Free Essays on Russian Revolution

The Russian revolution is the fundamental political and social upheaval that erupted in the Russian empire in 1917. The roots of the Russian Revolution are to be sought in the arbitrary, autocratic, and repressive czarist political and social system that evolved in the 16th – 18th century. It began with the collapse of the centuries-old czarist regime in February that led to the overthrow of the Western-style Provisional Government and the establishment of the first national communist political system in October. In the last years before World War 1 there was no reason to believe that revolution was inevitable, much less imminent in Russia. But as military defeats piled up, a progressive block was formed in the Duma (parliament that had limited power). The member of the block strove valiantly to convince the government that it must follow the example of western government to accept the voluntary cooperation of the public in coping with the inordinately difficult problems. Th e autocracy, jealous of its exclusive authority refused all such offers that would help his government. Rapidly the government lost all shred of public confidence. Under the czars Russia was a backward country, much of the land was in royal and private estates, and the rest was held and crudely worked in small plots by the peasants. Indeed there was a need for a revolution because the government wanted its own selfish desires and by using the people they got what they wanted. The government was not for the people, it showed by them not fulfilling the needs of the people for them to have a happier life. In more broad terms it will be argued that the Revolutions in Russia was greatly needed for the establishment growth of their country. Russia being a backward Empire had many disadvantages for the Russian population. The backwardness of Russia was displayed in the people’s lives especially the peasants. One in four had schooling because the education wa... Free Essays on Russian Revolution Free Essays on Russian Revolution The Russian revolution is the fundamental political and social upheaval that erupted in the Russian empire in 1917. The roots of the Russian Revolution are to be sought in the arbitrary, autocratic, and repressive czarist political and social system that evolved in the 16th – 18th century. It began with the collapse of the centuries-old czarist regime in February that led to the overthrow of the Western-style Provisional Government and the establishment of the first national communist political system in October. In the last years before World War 1 there was no reason to believe that revolution was inevitable, much less imminent in Russia. But as military defeats piled up, a progressive block was formed in the Duma (parliament that had limited power). The member of the block strove valiantly to convince the government that it must follow the example of western government to accept the voluntary cooperation of the public in coping with the inordinately difficult problems. Th e autocracy, jealous of its exclusive authority refused all such offers that would help his government. Rapidly the government lost all shred of public confidence. Under the czars Russia was a backward country, much of the land was in royal and private estates, and the rest was held and crudely worked in small plots by the peasants. Indeed there was a need for a revolution because the government wanted its own selfish desires and by using the people they got what they wanted. The government was not for the people, it showed by them not fulfilling the needs of the people for them to have a happier life. In more broad terms it will be argued that the Revolutions in Russia was greatly needed for the establishment growth of their country. Russia being a backward Empire had many disadvantages for the Russian population. The backwardness of Russia was displayed in the people’s lives especially the peasants. One in four had schooling because the education wa...

Habits and Traits of Centipedes, Class Chilopoda

Habits and Traits of Centipedes, Class Chilopoda Taken literally, the name centipede means one hundred feet. While they do have a lot of legs, the name is really a misnomer. Centipedes can have anywhere from 30 to over 300 legs, depending on the species. Class Chilopoda Characteristics Centipedes belong to the phylum Arthropoda and share all the characteristic arthropod traits with their cousins (insects and spiders). But beyond that, centipedes are in a class by themselves: the class Chilopoda. Description Centipede legs extend visibly from the body, with the final pairs of legs trailing behind it. This allows them to run quite fast, either in pursuit of prey or in flight from predators. Centipedes have just one pair of legs per body segment, a key distinction from millipedes. The centipede body is long and flattened, with a long pair of antennae protruding from the head. A modified pair of front legs functions as fangs used to inject venom and immobilize prey. Diet Centipedes prey on insects and other small animals. Some species also scavenge on dead or decaying plants or animals. Giant centipedes, which inhabit South America, feed on much larger animals, including mice, frogs, and snakes. While house centipedes may be creepy to find in the home, you might want to think twice about harming them. House centipedes feed on insects, including the egg cases of cockroaches. Life Cycle Centipedes may live for as long as six years. In tropical environments, centipede reproduction usually continues year-round. In seasonal climates, centipedes overwinter as adults and reemerge from their sheltered hideaways in spring. Centipedes undergo an incomplete metamorphosis, with three life stages. In most centipede species, females lay their eggs in soil or other damp organic matter. The nymphs hatch and go through a progressive series of molts until they reach adulthood. In many species, young nymphs have fewer pairs of legs than their parents. With each molt, the nymphs gain more pairs of legs. Special Adaptations and Defenses When threatened, centipedes use a number of different strategies to defend themselves. Large, tropical centipedes dont hesitate to attack and can inflict a painful bite. Stone centipedes use their long hind legs to throw a sticky substance at their attackers. The centipedes that live in the soil dont usually try to retaliate. Instead, they curl into a ball to protect themselves. House centipedes choose flight over fight, skittering quickly out of harms way.

EADS Business Analysis using the Marketing Process Model, by Robert J Term Paper

EADS Business Analysis using the Marketing Process Model, by Robert J - Term Paper Example According to the present performance of EADS, it can be observed that the organization executes effective business strategies which enable it to play the role of a dominant marketer in the global aerospace industry. Based on the global business performances of EADS, the report intends to analyze the business processes and the marketing strategies of EADS in the global aircraft manufacturing industry. With due consideration to the successful marketing strategies as well as business processes of EADS, the aim of this paper is to also analyze different marketing tools from the perspective of EADS in the global aircraft manufacturing industry. The discussion of this paper will further encompass an assessment of EADS in the global aircraft manufacturing as well as an aerospace commercial service industry with regard to various competitive marketing tools such as Marketing Situation Analysis, STP model as well as marketing mix. In relation to the business performance of the organization, it can be witnessed that the European roots of EADS are quite stronger. However, the aerospace and defense industry based operations of EADS is one of the major considerations for the organization which entails a range of products and services both for the European and the global markets as well. In the context of the organizations overall business practices, 75% of total products and services are exported to more than 100 nations through its 33 international offices (EADS, n.d.). The inclusion of Airbus within its business is one of the major beneficial factors for EADS in its global aircraft manufacturing process. EADS is further recognized as the major European industrial flagship which combines the major capabilities of four main market leaders of the global aircraft industry such as Airbus, Cassidian, Astrium as well as Eurocopter [1] (EADS, 2013).  

Unit 9 Assignment Example | Topics and Well Written Essays - 3750 words

Unit 9 - Assignment Example There is a basic difference between management accounting and financial accounting. While the former provides necessary information to the management so that they can make right decisions for the company, the latter provides financial data to the shareholders, creditors and other stakeholders so that they can get information about past and present conditions of the company. Management accounting provides information about future trend of the company as managers need this information to make long term decisions while financial accounting provides factual data to shareholders and creditors so that they assess the performance of the company as their funds are in stake. One major purpose of management accounting is to provide cost information about products and services. Costs are classified into five broad groups – behavior, traceability, controllability, relevance, and function. Behavior costs can be fixed, variable or mixed. Fixed costs do not change with increase in the volume of production like rent, variable costs can increase with increase in the volume of production like wages and cost of raw materials, and mixed costs are combination of both fixed and variable costs. Traceability costs can be direct costs that are incurred specifically for production like wages of factory workers, and indirect costs that cannot be specified as specific cost of production like salaries of office employees. Controllability costs can be controllable like wages of workers since number of labors can be reduced with proper management, and uncontrollable costs like house rent has to be paid irrespective of the volume of production. Costs of relevance can be sunk, out-of-pocket, and opportunity costs. Sunk costs are those expenses that have been made and cannot be recovered like costs incurred in installing a machinery which turns out to be unproductive.

Pre and Post M&a Performance in Accounting Ratio Essay Example for Free

Pre and Post Ma Performance in Accounting Ratio Essay There are loads of tools to measure the performance of a financial performance of an entity but financial ratios is probably the best known tool which is mainly to analyze the performance of an entity by comparing the present to the past relative figures taken or composed from the financial statement . The few categories of ratios are liquidity ratios, profitability ratios, efficiency ratios, debt ratios and market ratios which will be able to describe the entity’s characteristics. Ratios show the true performance and position of the entity. In order for investors to determine their choices of entity to invest in, financial ratios play an important role in providing sufficient information to users about the entity’s characteristic. We predict that companies are performing better after merger and acquisition and there will be an increase in profit of companies pre merger and acquisition compare to post merger and acquisition activities. However, the global merger and acquisition (MA) market is expected to experience a modest increase this year following significant revisions in earnings expectation for 2009. Studies relatively prove that ratios are important but which ratios, among the loads of ratios which can be computed easily from the available financial statement, should be used to analyze to obtain a wise decision (Kung Thomas, 1981); (Maretno Howard, 1996). Problem statement Accounting ratios usage in merger acquisition are not understood very well as to whether companies or investors are using accounting ratios to analyze performance pre and post decision making for MA. Therefore, this study will try to find out as to whether merger and acquisition activities are caused by the use of accounting ratio when management tries to expand a company’s operation. Accounting ratios is wide in variety and is known for its diversities in calculating different ratios, which makes selecting the right ratio to do analysis on is difficult. Every company when making merger and acquisition decisions will have to go through different decision making process in their organization and not based solely on accounting ratios when taking actions. Things such as relationship of merging companies, financing matter or management efficiency are often overlooked in previous studies, therefore, apart from addressing the use of accounting ratio in making merger and acquisition , we will also address on other matters that are affecting merger and acquisition decision making. Companies that have made merger and acquisition in the few years will be analyzed whether merger and acquisition has benefitted the company. This analysis will have to be based on companies that have made merger and acquisition for few years so that analysis could be made to ascertain whether merger and acquisition has improved the company’s performance. The data that is collected could be redundant as the data collected could only be analyzed from the past. Apart from that, companies that are engaged in merger and acquisition will tend to keep their methods in acquiring companies as a secret; therefore, there is no information that will be disclosed to us when we are doing research. We will only be able to get information based on announcement on the Bursa Saham Malaysia and also annual report analysis on the companies that we will base our study on. Based solely on the annual report, we will have to analyze companies that have been engaged in merger and acquisition is perfor ming better as a company before merger and acquisition or after merger and acquisition. Studies that have addressed the problem Several past studies have shown several findings. There were significant improvements in the liquidity, leverage and profitability position of most studied companies. Normally, total assets consist of equity, debt and retained earnings to finance the corporation. In the study, it was found that total assets were always less than the debt plus equity for pre acquisition period, but after acquisition, it is positive. All the units selected for the study were sick, but after takeover five out of eight revived (Rao Sanker, 1997). The acquiring firms had performed above the industry average and the acquired firms were below the industry average in term of size and profitability (Cosh et al., 1998). The firms recorded meaningful increase in their net earnings, and those with the successful merger of the firms, the return on capital employed and return on total assets, increased substantially with a significant percentage. The variability in the earnings (risk) of the pre-merger firms was significantly higher than that of post-merger firms (Agundu Karibo, 1999). Pilloff (1996) finds no significant change in post merger ROE, however, when he utilizes operating income before provision instead of net income to calculate ROE, there is a significant increase in post-merger returns. Deficiencies in studies Unfortunately, most studies do not distinguish between healthy and troubled companies due to the relative scarcity of outright failures as an indicator of the latter. Data are not readily available to every person and critical data is only available to top level management, which causes analysis on company performance not accurate. Accounting ratios usage in studies are not standardized for number of ratios used and types of ratios used, making comparisons of this study to previous studies almost impossible. Some of the studies only find out accounting ratio performance before and after merger and acquisition, but they did not take into account the management performance improvement. Importance of the study Basically, the compelling reason for merger and acquisition is to make more money. This study analyses the pre and post performance in accounting ratio of various entities in Malaysia which involved in merger and acquisition. Therefore, it seeks to contribute to entities which look forward to expand their businesses by merging and acquiring entities in order to broaden their sources and to increase their performance as well as position of the entity. This study also justifies the importance of financial ratios as a tool in decision making for most users to merge and acquire entities. Besides that, this study further proves that financial ratios could be used to speculate and estimate the future of the entity’s development and growth by developing ratio values to be compared with the normal or regular value. Furthermore, the global merger and acquisition market is expected to experience a modest increase this year following significant revisions in earnings expectation for 2009. According to KPMG International’s Global merger and acquisition Predictor, modest increases are expected in both deal-making appetite and capacity globally. Therefore, it is hoped that the result of this study is valuable to entities for the purpose of merging and acquiring. Purpose statement The purpose of this study is to determine whether financial ratios contribute to the decision in merging and acquiring another entity. For this purpose, we analyze the performance of the entity before and after merging or acquisition of the holding or parent entity across industries to identify the status of the performance and position of the entity currently. We would have to identify the entity’s characteristics in terms of their operating and accounting performance by comparing to their values before the merger and acquisition. In our analysis, we also focus on the use financial ratios as a mechanism to compare the pre and post-acquisition performance. Furthermore, we also use financial ratio to predict the performance of the acquired entity as well as the growth of the entity. Organization of the study The rest of the research is organized into chapters as follows. Chapter 2 review about the literature regarding the accounting ratio performance before and after merger and acquisition would be provided. The topic and the arguments from researchers will be discussed. Justification of the research objectives would be provided with all the relevant literatures. Chapter 3 describes and provides detailed explanation on the method used in collecting the relevant data, the desired sample design, appropriate methodology employed in this study and also the data analysis method. CHAPTER 2: LITERATURE REVIEW 2.0 Introduction In this chapter, further discussion on the topic will be done based on prior empirical studies and a derivation of hypothesis will be done. To be able to evaluate the post and pre merger and acquisition deal by companies in Malaysia, a concept is to be conceived with prior literature that is related to the performance of firms that has been acquiring other firms. 2.1 Theory/Concept Foundation Shareholders of a corporation that is involved in Merger Acquisition activity would like to see their value of stock in the acquiring corporation to rise post-MA compared to pre-MA. Therefore, it is important that an MA transaction done with the shareholders in mind, this theory of maximizing shareholder value is fairly new as it is introduced by William Lazonick and Mary O’Sullivan in year 2000. Shareholder value should be used regularly when decisions are made to be able to regulate how a company operates for the sake of the shareholders. For a shareholder to have his value increased, all the activities from the factory workers to top level management should work together to find the best way to increase the value of the company. To increase shareholder value, restructuring of companies are needed to be able to sustain the changing economic climate according to time development. Evaluation of companies performance will be done to ensure shareholders value do increase post-M A. From the theory we could derive that performance of a company depends on the value that they would like to preserve for their shareholders. For every shareholder that would like to expand the company operation and size, they will have to be able to provide funds for the company in the form of investment. Apart from that, trend evolution plays a part in a merging or acquisition decision. An acquirer may look at the performance of the company that they are trying to takeover. The acquirers look at the financial feasibility of acquiring the company on the share price and value for money. If a value is low, they will be able to takeover the company at a lower price. And it is known that MA deals are done so that a company could expand into a new market segment or improve their current segment. Apart from that, it should be noted that there are several types of mergers and acquisition. It should be noted that firms that are acquiring are larger if not significantly larger than the acquired firms. 2.2 Review of Prior Empirical Studies Life cycle of a firm will accelerate the need for MA deals as firms grew older, they could be expanding their size and because of this, and MA will be done to be able to involve themselves into different segments of businesses. According to (Sian Owen Alfred Yawson, 2008), they propose that in certain life cycle of a company, they will engage in some kind of MA activities. This is because there is a need to grow their company or to decrease the involvement of the owner by giving up the power of the company to another firm. Therefore, it should be noted that companies will go through MA at different life cycle to develop their performance even further or simply to pull out of the company ownership. The data that they use to examine this is based in the US, therefore, it may be not practical to be used here, but this is an opportunity for us to examine the life cycle factor in the pre and post MA performance figure. The main objective for merger and acquisition activities is to increase the return of the equity shareholders who are considered real owners of the company. Shareholders are also takes the responsibilities to bear maximum risk of the company. Different impact (positive, negative and mix) either success or failure will occur for different MA deals. Since we cannot make any conclusion based on only one ratio. So, different ratio are using in this article to measure the company performance in term of liquidity position, operating efficiency, overall efficiency, return to equity shareholders and financial composition. By looking at single ratio, it is hard for researcher to determine whether acquirer company success or failure to make MA deals? Because a high rate of return showed on acquiree company such as consulting firms doesn’t means they make a good investments, since they require no assets. There are more than half of the 74 merger and acquisition cases showed an improvement in the financial performance in post time period of this article. However, 15% out of these cases had increase their working capital and debt to equity, which means that the company suffer long term financial burden of current assets and long terms funds which use to finance current assets. Small sample size was used by this researcher. Although there are 200 deals of MA in India but only 74 companies can provide the available financial data which require by researcher. So, there was reliable issue of this research outcome. Except ratio, there are many issues must be takes into consideration by making MA decision such as by predicting future prospects, company past performance, law and regulations of the country which can help to reach a better conclusion. So researcher can’t make exact and absolute conclusion by only interpret financial ratio of company (Kumar and Bansal, 2008). Those are significant difference between merger and acquisition. Misleading conclusions may be made by those researchers who combined these two different terms. Acquisitions is a more successful way to bring positive effects to the company compared with mergers in term of generate greater profitability, return on investment or equity, increased in operating performance, etc. This might due to the way the merger or acquire. Acquirer may acquire a small division, patent or the company which use for the purpose of strategic alliances and value added to current business. In contrary, merges activities become less attractive to the potential shareholder due to reduce return or shareholder wealth or even negative return and decrease in profitability or even suffer losses of the company (Hassan, Patro, Tuckman Wang, 2007). The theoretical models of liquidity stresses the degree of trading stock, adverse selection, stock volatility, and competitiveness of market making (Lipson Mortal, 2007). According to the prior review, the degree of trading interest in a stock has a positive relationship with the level of trading activity. Therefore, the fixed trading costs can be spread out over a larger number of trades. The adverse selection cost incurs when negative action is taken to counter an adverse situation of trades. For example, if stock traders have relatively more information compare to the liquidity providers, liquidity providers will recover their losses from trading with better informed counterparts by increasing their average revenue. Stock volatility affects the trading cost positively as well. When stocks are more volatile, the holding cost of the stock would be relatively higher and the cost would be passed on to buyers when being traded. The competitiveness of market making affects the trading cost negatively. When the market makers are less competitive, the increase in competition will reduce the trading cost. Besides that, the firm’s characteristics also affect the accounting ratio after MA. Prior studies noted that MA increases the liquidity of firms on average but the improvements are fully explained by the accompanying changes in firm characteristics (Lipson Mortal, 2007). Firm characteristics such as sizes of the firm, volume and number of shareholders are taken into consideration in prior studies. Relatively larger firms will have greater trading interest since more positions are offered in the firm. Benston and Hangerman (1974) also acknowledge the effect of firm size and volume to MA. Therefore, the sizes of the firm are expected to affect the decision MA of a firm. The increase in adverse selection can be seen in Heflin and Shaw (2000) where they argue that the effect of a blockholder ownership is a result of superior blockholder information. The results are consistent with the results in Lipson and Mortal (2007). Past studies document that larger firms tend to be followed by a greater number of market makers (Wahal, 1997), which he attributes to increased compe tition among market makers. Also derived in Lipson and Mortal (2007), the increased in market making reduces order processing cost, hence reducing trading cost. According to (Arturo Bris, Neil Brisley, Christos Cabolis 2008), MA is done following the corporate governance decision as legal rules or accounting standard. The countries difference in degree of investor protection as well as firm value, ownership structure. When we are merger and acquisition usually adopts the accounting standards. This implies that, the corporate in a country can adopt difference level of investor protect. If corporate governance have set the legal rules then the corporate follow it. Therefore, the corporate investments losses or change operation performance. The legal rule can protect shareholder and investors so that they will not have legal liabilities. The corporate governance quality is follow shareholder protection and accounting standard when we are merger and acquisition can test corporate worsening and preserving acquisitions. If we are test pre merger and acquisition performance not efficiency then corporate governance quality also will not good. The corporation will easy give large corporate takeover or the corporation will bankrupt. However, the corporation operation quality good will not let large corporate takeover the firm. The corporate governance quality well can enhance merger and acquisition value and good performance. According to Holger Breinlich (2008), merger and acquisition become industrial restructuring after trade liberalization. It is can increase merger and acquisition activities and merger and acquisition transferred resource from less to more productive firms. It is because pre corporation not efficiency performance source make it loss. Therefore, after merger and acquisition the corporate efficiency performance source make it earning profit and improvement the corporate. Merger and acquisition not just to transfer source, it is also can qualitatively difference from other adjust form. Before merger and acquisition is not well make the workers becoming unemployed and also will make economic recession. When new ownership takeover the corporate then worker has working already and economic also will slowly become good. However, the larger corporate takeovers corporate better the corporate bankrupt and as such no need face unnecessary legal restriction. From the past studies, Letho and Lehtoranta (2004) study that MA synergies can be realized by owing unique technology and knowledge and then transferring these intangibles to the target firm. The industrial organization (IO) literature states that both horizaontal and industry-diversifying acquisitions might affect RD. When firms are active in the line of business, economies of scale in RD input can be occurred because of MAs. Besides, value can created also by MAs from uniting complementary know-how (Cassiman B, Colombo M, Garrone P, Veugelers R, 2003). Similarly, intangibles could matter in domestic as well as cross-border takeover (Kang and Johansson, 2000). The ratio of intangible assets (goodwill paid in earlier MAs has to be minus first) to total assets is used to examine these ideas. The financial synergies are realized by looking at the capital structure of potential acquirers. The idea is that when firms relying heavily on bank loans, it is risky to the firm and also acquirers will have less interest on the firm. Therefore, firms that relying heavily on bank loans will quickly seek to reduce their overall risk and recognize a lower cost of capital by engaging in industry-diversifying and in cross-border MAs. Indeed, cost of capital can be reduced when cash flows from target and bidders are not highly correlated. Besides, additional borrowing capacity post-MA can be created and this is a good performance for a firm after MA. If stock prices of a firm are down, the takeover of a firm can constitute a bargain relative to investing in new facilities in order to recover from scratch. Furthermore, the valuation of private targets is lower once stock market sentiment is down, through the use of a lower multiples or higher risk premium when valuing target stock. This under-valuation hypothesis suggests that stock prices and MA decisions are negatively related. In contrast, soaring stock prices can facilitate the financing of MAs in which they using bidder stock to pay for these deals. When firms consider that their stock to be over-valued, they tend to issue new shares (Shleifer and Vishny, 2003). There will be positive relationship between stock prices and external growth. However, the positive relationship may be difficult to observe when a sample is dominated by private enterprises. This is also because of those non-listed bidder stock is unwilling to be accepted by target investors. The average market-wide price earnings (P/E) ratio at the MA announcement date is used to capture stock market conditions, given that private firms dominate the sample. 2.3 Hypothesis Development The first hypothesis comes from our own assumption to examine how does a company perform post-MA compared to pre-MA. The assumption is that a company could perform better in the form of ratios because their capital has increased due to increase in non current assets. If a company obtains another company through MA, it is expected that they have certain amount of capital available to expand their firm size; therefore, there will be increase in capital in the form of ROE and ROA ratios once a firm is engaged in MA activities. H º =After MA, there will be increase in ratios of ROE and ROA H ¹=Before MA, asset ROA and ROE are higher From previous study of (Moeller, Schlingemann Stulz, 2004), it is known that they examined for the below hypothesis in their research. And this hypothesis will be tested in Malaysia context so that we will be able to measure the level of performance compared to the size of the firm. H º=Small firm perform better after MA H ¹=Acquirer’s firm perform worse after MA 2.4 Model/Framework Negative relationship Positive Relationship As proposed, the relationship between pre-MA is a negative relationship to the ratio. And it should be lower than post-MA ratio as after MA activities, the ratio should increase and higher. Positive relationship Negative relationship As proposed, the larger firm will adapt less well after MA compared to smaller firm. Chapter 3: RESEARCH METHODOLOGY 3.1 Research Design The research will be carried out as an explanatory study. This study method is used for our research because this study will explain how MA affects performance of a company. The design will be carried out by using pair sample T-Test testing the relationship of the variables of performance of the company and the pre and post MA activities. The research will be carried out to test whether an MA activity does increase the performance of a company or it does not accelerate the activity of the company. Archival research will be used thoroughly to understand the improvement or deterioration in the firms post-MA compared to pre-MA. 3.2 Population, Sample and Sampling Procedure For our research for MA companies in Malaysia, a census will be conducted as it is expected that there are only several hundreds of companies that have conducted MA locally. The census data will be collected by using the Bursa Malaysia website via manual search and the usage of Osiris database. Therefore, the data will be collected through these 2 ways. 3.3 Data Collection Method As it is said, the data to be used will be secondary data. Documentary secondary data will be collected and used throughout this research. The data will be consisted of written materials which are companies’ annual reports. The annual report will be compiled based on the activities that are involved by the respective companies with a view that MA deals are conducted by the company within the years of investigation which range from year 2001 to 2005. References Rao, K.V., Sanker, K.R. (1997). Takeover as a Strategy of Turnaround. UTI edited book. Cosh, A., Hughes, A., Lee, K., Singh, A. (1998). â€Å"Takeovers, institutional investment and the persistence of profits†, in Begg, I. and Henry, S.G.B. (Eds), Applied Economics and Public Policy, Department of Applied Economics, Cambridge University Press, Cambridge. Agundu, P.C., Karibo, N.O. (1999). â€Å"Risk analysis in corporate mergers decisions in developing economies†. Journal of Financial Management and Analysis, 12(2), 13-17. Moeller, S.B., Schlingemann, F.P., Stulz, R.M. (2004). â€Å"Firm size and the gains from acquisitions†. Journal of Financial Economics, 73, 201-28. Pilloff, S.J. (1996). Performance changes and stockholder wealth creation associated with mergers of publicly traded banking institutions. Journal of Money, Credit and Banking, 28, 294-310. Bris, A., Brisley, N., Cabolis, C. (2008). Adopting better corporate governance: Evidence from cross-border mergers. Journal of Corporate Finance, 14, 224-240. Breinlich, H. (2008). Trade liberalization and industrial restructuring through mergers and acquisitions. Journal of International Economics, 76, 254–266. Kumar, S., Bansal, L.K.(2008). The impact of mergers and acquisitions on corporate performance in India. Management Decision, 46 (10), 1531-1543. Hassan, M., Patro, D.K., Tuckman, H., Wang, X.L. (2007). Do mergers and acquisitions create shareholder wealth in the pharmaceutical industry? International Journal of Pharmaceutical and Healthcare Marketing, 1 (1), 58-78.

1850-1860 :: Essays Papers

1850-1860 The decade of the 1850’s bought about an era of change for American citizens, which included economic revolutions and a rise in agriculture and manufacturing. This was largely due to a revolution in transportation. In 1851, a 483-mile Erie Railroad was completed which linked the Hudson River to Lake Erie (Brown 88). 1852 transformed the history of the Chicago railroad with the construction of Illinois Central. This proved to be very profitable. In fact, an 1852 report to Congress concluded "a farmer would save a large amount of money by shipping his goods by railroad, rather than by steamboat or ordinary roads" ("The City Transformed" 14). Trains raised the standards for the U.S. because it enabled people in our economy to transport cotton and wheat to European markets. Trains were able to ship material faster to different harbors, which helped the shipping industry. During this time, however, slavery and child labor were very common. Consistent with economic expansion, the na tion also began to expand communications. People had access to a mailing system, a daily newspaper and the use of the telegraph. However, most of the people in the country were unable to use these resources. For example, only 10 percent of the nation could afford the paper (Brown 51). These changes were not only facing America, but spread globally throughout this decade. Influential world events took place during these years. Many kings and emperors were replaced, and wars between foreign countries began. In 1851 President Louis Napoleon led a coup d’etat in France. Only one year later he proclaimed the Second Empire in France, and Louis Napoleon was named Napoleon III on December 2, 1852. During this time, Herbert Spencer, Karl Marx, and Auguste Comte wrote works on social class structure. In 1859, Charles Darwin published On the Origin of Species by Means of Natural Selection (Brown 8). Religion was also an important issue during this time period. Catholic Bishops began to accept titles in Europe, and religious organizations began to form. Landscape painting was the major art movement during this period. Most of the paintings were depictions of the wilderness, but they also portrayed ideas such as mortality. Between the periods of 1850 to1870, a new era of artists introduced a greater sense of realism rather than the romantic style used by their precursors (Brown 27). Their work was more detailed because they used a style called luminism. This style relied heavily on the effects of light, the atmosphere and scenery (Brown 27).

New grading policy

In the present paper, I would like to provide my arguments against the new grading policy, whose nature is random selection of grades. In fact, there are two points of its fallibility: the fact that it actually measures students’ luck rather than their true achievements and that it destroys the entire purpose of education as the process of gaining knowledge and skills. First of all, it is necessary to define the term â€Å"grading†. According to the Educational Policies Committee, grading is â€Å"the main symbolic method of recording the evaluation of a student’s academic performance† (Educational Policies Committee, 1991). Evaluation, in turn, can be defined as assessment of the value of individual achievements, according to the existing educational standards. Education, according to Fuhrmann and Grasha (1983), is â€Å"the development of knowledge, skills and character of students through continuous motivation† (Fuhrmann and Grasha, 1983, p.156). As one can understand, the new grading policy does not set up the interrelation between the student’s academic attainments and performance and the symbolic mark, letter or figure. Those learners whose achievements are poorer have an opportunity to receive higher grades through random selection method, whereas more successful and hard-working students might fail in terms of grade. Consequently, one can sum up that the new policy actually measures the person’s luck, as the grade does not depend upon their efforts, skills or abilities. Furthermore, given the definition of education, it is possible to assume that the new grading policy contradicts to the purpose of college or university studies. This principle of grading does not motivate students to develop the necessary knowledge and skills, as their performance is not appropriately evaluated, i.e. the truth about the value of achievement is distorted. Therefore, students, being aware of the fact that the true information about their attainment will not be provided, are unlikely to work on their academic performance and lose the willingness to succeed. To sum up, a positive appraisal of one’s achievements is amongst the major incentives in the education system. The learners thus are unlikely to become true professionals after this motivator is eliminated with the introduction of the new grading policy. Works cited Educational Policies Committee. Responsibility for Grading and Grading Policy. 4 Apr 1991, < http://www.usu.edu/policies/pdf/Grading-Responsibility.pdf> Fuhrmann, B. and Grasha, A. A Practical Handbook for College Teachers. Boston: Little Brown, 1993.      

English as a World Language Essay

The global spread of English over the last 50 years is remarkable. It is unprecedented in several ways: by the increasing number of users of the language, by its depth of permeation [â€Å"pE:mI’eISn] into societies and its range of functions. There is a model consisting of 3 circles proposed by B.B. Kachru in 1982 in order to describe regional varieties of English. The 1st or inner circle includes people who speak English as their vernacular language (200-400 mln speakers).The outer circle includes people who live territories colonized by Britain and USA (India, Nigeria). And the expanding circle includes the rest of the world which is learning English. English is used for more purpose than ever before. Over 70% of the worlds scientists read English. About 85% of the world’s mail is written in English. And 90% of all information in the world’s electronic retrieval systems is stored in English. There are several basic characteristics of the English language which make it so popular. 1) The simplicity of form. It has no many inflections to show singular and plural, tense, person like in German, Russian and French. Verbs have very few inflections and adjectives do not change according to the noun. 2) Flexibility. As a result of loss of inflections English has become a very flexible language. Without inflections the same word can operate as many different parts of speech. Many nouns and verbs coincide in form. Adjectives can be used as verbs. 3) Openness of vocabulary. This involve the free admissions of words from other languages and easy creation of compounds and derivatives. Most world languages have contributed some words to English. Though English is a world language there are some ideas of creating a lingua franca which will be the vehicle for international communication. Such a lingua franca can become Esperanto. Created in 1887 by Ludvig Zamenhof as a means of unifying the whole world it’s spoken by 8 mln people all over the world. It’s taught at schools in China, Hungary and Yugoslavia. There are some advantages of Esperanto as a 2nd language. -It’s easier to learn (Esperanto has 16 rules and no exeptions). -It’s a neutral language. It has no political or cultural bias. -It saves money because 55% of expenses in all international organizations are spent on interpreters and translators. But nevertheless English which began 1500 years ago as a rude language now encompasses the world. There is no reason to believe that any other language will appear within the next 50 years to replace English. However it is possible that English will not keep its monopoly in the 21st century. A small number of languages may form an oligopoly – each with special area of influence (Spanish for example). English has been an international language for only 50 years. Geographically it’s the most widespread language on Earth, second only to Mandarin Chinese in the number of people who speak it. It’s the language of business, technology, sport and aviation. This will no doubt continue although the proposition that all other languages will die out is absurd.

The Second Shepherds Play essays

The Second Shepherds Play essays The Second Shepherds Play goes against many of the characteristics that Horace believes should be in a play. The play does not stay in the boundaries of genres by mixing comedy with seriousness. It is not consistent; it is not without surprises. Finally, the author did not completely believe in Dulce Et Utile or does he carefully weigh the judgment of his work. This play combines a little bit of comedy with extreme seriousness. The play begins with three shepherds guarding their sheep when a character named Mak joins them. Mak steals a sheep while the shepherds are sleeping and take it home to his wife. When the shepherds arrive at Mak's house to see if he has stolen the sheep they are fooled into believing that the sheep is a new born baby that Maks wife has just delivered. Even with a close up view of the sheep/baby, the shepherds believe it is just an ugly baby with a big snout. The punishment that the shepherds inflict on Mak when they finally realize the baby is a sheep is quite comical also. Stealing is a serious crime and it has been for quite some time. The shepherd simply place Mak inside a blanket and toss him up and down a few times. When the shepherds are finished inflicting their punishment on Mak they return to guard their sheep. At this point in the play the plot takes a complete turn from comedy to seriousness. Other than the three shepherds still being characters in the play, the whole plot changes. The three shepherds receive word that baby Jesus is born in Bethlehem. The play goes from one extreme to the other surprisingly fast; it is almost two separate plays. Dulce Et Utile is a Latin word that means to give pleasure and profit. When a writer has the gift of story telling they should share it by writing and publishing their stories or plays. Someone with a true gift of being able to write will give pleasure to those who read it. When a story or play is published and bought b ...

Phrasal Verbs with Stand

Phrasal Verbs with Stand Phrasal Verbs with Stand Phrasal Verbs with Stand By Maeve Maddox The comment of a new U.S. resident telling about how he obtained residency got me thinking about the difficulties that ESL learners must have with phrasal verbs built on stand: A Vincentian priest at the parish stood in for me as a witness when I became a resident. With the help of several people in the church I got my work permit and became a citizen.† The grammar is unexceptionable, but the expression â€Å"stood in for me† conveys an unintended meaning. The new resident means that the priest â€Å"sponsored† or â€Å"testified for† him, but the idiom â€Å"to stand in for† means â€Å"to take the place of someone†: Paul Walkers brothers stand in for actor’s final scenes for Fast Furious 7 movie Cyril Ramaphosa to stand in for Zuma at briefing To convey the sense of sponsorship or testimony, one would say, â€Å"stand for witness,† â€Å"stand as witness,† or â€Å"stand up for†: At their hurried marriage, only a little boy stood for witness. I stand as witness for a sixteen-year-old boy I never met. My sister stood up for me at my wedding. â€Å"Stand up† can also mean, â€Å"fail to keep an appointment†: Her date stood her up at the last minute. A person â€Å"stands for† office. Countries and people â€Å"stand by,† â€Å"stand with,† or â€Å"stand up for† their friends: US says it will stand by allies against China The state of South Carolina is now offering drivers licenses that read: South Carolina Stands with Israel Students Stand Up for Football Coach Banned From Praying With Team As a verb, â€Å"stand by† means â€Å"to wait in readiness.† The noun stand-by means â€Å"a state of readiness: Police asked to stand by in case of trouble. Canteens on Stand-By to Respond to Tropical Storm Debby Egypt celebrates anniversary as army remains on stand-by Emergency services on standby to treat fans in Manaus â€Å"Stand by† also means, â€Å"to look on without intervening†: Pakistani Woman Beaten To Death By Her Family As Police Stand By We simply cannot afford to stand by while drugs, crime, corruption and terrorism devastate this already vulnerable region. As an imperative, â€Å"Stand by† means â€Å"wait for further developments†: Were Experiencing Technical Difficulties Please Stand By Many of these phrasal verbs are used with a literal meaning that is clear from the context: Stand aside so I can stay on the sidewalk. Stand up when the Queen enters the room. Stand back so the water doesn’t hit you. Here are a few more phrasal verbs built on stand: stand on: maintain â€Å"I stand on my decision.† stand aside/stand back: get out of the way If you can’t do the job as manager, stand aside/back and let me do it. stand for: represent, tolerate Superman stands for truth, justice, and the American Way. The boss won’t stand for repeated tardiness. stand out: be noticeable Wear something plain so you won’t stand out. stand up to: defend against, challenge, refuse to submit Next time George tries to take your lunch money, stand up to him. stand between: present a barrier His mother claims she doesn’t want to stand between them, but every time they set a date, she gets sick. stand down: leave the witness box; relax; withdraw. The witness was told to stand down. Police ordered to stand down as city burned. stand off: keep at distance The patrol stood off the enemy for three hours. Phrasal verbs represent only a small number of idioms that employ the word stand. A great many additional stand expressions remain to be discussed in another post. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:50 Idioms About TalkingPeople versus Persons150 Foreign Expressions to Inspire You

Consumer Protection Law Essay Example | Topics and Well Written Essays - 2000 words - 4

Consumer Protection Law - Essay Example Imputing liability upon a Seller purely on the basis of goods not conforming to the exact description of the good offered for sale may not be applicable unless and until it can be proved that the buyer relied upon such a description in arriving at a decision to purchase the product. The description of the good is to be taken into account when determining whether the goods are of a satisfactory quality. In the case of Varley v Whipp3, it was held that in every case where the buyer has not had the opportunity to see the goods before purchase, the goods will be deemed to have been bought by description. The old pot ornament would, therefore, have been expected to conform to its description and photograph as laid out in the advertisement, which states â€Å"old pot ornament, in good condition for its age.† But the goods received by Chris show the ornament not conforming to the description. The question of goods sold which did not match their description arose in the case of Beale v Taylor4 where the defendant had advertised his car as a 1961 Herald convertible, however, the actual car comprised two parts welded together and only one of these parts came from the 1961 model rather than the entire car. As a result, the car that was delivered to the buyer was held to not conform to its description and the Court allowed the plaintiff to secure damages. The question of description also arose in the case of Andrews v Hopkinson5 where the dealer’s description of the item in question as a â€Å"good little bus, I would stake my life on it† was held to be a contractual term because it formed a part of the description that was set out in the advertisement for the goods. Similarly, in the case of Couchman v Hill6, a statement made about the heifer sold was that it was â€Å"unserved† and the Court held that every item in the description which forms a component part of the identity of the object sold is a condition for which the seller can be held li able.