Teachers Perceptions of Instructional Supervision

Teachers Perceptions of Instructional Supervision CHAPTER ONE INTRODUCTION This chapter gives a preamble to the whole study. It deals with the problem and the way it is approached. It encloses a brief formulation of background of the study, objective of the study, delimitation and limitation of the study. It also introduces definition of some key terms and the overall organization of the study. 1.1 Background of the Study Teacher education play an important role in promoting the learning and professional growth of teachers. Supervision is one of the functions of education that offers opportunities for schools to be effective and for increasing the professional development of teachers as a means of effectively managing the teaching-learning process (Kutsyuruba, 2003; Arong Ogbadu, 2010). Supervision has existed in all countries for many decades and occupies a pivotal position in the management of education, which can be understood as an expert technical service most importantly concerned with scientific study and improvement of the conditions that surrounds learning and pupil growth (Alemayehu, 2008). According to Vashist (2004), supervision is leadership and development of leadership within groups, which cooperatively assess educational product in light of accepted educational objectives, studying the teaching-learning situation to determine the antecedents of satisfactory and unsatisfactory pupil gr owth and achievement, and improving the teaching learning process. The concept of instructional supervision differs from school inspection in the sense that the former focuses on guidance, support, and continuous assessment provided to teachers for their professional development and improvement in the teaching-learning process, whereas the latter gives emphasis on controlling and evaluating the improvement of schools based on stated standards set by external agents outside the school system (Wilcox Gray, 1996; Tyagi, 2010; Arong Ogbadu, 2010). Instructional supervision is mainly concerned with improving schools by helping teachers to reflect their practices, to learn more about what they do and why, and to develop professionally (Sergiovanni Starratt, 2007). Various authors stated that instructional supervision has clear connection with professional development (Sergiovanni Starratt, 2007; Zepeda, 2007). Kutsyuruba (2003) defined professional development as follows: A major component of ongoing teacher education concerned with improving teachers instructional methods, their ability to adapt instruction to meet students needs, and their classroom management skills; and with establishing a professional culture that relies on shared beliefs about the importance of teaching and learning and that emphasizes teacher collegiality. (p. 11) In Ethiopia, the supervisory services began to be carried out since 1941, with constant shift of its names Inspection and Supervision. Currently, supervision is widely practiced in all schools at all levels (Haileselassie, 1997). In the case of Addis Ababa, Addis Ababa City Administration Education Bureau (AACAEB) has restructured its sub city level supervisory positions from general supervisory approach to subject-area instructional supervisory approach, since the beginning of 2004 (Alemayehu, 2008). 1.2 Problem Statement A research conducted by Alemayehu (2008) in secondary schools of Addis Ababa shows that the subject-area instructional supervision practiced in Addis Ababa City Administration (AACA) has exposed to multiple problems such as, lack of adequate support to newly deployed ( beginner) teachers, less amount of classroom visits and peer coaching by instructional supervisors, focus of supervisors on administrative matters than on academic issues (supporting and helping teachers), and less mutual professional trust between supervisors and teachers. All these and other problems can enable teachers to have a negative perception towards instructional supervision. According to Oliva (1976), the way teachers perceive supervision in schools and classrooms is an important factor that determines the outcomes of supervision process. In addition, previous research and publications revealed that because of its evaluative approaches; less experienced teachers have more negative perceptions on the practice of supervision than more experienced teachers. They consider supervisors as fault finders; they fear that supervisors will report their weaknesses to the school administrator, and consider supervision as nothing value to offer to them (Blumberg, 1980; Olive, 1976; Zepeda Ponticell, 1998). However, literature on perception of teachers toward supervisory practices is very limited in Africa in general and in Ethiopia in particular. Therefore, this study was designed to examine beginning teachers perceptions of the real and ideal supervisory practices and their perceptions on its relationship with professional development in private and government secondary schools of Addis Ababa. This study addressed the following basic research questions: What are the perceptions and preferences of government and private beginning secondary school teachers regarding the actual and ideal supervisory practices? Is there any difference in perception between beginner and experienced secondary school teachers regarding the actual and ideal supervisory practices? What is the perceived relationship between the supervisory practices and teachers professional development? 1.3 Objective of the Study The overall objective of this study was to examine the existing perception of beginning teachers toward instructional supervision and its perceived relationship to professional development in government and private secondary schools of Addis Ababa. Specifically, the study seeks to explore beginning teachers perception of what the ideal supervision should be and how it has been actually implemented in the schools, and their perceived connection to professional development. In addition, it was aimed to explore what differences existed in the perception of instructional supervision between private and government school teachers and between experienced and less experienced (beginner) teachers. 1.4 Significance of the Study Teachers perception of instructional supervision can positively or negatively affect the quality of education. Teachers differ in their preferences and choices of supervisory approaches (Beach Reinhartz, 2000). Though there are some teachers who would like to work alone without additional support, there are other teachers who would appreciate comments about their teaching from their colleagues, supervisors, or school administrators (Augustyn, 2001). In this study, an overview of the theoretical frameworks of supervisory approaches (ideal interpretation) and their practical applications (actual interpretation) were presented. The researcher has a belief that identifying the prevailing perceptions of teachers by undertaking this survey and coming up with sound recommendations can have its own role to play in improving the practical supervisory processes and quality of education at large. To this end, this study will bring about the following benefits: The research findings provided an insight into teachers perception of supervisory practices and thus determined whether teachers were satisfied with such practices and their influence on professional development. The study will enable those involved in supervisory practices to identify the underlying negative perceptions of instructional supervision and seek for application of appropriate supervisory approaches based on teachers preferences and choices. Since the characteristic of education is its dynamism and capacity to respond to changing needs and challenges, the researcher feels that the study will contribute an additional source of information in evaluating the achievement gained as a result of practicing instructional supervision. Finally, the researcher also believes that the study will initiate other researchers to undertake detailed research on the effectiveness of instructional supervision at regional and national levels. In addition, the results of this study may be used to add to the international practices of instructional supervision. 1.5 Delimitation of the study Since Addis Ababa City Administration (AACA) is wide having a total of 112 government and private secondary schools, it will be unrealistic and impractical to attempt to study teachers perception of instructional supervision within a given time limit. Therefore, the study is delimited to 20 private and government secondary schools (10 from each) and 200 teachers (100 beginning and 100 experienced). In addition, public secondary schools in Addis Ababa are not included in this study due to the fact that the government has enacted a law to be included under government control and administration. However, by this movement the schools are not totally shifted to government control. They are partially funded by government and partially by the public, but their name and administration are not yet clear. 1.6 Limitation of the Study The study had limitations in that it includes only government and private secondary schools in Addis Ababa. Primary schools are not included in this study due to time and budget constraints. On the other hand, generalizability of this study was limited by the fact that the research was conducted in secondary schools in one city of Ethiopia. In addition, the study had limitations of all survey type research such as clarity of wording and respondent understanding of some terminologies. Problem of getting recently published books was equally challenging. Therefore, because of these limitations, the study by no means claims to be conclusive. It would rather serve as a spring to study teachers perceptions in a more detailed and comprehensive way. 1.7 Definition of Key Terms For the purpose of this study, the following terms were defined: Instructional supervision: is a process aimed at providing guidance, support, and continuous assessment to teachers for their professional development and improvement in the teaching-learning process, which relay on the system that is built on trust and collegial culture (Beach Reinhartz, 2000). Beginning teacher: refers to a teacher currently in the first or second year of teaching. Experienced teacher: refers to a teacher who has three or more years of teaching experience. Secondary school: is a school usually includes grades 9 through 12. Government secondary school: is a school established and administered by government of Ethiopia. Private secondary school: is a school established and administered by private foreign or local owners. Ideal supervisory approaches: are supervisory approaches stated in various literatures which should be implemented in schools. Real supervisory activities: are those supervisory approaches stated in various literatures which are actually implemented in schools. Professional development: is a major component of ongoing teacher education concerned with improving teachers instructional methods, their ability to adapt instruction to meet students needs, and their classroom management skills, leading to the professional growth of the teacher (Wanzare Da Costa, 2000). Sub-city: in Ethiopian case, it refers to the government administrative hierarchy next to city administration. It is locally called Kifle Ketema. 1.8 Organization of the Study This study comprises five chapters. The first chapter deals with the problem and the way it is approached. It encloses a brief formulation of background of the study, objective of the study, delimitation and limitation of the study, and definition of some key terms. The second chapter reviews some of the current literature pertaining to the area of instructional supervision, different approaches to supervisory process, and their connection with professional development. The third chapter details the research methodology, description of the study area, data sources, samples and sampling techniques, data gathering instruments, validity and reliability of instruments, procedure of data collection, and analysis of the data. Analysis and interpretation of the research findings are presented in the fourth chapter. Lastly, a summary of the study, conclusions, and recommendations are presented in chapter five. CHAPTER TWO THEORETICAL FRAMEWORK AND LITERATURE REVIEW OF INSTRUCTIONAL SUPERVISION AND PROFESSIONAL DEVELOPMENT In this chapter a review of related literature on instructional supervision and its relationship with professional development is provided. The chapter is divided in to four parts as to enable the reader to follow a logical sequence that includes: history of school supervision, overview of supervision approaches, teachers perception of supervisory processes, and the relationship between supervision and professional development. 2.1 History of School Supervision In many developed countries, such as United Kingdom (UK) and United States, much more attention has been given to inspection than school supervision (Lee, Dig Song, 2008). The Inspectorate of Education had originated from France under Napoleons Regime at the end of the 18th century, and other European counties followed the idea in the 19th century (Grauwe, 2007). For example, in UK, the first two inspectors of schools were appointed in 1883 (Shaw, Newton, Aitkin Darnell, 2003) and in the Netherlands it was started in 1801 (Dutch Education Inspectorate, 2008). The terms inspector and inspection are still being used in various developed and developing countries , including United Kingdom (UK), United States, European countries and some African countries such as Lesotho, Senegal, Tanzania and Nigeria (Grauwe, 2007). Traditionally, inspection and supervision were used as important tools to ensure efficiency and accountability in the education system. Later adherents of the terminologies of inspection and supervision are used by different countries in different ways. As outlined by Tyagi (2010), inspection is a top-down approach focused on the assessment and evaluation of school improvement based in stated standards, where as supervision focus on providing guidance, support and continuous assessment to teachers for their professional development and improvement in their teaching- learning process. Nevertheless, since the demand of teachers for guidance and support rendered from supervisors has increased from time to time, some countries changed the terminology and preferring the term supervisor over that of inspector. According to Grawue (2007), some countries have recently developed more specific terminologies: Malawi, uses education methods advisor, and Uganda teacher development advisor. The concepts of supervision and inspection have been changed frequently in Ethiopian education system and the reason was not clearly pedagogical (Haileselassie, 2001). In 19 42, educational inspection was practiced for the first time, then it was changed to supervision in the late 1960s , again to inspection in mid 1970s and for the fourth time it shifted to supervision in 1994 (Haileselassie,2001). Haileselassie stated that: Apart from perhaps political decisions, one could not come up with any sound educational and pedagogical rationale to justify the continuous shift made in the name. With the name changes made we do not notice any significant changes in either the content or purpose and functions. (Haileselassie, 2001, p. 11-12) From 1994 onwards, supervision has been practiced in Ethiopia decentralized educational management. According to the Education and Training Policy (1994), educational supervision is recognized at the center (Ministry of Education), Regional, Zonal, District (Woreda) and School levels. Instructional supervision at school level is practiced by principals, deputy principals, department head, and senior teachers. According to Haileselassie (1997), the functional and true sense of educational supervision depends on the supervisory operation made at the grassroots level, i.e. School level. In this regard, subject-area instructional supervision has practiced in all schools of Addis Ababa since the beginning of 2004. The major responsibilities of subject-area instructional supervisors in Addis Ababa include: (1) examining and reporting the programs, organization and management of the teaching-learning activities; (2) developing and presenting alternative methods used to improve instructional programs; (3) guiding and monitoring schools and teachers; (4) preparing and organizing professional trainings, workshops, seminars, etc.; (5) monitoring and supporting the mentoring (induction) programs for beginner teachers; and (6) providing direct assistance and perform instructional and managerial activities in schools with teachers and principals by organizing and implementing clinical, collegial, peer coaching and cognitive coaching techniques of instructional supervision, etc (Alemayehu, 2008). 2.2 Overview of Supervisory Approaches According to Blasà © and Blasà © (1998), although many supervisory approaches are collaborative in nature, for long time, supervisory of instruction has been viewed exclusively as an inspection issue. Sergiovanni (1992) described supervision as a ritual they [supervisors and teachers] participate according to well established scripts without much consequence (p. 203). This author continued that today, supervision as inspection can be regarded as an artifact of the past, a function that is no longer tenable or prevalent in contemporary education (p. 204). He explained that though functioned for a considerable span of time, this type of supervision caused negative stereotypes among teachers, where they viewed as subordinates whose professional performance was controlled. Supporting this idea, Anderson and Snyder (1993) stated, because of this, teachers are unaccustomed to the sort of mutual dialogue for which terms like mentoring, peer coaching collegial assistance are coming in to u se (p.1). It should be clear, however, that traditional supervisory approaches should not be removed completely because supervisory authority and control are essential for professional development. Mitchell and Sackney (2000) explained this as much of past practice is educationally sound and should not be discarded (p. 37). Having said this, it is important to differentiate instructional supervision from evaluation. Authors described the former as a formative approach and the later as a summative approach (Poole, 1994; Zepeda, 2007). Poole (1994) stated that instructional supervision is a formative process that emphasizes collegial examination of teaching and learning (p. 305). In this regard, participants in the supervision process plan and implement a range of professional growth opportunities designed to meet teachers professional growth and educational goals and objectives at different levels. Teacher evaluation, on the other hand, is a summative process that focus on assessing the compete nce of teachers, which involves a formal, written appraisal or judgment of an individuals professional competence at specific time (Poole, 1994, p. 305). The supervisory (formative) and evaluative (summative) processes should go hand in hand (Sergiovanni Starratt, 2007). While supervision is essential for teachers professional growth, evaluation is essential to determine this growth and teacher effectiveness (Kutsyuruba, 2003; Wareing, 1990). The widely used approaches to evaluation are administrative monitoring, report writing, checklists, and self-assessment. On the other hand, approaches to supervision are categorized as clinical supervision, peer coaching, cognitive coaching, mentoring, self-reflection, professional growth plans, and portfolios (Alfonso Firth, 1990; Clarke, 1995; Poole, 1994; Reninan, 2002; Sergiovanni Starratt, 2007; Zepeda, 2007). Implementing different supervisory approaches is essential not only to give choices to teachers; it is also important to provide choices to the administrators and schools (Kutsyuruba, 2003). Each component of supervisory approaches are discussed as follows. Clinical Supervision According to Sergiovanni and Starratt (2007), clinical supervision is a face- to- face contract with teachers with the intent of improving instruction and increasing professional growth (p. 23). It is a sequential, cyclic and systematic supervisory process which involves face-to-face interaction between teachers and supervisors designed to improve the teachers classroom instructions (Kutsyuruba, 2003). The purpose of clinical supervision according to Snow-Gerono (2008) is to provide support to teachers (to assist) and gradually to increase teachers abilities to be self-supervising (p. 1511). Clinical supervision is a specific cycle or pattern of working with teachers (Sergiovanni Starratt, 1993, p. 222). It is a partnership in inquiry where by the person assuming the role of supervisor functions more as an individual with experience and insight than as an expert who determines what is right and wrong (Harris, 1985). Goldhammer, Anderson and Karjewski (1980) described the structure o f clinical supervision that includes pre-observation conference, class room observation, analysis and strategy, supervision conference, and post-conference analysis. Clinical supervision is officially applicable with: inexperienced beginning teachers, teachers are experiencing difficulties, and experienced teachers who are in need of improving their instructional performance. Sergiovanni and Starratt (2007) stated that clinical supervision is typically formative than summative in its evaluative approach in order to enable beginning teaches collaborate to research their practices and improve their teaching and learning (p. 233). As a result of this, the writers further described that the focus of clinical supervision is not on quality control, rather on the professional improvement of the teacher that guarantees quality of teaching and students performance (Sergiovanni Starratt, 2007). Collaborative Supervision Collaboration and collegially are very important in todays modern schools. According to Burke and Fessler (1983), teachers are the central focuses of collaborative approach to supervision. Collaborative approaches to supervision are mainly designed to help beginning teachers and those who are new to a school or teaching environment with the appropriate support from more experienced colleagues. Thus, these colleagues have an ethical and professional responsibility of providing the required type of support upon request (Kutsyuruba, 2003). In this regard, a teacher who needs collegial and collaborative support should realize that needs do not exist for professional growth, that feedback from colleagues and other sources should be solicited in order to move toward improvement (Burke Fessler, 1983, p.109). The major components of collaborative approaches to supervision which are especially needed for beginner or novice teachers are: peer coaching, cognitive coaching and mentoring (Shower s Joyce, 1996; Sergiovanni Starratt, 2007; Sullivan Glanz, 2003; Kutsyuruba, 2003). Peer coaching Peer coaching, according to Sullivan and Glanz (2000), is defined as teachers helping teachers reflect on and improve teaching practice and/or implement particular teaching skills needed to implement knowledge gained through faculty or curriculum development (p. 215). The term coaching is introduced to characterize practice and feedback following staff development sessions. According to Singhal (1996), supervision is more effective if the supervisor follows the team approach. This would mean that the supervisor should have a clear interaction with teachers and group of teachers, provide an open, but supportive atmosphere for efficient communication, and involve them in decision making. The goal of coaching as described by Sergiovanni and Starratt (2007), is to develop communities within which teachers collaborate to honor a very simple value- when we learn together, we learn more, and when we learn more, we will more effectively serve our students (p. 251). Thus, peer coaching provid es possible opportunities to beginner teachers to refine teaching skills through collaborative relationships, participatory decision making, and immediate feedback (Bowman McCormick, 2000; Sullivan Glanz, 2000). In this regard, research findings showed that beginning teachers rated experienced teachers who coached than as highly competent and the process itself as very necessary (Kutsyuruba, 2003). Cognitive coaching According to Costa and Garmston (1994), cognitive coaching refers to a nonjudgmental process built around a planning conference, observation, and a reflecting conference (p. 2). Cognitive coaching differs from peer coaching in that peer coaching focuses on innovations in curriculum and instructions, where as cognitive coaching is aimed at improving existing practices (Showers Joyce, 1996). As Beach and Reinhartz (2000) described, cognitive coaching pairs teacher with teacher, teacher with supervisor, or supervisor with supervisor, however, when two educators are in similar roles or positions, the process is referred as peer supervision. The writers further identified three components of cognitive coaching: planning, lesson observation, and reflection. Costa and Garmston (1994) described three basic purposes of cognitive coaching, namely: (1) developing and maintaining trusting relationship; (2) fostering growth toward both autonomous and independent behavior; and (3) promoting learning. In a cognitive coaching process, teachers learn each other, built mutual trust, and encouraged to reach at a higher level of autonomy- the ability to self-monitor, self-evaluate, and self-analyze (Garmston, Linder Whitaker, 1993). Mentoring Mentoring as defined by Sullivan and Glanz (2000) is a process that facilitates instructional improvement wherein an experienced educator agrees to provide assistance, support, and recommendations to another staff member (p. 213). Mentoring is a form of collaborative (peer) supervision focused on helping new teachers or beginning teachers successfully learn their roles, establish their self images as teachers figure out the school and its culture, and understand how teaching unfolds in real class rooms (Sergiovanni Starratt, 2007). Sullivan and Glanz (2000) stated the works of mentors as: The mentor can work with a novice or less experienced teacher collaboratively, nonjudgmentally studying and deliberating on ways instruction in the class room may be improved, or the mentor can share expertise in a specific area with other educators. Mentors are not judges or critics, but facilitators of instructional improvement. All interactions and recommendations between the mentor and staff members are confidential. (p. 213) Research projects and publications revealed that mentoring has clear connections with supervision and professional development which serve to augment the succession planning and professional development of teachers (Reiman Thies-Sprinthall, 1998).In addition, Sergiovanni and Starratt (2007) described that the emphasis of mentoring on helping new or beginner teachers is typically useful for mentors as well. By helping a colleague (beginner teacher), mentors able to see their problems more clearly and learn ways to overcome them. As a result, mentoring is the kind of relationship in which learning benefits everyone involved. Self-Reflection As the context of education is ever changing, teachers should have a professional and ethical responsibility to reflect on what is happening in response to changing circumstances. Thus, they can participate in collective reflection practices such as peer coaching, cognitive coaching, or mentoring, as well as self-assessment reflective practices (Kutsyuruba, 2003). According to Glatthorn (1990), self- directed development is a process by which a teacher systematically plans for his or her own professional growth in teaching. Glatthorn further described that self-directed approaches are mostly ideal for teachers who prefer to work alone or who, because of scheduling or other difficulties, are unable to work cooperatively with other teachers. Sergiovanni and Starratt (2007) considered this option to be efficient in use of time, less costly, and less demanding in its reliance on others. Thus, the writers indicated that in self-directed supervision teachers work alone by assuming responsi bility for their own professional development (p. 276). Furthermore, Glatthorn (1990) suggested that self-development is an option provided for teachers that enable them to set their own professional growth goals, find the resources needed to achieve those goals, and undertake the steps needed to accomplish those outcomes (p. 200). In addition, this approach is particularly suited to competent and experienced teachers who are able to manage their time well (Sergiovanni Starratt, 2007). Portfolios As teachers want to be actively participated in their own development and supervision, they need to take ownership of the evaluation process (Kutsyuruba, 2003). The best way for teachers to actively involve in such practices is the teaching portfolio (Painter, 2001). A teaching portfolio is defined as a process of supervision with teacher compiled collection of artifacts, reproductions, testimonials, and student work that represents the teachers professional growth and abilities (Riggs Sandlin, 2000). A portfolio, according to Zepeda (2007), is an individualized, ongoing record of growth that provides the opportunity for teachers to collect artifacts over an extended period of time (p. 85). Similarly, Sergiovanni and Starratt (2007) stated that the intent of portfolio development is to establish a file or collection of artifacts, records, photo essays, cassettes, and other materials designed to represent some aspect of the class room program and teaching activities. As Sullivan and Glanz (2000) stated portfolio documents not only innovative and effective practices of teachers, but also it is a central road for teachers professional growth through self-reflection, analysis, and sharing with colleagues through discussion and writing (p. 215). The writers further described that portfolio can be used to support and enrich mentoring and coaching relationships. Professional Growth Plans Professional growth plans are defined as individual goal-setting activities, long term projects teachers develop and carry out relating to the teaching (Brandt, 1996, p. 31). This means that teachers reflect on their instructional and professional goals by setting intended outcomes and plans for achieving these goals. In professional growth plans as part of instructional supervisory approach, teachers select the skills they wish to improve, place their plan in writing including the source of knowledge, the type of workshop to be attended, the books and articles to read, and practice activities to be set. In this regard, Fenwick (2001) stated that professional growth plans could produce transformative effects in teaching practice, greater staff collaboration, decreased teacher anxiety, and increased focus and commitment to learning (p. 422). Summative Evaluation There is a clear link among instructional supervision, professional development and teacher evaluation (Zepeda, 2007). Teacher evaluation involves two distinct components: formative evaluation and summative evaluation (Sergiovanni Starratt, 2007). The writers differentiated formative teacher evaluation as an approach intended to increase the effectiveness of ongoing educational programs and teachers professi

Herodotus :: Ancient Greece Greek History

Herodotus Herodotus (484-424 BC ?) a Greek historian, known as the father of history, who was the first historian to apply critical evaluation to his material, while also recording divergent opinions. He made his prose style resemble the finest poetry by its persuasiveness, its charm, and its utterly delightful effect. Although his writings have been praised, their trustworthiness has been questioned both in ancient and modern times. After four years in Athens, he traveled widely in Egypt, Asia and the Black Sea region of E. Europe, before settling at Thurii in S. Italy in 443 BC. He wrote accounts of his various travels for the people of Greece. He read his, "History" publicly to the Athenians and was rewarded for this historical work. He contrived to set before his fellow citizens a general picture of the world, of its various races, and of the previous history of those nations which had one. He also was very careful to diversify his pages by scattering among his more serious matter tales, a necdotes, and descriptions of a lighter character, which are very graceful additions to the main narrative. Two men are famous contemporaries of Herodotus, Thucydides, and Xenophon, who were both from Athens. Thucydides (460 BC - 400 BC?) was a better historian than Herodotus and his critical use of sources and research made his "History of the Peloponnesian War" a significant influence on later generations of historians. Xenophon (430 BC - 355 BC?) began his "Hellenica where Thucydides ended his work about 411 BC and carried his history to 362 BC. His writings were superficial in comparison to those of Thucydides, but he wrote with authority on military matters. Herodotus believed that many Greek rituals and customs were inherited from the Egyptians as the Greek civilization developed. He recorded the wide range of religious practices he encountered in his travels, comparing the religious observances of various cultures, such as sacrifice and worship, with their Greek equivalents. He quite possibly followed the cult practices of Serapis, which is the Greek Name for Osiris the embodiment of goodness, who ruled the underworld. He identified Isis with Demeter, the Greek goddess of earth, agriculture, and fertility. About two centuries later, under the Greco-Egyptian Empire, which was created by Alexander the Great, the worship of Osiris (Serapis) was developed as a means of uniting the Greeks and Egyptians. He observed that the Egyptians strongly opposed the acceptance of foreign customs.

The Cost of Capital

THE COST OF CAPITALQ1. Place the creditor's hierarchy in the correct order. (P;D)Ordinary Shareholders 1Unsecured Creditors 2Creditors with floating charges 3Preference Shareholders 4Creditors with fixed charges 5(2 marks) Q2. Gecko Co. has just paid a dividend of $0.65/share ; the current share price in the market in the stock market is $3.6. Calculate the cost of equity? (FIB)3613156159500Ke %(2 marks) Q3. A share has a current market value of 86c, and the last dividend paid by the company was 7.23c. The expected annual growth rate of dividends is 7%. Calculate the cost of equity capital? (FIB)4013205270500Ke %(2 marks) Q4. Reeve Co. is about to pay a dividend of $1 per ordinary share. The Net assets of the company are $500,000. The Earnings for the company is $180,000.The Current share price is $7 per share. Reeve Co. has in total 100,000 Ordinary shares. What is the cost of equity to the nearest whole percentage? (MCQ)27%30%33%35%(2 marks) Q5. Sago Co.'s has 5 million shares in issue & their dividend payments in the years were as follows:End of the year 20X7 20X8 20X9 20Y0 20X1Dividends ($000) 250 275 295 222 350The current share price of Sago Co is $2/share. Calculate the cost of equity? (MCQ)11%12.6%13%15.1%(2 marks) Q6. Amok Co. is about to pay a dividend of 20c per share. The share price is 300c. The rate of return is 16% & 25% of the earnings is a dividend. Calculate the cost of equity? (FIB) 3917954508500Ke %(2 marks) Q7. Which of the following is/are the assumptions used by Dividend valuation model (DVM)? (MRQ) Income stream for the shareholders are the dividends paid by the companyDividends are constant or grow at a fixed rateThe model assumes there is no need to incorporate any riskThe dividends paid by the company are till eternity (2 marks) Q8. Which of the following statements is a disadvantage for Dividend valuation model (DVM)? (MCQ)The model takes capital gains of shareholders into accountIt assumes huge cost is applicable to the issue of new sharesNo allowance is made for the taxationThe growth in earnings is incorporated(2 marks) Q9. Shares in BLACK and WHITE have a beta of 0.75. The equity risk premium is 5% and the risk-free rate of return is 3%. What is the cost of equity capital for BLACK and WHITE? (FIB)4921256223000Ke %(2 marks) Q10. The current average market return being paid on risky investments is 14%, compared with 7% on Treasury bills. Halo Co cost of equity is 17.5%. What is the beta factor? (FIB)4921256350000Beta (2 marks) Q11. The Government securities return is 7%. The overall stock market return is 11%. The expected beta is 0.9. What would be the share's expected value if it is expected to earn an annual dividend of 5.3c, with no capital growth? (FIB) 2006606096000Cents (2 marks) Q12. All companies given below operate in the same business industry. They all have same characteristics except for the fact that their capital structures are different, which are as follows:Loco Co. Choco Co. Rocco Co.Debt from the total market 27 35 49Equity from the total market 73 65 51The equity beta of Rocco Co. is 1.32 ; the equity beta of Loco Co. is 0.74.What range will Choco Co. beta fall? (MCQ)The beta of Choco Co is higher than 1.32The beta of Choco Co. is above 0.74The beta of Choco Co. is between 0.74 ; 1.32The beta of Choco Co is lower than 0.74(2 marks) Q13. Investments required return can be predicted using the Capital asset pricing model. The risk-free rate of return is 5%. Investment Beta Value Return ValueAlpha 1.5 13%Beta 0.7 15.3%Mega 1 12%Zeta 1.2 12.2%If Zeta is correctly priced then select the appropriate option for each investment? (P;D) Alpha UnderpricedBeta Correct PriceMega Overpriced(2 marks) Q14. Beak Frees Co. makes biscuits and cookies and there are some factors in the market that the investors are unable to distinguish either they are a systematic or un-systematic risk to them. Help the investors in choosing the appropriate Risk? (HA) The immediate increase in interest rates SYSTEMATIC UNSYSTEMATIC Price increments in Flour used by the company SYSTEMATIC UNSYSTEMATICThe downfall of the economy in which the company operates SYSTEMATIC UNSYSTEMATICIndustrial unrest in one of the factories SYSTEMATIC UNSYSTEMATIC (2 marks) Q15. Which of the following assumption is not related to Capital asset pricing model? (MCQ)Investors have a spread of investment in multiple companiesThere are no taxes applicableIt ignores earning a potential of the companyAll forecast made are for single period transaction(2 marks) Q16. The systematic risk of a portfolio relative to the market portfolio is measured using the beta factor. Which of the following statements is/are true? (MRQ)If Beta is greater than 1, the security is less sensitive to systematic risk than the marketIf Beta is lesser than 1, the security is less sensitive to systematic risk than the marketIf Beta equals 1, the security's exposure to systematic risk matches the marketIf Beta equals 0 the security is risk-free(2 marks) Q17. Which of the following is an advantage of Capital asset pricing model? (MCQ)It provides a basis for establishing risk-adjusted discount rates for capital investment projects.Ignores taxation for the investorsIt is unable to distinguish between dividends & capital gainsIndividual companies have different systematic risk characteristics of their shares(2 marks) Q18. The cost of equity of a company is directly unaffected by which of the following? (MCQ)The expected market returnThe company's expected betaThe expected return on the company's assetThe government securities return (2 marks) Q19. 10% irredeemable preference shares having a share price-dividend of $7/share. The tax rate is 27%. Calculate the cost of preference shares if the par value is $0.6 correct to two decimal places? (FIB) 4521207747000Kp %(2 marks) Q20. Tangerine Co. wants to invest in an Investment appraisal project. The company decided to invest using a bank loan. The company borrowed 7% $200,000 loan for the investment. What will be the cost of debt if the tax rate is 25%? (FIB)4521207175500Kd %(2 marks) Q21. 3G Co. has in issue 12% irredeemable loan notes, currently trading at $105 cum-interest.If the tax rate changes from 27% to 20% for 3G co. then the cost of debt would likely: (MCQ) Decreases to 8.4%Decreases to 9.42% Increases to 9.42%Increases to 10.3%(2 marks) Q22. A company issued their 10% irredeemable loan notes at 150. The current market price is $75. The company is paying corporation tax of 28%. What is the cost of loan notes? (FIB)4521206985000Kd %(2 marks) Q23. A company has in issue 8% redeemable debt with three years to redemption at par. The current market value of the debt is $107.59. The corporation tax rate is 30%. What is the interest cost to the company? (MCQ)$8.6$32.3$8$5.6(2 marks) Q24. A company has in issue 5% redeemable loan notes having a current market value of $103/bond. These bonds will be redeemed in three year time at par value. Calculate the cost of debt if the tax rate is 29%? (MCQ)2%2.15%2.63%3% (2 marks) Q25. A 6% irredeemable preference shares are traded for $1.5 cumulative dividend. The tax rate is 30%. What is the cost of preference shares nearest to two decimal places? (FIB) 4521207810500Kp %(2 marks) Q26. A 3% 60,000 irredeemable preference shares are being traded for $0.5 ex. Dividend. What is the cost of preference shares? (FIB)4521206985000Kp %(2 marks) Q27. A company has irredeemable loan notes currently trading at $36 ex-interest. The coupon rate is 11% and the rate of corporation tax is 30%.What is the return required by the debt providers before tax is applicable? (MCQ)21.4%27.6%30.6%33%(2 marks) Q28. Sitcom Co. has a 5% redeemable loan notes which are redeemable at a 10% premium in 5 years' time. The current market value is $100 per loan note. The tax rate is 25%. Calculate the cost of debt? (MCQ)2.7%3.53%4%5.62%(2 marks) Q29. A company has issued convertible loan notes which are due to be redeemed at a 5% discount in five years' time. The coupon rate is 7% and the current MV is $85. Alternatively, the investor can choose to convert each loan note into 10 shares in five years' time. The company pays tax at 30% per annum. The company's shares are currently worth $9 and their value is expected to grow at a rate of 4% pa. Find the post-tax cost of the convertible debt to the company? (FIB)4521207683500Kd %(2 marks) Q30. Cobol Co. has in issue 6% convertible bonds having a market value of $115. These bonds can redeem at a premium of 2% in two years' time or can be converted to 25 ordinary shares in two years. The current share price $4 and its expected growth is 3% per annum. The corporation tax rate is 29%. Calculate the net present value if discount factor is 4%? (MCQ) $1.53$4.26$8.03$10(2 marks) Q31. Fichte Co. has in issue 12% convertible bonds having a market value of $97. These bonds can be converted into 40 ordinary shares in seven years' time or can be redeemed at 12% premium in seven years' time. The current share price is $3 with an annual growth rate of 4%.The tax rate per annum is 24%. Choose whether bonds should be converted or redeemed in seven years' time? (MCQ)$108.64 Redemption $157.91 Conversion$108.64 Conversion$157.91 Redemption (2 marks) The following information is for Q32 & Q33:Trico Co. has the capital structure:Capital Structure $ m4 million $0.2 ordinary shares 0.810% irredeemable loan notes 13.58% Preference shares 10Reserves 15Total 39.3The loan notes are quoted and the ordinary shares are currently quoted at $50 and $4 respectively in the market. The cost of equity for Trico Co. is 11% and the current corporation tax is 30%. The preference shares are currently traded for $2.25 ex. Dividend. Q32. Calculate the weighted average cost of capital (WACC) for Trico Co. using the Book values? (MCQ) 8.45%10.37%11.13%11.27%(2 marks) Q33. Calculate market value weighted average cost of capital (WACC) for Trico Co.?9.24%9.97%10.79%12.38%(2 marks) Q34. Zeeman Co. has 5m $1 ordinary shares, the reserves are held at $10m and there are 15% irredeemable loan notes of $9m. The market value of ordinary shares is $5, and the loan notes are currently traded at $80. Zeeman Co. has just paid a dividend of $0.7 and its corporation tax is 26%. What is the cost of capital? (MCQ)13.98%14.23%16.76%17.89%(2 marks)THE COST OF CAPITAL (ANSWERS)Q1. Creditors (payables) hierarchy:Creditors with fixed charges 1Creditors with floating charges 2Unsecured Creditors 3Preference Shareholders 4 Ordinary Shareholders 5 Q2. 18.1%Ke = (0.65 à · 3.6) Ãâ€" 100 = 18.1% Q3. 16%Ke = (7.23 [1 + 0.07] à · 86) + 0.07 = 0.1599 0.1599 Ãâ€" 100 = 16% Q4. DGrowth = b Ãâ€" re b = (1 – [1à ·1.8]) = 0.44 re = (1.8à ·5) = 0.36g = (0.44 Ãâ€" 0.36) Ãâ€" 100 = 15.84%Ke = [1Ãâ€"(1+15.84%)] à · (7 – 1) = 0.1931 + 15.84% = 0.351Ke = 0.351 Ãâ€" 100 = 35% Q5. Bg = [(350 à · 250) 1 à · (5-1) – 1] Ãâ€" 100 = 8.8%D1 = (350 à · 5000) Ãâ€" (1 + 8.8%) = 0.076Ke = [(0.076 à · 2) + 8.8% ] Ãâ€" 100 = 12.6% Q6. 12%g = (0.75 Ãâ€" 0.16) Ãâ€" 100 = 12%D1 = 0.2 (1 + 12%) = 0.224Ke = [0.224 à · (3 – 0.2)] = 0.08 + 12% = 0.2 Ãâ€" 100 = 12% Q7. All statements below are assumption of DVM: Income stream for the shareholders are the dividends paid by the companyDividends are constant or grow at a fixed rateThe dividends paid by the company are till eternity The model assumes there is no need to incorporate any risk. This is weakness not an assumption for Dividend growth model. Q8. CThe model does not take capital gains of shareholders into accountIt assumes no cost is applicable to the issue of new sharesNo allowance is made for the taxation (Disadvantage)The growth in earnings are ignored Q9. 6.75%Ke = 3 + (5 Ãâ€" 0.75)Ke =6.75% Q10. 1.517.5% = 7 + (14 – 7) Ãâ€" (beta)Beta =1.5 Q11. 50cKe = 7 + (11 – 7) Ãâ€" (0.9) = 10.6%Share price = 5.3c à · 10.6% = 50c Q12. CThe higher the debt, the riskier the company. The higher the equity, the safer the company.Loco Co. is safer as Debt lower & Rocco Co is riskier as debt is higher which indicates that Choco Co falls between both betas as its debt is between both companies debt. Q13.Alpha OverpricedBeta UnderpricedMega Correct PriceIf Investment Zeta is correctly priced, the actual return via CAPM will be 12.2 = 5 + 1.2 (Rm – 5)Rm = 12 Investment Alpha should provide a return of 5 + 1.5 (12 – 5) = 15.5Investment Beta should provide a return of 5 + 0.7 (12 – 5) = 9.9Investment Mega provides a return of 5 + 1 (12 – 5) = 12Investment Alpha does not provide a high return so is overpriced. Investment Beta provides too high return so is underpriced. Investment Mega provides the correct return so correct priced. Q14.The immediate increase in interest rates SYSTEMATIC Price increments in Flour used by the company UNSYSTEMATICThe downfall of the economy in which the company operates SYSTEMATIC Industrial unrest in one of the factories UNSYSTEMATICSystematic risk cannot be diversified by the investorUnsystematic risk can be diversified by the investor Q15. CInvestors have a spread of investment in multiple companies (Well-diversified portfolio)There are no taxes applicable (Indication of being in a perfect capital market)It ignores earning a potential of the company (Disadvantage of DVM)All forecast made are for the single period transaction (Considers single transaction rather than multiple transactions at once) Q16.If Beta is greater than 1, the security is less sensitive to systematic risk than the market (True)If Beta is lesser than 1, the security is less sensitive to systematic risk than the market (False, It is highly sensitive to systematic risk than the market)If Beta equals 1, the security's exposure to systematic risk matches the market (True)If Beta equals 0 the security is risk-free (True) Q17. AIt provides a basis for establishing risk-adjusted discount rates for capital investment projects. (Advantage)Ignores taxation for the investors (Disadvantage)It is unable to distinguish between dividends ; capital gains (Disadvantage)Individual companies have different systematic risk characteristics of their shares (Disadvantage) Q18. CThe formula for required return is Ke = risk-free rate + beta Ãâ€" (market rate – risk-free rate) Q19. 0.86%D= 0.6 Ãâ€" 10% = 0.06Ex-Dividend = 7 – 0.06 = 6.94Kp = (0.06 à · 6.94) Ãâ€" 100 = 0.86% Q20. 5.25%Kd = 7% Ãâ€" (1 – 25%) = 0.0525 Ãâ€" 100 = 5.25% Q21. DKd = [(12% Ãâ€" 100) Ãâ€" (1 – 27%)] à · (105 – 12) = 0.094 Ãâ€" 100 = 9.42%Kd = [(12% Ãâ€" 100) Ãâ€" (1 – 20%)] à · (105 – 12) = 0.103 Ãâ€" 100 = 10.3%Increases to 10.3% Q22. 9.6%Kd = [ (10% Ãâ€" 100) Ãâ€" ( 1 – 28%) ] à · 75 = 0.096 Ãâ€" 100 = 9.6% Q23. DInterest = (8% Ãâ€" 100) Ãâ€" (1 – 30%) = $5.6 Q24. BYear Cash flow ($) DF (5%) Present value ($) DF (10%) Present Value ($)MV/Bond 0 (103) 1 (103) 1 (103)Interest 1-3 3.55 2.723 9.67 2.487 8.83Redemption 3 100 0.864 86.4 0.751 75.1NPV (6.93) (19.07)IRR = 5 + [-6.93 à · (-6.93 – (-19.07)] Ãâ€" (10 – 5) = 2.15% Q25. 4.17%D= 1 Ãâ€" 6% = 0.06Ex-Dividend = 1.5 – 0.06 = 1.44Kp = (0.06 à · 1.44) Ãâ€" 100 = 4.17% Q26. 6%D= 1 Ãâ€" 3% = 0.03Kp = (0.03 à · 0.5) Ãâ€" 100 = 6% Q27. CAs the question states before tax the calculation will be:Kd = [(11% Ãâ€" 100) à · 36] Ãâ€" 100 = 30.6% Q28. DYear Cash flow ($) DF (5%) Present value ($) DF (10%) Present Value ($)MV/Bond 0 (100) 1 (100) 1 (100)Interest 1-5 3.75 4.329 16.23 3.791 14.22Redemption 5 110 0.784 86.24 0.621 68.31NPV 2.47 (17.47)IRR = 5 + [2.47 à · (2.47 – (-17.47)] Ãâ€" (10 – 5) = 5.62% Q29. 9.7%Year Cash flow ($) DF (5%) Present value ($) DF (10%) Present Value ($)MV/Bond 0 (85) 1 (85) 1 (85)Interest 1-5 4.9 4.329 21.21 3.791 15.58Convertible 5 109.5 0.784 85.85 0.621 68NPV 22.06 (1.42)Redemption= 85 Ãâ€" 95% = 80.75Convertible= 10 Ãâ€" [9 Ãâ€" (104%)5 ] = 109.5IRR = 5 + [22.06 à · (22.06 – (-1.42)] Ãâ€" (10 – 5) = 9.7% Q30. AYear Cash flow ($) DF (4%) Present value ($)MV/Bond 0 (115) 1 (115)Interest 1-2 4.26 1.886 8.03Redemption 2 117.3 0.925 108.5NPV 1.53Redemption= 115 Ãâ€" 102% = 117.3Convertible= 25 Ãâ€" [4 Ãâ€" (103%)2 ] = 106.1 Q31. BRedemption= $97 Ãâ€" 112% = $108.64Conversion= 40 Ãâ€" [3 Ãâ€" (104%)7] = $157.91 Q32. DKp= [(8% Ãâ€" 1) à · 2.25] Ãâ€" 100 = 3.56%Kd= [(10% Ãâ€" 100) (1 – 30%)] à · 50 = 0.14 Ãâ€" 100 = 14% Book Value ($m) Cost ($m)Equity (15+0.8) 15.8 15.8 Ãâ€" 11% 1.738Preference shares 10 10 Ãâ€" 8% 0.8Debt (irredeemable) 13.5 13.5 Ãâ€"14% 1.89Total 39.3 4.428WACC = (4.428 à · 39.3) Ãâ€" 100 = 11.27% Q33. CKp= [(8% Ãâ€" 1) à · 2.25] Ãâ€" 100 = 3.56%Kd= [(10% Ãâ€" 100) (1 – 30%)] à · 50 = 0.14 Ãâ€" 100 = 14% Market Value ($m) Cost ($m)Equity 4m Ãâ€" 4 =16 16 Ãâ€" 11% 1.76Preference shares 4m Ãâ€" 2.25 = 9 9 Ãâ€" 8% 0.72Debt (irredeemable) (13.5 à · 100) Ãâ€" 50 = 6.75 6.75 Ãâ€"14% 0.945Total 31.75 3.425WACC = (3.425 à · 31.75) Ãâ€" 100 = 10.79% Q34. AKe= ($0.7 à · $5) Ãâ€" 100 = 14%Kd= [(15% Ãâ€" 100) (1 – 26%)] à · 80 = 0.1387 Ãâ€" 100 = 13.87%Market Value ($m) Cost ($m)Equity 5m Ãâ€" 5 =25 25 Ãâ€" 14% 3.5Debt (9 à · 100) Ãâ€" 80 = 7.2 7.2 Ãâ€" 13.87% 1Total 32.2 4.5WACC = (4.5 à · 32.2) Ãâ€" 100 = 13.98%

7 Reasons to Publish a Blog

7 Reasons to Publish a Blog 7 Reasons to Publish a Blog 7 Reasons to Publish a Blog By Mark Nichol You still don’t have a blog? Below, check out seven arguments for writers joining the blogosphere. Weblogs, universally referred to as blogs, are websites formatted as journals, with posts, or individual entries, that can be accessed in reverse chronological order. (Usually, a few of the most recent posts are visible on the home page, and site visitors can click through to pages featuring previous posts or to an archive page.) They range widely in tone from silly to sober and in topic from adorable cats to international politics and everything in between but perhaps it hasn’t occurred to you how valuable they can be for your writing or editing business or for the company you work for. If you don’t already have a blog, or your current one is about your personal life or a topic unrelated to your profession, consider creating one that serves as an extension of your work. Post news, information, and analysis about pertinent topics, trends, products, or events. Content can take the form of news briefs, essays, reports, white papers, reviews, interviews, polls, surveys, and FAQs (a list of actual or prospective frequently asked questions about a topic), among other forms. Supplement written posts with photographs, graphics, video, and audio. Provide links to related websites and other blogs, and ask webmasters and bloggers to do the same for your blog. Whenever you quote from or refer to an online article or other document, link to it. Here are the seven reasons you should create your own professional or interest-based blog: Your blog is an online advertisement for your writing or editing services, or for documents or publications you write or your company produces. Your blog is an extension of your rà ©sumà © that allows you to present content about your professional experience, as well as writing samples, in one convenient location. Your blog will convey your personality, allowing prospective collaborators, clients, and employers to gain a good first impression of you. Your blog enables you to network with other writers and editors or other people in your industry or sphere of interest. Your blog demonstrates to prospective associates that you are passionate and knowledgeable about the subject area you blog about. Your blog establishes you as an expert (or someone with interest if not expertise) and as someone who engages in extra effort to acquire and share knowledge and information about a profession or area of interest. Your blog provides you with a forum for developing your communication skills not just writing but also video and audio, as well as interactivity such as networking, commenting on other websites and blogs, and responding to comments on your blog. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Freelance Writing category, check our popular posts, or choose a related post below:Homograph ExamplesThat vs. WhichCaptain vs. Master

Hillary clinton essays

Hillary clinton essays With strength, courage, confidence, and determination you can be anything you want to be. Though u may go through many obstacles before you get to the place you would like to be, you can get there eventually as long as you dont give up. Donnie Radcliffe wrote a biography on Hillary Clintons life and about the struggles Hillary went through to get where she is today. Determination was primarily the key to her success. Many people doubted Hillarys abilities just because she was a woman but that never discouraged her. Donnie Radcliffe focuses on the events that impacted Hillarys life the most and the choices she had to make in her life. Hillary Diane Rodham was born in Chicago, Illinois, on October 26, 1947, daughter of Hugh and Dorothy Rodham. She and her two younger brothers grew up in Park Ridge, Illinois, as a very close family. She was an excellent student, a Girl Scout, and a member of the local Methodist youth group. Hillary also enjoyed sports and was always interested in politics. She entered Wellesley College in 1965. As an undergraduate at Wellesley College, Hillary mixed academic excellence with school government. Speaking at graduation, she said, "The challenge now is to practice politics as the art of making what appears to be impossible, possible." Graduating with high honors, she moved on to Yale Law School, where she served on the Board of Editors of the Yale Review of Law and Social Action. She interned with children's advocate Marian Wright Edelman, and there, she met Bil l Clinton. The President often recalls how they met in the library when she confronted him and said, "If you're going to keep staring at me, I might as well introduce myself." The two soon became inseparable, partners in court, political campaigns, and matters of the heart. While at Yale, Hillary developed her special concern for protecting the best interests of children and their families. After graduation, Hillary advis...