Contemporary trends in corporate finance - Free Essay Example

Sample details Pages: 4 Words: 1274 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Brief: 194364 Title: Contemporary trends in corporate finance Don’t waste time! Our writers will create an original "Contemporary trends in corporate finance" essay for you Create order This report looks at the contemporary trends in corporate finance in the UK. The major trends and their implications are analysed below. Major trends in corporate finance Growth in private equity Private equity has grown rapidly over the last decade. Private equity has grown both in number of deals it is involved in and also the size of companies being taken private. In UK, a consortium led by CVC is bidding for J Sainsbury and another consortium led by KKR is bidding for Boots (Larsen, 2007 I). Both of the above two deals are valued at around  £10 billion. The growth in private equity has been fuelled by the interest of new investors in private equity and availability of cheap debt. Pension funds and wealthy investors are now putting more of their investments in private equity resulting in huge amount of investment funds with private equity. Due to high amount of cash at their disposal, it makes more economical sense for private equity firms to invest in larger deals rather than chasing a large number of smaller deals. UK has also been subject to higher buyout activity from non-UK buyout firms. Acquisitions in the UK by foreign companies in the first three quarters of 2005 exceeded the values for such deals for 2003 and 2004 (Dolbeck, 2005). Both CVC and KKR are US-based firms keenly pursuing buyouts in UK. . Big high street banks have also set up their own private equity funds. Lloyds TSBà ¢Ã¢â€š ¬Ã¢â€ž ¢s LDC invests in UK mid-market with up to  £100 million in private equity[1]. Investment and participation by investment banks Previously investment banks participation in private equity was limited to advising private equity and/or companies and raising capital for private equity companies. But in the last few years, investment banks have also started investing alongside private equity firms. Not only that investment banks are also raising their own funds to invest on their own or alongside with private equity firms. Merrill Lynch is even investing from its own funds[2]. Investment banks participation stems mainly because of the two reasons. First, they generate lucrative fees on the overall deal. Second, investment banks earn good returns on their money invested. Emergence of hedge funds in diverse investment instruments Hedge funds are investing in securities of longer term lock-in periods. Hedge funds active in the leveraged buyout market are providing subordinate debt and payment-in-kind securities. A consortium of hedge funds helped finance Malcolm Glazers pound  £790 million takeover of Manchester United FC by taking payment-in-kind securities (The Lawyer, 2006). This has brought hedge funds in direct competition to established companies funding such investments. Hedge funds have also started taking active roles in changing companies in distress or special situations. Availability of cheap debt Growth in private equity has been fuelled by availability of cheap debt. Increase in corporate earnings over the last few years and reduced interest rates allowed banks to increase their lending for acquisitions. Stable economic environment in UK has also increased bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s appetite for risk. Private equity investors are often borrrowing six to seven times the equity they are putting in the deal[3]. Emergence of activist investors Activist investors à ¢Ã¢â€š ¬Ã¢â‚¬Å" individual investors and / or hedge funds à ¢Ã¢â€š ¬Ã¢â‚¬Å" are taking more active role in forcing companies to restructure and increase shareholders value. Cadbury Schweppes recently agreed to demerge its businesses and list them separately to increase shareholder value. The company had previously decided not to take this route but the turnaround came swiftly after appearance of the US activist Nelson Peltz as one of the main shareholders (Jackson, 2007). Hedge funds are now coming out in open and asking companies to take drastic actions to increase their returns. Implications Corporate debt to equity ratio Companies with good and predictable cash flows are facing more prospects of being acquired by private equity firms. Mature businesses with significant proportion of their assets in tangible and physical assets offer good securities against which buyout firms can raise cheap loans. To reduce their likelihood of being taken over by buyout firms, companies are raising more debts and returning cash to shareholders. It is do or die scenario in some cases as companies reluctant to take on more leverage could find themselves on the receiving end of a takeover bid (Larsen, 2007 II). This has led to increase in debt to equity ratios of companies. Stagecoach plc is returning  £700 million to its shareholders. Because of disposal of some of its businesses, the company had a net fund position of  £140 million in October 06 (Stagecoach, 2007). Stagecoach will have to take debt to finance the return of capital to the shareholders. According to Modigliani and Millerà ¢Ã¢â€š ¬Ã¢â€ž ¢s proposition II, the expected return on equity of a levered firm increases in proportion to the debt to equity ratio (Brealey Myers). Higher debt should then raise shareholders return but it also increases the chances of bankruptcy. Some of the corporate decisions, made under the influence of active investors, may appear to be good for shareholders in short-term. Return of cash or separating businesses may increase shareholders value but would expose companies to risk of high interest rate or may not leave them with sufficient cash to pursue growth opportunities in future. Increase in interest rates Higher buyout activity and return of capital to shareholders have been funded by availability of cheap debt. But with the continuing increase in house prices and moderate to high inflation, Bank of England has been raising interest rates. Due to higher financial leverage, companies with higher debt will have to incur more interest charges if interest rates increase. Additionally consumers, who have taken more mortgages on their homes, will find that they have lower income at their disposal after paying higher mortgages. Lower income and higher interest charges will likely lead to reduction in companies earning and increase their chances of bankruptcy. Dividend With a view to avoid being acquired by buyout firms, companies are increasing dividend to better utilise cash sitting in the business or its ability to raise cheaper funds. This is also done under pressure from hedge funds who are pressurising companies to increase their share prices by efficient use of funding and return of capital. Last few years have seen growth in private equity deals, both in number of deals and size of individual deals. This has been fuelled by the increase in funds available with buyout firms and also by the availability of more and cheap debt. Also activist investors are pushing firms to increase shareholder value. Companies are now taking steps to return capital to shareholders to avoid being taken private. All of the above has resulted in higher amount of debt for companies with stable cash flows and exposing them to bankruptcy risks in case interest rates rise further and consumers demand slows down. BIBLIOGRAPHY REFRENCES Brealey, R.A. S.C. Myers. à ¢Ã¢â€š ¬Ã…“Principles of corporate financeà ¢Ã¢â€š ¬Ã‚ , Sixth edition, Tata Mcgraw-Hill Publishing Company Limited, pg. 481 Dolbeck, A. à ¢Ã¢â€š ¬Ã…“Mergers and acquisitions around the worldà ¢Ã¢â€š ¬Ã‚ , Weekly Corporate Growth Report, Santa Barbara, 19 December 2005, Iss. 1370, Pg. 1 Jackson, T. (2007). à ¢Ã¢â€š ¬Ã…“The public company is battered but not brokenà ¢Ã¢â€š ¬Ã‚ , Financial Times, 19 March 2007 Larsen, P.T. (2007, I). à ¢Ã¢â€š ¬Ã…“Private equity bids keep on growingà ¢Ã¢â€š ¬Ã‚ , Financial Times, 28 March 2007 Larsen, P.T. (2007, II). à ¢Ã¢â€š ¬Ã…“Takeovers reach a record highà ¢Ã¢â€š ¬Ã‚ , Financial Times, 25 January 2007 The Lawyer (2006). à ¢Ã¢â€š ¬Ã…“Private equity funds bristle as hedge funds muscle inà ¢Ã¢â€š ¬Ã‚ , The Lawyer, London, Feb13, 2006. Pg. 13 Stagecoach (2007). à ¢Ã¢â€š ¬Ã…“Proposed return of value of approximately  £700 million to Shareholdersà ¢Ã¢â€š ¬Ã‚  (https://investegate.co.uk/Article.aspx?id=200703140701329088S), 14 March 2007. [1] Lloyds TSB LDC (https://www.ldc.co.uk/), 6th April 2007 [2] Larsen, P.T. (2007, I). à ¢Ã¢â€š ¬Ã…“Private equity bids keep on growingà ¢Ã¢â€š ¬Ã‚ , Financial Times, 28 May 2007 [3] Larsen, P.T. (2007, I). à ¢Ã¢â€š ¬Ã…“Private equity bids keep on growingà ¢Ã¢â€š ¬Ã‚ , Financial Times, 28 May 2007

Concept And Measurement Of Poverty - 2774 Words

2.0: Introduction: This part reviews some of the available literature on concepts, theories and previous research findings pertaining to the research problem so as to establish the theoretical and empirical base of the study. Literature review is used by the researcher to bring the reader update with current literature on a topic and forms the base for another goal, such as future research that may be needed in the area. It is also used to provide solid background information under the study. The literature reviews aims at finding the gap between what other authors have explained theoretically and empirically and what has not been explained. The knowledge gap needs to be established and fitted by the researcher. 2.1: Concept and Measurement of poverty 2.1.1: Definition of poverty Poverty of an individual or household is defined as a state of having an income or consumption expenditure which is below a certain level/standard known as the poverty line (Bigsten ; Abebe, 2003). Townsend (1985) defined poverty as not only a failure to meet minimum nutrition levels but also as a failure to keep with a standard of living prevailing in the society. Thus according to Townsend a household is considered as being poor if and only if its standard of living is below that of the society. Poverty on the other hand can be observed as the condition of a household being unable to meet basic needs including food, shelter, education etc. (World Bank, 1996). According to the economist a householdShow MoreRelatedThe Social Issue Of Canada1087 Words   |  5 Pagesbeing position 19 out of 22 nations (Breznitz and Zysman, 2013). This has been attributed to the precarious levels of poverty in a majority of Canadian households. The country has not recognized any official poverty measurement although other universal measures such as LICO is used for measuring relative poverty, a more determinable measure of poverty for wealthy countries. 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The Battle Of The Civil War - 1575 Words

The Civil war may have been destined to occur and not avoided, as it was the deadliest war in American History. Even the great President Abraham Lincoln tried to avoid the war, but failed ultimately. An analysis of the events that led to the secession of the southern states and the start of the civil war revealed the differences between the North and South. The outcome of the states seceding is a pivotal moment in American History that showed the true divide and is one of the most important historical moments in the 19th century, as the war was a fight over the way of how American life would be. In 1819 Missouri was up for admission as a state in which slavery would be allowed. â€Å"An estimated 8,000 to 10,000 slaves also lived in the territory at that time.†(â€Å"Missouri Compromise†) This became a problem because the United States had twenty-two states, evenly divided between slave and free. Adding Missouri as a slave state would break that balance between the sta tes and may also increase slavery in the union. To fix this issue congress came up with, that Missouri would be allowed as a slave state and Maine as free but in Missouri, slavery was to be banned from the Louisiana Purchase lands north of latitude 36 °30†². (â€Å"Missouri Compromise†) This bothered southerners, as they believed that congress should not be allowed to make laws about slavery and should be up to popular sovereignty. Northerners were also angered because they believed this was an expansion of slavery. EvenShow MoreRelatedThe Battle Of The Civil War1127 Words   |  5 Pagesshaken by the Civil War because some states wanted to separate themselves from this unity that had lasted for approximately 100 years. The American Civil War is a historic affair and one of the bloodiest battles in history of the US (Engle, Krick, 2003). 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The Effects Of Social Relationships On Mental Health

1) Depending on their nature, social relationships can influence behavioral health, psychological health, physical health, and mortality in a myriad of ways (Umberson and Montez, 2010). In general, healthy and high-quality social relationships are those characterized by support and mutual respect; whereas unhealthy and low-quality social relationships are those deemed toxic through stress and disrespect. High-quality social relationships, wherein people experience camaraderie and happiness, yield substantial health benefits. For instance, social ties such as marriage and religious involvement have been linked to healthier choices with diet and exercise, possibly because these connections promote positive behavioral norms (Umberson and Montez, 2010). High-quality social relationships also promote mental health by offering individuals a sense of place within a meaningful environment. When people feel connected and supported, they tend to experience a greater sense of control, a psychological state shown to be both associated and causally linked to good health (Lachman and Weaver, 1998). Positive psychological effects of social relationships improve physical health by making it easier for the body to maintain chemical homeostasis over long periods of time by alleviating its â€Å"allostatic load† (Umberson and Montez, 2010). Ultimately, these components of high-quality social rel ationships make people less likely to get sick and die. Low-quality social relationships can haveShow MoreRelatedEffects Of Stigma Toward Mental Illnesses1711 Words   |  7 PagesIntroduction Mental illness is one of the most stigmatized medical conditions in society. People diagnosed with mental illnesses experience a difficult social life, where most of the community members harbor prejudicial attitudes toward them. 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Martin Luther King Jr Free Essays

Martin Luther King was born in 1929 in Atlanta. He was the son of Baptist preacher. He had strived hard to bring about the liberation of the African Americans. We will write a custom essay sample on Martin Luther King Jr or any similar topic only for you Order Now Martin Luther King was honored by, although posthumously, by the Congress, which belatedly declared his birth day as national holiday. It did so after nearly two decades had transpired from the date of his assassination, for his outstanding attempts to uplift the civil rights of blacks in the US. (Carson). King was a very good student and attended segregated public schools. In the year 1948 he obtained a bachelor’s degree in sociology from the Morehouse College. He completed his graduation with honors in 1951 from the Crozer Theological Seminary. Finally, he obtained doctorate in the year 1955, in systematic theology (Norrell). During his education he became aware of the civil disobedience method of protest and decided to utilize it for securing racial justice. In 1955 he completed his doctorate in theology. Subsequently, Martin Luther King obtained employment as a minister of the Dexter Avenue Baptist Church in Montgomery (Huang). Subsequently, in the year 1957, King played an active role in the formation of the Southern Christian Leadership Conference, whose objective was to confront racial segregation. The early years of the 1960’s were witness to King’s numerous protest campaigns against segregation in housing, hotels, restaurants and transport. These campaigns were in the national limelight (Norrell). In 1960, King returned to Alabama and worked in the Ebenezer Church. He was of the opinion that equality and freedom constituted an important part of God’s plan. Moreover, Martin Luther King believed in nonviolence. He adopted a strategy of nonviolence and this won him the support of the people. Some of the components of his strategy to obtain civil rights, were to conduct meetings with large gatherings of people, utilize powerful rhetoric and make broadcasts across the nation (Huang). Martin Luther King opposed the Vietnam War and did his best for poor people and American blacks. The granting of these rights to the blacks incensed a number of whites and James Earl Ray, a convicted criminal out on parole, shot him on the 4th of April, 1968 in Memphis, Tennessee. The Congress declared his birthday, the 15th of January as a Federal holiday in the year 1986 (King, Martin Luther Jr. In The Great American History Fact-Finder). In addition to being a scholar, King was also an orator of considerable renown. His oratorical magnum opus was the I Have a Dream speech, which he delivered to on the 28th of August, 1963. His spell bound audience on that occasion numbered in excess of two hundred thousand civil rights supporters. This speech is one of the best in the history of the US. This speech was instrumental in bringing about the Civil Rights Act of 1964, which made it unlawful to enforce segregation, and discrimination in employment and education. These great achievements brought King the Nobel Prize for peace in 1964 (Norrell). From the year 1966, King gave a different direction to his mission. He concentrated more on economic issues and called for a more equitable distribution of the nation’s wealth, so as to mitigate the abject poverty and wretchedness of the black minorities. He was in the midst of working the finer details of a Poor People’s Campaign, which aimed at ushering in economic justice, when he was assassinated (Norrell). In addition to the Civil Rights Act, King’s campaigns resulted in the Voting Rights Act of 1965 and the Fair Housing Act of 1968, which prohibited racial discrimination in housing. Subsequently, the focus of the civil rights movement was on education and transforming the attitude of the white majority (Mifflin). King composed many scholarly and impressive articles, some of them are given in the sequel. Nonviolence and Racial Justice was published in the Christ Century. Its main contention was that the judicious use of nonviolent resistance could destroy social evils. Facing the Challenge of a New Age in Phylon Q, describes several essential requirements for blacks to obtain freedom with respect. In Conversation in Ghana, which was published in the Christ Century, King elaborated upon some aspects of black segregation, freedom and violence. At the time of receiving the Social Justice Award, King made a stirring speech, which was reproduced in the Interracial Rev, volume 30 in May 1957. King was an advocate of employing love to bring about social change and this was described most succinctly, in The Most Durable Power, which was published in Christ Century, volume 74 on the 5th of June 1957. Martin Luther King exhorted the people of the US to eschew imperialism and promote multiracial democracy and economic justice. King married Coretta Scott on the 18th of June, 1953. They had four children, Yolanda Denise; Martin Luther III; Dexter Scott and Bernice Albertine. People viewed Martin Luther King as the real proponent of black culture and history. Annotated Bibliography Carson, Clayborne. â€Å"The Unfinished Dialogue of Martin Luther King, Jr. and Malcolm X.† Magazine of History (January 2005): Vol. 19, Issue 1; P22. This work describes the yeoman service rendered by King in ensuring the rights of blacks. Huang, Carol. â€Å"His dream? Equality for all. ; Martin Luther King Jr. was a champion of civil rights, but he faced challenges and dangers.† The Christian Science Monitor (January 9, 2007): P18. This important article describes the ideology subscribed to by Martin Luther King and the strategies of non violence that were employed by him. King, Martin Luther Jr. In The Great American History Fact-Finder. 2004. 5 February 2008 http://www.credoreference.com/entry/6600892King, Martin Luther Jr.. (2004). In The Great American History Fact-Finder. Retrieved February 05, 2008, from DISPLAYURL. This article describes Martin Luther King’s opposition to the Vietnam War and his vision of uplifting the poverty stricken blacks. Mifflin, Houghton. civil rights movement. In The New Dictionary of Cultural Literacy. 2002. 13 February 2008 . http://www.credoreference.com/entry/2444113. In this article the author discusses the various righteous activities conducted by Martin Luther King in paving the way for the obtention of Black rights. Various legislative acts came into existence due to that endeavor. The civil rights movement was the struggle of the black community for equal rights and recognition. Norrell, Robert J. â€Å"Martin Luther King, Jr.† Microsoft ® Student 2008 [DVD]. Redmond, WA: Microsoft Corporation, 2007. This short work describes the myriad facets of Martin Luther King’s life. He was extremely successful in engendering black rights. He adopted non – violence and took great pains to convince the white Americans to lend their support to his cause. He was successful to a major extent in his endeavors. Works Cited Carson, Clayborne. â€Å"The Unfinished Dialogue of Martin Luther King, Jr. and Malcolm X.† Magazine of History (January 2005): Vol. 19, Issue 1; P22. Huang, Carol. â€Å"His dream? Equality for all. ; Martin Luther King Jr. was a champion of civil rights, but he faced challenges and dangers.† The Christian Science Monitor (January 9, 2007): P18. King, Martin Luther Jr. In The Great American History Fact-Finder. 2004. 5 February 2008 http://www.credoreference.com/entry/6600892King, Martin Luther Jr.. (2004). In The Great American History Fact-Finder. Retrieved February 05, 2008, from DISPLAYURL. Mifflin, Houghton. civil rights movement. In The New Dictionary of Cultural Literacy. 2002. 13 February 2008 http://www.credoreference.com/entry/2444113 . Norrell, Robert J. â€Å"Martin Luther King, Jr.† Microsoft ® Student 2008 [DVD]. Redmond, WA: Microsoft Corporation, 2007. How to cite Martin Luther King Jr, Essay examples

Earth and Sky Organics

Question: Discuss about theEarth and Sky Organics. Answer: Introduction This a rapid increase in demand for organic foods in the country causing farmers to turn to organic farming rather than conventional (Rousseau and Vranken, 2013, p.35). In Australia organic foods considered healthy and efficient in developing human immunity to diseases, thus generally increasing the demand for organic foods, however, they may be expensive or potentially inaccessible to most people in urban areas. Earth and Sky organic company was established with the main purpose of coming up with a model for the distribution of fresh organic produce at a lower cost. Moreover, the distribution model also improves the accessibility of these organic products to its target audience in Australia. Porter's Generic Strategies A companys size of the market share defines whether the companys profitability is above average, which outlines if the company has an advantage over its competitors in the end. According to Marian and Thgersen (2014) there are two basic types of competitive advantage, low cost or differentiation When the two are combined with the objectives a firm seeks to achieve , leads to three generic strategies for gaining higher performance in the market: cost leadership, differentiation, and focus. Earth and sky employs two generic strategies in a manner that it stays relevant and profitable than its competitors and they are cost leadership and differentiation. Cost Leadership Generic Strategy It is quite transparent that Earth and Sky Company use this strategy. Its literally based on being the lowest cost producer in the current market. The company as established on this basis by restructuring their model. Earth and sky organics obtain their produce directly from certified organic farmers, which defiantly emit any intermediaries in the process. This makes it easy to give low and affordable prices to its target audience increasing its profits and growth in the organic market in Australia (Panwar et al. 2015, p 100-103). Differentiation Generic Strategy Differentiation generic strategy entails the uniqueness of a firm in meeting the customer requirements and needs (Magretta, 2013). Earth and Sky Company has uniquely identified what most consumers want; affordable prices, high-quality products, and accessibility to these products. Affordable prices and high-quality products ,have been made possible by cutting out intermediaries and acquiring these organic foods directly from certified organic farmers .The removes the barrier of inaccessibility to these products in two simple ways: one is the option of home delivery where a client's request for an order that it brought directly the location requested. The other is with Earth and Skys partners pop-ups, situated strategically to the comfort of the clients. References Magretta, J., 2013. Understanding Michael Porter: The essential guide to competition and strategy. Harvard business press. Marian, L., Chrysochou, P., Krystallis, A. and Thgersen, J., 2014. The role of price as a product attribute in the organic food context: An exploration based on actual purchase data. Food Quality and Preference, 37, pp.52-60. Panwar, R., Nybakk, E., Pinkse, J. and Hansen, E., 2015, July. Competitive Strategies and Small Firms Social Responsibilities. In Proceedings of the International Association for Business and Society (Vol. 26, pp. 99-111). Rousseau, S. and Vranken, L., 2013. Greenmarket expansion by reducing information asymmetries: Evidence for labeled organic food products. Food Policy, 40, pp.31-43.

T.S. Eliot- The Love Song of J. Alfred Prufrock

Question: Describe about the Article for T.S. Eliot The Love Song of J. Alfred Prufrock. Answer: 1. The poem Love Songs of Alfred Prufrock, presents an insecure middle aged man, who has an uneventful, dull and mediocre life[1]. He has feelings concerning with inadequacies and he is afraid of decision making. The protagonist is not able to take risks (especially with females) and is unable to seize any opportunities. He lives in a world which is constant and rarely changes. He has an attitude of making progress, but he is afraid of failures. The protagonist is timid in nature and his not so brave attitude is preventing him from taking any action. The protagonist is a sharp looking guy who is bald and possesses thin arms. He used to feel insecure due to these, which prevented him from socializing with other people. The protagonist is a worrisome person who possesses little or no social behaviors. The person has quick judgmental abilities and due to this he has been lonely throughout his life. Prufrock had little interactions with women due to his pre conceived notions. He had grea t degrees of insecurities, which in influenced his attitudes and behaviors. He has great deal of conflicts in his mind and is unable to make simple decisions. This is evident from the line Do I dare eat a peach?[2] This ordinary question demonstrates that in spite of the delicious taste of the peach, he is avoiding it, as it can ruin his face. He has extreme feelings of dark thoughts and loneliness, which is very much evident in the poem. 2. The poem named The Love Song of J. Alfred Prufrock is one of the finest works of T.S Eliot[3]. The poem contains several metaphors and images that are blended well with the character of the protagonist, Alfred Prufrock. The metaphors also match the situation and the life of the main protagonist. The words Yellow fog and Yellow smoke are being compared to a frightened cat, which presents the timid nature of the protagonist. This is an example of metaphor. This particular passage represents a clear image of the emotions of the natural world with terms such as images, pictures[4]. This shows the emotional nature of the protagonist, such as feelings of impressions, mood and others. The author has compared life to the coffee, which is a metaphor. The author has compared himself with an insect that is preserved for the purpose of display to visitors. This is evident in the line When I am pinned and wriggling on the wall. In the poem, he is believed to be addressing his potential lover b y phrases like force the moment to its crisis. The protagonist also has feelings of his own death, which he has mentioned in lines like the eternal footman. There is a line And the afternoon, the evening, sleeps so peacefully. In this line, a metaphor is used as the evening is being compared to a living person. The author repeats a series of words as well as phrases several times in the poem. This represents the monotony in the life of Alfred Prufrock. References "Whittier Union High School District / Whittier Union High School District".Wuhsd.org. N.p., 2016. Web. 17 June 2016. [1] Whittier Union High School District / Whittier Union High School District".Wuhsd.org. N.p., 2016. Web. 17 June 2016. [2] Whittier Union High School District / Whittier Union High School District".Wuhsd.org. N.p., 2016. Web. 17 June 2016. [3] Whittier Union High School District / Whittier Union High School District".Wuhsd.org. N.p., 2016. Web. 17 June 2016. [4] Whittier Union High School District / Whittier Union High School District".Wuhsd.org. N.p., 2016. Web. 17 June 2016.