Louis Isadore Kahn And The Salk Institute Essays - Louis Kahn

Louis Isadore Kahn And The Salk Institute Essays - Louis Kahn Louis Isadore Kahn And The Salk Institute Louis Kahn and The Salk Institute Standing alone against the endless blue sea, the Salk Institute by Louis I. Kahn is one of a kind. Louis Kahn's Salk Institute for Biological Studies on the Pacific coast near La Jolla aspires within its own spirit to an order achieved through clarity, definition, and consistency of application(Heyer 195). To many, this magnificent structure may seem out of place, but it works well with the surrounding environment because of the spatial continuity that it possesses. The relation to the site, the tectonic characteristics, and the ideas of servant versus served, combine to achieve a great sense of order in the Salk Institute. Many of the ideas that went into the construction of this design are still utilized in architecture today. Kahn's modern design takes full advantage of the atmosphere by opening up a broad plaza between two research and lab wings providing a view of the beautiful Pacific Ocean and the coastline (Ghirardo 227). The laboratories are separated from the study areas, and each study has a view of the magnificent blue Pacific with horizontal light pouring in. This allows scientists to take a break from their frantic studies and clear their minds with a breath-taking view. In relation to this idea Kahn stated, I separated the studies from the laboratory and placed them over the gardens. Now one need not spend all the time in the laboratories (Ronner 158). The two lab wings are symmetrical about a small stream that runs through the middle of the courtyard and feeds into the ocean. This steady ban of water flowing towards the sea symbolizes the success that human can accomplish. I thought this idea had a worthy presence, considering the Salk Institute is one that promotes research and study. Thus, the courtyard is considered the faade to the sky. Kahn didn't need to dress up the land around the plan because the Salk Institute is the landscape. It is one with the site. Kahn incorporates the use of tectonic characteristics within this design in a number of ways. The materials used included wood, concrete, marble, water, and glass, and they all contributed to the Brutalist notions and simplistic plan. He believed that concrete was the stone of modern man, and therefore it was to be left with exposed joints and formwork markings (Ronner 164). Weathered wood and glass combined with the concrete to construct the outside surface. Kahn also integrated mechanical and electrical services into this architecture, which gave laboratories a new concept. These technologies were hidden in the design to continue Kahn's search for order in the plan. Ceiling and column ideas were also combined to separate the air that you breathe from the air that you throw away. Interlocking volumes are present throughout the structure, all the way down to the details on the furniture (Ghirardo 227). The servant and served spaces in the Salk Institute create a consistent order, which is evident throughout the design. The laboratories act as the served spaces, while the servant spaces are represented by the studies. All of the ideas are initiated in the studies or offices, and the research is carried out in the labs. Therefore, the servant spaces serve the served spaces. These are not the only ways that the served and servant concepts are involved in the institute. An idea that is still used to this day in all forms of architecture is the way the Kahn guides the utilities through the building in an unnoticeable manner. Served spaces and servant spaces are entirely integrated (Scully 36). Kahn also made a service floor under each laboratory which established a very flexible space, and this concept is still used today (Frampton 245). Overlooking the great Pacific, this is no ordinary office building. Louis Kahn used a combination of modern architecture with much simplicity to produc e arguably his greatest feat as an architect. A lot of concepts that he initiated in this plan are still in use all over the world today. The relation to the site, the tectonic characteristics, and the ideas of servant versus served, all work together to achieve a great sense of order in the Salk Institute. Bibliography Frampton,

Understanding Sexual Dimorphism

Understanding Sexual Dimorphism Sexual dimorphism is the difference in morphology between male and female members of the same species. Sexual dimorphism includes differences in size, coloration, or body structure between the sexes. For example, the male northern cardinal has a bright red plumage while the female has a duller plumage. Male lions  have a mane, female lions do not. Examples of Sexual Dimorphism Male elk (Cervus canadensis) grow antlers, while female elk do not have antlers.Male elephant seals (Mirounga sp.) develop an elongated snout and fleshy nose that they inflate as a sign of aggression when competing with other males during the mating season.Male birds of paradise (Paradisaeidae) are noted for their elaborate plumage and complex mating dances. Females are far less ornate. In most cases, when size differences exist between the male and female of a species, it is the male that is the larger of the two sexes. But in a few species, such as birds of prey and owls, the female is the larger of the sexes and such a size difference is referred to as reverse sexual dimorphism. One rather extreme case of reverse sexual dimorphism exists in a species of deepwater anglerfish called the triplewart seadevils (Cryptopsaras couesii). The female triplewart seadevil grows much larger than the male and develops the characteristic illicium that serves as a lure to prey. The male, about one-tenth the size of the female, attaches itself to the female as a parasite. Resources and Further Reading Folkens P. 2002. National Audubon Society Guide to Marine Mammals of the World. New York: Alfred A. Knopff.

The American children of the gilded age Research Paper

The American children of the gilded age - Research Paper Example These include the native American-Indians and the immigrant groups from Europe, Asia, Africa and Latin America. Although they are the native inhabitants of the country, the Indians were compelled to succumb to the pressure of Americanization (Monaghan 59). Meaning, the government was committed to see them get assimilated into the mainstream American culture. Having traced their roots in America, the Indians were perceived to be conservative people who were deeply rooted in their traditional activities. This included practices like hunting, traditional religious practices and many values and beliefs that were fiercely opposed by the westernized government. So, to assimilate them into the main system, the government came up with several policies. The most outstanding of these strategies was the introduction of western education amongst the Indians. It was thought that education would help in assimilating them into the desired culture. After the dramatic changes in 1865, the national government came up with the idea of establishing National Boarding Schools for the American Indians. Although it was fiercely opposed by the American Indians, the government went ahead to remove the children and forcefully take them to these institutions. Here, they would be separated from the rest of the society that might influence them to embrace their native cultural practices. By taking them to the boarding schools, the government hoped, they would get an ample opportunity to learn different aspects of European-American culture without any hindrance. In these schools, the children would learn much about Christianity, English language and all the aspects of American culture that were accepted by the government. The successful withdrawal of these children from their families would not only assimilate them into the mainstream American culture, but also put them in the right path of abandoning the aspects of the native culture

The morality of abortion Essay Example | Topics and Well Written Essays - 750 words

The morality of abortion - Essay Example It has been a question pondered for decades, possibly even millennia. Some feel that it begins at conception, the moment the sperm fertilizes the egg, and others believe life begins only once the being is viable, or can live and breathe on its own, while others argue it is at birth, once it is its own entity. In today’s society this question has taken on a much more legal realm rather than a philosophical one. Due to its validity in the argument for the morality of abortion it has become one of the hottest topics of debate today. Arguments for both sides, pro life and pro choice, can be seen in most every media outlet; from late night TV, to Presidential debates. It seems everyone has a view on this issue and all seem to want to have their say. Perhaps this is due to the fact that the human race has strong ties to its origins so in answering the question of if humans were once fetuses; many feel the answer to when life begins will also be uncovered. After researching the quest ion of, was a human being ever a fetus and the moral issue of what the arguments are for both the anti-abortionist and those who are pro-choice, the question of the morality of abortion should become clear. ... In this he argues that we could never have been something that was not a person, such as a fetus. He then takes this idea step further in saying that since only persons are moral agents and as a result have rights, no abortion ever has nor ever will violate any rights since non-persons, in this case fetuses, do not have any. This debate, though it seems logical, can hold many horrendous implications. If, in society, we view only those who are capable of rational and moral activity, as persons and therefore the only ones to have rights, many others besides the fetus could be excluded. Take for instance a man in a comma. In the comma state the man does not have the ability of ration or moral activity; he is in a sense a vegetable, same as a fetus. So according to this theory if he was an inconvenience then the plug could be pulled and it would be okay to let him die because he is not essentially a person. A new born, according to this theory, could also be deemed incapable of rational and moral activity, so in essence it is yet to be essentially a person, so therefore has no rights and if one so choose could be done away with. Another example would be a mentally handicap person, in many severe cases, the mentally handicap are incapable of rational and moral activity, therefore are they not considered essentially persons with rights. It seems that saying that only those with rational and moral activity are essentially persons and therefore have rights is a dangerous road to travel. Olson, however, takes on the view that we are not all essentially persons, but that each of us is essentially a member of the species, Homo sapiens, in short, an animal, a biological kind. He says that the properties of personhood are acquired by humans at some stage in

Othellos Downfall Essay Example for Free

Othellos Downfall Essay Males within Venetian society maintained a higher status than women and were considered to hold the power and intellect. Throughout women’s lives, they are owned by a male figure; as a young girl they are owned by the father, but once they are married they are then owned by the husband. They were also expected to portray a feminine figure, obey and respect men, remain virtuous and maintain a good status as an Elizabethan wife. Throughout Shakespeare play Othello, Iago leads Othello to believe that his wife Desdemona is being unfaithful towards him with his newly appointed lieutenant Cassio. Without confronting his wife about this accusation, he begins to prematurely punish her by treating her without respect and later on strikes her. This occurs In act 4 scene 1, and Desdemona responds to Othello by saying â€Å"I have not deserved this†. During Venetian times, physical abuse upon wives was emitted, with the wife unable to fight back. Women were also seen as something males owned. The relationship between Iago and Emilia was clearly not built on love and passion; instead it seemed to be built on Iago’s goal to gain status among piers. Iago requests many favours from Emilia such as stealing Desdemona’s handkerchief and follows Iago in a wifely duty. He does not treat her like his wife until he requires something of her. This shows how the women were used in venetian society, there was no relationship with a give and take system. Instead it was merely the men who would take from the women, and the women would just accept that, as it was the way they were raised. In Act 3 scene 3 Emilia says aloud â€Å"my wayward husband hath a hundred times wooed me to steal it†¦ I’ll have the work tane out and give’t Iago† this gives the audience the understanding that Emilia has been requested by Iago to steal the Desdemona’s handkerchief while knowing that it has some link to an evil act ,as she references her husband to a â€Å"wayward husband†. Women being seen as male owned, is also shown in Act 1 scene 3, Desdemona informs her father Brobantio that although she is grateful for all he has done for her; providing life and education. Now however, she has a husband and she will give all her loyalty to him, just as her mother gave her loyalty to Brobantio. In this scene, it is the only time in which we are shown the strong-willed, brave, outspoken and independent side of her. It was also common in Venetian society form men to be trusted over women. In act 4 scene 2, Emilia and Othello discuss of Desdemona and Casio’s relationship. Emilia defends Desdemona’s honesty, claiming â€Å"I heard each syllable that breath made up between them† and that there was nothing suspicious going on between the two of them. However despite the conversation between the two, Othello does not take any of this into account when later on he and his wife are in conversation and he refers to Desdemona as a â€Å"impudent strumpet†. This shows how women were not as trusted as men were through Othello ignoring Emilia’s evidence and choosing to believe Iago’s. The play wright’s criticism of the way women were treated in Venetian society show that they believe that in some cases, Desdemona should have defended herself when she was faced with severe provocation. She doesn’t confess to losing the handkerchief of which Othello presented to her as a token of his love. This is because of the fact that she feared the outcome of the situation if she did, as Othello has power. Her actions in response to Othello’s accusations were merely exemplary behaviour of married women in Venetian society. Desdemona is obedient towards Othello, and herself declares of it in act 3 scene 3 â€Å"I am obedient†. Throughout the play she obeys Othello commands from the early stages of marriage to the later stages of his jealous ravings. She continues to obey Othello in the act 5 when he orders her to go to the bedroom with which she replies â€Å"I will, my lord†. Down to her very last breath she remains true to Othello saying â€Å"commend me to my kind lord†. Desdemona appears to have accepted her role completely as a subordinate and obedient wife. Through the use of the willow song in the Othello, it truly re-enforced Desdemona’s grief as it would stir up the audience to feel the sadness of her as a victim and feeling empathetic towards her. The language in the song really made the audience understand her better, rather than accepting the outcome of the play, as something that was not preventable and should have been expected. In Othello, the Venetian society, moulded on the ideology of Elizabethan England, place women in their position. This is that they behave as men expect, believing this to be ‘natural’. They are considered to possessions of men and are to remain submissive and meek at all times. The only power they possess is their sexual power; however the women must remain loyal towards their husbands. This power must be resisted by men in society as it is considered evil.

Leukemia: Cancer of the Blood Essay -- Diseases, Disorders

The river of life, the blood is the body’s primary means of transportation. Blood is a part of the hematopoietic system, which also includes lymphatic tissue, bone marrow, and the spleen. Blood is a complex transport medium that performs vital pick-up and delivery services for the body by picking up food and oxygen from the digestive and respiratory systems, and delivering those vital elements to different cells of the body. In exchange of the blood and oxygen, blood then picks up wastes from the cells for delivery to the urinary organs. These functions could not be provided for the individual cells without the blood. Like any other structure of the body, blood can be attacked by many types of disease, such as Leukemia. Leukemia is a general name given to a number of blood cancers that affect the blood. Blood transports hormones, enzymes, buffers, other types of biochemicals that are important in body functions. The blood is made of plasma and formed elements. Plasma is the clear, straw-colored fluidpart of the blood. The formed elements consist of red blood cells, white blood cells, and platelets. The red blood cells (erythrocytes), play a critical role in transporting oxygen and carbon dioxide to various parts of the body, and play an important role in the homeostasis of the acid base balance of the body. The white blood cells (leukocytes), are responsible for cellular defense (phagocytosis of pathogenic microorganisms), humoral defense (secretion of antibodies involved in immune system response and regulation), and play a role in the body’s inflammatory response (secretion of Heparin and Histamine). Platelets play an important role in homeostasis of the blood and the coagulation (blood clotting). The average adult has appro... ...efinite way to prevent it from affecting the lives of many people. Fortunately, the medical world has developed many treatment options for the different types of leukemia and many people are able to survive and beat this potentially deadly cancer. Works Cited Bozzone, Donna M. â€Å"Leukemia.†Infobase Publishing Inc. 2009.11-134. CTCA Cancer Treatment Centers & Hospitals.Integrative Cancer Care.Web. 15 Jan 2012. http://cancercenter.com/. Lerner, Adrienne W. â€Å"Leukemia.†Greenhaven Press. 2009. 14-135. Leukemia and Lymphoma Society- Official Website.Web. 23 Jan 2012. http://www.leukemia.org. â€Å"Leukemia- Symptoms, Types, Causes, Diagnosis and Treatment Options for Leukemia.†WebMD- Better Information Better Health.Web. 3 Feb 2012. http://www.webmd.com/cancer/tc/leukemia-topic-overview. Parks, Peggy J. â€Å"Leukemia.†ReferencePoint Press Inc. 2010. 8-73.

The William Wrigley Jr. Company Essay

1.0   Introduction Identifying opportunities for corporate financial restructuring was typical for Blanka Dobrynin, a managing partner of the hedge fund Aurora Borealis LLC. In 2002, with the then debt free William Wrigley Jr. Company (Wrigley) in her sights, she asked her associate Susan Chandler to conduct research on the impact of a $3 billion debt recapitalisation on the company. This case report aims to make an informed recommendation on whether Wrigley should pursue the $3 billion debt proposal. 2.0 Optimal Capital Structure According to Miller and Modigliani’s (1958) first proposition, the value of a firm is independent of its capital structure, assuming no corporate taxes. It was later demonstrated that the existence of debt in the capital structure creates a debt shield that increases the value of the firm by the present value of the tax shield (Miller & Modigliani, 1963). This line of reasoning implies that debt financing adds significant value to the firm and an optimal capital structure occurs with 100% debt. However, this is an unlikely outcome in reality with restrictions imposed by lending institutions, bankruptcy costs and the need for preserving financial flexibility implying that management will maintain a substantial reserve of borrowing power (Miller & Modigliani, 1963). These imperfections have since been discussed as additional factors when determining an optimal capital  structure. The trade off theory suggests that an optimal capital structure may be achieved by determining the trade-off between tax shields and the costs of financial distress (Kraus & Litzenberger, 1973). The presence of tax shields means that the optimal capital structure decision is unique for each firm (DeAngelo & Masulis, 1980). High levels of debt can lead to indirect bankruptcy costs and financial distress costs which relate generally the costs associated with going bankrupt or avoiding bankruptcy. At high debt levels, the benefit of debt may be offset by financial distress costs. It appears that the optimal cash structure exists somewhere in the middle. Jensen and Meckling (1976) noted the existence of ‘agency costs of debt’. These costs arise when equity holders act in their own interest rather than the firm’s interest. As Wrigley is a family owned company it is unlikely that agency costs will be an issue. 3.0 Weighted Average Cost of Capital (WACC) The question that underlies the decision to pursue the debt proposal is whether Wrigley is efficiently financed without debt. In this report, the WACC will be the main factor when determining whether Wrigley is efficiently financed. The WACC is the minimum return that a company needs to satisfy all of its investors, which is also the – it is the required rate of return on the overall firm. The value of Wrigley will be maximized when its WACC is minimized. This report will examine the optimal capital structure as the one that produces the lowest possible WACC. WACC is one of the most important methods in assessing a company’s financial health, both for internal use, such as capital budgeting, and external use, such as valuing investments or companies. It is able to provide an insight into the cost of financing and can be used as a hurdle rate for investment decisions. It can also be used to find the best capital structure for the company. The WACC can be used as a rough guide to the interest rate per monetary unit of capital (Pratt & Grabowski, 2008). The WACC method can be considered a better indicator than other methods such as earnings per share (EPS) or earnings before interest and tax (EBIT) because it takes into consideration the relative weight of each component of a company’s capital structure (Armitage, 2005). The calculation uses the market values of the components rather than the book values as these values may differ significantly. The components WACC takes into consideration include internal and external factors such as equity, debt, warrants, options, pension liabilities, executive stock options and government subsidies (Hazel, 1999); whereas the EPS and EBIT calculations only take into consideration the internal factors, such as total earnings. of the company and However, the earnings reported by a company may not be a reliable value, as they tend to report more favourable values as opposed to the true amounts. However, as the WACC is calculated according to M&M theory, some of the input parameters can be difficult to ascertain. This is due to the uncertainty that exists in the market that would influence the outcome. Another issue limitation with the WACC, is that it relies on the assumption made in the M&M propositions, which do not necessarily apply in the real world. Some assumptions that do not apply include the fact that transaction costs exist and individuals and corporations do not borrow at the same rate. Referring to Appendix 1, the calculations show a slight increase in the WACC after the $3 billion debt is acquired. This change is more profound when using the 10 year US treasury rate as the risk free return – an increase from 10.11% to 10.28% for the WACC. Therefore it appears that the optimal capital structure for Wrigley would be one containinginclude no debt as this provides the lowest WACC. 4.0 Estimating the effect of the recapitalisation on: 4.1 Share value In an efficient market, it is assumed that the share price will change  quickly to reflect investors changing perceptions about the new debt issue. The effect of the recapitalisation on the share price can be summarised by Miller and Modigliani’s adjusted NPV formula: Post-recapitalisation equity value = Pre-recapitalisation equity value + Present value of debt tax shields + Present value of distress related costs + SignalingSignalling, incentive & clientele effects Assuming the debt will continue into perpetuity, the present value of the $3 billion debt would be $1.2 billion. Using the post recapitalisation value of equity incorporating the tax shield of $1.2 billion, the stock price is increased from $56.37 to $61.51. The remaining factors of this equation are very difficult to ascertain. The present value of the distress related costs could be assumed to be the value of a put option on the debt. Nevertheless, it could be assumed that financial distress costs would be negligible in Wrigley’s situation, as it is a market leader with a strong financial position. It is very difficult to estimate the cost of signalingsignalling and clientele effects and it is necessary to bear this in mind when looking at the increase on share price as it does not fully reflect all relevant considerations. 4.2 Level of Flexibility Financial flexibility refers to the ability of a firm to respond in a timely and value-maximizing manner to unexpected changes in the firm’s cash flows or investment opportunity set (Dennis, 2011). Chief Financial Officers surveyed by Graham and Harvey (2001) state that financial flexibility is the most important determinant of corporate capital structure (Graham and Harvey, 2001). A flexible capital structure can be achieved by preserving access to low-cost sources of capital. DeAngelo and DeAngelo (2011) argue that firms should optimally maintain low levels of leverage in most periods in order to be better equipped to cope with the adverse consequences of exogenous shocks. They also argue that firms should maintain low leverage and high dividend payouts in â€Å"normal† periods in order to preserve the option to borrow or issue equity in future â€Å"abnormal† periods characterised by earnings short  falls and/or lucrative investment opportunities. The financial flexibility of Wrigley will be reduced as borrowing $3 billion now will lower their ability to borrow in the future if there are any lucrative investment opportunities or cope with any unexpected exogenous shocks to the market and themselves. 4.3 Mix of Debt and Equity Considerations have to be made when evaluating the recapitalisation of Wrigley’s capital structure by adding debt. A concern of Wrigley is deciding the debt ratio which optimizes the overall value of the firm. Companies are often inclined to choose debt over equity as the cost of debt is cheaper due to the tax shield created. With the addition of $3 billion of debt in Wrigley’s capital structure, the tax shields benefit will increase the equity value by $1.2 billion. The estimation of the tax benefits are assumed under the condition that Wrigley will maintain debt value of $3 billion in perpetuity. As a result of $3 billion payout, the value of equity will decline by $1.8 billion which will be offset by the present value of the debt tax shield ($1.2 billion). Wrigley’s debt/equity level after recapitalisation will be 78% and 22% debt. The traditional view is that taking on higher levels of debt could potentially generate more earnings on positive NPV projects which could increase the company’s value. Although it should be noted that considerations have to be made at what which point, debt becomes more costly to Wrigley in terms of increased risk to shareholders. Assessing Wrigley’s optimal debt level, it suggests that the optimal point would be not taking on any debt. By taking on debt, Wrigley’s credit rating will fall from AAA to BB/B, as it would be increasing it’s risk levels of financial distress and risk of bankruptcy cost. Assessing From this, it can be recommended that Wrigley’s optimal debt level, it suggests that the optimal point would be not taking on any debt.having minimal debt. 4.4 Reported earnings per share Before the proposed recapitalisation, Wrigley will have no minimal debt. If Wrigley does not have any income, they still need to pay the interest on the debt, so EPS will be negative. Referring to Appendix 2, the two lines intersect where EBIT is $1.70 billion and EPS is $12.21. This is the break-even point – if EBIT is above this point leverage is beneficial. If Wrigley’s income was higher than $1.70 billion, they could should take the $3 billion debt. In fact, the current income is only $0.51 billion therefore according to a breakeven EBIT analysis, Wrigley should not pursue the debt. 5.0 Other matters for the board’s consideration 5.1 Effect on Voting Control Assuming the $3billion is used either for a dividend payout or share repurchase, only the second option would alter the amount of shares outstanding. The Wrigley family already controlled 21% of the common stock and 58% of the Class B common stock, which had superior voting rights attached. A $3 billion share repurchase would substantially increase the voting control of the Wrigley family, however the family was already in a majority position so voting control would not be substantially different. A strong controlling majority is highly advantageous in deterring potential mergers and acquisitions. 5.2 Clientele and Signaling effects In general, companies that take on debt signal to investors that the company is in a good financial position as it is able to make future interest repayments. If the debt were used for a dividend payout, this would signal to investors that the company is doing well and increase the stock price. However, using the debt for a share repurchase might have a clientele effect  on potential investors that prefer dividend payouts. These investors could potentially sell their remaining stock in reaction to the share buyback resulting in the stock price falling. 6.0 Conclusion The WACC indicated that taking on $3b of debt would reduce the value of Wrigley company. This value could change, provided the Wrigley company had an investment opportunity or plan to use the newly obtained debt of $3b. The WACC value may be disregarded or adjusted if Wrigley had a high NPV project to invest in or provided a specific use for the funds. However, in the current situation, there is no indication of the reasons for Wrigley to take on the debt and thus they are unnecessarily restricting their financial flexibility. This could prove costly in the future if there are any unexpected negative shocks to the market or Wrigley may miss out on a highly lucrative investment opportunity due to their inability to borrow more. Therefore it is our recommendation that the Wrigley company does not take on the $3b of new debt as it would reduce the total value of the company at this point in time. 7.0 References Armitage, S. (2005). The Cost of Capital: Intermediate Theory. Cambridge, UK: Cambridge University Press. DeAngelo H., & DeAngelo, L., (2006) Capital Structure, Payout Policy, and Financial Flexibility, University of Southern California working paper. DeAngelo, H., & R.W. Masulis. (1980) Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics 8, 3-29. DeAngelo, H., DeAngelo, L., & Whited T.M., (2011) Capital structure dynamics and transitory debt. Journal of Financial Economics, 99, 235–261. Denis, D J. (2011) Financial Flexibility and Corporate Liquidity. Journal of Corporate Finance, 17(3), 667-674. J.R. Graham, & C.R. Harvey., (2001) The theory and practice of corporate finance: evidence from the field. Journal of Finance and Economics 60, 187–243. Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3, 305-360. Johnson, H. (1999). Determining Cost of Capital: The Key to Firm Value. London: FT Prentice Hall. Kraus, A., & R.H. Litzenberger. (1973) A State Preference Model of Optimal Financial Leverage. Journal of Finance (September), 911-922. Modigliani, F., & M.H. Miller. (1958). The Costs of Capital, Corporate Finance, and the Theory of Investment. American Economic Review, 48 (June), 261-297. Modigliani, F., & M.H. Miller. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review 53 (June), 433-443. Pratt, Shannon P., & Roger J. Grabowski. (2008) Cost of Capital: Applications and Examples. Hoboken, NJ: Wiley.