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When writing an MSc dissertation piece of work the following format is required to be used to make sure the fulfillment of the entire general requirements.

The foremost page of MSc dissertation piece of work is supposed to be a prominent one where the title of the assignment is written. The title page may differ from different college’s style and professors requirements. The necessary content of the first page is title of the MSc dissertation, the name of department, student, institute and instructors. The next page is abstract. Here the writer has to introduce the complete MSc dissertation briefly by highlighting the main and most important points of the project. Abstract page will emphasis on some content of the paper.

Acknowledgement page is supposed to be followed by abstract. This is where the student will thanks to all the helping hands who were involved with the students to get their papers completed.
Next is table of content where the all the main segments and sub-segments are listed in sequence with page number. This assists to locate any part of project easily. The students can get MSc dissertation providers help right now from best online educational writing platform of the world.

In financial hypothesis, the return that stockholders want for a firm/company is known as cost of equity. The basic formula to calculate the cost of equity is based on dividend capitalization model that is:

A firm’s cost of equity characterizes the return that the market necessitates in trade for owning the assets and bearing the risk of possession. Two methods can be used to find out the cost of equity. Two widely used methods to determine the cost of equity is Dividend growth model and security market line approach.

Cost of Debt
Debt elements of capital might include numerous line items i.e. loans from numerous financial organizations with different terms and costs and preferred stock. Some of the loans might have floating or fixed interest rate. The more other components of debt are bonds and leases. The efficient rate that a firm disburses on its present debt can be determined prior to or after the tax returns as the interest cost is deductible. A firm uses numerous loans, bonds and other kinds of debt so this measure is helpful for providing an idea as to the largely rate being salaried by the firm to utilize the debt money. This measure or technique can also enrich the investor with the idea about the risk ness of the firm as related to others as the riskier firms have higher cost of debt.

To calculate the cost of debt, first the firms needs to calculate the individual cost of each element of debt than calculate the weighted average cost of capital. For example, if there are seven bonds issues than 1st, we will calculate the cost of each individual bond than will move towards calculating the weighted average cost of capital to find the overall cost of debt.


Weighted Average Cost of Capital
WACC is the rate that a firm anticipated to pay on standard to all of its shareholders to finance their assets. A firm’s resources are funded by the use of debt or equity and the WACC is the average cost of these two resources of funding, each one is weighted by its individual utilization. By calculating the WACC, a firm can evaluate that how much interest the firm has to compensate for each dollar it finance.

As a whole, WACC is overall required return on the firm and it is also exercised inside the firm to decide the financial viability of expansionary openings and amalgamations. The general formula for calculating the WACC is:

CAPM (Capital Asset Pricing Model)
The resources returns depends on the sum compensated for the asset at present. The cost paid should guarantee that the market collection risk and return distinctiveness progress when the asset is putted to it. The CAPM (Capital asset pricing model) is a model which forces the hypothetical compulsory return for an asset in marketplace, specified the risk free rate presented to the shareholders and the risk of marketplace as a total. The general formula to calculate the CAPM is:

CAPM is also a desired model that is used to compute the cost of equity.

Firm’s financial mix
Investment choices depend upon the cost of capital. Capital is collected to grant money services that are key input for the productive process. Capital for a firm comprises of reasonable ratio of debt and equity which is also called financial mix.

Financial mix is a name used in the business world to describe a combination of debt to equity in a firm. This term is use to explain the formula that describes how much investment is being lifted by the debt and how a lot is being lifted by the equity. Financial firms believe that financial mix have an important impact on rising or lessening the worth of a firm. Debt financing is basically a money advance of cash that must have to be pay back, usually with an interest form on crest and equity, on the other side, is financing policy that is obtained from shareholders of the firm and does not essentially have to be paid back, though shareholders will usually be expecting a level of required return for their assets.

Conclusion
The cost of capital has strapping consequences for the firms that makes investments and it can be manipulated by the financial resources. This research paper discusses the cost of capital and its various components to find out weighted average cost of capital of a firm. The sum of all components of cost of capital like cost of debt and cost of equity brings WACC of the firm that is overall required rate of return on firm’s financial assets. Financial mix describes the ratio of debt to equity of a firm and has significant impacts on the overall worth of the firm.

References


Ross, A Stephen. (1977). The Capital asset pricing model (CAPM), Short sale restrictions and related issues, Journal of Finance, 32 (177)


Pastor, L. & Stambaugh, R. F. (1999). Costs of Equity Capital and Model Mispricing: American Finance Association. Journal of Finance, 54(1), 67-121.


Fama, E. F. & French, K.R. (1999). The Corporate cost of capital and the return on corporate investment: American Finance Association. Journal of Finance, 54(6), 1939-1967.


Van Horne & Wachowicz. (2004). Fundamentals of financial management. New York: Prentice Hall Publishers.


Richard, Brealey & Stewart. (1991). Principles of corporate finance, 4th Edition: New York, McGraw Hill Publishers.

Abstract
This research paper discuss the cost of capital and its various components i.e. cots of debt and cost of equity in order to calculate the weighted average cost of capital that is overall required return on the firm financing assets. Moreover, financial mix (debt and equity) is also discussed to know the firm’s financing policies through debt and equity. The rationale of this examine paper is to talk about the cost of capital and its different elements.

Introduction
The cost of capital is possibly the most essential and extensively used idea in theory of finance. A key imminent from finance hypothesis is that, at all, the utilization of capital inflicts an opportunity cost on shareholders, specifically; finances are abstracted from receiving a return on the subsequent best similar risk speculation. As the investors have admittance to financial marketplace opportunities thus the firm’s utilization of investment should be benchmarked beside these investment market choices. The cost of capital better offers this benchmark. The cost of capital term is used in the area of financial investment to convey to the cost of a firm finances i.e. equity and debt. This method is used to assess the fresh projects of a firm because it is the minimum return that stockholders expect for supplying funds for the firm. The rationale of this examine paper is to talk about the cost of capital and its different elements.


Cost of Capital
The cost of capital finds out that how a firm can raise money i.e. through borrowing, issuing a stock or a mix of these two. Cost of capital is a rate of return that a firm would obtain if it invests its financial resources like money somewhere else with related risk. Cost of capital would comprise cost of debt and cost of equity.


Capital structure of a firm can comprises of preferred stocks, ordinary shares, short term and long term loans, bonds and leases etc. These whole fundamentals of capital formation have their individual price and if we include all the costs of each element after adjusting with weight age of each element, the consequential value is called WACC (weighted average cost of capital). WACC is minimum return that a firm earns on all of its existing components of capital structure to satisfy its owners, creditors or others who provide finance for the firm operations. WACC is an important element firms use if the asset plans accessible to them are valuable to take on or not. To calculate the WACC, first firms needs to calculate the individual costs of each element in capital structure. Let discuss them one by one.

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1. Why did the EU from single markets
2. Why taxes are are not harmonized
3. What are the benefits and disadvantages of tax harmonization?

Theoretical framework:


In theoretical framework, it is to require showing relationship between dependent and independent variables, and it is necessary as well to identify moderating and intervening variables. For current research work, harmonization taxes are to be taken as dependent variable while EU single market is supposedly considered independent variable. On other hand, mobility factors within European Union territory is tagged with moderating entitlement. The role of moderating variables is to cause incremental into the relationship of dependent and independent variables.

Research design:


As far as research methods are concerned, we have decided to collect data from secondary sources. On other hand, we can take design a poll on different social networking sites in order to have customer opinion towards our topic. Taxes statistics can be consulted for the sake of bit of help in understanding the importance of taxes for government projects. However, it is hardcore for governments as to invest in public development projects without having fund in public accounts. therefore, government can never stay out from all this because it is some how mandatory for its survival. Government employee’s salaries and expenditures allusion to tax income. Government doesn’t have any other source of income.

Research methods:


It is required from us to take help from some of important and vital research methods for the purpose to make research work significant. For this particular reason, we are supposed to employ statistics techniques. Hence, we will be employing ANOVA table, Percentile analysis, statistic summary, and confidence interval measurement. We can not go blind without knowing the soul of research study. On other hand, ratio analysis specific technique has to be employed as well because it is quite essential to know about mobility rate, and annual turn over of all European states. External competition doesn’t like this coalition between European states as tax harmonization causes increment in tax rates thence it would be becoming difficult for small and medium enterprises to be survived in external competition. Commission is therefore required to formulate policies with full vigilance otherwise the day is nearer when market never allow to small competitor to keep carrying its business in longer means. Brutal marketing strategies

Conclusion:


European commission had decided many moons back in history to follow symmetry tax charges. With the passing time, it has become necessity of time that higher earning industries have to be put tax requirements as for enabling government to perform in better sense. Government projects can never be run without tax money. Hence, government is not among the earning bodies thus it runs with people money given in the shape of taxes. Single market operations will be devastated what if it are to be imposed higher tax rates. External competition has dug its position against European Union inside situation. it is ready waiting for good time, and whenever it gets chance then it will conquer each thing.  There is no doubt about it that single market operations are the biggest power themselves, and bigger threat for international companies.


Reference:


EC regulatory authority (2010) ‘Single market for goods; market surveillance’ from http://ec.europa.eu/enterprise/policies/single-market-goods/regulatory-policies-common-rules-for-products/new-legislative-framework/market-surveillance/index_en.htm [16/11/2010]

George Osborne (2008) ‘European single market’ from http://www.politics.co.uk/briefings-guides/issue-briefs/foreign-policy/european-single-market-$366685.htm[16/11/2010]

Tom stults (2004) ‘Tax harmonization versus tax competition: a review of the literature’ from http://economics.about.com/cs/moffattentries/a/harmonization.htm [16/11/2010]

McEnaney (2008) ‘Tax harmonization by back dor threaten our economic survival’ from http://www.independent.ie/business/irish/tax-harmonisation-by-back-door-threatens-our-economic-survival-1353847.html[16/11/2010]

The movie which has been selected for this assignment is Wall-Street in which the event of margin call has been discussed. Charlie Sheen and Michael Douglas star in Wall Street, director Oliver Stone’s depiction of the greed and excess that dominated American business and finance during the 1980s. Douglas received Best Actor accolades from the Academy Awards, Golden Globe Awards and the National Board of Review for his role as an unscrupulous Wall Street trader.


In the movie, a character is Ma Yun who was the leader of the traders, let’s see what leadership style he used in the movie to motivate their employees.


There are a number of leadership styles are present but the style adopted by MA YUN is peacock leadership style which often called Charismatic leadership style. The word Charismatic has been derived from Charisma which is a basic instinct or nature of a person. Charisma is in the personality of a person which attracts the followers. There is a positive effect of the charismatic personality of a leader on his follower. A Charismatic personality of a leader effectively influences on the employee’s performance and also helps the employees in directing their performance without any undue influence. Charismatic leadership also called transformational leadership style. So, we will use these both of these terms interchangeably.


The leadership style adopted by MA YUN is transformational and in the mean time theory X style as well. Theory X style is a style in which the manager thinks that employees love their work and can not be forced to accomplish the task (Lussier & Christopher, 2009). By reading the movie, it can be said with authenticity that MA YUN supports his employees. MA YUN believes on the Maslow theory to meet the basic needs of his employees. He never does undue influence on his employees regarding the work done and for any other thing. The biggest positive node for the employees is that the boss trust them and according to the employees of MA YUN, “This person is very confident and trustworthy with a kind heart” and never laid down his any employee. Peacock leadership style adopted by MA JAU consists of a number of personality traits includes individual charm, unusual cohesion, ability to enhance interpersonal relationship and self confidence.


All of these things have been found in the personality of MA YUN. The best thing found in this person is Self Confidence and his ability to enhance long term interpersonal relationship with his employees and colleagues. According to his employees confidence is in the eyes of this person which makes his personality really charismatic and the charisma is enough for the employees to direct their performance. Due to the nature of MA JAU as a theory X manager, his employees are self motivated and confident and have full confidence on his leader. MA JAU always cares for his employee that is why he always uses effective methods of incentives for the employees.


By reading all these discussions do not assume that MA JAU is a soft person who can compromise because MA JAU never compromise on the work and target achievement. He will be very kind and gentle with you if you really want to work with heart or if not then he probably does not needs you.

References


Dereli, M (2010), Different Leadership Styles, John Wiley & Sons Professional Publications


Hellriegel, D & Slocum, J (2007), Organizational Behavior, London, Oxford University Publications


Kippenberger, T (2002), Leadership Styles, New York, McGraw Hill


Lussier, R & Christopher, A (2009), Leadership: Theory & Applications, Pearson Group Publications


Lawrence, J & Gitman. N (2008), The Futures of Business: The Essentials, Prentice Hall Publications


Mehrota, A (2008), Leadership Styles of Principals, Prentice Hall Publications

Leadership is one of the most important things in the literature of management (John & Robert, 2009). According to the organizational officials, management is basically a synergy of 4 things which particularly are planning, leading, organizing and controlling. From the organizational perspective, the brainchild which accumulates and binds each of this concept in a single one is called leadership potential. According to me, if a leader has potential than there is nothing which can stop him from ad hoc growth and prosperity. According to the self insight leadership template, my quantitative result is 3 which means that the leadership style I wish to adopt will come under the ambit of above the benchmark and it’s mean that I have the potential to lead a team in a well professional and ethical manner. This particular interpretation also apprise the reader that how much important is the essence of potential in a leader.


Transformational Leadership Style

Transformational leadership style is a style adopted by the leaders to take out as many work as they can from their employees without any coercive and harsh behavior (John & Robert, 2009). Transformational leadership is basically a style of leadership which shows that the employees are eager towards their work and will give their hundred percent performances without any influence. Due to its effectiveness, I have given full marks (4) in the insight template which shows that the result is above the benchmark.


Charisma in the personality

Charisma is the factor of personality trait which means that the leader has a charismatic and attractive personality (John & Robert, 2009). In the leadership assessment template, I have given 4 marks against this particular question which means that the charismatic personality has a large proportion in the overall leadership assessment.


Communication Apprehension

Due to the communication apprehension, the level of interaction among the leaders and employees will enhance (Armstrong & Baken, 2007). I have given “4” again for this particular element in the template which shows that how important communication is for a leader from the long run perspective of an organization.


Mindfulness

It is a common saying that a fool can not be a leader or manger. Management and leadership is the game of mind (Armstrong & Baken, 2008). By considering the same, I have given 3 marks to this particular element which shows that the result is above the benchmark level of 2.