Blog Archive University of California Los Angeles (Anderson) Essay Analysis, 20112012

Blog Archive University of California Los Angeles (Anderson) Essay Analysis, 2011â€"2012 Two years ago, UCLA Anderson introduced an application essay question that required candidates to creatively express themselves. Last year, the school made the question optional. This year, it dropped this much-discussed essay question altogether. Were the segments overproduced? Did the question give a technological advantage to some, but not others? Who can say? What we do know is that UCLA Anderson’s essay questions this season are now pretty sparse. Essay one offers your best opportunity to stand out, so use it wisely. REQUIRED ESSAYS: Please be introspective and authentic in your responses. Content is more important than style of delivery. We value the opportunity to learn about your life experiences, aspirations, and goals. 1. What events or people have had the greatest influence in shaping your character and why?     (750 words) In offering you the opportunity to discuss an event or people that have shaped your character, UCLA Anderson is trying to learn, not about others, but about you through others. So, if you were to write about Gandhi, you are not writing a biography of the man, but the story of his influence on you. Of course, we strongly advise that you not write about how Gandhi, Bill Gates, Warren Buffett or some other highly notable public figure influenced you, because it will be very difficult to own your connection to this person â€" how has Gandhi, for example, influenced you, in a way that he has not influenced others? It is possible to write about how a less public philosopher or business leader influenced you, but the connection must truly be profound and his/her influences must be very deliberate in your current actions. You have to show how this person’s influence has manifest and indeed, “shaped” you. Many candidates will write about family members, who can be a fine choice. Again, what needs to be clear is the cause and effect relationship. The reader needs to understand the profound influence the individual has had on you and needs not to learn about you through this person Bad: My grandfather was born in 1935 in what is now Slovakia. He grew up on a farm and has subsequently always loved to grow his own vegetables. Good: My first memories come from my grandfather’s garden, pulling up carrots, picking tomatoes and digging up potatoes. As we harvested what we had grown together, he would laugh and say to me, “You have to take time to watch the potatoes bloom…” With respect to events, again, we are similarly learning about you through an externality and again, the event need not be known to the public, but here you have more leeway. For example, one could talk about the changes that occurred when a loved one went to fight in Iraq, but then, the experience is still focused on you and your life, your family, not on the war. Still, you need not worry if you did not have an experience that was this profound. Again, you simply need to think about an event that became an experience for you and the impact of it must be highly personal. We often advise applicants to tell their stories narratively and to launch directly into the action; this approach would work particularly well for this essay. Starting this essay with a formal introduction, wherein you sum up for the reader what he/she is about to be told in the rest of the text, will prevent you from being able to create momentum or suspense in your story. Consider the following example: Bad: “The most influential event in my life occurred when I defied expectations and was elected student president of my 50,000 person college.” With this kind of opening, where is the mystery? Where do you go from there? By contrast, consider the following: Good: “Rushing to class on a chilly fall morning, I stopped dead in my tracks when I saw a poster advertising the upcoming class elections.” By launching into the “action” of your story and maintaining the mystery within it, you will grab and hold your reader’s attention, and the story of your shaping event will have maximum impact. 2. What are your short-term and long-term career goals, and how will an MBA from UCLA Anderson specifically help you achieve these goals? (750 words) Because Personal Statements are similar from one application to the next, we have produced the mbaMission Personal Statement Guide, which helps applicants write this style of essay for any school. We offer this guide to candidates free of charge, via our online store. Please feel free to download your copy today. Do not use up precious word count here detailing your professional career and accomplishments to date, but do include some general reference to your past work experience to frame why you need an MBA education to attain your stated goals. You must then clearly explain what UCLA Anderson offers in particular that will help you. As always, avoid telling the school what it already knows about itself, and instead strive to demonstrate links between specific offerings at the school and your aspirations. You will need to do your research to best identify direct ties between what Anderson offers and your professional goals, personal beliefs, study style, etc. The deeper your knowledge of the school, the easier pinpointing specific resources will be in the context of your future success, and thus, the more effective your essay will be. Take time to go beyond the school’s view book and Web site and contact students and alumniâ€"and, ideally, visit the school and attend a class. For a thorough exploration of UCLA Anderson’s academic program/merits, defining characteristics, crucial statistics, social life, academic environment and more, please check out the mbaMission Insider’s Guide to the UCLA Anderson School of Management. Share ThisTweet 2011-2012 MBA Essay Analysis University of California Los Angeles (Anderson)

Effects of Stress Among Workers Research Paper - 1375 Words

Effects of Stress Among Workers (Research Paper Sample) Content: Effects of stress among workersStudentà ¢Ã¢â€š ¬s nameCourse name and numberInstructorà ¢Ã¢â€š ¬s nameDate of submissionAbstractThe purpose of this research was to determine the effects of stress among workers. A sample of 100 workers was used in the research and this included both sexes. Stress is generally a psychological problem that interferes with the stability of the mind of an individual CITATION Thu11 \l 1033 (Thurston-Snoha, 2011). Interviews were carried out among the 100 workers where they were asked of how stress affected their performance at work. Not all workers were reached out to be interviewed. Therefore, use of questionnaires was employed in the exercise. According to the results it was found out that stress had negative effects on the performance at work among most workers. More than 50 workers involved experienced fatigue, lack of concentration at work, lack of sleep and depression due to stress leading to poor performance. Some had positive eff ects as it motivated them to do work.Effects of stress among workersThere are several known causes of stress on individuals which are either positive or negative. Positive causes include pay rise while the negative causes include divorce and lack of finances. Stress is harmful to the body as it results to health deterioration hence reduction in its performance CITATION Wil00 \l 1033 (Schaufeli, 2000).There are several theories related to stress. First there is the fight or flight which causes the victim to feel frightened easily or ready to engage in an exchange of blows incase on comes on their way CITATION Sye13 \l 1033 (Naqvi, 2013). Such people get hurt in the process as the stress makes them to be brutal to others. Such workers are hard to handle as they always feel unloved when their bosses assign them certain tasks.There is another theory invented by Hans Selye in 1970 which provides a safer way of getting rid of stress CITATION Lau11 \l 1033 (Claussen, 2011). It entails t hree phases; the alarm, resistance and the exhaustion phase. When one is under stress, the body engages in an activity which results to exhaustion of the body. It therefore remains strong and stress free. This can therefore be a good way of controlling stress by engaging in tiring activities which are different from the daily activities.The current study aids at proving that stress has negative effects to workers. The stressed workers were at times unable to work or complete the tasks which resulted to less output at their respective work places.MethodParticipantsThe participants in the research included 150 workers of both sexes. These were people within the 40-60 years range. This group was used as it had a lot of experience at work and would perform better if there were no hindrances in their work such as stress. The participants were of different standard as they varied from managers to subordinate staffs. Also most of them had families which could be a cause for their stress. T he participants worked in offices and production industries working each day for 8 hours a day that is from 8 in the morning up to 4 in the evening. In that duration they were engaged in their respective assigned activities in various fields.MaterialsThe data was collected through the use of questionnaires which had different questions on the effects of stress among workers. They were distributed to the workers for filling. Also for those who could not get the questionnaires, telephone interviews were applied to collect information from them. Calling as well as printing charges were incurred during the process.ProcedureThe questionnaires had a bunch of questions on the effects of stress among workers which were distributed to various workers in the area of study. The workers were to fill them fully and return them to the researcher for analysis. They were to be truthful about their experiences at work linking it with the various types of stress they had. Telephone call interviews we re carried out among the workers who worked far from their work places for instance sales persons. Similar questions as those in the questionnaires were asked during the interviews. This was to ensure that both data collected in both ways were the same and would not result in different analysis. The interviews were efficient as they enabled the interviewer get detailed feedback from the workers unlike the case for the use of questionnaires.ResultsSome workers did not submit their questionnaires while others were not ready for an interview. Out of 150 participants used in the research, 50 participants did not give any feedback. Among the 100 workers that were used in this research, 75% of them admitted that they were stressed due to various reasons. Some claimed it was due to loss of their loved ones, divorce, lack of finances and lack of family support CITATION Lau11 \l 1033 (Claussen, 2011). This made them take lots of time thinking about how they were going to rectify the proble ms so that life would run smoothly. Some engaged in drug and substance abuse as a way of eliminating the stress which did not actually solve their problems. Instead they had fears of being laid off incase their bosses came to know of their drunkenness.The workers claimed to feel asleep in their work which resulted in poor work performance. Some claimed to have loss of memory in some things. They could not recall the instructions given by their bosses which lead to quarrel in case the managers got to know that they did not do what they instructed. There were also complaints from clients that they were not being served properly while others claimed having not been served. This led to loss of confidence by the clients and had to seek help from other places CITATION Wil00 \l 1033 (Schaufeli, 2000).The managerial staff claimed that they had high levels of absenteeism in their organization as the workers claimed to be unable to work at those times. This made them look for other sources o f labour so as not to retard the progression of the companies. In those cases where there was no absenteeism, the workers arrived late and no self- drives at work. More so, there were accidents that were reported among the workers. Some fell while working while others hit themselves with the machinery they were using at work.Some workers always complained each time they were working. They took the work as a burden and the only drive that made them continue working was the salary at the end of the month. In case the manager was not supervising ... Effects of Stress Among Workers Research Paper - 1375 Words Effects of Stress Among Workers (Research Paper Sample) Content: Effects of stress among workersStudentà ¢Ã¢â€š ¬s nameCourse name and numberInstructorà ¢Ã¢â€š ¬s nameDate of submissionAbstractThe purpose of this research was to determine the effects of stress among workers. A sample of 100 workers was used in the research and this included both sexes. Stress is generally a psychological problem that interferes with the stability of the mind of an individual CITATION Thu11 \l 1033 (Thurston-Snoha, 2011). Interviews were carried out among the 100 workers where they were asked of how stress affected their performance at work. Not all workers were reached out to be interviewed. Therefore, use of questionnaires was employed in the exercise. According to the results it was found out that stress had negative effects on the performance at work among most workers. More than 50 workers involved experienced fatigue, lack of concentration at work, lack of sleep and depression due to stress leading to poor performance. Some had positive eff ects as it motivated them to do work.Effects of stress among workersThere are several known causes of stress on individuals which are either positive or negative. Positive causes include pay rise while the negative causes include divorce and lack of finances. Stress is harmful to the body as it results to health deterioration hence reduction in its performance CITATION Wil00 \l 1033 (Schaufeli, 2000).There are several theories related to stress. First there is the fight or flight which causes the victim to feel frightened easily or ready to engage in an exchange of blows incase on comes on their way CITATION Sye13 \l 1033 (Naqvi, 2013). Such people get hurt in the process as the stress makes them to be brutal to others. Such workers are hard to handle as they always feel unloved when their bosses assign them certain tasks.There is another theory invented by Hans Selye in 1970 which provides a safer way of getting rid of stress CITATION Lau11 \l 1033 (Claussen, 2011). It entails t hree phases; the alarm, resistance and the exhaustion phase. When one is under stress, the body engages in an activity which results to exhaustion of the body. It therefore remains strong and stress free. This can therefore be a good way of controlling stress by engaging in tiring activities which are different from the daily activities.The current study aids at proving that stress has negative effects to workers. The stressed workers were at times unable to work or complete the tasks which resulted to less output at their respective work places.MethodParticipantsThe participants in the research included 150 workers of both sexes. These were people within the 40-60 years range. This group was used as it had a lot of experience at work and would perform better if there were no hindrances in their work such as stress. The participants were of different standard as they varied from managers to subordinate staffs. Also most of them had families which could be a cause for their stress. T he participants worked in offices and production industries working each day for 8 hours a day that is from 8 in the morning up to 4 in the evening. In that duration they were engaged in their respective assigned activities in various fields.MaterialsThe data was collected through the use of questionnaires which had different questions on the effects of stress among workers. They were distributed to the workers for filling. Also for those who could not get the questionnaires, telephone interviews were applied to collect information from them. Calling as well as printing charges were incurred during the process.ProcedureThe questionnaires had a bunch of questions on the effects of stress among workers which were distributed to various workers in the area of study. The workers were to fill them fully and return them to the researcher for analysis. They were to be truthful about their experiences at work linking it with the various types of stress they had. Telephone call interviews we re carried out among the workers who worked far from their work places for instance sales persons. Similar questions as those in the questionnaires were asked during the interviews. This was to ensure that both data collected in both ways were the same and would not result in different analysis. The interviews were efficient as they enabled the interviewer get detailed feedback from the workers unlike the case for the use of questionnaires.ResultsSome workers did not submit their questionnaires while others were not ready for an interview. Out of 150 participants used in the research, 50 participants did not give any feedback. Among the 100 workers that were used in this research, 75% of them admitted that they were stressed due to various reasons. Some claimed it was due to loss of their loved ones, divorce, lack of finances and lack of family support CITATION Lau11 \l 1033 (Claussen, 2011). This made them take lots of time thinking about how they were going to rectify the proble ms so that life would run smoothly. Some engaged in drug and substance abuse as a way of eliminating the stress which did not actually solve their problems. Instead they had fears of being laid off incase their bosses came to know of their drunkenness.The workers claimed to feel asleep in their work which resulted in poor work performance. Some claimed to have loss of memory in some things. They could not recall the instructions given by their bosses which lead to quarrel in case the managers got to know that they did not do what they instructed. There were also complaints from clients that they were not being served properly while others claimed having not been served. This led to loss of confidence by the clients and had to seek help from other places CITATION Wil00 \l 1033 (Schaufeli, 2000).The managerial staff claimed that they had high levels of absenteeism in their organization as the workers claimed to be unable to work at those times. This made them look for other sources o f labour so as not to retard the progression of the companies. In those cases where there was no absenteeism, the workers arrived late and no self- drives at work. More so, there were accidents that were reported among the workers. Some fell while working while others hit themselves with the machinery they were using at work.Some workers always complained each time they were working. They took the work as a burden and the only drive that made them continue working was the salary at the end of the month. In case the manager was not supervising ...

Eye Contact And Nonverbal Communication - 962 Words

Eye Contact in Nonverbal Communication Another important aspect of nonverbal communication process is eye contact. In America, eye contact is very important but it is different in some cultures and countries. For example, Muslims often lower their graze and try to not focus on the opposite sex features except for the hands and face. In fact, lustful glances to those of the opposite sex is prohibited in their cultural. In addition, the Japanese culture view eye contact differently. According to (SITE), Japanese children are taught in school to direct their gaze at the region of their teachers Adams apple or the tie kot. As adults, the Japanese culture lower their eyes when speaking to a superior as a gesture or respect. On the contrary, in America, teachers prefer students to engage in eye contact because it indicates that they are alert and following along to their lecture or peers. According to (SITE), a study conducted in Germany which infants were examine during their first 12 we eks of life. The researchers studied the relationship between eye contact among the infants. After watching the videos, the researchers measured the mutual eye contact between the mother and the infant by looking at the overlap in time when the mothers looked at their infant’s face. In addition, the study found that the amount of eye contact between the mothers and infants increased over the first 12 weeks. The mother who held eye contact with her child during four weeks was described asShow MoreRelatedEye Contact And Nonverbal Communication1184 Words   |  5 PagesEye contact: Eye contact is fundamental when imparting as it tells the beneficiary you are tuning in, demonstrating an intrigue and understanding messages. The absence of eye contact could mean the beneficiary is not hearing you, so you may need to consider advances to help with this. For examples: Eye contact is the meeting of the eyes between two people. In people, eye contact is a type of nonverbal correspondence and affects social conduct. ... The traditions and essentialness of eye contactRead MoreDifferent Ways Nonverbal Communication Is Expressed, Examples Are Expressions, Eye Contact, And Body Language ( Weitz1532 Words   |  7 PagesCommunication is defined as the act or process of using words, sounds, signs, or behaviors to exchange information or to express ideas, thoughts, or feelings, to someone else (Mehrabian, 1977). According to this definition, communication is not limited to verbal exchanges. Each participant of a conversation is presented with verbal responses as well as the unspoken gestures and expressions of the respondent. There are many different ways nonverbal communication is expressed, examples are: facialRead MoreNonverbal Communication And Professional And Personal Environment1612 Words   |  7 PagesCommunication is a procedure in which individuals verbally or non-verbally share data and thoughts. Nonverbal communication can be best characterised as a quiet type of speaking with a man without utilising any type of discourse to get a crowd of people. Nonverbal communication is regularly used to make a statement of a however and make your message additionally engaging and intriguing to whom you are identifying with. There are numerous sorts of nonverbal communication utilised as a part of expertRead MoreNonverbal Communication And Non Verbal Communication1682 Words   |  7 Pagesâ€Å"Non-verbal communication is especially significant in intercultural situations† (Businesscom, 2015). In a business setting duties performed are the main reasons for an employees success, though studies and reports show that nonverbal communications can hinder or excel an employees relationships. Ultimately, nonverbal communications can benefit a business. With the communication of nonverbal there are many forms that help to read body language and true feelings including: adapters, a body movementRead MoreSpatial Zones And Body Language996 Words   |  4 PagesBody Language Nonverbal Communication Across Cultures Leah Breiss and Briana Valdez Clark University Author Note This paper was prepared for Management 170 Managerial Communication taught by Professor Cheryl Amantea during the Semester Term Fall 2016 Spatial Zones and Body Language Nonverbal Communication Across Cultures Introduction Nonverbal communication plays a central role in any conversation. Eye contact, posture, and proximity all determine how verbal communication is interpretedRead MoreEye contact Essay1485 Words   |  6 Pages A common phrase used about the eyes is that, â€Å"the eyes are the window to the soul.† This phrase is not necessarily true; however, it gives a good perspective on how people use eyes to judge a person’s character. First of all, eye contact is a great communication tool and can be used effectively in social situation. Second, a teacher can use eye contact to help their interaction with students. Third, employers want a future employee to have good eye contact to know that the employee is listeningRead MoreVerbal Communication : Nonverbal Communication1428 Words   |  6 Pagesuse to perceive that rolling eyes, shrugging shoulders, and nodding head etc. are just the attitude of people. The real communication is just based on the words we communicate with each ot her to deliver our messages and intentions. However, after taking this class it is quite clear to me that communication is not just verbal communication but nonverbal as well. After taking this course, I have become able to understand the nonverbal aspects in each and every communication, I use to encounter with orRead MoreNonverbal Communication in Foreign Culture vs My Culture1212 Words   |  5 PagesFind examples of the types of nonverbal communication that are specific to a foreign  culture and compare these to your own culture.  Ã‚  Analyse how the nonverbal communication of both cultures could impact upon business dealings between the two. Nonverbal communication is the act of communicating without speaking, and instead involves the use of gestures, facial expressions and body language and is an important part of how people communicate, sometimes more powerful than verbal interaction, and makesRead MoreCommunication Occurs Everyday With People At Work Or Home909 Words   |  4 PagesCommunication occurs everyday with people at work or home. Communication is important for people to pass information and entertainment. This paper will discuss different aspects of communication. These aspects include the explanation of the two communication types and how nonverbal communication can help the communication with others. Another item that will be discussed will involve results based on a survey taken that is on communication. People have communication using two different types. TheseRead Moreï » ¿Verbal communication and nonverbal communication1374 Words   |  6 Pagesï » ¿Verbal communication and nonverbal communication What Is the Meaning of Verbal Communication? Verbal communication is an act of conveying messages, ideas, or feelings through the use of mouth. Verbal communication is the main way of communicating face-to-face. Among the key components of the verbal communication are words, sound, speaking, and language. 9 effective forms of Verbal Communication 1. Read more – Simply increasing what you read (business texts, novels, newspapers etc) can

The Necklace, A Monkeys Paw, And The Gift Of Magi

The Necklace, A Monkeys Paw, and The Gift of Magi all have a distinctive technique that leads to a deeper meaning of the story. The technique of The Necklace is represented by symbolism of the necklace. In A Monkeys Paw, the technique that is seen is foreshadowing. In The Gift of Magi, irony is the technique that is noticed throughout the story. All three short stories deal with the irony of consequence. Each story involved a major decision and in each case the result of the decision was incredibly unexpected. Through symbolism, foreshadowing, and irony the authors conclude that whats inside the heart is far more important than material wealth. In The Necklace Mathilde is a poor young woman who idolizes beautiful things†¦show more content†¦If she wouldve been proud of her inner beauty and not so focused on wealth and status, then her life would have been so much more rewarding. She learned the incredibly tough consequence of not Madame Forester about losing the necklace. Her decision cost herself time and money but more importantly, cost Mathilde her pride. In The Gift of Magi, Della and Jim sacrifice their prized possessions for each other and for love. Irony is represented in this story when Della and Jim both get each other gifts that mean a lot to each other. However, what they did not realize is that when Della cut her hair to to buy Jim a chain for his watch, she was unaware that Jim was going to sell his watch to buy her combs for her hair. The irony of their gift exchange is monumental as their unconditional love for one another took over for their own personal possession. Jim exclaims, â€Å"I dont think theres anything in the way of a haircut or a shave or a shampoo that could make me like my girl any less. But if youll unwrap that package you may see why you had me going a while at first. The magi which are described as wise men also signifies irony because Della and Jims presents were more than wise. They represented that a gift does not need to be expensive to have value. A gift can be more meaningful just by the thought. The Monkeys Paw, deals with a familys unwillingness to accept things as they should be. They desired more and paid the dire

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

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

Assisted Suicide Should Be Legal - 2030 Words

Assisted suicide is the intentional termination of life by another at the explicit request of the fully aware patient who dies. Assisted suicide should be legalized in Canada, and the world at large. The topic of Assisted Suicide has more recently become a controversial topic being debated around the world. According to the new health guide website last updated this month, Assisted Suicide is legal in only 11 countries. A survey taken by dying with dignity.com was answered by 80% of citisens all over Canada, 77% of which were in favor of legalizing Euthinasia. Although this survey proves that Euthanasia is something that a majority of canadians are in favor of legalizing, the decision should not be made based on a survey reflecting anyones opinion besides the patient themselves. The general public, the doctors nor the government should possess the right to decide whether one should live out their life in suffering, or to have a choice in assisted suicide. We should not tell the termi nally ill no, instead we should give them a choice. What amount of suffering is too much to bear will never truly be known. But It is inhumane to force someone to live out their their life enduring agony because you happen to value their continued existence more than they themselves do. When a doctor puts an animal to sleep, it is not considered animal abuse, or murder. It is considered helping the animal, and the family the pet belonged too. It gives the family peace to know their belovedShow MoreRelatedAssisted Suicide Should Be Legal986 Words   |  4 Pagesphysician assisted suicide should be legal I all fifty states because people should be able to determine when they are ready to end their life, but only in certain limited circumstances. Physician assisted suicide, also known as PAS, is suicide committed with the help of a physician. 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To others, assisted suicide is considered killing people without giving them a chance. PeopleRead MoreAssisted Suicide Should Be Legal Essay1870 Wo rds   |  8 Pagesyour dog having been through a horrible accident. An accident that should of killed the dog but yet it didn’t. The only options for the dog are to let it suffer or put it down. Now, imagine this happening to a loved one or a family member. What if the loved one wanted their suffering to end? Assisted suicide is the intentional termination of life by a doctor at the request of the person who wishes to die. Assisted suicide should be legal because there are times when the terminally ill can be found in

Don Sanders And The Issue Of Tuition Free Public College...

Break. Stand. Fight. Campaign Trail Rhetoric from Bernie Sanders and the †¨Issue of Tuition-Free Public College Money seems to be a big problem here in America according to Vermont Senator, Bernie Sanders. He’s urging Californians to vote for â€Å"a new direction in the Democratic party† (Sanders Ad), and by virtue of that, put an end to the apparent corruption and misappropriation of this prized token of trade. In a rousing and inspirational commercial the Senator wanted us, as citizens of the Golden State, to not only vote for Bernie on June 7, but to get excited and maybe even a little angry about how money is the biggest and most corrupt problem here in America, particularly in regards to the issue of Tuition-Free Public College, where he encouraged us to fight for our right to free higher education and the promise of a greater nation. 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