Powder Metallurgy Of Stainless Steel Dissertation

Powder Metallurgy Of Stainless Steel - Dissertation Example The use of Powder Metallurgy (commonly abbreviated as PM) technology in the manufacturing of various components has been growing in the recent times. In the early times traditionally, components produced by PM were pressed and then sintered in an atmosphere of dry hydrogen. Also, sintering temperatures were relatively high, and sintering times were extremely long and uneconomical. However, studies by North America laboratory between the 1930s and 1940s paved the path led to commercial for commercial production of PM stainless steel components by the end of 1940 [1-7]. Since then, the use and production of PM stainless steel components have been on the rise. Regardless of the fact that stainless steel components produced by PM are subjected to harsh conditions, the PM industries are working y is trying to optimize the process sintering conditions for better properties of the PM stainless steel components.so that the corrosion resistance and mechanical properties of PM stainless steel are optimized. The application of PM in the manufacture of stainless steel alloy components, for example, has been one of the factors driving this growth. This is due to the fact that stainless steel PM alloys components find applications in a number of industries such as recreational, automobile, aerospace, and chemical processing among others. The wide application of PM stainless steel alloys has led to the understanding of the importance of sintering and processing of PM stainless steel in the achievement of corrosion resistance of the alloy.  

Article I of the Constitution of America Essay Example | Topics and Well Written Essays - 500 words

Article I of the Constitution of America - Essay Example In this context, Article-I is the most significant of the provisions of the Constitution of the US that vests the powers on the â€Å"Congress of the United States, which shall consist of a Senate and House of Representatives† and specifies the â€Å"unique and limited powers of the Congress† (Ritchie 50). The legislative branch is the most important branch of the government and as such Article-I, which defines their powers, is a very significant part of the US constitution. Article-I is divided into 10 sections, each defining the constitution, powers and functions of the legislative body of the government. The first section stipulates the bicameral division of the Congress into two houses, such as the â€Å"Senate† and â€Å"House of Representatives† to ensure a â€Å"compromise between the power of the state and the power of the people† (50). Such a balancing of power, through the provision of Article-I ensures that power is not misused. Thus, it can be construed that Article-I of the Constitution facilitates a appropriate rights to the people so that any chances of misuse is obviated, which is important in a democratic set up. Section 2 of Article-I defines the term and qualification of the House of Representatives and thus plays a key role in determining that only suitable persons are selected for governance. On the other hand, Section 3 stipulates the terms, qualifications and functions of the members of the Senate. Both these sections of Article-I contain important provisions relating to the basic functions of the legislative branch, which is the most significant of the divisions of the American government. Thus, Article-I is very important. Section 4 of Article-I, prescribes the conditions and procedures of holding the elections Senators and Representatives, which, again, is a highly significant aspect of democratic set up. Section 6 describes the compensation of

The Priority for Glenmeadie's Innovation Efforts Essay

The Priority for Glenmeadie's Innovation Efforts - Essay Example Marketing experts should be aware that the product is the thing that they’re selling, and innovation in this field is also necessary to build a customer base. The purpose of this essay is to explore how Glenmeadie can balance their innovation efforts between the product and new types of marketing in an effort to impress new customers and build a loyal customer fan base, by using the Ansoff and 8Ps frameworks to provide an illustration on how best to tackle the issues at hand. Glenmeadie The information provided by Nunes & Driggs (2006) paints an outline of Glenmeadie. As a Scotch whiskey distillery, Glenmeadie has won 7 gold medals in one season on a national and international scale, suggesting an upmarket taste and therefore suggesting a target market of whiskey connoisseurs. The marketing campaign led by Bob consists of international efforts to put on Tastemakers events in 25 cities, starting in New York. The aim is to spend $15,000 on each event, offering tastes of various whiskeys and bringing in efforts from an apprentice distiller and buyers from local distributors. Glenmeadie is also trying to give a more personal face to the brand, having interactive websites and creating loyalty card programs. ... Rayport, Stephen Dull and Joe Scafido. Scafiado, a member of the executive council at Dunkin’ brands, raises concerns about the fact that the front- and back-house innovations programs seem to be presented as separate enterprise. This is mainly because they seem to have separate functions in marketing, with product development being considered part of back-room company enterprises and marketing focusing on customer involvement and sales. However, this is a limited perspective on the matter. At Dunkin’ brands, Scafiado brought together the culinary team and the operating specialists into one department, meaning that any culinary development is being innovated simultaneously with efforts on how to present this to the company. Herman, who is president of Lebanon, agrees that Glenmeadie should be focusing efforts on product excellence as well as drawing customers in with these innovative marketing campaigns. After all, it is the product that is being sold, not the marketing scheme. Rayport, founder and chairman of Marketspace, sees things differently. Although Glenmeadie has reported some stress on research and development budgets, Rayport suggests that this can only be a positive thing, even for Ellis, the distiller. Rayport even goes as far to suggest that Ellis’ argument against expansion in marketing efforts is a paradox, as Ellis cannot have the freedom to create and innovate in the distillery without an expanded market and expanded profits. Dull, vice president of strategy at Greensboro, sees things a little differently. Dull suggests that Glenmeadie is a luxury product, as a whiskey, and therefore the aims of the company to branch into mass-marketing are a mistake. Dull suggests that there hasn’t been much of an

Article I of the Constitution of America Essay Example | Topics and Well Written Essays - 500 words

Article I of the Constitution of America - Essay Example In this context, Article-I is the most significant of the provisions of the Constitution of the US that vests the powers on the â€Å"Congress of the United States, which shall consist of a Senate and House of Representatives† and specifies the â€Å"unique and limited powers of the Congress† (Ritchie 50). The legislative branch is the most important branch of the government and as such Article-I, which defines their powers, is a very significant part of the US constitution. Article-I is divided into 10 sections, each defining the constitution, powers and functions of the legislative body of the government. The first section stipulates the bicameral division of the Congress into two houses, such as the â€Å"Senate† and â€Å"House of Representatives† to ensure a â€Å"compromise between the power of the state and the power of the people† (50). Such a balancing of power, through the provision of Article-I ensures that power is not misused. Thus, it can be construed that Article-I of the Constitution facilitates a appropriate rights to the people so that any chances of misuse is obviated, which is important in a democratic set up. Section 2 of Article-I defines the term and qualification of the House of Representatives and thus plays a key role in determining that only suitable persons are selected for governance. On the other hand, Section 3 stipulates the terms, qualifications and functions of the members of the Senate. Both these sections of Article-I contain important provisions relating to the basic functions of the legislative branch, which is the most significant of the divisions of the American government. Thus, Article-I is very important. Section 4 of Article-I, prescribes the conditions and procedures of holding the elections Senators and Representatives, which, again, is a highly significant aspect of democratic set up. Section 6 describes the compensation of

UK MEDICAL LAW Essay Example | Topics and Well Written Essays - 2000 words

UK MEDICAL LAW - Essay Example the fact that medical professionals are deemed ready, willing and able to provide medical treatment and advice and by implication are bound to have the necessary skill and knowledge of a reasonable medical professional.3 A registered medical professional offering his or her service is held to this standard.4 In addition, Lord Brown Wilkinson held in Wilsher v Essex Area Health Authority 1987] Q.B 730, CA [1998] AC 1074 that health authorities owe a duty of care to patients in their care.5 The question then turns on whether or not there was a breach of the standard and duty of care assigned to the medical profession on the part of Doctor Greene and/or Wilington hospital.. In determining whether or not there was a breach of the duty and standard of care, the Bolam test is applied. In Bolam v Friem Hospital Management Committee [1957] 1 WLR 582 the court devised a two-tier test to determine whether or not the medical professional or institution breached the applicable standard and duty of care.6 The first leg of the test inquires into whether or not the defendant professional acted in a manner that corresponds with the reasonable skilled person or vocation of the profession at issue.7 The second leg of the test inquires into whether or not the treatment or advice administered was consisted with a body of opinion in the profession.8 In ascertaining whether or not Doctor Greene, acting on behalf of and on the authority of the hospital complied with the Bolam standard of care, the court will look to the circumstances in which the treatment was administered and the attending physician’s post or position.9 On the facts of the case for discussion there is no specific evidence of Dr. Green’s position or post within the hospital, except that he is from the casualty department. The question then turns on whether or not a doctor in the emergency room who specializes in the treatment of children would have taken the action that Dr. Green took. Dr. Green

Against Smoking Essay Example for Free

Against Smoking Essay â€Å"Life is too short† and â€Å" you only live once† are phrases you always hear from your parents, grandparents and other people whenever they come up with those boring ‘in my day’ stories, aren’t they? So why waste the one life you get, and shorten the already too short with the expensive, pointless and revolting habit of smoking? Smoking is the habit that I consider to be pointless, a waste of money and dangerous to your health and social life. Smoking really is the one thing I loathe and with it causing a staggering 110,000 unnecessary premature deaths a year I strongly believe it should be banished to room 101 eternally. It’s not that bigger deal is what you might be thinking now but wait until you hear the stomach churning, blood-curdling and spine chilling effects smoking has on you and everyone around you, they are what some call ‘Hair-raisers’. ?1. billion is what our nation’s worst habit is costing the NHS every year, with 50 diseases and illnesses linked to smoking, 20 of which can be fatal in percentage of cases. When you and your family have to pay the extortionate amount of tax, this is surely not what you wanted a percentage of it to be going towards. You’re hard earned pay going towards people feeding their deathly addiction with what is an expensive death wish in the form of a stick of cancer and fatal diseases. ?1,700 is what an average smoker spends on cigarettes each year. Every cigarette lasts just two minutes and takes 11 minute off of your life, whilst imagine having ? 1,700 to go on a shopping spree with. It could last you years of fashionable outfits whilst smoking could cost you years of agonizing symptoms from the illnesses you could end up being faced with, besides surely the ‘smoking kills’ and ‘smoking is harmful to health’ messages on the back of many cigarette and tobacco packets reminds smokers of the consequences of smoking and it would surely put people off smoking, but no they just carry on. Too add to this the addictive drug in a cigarette is also used as an insecticide, so if it is used to kill insects then just visualize what it might do to your lungs, not nice is it? Smoking doesn’t just affect you it affects the people around you as well. 17,000 children under the age of five are admitted to hospital with illnesses such as pneumonia, asthma, bronchitis and infections such as ear, throat and chest infections. Innocent children having to pay the price for inconsiderate people who selfishly smoke around them. It really is not fair. Additionally children who grow up in families of smokers have 50% more chance of being tobacco users when they are older than children brought up in a smoke free environment. Many times my friends and I have had to choose between suffocating in cigarette smoke and holding our breathes for, well too long whilst our eyes water from the smoke, smudging all our make-up just before meeting up with some friends in town as we have to walk by a ginormous group of selfish youths smoking because they think it makes them look cool. It doesn’t for the record and it also smells really, really bad. Who would want to be friends with someone whose hair, clothes and house smells like stale tobacco smoke? Not me, that’s for sure. Why on earth do people think their cool if they smoke IN joke shops they even sell fake cigarettes that look lit, just so people can pretend they’re smoking. But really it does not look cool and 40% of 16 year olds feel pressured into smoking by their friends and peers. Why should young people have to worry about being asked to have a smoke next time they go out with their friends when really they should be concentrating on school and GCSE’s? Similarly 60% of all smokers started smoking under the age of 17. These and too many other reasons to say, make me believe that smoking should be banished to the very depths of room 101 for the rest of eternity and I’m pretty sure I’m not the only one who thinks this.

Capital structure

Capital structure Does capital structure affect firm value? Hypothesis: H0 : There is no a significant relationship between capital structure and their total market value in the stock exchange Thailand. H1: There is a significant relationship between capital structure and their total market value in the stock exchange Thailand. Research question Are there any optimal capital structure of firms in stock exchange Thailand and to examine for the relationship between capital structure and company value. Does capital structure affect firm value? An empirical analysis of firms listed in energy and utilities sector in stock exchange Thailand (SET) 1.Introduction 1.1 Background of study Capital structure plays an important role in financial management of the company. Every firms can mix of debt and equity in different way in order to increase the wealth of ordinary shareholder. There are several type of debt and equity such as common share, preference share ,hybrids ,convertible bonds and so on. Therefore the firms can raise debt and equity finance in countless combination because they need to find the best combination that minimize the weigh average cost of capital and to achieve the objective of management is to maximize the firm value. Basically better management can increase the shareholders wealth by considering the investment project with optimal gearing ratio. From that point of view nevertheless the positive investment project increase the wealth of shareholder , the financial decision is also the key to prospect company future. Groth and Anderson (1997)stated that â€Å"understanding capital structure and its practical implications is important to the professional manager regardless of functional area of expertise. The seminal work in the area of capital structure earned the researchers Nobel Prizes†. Therefore the financial managers would have a duty to determine which debt and equity are used in the capital structure could increase wealth. Typically each company is seeking for profitability by use any strategies that can bring down low cost and gain the company return and value for the operating side. In additional to the financial side is to get the efficiency combination of debt and equity because it reduces the cost of capital. However there are several debates for which capital structure do effect the company value. Is it possible to increase shareholder wealth by changing the gearing ratio or level? How can we find an optimal capital structure? Hence, in this paper will mostly discuss the literature reviews and the research methodology for answering that question. 1.2 Statement of problem Over the past decades, there have been a large number of theoretical and empirical studies appeared. The first famous theory that has been issued by Modigliani and Millers in 1958 was known as proposition 1mention that where the firms are running in the same type of business at the same particular operating risks their capital structure is irrelevant to shareholder wealth. Therefore the firm must have the same total value and they can issue any mix of fund. However the proposition 1 is based on the perfection of capital market and ignore tax , the costs of bankruptancy, financial distress and so on but in the real situation the market is seem to be imperfect. Myer(2001) argued that capital structure theory depend on some circumstances . Each theory can give us the different result regard the cost and benefits from financial strategies. This study will therefore answer the question to what extend different theories of capital structure can identify the impact on the company value in stock exchange Thailand market and are there any relationship between the capital structure and the financial performance of the company. 2. Literature Review 2.1 Modiglini and Miler Theory of capital structure Nowadays most of literature review and article have examined and expanded from the famous theory of Modiglini and Miller theory of capital structure. Start with the theory published in 1958 under assumption that in a perfect market the value of the firm is unaffected by its choice of capital structure. Therefore the total value of the firm is stable regardless of debt to equity ratio. To give support under this assumption imagine that two firm with the same operation of business but different in capital structure. Where firm U is unlevered ,the total value of its equity (EU) is the same as the total value of the firm (VU) . Additionally where the firm L is levered, thus the total value of the firm L is equal to the value of the debt less value of the equity of the firm L. As a result the total value for both company will be the same. Because Modiglini and Miler (1958) believe that when there are no taxes and capital markets function well , it makes no different whether the firm should borrow or individual shareholders should borrow . The market value of a company does not depend on its capital structure. They proved the assumption by represent that the arbitrage opportunity would emerge if the total value of the firm relevant to capital structure. The arbitrage should not be in the practical and real situation. The proposition 1 can be illustrated as VL = VU or Value of the levered firm = Value of unlevered firm In order to prove that their proposition (1958) was viable , They make assumption that there are no tax and transaction cost exist in the market. Individual and corporation can borrow at the same rate. However there are a large number of articles argued with his article because it seems to be unrealistic. Thus, in 1963 Modiglini and Miller published second literature which is known as preposition 2 to modify and fix proposition 1 by considering the corporation tax. It stated that the expected rate of return on the common stock of a levered firm increases in proportion to the debt-equity ratio. While proposition 1 says that financial leverage has no effect on shareholder wealth. In contrast to proposition 2 says that the expected rate of return increases as the firms debt to equity ration increases. This means that when the debt-equity ratio increases the risk is also increases and therefore shareholders expect the high rate of return according to the level of risk they face. Hence, the firm can take benefit as levered firm rather than keep the status as unlevered firm because the corporation can deduct interest payment as an expense but dividend payment are non deductible. As Modiglini and Miller theory stated that the optimal capital structure will exist where the cost of capital or weigh average cost of capital (WACC) minimize and the total market value of the firm maximize. Modiglini and Miller theory with tax illustrated that gearing up by raising debt finance rather than equity finance reduces the WACC and the value of the firm rise. Finally an optimal capital structure does exist at point where debt is 100% The proposition 2 can formulate as: Value of levered firm = Value of un-levered firm + Value of tax saving It is used under assumptions that there is corporation tax in the market but without transaction cost exists. The individual and corporation can still borrow money at the same rate. Therefore the best of capital structure should be 100% debt finance because of tax deductible on interest. Under criticism of theory there are a great amount of articles expanded due to can not used in the real world. 2.2 Trade off Theory of capital structure The trade off theory explains the idea how the firm chooses to raise equity and debt finance by balancing the costs and benefits. Brealey and Myer (2008) presented that each firm should set their own target debt ratio which is vary from firm to firm. The firms with safe tangible asset and plenty of taxable income to shield ought to have high target ratio. Unprofitable companies with risky intangible assets ought to rely primarily on equity financing. Trade off theory has been used widely for study corporate of capital structure because it justify the fact that to raise part of debt finance the company obtain benefit from tax saving nevertheless the firm face with the cost of capital such as cost of financial distress including bankruptcy cost and financial distress without bankruptcy mostly related to customers and suppliers because they are extra cautious about for the firm that may not be around for long. Potential employee leaving or difficult to recruit is also costly for financial distress. In addition to the firm increase gearing result in an increased level of financial risk. So that the shareholder require higher expected return in order to compensate that financial risk. However there are several articles has been question about the relevance of trade off theory. Brealey and Myer (2008) stated that the trade off theory of capital structure can explain how company actually behave because this theory successfully explains many industry differences in capital structure. High technology growth companies whose asset are risky and mostly intangible normally use relatively little debt. Graham and Harvey(2001) pointed out that Airlines can and do borrow heavily because their assets are tangible and relatively safe. There is some evidence that in contrast to the trade off theory of capital structure in real life that the most profitable companies commonly borrow the least (Ward ,1999). Because under this theory it stated that high profits should mean more debt capacity and more tax saving as a result give a higher target debt ratio. 2.3 Bankruptcy cost Corporate bankruptcies concept does exist when stock holders exercise their right to default. Where the firm is coping with the problem but the limited liabilities allows stockholders to diminish and leaving all trouble to their creditor. The former creditors then become the new stockholders and the previous stockholder left with nothing (Brealey and Myer 2008) Warner (1977) classify two type of bankruptcy costs which are direct and indirect. Direct costs include lawyers fee , accountants fee and the value of the managerial time spent in administering the bankruptcy cost. Indirect costs include lost sales, lost profits and possibly the inability of the firm to obtain credit or to issue securities except under especially onerous terms. He did the research by investigate 11 railroads to seek the relationship between bankruptcy costs and the market value of the firm. The evidence shows that while the higher market value railroads generally did incur higher bankruptcy cost, the cost do not appear to be directly proportional to market value. While Warner supported the direct bankruptcy cost, Baxter(1967) introduced the indirect bankruptcy cost. He developed optimal capital structure models which incorporated bankruptcy cost. These model show that the value of a firm is maximized by increasing the level of debt financing to a point where the marginal present value benefit of the tax shied equal the marginal present value of the cost of bankruptcy. Extentions of the Modigliani-Miller theory have been provided by many researchers. Titman(1984) refers the idea of indirect bankruptcy cost . He argues that stakeholders not represented at the bankruptcy bargaining table, such as customers, can suffer material costs resulting from the bankruptcy. He shows that the bankruptcy status may occur according to the firm ‘s liquidation decision. He pointed out that the firms end up with the cost that can impose on their customers, suppliers and workers by liquidating are relevant to their capital structure decision. Titman and Wassels (1988) refer there are plenty of authors have suggested that leverage ratio may be related to the firm size. They proved that direct bankruptcy costs seem to constitute a larger proportion of a firms value as that value decreases. The large firm tends to be more diversified and less prone to bankruptcy. As a result , large firm should be more highly leverages 2.4 The Pecking order Theory There is an argument that there is not necessary to find an optimal capital structure through the theory. Therefore the pecking order Theory refer to the idea that the investment is financed first with internal funds, reinvested earnings primarily and then by new issues of debt and finally with new issues of equity. New equity issue are a last resort when the company runs out of debt capacity. (Brealey and Myer 2008) In contrast to the static trade off theory Myers(1984) summarizes the concept of pecking order theory as follow: 1. Firms prefer internal finance. 2. They adapt their target dividend payout ratios to their investment opportunities, while trying to avoid sudden changes in dividends. 3. Sticky dividend policies, plus unpredictable fluctuations in profitability and investment opportunities mean that internally generated cash flow may be more or less than investment outlay . If it is less,the firm first draw down the cash balance or marketable securities. 4. 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. Base on the theory,there is no well-defined target debt-equity mix because there are two kinds of equity,internal and external,one at the top of pecking order and one at the bottom. Each firms observed debt ratio reflects its cumulative requirements for external finance. Brealey and Myer (2008) explain why the most profitable firms generally borrow less not because they have low target debt ratios but they dont need outside money. In the opposite way ,less profitable firms issue debt because they do not have internal sufficient fund for investment and debt financing is first resort for external financing following to the pecking order theory 2.5 The agency cost Previously Modiglini and Miller theory(1958) ignored taxation. Since then 1963 they amended the model by implication corporation tax. From that point it is suggested that the higher the level of taxation, the lower the combined cost of capital. That means if the firm use higher level of the gearing ,the higher the value of the company. The company financial strategy should choose a 99.9% gearing level However in practice most of the firm can not go for high levels of gearing because according to Modiglini and Miller theory is still far from perfect. They distort the problems which can occur from raising high level of gearing such as bankruptcy risk. There is the possibility of bankruptcy as gearing increase result in increase the WACC and the value of the share price reduce. Agency cost is also the main problem does not exist in Modiglini and Miller theory. Jensen and Meckling (1976) argued that the combination of debt and equity does affect the cost such as agency cost, bankruptcy cost and so on. The benefit of tax saving of raising debt produces an optimal capital structure less than a 100% because the benefit form tax is traded off offset the likelihood of incurring the costs. Jensen and Meckling(1976) define an agency relationship as a contract under which one or more persons (the principal) engage another person (the agent) to perform some service on their behalf which involve delegation some decision making authority to the agent. If both parties to the relationship are utility maximizes, there is good reason to believe that the agent will not always act in the best interest of the principal. In addition, they identify and examine the concept of agency costs by generating the existence of debt and outside equity. They found that bondholders agency cost move in reverse direction. It is falling when the level of debt increase. Thus,it follows that at some point the minimum cost of agency will exist by combined the firms debt and equity securities. 3. Research objective The main objective for the corporate finance to study capital structure is to review the literature of capital structure in different theories according to their effect on company value and test the implication of theories that seek to justify an optimal capital structure Since 1958 Modigliani and Miller model stated that the value of the company is irrespective to the capital structure. Based on that model MM make assumption for the perfect market so they ignore the tax issue , losses from bankruptcy cost , the agency cost and so on. As a result there are several literatures have been expanded from Modigliani and Miller model. Thus, this study paper is seeking for investigation and gives the explanation for the existence of optimal capital structure and the financial performance. The aim of this research is to answer the question whether the relationship between the capital structure and the value of the firm. 4.Research Methodology In order to answer the question of the project . It is necessary to set up the hypotheses then answer them. The hypotheses to be tested for this project are as follow: HO : There is no a significant relationship between capital structure and their total market value in the Stock Exchange Thailand (SET) H1 : There is a significant relationship between capital structure and their total market value in the Stock Exchange Thailand (SET) Sampling Method Additionally, this study also gain the data from sampling method. It is very practical and to prove that the project is reliable by identify the group of data which is the listed firms of energy and utilities sector in the stock exchange Thailand (SET). The project represents 25 listed companies ,the total amount of the share is 287,181,000 and the market value is 8,551,158,000 baht. It can be stated that the market value of the share for group representative is significantly more than half of the whole total market value(19,130,000,000baht). Therefore they can be good sample of the project. Explanatory Variables It is important to justify the variables that do affect the company value In this study there are as follow: 1.Earning per share (EPS) Earning per share is widely used to measure company success therefore it is the basic tool to indicate the company performance. Earning per share = profit after interest, after tax and after preference dividends/number of ordinary share in issue 2. Gearing Gearing is used to measure of risks. High gearing mean high risk . Gearing = Total Debt/shareholder equity 3. Dividend per share (DPS) The dividend per share is calculated to show the shareholder how much of the overall dividend payout they are entitle to Dividend per share = total ordinary dividend/total number/total number of share issued 4.Return on equity (ROE) Return on equity measures how much profit a company generates for its ordinary shareholders with the money they have invested in the company. ROE = Profit after tax and preference dividends/Ordinary share capital plus reserveÃâ€"100% 5.Data collection Methods Research design mainly focuses on data collection and sources. Therefore to research for this project will use the quantitative analysis by use the secondary data that has already been researched because of limited resources. The second data can collect from the journal of finance Economics, Journal of Banking and Finance, textbook from library, the stock market data, the financial annual report and so on. Most of the source of data such as financial statement , dividend payout ,the data from stock market to use calculate the variables is mainly available from website http://www.setsmart.com. It is the source of data open public for the investor who interested to buy the share in stock exchange Thailand (SET). However to acquire the information must have the username and password. 6. Project Planning Process Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Revised literature review * Data analysis procedures customization * * * Development of the detailed methodology * * * Secondary data collecting * * * Secondary data analysis and interpretation * * Preparing questionnaire for interviews * * Carrying out interviews * Transcribing interviews * Chapters writing and coordinating with supervisor * * * Summarized analysis of findings * * Draft Conclusions * Draft Recommendations * Final conclusions, recommendations * Project Final submission * 7. Bibliography and References Brealey,R.A.and Myers,S.C.and Allen,F.(2008) ‘Principle of Corporate Finance.9th edition.Boston:Mcgraw-Hill/Irwin Graham,J. and Harvey, C. The theory and practice of corporate finance : evidence from the field.Journal of Financial Economics 60 (May/June2001),pp.187-244. Groth, J. and Anderson, R.(1997), capital Structure: Perspectives for Managers,Management Decision Jensen,M.C.and Meckling,W.H.(1976) Theory of the firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3, No. 4,(July 1, 1976).Available at SSRN:http://ssrn.com/abstract=94043 10.2139/ssrn.94043.(accessed:24/08/09) Modigliani, F.; Miller, M. (1958). ‘The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review 48 (3): 261-297. Available at http://www.jstor.org/stable/1809766.(accessed:21/08/09) Modigliani, F.; Miller, M. (1963). ‘Corporate income taxes and the cost of capital: a correction. American Economic Review 53 (3): 433-443. Available at http://www.jstor.org/stable/1809167. (accessed:22/08/09) Myers, S.C., 1984, The Capital Structure Puzzle, The Journal of Finance, Vol. 39, No. 3, Papers and Proceedings, Forty-Second Annual Meeting, American Finance Association, July, pp. 575-592 Myers,S.C.(1984)The capital Structure Puzzle. The journal of finance,Vol.39,No.3,(July 1984),pp575-592. Available at http://www.jstor.org/stable/2327916.(accessed:23/08/09) Oscar,B.U shaped cost of equity function? Digging into Modigliani-Miller(1958)Mistake'(September2006). Available at SSRN:http://ssrn.com/abstract=934550(accessed:21/08/09) Titman,S.(1984).The effect of capital structure on a firms liquidation decision.The Journal of finance Economics 13 (March 1984),pp.137-151. Titman,S.and Wessels,R.(1988) ‘The Determinants of capital structure choice.The Journal of finance Economics43 (March 1988),pp1-19. Available at http://www.jstor.org/stable/2328319?seq=6.(accessed:23/08/09) Wald,J.K.,How firm characteristics after capital structure : An International comparison.Journal of Financial Resarch22 ( Summer1999),pp.161-187. Warner,J.B.(1977)Bankruptcy Costs:Some evidence. The Journal of Finance,Vol32,Issue2, (May,1977),pp337-347.