Prewriting Assignment Example | Topics and Well Written Essays - 1750 words

Prewriting - Assignment Example 2. Is this article focused on a specific crowd (a thoughtful, nonpartisan, or antagonistic crowd)? Where was it distributed? This paper is focused on understudies having a place with millennial age, considering pressure resistance methodologies sent by them and dissecting their viability. The article was distributed by Project Innovation, Inc. in Spring Hill Station, Virginia (Southeast America). 3. What is the author’s reason for composing the paper and their postulation (principle guarantee)? The creators mean to contemplate ways of life displayed by understudies of ongoing ages and stress-taking care of methodologies embraced by them. Through an evaluation review of 246 understudies, the creators had the option to close on their theory that these students are not overseeing pressure adequately, subsequently presenting themselves to high dangers of low pressure resilience. The writers basically guarantee through this exposition that individuals ought to make such conditions for their millennial age kids attending a university that they can figure out how to be free and handle weight all alone. 4. What presumptions does the creator make about the subject of general/human sciences training (for example it is vital or obsolete, or ought to be altered, or is fruitful in specific situations)? The creators expect that school life is a distressing excursion for masses and trust it to be important to concentrate on the millennial ages relating to most recent a long time since they come up short on the develop capacities of adapting to pressure. Current conditions have driven them to receive techniques to battle pressure which are profoundly ineffectual and produce unfriendly impacts. The creators have deliberately chosen and focused on topic for this paper establishes to issues of present day time. The creators anyway guarantee that their examination will not be anticipated on or taken to be illustrative of the whole populace since they chose a restricted exam ple size for their investigation. Furthermore, because of nature of research system received, circumstances and logical results relationship can't be precisely settled and needs further confirmation. 5. What advances does the creator make? See beneath. Does the creator request to purpose behind (model, with utilization of insights, master declaration, or individual experience)? Where and in what capacity (should compose section numbers)? Does the creator claim to feeling (for instance, with stacked descriptive words)? Where and by what means (should compose section numbers)? Does the creator offer to our feeling of morals (what’s right or wrong) by indicating the person in question is reliable? Where and in what capacity (should compose section numbers)? The creators request to reason that youthful ages think that its hard to adapt to pressure and utilize unwanted intends to battle against it, bringing about radical repercussions. At different places in the article, the artic les guard their perspective with legitimate and quantitative thinking remembering fragments for ‘Millennials and Stress’ passage (pp. 364), ‘Stress Tolerance’ section (pp. 365), ‘Results’ passage (pp. 368-71) and ‘Discussion’ passage (pp. 372-73). Moreover, they additionally offer to feeling by recommending how the juvenile and honest ages need more consideration and parental help in taking care of pressure and social weights of accomplishing passing marks to make due in the profoundly serious society. This has been stressed in areas of ‘

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Integrity in The Fountainhead - Literature Essay Samples

Integrity is a quality frequently sought after but rarely achieved; once achieved; it is even more rarely maintained. It is an elusive gem with the potential to inspire and transform a person. Unfortunately, it is often compromised – a valuable payment for something of lesser value- whether it be wealth, prestige, or social standing. This odd yet common exchange is demonstrated in Ayn Rand’s The Fountainhead, and is explored in the context of architecture. First, the concept of integrity is portrayed through Henry Cameron in the sense that he maintains his integrity yet is destroyed by society due to his uncontainable passion. Second, Peter Keating and partner Guy Francon willingly substitute not only their own integrity, but that of their buildings in exchange for wealth and popularity in society. Finally, Howard Roark defies and overcomes the seemingly destructive and menacing society all whilst maintaining his most precious possession: his honour. As is demonstrated throughout the novel, society despises passion, devotion, and individuality, and will often stop at nothing to destroy any hint of it. However, Cameron and Roark share an understanding necessary for true greatness: it is not only commendable, but desirable to be hated by society, because in being so, the precious gem of integrity has been sustained.Henry Cameron – though an architectural genius – is seen as a commercial failure among societal members. In essence, his unstable career as an architect is spent introducing the supposition to society that it is more admirable to be a commercial failure while maintaining genius, as opposed to sacrificing genius for the sake of social success. Essentially, Cameron fights for integrity in a corrupted society. The corruptor of this society – Ellsworth Toohey – convinces the public to hate Cameron on the basis of poor architectural skills. However, Cameron’s only mistake is that â€Å"he love[s] his workâ⠂¬  (46), and has an unbridled passion for it. As a result, his passion is evident in his buildings, and screams in the faces of passersby. Ultimately, Henry Cameron’s work is passion; it is honesty, and fearlessness. Subconsciously, society hates Cameron for the sole reason that his early buildings manage to achieve what they cannot: pure honesty and uprightness. In truth, â€Å"men hate passion, any great passion† (45) causing them to reject Cameron’s own portrayals of passion. However, armed with Toohey’s excuses of ungodly architecture, society disguises these feelings of inadequacy by condemning Cameron’s work. Cameron admits to Roark that â€Å"thirty years of a lost cause† (64) is not as romantic as it sounds, and in a moment of regret, warns him to follow a different path saying â€Å"accept them, Roark. Compromise. Compromise now, because you’ll have to later, anyway† (62). Ultimately, in the moments of his career t hat Henry Cameron is most obsessed with his work, he is most successful. However, when his focus strays from his passion to the menacing public, his career gradually collapses. He begins not only to see them, but to fear them and their hatred; the public condemnation of Cameron, leads to the demise of Cameron. This fear is expressed when he asks Roark â€Å"do you ever look at the people in the street? Aren’t you afraid of them?† (64). Following this, Cameron admits that he fears these people, and in saying â€Å"the substance of them is hatred for any man who loves his work† (64) he is revealing the reason he has been destroyed by the masses. Only when he begins to recognize and fear the masses, is he overcome. Therefore, though Cameron recognizes that it is desirable to be hated by society for the sake of integrity, his fear of the masses lead to his destruction. By contrast, for Peter Keating and his advisor Guy Francon, their greatest fear is not sacrificing their integrity, but being hated by society. As a result, Keating and Francon readily surrender their honour for social popularity. Like a beggar so desperate for money he yields anything, such is Keating and his thirst for a respectable social standing. Contrary to Roark, who refuses to compromise his integrity for the sake of social acceptance, Keating compromises his morals, interests, and even the love of his life-Catherine-in exchange for prestige and false respect. The respect given him is false, because those who know of his sleazy escapades do not respect him in the least. This willingness to exchange integrity for abstract, worthless possessions is the fundamental difference which places Keating and Francon in an entirely different spectrum than Cameron and Roark. Just as the public hates Cameron’s buildings because they are honest and upright, Keating resorts to despising Roark because he represents everything that Keating never was. Peter claims that â€Å"it [is ] not necessary to wonder about the reasons. It [is] necessary only to hate, to hate blindly, to hate patiently, to hate without anger; only to hate, and let nothing intervene, and not let oneself forget, ever† (194). In spite of this claim, the reason for his hatred is evident – just as men hate passion, they also hate integrity, for it is a surreal treasure that so quickly vanishes. Despite his contempt for Roark, after decades devoted to appealing to the insatiable public, Keating finally recognizes the truth: that hatred from society for the sake of integrity is not only the most respectable result, but the most desirable. In saying â€Å"I am a parasite. I’ve been a parasite all my life† (575) Peter Keating admits that he is truly poor, for even the things he has gained have left him empty. He verbally affirms the futility of all he has strived for when he says â€Å"I need a prestige I don’t deserve for an achievement I didn’t accompli sh to save a name I haven’t earned the right to bear† (575). Gradually, societal love for Peter Keating only becomes a reminder to him of his readiness to sacrifice integrity, and he begins to desire their hatred instead.The internal tug-of-war between social acceptance and maintaining integrity that Keating struggles with throughout his career is not prevalent in the life of Howard Roark. In truth, it does not even exist. In contradiction to Keating, Francon, and even Cameron, Roark does not consider the opinions of society in the least; moreover, he claims he does not see them, saying â€Å"but I never notice the people in the streets† (64). His presence â€Å"[makes] them feel that he [is] not there; or perhaps that he [is] and they [aren’t]† (62). It is for this reason that Roark is able to overcome the hatred of society and eventually become not only an artistic and moral success, but also a commercial success – a feat which Cameron does not accomplish. Instead of fearing their contempt, Roark welcomes it, seeing it as a commendable and desirable result, because it reflects his greatest accomplishment: his relentless integrity. Unlike Keating, Roark builds entirely for the purpose of building, and in doing so, his own honour and uprightness are portrayed in these structures. As is the case with Cameron’s buildings, society chooses to reject them because they confidently and unashamedly represent passion and integrity – qualities that the majority of people no longer possess. Roark establishes in his conversation with Austen Heller that â€Å"a house can have integrity, just like a person†¦and just as seldom† (136), demonstrating that his buildings are the essence of what man should be. Unlike Cameron, who fears the masses and their capabilities, Roark expresses his distaste for them strongly, saying â€Å"do you not know that most people take most things because that’s whatâ€℠¢s given them, and they have no opinion whatever?† (165). It is in this way that Roark and Cameron differ dramatically: while they both recognize integrity as a necessity that must be maintained, Roark overcomes the hatred that possesses society simply by refusing to recognize it as an obstacle. Success only exists if it is recognized as success. Failure only exists if it is declared as such. In the same way, the masses are only an obstacle if they are recognized as one. Roark refuses to see society as an opponent; therefore – until it directly interferes with his work in the case of the Cortlandt Homes – he does not view it as an opponent. Instead, society represents everything that Howard Roark does not want to be: dishonesty, corruption, and compromise. Realistically, if one was adored by people whose morals contradict one’s own personal morals, the present lifestyle would be questioned. Therefore, if Roark is detested by a group of people which stands for such faulty standards, this is not a downfall, but an accomplishment, for he has sustained his integrity. In conclusion, characters such as Howard Roark and Henry Cameron demonstrate that contempt from society is not only meritorious, but it also desirable. For in receiving hatred from those who so readily compromise their own honour, personal integrity is re-established. This is demonstrated by various characters throughout the novel, such as Henry Cameron who – though managing to preserve his own integrity – is destroyed by a society whom he fears. It is contradicted by Peter Keating and Guy Francon, who represent those in society that only realize too late that integrity is one’s most precious possession. Finally, Howard Roark is the image of this ideal as he not only overcomes the masses in the pursuit of integrity, but becomes a moral, artistic and commercial success. In brief, integrity is not only humanity’s most valuable possession, but it is also the most influential, for by fighting to maintain its existence, honesty, truth, and a faultless world are also fought for.

The Silence Of The Lambs By Jonathan Demme - 1641 Words

The â€Å"Silence of the Lambs† directed by Jonathan Demme based on the story by Ted Tally, is a psychological thriller film that involves the main character(s) Clarice Starling, Dr. Hannibal Lecter, and Jamie Gumb. Most of the story in the film takes place in Pittsburgh, Pennsylvania in 1989-90s. In the film, Jodie Foster played the female protagonist Clarice Starling, an F.B.I agent who worked in the behavioral science unit; which was assigned to confide and interrogate an incarcerated killer to receive insight into a case that would be helpful on catching another vicious serial killer. Anthony Hopkins played a male antagonist Dr. Hannibal Lecter a forensic psychiatrist who is a serial killer, psychopath, manic, and a cannibal that loves to convert the meat of his victims into tasty dishes for himself. However, Lecter is a gentleman who has an astonishing intellect and speaks very eloquently. The third character played by Ted Levine is Jamie Gumb which is the most impor tant antagonist of the movie because he is a fictional serial killer best known by the F.B.I as Buffalo Bill. Gumb is a transsexual who loves to kill female victims, to skin their humps to create skin suit. The plot revolves around the conflicts of good versus evil and loss of a daughter in which the F.B.I agent Clarice Starling has to stop the Buffalo Bill for murdering young women’s and kidnapping a Senator’s daughter. Let us examine one scene that describes the used of mise-en-scene that help tellShow MoreRelatedPsychology in Silence of the Lambs1081 Words   |  5 Pagesï » ¿ The Silence of the Lambs 1991 Director – Jonathan Demme Writer – Thomas Harris Cinematographer – Tak Fujimoto Jodie Foster – Clarice Starling Anthony Hopkins – Dr. Hannibal Lecter AKA Hannibal the Cannibal Scott Glenn – Jack Crawford Ted Levine – Jame Gumb AKA Buffalo Bill Theme can be defined as â€Å"a central insight.† According to the authors of The Art of Watching Films, a theme in a literary work or film should be universal and should be one that challenges people (Boggs PetricRead MoreThe Silence Of The Lambs Analysis865 Words   |  4 PagesThe Silence of the Lambs directed by Jonathan Demme in 1991 is said to be the best Crime, Drama, Thrillers.. all in one. The movie The Silence of the Lambs that won the Best Picture Oscar for my year(1991) clearly adheres to and reflects the influence of Heros Journey story structure from Acts one, two, and three throughout the whole movie by using Call To Adventure, Crossing the threshold, Tests, Enemies and Allies, Ordeal , and Return With The Elixir. The main Character Clarice is assigned toRead MoreChange: an Analysis of the Silence of the Lambs1567 Words   |  7 PagesChange: An Analysis of The Silence of the Lambs Stacy Cooper HUM/150 May 28, 2012 Victor Armenta University of Phoenix Change: An Analysis of The Silence of the Lambs The Silence of the Lambs (1991) is a film based on the novel by Thomas Harris, directed by Jonathan Demme. This film is a psychological crime-drama-thriller. Each of the main characters in this film share, in their own ways, a desire for change. The purpose of this paper is to analyze three main character’s roles in the filmRead MoreThe Silence Of The Lambs959 Words   |  4 Pagesas their intelligence and typical demeanor is peculiar. In the film The Silence of the Lambs directed by Jonathan Demme, one of the main characters, Hannibal Lecter portrays unusual behaviour. Based on his questionable character, one may argue that genius-like behaviour is conspicuous; this is seen through his relationships, his intellect, and overall demeanor. The relationships observed in the movie The Silence of the Lambs depicts thoughtful but suspicious intent. A female FBI trainee, ClariceRead MoreAnalysis of the Film Silence of the Lambs1358 Words   |  5 Pagesmurderers themselves, is The Silence of the Lambs (1991). Through a combination of criminology, psychology, and sociology, The Silence of the Lambs is able to not only inform audiences of the dangerous types of people that currently inhabit society, but also of the individuals who study serial murderers with the intent of apprehending them before they commit any more crimes and to help identify these murderers victims. One of the disciplines explored by The Silence of the Lambs is criminology. CriminologyRead MoreSilence Of The Lambs, Don t Breathe, And 10 Cloverfield Lane1629 Words   |  7 Pagesto the top to pioneer a new kind of film. Silence of the lambs, Don’t breathe, and 10 Cloverfield Lane have a lot in common but are vastly different films. Silence of the lambs is a classic film said to have pioneered a new way to film thrillers including but not limited to, Don’t Breathe and 10 clover field lane. With these three films we will see how horror and thriller have become almost synonymous. In Silence of the lambs directed by Jonathan Demme, the story centers itself around soon to beRead MoreEssay on Evaluation of The Silence Of The Lambs3009 Words   |  13 PagesEvaluation of The Silence Of The Lambs The film which I am evaluating is called The Silence of the Lambs and is based on Thomas Harris novel and is directed by Jonathan Demme. The film was shot in Pittsburgh and is set in West Virginia. In the making of this film careful research was carried out in bringing each character to life especially Jame Buffalo Bill Gumb. This included the actors being at crime scenes and viewing files about previous serial killers in orderRead MoreEssay about Production Report on Thriller Film1549 Words   |  7 Pagesthem to create the effect desired e.g. the use of incidental music and silences; filming the villain so his face is never fully shown; using low-key lighting to create shadows; low and high angled shots to create the feeling of power and control; close-ups of eyes to show fear; slow, long-held shots to create tension. A particular favourite film of mine was Silence of the Lambs- a film by Jonathan Demme, because the tension created was a lot subtler and there was very littleRead MorePsychological Thriller Media Studies1263 Words   |  6 Pagesrun) eg. ‘Hear no evil, see no evil’ directed by Arthur Hiller Prison inmates eg. ‘The Green Mile’ directed by Frank Darabont Menaced women eg. ‘Sleeping with the enemy’ directed by Joseph Ruben Characters with dark pasts eg. ‘Silence of the Lambs’ directed by Jonathan Demme Psychotic individuals eg. ‘The Shining’ directed by Stanley Kubrick Terrorists Cops or Police Escaped convicts eg. ‘Curse of Alcatraz’ Daniel Zirilli Fugitives eg. ‘The Fugitive’ directed by Andrew Davis Private eyesRead MoreEssay on Dexter: The Dark Passenger1752 Words   |  8 Pagesdiscrete his dark side from his father role in the show. Then he focuses more towards of what is best for himself and the kids at all costs because that is all what he has left. Another piece of work that illustrate Dexter in a new way is The Silence of the Lambs which focuses on Hannibal Lecter. He is has more than one personality throughout his life, people recall him has a sociopath. Lecter tortured animals as a child. But the big event that traumatized him when he witnessed his sister get murdered

Essay about The Central American Free Trade Agreement

The Central American Free Trade Agreement CAFTA is a proposed international free trade agreement between the United States and numerous countries within Central America. Some of the nations who could potentially participate in this treaty are Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. This proposed agreement stems primarily from the fact the United States relies on Central America as a primary export market. In fact, it is believed this area of world is Americas 18th largest export target. Another contributing factor to the proposed agreement comes from what is believed to be an unfair trade policy. During the presidency of Ronald Reagan, Central American countries had many tariffs slashed under what is known as the†¦show more content†¦By having nations worldwide adopt such programs as free trade, they also are more likely to convert into a democratic government. The United States also takes the position that a free trade agreement will help introduce Central America into the modern world. Many countries south of the border still relay heavily on small farms and independent growers for much of the nations fiscal identity. The U.S. stands firm in the belief CAFTA would allow Central America to adapt to a more modernized economic system, which would in turn create growth and prosperity for the countries and their respective people. It is our government’s belief CAFTA would create stability in an otherwise up and down area of the world. Going off the belief that our economic system is a cycle highly dependent on cooperation from other nations, this means nothing but positives for all involved. It is the solid belief of the U.S. government that the key to economic growth and financial gain through world trade is open markets and transparency. According to the United States, a free trade agreement breaking down barriers and widening the trade field will allow for permanent gains and growth for all nations involved. Despite these points put forth by the U.S., there still exist a strong and valid opposition to the proposed CAFTA agreement. It is a solid belief that a free trade agreement will swallow up and destroy the back bone of most agricultural nations. This of course is theShow MoreRelatedThe U.S. Central American Free Trade Agreement Essay919 Words   |  4 PagesThe U.S.-Central American Free Trade Agreement (CAFTA). The U.S.-Central American Free Trade Agreement(CAFTA) is a trade agreement that is being negotiated between the United States and five Central American countries: Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. The United States is committed to opening markets around the world because American farmers, workers, consumers and businesses want to sell our world class goods and services. CAFTA will simplify trade; promoteRead MoreThe North American Free Trade Agreement1711 Words   |  7 PagesThis paper will discuss four components of the North American Free Trade Agreement: Background, events, pros and cons. Upon the research, you will discover four online articles to provide more detail and examples. This research will indicate how it was developed and the reasoning on why it would benefit the nation. Also, it will provide events that occur after the agreement was signed by congress and the recession the countries experience during the early 2000s. There will be a chart locatedRead MoreFree Trade : U.s. A And Canada1373 Words   |  6 PagesFREE TRADE BETWWEN U.S.A AND CANADA The first thing we should understand is what is what is FREE TRADE or the meaning of FREE TRADE The definition which I can think of is Free trade is international policy where governments doesn’t create any restriction and on goods and other materials to import or export smoothly and no heavy taxes are applied so that both countries can operate smoothly and gain profit. OR The treaty in which 2Read MoreThe North American Free Trade Agreement1036 Words   |  5 PagesThe North American Free Trade Agreement also referred to as NAFTA produced results on January 1, 1994. A trade agreement was made between each of the three of nations of North America. The United States, Canada, and Mexico. The Canadian Prime Minister, Brian Mulroney, the Mexican President, Carlos Salinas de Gortari, and previous U.S. President George H. Shrub initiated the agreement. Connections between the nations were at that point on great terms, particularly between The United States and CanadaRead MoreThe Dominican Republic-Central America-United Stats Free Trade Agreement1218 Words   |  5 PagesRegional Trade Agreement (RTA) have remained fairly consistent. Along with the prospects of economic growth and development, countries aim to achieve economic and social stability, poverty reduction, and an increase in labor provisions. As with many developing countries, RTAs encounter a w ide range of complications that hinder economic prosperity. In some cases, RTAs that are formed with good intentions by countries who seek growth come to have a negative effect on a country within the agreement. TheRead More International Trade Essay865 Words   |  4 Pages International Trade What is International Trade?   Ã‚  Ã‚  Ã‚  Ã‚  International trade is defined as trade between two or more partners from different countries in the exchange of goods and services. In order to understand International trade, we need to first know and understand what trade is, which is the buying and selling of products between different countries. International Trade simply is globalization of the world and enables countries to obtain products and services from other countries effortlesslyRead MorePolitical Influence : Milton Friedman And The Chicago School Of Thought Essay1580 Words   |  7 Pagesprovide and whether to continue those services to the public have been the focal point of fair trade economics through the perspective of Milton Friedman. Traditionally interconnected with International Policies the policies of Friedman and the Chicago school of thought have had significant NEGATIVE impacts on the quality of life and accessibility to basic services. Through the policies of ALEC (American Legislative Exchange Council countries across the world have experienced the back lash of extremeRead MoreHistory Of The North American Free Trade Agreement Essay1055 Words   |  5 Pagesexplore the history of the North American Free Trade Agreement (NAFTA), the effects NAFTA has had on Canada, the United States of America (specifically American labor and job market) and Mexico. It will also delve into the current state of NAFTA, the advantages and disadvantages to American economy and what the future holds for this historic trade agreement. NAFTA has effected many parts of the world and not just the three countries who originally signed the agreement. It has caused several negativeRead MoreU.s. Foreign Agricultural Production1492 Words   |  6 PagesThe U.S. has always been an importer of commodities that cannot be cultivated here such as bananas, mangos, cocoa and coffee. However, the U.S. has begun to import products that Americans are used to growing themselves. According to Phillip Abbot, a professor of agricultural economics at Purdue University, â€Å"the problem is that other nations have successfully grabbed the markets U.S. farmers were counting on. Exports of the U.S. s biggest commodities such as corn, soybeans and wheat have been flatRead MoreDavid and Goliath World Trade Organization Case Study Essay1149 Words   |  5 PagesDavid and Goliath World Trade Organization Case Study Assignment 4-3 Prepared for Prof. Stephen Millett MBA 711, H4FF Fall 2010 Prepared by Gary Cooper December 2, 2010 David and Goliath World Trade Organization Case Study Jay Cohen and two friends established an online gaming site on the islands of Antigua and Barbuda; they named the organization World Sports Exchange (WSE). Mr. Cohen was prosecuted by the U.S. government; his conviction resulted in a battle between the U.S. and

Cross Border And Domestic Mergers And Acquisitions Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2768 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? In todays globalised economy, mergers and acquisitions are being increasingly used in the world over for improving competitiveness, of companies through gaining greater market share, broadening the portfolio to reduce business risk and for entering new markets and geographies and achieving economies of scale. The Purpose of the research paper is to examine the reason why a firm is more likely to be a foreign target than a domestic target with respect to India. This paper examines the characteristics of a firm like technology, market share, size etc which make it attractive to foreign investors or domestic investors. The paper directly compares the characteristics of the cross border targets and domestic targets Indian firms over the period 2000-2006. Don’t waste time! Our writers will create an original "Cross Border And Domestic Mergers And Acquisitions Finance Essay" essay for you Create order The economic liberalization and reforms initiated in 1991 have served to trigger corporate restructuring through MA. The increased competition prompted the Indian companies to opt for mergers and acquisitions as a strategic corporate choice. The trends of mergers and acquisitions in india have changed over years. Favourable government policy, additional liquidity in the corporate sector, optimism in the economic growth and dynamic and motivated attitudes of Indian entrepreneurs are the key factors behind the changing trends in the pattern of mergers and acquisitions in India. Also, the effects of mergers and acquisitions have been diverse across various sectors of the Indian economy. Among the different Indian sectors that have resorted to mergers and acquisitions in recent times- Telecom, FMCG,finance automobile industry, and steel industry and real estate are worth mentioning. India is now one of the leading nations in the world in terms of mergers and acquisitions. Research Objectives- Characteristics of firms that become potential MA targets Risks and opportunities associated with domestic MA Risks and opportunities associated with cross-border MA Firms objectives guiding domestic or cross-border MA Domestic MA vis a vis Cross border MA in being able to fulfil a firms desired objectives The premerger and post merger performance of acquirer firms: Domestic and Foreign LITERATURE REVIEW Mergers and acquisitions as a subject has been a topic of interest amongst the circles of financial research. In recent history numerous literature and papers have been researched on the impact of MA on corporate consolidation and several theories have been proposed to understand the empirical evaluation of such impacts. USA and Several European markets were researched by several researchers to evaluate the corporate performance of the organizations followed by mergers and acquisitions. Several such researchers have showed that the main reason for the better performance of the acquiring firms have been due to several operational and technical synergies between the acquiring firm and the acquired firm. Hall(1988), stated that higher the RD expenditures, greater is the probability of being acquired with respect to U.S firms. According to Jensen(1983), and acquirers motives have been classified into four categories: Distribution Costs Gain market power Financial motivations Eliminate inefificient Target Management(acquiring firms intent) Lubatkin(1983) has identified three possible sources of strategic relation between the target firms and the acquiring firms , that could be treated as motives for mergers Pecuniary economies (achieved through dictating prices i.e lower prices for inputs in large quantities by exerting market power) technical economies (scale economies through improving process efficiencies) diversification economies (improving a firms performance by managing the existing portfolio of business). Palepu (1986) employs logit analysis to investigate the usefulness of six acquisition hypothesis in predicting targets likely to be acquired and found clear support for size hypothesis. The six dimensions were growth resource imbalance,inefficient management, asset undervaluation, price earning ratio and industry distuyance size 3.1Research on Post merger performance in India India has been a breeding ground for many deals in MA since the liberlasation in 1991.However the studies on MA activity in India have been so far limited. Beena(2004) observed the pre merger and post merger performance of a sample of 115 acquiring firms in the manufacturing sector in India between 1995-2000 using a set of financial ratios and t test. There was no improvement analysed in the financial ratios after the mergers. Kaur(2002) compared the pre merger and the post merger performance of 20 firms between 1997-2000 by making use of a set of eight financial ratios during a three year period before and after the merger, usint the t-test. It was observed that both the efficiency and profitability of the targeted companies declined in the post merger period and there was no change in the post takeover performance. Reasons of Indian companies entering into domestic MA activity- There are companies with sick subsidiaries and the only way out is to merge the sick unit with the parent company(Kumar and Rajib 2007) There are companies who seek to consolidate their core business activities to attain balance sheet size and net worth, in order to mount strategic takeovers of companies in similar business activities. Achieve synergy on theory operations(Kumar and Rajib 2007) Reasons of Foreign companies investing in India via MA- India is an emerging economy with booming population and growing middle class. The MNCs are ready to pay a premium to acquire existing businesses instead of setting up new companies. Thus, gaining quick access to Indian market. (Kumar and Rajib 2007) Market entry strategy by getting access to local knowledge and using local means to create and deliver the products and services. The above reasons can very well be explained by Dunnings Eclectic Theory of Framerwork which distinguishes four types of FDI- Resource seeking investment- relating to exploitation of cheap labour and mineral resources Market seeking investment- made to promote new or defend the existing markets Efficiency seeking investment- aims at rationalizing gains by optimizing intra division of laour and specialising existing portfolio of domestic and foreign assets Stategic Asset seeking investment=Augment the exisiting assets via mergers and acquisitions. According to Dunning: FDI =O+L+I The Ownership Advantages explain that the firms go abroad mainly to exploit specific advantages which are internal to the firm and it allows the firms to overcome the transaction and production costs in a foreign location (Griffin and Pustay, n.d.) The Location Advantages explain that MNEs choose the location by comparing each countrys attractiveness in terms of cultural, economic and social advantages(Griffin and Pustay, n.d.) The Internalization advantages explain the mode of entry of a firm in the foreign country. The MNE can either adopt licensing method or enter by having a wholly owned subsidiary and then determine how to successfully expand their operations over time (Griffin and Pustay,n.d.) 3.2 The characteristics of firms that make it an attractive MA target:- 1-Location hypothesis Apart from the firm specific characteristics that make it attractive, the fact that these firms are Indian- also plays a significant contributor to their being a coveted investment target. India being an attractive destination to invest in, lends profitability to the act of targeting Indian firms. (Georgopoulos,2008) 2-Market structure hypothesis Market share-market share bears a positive effect in explaining the likelihood of foreign acquisition(Georgopoulos,2008) Product differentiation- Non price competition through product differentiation based on advertising,attractive brand names and trademarks offers attractive opportunities to foreign players and thus cross border deals. Competitive industries with more homogeneous products report greater share of domestic acquisitions. Concentration- In a highly concentrated industry, market entry is more likely to be via international acquisitions, whereas in industries with low concentration, entry would be more likely by domestic acquisition. (Georgopoulos,2008) 3- Technology transfer hypothesis Technology transfer is regarded as a major motivation for foreign acquisitions (Harris and Ravenscraft(1991). Higher the RD expenditures, greater the possibility of being acquired by a foreign company rather than a domestic company. Also, market knowledge and local knowledge embedded in the operations of a firm are very valuable resources that an acquiring firm wishes to obtain. (Georgopoulos,2008) 4- Export orientation of targets Foreign investors search for export oriented targerts. Greenaway (1992) argued that dismantling of the non tariff barriers will stimulate FDI in specific locations elected to serve the foreign markets via exports. (Georgopoulos,2008) 5- Competitive nature of target Foreign firms are more likely to go for targets having both high competitiveness in industry and division of labor. (Georgopoulos,2008) 6- Import penetration of industry Foreign targets will penetrate in branches open international trade, showing high penetration index compared to domestic acquisitions. (Georgopoulos,2008) 7- Anti competition effects They are probably greater for domestic MA since there is more direct competition between merging firms. Since geographical proximity removes some barriers to trade, thus an incentive for anti competing measures. (Georgopoulos,2008) 8- Wages India offers cheap skilled labour. This attracts foreign investments in India. (Georgopoulos,2008) Apart from these general characteristics that guide acquisitions and investment , there are some very important theories that predominantly make a firm a potential acquisition target. 9-Inefficent management hypothesis- Chances of acquisition of an inefficiently managed or an underperforming firm is directly a function of potential gain that will accrue to the acquirer once the inefficient management is replaced. (Kumar and Rajib 2007) 10-Growth Resources Mismatch Hypothesis- Some firms have high growth, huge resources and low market valuation. This offers a golden opportunity to the acquiring firm who is correctly able to identify this mismatch. (Kumar and Rajib 2007) 11-Price earnings ratio Firms having higher price earnings ratio will purchase a firm with low price earnings ratio. This will increase earnings per share post merger even though there has been no real increase in earnings of assets. . (Kumar and Rajib 2007) 12- Management Hypothesis It states that the acquisitions will lead to improved performance if managers are able to maximize the value of corporate assets. i.e. the acquiring firms should have superior accounting and market performance compared to target firms. The yearly average stock returns are used as a basis of measuring the management performance. . (Kumar and Rajib 2007) 13- Size hypothesis- Larger Firms are less likely to become a takeover target since there are larger costs associated with incorporating it in the acquirer firms organizational and managerial structure. . (Kumar and Rajib 2007) 14- Asset Undervaluation hypothesis-(most imp) Merger motives can be attributed to the undervaluation of target companies. This hypothesis states that firms with low market to book ratio are undervalued and more likely to become takeover targets. Firms with low market-to-book ratios are viewed as undervalued and are potential takeover targets. The market-to book ratio is represented by P/B. . (Kumar and Rajib 2007) The research on MA activity in India has been limited. I will throw light on the driving forces behind international acquisitions and their interdependence with domestic acquisitions and the difference in the characteristics of a foreign and a domestic takeover target.I will also analyse the post merger performance of the Foreign and domestic acquirers and compare their post merger performance. Research Question Do cross border acquisitions of Indian target firms differ from that of domestic takeover targets? Does post merger performace of foreign acquirer firms differ from that of domestic performance? 4.RESEARCH METHODOLOGY According to Nicholas Steneck, research is a systematic investigation including research development, testing and evaluation, designed to develop or contribute to generalizable knowledge. When a research is conducted, it involves processes like planning, examining, and implementing the objectives to derive results. (Ghauri Gronhaug, 2005). A good research should have the apt logical reasoning and analysis in it. This wholly depends on the researcher. (Ghauri,2005). The methodology used in this thesis will explain the performance of the companies engaging in MA under both domestic and cross border scenario. This section of the thesis will first explain the research approach and strategy and then move towards explaining the data collection methods. Quantitative research encompasses measures to which a feature is present. It is often denoted by percentages, means, medians, standard deviations, chi square and other statistical figures. (Kirk and Miller 1986). 4.1 Sampling Identifying the target companies Sample size 130 companies will be taken for data analysis Sampling units -Target companies: Cross Border Deals in India and domestic deals in India. Sampling extent and time the time frame is post 2000. Sampling Classification- Since the size of Foreign and Domestic companies are substantially different , so to avoid the impact of their respective sizes on their post merger performance, a specific price range will be taken into account and only those samples which fall under this category from both foreign and domestic companies will be considered. 4.2 Methodology The research of this topic will be conducted using secondary data by quantitative method of research. Secondary data is a valuable source as it has a number of benefits. Primarily it saves both money and time, as well as it helps the researcher to better understand the research problem and broaden the basis for the conclusions.(Ghauri and Gronhaug 2002) To meet the desired objectives of this research, an empirical approach will be adopted whereby the post MA performance of firms both under domestic as well as cross border scenario will be analysed. To capture the relevance of current times, the analysis will be based on domestic and cross border acquisition post the year 2000. Mergers and Acquisitions are a fairly recent trend in India and have been resorted by corporate only after the rationalisation of policy reforms post 1991. There is negligible amount of Data in the early 1990s and hence there is a dearth of a data in that time frame. A representative sample of significant acquisitions will be taken from all the sectors of the Indian Economy. An equal number of cases will be taken from each sector under each scenario.Total number of samples assumed to be taken by the researcher are 130. The research is subjected to flexibility and with further research the samples might increase. Having arrived at our sample set, an analysis of post acquisition will be conducted. The analysis will be based on the listed companys financial data available. A comparative analysis of both scenarios will be done using paired t-test. Our null hypothesis will be a statement that there is no significant difference in post acquisition performance of domestic and cross border deals. Financial Ratios will also be used to arrive at the objective- Quick Ratio Current Ratio Total liabilities to shareholders Total assets Return on equity Return on Assets Torbins Q ratio Annual Growth to sales(GS) Annual Growth on assets(GA) OLCF- operating loss carry forward to total assets. According to Altman (1968), financial ratios were used to identify financially distressed firms. These ratios were characterisitics of firms and established their relationship to important dimensions such as liquidity, profitability and size. Harris, et al; (1982) examined two types of variables: financial and product, to capture the characteristics of a firm that determine whether the firm is being acquired or not and it was in the time period1974-1977. The study indicates that financial variables have statistical significance while product market variables have very little explanatory power. The study signifies that firms with lower price-earnings ratio and smaller size are more likely to be takeover targets. DATA COLLECTION: The secondary data will be collected from magazines, newspapers, journals and databases like Prowess Databases of Centre for Monitoring Indian Economy(CMIE), web sites of Securities and Exchange Board of India and Capitaline. DATA ANALYSIS: SPSS Software will be used to analyze the results from the data collected which will also help sample set which is not the entire population.providing insight into the post merger performance of the acquirer firms. EHTICAL PERSPECTIVES: As the obligation of a researcher, the data acquired shall not be tampered with. LIMITATIONS There are issues of relevance and accuracy of secondary data. The research uses secondary data that has been collected at a different point in time with a different objective and level of accuracy. The objectives, nature and methods used to collect secondary data may be subject to random errors. The learnings from the research are a generalization from the trend observed via the CONTRIBUTION TO KNOWLEDGE: The research paper will provide invaluable insights into mergers and acquisition as a potent tool used by several firms to achieve their desired objectives. A comparative analysis of the domestic and cross border scenario will give us a consolidated view of their respective ability and potential to positively impact the engaging firms. A macro level picture based on generalization from a sample set will delineate a picture of India s experience from domestic and cross-border MAs. Thus, the research paper even within its limitations will be able to reflect past performance and in turn give lessons for future decision making. Gantt Chart

Theodore Roosevelt The First President Of The United States

Theodore Roosevelt, better known as Teddy Roosevelt, was the twenty-sixth president of the United States. Originally, Roosevelt served as the Vice President, running on the Republican ticket with William McKinley. However, following the assassination of McKinley, Theodore took the role of president on September 14, 1901. President Roosevelt then won the 1904 election with his Vice President, Charles W. Fairbanks, in a land slide victory, earning over fifty percent of the popular vote and seventy percent of the electoral votes (â€Å"Theodore†). His term ended on March fourth, 1909. The most commonly associated factor with President Roosevelt was his â€Å"Big Stick Policy.† He was a firm believer that America had a duty, like all other powerful nations, to guide the world in a peace and kind manner, but he was not afraid to show force when needed (Mabry). 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