Passing by Nella Larson Gender Analysis Essay

Passing by Nella Larson Gender Analysis Essay Nella Larsen was an American writer of the Harlem Renaissance. One of her novels, Passing, took place New York society during the 1920s. The story surrounds the reunion of two women, Clare Kendry and Irene Redfield and their struggles they face because of passing. Through Passing, Nella Larsen demonstrates the challenges that the gender constructs during the time as women are powerless against race and men. Irene and Brians marriage symbolized the different roles of women and men in their home. Although she told Clare that she had all the things she wanted and that did not need to pass as white, Irene still struggled with her marriage and the control of her sons. In the beginning of Passing, Irene recalled the memory of meeting Clare Kendry in Chicago after receiving letter from her. Unplanned, Irene saw Clare in Chicago and was disturbed by her. After dropping Clare out of her mind, she turned her mind to her lovely family, To home, to the boys, to Brian. Brian, who in the morning would be waiting for her in the great clamorous station. She hoped that he had been comfortable and not too lonely without her and the boys (Larsen P1 4). It seems that she has found a destination where she can find her own peace and comfort solution for all her troubles she has. This quote reveals the message that the women should be expected to find their love and their solutions to their problems. This als o shows the expectations society has for women. Home is where the women should be at. Throughout Passing, Larsen starts to unveil pieces of her complicated mind and thoughts of Irene. For example, when Larsen brought up how women think about their husbands That craving for some place strange and different, which at the beginning of her marriage she had had to make such strenuous efforts to repress, and which yet faintly alarmed her, though it now sprang up at gradually lessening intervals (Larsen P1 4). Even though she made Brian stay in New York for his job, which showed some power over Brian, but overall she is powerless against Brian in many aspects as explained, She was, to him, only the mother of his sons (Larsen P3 1). This unveiled the point of view men have about marriage in this society. Women think that children, kids, babies can fill up the cracks of their own marriage. The power of the women in their own family, where they have to depend on their husband in everything, seems to fade every moment: She closed her unseeing eyes and clenched her fists. She tried not to cry. But her lips tightened and no effort could check the hot tears of rage and shame that sprang into her eyes and flowed down her cheeks; so she laid her face in her arms and wept silently. (Larsen P3 1). Irene couldnt do anything but think and endure the pain that she went through, thinking about Brians affair, that she still has to stay with him whether he had an affair or not. Until this point, Larsen has shown the perspective, the struggles of the women when they depend on men to survive. Clare Kendry reveals the expectations of women in society and symbolizes the power struggle of the women in society. She has taken a risk by passing and living in a white society. She has put herself in a dangerous situation to bring her access to power and to the higher class in the society. She represents the need for power of women in society, striving for equality. Like Irene, Clare is helpless and powerless against her husband, John Bellew in her own home. She is catlike (Larsen P1 1), trying to hide her own identity because of her own sake. Her true root goes with her gender and drags her down to the bottom against John. She had to accept everything John said. During the reunion with her old friends, Gertrude and Irene, John came into the room, with a surprise greeting that startle everyone, Hello, Nig, (Larsen P1 3) despite not being aware of Clares background. The racist term has offended anyone that has a black background. Gertrude and Irene who had caught her lip between he r teeth and sat gazing at husband and wife, (Larsen P1 3) and even Clare, but she did not do a thing. She knew that if she stood up against him for calling her that, her perfect white life would be over. She knows she has no power over her husband. Later in Passing, John Bellew found out the original root of Clare. Clare herself was speechless, stood at the window, as composed as if everyone were not staring at her in curiosity and wonder, as if the whole structure of her life were not lying in fragments before her. She seemed unaware of any danger or uncaring. There was even a faint smile on her full, red lips, and in her shining eyes (Larsen P3, 4). She finally realized that she was free of him and free of being powerless against her husband. Everyone in the room stood up for her. Even though she felt liberated for an instant, she knew the intolerance of Bellew would cause a tragic end to her. She stood there, next to the window, frozen. The next thing, she was gone. She fell thro ugh the window, which had freed her from the pressure of her husband, as the pressure the expectations on the women of the society had put on them. The end of the story portrays the pressure of the women in their own home, society, which in some ways death is the only solution; they had to follow every single word of men, who is portrayed in the story as more a power creature. Clare Kendrys husband, John Bellew represents the power of the man against the women in the familys structure. Passing is the story about the life surrounds two main character, Clare Kendry and Irene Redfield but it portrays them as powerless creatures that struggle in identify themselves in their own society. It also portrays the picture of men as power creatures against women, as if they are the gender slave owners where the women are the gender slaves. John Bellew is the perfect figure that is portrayed in this story, symbolizing the power of the men in society. Clare Kendry, fearing that John might figure out her original root, shrinks herself into a small creature, powerless, helpless against him. This situation symbolizes the ideology in the familys structure of power in the society, where men are always in charge of the house, and women have to follow what they said. When he came into the room during the party, his greeting to Clare was, Hello, Nig (Larsen P1 3). Despite the f act that he didnt know about Clare and her friends background, the greeting still heated up their anger. Even though it was very offensive, Clare and her friends still could not do anything about it. This shows the power of John over all the women, as the only man in the room. His power controls Clare in everything, where she had to be careful what she did that include her racial root. Nella Larsen has portrayed the power that men have and abuse it in their own household or even in the society in general. Even though Passing is a novel that surrounds the racial issues during the 1920s, the story still has a different approach to its theme. Rather than focusing on race, it focuses on the gender challenges in relationship, marriage, or even in society overall between men and women. Through the novel, Nella Larsen has showed the purposes of men and women in society where they support each other not abusing the power they had. She also proves the false beliefs that society has in their family, where men have to be in charge of their household.

Nike Case Study Essay

Kimi Ford, a portfolio manager at North Point Group, is looking into the profitability of investing in the stocks of Nike for her fund that she manages. She is supposed to base her decision the company’s data which was disclosed in the 2001 fiscal reports. While Nike management had addressed several issues that are causing the decrease in market sales and stock price, management presented plans to improve and perform better. Nike revenue has been at a plateau since 1997 yet net income and market share were falling. Supply chain issues and the strong dollar negatively affected revenue too. Plans are in place to address top line growth and operating performance. To boost revenue, the company would develop more athletic shoes in the mid priced segment which has been overlooked by Nike in recent years. They also planned to push their apparel line which under strong leadership had performed very well to control expenses. Revenue growth targets are around 8-10% and earnings targets are above 15%. Analyst reactions were mixed as some of them thought this was too aggressive. Lehman Brothers recommended a strong buy while others expressed misgivings and recommended a hold. At this point, North Point Group decided to do their own analysis in order to decide if Nike shares should be purchased for the fund. The weighted average cost of capital (WACC) is the rate that a company is expected to pay its debt and equity holders to finance its assets. It is the minimum return that a company must earn on existing asset base to satisfy its owners, creditors, and other providers of capital or they will invest somewhere else. Companies raise money from many sources such as common and preferred equity, straight, convertible, and exchangeable debt, options, warrants, pension liabilities, executive stock options, governmental subsidies, and others. Different securities, which represent different sources of finance, are expected to generate different returns. WACC is calculated taking into account the relative weights of each component of the capital structure- equity and debt, and is used to see if the investment is worthwhile to take part in. Management notices the cost of capital while making a financial decision. The concept is very relevant in the following managerial decisions and hence its importance: (1) Capital Budgeting Decision. Cost of capital may be used as the tool for adopting an investment proposal. Naturally, the firm will choose the project which gives a satisfactory return on investment which would never be less than the cost of capital incurred for its financing. In the many methods of capital budgeting, the cost of capital is the main factor in deciding the project out of different proposals pending before the management. It determines the acceptability of all investment opportunities by measuring financial performance. (2) Designing the Corporate Financial Structure. The cost of capital is a significant factor in designing the firm’s capital structure. The cost of capital is influenced by changes in capital structure. Financial executives keep an eye on capital market fluctuations and try to achieve the economical and sound capital structure for the firm. They may try to substitute the various methods of finance in an attempt to minimize the cost of capital a nd to increase the market price and the earning per share. (3) Deciding about the Method of Financing. Financial executives must have knowledge of fluctuations in the capital market and should analyze the rate of interest on loans and normal dividend rates in the market from time to time. Whenever company requires additional finance there are better choices of the source of finance which bears the minimum cost of capital. Although cost of capital is an important factor in such decisions, but equally important are the considerations of relating control and of avoiding risk. (4) Performance of Top Management. The cost of capital can be used to evaluate top executive financial performance. Evaluation of the financial performance will involve a comparison of actual profitability’s of the projects and along with the projected overall cost of capital and an appraisal of the actual cost incurred in raising the required funds. (5) Other Areas. The concept of cost of capital is also important in others areas of decision making, such as dividen d decisions, working capital policy, and more. WACC CALCULATION: [pic] One important question is if Joanna Cohen should use a single or multiple of capital for each of Nike’s footwear and apparel divisions? We agree with the use of single cost rather than multiple costs of capital. The reason of estimating WACC is to value the cash flows of the entire company that is provided by Kimi Ford. Plus, Nike business segments have a similar risk and thus a single cost is sufficient for this analysis. Joanna Cohen’s cost of debt was incorrect. An important fact is the WACC is used for discounting future cash flows, thus all components of the cost must reflect the firm’s concurrent or future abilities in raising capital. Cohen wrongly used the historical data in estimating the cost of debt. She divided interest expense by the average balance of debt to get 4.3% of before tax cost of debt. It doesn’t reflect Nike’s current or future cost of debt. The correct way to calculate the cost of debt is explained below. If the cost of debt is intended to be forward looking, it can be estimated by the yield to maturity of bond. The more appropriate cost of debt can be calculated with the data provided in Exhibit 4 of the case. Market data is correctly used rather than historical data. PV: 95.60 N= 40 Pmt: -3.375 FV: -100 The values above were put into Excel’s rate function. This came to a 7.16% annual cost of debt. The tax rate is 38%. The correct way to get the after tax cost of debt is to take 7.16% * (1-38%) = 4.44% The correctly calculated before tax cost of debt is 7.16%. This is significantly higher than Joanna’s incorrectly calculated cost of debt of 4.3%. Her incorrect calculation came from using historical rates rather than market rates. Next, the cost of equity is calculated. It is a good idea to use the 20 year T-Bond rate to represent the risk free rate. The cost of equity and the WACC are used to discount cash flows in the long run, thus rate of return of a T-Bond with 20 years maturity at 5.74% is the longest rate that is available. The geometric mean of market risk premium is 5.9%. This is more accurate than using arithmetic mean to represent market risk premium. By using arithmetic mean to represent true market risk premium, we have to have independently distributed market risk premium. It is often found that market risk premiums are negatively serial correlated. Market average Beta of .69 is used because it is a good indicator of the average Beta’s and their fluctuations throughout the years. Capital Asset Pricing Model (CAPM) |Cost of Equity(KE) | |KE = |Rf + ÃŽ ²(Rf – Rm) | |Rf = |5.74% | = |9.81% | |Beta |= 0.69 |Average Nike Beta | | Next, the weights of debt and equity need to be calculated. The market value of equity is $42.09 share price X 271.5 million shares = 11,427,000 Due to the lack of information of the market value of debt, book value of debt at 1296.6 million is used to calculate weights. Calculations for market and debt weights: 11,427,000 / (11,427,000 + 1297) = 89.8% Equity Weight 1 – 89.8% = 10.2% debt weight WACC Calculation 4.44% After Tax Cost of Debt X 10.2% Debt Weight + 9.81% Cost of Equity X 89.8% Equity Weight = 9.27% The CAPM method was used when calculating cost of equity for the WACC. Advantages and disadvantages of this method are explained below. Advantages: †¢ It only considers systematic risk, reflecting a reality in which most investors have diversified portfolios from which unsystematic risk has been essentially eliminated. †¢ It generates a theoretically-derived relationship between required return and systematic risk which has been subject to constant empirical research and testing. †¢ It is generally seen as a superior method of calculating the cost of equity than the dividend growth model (DGM) in that it explicitly takes into account a company’s level of systematic risk relative to the stock market as a whole. †¢ It is clearly better than WACC in providing discount rates for use in investment appraisal. Disadvantages: †¢ It is practically impossible to estimate betas for many projects. †¢ People sometimes focus on market risk rather than corporate risk, and this may be a mistake. The Dividend Discount Method is another method of calculating cost of equity. The assumption made with this model is that the company pays a substantial dividend, but Nike Inc. does not pay dividends. Therefore, we rejected this model since it does not reflect the true cost of capital. The method Compares dividends forecasted for the next period with the current share price for the firm and then adds the growth rate of the firm. Equation: Ke= D1/ P0 + g †¢ Variables: – G= the value line forecast of dividend growth, which equals 5.5% – PO= current share price, which is $42.09. – D1= DO (1+g), which equal .48 (1+.055) †¢ DO= from dividend history and forecast chart, which equals .48 Therefore, cost of equity = .564/42.09 + .055= 6.7% Advantages: †¢ Allow great flexibility when estimating future dividend streams †¢ Provide useful value approximations even when the inputs are simplified †¢ Can be reversed so the current stock price is used to impute market assumptions for growth and expected return †¢ Investors are able to suit their model to their expectations rather than force assumptions into the model †¢ Specifying the underlying assumptions allows for sensitivity testing and analyzing market reactions to ever changing circumstances Disadvantages †¢ Subjective inputs can result in wrongly specified models and bad results †¢ Over-reliance on a valuation that is really just an estimate †¢ Sensitivity is high to small changes in input assumptions †¢ Flow-through of minor formula or data entry errors when using spreadsheets The Cost of Equity Method is the other method for forecasting cost of equity. The final model used to compute the cost of capital was the earning capitalization model. The problem with this model is that it does not take into consideration the company’s growth. Therefore we chose to reject this calculation. The earnings capitalization model calculations were found this way: †¢ Stands for earnings capitalization model †¢ This model compares forecasted earnings for the next period over the current share price. †¢ Equation: – Ke: E1/ P0 †¢ Variables: – E1= (1+g) * (E0/ # of shares outstanding) †¢ G= retention ratio * return on equity †¢ Retention ratio= retained earnings/ net income †¢ 3194.3/ 589.7= 5.42 †¢ Return on equity= net income/ total shareholders’ equity †¢ 589.7/ 3494.5= 16.88% †¢ G= 5.42* 16.88%= .914 †¢ EO= Net Income, which equals 589.7 †¢ Share Outstanding= 271.5 – E1= ((1+.914) * 589.7)/ 271.5= 4.1572 – PO= Nike current share price, which is 42.09 †¢ Therefore, cost of equity= – 4.1572/ 42.09 = 9.88% Advantage Strong representation of earnings Disadvantages Brealey & Myers argue in Principles of Corporate Finance that this model is not good to use for growing firms but is appropriate for no-growth firms. Hence it is not appropriate for Nike Inc. since this company is still growing. Analysis and Recommendation Kimi ford used a WACC discount rate of 8.4% to find a share price of $63.50. Nike is currently trading at $42.09. This makes the share price undervalued by $21.41. However, her discount rate does not reflect true market value due to the mistakes in her methods we discussed earlier. The discount rate we came up with from using the CAPM was 9.27%. This higher WACC results in a lower share price of around $55.60. Share price has decreased once Joanna’s calculation methods have been corrected, but Nike is still overvalued so we still recommend buying the stock. Share price is now undervalued by $12.97. SWOT Analysis Strengths: †¢ Globally recognized #1 sports brand †¢ Strong marketing, research and development, and innovation †¢ Worldwide logo recognition, brand loyalty, and slogan â€Å"Just do it.† Weaknesses: †¢ Most profits are solely from footwear †¢ Revenue has plateaued, expenses have increased †¢ Supply chain issues affecting financial health too †¢ Price sensitive retail industry Opportunities: †¢ There are plans in place to address top line growth and operating performance †¢ Plans to create more athletic footwear †¢ Also plans to push apparel line †¢ High revenue growth (8-10%) and earning (15%) targets Threats: †¢ Uncertainties in international trade †¢ The market is cut throat †¢ Growing competition from other companies can lead to decreased market share DuPont Analysis †¢ Net Income: 589,700,000 †¢ Sales:9,488,800 †¢ Total Assets:5,819,600 †¢ Common Equity – Common Stock, Par: 2,800,000 – Capital in excess of stated value: 459,400,000 – Retained Earnings: 3,194,300,000 – Total: 3,656,500,000 †¢ NI/Sales: 589,700,000/9,488,800,000 = 6.2% †¢ Sales/TA: 9,488,800,000/5,819,600,000 = 1.63 †¢ TA/CE: 9,488,800,000/3,656,500,000 = 2.60 †¢ Profit Margin * TA Turnover * Equity Multiplier †¢ 6.2% * 1.63 * 2.60 = 26.27% ROE. This Return on Equity is high, further stating the fact that Nike stock is good to buy. Nike has strong financial health and its stock is a sound investment. It would make a valuable addition to any mutual fund. The End Thank You

Gym Culture

IntroAttention Getter: By a show of hands who likes to go to work out? Background & Audience Relevance: Gym culture has been around for a long time but it has recently been growing and more and more people have begun to go and get healthy. Speaker Credibility: I have been going to the gym for a couple years now and I have done my own research on gym culture. Thesis: In my speech, we will be discussing what gym culture means to me and what it could possibly mean to you. Preview of Main Points: First I will be discussing how my object is part of my culture, second the important values it has, and third how I identify with it. II. Body Main Point 1: To begin, I am going to talk about how this object is used in a way for me to relieve stress and anger. Sub-point A: Being a full time student and working part time can be very stressful to me as I'm sure it is the same for a lot of college students, but finding at least an hour to an hour and a half to go to the gym or even working out from home can be such a helpful stress reliever. This is because it helps get me out of their my little stress filled bubble and pretty much let loose. Sub-point B: not only is it a good way to relieve stress but also anger. I know that working in a fast food or retail job can cause a lot of tension and anger especially with the customers, coworkers, and even managers. Of course we are forced to keep it all in because we need this job to put ourselves through school and buy our own personal treats. Well going to the gym is a very good way to take out that anger by pushing yourself hard in that workout. Transition between Main Points: Now that I have talked about how this object is a way to relieve stress and anger next I will be talking about how it represents my values. Main Point 2: going to the gym is not only about relieving stress and anger but also and about being healthy and motivated. Sub-point A: In my opinion going to the gym or being a fit person does not mean that you have to have a six pack or extremely muscular arms or legs. More so it just means that you are feeling good about yourself and being healthy. Since I have started going to the gym I am feeling much healthier and I am not doing crazy diets, but am cutting back on some foods and learning to eat better. Sub-point B: It also helps with being motivated because slowly but surely you begin to see results which gives me confidence and keeps motivating me to keep going and bettering myself.Transition between Main Points: having discussed how I value going to the gym, I will now tell you how I identify with this culture. Main Point 3: Influencing myself and other people to come to the gym or work out in general is one way I identify myself with this culture. Another could be the way I can dress to go to the gym a.k.a the fashion. Sub-point A: going to the gym helps me feel like a good influence to myself and others like my work out partners because I believe I am encouraging them to keep going and feeling healthy and fit because sometimes they do not want to go workout but I convince them to come with me and sometimes it is the other way around, but in the end we help each other to push ourselves in working out and bettering themselves. Sub-point B: When one starts going to the gym we see that there are many types of way people dress and we start looking for which fashion better suits us and makes us feel comfortable. There is no right or wrong way to dress for the gym it's just how you feel when wearing a certain outfit. I know that i enjoy my leggings and big baggy shirts because I feel extremely comfortable, but someone else could feel different about that outfit. III. Conclusion Signal and Review of Main Points: Having discussed how this object is part of this culture, how it represents my values, and how I identify with it you now know what this culture means to me. Recap Thesis: I have now explained what gym culture is to me. Memorable Closer: Remember being healthy and fit doesn't mean you have to be super skinny or muscular it is just about feeling better and more confident in your own body.

How the Military Influenced My Life Essay - 1984 Words

How the Military Influenced My Life To really understand the significance of how the military shaped me into the person I am today, I must first reveal some insight into the person I was before I left for basic training. When I graduated high school in 1985 I was indestructibly ready to take on anything that came my way. I had led a somewhat sheltered life in that my parents provided a warm loving environment for my siblings and myself. Yes we experienced the normal trials and tribulations as any other kid, but we really had no negative or significant emotional events growing up that directly affected our development. Rather it was the lack of these incidents that gave us a naive outlook on life and all the responsibilities it†¦show more content†¦After the first two years of college, I would receive a rude awakening in what life was all about. If a person was to have interviewed me in the summer of 1985, the last thing I would have mentioned was the military. My focus was entirely on me and how much money I was going to make playing baseball for a living. The first year I was playing baseball I didn’t have to worry about anything but baseball. The academic side of the equation was easy. Most of the classes I took were scheduled by the baseball coach and weren’t exactly rocket science. The classes were a joke and I really didn’t have to put forth an effort to pass. It was the standard jock classes that you always here about, †Underwater Basket Weaving† and such. I was just going through the motions in order to get what I wanted with no regard for anyone or anything else. I spent two years trying to assimilate the world into my own perspective without learning the big picture. The second year was a different matter all together. The second semester of that year we picked our own classes. Me being the individual that I was enrolled in classes that I though I would like regardless of my ability. Needless to say I got myself in way over my head and lost my baseball scholarship at the end of the semester. So there I was at the end of two years of college and no idea howShow MoreRelatedThe Wes Moore s A Big Role Shaping The Lives And Decisions Essay1432 Words   |  6 Pagesmajor factor is who your peers are. Peers, whether they be a close friend, family member, or even a teacher, can influence what you aspire to do, and how you live your life. In The Other Wes Moore, peers’s play a big role shaping the lives and decisions of both Wes’s, further leading them to their places in the current world, just as peers have shaped my sister, Katie’s decisions as well. Friends heavily influence teenagers, attributing to teens’ stubbornness. By setting examples to follow, peers eitherRead MoreD ifferent Cultures That Define Different Types Of People1568 Words   |  7 PagesAn Altered Identity All aspects of life and our viewpoints are shaped from our culture. We can choose how to live our lives. 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