Mergers & Acquisitions Essay Example | Topics and Well Written Essays - 2000 words - 1

Mergers & Acquisitions - Essay Example Merger usually takes place when two companies join together as one company and both companies cease to exist as separate entities and a new entity is formed as a result. The example of DaimlerChrysler is most suitable here because this new business concern was formed by the merger of Daimler-Benz and Chrysler. It is also believed that mergers take place among or between equals. Practically however, the two or more companies are not always on equal grounds. Some times the companies undergoing a deal call the association as merger while in actuality it is an acquisition. The deal is a merger or an acquisition also depends on the circumstances. Friendly or hostile nature of the deal also becomes important. Irrespective of its nature the business deals of this kind greatly affect the board of directors, employees and shareholders. Apart from the distinction of mergers there also exist different forms of mergers. For example horizontal merger is one when companies sharing sharethe same product lines and markets join hands. When supplier and company merge it is termed vertical merger. Conglomeration happens when companies having different businesses come together. There re different reason given for the mergers and acquisition among companies but three hypotheses are very well known practically as well as theoretically. The synergy hypothesis, hubris hypothesis and managerialism hypothesis have been studied and different observations made regarding them. "The synergy hypothesis proposes that acquisitions take place when the value of the combined firm is greater than the sum of the values of the individual firms. Managers are assumed to be motivated by shareholders' interests to create economic value, and to have the ability to judge accurately the value potential of the combined firm. Other explanations do not assume value-maximizing behavior on the part of managers. The managerialism hypothesis suggests that managers embark on acquisitions to maximize their own utility at the expense of the shareholders of the firm. The hubris hypothesis suggests that bidding firm managers make mistakes in evaluating target firms, but undertake acquisitions presuming that their valuations are correct" (Pettit, Seth & Song, 2000). Synergy Hypothesis Two companies joined together may create the effect of three not two is the reason why most companies choose the path of mergers & acquisitions. The synergy is considered one of the main reasons. By mergers and acquisitions the companies seek to create more value for the shareholders. Synergy gets many benefits for the engaging companies. Most important benefits come in the form of revenue augmentation and cost savings. Due to staff reductions the company gets to save a lot. Especially, when one of the two CEO leaves the company with other employees they also forgo their expensive compensation packages causing huge reduction in costs. Economies of scales can be achieved by two companies together than separately. Relationship with suppliers also improves when stronger and larger groups negotiate. When placing orders for the company management can have a stronger position and as result could get better bargain. Some companies achieve an edge in a particular area by acquiring or merging another company. For example a small company having an edge in IT or any other scope of

Research question vs. Hypothesis Essay Example for Free

Research question vs. Hypothesis Essay Does your study take an experimental approach to answer questions? Are you making a prediction about the phenomenon being studied? If your answer to these questions is yes, then you will need a hypothesis, but if it is no then you will need a research question. This is because a hypothesis is a statement that is tested by experiment(s) to confirm or deny the phenomenon Turning now to a research question, if you are incorporating a research question rather than a hypothesis, then remember that some of the important features of a good question are that the question or problem should be: about one issue; clear and concise; addresses an important, controversial and/or an unresolved issue; feasible to undertake within a specified timeframe; adequately resourced. Hypothesis (plural = hypotheses) A hypothesis is not a question, but rather it is a statement about the relationship between two or more variables. So, for example, the first question above could become a hypothesis by making this a statement rather than a question, namely: The perceived needs of the patient and users of South Bedfordshires palliative care services are being met. To be complete a hypothesis must include three components: The variables The population The relationship between the variables As you can see, the hypothesis translates the research question into a prediction of expected outcomes. A hypothesis is the tool of quantitative studies, and is only found in such  studies. In fact, a hypothesis is usually only found in experimental quantitative research studies. You will be able to find out more about hypothesese when we look at them in more detail later in the session. Research question. A research question is the question that the research project sets out to answer. In actual fact, a research study may set out to answer several questions. The methodology used for that study, and the tools used to conduct the research, all depend upon the research questions being asked. For example, in the example of a qualitative research study, the following two research questions that underpin the study, and also needed to be answered by the study, are shown in the box below. There are two research questions that will need to be answered by this phase of the research. These are:  · Are the perceived needs of the patients and users of South Bedfordshires palliative care services bei ng met?  · If not, what needs to be done if these needs are to be met in the future? The first question can be answered by a quantitative study, whereas the second one may require a qualitative study to answer it. Research questions can therefore be used in quantitative and qualitative research studies.

You Are My World :: Love Letters Dating Email Relationships

Dear Mason, I wonder why you chose me and why you chose to stick with me. I know we've gone through so much. We have been through so many hard times but so many more good times. We share the same things, we try to understand each other, even try to be there as friends, as soul mates. I ask myself why you chose to ask me to marry you and I have no answers, only your love. As I look into your eyes I see how much you love me. I understand how much you care about me and yes,it took me this long to see that you truly do. As you ask me, "Do I trust you," and as I look for the answer, I ask myself, "Has he given me any reasons why not to? No." We have both been through so much in our lives; we've both been hurt and have lost trust in others, but I ask you to give me a chance as I am giving you a chance. I am not asking for much, only for you to love me as I am and not hurt me. I only wish to be by your side and only your side for the rest of my life. I enjoy doing things with you and spending time with you. I get upset because all I want are those times with you when we don't have much. As we reach three years together, I see that I do want to spend the rest of my life with you. I want to grow old together, to the end of our time. I know I don't tell you enough that I love you, but as the days go by, my love for you grows, and each day I thank God that I have you in my life. I know I get mad and upset but it is because my heart is so strong in love with you it scares me. All I want is to take us away, away from the pain, and share what we have with each other. Sometimes I feel lost and out of touch, but when you hold me, I feel safe and secure. I could sit here and try to tell you just how I feel, but I can't find the words other than I am happy we met and have stayed together after all we have gone through.

Abolitionism †African American Essay

With abolition is found the gateway towards freedom. The African American influence in this area was of great authority especially in rural districts such as Lancaster and Chester Counties (Pennsylvania). In these groups sometimes the blacks worked alone and sometimes they partnered with whites. With this movement, African Americans used brute force to gain what they wanted (Bordewich, 138). Abolitionism was a great aid in spearheading the rights of blacks serving as soldiers. The abolitionism movement was fueled with evangelical religion, which deemed slavery as a sin. With this motto, members of the movement (both white and black) demanded that slavery be done away with, and terminated completely (Glatthaar, 15). The abolition movement is one in which its essential existence is tied integrally with that of African Americans, for it is their freedom which is at stake and is the goal of the movement. In the abolition movement is found the beginnings of the Anti-Slavery Society that has this as its constitution, This Society shall aim to elevate the character and condition of the people of color, by encouraging their intellectual, moral and religious improvement, and by removing public prejudice, that thus they may, according to their intellectual and moral worth, share an equality with the whites, of civil and religious privileges; but this Society will never, in any way, countenance the oppressed in vindicating their rights by resorting to physical force. Here is established the beating heart of the movement, to liberate the black community, and restore to them their God-given rights as humans to live freely, without adversity, without a fundamental challenge to their worth as part of humanity. Conclusion The myriad of influences the African American culture and people had on the Civil War is vast in its subjects, from black soldiers, the abolitionists, to their role in religion, African Americans have proven that their participation in the Civil War is essential. Black soldiers were only given praise and trustworthiness after they had proven themselves in the field of battle as equal compatriots to the Northern white soldier. During the clandestine times of the Underground Railroad, African Americans showed their dedication, and their strength of will through traveling thousands of miles to be free, and then they traversed the same paths in order to allow for other fugitives to find their way to the North. In Frederick Douglass there was found a man who stood for what he believed, not only in speech, but also in action. His deliberate animosity to ignorance in owning slaves helped to fuel the fires of the abolition movement, and thus the public awareness and knowledge of what slavery truly is: a vile creature, distorted with hate, and allowed to live only through dictatorship, and autocracy. McPherson states of the Civil War, â€Å"The Lincoln administration and the Republican press, even antislavery newspapers such as the new York Tribune, declared emphatically that the purpose of the war was the restoration of the Union, and that the issues of slavery and the Negro had nothing to do with the conflict† (22). Without the establishment of the Underground Railroad, the Abolitionist movement, and the fight for freed blacks to become soldiers, the Civil War would not hold for a history about the emancipation of a race, but the unification of a country instead. The ultimate influence that the African Americans had in the Civil War was their participation in all aspects of it; they were not going to be denied their human right to be their own masters, and without their voices and contributions in the war, slavery might not be an old issue. Without the personal stories of African Americans such as Frederick Douglass then the war would be empty of freedom. As McPherson quotes of Susie King Taylor, In this ‘land of the free’ we are burned, tortured, and denied a fair trial, murdered for any imaginary wrong conceived in the brain of the negro-hating white man. There is no redress for us from a government which promised to protect all under its flag. It seems a mystery to me. They say, ‘One flag, one nation, one country indivisible. ’ Is this true? Can we say this truthfully, when one race is allowed to burn, hang, and inflict the most horrible torture weekly, monthly, on another? No, we cannot sing, ‘My country, ‘t is of thee, Sweet land of Liberty’! It is hollow mockery. The Southland laws are all on the side of the white, and they do just as they like to the negro, whether in the right or not†¦(313). African Americans made this their war. Through fortitude and strength of will, they placed their faith in the decency of the Northern states and abolitionists to see the truth of the hate and prejudice in the country. The Civil War would not be about freedom, and the extraction of the activity of slavery in America if not for African Americans. African Americans paved the way for their own rebellion by speaking up, by acting, by using their talents in the field of battle and fighting for themselves, for liberation, for their sisters, brothers, mothers, and fathers. Without the influence of African Americans, the Civil War would have been just about unification. Work Cited Bordewich, Fergus M.Bound for Canaan. The Underground Railroad and the War for The Soul of America. HarperCollins, New York. 2005. Elkins, Stanely. Slavery. University of Chicago Press. 1976. Glatthaar, Joseph T. Forged in Battle: The Civil War Alliance of Black Soldiers and White Officers. The Free Press. New York, 1991. McPherson, James M. The Negro’s Civil War. Pantheon Books. New York, 1965. McPherson, James M. Ordeal by Fire. McGraw Hill. New York. 2001 Tracy, O. 2005. http://www. teacheroz. com/index. htm.

Audit Program Design Part Iii

Inventory and Warehousing Cycle The audit of the inventory and warehousing cycle is designed to test inventory counts, processes, and operations. The classes of transactions in this cycle include sales, value of inventory, cost of goods sold, sales returns and allowances, and estimates of allowance for slow moving inventory. Tests of Controls and Substantive Tests of TransactionsTable WK6-1 displays the interrelationships of the transaction related to audit objectives, tests of controls, and substantive tests of transactions that should be approved during the audit process of Apollo Shoes, Inc. Table WK6-1. Inventory Warehousing Cycle Tests of Controls and Substantive Tests of Transactions Audit Design (Arens, Elder, & Beasley, 2006) Inventory – Apollo Shoes, Inc.Transaction-Related Audit Objectives – Tests of Controls – Substantive Tests of Transactions| Transaction-Related Audit Objective| Tests of Controls| Substantive Tests of Transactions| Inventory as r ecorded on tags exists (existence). | * Select a random sample of tag numbers and identify the tag with that number attached to the actual inventory. | * Observe whether movement of inventory takes place during the count. | Existing inventory is counted and tagged, and tags are accounted for to make sure none are missing (completeness). * Examine inventory to make sure it is tagged. | * Observe whether movement of inventory takes place during the count. * Inquire as to inventory in other locations. | Inventory is counted accurately (accuracy). | * Recount client’s counts to make sure the recorded counts are accurate on the tags (also check descriptions and unit of count, such as dozen or gross). * Compare physical counts with perpetual inventory master file. | * Record client’s counts for subsequent testing. Inventory is classified correctly on the tags (classification). |* Examine inventory descriptions on the tags and compare with the actual inventory for raw materia l, work-in-process, and finished goods. | * Evaluate whether the percent of completion recorded on the tags for work-in-process is reasonable. | Information is obtained to make sure sales and inventory purchases are recorded in the proper period (cutoff). | * Record in the audit files for subsequent follow-up the last receiving report number used at year-end. * Make sure the inventory for the above item was included in the physical count. | The client has rights to inventory recorded on tags (rights). | * Inquire about consignment or customer inventory included on client’s premises. | * Be alert for inventory that is set aside or specially marked as indications of non-ownership. | Analytical Procedures Analytical procedures can be performed several times during an engagement: * In the planning phase to assist in determining the nature, extent, and timing of work to be performed. During the testing phase of the audit in conjunction with the audit procedures, and * During the c ompletion phase of the audit as a final review for material misstatements for financial problems and to help the auditor take a final â€Å"objective look† at the financial statements that have been audited (Arens, Elder, & Beasley, 2006, p. 208). Arens, Elder, and Beasley (2006) explain that one of the most important analytical procedures for uncovering misstatements of the Inventory and Warehousing Cycle are comparing current with prior year.Analytical procedures for the balance sheet and income statement accounts in the Inventory and Warehousing Cycle are presented in Table WK6-2. Table WK6-2. Inventory and Warehousing Cycle Analytical Procedures (Arens, Elder & Beasley, 2006) Cash Cycle The following tests of controls and substantive tests of transactions for the Cash Cycle discussed by Arens, Elder, and Beasley (2006) are designed to ensure existence, completeness, accuracy, classification, timing, and summarization.Table WK6-3 illustrates the design of test of c ontrols and substantive tests of Cash Cycle. Tests of Controls and Substantive Tests of Transactions Cash – Apollo Shoes, Inc. Transaction-Related Audit Objectives – Tests of Controls – Substantive Tests of Transactions| Transaction-Related Audit Objective| Tests of Controls| Substantive Tests of Transactions| Cash in the bank as stated on the reconciliation exists (existence)| * Receipt and tests of a bank confirmation. | * Proof account exists and balances are accurate. Existing cash in the bank is recorded (completeness). | * Receipt and tests of a cutoff bank statement. | * Tests of the bank reconciliation| Cash in the bank as stated on the reconciliation is accurate (accuracy). | * Tests of the bank reconciliation. * Extended tests of the bank reconciliation. | * Tests for kiting. * Proof of cash. | Cash in the bank is properly presented and disclosed (presentation and disclosure). |* Examine minutes, loan agreements, and obtain confirmation for restriction s on the use of cash and compensating balances. * Review financial statements to make sure (a) material savings accounts and certificates of deposit are disclosed separately from cash in the bank,(b) cash restricted to certain uses and compensating balances are adequately disclosed, and (c) bank overdrafts are included as current liabilities. | Cash receipts and cash disbursements transactions are recorded in the proper period (cutoff). | * Cash receipts:Count the cash on hand on the last day of the year and subsequently trace to deposits in transit and the cash receipts journal. Cash disbursements:Record the last check number used on the last day of the year and subsequently trace to the outstanding checks and the cash disbursements journal| * Trace deposits in transit to subsequent period bank statement (cutoff bank statement). * Trace outstanding checks to subsequent period bank statement. | Table WK6-3. Cash Cycle Tests of Controls and Substantive Tests of Transactions Audit Des ign (Arens, Elder, & Beasley, 2006) Analytical Procedures Analytical procedures for the balance sheet and income statement accounts in the Cash Cycle are presented in Table WK6-4.Table WK6-4 Cash Cycle Analytical Procedures (Arens, Elder, & Beasley, 2006) References Arens, A. A. , Elder, R. J. , & Beasley, M. S. (2006). Auditing and assurance services: an integrated approach (11th ed. ). Upper Saddle River, NJ: Pearson. Louwers, T. J. , & Reynolds, J. K. (2007). Apollo shoes, inc. : An audit case to accompany auditing and assurance services. [University of Phoenix Custom Edition e-Text]. New York, NY: McGraw-Hill/Irwin. Retrieved from University of Phoenix,  ACC546 – Auditing website.

Expository Writing Desirees Baby Essays

Expository Writing Desirees Baby Essays Expository Writing Desirees Baby Paper Expository Writing Desirees Baby Paper Essay Topic: Expository The southern gothic story, Desiree’s Baby, by Kate Chopin was wrote brilliantly to explore love, race and prejudice. The story starts with Madame Valmonde talking about her daughter, Desiree’s past. How Desiree was abandoned by her real parents, and Monsieur Valmonde had found her and brought her home. When Desiree was eighteen, Armand saw her and immediately fell in love.  Madame Valmonde told Armand about her background, but Armand did not care. After getting married they had a boy and at three months, the child looks were of mixed race. So in despair, Desiree  asked Armand about the baby, coldly, he told her that the baby is not white, which means that Desiree is not white and he tells her to take the baby and leave. Later, Armand burns everything belonging to Desiree and the baby. While burning everything Armand discovers a letter from his mother to his father where he finds out it was not  Desiree who carried the Negroid blood but Armand. There was a sense of wonder of why Chopin designed the character this way and what was the message she was trying to send. I enjoyed reading this story immensely because it had all the staple of gothic fiction, like dark romances, tragic events of depression and sadness. The scenery of â€Å" a sad looking place [with] the roof that came down steep and black like a cowl†, â€Å"wide galleries that encircled the house [and] big, solemn oaks† gave unarguably a dark atmosphere. Kate Chopin sets the tone of the story in a distinctive southern gothic theme. There is also a strong southern culture rooted into the story which was fascinating to read. In that time of period the family name, respect in society was very important. If a wealthy man was married to a lady with African American blood it would bring great shame to his family’s name. The way Armand broke Disree’s heart was horrific, even him being hurt he still chose his image and status over his wife and child. He genuinely thought ?

Cuban Missile Crisis The Edge of War essays

Cuban Missile Crisis The Edge of War essays John F. Kennedy's greatest triumph as President of the United States came in 1962, as the world's two largest superpowers, the Soviet Union and the United States, edged closer and closer to nuclear war. The Soviet premier of Russia was caught arming Fidel Castro with nuclear weapons. The confrontation left the world in fear for thirteen long days, with the life of the world on the line. In 1962, Nikita Khrushchev, Premier of the Soviet Union, employed a daring gambit. He secretly ordered the placement of Soviet nuclear weapons in Cuba. Earlier the Soviet premier had promised Soviet protection to Cuba ("Cuban" 774). This was the first time any such weapons had been placed outside of Eurasia (Hersh 345). Several explanations for his actions have been offered by historians. One factor in Khrushchevs decision was a strategic one (Hersh 346). A year earlier, the United States had placed several medium-range nuclear missiles in Turkey ("Cuban 774). The missiles were just across the Black Sea from the Soviet Union, within sight of Khrushchev's summer home (Hersh 346). President Kennedy had earlier ignored his advisors and placed nuclear missiles in Turkey. Another factor was a threat by the US to one of the Soviet Union's satellite countries, Cuba (Hersh 346). The United States had, in the past, attempted to kill Fidel Castro, dictator of Cuba (Brinkley 1047). In July of 1962, the United States found out that nuclear missile shipments were being made to Cuba. United States U-2 spy planes flew over the island, bringing back reports of construction and ballistic missiles ("Cuban" 744). The CIA found that five thousand Russian military technicians were in Cuba, and various military weapons were being unloaded onto the island. When U-2 activity was increased, reports showed the presence of SAMs (surface-to-air missiles) and torpedo boats with ship-to-ship rockets (Mills 233). On September 4, Soviet ambassador Anatoly...