Critical Analysis of Early Childhood Pedagogy Article Essay Example for Free

Basic Analysis of Early Childhood Pedagogy Article Essay Contention expressed that youth educational program should be broke down in light of the fact that the old educational program was presented by another culture. â€Å"Early youth educational program as characterized by Haliwell is likewise called â€Å"cultural development work† (Ashby, Grieshaber, p 127) and exchanging post between limits of culture, ages, and genders (Ashby, Greishaber, p 128). † Consideration is given to the kid focused instruction so as to address the inquiries on what to be educated, who chooses and who are the students to form youth educational program into â€Å"person-making† (p128). 2. Is the announcement of the difficult clear in the first place to the end? The readings reasoned that early instruction in the past didn't react to the evolving conditions (p. 139) makes it indistinct since the situation of Australia is turning into a country with multi-racial populace negate the point that customary training in the past brought by European nations and the west didn't react to change. Articulation is disjointed towards a widespread viewpoint or individuals experience a period of â€Å"inculturation â€Å"which whenever followed back came out from the west or European in source. See more: how to compose a basic investigation plot 3. Confirmations that help the contentions which is prompting the end. The contention is to consider the current pattern with respects likewise to the supposed youngster focused learning expounded in the models by the PCF (see pages 137-138). Be that as it may, it didn't give other proof on the impacts of the youngster focused learning alternative which sabotages study hall personal conduct standards or the instructor and understudy relationship. 4. Pertinence of the proof that help contention is it state-of-the-art? Also, it reprimands that the old or youth programs legitimated various social perspectives (page 138). Proof assembled to address the inquiry concerning who to educate and be thought and what ought to be instructed was not very much ensnared in the succeeding contentions despite the fact that it examines on the native culture of the country. 5. Is there adequate proof to demonstrate the case? Significance? What is absent? The contention is to decide the best methodology in the current youth educational program. Be that as it may, there are no adequate confirmations if the past or the current patterns are effective. 6. Consider the possibility that (any) eventual a superior request to present to fortify the line of thinking. The paper is to think about the techniques for showing youth training. What is missing are the near investigation or the advantages and disadvantages of both the early pattern and the new pattern which is youngster focused. The contention talked about a few roads of contention particularly when culture, sex and age holes are inspected. 7. Are there instances of defective thinking? Endeavors to convince the peruser through an intrigue to the feelings? Is proof deciphered and utilized accurately? The peruser is spoke to the feeling of looking for personality to a quick changing world and capabilities in instructing (page 137-138). Article didn't address the inquiry on how youth instruction ought to be educated in Australia. Further there is no end for example reasoning that Child focused instructional method should likewise become instructor centered.

Analyze The Concept Of Tourism And Tourism Planning - Samples

Question: Examine about the Analyze The Concept Of Tourism And Tourism Planning. Answer: The business of the travel industry is an ongoing one and has made noteworthy headways in the ongoing occasions. In the ongoing occasions, the travel industry has advanced as one of the significant enterprises of the world and makes a noteworthy commitment towards the financial system of the different countries (Mowforth Munt, 2015). In this way, the different countries place unique emphasis on the improvement of the travel industry of their country as that is probably going to contribute a huge add up to the economy of the country or the nation concerned (Murphy, 2013). Be that as it may, it is frequently observed that a viable arranging is required for the general development just as the improvement of this specific industry and accordingly the different countries regularly take the assistance of different imaginative procedure for the advancement promotion the administration of their travel industry (Horner Swarbrooke, 2016). It is noteworthy to take note of that the idea of arran ging in the circle of the travel industry can be characterized as the dynamic procedure of deciding objectives, methodicallly choosing elective courses of activities to accomplish those objectives, actualizing the picked other options, and assessing the decision to decide whether it is effective (Mowforth Munt, 2015). Along these lines it tends to be said that arranging structures a significant piece of the whole procedure of business of the travel industry and the different countries and business associations should concentrate on this specific angle to realize a general development just as the advancement of their travel industry (Horner Swarbrooke, 2016). This paper will break down the idea of the travel industry and the travel industry arranging with regards to the improvement of the travel industry at the Clipper Bay. Partners structure a significant piece of any business association and besides in the class of the travel industry also. It is noteworthy to take note of that they are the ones who have put resources into the business procedure of the business association and take a functioning enthusiasm for the general development just as the improvement of the business association concerned (Page Hall, 2014). Notwithstanding the individuals who have put resources into the business procedure of the business association the different partners are additionally the various bookkeepers, gatherings, association, individuals, or framework that effects or can be influenced by an association's activities (Page Hall, 2014). In this manner, clearly the different partners will take a functioning enthusiasm for the business tasks just as the techniques which are detailed and actualized for the activities of the business association concerned (Eshliki Kaboudi, 2012). The pretended by the different partners turn s out to be exceptionally huge when the travel industry is mulled over. It is to be noticed that as the partners are the ones who have put resources into the organization and take a functioning enthusiasm for the presentation of the organization or the business association concerned hence it turns out to be significant for the business associations to pass on the applicable data to them and furthermore to take their endorsement before the execution of a specific system which is probably going to influence the possibilities of the business association in a huge way (Eshliki Kaboudi, 2012). In the assessment of R. Edward Freeman's explained in his well known work Strategic Management-A Stakeholder Approach, partners as those gatherings without whose help the association would stop to exist. Besides, it is critical to take note of that with regards to the travel industry arranging the partner hypothesis point of view turns out to be significant. This specific point of view is a signifi cant perspective on the travel industry is the utilitarian methodology where the travel industry is seen as a proactive power which, whenever grew fittingly, tries to boost positive comes back to a communitys generally speaking development while limiting the expenses to the earth and culture. A useful methodology likewise recommends that all gatherings or partners intrigued by or influenced by this business inside a specific market or network ought to all things considered deal with the travel industry framework (Page Hall, 2014). In the assessment of numerous individuals there are basically three significant advantages of having a compelling synergistic relationship with the different partners in the class of the travel industry arranging, specifically, right off the bat, it diminishes the expense brought about by the travel industry organization which it brings about in case of a contention between the business association concerned and the different partners (Cook, Hsu Marqua, 2014). Furthermore, the contribution of the partners in the dynamic procedure assists with legitimizing the choice made during the procedure and in this way spare the time as well as the assets of the organization concerned (Cook, Hsu Marqua, 2014). Thirdly, the counsel with the partners likewise enables the organizations during the time spent the coordination of strategies and related exercises (To cook, Hsu Marqua, 2014). These in short are a portion of the advantages of talking with the different partners in the class of the travel industry arranging. Cost-based examination (CBA) can be characterized as the procedure by methods for which business choices are broke down. The advantages of a given circumstance or business-related activity are added, and afterward the expenses related with making that move are deducted (Barney, 2014). It is critical to take note of that the different business associations settle on their choice about the opening of any new branches if their association or the dispatch of any new items based on this specific sort of examination (Barney, 2014). This structure turns out to be particularly significant when the travel industry is thought about. It is regularly observed that the different business associations dispatch new items or administrations in the market without taking any thought the cost based examination and along these lines wind up causing a lot of misfortune all the while (Hall, 2012). Thusly, it is significant for the different business associations to think about this specific structure. Thi s specific system turns out to be particularly huge when the travel industry segment is mulled over. It is frequently observed that the different business associations build up their travel industry ventures in areas where the expense caused by them for the direct of the business is a lot higher than the benefit made by them (Hall, 2012). It is critical to take note of that the zone of Clipper Bay is a characteristic area with just 5000 tenants and the abutting territory is encompassing. In this way, if the travel industry is created at that specific zone the business association will create to build lodging and other framework at the region at the area which is probably going to take a lot of capital. In any case, since the area of the zone is close to the sea shore and encompassed by the timberland so it is probably going to speak to numerous visitors who need to escape from the bustling existence of the urban communities and furthermore the clamor related with it. In this way, it tends to be said that based on this specific structure it will be genuinely productive to form the Clipper Bay into a vacationer area. The travel industry is utilized by the different countries of the world with the end goal of the rejuvenation of the economy (Lacher et al., 2013). It is to be noticed that the business is one which requires a base measure of speculation and in this way the capital addition of the business is high (Lacher et al., 2013). Accordingly, this procedure can be utilized by the zone of Clipper Bay to rejuvenate its diminishing economy. It is to be noticed that the region of Clipper Bay relies exclusively upon the angling business for its economy. In addition, the zone isn't truly arable and consequently the locals have very little advances into the part of farming. Moreover, as the region is encircled by backwoods and the locals have not yet inclined to utilize the woodland assets. Along these lines, the region can altogether pick up from the improvement of the travel industry. It is frequently observed that travel industry is utilized by the different nations and areas specifically for the procedure of rejuvenation of their economies with the goal that the Clipper Bay can likewise utilize a similar idea for the procedure of monetary development just as advancement. The more number of voyagers results in these present circumstances specific area the more monetary assets the region will pick up and the more will be the advancement of this specific area (Briassoulis Van Der Straaten, 2013). Notwithstanding that, the advancement of the travel industry in the territory is likewise liable to open up new roads of business openings in the zone the yacht business, inn industry, food industry, travel industry and different others (Briassoulis Van Der Straaten, 2013). Besides, these enterprises will likewise give extensive employment possibilities to the locals of this specific zone who needed to rely upon the way toward angling for their job (Cooper, 2013). The improvement of the travel industry in the region is additionally liable to prompt the advancement of streets and diffe rent foundations in the territory which will contribute in a huge way to the monetary advancement of the zone (Cooper, 2013). Scissors Bay is a genuinely immature zone with just two street a tight street and the other one a two way beach front street. Notwithstanding that, a significant part of the region is encircled by the timberland and no critical lodgings or different attractions separated from the common ones. Be that as it may, the region is a level one and truly appropriate for the development of the lodgings, cafés and different attractions which structure the center of the travel industry. Besides, a great part of the zone is barren and in this way, the different business associations can choose the area for the development of the lodging and other infrastructural necessities according to their inclination of area. It is noteworthy to take note of that framework shapes a significant piece of the travel industry and the more built up a specific zone is as far as t

The Great Snowball Fight of 2013

The Great Snowball Fight of 2013 Did you know? Nemo is Latin for no man or no one, and the name of the movie was a little joke by Pixar. And I refuse to bow to the Weather Channels new ratings-driven non-scientific naming system for winter storms, so that is the last time I will mention Nemo in this post. Its that time of year that meteorologists call winter, characterized by snow, cold, and snotcicles.  Actually, its been winter for a few months, but it wasnt until last night that winter truly came, dumping a few feet of snow on MIT: What better way to celebrate than with a giant Institvte-wide snowball fight study break in Killian Court? Im told President Rafael Reif accepted the invitation to the snowball fight, though I didnt see him. They* say that a pictures worth a thousand words, so Ill just leave this 8000 word essay: *lazy college students yes, East Campuss Tetazoo brought a snow slingshot funnelator: and someone from West Campus tried to take it down: and this is a very exhausted me after the snowball fight was over: It was pretty epic all these undergrads and grads coming together to pelt snow at each other and the fact that I hate the word epic but still used it should tell you how epic it was.  Also, possibly the greatest study break ever.

Mergers And Acquisitions Of The Hindalco Company Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3797 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? MA are very important tools of corporate growth. A firm can achieve growth in several ways. It can grow internally or externally Internal Growth can be achieved if a firm expands its existing activities by up scaling capacities or establishing new firm with fresh investments in existing product markets. Don’t waste time! Our writers will create an original "Mergers And Acquisitions Of The Hindalco Company Finance Essay" essay for you Create order It can grow internally by setting its own units in to new market or new product. Mergers and Acquisitions have been the part of inorganic growth strategy of corporate worldwide. Post 1991 era witnessed growing appetite for takeovers by Indian corporate also across the globe as a part of their growth strategy. This series of acquisitions in metal industry was initiated by acquisition of Arcelor by Mittal followed by Corus by Tatas. Indian aluminium giant Hindalco extended this process by acquiring Atlanta based company Novelis Inc, a world leader in aluminium rolling and flat-rolled aluminium products. Hindalco Industries Ltd.,acquired Novelis Inc. to gain sheet mills that supply can makers and car companies.Strategically, the acquisition of Novelis takes Hindalco onto the global stage as the leader in downstream aluminium rolled products. The acquisition of Novelis by Hindalco bodes well for both the entities. Novelis, processes primary aluminium to sell downstream high value added p roducts. This is exactly what Hindalco manufactures. This makes the marriage a perfect fit. Currently Hindalco, an integrated player, focuses largely on manufacturing alumina and primary aluminium. It has downstream rolling, extruding and foil making capacities as well, but they are far from global scale. Novelis processes around 3 million tonnes of aluminium a year and has sales centers all over the world. In fact, it commands a 19% global market share in the flat rolled products segment, making it a leader. Hindalco has completed this acquisition through its wholly-owned subsidiary AV Metals Inc and has acquired 75.415 common shares of Novelis, representing 100 percent of the issued and outstanding common shares AV Metals Inc transferred the common shares of Novelis to its wholly-owned subsidiary AV Aluminium Inc. The deal made Hindalco the worlds largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia, as well as being Indias leading copper producer. Hindalco Industries Ltd has completed its acquisition of Novelis Inc under an agreement in which Novelis will operate as a subsidiary of Hindalco. Merger: Merger is defined as combination of two or more companies into a single company where one survives and the others lose their corporate existence. The survivor acquires all the assets as well as liabilities of the merged company or companies. Generally, the surviving company is the buyer, which retains its identity, and the extinguished company is the seller. Merger is also defined as amalgamation. Merger is the fusion of two or more existing companies. All assets, liabilities and the stock of one company stand transferred to Transferee Company in consideration of payment in the form of: Equity shares in the transferee company, Debentures in the transferee company, Cash, or A mix of the above modes. Classifications Mergers and Acquisitions Horizontal A merger in which two firms in the same industry combine. Often in an attempt to achieve economies of scale and/or scope. Vertical A merger in which one firm acquires a supplier or another firm that is closer to its existing customers. Often in an attempt to control supply or distribution channels. Conglomerate A merger in which two firms in unrelated businesses combine. Purpose is often to diversify the company by combining uncorrelated assets and income streams Cross-border (International) MAs A merger or acquisition involving a Canadian and a foreign firm an either the acquiring or target company. Acquisition: Acquisition in general sense is acquiring the ownership in the property. In the context of business combinations, an acquisition is the purchase by one company of a controlling interest in the share capital of another existing company. Methods of Acquisition: An acquisition may be affected by agreement with the persons holding majority interest in the company management like members of the board or major shareholders commanding majority of voting power; purchase of shares in open market; to make takeover offer to the general body of shareholders; purchase of new shares by private treaty; Acquisition of share capital through the following forms of considerations viz. means of cash, issuance of loan capital, or insurance of share capital. Takeover: A takeover is acquisition and both the terms are used interchangeably. Takeover differs from merger in approach to business combinations i.e. the process of takeover, transaction involved in takeover, determination of share exchange or cash price and the fulfillment of goals of combination all are different in takeovers than in mergers. For example, process of takeover is unilateral and the offeror company decides about the maximum price. Time taken in completion of transaction is less in takeover than in mergers, top management of the offered company being more co-operative. De-merger or corporate splits or division: De-merger or split or divisions of a company are the synonymous terms signifying a movement in the company. What will it take to succeed? Funds are an obvious requirement for would-be buyers. Raising them may not be a problem for multinationals able to tap resources at home, but for local companies, finance is likely to be the single biggest obstacle to an acquisition. Financial institution in some Asian markets is banned from leading for takeovers, and debt markets are small and illiquid, deterring investors who fear that they might not be able to sell their holdings at a later date. The credit squeezes and the depressed state of many Asian equity markets have only made an already difficult situation worse. Funds apart, a successful Mergers Acquisition growth strategy must be supported by three capabilities: deep local networks, the abilities to manage uncertainty, and the skill to distinguish worthwhile targets. Companies that rush in without them are likely to be stumble. MA Activities in India: MA Activities in India: In 2007, there were a total of 676 MA deals and 405 private equity deals, in 2007, the total value of MA and PE deals was USD 70 billion, Total MA deal value was close to USD 51 billion, Private equity deals value increased to USD 19 billion Growth Drivers: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Globalization and increased competition ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Concentration of companies to achieve economies of scale ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Cash Reserves with corporate Trends: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Cross-border deals are growing faster than domestic deals ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Private Equity (PE) houses have funded projects as well as made a few acquisitions in India Indias Top Mergers and Acquisition 1. Tata Steel-Corus: $12.2 billion On January 30, 2007, Tata Steel purchased a 100% stake in the Corus Group at 608 pence per share in an all cash deal, cumulatively valued at $12.2 billion. The deal is the largest Indian takeover of a foreign company till date and made Tata Steel the worlds fifth-largest steel group. 2. Vodafone-Hutchison Essar: $11.1 billion On February 11, 2007, Vodafone agreed to buy out the controlling interest of 67% held by Li Ka Shing Holdings in Hutch-Essar for $11.1 billion. This is the second-largest MA deal ever involving an Indian company. Vodafone Essar is owned by Vodafone 52%, Essar Group 33% and other Indian nationals 15%. 3. Hindalco-Novelis: $6 billion Aluminium and copper major Hindalco Industries, the Kumar Mangalam Birla-led Aditya Birla Group flagship, acquired Canadian company Novelis Inc in a $6-billion, all-cash deal in February 2007. Till date, it is Indias third-largest MA deal. The acquisition would make Hindalco the global leader in aluminium rolled products and one of the largest aluminium producers in Asia. With post-acquisition combined revenues in excess of $10 billion, Hindalco would enter the Fortune-500 listing of worlds largest companies by sales revenues. 4. Ranbaxy-Daiichi Sankyo: $4.5 billion Marking the largest-ever deal in the Indian pharma industry, Japanese drug firm Daiichi Sankyo in June 2008 acquired the majority stake of more than 50 per cent in domestic major Ranbaxy for over Rs 15,000 crore ($4.5 billion). The deal created the 15th biggest drugmaker globally, and is Indias 4th largest MA deal to date 5. NTT DoCoMo-Tata Tele: $2.7 billion Japanese telecom giant NTT DoCoMo picked up a 26 per cent equity stake in Tata Teleservices for about Rs 13,070 crore ($2.7 billion) in November 2008. This is the 6th-largest MA deal involving an Indian company. With a subscriber base of 25 million in 20 circles DoCoMo paid Rs 20,107 per subscriber to acquire the stake. DoCoMo picked up the equity through a combination of fresh issuance of equity and acquisition of shares from the existing promoters. Major MA Deals Undertaken Abroad by India Inc.  · Tata steel buys Corus Plc : 12.1$ billion  · Hindalco acquired novelis: 6$ billion  · Tata buy jaguar and land rover: 2.3$ billion  · Essar steel buys Algoma Steel: 1.58$ billion  · Vodafone buys hutch: 11$ billion  · POSCO to invest in building steel manufacturing plants and facilities in India by 2016  · Goldman Sachs Plans investment in private equity, real estate, and private wealth management Acquirer Target Company Country targeted Deal value ($ ml) Industry Tata Steel Corus Group plc UK 12,000 Steel Hidalgo Novelist Canada 5,982 Steel Videocon Daewoo Electronics Corp. Korea 729 Electronics Dr. Reddys Labs Beta harm Germany 597 Pharmaceutical Suzlon Energy Hansen Group Belgium 565 Energy HPCL Kenya Petroleum Refinery Ltd. Kenya 500 Oil and Gas Ranbaxy Labs Terapia SA Romania 324 Pharmaceutical Tata Steel NatSteel Singapore 293 Steel Videocon Thomson SA France 290 Electronics VSNL Teleglobe Canada 239 Telecom In year 2008.. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ MA deals in India in 2008 totaled worth USD 19.8 bn ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Less compared to last year which stood at 33.1 bn $. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Decline of MA activity was in line with the global activity. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Cross border MA totaled 8.2 ban $ compared to 18.7 ban $. FINANCIAL CHALLENGES FOR THE ACQUISITION The acquisition will expose Hindalco to weaker balance sheet. Besides the company will move from high margin metal business to low-margin downstream products business. The acquisition will more than triple Hindalcos revenues, but will increase the debt and erode its profitability.The deal will create value only after the Hindalcos expansion completion, and due to its highly leveraged position, expansion plans may get affected. Some of the customers of Novelis are significant to the companys revenues, and that could be adversely affected by changes in the business or financial condition of these significant customers or by the loss of their business. (The companys ten largest customers accounted for approximately 40% of total net sales in 2005, with Rexam Plc and its affiliates representing approximately 12.5% of companys total net sales in that year). Novelis profitability could be adversely affected by the inability to pass through metal price increases due to metal price ceilings in certain of the companys sales contracts. Adverse changes in currency exchange rates could negatively affect the financial results and the competitiveness of companys aluminium rolled products relative to other materials.The Companys agreement not to compete with Alcan in certain end-use markets may hinder Novelis ability to take advantage of new business opportunities. The end-use markets for certain of Novelis products are highly competitive and customers are willing to accept substitutes for the company products. Though the Hindalco-Novelis acquisition had many synergies, some analysts raised the issue of valuation of the deal as Novelis was not a profit making company and had a debt of US $ 2.4 billion. They opined that the acquisition deal was over-valued as the valuation was done on Novelis financials for the year 2005 and not on the financials of 2006 in which the company had reported losses. Mergers and Acquisitions in India: The Latest Trends Till recent past, the incidence of Indian entrepreneurs acquiring foreign enterprises was not so common. The situation has undergone a sea change in the last couple of years. Acquisition of foreign companies by the Indian businesses has been the latest trend in the Indian corporate sector. There are different factors that played their parts in facilitating the mergers and acquisitions in India. Favorable government policies, buoyancy in economy, additional liquidity in the corporate sector, and dynamic attitudes of the Indian entrepreneurs are the key factors behind the changing trends of mergers and acquisitions in India. The Indian IT and ITES sectors have already proved their potential in the global market. The other Indian sectors are also following the same trend. The increased participation of the Indian companies in the global corporate sector has further facilitated the merger and acquisition activities in India. Major Mergers and Acquisitions in India Recently the Indian companies have undertaken some important acquisitions. Some of those are as follows: Hindalco acquired Canada based Novelis. The deal involved transaction of $5,982 million. Tata Steel acquired Corus Group plc. The acquisition deal amounted to $12,000 million. Dr. Reddys Labs acquired Betapharm through a deal worth of $597 million. Ranbaxy Labs acquired Terapia SA. The deal amounted to $324 million. Suzlon Energy acquired Hansen Group through a deal of $565 million. The acquisition of Daewoo Electronics Corp. by Videocon involved transaction of $729 million. HPCL acquired Kenya Petroleum Refinery Ltd. The deal amounted to $500 million. VSNL acquired Teleglobe through a deal of $239 million. When it comes to mergers and acquisitions deals in India, the total number was 287 from the month of January to May in 2007. It has involved monetary transaction of US $47.37 billion. Out of these 287 merger and acquisition deals, there have been 102 cross country deals with a total valuation of US $28.19 billion. Valuation in a merger: Determination of share exchange ratio 1. Net Value Asset (NAV) Method NAV is the sum total of value of asserts (fixed assets, current assets, investment on the date of Balance sheet less all debts, borrowing and liabilities including both current and likely contingent liability and preference share capital). Deductions will have to be made for arrears of preference dividend, arrears of depreciation etc The three steps necessary for valuing share are: Valuation of assets Ascertainment of liabilities Fixation of the value of different types of equity shares. 2. Yield Value Method This method also called profit earning capacity method is based on the assessment of future maintainable earnings of the business. While the past financial performance serves as guide, it is the future maintainable profits that have to be considered. Earnings of the company for the next two years are projected (by valuation experts) and simple or weighted average of these profits is computed 3. Market Value Method This method is applicable only in case where share of companies are listed on a recognized stock exchange. The average of high or low values and closing prices over a specified previous period is taken to be representative value per share. CAUSES FOR FAILURE OF MERGERS AND ACQUISITIONS It is clear from the findings of the earlier scientific studies and reports of consultants that MAs fail quite often and consequently, failed to create value or wealth for shareholders of the acquirer company. A definite answer as to why mergers fail to generate value for acquiring shareholders cannot be provided because mergers fail for a host of reasons. Some of the important reasons for failures of mergers are discussed below: Size Issues: A mismatch in the size between acquirer and target is one of the reasons found for poor acquisition performance. Many acquisitions fail either because of acquisition indigestion through buying too big targets or by not giving the smaller acquisitions the time and attention it required Moreover, when the size of the acquirer is very large when compared to the target firm, the percentage gains to acquirer will be very low when compared to the higher percentage gains to target firms. They find that the smaller acquirer companies do more profitable acquisitions while larger acquirer companies do deals that cause their shareholders to lose acquisitions. Diversification: Very few firms have the ability to successfully manage the diversified businesses. Lot of studies found that acquisitions into related industries consistently outperform acquisitions into unrelated around 42% of the acquisitions that turned sour were conglomerate acquisitions in which the acquirer and acquired companies lacked familiarity with each others businesses. Unrelated diversification has been associated with lower financial performance, lower capital productivity and a higher degree of variance in performance for a variety of reasons including a lack of industry or geographic knowledge, a lack of focus as well as perceived inability to gain meaningful synergies. Unrelated acquisitions which may appear to be very promising may turn out to be a big disappointment in reality. For example, Datta et al. find that the presence of multiple bidders and the conglomerate acquisitions have a negative impact on the wealth of the bidding shareholders. Poor Organization Fit: Organizational fit is described as the match between administrative practices, cultural practices and personnel characteristics of the target and acquirer states that organisation structure with similar management problem, cultural system and structure will facilitate the effectiveness of communication pattern and improve the companys capabilities to transfer knowledge and skills. Need for proper organization fit is stressed by management. Mismatch of organization fit leads to failure of mergers. Poor Strategic Fit: A Merger will yield the desired result only if there is strategic fit between the merging companies. But once this is assured, the gains will outweigh the losses. Mergers with strategic fit can improve profitability through reduction in overheads, effective utilization of facilities, the ability to raise funds at a lower cost, and deployment of surplus cash for expanding business with higher returns. But many a time lack of strategic fit between two merging companies, especially lack of synergies results in merger failure. Strategic fit can also include the business philosophies of the two entities (return on investment versus market share), the time frame for achieving these goals (short-term versus long term) and the way in which assets are utilized high capital investment or an asset stripping mentality Striving for Bigness: Size is an important element for success in business. Therefore, there is a strong tendency among managers whose compensation is significantly influenced by size to build big empires the concern with size may lead to acquisitions. Size maximizing firms may engage in activities which have negative net present value Therefore when evaluating an acquisition it is necessary to keep the attention focused on how it will create value for shareholders and not on how it will increase the size of the company. finds that the results of his study are consistent with the takeovers being motivated by maximization of management utility reasons, rather than by the maximization of shareholders wealth. Poor Cultural Fit: The relationship between cultural fit and acquisition implementation is highly related. It is difficult to undergo a successful implementation without adequately addressing the issues of cultural fit. Cultural fit between an acquirer and a target is often one of the most neglected areas of analysis prior to the closing of a deal. However, cultural due diligence is every bit as important as careful financial analysis. Lack of cultural fit between the merging firms will amount to misunderstanding, confusion and conflict. Limited Focus: If merging companies have entirely different products, markets systems and cultures, the merger is doomed to failure. Added to that as core competencies are weakened and the focus gets blurred the effect on bourses can be dangerous. Purely financially motivated mergers such as tax driven mergers on the advice of accountant can be hit by adverse business consequences. Conglomerates that had built unfocused business portfolios were forced to sell non-core business that could not withstand competitive pressures. The Tatas for example, sold their soaps business to Hindustan Lever i.e. merger of Tata Oil Mill Company with Hindustan Lever Limited (Banerjee [7]). Failure to Examine the Financial Position: Examination of the financial position of the target company is quite significant before the takeovers are concluded. Areas that require thorough examination are stocks, saleability of finished products, value and quality of receivables, details and location of fixed assets, unsecured loans, claims under litigation, and loans from the promoters. A London Business School study in 1987 highlighted that an important influence on the ultimate success of the acquisition is a thorough audit of the target company before the takeover (Arnold [5]). When ITC took over the paper board making unit of BILT near Coimbatore, it arranged for comprehensive audit of financial affairs of the unit. Many a times the acquirer is mislead by window-dressed accounts of the target Failure to Take Immediate Control: Control of the new unit should be taken immediately after signing of the agreement. ITC did so when they took over the BILT unit even though the consideration was to be paid in 5 yearly instalments. ABB puts new management in place on day one and reporting systems in place by three weeks Failure of Top Management to follow Up: After signing the MA agreement, the top management should be very active and should make things happen. Initial few months after the takeover determine the speed with which the process of tackling the problems can be achieved. It is very rarely that the bought out company is firing on all cylinders and making a lot of money. Top management follow-up is essential to go with a clear road map of actions to be taken and set the pace for implementing once the control is assumed Failure of Leadership Role: Some of the roles leadership should take seriously are modeling, quantifying strategic benefits and building a case for MA activity and articulating and establishing high standard for value creation. Walking the talk also becomes very important during MAs CONCLUSION Mergers and acquisition has become very popular over the years especially during the last two decades owing to rapid changes that have taken place in the business environment. Business firms now have to face increased competition not only from firms within the country but also from international business giants thanks to globalization, liberalization, technological changes and other changes. Generally the objective of MAs is wealth maximization of shareholders by seeking gains in terms of synergy, economies of scale, better financial and marketing advantages, diversification and reduced earnings volatility, improved inventory management, increase in domestic market share and also to capture fast growing international markets abroad. But astonishingly, though the number and value of MAs are growing rapidly, the results of the studies on the impact of mergers on the performance from the acquirers shareholders perspective have been highly disappointing. In this paper an attempt has been made to draw the results of some of the earlier studies while analyzing the causes of failure of majority of the mergers. While making the merger deals, it is necessary not only to look into the financial aspects of the deal but also to analyse the cultural and people issues of both the concerns for proper post-acquisition integration and for making the deal successful. But it is unfortunate that in many deals only financial and economic benefits are considered while neglecting the cultural and people issues. Thus in nut shell we can say that MA have become common in our countrys business set up. There is a tremendous need for people to grow and become global players expanding their business spheres. If success is to be achieved in MA cohesive, well integrated and motivated workforce is required who is willing to take on the challenges that arise in the process of MA and there should be proper organization among employees and they should be provided with proper working conditions.

Essay about Should We Legalize Marijuana in Canada

To Legalize or to Not Legalize: The Debate Behind Marijuana in Canada The legalization of marijuana is an issue that consistently discussed and debated, not only in North America, but throughout the entire world. Despite being illegal in every country, marijuana remains the most widely used illicit drug in the world. The popularity of this drug is the cause for the continuous legalization debate, resulting in various legislations pertaining to the consumption of the substance. Every country has its own stance on the issue, however, the Netherlands has a unique policy on marijuana use: it is decriminalized, classified as a soft drug and possession is limited to 5 grams in public or 30 grams in a private area. There are also Dutch†¦show more content†¦In addition, legalization would create a plethora of new job opportunities in various sectors such as: agriculture, transportation, distribution and retail. These jobs would be created as the government would begin to produce and regulate the sale of marijuana. Legalization could also potentially reduce legal costs associated the persecution of those involved in the purchasing and sale of marijuana. Law enforcement services would no longer be required to heavily persecute marijuana usage, thus resulting in the opportunity for those resources to be used elsewhere. Marijuana would create new avenues for government income and saving, therefore positively contributing to the economic health of the nation. Illegal drug sales/trafficking is one of the greatest sources of income for organized crime, and will continue to be so as long as they remain in control of the drug market. By legalizing and regulating the sale of marijuana, this income stream for organized crime would be heavily impacted. Criminals rely on the massive profits produced by the low supply/high demand trend that is currently seen in the drug black market. Once legalized, there will be plenty of legal producers and suppliers, which would result in the price per unit of marijuana to dip significantly. Since legal suppliers will most likely have the resources to produce better quality product with better prices, the black market producers may not be able to compete.Show MoreRelatedShould Marijuana Be Legalized? Essay1520 Words   |  7 PagesMarijuana was first criminalized in 1923 when it was added to the narcotics act. In 1971 the LeDain commission recommended the decriminalization of simple possessions of marijuana, followed by the legalization of medical marijuana in 2001. Currently, the liberal government is taking steps towards their promise, to legalize marijuana, made during the 2015 election. Currently, there are laws that regulate the use of marijuana in Canada. It is illegal to possess or sell marijuana for non-medial purposesRead MoreMarijuana Prohibition Canada1372 Words   |  6 PagesThe Controlled Substances Act (Marijuana Prohibition) CLN-4U Unit One Essay Cailey Bazik CLN 4U – Unit One Essay Controlled Substances Act Marijuana Prohibition The Controlled substance act pertaining to Marijuana has been a long on going battle as to whether marijuana should be legal in Canada and taken out of this act. The law behind the drug has a long history and many failed attempts at decriminalization. There are both positive and negative effects to this law, but I believe theRead MoreShould Marijuana Be Legalized?1579 Words   |  7 PagesLegalize Marijuana Marijuana consumption has become a very prominent sub-culture within the United States with users including virtually everyone from teenagers to the elderly people. Some individuals use it because they enjoy the feeling they get from smoking or eating it, whereas others use it for medical reasons. 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Moby Dick Book Report Free Essays

â€Å"Call me Ishmael,† Moby-Dick begins, in one of the most recognizable opening lines in English-language literature. The narrator, an observant young man setting out from Manhattan, has experience in the merchant marine but has recently decided his next voyage will be on a whaling ship. On a cold, gloomy night in December, he arrives at the Spouter-Inn in New Bedford, Massachusetts, and agrees to share a bed with a then-absent stranger. We will write a custom essay sample on Moby Dick Book Report or any similar topic only for you Order Now When his bunk mate, a heavily tattooed Polynesian harpooner named Queequeg, returns very late and discovers Ishmael beneath his covers, both men are alarmed, but the two quickly become close friends and decide to sail together from Nantucket, Massachusetts on a whaling voyage. In Nantucket, the pair signs on with the Pequod, a whaling ship that is soon to leave port. The ship’s captain, Ahab, is nowhere to be seen; nevertheless, they are told of him – a â€Å"grand, ungodly, godlike man,† according to one of the owners, who has â€Å"been in colleges as well as ‘mong the cannibals. The two friends encounter a mysterious man named Elijah on the dock after they sign their papers and he hints at troubles to come with Ahab. The mystery grows on Christmas morning when Ishmael spots dark figures in the mist, apparently boarding the Pequod shortly before it sets sail that day. The ship’s officers direct the early voyage while Ahab stays in his cabin. The c hief mate is Starbuck, a serious, sincere Quaker and fine leader; second mate is Stubb, happy-go-lucky and cheerful and always smoking his pipe; the third mate is Flask, short and stout but thoroughly reliable. Each mate is responsible for a whaling boat, and each whaling boat of the Pequodhas its own pagan harpooneer assigned to it. Some time after sailing, Ahab finally appears on the quarter-deck one morning, an imposing, frightening figure whose haunted visage sends shivers over the narrator. (A white scar, reportedly from a thunderbolt, runs down his face and it is hinted that it continues the length of his body. ) One of his legs is missing from the knee down and has been replaced by a prosthesis fashioned from a sperm whale’s jawbone. Soon gathering the crewmen together, with a rousing speech Ahab secures their support for his single, secret purpose for this voyage: hunting down and killing Moby Dick, an old, very large sperm whale, with a snow-white hump and mottled skin, that crippled Ahab on his last whaling voyage. Only Starbuck shows any sign of resistance to the charismatic but monomaniacal captain. The first mate argues repeatedly that the ship’s purpose should be to hunt whales for their oil, with luck returning home profitably, safely, and quickly, but not to seek out and kill Moby Dick in particular – and especially not for revenge. Eventually even Starbuck acquiesces to Ahab’s will, though harboring misgivings. The mystery of the dark figures seen before the Pequod set sail is explained during the voyage’s first lowering for whales. Ahab has secretly brought along his own boat crew, including a mysterious harpooneer named Fedallah, an inscrutable figure with a sinister influence over Ahab. Later, while watching one night over a captured whale carcass, Fedallah darkly prophecies to Ahab hints regarding their twin deaths. The novel describes numerous â€Å"gams,† social meetings of two ships on the open sea. Crews normally visit each other during a gam, captains on one vessel and chief mates on the other. Mail may be exchanged and the men talk of whale sightings or other news. For Ahab, however, there is but one relevant question to ask of another ship: â€Å"Hast seen the White Whale? † After meeting several other whaling ships, which have their own peculiar stories, the Pequod enters the Pacific Ocean. Queequeg becomes deathly ill and requests that a coffin be built for him by the ship’s carpenter. Just as everyone has given up hope, Queequeg changes his mind, deciding to live after all, and recovers quickly. His coffin becomes his sea chest, and is later caulked and pitched to replace the Pequod’s life buoy. Soon word is heard from other whalers of Moby Dick. The jolly Captain Boomer of the Samuel Enderby has lost an arm to the whale, and is stunned at Ahab’s burning need for revenge. Next they meet the Rachel, which has seen Moby Dick very recently. As a result of the encounter, one of its boats is missing; the captain’s youngest son had been aboard. The Rachel’s captain begs Ahab to aid in the search for the missing boat, but Ahab is resolute. The Pequod’s captain is very near the White Whale now and will not stop to help. Finally the Delight is met, even as its captain buries a sailor who had been killed by Moby Dick. Starbuck begs Ahab one final time to reconsider his thirst for vengeance, but to no avail. The next day, the Pequod meets Moby Dick. For two days, the Pequod’s crew pursues the whale, which wreaks widespread destruction, including the disappearance of Fedallah. On the third day, Moby Dick rises up to reveal Fedallah tied to him by harpoon ropes, clearly dead. Even after the initial battle on the third day, as Moby Dick swims away from the Pequod, Starbuck exhorts Ahab one last time to desist, observing that â€Å"Moby-Dick seeks thee not. It is thou, thou, that madly seekest him! † Ahab ignores this voice of reason and continues with his ill-fated chase. As the three boats sail out to hunt him, Moby Dick damages two of them, forcing them to go back to the ship and leaving only Ahab’s vessel intact. Ahab harpoons the whale, but the harpoon-line breaks. Moby Dick then rams the Pequod itself, which begins to sink. As Ahab harpoons the whale again, the unfolding harpoon-line catches him around his neck and he is dragged into the depths of the sea by the diving Moby Dick. The boat is caught up in the whirlpool of the sinking ship, which takes almost all the crew to their deaths. Only Ishmael survives, clinging to Queequeg’s coffin-turned-life buoy for an entire day and night before the Rachel rescues him. How to cite Moby Dick Book Report, Papers

Demand And Supply Of Oil And Factors That Affect The Demand Supply

Question: Discuss about theDemand And Supply Of Oil And Factors That Affect The Demand And Supply Sides Of The Market. Answer: Demand and supply of a commodity can be identified as the crucial factors determining the price of products. The mechanism of pricing can be controlled by demand and supply side of a product in a particular market. Significantly, several factors are affecting the demand and supply of a product in a target market (Zhang, Zhao, 2009). Due to the change in demand and supply side of a commodity, price fluctuation can be noticed. In this particular study paper, the demand and supply side of crude oil has been evaluated determining the factors affecting the demand and supply channel of the commodity in the Australian market. The selected article written by Uren (2016) has reviewed the current scenario of the global oil market and the leading factors controlling the falling oil prices at the international level. Notably, in a span of mere eighteen months, crude oil prices slipped from US$110 to as low as US$30 a barrel due to uncertainties in the global market and growth worries. In the discussion, a summary of the entire article has been presented to evaluate the factors affecting the demand and supply of crude oil. Besides, demand and supply graph has been drawn to conclude the market equilibrium price and quantity. The identified article reflects the existing crude oil market and the growth aspects for the companies associated with the oil business. Precisely, the article evaluates that the output of finite oil resources has been maximum. As a result of the scenario, the price of the commodity is tumbling down (Uren, 2016). Due to falling oil prices, emerging nations are investing capitals in the energy sector. Therefore, the Australian Regulatory Committee has imposed strict limits on foreign investment. According to OPEC, the slump in the crude oil price is not permanent. Meanwhile, due to massive output of oil and technological improvement, the price of oil will remain under pressure for a while. The demand for oil can be affected by a number of factors leading to price volatility. First of all, growth aspects of global economies have largely contributed to rising in demand. If the leading economies are performing well, the demand for oil will automatically increase. Secondly, speculative buying from the emerging nations has influenced the demand side of crude. Thirdly, the changes in the financial market have a significant impact on demand for oil. A sound financial market can improve the demand for oil (Bolle, 2011). Fourthly, the Non-OEDC demand can contribute to the demand side of crude oil. The rise in consumption in the Non-OEDC countries can increase the demand for oil products. Similarly, the supply side of crude is also influenced by several factors. Most importantly, the crude output decision made by OPEC can be the leading factor affecting the supply of crude. A cut in production of crude can reduce the supply fuelling the price to surge. Secondly, a future reserve of oil can make a massive impact on the supply of crude oil. Alternatively, the rise in demand from the leading oil-consuming nations such as the USA, China, India, and Japan, etc. can increase the supply side of the commodity. Lastly, geopolitical issues and concerns can be identified as one of the biggest factors affecting the supply side of crude. For instance, a war situation in a major oil producing country can reduce the supply of oil fuelling the price of the commodity. According to Uren (2016), the demand for Oil is reducing due to the development of technology and introduction of electric and bio-fuel cars. On the other hand, the fall in the demand for oil in the international market is resulting in the oversupply of oil in the Australian market (Adil, 2016). A diagram has been presented below for better understanding: Figure: Demand and Supply curve Source: (Parkin, 2014) It can be seen from the above diagram, the fall in the quantity demanded for oil has resulted in a leftward shift in the demand curve from D to D1. On the other hand, the oversupply of oil in the global as well as Australian market has resulted in a rightward shift in the supply curve from S to S1. Hence, a huge fall in the price of oil can be evident without affecting the quantity demanded or supplied due to the shift in the market equilibrium from E to E1. Meanwhile, it is important to note that there is almost no change in the quantity demanded or supplied of oil due to the inelastic demand of fossil fuels (Pirog, 2008). Irrespective of the developing technology and shift in the demand curve, the vehicles that are already in the market needs fossil fuel (Ravindra, Iyer, 2014). On the other hand, the developing technology is further controlling the growing demand of oil in the market irrespective of the falling price of fossil fuels. Therefore, a minimum change can be evident in the quantity of consumption of oil (Bochet, ?lk?l?, Moulin, Sethuraman, 2012). In other words, the inelastic demand of oil has resulted in the shift of demand and supply curve, but has resulted in no or little change in the actual consumption of oil. Figure: Inelastic demand of Oil Source: (Parkin, 2014) It can be seen from the above diagram that a change of 30 percent in the price results in the change of only 10 percent in the quantity demanded for oil. Hence, the elasticity of demand for oil is less than 1, which states that oil has an inelastic demand. By considering the above analysis, the development of technology and alternative energy sources has resulted in the fall in the demand for oil. On the other hand, the falling demand for oil can become a major challenge for the oil producing organisations across the globe. Meanwhile, it will result in a price war in the global oil market. Hence, it is important for the government of different countries to take necessary steps in order to control the demand and supply of oil to stop the price war in the oil and energy sector for maintaining an economic balance in the nation. References Adil, J. (2016).Supply and demand(1st ed.). Mankato, Minn.: Capstone Press. Bochet, O., ?lk?l?, R., Moulin, H., Sethuraman, J. (2012). Balancing supply and demand under bilateral constraints.Theoretical Economics,7(3), 395-423. Bolle, F. (2011). Competition with supply and demand functions.Energy Economics,23(3), 253-277. Parkin, M. (2014). Economics (1st ed.). Boston: Pearson. Pirog, R. (2008).Gasoline and oil prices(1st ed.). Washington: Congressional Research Service. Ravindra, K., Iyer, P. (2014). Decentralized demandsupply matching using community microgrids and consumer demand response: A scenario analysis.Energy,76, 32-41. Uren, D. (2016).Oil to burn but demand is dying.Theaustralian.com.au. Retrieved April 2017, from https://www.theaustralian.com.au/business/opinion/david-uren-economics/oil-to-burn-but-demand-is-dying-as-technology-improves/news-story/22edee003d303ee677161471f4f441af Zhang, X., Zhao, Y. (2009). The Impact of External Demand Information on Parallel Supply Chains with Interacting Demand.Production And Operations Management,19(4), 463-479.