Is it necessary to use both demand and supple side policies to manage Coursework

Is it necessary to use both demand and supple side policies to manage the uk economy - Coursework Example Conversely, the supply side policies are key in the determination of the long term growth of the UK’s productivity. As is asserted by the literature of Keynes, the belief in his work was that whether the government distributed money to its consumers, the result would be demand for more commodities. This will result in creating incentive for the suppliers to provide more commodities. This implies that the major drive for economic growth is the demand (consumers). In relevance to this, for the optimal management of the economy of the United Kingdom, and for the economy to realize an increase in the GDP, the government should embrace the demand side policies. In addition, the government, should extensively and effectively focus on how to raise the expenditure of the average citizen. Demand side policies have the objective to cause a rise in the aggregate demand. If there exist negative production gap, the demand side policies are crucial in increasing the level of the economy. Conversely, if the economy of a country, in this case, the UK economy is at its full capacity in the rate of growth, inflation will be the consequence of a further rise in the aggregate demand (AD), as illustrated in the diagram 1 (Freeman, 2006, pg. 123). Among the aspects of the demand side policies which can control the economy is the monetary policy. The monetary policy is the basic instrument that can influence the activities of the economy. To increase the aggregate demand, the rate of interest can only be lowered by either the Central Bank or government (Langdana, 2009,p.27). A decrease in the rates of the interest lowers the cost of taking loans, increasing investment incentives, and expenditure by the consumers. Conversely, a decrease in the interest rates lowers the need to make savings, and instead creating attractiveness for spending. In addition, as a result of reduced

History of Automated Teller Machine Essay Example for Free

History of Automated Teller Machine Essay An automatic teller machine or ATM allows a bank customer to conduct their banking transactions from almost every other ATM machine in the world. As is often the case with inventions, many inventors contribute to the history of an invention, as is the case with the ATM. Read each page of this article to learn about the many inventors behind the automatic teller machine or ATM. In 1939, Luther Simjian patented an early and not-so-successful prototype of an ATM. However, some experts have the opinion that James Goodfellow of Scotland holds the earliest patent date of 1966 for a modern ATM, and John D White (also of Docutel) in the US is often credited with inventing the first free-standing ATM design. In 1967, John Shepherd-Barron invented and installed an ATM in a Barclays Bank in London. Don Wetzel invented an American made ATM in 1968. However, it wasnt until the mid to late 1980s that ATMs became part of mainstream banking. Luther Simjians ATM Luther Simjian came up with the idea of creating a hole-in-the-wall machine that would allow customers to make financial transactions. In 1939, Luther Simjian applied for 20 patents related to his ATM invention and field tested his ATM machine in what is now Citicorp. After six months, the bank reported that there was little demand for the new invention and discontinued its use. Luther Simjian Biography 1905 1997 Luther Simjian was born in Turkey on January 28, 1905. While he studied medicine at school, he had a life-long passion for photography. In 1934, the inventor moved to New York. Luther Simjian is best known for his invention of the Bankmatic automatic teller machine or ATM, however, Luther Simjians first big commercial invention was a self-posing and self-focusing portrait camera. The subject was able to look a mirror and see what the camera was seeing before the picture was taken. Luther Simjian also invented a flight speed indicator for airplanes, an automatic postage metering machine, a colored x-ray machine, and a teleprompter. Combining his knowledge of medicine and photography, Luther Simjian invented a way to project images from microscopes, and methods of photographing specimens under water. Luther Simjian started his own company called Reflectone to further develop his inventions.

Brave New World: The Key to Happiness :: Brave New World

Brave New World: The Key to Happiness The novel, Brave New World is like no other, it predicts a future overpowered by technology where the people have no religion. Has Huxley written about a degrading way of life or has he discovered the key to a perfect world that should be called Utopia? The society presented in the novel is as completely rational as our own and all the precautions that are taken are needed to preserve their lifestyle. However different and horrible as the lives of individuals seem to be, in actuality they are much better than ours are. While many believe that the government controlled word, religion, the strict class system, the restraint of history, culture, the arts and books, and the obsolete need for parents and love are contradictory to Utopia, these aspects of society are actually conducive to Utopia. The first argument that would contradict the fact that Brave New World is a Utopia is the government controlling the world, causing the loss of freedom and liberty of the people. Is it really that bad that one government controls the world? Does the current structure of world government meet the needs of the people? Are millions starving? Do millions more search in vain for work every day? In Utopia, the people don't have to worry about having a job. One must remember that most people on our planet today have very little freedom – the exception being the population of western societies. Freedom is only important if it leads to happiness, and if one already possesses happiness, then there is no need for freedom. Religion plays an important role in people's lives today. Religion embodies societies theoretical principles and values. Religion guides us, gives us something to believe in and a set of rules to live by. However, every society has their own religion and the majority of the people in our world pray to gods with names that we cannot even pronounce. Our current practice of worshipping hundreds of different gods is not conducive to a peaceful society and, in fact, results in hundreds of wars being fought every year on our small planet. The current system must be replaced. Mustapha Mond when referring to the Holy Bible says that "they're old; they're about God hundreds of years ago, not about God now" (Huxley, 237). Mustapha Mond is saying that with the evolution of time the many gods worshiped before have been replaced by the worship of one God, Henry Ford.

Instruments of Change :: Third World Countries Progress Essays

Instruments of Change As our world is becoming more technologically advanced, many countries are being forced to change their ways. Many Third World countries are in the process of modernization, though some are ahead of others. Besides modernization, there are other factors that can influence a country to change. These factors consist of the military, a charismatic leadership, ideology, bureaucracy, and religion. The military can be a very powerful instrument of change. For example, the majority of countries in the Middle East are ruled by the military. The military is seen as a very capable institution because of the fact that it can build or destroy nearly anything. It is also most representative of the society because it includes all classes and types of people. An illustration of the military as an instrument of change is the military takeover of Egypt, led by Nasser in 1952. The military takeover of a government is often referred to as a coup d’etat. Nasser was a member of the Free Officers. Nasser, like other members, came from a lower-middle class background and was frustrated with the feudal system that was being enforced in Egypt. Under the feudal system, only two percent of the people owned an entire 75% of the land. Due to the unfairness and the people’s hatred of the current king, the military took over the land of Egypt. The second instrument of change is leadership, which plays a significant role in the process of change. Nasser became the leader of Egypt after the military revolted. In 1953, Nasser gave a famous speech in Alexandria where someone fired four shots at him but missed. Nasser was praised for this speech, stating "I live for Egypt, I die for Egypt." These words turned Nasser into a charismatic leader- a leader who is seen as a type of God and is a huge role model to the people. During his rule, Nasser wanted to give Egypt back to the Egyptian people. Nasser accomplished this by giving extra plots of land to peasants, passing Agrarian Reform Acts to help out the lower classes, and by gaining control of the Suez canal. Needless to say, Nasser was seen as a great leader and hero in the Third World. The third instrument of change is ideology. Ideology is simply a belief system- what one feels is good or bad. Ideology can also be referred to as a set of political ideas or values.

Commentary on Anthem for Doomed Youth by Wilfred Owens Essay

The sonnet â€Å"Anthem for Doomed Youth† by Wilfred Owen explores the horrific and tragic conditions of the deaths of World War I soldiers on the Western front. By contrasting the soldiers’ deaths with the customary Christian funeral ceremonies, Owen comments on the dark irony that the young men who gave their lives to serve â€Å"God and their country† were denied the respectful yet superficial rituals that the religious society value so much. The title of the poem well expresses the sentiments Owen conveys throughout the sonnet. The use of the term â€Å"anthem†, which is usually refers to a joyous and often religious song of praise, is in this case referring to the widely held view that fighting for one’s country is joyous and honorable. This anthem, however, is for â€Å"Doomed Youth†, and there is a dark irony that this widely held sense of pride and nationalism about war actually results in futility and death. Owen chooses to describe the young soldiers as â€Å"doomed† because they are destined for death as soon as they enter the army, because of the futility of the strategies used in this war. The soldiers are also referred to as â€Å"youth† to emphasize their innocence and create the image of healthy, fit young men dying for nothing, which arouses pity in the reader. The first stanza is an octave that describes the horrifically violent conditions of these young soldiers’ deaths by contrasting and juxtaposing auditory imagery of the battlefield as the soldiers die with descriptions of customary funeral ceremonies. The first line is a rhetorical question, which forces the reader to truly ponder all that the soldiers lack in terms of acknowledgment and ceremonies of death, and this encouragement to think is further enhanced by the hyphen in the beginning of the second line, which forces the reader to pause. Owen emphasizes the shocking nature of the soldiers’ world, the war, by saying that the soldiers â€Å"die as cattle†, which conveys the manner in which these young men are slaughtered inhumanely as if they are worthless and are treated as if they have no identity. Instead of â€Å"passing-bells†, which is society’s way of acknowledging a death, these soldiers receive the â€Å"only the monstrous anger of the guns†, which indicates that their death goes unnoticed as if they were just cattle. Furthermore, Owen comments on all the rituals and customs that the soldiers fail to receive. The personification of the guns as being â€Å"angry† contrasts to the solemn sorrow the soldiers should have received upon their death. The repetition of â€Å"only† in lines 2 and 3 emphasizes all that the soldiers lack, as we are then told that instead of funeral prayers, the soldiers instead hear the â€Å"stuttering rifles’ rapid rattle†; the alliteration echoes the gunfire and the onomatopoeia allows the reader to hear the harshness and irregular but constant sounds of the guns. By implying that these guns â€Å"patter out their hasty orisons†, Owen points out the irony that these men who have gone to war for God are being killed and must have â€Å"orisons† muttered for them by the deadly machines that are responsible for their death. The â€Å"orisons† are described as â€Å"hasty†, which indicates the rapid pace of the war and the fact that these soldiers have little time to live. Furthermore, instead of church choirs, the soldiers hear the â€Å"shrill, demented choirs of wailing shells†, which seems to suggest a demonic sound, perhaps implying that the soldiers receive no peace even after death. The personification of the shells as â€Å"wailing† is ironic because the weapons that killed the soldiers sound as if they are mourning for them. Further down the stanza, Owen subtly criticizes the Christian religion and its ceremonies as he describes the funeral customs as â€Å"mockeries†. This term suggests the irony in the fact that these soldiers, who have given their lives for God and their country, are not able to enjoy these ceremonies that acknowledge their death, even though they may be the ones that most deserve them. The last line of the first stanza foreshadows the coming volta as it shifts the focus from the conditions of death in war to the sadness that the deaths in the war brings to those who knew the soldiers. The sound of the gentle and beautiful â€Å"bugles calling† is a sharp contrast from the violent noises of the war but the mention of the â€Å"sad shires† seems to imply that this sad calling is coming from anonymous â€Å"shires† far away. The sad, and less violent tone of the last line of the octave is carried onto the second paragraph, in which the tone becomes contemplative and sorrowful. There is a volta as the focus shifts from the violence of the war to the sober yet sincere way in which these young men die at war, with no elaborate customs but with pure, untainted emotion. Owen begins this stanza with another rhetorical question: â€Å"What candles may be held to speed them all?† The term â€Å"speed them all† seems to refer to the passage to heaven, and thus we are made to wonder: without candles or ceremony, will the soldiers be able to find their way to heaven, or will they haunt the battle grounds forever? In the following lines Owen gives us the heartrending but optimistic answer that indicates that although the soldiers are neglected of the traditional funeral ceremonies, nature itself and those who love them give them a metaphorical ceremony that is much more sincere and pure. Therefore, although the candles are not in their hands, they are in â€Å"their eyes†. This metaphor gives the image of sparkling, glittering eyes, as if the soldier’s eyes were brimmed with tears as he died. This pure emotion of sorrow of â€Å"goodbyes† is suggested to be purer and more sincere than artificial and elaborate ceremonies through the use of positive words such as â€Å"shine†, â€Å"glimmer† and â€Å"holy†. Owen suggests that through pure emotions, the soldiers have their own special kind of funeral as the â€Å"pallor of girls brows shall be their pall†, which conveys how the sadness of their loved ones acts as their funeral covering. This substitution of emotions for the ceremonial objects continues in line 13, when the â€Å"tenderness of patient minds† metaphorically become these soldiers’ flowers. The last line of the poem is very powerful as it concludes the poem by showing how the deaths of the soldiers are being acknowledged in a way far superior to the religious ceremonies. Owen depicts the way in which instead of having the â€Å"drawing-down of blinds†, that is a traditional act of acknowledging their death, all of nature is metaphorically drawing the blinds by slowly becoming dark in a â€Å"slow dusk†. The adjective â€Å"slow† conveys the respect that all of nature is paying to these brave men, even as society forgets about them. Ultimately, Owen takes the reader through an incredible journey in this short but deep sonnet. He conveys the the horrors of war and depicts all the religious ceremony that these soldiers are ironically denied off. However, towards the end of the poem, Owen brings us to realize the strength of the emotions and sorrow of those who loved these youth as their raw feelings became the soldiers’ funeral. Although the poem is bleak and dark throughout, the last stanza is poignant and heartrending as we realize that emotions and love are stronger and more important than any customs or traditions.

Innovation in Religious Roman Architecture Essay Example

Innovation in Religious Roman Architecture Essay Example Innovation in Religious Roman Architecture Essay Innovation in Religious Roman Architecture Essay 1961) 1. [4] ibid, 2. [5] ibid [6] ibid [7] ibid [8] ibid [9] ibid [10] ibid [11] ibid [12] ibid, 3. [13] ibid, 4. [14] ibid [15] ibid [16] ibid, 5-6. [17] Ibid, 6. [18] ibid [19] ibid [20] ibid [21] D. S. Robertson, A Handbook Greek Roman Architecture (London, N. W. : Cambridge University, 1959) 217. [22] ibid [23] ibid [24] ibid [25] ibid [26] Gilbert Picard, Living Architecture: Roman (New York: Grosset Dunlap, 1965) 110. [27] ibid [28] ibid [29] ibid, 111. [30] ibid [31] ibid [32] ibid [33] ibid [34] ibid [35] ibid [36] Emerson H. Swift, Roman Sources of Christian Art (New York: Columbia University Press, 1951) 11. [37] ibid [38] ibid [39] ibid [40] R. Ross Holloway, Constantine and Rome (Yale University, 2004) 120. [41] ibid, 121.

Free Essays on The Synthetic Sublime

Ozick’s essay â€Å"The Synthetic Sublime† talks about New York’s disappearances and reappearances every 75-100 years as a new city with new immigrants, new pursuits, and new shapes, faithfully inconstant by the ambition that builds the city. â€Å"A farmer arriving from Italy to set up a small grocery store in a slum, or a young girl arriving from a small town in Mississippi to escape the indignity of being observed by her neighbors, or a boy arriving from the Corn Belt with a manuscript in his suitcase and a pain in his heart,† are some of the ambitious people that make up New York. Some others in Ozick’s essay such as Willa Gather begin in Red Cloud, Nebraska, ended on Bank Street and Jackson Pollock, born in Cody, Wyoming, landed in New York. Why? New York whatever the season is- is ambition. The author states, â€Å"That here, right here, is importance, achievement, delight in the work of the world; that here, right here, is the hope of conne ction, and life in its fulfillment.† New York ambition has changed its face. Fifty years ago, young people did not have the opportunities like that of today’s life style. Postal clerks and bank tellers were considered to be â€Å"family men,† while the young ones were required to wait patiently for their turn. Power and position were the sovereign right of the middle age, and a twenty-three-year-old would have to wait and wait for his/her opportunity to come. It was told in Ozick’s essay that opportunity and recognition for the young were light-years away. Although, a few writers broke out early: Mary McCarthy at twenty-two, Norman Mailer at twenty-five, and Philip Roth; they are all considered to be prodigies and are exceptions.... Free Essays on The Synthetic Sublime Free Essays on The Synthetic Sublime Ozick’s essay â€Å"The Synthetic Sublime† talks about New York’s disappearances and reappearances every 75-100 years as a new city with new immigrants, new pursuits, and new shapes, faithfully inconstant by the ambition that builds the city. â€Å"A farmer arriving from Italy to set up a small grocery store in a slum, or a young girl arriving from a small town in Mississippi to escape the indignity of being observed by her neighbors, or a boy arriving from the Corn Belt with a manuscript in his suitcase and a pain in his heart,† are some of the ambitious people that make up New York. Some others in Ozick’s essay such as Willa Gather begin in Red Cloud, Nebraska, ended on Bank Street and Jackson Pollock, born in Cody, Wyoming, landed in New York. Why? New York whatever the season is- is ambition. The author states, â€Å"That here, right here, is importance, achievement, delight in the work of the world; that here, right here, is the hope of conne ction, and life in its fulfillment.† New York ambition has changed its face. Fifty years ago, young people did not have the opportunities like that of today’s life style. Postal clerks and bank tellers were considered to be â€Å"family men,† while the young ones were required to wait patiently for their turn. Power and position were the sovereign right of the middle age, and a twenty-three-year-old would have to wait and wait for his/her opportunity to come. It was told in Ozick’s essay that opportunity and recognition for the young were light-years away. Although, a few writers broke out early: Mary McCarthy at twenty-two, Norman Mailer at twenty-five, and Philip Roth; they are all considered to be prodigies and are exceptions....

Classical Management Style versus Scientific Management

Classical Management Style versus Scientific Management Signs and Symptoms of Incompetent Management Management incorporates the act of leading and controlling a group of people with an objective of attaining collective goals. Usually, organizations with perfect and effective management systems achieve marvelous results.Advertising We will write a custom essay sample on Classical Management Style versus Scientific Management specifically for you for only $16.05 $11/page Learn More The level of success of such organizations normally depends on the competency of their managers. Managers are integral components of any organization. They should be visionary and competent in their endeavors in order to realize remarkable results. This requires effective leadership skills (GIRIN, 2011). For example, declining profits within an organization (due to falling revenues and increasing expenses) signifies management’s incompetence. Employees underperform under incompetent managements. Disregarding the workers’ p references, poor motivational strategies, and lack of innovation are among other factors that employees’ performance. It is crucial to understand these provisions based on their viability, applicability, and other relevant frameworks. Reduced morale and weakened motivation within the workforce indicate an incompetent management. Incompetent managers are reluctant to employ highly qualified personnel. It is vital to consider these provisions when analyzing characteristics of incompetent leadership. Ineffective communication and poor feedback channels also portray managers with deprived competency. Concurrently, secrecy, gossip, and denying realities are other vital signs of incompetence (Jia,You, Du, 2012). Because of these, employees lose their trust in the management. Overconfidence is also a sign of management incompetence. Notably, such managers confuse accidental organizational success with their personal strategic radiance.Advertising Looking for essay on busine ss economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Incompetent managers are more likely to put the entire organizations into risky ventures. Particularly, these managers are more likely to push employees to effect risky ventures. Insufficient quality control may also be a sign of management’s incompetency. Defective products, intensive damages on goods, constant service interruptions, and high rates of client complaints are associated with insufficient quality control (GIRIN, 2011). These emerge due to lack of employee motivation and dedication to duty. Poor client services from employees might also emanate from management incompetence. It is observable that several signs or symptoms of incompetent management remain evident in most organizations. The Classical Management Style versus Scientific Management Classical management refers to the management based on the conviction that workers have economic and physical demands. According to this management style, workers’ social requirements and demands for job fulfillment is unimportant. This management style lobby for increased labor specialization, centralized decision processes, and profit making. Being the oldest management strategy, classical management is specifically interested in the increase of efficiency, both for the employees and the organization (Jia, You, Du, 2012). Basically, the style majorly deals with the universal operational guidelines while endeavoring for monetary efficiency. It embodies scientific, administrative, and bureaucratic management. Scientific management concentrates on a particular and modest manner of doing specific jobs. Scientific management depends on the theory that examines work processes with an aim of improving the general labor productivity (GIRIN, 2011). It involves the organizational management according to the efficiency principles drawn from empirical investigations on the work as well as production methodologies.Advertising We will write a custom essay sample on Classical Management Style versus Scientific Management specifically for you for only $16.05 $11/page Learn More As potentiated by Taylor, scientific management suggests that resolutions, which are dependent on dictatorship and tradition, must be replaced with concise processes developed from analysis of specific situations. Thus, it can be noted that classical management is more repressive than scientific management (Paulus Yang, 2000). In scientific management, it is believed that basic jobs can be planned adequately to increase productivity. It is critical to understand these provisions in the context of effective management. Notably, scientific management is extremely effective when considered in diverse contexts. Unlike classical management, scientific management depends largely on the empirical analysis of situations. The distinction between scientific and behavioral theories is clearly depicted within different organizations. Whilst scientific theory stresses on the importance of empirical analysis of the work processes, behavioral theories examine the actual performance competency of leaders (GIRIN, 2011). According to behavioral theory, good managers can be molded. There is an assumption that an effective leadership depends on an identifiable and learnable behavior. I have severally experienced behavioral theory in the course of my work. For instance, presently in my organization, the senior managers started learning in their various departments as trainees through apprenticeship. In this practice, there is a clear depiction that leadership competencies may be learned. This is unlike the widespread belief that leadership competencies are inherent.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More References GIRIN, J. (2011). Empirical Analysis of Management Situations: Elements of Theory and Method. European Management Review. 8: 197–212. Jia, L., You, S. and Du, Y. (2012). Chinese Context and Theoretical Contributions to Management and Organization Research: A Three-decade Review. Management and Organization Review. 8: 173–209. Paulus, P. and Yang, H. (2000). Idea Generation in Groups: A Basis for Creativity in Organizations. Organizational Behavior and Human Decision Processes. 82:76–87.

Joe Salatino, President of Great Northern American Case Study - 1

Joe Salatino, President of Great Northern American - Case Study Example As the discussion highlights understanding the perception of people is essentially important. The role that perception of a customer plays in a business transaction is very much significant for the growth of the organization, as it is due to the perception of an individual which affects the outcomes of the conclusion that an individual draws on a particular good, product or service. In the case study of Joe Salatino, the President of Great Northern American, it is evident that the understanding of the perception of the customers is essentially important for the employees working in Joe’s firm. As it is acknowledged before, the firm of Joe Salatino is a marketing firm that deals with selling and providing goods and services to more than 60,000 customers and offices in the United States of America. The firm is comprised of 30 sales team employees, who work efficiently towards achieving the major goals of the organization, Great Northern American. Due to the still completion in t he market from the competitors of the firm, it is important that the employees realize the needs and wants of the product and services that the firm delivers. Customer of the firm derives the perception about the product from the way an employee projects the product to them. When employees of the firm are able to effectively understand the way of thinking of the customer, then they stand a chance to control the customer’s perception and, accordingly, deviate from the process of conclusions made by the customers to benefit the growth process of the organization. It is important to procure different ways to understand the thinking of the customers. Active, attentive listening, which implies listening to the customer and also proving adequate response to their queries, effectively helps in understanding a person’s thinking and judging their perception.

Applied statistics for economics Essay Example | Topics and Well Written Essays - 2500 words

Applied statistics for economics - Essay Example Consistent with the research predictions, the study found out that standard & poor 500 indexes are more likely to release good news forecasts following larger stock price declines. Moreover, as expected there is no association between the likelihood of releasing good news forecasts and the magnitude of an exogenous stock price increase. Also to be illustrated in this report is the potential of Time-frequency Representation (TFR) techniques, for the analysis of stock markets data and compare their performances. It is for this reason that we seek to analyze the behavior of the stock market price over the period from 2002 to 2007. MAIN OBJECTIVES/BROAD PURPOSES OF THE PROJECT This report aims at investigating the following objectives; i) To investigate whether all the investors are risk averse and measure risk in terms of the standard deviation in a portfolio’s return. ii) To investigate whether all investors have a common time horizon for investment decisions (e.g., a year). iii ) To investigate whether all investors have identical subjective estimates of future returns and risks for all securities. iv) To investigate whether there exists a risk-free asset and all investors may borrow or lend an unlimited amount at the risk free nominal rate of interest. v) To investigate whether all securities are completely divisible, there are no transactions costs or differential taxes, and there are no restrictions on short-selling. vi) To investigate whether information is freely and simultaneously available to all investors. We could summarize the above by stating that all individuals are price-takers and that markets are perfectly competitive. OUTCOMES OF THE PROJECT Comparing... Applied Statistics For Economics A time series can be said to collection of data yt (t=1,2,†¦,T), with the interval between yt and yt+1 being fixed and constant. Time series analysis is the estimation of difference equations containing stochastic (error) terms (Enders 2010). Time series forecasting takes the analysis from the time series data and tries to predict what the data may be in the near future, based on what it has been in the past. This is especially important in the field of stock market investment, as traders want to make the right moves at the right times to maximize financial profit. But because there are many factors influencing the fluctuation of the stock market, creating an accurate forecast based on the analysis alone is difficult. Therefore, many approaches and models have been developed to utilize the time series analysis and provide an accurate prediction of what is to come in the stock market. Standard & Poor 500 indices are designed to reflect the U.S. equity markets and, through the mar kets, the U.S. economy. The Standard & Poor 500 index focuses on the large-cap sector of the market; however, since it includes a significant portion of the total value of the market, it also represents the market. Companies in the Standard & Poor 500 index are considered leading companies in leading industries. Comparing the mean of dly and that of dlsap, we observe that the end of week mean price for the logarithm of share price for a particular stock (denoted dly) is lower compared to the end of week mean for the logarithm of Standard & Poor 500 index.

A Marketing Plan for an Asset Management Company Using GPS Satellite Literature review

A Marketing Plan for an Asset Management Company Using GPS Satellite Technology - Literature review Example Haghighat (2008) conducted a research on the usage of GPS technology and noted down examples of numerous industries like airlines as well as logistics that have used this technology to generate competitive advantage. The author has also stated the use of this technology even in areas like agriculture and farming (Haghighat, 2008, p.2). Parsons & Oja (2011) in their research on GPS technology stated the use of GPS towards research purposes and also states the use of this product in areas like policing and tourism (Parsons & Oja, 2011, p.42). Gulati & Paoni in association with the Kellogg School of Management (2003) conducted a research on the use of GPS technology in logistic companies and stated that the use of this technology can largely help firms and suppliers to track down the trucks and other shipments that can help them keep a track on the exact location of the shipments (Gulati, Paoni & Kellogg School of Management, 2003, p.214). ... Firms choosing a differentiation strategy sell a product that is largely distinct of its kind in the market. Firms adopting this strategy focus on a specific customer segment and charge a premium for its differentiated products and services. Focus strategy is adopted by firms who generally try to attract a very niche customer segment with a very specific product offering to target very specific needs and wants of the selected customer segment. The author largely advocates firms to adopt and implement either one of these strategies so as to help formulate strategies that can use the resources of the organization in the best possible manner to generate competitive advantage for the organization (Botten, 2007, p.263). SWOT Analysis In order to efficiently take advantage of the market opportunities it is necessary to conduct an internal analysis of the firm. Pahl & Richter (2009) conducted a research in this regard and stated the use of SWOT as a tool for internal analysis. SWOT is a too l that can be used by firms to analyze their internal strengths and weaknesses and also identify the external opportunities and threats. According to the authors a SWOT analysis largely helps firms to analyse the extent to which the strategies of the firm can help in maintaining sustainability within the organization. Firms can largely use this technique to identify their areas of strengths, weakness, opportunities and threats and use i8ts strengths to leverage upon the opportunities and to eliminate their weakness and minimise the threats. The authors also stated that this toll can also help firms to prepare a BCG matrix or implement a balanced scorecard as a tool for monitoring and

Exemplification Essay Example | Topics and Well Written Essays - 500 words - 1

Exemplification - Essay Example If one just tries to analyze a sample of the varied computer games available in the market, it would turn out that they mostly happen to be a programmed version of the contemporary cultural icons, scarcely facilitating any opportunity for the exercise of imagination (Bennahum 78). These games are not only turning children away from the play grounds, but are also depriving them of the opportunities for the free play of imagination that playing in a group scenario, in the lap of nature, under the blue sky, surrounded by the stimulating presence of birds, animals, insects and plants could present. Considering the fact that most of the contemporary adults today prefer to opt for a career, parents today scarcely have the time and the inclination to go for an imagination rich parenting (Gilbert 146). They simply do not understand that buying the luxurious gifts simply could not take the place of things like camping with the child in the woods, telling fanciful bedtime stories while nudging the child to fill in the gaps in the plot with one’s imaginary ideas and creations, watching a spooky movie with the child and enjoying its momentary grip on her nascent imaginative faculties. Moments to exercise imagination are fast fading away from the family experiences of children. The irony is that modern education, which is supposed to polish and hone the imaginative faculties of the children, actually happens to fall short of such expectations. For instance, most of the academic institutions resort to very standardized curricula, turning a blind eye to the fact that strict regimentation of learning opportunities not only curbs the opportunities for the exercise of creativity and imagination, but sometimes snub imagination (White 7). A regular mathematics teacher will feel really irritated if a ten year old says that number 2 looks like a duck, or number 8 resembles a fat woman. No

Questions Assignment Example | Topics and Well Written Essays - 250 words - 30

Questions - Assignment Example This eases pressure on the mother and feels relaxed now that she has someone to be with during that hectic period. The father can also engage the mother with parenting books and making sure she gets enough rest and good diet. Infant exhibits primitive reflexes that enable them to survive. These reflexes originate from the central nervous system in response to particular stimuli. One of the reflexes that enable the infant survive is rooting reflex that enables the breast feeding infant find mothers nipple. Other reflexes exhibited by infants are sucking reflexes. It is connected to breast feeding reflex and help the infant suck anything that touches the roof of their mouth. Talking to infants give them a good start of language development. It ensures the infant start to master new words and leans the power of new words. This goes a long way in building intimate attachment and lasting relationship. Separation anxiety is a normal emotional stage which occurs when infant start to realize that people and thing exist even without his presence. This is sometimes called object permanence. From an evolutionary aspect, a defenseless child gets anxiety of being separated from the parents who in most of the occasion provide protection. A tried and proven way to solve this problem is for the parents to stay with the infant to allow the baby outgrow that stage. If the parents have to leave, then they can leave the infant with familiar faces which will help the child adjust more quickly. Discipline is an integral part of one life. It helps a person identify the wrongs and the right ways. For children, discipline is grounded on developing a healthy relationship. When the parent understands himself and the child, it becomes easy to know which discipline would work. Avoid power battles helps one to learn the cause of the problem and handle it with better solutions. Besides, understanding the situation which

Exemplification Essay Example | Topics and Well Written Essays - 500 words - 1

Exemplification - Essay Example If one just tries to analyze a sample of the varied computer games available in the market, it would turn out that they mostly happen to be a programmed version of the contemporary cultural icons, scarcely facilitating any opportunity for the exercise of imagination (Bennahum 78). These games are not only turning children away from the play grounds, but are also depriving them of the opportunities for the free play of imagination that playing in a group scenario, in the lap of nature, under the blue sky, surrounded by the stimulating presence of birds, animals, insects and plants could present. Considering the fact that most of the contemporary adults today prefer to opt for a career, parents today scarcely have the time and the inclination to go for an imagination rich parenting (Gilbert 146). They simply do not understand that buying the luxurious gifts simply could not take the place of things like camping with the child in the woods, telling fanciful bedtime stories while nudging the child to fill in the gaps in the plot with one’s imaginary ideas and creations, watching a spooky movie with the child and enjoying its momentary grip on her nascent imaginative faculties. Moments to exercise imagination are fast fading away from the family experiences of children. The irony is that modern education, which is supposed to polish and hone the imaginative faculties of the children, actually happens to fall short of such expectations. For instance, most of the academic institutions resort to very standardized curricula, turning a blind eye to the fact that strict regimentation of learning opportunities not only curbs the opportunities for the exercise of creativity and imagination, but sometimes snub imagination (White 7). A regular mathematics teacher will feel really irritated if a ten year old says that number 2 looks like a duck, or number 8 resembles a fat woman. No

Stating And Justifying A Position Statement Research Paper

Stating And Justifying A Position Statement - Research Paper Example The research paper "Stating And Justifying A Position Statement" analyzes several statements by presenting the reasons for holding the position regarding them. "It’s human nature to be greedy". Everyone has an aspect of greed in their personality which can be either for money, things, fame or people but it has to be kept under control so that it does not dominate one’s character. As the competition among people intensifies regarding wealth and materialistic things, greed will become an important part of human nature. "Capital punishment is a deterrent to crime." The author disagrees with the statement because although many countries claim that capital punishment deters the number of crimes but the statistics show that the criminals are encouraged to carry out their activities. It has been found that the capital punishment is not given on the basis of actual crime committed and it is considered to be unfair and unjust by the citizens. "Everyone has a value system of some kind" The author agrees with the statement because each human being is nurtured within a set of beliefs and values which shape the individual’s personality and more importantly the perception of the world. During the interaction with others in the surroundings, people carry their values with them and this becomes one of their vital aspects of life. "We know ourselves better than others know us" There are many unobservable traits of the personality which are evident to ourselves and that is why we know ourselves better than others do.

Representation of Women in History Essay Example for Free

Representation of Women in History Essay Throughout American history, women have been the backbone of the country, working at taking care of their families, and the country itself. The recognition of this is shown by the different representations of America in a female context. Whether as a insolent young Native American princess who has wronged her British mother, or as Roman goddess Columbia in her long, flowing white robes.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The major change in the way America was represented pictorially was brought about by Phillis Wheatley in 1775, when she sent her poem to George Washington describing America as a goddess called Columbia. The people at the time were quick to identify with this new interpretation as they wanted to distance themselves from the negative British representations of America as a Native American woman who was young and disobeying of her parental figure. Also at that time, colonists were thinking of America as a place of self-knowledge and exploration, creating libraries and other places of study, complete with mock Roman architecture that enforced the feeling of the â€Å"new Rome,† and they liked the fact that Columbia was shown as a Roman goddess of sorts.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   When looking at the differences in the print by Edward Savage and the print dated 1866, there can be seen a change from Savages peaceful looking goddess Columbia, and then the armed fighting women that are in the 1866 picture. The earlier picture dated as 1796 shows Liberty wearing a wreath of flowers around her, offering a cup to an eagle and surrounded by billowing clouds and showing her upfront, away from any violence. The latter drawing from 1866 shows three women, two holding the flag pole, and one with a sword still fighting, surrounded by people. This picture comes at the end of the Revolution era, and depicts Americas fighting spirit which has emerged from the battle.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   When looking at the example of the Eighteenth century book, Charlotte Temple by Susanna Rowson, the influence of the Columbian ideal can be shown by the book being of the seduction genre, which was very popular in that era. This type of story touched many in the nation, as people related their worrying about how they stood after going against Britain to the seduction of a young female who was brought the new land, and then tricked into getting pregnant, only to be left to die on her own. Many wondered would America suffer that same fate as the seduced young woman, or would the country triumph as the new goddess, Columbia. It is no surprise that during such a perilous time in history that people were drawn to these seduction genre stories to the point of believing in their hearts that Rowsons work was non-fiction, which is wasnt.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The recent 2005 portrait of Sacajawea is a new drawing on a golden dollar coin. She is shown as looking back, her hair drawn back, and having her son, Jean Baptiste strapped to her. This representation of her is striking with her large, dark eyes, and her true Native American features which are very pronounced and stunning. In earlier representations of Native American women, the facial features are all very close to what the features of drawings of white women at the time. These earlier images were closer to the facial likeness of early pictures of Columbia.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The United States mint clearly made this coin to represent the anniversary of the Lewis and Clark expedition, dated 1804. The recent golden dollar was dated 2005, which means that it was conceived of and based on a 2004 date, exactly 200 years apart. The coin is also meant to commemorate the Native American people themselves in history.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The representation of Columbia in American history can be seen as the evolution of the country itself. As society grew, and the perception of what it meant to be an American changed, the figures of women changed with it. The spirit of Columbia is equated with the spirit of our nation, and the artistry used to show that spirit in female form is still being used today, represented by the Sacajawea coin, celebrating the community ideal of what is is to be American.

The General Crisis In The 17th Century History Essay

The General Crisis In The 17th Century History Essay The period of crisis that happened in Europe in the seventeenth century was one of the toughest in history. After the process of expansion and growth experienced during the fifteenth and sixteenth centuries, Europe found itself in a deep crisis that lasted nearly a century. A crisis that was characterize by various features, foremost the demographic, because after the late Middle Ages the population had increased steadily; until it stops abruptly in the sixteenth century even to recede in many places. Other reasons that were attributed for causing this crisis included hunger, wars, revolts, politics, plagues and climate changes. Eric Hobsbawn argues that on the big picture, it was economic and social forces that created this mid 17th century crisis. On the other hand, Trevor Roper emphasized that the main causes for this crisis were the religious and political conflict. Although both arguments can be valid and were present in this disaster, I believe that the root causes of this cris is were religious and political differences, which ultimately led Europe to have economic and social conflicts as well. One important example of this crisis is the thirty years war. It was a war that took place in central Europe (especially in Germany) between 1618 and 1648, in which the majority of the great European powers intervened. This war would mark the future if the European continent in the centuries to follow  [1]  . The origin of this war goes back to the Peace of Augsburg, which basically stated that the religion of the ruler of the land will be the religion of the people. This resolved the conflicts between the Catholics and the Protestants for a while, but due to the diverse religions practiced in the German states, it did not solve the underlying religious issues definitively. Just by analyzing the phrases above, we automatically get the sense that it was religious conflicts the root cause of this war. This is confirmed by the event that sparked the war, the revolt in Bohemia. In this revolt, member of the predominantly protestant bohemian legislature threw two catholic government o fficials pot the window, as a sign of protest against the religious policies of the newly elected king, the catholic Ferdinand II  [2]  . However, the Catholics defeated the protestants, and this leads us to another example of religion causing the 30 years war; the intervention of the Danish and then the Swedish. This happened because of the fear of these kingdoms that their sovereignty as protestant lands was threatened by the Catholic success in the war, and also because the declarations of the king Frederick V, where he said that all Europe should be back to Catholic. Nevertheless, at this point the Catholics are still winning the war, and this catches the awareness of Cardinal Richelieu, who was the chief minister of King Louis XII of France. From this point on, this religious war becomes political, because even though he was catholic, France decides to join the war and help the Protestants. The reason for this was simple, balance of power; the French felt that Habsburgs hav e gained too much power and they did not want just one great power to control Europe  [3]  . This war is a great example of how religious and political reasons shaped this European crisis, and how these events led to the economic and social problems that a war brings, in order to fund the war with money and men. After all, this war was ended with the Treaty of Westphalia; which ironically ended up being like the treaty of the peace Augsburg that stated that the religion of the prince is the religion of the people. The political effects of this war were very traumatic as well, first it weakened the power of the empire, and the individual territories of the Germany gained more autonomy even than before the war  [4]  . Another problem that rose during this crisis was the war of the three kingdoms. This is another great example to argue that Trevor Roper was correct in explaining the main cause of the crisis. This war happened after England, Ireland and Scotland became united under the power of only one ruler. This was possible because, since Queen Elizabeth of England had no direct heir to her throne, the next in line was James Stuart, the king of Scotland  [5]  . So what types of problems this created? First, James was a firm believer of the divine right monarchy, which basically means that he was placed there by god and does not have to report to anyone else. This belief did not bring many problems to other nations; however, the fact that England had a parliament created a lot of political tensions in this era. Expanding upon this, the wealth that the members of the parliament had acquired from the agricultural innovation, the expansion of their land and sheep count, increased this problems e ven more, because they now wanted to match their political power with their economic power. The fact of this happening brings us back to our thesis, and shows a religious problem becoming political, which ultimately becomes social. I argue this because the parliament starts to have power from the times of King Henry, when he needed their approval to separate from the Catholic Church (religion). Years after, this backfires to King James, because it gave more authority to the wealthy parliament, and clash with his ideals of divine right and absolutism (Politics). Subsequently, creating a lot tension and confusion among the people of the three kingdoms, whose laws and taxes kept changing as the power of the monarchy and the parliament would fluctuate (Social)  [6]  . To further support our point, we can cite the historian Paul Hazard, who coined the term crisis of the European consciousness to define an ideological crisis that could be found in the intellectual ambient of Europe after the wars of religion  [7]  . This is a valid argument since it is logical to believe that religious conflicts could rupture the emotional stability of a society that is very much influenced by god and religion. The raise and growth of new religions that differed in many matters with ancient Catholicism brought into the map many thinkers that challenged even more the traditional beliefs.   Intellectuals such as Descartes, Spinoza, Leibniz, Locke and Newton share a common time, it can even be dated astronomically with the famous Halleys comet of 1680 which allowed Pierre Bayle drafting its Charter, and use this to make fun (in a way) at the Religious superstitions and affirm that knowledge must be constantly proven and updated  [8]  . However, this eventuall y created some social problems, since most of the universities and teaching centers were controlled and had the patronage of the church, being either catholic, like the Jesuits, or protestants. This is another example of how religious conflicts (Trevors argument) happened first and the led to social problems (Hobsbawn argument) Possibly the best example of the religious and political causes of this crisis was the glorious revolution. Going back to the origin of the problem, old King James II was a Catholic that had already irritated the parliament by relaxing the restrictions on the Catholics and allowing them to hold positions in public offices  [9]  . Nevertheless, James was old and next line for the throne was his daughter Mary, a protestant that was married to William of Orange; so the parliament does not really take any action. However, things turn ugly after James II has a son that would mean the continuity of Catholic rule in England, which the parliament would not allow. This caused the glorious revolution, and causes James to escape to France with his son, and William of Orange is invited to be king of England  [10]  . It is interesting to see how the biggest political problem that King James II had was the fact that he was catholic; once again religion. In addition, the fact that the parliament is the one that invites William to be king summarizes the amount of power that he would have, which as we can see, was very limited. He was given many restrictions, such as the obligation to be an Anglican, he was not allowed to have a standing army, he was not allowed to veto a parliament act and there was no arbitrary arrest  [11]  . Based on this, comes a liberal social movement that will support the ideas of the parliament in a way, and moves England even further away from absolutism. A leader of this movement is John Locke. We can see in his Two treatises to the government his idea of the natural right to live, which basically states that we all have a right to liberty and the possession of property. Moreover, if the government does not protect the natural right to live of the people, they can reve l and a demand a ruler who does not violate their rights  [12]  . Trevor and Hobsbawn use the Fronde in France as another example of the general crisis. It begun because of general discontent of the people. His beginnings were based on the economic crisis and increasing the tax burden generated to address the cost of participation of France in the Thirty Years War. Its most direct cause, however, can be found in the means used by the monarchy to raise taxes. With the arrival of the regent the people expected the monarchy to cut rates, but not so: Cardinal Mazarin thought that France could support the war and did not let up the pressure. In addition, the Parliament of Paris tried to limit the power of King Louis XIV and also the nobility felt threatened by the king and wanted more of a voice in the government. All of the causes of the Fronde have political implications to it. Even If it is argued that the raise of the taxes was a social problem, it was a political decision to raise the taxes for war and specially to actually enter the war, with the ideals of balance of power  [13]  . In conclusion, the general crisis was characterized by a series of wars, revolts, decline of population and political and social changes that in many cases could have been avoided if the right precautions would have been taken. However, the fact Europe was undergoing a time political absolutism (at least that is what the rulers intended) and the close relation between church and government, made it impossible to avoid the conflicts. The numerous wars that happened (all for political and religious reasons) aided by plagues and diseases, caused the first decline in the population after the middle ages, therefore creating social and economic problems in the region. This is the reason why I believe that Trevor Roper was right by saying that the root cause of the crisis was political and religious (decisions to go to war, monarchs selected for their religion, etc); which then led to economic and social problem(increase of taxation, price revolution, and decline in population), aggravating even more the situation.

Invisible Man Essay: Invisible Mans Emergence -- Invisible Man Essays

Invisible Man's Emergence    During the epilogue of Invisible Man, the narrator's invisibility "placed [him] in a hole" (Ellison 572). This leads the reader to ask questions. Why did the narrator descend underground? Will he ever emerge?   By examining his reasons for going underground, comparing and contrasting his emergence versus his staying below, why he would want to emerge, and the importance of social responsibility, one will see that Invisible Man will clearly emerge (Parker ). Before one can determine whether or not the narrator will emerge from his proverbial hole, he must asses Invisible Man's reasons for going underground (Parker ). The literal reason for his initial descent was to escape two white men chasing after him. It is at this point that he says, "I felt myself plunge down, down; a long drop that ended upon a load of coal... and I lay in the black dark upon the black coal no longer running" (Ellison 565). If the reader then thinks back to the prologue, where Invisible Man introduces his living quarters, he sees some irony. During the prologue Invisible Man says, I doubt if there is a brighter spot in all New York...In my hole in the basement there are exactly 1,369 lights, I've wired the entire ceiling, every inch of it (Ellison 6-7). This extreme lighting contrasts with the darkness and blackness that is shown in the hole that he falls into. According to one critic, the brightness connotes an optimistic viewpoint that is new to Invisible Man (Parker ). He believed that "[his invisibility] placed [him] in a hole- or showed [him] the the [he] was in" (Ellison 572). He remained in the cellar to get away from "it all" (Ellison 573), and to contemplate his life and his grandfather's words- to po... ...ng] the foul air out" (Ellison 581). It is here that he wants to put his past behind him and move forward. He says: I'm shaking off the old skin and and I'll leave it here in the hole. I'm coming out, no less invisible without it, but coming out nevertheless. And i suppose it's damn well time (Ellison 581). Works Cited and Consulted Bellow, Saul. "Man Underground" Review of Ralph Ellison's Invisible Man. Commentary. June 1952. 1st December 2001 Available: http://www.english.upeen.edu/~afilreis /50s/bellow-on-ellison.html Ellison, Ralph. Invisible Man. New York: The Modern Library, 1994. O'Meally, Robert, ed. New Essays on Invisible Man. Cambridge; New York: Cambridge University Press, 1988. Parker, Robert Dale "Black Identity and the Marketplace of Masculinity" 30 January 2002 Available: http://www.english.cmu.edu/~ Parker/50s/ellison.htm Invisible Man Essay: Invisible Man's Emergence -- Invisible Man Essays Invisible Man's Emergence    During the epilogue of Invisible Man, the narrator's invisibility "placed [him] in a hole" (Ellison 572). This leads the reader to ask questions. Why did the narrator descend underground? Will he ever emerge?   By examining his reasons for going underground, comparing and contrasting his emergence versus his staying below, why he would want to emerge, and the importance of social responsibility, one will see that Invisible Man will clearly emerge (Parker ). Before one can determine whether or not the narrator will emerge from his proverbial hole, he must asses Invisible Man's reasons for going underground (Parker ). The literal reason for his initial descent was to escape two white men chasing after him. It is at this point that he says, "I felt myself plunge down, down; a long drop that ended upon a load of coal... and I lay in the black dark upon the black coal no longer running" (Ellison 565). If the reader then thinks back to the prologue, where Invisible Man introduces his living quarters, he sees some irony. During the prologue Invisible Man says, I doubt if there is a brighter spot in all New York...In my hole in the basement there are exactly 1,369 lights, I've wired the entire ceiling, every inch of it (Ellison 6-7). This extreme lighting contrasts with the darkness and blackness that is shown in the hole that he falls into. According to one critic, the brightness connotes an optimistic viewpoint that is new to Invisible Man (Parker ). He believed that "[his invisibility] placed [him] in a hole- or showed [him] the the [he] was in" (Ellison 572). He remained in the cellar to get away from "it all" (Ellison 573), and to contemplate his life and his grandfather's words- to po... ...ng] the foul air out" (Ellison 581). It is here that he wants to put his past behind him and move forward. He says: I'm shaking off the old skin and and I'll leave it here in the hole. I'm coming out, no less invisible without it, but coming out nevertheless. And i suppose it's damn well time (Ellison 581). Works Cited and Consulted Bellow, Saul. "Man Underground" Review of Ralph Ellison's Invisible Man. Commentary. June 1952. 1st December 2001 Available: http://www.english.upeen.edu/~afilreis /50s/bellow-on-ellison.html Ellison, Ralph. Invisible Man. New York: The Modern Library, 1994. O'Meally, Robert, ed. New Essays on Invisible Man. Cambridge; New York: Cambridge University Press, 1988. Parker, Robert Dale "Black Identity and the Marketplace of Masculinity" 30 January 2002 Available: http://www.english.cmu.edu/~ Parker/50s/ellison.htm

An Interview With An Entreprenuer Essay -- Interview Essays

I interviewed Manuel, co-owner of All Pro Motor Sports, because his business is extremely innovative and growth-oriented. The purpose of this interview was to learn the following:  § how to identify a business opportunity  § how to successfully launch a business  § how to deal with perceived risks prior to start-up  § how to solve problems encountered during start-up and over the lifetime of a venture BACKGROUND I was introduced to Manuel through a mutual acquaintance that knows I am truly fascinated by the ability to customize vehicles, but more specifically, expensive luxury vehicles. Manuel, originally from Mexico, moved to California with his family twenty years ago. Coming from a large family with 4 brothers and 3 sisters, Manuel was determined to be financially successful. After graduating from State Unversity and working as a financial advisor/broker for Morgan Stanley, Manuel decided he was not happy working in corporate America. After resigning from Morgan Stanley in 2001, Manuel decided his dream of being financially successful would be much easier to accomplish if he launched his own business. Driven by his passion for classy and stylish vehicles, Manuel launched a motor sports company in 2002. SHARED VISION Manuel, co-owner of All Pro Motor Sports, shared his vision to launch a motor sports business that customizes expensive European vehicles with his younger brother, Hussein, and cousin, John. Just 3 years ago, this trio put their capital resources together and launched All Pro Motor Sports. All Pro Motor Sports is not just another motor sports business, it's a motor sports business that focuses on customizing each vehicle to the owner's perfection and guaranteeing that attention to detail is car... ...sionate generally yields positive rewards. Whether one aspires to own a motor sports company or design a type of skiwear that protects people from injuries, passion will be the driving force behind successful execution. According to Hussan and to my agreement, the best way to discover what you are passionate about is to follow your interests and heavily research your interests to discover what interests you most. Once you discover which one of your interest you want to pursue the next, and most important step, is to discover how you could exploit or differentiate your interest in the current marketplace that will give you an opportunity to capitalize. Lastly, I learned that if I decide I don't want to pursue a degree in economics, and instead I want to launch my own business, I must pursue a business in an industry, or lack thereof, that I could commit my life to.

Paper on Stock Shareholders

In an October 1998 issue of â€Å"Fortune Magazine† in the finance section, an article entitled â€Å"Cash Out on Your Own Terms† speaks about a relatively old concept refined for a new market. In the centuries past, wealthy landowners would allow working farmers to live and work on their land and tend the crops and cattle for a portion of the goods and maybe a portion of the profit. The farmer was happy because he didn't have enough money to buy his own land yet he could still do what he loved and support his family. The wealthy landowner was happy because he had his land working for him and was getting fairly cheap labor and a good return on his goods. Today the same concept applies to owners of family businesses. When a CEO of a company either needs liquidity or has no relative or partner to pass the ownership to is the main time that owners think about where their business might be going. Many owners of a family business don†t do estate planning or strategy until it†s too late. Even when the owner tries to plan for the inevitable, he has minority shareholders or kids who don†t want to run the business. Every option for the owner has a downside. Selling usually means the owner must give up control. Going public often creates an orphan stock. Employee-stock-ownership plans can burden the CEO with â€Å"onerous regulatory-compliance issues,† and leveraged recaps can load the firm with debt. Company owners come to firms such as Heritage Partners because they want to cash out but at the same time keep management control of their company and the Heritage system allows them to do that and help them grow the business too. Investing in family businesses and then letting owners keep control of their companies after the sale is a novel concept but it†s risky. Heritage Partners plan gives cash to owners which usually amounts to about 85% of what their companies are worth, providing new money for growth while leaving them 51% of their firm†s stock. Since introducing the plan in 1988, Heritage Partners has invested $250 million in 37 companies whose combined revenues exceed $2 billion. While many are companies with market caps of $50 million, sixteen are small businesses with fewer than 100 employees. Their goal is to stay very involved in a company for about five years, helping it reach its maximum growth potential, then sell it, possibly back to the original owners, or take it public. In order to make their company attractive to buyers, owners should begin to develop and put in place a real management team. The CEO should be a dynamic, visionary leader. The chief financial officer should be able to offer â€Å"instant reporting of data and be a strategic thinker,† and should have a well-known CPA firm begin auditing their financial statements if they haven†t already. Small-businesses should beware of the investor who comes in at a huge price, because it†s likely he will retrade the deal. â€Å"Does he intend to make money by building the value of the company through growth or financial engineering? â€Å"Tremendously resist pressure from investment bankers to provide unattainable projections. When you tell people you†re going to hit certain numbers, you†d better hit them. Nobody wins if you come in too aggressively. † This is a prime example of conservatism in the real world. Investors are looking for unique companies in every area â€Å"from the educational toy market to a company that manufactures products for industrial cleaning just as long as the family really believes in their company, and they feel passionately about it. † This system, in my opinion, is an outstanding philosophy of the business world in America. When a company like Heritage Partners can come in and save a potential death of a company from any certain situation, it becomes a win-win position. Unlike the old days with the wealthy landowner and the poor farmer, today the relationship between companies like Heritage and small-business owners can be a beneficial and fair one. Many sole business owners are of the entrepreneurial background and may have even built their company from the ground up. These people have to be hard working people with the strength to go into the world and create something like a business and nurse it into success. When times go sour, weather it be financially or even emotionally, sometimes these owners can pull their company out of the dungeon and other times there is just nothing they can do. When times like these arise these hard working people would never want to see all their work leave their grasps, and that is when companies like Heritage Partners can be a saving grace to the companies life and even the owners life. When a company has been in a family for years it is the identity of that family and it portrays a sense of pride and when situations jump out where that identity and control could be jeopardized, the help of Heritage is an outstanding one. Just as this option is beneficial for the company owner it is, without a doubt, a marvelous opportunity for the larger business such as Heritage to buy out and be involved as long as they are fair and reasonable. I had heard of this market idea before in companies like Venture Capital but it wasn't until I read this â€Å"Fortune† article that I grasped the whole concept. From what I had perceived before this market niche isn't looked highly upon by many people. Some small-businesses may think that these companies perform forceful buyouts and therefore big business destroys small-business. My reason for selecting this topic is because I now realize after researching this subject that it is because of market inventions like this one that our country is the land of opportunity.

History of Psychology Essay

Modern psychology is a science that it continually being researched and added to. Psychology predates the 19th century and includes roots into early philosophy. Looking closely one can identify philosophers that related to the beginnings of psychology, identify major philosophers that historically relate to the beginnings psychology as a formal discipline and how the development of the science of psychology changed during the 19th century. A philosopher that could easily be called the father of modern psychology would be: Rene Descartes. Descartes was a philosopher in the 17th century that stepped outside the limits and wanted to know more. Descartes came up with 4 basic rules to arrive at the truth of whatever he was researching. These rules were basically to think clearly, logically and without bias (Goodwin, 2008). Descartes had several derived ideas and was considered a nativist and a rationalist. These ideas that he created foreshadowed one of psychology’s major topics of nature versed nurture. Descartes also fought that there was a difference between a person’s mind and body; and this difference separated us from animals. Before Descartes died he published his last of many books called: The Passions of the Soul. This book established him as a psychologist and a physiologist (Goodwin, 2008). This book emphasized on human emotions and continued on with a discussion about mind and body distinctions. He Clarified the body is a machine and responds to curtain motions, such as fear, that trigger reflexes. Descartes also determined that the pineal glad in the brain was the gland that sent messages from the mind/spirit to the body. Descartes died at just before his 54th birthday in 1650. There were several philosophers that historically relate to the beginnings psychology as a formal discipline. John Locke, George Berkeley, David Hume and John Stuart Mill are just a few to mention. Each philosopher contributed an aspect to psychology that led to its formal discipline. John Locke refused to believe in an innate mind and believed that mind is created by experiences and was not pre programmed. He stated believed that the ideas that come from our minds are due to ones sensations and reflections from experiences (Goodwin, 2008). George Berkeley added an analysis of visual perception. He disagreed with Locke’s theory of primary and secondary distinctions, but stated that our belief in God gave us a type of reality. David Hume is known for his study of impressions. This study helped research sensations and ideas the thought were due to impressions. Hume also identified the rules of association as resemblance, contiguity and cause/effect (Goodwin, 2008). There are a couple of reasons that psychology changed dramatically in the 19th century. John Stuart Mill was a big part of that change. Even though John Stuart Mill was a very young philosopher, he studied the logic of science and analyzed several methods on how to get a scientific truth. For example, Mill would look in to different genes that could produce depression. Every depressed person that he would look at would have this gene; however that did not mean that if you had the gene that you automatically had depression. In modern times we call his methods the experimental method and the correlation method. These types of methods are use today in the field of psychology. Philosophers are a big part of the modern world of psychology. They helped introduce methods that are still used today and added science to the study. Without philosophers we may still believe that the mind and body are one and that genes create thoughts and ideas and not experiences. We would not understand how visual and sensations react and create thoughts and different experiences. Philosopher Hermann Ebbinghaus once said that â€Å"Psychology has a long past, yet its real history is short† (Goodwin, 2008). This statement represents the fact that psychology is only 100 years old, but can be predated back from the time humans started asking questions. References Goodwin, C. J. (2008). A History of Modern Psychology (3rd ed. ).

Finance 3000 5day Essay Example | Topics and Well Written Essays - 3000 words

Finance 3000 5day - Essay Example This dissertation explores the various strategies, quality measurement methods, risk analysis, and quantitative methods used by investment managers. A comprehensive definition of hedge funds is also contained herein. Thereafter is a description of how they managers implement various strategies to gain profits, recover losses, avoid losses, as well as maintain an inflow of income. This dissertation also details various risk functions and how they are used to ensure that to predict the market’s reaction as well as results after certain possible events. Defining Hedge Funds A hedge fund is a privately owned and managed investment (Goldberg & Korajcsyk, 2010). Such a fund would invest in a wide range of elements. This would include various strategies, markets, and investment methods. Hedge funds provide the investor a means by which he/she can comfortably navigate market rules. However, the fund is not autonomous. The fund manager has to follow specific rules set aside for hedge f unds. Each country has specific rules that govern the hedge fund systems (Alexander, 2008). Hedge funds have a particularly characteristic of being open-ended. The investor has room to add to the investment or withdraw all together. This is unlike other custom funds that only allow specific times for addition and withdrawal (Chavas, 2004). Other funds also have specific categories within which they allow certain amounts of withdrawal or addition. The calculation of a hedge fund value involves the use of the asset value. Each fund has a specific net value. This value helps determine the share value of the fund. Hedge funds are like mutual funds for the rich. This is because for one to participate in hedge fund, the investor needs to meet certain requirements. They need to have a particular experience in investment and have to have certain net value. This locks out the commoner from engaging in hedge funds. Hedge funds are playground for sophisticated investors. Hedging is an investme nt method that reduces the risk while increasing return on investment. However, this is part truth. Modern day hedging makes use of several other strategies. Such strategies include aggressive growth, funds of funds, and market timing (Alexander, 2008a). There are many more strategies employed by hedge fund managers. One thing that is common among all hedge funds is specialization. Each hedge fund manager has his or her strength and weakness (Agarwal & Naik, 2005). It is obvious that one would have to rely mainly on their own strength. This means that a manager would apply his or her own expertise in managing the fund. This results in the fund having special characteristics. The managers are very professional and deliver on their promises. They perform their duties exemplarily thus being awarded the opportunity to manage such large sums of money. Investment Strategies used by Hedge funds Hedge funds employ several strategies. One of the main strategies involves aggressive growth. In this strategy, the manager would find equities expected to grow aggressively, and he/she would invest in them (Lerner, 1995). Aggressive growth is with respect to earnings per share. The P.E ratios for such equities are often high while the dividend are meager or not present at all. Small cap stocks often experience rapid growth. This is because they are often specialized into banking, technology, or biotechnology. The means for hedging in such a strategy are by shorting equities with poor projections. This type of strategy is highly volatile and

Causes and Effects of the U.S. Unemployment Research Paper

Causes and Effects of the U.S. Unemployment - Research Paper Example Simply put, it is the lack of a job. Let’s consider different types of unemployment prevailing in the United States. Frictional unemployment is one of the most common forms in any job market whereby transitions in the job market make people jobless only temporarily. For instance, a person who has not started his/her new job after resigning from his previous job is experiencing frictional unemployment. Another form is the structural unemployment in which case the job market usually does not have enough capacity to absorb qualified people in a given field who have undergone training. For instance, the emergence of the web-based economy saw the enrolment of many people for the course across the United States, making it hard for them to find jobs in the field upon graduation, since there was already a surplus of qualified people in the field (Milan 37). This type is also common in economies experiencing slow or negative growth rates in certain fields. Cyclical unemployment refers to the changes in employment patterns that relate to the cyclical changes in a given economy characterised by highs and ups. Recessions and economic booms are the factors upon which this type is defined. During the recession periods, the market is not capable of providing employment for many employees in a given sector, hence, making them be unemployed until the economy rebounds. There is the newly introduced type known as technological unemployment in which the introduction of new automated and computerised systems lead to layoffs and lack of job openings in previously employing industries of firms. The last category is the seasonal employment, which refers to a situation whereby rates of unemployment vary according to the yearly seasons, with some having many job opportunities while others hardly having any. Another example of this type is represented by the tourism sectors in many countries where the frequency of tourists changes with seasons, with drier seasons having high rates of employment while the winter leads in unemployment rates (Markus 87). Causes of unemployment There are many reasons the economic and social development experts, as well as politicians, point to as the causes of unemployment in the United States of America. The first is the country’s population, which is projected to be a factor on an upward trend. Analysts say it has led to a higher ratio of unemployment among the citizens. The argument is that jobs have remained relatively the same due to mechanization and computerization of many production systems while the population rises. There is severe competition on indigenous companies from foreign companies, which have cheap labour in their home countries hence being able to produce cheaply and consequently leading to lower pricing of goods. This has resulted in the closure of several companies across the country with the obvious effect of leaving their employees jobless. Many companies are embracing the practice of flattening th eir structures to facilitate smooth operation of business, in contrast to the tall company structures. Others have introduced software that can carry out several tasks at once, taking the place of several persons at once. Outsourcing of cheap labour from other parts of the world is also a common occurrence among

Operation management Essay Example | Topics and Well Written Essays - 1500 words - 1

Operation management - Essay Example By the end of 2013, Apple has successfully launched seventh generation iPhones, namely iPhone 5C and iPhone 5S (â€Å"Q1 2014 Unaudited Summary Data†). iPhones have been extremely popular since its inception mainly owing to the unparalleled design and exclusive features as well as numerous software and applications to use. Since its launch, Apple has been able to create a niche set of loyal customers, which is continuously increasing in numbers. The net sales of Apple iPhones increased 9 percent from 156.5 dollars in 2012 to 170.9 billion dollars in 2013 (â€Å"Q1 2013 Unaudited Summary Data†). Overall units of iPhone sold were almost 150 millions in 2013 compared to 125 million in 2012 (â€Å"Q1 2013 Unaudited Summary Data†). Marketers and analysts have argued that increase in the sale of iPhone 5 is majorly due to its advanced software and greater facilities in terms of applications as well as attractive design. A survey including 4000 consumers from the US revealed that anticipation and rumours related to iPhone 6 has surpassed all other previously launched iPhones. Also, the number of consumers waiting to pre-order iPhone 6 is higher compared to that of iPhone 5 (â€Å"iPhone 5 Release Could Push Apple to 170 Million Units Sold Annually†). The release date of iPhone 6 is expected around September 2014, which is similar to other iPhone launches. Also, the new iPhone 6 will be available in two different sizes, along with a whole new design and advanced operating system. On the whole, Apple management is anticipating a huge revenue turnover following the launch of iPhone 6. In order to understand the sales forecast and trend for iPhone 6, the average global sales of iPhone after one month of its launch can be calculated. It is observed that a majority of the iPhone launches take place in August or September of a financial year. Furthermore, during these months, the festive season

Nursing Ethics Essay Example | Topics and Well Written Essays - 1500 words

Nursing Ethics - Essay Example Every professional nurse should have a clear understanding of her nursing philosophy and values, professional requirements and responsibilities. All aspects of nursing (e.g. education, practice, management and research) have a profound ethical dimension. The ethical and moral dimension is distinguished from other dimensions of nursing by the inherent moral demands. Quality assurance has become a leading goal of health care delivery, the effect of public alarm over the high cost of care and the aim of offering the best care. The concept of caring is one of the most important and unique because it goes back to ancient times and determines the nature of nursing profession. The term caring means "nurturing and loving support of a person" (Yoder-Wise 2005, p. 7). The concept of nursing that has been evolving throughout the ages has not yet reached its fullest maturity. It continues to grow and develop to include widening spheres of nursing service and practice and expanding functions. Nursing has its origin in the mother-care of helpless infants and must have coexisted with this type of care from earliest times. Frequently this referred to a woman who suckled a child who was not her own, that is, a wet nurse. The maternal instinct provided that strong impulse or motive necessary to care for those who were suffering or helpless. Consequently, the nurse as a loving mother who intuitively comforts and renders care continues to be a popular image (Burns and Grove 2005). The parental instinct more accurately des cribes this strong motive and is present in both sexes of all races and within different age-groups. This concept reflects individual-nurse relations and importance of strict values and moral rules in this profession (Yoder-Wise 2005). The ethical and moral dimension is a care of nursing profession. Healthcare ethics is based on philosophical ideas go back to ancient time. Philosophy, no less than medicine, was transformed in the early modern period under the impact of science, and researchers might see the existence of "moral philosophy" as such as consequent on the cultural changes brought about by the scientific revolution. Introducing as they did a comprehensive secular version of the world, the modern sciences created a demand for a secular version of the ethical doctrines previously encoded within religion. This dimension is closely connected with concepts of health and wellbeing, an individual and society. Values are defined as 'broad tendency to prefer certain states of affairs over others' (Thomasma 2004, p. 8). Ethics means 'a set of moral and ethical principles which determine right and wrong actions' (Thomasma 2004, p. 10). For a nurse, medical ethics raises the question of how her activities affect the behavior of individuals and the values of society, and concerns important ethical questions about the role of medical staff in the management process and healthcare delivery. Heifetz explains ethics as a mixture of morals, customs and values, and laws: Moral issues arise whenever human action or inaction affects others. Customs and values reflect the moral underpinning of a society. Morality speaks to what is right or wrong in human relationships, how we should treat others and how others ought to treat us,

Marketing Research Essay Example | Topics and Well Written Essays - 3000 words - 2

Marketing Research - Essay Example This research method is flexible can easily adapt to the research settings (Newman, 1998, p.56). The aim of qualitative research is to get a clear understanding on how the participant’s develop an understanding of their surroundings, and how this understanding affects the participant’s behavior. The main method of collecting data in qualitative research is the use of observations (Goertz and Mahoney 2012, 78). Observation implies the collection and recording of the behaviors of the participants in their environment. This approach is useful in the generation of in-depth explanation of events or organizations; it is also practical in obtaining information that is not accessible and conducting research where other research methods are insufficient. The benefit of employing observation is that it reduces distortion between what is observed and the observer and can be produced by instruments such as questionnaires (Gray, 2007, p.126). The main features of qualitative researc h include the fact that they focus on natural settings and have a primary interest in real life situations. This method seeks to find out the meanings participants attach to behavior, their interpretations, and their perspectives on situations. Qualitative research also looks into the process involved and seeks to understand how things happen and how they develop. Additionally qualitative research follows an inductive analysis and seeks to generate a theory on an issue from the data (Martin, 2012, p.16). The advantages associated with using this method include the production of more detailed and comprehensive information. This method also seeks an extensive understanding of the situation by the use of subjective information and employs the observations of the participants in describing the situation (Singh, 2007, p.84). However, the disadvantages of using this method include complications in establishing reliability and validity of the methods and data due to the subjectivity of inq uiry. Researcher induced bias is also another challenge to the approach as it is difficult to either detect or prevent them. Furthermore, the scope of this process is restricted by the detailed and comprehensive approaches to data collection Punch 2005, 211. Quantitative research This research technique follows an objective, formal and systematic process in obtaining quantifiable information about a situation. The presentation of data on this technique uses a numerical form and employs statistics in analysis (MacDaniel,1998, p. 45). Quantitative research aims at providing descriptions and testing relationships. This technique also examines the cause and the effect of a relationship. The aim of the quantitative research aim is to elaborate how the independent variables relate to the dependent variables in a given situation. These research designs are either descriptive or experimental where the subjects are either measured once or before and after treatment. A descriptive approach es tablishes the associations between variables whereas an experimental approach establishes causality (Martin 2012, 16). Quantitative research methods take two approaches, which are experiments and surveys. In this, context experiments comprise real experiments with the unselective assignment of participants or subjects to research conditions and quasi experiments, which use designs that are nonrandomized (Vogt 2007, 120.)

The Poetry of T.S. Eliot Essay Example for Free

The Poetry of T.S. Eliot Essay The poetry of T.S. Eliot is of such greatness that it will be read and analyzed by future generations of students and critics as long as there is poetry. Eliot received the Nobel Prize in Literature in 1948 and his work spanned a period of time from 1910 until his death in 1965. The period 1914—1922 was very significant for Eliot for obvious as well as personal reasons and events. He was living in England and Europe was witnessing the end of the First World War and realizing the devastation caused. Personally he was having marital difficulties as well as emotional and psychological problems. (Eliot xv—xviii) His work from this period is very dark and obviously influenced by the â€Å"wasteland† of Europe as well as his marital and personal issues. The poems are compelling and in their unique way stand to illustrate the beauty that can be created in the dismal.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   â€Å"The Love Song of J. Alfred Prufrock† was first published in 1915. It opens with Italian verse from â€Å"Dante’s Inferno†, seemingly trying to set a tone of death and damnation. There are no bright spots or happiness in the poem; instead there is a sense of anxiety, uncertainty and sadness. He walks â€Å"streets that follow like a tedious argument of insidious intent to lead you to an overwhelming question† (9). The women seem out of reach, â€Å"in the room the women come and go talking of Michelangelo† (10). It is not a pleasant scene. Eliot appears to want to escape it, to be â€Å"a pair of ragged claws scuttling across the floors of silent seas† (11).   His language in Prufrock is full of allusions and very difficult to read and interpret, and it is almost as if he has sympathy for the reader. He shows his frustration at miscommunication in several lines, some repeated. â€Å"That is not what I meant at all. That is not it, at all† is followed by later by â€Å"it is impossible to say just what I mean† (12). Later this thought is inverted and repeated, â€Å"that is not it at all, that is not what I meant, at all† (13). Towards the end he becomes melancholy and thinks of his old age and death: â€Å"I grow old†¦I grow old†¦I have heard the mermaids singing, each to each. I do not think they will sing to me†¦we have lingered by the chambers of the sea by sea-girls wreathed with seaweed red and brown till human voices wake us and we drown† (13). The reader is left to wonder if Prufrock was drowning in a sea of human voices. This conflict and miscommunication is symbolic of both Eliot’s marital and personal difficulties. The poem is depressing and full of darkness, conflict and anxiety. It is only the beginning of his bleak viewpoint.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This theme of darkness and miscommunication continues to be reflected in his poetry. In â€Å"Morning at the Window†. Eliot is â€Å"aware of the damp souls of housemaid sprouting despondently at area gates†¦waves of fog toss up to me twisted faces†¦and tear from a passer-by with muddy skirts an aimless smile that hovers in the air and vanishes†¦Ã¢â‚¬  (24). He writes of his â€Å"Aunt Helen† not in reflection of her life, but upon her death, focusing on silence and the task of the undertaker: †¦the undertaker wiped his feet—he was aware this sort of thing had occurred before† (26). There is a gloominess that seems to be everywhere Eliot looks. His theme of miscommunication is in his very words, often bizarre and difficult to interpret. In â€Å"Mr. Apollinax† Mr. Apollinax â€Å"laughed like an irresponsible foetus ‘he is a charming man’—but after all what did he mean† (28).   Ã‚  If the words are difficult enough to understand, the final verse is all but impossible to comprehend. â€Å"I remember a slice of lemon, and a bitter macaroon† (29).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Through these unsettling works Eliot shows himself to be a master at portraying a side of the human condition no one really likes to see, yet invariably at sometime everyone does. Often he points out the contrary view as he does in â€Å"The Wasteland†. Springtime is a timeless topic for countless poets expressing the wonder and beauty of nature coming alive after a winter asleep. Not so for Eliot. â€Å"April is the cruelest month, breeding lilacs out of the dead land, mixing memory and desire, stirring dull roots with spring rain† (65). Not surprisingly he seems to prefer winter. â€Å"Winter kept us warm, covering earth with a forgetful snow, feeding a little life with dried tubers† (65). The theme of miscommunication continues to either cause or accompany the darkness. â€Å"Speak to me. Speak. Why do you never speak. Speak. What are you thinking of? What thinking? What? I never know what you are thinking† (69).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eliot revisits his earlier theme of death as sea in the â€Å"Death by Water† section of â€Å"Wasteland†, advising Gentile or Jew â€Å"entering the whirlpool†Ã‚   to remember â€Å"Phlebas the Phoenician, a fortnight dead† (77). In the final section â€Å"What the Thunder Said† his depression seems to come to triumph. Eliot emphasizes â€Å"after the agony in stony places the shouting and the crying†¦he who was living is now dead, we who were living are now dying† (78). His landscape has been ruined: â€Å"falling towers Jerusalem Athens Alexandria Vienna London Unreal† (79). Despite his viewpoint and topics his work is beautiful as it moves the â€Å"unreal† of his imagination to our â€Å"reality† in such a unique and personal way; overall he has in fact communicated his reality in a masterful and compelling fashion. Eliot has proved that good things can arise from, if not be inspired by terrible situations. Works Cited   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eliot, T.S. The Waste Land and Other Poems. New York: Barnes and Noble Classics, 2004.

The Motive Behind Mergers And Acquisition

The Motive Behind Mergers And Acquisition INTRODUCTION Background Mergers and Acquisitions have gained substantial importance in todays corporate world. This process is extensively used for restructuring the business organizations. Some well known financial organizations also took the necessary initiatives to restructure the corporate sector of India by adopting the mergers and acquisitions policies. The  Indian economic reform since 1991 has opened up a whole lot of challenges both in the domestic and international spheres. The increased competition in the global market has prompted the Indian companies to go for mergers and acquisitions as an important strategic choice. The trends of mergers and acquisitions in India have changed over the years. The immediate effects of the mergers and acquisitions have also been diverse across the various sectors of the Indian economy. The Indian Economy has been growing at the fast rate and emerging as the most promising economy in the world. Be it in IT, RD, pharmaceutical, infrastructure, energy, consumer retail, telecom, financial services, media, and hospitality etc, there has been a sign of promising boom in the Indian economy. It is the second fastest growing economy in the world with GDP touching 8.9 % in 2010. Investors, big companies, industrial houses view Indian market in a growing and proliferating phase, whereby returns on capital and the shareholder returns are high. Both the inbound and outbound mergers and acquisitions have increased dramatically. According to Investment bankers, Merger Acquisition (MA) deals in India will cross $100 billion this year, which is double last years level and quadruple of 2005. Indias merger and acquisitions deal value in year 2010 reached almost US $50 billion which is three times of the deal value last year 2009. There were MA deals worth about $16 billion in 2009, down from close to US $40 billion in 2008. Definitions: Mergers: Mergers or amalgamation is combination of two or more companies to form as a single new company. In this process no fresh investment is made, however an exchange of shares takes place between the entities. In simple terms, a merger involves the mutual decision of two companies to combine and become one entity. Generally, merger is done between the two entities having similar size. Varieties of Mergers   Mergers can be of various types. But there are 5 main mergers varieties which are valued most in the corporate world.   Horizontal merger   Two companies that are in direct competition and share  the same product lines and markets.   Vertical merger   Two companies which are in the Value Chain. Market-extension merger  Ã‚  Two companies having same product but different target market. Product-extension merger  Ã‚  Two companies selling different but related products in the same market.   Conglomeration   Two companies with unrelated business/ industry.   Acquisitions   Acquisition means buying the ownership of one company by another company, often as the part of the growth strategy. Unlike in merger, acquisition is generally done by a large company to a small one. Acquisitions can be either friendly or hostile. Like mergers, acquisitions are actions through which companies seek economies of scale, efficiencies and enhanced market visibility. Acquisition is done either in cash or acquiring the stock of the target company or both. Distinction between Mergers and Acquisitions   Mergers and Acquisitions are often uttered as one and the same and considered to have the same meaning. But the terms merger and acquisition are two different term meaning.   When one company takes over another independent company and clearly established itself as  the new owner, the purchase is called an acquisition. From a legal point of view, the  target company  ceases to exist and the buyer or the acquirer possesses the full control of the business and the buyers  stock continues to be traded, then it is acquisition.   Regardless of the type of the strategic alliance they all have one purpose in common. They are all meant to create synergy that makes the value of the combined companies greater than the sum of the two parts. Synergy Synergy  is the force that is obtained when two or more components meet together to produces an exceptional result which when done solely cannot be achieved. In a business synergy takes the form of enhanced performance, increased profitability and exceptional cost reduction. By merging, the companies hope to benefit from the following:   Staff reductions Economies of scale   Acquiring new technology Improved market reach and industry visibility Importance of the study When a company wants to expand, there are various ways its can do. They can achieve the growth either by capturing the market share or by growing through strategic alliances. The main objective of the merger or acquisition is to achieve growth and synergy, economies of scale and capture or expand the market share. Buzz of merger and acquisition often creates hype in the financial market about the acquirers stock price. While most empirical research on merger focus on daily stock return surrounding announcement date, a few studies also look at long term performance of term performance of acquiring firm after merger.  [1]  Not only that, the performance of the company as a whole is also a matter of question mark. Will the company be able to perform better than it is doing or not? Problem Statement Many firm prior to merger and acquisition have an expectation to create a synergy from merger and acquisition. The main motive behind MA is to create efficiencies in the business and expansion of the business. But they most of the time ignore the fact that the effect of merger and acquisition has direct correlation with the value of the acquirers company and the stock price. The other problem that is to be considered is the financial risk associated with the MA. Research Objective The objective of this study is to gain the deeper and clear knowledge of the merger and acquisition on the acquiring firm. It also aims at the financial risk that a company may face post merger/ acquisition asa well as the long term performance of the acquirer. The objectives are as follows: To examine the effect of EPS myopia on the return of acquiring firms in mergers. Evaluate the effect on the stock price of the acquiring company post merger and acquisition. Critically evaluating if the shareholders of the acquiring companies experience wealth effect as a result of MA. The expected long term performance of the acquiring firm. Study of the financial risk pertaining to the merger and acquisition. Research Question What is the motive behind Merger and Acquisition? What is the effect on the stock price of the acquirer pre and post MA? Does the buzz create the bubble effect on the market or is it long lasting? What is the wealth effect of the acquirer firm post and pre MA? What is the trend of MA in Indian market? Drivers of MA in India What are the effects of MA to the competitors? Effect of the tax to the government post merger and acquisition. Limitations of the Study No proper information on the companies is found except for their Balance Sheet and Income Statement. This study is based on secondary database, so errors in the data could affect the results of the study. External factors such as economic conditions, regulatory changes etc are not taken into consideration. An overview of the Study This dissertation is divided into five chapters. The first chapter deals with the background information, problem statement, objective of the study, importance of study, research question limitation of the study. The second chapter deals with literature review. This chapter indicates the theoretical framework of the valuation method of Merger and Acquisition. It shows the detail description of the past research that has been done on the topic and discusses the outcome of the study. The third chapter deals with the research methodology of the dissertation. It deals with the Research method used for the data and information collection. It includes sample selection/design procedure, data collection and data analysis tools used in the dissertation. In this part assumptions had been made where there is lack of appropriate data and information. The fourth chapter deals with analysis and interpretation of the financial data that are used to achieve the objectives of the dissertation. This section mainly deals with the findings from the study and also focuses on the analysis and its results. The fifth and the last chapter of this dissertation present the findings of the study, recommendation of the study to the investors, financial managers regulators. It also concludes the suggestions for future research. Chapter II Review of the Literature 2. Literature Review Many authors and writers have written lot about merger and acquisition and its impact on the performance of the company as well as on the economy. A great deal of research has been carried out on the performance of the corporations involved in the merger and acquisition. When a company wants to jump start a long term growth or boost up the corporate performance, MA may seem to be the best option. Yet study after study puts the success rate of MA lies just between 20% and 30%. A lot of researcher had tried to explain the abysmal statistics, usually by analyzing the attributes of the deals that worked and those that didnt. What is lacking is the robust theory that identifies the causes of those success and failures.  [2]   2.1 Merger and Acquisition: Conceptual Review Farlex Financial Dictionary  [3]  has defined A decision by two companies to combine all operations, officers, structure, and other functions of business. Mergers are meant to be mutually beneficial for the parties involved. In the case of two publicly-traded companies, a merger usually involves one company giving shareholders in the other its stock in exchange for surrendering the stock of the first company Pratap G. Subramanyam (2005) has stated merger as in the term associated with the integration of one company into another. The merging company should exist thereafter and all its assets and liabilities get legally vested in the merged company. This means that the merger means amalgamation of the assets of the two or more companies to form a new company serving the similar or different purpose. 2.1.1 Recognition of amalgamation (merger) by Indian Statutory Bodies The Company Act of India does not define an amalgamation or a merger. Therefore, the term are being interpreted as being included in the term arrangement as defined in Section 390(b). This is vindicated by the fact that Section 394 talks about arrangement that are in nature of amalgamation of two or more companies. It is possible under Companies Act for two or more companies to amalgamate using the shareholder approval route under Section 293(1)(a) though such route is never adopted. The more appropriate route is to get court order under Section 394 of the Act, which has been specifically enacted to enable amalgamations. Section 390 This section provides that The expression arrangement includes a reorganization of the share capital of the company by the consolidation of shares of different classes, or by the division of shares into shares of different classes, or by both these methods Section 394 This section contains the powers while sanctioning scheme of reconstruction or amalgamation. Under the Income Tax(IT) Act, 1961 Section 2(1B) the word amalgamation in relation to companies means the merger of one or more companies to another company or the merger of two or more companies to form one company so that: All the property of the amalgamating company or companies before the amalgamation becomes the property of amalgamating company by virtue of the amalgamation. All liabilities of the amalgamating company or companies immediately before the amalgamation become the liabilities of amalgamating company by the virtue of amalgamation. Accounting Standard AS-14 defines amalgamations as those pursuant to the provisions of the companies Act or any other statute, which may be applicable to the companies. Therefore, it applies to all transactions that come under the purview of Section 391-394 of the Companies Act that relate to integration of two or more companies. AS-14 categorizes amalgamation into two categories: (a) amalgamation in nature of merger (b) amalgamation in nature of purchase. An amalgamation fall into former category if: All assets and liabilities of transferor company become after amalgamation, the assets and liabilities of the transferee company. Shareholders holding not less than 90% of the face value of the equity share of transferor company (excluding the shares held by the transferee company), become the equity shareholder of the transferee company by virtue of the amalgamation. The consideration for the amalgamation, receivable by those equity shareholders of the transferor company who agree to become the equity shareholder in the transferee company, is discharged wholly by issue of shares (except for fractional shares that may be settled in cash). The business of the transferor company is intended to be carried on by the transferee company. Acquisition is the mechanism by which companies change hands and through transfer of ownership of share or transfer of control. Acquisition means the purchase of or getting access to significant stakes in a company, often making such acquirer a major shareholder or force in the company. According to Dictionary of Financial Term  [4]  If a company buys another company outright, or accumulates enough shares to take a controlling interest, the deal is described as an acquisition. For example, if Corporation A buys 51% or more of Corporation B, then Corporation B becomes a subsidiary of Corporation A, and the activity is called an acquisition. A single investor may buy out a publicly-traded company; one calls this going private. Acquisitions occur in exchange for cash, stock, or both. Acquisitions may be friendly or hostile; a friendly acquisition occurs when the board of directors supports the acquisition and a hostile acquisition occurs when it does not. 2.1.2 The Acquisition and Takeover Code in India After the advent of the SEBI, introduced in 1994, there was a concerted attempt at formulation of a comprehensive framework under which acquisition and takeover could be made in existing listed companies. However the takeover code does not apply to unlisted companies and continue to be regulated by the provision of the Company Act. Listed companies are currently governed by the provision of Takeover Code, clause 40A and 40B of the Listing Agreement of the stock exchange and Section 108B and 108D of the Companies Act as regards acquisition and takeovers. Under the provision of Section 108B, corporate under the same management holding whether singly or in aggrete.10% or more of the nominal value of the subscribed equity share capital of the any other company shall, before transferring one or more such shares, give to the central government an intimation of its proposal to do with the prescribed details. Section 108D provides the similar provision wherein the Central Government can act suo moto of any transfer of a block share in a company. All the Sections under 108 are backed by Section 108G. Section 108G Applicability of the provisions of sections 108A to 108F.†The provisions of sections 108A to 108F (both inclusive) shall apply to the acquisition or transfer of shares or share capital by or to, an individual firm, group, constituent of a group, body corporate or bodies corporate under the same management, who or which† (a) is, in case of acquisition of shares or share capital, the owner in relation to a dominant undertaking and there would be, as a result of such acquisition, any increase†Ã‚   (i) in the production, supply, distribution or control of any goods that are produced, supplied, distributed or controlled in India or any substantial part thereof by that dominant undertaking, or   (ii) in the provision or control of any services that are rendered in India or any substantial part thereof by that dominant undertaking; or   (b) would be, as a result of such acquisition or transfer of shares or share capital, the owner of a dominant undertaking; or   (c) is, in case of transfer of shares or share capital, the owner in relation to a dominant undertaking. The SEBI Takeover Code brought in several new features into acquisition law which were not present in Clause 40A and 40B. The basic theme of the code is to provide for fair play and transparency in acquisition and takeover but at the same time to ensure that they are not stifled into extinction. 2.2 Differentiation of Merger and Acquisition In general Mergers and Acquisitions are used interchangeably, but they have a subtle differentiation in there meaning. Weston and Copeland (1992) distinguished merger and acquisition: merger as a transaction between more or less equal partners, while acquisitions are used to denote a transaction where a substantially bigger firm takes over a smaller firm. Their basis of distinguish was the size. But there are other factors apart from size that denotes the differences between merger and acquisition. Asquith Mullins (1986) define mergers and acquisitions on basis of share distribution. When two firms merge, shares of both are surrendered and new shares in name of the new firm will be issued. Unlike in merger, shares of the acquiring firm are not surrendered but traded in the market prior to the acquisition and continue to be traded by the public after the acquisition. The shares of the target firm cease to exist publicly. Motives behind Merger and Acquisition There are three major motives for the mergers and takeovers: Synergy, Agency, Hubris Synergy motive means that the sum total return/value from the integration of two or more companies should be greater than that from the individual company. Elazar Berkovitch (1993) suggests that the takeovers occur because of economic gains that results by merging the resources of the two firms. They even concluded that total gains from MA are always positive and thus can say that synergy appears. The agency motive suggests that takeovers occur because they enhance the acquirer managements welfare at the expense of acquirer shareholders. Elazar Berkovitch and M. P. Narayanan (1993) suggested three major motives for mergers and acquisitions: synergy, agency and hubris. The synergy motive suggests that the takeovers occur because of economic gains that results by merging the resources of the two firms. The agency motive suggests that takeovers occur because they enhance the acquirer managements welfare at the expense of acquirer shareholders. The hubris hypothesis suggests that managers make mistakes in evaluating target firms, and engaged in acquisitions even when there is no synergy. Khemani (1991) states that there are multiple reasons, motives, economic forces and institutional factors that can be taken together or in isolation, which influence corporate decisions to engage in MAs. It can be assumed that these reasons and motivations have enhanced corporate profitability as the ultimate, long-term objective. It seems reasonable to assume that, even if this is not always the case, the ultimate concern of corporate managers who make acquisitions, regardless of their motives at the outset, is increasing long-term profit. However, this is affected by so many other factors that it can become very difficult to make isolated statistical measurements of the effect of MAs on profit. The free cash flow theory developed by Jensen (1988) provides a good example of intermediate objectives that can lead to greater profitability in the long run. This theory assumes that corporate shareholders do not necessarily share the same objectives as the managers. The conflicts between these differing objectives may well intensify when corporations are profitable enough to generate free cash flow, i.e., profit that cannot be profitably re-invested in the corporations. Under these circumstances, the corporations may decide to make acquisitions in order to use these liquidities. It is therefore higher debt levels that induce managers to take new measures to increase the efficiency of corporate operations. According to Jensen, long-term profit comes from the re-organization and restructuring made necessary by takeovers.