Raising Capital In Financial Markets And Institutions Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2896 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? In the most general manner, one can describe financial markets as any marketplace that is associated with the participation of buyers and sellers in trading with financial instruments like equities, bonds, derivatives and other currencies. It is characteristic of financial markets to have a transparent pricing system. Even all forms of trading, costs and fees are based on certain regulations. Don’t waste time! Our writers will create an original "Raising Capital In Financial Markets And Institutions Finance Essay" essay for you Create order There are market forces that are related to determining the prices of all the securities that are used for trade. It is also very selective in nature to trade in financial markets. Only those participants who satisfy certain fixed criteria are allowed to do so. Such criteria could be in the form of amount of money that the participant holds, the geographic location of the investors and the amount of knowledge that the participants have of the market. These markets can be found all around the world. Some of the very famous financial markets are NYSE (New York Stock Exchange) and LSE (London Stock Exchange). The markets trade of the order of trillions of dollars every day. There are periods in every financial market where the prices rise to above the historical norms. In such periods heavy trading is done and here the demands for securities also increase incessantly. There are also periods where downturns occur. Under these situations, the prices go below a certain intrinsic value. Thi s value is based on certain factors like the low level of demands or some other factors of macroeconomic nature like tax rates, national production and also level of employment. Under all these situations, information is expected to be transparent hence resulting into a financial marketplace having a high degree of efficiency. (Financial Market, 2010) Raising Capital in Financial Markets In order to make a clear understanding of what financial markets are all about, it is also essential to know their use and the areas where the companies need to invest capital. It would be difficult for the borrowers to get money lent without the existence of financial markets. Here, the use of banks also comes into the picture. This is done in the form of loans and also in the form of mortgages. For the other, more complex transactions this process of borrowing and lending is done through the agents. One of the most well known examples of a financial market is stock exchange market. Here, every company is given the provision to raise money by virtue of issuing shares and also other shares which already exist, can be bought or sold as the case might be. Here there are four different types of users. They have been mentioned as follows: Lenders This is the category that has enough money so as to start with the liquidity process. This category of people gives money under the condition that it would get back the principal amount with a certain interest or charge at the decided time. Individuals and Doubles There are also lenders who lend money without knowing that they are doing so. This can be done in the following different ways: Putting money in a savings bank account Making contribution to a pension plan Giving premiums to get insured Investment in Government bonds Investment in shares of company Companies Companies also have a major role to play in financial markets. They generally tend to be borrowers of capital. During those times, when it is felt that the companies have a surplus amount of cash which is not needed for a particular small period of time, they distribute the same in shirt term markets called as money markets. In the list of companies that play a role in the financial markets, there are some companies that have really high cash flows. Such companies are considered to be lenders rather than borrowers. They can use buyback schemes to return cash to lenders. Under alternate circumstances, they can also seek to make more money by lending cash. Borrowers The nest category is that of borrowers. Under conditions of house purchase, there are many individuals who borrow money in the form of bankers loans or in the form of long term mortgages. There are also companies who borrow money so that it could be of aid in their cash flows whether in the short run or in the long run. This can also be done for a complete modernization or for future expansion plans of the company. There are Governments who borrow money when the tax revenues collected are more than what they have to spend. This difference makes them borrow. This borrowing is also done on behalf of certain industries that are nationalised, certain municipalities and some local authorities as well. This is done in the form of bonds. There are municipalities which themselves borrow to raise money in their own name or in that of a certain Government. Also, there are a number of number of public corporations which include a number of nationalised industries. This can also include postal services, railway companies and also some utility companies to name a few. Some borrowers also take money locally or through Forex (Foreign Exchange). (Assistance with capital market transactions, 2011) Derivative Products After the 1970s, financial markets saw a substantial rise in the derivatives section. It has to be understood that in form of trade in financial markets, which could be in the form of stock prices, bond prices, currency rates or dividend rates; there are always ups and down which have a capability to creating risks. Under the situations, derivatives are used to control risks or for a particular period they can also exploit risk. This is done under the concept of financial economics. The advantage of using derivatives is that it can generate certain unusual profits from the use of instruments in financial markets. A contract would have to be made in order to use such products. These contracts are mainly of three types: Future contracts, forward contracts ad also option contracts. (Derivative products, 2010) Types of Financial Markets Financial markets can be divided into various types. They have been mentioned as follows: Capital Markets: These financial markets are composed of Stock markets and bond markets. While stock markets are responsible for issue of common stock which can enable subsequent trading, bond markets are responsible for financing through issuing bonds and enable subsequent trading. Commodity Markets: This market is used for the trading of commodities which are more of a physical nature. Money Markets: This market as discussed above is used to provide financing and investment in the form of short term debts. Derivatives Market: This market provides instruments that are essential for management of financial risks. This has also been explained in the previous section. Futures Market: This market is related with providing standardized forward contracts which have a pre-defined trading date in the future. On many occasions, this has been referred as forward market. Insurance Mark et: This market is essential for the redistribution of a number of risks. This financial market also has a vital significance in the current corporate world. As a result a number of financial institutions are starting to trade in such markets. Foreign Exchange Market: This market is required for trading of foreign exchange. Also, talking more in detail about a capital market, it is composed of both primary and secondary market. All those securities which are newly formed are either bought or sold in primary market. As far as secondary market is concerned, here the investors are given an opportunity to sell securities that have been held for long or even to buy existing securities. Also, in a primary market, transactions basically take place between investors and public while in secondary markets, it takes place between investors only. (9 types of financial markets for capital raising, 2008) Analysis of Financial Markets From the time, this term has been coined, a lot of study has also been undertaken to study how prices vary from time to time. Of these various studies, the Dow Theory given by Charles Dow is of extreme significance. This is also called the technical analysis method to predict future changes in markets. This theory has deduced that the market trends indicate the future, for the short term if not for a long term. But, this theory has also been disputed on many occasions. Here, next change is not correlated to the last change. Also, it is important to study the scale of change in price over a unit of time. This is termed as volatility. It does not follow a Gaussian distribution but rather a Levy stable distribution. Here, the scale of change depends on the length of time unit to a power that is slightly greater than ÂÂ ½. Here, there are more chances of large changes either up or down as compared to what it would be by using the Gaussian distribution which has an estimated value of standard deviation. Today, one also needs to put interest in the proper analysis of international market effects. A global financial network can be a boon or a bane. So, one should make proper analysis of financial markets before making any decision. Financial Institutions Definition In the most general terms, a financial institution is that which is responsible for collecting funds. These funds are collected from the public and they are put in the form of financial assets. Assets could be various types. They are deposits, loans and also bonds. The major aim of a financial institution is the conversion of public money in these mentioned financial assets rather than in tangible property. Also, one very important aspect of a financial institution which is also worth noting is that it provides a number of financial services to the clients and its members. On many occasions, financial institutions also act as financial intermediaries. As this is a highly risky affair, most of the financial institutions are regulated by the Government. (Financial Institutions, 2010) Types of Financial Institutions There are broadly three types of financial institutions. These have been mentioned as under: The first of these are deposit-taking institutions which are responsible for accepting and managing deposits and also in making loans. They are of the type of banks, building societies, credit unions, trust companies and also mortgage loan companies. All these financial institutions have different functions. Distribution of such functions in these bodies makes it easier for the customers to make use of the functionalities that financial institutions have. In recent times, there has been a large degree of improvement in this respect. All financial markets that have been mentioned, take help of the deposit-taking institutions in order to run. Even money markets which have started to take effect nowadays run on the basis of the contributions of the deposit-taking institutions. The second category is that of the insurance companies and pension funds. Talking about the former first, one mu st have realized the consistent consciousness in the people of the society with respect to insurance. With technology developing, it has not only made the world look short but it has actually made the lives of people short. There are a number of reasons for which the people look for insurance. The need to security has increased more than ever. Under the conditions, a number of insurance companies have turned up these days. Many of the banks have also started their new division of financial institutions in the form of insurance companies. This is an example of the fact that companies have begun to see scope in the market and many new form of investing and financing options are coming up these days such as in the form if insurance companies. The other financial institution that has been mentioned here is pension funds. With the world, developing at a much accelerated rate, the provision of employment has also increased to a substantially large degree. As a result of this, many fresh c andidates are getting options to take part in the functioning of companies. Now, this has led to retirement as well both in the public and in the private sector. Though, there is no such generalized agreement in private companies for pension funds. But in case of public companies, this has developed into a financial institution. This has become more important to those stock markets where the number of institutional investors is large. Though the provision for the same is not very high in case of private institutions, one significant pension fund is TAPILTAT, which is the fund for mutual assistance of the Employees of Ioniki Bank and Other bank. It functions as a multi-employer auxiliary pension fund. This has its operations in Greece. A number of private institutions in UAE have been inspired by the ideologies of this plan and it is expected that in times to come, it would expand its reach. The third category is that of brokers, underwriters and investment funds. In this context, as the name suggests, a broker is that party which makes arrangements to have transactions between buyers and sellers. In return, it also gets commission at the execution of the deal between them. There are also brokers who act as sellers or buyers as a result of which they become the principal party to the deals. Also, there are distinguishing agents who act on behalf of the principals as defined here. In reference with financial institutions, a broker could be of the following types: Commodity Broker Customs Broker Insurance Broker Investment Broker Joint Venture Broker Mortgage Broker Options Broker Stock Broker Serviced office Broker As far as underwriting is concerned, many financial institutions such as banks, insurance companies and investment houses assess the ability of a customer to receive their financial product which could be in the form of insurance, mortgage or credit. Here, there are a number of financial underwriters who do accept some risk adverse ventures in exchange of a premium. Because of the green flag shown by the underwriters, such deals are also considered. Then, it becomes the responsibility of the underwriters to take care of the transaction. Also, there are three types of underwriting in this context. They are securities underwriting, bank underwriting and also insurance underwriting. In all these cases, the underwriters evaluate the risks that are associated with the same and bases on their evaluation, they draw conclusions on whether they can allow transactions. The final segment in this category is that of investment funds. This is more widely known in the form of collective investment schemes. Here, one can invest money alongside other investors so that one could have the advantage of working as a group. The advantages of this form of financial services include- hiring investment managers to improve the prospects of a better return, benefit from cost sharing (economies of scale) and there would be more diversity which would further reduce risks. The entire institution in this respect is broadly composed of: A fund manager A fund administrator A board of directors The Shareholders A marketing company for promotion (Private equity, 2010) Corporate Valuation In case of financial institutions, it is advised to use Equity Multiples rather than Enterprise Multiples. The reason is that the relative metrics used for the same are Price or Equity Price or Book Value. Valuing a financial institutions balance sheet is different from that of a non-financial institution. This can be seen as to consider the way an industrial firm handles its assets and the loans that it requires to finance that asset. In case of financial institutions, the line is blurred. These institutions must hold certain deposits in form of liabilities so that they could fuel the issuance of loans required to manage the assets. Here, three different models can be used for corporate valuation. They have been mentioned as follows: Dividend Discount Model: This model uses Earnings per share (EPS) or also Dividend per share (DPS). Discounted Cash Flow (DCF) Model: Here, there is a basic requirement of a Free Cash Flow for Equity (FCFE). This is that amount of money which go es back to the shareholders. Now, one can calculate the Free Cash Flow to the Firm (FCFF) as: EBIT* (1-Tax rate) Capital Expenditures + (Depreciation Amortization) (Net increase in working capital). Also, FCFF- Debt + Cash = FCFE. Cost of equity is calculated by using the Capital Asset Pricing Model rather than the Weighted Average Cost of Capital. This is another reason for which one uses equity multiples rather than enterprise multiples which is used for calculation of the cost of equity. Excess Return Model: In using this model, one could calculate the total valuation as the sum of capital invested in the firm and the present value of dollar returns expected in the future. Regulation As far as financial institutions are concerned, they are generally operated in a highly regulated environment because they form a critical part of the economies of a company. The structure of the regulation is certainly different in every company but in most cases it does include prudential regulation and consumer protection along with market stability. There are some companies which go for a single body that takes care of regulating the financial institutions where are there are others which have separate agencies for the same. Some of the major regulating bodies of financial institutions have been mentioned as under: Federal Financial Institutions Examination Council Office of the Comptroller Currency Federal Deposit Insurance Corporation National Credit Union Administration Federal Reserve Office of the Thrift Supervision (Regulations of Financial Institutions, 2008)

General Winfield Scott in the Mexican-American War

Winfield Scott was born on June 13, 1786, near Petersburg, VA. The son of American Revolution veteran William Scott and Ann Mason, he was raised at the familys plantation, Laurel Branch. Educated by a mixture of local schools and tutors, Scott lost his father in 1791 when he was six and his mother eleven years later. Leaving home in 1805, he commenced classes at the College of William Mary with the goal of becoming a lawyer. Unhappy Lawyer Departing school, Scott elected to read law with prominent attorney David Robinson. Completing his legal studies, he was admitted to the bar in 1806, but soon tired of his chosen profession. The following year, Scott gained his first military experience when he served as a corporal of cavalry with a Virginia militia unit in the wake of the Chesapeake-Leopard Affair. Patrolling near Norfolk, his men captured eight British sailors who had landed with the goal of purchasing supplies for their ship. Later that year, Scott attempted to open a law office in South Carolina but was prevented from doing so by the states residency requirements.   Returning to Virginia, Scott resumed practicing law in Petersburg but also began investigating pursuing a military career. This came to fruition in May 1808 when he received a commission as a captain in the US Army. Assigned to the Light Artillery, Scott was posted to New Orleans where he served under the corrupt Brigadier General James Wilkinson. In 1810, Scott was court-martialed for indiscreet remarks he made about Wilkinson and suspended for a year. During this time, he also fought a duel with a friend of Wilkinson, Dr. William Upshaw, and received a slight wound in the head. Resuming his law practice during his suspension, Scotts partner Benjamin Watkins Leigh convinced him to remain in the service. War of 1812 Called back to active duty in 1811, Scott traveled south as an aide to Brigadier General Wade Hampton and served in Baton Rouge and New Orleans. He remained with Hampton into 1812 and that June learned that war had been declared with Britain. As part of the wartime expansion of the army, Scott was promoted directly to lieutenant colonel and assigned to the 2nd Artillery at Philadelphia. Learning that Major General Stephen van Rensselaer was intending to invade Canada, Scott petitioned his commanding officer to take part of the regiment north to join in the effort. This request was granted and Scotts small unit reached the front on October 4, 1812 Having joined Rensselaers command, Scott took part in the Battle of Queenston Heights on October 13. Captured at the battles conclusion, Scott was placed on a cartel-ship for Boston. During the voyage, he defended several Irish-American prisoners of war when the British attempted to single them out as traitors. Exchanged in January 1813, Scott was promoted to colonel that May and played a key role in the capture of Fort George. Remaining at the front, he was brevetted to brigadier general in March 1814. Making a Name In the wake of numerous embarrassing performances, Secretary of War John Armstrong made several command changes for the 1814 campaign. Serving under Major General Jacob Brown, Scott relentlessly trained his First Brigade using the 1791 Drill Manual from the French Revolutionary Army and improving camp conditions. Leading his brigade into the field, he decisively won the Battle of Chippawa on July 5 and showed that well-trained American troops could defeat British regulars. Scott continued with Browns campaign until sustaining a severe wound in the shoulder at the Battle of Lundys Lane on July 25. Having earned the nickname Old Fuss and Feathers for his insistence on military appearance, Scott did not see further action. Ascent to Command Recovering from his wound, Scott emerged from the war as one of the US Armys most capable officers. Retained as a permanent brigadier general (with brevet to major general), Scott secured a three-year leave of absence and traveled to Europe. During his time abroad, Scott met with many influential people including the Marquis de Lafayette. Returning home in 1816, he married Maria Mayo in Richmond, VA the following year. After moving through several peacetime commands, Scott returned to prominence in mid-1831 when President Andrew Jackson dispatched him west to aid in the Black Hawk War. Departing Buffalo, Scott led a relief column which was nearly incapacitated by cholera by the time it reached Chicago. Arriving too late to assist in the fighting, Scott played a key role in negotiating the peace. Returning to his home in New York, he was soon sent to Charleston to oversee US forces during the Nullification Crisis. Maintaining order, Scott helped to diffuse the tensions in the city and used his men to aid in extinguishing a major fire. Three years later, he was one of several general officers who oversaw operations during the Second Seminole War in Florida. In 1838, Scott was ordered to oversee the removal of the Cherokee nation from lands in the Southeast to present-day Oklahoma. While troubled about the justice of the removal, he conducted the operation efficiently and compassionately until being ordered north to aid in resolving border disputes with Canada. This saw Scott ease tensions between Maine and New Brunswick during the undeclared Aroostook War. In 1841, with the death of Major General Alexander Macomb, Scott was promoted to major general and made general-in-chief of the US Army. In this position, Scott oversaw the operations of the army as it defended the frontiers of a growing nation. Mexican-American War With the outbreak of the Mexican-American War in 1846, American forces under Major General Zachary Taylor won several battles in northeastern Mexico. Rather than reinforce Taylor, President James K. Polk ordered Scott to take an army south by sea, capture Vera Cruz, and march on Mexico City. Working with Commodores David Connor and Matthew C. Perry, Scott conducted the US Armys first major amphibious landing at Collado Beach in March 1847. Marching on Vera Cruz with 12,000 men, Scott took the city following  a twenty-day siege  after forcing Brigadier General Juan Morales to surrender. Turning his attention inland, Scott departed Vera Cruz with 8,500 men. Encountering the larger army of General Antonio Là ³pez de Santa Anna at Cerro Gordo, Scott won a stunning victory after one of his young engineers, Captain Robert E. Lee, discovered a trail that allowed his troops to flank the Mexican position. Pressing on, his army won victories at Contreras and Churubusco on August 20, before capturing the mills at Molino del Rey on September 8. Having reached the edge of Mexico City, Scott assaulted its defenses on September 12 when troops attacked Chapultepec Castle. Securing the castle, American forces forced their way into the city, overwhelming the Mexican defenders. In one of the most stunning campaigns in American history, Scott had landed on a hostile shore, won six battles against a larger army, and captured the enemys capital. Upon learning of Scotts feat, the Duke of Wellington referred to the American as the greatest living general. Occupying the city, Scott ruled in an evenhanded manner and was much esteemed by the defeated Mexicans. Later Years Civil War Returning home, Scott remained general-in-chief. In 1852, he was nominated for the presidency on the Whig ticket. Running against Franklin Pierce, Scotts anti-slavery beliefs hurt his support in the South while the partys pro-slavery plank damaged support in the North. As a result, Scott was badly defeated, winning only four states. Returning to his military role, he was given a special brevet to lieutenant general by Congress, becoming the first since George Washington to hold the rank. With the election of President Abraham Lincoln in 1860 and the beginning of the Civil War, Scott was tasked with assembling an army to defeat the new Confederacy. He initially offered command of this force to Lee. His former comrade declined on April 18 when it became clear that Virginia was going to leave the Union. Though a Virginian himself, Scott never wavered in his loyalties. With Lees refusal, Scott gave command of the Union Army to Brigadier General Irvin McDowell who was defeated at the First Battle of Bull Run on July 21. While many believed the war would be brief, it had been clear to Scott that it would be a protracted affair. As a result, he devised a long-term plan calling for a blockade of the Confederate coast coupled with the capture of the Mississippi River and key cities such as Atlanta. Dubbed the Anaconda Plan, it was widely derided by the Northern press. Old, overweight, and suffering from rheumatism, Scott was pressured to resign. Departing the US Army on November 1, the command was transferred to Major General George B. McClellan. Retiring Scott died at West Point on May 29, 1866. Despite the criticism it received, his Anaconda Plan ultimately proved to be the roadmap to victory for the Union. A veteran of fifty-three years, Scott was one of the greatest commanders in American history.

Us Holiday Free Essays

Learn more about holidays celebrated by many Americans, such as New Year’s Day, Independence Day, and Thanksgiving. Americans celebrate a variety of federal holidays and other national observances throughout the year. American holidays can be secular, religious, international, or uniquely American. We will write a custom essay sample on Us Holiday or any similar topic only for you Order Now With the wide variety of federal holidays, and the many levels of American government, it can be confusing to determine what public and private facilities are open on or around a given federal holiday. You can usually find such information in the daily newspaper or by calling the office you wish to visit. The following are American federal holidays and other common national observances. Federal holidays are indicated as such. New Year’s Day is January 1. The celebration of this federal holiday begins the night before, when Americans gather to wish each other a happy and prosperous coming year. Many Americans make New Year’s resolutions. Martin Luther King Day is a federal holiday celebrated on the third Monday in January. The Reverend Martin Luther King, Jr. was an African-American clergyman who is recognized for his tireless efforts to win civil rights for all people through nonviolent means. Groundhog Day is February 2, and has been celebrated since 1887. On Groundhog Day, crowds gather in Punxsutawney, Pennsylvania, to see if groundhog Punxsutawney Phil sees his shadow after emerging from his burrow, thus predicting six more weeks of winter weather. Valentine’s Day is celebrated on February 14. The day was named after an early Christian martyr, and on Valentine’s Day, Americans give presents like candy or flowers to the ones they love. The first mass-produced valentine cards were sold in the 1840s. Washington’s Birthday is a federal holiday observed the third Monday of February to honor George Washington, the first President of the United States. This date is commonly called Presidents’ Day and many groups honor the legacy of past presidents on this date. Easter falls on a spring Sunday that varies from year to year. Easter is a Christian holiday celebrating the resurrection of Jesus Christ. For Christians, Easter is a day of religious services and the gathering of family. Many Americans follow old traditions of coloring hard-boiled eggs and giving children baskets of candy. Earth Day is observed on April 22. First celebrated in 1970 in the United States, it inspired national legislation such as the Clean Air and Clean Water Acts. Earth Day is designed to promote ecology, encourage respect for life on earth, and highlight concern over pollution of the soil, air, and water. National Arbor Day was proclaimed as the last Friday in April by President Richard Nixon in 1970. A number of state Arbor Days are observed at other times to coincide with the best tree planting weather, from January and February in the south to May in the far north. The observance began in 1872, when Nebraska settlers and homesteaders were urged to plant trees on the largely treeless plains. Mother’s Day celebrates mothers every second Sunday of May. President Woodrow Wilson, who issued a proclamation in 1914, asked Americans to give a public expression of reverence to mothers on this day. Carnations have come to represent Mother’s Day, following President William McKinley’s habit of always wearing a white carnation, his mother’s favorite flower. Memorial Day is a federal holiday observed the last Monday of May. It originally honored the people killed in the American Civil War, but has become a day on which the American dead of all wars, and the dead generally, are remembered in special programs held in cemeteries, churches, and other public meeting places. The flying of the American flag is widespread. Flag Day, celebrated June 14, has been a presidentially proclaimed observance since 1916. Although Flag Day is not a federal holiday, Americans are encouraged to display the flag outside their homes and businesses on this day to honor the history and heritage the American flag represents. Father’s Day celebrates fathers every third Sunday of June. Father’s Day began in 1909 in Spokane, Washington, when a daughter requested a special day to honor her father, a Civil War veteran who raised his children after his wife died. The first presidential proclamation honoring fathers was issued in 1966 by President Lyndon Johnson. Independence Day is July 4. This federal holiday honors the nation’s birthday – the adoption of the Declaration of Independence on July 4, 1776. It is a day of picnics and patriotic parades, a night of concerts and fireworks. The flying of the American flag is widespread. Labor Day is the first Monday of September. This federal holiday honors the nation’s working people, typically with parades. For most Americans it marks the end of the summer vacation season and the start of the school year. Columbus Day is a federal holiday celebrated on the second Monday in October. The day commemorates October 12, 1492, when Italian navigator Christopher Columbus landed in the New World. The holiday was first proclaimed in 1937 by President Franklin D. Roosevelt. Halloween is celebrated on October 31. On Halloween, American children dress up in funny or scary costumes and go â€Å"trick or treating† by knocking on doors in their neighborhood. The neighbors are expected to respond by giving them small gifts of candy or money. Veterans Day is celebrated on November 11. Originally called Armistice Day, this federal holiday was established to honor Americans who had served in World War I, but it now honors veterans of all wars in which the U. S. has fought. Veterans’ organizations hold parades, and the president places a reath on the Tomb of the Unknowns at Arlington National Cemetery in Virginia. Thanksgiving Day is a federal holiday celebrated on the fourth Thursday in November. In the fall of 1621, the Pilgrims held a three-day feast to celebrate a bountiful harvest. Many regard this event as the nation’s first Thanksgiving. The Thanksgiving feast became a national tradition and almost always includes some of the foods ser ved at the first feast: roast turkey, cranberry sauce, potatoes, and pumpkin pie. Pearl Harbor Remembrance Day is December 7. In 1994, Congress designated this national observance to honor the more than 2,400 military service personnel who died on this date in 1941, during the surprise attack on Pearl Harbor, Hawaii, by Japanese forces. The attack on Pearl Harbor caused the United States to enter World War II. Christmas Day is a federal holiday celebrated on December 25. Christmas is a Christian holiday marking the birth of the Christ Child. Decorating houses and yards with lights, putting up Christmas trees, giving gifts, and sending greeting cards have become holiday traditions even for many non-Christian Americans. How to cite Us Holiday, Papers

Pressure distribution on an ellipto

Pressure distribution on an ellipto-zhukovsky aerofoil Essay Counting the squares method was used to determine the values of Cl. Graphs of Cp*(x/c) against x/c for angles of attack -4, 7, and 15 degrees can be also be found in the appendix. These graphs determine the pitch moment coefficient. Counting the squares method was used to determine the values of Cm. Graphs of Cl against angle of attack ,Cm against angle of attack, and Cm against Cl can be found in the appendix. Also below is a summary of the results: Angle of Attack (degrees) Cl Cm -4 -0. 513 0. 153 7 0. 740 -0. 166 15 0. 946 -0. 183 Discussion. The experiment was conducted in a low speed, closed wind tunnel, operating at approximately 50% of its speed. The aerofoil was mounted in the wind tunnel and its pressure tapings connected to a manometer inclined at 30 degrees to the horizontal. The height of the liquid in each manometer tube represented the pressure acting on each of the aerofoil tapings. The pressure in the working section, and the pressure at the venturi inlet were taken into account, and a resulting wind tunnel velocity was displayed on a digital manometer. The Reynolds number was calculated (see appendix. Values of Cl and Cm for other angles of attack were obtained from other groups conducting the experiment, and were used to obtain more accurate graphs. It was also found that the slope of the Cl against angle of attack graph was 4. 4759, which was not relatively close to the theoretical value of 7. 105. The aerodynamic centre was calculated at 23. 7% of the chord length (from the slope of the Cm against Cl graph). It was found that the lift increased with angle of attack, up to a point where the aerofoil experiences stall, and a dramatic loss of lift occurs. As there was little change in the lower surface pressure distribution, the lift was mainly generated due to the upper surface suction. As the angle of attack increases, the height of the upper surface suction peak should increase, and move forward, indicating that the centre of pressure is moving forward. However, experimentally this was not prominent, and can be attributed to a possible disturbance in the pressure distribution around the aerofoil. At zero degrees angle of attack, for a symmetrical aerofoil, lift and Cm should equal zero. The reason that they were not zero means that the aerofoil must have had a very small angle of attack. The discrepancy between the theoretical and experimental value of lift curve slope is due to boundary layer effects, and the effect of the thickness of the aerofoil, and thus the theoretical value needs to be multiplied by the k value (=0. 917) to obtain the experimental result. Conclusion The aim of the experiment was achieved with a relatively good level of experimental accuracy. The pressure distribution over an aerofoil contributes towards the lift and pitching moment coefficient, where the increase in suction on the upper surface (due to an increased angle of attack) increases the lift, and pitching moment coefficient. The variation of pressure distribution also affects the location of the centre of pressure. The factors which affected the pressure distribution, were mainly the thickness and the Reynolds number. However, when it comes to comparing the results with their theoretical values it is clear to see that there have been significant errors have occurred in the experiment. These are listed below.   Human errors in reading of the manometer tubes. Where several people were involved and this led to different techniques being used it would have been best for everyone to take their own set of readings and the average value calculated using all the data. .uadaff99daf72a37e03f2cddbbc159778 , .uadaff99daf72a37e03f2cddbbc159778 .postImageUrl , .uadaff99daf72a37e03f2cddbbc159778 .centered-text-area { min-height: 80px; position: relative; } .uadaff99daf72a37e03f2cddbbc159778 , .uadaff99daf72a37e03f2cddbbc159778:hover , .uadaff99daf72a37e03f2cddbbc159778:visited , .uadaff99daf72a37e03f2cddbbc159778:active { border:0!important; } .uadaff99daf72a37e03f2cddbbc159778 .clearfix:after { content: ""; display: table; clear: both; } .uadaff99daf72a37e03f2cddbbc159778 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uadaff99daf72a37e03f2cddbbc159778:active , .uadaff99daf72a37e03f2cddbbc159778:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uadaff99daf72a37e03f2cddbbc159778 .centered-text-area { width: 100%; position: relative ; } .uadaff99daf72a37e03f2cddbbc159778 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uadaff99daf72a37e03f2cddbbc159778 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uadaff99daf72a37e03f2cddbbc159778 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uadaff99daf72a37e03f2cddbbc159778:hover .ctaButton { background-color: #34495E!important; } .uadaff99daf72a37e03f2cddbbc159778 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uadaff99daf72a37e03f2cddbbc159778 .uadaff99daf72a37e03f2cddbbc159778-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uadaff99daf72a37e03f2cddbbc159778:after { content: ""; display: block; clear: both; } READ: The Lightning Storm EssayThe most common error without ant doubt was parallax and this could have been avoided by using digital measuring devices.   Calculation errors i. e. rounding off, conversion error and error occurring when the area under the graphs was calculated for the coefficient of lift.   Experimental errors some of the tapping may have been defective and not enough tapping were provided. Also to obtain a better lift curve slope there should have more angles of attack. Also any obstructions in front of the wind tunnel such as people would create unnecessary turbulence inside the wind tunnel. Appendix Specimen CalculationsP = 1019 mmHg = 101900 Pa T = 23 C = 296 K R = 287 J/kg. K P = ? RT : ? = P/RT = 101900 / 287 J/kg. K x 296 K = 1. 1995 kg / m3 Specimen Calculations are shown for 15 degrees angle of attack at taping hole number 11: Calculating Cp Cp = (Pn -Ppw) x 10mm x 0. 830 x sin? / n x 1. 02 = (31. 1 30. 3 ) x 10mm x 0. 830 x sin30 / 32. 7 x 1. 02 = 0. 100 Calculating Cpx(x/c) i 0. 100 x 0. 703 = 0. 070 Calculating Tunnel Speed V for 15 degrees angle of attack V15 = V 2 x g x h x 1. 02 = V 2x 9. 81 m/s2 x 32. 7 mmH20 x 1. 02 = 23. 36 m/s P 1. 1995 kg / m3 Calculating Average Wind Tunnel Speed V. V-4 = 24. 06 m/s V7 = 23. 99 m/s Therefore Vaverage = ( 23. 36 m/s + 23. 99 m/s + 24. 06 m/s ) = 23. 80 m/s 3 Calculating Reynolds Number Re# = ? x Vaverage x C / i = 1. 1995 kg / m3 x 23. 80 m/s x 0. 254 m / 1. 836 x 10-5 kg/ ms-1 = 3. 9 x 105 Calculating the position of the pressure of the aerofoil for 15 degrees angle of attack x = (Cm / Cl) x C = -0. 183 / 0. 946 x 254 mm = -49. 14 Figure 1: the monometer tubes connected to the airfoil, side view of the wind tunnel Reference: E. L. Houghton and P. W. Carpenter: Aerodynamics for Engineering Students, 4th Edition, Arnold, 1993, page 226.