Walter Max Ulyate Sisulu, Anti-Apartheid Activist

The Hound of the Baskervilles Essay Example

The Hound of the Baskervilles Essay Arthur Conan Doyle lived in London in the late nineteenth century. His profession was not actually effective in the beginning times of his life. It began as him being a specialist locally available a boat, he was then a general expert in Southsea, yet this profession didn't work for him either, and later he turned into a fruitless optician! So Doyle settled on the choice to devote himself to composing. Without a doubt his most acclaimed works are the experiences of Sherlock Holmes and Watson. They were adored by all people in general, who made Holmes a religion figure. At the point when individuals read Doyles books it permits them to imagine that they live in a world free of wrongdoing and savagery, a sheltered spot without any lawbreakers and killers not at all like the London in the late nineteenth century. The epic was written in 1902, its fundamental plot is that numerous years prior to an individual from the Baskerville family, Hugo Baskerville, had beaten a youngster and had kept her in the house as his detainee. While at a dinner this woman escapes and runs onto the field to endeavor to get away. Hugo, when he finds she has gotten away from accumulates his men and pursues her onto the field. We will compose a custom exposition test on The Hound of the Baskervilles explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on The Hound of the Baskervilles explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on The Hound of the Baskervilles explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Hugo at that point chooses to feel free to pursue the woman by and by. Sooner or later, his men come to see whether he has gotten the woman, yet they are astonished to see that the groups of Hugo and the woman are lying dead on the floor, they are then frightened at seeing a Gigantic dog remaining over Hugos inert body, tearing substance from his throat. From that point forward, it is said that this dog follows the Baskerville family, and will execute any of the descendents on the off chance that they meander over the field around evening time. Notwithstanding the legend of the Baskervilles there are numerous different highlights that likewise make the novel effective as an awfulness and anticipation spine chiller. Right off the bat, the scene is determined to the field, an infertile and forlorn spot with an abhorrent notoriety But the field with its puzzles and its weird occupants stays as vague as could be. Besides, inside the field there are numerous otherworldly things, for example, the Grimpen soil. The Grimpen soil is a territory of lowland with rather peculiar stories been told about it. The tale is set late into the Victorian time. Conan Doyle didn't embark to change the world with his books, however to engage the Victorians. It is an exemplary investigator story, during the Romantic time of writing. It is a Gothic story. There are numerous components of horrifying that connect this novel with the Gothic class. These remember the setting for the wild field, set at evening. The most significant connection is that to the apparition dog, and particularly the eyes. Its eyes sparkled with a seething glare. There is a solid connect to the Gothic kind with the notice of luminous eyes. There is a cliché set of characters, the saint, the trusty sidekick, the maiden in trouble, and obviously the curve reprobate (odd one out). It is all extremely exaggerated. The legend is Sherlock Holmes, who is exceptionally smart and is in every case right. The sidekick is Dr Watson, who isnt that smart, and will in general misunderstand things. The maiden in trouble is Stapletons sister (really Stapletons spouse). The curve reprobate is no other than Stapleton himself.

The Twilight Saga 2: New Moon Chapter 17 VISITOR

UNNATURALLY STILL AND WHITE, WITH LARGE BLACK EYES plan all over, my guest stood by superbly unmoving in the focal point of the end, wonderful past envisioning. My knees trembled for a second, and I about fell. At that point I flung myself at her. â€Å"Alice, gracious, Alice!† I cried, as I hammered into her. I'd overlooked how hard she was; it resembled running quick into a mass of concrete. â€Å"Bella?† There was an abnormal blending of help and disarray in her voice. I bolted my arms around her, panting to breathe in however much of the aroma of her skin as could be expected. It wasn't care for anything elsenot botanical or zest, citrus or musk. No fragrance on the planet could analyze. My memory hadn't done it equity. I didn't see when the heaving transformed into something elseI possibly acknowledged I was crying when Alice hauled me to the parlor love seat and maneuvered me into her lap. It resembled twisting up into a cool stone, however a stone that was formed refreshingly to the state of my body. She scoured my in a delicate mood, hanging tight for me to deal with myself. â€Å"I'm sorry,† I rambled. â€Å"I'm just so glad to see you!† â€Å"It's alright, Bella. Everything's okay.† â€Å"Yes,† I bellowed. What's more, for once, it appeared that way. Alice moaned. â€Å"I'd overlooked how overflowing you are,† she stated, and her tone was objecting. I gazed toward her through my gushing eyes. Alice's neck was tight, stressing endlessly from me, her lips squeezed together immovably. Her eyes were dark as pitch. â€Å"Oh,† I puffed, as I understood the issue. She was parched. What's more, I smelled inviting. It had been some time since I'd needed to consider that sort of thing. â€Å"Sorry.† â€Å"It's my own issue. It's been excessively since a long time ago I chased. I shouldn't let myself get so parched. However, I was in a rush today.† The look she coordinated at me at that point was a glare. â€Å"Speaking of which, might you want to disclose to me how you're alive?† That brought me up short and halted the wails. I understood what probably happened promptly, and why Alice was here. I gulped noisily. â€Å"You saw me fall.† â€Å"No,† she dissented, her eyes narrowing. â€Å"I saw you jump.† I pressed together my lips as I attempted to think about a clarification that wouldn't sound nuts. Alice shook her head. â€Å"I disclosed to him this would occur, yet he didn't trust me. ‘Bella promised,'† her voice imitated his so consummately that I iroze in stun while the torment tore through my middle. â€Å"‘Don't be searching for her future, either,'† she kept on citing him. ‘†We've done what's needed damage.† â€Å"But on the grounds that I'm not looking, doesn't mean I don't see† she went on. â€Å"I wasn't watching you, I swear, Bella. It's simply that I'm alreacy receptive to you when I saw you bouncing, I didn't think, I just jumped on a plane. I realized I would be past the point of no return, yet I was unable to sit idle. And afterward I arrive, thinking perhaps I could help Charlie some way or another, and you drive up.† She shook her head, this time in disarray. Her voice was stressed. â€Å"I saw you go into the water and I sat tight and sat tight for you to come up, yet you didn't. What was the deal? Furthermore, how might you do that to Charlie? Did you stop to figure what this would do to him? Furthermore, my sibling? Do you have any thought what Edward† I cut her off at that point, when she said his name. I'd let her go on, much after I understood the misconception she was under, just to hear the ideal chime tone of her voice. Be that as it may, the time had come to intrude. â€Å"Alice, I wasn't submitting suicide.† She peered toward me regrettably. â€Å"Are you saying you didn't hop off a cliff?† â€Å"No, but† I frowned. â€Å"It was for recreational purposes only.† Her demeanor solidified. â€Å"I'd seen a portion of Jacob's companions precipice diving,† I demanded. â€Å"It looked like fun, and I was bored† She paused. â€Å"I didn't consider how the tempest would influence the flows. All things considered, I didn't consider the water much at all.† Alice didn't get it. I could see that she despite everything thought I had been attempting to slaughter myself. I chose to divert. â€Å"So on the off chance that you saw me go in, for what reason didn't you see Jacob?† She positioned her head to the side, occupied. I proceeded. â€Å"It's actual that I most likely would have suffocated if Jacob hadn't hopped in after me. All things considered, OK, there's no most likely about it. Be that as it may, he did, and he hauled me out, and I surmise he towed me back to shore, however I was somewhat out for that part. It couldn't have been over brief that I was under before he snatched me. Why you didn't see that?† She glared in perplexity. â€Å"Someone pulled you out?† â€Å"Yes. Jacob spared me.† I observed inquisitively as a perplexing scope of feelings danced over her face. Something was pestering herher flawed vision? In any case, I didn't know. At that point she intentionally inclined in and sniffed my shoulder. I solidified. â€Å"Don't be ridiculous,† she murmured, sniffing at me some more. â€Å"What are you doing?† She overlooked my inquiry. â€Å"Who was with you out there seconds ago? It seemed like you were arguing.† â€Å"Jacob Black. He's kind of my closest companion, I presume. At any rate, he was† I thought of Jacob's irate, sold out face, and considered what he was to me now. Alice gestured, appearing to be engrossed. â€Å"What?† â€Å"I don't know,† she said. â€Å"I'm not certain what it means.† â€Å"Well, I'm not dead, at least.† She feigned exacerbation. â€Å"He was a blockhead to figure you could endure alone. I've never observed anybody so inclined to perilous idiocy.† â€Å"I survived,† I called attention to. She was considering something different. â€Å"So, if the flows were a lot for you, how did this Jacob manage?† â€Å"Jacob is strong.† She heard the hesitance in my voice, and her eyebrows rose. I chewed on my lip for a second. Was this a mystery, or not? Also, in the event that it was, at that point who was my most noteworthy devotion to? Jacob, or Alice? It was too difficult to even think about keeping insider facts, I chose. Jacob knew it all, why not Alice, as well? â€Å"See, well, he's kind of a werewolf,† I conceded in a surge. â€Å"The Quileutes transform into wolves when there are vampires around. They know Carlisle from quite a while prior. Were you with Carlisle back then?† Alice stared at me for a second, and afterward recuperated herself, flickering quickly. â€Å"Well, I surmise that clarifies the smell,† she mumbled. â€Å"But does it clarify what I didn't see?† She grimaced, her porcelain brow wrinkling. â€Å"The smell?† I rehashed. â€Å"You smell awful,† she said absently, as yet grimacing. â€Å"A werewolf? Are you certain about that?† â€Å"Very sure,† I guaranteed, recoiling as I recalled Paul and Jacob battling in the street. â€Å"I surmise you weren't with Carlisle the last time there were werewolves here in Forks?† â€Å"No. I hadn't discovered him yet.† Alice was as yet daydreaming. Out of nowhere, her eyes broadened, and she went to gaze at me with a stunned articulation. â€Å"Your closest companion is a werewolf?† I gestured timidly. â€Å"How long has this been going on?† â€Å"Not long,† I stated, my voice sounding guarded. â€Å"He's just been a werewolf for only a couple weeks.† She frowned at me. â€Å"A youthful werewolf? Much more dreadful! Edward was rightyou're a magnet for risk. Weren't you expected to avoid trouble?† â€Å"There's nothing amiss with werewolves,† I protested, stung by her basic tone. â€Å"Until they lose their tempers.† She shook her head strongly from side to side. â€Å"Leave it to you, Bella. Any other person would be in an ideal situation when the vampires left town. Be that as it may, you need to begin spending time with the primary beasts you can find.† I would not like to contend with AliceI was all the while trembling with satisfaction that she was extremely, genuinely here, that I could contact her marble skin and hear her breeze toll voicebut she had everything incorrectly. â€Å"No, Alice, the vampires didn't generally leavenot every one of them, at any rate. That is the entire difficulty. If not for the werewolves, Victoria would have gotten me at this point. Indeed, if not for Jake and his companions, Laurent would have gotten me before she might, I be able to figure, so† â€Å"Victoria?† she murmured. â€Å"Laurent?† I gestured, a small piece frightened by the articulation in her bruised eyes. I pointed at my chest. â€Å"Danger magnet, remember?† She shook her head once more. â€Å"Tell me everythingstart at the beginning.† I overlooked the start, skirting the cruisers and the voices, yet revealing to her beginning and end else straight up to the present misfortune. Alice didn't care for my slight clarification about weariness and the bluffs, so I rushed on to the unusual fire I'd seen on the water and what I thought it implied. Her eyes limited nearly to cuts at that part. It was unusual to see her look not terrible, but not great either dangerouslike a vampire. I gulped hard and went on with the rest about Harry. She tuned in to my story without intruding. At times, she would shake her head, and the wrinkle in her brow developed until it appeared as though it was cut for all time into the marble of her skin. She didn't talk and, at long last, I fell peaceful, struck again by the acquired sadness at Harry's passing. I thought of Charlie; he would be home soon. What condition would he be in? â€Å"Our leaving didn't benefit you in any way by any stretch of the imagination, did it?† Alice mumbled. I chuckled onceit was a marginally insane sound. â€Å"That was never the point, however, right? Dislike you left for my benefit.† Alice frowned at the floor for a second. â€Å"Well I surmise I acted rashly today. I likely shouldn't have intruded.† I could feel the blood depleting from my face. My stomach dropped. â€Å"Don't go, Al

Case Study: Our Perfect Wedding Essay

Claire has done a sensibly great job about objective markets for her new electronic business, and comprehends the important needs very well. In any case, for the promoting blend, she as missed the mark on the grounds that it’s not satisfactory whether this business includes one system or a few procedures. For instance, a promoting blend that interests to connected couples would not be equivalent to an advertising blend that interests to the organizations that pay for site pages. Claire’s target markets are locked in couples/love birds (for blessing vault); organizations that target love birds with the two merchandise and enterprises (with the promoting of site pages); and loved ones of the couple to be hitched (whom the sponsors need to reach). Claire has done a sensibly great job about objective markets for her new online business, and comprehends the pertinent needs very well. In any case, for the showcasing blend, she has missed the mark on the grounds that it’s not satisfactory whether this business includes one methodology or a few techniques. For instance, a showcasing blend that interests to connected couples would not be equivalent to an advertising blend that interests to the organizations that pay for pages. Claire’s target markets are locked in couples/love birds (for blessing vault); organizations that target love birds with the two merchandise and enterprises (with the promoting of site pages); and loved ones of the couple to be hitched (whom the publicists need to reach). What might possibly be clear from the start is that there is minimal about this business that necessitates that it be centered uniquely around clients or publicists in a similar city or metro zone. Despite what might be expected, blessing suppliers who are slanted to jump on the web to check a wedding vault may be similarly ready to arrange endowments from far off organizations (promoters), particularly if the organization offers unique types of assistance, for example, blessing wrap, customized gift vouchers, and conveyance direct to the beneficiary. In any event, for nearby clients, there might be various mail request, index, and strength retailers in inaccessible areas who are keen on arriving at this objective market. Just concentrating on retailers or specialist organizations in the neighborhood create site postings and promoting income may not bode well. So also, there is little explanation that the library administration ought to be constrained to neighborhood couples-a client of the Internet for the most part doesn’t know or care whether the base activity for a site is close by or distant. To the degree that there are focal points of confining parts of the administration, Claire might set up a divided methodology in which various pieces of the site were intended to interest individuals from various territories. As a beginning, for instance, she may consider retailers or publicists who have offices or base activities in her own zone however who additionally are focusing on clients in different spots. Let’s consider the advertising blend that Claire offers for every one of these objective markets. For each gathering: What is the particular item (and what are its advantages)? What is the cost of acquiring those advantages? How are the advantages advanced? Furthermore, (to a lesser degree) what is Claire’s job in the spot courses of action between the publicists and their clients? How does her current geographic center become possibly the most important factor? The advantages for connected couples appear to be truly clear. The $20 cost to enroll is definitely not a major venture in the event that it spares time and prompts the ideal endowments as opposed to things that are not of intrigue. Along these lines, it is improbable that value affectability ought to be huge concerns except if different administrations create the impression that will offer the support (as well as other prevalent advantages) for nothing. This is absolutely a chance since income from publicists could pay for the administrations gave if enough promoters and clients can be pulled in. In the event that the couple doesn’t think about the administration and doesn’t know to search for it, they won’t join. There is additionally some proof for this conclusion in light of the fact that the fundamental whirlwind of action came after Claire at last got some consideration with exposure. That consideration and intrigue basically wasn’t expected from her constrained publicizing. Claire should work more diligently to get greater exposure. There additionally is by all accounts a significant job for verbal referrals here. For instance, there is no unequivocal conversation for the situation about how loved ones of the couples should find out about the site, however it would absolutely bode well to create thoughts that could be imparted to the enlisted couples about how to advise blessing providers about the site, what it should do, and how it should work. Besides, the relationship with couples who do join should be a nearby one, regardless of whether for just a brief timeframe period. Most couples won't be rehash clients however then again, couples who are going to get hitched regularly know other people who are at a similar life stage; particularly the among the more youthful first time wedded. Claire needs to consider how to animate verbal referrals with the goal that individuals who do join help to acquire extra clients. Since she doesn’t have a great deal of cash, one approach to do this is to think as far as negligible income from new clients and what it may cost her to get a client. It may be better and less expensive to offer couples who prescribe the support of a companion a $5 or $10 â€Å"rebate† on the $20 charge, or maybe she could enter them in an every other month drawing for some increasingly significant prize like a special first night trip. Up until now, Claire has not done an especially great job of giving sponsors motivation to become tied up with her administration. She is fundamentally offering an expert help to them, however a large portion of them can’t assess it ahead of time and they are hazy about its advantages. The correlation with the expense of a Yellow Pages promotion is intriguing on the grounds that it gives a kind of reference cost for the sponsor. However, the sponsor most likely observes a type of Yellow Pages posting as an absolute necessity purchase. Maybe this kind of site publicizing will turn into an absolute necessity purchase, however most likely not until a greater amount of these organizations target clients who think about the web as â€Å"the place† to search for this kind of data. Claire is likewise being a piece creation situated in the manner she is considering her item. She structures site pages in her other activity, thus she is pondering potential sponsors who need a website page. However, organizations that as of now have a decent site page may be increasingly keen on something different, similar to a flag advertisement or catch promotion at her site that would permit a net surfer to click over to get their current message. Organizations that have just put resources into a site realize that they face a similar issue that Claire doesâ€they need to draw in individuals to the site. Along these lines, for them the estimation of standard promotions (maybe at a lower cost, or even with the expense dependent on the quantity of navigate from Claire’s site) may be simpler to see. Claire additionally may consider the estimating course of action for promoters. She at present packages the cost of the on-time administration of setting up the page and the continuous online site page. She should charge independently for the arrangement of the site page and additionally permit clients to have something more detailed than a solitary page. Claire’s administration from numerous points of view works with a similar methodology as a magazine drawing in a crowd of people and publicists who need to contact that crowd. However, most organizations that sell promoting media existence depend on close to home selling as well as offer motivators to publicizing offices or others that allude business. Claire hasn’t done a lot of individual offering to promoters, significantly after her immediate reaction mailing didn’t work. The case offers a few clues why she didn’t like the activity she had doing individual selling, and she is occupied with doing different things. Almost certainly, in the event that she is going to need to find support if the individual selling portions of her advancement mix will be taken care of well. Since she doesn’t have a major spending plan, she may consider attempting to discover somebody who might sell promoting space on her site on a straight commission premise. That way, she would not have a lot of cost until she had incomes. Obviously, the sales rep would at present need to have a decent story to tell, and that may rely upon having an approach to more readily build up the connection between the advertiser’s deals and visits to the sites. For instance, if Claire could persuade promoters to offer a little rebate to clients who bought as a result of the site she may be progressively fruitful in getting clients to tell the sponsors that â€Å"I am an OurPerfectWedding. com† client. The case additionally depicts her as a practitioner not as an organizer, which is to a limited extent valid. She had a thought however doesn’t have a nitty gritty arrangement for what should be finished. Or maybe, she hasn’t yet truly made the venture of time and cash to allow her plan to work. She’s a practitioner with regards to certain things however has not so much been a devoted practitioner with regards to kicking this business off. She likely wouldn’t have the opportunity to do that except if she surrendered her all day work or truly cut back on her public activity. While it isn't difficult to consider various things that Claire could do, what is maybe progressively pertinent is what is she ready to do.

Transportation Security Administration Example

Transportation Security Administration Example Transportation Security Administration â€" Essay Example > The New TSA Security MeasuresOn 19th November, 2001, one month after the September 11 terrorist attacks, the United States Government established the Transportation Security Administration (TSA), which is now under the Department for homeland security. The agency was founded as a response to the attacks and has been operating in various security facilities, mainly airports, with an aim to prevent terrorist activities and enhance the security of civilians during flights. In the ten years since its inception, this agency has adopted several security procedures some of which had received widespread criticism. Even after the much publicized outcry in protest of its routines, the agency continues to act either as the sole security organ, or as the major security overseer responsible for civilian security in most airports in the states (Goins, 2010). This paper will focus on the various security procedures employed by TSA and discuss their ineffectiveness. TSA monitors all the different transport channels including air transport, land or surface transport as well as water transport. The department of homeland security has mandated TSA with the responsibility of ensuring safety and security in transportation, whereby TSA may work closely with other organs â€" both private and public, in executing its mandate. The organizational structure of the TSAThe agency employs various types of workers, mainly: -Transportation Security officers- their main duty is to carry out security checks on travelers in the airports, travel stations and landing ports through screening (Layton, 2007.Security inspectors- they inspect cargo and report on general transport safety. An explosives and canine detection team-they have a dedicated team of dogs and dog handlers specially trained to locate dangerous materials. Federal Air Marshalls- these officers locate possible terrorist elements from within the travelers through mixing with them. Security procedures employed by the TSAThe major up grades on TSA proceduresRisk-based approaches for Aviation securityTSA has been overseeing Public Aviation safety for more than a decade. Initially, it relied on the Processes listed below including pat-down, cargo screening and behavior observation officers to enhance security (Cohen, 2011). Recently, TSA introduced new procedures aimed at security enhancement. Some of the major changes include the following: TSA Pre TM This is a security initiative that allows travelers to volunteer information about themselves in order to expedite screening at check-points in various airports. The service is available to U. S citizens provided they are members of the Customs and Border Protection (CBP) Trusted Traveler organization as well as frequent air travelers of other selected airlines in the country. The trusted traveler programs include Global Entry, Nexus and Sentri. Already implemented is a new TSA policy on screen procedures for children under 12 years old. The traditionally conducte d shoe scan security check for travelers has been eliminated for children under 12 years. TSA also has developed expedited screening procedures for airline plots as well as revised screening procedures for senior citizens 75 years old and above, as well as active members of the U. S military. The organization may, however, still conduct random security measures within the airport from which no one is expedited. So these risk based approaches point towards a more flexible security system in which certain levels of trust are allowed between the TSA and travelers where strict security procedures for certain categories of travelers are conducted only when needed.

The Motive Behind Merger And Acquisition Finance Essay - Free Essay Example

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

Sexual Assault in College-age Women - Free Essay Example

Sample details Pages: 2 Words: 502 Downloads: 4 Date added: 2019/02/20 Category Law Essay Level High school Tags: Sexual Assault On College Campuses Essay Did you like this example? Sexual assault on college campus’ is becoming more frequent with 15% of women attending college facing some sort of sexual assault every year (Wood, Stichman 1). Rape culture is becoming a increasingly talked about topic in young adult audiences, with more mental health resources becoming available and pushes for women to involve the criminal justice system to report their assaults. With these advancements taken in consideration, why do so many cases of sexual assault still go unreported and how do universities reduce it from happening all together? The threat of sexual assault is a constant fear for most women, especially in college age populations. Don’t waste time! Our writers will create an original "Sexual Assault in College-age Women" essay for you Create order According to Rape, Abuse and Incest National Network, â€Å"310 out of every 1,000 rapes are reported to the police and that college-aged women have the lowest reporting rate†. Universities and police alike need to create an encouraging environment, access to counseling, and trauma-sensitive training that allows victims to feel comfortable in reporting these attacks. Reporting sexual assault immediately following an attack is incredibly difficult for survivors, especially for women seeking legal action and reporting their assault to the authorities. These women are all too commonly met with disbelief, judgment, and a poor understanding of the psychological trauma associated. This is more common among college aged women, as most of them are often exposed to sexual assault in varying degrees and have witnessed people brush it under the rug or ignore it . Often times younger women are seen as fabulists in the eyes of the law, with a focus on crimes of sexual assault. Women in college aren’t taken seriously and constantly seen as being childish or dramatic. This furthers a younger woman’s reluctance to involve police, instilling a fear that is grounded in concerns about not being taken seriously, blamed, or embarrassed. As a community, our understanding and treatment of sexual assault is dim and bleak. Even more so for those that directly fall on the path of a victim seeking litigation, such as law enforcement. With further sensitivity training and education that discourages placing blame on the victims, and an attitude that makes these women feel as though their story is important and should be given careful attention and due process, the percentage of sexual assaults going unreported will decrease. Universities are expanding their resources to encourage victims of sexual assault to come forward and report their assaults, but the availability of these resources for sexual assault prevention, reporting, and treatment on college campuses does not mean that they are adequate or sufficient. Problems may arise when university therapists and counselors harbor gender biases, buy into rape myths, or are unprepared to be sympathetic and understanding to the trauma that sexual assault victims are experiencing. Colleges need to focus on how they can provide an environment that facilitates an understanding and supportive atmosphere. Gathering information related to help-seeking behaviors can lead to campus policies in regard to encouraging victims to report their experiences and seek medical and emotional assistance, as well as aid in the development of prevention policies.