The Intolerance of Al Jazeera in the US Media

Anna Pavlova Quotes on Happiness, Success,Dance, Life

Anna Pavlova Quotes on Happiness, Success,Dance, Life Anna Pavlova was trained in classic ballet, and while she helped transform the classical ballet by her lighter, more natural style, she did not go outside the classic forms as did her contemporary, Isadore Duncan. Anna Pavlova is especially remembered for her portrayal of a swan in The Dying Swan and Swan Lake. Selected Anna Pavlova Quotations The right to happiness is fundamental. When a small child, I thought that success spelled happiness. I was wrong, happiness is like a butterfly which appears and delights us for one brief moment, but soon flits away. To follow without halt, one aim; there is the secret of success. And success? What is it? I do not find it in the applause of the theater. It lies rather in the satisfaction of accomplishment. What exactly is success? For me it is to be found not in applause, but in the satisfaction of feeling that one is realizing ones ideal. Master technique and then forget about it and be natural. As is the case in all branches of art, success depends in a very large measure upon individual initiative and exertion, and cannot be achieved except by dint of hard work. No one can arrive from being talented alone, work transforms talent into genius. God gives talent. Work transforms talent into genius. Although one may fail to find happiness in theatrical life, one never wishes to give it up after having once tasted its fruits. [Last words of Anna Pavlova] Get my swan costume ready. Then Play that last measure softly. More About Anna Pavlova Anna Pavlova BiographyBiographies: Women in Dance About These Quotes Quote collection assembled by Jone Johnson Lewis. Each quotation page in this collection and the entire collection  © Jone Johnson Lewis. This is an informal collection assembled over many years. I regret that I am not be able to provide the original source if it is not listed with the quote.

Do all arguements about abortion come down to the question of what is Research Paper

Do all arguements about abortion come down to the question of what is the moral status of a fetus Explain - Research Paper Example It is obviously an important decision since it concerns the life of a human being. The life in question includes that of the mother carrying the child as well as the fetus itself. Theories of abortion follow most arguments concerning faith and different situations that a pregnant woman is in. in the situation of endangered life, even morality ought to reason with abortion as the right thing to do. Morality thus, ought to help pregnant persons who are in harsh situations obtain help. In the event of an ectopic pregnancy for example, the lives of both the mother and her child face possibilities of loss. It is only reasonable, with the agreement of professional medical healthcare, that a single life at least be saved. In the event that abortion is not carried out, then there are chances of losing both lives. Antagonists of abortion argue that it is moral to save a life than lose both lives of a mother and her child. Due to the need for a law for abortion in countries, it is important to consider all perspectives provided by theories. Theories concerning abortion or any other matter are a presentation of people’s opinion. In considering theories therefore, the government and other authorities should always consider theories when assessing what to legalize and what not to legalize. Where abortion is illegal, many cases of illegal procedures are reported. Such cases present danger to the lives of young people. Morality is thus useful when educating youths on prevention measures that may lead to pregnancy. It should all the same, not victimize them and other adults in the event that an unwanted pregnancy occurs. Morality should ensure that persons with unwanted pregnancies or whose lives are at risk for whatever reason obtain useful medical help. For an abortion to be carried out successfully, it need not present after effects of barrenness on the woman it is carried out on. Such public and lawful encouragement to professional procedure encourages health safety and reduces further damages arising from the procedure. Abortion is firstly a personal concern for the mother of the child in question. It is necessary as couples make the decision to get rid of a child, that they take into consideration all aspects of knowledge concern the procedure. This is because even though morality discourages abortion, it cannot impose forcefully on a person’s decision making. It can only ensure they are informed. As an act, abortion can be complicated and harmful to the women who undergo it. With such provisions as professional healthcare that allows safe procedures, affordable costs for the same, then abortion will be less demonized. It is also important all the same to realize the harm abortion can cause and why is better to prevent a pregnancy in the first place than worry about getting rid of it. Assumptions made by moralistic reason claim that a person carrying out an abortion may do it out of careless living and lack of concern for their lives and those of others. Such being possibilities, it is very important to emphasize and preach contraception among people who are sexually active. Morality is very essential as a means to argue abortion. However, it should not be made a way of fanatics. Morality hence should base its arguments on reason and scientific evidence. It is also necessary that the law emphasize its borders in order to avoid any form of intolerance on the part of pregnant women seeking abortion. Assertions concerning

The Shaper of Medieval Civilization Essay Example | Topics and Well Written Essays - 500 words

The Shaper of Medieval Civilization - Essay Example The Church, and specifically its monasteries, helped in this regard by making "translations and compilations" of Classical works and by the "books collected and copied by monks and nuns," all of which "kept intellectual life from dying out completely in the Early Middle Ages (Perry 212). After Romes fall, the Church "assumed many political functions formerly performed by the Roman state" (Perry 212). Even during invasions by Germanic tribes which ruined a lot of things, the Churchs monks continued to teach "a higher morality," which both "tamed the warrrior habits of the Germanic people" and preserved "some of the high culture of Greece and Rome" (Perry 212). This was most highly seen by the Churchs influence on the Frankish Empire, which at one point occupied the majority of Europe. Since Clovis converted to Roman Christianity, "the Franks became a potential ally of the papacy" (Perry 215). With the rise of Charlemagne, this potential became reality, as the conqueror was "crowned ... Emperor of the Romans" in 800 AD by the pope at the time, Leo III (Perry 217). As the primary source for Chapter 9 shows, Charlemagne was not exactly an ignorant warrior and nothing else. Einhard describes the emperor as deriving "much pleasure from the works of St. Augustine, especially from his book called The City of God" (Einhard). The fact that he could read St. Augustine also shows that he spoke and read Latin, something Einhard confirms when he says the emperor "took pains to learn foreign languages, acquiring such knowledge of Latin that he could make an address in that language as well as in his own," and in fact could even understand Greek (Einhard). Clearly, then, Charlemagne was extraordinarily influenced by the Church and its messengers towards learning. Presumably because of his own reading and learning, the emperor was also supportive of education in general. He

Tell the audience about how the technologies transform the society Term Paper

Tell the audience about how the technologies transform the society from the three films below, which are Illusions (Julie Dash, - Term Paper Example Automobile, manufacturing, IT- all have evolved radically. Technology impacted the television and movie industry. Sound and Color effects in cinematography all has changed along with the time (Ogburn, 81). In this paper, the main focus lays on the development of technology and its impact on the movies, keeping sync with the society. Here the discussion is based on three different movies of three different times: Illusions-directed by Julie Dash of 1983, Papapapa directed by Alex Rivera of 1995 and Sleep Dealer directed by Alex Rivera of 2008. Analytic Filmmaking: In the modern world the concept of new digital video technologies are changing the way people are documenting, publishing, and consuming different ideas. According to the analysis of Germano, knowledge production is now increasingly associated with digital or visual modes of expression. In his view, a new way of imparting social science research and a new way of making nonfiction films may be described as analytic filmmaking . There is a clear difference between analytical and documentary films, whereas in the past the main focus used to be on the documentary films when people were more interested in political affairs. In modern age social and political films also have appeal to the intellect with considerable special effects and use of science and technologies. Technological innovation in moviemaking started with Julie Dash’s Illusions where the concept of voiceover (sound dubbing) was first represented in front of the audience (Germano, Abstract). The Movie Illusions: Transformation of Sounds: Illusions was one of the well known and award wining movie of Julie Dash. It was released in the year 1983. In this movie, the audience was first come across with the concept of sound effect –more precisely the use of technology in order to develop the sounds effect. According to Klotman, the movie Illusions was the first segment of Dash’s planned series about Black women in the United State s. The movie has won award for Black American cinema society in the year 1985 and was also nominated for a award in the year 1988 for Art Direction as well.(Koltman, 193). According to the review of Dash, the movie Illusions follows the story of a fictitious production studio and two African-American women in the film industry: Ester Jeeter, a singer who lends her voice to a white actress, and Mignon Dupree, a studio executive who appears to be white. In this movie, Dash portrayed the struggles of these women to be recognized for who they are, especially in the white-dominated Hollywood studio of 1942. According to the review of Caughie, modern concept of sound engineering is being dominated by the concept of dubbing. In his word â€Å"Being heard but not seen offers possibilities for re-imagining ‘passing’ as other than erasure, invisibility, appropriation or blackface†.(Caughie, 97). The application of this concept was first demonstrated by Dash’s movie Illusions in the year 1983. According to his point of view, Illusions takes its subject matter from the common practice of having black women dub the voices of white singers performing jazz or blues songs. In the film, Esther Jeeters (Rosanne Katon), a black woman, is hired to fix the faulty soundtrack when the words sung by the white film star do not synchronize with her mouth movements.

Mergers and Acquisitions | Literature Review

Mergers and Acquisitions | Literature Review Having read and analysed the various literature available on the topic of mergers and acquisitions it is clear there are many conclusions and views on the long term performance of both the target and acquirer post takeover. The first article I have analysed is Andrade, Mitchell and Staffords New evidence and perspectives on mergers which gives a general overview of mergers and how the pattern has changed over the years. The 1960s seen a large number of deals relative to the number of publicly available targets, therefore the proportion of deals to targets was large even if the actual number wasnt as big as in the succeeding years. The 1980s then led to more important levels of takeovers with multi-million pound deals taking place. Around this time almost half of all major US companies received a tender offer. Now at present day and from the 1990s we have seen a combination of the previous 30 years trends, with a large number of large value mergers taking place. [1] The next part of this journal then looks at the winners and losers in a merger deal both in the long and short term. In both cases the average abnormal stock market return is used to measure value creation or destruction. In the short term the stock prices quickly adjust following a merger announcement and the effect of the merger should be incorporated into the stock price by the time the merger is completed. The choice of event window then determines whether it is a short or long term study, with short term being the three days surrounding the merger ( i.e. one day either side and the day itself). A longer window would be several days before merger ending at the completion; the performance would then be looked at in the longer period after this window. The overall results from merger activity shows that target shareholders are clearly the winners in merger transactions, with research from this paper highlighting the 3-day abnormal return for targets to be 16% with this figure rising to 24% in longer windows. However the evidence for acquiring firms is not so easily analysed, with the average three day abnormal return being highlighted in the paper as being -0.7% and -3.8% over the longer window. However the difficulty comes when analysing these results as although the estimates are negative they are not reliably so as these figures will include the costs of making the bid and financing the takeover. Therefore it is unreliable to say that acquirers are losers in mergers, but it can be seen that they are not big winners in the same way as targets. [2] To summarise this it can be seen that mergers seem to be value creating for shareholders overall, but the target achieves all of the merger gains around the announcement. It has also been argued that acquiring firms in many instances have come close to matching these transactions in the opposite direction; however this is not always the case. The final section of Andrade, Mitchell and Staffords paper focuses on long term event studies and the long term abnormal returns which go with it. The paper mentions that some recent long term event studies measure the negative abnormal returns in the few years following a merger and find some interesting results. They state that some investors fail to properly notice the full effects of corporate announcements and as a result this casts doubt on our previous findings in relation to the announcement-period event window. This is therefore out of line with the Efficient Market Hypothesis where the market will respond quickly and efficiently to new information. Other literature mentions that there is the potential in the long term for both over and under reaction to information and this is something we will analyse in more depth later. Alan Gregorys 2005 journal entitled The Long Run Abnormal Performance of UK Acquirers and the Free Cash Flow Hypothesis mentions a potential drawback of long term event studies. He argues that if long term expected returns are only estimates of the true vale then as a result it follows that the long term abnormal returns will be incorrect. However this problem is seen to be less significant in short window event studies as the returns are seen to be accurate and therefore more reliable. The Andrade, Mitchell and Stafford journal gives a general overview of the topic of mergers, both in the past and present situation. Having established a general understanding I then looked at more precise literature which discusses certain aspects including the post merger performance of both acquiring and target firms. The conclusions gained will ultimately form the basis of my empirical investigation. The majority of texts I have researched base their results on the post takeover performance of the bidder, while some texts also look at the performance of the merged firm after the takeover. The most common conclusion from the various available texts on mergers is that in the short term target shareholders gain and bidders do not lose. However in the long term it is seen that many firms experience abnormal performance in the few years following a merger. One of the most commonly referred to journals based on this conclusion is by Jensen and Ruback and is called The Market for Corporate Control. It was one of the first pieces of literature to comment on the effects of corporate takeovers on shareholders and is therefore commonly used as a basis in later reviews as well as the Hubris Hypothesis which will be discussed later. The results from their analysis based on US companies are that mergers create positive gains, target shareholders benefit and the bidding firm shareholders do not lose. [3]However conclusions made later suggested there were still many controversial issues to be resolved regarding corporate control, for example all the findings in this research lead to positive results on shareholders however this may be as it is difficult to find actions made by managers which would actually harm shareholders. [4]The paper also comments that the long run post merger performance is a problem area as it yields results contrary to market efficiency, and in most texts this is described as a market anomaly. It is stated in the journal that negative abnormal returns suggest that deviations in the stock price are related to the overestimation of future gains from mergers. Although there has been a lot of research into the market for corporate control, there is still a lot more to be done in this area and Jensen and Rubackss forms the basis for future analysis. Firstly in Shareholder wealth effects of corporate takeovers by J.R Franks and R.S Harris they come to the same conclusion that targets benefit and bidders do not lose in relation to UK companies after basing their investigation on the results of Jensen and Ruback (1983) which came to this conclusions after using a data set of US companies. A small number of papers found differing results at this time, namely Firths articles in 1979 and 1980[5] which found that in the UK targets gain and bidders lose and in 1977 Franks, Broyles and Hecht[6] find that both parties gain. Franks and Harris found that a drawback of these results like many other studies was that either the sample size was too small or the sample was taken over too short a period. To combat this they made sure their sample was taken over a 30 year period from 1955-1985 and that it was a comprehensive study of a large number of companies involved in UK takeovers. The conclusion reached was that most mergers are value creati ng for shareholders, with the target achieving most of the gains and the bidder either breaks even or makes small gains. This was found by analysing the equity market price in the event window around the merger date. Franks and Harris however did find a potential problem relating to post merger performance as it is dependent on the benchmark returns against which bidders are evaluated; however this may lead to analysts finding false results depending on the timing of the merger. For example if a bidder times the merger event to coincide with a time were their own stock is doing well then it may produce false results as the good performance of this stock would cancel out and give an overall good performance no matter what.[7] Franks and Harris measure abnormal returns using three varying methods for the 24 months following the unconditional date. These are namely using a market alpha and beta combination, using a market model and using the CAPM asset pricing model. This can clearly b e seen from table 10 (page 245) in the journal and this should be looked at as an area which may require further research. Finally comparisons between the UK examination by Franks and Harris and Jensen and Rubacks US equivalent come to two main conclusions. Firstly target wealth gains in both the UK and US have increased since 1968, as a result of bidder wealth effects and secondly after the form of the original offer is controlled, targets gains are similar for both the UK and US. This may suggest that the wealth effects of takeover are comparable in the two countries. [8] One of the most widely recognised pieces of writing relating to corporate takeovers is by Richard Roll in 1986 and is entitled The Hubris Hypothesis of Corporate Takeovers. This journal was written in order to gain a different view to previously written articles and ultimately to disprove Jensen and Rubacks summary in their 1983 investigation on the market for corporate control. In Jensen and Rubacks conclusion they stated that corporate takeovers generate positive gains, and that the target benefits and bidders do not lose.[9] This result fits in with most other research on corporate takeovers; however Roll manages to give a different side to the argument by firstly looking at takeovers in general. He states that there are no gains from takeovers, however some bidders believe there are and such bidders are said to be infected by Hubris. This ultimately led to managers making poor decisions. Going back to the actual bid itself, the first step of a takeover is for the bidding firm to identify a potential target and value that target. This value is then compared to the current market price and if the value is greater than the price the bid is made and becomes public, otherwise the bid is abandoned. Roll comes to the conclusion that Decision makers in acquiring firms pay too much for their targets on average. [10]The Hubris Hypothesis also predicts that around a takeover the combined value of the target and bidder firms should slightly fall, and individually the bidding firm value should decrease, whilst the target value should increase. It is also stated that the overall gain to mergers, excluding costs is zero. Something which makes little sense as it would obviously seem to discourage takeovers. It should also be noted that the Hubris Hypothesis is consistent with semi-strong market efficiency.[11]Many academics believe that the Hubris Hypothesis is one of the most important pieces of writing in relation to takeovers. They say that if there really are no gains from takeovers then the Hubris Hypothesis is important in order to explain why the managers would not abandon such bids. The hypothesis finds some problems when interpreting the bidding firms returns as a bid can obviously be anticipated and therefore at announcement the return value does not give an entirely true value as it is anticipated. There are also however a few arguments against the use of the Hubris Hypothesis and its results. Firstly it has been suggested that Rolls hypothesis implies that managers act against shareholders interests. This is suggested in several recent papers and the conclusion reached is that the evidence is consistent with conscious management actions against the best interests of shareholders[12]. However the Hubris hypothesis on the other hand doesnt rely on this result and states that it is sufficient evidence that managers act against shareholder interests when they issue bids based upon false valuations of the target firm. Another argument against Hubris is that it is said to imply inefficiency in the market for corporate control. However if all takeovers were to be prompted by Hubris as has been suggested then shareholders could stop the practice by stopping managers to make bids. Therefore since this is not the case then Hubris alone cannot explain the takeover phenomenon. Overall the re are many arguments both for and against Richard Rolls Hubris Hypothesis however most of the arguments against fail to be fully supported and as a result the Hubris Hypothesis remains as one of the most important pieces of literature on the subject of corporate takeovers. In 1974 a pioneering study taken by Gershon Mandelker in his journal entitled Risk and Return: The case of merging firms found that there were gains from takeovers and found results were consistent with two hypotheses. Namely, the perfectly competitive acquisitions market (PCAM) and the efficient capital market hypotheses[13]. His study examines the market for takeovers and analyses the impact that mergers have on the returns of the shareholders involved. Previous studies state that acquiring firm shareholders earn abnormal returns following a merger and some of which actually state that most mergers tend to be unsuccessful. This relates to a study by Hogarty[14] who stated that mergers actually have a negative effect on the merged firm value. However based on this assumption it would seem odd that firms would enter into mergers, though Hogarty states that this is because mergers suit risk taking managers and although the majority of these takeovers lead to losses for the acquiring f irm, a small portion lead to extraordinary profits which is why they are still so common. There are however certain problems which exist in these previously undertaken studies. The majority of which use small samples which can lead to biased or untrue results, and the second problem is that the studies tend to use primitive models which fail to take into consideration any risk or changes in risk. As a result this provided the motivation of Mandelkers study as he tried to include these factors and come to a new conclusion. The principle aim of Mandelkers study was therefore to investigate the acquisitions market using empirical methods to examine the returns of both the acquired and acquiring firm shareholders. In order to do this the author tested two main assumptions. Firstly he analysed the perfectly competitive acquisitions market hypothesis which based its testing on previous literature which stated that acquiring firm shareholders gain abnormal returns following a takeover. However the problem with this result was that it lacked significant empirical support, in fact in a majority of previous studies it was actually found that the acquiring shareholders experienced negative abnormal returns following a merger. These findings therefore fit in with the hypothesis that acquiring firms operate in a perfectly competitive market. Even though it is found that the acquirers experience negative abnormal returns following a merger there is no evidence that they overpay and therefore they do not lose from m ergers. In relation to the acquired firm shareholders it is found that they achieve most of the gains from takeovers and therefore in relation to the perfectly competitive acquisitions market Mandelker finds that there are zero gains achieved by the bidding firm shareholders and that the target firm shareholders obtain the gains from the takeover before the firm disappears. The second hypothesis tested was the Efficient Stock Market hypothesis. Mandelker investigates how the stock market reacts to the announcement of takeover information, with many previous hypotheses stating that the stock market fails to properly react to the announcement of merger information. However in his study Mandelker finds results which are consistent with the Efficient Market Hypotheses and therefore stock prices of the involved firm at the time of merger already reflect all available information. Therefore as a result it is impossible to earn abnormal returns once a takeover becomes public as the stock price will have reacted immediately. Overall Mandelker finds that the acquiring firm shareholders earn normal returns following a merger and that any gains from mergers are entirely of the acquired firm shareholders. Another key piece of literature I have summarised is Dodd and Rubacks Tender offers and shareholder returns. This journal looks at the stock market reaction to both successful and unsuccessful tender offers. The findings show that bidding shareholders earn significant positive abnormal returns in the twelve months prior to takeover, whereas only successful bidders earn significant positive abnormal returns in the month of the offer. The main section of the paper is based on these results and the paper investigates two alternative hypotheses, namely the positive and zero impact hypotheses. Firstly we look at the positive impact hypothesis, where it is stated that the announcement of a merger will lead to positive information about the two involved firms and as a result will cause the stock prices of these firms to rise. There are many reasons for a positive impact and the main reasons are firstly increased market power. Empirically Dodd and Ruback find that for successful bids the tar get and/or the bidder benefit from the takeover, however with regards to unsuccessful bids neither the bidder nor target will gain from the process. A problem with unsuccessful bids is that they cost both the bidder and target during the process of the bid and this is why they can experience negative abnormal returns. An alternative hypothesis is that the gains arising from takeovers can be attributed to the increased product efficiency which is namely synergy. Therefore the synergy hypothesis states that the combined value of the merged firm will increase as a result of the merger. This will therefore again yield positive abnormal returns for a successful takeover and either zero or negative abnormal returns for an unsuccessful takeover. As a result of this it can be seen that the monopolistic market power and synergy hypothesis are very similar and carry similar results. Finally the third hypothesis is the internal efficiency hypothesis. It states that the target was underperformi ng as a result of poor management of assets and also states that this is something the bidder feels can be rectified. Therefore it is believed that a takeover can be used to discipline inept management. As a result an announcement would be seen as positive news by target as it is stated that shareholder wealth will increase with removal of inefficiencies. However the impact on the bidding firm depends on whether the bid is successful or not. Successful bidders will experience positive abnormal returns following the takeover; however unsuccessful bidders will experience zero abnormal returns following the bid. Secondly, we analyse the zero impact hypothesis which states that corporate takeovers have no impact on the value of firms involved. This therefore implies that there are no net gains as a result of merging with another firm. The empirical implications of this are that in successful tender offers the shareholders of both the bidder and target earn normal returns. However Mandelker, as we have just mentioned, disagrees with this statement and states that acquired firms are seen to have positive returns for the twelve months before and 85% of gains occur in the five months post merger. Earlier studies report that stockholders involved in completed mergers earn abnormal returns before the date of merger. However these studies dont look at the first public announcement of the acquisition therefore we cant determine whether gains observed before the acquisition date reflect the market reaction to announcement of acquisition or to prior good performance unrelated to the merger. Therefore D odd and Ruback isolate the market reaction to the announcement of the takeover in order to gain a true conclusion of shareholder performance. It is seen from calculations in the journal that in the month of announcement target shareholders earn large and significant returns of 20.58% for successful offers and 18.96% for unsuccessful offers. Whereas successful bidding shareholders also earn positive abnormal returns however these are a lot smaller (2.83%), and unsuccessful bidders earn normal returns. It should be noted that Dodd and Ruback find that if a firm experiences abnormal returns in the month of the announcement that both the positive and zero impact hypotheses can be rejected. Therefore in conclusion to the above Dodd and Rubacks paper had a big impact on the information available on mergers as they were one of the first academics to assess the market reaction to unsuccessful takeover attempts. Finding that stockholders of unsuccessful bidding firms earn normal returns following the bid and that unsuccessful targets earn significant abnormal returns in the month following the bid. From all the analysis it can be found that the primary motive for takeovers is the removal of inefficiencies, with the target seen to become more efficient as a result of both a successful and unsuccessful bids. These results are actually similar to those experienced by Mandelker as most of the takeover gains accrue to the target shareholders. The journal I have looked at next is Healy and Palepus, Does corporate performance improve after mergers? and analyses the corporate performance of the merged firm post takeover. This article looks at the post merger performance for the fifty largest US mergers between 1979 and 1984. The academics motivation in producing the journal as they have was the inability of previous stock price performance studies to determine exactly whether takeovers create economic gains and if they do what is the cause of such gains. The findings show that merged firms show improved cash flow returns post merger and they are seen to be generated by an increase in asset productivity in their relative industries as a result of the combined firms size. It should also be noted that the improvements in cash flow immediately following the merger are not at the expense of long term performance, as the firms will maintain both capital expenditure and RD rates relative to their industries post merger. The final c onclusion that Healy and Palepu draw is that there is evidence of a strong positive relationship between the post merger increase in cash flows and the abnormal returns at the merger announcement. Overall then Healy, Palepu and Ruback find in their investigation that merged firms overall have shown significant improvements in cash flow returns following merger. It should also be noted that improved performance is strong for firms in highly overlapping business. Some pieces of literature analyse the long term performances of both the acquiring and bidding shareholders in the years following the merger. One such example is Agrawal, Jaffe and Mandelkers 1992 article entitled The Post Merger performance of acquiring firms: A Re-examination of an Anomaly. They comment that existing articles on the post-merger performance of acquiring firms give conflicting opinions and therefore their motivation is to come to a definitive conclusion on what actually happens. They state that although not all previous literature has resulted in post-merger underperformance this could be attributed to biased results through firms not properly adjusting for size or shifts in beta. There are many implications in relation to consistent post-merger underperformance with the main implications being the following; firstly poor performance following a merger is not consistent with the Efficient Market Hypothesis and would suggest that the market is failing to fully react to the merger announcement. This then leads to a problem regarding the second implication which finds that in majority or literature regarding post-merger performance finds that performance is based on the key assumption of an efficient market, which as we have just found is not entirely true. The implication is more in line and suggests that poor post-merger performance fits in with other information which suggests poor economic performance following a merger, with Caves et al being cited as a key writer on this subject. This therefore provides the motivation for Agrawal, Jaffe and Mandelker to undertake a thorough analysis of the post-merger performance of acquiring firms using a near exhaustive sample of mergers between targets in the period of 1955 to 1987. The results of this indicate that acquiring stockholders experience a loss of around 10% over the five years following the merger, and this leads Agrawal, Jaffe and Mandelker to analyse the reasons for this. One possible explanation may be that the market is slow to react to the merger and therefore takes a longer time for the impact of the merger to set in, i.e. the loss in shareholder value. This therefore provides the question as to whether this result is time specific and in order to evaluate this Agrawal, Jaffe and Mandelker analyse the post-merger performance of acquiring firms over the last 3 decades. The results of table 2 in the journal show that the anomaly does not change over time and as a result does not appear to be time specific. Therefore this does not support the view that negative abnormal performance is a result of market inefficiency. In order to try to explain the post-merger performance the academics drew up two hypotheses to obtain a conclusion. Firstly, the market adjusts fully to the announcement of a takeover and any underperformance is due to other factors. And secondly, the market may be slow to react to any takeover information and therefore any post-takeover underperformance is reflected in the negative NPV, therefore market inefficiency is present. The alternative hypotheses are then tested by regressions of the post-merger abnormal returns and the announcement period abnormal returns. From this it is seen that there is a significant negative relationship over the full sample and as a result it can be seen that the post-merger returns and announcement period returns are both related. Therefore in conclusion to all of this analysis Agrawal et al find that acquiring shareholders experience negative abnormal returns in the 5 years following a merger. It is also clearly seen that the market has failed to become more efficient over time as the anomaly holds for all of the previous 3 decades apart from the 1970s. Overall it is found that the results are not consistent with the hypothesis that suggests the poor performance is attributed to slow reaction to information. To conclude Agrawal, Jaffe and Mandelker find that the efficient market anomaly of negative post-merger performance is not resolved. Eugene Fama made key arguments when he introduced the Bad Model Problem in his 1998 journal Market Efficiency, long-term returns, and behavioural finance. In this journal Fama states that we should not abandon market efficiency as he argues that long term return anomalies are basically only chance results, with overreaction of stock prices just as common as under reaction. In the article he states, Most important, the long-term return anomalies are fragile. They tend to disappear with reasonable changes in the way they are measured. Basically Fama says that the anomalies are either chance results or results of a bad model. However following this argument it is difficult to decide how to interpret post-takeover performance. This is a confusing area and one which yields differing results. Many of the previous long term event studies seem to suggest market efficiency, especially under and overreaction to information. This therefore poses the question as to whether market efficiency shou ld be discarded, with Famas response being a definitive no. The reasoning behind this is that an efficient market generates events which seem to suggest an over-reaction in prices following an announcement. However, in an efficient market over and under-reaction are both equally likely. Therefore if the aforementioned anomalies are shared randomly amongst the two then it is consistent with market efficiency. Analysis of previous studies suggests this to be the case. It has also been suggested that these anomalies are sensitive to the methodology selected and can vary or even disappear when a different model of expected returns is employed. Overall, with regards over and under-reaction, long-term return literature does not highlight one or the other to be more dominant. Thus a random split is always likely and as such market efficiency is maintained. With regards the methodology employed, Fama argues against the use of the buy and hold abnormal return (BHAR) as the systematic errors that arise with imperfect expected return proxies (the bad model problem) are compounded with long horizon returns. He also states that the use of methodology that ignores cross sectional dependence of event firm abnormal returns that are overlapping in calendar time is likely to produce overstated test-statistics. Fama then goes on to support the use of a monthly calendar time approach to measure abnormal returns in the long term. The reasoning given is that the use of monthly returns makes the study less affected by the bad model problem. Also, forming calendar time portfolios ensures that the cross correlation of event firm abnormal returns are taken as part of the portfolio variance. Despite Famas preference of the calendar time approach, Lyon, Barber and Tsai (1999) and Loughran and Ritter (1999) prefer the BHAR approach as it accurately represen ts investor experience. Another study which analyses both the bidders and acquirers post takeover performance is Glamour, value and post-acquisition performance of acquiring firms by Rau and Vermaelen, which uses a long horizon event study to analyse the shareholder performance in the three years following a merger. They find that bidders in mergers underperform, while bidders in tender offers over perform post merger. The main motivation in undertaking this study is to try gain a definite conclusion on the long run performance of bidders in both mergers and tender offers. This is done by looking mainly at bidders underperformance in the long run following a merger, and also what causes underperformance, if any. The paper compares results from the study by Jensen and Ruback (1983) which analyses six studies examining bidders returns in the year following a takeover. This study finds that following a tender offer bidders earn positive abnormal returns, whereas bidders underperform post merger. From the acqui rers point of view Rau and Vermaelen find that acquirers in tender offers earn small but statistically significant positive abnormal returns, however the long term underperformance of acquiring firms in mergers is not uniform across all firms. These findings go on to help support the hypothesis that the market overexpolates the past performance of the bidder and therefore as a result the market, management and shareholders overestimate a glamour bidders (bidder with good past performance) ability to do such a good job in managing similar companies. In a similar way the market seems to be pessimistic regarding a value bidders potential to manage other companies. (where a value firm is a firm with poor past performance). However value firms bidders are not affected by hubris in the same way as glamour firms, and therefore as a result are likely to be thoroughly scrutinised by directors and majority shareholders before a transaction is initiated. The biggest problem is that is appears the market fails to realise that past performance is not a good indicator of future performance. To conclude this paper helps to add to a large sample of evidence suggesting that short term event studies fail to fully capture the market reaction to an event. Therefore it is suggested that future studies must try to explain why markets tend to react sluggishly to corporate finance and strategic decisions. Analysis of post takeover performance has be

Evolution of the Piano Essay -- Music Musical Instruments

Evolution of the Piano Dulcimer originally found in Iran shortly after the birth of Christ. The Dulcimer is the basic principles of the piano, hammers striking different strings tuned over a flat soundboard. Dulcimer players used two light sticks ending with broader blades, instead of the mechanical hammers. Clavichord built in around 1400, the clavichord had about ten strings and in earlier examples two notes or more was produced from that string or pair of strings by making two or more tangents contacts the same string or pair of strings at different points. The clavichord has a quiet tone, but the way it’s built allowa for some control of dynamics and even vibrato. The virginal uses the same plucking action as the harpsichord, but it is oblong rather than wing shaped and the keyboard is in the long side. In this regard, it resembles the clavichord in shape. The virginal has one string per note running parallel to the keyboard and its range is approximately four octaves. Harpsichord has the string which is plucked by a small plectrum, originally of quill. The variety of sound from these plucked instruments is achieved not primarily by finger pressure, but more subtly by phrasing and articulation. Variety of tonal color can be obtained, on a harpsichord by judicious choice of registration. Cristofori Pianoforte - The year 1709 is the one most sources give for the appearance of an instrument which can truly be called a "Pianoforte." The writer Scipione Maffei... Evolution of the Piano Essay -- Music Musical Instruments Evolution of the Piano Dulcimer originally found in Iran shortly after the birth of Christ. The Dulcimer is the basic principles of the piano, hammers striking different strings tuned over a flat soundboard. Dulcimer players used two light sticks ending with broader blades, instead of the mechanical hammers. Clavichord built in around 1400, the clavichord had about ten strings and in earlier examples two notes or more was produced from that string or pair of strings by making two or more tangents contacts the same string or pair of strings at different points. The clavichord has a quiet tone, but the way it’s built allowa for some control of dynamics and even vibrato. The virginal uses the same plucking action as the harpsichord, but it is oblong rather than wing shaped and the keyboard is in the long side. In this regard, it resembles the clavichord in shape. The virginal has one string per note running parallel to the keyboard and its range is approximately four octaves. Harpsichord has the string which is plucked by a small plectrum, originally of quill. The variety of sound from these plucked instruments is achieved not primarily by finger pressure, but more subtly by phrasing and articulation. Variety of tonal color can be obtained, on a harpsichord by judicious choice of registration. Cristofori Pianoforte - The year 1709 is the one most sources give for the appearance of an instrument which can truly be called a "Pianoforte." The writer Scipione Maffei...

Jacques-Louis David’s “Death of Marat” (1793) Essay

Jacques-Louis David studied painting in Rome where he was able to absorb the classical sprit of Ancient Rome (Fleming, 1995, p. 496). He was influenced by Enlightenment philosophers such as Diderot, and from them, he developed the idea that paintings should have a message that points to political and/or social action (Fleming, 1995, p. 496). A member of the bourgeoisie, David was personally involved in many Revolutionary events: he organized a festival of the people (July 14, 1790), designed propaganda materials for the Jacobins, voted in support of Louis XVI’s execution, and signed execution orders for over 300 people (Boston College, 2006). David, then, was uniquely positioned to combine ancient values, Enlightenment thought, and revolutionary principles in his paintings. The interest in classical values in the late 18th century arose from two sources: the discovery of Herculaneum and Pompeii and the rise in popularity of revolutionary ideals. In particular, the Roman Republic was seen to embody a spirit of courage, freedom, and opposition to autocracy that resonated with 18th century revolutionaries in France and the United States (Anonymous, n. d. ) For artists, these neo-classical ideas came in the guise of searching for new subject-matter. Previously, most artists painted religious, mythological, or allegorical scenes (Anonymous, n. d. ). In terms of subject matter, David’s â€Å"The Death of Marat† is neo-classical in the sense that scene is neither religious, nor mythological, nor allegorical in nature. In fact, the subject is a contemporaneous figure – Jean-Paul Marat. The choice of Marat confirms to the revolutionary ideals associated with neo-classicism in that Marat was a prominent leader of the French Revolution who was killed by Charlotte Corday, a member of the opposition (Anonymous, n. d. ). David’s sympathies clearly lie with the Revolution, as he portrayed Marat as a martyr (Anonymous, n. d. ). Marat’s position in the bath tub, surrounded by materials needed for work (paper, quill, ink) requires some explanation. As he suffered from a skin disease, Marat spent many hours working in his bath (Boston College, 2006). David painted the painting shortly after Marat’s murder on July 13, 1793. Originally asked by the Convention to paint Marat’s portrait at the time of his death, David chose to present an idealized portrait of the man, rather than an authentic depiction of the rapidly decomposing body (Boston College, 2006). David was overcome with emotion upon this request from the Convention, as Marat had been his close friend and ally (Annenberg, n. d. ). This painting functions almost like a detective novel: all of the clues needed to solve the case are present in the picture. Marat’s wounds figure prominently, there is a bloody knife on the floor, and the paper in Marat’s left hand is a letter his murderer gave to him just before she stabbed him (Annenberg, n. d. ). Though I did not know the background behind the portrait, I was immediately drawn to this painting because of the serene, yet pained, look on the subject’s face. I was intrigued by the fact that the subject appears at first glance to be taking a rest from his work. It is only when I noticed the red color that I realized that the subject was bleeding. The red blotches on the paper in the subject’s left hand seem to indicate that he placed this hand over his wounds before retaking his paper. This color sharply contrasts with the white bath cloths. The knife seems to be an afterthought, tossed aside by the murderer. Without knowing the particulars behind the painting, the viewer is left with many unanswered questions. Who is this Marat that is mentioned on the table by the bath and whose name appears on the sheet of paper in the subject’s left hand? In short, this painting sparked my curiosity to learn more about the incredible story behind the painting. Image: ? References Annenberg Media (n. d. ). Art of the Western World: An Age of Reason, An Age of Passion. Retrieved on May 11, 2010 from http://www. learner. org/vod/vod_window. html? pid=233. Anonymous (n. d. ). Lecture: Enlightenment and the Romantic Era. Retrieved on May 11, 2010 from http://www. stockton. edu/~fergusoc/romantic/romantic. htm Boston College (2006). Jacques-Louis David: The Death of Marat. Retrieved May 11, 2010 from http://www. bc. edu/bc_org/avp/cas/his/CoreArt/art/neocl_dav_marat. html Fleming, W. (1995). Arts & Ideas. Ninth edition. Fort Worth: Harcourt Brace College Publishers.

cuckoos nest essays

cuckoos nest essays The "system" is something that people are always out to change. You see people trying to change it all the time, but few are actually successful at changing the system. The system can be a variety of things. In some cases it is the government, it can be the a boss or basically anything or anyone that has some type of control or authority. For some people fighting the system is their livelihood, their mission in life. They try to change the system because of the corruption, because of unjust actions, because they were a victim of it or to seek the truth. In the novels One Flew Over the Cuckoos Nest by Ken Kesey and Fahrenheit 451 by Ray Bradbury, the main characters are out to change the system. Based on the novel by Ken Kesey, it seems that his perspective on this issue is that the system is in dire need of change. Even if you are not successful in changing the system, it is still very effective that you tried and you set an example for others to follow. Kesey also seems to believe that persistence is key when fighting the system. Kesey believes that even if you change a small aspect of the system it was well worth the fight. One Flew Over the Cuckoo's Nest, the main character, Randle Patrick McMurphy, fights to change the system in a mental hospital. McMurphy is outgoing, a leader and a rebel. There was a constant power struggle in the novel between the patient's new found savior McMurphy, and the evil Nurse Ratched who rules their wing of the hospital with an iron fist. McMurphy fights to change the system to try to win back the patients' rights and in the process gain more privileges for the patients and himself. McMurphy also seems to get pleasure out of fighting the system. His motives are simple, he wants to help out his fellow patients, his friends, to make their lives better. McMurphy was successful in changing many of the rules and regulations that were imposed upon the...

Horned and Frilled Ceratopsian Dinosaurs

Horned and Frilled Ceratopsian Dinosaurs Among the most distinctive of all dinosaurs, ceratopsians (Greek for horned faces) are also the most easily identified - even an eight-year-old can tell, just by looking, that Triceratops was closely related to Pentaceratops, and that both were close cousins of Chasmosaurus and Styracosaurus. However, this extensive family of horned, frilled dinosaurs has its own subtleties, and includes some genera you might not have expected. (See a gallery of horned, frilled dinosaur pictures and profiles and a slideshow of famous horned dinosaurs that werent Triceratops.) Although the usual exceptions and qualifications apply, especially among early members of the breed, paleontologists broadly define ceratopsians as herbivorous, four-legged, elephant-like dinosaurs whose enormous heads sported elaborate horns and frills. The famous ceratopsians listed above lived exclusively in North America during the late Cretaceous period; in fact, ceratopsians may be the most All-American of dinosaurs, though some genera did hail from Eurasia and the earliest members of the breed originated in eastern Asia. Early Ceratopsians As stated above, the first horned, frilled dinosaurs werent confined to North America; numerous specimens have also been discovered in Asia (most notably the area in and around Mongolia). Previously, as far as paleontologists could tell, the earliest true ceratopsian was believed to be the relatively small Psittacosaurus, which lived in Asia from 120 to 100 million years ago. Psittacosaurus didnt look much like Triceratops, but close examination of this dinosaurs small, parrot-like skull reveals some distinctively ceratopsian traits. Recently, however, a new contender has come to light: the three-foot-long Chaoyangsaurus, which dates to the late Jurassic period (as with Psittacosaurus, Chaoyangsaurus has been pegged as a ceratopsian mostly because of the structure of its horny beak); another early genus is the 160-million-year-old Yinlong. Because they lacked horns and frills, Psittacosaurus and these other dinosaurs are sometimes classified as protoceratopsians, along with Leptoceratops, the oddly named Yamaceratops and Zuniceratops, and, of course, Protoceratops, which roamed the plains of Cretaceous central Asia in vast herds and was a favorite prey animal of raptors and tyrannosaurs (one Protoceratops fossil has been discovered locked in combat with a fossilized Velociraptor). Confusingly, some of these protoceratopsians coexisted with true ceratopsians, and researchers have yet to determine the exact genus of early Cretaceous protoceratopsian from which all later horned, frilled dinosaurs evolved. The Ceratopsians of the Later Mesozoic Era Fortunately, the story gets easier to follow once we reach the more famous ceratopsians of the late Cretaceous period. Not only did all these dinosaurs inhabit roughly the same territory at roughly the same time, but they all looked unnervingly alike, save for the differing arrangements of the horns and frills on their heads. For example, Torosaurus possessed two big horns, Triceratops three; Chasmosaurus frill was rectangular in shape, while Styracosaurus looked more like a triangle. (Some paleontologists claim that Torosaurus was actually a growth stage of Triceratops, an issue that has yet to be conclusively settled.) Why did these dinosaurs sport such elaborate head displays? As with many such anatomical features in the animal kingdom, they probably served a dual (or triple) purpose: horns could be used to fend off ravenous predators as well as to intimidate fellow males in the herd for mating rights, and frills could make a ceratopsian look bigger in the eyes of a hungry Tyrannosaurus Rex, as well as attract the opposite sex and (possibly) dissipate or collect heat. A recent study concludes that the main factor driving the evolution of horns and frills in ceratopsians was the need for members of the same herd to recognize each other! Paleontologists divide the horned, frilled dinosaurs of the late Cretaceous period into two families. Chasmosaurine ceratopsians, typified by Chasmosaurus, had relatively long brow horns and large frills, while centrosaurine ceratopsians, typified by Centrosaurus, possessed shorter brow horns and smaller frills, often with large, ornate spines projecting from the top. However, these distinctions shouldnt be taken as set in stone, since new ceratopsians are constantly being discovered across the expanse of North Americain fact, more certaopsians have been discovered in the U.S. than any other type of dinosaur. Ceratopsian Family Life Paleontologists often have a hard time distinguishing male from female dinosaurs, and they sometimes cant even conclusively identify juveniles (which may have been either the children of one genus of dinosaur or the full-grown adults of another). Ceratopsians, though, are one of the few families of dinosaurs in which the males and females can usually be told apart. The trick is that, as a rule, male ceratopsians had bigger frills and horns, while those of females were slightly (or sometimes significantly) smaller. Oddly enough, the hatchlings of different genera of horned, frilled dinosaurs seem to have been born with pretty much identical skulls, only developing their distinctive horns and frills as they grew into adolescence and adulthood. In this way, ceratopsians were very similar to pachycephalosaurs (bone-headed dinosaurs), the skulls of which also changed shape as they aged. As you can imagine, this has led to a fair amount of confusion; an unwary paleontologist may assign two grossly different ceratopsian skulls to two different genera, when they were actually left by differently aged individuals of the same species.

Contrasting Views of Childhood Essay Example | Topics and Well Written Essays - 2250 words

Contrasting Views of Childhood - Essay Example Contrasting Views of Childhood The year 1800 appeared with Britain and the rest of Europe already poised for new adventures. Industrialization had set in and French revolution was lulled into an uneasy calm only a few months ago, with the adventurer Napoleon now at the helm of French affairs. It is foolish to presume that the revolution did not have far reaching affect over the rest of the world politics and ways of thinking. Started with stunningly creative thoughts it was a great struggle for coherent voice of mankind; but unfortunately went out of control by destroying the very best crop of intellectuals of the day and the bloodbath that accompanied it horrified the rest of Europe and the World. Monarchies were at the edge; political changes were sweeping across the continent, social adjustments were urgently called for and with the industrialization and improvements, discoveries in science and technology, economy of Europe was entirely at an unpredictable path. In Britain, Romantic Literature and Arts were loo ming large, admired for its tranquillity and serenity far removed from the disquieting turbulence of the political, economic and social scene. Thinkers declared that being a child in those violent years was a terrifying experience. For the first time in its history, Europeans were venturing into far off colonies, in search of adventure and wealth as sailors, soldiers and administrators. Mobility had become the keyword and noble class was realising that titles without achievements are after all, insufficient for personal glory and wealth. This brought out a dedicated and noble yield of leaders belonging to the educated class, coming mainly from the nobility. This also means that the priority of children's education and upbringing was altered immensely. Priorities of the coming generations have changed and people in Europe were hoping their children to adorn better positions than they themselves did. Lower class aspired their children to work in industries connected with new discoveries, innovations and technological developments, whereas the middleclass mainly wanted their children to join the all important navy, ruling the waves across the world, and the noble and affluent class wanted their children to be educated and fill up administrative posts at home and in the exciting lands of colonies, that were being accumulated in vengeful competition by the European powers. Simultaneously the middle and upper classes hoped their children to be brilliant artists, glorious soldiers, scientists, engineers, adventurists, discoverers, diplomats, leaders in many new spheres, economists, writers, generals, decision makers and to put it succinctly, a ttain places of importance, glory and

PROJECT Assignment Example | Topics and Well Written Essays - 1000 words

PROJECT - Assignment Example The management has to determine and evaluate the performance of each employee which is difficult. Decreasing the labor force also demotivates the remaining work force which may result in poor performance and the management has to assure the remaining employees of a long term relationship and motivate them. This article will cover the strategies of reducing the workforce and include other changes that can be adopted to improve the overall performance of the organization (University of Washington n.d) We have to bear in mind the laws governing employment termination, treat the employees fairly, preserve and protect the employee’s dignity, make the reasons for termination confidential and handle the termination process professionally. We can adopt various strategies to measure the performance of the employees in order to know which employees should be terminated. The first measure is to determine the quantity in terms of units produced by the employee in case of a production industry which can be quantified. The other factor to be considered is the quality of the goods produced or the services offered. Quality can be determined by complaints received from customers, the output that has to be redone and the quantity of work rejected. Timeliness should be considered in terms of the speed of completion of activities. We should also evaluate the cases of delays of an employee in completing the tasks assigned and in the case of a manufacturing industry, determine the number of u nits produced per hour (Hakala 2008). We should as well consider the cost-effectiveness of each employee. This will determine the responsibility of each employee in terms of cost control over the organizational spending. This should also include misuse of organizational resources such as using organizational vehicles for personal convenience. We should evaluate absenteeism of