Investigation of Tetracycline Antibacterial Activities

Investigation of Tetracycline Antibacterial Activities NOR FAEZAH BINTI ROSMIDI   Escherichia coli is a Gram-negative bacteria, which discovered and named after Theodor Escherichia and belong to Enterobacteriaceae family. E. coli is classified as same group as other bacterial such as Bordetella pertussis, Borrelia burgdoferi, Chlamydia trachomatis, Helicobacter pylori and many more species that are well known in medical world. E. coli infection can be found all over the world and more common in tropical country. This infection especially can be transmitted through diet because the infections are mainly due to contaminated food. Thus, this infection can be called as food-borned disease. An individual can get infected when consumed foods that are contaminated with dirt. However, not every individual that consumed contaminated food can get the infection. This is because, there are certain criteria to be fulfilled. Firstly, there must be source of infection, which means, E. coli must present in the food. Then, the individual is eating food contaminated with pathogen, as the main route of infection is through orofecal. Lastly, the bodys immune system cannot get rid of the pathogen, which eventually causing disease. This study is conducted to isolate, characterize and evaluate antimicrobial activities of E. coli in media and milk. A total of 3 sample is collected from the stock culture and labelled as EY1, E27 and E31. Isolation is made on the eosin methylene blue (EMB) agar and identified by using gram staining under microscope. To check for the antimicrobial activities, minimum inhibitory concentration (MIC), minimum bactericidal concentration (MBC) and time kill assay are done. Results reveals that the MIC value for E. coli is 128 and MBC value is 1024. Time-kill assay curve disclose that the reaction of tetracycline to the bacteria in media and milk slightly different but yet, able to achieve bactericidal effect of the drug. 1.0 INTRODUCTION 1.1 Introduction Mastitis, or inflammation of the mammary gland, is predominantly due to the effects of infection by bacterial pathogens, although mycotic or algal microbes play a role in some cases (Ronald J. Erskine, 2016b). There are many factors that influence the development of mastitis including microbial, host and environmental (Contreras Rodrà ­guez, 2011). Any opportunistic microbes that can invade tissue and causing infection can lead to mastitis. The pathogen that use this transmission mode are Staphylococcus aureus, Streptococcus agalactiae and Corynebacterium bovis. They may spread from cattle to another cattle through aerosol transmission and invade the udder causing bacteremia. There is other route of infection, which is through the environment of the cattle. The pathogens that associated with environmental reservoirs are Escherichia coli and Trueperella pyogenes (Ronald J. Erskine, 2016a)       Post-milking teat dipping, dry cow therapy, well-maintained milking equipment, and culling of cows with chronic mastitis have successfully controlled contagious mastitis bacteria such as Streptococcus agalactiae and Staphylococcus aureus (Makovec Ruegg, 2003). Milk samples collected from cows on Wisconsin dairy farms clearly demonstrated that environmental bacteria are the most common causes of clinical mastitis. (Pamela L. Ruegg, 2015) Once inside the udder, E. coli multiply rapidly, causing influx of the inflammatory cells. As neutrophils ingest and kill bacteria, endotoxin is released and along with other inflammatory mediators causes severe local inflammation. This inflammatory response is characterized by increased vascular permeability, changes in milk composition and damage to the mammary epithelial cells, which may result in the characteristic watery or serous milk secretion. The treatment for mastitis include administration of antimicrobial via the intramammary route or parentally (Gruet, Maincent, Berthelot, Kaltsatos, 2001). Unfortunately, despite the best possible antimicrobial treatments, failures of bacteriological cure are common, especially for S. aureus mastitis, and antimicrobial resistance (AMR) is considered one of the reasons for low cure rates (Candrasekaran et al., 2014). There are other reasons, which are the management and iatrogenic factors, drug factors, mastitis-causing organism factors and also mammary gland factor. However, the major reason is the insufficient contact of the antimicrobial with the mastitis-causing organisms at the site of infection is a major cause of mastitis treatment failure (Kiro R. Petrovski, 2007). Some bacteria such as S. aureus can localize inside host cells thus restrict the concentration of drug in the cells. E. coli can form biofilms, a condition where the microorganisms structured within an array of exopolysaccharides (EPS) and adhering to a living or inert surface with the function of protecting the microorganisms in stress environments (Costa, Espeschit, Pieri, Benjamin, Moreira, 2014). The sessile cells arranged in biofilms tend to be more resistant to antimicrobial therapy compared with plantonic free cells, due to the slow diffusion of the antimicrobial in the inner layers of the biofilm (Costa et al., 2014). Also, to be effective, drugs need to be free and not inhibited by other components. Some drug may have high affinity binding towards protein. Thus, some component in the milk, for example, casein, may bind to the antibiotic and reduce the free the drugs in the udder. In the case of S. aureus infections during lactation, it has been estimated that the bacteriological cure rate is only within 25% to 50% only (Kiro R. Petrovski, 2015). 1.2 Problem Statement Escherichia coli is one of the major cause of mastitis development. Based on the research done in Wisconsin dairy farm, 21% of the mastitis case result from the E. coli infection. Despite of all the treatment given, the therapy has not been successful. Hence, the aim of this study is to investigate the antibacterial activities of Tetracycline against E. coli from clinical mastitis in growth media and milk. 1.3 Research Questions This study is designed to answer either tetracycline can demonstrate equivalent antimicrobial efficacy against E.coli in growth medium and in milk? 1.4 Research Hypotheses This study is constructed to answer the hypothesis, either tetracycline demonstrates equivalent antimicrobial efficacy against E. coli in growth medium and milk. 1.5 Research Objectives This study is conducted to achieve a set of following objectives :- To determine minimum inhibitory concentrations (MIC) of Enrofloxacin and against the pathogenic E. coli To determine minimum bactericidal concentrations (MBC) of Enrofloxacin and against the pathogenic E. coli To perform time kill assay of Enrofloxacin against E. coli 2.0 LITERATURE REVIEW 2.1 Definition of mastitis Mastitis is swelling of the mammary gland that frequently caused by bacteria ingoing the teat canal and moving up to the udder and there are two types of mastitis, which are contagious mastitis and also environmental mastitis (Dairy Australia, 2007). Contagious or cow-associated mastitis generally related to the bacterial infection that causing disease, which are Staphylococcus aureus and Streptococcus agalactiae (Dairy Australia, 2007). The bacteria present in the udders or on teat skin and spread either by splashes of disease-ridden milk or sprays during stripping on milkers hands or teatcup liners and by cross flow of milk between teatcups (Dairy Australia, 2007). Meanwhile environmental mastitis occur when the bedding which used to house the cattle is contaminated (Ronald J. Erskine, 2016a). It is not only concern on the bedding of the cattle, the infected soil, manure, calving pads and water host bacteria can also causing this disease to developed (Dairy Australia, 2007). Mastitis come in two forms, which are subclinical and clinical, however, subclinical form is rare to be find (Ronald J. Erskine, 2016a). 2.1  Escherichia coli Escherichia coli is no longer bizarre in our communities. This Enterobacteriaceae is a Gram-negative bacteria. It cannot sporulate and can be found commonly in the intestine. This bacteria have a characteristic of glucose fermenting, acid producing, nitrate reducing and oxidase negative. It also have facultative anaerobic characteristic which can grow easily at 37 °C. Physically, E. coli is small in size, approximately 1-2  µ x 30-30  µ, with flagella. It has no capsule and also no mucus layer. There are several antigen structures that play an important role for the identification of this bacteria, which are K antigen, H antigens and O antigen. K antigen can be found in the capsules, a compound in the group of polysaccharide. H antigen can be found in flagella and O antigen can be found in the cells or the body as it is a substance in the group of lipopolysaccharide and polysaccharide (Wiwanitkit, 2011). Despite the fact that most of E. coli are harmless and beneficial, there are species that have the ability to cause disease, and they are divided into groups according to the mechanism of pathogenesis. The groups are enterohemorrhagic E. coli (EHEC), enteroinvasive E. coli (EIEC), enterotoxigenic E. coli (ETEC), enteropathogenic E. coli (EPEC) and enteroaggregative Escherichia coli (EAEC). EHEC is a group that can cause haemorrhagic colitis and can end up with a specific complication called uremia haemolytic syndrome. EIEC or also known as Shiga toxin-producing E. coli (STEC) causes diarrhea. ETEC is a major cause of travelers diarrhea and diarrhea in group of infants in developing countries. E. coli toxic products from the gut causes problems to the patients body. EPEC is a major cause of diarrhea in infants and EAEC is a new pathogen (Wiwanitkit, 2011). 2.2 Mastitis Mastitis is the inflammation of the mammary gland and udder tissue, and is a major endemic disease of dairy cattle. It commonly occurs as an immune response to bacterial invasion of the teat canal by variety of bacterial sources present on the farm, and can also occur as a result of chemical, mechanical or thermal injury to the cows udder (AHDB Dairy, 2017). 3.0 MATERIALS AND METHODS 3.1 Samples collection This study is conducted in laboratory of Faculty of Veterinary Medicine in University Malaysia Kelantan. The bacteria sample, which is Escherichia coli is isolated from the stock samples of the laboratory. There are three samples, which are EY1, E27 and E31. 3.2 Samples preparation The samples are cultured on the nutrient agar for 18 to 24 hours at 37 °C. 3.3 Isolation and identification of Escherichia coli The bacterial colony on the nutrient agar is then cultured on the eosin methylene blue (EMB) agar and gram staining is done. 3.4 Minimum Inhibitory Concentration Minimum inhibitory concentration (MIC) are determined using the broth micro dilution method. A range concentrations of antimicrobial is prepared in a 96 well microplate, followed by inoculation of bacteria culture to yield approximately 5105 cfu/ml in a 250ÃŽÂ ¼ final volume. The plate is then incubated in 37 °C for 18 hours. The lowest concentration of antimicrobial that inhibit bacterial growth is taken as MIC value. 3.5 Minimum Bactericidal Concentration The dilution representing the MIC are aliquot volume of the broth and spot onto Nutrient agar. The agar is then incubated 18 hours with 37 °C. No growth indicate that antibiotic is bactericidal at that concentration. If there is present growth indicative that antibiotic work as antibiotic only particularly on the dilution. 3.6 Time Kill Assay Tube containing designated concentration of antimicrobial will be inoculated with 105 cfu/ml of bacteria in Nutrient agar, followed by incubation at 37 °C, in an incubator shaker at 200 rpm. At 0, 1, 4, 24 hour post inoculation, 50 µ aliquots will be taken out, serially diluted in saline and plated on Nutrient agar. Plates will be incubated for 18 hours at 37 °C followed by colony counting. An antimicrobial is considered bactericidal if there is †°Ã‚ ¥3-log decrease in cfu/ml of bacteria counts, as compared to the growth control.      Ã‚   4.0 RESULTS 4.1 Isolation and identification of Escherichia coli Colony of E. coli on EMB agar is small to medium circle in size and shape, with dark green and glossy, raised and polish appearance. 4.4 Time Kill Assay SAMPLE EY1 (x103) T0 T1 T4 T24 MEDIA CONTROL 110 120 135 150 1X MIC 42 11 21 110 2X MIC 26 42 26 0 5X MIC 20 12 11 0 15X MIC 13 13 1 0 MILK CONTROL 123 135 141 156 1X MIC 46 35 173 110 2X MIC 46 26 11 100 5X MIC 32 14 8 0 15X MIC 37 13 4 0 Table 1 : Time kill Assay Results for Sample EY1 in x103 SAMPLE EY1 (x106) T0 T1 T4 T24 MEDIA CONTROL 5.5 6.0 6.75 7.5 1X MIC 2.1 0.55 1.05 5.5 2X MIC 1.3 2.1 1.3 0 5X MIC 1.0 0.6 0.55 0 15X MIC 0.65 0.65 0.05 0 MILK CONTROL 6.15 6.75 7.05 7.8 1X MIC 2.3 1.75 8.65 5.5 2X MIC 2.3 1.3 0.55 5.0 5X MIC 1.6 0.7 0.4 0 15X MIC 1.85 0.65 0.2 0 Table 2 : Time kill Assay Results for Sample EY1 in x106 Figure 3 : Time-kill curve for E. coli (EY1) against Tetracycline on media and milk SAMPLE E27 (x103) T0 T1 T4 T24 MEDIA CONTROL 113 126 141 154 1X MIC 64 29 49 111 2X MIC 58 35 18 10 5X MIC 42 22 2 0 15X MIC 30 11 1 0 MILK CONTROL 127 139 145 161 1X MIC 48 36 180 100 2X MIC 58 52 30 111 5X MIC 41 22 18 5 15X MIC 47 22 20 5 Table 3 : Time kill Assay Results for Sample E27 in x103 SAMPLE E27 (x106) T0 T1 T4 T24 MEDIA CONTROL 5.65 6.3 7.05 7.7 1X MIC 3.2 1.45 2.45 5.55 2X MIC 2.9 1.75 0.9 0.5 5X MIC 2.1 1.1 0.1 0 15X MIC 1.5 0.55 0.05 0 MILK CONTROL 6.35 6.95 7.25 8.05 1X MIC 2.4 1.8 9.0 5.0 2X MIC 2.9 2.6 1.5 5.55 5X MIC 2.05 1.1 0.9 0.25 15X MIC 2.35 1.1 1.0 0.25 Table 4 : Time kill Assay Results for Sample E27 in x106 Figure 4 : Time-kill curve for E. coli (E27) against Tetracycline on media and milk SAMPLE E31 (x103) T0 T1 T4 T24 MEDIA CONTROL 115 121 137 145 1X MIC 59 41 39 114 2X MIC 57 37 27 43 5X MIC 55 39 23 0 15X MIC 24 33 7 0 MILK CONTROL 121 140 149 165 1X MIC 56 40 180 108 2X MIC 71 50 45 116 5X MIC 51 26 12 102 15X MIC 58 25 13 0 Table 5 : Time kill Assay Results for Sample E31 in x103   SAMPLE E31 (x106) T0 T1 T4 T24 MEDIA CONTROL 5.75 6.05 6.85 7.25 1X MIC 2.95 2.05 1.95 5.7 2X MIC 2.85 1.85 1.35 2.15 5X MIC 2.75 1.95 1.15 0 15X MIC 1.2 1.65 0.35 0 MILK CONTROL 6.05 7.0 7.45 8.25 1X MIC 2.8 2.0 9.0 5.4 2X MIC 3.55 2.5 2.25 5.8 5X MIC 2.55 1.3 0.6 5.1 15X MIC 2.9 1.25 0.65 0 Table 6 : Time kill Assay Results for Sample E31 in x106       Figure 5 : Time-kill curve for E. coli (E31) against Tetracycline on media and milk

Financial Forecasting CheckPoint Essay

The reason type of companies such as brand new companies, family-owned companies, and long-standing companies would need a financial forecast is to develop projected financial statements; a series of pro forma. The information developed by a series of pro forma provide a sort of estimate on inventory, payables, receivables as well as what would be required for profit and borrowing. A projected financial statement provides a kind of advantage in any of the companies listed above as it gives the firm an insight on operations. A pro forma would help guide companies in deciding how to best operate and succeed. When starting a brand new company a financial forecast is essential. A financial forecast would help a brand new company decide on how much inventory would be needed, cost of start up and production, and how much capital is needed. Obtaining a financial forecast would also help guide a brand new company on how much profit the company can make, whether a bank loan would be needed to start up and how many individuals can be hired. Family-owned companies need financial forecast just as much as a brand new company. A family-owned company would need a financial forecast for obtaining information from the simplest of things like how much inventory is in stock, profit sharing, expected expenses and profit for the future. A family-owned company would need a financial forecast to also make good decisions on continuing a successful business, which department needs revamped or tweaked. It is essential for a family-owned company to obtain a financial forecast to also estimate whether sales income would be enough to cover expenses and whether cutbacks need to be made.

Analyse the Development of Capital Structuring Theory - Free Essay Example

Sample details Pages: 7 Words: 2237 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Level High school Did you like this example? Introduction The essay intends to cover the development of capital structuring theory over the course of the 20th Century. It will highlight the different theories put forth by researchers, primarily Franco Modigliani and Merton Miller and their work during the 1950s and 1960s, and describe the differences in the theories and their implications and impact in the world of business and finance. Background of Theory In 1952, David Durand produced an article titled Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement (Durand, 1952), for the National Bureau of Economic Research. Within this publication he created what is now known as a Traditional View of capital structuring which according to this view, the value of the firm can be increased or the cost of capital can be reduced by the judicious mix of debt and equity capital (Chand, 2015). This implies that the market valuation of a corporation can be altered depending on the capital structure used to finance the organisation. The Traditional View assumes that as debt capital increases the overall cost of capital decreases and thus the market valuation of a company can be increased through the benefit of a Tax-shield of Debt that is apparent when a company decides to finance through debt (FT Lexicon, 2015). This is due to the fact that interest payments on debt capital are treated as tax-deductable therefore a comp any will obtain more profit and shareholders are more inclined to accept a certain amount of debt finance. However, as leverage begins to increase beyond a certain amount à ¢Ã¢â€š ¬Ã¢â‚¬Å" an optimal point à ¢Ã¢â€š ¬Ã¢â‚¬Å" then shareholders are aware of bankruptcy risks, resulting in an increased cost of capital to compensate an increase in risk, lowering company market valuation. Furthermore, as you increase debt capital you are at the whim of some macro-economic factors, such as the setting of interest base-rates by the countrys central bank which of course would increase debt payments, perhaps beyond an efficient level, again increasing risk. However, in 1958 Franco Modigliani and Merton Miller published a conflicting article in The American Economic Review titled The Cost of Capital, Corporation Finance and the Theory of Investment (Modigliani and Miller, 1958). Within this article they put forth different propositions in relation to how capital structuring affects the mar ket value of a corporation and they criticised David Durands assumption that the cost of equity remains unaffected by leverage up to some reasonable limit as in their view the cost of equity is an increasing function of debt capital (Chand, 2015). This is likely to be because as bankruptcy risks are increasing shareholders are more inclined to request an increasing amount of returns to compensate, therefore the cost of equity will increase. Within the 1958 article Modigliani and Miller had the view that an organisations weighted average cost of capital is not affected by changes in its capital structure. Modigliani and Miller also published an article in 1963 titled Corporate Income Taxes and the Cost of Capital: A Correction for the American Economic Association (Modigliani and Miller, 1963). Within this article they had back-tracked on statements made within their first article published in 1958 and now were stating that among other things, that the tax advantages of debt finan cing are somewhat greater than we originally suggest and, to this extent, the quantitative difference between the valuations implied by our position and by the traditional view is narrowed (Modigliani and Miller, 1963, pp.434). This modification leads Modigliani and Miller to admit that tax relief on interest payments does lower the weighted average cost of capital.(ACCA, 2012, pp.314) Don’t waste time! Our writers will create an original "Analyse the Development of Capital Structuring Theory" essay for you Create order Development of Theory As we have stated, David Durands theory à ¢Ã¢â€š ¬Ã¢â‚¬Å" the traditional view à ¢Ã¢â€š ¬Ã¢â‚¬Å" is of the belief that a company can alter its market valuation by finding an optimal capital structure point which in turn would lower the Weighted Average Cost of Capital (WACC) and thus increase market valuation. This theory has been created on the basis of certain assumptions which are as follows; The company pays out all its earnings as dividends The gearing of the company can be changed immediately by issuing debt to repurchase shares or by issues shares to repurchase debt. There are no transaction costs for issues. The earnings of the company are expected to remain constant in perpetuity and all investors share the same expectations about these future earnings Business risk is also constant, regardless of how the company invests its funds Taxation, for the time being, is ignored (ACCA, 2012, pp.310-311) This theory was used as a basic backdrop to the issues of debt and equity costing and finance. Durand had put forth a Net Income (NI) and Net Operating Income (NOI) in his article Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement (Durand, 1952). The combination of these ideas formed the basis of the Traditional View. That was until the creation of a publication in 1958, Modigliani and Miller put forth propositions which had built upon the theory created by David Durand in 1952 which assumed certain initial assumptions. The assumptions for the first proposition are as follows; A world without taxation A world without transaction costs A world without bankruptcy costs A world without growth opportunities A world without asymmetric information between insider and outsider investors i.e. a perfect capital market exists A world where there are differences in risk between different firms and individuals (Frentzel, 2013, pp.13) Within this theory Modigliani and Miller had rejected the idea put forth within the Traditional View and they had believed that the firms overall weighted average cost of capital is not influenced by changes in its capital structure (ACCA, 2012, pp.310). This is likely to be because, in the absence of taxation, an organisations market value is determined by only two factors; i) The total earnings of a company and ii) the level of business risk attached to those earnings. The WACC would then be determined by discounting the total earnings at a rate that is appropriate to the level of operating risk (ACCA, 2012, pp.312). Therefore capital structuring would be deemed to be of irrelevance, thus the name of this theory was deemed Irrelevance Theory. However, after receiving large amount of criticism due to the unreasonable assumptions, mainly that of an omission of taxation, Modigliani and Miller had to produce a correction paper in 1963 à ¢Ã¢â€š ¬Ã¢â‚¬ Å" as mentioned earlier. This theory à ¢Ã¢â€š ¬Ã¢â‚¬Å" a second proposition à ¢Ã¢â€š ¬Ã¢â‚¬Å" had included corporation tax in their model and they had then concluded that capital structuring does affect WACC and therefore market valuation. The reason for their conclusion arises after they [had] identified taxation as the primary reason why the combination of financing sources does matter because interests on debt may be deducted from the firms income and thereby reduces the net taxable earnings. As a result, this tax saving that constitutes an additional advantage to using debt capital lowers the effective cost of debt capital (Frentzel, 2013, pp. 15-16), this is known as the Tax Shield. This would suggest a firm would benefit from funding their organisation entirely out of debt as they would lower their tax liability due to the savings incurred from interest payments that are tax-deductable. This notion of a firm funding itself entirely out of debt in practice seems illogical considering; a) shareholders would deem the company a risky investment should it be completely funded by debt and would request a higher return to compensate and b) the bankruptcy costs and increased likelihood of insolvency should a company fund itself entirely out of debt even though the model rejects the idea of bankruptcy costs, in reality we know there are such costs. This then brings us onto the next theory which has been named Trade-Off Theory. This theory arose out of the controversy surrounding the second proposition put forth by Modigliani and Miller which implied a company can and should fund itself entirely out of debt due to the benefits of the Tax Shield. This of course does not make sense and sounds extreme due to the reality of bankruptcy costs and therefore an off-setting mechanism is needed which comes in the form of the tax advantages of borrowed money and the costs of financial distress when the firm finds it has borrowed too much (Shyam-Sunder and Myers,1998, pp. 210). This seems to make more sense in that an optimal point between equity and debt financing can be reached as well as including assumptions previously omitted from earlier theory such as the effects of corporation tax and that of bankruptcy. The final theory highlighted in this essay is named Pecking-Order Theory and it has been developed as an alternative to Traditional Theory. It made an appearance in an article titled The Capital Structure Puzzle (Myers, 1984) within the Journal of Finance and suggested that there exists a particular pecking order of funding which, put one way, is that Firms prefer internal finance [retained earnings]If external finance is required, firms issue the safest security first. That is, they start with debt, then possibly hybrid securities such as convertible bonds, then perhaps equity as a last resort. In this story, there is no well-defined target debt-equity mix, because there are two kinds of equity, internal and external, one at the t op of the pecking order and one at the bottom (Myers, 1984, pp. 581). Put in simpler terms, adverse selection implies that retained earnings are better than debt and debt is better than equity (Murray and Vidhan, 2005, pp.19). The Pecking-Order Theory is an explanation of what businesses actually do, rather than what they should do (ACCA, 2012, pp.315). This theory does not provide us with an optimal mix of finance but does provide us with a preferred method of funding for numerous reasons, for example, it is easier to use retained earnings as you have no external expectations set upon the company, there are also no issuing costs with retained earnings, issuing debt provides a signalling effect which is better than issuing equities. This final reason is because should a company start to issue equity, it could be sign that the managers believe that their equities are overvalued and are trying to cash in on the equities before they return to fundamental value, there is also a fixed income in regard to issuing debt whilst having a priority on liquidation. Conclusion In conclusion, there have been some productive developments concerning the area of capital structuring. In just over half a century various different hypothesis have developed which have contributed largely to the field, from an initial period where capital structuring was questioned to have any relevance at all to a view-point where a mix of debt and equity finance can achieve an optimal point of capital structuring. The importance of this cannot be underestimated as achieving an optimal point can lower the Weighted Average Cost of Capital so that a discount factor used in investment appraisals can lead a company to increase or decrease its market valuation. Reaching the optimal point is a case of trial and error for a company however once a company has reached this point the benefits can be profound, should a company increase its market valuation it may attract a different kind of investor or increase the possibility of a merger or an acquisition. Achieving the optimal point will allow a company to have a greater understanding of its Weighted Average Cost of Capital and therefore a discount factor; once this is achieved certain investment opportunities that may once have been out of reach may now be an acceptable possible idea to pool company resources or capital. This in turn may allow a company to enter into investment opportunities that it once thought it couldnt, perhaps leading to the entrance into new markets, the development of new technology, or an avenue to achieve re-engineered growth, all leading the company to a position to move forward and most importantly keeping the current and possibility new shareholders content with the current business model and situation. Bibliography Chand, S. (2015). Theories of Capital Structure (explained with examples). Available at: https://www.yourarticlelibrary.com/financial-management/theories-of-capital-structure-explained-with-examples-financial-management/29398/ Durand, D. (1952). Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement, National Bureau of Economic Research, pp.215 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 262, [PDF]. Available at: https://www.nber.org/chapters/c4790.pdf FT Lexicon. (2015). Definition of the Tax Shield. [Online] Financial Times. Available at: https://lexicon.ft.com/Term?term=tax-shield Modigliani, F. And Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment, The American Economic Review, 48(3), pp. 261-298, [PDF]. Available at: https://www.aeaweb.org/aer/top20/48.3.261-297.pdf Modigliani, F. And Miller, M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction, The American Economic Review, 53(3), pp. 433-443 [PDF] Available at: https://www2.bc.edu/~chemmanu/phdfincorp/MF891%20papers/MM1963.pdf ACCA. (2012). Paper F9, Financial Management, Study Text. London: BPP Learning Media Ltd Frentzel, B. (2013). Capital Structure Theory since Modigliani-Miller. Bachelor of Arts Thesis (BA). Berlin School of Economics and Law. Available at: https://opus4.kobv.de/opus4-hwr/files/166/Frentzel,Bennet_BA_2013.pdf Shyam-Sunder, L. And Myers, S. (1998). Testing Static Tradeoff against Pecking Order Models of Capital Structure, Journal of Financial Economics, 51, pp. 219-244 [PDF] Available at: https://pages.stern.nyu.edu/~eofek/PhD/papers/SM_Testing_JFE.pdf Myers, S. (1984). The Capital Structure Puzzle, The Journal of Finance, 39(3) , pp. 575-592 [PDF] Available at: https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1984.tb03646.x/pdf Murray, F. And Vidhan, G. (2005). Tradeoff and Pecking Order Theories of Debt, (Working Paper) Tuck School of Business at Dartmouth. Available at: https://www.tc.umn.edu/~murra280/WorkingPapers/Survey.pdf

Marriage The Mystery Of Faithful Love - 1977 Words

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Therefore, what God has joined together, let no one separateRead Morer e a d750 Words   |  3 Pages...TO THE PEOPLE OF GOD (AND THE PEOPLE I LOVE) Christians talk a lot about premarital sex. And I think that’s a mistake. I don’t think it’s a mistake because the issue is unimportant but because the grammar is skewed. The word â€Å"fornication† is almost gone from contemporary Christian speech. It sounds creepy and antiquated. Instead, we talk about â€Å"abstinence† and â€Å"premarital sex.† In the most recent issue of Touchstone magazine, I argue that the loss of the words â€Å"fornicate† and â€Å"fornication†Read MoreRebecca by Daphne Du Maurier Essay1099 Words   |  5 PagesRebecca is a beautiful, haunting, gripping tale of love, hate and deceit told in the simplest and most endearing manner by Daphne Du Maurier. Rebecca is a beautiful, haunting, gripping tale of love, hate and deceit told in the simplest and most endearing manner by Daphne Du Maurier. Du Maurier weaves a beautiful web of mystery that holds you captive until the very end of the novel. We readers feel the anxiety, apprehension and fear that the protagonist describes and together we moveRead MoreAnalysis Of The Ship Reaches The Shore 977 Words   |  4 Pagesground and sit across from me. As, I repeat, listen and listen well, because I will nott be repeating myself. Odysseus, I’m a woman that honors trust, love and my marriage. Twenty summers!, you’ve been gone for twenty summers. Despite all the suitors that constantly gather themselves around the house as an attempt to marry me, I remain faithful to you. You welcome yourself back home, disguise yourself as a beggar, only to test my honesty after achieving your primary goal. I admire you for removingRead More Compare Carol Ann Duffys Valentine to Andrew Marvells To His Coy1569 Words   |  7 Pagesthis assignment I will be comparing two love poems Carol Ann Duffys Valentine to Andrew Marvells To His Coy Mistress. The poem Valentine was written is the twentieth century and in it the speaker uses onion as a metaphor to show her love. The poem To His Coy Mistress was written in the seventeenth century and is about the poet trying to persuade his Mistress to sleep with him. Valentine by Carol Ann Duffy is very different to any other love poem as you would expect to read somethingRead MoreEmily Bronte s Wuthering Heights1384 Words   |  6 Pagesreality that is more realistic in the sense of their actions to acknowledge the complexity of the novel as a whole. Catherine Earnshaw, a very complex character, happens to be fond of Heathcliff, whom was brought home by Mr. Earnshaw. Catherine’s love for Heathcliff was described by Nelly Dean as, â€Å"She was much too fond of Heathcliff. The greatest punishment we could invent for her was to keep her separate from him† (Brontà « 37). Later on in her life she was proposed to by Edgar Linton, the rich