will always be exactly the same as that to olleH, whether it ends up above or below the expected amount. Hello is all equity (stock). olleH has some equity, along with $100 million in debt (market value and face value). olleH’s debt pays 5% interest at the end of each year, and olleH has expected return on its equity of 6.5%. There are no taxes, and the rest of the Modigliani-Miller assumptions hold.

a.

What is the expected cash flow to olleH equity holders each year?

b.

What is the value of olleH equity?

c.

What is the value of Hello equity?

d.

What is the expected return on Hello stock?

e.

Your friend, whom you admire greatly, has $6000 of olleH stock. You would like to put your spare cash of $6000 toward an investment with exactly the same risk and expected return. However, you don’t wish to be a copycat, so you will buy some Hello stock financed partly with your cash and partly with borrowing. How much borrowing do you do and how much Hello stock do you buy?

ANS: 

     1.   Clearly state proposition I of Modigliani and Miller. Intuitively, how can one rationalize the apparent patterns in financial leverage choices and this proposition?

ANS: 

     2.   Identify and explain the three key empirical patterns of the pecking order hypothesis.

ANS: 

     3.   How is arbitrage used to prove that the use of leverage has no impact on the firm’s

total market value?

ANS: 

     4.   Explain Miller’s claim that capital structure shouldn’t matter, even in the presence of corporate and personal taxes.

ANS: 

 
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