Speeches hit the spotlight as they merge into the largest firm in the industry - Free Essay Example

Sample details Pages: 11 Words: 3320 Downloads: 4 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Chapter 1 INTRODUCTION: THE MA MANIA Every time you watch the news or read the paper youd be faced with news of the merger mania and leaders discussing their visions and aspirations. Their speeches hit the spotlight as they merge into the largest firm in the industry. The press pushes for more statements, figures and secrets. The lights jump from one big transaction to the other leaving CEOs and their subordinates facing the daily-born challenges of a merger. Time passes and they now know that their jobs are at stakeÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦.. DEFINITION OF MERGERS ACQUISITIONS The term MA is strictly confined to strategically motivated business combinations i.e. transactions that result in the transfer of ownership as well as management and control rights from one company (the target) to another (the acquirer)  [1]  . This can be further described as follows: Acquisition: It occurs when one company takes controlling ownership of another firm or subsidiaries/assets of another firm. This includes spin-offs, divestitures and buy-outs  [2]  . In the course of acquisition process, firm A purchases a controlling interest in firm B. Firm B loses its economic independence. It may, however, remain an independent legal entity. The purchase can be a negotiated deal, in the case of listed corporations, firm A may make a public offer to all shareholders of firm B to buy their shares (tender offer). In case of asset acquisition, firm A purchases assets from firm B. If Firm A purchases all assets, firm B remains a shell corporation which owns only cash. It m ay be dissolved after paying out the cash to its owners. The two different types of acquisition (friendly and hostile takeovers) are further detailed and illustrated in the next section (1.3 The corporate takeover market pg.6). Merger: It is a combination of two or more firms in which all but one legally cease to exist, and the combined organization continues under the original name of the surviving firm  [3]  . Mergers and acquisitions occur in different directions: Horizontal is when both companies are in the same industry. A big example of a horizontal acquisition occurred on July, 2002, Pfizer, Inc. announced the acquisition of Pharmacia, Corp., which would create the largest pharmaceutical company in the world with a projected $48 billion in annual revenue and a research budget of more than $7 billion. Vertical is when a company integrates upstream or downstream their value chain. A big example of a vertical acquisition is that of Internet giant America Online, Inc. (AOL) purchasing media conglomerate Time Warner Inc. in a record setting one-hundred and sixty-five billion dollar deal  [4]  . The merger represented the next generation media company, combining new and old companies into one. Time Warners print publications, cable television lines, and services complemented AOLs online and interactive services and therefore, it is categorized as a vertical acquisition. Conglomerate (diversification) is when companies are from unrelated industries. The products of the two firms are not directly related to each other. With the acquisition, the buyer enters a new market  [5]  . Kelsos acquisition of Nortek is an example of a conglomerate merger. The two companies are totally unrelated. Nortek Inc. is a leading international designer, manufacturer and marketer of building products while Kelso Company, L.P. is a private equity firm based in New York City. Don’t waste time! Our writers will create an original "Speeches hit the spotlight as they merge into the largest firm in the industry" essay for you Create order THE CORPORATE TAKE-OVER MARKET The various tactics that may be used in developing the MA strategy should be viewed as a series of decision points, with objectives and opinions usually well-defined and understood before an MA attempt is initiated. This is illustrated in figure 1 in page 14. Such tactics could be done in a friendly or a hostile strategy. Common objectives for a bidder include: winning control of the target, minimizing transaction costs, facilitating post-MA integrationÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦etc. Friendly takeovers: This type of MA is less costly than aggressive tactics. It retains the key personnel, customers and suppliers during the transaction. It also manages to maintain the targets purchase price and the premerger integration. The primary disadvantage of this approach is the loss of the surprise element  [6]  . On 3 February 2000, UK-based mobile phone group Vodafone AirTouch and the German telecommunications and engineering group Mannesmann AG ended a 3-month takeover negotiations and reached an agreement of a merger. In November 1999, Vodafone had announced its willingness to takeover Mannesmann and later directly addressed its offer to the Mannesmann shareholders. When it became clear that Vodafones attempt at a hostile takeover might succeed, the Mannesmann management agreed to negotiate the terms for a friendly takeover. The agreement defines some terms for the integration of the two companies and their further strategic development. Furthermore, Vodafone confirmed its commitm ent to the Mannesmann employee and that the merger doesnt mean additional job losses, and the rights of the employees, trade unions and works councilors would be fully recognized  [7]  . 1.3.2 Hostile takeovers: Hostile takeovers, on the other hand, are more challenging. They mainly depend on the factor of surprise which reduces the probability of a leak in the price of the targets stock by arbitrageurs. In the context of MAs, arbitrageurs are speculators who attempt to profit from the difference between the bid price and the target firms current share price  [8]  . An increased pulse in the targets share price can add dramatically to the cost of the transaction. For these reasons, the bidder may choose to go for a hostile takeover. All the above can be simplified in the following figure: Bidder adopts friendly approach Bidder adopts aggressive approach Bear Hug (offer to target board) Initial Query If No, If Yes, If Yes, If No, Negotiate Walk Away Negotiate Proxy Fight Tender Offer Litigation Open Purchase As seen in chart above, the two primary methods of conducting a hostile takeover are the tender offer and the proxy fight: A tender offer is a public bid for a large chunk of the targets stock at a fixed price, usually higher than the current market value of the stock. The purchaser uses a premium price to encourage the shareholders to sell their shares. The offer has a time limit, and it may have other provisions that the target company must abide by if shareholders accept the offer  [9]  . In a proxy fight, the buyer simply tries to convince the shareholders to vote out current management and replace it with a team that supports the acquisition. One of the most famous recent hostile take-over fights was Hewlett-Packards takeover of Compaq. The deal was valued at $25 billion. Hewlett-Packard however spent so much more simply to sell itself to shareholders. 51 percent of shareholders voted in favor of the merger and the deal was executed despite trials to legally halt it.  [10]  . MOTIVES BEHIND MA There are several reasons that pave way to mergers acquisitions. The most significant two are: faster growth and synergy. Proponents of a deal will often point to an ability to grow faster and/or anticipated synergy as the justification for a specific purchase price  [11]  . The following are the strongest prevailing motives of MA: 1.4.1 Operating Synergy: Achieving lower average costs and thus higher profits through an increase in the scale of operation is the main motive for merger activity. Economies of scale refer to spreading of fixed costs over increasing production levels. Scale is defined by fixed costs as depreciation of equipment and amortization of capitalized software, obligations such as interest, lease payments and taxes  [12]  . Accordingly, a merger increases the efficiency of the new firm more than the sum of their parts. Economies of scope refer to using a specific set of skills or an asset currently employed in producing a product or service to produce related products or services. Economies of scope include costs of RD, single brand umbrella to sell several products, selling several products through common distribution channels and so on  [13]  . The utilization of such common capabilities and resources justifies the cost reduction resulting from merging two or more product lines in one firm than to produce them separately. Economies of scope was the motive behind the vast international conglomerates built up in the last two decades. The merger of Travelers Group and Citicorp in 1998, for example, relied on selling the financial products of one by using the sales teams of the other. Citigroup was formed on October 8, 1998, following the merger of Citicorp and Travelers Group to create the worlds largest financial services organization. The history of the company is, thus, divided into the workings of several firms that over time amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. The merger between Citicorp and Travelers Group was announced to the world, creating a $140 billion firm with assets of almost $700 billion  [14]  . 1.4.2 Financial Synergy: Financial synergy refers to the impact of MAs on the cost of capital (i.e. minimum return required by investors and lenders) of acquiring firm or the newly formed firm resulting from the MA. Theoretically, the cost of capital could be reduced if the merged firms have uncorrelated cash flows, realize financial economies of scale, or result in a better matching of investment opportunities with internally generated funds  [15]  . A good example of mergers achieving financial synergies would be the historical birth of ExxonMobil Corporation formed in 1999 by the merger of the two major oil companies, Exxon and Mobil. It is currently one of the largest publicly traded companies in the world, having been ranked either #1 or #2 for the past 5 years. Exxon Mobils reserves were 72 billion oil-equivalent barrels at the end of 2007 with 37 oil refineries in 21 countries constituting a combined daily refining capacity of 6.3 million barrels. ExxonMobils total reported operating expenses declined by $400 million after the merger. Financial synergies in the merger included efficiency initiatives, spending more than offset, the impacts of new business activity and affiliate reorganizations. During the first year, the new company closed down outdated refineries, slashed seven percent of the workforce and eventually provided consumers with a better and cheaper product. As a result, upstream unit expenses were down 3 percent. Downstream unit expenses were down 1 percent benefiting from both lower overall costs and increased volumes. Furthermore, financial synergy was not simply on expense reduction. It maximized the contribution from all its resources financial assets, property and equipment, people, raw materials, and contracted services making Exxon Mobil the largest refiner in the world now  [16]  . 1.4.3 Diversification: Diversification is the process by which a firm enters a new market, without necessarily leaving its existing one(s), with a product new to the firm but not necessarily to the world. The strategy requires an organizational change and the development of technologies within the firm  [17]  . The best objective for diversification is for a firm to shift from its core product line or market into other lines and markets that have higher growth prospects. If a firm is facing slower growth in its current markets, it may be able to accelerate growth by selling its current products in new markets that are somewhat unfamiliar. Similarly, a firm may attempt to achieve higher growth rates by developing or acquiring new products. The risk is reduced by merging or acquiring a firm already familiar with these new markets or products. Anticipating that the cigarette industry would decline in the future, Philip Morris decided to diversify its product offerings and looked for acquisitions of u nrelated products to decrease dependence on the future of tobacco. In 1970 it acquired Millers Brewing for $ 227 million. Miller was the eight largest U.S. brewer with a 4.4% market share. Philip Morris increased Miller production, introduced new lines of products (Miller Malt Liquor, Milwaukee Ale, Miller Ale), acquired Meister Brau in 1972, and in 1975 introduced Miller Lite. By 1972, under Philip Morris Miller grew to the 3rd largest brewer, behind Schlitz; in 1980, Miller overtook Schlitz to become the second largest brewer. Today Philip Morris Companies is a holding company with a diversified product offering: Miller Brewing, General Foods (acquired, 1985), Kraft, Oscar Meyer (acquired, 1981), and Philip Morris. In 1989, tobacco products accounted for 40% of sales, food products accounted for 51%, and beer accounted for 8%  [18]  . 1.4.4 Strategic Realignment This theory suggests that firms use MAs as ways of rapidly adjusting to changes in their external environments. During the last 15 years, the regulatory environmental and technological changes are what formed a companys opportunities and threats. As the pace of these changes accelerates, MAs are often viewed as a way of rapidly exploiting new products and markets. This is especially because firms often do not have the luxury of time or resources to innovate. Thus, MAs in this case are often considered as a fast and less expensive way to acquire new technologies and propriety know-how to fill gaps in their current product offering  [19]  . An example of a strategic alignment merger would be that of British Telecom BT and MCI Communication Corporation. In June 1994, BT and MCI Communication Corporation, the second largest carrier of long distance telecommunications services in the US, launched Concert Communications Services, a $1 billion merger. This alliance gave BT and MCI a global network for providing end-to-end connectivity for advanced business services. Concert was the first company to provide a single source, broad portfolio of global communications services for multinational customers. On 3 November 1996, BT and MCI announced they had entered into a merger agreement to create a global telecommunications company called Concert plc, to be incorporated in the UK, with headquarters in both London and Washington DC. As part of the alliance BT acquired a 20 per cent holding in MCI. BT thus took an equity stake in MCI and now both companies jointly market and sell each others products and services in Europe and the United States  [20] 1.4.5 Market Power This theory suggests that firms merge to improve their monopoly power to set product prices at levels not sustainable in a more competitive market. According to one study, mergers in the airline industry in the late 1980s did result in higher ticket prices. The argument is based on the premise that the whole is greater than the sum of its parts. That is, when two companies combine, their market growth should out-strip what the companies could achieve independently. The hugest examples of market power mergers are those of the pharmaceutical business. On January 18, UK pharmaceutical companies Glaxo Wellcome and SmithKline Beecham announced that they would be merging their operations. Glaxo SmithKline will be the largest drug company not only in the UK but also outright in the world as well. The merger was closed so accurately leaving no opposition from the monopolies and mergers commission, the government or other regulatory obstacles. The new company-worth some  £130 billio n-will be quoted on both the London and New York stock exchanges. The stock markets had responded favorably to news of talks between the two companies. Glaxo SmithKline are now the worlds biggest producer of prescription drugs and have a market share of more than 7 percent. Glaxo SmithKline also raised global drug sales of  £17 billion, and the combination of their crucial research and development arms saved them  £250 million. The company now has the largest annual research and development budget in the world at  £2.4 billion  [21]  . 1.5 HISTORICAL MA WAVES (1) The 1st MA Wave: 1890s The 2nd MA Wave: 1910s-1920s The 1st MA wave started in 1890s. Its main feature is the horizontal takeover for consolidating industrial production. This period is called the Great Merger Wave but came to an end by the First World War and by the initiation of anti-trust laws like Sherman Act  [22]  . (2) The 3rd Wave: 1950s-1970s The 1930-40s can be said the dark age due to the Great Depression and the subsequent Second World war. The 3rd wave began 1950s and ended in the 1970s when the first oil crisis brought a turmoil in 1973. In this wave, European enterprises pursued horizontal MAs  [23]  . (3) The 4th Wave: 1980s The main turning point in the 4th wave is the recovery of stock markets from recession. Moreover, the fast technological boost led to mergers of worldwide electronics firms to achieve size competitiveness. Hostile MAs were very common and non-related diversifications were cut short. (4) The 5th MA Wave: 1990s The 5th MA wave started 1993 and came to an end with the collapse of equity market in 2000. In both scale and the number of MAs, the 5th wave was unprecedented. During 1993-2001, there were 114,925 MAs in Europe versus 12,729 in the fourth wave. The transaction value in the 5th wave reached $20 trillion, five times greater than the value of the 4th MA wave  [24]  . This is directly associated with the mechanism of international financial market. The main features of the 5th wave could be listed as: 1. cross-border takeovers accounted for a significant portion of total MA deals; 2. deregulation and privatization opened another strategic pathway for cross-border MAs which resulted in the Asian market emerging as an attractive MA target place; 3. the number of hostile MA bids decreased  [25]  . (5) A New Wave Since the mid-2003, the volume of MAs rose by 71% in 2004 compared to 2002. The value of the MAs by European firms amounted to $758 billion compared to $517 billion in 2002. Cross border takeovers are more actively done constituting 43% of the total value of European firms between 2002 and 2005  [26]  . Among industry groups, telecommunication industry is experiencing numerous MAs. For example, at least 10 MAs were completed in the early of 2005 and 8 of them were cross-border takeovers. The decreasing number of hostile MAs is consistent to the MA movement during the 5th wave  [27]  . Table 1: The historical MAs trends Time Period Driving Force(s) Type of MA Activity 1897 1904 Drive for efficiency Technological changes Migration Horizontal consolidation 1916 1929 Entry into WW1 Largely horizontal consolidation 1965 1969 Rising stock market Sustained economic boom Growth of conglomerates 1981 1989 Underperformance of conglomerates vs stock market Favorable foreign accounting practices Rise of hostile take-overs 1992 2000 Economic recovery Booming stock market Internet revolution Globalization reduction in trade barriers Age of strategic mega-mergers 1.6 DO MERGERS AND ACQUISITIONS PAY OFF? The answer to the above posed question seems to depend on for whom and over what period of time. Around the announcement date if transaction, average returns to target firm share-holders, including both friendly and hostile, are about 30%. In contrast, the shareholders of acquiring firms generally returns that range from slightly negative and modestly positive around the announcement date  [28]  . Two approaches have been used to measure the impact of takeovers on shareholder value. The first approach, premerger returns, involves the examination of abnormal stock returns to the shareholders of bidders and targets at time of announcement. The second approach, post merger returns, measures the impact on shareholder value after the merger has been completed. 1.6.1 Returns to Shareholders: This is done by measuring the performance of MAs through accounting and other performance measures, such as cash flow and operating profit, during the 3-5 year period following completed transactions. Unfortunately, studies have shown conflicting evidence about long-term impact of MA activity. Some studies proved that MA create shareholder value and others have found that as many as 50-80% underperform their industry peers or fail to earn their cost of capital  [29]  . 1.6.2 Returns to Bondholders: Recent evidence suggests that investment grade bonds issued by target firms earn average excess returns of 4.3% around the merger announcement date. Moreover, returns to target bonds are even larger when the targets firm credit rating is lesser than the acquirers  [30]  . 1.6.3 Returns to Industry: Studies showed that MAs reflect future efficiencies by transferring assets from those who are not using them effectively to those who can. Studies also proved that MAs dont necessarily increase industry concentration i.e. share of output or value produced by the largest firms in the industry either in manufacturing or in the overall economy  [31]  .

Gandhi`s Achivements and Failures Essay - 961 Words

amp;#65279; Gandhi was an influential figure in our society. He taught many people about equal rights, honouring thy neighbour, and peace and tranquillity. Although at times his actions were deemed improbable and insane nevertheless, they were effective. Life of Mohatama Gandhi; his goals he accomplish for freedom for South Africa; and how Mohatama finally obtained freedom for India. Gandhi, also known as Mahatma Gandhi, was born in the present state of Gujarat on October 2, 1869. He was educated in law at University College, London. In 1891, after Gandhi was admitted to the British bar, he returned to India and attempted to create a law practice in Bombay, which failed. Two years after his failure, and India firm with interests†¦show more content†¦Indian streets were covered with Indians who would not get up even if beaten by police. Gandhi was then arrested but the British were forced to release him soon after. The economic aspects of the movement were significant. It resulted in extreme poverty in the country and almost utter destruction of Indian home industries. In order to quell the poverty Gandhi, allowed the revival of cottage industries. Gandhi then began using a spinning wheel as a sign of returning to the simple village life he had preached about. Gandhi became the international symbol of a free India. By the method of passive resistance, Britain too would consider violence useless and leave India. In 1921 the Indian National Congress gave Gandhi complete executive authority. Then, many revolts occurred against Great Britain. Gandhi then confessed the failure of his civil-disobedience method and ended it. The British government once again arrested and imprisoned him in 1922. When Gandhi was released in 1924 he concentrated on communal unity. In 1930, Gandhi announced a new method of civil disobedience, refusing to pay taxes, especially taxes on salt. This method created the quot;Salt March.quot; Thousands of Indians followed Gandhi from Ahmadabad to the Arabian Sea, where they made salt by evaporating seawater. Once more Gandhi was arrested but was released in 1931, stopping his methods after the British government agreed to some of his demands. In 1932, Gandhi began a new civil

Sorrow of War and Broken April Essay Example For Students

Sorrow of War and Broken April Essay Bao Ninh and Ismail Kadare use the characters and the events that occur within a particular setting to emphasize the characters personality and the relationships to one another. Bao Ninh and Ismail Kadare uses the relationship of Kien to Phuong during a time of war, Bessian to Diane, and Gjorg to Diane with a setting of blood feuds up in the mountains to express the lack of communication that the characters have which brought them to have a broken relationship at the end. In Sorrow of War Kien and Phuong are portrayed as childhood lovers. The setting of Sorrow of War is during the war time which creates this atmosphere for Kien, making him make himself private. But Phuong loves Kien a lot. Kien also loves Phuong, too, because to him she symbolizes physical warmth. A physical warmth that a man needs in war. If you look at it, Kien and Phuong does have a lot of physical human touch because during the night at the lake, Kien dared not sleep with Phuong, yet there was still a sense of completion and fulfillment of just lying there with her (Ninh 142). But as the story goes on Kien pushes Phuong away because he feels deserted and feels like he cant be in a relationship at all he had the guilt that he should of died during the war instead of living and feeling all the guilt and he did not want to hurt Phuong by making her feel that she may have a chance in a relationship with him. Kien is portrayed as a private guy; he is not very open so therefore he expre sses his thoughts, angers, and feelings onto war by writing it into his journals. The atmosphere towards the end on their relationship is cold and silent because in the story Phuong is described as a traditional upholding Vietnamese woman. She do have a beautiful face, hair waving, and lovely long leg all description of her being beautiful and fragile. Phuongs innocence and youth is also symbolized by the lake, which suggest about her immense purity before the war. But because of the war and the events that occurred for Phuong, such as when she was a victim of a gang rape, and Kien being a murderer right then. Phuong seeing that her character and views of Kien changes which turn to where she stops resuming her relationship with Kien. As for Kien he see Phuong more like-of a whore which made her lose the innocence within her, and its hard for her and Kien to mend their relationship. The relationship of Phuong and Kien was destroyed by the war because of the events that happens which causes both Phuong and Kiens loss of their innocence. It takes away Phuongs loyalty towards Kien, and stops them from resuming their previous relationship. But it may also seem that the war had a greater impact on Phuong as a person, as her optimistic, fragile, happy character is destroyed, and she is no longer able to accept Kien into her life. Despite the events that even Kien called her a whore on the train at the end; we see her as a strong woman, because, she seemed to be welcoming her new lifestyle, embracing it with a calm, carefree approach. From a pure, sweet, and simple girl she was now a hardened experience woman, indifferent to vulnerable emotions. To Kien she seemed to be walking away from his life, from herself, from her past, her country, and without the slightest regret (Ninh 223). This shows how much her relationship and the events that occurred with Kien made her stronger and not weaker. Even at the end when their feelings were never spoken out to one another; they went their own separate ways, with silent feelings for each other that were never spoken in words. .uac9c2c8388015e8dbc45f40d1d77a9f5 , .uac9c2c8388015e8dbc45f40d1d77a9f5 .postImageUrl , .uac9c2c8388015e8dbc45f40d1d77a9f5 .centered-text-area { min-height: 80px; position: relative; } .uac9c2c8388015e8dbc45f40d1d77a9f5 , .uac9c2c8388015e8dbc45f40d1d77a9f5:hover , .uac9c2c8388015e8dbc45f40d1d77a9f5:visited , .uac9c2c8388015e8dbc45f40d1d77a9f5:active { border:0!important; } .uac9c2c8388015e8dbc45f40d1d77a9f5 .clearfix:after { content: ""; display: table; clear: both; } .uac9c2c8388015e8dbc45f40d1d77a9f5 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uac9c2c8388015e8dbc45f40d1d77a9f5:active , .uac9c2c8388015e8dbc45f40d1d77a9f5:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uac9c2c8388015e8dbc45f40d1d77a9f5 .centered-text-area { width: 100%; position: relative ; } .uac9c2c8388015e8dbc45f40d1d77a9f5 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uac9c2c8388015e8dbc45f40d1d77a9f5 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uac9c2c8388015e8dbc45f40d1d77a9f5 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uac9c2c8388015e8dbc45f40d1d77a9f5:hover .ctaButton { background-color: #34495E!important; } .uac9c2c8388015e8dbc45f40d1d77a9f5 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uac9c2c8388015e8dbc45f40d1d77a9f5 .uac9c2c8388015e8dbc45f40d1d77a9f5-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uac9c2c8388015e8dbc45f40d1d77a9f5:after { content: ""; display: block; clear: both; } READ: Myths - Explaining the Unexplained EssayIn Broken April Ismail Kadare uses the relationships of Bessian to Diane and Gjorg to Diane in a setting of blood feuds up in the mountains. The relationship of Bessian and Diane is that they are newlyweds. Bessian loves Diane, but do not really know how to express it. Bessian does not want to say anything because he does not want his wife to misunderstand and start an argument with her. Bessian even knew that his wife had other feelings and even thought the idea of going home tormented him more and more (Kadare 168) but he did it for his wifes sake. Even during those days he had been waiting to hear her say at last the words that w ould have been so natural..he had waited for those words impatiently, feverishly, the remedy for their trouble but she had not said them.he now found that he had no clue to what it might mean (Kadare 167). This shows how much he wont say anything to his wife but just wait for a cue from her. Just like how Bessian thought to himself why did you go there, he cried out within himto look for that mountaineer, That Gjorg (201). Bessian, however, is scared to find out the truth from Diana and what she is really feeling, No, it would be better that she keep silent all through this dreadful trialthat he never hear her say to him the things that would give him pain (176). As for Diane she is described as beautiful women but simple-minded. She on the other hand, doesnt say anything either to her husband Bessian, because he is enjoying the trip and she doesnt want to ruin it even though she doesnt like it and feels really uncomfortable. Their relationship is silent because they are unable to express their thoughts and feelings to each other even when they are married. This setting of Broken April is set up in the mountains where there is killings that the families have had going on for generations. But because of this, Bessian and Diane were able to meet Gjorg who just killed someone and was traveling to pay his blood tax. On his travel he encounters Bessian and Diane. After their meeting with each other Bessian spoke about Gjorg saying, a man must have the will of a titan to turn towards death on orders that come from a place so far away (Kadare 112) these words made Diane think a lot about Gjorg because of the situation Gjorg is. Although Gjorg and Diane never really talked, but are attracted to each other not realizing it. When Diane said, The name to herself and she felt that an emptiness was spreading inside her chest (Kadare 116). This made her attracted to the death of Gjorg and his bessa because she would often ask Bessian what the day was because she remembered that Gjorgs bessa was over in mid-April. Gjorg on the other hand is fascinated by the beauty of Diane when they made eye-contact. Dianes beauty resembles this love feeling for Gjorg that he never had a relationship due to the fact that his fiancà ¯Ã‚ ¿Ã‚ ½ passed away. The high plateau and the blood feud setting is a place where people lose their lives, which sucks the lives out of people who lives there because of all the blood feuds. Which connects to Diane because the setting of the blood feud sucks the feelings from Diane which makes her lose the feelings of loving her husband and thinking that she had married the wrong man. But she doesnt say anything at all. Analyzing the two stories relationships you can see a lot of similarities because the couples, they lack a good communication. Thats what creates a misunderstanding for them. If you look at it theres always interference between each of the relationship such as Kien and the war of how he couldnt be in a relationship and that he should have died during the war instead of living and feeling all the guilt making him push Phuong from him. Diane and Gjorg have silent relationship because they never had a chance to talk to each other. Lastly Bessian and his works because hes so attached and focus on wanting to visit the high plateau because he has written so many books about it that he didnt pay much attention to his wife making her feel like an outsider to him. Overall Bao Ninh and Ismail Kadare uses the events that occur within the setting to express the lack of communication that the characters have which brought them to have a broken relationship at the end.

Ashcan School Essay Example For Students

Ashcan School Essay ASHCAN SCHOOLThe Ashcan School was a movement which was integral and in a way 1 inevitable with the infancy of the twentieth century. This movement in art was brought about by a handful of artists who converged on New York City around the turn of the century.2 The major Ashcan artists who will be discussed later are Robert Henry ( 1865- 1929), George Luks (1866- 1933), Everett Shinn (1876- 1953), George Bellows (1882- 1925), John Sloan (1871- 1951), and William Glackens ( 1870- 1938).3 These were the major members of the Ashcan School. This is a group of artists who are credited with documenting the ordinary life on a human level in New York City during this incredible time of transformation. Because of these artists we have a picture of New York not based on the monuments or buildings but based on the interaction and the coexistence of the people who shaped the society which was emerging. The island of Manhattan was consolidated into the greater New York City in 1898. Because of this the city was transformed from a nineteenth century seaport with cobblestone streets into a twentieth century metropolis of skyscrapers and subways. The artists of the Ashcan movement saw this changing society in human terms. They saw this in a light which depicted the interaction of so many different cultures which were being thrust together. They documented these changes on a level which the ordinary person could understand. Because of the Ashcan School we have a picture of society which one really cannot understand amidst the overpowering spectacle of overpowering buildings and increasing technology.4 To understand the Ashcan movement it is necessary to look more closely at some of the major artists who were involved. George Bellows moved to New York in 1904 after he dropped out of Ohio State University following his junior year. Once in New York he enrolled in classes at The New York S chool of Art. He quickly became Robert Henris star pupil and valued friend. Bellows was fascinated by New York City. He attempted to capture in his art the social change which he noticed in the city. By the time he was twenty four his art had the attention of the cities leading critics, and his work was shown regularly at exhibitions at the national academy of design. Bellows became the youngest artist ever to elected an associate of the National Academy of Design in 1909. Robert Henri got his art training from the Pennsylvania Academy of Fine Arts and from the Ecole des Beaux which is in Paris.5 He said that in his own work he tried to portray this thing that I call dignity in a human being. This was whether he was painting the elegant, wealthy New York socialites or the Irish children or the Spanish Gypsies which he painted abroad. Henri believed that art should embody the spirit of its own time. He attempted to convince his pupils to go into the streets and capture the spontaneity and character of the people that he saw. George Luks was an editorial cartoonist. He also created The Yellow Kid which was a widely read comic strip published in the New York World.6 It was around 1900 when he decided to leave newspaper work in order to paint full time. He decided to focus on New Yorks Lower East Side which consisted primarily of Jewish and Italian neighborhoods. He made a complete turnaround in his approach to art, leaving behind the wit and satire of the cartoon in order to focus on portraying the streets and people of this densely populated neighborhood with compassion and with understanding. .u3a09d5d32db5341b3f52d76b41879b98 , .u3a09d5d32db5341b3f52d76b41879b98 .postImageUrl , .u3a09d5d32db5341b3f52d76b41879b98 .centered-text-area { min-height: 80px; position: relative; } .u3a09d5d32db5341b3f52d76b41879b98 , .u3a09d5d32db5341b3f52d76b41879b98:hover , .u3a09d5d32db5341b3f52d76b41879b98:visited , .u3a09d5d32db5341b3f52d76b41879b98:active { border:0!important; } .u3a09d5d32db5341b3f52d76b41879b98 .clearfix:after { content: ""; display: table; clear: both; } .u3a09d5d32db5341b3f52d76b41879b98 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u3a09d5d32db5341b3f52d76b41879b98:active , .u3a09d5d32db5341b3f52d76b41879b98:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3a09d5d32db5341b3f52d76b41879b98 .centered-text-area { width: 100%; position: relative ; } .u3a09d5d32db5341b3f52d76b41879b98 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3a09d5d32db5341b3f52d76b41879b98 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3a09d5d32db5341b3f52d76b41879b98 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u3a09d5d32db5341b3f52d76b41879b98:hover .ctaButton { background-color: #34495E!important; } .u3a09d5d32db5341b3f52d76b41879b98 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3a09d5d32db5341b3f52d76b41879b98 .u3a09d5d32db5341b3f52d76b41879b98-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3a09d5d32db5341b3f52d76b41879b98:after { content: ""; display: block; clear: both; } READ: Manifest destiny EssayCompared with his Ashcan contemporaries, John Sloan was a latecomer to the movement of urban realism. Until 1903 he had made the art nuveau styled posters and puzzle designs which were popular in the Philadelphia press.7 It was in that year that the paper switched to photography which put most of the staff artists out of work. William Glackens asked him to illustrate the novels of Paul de Koch. It was at this point that Sloan changed to a style which gave full range to his abilities and his insights on society. His change to urban realism was complete by 1904. At this point he began painting the area around his apartment in Chelsea. This was a working class Irish neighborhood which was adjacent to the tenderloin district containing bars and brothels.8 Everett Shinn moved to New York in 1897 at which time he went to work for the New York World. He began receiving commissions for magazine illustrations and by 1900 was considered among the countries most promising young illustrators. Shinn had his first solo exhibition in 1900 at the Boussod, Valadon gallery. This show featured pastel drawings of life in the cities tenement districts and portraits of several theater personalities.9 This show was a financial and a critical success for Shinn and launched his career. Over the next five years his work was featured in four different New York Galleries. After returning from a trip to Europe with Robert Henri in 1895 and 1896 William Glackens took a job with the New York World. He soon made the transition into magazine work. It was in this setting that his abilities really began to be recognized and he began to win commissions to illustrate human interest stories as well as tales of New York life. Glackens became adept at capturing the interaction of New Yorkers at leisure. He did this by painting scenes in Washington Square which was near his studio, and scenes in other public places frequented by the cities population.10 The years of the Ashcan School coincided with the progressive era. This was a time when journalists and reformers brought issues of wealth and poverty to the forefront of public attention. The art work of the Ashcan school reflected these concerns. During this time Robert Henri regularly attended meetings at the home of Emma Goldman, a reputed anarchist, and John Sloan became a candidate for office on the socialist party ticket. Despite these political affiliations, though, the artists of the Ashcan School in general attempted to avoid propagandizing their work. John Sloan went so far as to resign as art editor of The Masses, a radical magazine of the time, in protest of the overpoliticized captions which were being added to drawings featured in the magazine.11 Perceptions of immigrant life had begun to transform by the time the Ashcan artists arrived in New York City. The immigrant population up until this time had been viewed as alarming and something to be feared, almost as a foreign city within our own city. However, within the early years of the twentieth century many people reporting on New York life, including the Ashcan artists tended to view the immigrant population as a source of vitality and diversity through which the city greatly benefited. The Ashcan artists in particular were interested more in the humanity of the Lower East Side rather than its strangeness and peculiarity.12 T hey tended to explore the contrast between the different cultures and the ways of the old world and the ways of the new one being built around them. The artists of the Ashcan school savored the experience of going to public places to get the majority of the material for their art. To them this was the essence of life in New York City. How people interacted with each other, how they reacted to the different cultures and dealt with the conflicts and differences that would arise was excellent subject matter for their form of art. This is really what interested them and where they felt that the vitality of the city spawned from. .u4b284619268290287f69424274557c06 , .u4b284619268290287f69424274557c06 .postImageUrl , .u4b284619268290287f69424274557c06 .centered-text-area { min-height: 80px; position: relative; } .u4b284619268290287f69424274557c06 , .u4b284619268290287f69424274557c06:hover , .u4b284619268290287f69424274557c06:visited , .u4b284619268290287f69424274557c06:active { border:0!important; } .u4b284619268290287f69424274557c06 .clearfix:after { content: ""; display: table; clear: both; } .u4b284619268290287f69424274557c06 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4b284619268290287f69424274557c06:active , .u4b284619268290287f69424274557c06:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4b284619268290287f69424274557c06 .centered-text-area { width: 100%; position: relative ; } .u4b284619268290287f69424274557c06 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4b284619268290287f69424274557c06 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4b284619268290287f69424274557c06 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4b284619268290287f69424274557c06:hover .ctaButton { background-color: #34495E!important; } .u4b284619268290287f69424274557c06 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4b284619268290287f69424274557c06 .u4b284619268290287f69424274557c06-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4b284619268290287f69424274557c06:after { content: ""; display: block; clear: both; } READ: E.e. Cummings EssayThe Ashcan artists were among the first of the American artists to depict the world of entertainment. Some of their pieces included portrayals of amateur night at vaudeville theater, people dining out , crowds at the beach and street entertainers in immigrant neighborhoods. Through this, however, they emphasized the human side of the event, such as the interplay between the performer and the audience. These artists tended to key in on the social relations of people in a world where ideas of restraint and tolerance were constantly changing. At this point of time during the opening years of the twentieth century another important change was taking place in the United States. This was the changing roles of the sexes in these years of fluid change. The suffrage movement was gaining momentum at this time. By 1910 women had the right to vote in four western states.13 Women had also formed labor unions specifically to deal with issues concerning women in the workplace. There became a large population of single women who supported themselves as teachers, office clerks, sales people and as service workers. The labor of these women was invaluable to New Yorks garment industry. Working women were also a principle market for the low cost, ready to wear fashions widely available for the first time. This change in womens roles led to a change in mens roles in society as well. The artists of the Ashcan movement were fascinated by this transition in the roles of the sexes. While many people met these changes with fear and a confrontational attitude, the Ashcan artists seemed content to record the transition solely from a standpoint of social interaction. The artists of the Ashcan School introduce us to an aspect of society in the city which had been up until this point ignored or at the very least overshadowed by the dominating changes which New York was visibly undergoing. This was the aspect of change at the human level of cultural interaction and survival. These artists found their subject matter in the most basic level of society, the level of human existence, and as it turned out people were hungry for this type of art. It was encouraging to see people surviving amidst all of the controversy and change. Maybe that is why this art has survived as long as it has.

I thought you inherited your money. Essays - Daisy, Kernel Panic

I thought you inherited your money." "I did, old sport," he said automatically, "but I lost most of it in the big panic the panic of the war. I think he hardly knew what he was saying, for when I asked him what business he was in he answered, "That's my affair," before he realized that it wasn't the appropriate reply. "Oh, I've been in several things," he corrected himself. "I was in the drug business and then I was in the oil business. But I'm not in either one now." With enchanting murmurs Daisy admired this aspect or that of the feudal silhouette against the sky, admired the gardens, the sparkling odor of jonquils And inside, as we wandered through Marie Antoinette music-rooms and Restoration salons, I felt that there were guests concealed behind every couch and table, under orders to be breathlessly silent until we had passed through His bedroom was the simplest room of all except where the dresser was garnished with a toilet set of pure dull gold.

Coffee Cup and Bomb Calorimetry

Coffee Cup and Bomb Calorimetry A calorimeter is a device used to measure the quantity of heat flow in a chemical reaction. Two of the most common types of calorimeters are the coffee cup calorimeter and the bomb calorimeter. Coffee Cup Calorimeter A coffee cup calorimeter is essentially a polystyrene (Styrofoam) cup with a lid. The cup is partially filled with a known volume of water and a thermometer is inserted through the lid of the cup so that its bulb is below the water surface. When a chemical reaction occurs in the coffee cup calorimeter, the heat of the reaction is absorbed by the water. The change in water temperature is used to calculate the amount of heat that has been absorbed (used to make products, so water temperature decreases) or evolved (lost to the water, so its temperature increases) in the reaction. Heat flow is calculated using the relation: q (specific heat) x m x Δt Where q is heat flow, m is mass in grams, and Δt is the change in temperature. The specific heat is the amount of heat required to raise the temperature of 1 gram of a substance 1 degree Celsius. The specific heat of water is 4.18 J/(g ·Ã‚ °C). For example, consider a chemical reaction that occurs in 200 grams of water with an initial temperature of 25.0 C. The reaction is allowed to proceed in the coffee cup calorimeter. As a result of the reaction, the temperature of the water changes to 31.0 C. The heat flow is calculated: qwater 4.18 J/(g ·Ã‚ °C) x 200 g x (31.0 C - 25.0 C) qwater 5.0 x 103 J The products of the reaction evolved 5,000 J of heat, which was lost to the water. The enthalpy change, ΔH, for the reaction is equal in magnitude but opposite in sign to the heat flow for the water: ΔHreaction -(qwater) Recall that for an exothermic reaction, ΔH 0, qwater is positive. The water absorbs heat from the reaction and an increase in temperature is seen. For an endothermic reaction, ΔH 0, qwater is negative. The water supplies heat for the reaction and a decrease in temperature is seen. Bomb Calorimeter A coffee cup calorimeter is great for measuring heat flow in a solution, but it cant be used for reactions that involve gases since they would escape from the cup. The coffee cup calorimeter cant be used for high-temperature reactions, either, because they would melt the cup. A bomb calorimeter is used to measure heat flows for gases and ​high-temperature reactions. A bomb calorimeter works in the same manner as a coffee cup calorimeter, with one big difference: In a coffee cup calorimeter, the reaction takes place in the water, while in a bomb calorimeter, the reaction takes place in a sealed metal container, which is placed in the water in an insulated container. Heat flow from the reaction crosses the walls of the sealed container to the water. The temperature difference of the water is measured, just as it was for a coffee cup calorimeter. Analysis of the heat flow is a bit more complex than it was for the coffee cup calorimeter because the heat flow into the metal parts of the calorimeter must be taken into account: qreaction - (qwater qbomb) where qwater 4.18 J/(g ·Ã‚ °C) x mwater x Δt The bomb has a fixed mass and specific heat. The mass of the bomb multiplied by its specific heat is sometimes termed the calorimeter constant, denoted by the symbol C with units of joules per degree Celsius. The calorimeter constant is determined experimentally and will vary from one calorimeter to the next. The heat flow of the bomb is: qbomb C x Δt Once the calorimeter constant is known, calculating heat flow is a simple matter. The pressure within a bomb calorimeter often changes during a reaction, so the heat flow may not be equal in magnitude to the enthalpy change.

International Human resource management Essay Example | Topics and Well Written Essays - 2750 words - 1

International Human resource management - Essay Example The enterprises that are able to effectively manage the human resources are the ones that are capable of competing well in the dynamic global market. Scholz & Zentes (2009) points out that even with the increased awareness on the global trends, multinationals are still having a lot of problems in expatriation and repatriation processes. This is basically as a result of the fact that the different countries in which such organizations are operating has diverse factors and concerns that determine how effective and profitable a business will be. The factors may be economical, political, social, legal, technological and social. One of the main areas of concern is on the pay and conditions of the employment (Ferner & Quintanilla, 2001). Multinationals rely on two management approaches in the global arena to manage employees. They are the standardization and the adaptation approaches. The multinationals which use the standardized model of operations employ similar strictures for the employee remuneration and conditions of employment in all their areas of operations. The standardized structure is aimed at streamlining all the operations of the business in the various markets and regions where it is operating in. Hilton Hotel is one of the corporations which uses this approach in all its branches worldwide. Ferner & Almond (2004) notes that adaptation, on the other hand, entails restructuring the human resources operations and approaches so that they conform to the prevailing conditions in the market or country where an enterprise is operating in. Such businesses, therefore, consider the various social, political, economic and cultural factors that may affect their human resource operations and integrate them in their operations. Aguilera (2004) adds each of these approaches has its own pros and cons. Despite this being the case, multinationals