Article summary Example | Topics and Well Written Essays - 1000 words - 1

Summary - Article Example The survey listed credit rating as the second most important factor in organization’s capital structure policy decisions. The CR-CS model (credit rating –capital structure), as formulated by Kisgen illustrates that, the capital structure policy of any firm is influenced by its credit ratings (Kisgen, p1325). The model is a general description of the behavior of a subsample of firms. The appeal of the model varies systematically between firms as classified by some firm-level attributes. Those attributes are examined as follows; first, a test of the sensitivity of the active firms to the capital market participation versus inactiveness to capital market participation. Second, the sensitivity of the CR-CS model in firm’s bond ratings. Third, the effect of CR-CS motivation on firms that are active participants in the commercial paper markets as compared to the inactive firms. Last, examination of the capital structure behavior in relation to investment opportunities available (Kisgen, p1325). Reconfirming Kisgen’s findings, firms on the verge of rates change uses less debt financing margin therefore supporting the CR-CS model. However, CR-CS motivation cannot be documented to be systematically related to the attributes above. The major drawback of the model is the fact that, CR-CS model does not apply to all the rating classes. The model, as analyses indicates only holds in B-rated firms. Thus, Kisgen’s initial findings were driven by a subsample of firms with very low ratings. The usage of B-rated firms in support of the model presents a major weakness in the model. B-rated firms are associated with constant financial distresses therefore, their marginal financing behavior is influenced more by their lack of access to the debt market (Kisgen, p1331). Additionally, the model implies that, organizations on the edge of grade rating based on investment and noninvestment should be

Michelangelo and his Sistine Chapel project Research Paper

Michelangelo and his Sistine Chapel project - Research Paper Example Similar was the case with Michelangelo in relation to the Sistine Chapel project, though for different reasons. He was not in proper shape of mind, throughout the four year during which the project lingered on for multiplicity of reasons and Ross King (2003, p.1) puts it thus: â€Å"Michelangelo Buonarroti was summoned back to this workshop behind Santa Cateriea in April 1508. He obeyed the call with great reluctance, having vowed he would never return to Rome.†Thus began the artistic creation of Sistine Chapel Ceiling project of Michelangelo (1475-1564) The intent behind this project: The directions were from Pope Julius, II. What was the credentials of the man, personal and official, of the holy man who was about to entrust to him one of the all-time great responsibilities in the world of art? He was known to be an arrogant, hot tempered and given to military adventures and ardent followers of the Christian principles as perceived by him. He wanted to have the best for his t omb and wished to contribute something tangible for the architectural glory of the city of Rome. He put before Michelangelo his request to paint the chapel ceiling. That was tantamount to the papal order. He had twin visions about the project. That Rome should be rebuilt to its pristine glory and he began to plan to achieve his objective with great applications and issued directions accordingly. Such an achievement would be to his personal credit and would surpass the accomplishments of Pope Alexander VI. That was the other important consideration. What was the scale of preparations for the project? King writes, â€Å"Tons of building materials cluttered the surround streets and pizzas as an army of 2000 carpenters and stonemasons prepared themselves for the largest construction project seen anywhere in Italy since the days of ancient Rome.†(p.6) The task was tough viewed from any angle. Firstly about the work related to the ceiling. The position, from which the sculptor had to work, was uneven and not flat. It was a gigantic ceiling of 40(131 feet) meters long and 13 meters (43 feet) wide. Michelangelo painted in all over 5000 square feet of frescoes. On the frescoes he depicted some of the greatest episodes from the Book of Genesis, like the Creation, the Fall, and picture immediately after Noah’s deluge etc By the side of such scenes, giant portraits of prophets and sibyls who predicted the arrival of Messiah were shown. The entire work was a beauty in tragedy. Below spandrels and lunettes with ancestors of Jesus and the tragic stories of ancient Israel were created. Michelangelo’s awesome skill was seen in the scattered small figures, cherubs and nudes (ignudi), more than 300 of them on the ceiling, each was provided with the most appropriate space, as if it was made for them only. The ceiling was dissected with architectural members and molding. What is their real natured? They are two dimensional, skilful painted creations to demarca te different compositions. The inquisitive one may confuse whether Michelangelo was a painter or a sculptor. Temperamentally he was the sculptor—only sculptor. Painting was the professional demand that was thrust upon him by the supreme authority of the Catholic Church—the Pope! He was at his best chiseling the marble blocks and give life to them in the form of extraordinary creations. Sistine Chapel project was an exception that brought forth to surface the intrinsic talents of the painter in him. When he was a student in