Differences between Windows Version 1.0.2 and 1.0.3:

Differences between Windows Version 1.0.2 and 1.0.3: Windows version Changes between 1.0.2 and 1.0.3: Video outputs: * Fix video quality when resizing the video on Windows Vista and 7, due to regressions in most popular drivers * New deinterlacers modules based on yadif and yadif(x2) algorithms Decoders: * Windows version supports now natively the WMA Professional codec, as it didnt work in the packaged version of 1.0.2 * Fix downmixing of particual 4.0 AC-3 audio tracks Encoders: * x264 has profile-limitter, like: #transcode{vcodec=h264,venc=x264{profile=baseline,level=12}..} Input: * Update for appletrailers lua script * Fixes on the RAR stream filter * Fix for E-AC3 in ATSC/TS streams * Various fixes for v4l and v4l2 * Fix a crash in mjpeg demuxer Service discovery: * New udev module for linux Qt4 interface: * Fixes on the playlist and the stream output panels Translations: * French, Galician, Korean, Polish, Russian, Romanian, Slovak and Ukrainian updates Changes between 1.0.1 and 1.0.2: Decoders: * Native support for WMA Professional, without the use of the Win32 dlls * Fix issues in subtitles, especially SSA ones * Various fixes on theora and ogg Demuxers: * Various fixes for EPG support in MPEG-TS demuxer * Fixes for potential stack overflow in .avi, .mp4 and .asf demuxers Access: * Fixes for v4l2 devices * Fixes for dvb-c channels-scanning Qt Interface: * Fix some playlist sorting issues Mac OS X Interface: * Fixed a crash when updating VLC * Fixed a crash related to QTKit when opening video files (10.6 only) * Added the ability to play 2nd media in sync to the primary item (input-slave) * Added the Quit after Playback feature Mac OS X Port: * The Delete Preferences script is now delivered as a Universal Binary with native code for PowerPC, Intel and Intel 64bit * Full 64bit runtime compatibility on both Mac OS X 10.5 and 10.6 no support for Goom and SDL limited text rendering support This port is still considered as EXPERIMENTAL despite its binary release. Encoders: * MPEG2 transrate stream output removed * x264 default-values closer to x264.exe defaults. * x264 rc-behaviour fixes: if user defines qp-value, CQP-mode is used otherwise if user defines vb=0, CRF-mode is used otherwise ABR-mode is used * x264 set vbv-bufsize/vbv-maxsize better if user hasnt defined these: ABR mode set vbv-max-bitrate=bitrate vbv-bufsize is bitrate * seconds between keyframes (keyint/fps) Playlist: * Lua scripts for Mpora and Vimeo playback Unix builds: * Various fixes to enable 1.0 to build on Solaris and OpenBSD Translations: * New Kazakh and Croatian translations * Lithunanian translation is available on Windows * Galician, Korean, Nepali, Vietnamese, Ukrainian, Brazilian, Arabic and French translation updates Changes between 1.0.0 and 1.0.1: Demuxers: * Fix wmv/asf issues that caused audio to drop * Various fixes for ac3, mp3, dts and stability for wav format * Fix seek in RTSP in conformity to RFC 2326 * Fix Dailymotion access script * Fix crashes in xspf files handler * Fix seeking and timing issues in some flv files on Windows version Access: * Add extra caching for files on network shares * Prevent integer underflow in Real pseudo-RTSP module, discovered by tixxDZ, DZCORE Labs, Algeria Decoders: * Fix seeking in mpeg2 video files * Improve SSA subtitles rendering * Update most codecs for the Windows and Mac version Muxers: * Fix sound recording of .flv files with mp3 audio Qt Interface: * Possibility to change the opacity level of the Fullscreen controller * Fix various crashes and VIDEO_TS folders opening Mac OS X Interface: * Added options to disable support for Apple Remote and Media Keys * Fixed options for Volume, Last.fm password and Subtitle Encoding * Fixed redraw issues when autosizing the video window * Preferences panel now includes help through tool-tips * More reliable Information and Messages panels * Fix various crashes Windows port: * The ZVBI module is now available for Windows, for complete teletext support Translations updates for Brazillian, French, German, Korean, Norwegian Nynorsk, Lithuanian Changes between 0.9.9a and 0.9.10: HTTP Interface: * Fixed default ACL Mac OS X: * Fixed crashes on multi-screen setups * Corrected volume and subtitle encoding options in the Preferences * Improved Information panel behavior, when playlist is not displayed * Fixed QTCapture input support for the latest iSight models * Added a menu-item to unlock the video windows aspect ratio * Fixed redraw issues when autosizing the video window * Updated libpng, libgpg-error, libgcrypt, fribidi Various fixes to the following modules: * access: HTTP, SMB updated and additional access scripts (BBC radio, dailymotion, ) Prevent integer underflow in Real pseudo-RTSP module, discovered by tixxDZ, DZCORE Labs, Algeria * stream out: RTP, RTSP VoD, Mosaic Bridge * decoder: TSCC Changes between 0.9.9a and 1.0.0: Important notes: - * Alsa and OSS audio capture has been removed from the v4l and v4l2 accesses. See Access: for more info. * Support for Mac OS X 10.4.x was dropped due to its technical limitations Playback: * Instantaneous pausing * Frame-by-Frame playback * Finer speed control * On-the-fly recording for all medias * Timeshift for most medias * RTSP trickplay support * Subtitles core improvements and fixes Decoders: * New AES3 (SMPTE 302M) decoder * New Dolby Digital Plus E-AC-3 (A/52b) decoder * New True HD/MLP decoder and parser * New Blu-Ray Linear PCM decoder * New QCELP (Qualcomm PureVoice) decoder * Improved Real Video 3.0 4.0 decoder * New WMA v1/2 fixed point integer decoder * Closed Captions using the SCTE-20 standard are now correctly decoded * Improvement of WavPack decoder to support all integer modes and float mode * Corrections on 5.1 and 7.1 channel decoding and ordering Demuxers: * Support for Dirac, MLP and RealVideo in Matroska files * Major improvements in RealMedia files opening (.rm and .rmvb) * Improvements of the TS demuxer for M2TS files from Blu-Ray and AVCHD * Metadata for mod files are supported * GSM codecs in Wav files are supported * New raw audio demuxer supporting raw PCM streams * New Dirac demuxer for raw Dirac streams Encoders: * Dirac encoding using libdirac (supported in Ogg and in TS) * Shine mp3 fixed-point encoder Access: * RTSP authentication with Darwin Streaming Server * On-the-fly gzip and bzip2 file decompression (except on Windows) * Playback for video in uncompressed multi-RAR archives * DVB-S and ATSC cards support on Windows * New OSS and Alsa accesses. The v4l2 and v4l modules no longer support OSS or Alsa audio input. Use input-slave alsa:// or oss:// if needed. * DVB scanning on linux * EXPERIMENTAL Blu-Ray Disc and AVCHD Folders support * On-the-fly zip file decompression and browsing (MRL of the form zip://file.zip!/file.avi to specify the file the development form of zip://file.zip|file.avi is not supported anymore) * Opening of any file descriptor using fd:// * MTP device access on Unix * CD-Text support on the cdda module (CD-Audio) * :start-time and :stop-time can handle sub-second values Inputs: * Mouse cursor support in x11 and win32 screen modules * Screen module now features partial screen capture and mouse following on Windows and Mac OS X. Playlist: * Export the playlist in HTML * Lua script for BBC radio playback * Better metadata handling and reading Linux/Windows interface: * Global Hotkeys on Windows and Linux * Various fixes for skins2 interface * Recently played items list * Interface toolbar customizations * Various Improvements on the Qt interface: More menus actions Finer speed slider Improvements on many dialogs New dialog for plugins listing Fixed-size mode for videos Better Teletext, trickplay and encrypted streams control * Better integration in GTK environments Mac OS X Interface: * Controllable by the Media Keys on modern Apple keyboards (brushed Aluminium) * Reveal-in-Finder functionality for locally stored items. * Easy addition of subtitles through the Video menu * Additional usability improvements Stream output: * Restored the old mpeg2 transrating module. * Multiple bridge-in instances are now possible. * bridge-in can be used to configure a placeholder stream. * Remote Audio Output Protocol (AirTunes) module. * Fixed mosaic memleak. Mosaics are now usable again. Maemo Port: * New Maemo port with: an interface based on Hildon framework. scaler based on the swscale_nokia770 library. Windows CE Port: EXPERIMENTAL work for the winCE port has been done. Mac OS X Port: * EXPERIMENTAL 64bit support * Speed improvements by using llvm-gcc * New document icons by Dominic Spitaler * Support for latest iSight models Audio output: * Removed obsolete Esound and aRts plugins * Surround support for PulseAudio Video output: * Effects (cube, torus, etc.) removed from OpenGL video output * Video is able to stay in original size and to zoom in fullscreen (hotkey o) while keeping black borders * Image video output has been rewritten into a video-filter named scene. The old image video output has been removed. * Support for scaling and converting video chromas with FFMPEG imgresample was withdrawn due to bugs. Please use the newer FFMPEG swscale instead. Miscellaneous: * Invmem, a fake codec to display images from external applications New Localization: * Khmer * Mongolian * Sorani Changes between 0.9.9 and 0.9.9a: Mac OS X: * Updated multiple 3rd party libraries to keep in sync with the Win32 port * Playback fixes for PowerPC-based Macs Changes between 0.9.8a and 0.9.9: Decoders: * Experimental new decoder for Real Video 3.0 4.0 Demuxers: * Various fixes related to real demuxer Mac OS X Interface: * Fixed circumstances, which could lead to an empty Information panel Note that VLC will show information on the currently _selected_ item instead of the currently _playing_ item, if the playlist is visible in the main controller window. * Fixed multiple UTF8 issues in the Streaming / Exporting Wizard Mac OS X Port: * Improved video playback performance on Intel-based Macs New Localizations: * Indonesian * Bengali * Updates of other localizations Various bugfixes: * Support for receiving RTP packets on odd port numbers. * Lots of small bugfixes. * Correct Fullscreen behaviour on Multi-Screen setups on Windows * Telnet fixes on Windows * Resampling fixes when transcoding Changes between 0.9.6 and 0.9.8a: Security update: * Fixed buffer overflow in Real demuxer (SA-0811, CVE-2008-5276) Bunch of small bugfixes. Changes between 0.9.5 and 0.9.6: New Localizations: * Ukranian Security updates: * Fixed overflow in CUE support from VCD access (SA-0810, CVE-2008-5032) * Fixed overflow in RealText subtitles support (SA-0810, CVE-2008-5036) Changes between 0.9.4 and 0.9.5: Security updates: * Fixed buffer overflow in TiVo demuxer (SA-0809, CVE-2008-4686, CVE-2008-4654) * Fixed libpng CVE-2008-3964 in Win32 and MacOS builds Features: * Closed Caption EIA 608/708 parsing enabled for libmpeg2 Various bugfixes: * Fixed various potential crashes and memleaks * Fixed issues with reading from files (especially non-local) Windows port: * Fix bug where interface was eating some media keys * Fix some crashes in DirectShow access Qt Interface: * Fix bug when the resetting of preferences didnt reset the dialog states * Right-click menu to select playlist columns reenabled * Various fixed in playlist Access: * MMAP module is now deactivated by default Translations: * Update of Brazillian, Swedish translation Changes between 0.9.3 and 0.9.4: Various bugfixes: * Crashes fixed in ogg, vobsub, dvdread * Fixes several memory leaks. Mac OS X port: * Apple machines without Quartz Extreme are no longer supported (use 0.9.2 or earlier ) * Fixed a crash with deletion of old preferences. * Fixed targetname for downloaded updates Windows port: * Stability fix for the video output. Changes between 0.9.2 and 0.9.3: Various bugfixes: * Fixed DTS channel order on 5.1 systems * Fixed pausing behavior for subtitles and for Audio-CD * Multiple subtitles and podcast fixes * Various crashes fixed in PS, SSA, mkv, xspf, freetype * Fixed update system bugs * Other bug fixes (dvd language selection, subtitle colours, HTTP keep-alive+) Mac OS X port: * Fixed ffmpeg slowness on PowerPC-based Macs * Fixed crash on startup when installed on old preferences * Fixed bug in directory opening on Mac OS X * Fixed font selection in the Simple Preferences * Thicker border to the subtitle renderer * Fixed the appearance of playlist items in the Streaming/Transcoding Wizard * Fixed AC3 passthrough on Mac OS X * Fixed behavior of the Volume Normalizer settings on Mac OS X * Removed the deprecated QuickDraw video output module to avoid crashes on modern Mac OS X versions Windows port: * Fixed sensitivity of Fullscreen Controller * Fixed error messages on startup when VLC wasnt correctly uninstalled before installation * Fix showing of controller when returning from fullscreen playback * Multiple directory and path location fixes. Qt4 interface: * Added Faster/Slower icons to the controller panel * Fixed lost playlist columns when switching the playlist view * Added needed options to Simple preferences (to avoid NVIDIA drivers issues) * Fullscreen controller: added time label, remembering of last position * Fixed dragn drop behaviour on the playlist * Multiple other fixes (Enter hotkey in preferences, Skins selection) Changes between 0.9.1 and 0.9.2: * Restored the old behavior of sout-keep. It is now de-activated by default. * Skins2 interface repaired on Windows. * Multiple bugfixes. Changes between 0.9.1 and 0.9.0: * Multiple bug fixes. Changes between 0.8.6i and 0.9.0: Important notes: - * This release will need Windows 2000 and Mac OS X 10.4 (Tiger), or more recent to work correctly * The HTTP interface is now only available on the local machine by default. If you want to make it available from other machines, you will have to edit the .hosts file. On UNIX/Linux, the file is in /usr/share/vlc/http/.hosts If youre using the old http interface, its located in /usr/share/vlc/http/old/.hosts On Windows they are in C:Program FilesVideoLANVLChttp.hosts and C:Program FilesVideoLANVLChttpold.hosts On Mac OS X, you can find it in VLC.app/Contents/MacOS/share/http/.hosts and respectively in VLC.app/Contents/MacOS/share/http/old/.hosts * This version of VLC contains a new interface for Windows and Linux. This interface has a fullscreen controller and simplified preferences. This interface lacks the Streaming Wizard that used to be present in VLC 0.8.6, but provides basic profiles. * The behavior of sout-keep was changed. Its now activated by default. * The marq, mosaic and logo commands in the rc interface changed. They now require a target name as their first argument. Example: vlc sub-filter [emailprotected]{marquee=Hello} -I rc You can then use commands like: @test marq-marquee Goodbye If you didnt name the object using @test, its name will default to the plugin name (hence marq) in this example. These new commands are also available in the telnet interface. * The rtp access output module has been removed. Please use the RTP stream output instead, e.g.: Old: #std{access=rtp,mux=ts,dst=239.255.1.2:5004,sap} New: #rtp{mux=ts,dst=239.255.1.2,port=5004,sap} * You now need to append m3u-extvlcopt to your command line to enable EXTVLCOPT options parsing in m3u playlists. Note that only a limited set of options is available to m3u playlists (CVE-2007-6683). * The old access:url syntax is no longer supported to resolve ambiguities with some file names. Use access://url instead. E.g.: vlc:quit -> vlc://quit ; udp:@239.255.12.12 -> udp://@239.255.12.12 * The ffmpeg module has been removed and replaced by the new avcodec, avformat, swscale (or imgresample if you use a swscale-less ffmpeg build) and postproc modules. * The web plugins ActiveX (IE)/Firefox/Mozilla/Safari now recognize the following states: IDLE/CLOSE=0, OPENING=1, BUFFERING=2, PLAYING=3, PAUSED=4, STOPPING=5, FORWARD=6, BACKWARD=7, ENDED=8, ERROR=9. With FORWARD and BACKWARD being reserved for future implementations and are thus not functional atm. * Croping and padding in transcode are now done using the croppadd video filter. For example: transcode{vcodec=mp2v,vfilter=croppadd{cropttop=20,cropbottom=30,paddleft=100}} * Canvas setting in transcode is now done using the canvas video filter. For example: transcode{vcodec=mp2v,vfilter=canvas{width=640,height=480}} * Glide video output module has been removed. Changes: Security updates: * Updated libfreetype on Windows and Mac OS X (CVE-2008-1806, CVE-2008-1806, CVE-2008-1807) * TTA Parser improvements (CVE-2008-3732) * MMS Access Module improvements (CVE-2008-3794 ) Playlist: * Vastly improved playlist support: * Media library creation to save all your playlist items * Live search * Shoutcast TV listings * Audioscrobbler/Last.FM support * Album art support * User definable Lua playlist scripts. See share/lua/playlist/README.txt (Default scripts open YouTube, DailyMotion, metacafe, Google Video and lots of other URLs) * User definable Lua album art fetcher scripts. See share/lua/meta/README.txt Inputs: * Video for Linux 2 (V4L2) input support * UDP-Lite transport for RTP/AVP * DCCP transport for RTP/AVP * Proxy support for MMSH stream * JACK audio input support * Input run time option (improved live stream recording) * BDA devices access module for DVB-C/S/T capture cards on Microsoft Windows * Re-written Screen access module for Mac OS X using OpenGL instead of QuickDraw * Screen module now supports partial screen capture and mouse following on X11. * Experimental EyeTV access module This requires the user to install a plugin to EyeTV.app (available as a separate download). * Simple RTP input (with MPEG A/V, G.711 and PCM support). * RTMP input support * QTKit-based Input module for Mac OS X allowing display and streaming of video taken from all iSight-labelled video cameras (no audio support) * HTTP access now supports gzip compressed data and Digest Access Authentication. * New options to reduce latency between arrival of raw data and display of frames. (auto-adjust-pts-delay and use-stream-immediate) Demuxers: * MP4 gpac and Apple chapter support * Fixed playback of AIFF stereo files * Fixed audio glitch on seek * Improved FLAC demuxer (duration / current time / meta data) * AAC tags support * APEv1/2 tags support * Improved ID3v2 tags support * Improved Ogg/Vorbis tags support * Raw video support * Standard MIDI File (types 0 1) support * TiVo Series 2 support * CD+G karaoke Files support * MXF files support * OMA support Decoders: * VP60/VP61/VP6F/VP62 support * Flash Screen Video support * CamStudio Screen Video support * DosBox Capture support * Karl Mortons Video support * limited atrac3 support * Fraps support * Fluidsynth MIDI software synthesis (with external sound fonts) * New codec FOURCCs to support more specific files: Avid, FCP, Sony, Samsung, * H.264 PAFF support * DNxHD / VC-3 support * NellyMoser ASAO support * APE (Monkey audio) support * RealVideo support (with the RealVideo run-time) * Dirac video support using libschroedinger Subtitles: * Closed Caption Decoder (DVD, ReplayTV, TiVo, DVB/ATSC) * VBI EBU (Teletext) support (*nix, Mac OS) * Ogg/Kate subtitles support * AQTitle subtitles support * MKV USF subtitles support * HTML-based subtitles support * MPSub subtitles support * JacoSub subtitles basic support * MPL2 subtitles support * Rewrite of ASS/SSA scripts and subtitles support * PowerDivx (.psb) Subtitles support * Realtext subtitle support * DKS subtitle support * SubViewer 1.0 (SubRip09) subtitles support * Correct Right-to-left languages in subtitles support Encoders: * Flash Screen Video support * Improved H.264 encoding speed Video outputs and filters: * New CoreAnimation-based output module (VLCKit framework on OS X only) * Adjust, Invert and Distort (now split into Wave, Ripple, Gradient and Psychedelic) video filters can now be streamed * New puzzle video output filter * Re-written motion detection video filter * New extract video filter (extract Red, Green and Blue components from a video) * New sharpen video filter (increase the contrast of adjacent pixels) * New erase video filter (removes logos from a video) * Enhanced subtitles renderer to support bold, italic and some HTML tags (Google Summer of Code Student project) * Support for RGBA and I420 blending. The latter improves Mosaic CPU usage *a lot*. * New transparency mask video filter (for use with the mosaic_bridge module). * New bluescreen video filter (for use with the mosaic_bridge module). This was previously part of the mosaic module. * Fixed random characters problem in RSS filter. * Add rotate-deciangle for more precision on rotate filter * Support for Intel SSE2 instruction set in chroma converters * Improved use of Intel MMX instruction set in chroma converters * New croppadd and canvas video filters. Audio outputs and filters: * Replay gain support * Audio playback when going slower/faster (with pitch correction via new scaletempo audio filter) * New spatializer audio filter * Correct DTS output via S/PDIF Stream output: * RTSP for TS-multiplexed broadcast streams * New RTP payload formats: * Speex voice audio codec * ITU T.140 (for text, subtitles) output * G.711 (both A-law and  µ-law) output * UDP-Lite transport for RTP * DCCP transport for RTP * Lots of fixes for RTSP broadcasting * RTMP output Interfaces: * All * New Simple Preferences dialogs showing the most important settings in an end-user suitable way. * Improved user interaction * Improved mouse gestures * Vastly improved Update checker * Full support for meta data editing (ID3v2, Ogg/Vorbis, AAC, APEv1/2) * Windows/Linux * Brand new interface for Linux and Windows, based on the Qt toolkit * Fullscreen controller (transparency on Linux+Composite) * Mac OS X * Improved video output features * Online access to VideoLANs Help Wiki within VLC * New setting to disable the Recent Items service * When playing Radio (live) streams, the current track is shown correctly * Correct appearance on Macs using Aquas graphite theme * Simplified Extended Controls panel * Ncurses: * Correctly displays wide characters when using an UTF-8 locale, if libncursesw is available. * Some nice colors if the terminal supports it (most do) * Experimental Lua interface modules. See vlc -I lua and share/lua/playlist/README.txt for more info. * Unix * Option to allow only one running instance, using D-Bus interface. * D-Bus Interface implementing the MPRIS (Media Player Remote Interfacing specification), a common dbus control interface for media players that intends to become an xdg standard when finished: http://wiki.xmms2.xmms.se/index.php/Media_Player_Interfaces . * Motion module using disk accelerometers to keep video horizontal * Plugin to set Telepathy presence message using MissionControl * Fixed VLM schedule time on Linux Linux Port: * VLC now complies with the XDG Base Directory Specification version 0.6 http://standards.freedesktop.org/basedir-spec/basedir-spec-0.6.html (which means that VLC doesnt use the $HOME/.vlc directory anymore) Mac OS X Port: * Mac OS X Framework VLCKit that can be used to embed VLC in third party applications (Google Summer of Code Student project, Mac OS X 10.5 only) * New text renderer based on Quartz replacing the existing Freetype solution * Complete compatibility with Mac OS X 10.5 Leopard * It is now required to compile a fully featured build * The support of Mac OS X 10.3.9 and QuickTime 6.x was discontinued. LibVLC: * Event management and various improvements in libvlc (Part of a Google Summer of Code Student project) New Localizations: * Finnish * Persian * Polish * Punjabi * Bulgarian Developers: * LibVLC now supports externally built plugins properly. A vlc-plugin pkg-config package is provided. * Java bindings are now built from a separate source. Changes between 0.8.6h and 0.8.6i: - Security updates: * Fixed integer overflow in WAV demuxer (CVE-2008-2430) Various bugfixes: * Fixed option to use shared memory within the GLX video output module * Improved galaktos-based audio visualizations on FreeBSD * Miscellaneous bugfixes in multiple modules and in libvlc (transcode stream output, OSD menu video filter, VCD input, SAP services discovery, http control interface) * Updated Polish translation Changes between 0.8.6g and 0.8.6h: - Security updates: * Updated GnuTLS and libgcrypt on Windows and Mac OS X (CVE-2008-1948, CVE-2008-1949, CVE-2008-1950) * Updated libxml2 on Windows and Mac OS X (CVE-2007-6284) Goodies: * Updated libebml and libmatroska on Mac OS X. Reliability improvements. * Miscellaneous bugfixes in multiple modules and in libvlc (ftp access, record access filter, video filters, RC interface, playlist demuxer, IP networking, MPJPEG muxer, stream outputs) * Improved support for MPEG2 content created by Final Cut Pro * More reliable audio reception for MPEG TS streams * Fixed a regression in 0.8.6g where usage of the snapshot feature could lead to an unexpected application termination * New Serbian translation * Updated Romanian translation Changes between 0.8.6f and 0.8.6g: - Security updates: * Removed VLC variable settings from Mozilla and ActiveX (CVE-2007-6683, VideoLAN-SA-0804) * Removed loading plugins from the current directory (CVE-2008-2147, VideoLAN-SA-0805) * Updated libpng on Windows and Mac OS X (CVE-2008-1382) * Fixed libid3tag denial of service (CVE-2008-2109) * Fixed libvorbis vulnerabilities (CVE-2008-1419, CVE-2008-1420, CVE-2008-1423) * Fixed speex insufficient boundary check (CVE-2008-1686, oCERT-2008-004) Various bugfixes: * Fixed various memory leaks, improving stability when running as a server * Fixed compilation with recent versions of FFmpeg * Correctly parses SAP announcements from MPEG-TS * Fixed AAC resampling * The Fullscreen Controller appears correctly on Mac OS X, if the Always-on-top video option was selected. Changes between 0.8.6e and 0.8.6f: - Security updates: * Really fixed subtitle buffer overflow (CVE-2007-6681, CVE-2008-1881) * Fixed Real RTSP code execution problem (CVE-2008-

False Hope in King Lear :: King Lear essays

False Hope in King Lear      Ã‚  Ã‚  Ã‚  Ã‚   Throughout Shakespeare's King Lear, there is a sense of renewal, or as L.C. Knights puts it, "affirmation in spite of everything," in the play.   These affirmative actions are vividly seen throughout the play that is highly infused with evil, immorality and perverted values.   These glimpses of hope seem to provide the reader with an underlying notion of human goodness that remains present, throughout the lurking presence of immorality and a lack of values. However, in the end it is questionable if these are true revelations, and if the affirmative notions are undermined, and thus less significant than the evil in which they are engulfed.      Ã‚  Ã‚  Ã‚  Ã‚   In Act I Scene I, the first glimmer of hope is revealed in the play at a time of madness, corruption and despair.   In this scene, King Lear has created an environment of competition that promotes false flattery, among many other things as he divides his kingdom in relation to the amount of love his daughters profess to him.   King Lear in his willfulness and arrogance does not see the error that he makes in equating love with reward, in this competitive environment.      Ã‚  Ã‚  Ã‚  Ã‚   Cordelia is the only one of the three sisters who cannot fully participate in the competition to gain her father's inheritance by engaging in false flattery.   Instead of trying to out due her sisters, she merely describes her love in relation to their filial bond.   Although her father views this as a degrading insult and banishes her, it is shown that through her filial bond, she loves her father with more depth and sincerity than her eager, self absorbed sisters.   Cordelia emerges amid the moral depravity and social decay as one who is honest and true to her beliefs.      Ã‚  Ã‚  Ã‚  Ã‚   In banishing his daughter Cordelia from the kingdom and taking away her inheritance, King Lear is destroying the natural order of society.   She is left abandoned by both her father and her presumed suitor, Burgundy.   Yet Shakespeare rewards Cordelia's noble character with another suitor, the King of France. Despite all that has occurred in relation to being left destitute and friendless, France gladly accepts the estranged Cordelia as his bride to be and applauds her

Definition of the political system Essay

The claims of superiority, often evident in the attitudes and actions of the west, is based on their acceptance of democracy and the ideals which it suggests. Democracy is the fundamental basis that western countries use to claim themselves superior to other countries in the world. Western countries believe that democracy is the only fair form of government and are often critical of countries that have different forms of government. One of the ironies of these facts is that most citizens of democratic countries do not know what the word democracy means and what it represents. â€Å"A citizen of America will cross the ocean to fight for democracy, but wont cross the street to vote in a national election.† Bill Vaughan The Oxford dictionary defines democracy as government by the people, direct or representative. In Canada we have a representative democracy that allows us to pick our political leaders, but because of the laws and institutions that are in place it is unlikely that we will ever have a â€Å"pure† form of democracy. Some of the important questions, which all Canadians need to ask themselves, include those at the heart of this essay: Why do we call ourselves a democracy, do we only have democratic rights every four years when we are asked to vote? When we chose those who will represent us do we have any control over their actions after they are in power? What possible means do the people have in controlling politicians and government decisions? These and other questions need to be addressed in order to determine the nature of our democracy and perhaps our attitudes toward it. Representation is an essential element of modern democracy. In comparing populations of modern countries to the 5th century B.C.E. city-state of Athens, where the first democracy originated, the first difficulty encountered by modern democracy becomes clear. The citizen assembly in Athens was the most innovative and important idea in the development of democratic politics. The small population of Athens, however, allowed for a gathering of all men over the age of 18. Modern cities and states could never gather all men and women over 18 in one area to discuss and vote on every aspect of a political agenda. The modern solution, representative democracy, ensures that one person who voices the opinions of the majority represents a large number of people in the government. Unfortunately in  modern politics this does not usually work the way it was intended to. In theory representative democracy is a logical and practical way to deal with large populations and limited time. But with political corruption being a widespread problem, the voice of the majority is not always heard and their interests are not always fought for. Instead our political system is corrupted by influence and alliances and this is one of the principle reasons why modern western countries will never have a pure form of democracy. During the Golden Age of Athens, democracy was the prided of all Athenians and they believed in only the purest form of democratic institutions. â€Å"The most pure democracy, is that which is so called principally from that equality which prevails in it, for this is what the law in that state directs: that the poor shall be in no greater subjection than the rich, nor that the supreme power shall be lodged with either of these, but both shall share it. For if liberty and equality, as some persons suppose, are chiefly to be found in a democracy, it must be so by every department of government being alike open to all?as the people are majority and what they vote is law† Democracy in Athens included people being given positions of power at random by drawing names or by election by peers. Modern democracy has become a means to pick our so-called political elites, those that have devoted their lives to politics. The elite are people we pick who have the real power in the institutions of representative government. The question that needs to be addressed is whether we have any control over those in power after we have put them there. Are there laws and institutions in place to prevent a group from gaining so much power that they are hard to challenge? I do not think there are. In some ways the people do have democracy only when they can vote every four years. That is one of the few times that the public is a real threat to any party. Canadians do have a lack of total control over actions of the government, the essential element of pure democracy. Majority rule in the  legislature is an element of the Canadian government that allows for a party to be in a position where few things threaten its ability to govern how it wants. If a party in Canada holds the majority rule in the House of Commons they are given the opportunity to place members in the senate. Also if the party holds majority in the House of Commons for long enough they will be able to create a majority in the senate. The Prime Minister of the party that hold a Commons majority is able to pick the governor general (a political figurehead), and they have almost absolute power and influence over the various institutions of government. This is why, in democratic countries like Canada, it is necessary to have institutions or laws that will keep the government in check. A government that holds the majority fears few things when it comes to the public. It can easily be seen that demonstrations have little effect on the government nor do many attempts by the public to get the governments attention. There are two very important things that the governments do fear and have little direct influence over, the Supreme Court of Canada and the media. Both of these institutions cater to the rights of every Canadian. The Supreme Court has jurisdiction over disputes in all areas of the law, including constitutional law, administrative law, criminal law and civil law. One of the main functions of the court is to interpret the constitution as it pertains to the rights of Canadians. The Supreme Court is often called on to assist the government in interpreting the constitution during the creation of new law. Because the Supreme Court is based around fundamental human rights the government must abide by its rulings without question. And when it comes to the Supreme Court there are few instances of corruption, which is one of the bigger problems in politics. The Press, or Fifth Estate, is the second important check on government power. The press is the voice of the people, and although susceptible to manipulations of government, it is vital in keeping the public informed. The press are members of the public who appeal to the public and don’t necessarily care what the government thinks. The laws surrounding freedom of speech and freedom of the press allow the public to have some access to the truth. In my opinion the press has become a modern substitute for the  Athenian assembly where all Athenians were invited to every assembly to hear arguments on all aspects of political decisions. Although in modern democracy every citizen is not given the right to vote on every political decision, the media allows for the public to hear arguments from both sides about all issues. If one desired, one could find information on every issue up for debate in the House of Commons on any given day. When Democracy first started in Ancient Greece in a relatively small city-state of Athens it was enormously different than the democracy we know today. The basics of democracy: rule by the people, equality, and majority rule, have continued to be the foundation of modern democracy. We have maintained the basic principals of pure democracy but we have made some mandatory alterations to adopt democracy to the modern world. Sir Winston Churchill once said, â€Å"democracy is the worst form of government except all the others that have been tried.† But most importantly, at the end of the day, democracy attempts to create social equality.

Epic, Really Epic

Epic, Really Epic Epic, Really Epic Epic, Really Epic By Maeve Maddox The word epic is used so sloppily these days that a modern day polar explorer referring to the harrowing and courageous exploits of Sir Ernest Shackleton’s Trans-Antarctic expedition felt that modification was needed: â€Å"It [Shackleton’s crossing] was epic, really epic† Really in this quotation is not being used as an intensifier; it means â€Å"truly.† It’s not a throwaway epic, but a genuine epic meaning â€Å"like something only a hero could accomplish.† The word epic derives from a Greek word meaning â€Å"word, narrative, or song.† In a literary context, an epic is a grand narrative like the Iliad that recounts the courageous and danger-fraught adventures of a hero of the stature of Achilles, Gilgamesh, or Beowulf. Scholars distinguish between â€Å"folk epics† and â€Å"literary epics.† Many of the frequently cited literary epics originated as folk epics, that is, traditional stories passed down through an oral tradition. Of the frequently cited world literary epics listed below, only the Aeneid, written by Virgil to celebrate the founding of Rome and the family of the Emperor Augustus, does not descend from an oral tradition: Before Common Era The Epic of Gilgamesh (Akkadian c1200 BCE) Iliad (Greek c 800 BCE) Odyssey (Greek c 800 BCE) Mahabharata (Sanskrit c 800 BCE) The Bhagavad Gita (Sanskrit c 400 BCE) Common Era The Aeneid (Latin c 20 BCE) Beowulf (English c 900 CE) Chanson de Roland (French c 1000 CE) Tain Bo Cuailnge (Irish c 1100 CE) The Nibelungenlied (German c 1200 CE) The Poetic Edda (Norse c 1200 CE) Some definitions would restrict epic to mean only works written in verse, but in terms of epic heroes and adventure, such modern works as Tolkien’s Ring trilogy and its many spin-offs continue the tradition. Because epics are long, the adjective epic can refer to size or dimensions, as in â€Å"epic proportions.† More often, epic describes an achievement requiring great courage and the strength to overcome physical hardship, as in this reference to Lewis and Clark: After the expedition recuperated, they entrusted their horses to the Nez Perce and set off in cottonwood canoes for their epic journey to the Pacific Ocean. Like the formerly meaningful adjective awesome, epic has dwindled in common speech to mean hardly anything: This is No ordinary epic blog. It’s a really epically epic blog. How Long Should It Take To Write An Epic Post? James Murphy on new Arcade Fire album: ‘Its really epic’ Songs that start slow but then get really epic Related Post: †Jane Austen Did Not Write Epics† 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 Vocabulary category, check our popular posts, or choose a related post below:Inquire vs EnquireLoan, Lend, Loaned, LentAffect vs. Effect

The Marketing Mix Essays

The Marketing Mix Essays The Marketing Mix Essay The Marketing Mix Essay Running Head: The Marketing Mix: Distribution Channels What might the inventors of new â€Å"flying cars† need to consider to develop a distribution strategy for their proposed products? Customers are more sophisticated than ever before and they have access to high quality information from the internet, so they make decisions based off excess information. The first step that should be considered to sale Flying Cars is a centralized location. Once a location is established then what would be the most cost-effective way to create demand for Flying Cars? Followed â€Å"by how do customers want to shop and buy? I think the best distribution channel for selling Flying Cars would be the producer to wholesaler, to retailer to consumer. As for the Distribution Intensity, I think the best bet would be the Exclusive Distribution. The first step that should be considered is a centralized location. Producers find that it is an issue to figure out where to invest. They have to pick the ri ght place to sale their product. I don’t think that an airline would necessarily be the right place to sale the Flying Cars because an airline consists of large planes and thousands of people a day. If a Flying Car is going to be used as something that people can take to work, school, grocery store, and ect. Then perhaps they should be sold in an area where regular cars are sold. Once a location is established then what is the most cost-effective way to create demand for Flying Cars? A transportation method can be created to implement both a driving and flying status. Consumers would be thrilled to be able to commute faster and alleviate the traffic jams. An advertisement through television coupled with radio commercials would be a suffice way to ensure that the word is going out to the public on the latest and greatest transportation method. In addition to this way of advertising the producer can also advertise through internet, billboards, flyers, and magazines. Customers would eventually be persuaded through advertisement to want to purchase a Flying Car. I think the best distribution channel for selling Flying Cars would be the producer to wholesaler, to the retailer to consumer. The wholesaler will get the products from the manufacturer, usually in very large quantities, and in turn sells them to retail establishments at a higher up price. The wholesalers can also sell to institutions and professional groups. This will take the burden of distributing off the manufacturer and allows them to focus on developing and advertising new products. As for the Distribution Intensity, I think the best bet would be the Exclusive Distribution. This is when the manufacturers grant certain dealers special rights to sell the product. This type of distribution is used for selling cars, and because it is the same concept for Flying Cars, it would be beneficial to use the same strategy. The retailer benefits from the lack of competition, and the manufacturer benefits from a greater sales commitment on the part of the retailer. Furthermore, exclusive distribution gives the manufacturer better control over the way the product is merchandised. References: indusperfgrp. com/newdiststrat. htm wisegeek. com/what-is-a-wholesaler. htm The Marketing Mix Essays The Marketing Mix Essay The Marketing Mix Essay The major marketing management decisions can be classified in one of the following four categories:* Product* Price* Place (distribution)* PromotionThese variables are known as the marketing mix or the 4 Ps of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram:The Marketing MixThe firm attempts to generate a positive response in the target market by blending these four marketing mix variables in an optimal manner.ProductMicrosoft needs the Xbox to be the leader in the gaming market and needs a competitive advantage over the Sony Playstation and the Game cube. Xbox has many features, which will appeal to different audiences. From the SWOT an analysis I conclude the Product should contain the following features:* A good reputation with customers* Development potential* To become the hardware giant not just the software giant* To have good game development companies behind the XboxThe Xbox has many functions such as a DVD player which only can be activated by purchasing remote control which is sold separately, Microsoft should decide that to give this free with the Xbox when someone purchase it, because the competitor Sony Playstation 2 has a DVD facility; as to my secondary information I done a questionnaire, and I asked what do you consider first when buying a games console, and the results showed that 10 people said graphics, 4 people said DVD Compatibility and also 4 people said price and 2 people said broadband compatible. This tells us that 4 people from 20 people who done the questionnaire said they would buy a console which had DVD compatibility; people are willing to pay extra for extra features. This tells us that Microsoft needs to include the remote control, and also that Microsoft need to grow the Xbox brand even bigger.PlaceA product is unlikely to be successful if customers find it difficult to purchase, so place is a v ital part of the marketing mix. After doing my research I found out the many people by gaming related products from the High Street, Microsoft needs to continue to attract new shops to sell their product, also Microsoft needs to sell their Xbox to a respectable businesses such as these,Microsoft needs to continue the relationship with stores like these; they cannot afford to sell the Xbox to corrupted businesses which can ruin the Xbox, but also they need to sell the Xbox to as may outlets as possible. Also in my survey I found out that many people like to buy products from the Internet, on the Internet you can find the Xbox for sale on many websites such as these,www.gameplay.com, www.game.uk.com and www.amazon.co.uk.PricePrice is another element of the marketing mix. Microsoft must decide how to price its product. In making this decision Microsoft has to consider, what the prices are set by competitors, how price can be used to increase sales of the product, whether the price will cover costs of production, whether customers are willing to pay that set price and different pricing strategies such as skimming or penetration pricing. For the Xbox Microsoft need to use the penetration pricing strategy because, Microsoft needs to build market share and also from my primary information I found out that price was the one of the main consideration when they considered in buying a games console.Penetration pricing pursues the objective of quantity maximization by means of a low price. It is most appropriate when:* Demand is expected to be highly elastic; that is, customers are price sensitive and the quantity demanded will increase significantly as price declines.* Large decreases in cost are expected as cumulative volume increases.* The product is of the nature of something that can gain mass appeal fairly quickly.* There is a threat of impending competition.As from above penetration pricing is appropriate as for one reason, if there is a threat from competition, th is is very true because Microsoft have lots of competition, and by pricing the product lower than the competition, they can persuade the public to buy the Xbox. All the prices can be found in table 1 in the secondary information section.PromotionMicrosoft needs to decide how best to promote the products they make and sell. The decision involves weighing up the relative cost of each form or promotion and how best to target their customers. Microsoft needs to use this promotional mix to promote the Xbox.Advertising Actual game play footageMicrosoft need to continue to advertise the Xbox on television, when they are advertising they need to show, what the Xbox can do, they need to show a bit of game play of the video games so people can see the graphics, because in my primary information I found out that that from my research that 10 out of 20 people, half of the people that I handed out the questionnaire out, said they would consider to purchase a games console, if it had good graphic s. This is good for Microsoft because they have produced a very powerful console and they need to show it to the public so they know what the Xbox is about. Also I feel that Microsoft can advertise in magazines, because from my primary information I found out that 4 out of 20 people were subscribed to gaming a magazine, which is nearly quarter of people that I handed out the questionnaire.Sales PromotionMicrosoft needs to work with the retailers to produce the best sale promotions from its competitors. They need to make offers such as buy the Xbox and receive free games with it. They have started to do this with different retailers, as you can see below I found this on the Internet, it was a offer, you got the console, an extra controller, Halo, and a free copy of MGS2 Substance which just has been on released on the Xbox on 28/03/2003.Xbox Console + Joytech Controller + Halo + FREE MGS2 Substancestreet price: à ¯Ã‚ ¿Ã‚ ½257.96gameplay price:à ¯Ã‚ ¿Ã‚ ½199.99you save: à ¯Ã‚ ¿Ã‚ ½ 57.97FREE DELIVERYà ¯Ã‚ ¿Ã‚ ½312.48 currency converterUsually sent within 3 dayscategory: Hardwareage: 15 years old and above.Promotion from www.gameplay.comMicrosoft needs to continue doing this working with the retailers and also giving the retailers trade discounts so they can pass on the savings to the public so they can buy the Xbox.Personal SellingMicrosoft needs to sell the Xbox personally because they need to target their audience so they can market their product to the right people who are willing to purchase the Xbox. I feel that Xbox should do this buy sending leaflets explaining what the Xbox is about, to schools, youth centers and colleges, where mainly the age group that they are targeting usually are.Public RelationsMicrosoft needs PR because it is free and also the Xbox can be promoted for free. For Microsoft there are many third party magazines about the Xbox, as you can see from the picture that there is a magazine which has been produced by a third party company, they need to continue to build their brand so third party magazine companies have a interest in them and also when people go to the Newsagent they might decide to buy the magazine and decide to buy the console. Also the Xbox has been through many newspaper reviews, newspapers cannot do reviews if a company does not advertise or continue to promote the product, Microsoft needs to continue this, when the public read the reviews about the Xbox that might decide them to purchase the Xbox.Direct mailMicrosoft needs to use direct mail because they need to market their Xbox to certain members of the public, who are willing to buy the Xbox. They can use many different ways in which they can promote the Xbox using direct mail.When you buy an Xbox you are given a registration card to fill in ; send back to the company, when the people send back the registration card Microsoft will have knowledge of who has purchased their console. Microsoft can use this information to send promotional materi al to their existing customers; Microsoft can use this information to send special offers to existing customers. The special offer can include, that if a family member or a friend of a existing customer buys a Xbox console they are given a free game; this will appeal to Microsoft because they are using existing customers to market their Xbox to new customers, who might be in the same age group, or they might fit into the same criteria which Xbox are looking to market their Xbox at.Also Microsoft can use these two other methods:SponsorshipMicrosoft Xbox has sponsored Linkin Parks Projekt: Revolution tour, which included bands such as, Cypress Hill, Adema and DJ-ZTRIP. The 19-city tour started on Jan. 29 in Colorado Springs and concluded in Las Vegas Feb. 24.Linkin ParkPhoto: APThe tour sponsorship marked the first deal between the game and a music partner. Also Xbox is in year two of a three-year Agreement with footwear company Vans and PepsiCos SoBe. Late last year Xbox concluded it s launch marketing program with Tricon Global Restaurants Taco Bell. The Xbox will likely partner with a soft drink brand by the summer, said Cindy Spodek-Dickey, group manager or national consumer promotions and sponsorships for Xbox.Microsoft needs to sponsor big band concerts such as the Linkin Parks concert, because bands like Linkin Park attract huge audiences to their concerts, with the Xbox logo all round the stage people will see the Xbox logo and they might decide to buy it, also what Microsoft can do is that before the concert begins they can show linkin Park playing the console and having fun, this may also lead the audience to go out and buy the Xbox because they will see their favorite band playing the Xbox.Internet PromotionMicrosoft can also promote the Xbox by using Internet promotion, they can do this by using e-mail because a person might be registered with a gaming website and they might receive gaming news every fortnight they might links of stores websites where you can purchase the Xbox, Xbox can pay these websites to do this. Also Xbox have advertised on their own official website where they give you a list of the places where you can purchase the Xbox, this is because if someone visits the website and they decide that the Xbox is the console for them they do not have to leave there seat and they can chose the best package deal for them. This is good because from my primary research I found that 5 out of 20 people I handed out the questionnaire purchased their gaming related products from the Internet.

Reading assignment Example | Topics and Well Written Essays - 750 words - 2

Reading - Assignment Example Although sovereign citizens have a lot of strategies which up their modus operandi, an interesting facet of these strategies is the use of bogus lien, in order to propagate and perpetuate sovereign citizens’ Redemption Scheme. In this regard, this paper seeks to address question 3 which demands for a discussion on how Sovereign citizens use of the law to unlawfully seize real estate and their legal "justification." According to Morlin (2013), members of the sovereign citizen use bogus lien to wage war against the government, its citizens, law enforcers and state agencies in order to intimidate, frustrate or threaten (them). The act of intimidating, threatening and even frustrating the government, its agencies, and state operatives is part of the wider Redemption Scheme. As a side note, the wideness of the Redemption Scheme is underscored by the fact that Redemption Scheme may even include killing police officers and the use of the law, as shall be seen forthwith. When law enfo rcers and/ or government officials begin to take legal actions on sovereign citizens, the officials are perceived as not acting within the frameworks of the legal authority. Liens are thus used as a war strategy against the official(s). Sovereign citizens use copyright and trademark laws to perpetuate the use of bogus lien. ... The measure above begins with members of sovereign citizens assessing the perceived damages wrought by the offender’s act of contravening copyright laws against sovereign citizens. These members may then issue First Notice and Demand for Settlement to the offender through certified mail, as a way of claiming monetary damages. Deadlines for the offender’s response may be mentioned. As is provided for by the FBI (2011), upon the expiry of the of the response period, sovereign citizens will issue a Second Notice and Demand for Settlement, with a specified response period through the same certified mail. Upon the expiry of the period for the second response, sovereign citizens may issue the offender with a Notice of Default or a Notice of Dishonor via certified mail. Ten days will be allowed for payment of monetary damages, forthwith. Since the offender seldom responds to these demands because of the fraudulent nature of the litigant’s claims, sovereign citizens will use copies of the previously sent notices and certified mail receipts to place liens against the offender’s assets and property. Provided that the lienor has completed payment on all filing fees and completed all paperwork, courts of law will give the placement of the lien the green light. This measure will not make it whether a lien is fraudulent or legitimate. Apart from the use of the legal measures above, members of sovereign citizens may also use the Common Law Grand Jury (CLGJ) and the Common Law Court (CLC) to perpetuate and justify their agenda. This is a tenable alternative since both CLC and CLGJ also comprise members of sovereign citizens who may pass judgment against offending parties. Members of sovereign citizens may use True Bills to issue Common Law liens against their target. The

Final Project Essay Example | Topics and Well Written Essays - 750 words - 2

Final Project - Essay Example MCD has been steadily increasing its debt-equity ratio from the year 2007 through 2012. The following table represents the debt-equity ratio of the company for last 5 years. Year Dec. 2007 Dec. 2008 Dec. 2009 Dec. 2010 Dec. 2011 Debt-equity ratio, Source: ycharts.com 06087 0.7635 0.7538 0.8386 0.8687 EPS, Source: Nasdaq.com 1.98 3.76 4.11 4.58 5.27 Price per share, source: Key statistics 57.05 63.75 62.44 76.76 100.33 P/E, (by calculation) 30.22 16.42 15.47 16.75 19.03 It can be seen from the above table that as debt-equity ratio rises, earnings per share of the company also rises and so the market price per share of the company. Does this mean that the company should go on increasing debt to increase its earnings and thereby shareholder’s wealth? In fact, the trade-off theory ascertains that the optimal debt-equity ratio is 2:1(Optimal Capital Structure, 2012). In the same industry, the company such as AFC Industries has been found to have debt-equity ratio as high as 2.62 as on August, 2012 (Industry debt-equity ratio). High amount of debt is good during booming period but equally risky during downslide when revenues fall exponentially and the company may find difficult to pay interest towards its debt. That is the reason high leveraging is considered risky during recessionary period, however, in case of MCD, there is considerable scope to increase its debt-equity ratio to expand its business. MCD’s Cost of Capital can be given using Capital Asset Pricing Model (CAPM) K = RF + b (KM - RF), where K is the cost of capital, RF denotes the risk-free return, b (beta) is the systematic risk of a stock relative to the market or index such as S&P. (KM - RF), denotes about the equity risk premium that market would like to earn over risk-free return in the long run (Capital Asset Pricing Model (CAPM), 2012). Currently, risk free return RF can be taken as 1.5% which can be earned by investing in the long term treasury bonds. Beta b is measured as = 0.31 (y ahoo.com) (KM - RF) can be taken as 7 percent that anybody would like to earn over and above risk free return. Thus, the cost of capital = 1.5 + 0.31 (7.0) = 3.67% Higher debt-equity ratio would make more funds available to the company for business without raising any extra equity. Currently, the shareholder's equity is $14.04B and long term debt is $13.57B (as per data from second quarter 2012). This means that the company is operating at the debt-equity ratio of 13.75/14.04 = 0.98 When company operates at 2:1 (debt-equity) ratio means the company would have total debt available to them $28.08B. That means the company would have extra $14.25B funds available that can be deployed in the asset formation or expansion of the business without raising any extra capital from the shareholders. It is assumed that this extra capital adds to the business and thereby EPS of the company in the same proportion (while all other things remaining the same, of course!). Thus, extrapolating current E PS of 5.32 One can derive new EPS as 5.32 ? (3/1.98) = 8 Assuming the same P/E ratio of 19 that MCD had during the year 2011, we have New Market Price/share of the company, P = 19 ? 8 = 152 New Market Capitalization or Market Value = Number of shares ? market price/ share = 16,600 ? 152 = $38.35B Dividend Policy The company is in fast-food business and runs a large chain of