Influence of the Physical Landscape on the Historical and Recent Term Paper

Influence of the Physical Landscape on the Historical and Recent Settlement Patterns of the Maltese Islands - Term Paper Example Malta’s spectacular landscape and Mediterranean climate have made it a tourist haven. All these factors have affected a shift from the rural to the urban and have led to Malta’s population is heavily concentrated on the east coast. Malta, derived from the Latin name ‘Melita,’ meaning ‘Honey Island,’ is formally called the Republic of Malta. It is an archipelago comprising of six islands and islets in the middle of the Mediterranean Sea, ninety-three kilometers South of Sicily and 288 kilometers north from the African coast. The six islands are Malta, Gozo, Comino, Cominotto, Filfla, and St. Paul’s Island. While the first three are inhabited, the others are very small, barren, uninhabited islets. It has a total area of 316 square kilometers, of which Malta comprises 246 square kilometers. The geographical coordinates of the archipelago are latitudes 36 degrees N and 35 degrees S and longitudes14 degrees E and 14 degrees W. Malta enjoys th e typical central Mediterranean climate of long, hot, dry summers with cooling sea breezes, warm and sporadically wet autumns and mild winters with warm westerly winds. An annual average of eight hours of sunshine a day makes it a holidaymakers’ paradise. The mean temperature is 19 degrees C. and the average annual rainfall measures about 560 mm. (The Malta Story, 1998). With a population of about 394,000, which works out to about 1,247 inhabitants per square kilometer, Malta’s population density ranks among the highest in the world (Commonwealth Secretariat, n. d.). A study of the settlement patterns of the Maltese islands over time shows that the distribution of the human population has been strongly influenced by Malta’s unique physical landscape and geographical location as well as its’ historical circumstances through the ages. Malta’s physical landscape derives from its’ being mainly a gradually undulating globigerina (formed by marine protozoa) limestone plateau.     

Capitalism Structure Essay Example | Topics and Well Written Essays - 2000 words

Capitalism Structure - Essay Example When a company is going to liquidation due to bankruptcy, it has to repay the debt capital first. The equity shareholders will be paid back their investment only after setting off the secured creditors, debenture holders, preference shareholdersetc. So the companies should deeply analyze financial implications before taking capital structure decisions. In United Kingdom, a secured creditor can even proceed with liquidating the company and claim the amount due to him by the company. Even though the cost of capital plays an important role while taking decision regarding the capital structure, the bankruptcy code also plays a prominent role in the decisions. Therefore, care must be taken while deciding capital structure. The companies cannot make changes in the bankruptcy code, but they can make adjustments in the debt-equity combination (capital structure) of their financial structures in order to accommodate bankruptcy code considerations. This assumes importance since the interests o f equity holders would be compromised or endangered if debt capital is allowed to mount beyond reasonable proportions or as needed by the organisation. Increase in equity capital does not endanger the company's existence or survival, however creditors and loan syndicates could call back their loans, or bring action for claim settlements, thus, putting the company at the doorsteps of bankruptcy. The UK bankruptcy code is a creditor-supportive and a debt-friendly code. That means the debt holders will be having right in deciding the liquidation of the companies. "If the cash flows generated by the project are insufficient to meet debt payments, the firm is in default. Continuation decisions in default are regulated by the bankruptcy code in place." (Acharya, Sundaram and John, p.2). If a company is taking effective and efficient decision regarding the capital structure, it can easily overcome the problems which may arise due to unfavourable bankruptcy code. So while deciding on the ca pital structure, an optimum combination should be selected. While discussing the effect of bankruptcy code in the capital structure decision, the asset-specificity should also be considered. Asset-specificity can be defined as "aspect or feature of an asset (such as a specialized machine) that makes it useful for one or few specific purposes and which, therefore, cannot easily be sold off quickly in a fire-sale." (Asset Specificity: Definition. 2009). If a company has low asset-specificity, it can use more debt capital in the capital structure. If the company is in a situation of liquidation or bankruptcy, it can easily sell off its assets and meet the debts like repayment of creditors, preference shareholdersetc. In other words, if the companies whose assets are fit for providing as security for funds borrowed, can use more debt capital in the capital structure. Because at the time of bankruptcy it will not face any difficulty in repaying the loan or borrowed money as it can sell o ff such assets. Whatever combination is used in the capital structure, the objective of the company should be to increase the wealth of the equity shareholders. If the bankruptcy code of a country is debt capital friendly, it is not better for the companies to follow 'trading on equity' (trading on equity refers to using more debt capital