Identification of Reasons for Preference of Wholly Owned Subsidiaries Essay

Identification of Reasons for Preference of Wholly Owned Subsidiaries Compared to IJVs - Essay Example This paper illustrates that over the years international joint ventures have been a successful mode of entry into the host country. It benefits the foreign companies forming the joint ventures with the local company in two ways. Firstly, the advantage of the local partner’s knowledge about the political systems, competitive conditions, culture, and business system of the host country. Secondly, the benefit of development cost and risk sharing with the local partner. In some countries, these kinds of joint ventures are the only feasible market entry mode that is available to the foreign companies. On the contrary, the wholly owned subsidiary is the most costly mode of entry into the overseas market. However, wholly owned subsidiary or rather setting up independent company owned by the parent company gives the full control to the company in terms of its operation handling and gaining the whole profit from its operations. The companies who adopt this kind of entry mode should be prepared to bear the risk and cost associated with having its expanded operations in the overseas market. The companies in the past years thought that the joint ventures will give them the expertise to acquire a position in the market, but this was not as easy as the local partner tie down the new entrant to the direction of its operations in his own way. For instance, Proctor & Gamble failed in India where they entered the market through joint venture but succeeded in China through its wholly owned subsidiary. As the forecast states that China by 2050 would be a leading economy followed by U.S and India, so now the companies feel that setting up their own company in these markets would be necessary for their survival as well as for sustained growth. With the influence of WTO, which now provides less restriction on foreign-owned companies in markets of China and India, many companies are now focusing on establishing their wholly owned subsidiary rather than going into any kind of in ternational joint venture.

Ancient Greece Essay Example for Free

Ancient Greece Essay Temple of Apollo at Didyma The Greeks built the Temple of Apollo at Didyma, Turkey (about 300 bc). The temple supposedly housed an oracle who foretold the future to those seeking knowledge. The predictions of the oracles, delivered in the form of riddles, often brought unexpected results to the seeker. With Ionic columns reaching 19. 5 m (64 ft) high, these ruins suggest the former grandeur of the ancient temple. Bernard Cox/Bridgeman Art Library, London/New York Greek Mythology, set of diverse traditional tales told by the ancient Greeks about the exploits of gods and heroes and their relations with ordinary mortals. The ancient Greeks worshiped many gods within a culture that tolerated diversity. Unlike other belief systems, Greek culture recognized no single truth or code and produced no sacred, written text like the Bible or the Qur’an. Stories about the origins and actions of Greek divinities varied widely, depending, for example, on whether the tale appeared in a comedy, tragedy, or epic poem. Greek mythology was like a complex and rich language, in which the Greeks could express a vast range of perceptions about the world. A Greek city ­state devoted itself to a particular god or group of gods in whose honor it built temples. The temple generally housed a statue of the god or gods. The Greeks honored the city’s gods in festivals and also offered sacrifices to the gods, usually a domestic animal such as a goat. Stories about the gods varied by geographic location: A god might have one set of characteristics in one city or region and quite different characteristics elsewhere. II PRINCIPAL FIGURES IN GREEK MYTHOLOGY Poseidon, Ruler of the Sea Ruler of the sea and brother of Zeus, Poseidon was one of the Olympian gods of Greek mythology. He is usually represented in Greek art wielding a fishing spear known as a trident. In this large bronze statue from about 460 bc, Poseidon seems poised to strike with his trident, which today is missing. The statue is in the National Archaeological Museum in Athens, Greece. Nimatallah/Art Resource, NY Greek mythology has several distinguishing characteristics, in addition to its multiple versions. The Greek gods resembled human beings in their form and in their emotions, and they lived in a society that resembled human society in its levels of authority and power. However, a crucial difference existed between gods and human beings: Humans died, and gods were immortal. Heroes also played an important role in Greek mythology, and stories about them conveyed serious themes. The Greeks considered human heroes from the past closer to themselves than were the immortal gods. A Gods Given the multiplicity of myths that circulated in Greece, it is difficult to present a single version of the genealogy (family history) of the gods. However, two accounts together provide a genealogy that most ancient Greeks would have recognized. One is the account given by Greek poet Hesiod in his Theogony (Genealogy of the Gods), written in the 8th century BC. The other account, The Library, is attributed to a mythographer (compiler of myths) named Apollodorus, who lived during the 2nd century BC. A1 The Creation of the Gods According to Greek myths about creation, the god Chaos (Greek for â€Å"Gaping Void†) was the foundation of all things. From Chaos came Gaea (â€Å"Earth†); the bottomless depth of the underworld, known as Tartarus; and Eros (â€Å"Love†). Eros, the god of love, was needed to draw divinities together so they might produce offspring. Chaos produced Night, while Gaea first bore Uranus, the god of the heavens, and after him produced the mountains, sea, and gods known as Titans. The Titans were strong and large, and they committed arrogant deeds. The youngest and most important Titan was Cronus. Uranus and Gaea, who came to personify Heaven and Earth, also gave birth to the Cyclopes, one ­eyed giants who made thunderbolts. See also Creation Stories. A2 Cronus and Rhea Rhea and Cronus In Greek mythology, Cronus was the ruler of the universe. Here, his wife Rhea hands him a stone wrapped in swaddling clothes in place of their son, Zeus. The portrayal, created between the 1st and 3rd centuries, is on the base of a stone statue at the Museo Capitolino in Rome, Italy. Erich Lessing/Art Resource, NY Uranus tried to block any successors from taking over his supreme position by forcing back into Gaea the children she bore. But the youngest child, Cronus, thwarted his father, cutting off his genitals and tossing them into the sea. From the bloody foam in the sea Aphrodite, goddess of sexual love, was born. After wounding his father and taking away his power, Cronus became ruler of the universe. But Cronus, in turn, feared that his own son would supplant him. When his sister and wife Rhea gave birth to offspring—Hestia, Demeter, Hera, Hades, and Poseidon—Cronus swallowed them. Only the youngest, Zeus, escaped this fate, because Rhea tricked Cronus. She gave him a stone wrapped in swaddling clothes to swallow in place of the baby. A3 Zeus and the Olympian Gods Bust of Zeus In Greek mythology Zeus was ruler of both the Olympian gods and the human race. Sometimes he is portrayed as a just and merciful defender of the weak. At other times he appears to be passionate, inconstant, and vengeful. This ancient Greek bust of Zeus is in the National Museum in Naples, Italy. THE BETTMANN ARCHIVE/Corbis. When fully grown, Zeus forced his father, Cronus, to disgorge the children he had swallowed. With their help and armed with the thunderbolt, Zeus made war on Cronus and the Titans, and overcame them. He established a new regime, based on Mount Olympus in northern Greece. Zeus ruled the sky. His brother Poseidon ruled the sea, and his brother Hades, the underworld. Their sister Hestia ruled the hearth, and Demeter took charge of the harvest. Zeus married his sister Hera, who became queen of the heavens and guardian of marriage and childbirth. Among their children was Ares, whose sphere of influence was war. Twelve major gods and goddesses had their homes on Mount Olympus and were known as the Olympians. Four children of Zeus and one child of Hera joined the Olympian go ds Zeus, Hera, Poseidon, Hades, Hestia, Demeter, and Ares. Zeus’s Olympian offspring were Apollo, Artemis, Hermes, and Athena. Hera gave birth to Hephaestus. A4 The Offspring of Zeus Zeuss Consorts and Offspring Zeus, the ruler of the Greek gods, had many relationships with Greek goddesses and mortal women that resulted in offspring. Zeus even gave birth to a child without a mother—Athena, the goddess of wisdom, sprang from his head. Metis is considered to be Athena’s mother because, as one story relates, she was Zeus’s pregnant wife when he swallowed her just before Athena emerged from his head. Zeus married his sister Hera after Metis’s death.  © Microsoft Corporation. All Rights Reserved. Zeus had numerous children by both mortal and immortal women. By the mortal Semele he had Dionysus, a god associated with wine and with other forms of intoxication and ecstasy. By Leto, a Titan, Zeus fathered the twins Apollo and Artemis, who became two of the most important Olympian divinities. Artemis remained a virgin and took hunting as her special province. Apollo became associated with music and prophecy. People visited his oracle (shrine) at Delphi to seek his prophetic advice. By the nymph Maia, Zeus became father of Hermes, the Olympian trickster god who had the power to cross all kinds of boundaries. Hermes guided the souls of the dead down to the underworld, carried messages between gods and mortals, and wafted a magical sleep upon the wakeful. Two other Olympian divinities, Hephaestus and Athena, had unusual births.

The Effects of Subliminal Advertising Essay -- Marketing Advertising

Missing Example Figures The Effects of Subliminal Advertising The power of subliminal advertising in effecting consumers is still unproven. The concept of subliminal advertising is based on a "threshold". "This [is] thought to be a fixed point below which awareness does not extend." (Sutherland: p.30) If a word is flashed on a television screen for 50 milliseconds a person would not be conscious of it. If the time of the exposure is increased the word crosses the threshold and a person becomes consciously aware of the word. This process varies within the same person from day to day. For example, if a person is hungry while watching television, advertisements of food will be noticed more than if that same person just ate. Sometimes we are more alert than at other times. The effects of being tired, using drugs or alcohol can also vary when a stimulus is registered. This is an example of a subliminal advertisement. In the bottom of the glass it says "U BUY". This message subliminally tells the consumer to buy their certain product, hoping for their sales to increase. The notion of subliminal advertising grew within the 1950's. A man named James Vicary who inserted subliminal messages in movies "sparked the first large-scale subliminal scare, and his projections into the subconscious, though never documented or replicated, are still frequently cited as "evidence" of the insidious power of subliminals." (Subliminal Survives) Although sales of cola increased 18% and sales pf popcorn increased 58%, Vicary later downplayed the effectiveness of subliminal advertising due to the small amount of research he had collected from it. In the 21st century, subliminal messages are still thought to be us... ...inal Advertising) There are many positive aspects to some subliminal techniques. An example of this is tapes which aid people to loose weight or stop smoking. In turn, they have become a popular self-help fad. Subliminal advertising, wether it works or not, will no doubt be utilized indefinately by companies to advertise their products. Works Cited Elliston, Jon. March 25, 2001. Hidden Persuasion?. [on-line], xx. Available: www.parascope.com/articles/03971/sublim1.htm. Elliston, Jon. March 25, 2001. Subliminal Survives. [on-line], xx. Available: www.parascope.com/articles/0497/sublim6.htm No Author. March 14, 2001. Subliminal Advertising. [on-line], xx. Available: www.snopes2.com/business/hidden/popcorn.html. Sutherland, Max. 1993. Advertising and the Mind of the Consumer. Australia: Allen and Unwin Pty Ltd. The Effects of Subliminal Advertising Essay -- Marketing Advertising Missing Example Figures The Effects of Subliminal Advertising The power of subliminal advertising in effecting consumers is still unproven. The concept of subliminal advertising is based on a "threshold". "This [is] thought to be a fixed point below which awareness does not extend." (Sutherland: p.30) If a word is flashed on a television screen for 50 milliseconds a person would not be conscious of it. If the time of the exposure is increased the word crosses the threshold and a person becomes consciously aware of the word. This process varies within the same person from day to day. For example, if a person is hungry while watching television, advertisements of food will be noticed more than if that same person just ate. Sometimes we are more alert than at other times. The effects of being tired, using drugs or alcohol can also vary when a stimulus is registered. This is an example of a subliminal advertisement. In the bottom of the glass it says "U BUY". This message subliminally tells the consumer to buy their certain product, hoping for their sales to increase. The notion of subliminal advertising grew within the 1950's. A man named James Vicary who inserted subliminal messages in movies "sparked the first large-scale subliminal scare, and his projections into the subconscious, though never documented or replicated, are still frequently cited as "evidence" of the insidious power of subliminals." (Subliminal Survives) Although sales of cola increased 18% and sales pf popcorn increased 58%, Vicary later downplayed the effectiveness of subliminal advertising due to the small amount of research he had collected from it. In the 21st century, subliminal messages are still thought to be us... ...inal Advertising) There are many positive aspects to some subliminal techniques. An example of this is tapes which aid people to loose weight or stop smoking. In turn, they have become a popular self-help fad. Subliminal advertising, wether it works or not, will no doubt be utilized indefinately by companies to advertise their products. Works Cited Elliston, Jon. March 25, 2001. Hidden Persuasion?. [on-line], xx. Available: www.parascope.com/articles/03971/sublim1.htm. Elliston, Jon. March 25, 2001. Subliminal Survives. [on-line], xx. Available: www.parascope.com/articles/0497/sublim6.htm No Author. March 14, 2001. Subliminal Advertising. [on-line], xx. Available: www.snopes2.com/business/hidden/popcorn.html. Sutherland, Max. 1993. Advertising and the Mind of the Consumer. Australia: Allen and Unwin Pty Ltd.

Is Walking Better Than Traveling by Car?

carCars revolutionize transportation but walking is still the best. Automobiles use gas that emits carbon dioxide which causes the world to heat up. Big powers come with big responsibilities; there is no surprise that the car has many financial responsibilities. Cars require practically no work to make it move and it resulted in losing health related benefits. Walking is better than driving because it is environmentally friendly, it has financial benefits, and it has far more health advantages. First, driving ruins the environment.For an automobile to function, it requires gas, and when the gas is used up, it becomes carbon dioxide that traps heat near the Earth’s surface. Greenhouses gases are necessary for influencing the amount of the sun’s energy being absorbed into earth and being radiated back into space. However, the overload of the greenhouse gases, which is caused by the increase in gas emissions, can cause the earth surface to heat up. This is called global wa rming which will raise the sea level by 18 to 59 centimeters if all the glaciers melt.This change in ecosystems and destruction in habitats caused by the rising sea level will also result in the extinctions of many species. Since cars release greenhouse gases, walking is therefore a better choice because it won’t exacerbate the tragedy of global warming. Additionally, driving has financial disadvantages compare to walking. Walking requires only a person’s two legs, while driving requires a car. The cheapest car one can purchase at a car dealership is at least ten thousand dollars.Adding to that expensive fee, there are other expenses like car insurance, gas expense, repair expenses, and maintenance expenses. Respectively, they are needed to be financially secured from accidents, to make the car function, to follow the law and to prolong the performance of the car. Hence, walking is better than driving due to its financial-freedom. Lastly, walking is better than driving because it is better for one’s health. Walking is a physical activity that trains the heart.According to a recent Harvard study, walking can reduce heart risks, chances of cancer, type 2 diabetes, anxiety and depression. As a matter of fact, walking at least 30 minutes a day can increase the life expectancy of people suffering from obesity or high blood pressure. On the other hand, driving is dangerous which is proven by the following statistics. In 2005, United States of America had 6, 420, 000 car accidents with 2. 9 million people injured and 42, 636 people killed. Thus, walking is better than driving because it is a hysical activity that promotes living and doesn’t risk common, dangerous accidents. Walking is carbon free which does not contribute to global warming and therefore it is better than driving. Also walking doesn`t cost a single cent unlike driving. Furthermore, walking can prolong a person`s health while driving can shorten it. Clearly from, walking is better than driving because it doesn`t affect the heating environment, it requires practically no money, and it has health benefits.

A Critical Essay on Ideas About Asian Aesthetics

Asian aesthetics first surfaced in academic literature as a Figure 1 point of comparison for Western aesthetics, it was seen as the ‘other' and was used to define what is Western aesthetics by providing what is not. This attitude towards Asian aesthetics proved detrimental to understanding Asian art as they were taken out of context (e. G. Traditions, religion) and evaluated using Western standards.But that Inefficient way of examining an aspect of a deferent culture Is now considered Improper. In fact, recent studies and literature approaches Aslant aesthetics as a discussion all on its own ? that is, not alongside Western aesthetics and its standards. We now come down to the main purpose of this essay, which is to provide working definitions for Asian aesthetics and discuss them in depth.The central inquiry to be solved is â€Å"What is Asian aesthetics? â€Å"? with ‘Asian' encompassing the South, East, and Southeast Asian countries. Aesthetics, as Engineer (1961) pr esented, can be divided into aesthetic experience and aesthetic object. In simple terms, aesthetic experience is for ‘appreciation', as in the experience which comes from art appreciation, while aesthetic object is for the creation', as in the object perceived as having aesthetic value.These concepts are used subsequently as the basic structure of the discussion supporting the working Figure 2 definitions of Asian aesthetics to be presented. The first interpretation defines Asian aesthetics as ‘a philosophy of purpose and art†, purpose precedes art in the definition for it is purpose which drives Asian artists to produce works of art, and, in turn, these produced works of art serves another purpose for the prospective observer or user of the said art.An example is the Chinese tradition of landscape painting called Shank-Sushi Huh which literally translates to ‘Mountain Water Painting' (figure 1), where the artist sympathizes with the atmosphere nature emanate s ? he feels the spirit of the environment flowing from living nature and his inner nature responds to it in Figure 3 circularity' (Marching, 1992), and from there, the painting made will serve as a material for 4 deep thought or contemplation, completing the purpose-purpose cycle in Asian art. But what constitutes Asian art in the first place?When one refers to Asian art, he/ she often refers to the traditional art distinctly Asian, from Figure 4 which the components/essence of Asian art are/is derived from and used in Asian-inspired modern art (I. E. In print and media). It is important to note that objects in traditional Asian art are rarely appreciated as ‘art objects' in homeless as they are often appreciated for/with the purpose they serve. This claim is supported by Massed, Gonzalez, Swan, & Anisette's (2008) study which shows that Asian art is â€Å"predominantly context-inclusive† (p. 1260).This connotes that appreciating the art of Asian origin calls for an un derstanding of the context in which the object is made, and is to be used; it is not possible to understand an Asian art without context? for context is a characteristic attached to the artwork itself, removing it will result in an incomplete object, which when analyzed will yield either an incomplete interpretation at the very least, or an adverse en at worst. 5 Asian art is not fundamentally made for the sake of beauty; the purpose of the object appears to be the first consideration in most Asian artworks.Traditional Asian art, that is â€Å"artistic form and in a traditional medium† (Guillemot, 1998), object's purpose may range from spiritual/religious, to documenting life and habits of the people, to culture conservation (I. E. Preserving traditions, etc), up to functional Figure 6 tools for daily living. Of all the purposes, spiritual/religious purpose seems to be the most prevalent in Asian art. An example of art serving a spiritual/religious is the Indian sculptures of gods and goddesses (figure 2), which permeated even the realms of painting (figure 3), dance (figure 4), and even architecture (I. E. Temples, figure 5).The second purpose of means of reminding people of the great examples of virtue in the golden ages of the past† (Cambric, 1995). China, as an example, has records of tomb Figure 7 6 paintings which serves as documents of the ancient past (figure 6). On the other hand, art serving as culture conservation is seen on rituals and festivals, and with the tools used in them. These rituals and festivals may seem frivolous with the development of rational thinking, but nice it is part of the culture, the community still does Figure 8 them; often following all the necessary procedures Figure 9 handed down from the previous generations (e. G. He psychodrama or 16 honors ritual of Indian temples) and using classic ritual accessories (e. G. Purchasing dippier a wick of light kept/waved before the holy symbol of god, figure 7). Lastly, th e practical/functional purpose, which is the most underrated purpose of all since the artisans doing them does not necessarily know the aesthetic value of what they are doing (e. G. Malone, figure 8), and so is their proposed consumers (I. E. Their kin in the immunity); all they know is, they use those objects daily (especially in the olden times) that the 7 handiwork is often seen as a necessity and not as an artwork to be appreciated by itself.Second Asian aesthetic interpretation relates it to the sensitivity to the context of an art object†. Marching (1992) says, â€Å"†¦. For the Asiatic mind wonder is the beginning of a sensitivity to things, and sensitivity to things is the most comprehensive way to be in the world and to make the world be in oneself†. This idea of sensitivity to things is exhibited by both the artist and the observer, especially for the Chinese Shank-Sushi-Huh (figure 1) tradition. In the artist, it is rooted in their discipline of channeli ng nature into their work without representing it realistically or as is.An artist includes his/her own vision and interpretation of the subject into his/her Figure 9 work, while the observer's role is to use the produced art as a point of reflection which guides them in contemplating about the world, the cosmos, and the plane of the Divine. As Marching (1992) stated, â€Å"philosophy was, in other words, the doctrine which, thanks to reason†¦. Opens man's way to Heaven†, and since aesthetics is the ‘philosophy of art', it an be deduced that in one way or another, aesthetic experience opens a man's way to Figure 12 Heaven through the arts.This is especially true for the highly spiritual/religious way of life the Asians have. 8 The third, and last, definition is rooted in the Asian appreciation for the beauty of the unrefined ? â€Å"Asian aesthetics is concerned with nature†. It deals with respecting, being inspired by, mimicking, and embodying nature in art . One fitting example for unrefined beauty is the Japanese aesthetic of WBI-Saba (means ‘rustic beauty and ‘desolate beauty), which celebrates the imperfection of things (e. . Mended ceramics, figure 9).Another example is the constant nature theme presented in Japanese paintings (figure 10) and Chinese paintings (figure 11). Asian art also uses natural medium (e. G. Rice paper, animal-hair brushes used for Chinese painting and calligraphy, figure 12). This high regard for nature arises from the spiritual/religious purpose discussed earlier in the first definition; Asians believe in the interconnectivity of things, from the Divine, to the cosmos, to the plane of man. They Divine, either in presence of things or in the absence of it (I. E. Void/nothingness). This life is also embedded in the Chinese concept of yin and yang (figure 13).In conclusion, the combination of all the three Figure 10 definitions discussed throughout the essay substantially represents everything abo ut Asian aesthetics? â€Å"Asian aesthetics is a philosophy of purpose and art, mainly serving to aid the artist's and observer's sensitivity to the context of the object rather than the object itself. It is concerned with the interconnectedness of all beings to the cosmos and the Divine†. Notes: Aesthetics is originally a concept produced by Western philosophy. Cited from Raja Dishwasher's Sphinxes in Indian Art and Tradition (2009). References Cambric, E. (1995).

Fredrick Winslow Taylor’s Contribution Essays

Fredrick Winslow Taylor’s Contribution Essays Fredrick Winslow Taylor’s Contribution Essay Fredrick Winslow Taylor’s Contribution Essay Name: Instructor: Course: Date: : Fredrick Winslow Taylor’s Contribution According to Winslow’s theory of scientific management, he believed that an increase in the worker’s productivity was the reason behind the success of the employer and the employee. His theory would improve efficiency by increasing the speed at which they work. The employees would also gain adequate knowledge that they require to perform their tasks efficiently. This would reduce the amount of time they spend on each task. The workers would also be relieved some of the workload by the managers; hence they will be given amounts of work that they can handle efficiently. The employers, on the other hand, are required to gain enough knowledge to understand the business operations, manage them efficiently and be in a better position to train the workers. This would ensure that their involvement makes the workers highly productive. They are also required to devise a specific science for each job and reduce unnecessary steps in their performance. This makes it easier for them to supervise the jobs. The company would gain by improving efficiency of job performance, which increases the output level and profits. The theory suggests that scientific management is both a set of techniques and a philosophy (Tosi 10). It is a philosophy since there is a major requirement of knowledge in the business operations for both the workers and managers. It is also includes a set of techniques that are utilized to improve productivity. Both are vital aspects since one must have the knowledge to devise proper techniques on operation. In Taylor’s argument, he advocates for a fair division of work between the management and workers so that both are equally involved in business operations. Yes, it is extremely essential that both be actively involved since the operations would not run smoothly if one were inactive. Workers cannot be workers and managers at the same time since both have crucial roles in operations. The workers work as the managers supervise. It is difficult to work and supervise oneself at the same time. Works cited: Tosi, Henry L. Theories of Organization. Thousand Oaks, CA: SAGE Publications, 2009. Print.

Independence Day essays

Independence Day essays Use of Technology and Special Effects in the Film Independence Day Roland Emmerichs science-fiction film Independence Day,made in 1996, is one of the most spectacular blockbusters of all time, winning even a prize for its truly remarkable special effects sequences. But if this film didnt depend so much on the use of technology for its impact, would it still have the same success? The story itself is about a huge alien mother ship that takes up an orbit around the moon on July 1st. A bunch of smaller ships take off and attack the major cities of the world. A small group of humans lead the fight to eventually save the world. In general, the special effects in the film are really awesome and to what extent did they contribute to this film? On the whole, with technology becoming better we begin to see more and different types of special effects bringing magic onto the screen. Setting, costumes and make-up, computer animation, music and sound effects these are the more modern techniques that are widely used for creating incredible visual effects. In my opinion such technology techniques contribute enormously to modern films as they improve their quality filmmakers create endless possibilities and bring dreams, illusions and fantasies to life. For instance, special effects were very effectively used in Independence Day, considering that there filmmakers had used computers to simulate giant space ships and planets being blown to bits. In addition, the scenes where the aliens started blowing up the city, as well as the end battle between Earth and the aliens enveloped the viewer into perfect illusion. However, it seems to me that this film relied entirely on the use of technology for its impact, because the plot did not move me at all. While watching Independence Day, I got the impression that it was just another film built around the idea that if the ...

Using Contests as Door Openers

Using Contests as Door Openers In a world where its near impossible to land an agent or publisher, and indie publishing appears to be a monstrosity of complexities, it might be time to consider contests. And dont talk about how most of them are scams, either. There are more publishing scams out there than contests, my friend. Why focus on contests when your goal is publishing? Because contests are a roundabout way to open a door to getting published. And you get to toy around with submitting more than that book youve obsessed over. You can also submit novellas, short stories, flash fiction, and poetry. Suggestions on entering contests to aid your career: 1) Stick to contests that result in publication. Whether its a website, a journal, or a publishing house, getting publication credits in your portfolio matters. You need credibility. 2) Extract from your book-length work and create a short piece or two. There are way more short story competitions than novels contests. Take the gist of your longer piece and turn it into a short submission. The point is to make people realize you can write. If you win, THEN tell them you also write novels. 3) Choose reputable contests, not something cutesy and cheap, so that when you win you are respected, not chuckled at. Show that even when you enter contests, you are a professional. 4) Be willing to pay entry fees. They fund the publishing, the judging, and the prize money. Better to pay $25 to enter and win $1,000 than pay $0 and win $50. The latter doesnt look as good on a resume or pitch letter. 5) Consider those contests that offer feedback. Those critiques might right some wrongs in your work. 6) Choose contests where the judges are agents, publishers, or editors. Even if you dont win, you might catch someones eye. Some authors enter contests regularly while still pursuing publication. Theres no point in passing up this sort of opportunity. Especially during a time that writers are a dime-a-dozen and landing attention is like screaming into the wind. While youre planning your query letters or indie promotion, make time for a contest or two each month. It might be the catalyst to take that stalling writing career to a higher level.

Maria Montessoris work Essay Example | Topics and Well Written Essays - 1250 words

Maria Montessoris work - Essay Example Her methods are so popular that they are in use today in nearly every industrialized nation. In 1896 Maria Montessori became the first Italian woman to become a Doctor of Medicine. She then worked at a psychiatric clinic with mentally handicapped children. She became interested in ways to improve the mental capabilities and performance of these children. Her methods were so promising that she was then named the head of an entire school for mentally handicapped children in Rome. She was so successful using her own special equipment that her children were able to learn so much that they were able to pass tests created for 'normal' children. In 1906 she was "promoted to working with disorderly children in a very poor section of Rome. With her same new equipment, she produced the same results as she had with the mentally handicapped children. Here she noticed that when the children chose and worked with the equipment themselves, they were extremely focused on the task. Out of this grew the Montessori Method, which stresses giving the child freedom in his own educational process (Botsford, 1993). One of the main tenets of Maria Montessori's educational reform was the idea that the child operates in far different ways than the adult. Thus, research into the development of the child was paramount in developing and justifying her programs. She concluded that the child's mind develops differently at different ages. She calls the age of birth to six years as that of the Absorbent Mind. From birth to age three the child simply absorbs his environment unconsciously and begins constructing his conscious mind from there (Botsford, 1993). From age three to age six, the child begins to construct his personality, which Montessori claims, depends upon an "environment in which he or she can act and learn freely, without adult intervention" (Botsford, 1993, p.3). Further, Montessori describes several periods of the child's growth that become sensitive periods during which the "child is capable of extraordinary leaps in learning of different skills and bodies of knowledge. It is essential that the child should be able to maximise his or her potential during these sensitive periods, in order to develop as a full human being" (Botsford, 1993, p.3). In order to do this effectively, Montessori began to research child psychology and psychoanalysis. Because most child psychology researchers of the time stressed observation as a key element in learning about the distinct nature of the child, she began observing children as they played and learned. One book was particularly influential in nurturing Montessori's theories; it was Donald Hebb's 1949 "The Organization of Behavior. This book concluded that the richness of the early environment significantly aided in developing skills in adult problem solving (Lilliard, 1972). Also instrumental in Montessori's research was Freidrich Froebel, a scientist who advanced the idea that every child had the potential to use his environment as a means of developing emotions and of learning (Lilliard, 1972). Froebel urged educators to dismiss the idea of educating young children formall and instead allow them to play and develop holistically. Dissatisfaction with current pressures to introduce chil dren to formal learning at an early age has led to a growth of interest in the ideas of Froebel and of other pioneers who wanted to preserve childhood as a time for play and holistic development (Froebel, 2006). Thus, the curriculum at a

Organizational culture and values Essay Example | Topics and Well Written Essays - 750 words

Organizational culture and values - Essay Example The organizations in discussion are medical institutions. When developing the organization values, a health center should ensure that it aligns with the values of the nurses. Nurses provide vital services to the patients and thus their values should be considered to ensure service delivery is at its level best. One of the core values of nurses is to be compassionate and most of them find themselves being concerned with the development, well-being, and comfortability of the patients (Wooten & Crane, 2003). The organization values should not restrict the nurse from being compassionate since this will cause moral distress to the nursing fraternity within the organization. According to Edmonson (2010), nurses are guided by the urge of learning new developments, therefore, the organizational values should always give the nurses the chances to advance their skills. The medical field is faced with new challenges day-after-day; thus it is beneficial for a nurse to be updated on the emerging issues. Another  nursing  value concerns empathy. Nurses try to relate with the emotions of the patients for them to deliver quality services. It is the responsibility of the organization to ensure that its values do not conflict with the values of the nurses. Patients on the other hand, expect the best services from the nurses as stated in the organization vision, mission, and objectives. Patients, being the customers, require their needs to be met. Nurses, being close to the patients need to be motivated and incorporated in the development of the organizational values, so as to dispense nursing services as is expected from them. It becomes barbaric when a nurse is forced to always consult the management even when dealing with the routine processes. Bureaucracy in the medical field is discouraged since it can result in loss of many lives. As nurses, we communicate with each other and no day passes without communication among nurses. The big question is how

Tribute Money by Masaccio Essay Example | Topics and Well Written Essays - 500 words

Tribute Money by Masaccio - Essay Example Matthew, kneeling in the far left, deliberately replies strangers. The tax collectors confront the group of holy men. Masaccio’s purpose was to create a realistic painting that contained natural aspects of the environment as well as the human composition. He focuses on directing the viewer’s eyes to the vanishing point of the painting, the head of Christ. Masaccio used atmospheric perspective, making all the mountains in the background hazy and Peter to be paler than the figures in the foreground. This technique created a depth within the painting to render Realism. It is difficult to see the cuts of the mountains in the background but the folds of the robesin the foreground are easily distinguishable. Masaccio, unlike earlier artists like Giotto, did not use a flat, neutral light from an unidentifiable source. He used light from a specific location outside the painting to create a chiaroscuro effect, the representation of form through light and color without outlines. There is no light source visible within the picture but if the viewer notices the shadows of the figures, they are al l cast away from the chapel. This makes the viewer believe the figures were lit by the light through the chapel window. Masaccio proves this belief by creating the front two columns brighter than the rest of the chapel. Furthermore, the tax collector on the far right and the chapel wall is extremely dark. In general, all figures and objects become gradually dimmer as the viewer looks to the right. Masaccio uses the composition of his figures to create a three-dimensional world to depict reality. Masaccio’s figures in the foreground are large, solid figures that dominate the natural setting before the lake and mountains. In contrast, he uses soft hand gestures and facial expressions rather than swift actions to show movements within the painting. This emphasizes

See the attachment Term Paper Example | Topics and Well Written Essays - 2000 words

See the attachment - Term Paper Example The Economists Dictionary of Economics defines Microeconomics as "The study of economics at the level of individual consumers, groups of consumers, or firms... The general concern of microeconomics is the efficient allocation of scarce resources between alternative uses but more specifically it involves the determination of price through the optimizing behavior of economic agents, with consumers maximizing utility and firms maximizing profit." Microeconomics is a field of economic study that focuses on how an individuals behavior and decisions affect the supply and demand for goods and services. For the purpose of microeconomics, the actions of individuals, households and businesses are crucial. One key element of microeconomics is price theory. Theoretically, all markets are perfectly competitive, with supply and demand driving prices. However, individuals and groups can directly affect the supply and demand of products and services. Labor economics, for example, is based largely on the analysis of the supply and demand for labor of different types. An economic theory contends that the price for any specific good/service is the relationship between the forces of supply and demand. The theory of price indicates that the point at which the benefit gained from the people that demanded the entity,   meets the sellers  marginal costs is the most optimal market price for the good/service. Labor is a measure of the work done by human beings. Labor economics seeks to understand the functioning and dynamics of the market for labor. Labor markets operate through the interaction of workers and employers. Labor economics looks at the suppliers of labor services (workers), the demands of labor services (employers), and attempts to understand the resulting pattern of wages, employment, and income(Freeman, 72-76). Market failure is a situation in which a market is inefficient in organizing

The Marginal Productivity Theory of Distribution Term Paper

The Marginal Productivity Theory of Distribution - Term Paper Example As such, each factor of production can be paid based on what it contributes to the production of the output. This paper argues that the marginal productivity theory of distribution is valid, and, on certain highly limited assumptions, bears relevance to micro-economic problems such decisions of individual firms with regard to employment of factors of production. Marginal productivity theory of distribution presented a unified inter linkage between the pricing of commodities and the â€Å"pricing of persons† by indicating that the returns to all factors of production, are grounded in a single, marginal productivity principle. However, from the start, it was apparent that the marginal productivity theory could not stand by itself and only represented a derivative section of the theory of value. Three core properties of marginal productivity theory make this apparent: (1) the theory is essentially a theory of the demand for factors rather than their supply; (2) it adopts prices o f products as derived in the determination of demand for factors; (3) the theory cannot be applied to the determination of values within an exchange economy (Rima, 2001). ... the previous political economy with a novel science of economics or a discipline that employed rigorous methods mimicking those of the physical sciences (Fetter & Rothbard, 2007). Since its inception in the early 19th century, the marginal productivity theory of distribution (MPTD) has been cited by some economists as the solution to the ethical problem of distributive justice (as a means of determining fairness in wages, interest, profits, and rent). Other economists have rebuffed this ethical claim but have perceived the MPTD as a valid demand-side criterion, which forms the basis of determining equilibrium and efficiency (Blaug, 1996). Some of the pioneers of the theory such as John Bates and Philip Henry Wicksteed argued that a business enterprise would be prepared to remunerate a productive agent only that which it adds to the firm’s utility. Clark sought to establish that each unit of labour and capital can be settled based on the value that it adds to the total product or its marginal productivity (Wicksteed & Robbins, 1935). Clark maintained that, although, all tasks within an enterprise vary in significance the remaining work can be reassigned to ensure that all essential tasks would be undertaken; hence, no single unit of labour can be considered to be more critical than the other (Stigler, 1994). Clark’s marginal productivity theory can be considered to be a rebuttal to Marx’s assertion that competitive capitalism methodically robs workers their labour since the workers contributes more to the total product relative to the wages that they receive. According to Clark, the payment to capital can be established based on its marginal productivity, and that there cannot be a â€Å"surplus value† expropriated from the labour as Marx had claimed (Blaug, 1996).

See the attachment Term Paper Example | Topics and Well Written Essays - 2000 words

See the attachment - Term Paper Example The Economists Dictionary of Economics defines Microeconomics as "The study of economics at the level of individual consumers, groups of consumers, or firms... The general concern of microeconomics is the efficient allocation of scarce resources between alternative uses but more specifically it involves the determination of price through the optimizing behavior of economic agents, with consumers maximizing utility and firms maximizing profit." Microeconomics is a field of economic study that focuses on how an individuals behavior and decisions affect the supply and demand for goods and services. For the purpose of microeconomics, the actions of individuals, households and businesses are crucial. One key element of microeconomics is price theory. Theoretically, all markets are perfectly competitive, with supply and demand driving prices. However, individuals and groups can directly affect the supply and demand of products and services. Labor economics, for example, is based largely on the analysis of the supply and demand for labor of different types. An economic theory contends that the price for any specific good/service is the relationship between the forces of supply and demand. The theory of price indicates that the point at which the benefit gained from the people that demanded the entity,   meets the sellers  marginal costs is the most optimal market price for the good/service. Labor is a measure of the work done by human beings. Labor economics seeks to understand the functioning and dynamics of the market for labor. Labor markets operate through the interaction of workers and employers. Labor economics looks at the suppliers of labor services (workers), the demands of labor services (employers), and attempts to understand the resulting pattern of wages, employment, and income(Freeman, 72-76). Market failure is a situation in which a market is inefficient in organizing

Give a topic Essay Example | Topics and Well Written Essays - 500 words

Give a topic - Essay Example the 19th century, slavery and slave trade, creation of institutions based on religious revolutions were just but a few of the things that brought about the formation of different cultures. European influence in the region may have prompted the adoption of Western culture, therefore; eroding the African culture and traditions (Shillington 764). This paper will examine the influence that came about as a result of the European movement in the African region, and how this influence shaped modern African society. The events that may have led to the interaction between the African and the European in the 14th to the mid-20th century may have been the finding of man’s first remains in the region of Tanganyika. It was during this time that expeditions were carried out by many of the European influences that came to Africa. It was the crusade by David Livingstone against the infamous slave trade that led to the discovery of some of the remains of man. Slave trade was common among the people in this region as there were bargains that were struck by Arab traders in the region in exchange for common goods and services. During the German invasion, local traditional structures were disregarded and eradicated (Shillington 879). The same thing was happening in the neighboring East African region, Kenya, where the British had taken control. The political, social, and economic structure of the regions changed as the colonialists made a play at the regions’ economic well-being. Africa was rich in raw materials and minerals, and the colonialists used these to enrich the mother countries. Labor was found from the local people, and it came cheap. The family structure was changed drastically as able-bodied men were shipped away to work for their colonial masters, hence; changing the social structure. The political structure became that of the colonialists, and many of the structures being seen today are still from the colonial era. Local and traditional heads were done away with

Postcolonial Theory & Feminism Essay Example for Free

Postcolonial Theory Feminism Essay Postcolonial theory is actually a growing as well as a controversial field. Some of the critics understand postcolonial theory as hypothetically and incoherent not worth mentioning at its best and political harmful at its worst. Post colonial theory is however superficial as an uncritical condemnation of the Western nations, cultures as well as values. For some reasons, these wrong interpretations materialize from a lack of intellectual commitment with the topics in that same field. These critics are actually motivated by a political desire which is out to sustain and legitimize the power of Western values, nations together with the cultures. This paper will respond to these types of distortions. The paper will identify how philosophical reflections might assist people to understand the nature of connections between dissimilar cultures. After the introduction together with the main problems in the field of postcolonial theory, the paper will talk so much about the early theorists of anti-colonialism. However, postcolonial theory must be conceptualized as an extension of the aforementioned anti colonial struggles. In this situation one is able to understand fully the connections between colonialism and the western philosophy. At times when the West tends to control as well as shaping different cultures and the way of their thinking, the study of the way different cultures interacted during the past seems tremendously necessary. As a result, feminist theory is the expansion of feminism into philosophical or theoretical position. It tends to encompass the work done in a very broad variety of disciplines, importantly including the approaches towards women’s roles and lives together with the feminist politics in sociology and anthropology. Feminist theory always aims at understanding the natural history of inequality and it actually focuses on power relations, femininity politics as well as sexuality (Tiffin, 9). Postcolonial feminism is the main form of feminist philosophy which tends to criticize the Western forms of feminism, particularly liberal feminism as well as fundamental feminism plus their universalism of female experience. The postcolonial feminists argue that the cultures that are impacted by the colonialism are often vastly different and it should be treated that way. Colonial oppression might result in glorification of pre-colonial culture in which in cultures with traditions of stratification of power along the lines of gender, could somehow mean the acceptance or refusal to deal with, inherent matters of gender inequality. Postcolonial feminists does not present a united front on feminist issues, but it can be described as the feminists who have always reacted against both universalizing tendencies in the Western feminist thought as well as a lack of attention to gender issues in mainstream postcolonial thought (Tiffin, 9). A lot of postcolonial feminists tend to argue that the oppressions connecting to the colonial experience, more especially class, radical together with ethnic oppressions, have marginalized women in postcolonial societies. In one way or the other, they tend to challenge the assumption whereby the gender domination is the most important force of patriarchy. Furthermore, postcolonial feminists point to the superficial interpretation of women of non-Western societies just like the passive and people who don’t have a voice, as opposed to the depiction of Western women as educated, modern as well as empowered. At the same time as demanding gender oppression contained by their individual cultures, postcolonial feminists in addition tends to fight the charges of being Western, just the way some would contend within their cultures (Reina, 46). As a result, feminism is the conviction in the social, political as well as the economic equality of women. It involves a variety of movements, philosophies and theories which are concerned with the idea of gender dissimilarities as well as campaigning for the rights of women together with their interests. Feminist theory came as a result of these particular feminist movements. The idea of postcolonial feminism arose right from the gender history of colonialism. The regal powers regularly imposed Westernized norms on top of colonized areas. In the year 1940 to 1950, immediately after the creation of the United Nations, previous colonies were being supervised for what was deemed as social development by Western principles. The progression of women, in the middle of other variables, has always been supervised by questionably Western organizations for example the United Nations. Consequently, customary practices together with the roles taken up by women from time to time is regarded as objectionable by Western standards which could sometimes considered as a type of rebellion in opposition to colonial oppression. Postcolonial feminists, they really work so hard in order to fight femininity oppression in their individual cultural models of the social order relatively than from those of the Western. The fundamental theoretical principle of postcolonial feminism is that the concept of freedom, equality as well as rights stems right from the enlightenment together with privilege European and Western norms, instead of representing a universal ethical system (Boniface, 14). Postcolonial feminist writing tends to overlap a great deal with transnational feminism together with the third world feminism. Postcolonial feminism is somehow connected with post colonialism. However, there is an essential alliance among black feminists plus the postcolonial feminists because both of them have really struggled for identification by the Western feminists as well as men in their own individual ethnicity. As a result, feminist discourse actually shares a lot of similarities with post colonial theory and consequently both fields have always been thinking of being associative. They are both predominantly political and they are concerned with the struggle against injustice and oppression. However, both of them tend to refuse the established patriarchal, hierarchical system which is actually conquered by the hegemonic white men as well as passionately denying the hypothetical supremacy of mannish power together with the authority. The demoralized women are in this sense of the same kind with the colonized subject matter. Basically, exponents of post colonialism are very much reacting in opposition to colonialism in both the political and economical sense. The feminist theorists on the other hand are refusing colonialism of a sexual environment. In one way or the other, colonialism is the biggest iniquity for the reason that it mechanically entails the danger of misogynistic. Colonial oppression do affect the lives of women both socially and economically whereby it has forced postcolonial critics to take on a keener awareness of gender roles during the time when they are discussing imperialist exploits. In the same way, feminism has become very much aware of the post colonial counterparts in the latest period of time. The failure to acknowledge the historical specificity is actually damaging like any other assumptions which are based in chauvinism as well as ignorance. Feminists also tried to apply the intolerance of blanket terms towards post colonialism and they as well have subsequently been so much critical of post colonialists’ tendencies to construct one category of the colonized, hence ignoring the essential issues of gender differences (Reina, 29). There are quite a number of significant literary texts which are written both from post-colonial and feminist stand point. The texts usually share views about individuality and disparity of the subject and agreements on shared strategies of resistance against the external forces that are doctorial. Bill Ashcroft in his book, â€Å"Key Concepts in Post Colonial Studies† compares â€Å"writing place† in post-colonial theory to â€Å"writing the body† in feminism. This clearly indicates that colonized space in the discourse of feminist is the highly vulnerable body of the female. This therefore reflects the fertile and productive nature of the place and body that has got the power to yield crop and also to destroy it. They are both capable of ruthlessness when forced to it. Caryl Churchill’s controversial play â€Å"Cloud Nine† written in 1979 deals in a broader length with ‘double colonization’ towards women by their male counterparts and the colonial powers. Consequently, there is a critic of gender of familial and sexual duties in the ‘Victorian colonial society’. The play utilizes both cross-dressing and role-doubling in a comical way to fully explore the association between colonial and sexual oppression throughout history. The first act takes place in a British colony within Africa whereby Clive, one of the racist and sexist colonial administrator brings forth his stringent ideals both to his family and the natives of Africa. Being the superior white male, he identifies the roles that women and the natives must play. His doting and self effacing female counterpart is Betty. She says she is a man’s creation and what men want is what she wants to be. The boundaries of gender are fully closed as Betty is played by a man. This foregrounds her gender as a fiction that is constructed by a â€Å"male gaze†. The patriarchal society of Clive can not be able to envision the identity of women. Betty therefore, must just be played by a male actor and through Betty’s character; Churchill satirizes the traditional role of women who are subordinate in history. This forces us to recognize that the female identity is both a historical and a cultural construction. There are also some constructions of the pre-colonial that are strongly influenced by phallocentrice prejudice which defines a native woman as passive and subsidiary inferior. There are also more representations of female native figures in Western Art and Literature which perpetuate the myth of the female that is charged erotically. For instance, the primitive exotism danger of Ayesha in H. Rider Haggards novel â€Å"She† which is full of prejudice. And truly much of the 19th century, the black skin depicted sexual promiscuity and bad behavior It has been made clear that during the time the artists were attempting to make an ultimate change and the oppressive power connections encoded in the sense of nation, race and empire, together with those of class, gender and sexuality in tracing a path of feminist postcolonial concerns. The present feminist postcolonial theory goes on exerts a pressure on mainstream postcolonial theory on its constant iteration of the necessity to consider gender issues. Some time ago, feminist postcolonial theorists tent to criticize male theorists because of assuming the behavior of British men might take a stand for the behavior of imperial subjects in general or to symbolize the empire as a whole. The feminist postcolonial theories always engage the two fold project, to racialise mainstream feminist theory as well as to insert feminist concerns into conceptualizations of colonialism and post colonialism. Feminist postcolonial theory is concerned, among other things, to analyze the relationship among the western women and that is indigenous women (Tiffin, 9). Feminist is at present abandoned in a good number of feminist theories. The acknowledgment of subjectivity which tends to ground the feminist practice apparently doesn’t ground it for others. People don’t think the same way. However, ant-liberal feminist theory as well demonstrated and enacted its own failure to resolve the conflicts it debates so energetically. The conflicts are not going to be resolved by the theory. They cannot be resolved for the reason that women are human beings in spite of everything. Finally, that unbearable reality makes feminist theory important.

Disability and Ageing Theories Comparison

Disability and Ageing Theories Comparison Task One : Comparing a range of definitions as they apply to Disability and Aging 1.1 Disability according to WHO According to the World Health Organization, â€Å" Disabilities is a term that covers impairments, restrictions in participations and limitations in ones activity. An impairment is seen as a problem in body function and it’s structure; a limitation in activity is a difficulty an individual may encounter when performing an action or task; while the restriction in participation is a problem in an individuals life situation.† As stated on this source, disability is seen as not just a health problem but a complex phenomenon that shows the interaction between features of a persons body and features of society that they live in. It is said that people with disabilities has the same health needs as of those as non-disabled people, like for example disabled people also need immunizations, cancer screenings and treatments for other medical conditions, illnesses or diseases that they might have. b) Disability according to SSC State Services Commission of NZ The New Zealand Disability Strategy describes disability as, â€Å"Individuals do not have disability instead what individuals have are impairments. And these impairments may be physical,sensory,psychiatric,neurlogical, intelletual or other impairments. When people creates barriers the disability process happens because they take no account of people living with impairments in ther world.† According to this, disability is only a perceived idea , of how non-impaired people view people with impairments. And if people would change their view of impaired individuals then people that has disability would just be people that has impairments and they will be able to function in society if we give them an environment they can work around with. c) Disability according Government of Western Australia / Disabilities Services Commission According to the Disabilities Services Commission of Western Australia , â€Å" A disability is a condition that continues on to restrict activities in the everyday life. They define disability as: Being attributed to an intellectual,psychiatric,cognitive,neurolgical,sensory or physical impairment Permanent or may likely be permanent Chronic or acute Reduced capacity of an individual to cmmunicate, interact socially, learn, move and wil need continouos support.† As stated on this source , disability is an impairment that will restrict a persons movement and functioning that is caused by a multitude of physiological and external factors. It is said that most restrictions that people with disability may encounter can be overcome by using appropriate tools and utilizing services specifically designed for their impairments. In your own words compare those definitions and identify the similarities and differences between them According to the sources I have used, they define disability as being attributed to a multitude of impairments such as an intellectual, psychiatric, cognitive, neurological, sensory or physical impairment or a combination of those impairments that makes them unable to perform certain tasks effectively or none at all. It is stated that a person with a disability has the reduced ability to communicate , interact , learn and move and will be needing assistance in their daily lives. But the sources also gave different views and definitions on how they view disability. One of those differences is that according to the State Services Commission of New Zealand, a disability is a process and not a condition, therefore a person is disabled only because of the perception of society and their attitudes towards people that have impairments. Society does provide them an environment in which they can become productive and function with the abilities they possess, instead society views them as people that cannot contribute and has no useful abilities. Another difference is that according to WHO disability is categorized under two terms, which are impairment and limitations. Impairment is seen as a problem in the way the body, parts of the body or a specific part of the body fail to function, while limitation is seen as difficulty in performing certain tasks or actions. The Disabilities Services Commission of the Government of Western Australia see disability as being chronic or a condition that has endured and will endure for a long time and acute which means an abrupt onset or occurrence of an impairment. They view disability as being one of permanent or temporary nature. 1.2 Comparing 3 (three) definitions of aging Aging according to US Department of Health and Human Services, National Institute on Aging According to the National Institute on Aging of the US Department of Health and Human Services aging is defined as , â€Å" Aging is a reflection of all the changes that occur all throughout our lives. As we grow, develop and mature. For young people aging wil be exciting because they will have late bedtimes and longer curfew hours. And during middle age there might be a grey hair or two. For a marathon runner he will not be able to run as fast like when he was 20 now that he is 60. There are varying factors that will affect aging.† As defined in this source, aging is a reflection of all the changes that happens through the course of our entire life. The growth, development and maturity which thus entails that aging in a broad sense is a change in our biology, our psychology, our environment and our cognitive abilities. b) Aging according to senescence.info , author Joao Pedro de Magalhaes, PHD According to the author on senescence.info , â€Å" Aging can be just a passing of time and seen a just a normal biological process of getting older. Some people call this senescence. And some have defined it as a progress in which humans will inevitably die. Aging is viewed as a complex process that is composed of three features: 1) Increase in likelihood of death as we age; 2) changes within the body that will lead to deterioration of internatl functions and 3) the increased risk of catching infections and diseases as people age. It is a progressive decline in bodily functions, and it is an intricate process of life.† As defined on this source, aging is described as leading to the process of death or mortality due to the biological process of growing older, as the body loses the ability to function with efficiency and it becomes vulnerable to environmental factors including illnesses and diseases. c) Aging according to Age and Aging Journal , Auckland Library , Digital Library According to the journal , â€Å" Aging is the result of a complex interaction of the genetic make up and the environment we live in. As people age it is but normal to suffer certain diseases and illnesses so we cannot discount it as a factor in the aging process. Aging may also be explained as the body’s response to stress that can lead to physical and chemical damage, infections and trauma. Aging can also be attributed as a by product of action in the genes or the natural selection process that deteriorates as we age.† According to this source , aging is defined as the chemical processes that occur within the cellular level of our bodies and the various factors of genes, gene mutations and the different phenotypes which affect how our bodies change in accordance with the cellular changes that occur during the Aging process. In your own words compare those definitions and identify the similarities and differences between them According to the sources I have used, they define Aging as a complex process affected by varying physiological, biological, environmental and social factors that contribute on how Aging progresses. They state that Aging is not only about the external characteristics of our physicality, like the changing color of our hair or the wrinkling of our skin, but a more in depth analysis reveals that a lot of factors that we encounter in our lives affect the Aging process. Some differences on how the sources define Aging can be seen with how the National Institute of Aging view it in a more positive way. They state that Aging is attributed to how a person grows, develops and matures through the course of life. Therefore, they view Aging as a state of mind , an accumulation of knowledge and experiences as one goes through life. However according to Joao Pedro de Magalhaes, PHD on senescence.info Aging is more on the most basic and primal note. According to his research, Aging is a gradual and progressive decline in how well our body functions over time, our bodys susceptibility to illnesses and diseases as we grow older because our immune system will weaken as we age and that Aging is an inevitable path leading towards death. The Age and Aging Journal defines Aging on a cellular level. Stating that as part of Aging process diseases and illnesses contribute on how we age. And the level of Aging is widely affected by our genes, how genes mutate and phenotypes which affect how our body will change according to the cellular changes inside us during the Aging process. 1.3 Comparing theories of disability and aging Disability Theory The Medical Model The Medical Model defines disability as being caused by an illness or medical condition. It is said that disability is directly caused by trauma, disease, or other health conditions and people that have disabilities need sustained medical care provided by professionals. The Medical Model promotes the view that a disabled person is someone who is dependent on others and needs care to be provided to them. Aging Theory Psychosocial Theory Psychosocial theories of Aging states that Aging is correlated to human development such as an individuals change in cognitive functions, behaviours, roles, relationships and coping ability and social changes. This theory does not describe how older people could be treated or what the social changes are but they describe what Aging implies and factors important to the care of older people can be derived from this factors. Age is the period in time in which a person has been living Gender refers to the roles, behaviours, activities and attributes that society deem appropriate for a man and a woman Class is an individual or groups position within hierarchal social structure. It is associated with socio-economic status including variables such as occupation, education, income, wealth and place or residence. 4. Ethnicity refers to a persons language, culture, history, socio-economic and political factors, geographic origin of ancestry, nationality and beliefs and traditional practices. 1. AGE Age in relation to the Medical Model in Disability Age is the period in time in which a person has been living, and according to the Medical Model a disability is caused by trauma, disease or other health conditions. The implication of age in relation to the Medical Model is that, as a person grow older or age our bodys immune system becomes weaker as do our bones and muscles, this makes older persons susceptible to infections and diseases therefore causing disability. For example a 20 year old persons lung is much more stronger than an 85 year old, therefore if both of them are exposed to pneumonia there is a high probability that the 85 year old person will die and the 20 year old will just need some medications and he will be alright. Age in relation to Psychosocial Theory in Aging Age is the period in time in which a person has been living, and according to the Psychosocial Theory of Aging , it is said that Aging is correlated to the human development including the change in cognitive functions, behaviours, roles, relationships and coping ability and social changes. The implication of age in relation to the Psychosocial Theory of Aging is that as a person grows older so does his/her abilities and knowledge, collection of memories and emotions that shape a persons personality and how he/she views life, life experiences and the social circle they move around in contribute to how a person ages. GENDER Gender in relation to the Medical Model in Disability Gender refers to the socially constructed roles, behaviours, activities and attributes that a given society considers appropriate for men and women, and according to the Medical Model a disability is caused by trauma, disease or other health conditions. The implication of gender in relation to the Medical Model is that since society dictates what should and should not be done according to gender, the diseases and types of trauma that a male and female will have that will lead to disability will be different for a male and a female. For example in terms of trauma, in Saudi Arabia females are not allowed to drive vehicles and only males are allowed to, therefore there will be a markedly increased number of trauma cases for male leading to disability than females. Gender in relation to the Psychosocial Theory in Aging Gender refers to the socially constructed roles, behaviours, activities and attributes that a given society considers appropriate for men and women, and according to the Psychosocial Theory of Aging , it is said that Aging is correlated to the human development including the change in cognitive functions, behaviours, roles, relationships and coping ability and social changes. The implication of gender in relation to the Psychosocial Theory is that a male and female will have different life experiences, developments in cognitive functioning, behaviours, roles relationships and coping ability and social changes so the way that they will age will be different from each other. One example of this is regarding roles and relationships, coping ability and social changes in a Muslim culture like Saudi Arabia. A male can interact with anyone they want to interact with and there is no restriction regarding this, but females are not allowed to talk to males that are not their husband or immedia te family member. Therefore the females have less exposure to the outside world and their coping abilities in social situations will be poor compared to the males and this will reflect on how they age. CLASS Class in relation to the Medical Model in Disability Class is an individuals affiliation within a social hierarchical structure that is associated with an individuals socio-economic status. and according to the Medical Model a disability is caused by trauma, disease or other health conditions. The implication of class in relation to the Medical Model is that, the type of trauma, disease or other health condition leading to disability that a person may have will depend on where he is in the socio-economic structure. An example of this will be a person of low socio-economic background contracts diabetes. Since he is of low socio-economic status he will be unable to seek medical attention, purchase and take medications, and eat a healthy diet, he can suffer from kidney failure as a complication and therefore be unable to work and this will cause disability. Whereas a person of high socio-economic status can easily access medical care and attend to all his needs and his diabetes would not lead to complications and become a disability if he will follow medical advice. Class in relation to the Psychosocial Theory in Aging Class is an individuals affiliation within a social hierarchical structure that is associated with an individuals socio-economic status, and according to the Psychosocial Theory of Aging , it is said that Aging is correlated to the human development including the change in cognitive functions, behaviours, roles, relationships and coping ability and social changes. The implication of class in relation to the Psychosocial Theory is that, the quality of life of a person , of how he ages and develops through his life will depend on his socio-economic status.For example, a person of high socio-economic status is said to be a person who can age well, because of financial stability he is able to access services that are not available to a person of low socio-economic status. He has the capability and capacity to sustain his cognitive improvements and sustain all levels of development throughout his life. His life experiences will be enriched and he can achieve quality Aging. ETHNICITY Ethnicity in relation to the Medical Model in Disability Ethnicity refers to a persons language, culture, history, socio-economic and political factors, geographic origin of ancestry, nationality and beliefs and traditional practices, and according to the Medical Model a disability is caused by trauma, disease or other health conditions. The implication of ethnicity on the Medical Model is that the type of disease or trauma a person may have will depend on his ethnical background. There are certain diseases that will lead to disability that affects only a certain ethnic group due to genetics, diet and cultural practices. For example people of African origin has prevalent cases of sickle anemia, instead of a round red blood cell , the red bloods are shaped like a crescent moon, which causes them to lump together and block blood vessels which causes severe pain to the person affected. The pain they experience usually lasts for hours or some even for days. Ethnicity in relation to the Psychosocial Theory in Aging Ethnicity refers to a persons language, culture, history, socio-economic and political factors, geographic origin of ancestry, nationality and beliefs and traditional practices, and according to the Psychosocial Theory of Aging , it is said that Aging is correlated to the human development including the change in cognitive functions, behaviours, roles, relationships and coping ability and social changes. The implication of ethnicity in relation to aging is that how a person ages is affected by a persons ethnical background. Because people from different parts of the world have practices that are unique to them, this will affect their development and their aging process. How they live their day to day lives and how they deal with the daily experiences will vary according to their culture. References WHO. (2014). Disabilities. Retrieved from http://www.who.int/topics/disabilities/en/ State Services Commission of NZ. (2014). Chapter One: Defining disability. Retrieved from http://www.ssc.govt.nz/node/1671 Disabilities Services Commission , Government of Western Australia. (2014). What is Disability. Retrieved from http://www.disability.wa.gov.au/understanding-disability1/understanding-disability/what-is-disability/ National Institute on Aging, US Department of Health and Human Services. (2011). Biology of Aging, What is Aging?. Retrieved from http://www.nia.nih.gov/health/publication/aging-under-microscope/what-aging De Magalhaes, J.P. (2013) What is Aging. Retrieved from http://www.senescence.info/aging_definition.html#Demographic_Measurements_of_Aging Dyer, Christopher A.E., and Alan J. Sinclair. (1998). The premature ageing syndromes: insights into the ageing process. Age and Ageing 27.1 (1998): 73+. GALE|A21113303 . Student Resources in Context. Retrieved from http://0-ic.galegroup.com.www.elgar.govt.nz/ic/suic/AcademicJournalsDetailsPage/AcademicJournalsDetailsWindow?failOverType=query=prodId=SUICwindowstate=normalcontentModules=mode=viewdisplayGroupName=Journalslimiter=u=auclibcurrPage=disableHighlighting=falsedisplayGroups=sortBy=source=search_within_results=p=SUICaction=ecatId=activityType=scanId=documentId=GALE|A21113303 WHO. (2014). Gender. Retrieved from http://www.who.int/gender/whatisgender/en/ Jaqueline Villaflores

Air Pollution :: essays research papers

What is Air Pollution   Ã‚  Ã‚  Ã‚  Ã‚  Air Pollution contamination of the atmosphere by gaseous, liquid, or solid wastes that can endanger the health of human beings, plants, and animals, or that can damage materials, reduce visibility, or produce undesirable odors. Air Pollution Statistics   Ã‚  Ã‚  Ã‚  Ã‚  Every year, more than sixty-six million tons of poisonous gas is emptied into the air, twelve million tons of hydrocarbons1, six million tons of nitrogen oxides, one hundred fifty thousand tons of aldehydes2, and five hundred thousand tons of sulfur compunds. Approximately 80% of our air pollution comes from hydrocarbons released by vegetation. What Causes Air Pollution   Ã‚  Ã‚  Ã‚  Ã‚  Air pollution is caused by many things such as car fumes, burning of fossil fuels, furnaces. By letting all these gases release into the air, it makes it harder to breathe. Ozone can cause part of your lungs to close off and make it harder to breathe.   Ã‚  Ã‚  Ã‚  Ã‚  The tall smokestacks used by industries and utilities do not remove pollutants but simply boost them higher into the atmosphere. These pollutants may then be transported over great distances, causing adverse effects such as acid rain in areas far from the emission site. The worldwide increase in the burning of coal and oil since the late 1940s has led to increasing concentrations of carbon dioxide. The resulting greenhouse effect has reduced the escape of infrared radiation from the earth, causing a possible global warming trend. The Prevention of Air Pollution   Ã‚  Ã‚  Ã‚  Ã‚  To cut down on all the pollution being released into the air, we have removed the pollutant before materials are used, removed the pollutant after it is formed, or altered the process to lower pollutant levels produced.

Market Timing and Capital Structure for Baker and Wurgler

It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to historical market values. The results suggest the theory that capital structure is the cumulative outcome of past attempts to time the equity market. Introduction â€Å"Equity market timing† refers to the practice of issuing shares at high prices and repurchasing shares at low prices. Equity market timing appears to be an important aspect of real corporate financial policy. In this paper, B&W ask how equity market timing effects capital structure and whether it has a short-run or long-run impact. The variation in market-to-book ratio is a proxy for manager’s perceptions of misevaluation. The main finding is that low leverage firms are those that raised funds when their market valuations were high (measured by the book-to-market ratio), while high leverage firms are those that raised funds when their market valuations were low. The influence of past market valuations in capital structure is economically significant and statistically robust. The influence of past market valuations on capital structure is also quite persistent, this means that they have a long-run impact. The tradeoff theory predicts that temporary fluctuations in the market-to-book ratio or any other variable should have temporary effects. The evidence however indicates long-term effects as well. The standard pecking-order theory implies that periods of high investment will push leverage higher toward a debt capacity, not lower as the results in this paper suggest. The theory of entrenched managers suggests that managers exploit existing investors ex post by not rebalancing the capital structure with debt, this may be an explanation of the findings in this paper. 1. Capital structure and past market valuations Individual financing decisions depend on market-to-book ratios. Does market-to-book affects capital structure through net equity issues as market timing implies? And does market-to-book has persistent effects that help to explain the cross section of leverage? Data and summary statistics. Table I shows that book leverage decreases sharply following the IPO. Over the next 10 years, it rises slightly, while market value leverage rises more strongly. The book leverage trend is an age effect, not a survival effect. Most notable is the sharp switch to debt finance in the year following in the IPO. Under B&W’s definitions for financing activity, the change in assets is equal to the sum of net debt issues, net equity issues, and newly retained earnings. The concurrent increase in equity issues is suggestive of market timing. Determinants of annual changes in leverage B&W document the net effect of market-to-book on the annual change in leverage. Then they decompose the change in leverage to examine whether the effects comes through net equity issues, as market timing implies. Three control variables are used that have been found to be correlated to leverage: Asset tangibility, profitability, and firm size. B&W regress each component (equity issues, debt issues, and newly retained earnings) of changes in leverage on the market-to-book ratio and other independent variables. This allows them to determine whether market-to-book affects leverage through net equity issues, as market timing implies. The effect of market-to-book on changes in leverage does indeed come through equity issues. Panel C shows that market-to-book is not strongly related to retained earnings, ruling out the possibility that market-to-book affects leverage because it forecasts earnings. The effect of profitability on changes in leverage arises primarily because of retained earnings. Firm size plays an important role at the time of the IPO. Determinants of leverage. If managers do not rebalance to some target leverage ratio, market timing may have persistent effects, and historical valuations will help to explain why leverage ratios differ. The relevant historical variation in market valuations is measured by the â€Å"external finance weighted-average† market-to-book ratio. This variable takes high values for firms that raised external finance when the market-to-book ratio was high and vice-versa. The intuitive motivation for this weighting scheme is that external financing events represent practical opportunities to change leverage. It therefore gives more weight to valuations that prevailed when significant external financing decisions were being made, whether those decisions ultimately went toward debt or equity. This weighted average is better than a set of lagged market-to-book ratios because it picks out, for each firm, precisely which lags (intervals) are likely to be the most relevant. Intuitively the weights correspond to times when capital structure was most likely to be changed. When firms go public, their capital structure reflects a number of factors, including market-to-book, asset tangibility, size, and research and development intensity. As firms age, the cross-section of leverage is more and more explained by past financing opportunities, as determined by the market-to-book ratio, and past opportunities to accumulate retained earnings, as determined by profitability. Historical within-firm variation in market-to-book, not current cross-firm variation, is more important in explaining the cross section of leverage. The results from Table III and IV show that the effect of historical valuations on leverage is large and separate from various effects documented in prior literature. Persistence So far two main results have been documented. First, high market valuations reduce leverage in the short run. Second, historically high market valuations are associated with lower leverage in the cross section. By measuring changes from the leverage prevailing in the year before the IPO, the dependent variable includes the effect of the IPO itself. This is useful because the IPO is a critical financing event known to be connected to market value. Historical market valuations have large and very persistent effects on capital structure. This effect is independent of various control variables. 2. Discussion Tradeoff theory In perfect and efficient markets capital structure is irrelevant. Some of the imperfections that lead to an optimal tradeoff are as follows: Higher taxes on dividends indicate more debt, higher non-debt tax shields indicate less debt, higher costs of financial distress indicate more equity, agency problems can call for more or less debt. The market-to-book ratio can be connected to several elements of the tradeoff theory but it is most commonly attached to costly financial distress. The key testable prediction of the tradeoff theory is that capital structure eventually adjusts to changes in the market-to-book ratio. However, evidence indicated that variation in the market-to-book ratio has a decades-long impact on capital structure. B&W’s results make the point that a considerable fraction of cross-sectional variation in leverage has nothing to do with an optimal leverage ratio. Pecking order theory In the pecking order theory there is no optimal capital structure. The static model predicts that managers will follow a pecking-order (internal, debt, equity). The pecking order theory regards the market-to-book ratio as a measure of investment opportunities. Periods of high investment opportunities will tend to push leverage higher toward a debt capacity. However, to the extent that high past market-to-book actually coincides with high past investments, B&W’s results suggest that such periods tend to push leverage lower. The dynamic version predicts a relationship between leverage and future investment opportunities. B&W’s results control for current market-to-book and show that leverage is much more strongly determined by past values of market-to-book. Managerial entrenchment theory High valuations and good investment opportunities facilitate equity finance, but at the same time allow managers to become entrenched. They may then refuse to raise debt to rebalance in later periods. Market timing theory Capital structure evolves as the cumulative outcome of past attempts to time the equity market. There are two versions of equity market timing. The first is a dynamic form with rational managers and investors and adverse selection costs that vary across firms or across time. Temporary fluctuations in the market-to-book ratio measure variations in adverse selection (information asymmetry). The second version of equity market timing involves irrational investors or managers and time-varying mispricing. If managers try to exploit too-extreme expectations, net equity issues will be positively related to market-to-book. The critical assumption is that markets need not be inefficient, managers may simply believe that they can time the market. 3. Conclusion A variety of evidence suggests that equity market timing is an important aspect of real financial policy. This evidence comes from analyses of actual financing decisions, analyses of long-run returns following equity issues and repurchases, analyses of realized and forecast earnings around equity issues, and surveys of managers. We find that fluctuations in market valuations have large effects on capital structure that persist for at least a decade. The most realistic explanation for the results is that capital structure is largely the cumulative outcome of past attempts to time the equity market.

Fast food restaurant Essay

All such food is categorized as fast food which can be prepared and served quickly. Restaurants and kiosks provide fast food with precooked or preheated ingredients and usually served at a packaged form (Pollan, 2009). In the beginning, American hamburger and fries was considered as the traditional fast food but now the field has been widely diversified and food like pizzas, fish and chips, burgers from McDonalds and Kentucky Fried Chicken etc. are all considered fast food. Fast food market has shown an enormous and steady growth. In 2006 alone the market has reached to $102. 4 billion with an annual growth rate of 4. 8% (Adams, 2007). Fast food chains like McDonalds operate in more than 126 countries in six continents having more than 31,000 restaurants globally (Arndt, 2007). Burger King, another worldwide fast food chain, has operations in more than 65 countries of the world; KFC restaurants located over 25 countries, Subways is present in 90 countries with total 39,129 restaurants and so and so forth (Buthrie, Lin & Frazao, 2002). However, according to most of researches, fast food is not at all fit for health and can cause serious problems. According to Marion Nestle, Chair of New York University’s Department of Nutrition, Food Studies, and Public Health, â€Å"the increased calories in American diets come from eating more food in general, but especially more of foods high in fat (meat, dairy, fried foods, grain dishes with added fat), sugar (soft drinks, juice drinks, desserts), and salt (snack foods)† (Nestle, 2002; p. 10). This report discusses some positive as well as negative points of taking fast food. Reasons for popularity Before delving into the positive and negative aspects of fast food, it seems appropriate if we discuss the reasons of fast food popularity. The question is what compels the Americans to eat such poorly balanced food? The answer of the question is not simple and involves many factors. First of all, every culture has its own values, philosophies, and the way to react to the things occurring in their lives. These reactions depend upon the culture they belong too. In present family structure and busy life it has been observed that the increasing communication deficit between parents and children has created a gulf between parents and children. This changed life style, especially in low-income and single-parent families, has compelled the children to take unhealthy and junk food more often than required (Ritzer, 2000). Advertising also played a major role in increasing the fast food popularity in America. According to National Cancer Institute, â€Å"Commercial advertisers have learned that a consistent and prominent presence in the marketplace is key to achieving and holding market share† (National Cancer Institute, 2000). Statistics revealed that in 2004 the total expenditure of different food items including fast food restaurants was approximately $11. 26 billion. Fast food advertisers target ethnic minorities directly through their own media outlets and programs. Food items which are advertised for ethnic minorities are usually unbalanced and unhealthy as compared to the food advertised for general audience (Reyes, 2005). Research conducted in 2005 depicted that more than 52 percent of food items advertisement published in Hispanic fashion and social magazines were advertised unhealthy and unbalanced food as compared to 29 percent such advertisements published in general magazines (Duerksen et.al. , 2005). Fast food items advertising usually target children in order to create and establish brand loyalty at an early age (Wiecha et al. , 2006). Among the six brands which have enjoyed very strong recognition in children, four are related to food, i. e. Cheerios, McDonald’s, Pop-Tarts, and Coke (Comiteau, 2003). These companies relied on the fact that the children would emotionally connected to these companies even in their adulthood (Comiteau, 2003). Nevertheless, recent research shows that consumers prefer to buy fast food from supermarkets. Because they have the perception that supermarkets provide healthier food options ( Advertising and marketing very significantly influence the buying behavior of people and the notion cannot be rejected in totality that frequent use of this unhealthy food is a major cause of increasing obesity. According to a study, television advertisements and television viewing is directly associated with popularity of junk food (Bowman et al. , 2004). Advantages of using fast food The basic and most obvious advantage of fast food is its cost and speed. Fast food is very easy and quick to prepare and serve. As discussed above, the number of single parent household is continuously increasing in United States. Such single parents not only have to work to earn a respectable living but also have to prepare food for the family. For such persons fast food is an easy and cost effective solution. Fast food not only prepared at home easily but can also be ordered from fast food restaurants which usually have special offers and deals available to make it cheaper or more cost effective. Fast food comprises and enjoys the biggest chunk of food industry. It has, in United States alone, sale of $120 billion with the help of more than 200,000 restaurants. Fast food industry has been very successful in term of operation expansion by utilizing international franchising. The administration of different fast food companies have learned by the passage of time how to make the most of the sales potential of a fast food franchise by practically adopting an idea by giving it a functional methodology. This is one main cause why fast food franchises have been a symbol of success among the contemporary food businesses. Fast food industry gives minimal wages and financial benefits to their workers (McDonald’s Australia); nevertheless, it provides jobs to approximately 3. 5 million people.

Innovation Essay Essay

Tom Scott and Tom First founded Nantucket Nectars in 1990 as a small side-business on Nantucket’s Straight Wharf. A peach fruit juice drink that Tom First discovered while visiting Spain inspired him and his partner to embark upon the journey of building their juice company. After only six years, the two entrepreneurs built a business that was generating $29,493,000 per year in revenue and $969,000 in EBITDA. With remarkable success came exciting opportunities, as well as challenging decisions. Specifically, Tom and Tom were faced with the dilemma of taking the company down one of three roads including: taking the company public via IPO, selling the business, or continuing to grow and run the business independently. Tantamount to these decisions, the founders had additional questions on their minds – How should the company be valued? How could they ensure price maximization? How would the negotiations be handled? Could they engage potential buyers without existing employees find out? At the end of the day, the decision was more personal than anything. It’s never easy for an Entrepreneur to rationalize â€Å"selling out† after they’ve spent so much time building and developing their baby. Nevertheless, it’s often the best decision. In this paper I will explore the Pros and Cons of selling Nantucket Nectar, along with how to determine an appropriate value for the company. The first option to be explored was remaining independent. One of their concerns was management involvement of any potential strategic partner, or buyer. Tom and Tom wanted to run the company, if possible. If they remained independent then they would still be the autonomous owners of Nantucket Nectars and they wouldn’t have to worry about listening to anybody else telling them how to operate, or grow the company. Also, a benefit of remaining independent was the preservation of the company’s brand which was built upon two entrepreneurs, Tom and Tom. They used their story as part of the branding and the market enjoyed it. Selling out could create some negative public relations. Remaining independent was an opportunity to remain in control of their public image. Independence isn’t entirely positive, though. A negative aspect of remaining independent would be the lack of distribution support – their growth capabilities would be limited. In contract, if they were to sell to a larger organization with robust infrastructure they could enlarge their footprint more rapidly. Another con of remaining independent would limit the founders from entering into new ventures that might be more appealing to their sense of entrepreneurialism. Remaining with Nantucket Nectars, to some, could be stifling. Regardless, it would certainly limit their ability to grow from within. Capital was less readily available to Tom and Tom and the support of a larger scale investor could bring some immediate excitement. Another con of remaining independent is the insulation against catastrophic events, or litigation. As a small, independently owned business there is typically more risk involved from a litigation standpoint. Although companies are insured, the sheer expense of seeking legal counsel has a greater negative impact upon smaller businesses than larger conglomerates like Tropicana, or Pepsi, who have large departments of in house counsels. The second option available to Nantucket Nectar is to sell the business. In reviewing their financial performance (see Exhibit 1), we notice that the business has had several years where they were profitable. Their EBTIDA was strong over the past two years (1995 & 1996), thus making them more marketable. From a seller’s perspective, this might be n favorable time to sell. Also, a benefit of selling is the immediate influx of cash that would be available as a result of the buyout. Tom and Tom would have financial independence which, for an entrepreneur, can be the greatest state of being. This would afford them both an opportunity to regroup, reenergize, and focus on new business ventures. Many entrepreneurs enjoy the early â€Å"start-up† phases of the business cycle. Of course, selling a business has its drawbacks, as well. First, the buyer often requires that the management team from the acquisition target stay on board for a specific period of time and achieve certain key performance indicators before receiving the entire payout. Often, there is a lump sum delivered up front, and then incremental payouts upon achieving KPI’s. This could be frustrating to Tom and Tom, as they would relinquish all of their independent decision-making powers and have to take the back seat as employees. Typically, this is not a comfortable position for entrepreneurs to take. Also, Tom and Tom built up a loyal and talented staff of employees at Nantucket Nectar. Acquisitions are typically driven by synergies and, as a result, certain employees could be terminated in pursuit of cost savings. Finally, Tom and Tom would have to deal with the fact that their company culture would be at risk. Often, the buyers culture engulfs that of the company being acquired. The third option available to Tom and Tom is taking the company public, or an IPO (Initial Public Offering). The most obvious advantage of going public is that Nantucket Nectar would have an immediate influx of capital available due to the sale of its stock. With excess capital available, they could purchase assets for distribution and manufacturing, invest in advertising and marketing, and continue to fuel the expansion of the business. Going public also creates a type of currency in the form of its stock that Nantucket Nectar can use to make acquisitions. In addition, they will likely have access to capital markets for future financing needs. As is typically the case, Nantucket Nectar’s debt-to-equity ratio will improve after the IPO, allowing them to obtain more favorable loan terms from lenders. Another benefit of going public is that Tom and Tom may be able to retain a certain degree of control. If they opted to sell common stock to venture capitalists to raise money rather than doing an IPO, the purchasers would probably require some decision-making authority. As entrepreneurs, Tom and Tom would have a hard time relinquishing decision making authority. 1 Initial public offerings have negative aspects, as well. First, going public is not inexpensive. Multiple areas of expertise are required to execute the process, including lawyers, accountants, and consultants. This could get expensive for Nantucket Nectar. Another disadvantage of going public is that public companies operate under close scrutiny. The prospectus reveals substantial information about the company including transactions with management, executive compensation and prior violations of securities laws. This may be information the company would prefer to keep private. In my opinion, the most difficult thing for Tom and Tom to deal with would be the decision-making process. From the case study, we see that they are informal, salt-of-the-earth individuals. Taking the company public would mean that they would have to become more formal and less flexible due to the shareholders. They would no longer have complete control of the company. They would have to share in the decision making process2 VALUATION As an adviser to Nantucket Nectar, there are several approaches that can be taken toward determining the worth of the business. Ultimately, the value of the business is whatever a buyer is willing to pay for it. From a negotiating standpoint, Tom and Tom need to determine what they believe is the value in order to set an expectation upon engaging in negotiations. Multiple companies are expressing interest due to the boom in the New Age beverage market and Nantucket Nectar’s competitive advantages. The first thing to understand when determining the value of a business is their brand equity. Nantucket Nectar has a lot of value in the brand they’ve created and the value drivers, as determined by Tom and Tom, are listed in Exhibit 2. Nantucket Nectar created a fun and memorable story – the â€Å"juice guys† are unforgettable. The value drivers go beyond financial figures found on the P&L, balance sheet and cash flow statement. They are the intangible assets that management has built on their own – also referred to as Goodwill. Goodwill is seen as an intangible asset on the balance sheet because it is not a physical asset like buildings or equipment. Goodwill typically reflects the value of intangible assets such as a strong brand name (ie Nantucket Nectars), good customer relations, good employee relations and any patents or proprietary technology. 3 These intangible assets can be the most important valuation drivers to consider when placing a value upon a business. I used several methods to determine the value of Nantucket Nectar. First, I utilized the Market Approach. The Market Approach is a multi-step process. In the initial step, we compute the average Price-Earnings (P-E) Ratio for as many similar businesses as possible. Then, you multiply the average P-E Ratio by next year’s forecasted earnings. I used 26. 9x (see Exhibit 3) as the P-E Ratio and multiplied it times $2,234 (see Exhibit 4), which is Nantucket’s forecasted earnings for 1997. The value equals $60,094,600. This would be a good starting point for Tom and Tom to being their negotiations. The second method I used is the Capitalized Earnings Method which is the Net Earnings divided by the Rate of Return. However, I used the forecasted earnings for the upcoming year, $2,234,000. I used a discount rate of 12% based upon the rates utilized in the Discounted Future Earnings model (see Exhibit 5). If we divide $2,234,000 by 12% it gives us a value of $18,616,667. More than likely, this is the number that an investment bank would place upon the business, as a starting point for negotiations. I also calculated the book value of Nantucket Nectar, and then integrated â€Å"goodwill† for the value drivers in Exhibit 2. The book value is $12,747,000, however I don’t believe the goodwill is correctly accounted for. This need to be reevaluated. Nantucket Nectar would be selling their business, on a large part, due to their intangible brand value. This could justify a 2x or 3x multiple times book value, to arrive at an adjusted book value rate. My recommendation to Tom and Tom would be to sell their business and use the Market Rate approach towards determining the value. I think this is a fair way to view the business because it helps to frame the perspective in a similar light to other companies who have follow a similar course within the same business segment. I would not advocate an IPO due to the scrutiny the shareholders will place upon the business. I believe selling the business presents an ideal scenario because they could negotiation the level of involvement they want in the future while, at the same time, they would have enough cash to pursue other entrepreneurial ventures. Exhibit 2 – Value Drivers (determined by founders) Great product: great tasting, all natural product Ability to exploit small, rapidly changing market opportunities Current Management Team A more appealing story than any other juice beverage company (great material for a company with a large marketing budget and more distribution power) Value of the brand: quirky, eccentric and memorable A stabilizing cost structure Geographic expansion capabilities: current sales base and future sales base Access to the 18-34 market Management’s knowledge of and experience with the single-serve business: ability to add value to large player rolling out new single serve products Last good access to single-serve distribution in the New Age beverage market Guerrilla marketing skills Best vehicle for juice companies to expand into juice cocktail category without risking their own brand equity