Criminals and Society: The Battle Between Reintegration and Recidivism

Theoretical: This exploration paper is centered around discharged convicts and the battles they face to get dynamic, dynamic citizenry. Tragically, these discharged wrongdoers normally face segregation in their employment inquiries, in endeavors to make sure about lodging for themselves and their families, and to be acknowledged by their networks. Without the correct help structures set up upon their discharge, these previous detainees might just fall once more into lives of wrongdoing. Without an appropriate spot to remain, these discharged wrongdoers may become recidivists, falling go into their recognizable jobs as offenders, if just to give the fundamental necessities to themselves and their families. Factually, more than 33% of discharged guilty parties end up back in prison inside a time of their underlying discharge. Through this examination, I would have liked to reveal insight into a portion of the primary driver of criminal recidivism utilizing Labeling Theory and Social Learning Theory . Presentation: In excess of 600,000 detainees are discharged into the principle populace of the United States each year. Of that 600,000, 30 percent end up back in the slammer inside a half year of their discharge, and 70 percent wind up coming back to prison inside three years (Reisig, 409). Upon discharge, numerous hoodlums find that life outwardly is more earnestly on them than it was the point at which they were indicted, condemned, and bolted away. Individuals who realize them may turn out to be similarly as biased as the questioners and proprietors who deny them the opportunity to procure a living or a spot to remain. Through the proceeded with utilization of marks like lawbreaker, hooligan, law breaker, and criminal, many discharged guilty parties feel shunned and separated. Their loved ones may walk out on them, removing the couple of things they have left... ... database. MacKenzie, Doris Layton. (2006, May) Aftercare Following A Correctional Bootcamp May Reduce Recidivism. Criminology and Public Policy, 5(2), 359. Recovered from Criminal Justice Periodicals Database. Visher, Christy A. (2006, May) Effective Reentry Programs. Criminology and Public Policy, 5(2), 299. Recovered from Criminal Justice Periodicals Database. Listwan, Shelley J., Cullen, Francis T., Latessa, Edward J. (2006, December) Step by step instructions to Prevent Prisoner Re-section Programs From Failing: Insights From Evidence-Based Corrections. Government Probation, 70(3), 19. Recovered from Criminal Justice Periodicals. Leighninger, L., and Popple, Phillip R. (1996). Social Work, Social Welfare, and American Society (third. ed.). Allyn and Bacon: Needham Heights, MA. Calhoun, C., Light, D., and Keller, S. (1989). Human science (fifth. ed.). Alfred A. Knopf: New York.

The Benefit of Internet Free Essays

Name: Yoth Laysim Lecturer: Korop Class: Essay Writing D 16/Dec/2010 Reaction to Michael Buble â€Å"Home† One of the surely understand melodies by Michael Buble is â€Å"Home†. He is one of the pop vocalists who live in the United State of America. He sings this melody to show his inclination when he escapes from the family. We will compose a custom exposition test on The Benefit of Internet or then again any comparative theme just for you Request Now In this melody, its significance is that after he leaves his family to do the business in Paris and Rome, he feels achy to go home and his old neighborhood, too.Nonetheless, another mid year day is gone back and forth away, he despite everything need return home simultaneously. Then again, even in the plane and other spot he is fortunate however he despite everything back home. In any case, there are million individuals who live with him, he despite everything feels alone. Michael Buble sings this tune to all the individuals everywhere throughout the world to think about how is awful inclination when they leave from their old neighborhood. At the point when somebody leaves from their family, they likewise feel achy to go home even what their identity is. Then again, this sentiment of nostalgic, it couldn't care less what our identity is, it is still in our inclination when we leave from our home. At the point when we go to concentrate abroad, we additionally feel yearning to go home since it doesn't care for our old neighborhood and everything there doesn't care for all that we have in our old neighborhood. Response to my own inclination, after I tuned in to this melody I feel a similar like Michael Buble’s feeling as well. This tune shows us the sentiment of the entertainer who leaves from his family.As an outcome, my own self when I originally showed up at Phnom Penh, I felt exceptionally achy to visit the family that’s why I needed to return home. In addition, I feel so tragic for this man who leave from that point family since he need to carry out his responsibilities at abroad. At long last, this tune is well known ones that need to show us about the sentiment of the man who escape from his family despite the fact that there are numerous individuals living with him in there, he despite everything feel miss his family, as well. The most effective method to refer to The Benefit of Internet, Papers

The Critical Role Of Information Systems Essay free essay sample

, Research Paper The Critical Role of Information Systems Today s data frameworks are both capable and cultural in nature. The board must comprehend the significance of data inside the association. It is course s occupation to see how data is gathered, prepared, and circulated. We are for the most part exceptionally influenced by data frameworks and must be happy to comprehend and work with them. Our planetary financial framework does non let us to rely upon face to go up against minutess like in the 1980 s. Today, scarcely any chiefs can dismiss the significance and effect of how data is taken care of by their association. Data frameworks play a basic capacity in today s concern association and society ( Laudon 5 ) . Since the outgrowth of the planetary financial framework, the accomplishment of houses today and in the great beyond relies upon their capacity to run all around. The American financial framework relies upon imports and fares. Outside exchange, the two imports and fares accounts for a little more than 25 for each centum of products and enterprises created in the United States, and much more in states like Japan and Germany. We will compose a custom exposition test on The Critical Role Of Information Systems Essay or then again any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page This per centum is directly and will proceed to turn in the great beyond ( 5 ) . Globalization of the universe s modern financial frameworks significantly upgrades the estimation of data to the house and offers new opportunities to concerns. Today, data frameworks give the conveying and investigative force that houses need to continue exchanges and oversee worries on a planetary graduated table. Globalization and data designing other than carries new threats to local concern houses. This is welcomed on by the customer s capacity to shop in an overall commercial center, getting the fiscal worth and quality data dependably, 24 hours a twenty-four hours. The overall market topographic point carries rivalry to a higher degree than ever previously, pressuring all worries to play a segment in this planetary financial framework. So as to go a beneficial member in an overall market houses, need ground-breaking data and conveying frameworks ( 5 ) . Numerous states are sing the third monetary upheaval. These states incorporate the United States, Japan, Germany and other major modern forces. This transformation, which is presently in progression, is changing itself into an insight and data based help monetary framework. This transformation started at the curve of the century and by 1976 the figure of desk laborers utilized in workplaces outperformed the figure of ranch laborers, administration laborers, and industrial specialists utilized in manufacture. Today, a great many people no longer work in ranches or plants, however on the other hand are found in net incomes, guidance, health consideration, Bankss, protection houses, registering machine designing, and law houses. In add-on, they give concern administrations like duplicating, figuring machine bundle, or bringings. These occupations essentially include working with, directing, or making new comprehension and data. Truth be told, discernment and data Fieldss now represent 7 5 for each centum of the American gross national product ( GNP ) , and around 70 for every centum of the work power ( 7 ) . In a comprehension and data based financial framework, data building and frameworks take on extraordinary significance. For case, data designing comprises for more than 70 for each centum of the put capital in administration ventures like account, protection, and existent bequest. This implies chiefs judgments about data designing will be the most widely recognized contributing assurance ( 7 ) . Productiveness of workers relies extraordinarily upon the nature of data frameworks working them. The executives judgments about data designing are basically of import to the continuance of a house. See other than that the turning intensity of data designing makes conceivable new administrations of incredible monetary worth. See that acknowledgment cards, nightlong group bringing, and overall save frameworks are outlines of administrations that depend on new data engineerings. Data frameworks have numerous uses. They non simply help you track stock rundown however adjacent to assist you with making judgments on where to open another shop and help in ascertaining how much cash it will be to keep it ( 7 ) . There are six significant kinds of data frameworks. The main is the Executive Support Systems ( ESS ) . This is a key degree framework that permits ranking executives to embrace and go to five-year propensities, runing programs, spending expectation, net gain planing, and labor arranging. The second is Management Information Systems ( MIS ) . This is a course framework and is aimed at in the middle of chiefs in helping them make conclusions on net incomes heading, stock rundown control, one-year planning, and capital contributing investigation. Another bearing degree framework is the Decision Support System ( DSS ) and is other than aimed at in the middle of executives. This framework is coordinated for the chiefs that are disabled by their, Paralysis of Analysis. The fourth and fifth, are information degree frameworks called Knowledge Work Systems ( KWS ) and Office Automation Systems ( OAS ) coordinated at cognizance and data laborers. The KWS is a framework that helps incredibly t aught proficient and capable staff. This framework is utilized as innovation, fine arts, and administrative workstations. The OAS is utilized for word preparing, picture stockpiling, and electronic schedules. This framework is coordinated toward administrative laborers. The last framework is an operational degree framework called Transaction Processing Systems ( TPS ) coordinated towards operational powers and directors. This framework has numerous uses. The TPS is utilized for request trailing, request handling, machine control, works programming, material movement control, protections exchanging, hard cash bearing, paysheet, accounts collectible, narratives receivable, remuneration, Training and advancement, and representative recordkeeping. There are numerous delineations of how data frameworks non only benefit T he financial specialist however adjacent to the customer ( 19 ) . For representation, UPS contends internationally with data designing. UPS conveys more than three billion packages a twenty-four hours to in excess of 185 states. This would non be conceivable without an exact data framework. UPS has contributed 1 to 1.8 billion dollars on data building totally from 1992 to 1996. This designing has helped UPS climb customer administration while keeping up costs low and smoothing out its general tasks. UPS does this by using a handheld processing machine called a Delivery Information Acquisition Device ( DIAD ) . UPS drivers naturally catch customers marks alongside pickup, bringing, and timecard data on these processing machines. These figuring machines are so put into an arranger connected to each UPS truck. The arrangers so transmit to the boss UPS figuring machine web through cell dish. From the head processing machine web any data can be gotten to ( Wilson ) . Through TotalTrack, its machine-controlled pack following framework, UPS can administer packages all through the bringing strategy. All through the methodology, groups are filtered at each stop using cantina codifications. The data is so taken care of into a cardinal processing machine. This permits the customers to look for any group using a group following bundle provided by UPS. Before long anybody can occur out the situation of their pack by getting to the UPS site. It is anything but difficult to perceive how data frameworks have helped UPS win ( Wilson ) . Another delineation on the basic capacity of data frameworks is Baxter International s stockless stock rundown and appointment framework. This is a data framework that secures customers and fulfillment. Partaking hospitals become reluctant to trade to another supplier on account of the framework s comfort and ease. Baxter Healthcare International Inc. supplies around 66% of all stocks utilized by United States hospitals. It utilizes a data framework initially created by American Hospital Supply Corporation. Purchasing this framework has made Baxter a full line supplier for all clinic requests ( Removing the Warehouse ) . Baxter has gone one measure more distant by giving all the buyers a processing machine to interface directly to their main web. Clients no longer hold to name to put a request, all that is required is to use the on location processing machine to see and request from the inventory. The framework produces moving, charge, invoicing, and stock rundown data. In add-on, the on location registering machines give customers an expected clasp of bringing. Since Baxter has more than 80 circulation places in the U.S. , customers regularly get arranges inside long periods of puting the request ( Removing the Warehouse ) . The framework utilized by Baxter is like the without a moment to spare bringing frameworks created in Japan and now being utilized in the American vehicle industry. Baxter has even gone one measure more remote by dousing the interest for carrying powers to drop off their trucks at the filling dock, which is so put in a clinic extra space. On the other hand, they convey arranges directly to the clinic passages, dropping them at nursing Stationss, runing suites, and stock cabinets. This essentially has made a stockless stock rundown since Baxter fills in as the clinics distribution center. A stockless stock rundown extraordinarily diminishes the hospitals requirement for capacity unending and powers. It other than brings down keeping and overseeing costs essentially. This is a superior framework than the without a moment to spare stock rundown technique on the grounds that under different frameworks, stockpiling is required, yet under the stockless stock rundown framework, it

The Fight Against Writing Case Studies

The Fight Against Writing Case Studies The Importance of Writing Case Studies Case studies concentrate on a genuine customer. They are a very effective type of customer endorsement. Writing case studies is also a fantastic chance to become more conscious of your process. It doesn't have to be hard! Usability testing is quite key. Anticipate Your Reader's Questions A case study should answer certain questions your reader may have regarding your merchandise or assistance. User experience design is about problem-solving. A fantastic resource for analysis, enabling you to learn and also boost your Product Design abilities. You also need to demonstrate that it was your specific product or service that did the work effectively. Our reviews contain information like the score of the clients, our rating, starting prices, Discounts, and caliber of the papers. It's extremely important to read carefully essay services reviews, because you would like to steer clear of low superior services. The document that each customer expects you to have and what you know you will need to write. You may also get the occasion to make a referral bonus every single time you refer a buddy to use our expert services. The very first call was scheduled with the recruiter in the United States. In addition, it's very important to the client to feel like the author gets them and understands what they require. Your potential clients wish to find the happy ending your prior client experienced. Students need to keep tabs on a growing number of supplies as the organization grows. If you've been facing the exact problem and continuously scoring poor grades, request readymade case study solutions from the internet academic help agencies. Regardless of what solution it's, you wish to set your own goals internally before you commence reaching out to clients. As time passes, your target needs to be to compile a portfolio of case histories applicable for all the various kinds of problems you solve. Conclusion in case studies summarizes the reach of work whilst listing the advantages of the organization's solution. Our cases manage a selection of dilemma and issues. A case study may produce the difference in convincing a prospective client to conduct business with you. Sometimes, it can be the deciding factor for prospects when deciding whether or not to work with a company. In a startup, you've got to be goal oriented. Do your homework and the writing will follow As you may see, the case study is a very simple format that packs plenty of punch in a little space. For example, say you're writing a case study for a network computer software product. Also, given that you went through an incredibly extensive application procedure, it's certain you know how to advertise yourself. The Hidden Gem of Writing Case Studies As soon as you've impressed your customers and delivered results, it's time to split the story. Case studies work best every time a client would like to tel l the story of a particular initiative or situation so as to glean the collective wisdom with that work and utilize it like a jumping off point for discussion and learning. You understand how to tell a story by means of a document, and the way to generate your point. My story wasn't just about me but about the people who might also hear it. Writing Case Studies Ideas The overall principle is really simple actually. Quite simply, the characteristics connected with a normal entrepreneur are masculine. A success story with an earlier client gives evidence of the worth of your goods or solutions. A customer success case study may be compelling means to let prospects know more about the value you add to your present client relationships. In doing this you demonstrate the worth and effectiveness of your merchandise or service solutions. You wish to compose the case study from the viewpoint of a reader who isn't acquainted with your business, and who would like to understand how your goods or services can address their problems and let them achieve their targets. An inbound marketing and advertising agency is an excellent place to begin. You ought to be in a position to allow it to be straightforward for the customer to supply you with proof of how you increased efficiency or sales for them. Stories also aid a man or woman to relate and retain the info shared. Give Them the Numbers Readers want statistics.

Writing Of The Discipline Of Accounting - 1627 Words

Writing in the Discipline of Accounting Eduardo Salabert Durham Technical Community College Abstract This research focuses on the career of accountants in order to find some of the types of writing done in their field. It is also to help me better understand what accountants do and what types of writing are required as this is a career in which I am pursuing a degree. The methods used to gather information for this research were from primary resources: one email interview, also shadowing an accountant in order to experience what it feels like actually doing some of the tasks and secondary research: three articles from the web describing the types of writing and what information is portrayed in them. Each of the primary and secondary research completed helps me understand writing in the accounting field and how I feel about the career. Writing in the Discipline of Accounting Early in 9th grade I began to show an interest in the business world. One of my family members was finishing her Bachelor’s in Business Administration and she would tell me key points of her lectures and I would write it down and study it. As I progressed through high school I started to gain an interest of how business transactions are done and who keeps record of it so that the company can be successful. That’s when I started researching the field of accounting. Accountants have one of the most crucial jobs in any small company or corporation and it’s oftenShow MoreRelatedThe Importance Of Writing A Business s Health891 Words   |  4 PagesWriting plays a significant role in many disciplines in the workforce. Some believe that in accounting, writing does not take place at all. This is far from the truth. In fact, when it comes to accounting, writing is very important. It is the inspector in a business’s health. It is used to tell people the status of a business, address the problems, and provide answers. In this essay, we will try to convey the important role writing takes in accounting. We will show its purpose, its content, and theRead MoreThe Writing And Job Prospects Of Accounting1221 Words   |  5 PagesThis report contains information relating to accounting. It talks about the writing and job prospects of accounting and concludes with if I think this career is suitable for me. I will go into detail on why I chose it. I looked up various websites, used a few writing centers, and watched a lecture for an Accounting 121 class and used the information obtained to provide an overview of what accounting requires and what it is like. From this information, I concluded that education is a very importantRead MoreFree Papers992 Words   |  4 Pagespapers, free high school papers and free university papers as sample/example papers for writing your own academic paper but not for downloading purposes. Beware of these websites because they can spoil your academic repute. CustomWritings.com is an international custom writing company that is working online for the convenience of those students who want to gain access to the free stuff. We also provide writing facilities for money but we keep 100% plagiarism free papers such as plagiarism free termRead MoreFree Papers1007 Words   |  5 Pagespapers, free high school papers and free university papers as sample/example papers for writing your own academic paper but not for downloading purposes. Beware of these websites because they can spoil your academic repute. CustomWritings.com is an international custom writing company that is working online for the convenience of those students who want to gain access to the free stuff. We also provide writing facilities for money but we keep 100% plagiarism free papers such as plagiarism free termRead MoreWriting Across And Against The Curriculum1159 Words   |  5 Pages Young, Art. â€Å"Writing Across and Against the Curriculum.† College Composition and Communication. 54.3 (2003): 472-485. Art Young, in the article â€Å"Writing Across and Against the Curriculum,† proposes an innovative and effective approach to promoting language skills and critical thinking amongst college students. As an English professor, Young describes a project in which his campus used poetry across the curriculum to stimulate learning in a variety of subjectRead MoreThe Factors of a Good Fraud Examiner926 Words   |  4 PagesThe development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud After the Enron and WorldCom business climate, there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources, time, and effort in order to comply with the requirements. It clearly improved theRead MorePersonal Audit : The Five Personal Values In Career Management1338 Words   |  6 Pagesare as follows: 1. Balance: It helps me to balance the personal and professional life. It guides me set boundaries. 2. Generosity: I believe in giving is truly living. It keeps me happy. 3. Honesty: It helps me earn the trust of many people. 4. Discipline: It keeps me stuck to rules and regulation. 5. Perseverance: It keeps me motivated to move towards to my career goal despite of failure and difficulties. Values are essential to un-clutter someone’s life (Whittaker 2016). The ways we interact andRead MoreOverview of accounting analysis1529 Words   |  7 PagesHOMEWORK 3: DISCUSSION QUESTIONS 1. A finance student states, â€Å"I don’t understand why anyone pays any attention  to accounting earnings numbers, given that a ‘clean’ number like cash from operations is readily available.† Do you agree? Why or why not? I disagree with the finance student, because net income forecasts future cash flow and is informative. a. Net income forecasts future cash flow better than current cash flow, and does so by recording transactions associated with cash consequencesRead MoreTeaching Materials For After School Program908 Words   |  4 Pagesconsultant to close the file. What were your significant achievements and contributions this term? While doing data entry and analysis, I strengthened the skills of advance Excel and basic VBA coding. I have also got a chance to learn Simply Accounting software and how to operate it effectively. With those valuable experiences, I believe I have shown my ability to work with a minimal supervision as well as in the team environment. Please discuss the academic concepts from your studies that wereRead MoreThe Attributes of a High Quality Accounting Standard1137 Words   |  5 Pagesattributes of a high quality accounting standard? Globalization is a fact of life in today’s worldwide economy. They are many barriers to achieving a true global market; one of these barriers has to do with accounting standards or the presentation of accounting information. Various users have diverse needs for financial information. Companies in different parts of the world had their own methods in preparing their financial statements. Trying to compare the accounting rules of these different companies

Andrew Jackson Indian Removeal Policy Essay - 1197 Words

Was Andrew Jacksons Indian Removal Policy Motivated by Humanitarian Impulses? Authors: Anthony F. C. Wallace, Robert V. Remini, A Summary By: History 2111 Summer 2011 A summary comparison of views regarding the Indian Removal Act of 1830, Was it an act of humanitarianism intended to help and save the Native American culture from the white settlers, as Robert V. Remini has argued? Or was his intent to destroy the tribal culture and to get rid of the Native Americans, as Anthony F.C Wallace has argued? Robert V. Remini argues that Andrew Jackson’s Indian Removal Act of 1830 was socially motivated by humanitarian impulses, and that Jackson’s actions where driven by the desire to save the culture and populace of the Native†¦show more content†¦Jackson’s removal policy did not sit well with a lot of groups; many were uncomfortable about it but agreed it had to be done. President Jackson showed great leadership apart from everything else, and handled the Indian Removal act when no one else wanted to address the growing issue of Indian problem. Most government officials saw little to gain from addressing this and would do nothing. Some historians believe the president’s motivation was clearly out of concern for the Indians customs, their culture and their language, but his first concern was the safety of the military, Indians occupying the east might jeopardize the defense of the United States. In December of 1830 President Jackson would submitted the Treaty of Dancing Rabbit Creek to congress, it would be the first to win Senate approval. President Jackson wanted everything to go smoothly so that the American people would see that he was humane and that this Treaty would benefit both the Indians and the American nation at large. With Jackson located too far away to oversee the actual removal of the Choctaw Nation, they would endure mismanagement, theft, corruption, and inefficiency on a level that would lead to their destruction. Jackson would be deeply offended and the removal of the Choctaw Nation would become one of the worse horror stories of modem era. Anthony F.C

CAPM and Capital Budgeting

Questions: 1.Describe the Capital Asset Pricing Model, including the assumptions underlying the theory? 2.Explain the relationship between the Security Market Line and the Capital Market Line, using diagrams and examples to illustrate your explanation? 3.Briefly set out arguments in favour of and against - the theory, outline its uses and make a critique of its underlying assumptions? 4.Identify any alternatives which have been suggested in place of CAPM? Answers: Introduction This essay carries out discussion on the capital assets pricing model (CAPM), which was developed in the early 1960s by the great economist William Sharpe (Fischer and Wermers, 2012). The CAPM mode has been an evolutionary work in the field of finance. It provided analysis of the risk with the expected return of the securities. Analyzing and incorporating the risk of securities with the expected return was a crucial work which was made possible with the evolution of the CAPM model. In this context, this essay provides discussion on the CAPM model with the coverage in depth in regards to relationship between security market line and capital market line. Moreover, the discussion extends to the critique of assumptions of CAPM model. 1.Capital Asset Pricing Model The capital asset pricing model provides for computation of expected return of security or the portfolio of securities. The expected return computed by applying the CAPM model incorporates the risk of the security which is an essential feature of the CAPM model. However, the CAPM model only incorporates the systematic risk because the unsystematic risk is treatable. The expected return by CAPM model is computed by the following formula (Fischer and Wermers, 2012): CAPM= Rf+Beta (Rm-Rf) Where Rf= Risk free rate of return Rm= Market rate of return Beta = Beta is the measure of systematic risk It could be observed that the model computes the expected return by adding market risk premium multiplied by the beta of security to the risk free rate. Thus, eventually the risk free rate is increased by the premium for the risk taken by the investor (Fischer and Wermers, 2012). The CAPM model is based on certain assumptions as outlined below: The CAPM model assumes that the investors base their decisions in regards to investment only on two factors such as expected return and the risk (Focardi and Fabozzi, 2004). Further, it assumes that the investors are rational and they do not tend to take more risk. The investments made by all the investors are for same time period (Focardi and Fabozzi, 2004). The investors can borrow and lend unlimited amount at the risk free rate. There exists perfect competition in the capital market (Focardi and Fabozzi, 2004). The use of CAPM model has been greatly admired in the field of finance. The investors may use the CAPM model in computing the desired rate of return based on which they may work out the current prices of the securities. Further, the CAMP return could also be used as the discount rate for discounting the cash flows of a project in evaluating its net present value (Sharifzadeh, 2010). 2.Relationship between the Security Market Line and the Capital Market Line There are two elements of the CAPM model such as capital market line and security market line. The capital market line and security market line both are used in finding out the efficient portfolios. However, difference between the two is that CML usages standard deviation to denote the risk while SML usages beta. The capital market line is drawn by taking standard deviation on the X-axes and expected returns on the Y-axes (Cvitanic and Zapatero, 2004). The diagram as shown below depicts the graphical presentation of the CML return: Figure 1: CML Chart (Cvitanic and Zapatero, 2004) From the chart shown above, it could be observed that the efficient frontier on the CML chart is drawn with reference to the expected return and the standard deviation. Thus, the slope of CML becomes: Rm-Rf/ Further, the security market line is nothing but just the graphical representation of the CAPM returns of different securities. The SML is drawn by taking beta of securities on the X-axes and expected returns on the Y-axes. The slope of SML becomes: Rm-Rf/ The graph showing SML return is presented below: Figure 2: SML Presentation (Lee and Su, 2014) The slope of security market line is drawn based on the premise that the systematic risk is the only concern of the investors because the unsystematic risk can be diversified. Therefore, in computing the risk and return trade off, the beta which represents the systematic risk is considered. On the other hand, the risk and return trade off is computed with reference to the standard deviation in the case of CML (Lee and Su, 2014). 3.Arguments for and against the Theory and Critique of its Underlying Assumptions The capital asset pricing model has been applied in the field of finance since many years and it has been considered as one of the most valuable finance theories. The theory establishes a linear relationship between the risk and the return. The proponents of the theory claims that the principles establish in the CAPM theory are still valid (Sharifzadeh, 2010). The theory provides a reasonable estimation of the required rate of return. Further, the proponents claim that the theory takes into account the systematic risk only which is justified because the unsystematic risk can be avoided and hence does not require any consideration. Further, it is claimed that the CAPM model is easy to use and it is widely accepted. The CAPM model provides a strong basis for computation of cost of equity. The proponents of the model claim that the CAPM model is more relevant and better than any other method for computation of cost of equity (Sharifzadeh, 2010). However, there are arguments against the CAPM model also. The opponents claim that the CAPM model is based on the unrealistic assumptions. The CAPM model takes into account only the systematic risk assuming that the investors already hold diversified portfolio and hence there does not exist unsystematic risk (Sharifzadeh, 2010). This assumption of the CAPM model does not seem to be valid because it is not possible that in all cases the investor would be holding perfectly diversified portfolios. Further, the CAPM model measures the systematic risk only based on one factor that is relative volatility of the stock to the market index. However, in order to assess the systematic risk in a detailed manner, it is essential to relate it to different factors such as gross domestic product, inflation, and beta. Thus, it is argued that the single factor model as adopted by the CAPM model for risk assessment is not adequate for the purpose; a multifactor model should be adopted (Sharifzadeh, 201 0). 4. Alternatives of CAPM The assessment of systematic risk in the CAPM model has been based on the single factor. It has been argued by the economists that measurement of the systematic risk based on the single factor is not appropriate. Therefore, an alternative to the CAPM model has been found out which is known as arbitrage pricing theory (Elton et al., 2009). The arbitrage pricing theory provides for computation of systematic risk based on the multi factor model. It is also called the multi beta model. In this model, the assessment of systematic risk is linked to multiple factors such as GDP, inflation, interest rates, and relative volatility to the market index (Elton et al., 2009). Conclusion and Recommendation The essay presented here covers a critical analysis of the capital asset pricing model. From the discussion in this essay, it has been articulated that the CAPM model provides a good basis for computation of desired rate of return. However, it has also been observed that CAPM model makes many assumptions which might be unrealistic in practical situations. Further, it could be articulated that the CAPM model does not assess the systematic risk appropriately and an alternative for this purpose has been found out as the arbitrage pricing theory (APT). The APT provides a multi factor model for computation of the systematic risk. Net Present Value of the Proposed Change Initial outflows Cost of new machine 320000 Realizable value of old machine -90000 Net outflows 230000 Loan amount $ 320,000.00 Interest 8% Period 5 EMI $80,146.07 Loan schedule: Assumed that the loan is repayable in 5 equal installments Year Opening balance Installment Interest Closing balance 1 320000 $80,146.07 25600 $265,453.93 2 $265,453.93 $80,146.07 21236.315 $206,544.18 3 $206,544.18 $80,146.07 16523.535 $142,921.65 4 $142,921.65 $80,146.07 11433.732 $74,209.32 5 $74,209.32 $80,146.07 5936.7456 $0.00 Depreciation per year Cost of machine $ 320,000.00 Depreciated to prime cost $ 50,000.00 Period 5 Depreciation $ 54,000.00 Yearly cash outflows and inflows Cash inflows Cash outflows Net cash flows Year Saving in cooling costs Tax savings on interest Tax savings on depreciation Working capital Loss of existing sales Working capital Interest 1 80,000.00 7,680.00 16,200.00 10,000.00 27,000.00 25,600.00 41,280.00 2 80,000.00 6,370.89 16,200.00 10,000.00 21,236.31 71,334.58 3 80,000.00 4,957.06 16,200.00 10,000.00 16,523.53 74,633.53 4 80,000.00 3,430.12 16,200.00 10,000.00 11,433.73 78,196.39 5 80,000.00 1,781.02 16,200.00 27,000.00 10,000.00 5,936.75 109,044.28 Calculation of present value Year Cash flows PVF@10% Present value 0 -230000 1.000 (230,000.00) 1 41,280.00 0.909 37,527.27 2 71,334.58 0.826 58,954.20 3 74,633.53 0.751 56,073.27 4 78,196.39 0.683 53,409.18 5 109,044.28 0.621 67,707.92 Net present value 43,671.85 Harry should purchase the new machine because it will provide additional benefits of $43,671.85. The net present value of replacing old machine with the new one is 43,671.85 which depicts that the alternative is advantageous References Cvitanic, J. and Zapatero, F. 2004. Introduction to the Economics and Mathematics of Financial Markets. MIT Press. Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory and Investment Analysis. John Wiley Sons. Fischer, B.R. and Wermers, R. 2012. Performance Evaluation and Attribution of Security Portfolios. Academic Press.Focardi, S.M. and Fabozzi, F.J. 2004. The Mathematics of Financial Modeling and Investment Management. John Wiley Sons.Lee, M.C. and Su, L. 2014. Capital Market Line Based on Efficient Frontier of Portfolio with Borrowing and Lending Rate. Universal Journal of Accounting and Finance, 2(4), pp. 69-76.Sharifzadeh, M. 2010. An Empirical and Theoretical Analysis of Capital Asset Pricing Model. Universal-Publishers.