The age discrimination in employment act free essay sample

Part 1625 of the Code of Federal Regulations, Title 29, Chapter XIV is the Age Discrimination in Employment Act (ADEA) specifies that it is unlawful for a covered employer to   discriminate in hiring or in any other way by giving preference because of age between individuals 40 and over. Essentially this act forbids firing, refusing to hire or to promote, or treating an individual differently because of age (Code). Some odd conclusions can be drawn from this peculiarly constructed sentence. The ADEA does not merely forbid giving a preference to an individual under the age of forty over another individual who is forty or over, it prohibits the use of age as a criterion for decision making at all; this includes decisions about two employees or prospective employees aged forty or more. We will write a custom essay sample on The age discrimination in employment act or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Unlike earlier quota type systems that might be satisfied by having a named number or percentage of minority race members, the ADEA forbids choosing between two people both of whom are age forty or more. The ADEA applies to employers with twenty or more employees including federal, state, and local governments, unions, and employment agencies. The law does not protect all jobs. It does not normally apply to police forces and firepersons. The law does not protect elected officials, federal law enforcement officers, and air traffic controllers. Since it deals only with employees, the ADEA does not protect independent contractors. In certain cases jobs that demand by their nature a person of a particular age are not protected either: for example, a movie acting role that requires someone who can convincingly portray an eight-year-old (AARP). The ADEA forbids employers use of advertisements that mention age or that suggest that a particular age is preferable. Employers may not set up age requirements for trainees for job positions to avoid paying for training of someone who may retire within a short period of time. The protects employees or prospective employees who file a complaint asserting age discrimination; employers cannot take action against such people. Under most employment environments employers cannot force a covered employee to retire (AARP), however executives sixty-five years or older who will receive retirements benefits from the company of at least forty thousand dollars a year (Workplace Age). Interestingly, the ADEA lacks a specific prohibition against an employer asking potential employees what their age is, however such questions are subject to scrutiny to make certain the questions were asked for legal purposes instead of for reasons forbidden by the ADEA.

French Words Nouveau vs. Neuf

French Words Nouveau vs. Neuf English speakers sometimes find it difficult to translate new into French, due to confusion over the French words nouveau and neuf. In fact, the French adjectives have distinctly different meanings; the problem is actually caused by the fact that the English new has more than one meaning. Fortunately, this is an easy problem to remedy. Read over this lesson, learn the difference between nouveau and neuf, and you wont have any more trouble saying new in French. Nouveau Nouveau means new in the sense of new to the owner - a change or improvement; that is, something that is new because its different than what came before, regardless of whether it is brand new from the store. The opposite of nouveau is ancien (former).As-tu vu ma nouvelle voiture ?Have you seen my new car?(The car is not necessarily new out of the factory; new here means new to the speaker.)Il a mis une nouvelle chemise.He put a new shirt on.(He took off the shirt he was wearing and put a different one on in its place. The new shirt may or may not be new from the store; the important thing here is that it is different.)Cest nouveau.Its new.(I just bought/found/made it.)Nous avons un nouvel appartement.We have a new apartment.(We just moved.)Jai vu le nouveau pont.I saw the new bridge.(The replacement for the one that got washed out.) Nouveau precedes the noun it modifies and changes to agree in gender and number with it.nouveau - nouvelle - nouveaux - nouvellesNouveau has a special form for masculine nouns that begin with a vowel: nouvel. Note that une nouvelle is a piece of news and les nouvelles refer to the news in general. Neuf Neuf means new in the sense of brand new, fresh out of the factory, first of its kind. The opposite of neuf is vieux (old).Je nai jamais achetà © une voiture neuve.Ive never bought a new car.(I always buy used cars.)Il a achetà © une chemise neuve.He bought a new shirt.(He went to the store and bought a brand-new shirt.)Comme neuf.As good as new.(Its fixed, so now its just like new.)Nous avons un appartement neuf.We have a new apartment.(We live in a brand-new building.)Jai vu le Pont neuf.I saw the Pont neuf (in Paris).(Although this is the oldest bridge in Paris, at the time it was built and named, it was a brand-new bridge in a brand-new spot.) Neuf follows the noun it modifies and changes to agree in gender and number with it:neuf - neuve - neufs - neuves Remember that neuf is also the number nine:Jai neuf cousins - I have nine cousins. Nouveau vs Neuf In summary, nouveau means something has changed, while neuf indicates that something is newly-made. With this new knowledge, you shouldnt have any more trouble deciding whether to use neuf or nouveau.

Personal Creativity Essay Example | Topics and Well Written Essays - 2000 words

Personal Creativity - Essay Example The main difference is that innovation mostly involves improvement of an idea initially created by a different party while creativity involves one’s own idea. With respect to the current highly competitive and ever dynamic world creativity has become the greatest perquisite in solving the serious global macro economic problems in the four economic eras of agricultural, industrial, informational and innovational activities. Chapter 2 Description and Contextualization of the Event The event involved preparing our friends Mary's14th birthday scheduled for the coming weekend. We were six of us, me, 15 years of age, molly 14, Jane 14, Juliet 16, Meg 15, and Mary the birthday girl. Having initially prepared another friends birthday party two months ago and ended up to be a success, my friend Mary also requested me to prepare hers. The main idea here was to come up with an event, which will please all our friends and remain as long as forever in their minds. Most of Mary’s fri ends were her schoolmates and therefore, having the party at her home  would not have been possible for her  since her home was far away from school and so it would have been for most of her school friends to attend. According to the school rules, taking of alcohol, playing loud music and staying awake past midnight was prohibited and therefore, my presence was needed  in organizing the party especially when it came to keeping  all her schoolmate guests entertained despite the rules. The actual date was on a Friday but we had to push it to that Saturday when the students were free (Csikszentmihalyi, 2006). Mary had received 700 dollars grant from the parents to organize for the party and so we had to budget on that money to make it a success. The main venue was the music room, which was free that Saturday. That Friday morning, Meg and Juliet went shopping for decorations to decorate the music room while Mary and I went to one of our teachers, Mrs. Jones to check on the birth day cake’s progress. Mrs. Jones our music tutor had offered to bake a birthday cake for Mary for she was among her favorite students. We also sent reminders to our guests by dropping notes under their doors and texting others. It the evening we headed for the music room where we transferred all the music instruments to the store and rearranged the chairs for convenient intermingling among the students. We packed snacks in well-designed boxes bearing Mary’s birthday message we had previously ordered to be designed by the arts senior class. Among the snacks included biscuits, candies, crisps, nuts and a glass of juice. There were some voluntary entertainers from the music class so I planned their order of presentation in the party. The party was scheduled to start at 1600hrs and end at around 2200 hours. Among the distinguished invited guests was Mrs. Jones our music tutor and Mr. Johnson the patron for exceptional events in school. By Saturday lunchtime I had made sure the room was well decorate, chairs arranged and the birth day was already decorated and on the table. Chapter 3 Analysis and Evaluation Preparation Preparation with respect to my event involved collecting data, which justified that my concern for the success of Mary’s party (Benson & Proctor, 2003).The data collected was the amount of money we had, number of guests we had expected, the sitting capacity in the music room. I also had to consider the

The Nature of Conflict and Mediation at the Workplace Research Paper

The Nature of Conflict and Mediation at the Workplace - Research Paper Example Using a qualitative descriptive approach, this research examined the responses and narratives of employees of two different companies. The findings implied that since the nature of conflicts, the mediation strategies and conflict resolution plans employed by the two companies were different, hence the outcome in the form of job satisfaction level was also different. Although the research shed extensive light upon the issue related to workplace conflicts, there is the need for further research to take this study at a broader level where companies from different demographic locations and cultures are compared in order to get a better understanding of the concept of workplace conflict and conflict resolution. Introduction Conflict, mediation, and resolution are a necessary part of a successful journey in the life of an organization. Conflicts occur at every level in the workplace during achievement of organizational goals. Better resolved at the personal level, some conflicts get so big that a mediation strategy is required to resolve them. Before going into the niceties of the research paper, it is deemed important to define some important terms that will be used frequently in the coming pages. Masters and Albright (2002, p.14) define conflict as â€Å"a disagreement between two or more parties who are independent.† Conflict is something that almost every one of us has experienced to some extent at the workplace with a superior, a colleague, a subordinate, or a customer. We experience distress and sorrow over the dispute and this increases our workplace stress and finally creates disastrous impacts on our job satisfaction. Conflicts weigh heavily on the organization in terms of cost as well because engaging in a conflict and taking time out to create a conflict resolution plan, a mediation strategy, or arranging a third party mediator, demands resources and finances. Also, the time and energy that is spent resolving conflicts can be better used for fruitfu l projects and milestones. Thus, avoiding and resolving them if they occur becomes necessary if the company’s interests are kept in focus. If conflicts go unresolved, this increases dissatisfaction and the overall organizational culture is destroyed which is very likely to bring the bad name to the company. Resolution or no resolution affects not only the individual’s activities at the workplace but his personal life is also disturbed. Managing a conflict is an important task that occurs at three levels, according to Masters and Albright (2002, p.13). According to them, first of all, an individual must know how to deal with the conflict at the personal level like when he enters a conflict with a senior, a junior, a colleague, or a client. Second, he must be able to enable others in the organization to manage their personal conflicts. This is important because those conflicts will eventually come to you taking your extra time if they are not resolved in time by the peop le involved. Third, he must be able to work out an effective plan or strategy that should make sure that workplace conflicts are avoided and if occur then resolved in time. Conflicts at work â€Å"reflect systemic processes and patterns in how work gets done† (Masters & Albright, 2002, p.13) thus it is important to determine those patterns so that better conflict management is made possible.  Ã‚  

Information Managemen Research Paper Example | Topics and Well Written Essays - 2000 words

Information Managemen - Research Paper Example Managers in architectural companies can communicate with an iOS device. The MDM server utilizes a feature known as apple push for notification. The service provided by this device is lightweight and scalable hence connects with MDM to recover pending actions and questions. Managers using the notification services are able to use MDN servers to keep contact with the device that affects performance. Architectural companies can integrate, deploy, and secure iPhones in their system. There are features in iPhone 5 that ensure Microsoft exchange and accesses to corporate emails, calendar and contacts. iPhone 5 can be used to keep valuable data because it has an enhanced data protection. Staff in the company can have accesses to corporate networks with support from Wi-Fi protocols. Architectural companies can take advantage of iPhone features to enhance the company. Furthermore, iPhone 5 is portable because it is the thinnest and lightest phone ever. It is 7.6mm thin and weighs 112 Mgs. Sta ff in architectural company can experience the stunning view offered by iPhone 5 since it has a 4-inch retina display with 326ppi. It offers staff in architectural firms an opportunity to see more content from the internet because it has a large screen. Managers in architectural companies can take advantage of the massive display because of the updated default software like iPhoto and garage band. IPhone 5 displays have two black stripes at both sides for adjustment with screen resolution. The touch sensors integrated into the screen provide the most advanced display that reduces sun glare hence making images sharper. Architectural companies can enjoy services of ultrafast wireless offered by iPhone 5. This provides ready connectivity within the company. The phone supports 802.11 a/b/g and 802.11n dual network supporting frequencies between the range of 2.4 GHz and 5 GHz. IPhone 5 has the broadest carrier ever compared to other phones. iPhone 5 has an A6 processor that is twice fast er and twice graphics thus providing an incredible experience. Architectural companies can enhance performance through iPhone 5 since is it has a 1.05 GHz processor that is paired with one GB RAM (King, Pp 1). Cores found in A6 are designed to work with smartphone thus enhancing performance. The advanced A6 processor has a new architectural design that allows the company to control performance of A6 to the hilt. This means iPhone 5 has a high processing power compared to other phones. There is little difference between iSight on 4S compared to iPhone 5. At the back, there is a device loaded with 8 megapixels brightened sensor supported camera. The camera can shoot HD videos and produce clear pictures. From the previous VGA, iPhone5 can capture 720p videos because it equipped with 1.2 megapixels. In comparison to Samsung Galaxy S3, iPhone5 has a panorama mode for holding down one key and moving the phone around to capture pictures. iPhone 5 has a feature known as Siri that stirred Sm artphone market because it is more intelligent than ever. S-Voice in Samsung Galaxy SIII or Google lacks many features compared to Siri. This is because Siri has a capability of answering to a broad category of questions (King, Pp 2). The feature has a capability of booking reservation in the best hotels and saves the best seats in movie theatres. Siri helps in launching apps and putting status in Facebook. Siri in iPhone 5 gives individuals the opportunity to understand sports. Within few

The Motive Behind Mergers And Acquisition

The Motive Behind Mergers And Acquisition INTRODUCTION Background Mergers and Acquisitions have gained substantial importance in todays corporate world. This process is extensively used for restructuring the business organizations. Some well known financial organizations also took the necessary initiatives to restructure the corporate sector of India by adopting the mergers and acquisitions policies. The  Indian economic reform since 1991 has opened up a whole lot of challenges both in the domestic and international spheres. The increased competition in the global market has prompted the Indian companies to go for mergers and acquisitions as an important strategic choice. The trends of mergers and acquisitions in India have changed over the years. The immediate effects of the mergers and acquisitions have also been diverse across the various sectors of the Indian economy. The Indian Economy has been growing at the fast rate and emerging as the most promising economy in the world. Be it in IT, RD, pharmaceutical, infrastructure, energy, consumer retail, telecom, financial services, media, and hospitality etc, there has been a sign of promising boom in the Indian economy. It is the second fastest growing economy in the world with GDP touching 8.9 % in 2010. Investors, big companies, industrial houses view Indian market in a growing and proliferating phase, whereby returns on capital and the shareholder returns are high. Both the inbound and outbound mergers and acquisitions have increased dramatically. According to Investment bankers, Merger Acquisition (MA) deals in India will cross $100 billion this year, which is double last years level and quadruple of 2005. Indias merger and acquisitions deal value in year 2010 reached almost US $50 billion which is three times of the deal value last year 2009. There were MA deals worth about $16 billion in 2009, down from close to US $40 billion in 2008. Definitions: Mergers: Mergers or amalgamation is combination of two or more companies to form as a single new company. In this process no fresh investment is made, however an exchange of shares takes place between the entities. In simple terms, a merger involves the mutual decision of two companies to combine and become one entity. Generally, merger is done between the two entities having similar size. Varieties of Mergers   Mergers can be of various types. But there are 5 main mergers varieties which are valued most in the corporate world.   Horizontal merger   Two companies that are in direct competition and share  the same product lines and markets.   Vertical merger   Two companies which are in the Value Chain. Market-extension merger  Ã‚  Two companies having same product but different target market. Product-extension merger  Ã‚  Two companies selling different but related products in the same market.   Conglomeration   Two companies with unrelated business/ industry.   Acquisitions   Acquisition means buying the ownership of one company by another company, often as the part of the growth strategy. Unlike in merger, acquisition is generally done by a large company to a small one. Acquisitions can be either friendly or hostile. Like mergers, acquisitions are actions through which companies seek economies of scale, efficiencies and enhanced market visibility. Acquisition is done either in cash or acquiring the stock of the target company or both. Distinction between Mergers and Acquisitions   Mergers and Acquisitions are often uttered as one and the same and considered to have the same meaning. But the terms merger and acquisition are two different term meaning.   When one company takes over another independent company and clearly established itself as  the new owner, the purchase is called an acquisition. From a legal point of view, the  target company  ceases to exist and the buyer or the acquirer possesses the full control of the business and the buyers  stock continues to be traded, then it is acquisition.   Regardless of the type of the strategic alliance they all have one purpose in common. They are all meant to create synergy that makes the value of the combined companies greater than the sum of the two parts. Synergy Synergy  is the force that is obtained when two or more components meet together to produces an exceptional result which when done solely cannot be achieved. In a business synergy takes the form of enhanced performance, increased profitability and exceptional cost reduction. By merging, the companies hope to benefit from the following:   Staff reductions Economies of scale   Acquiring new technology Improved market reach and industry visibility Importance of the study When a company wants to expand, there are various ways its can do. They can achieve the growth either by capturing the market share or by growing through strategic alliances. The main objective of the merger or acquisition is to achieve growth and synergy, economies of scale and capture or expand the market share. Buzz of merger and acquisition often creates hype in the financial market about the acquirers stock price. While most empirical research on merger focus on daily stock return surrounding announcement date, a few studies also look at long term performance of term performance of acquiring firm after merger.  [1]  Not only that, the performance of the company as a whole is also a matter of question mark. Will the company be able to perform better than it is doing or not? Problem Statement Many firm prior to merger and acquisition have an expectation to create a synergy from merger and acquisition. The main motive behind MA is to create efficiencies in the business and expansion of the business. But they most of the time ignore the fact that the effect of merger and acquisition has direct correlation with the value of the acquirers company and the stock price. The other problem that is to be considered is the financial risk associated with the MA. Research Objective The objective of this study is to gain the deeper and clear knowledge of the merger and acquisition on the acquiring firm. It also aims at the financial risk that a company may face post merger/ acquisition asa well as the long term performance of the acquirer. The objectives are as follows: To examine the effect of EPS myopia on the return of acquiring firms in mergers. Evaluate the effect on the stock price of the acquiring company post merger and acquisition. Critically evaluating if the shareholders of the acquiring companies experience wealth effect as a result of MA. The expected long term performance of the acquiring firm. Study of the financial risk pertaining to the merger and acquisition. Research Question What is the motive behind Merger and Acquisition? What is the effect on the stock price of the acquirer pre and post MA? Does the buzz create the bubble effect on the market or is it long lasting? What is the wealth effect of the acquirer firm post and pre MA? What is the trend of MA in Indian market? Drivers of MA in India What are the effects of MA to the competitors? Effect of the tax to the government post merger and acquisition. Limitations of the Study No proper information on the companies is found except for their Balance Sheet and Income Statement. This study is based on secondary database, so errors in the data could affect the results of the study. External factors such as economic conditions, regulatory changes etc are not taken into consideration. An overview of the Study This dissertation is divided into five chapters. The first chapter deals with the background information, problem statement, objective of the study, importance of study, research question limitation of the study. The second chapter deals with literature review. This chapter indicates the theoretical framework of the valuation method of Merger and Acquisition. It shows the detail description of the past research that has been done on the topic and discusses the outcome of the study. The third chapter deals with the research methodology of the dissertation. It deals with the Research method used for the data and information collection. It includes sample selection/design procedure, data collection and data analysis tools used in the dissertation. In this part assumptions had been made where there is lack of appropriate data and information. The fourth chapter deals with analysis and interpretation of the financial data that are used to achieve the objectives of the dissertation. This section mainly deals with the findings from the study and also focuses on the analysis and its results. The fifth and the last chapter of this dissertation present the findings of the study, recommendation of the study to the investors, financial managers regulators. It also concludes the suggestions for future research. Chapter II Review of the Literature 2. Literature Review Many authors and writers have written lot about merger and acquisition and its impact on the performance of the company as well as on the economy. A great deal of research has been carried out on the performance of the corporations involved in the merger and acquisition. When a company wants to jump start a long term growth or boost up the corporate performance, MA may seem to be the best option. Yet study after study puts the success rate of MA lies just between 20% and 30%. A lot of researcher had tried to explain the abysmal statistics, usually by analyzing the attributes of the deals that worked and those that didnt. What is lacking is the robust theory that identifies the causes of those success and failures.  [2]   2.1 Merger and Acquisition: Conceptual Review Farlex Financial Dictionary  [3]  has defined A decision by two companies to combine all operations, officers, structure, and other functions of business. Mergers are meant to be mutually beneficial for the parties involved. In the case of two publicly-traded companies, a merger usually involves one company giving shareholders in the other its stock in exchange for surrendering the stock of the first company Pratap G. Subramanyam (2005) has stated merger as in the term associated with the integration of one company into another. The merging company should exist thereafter and all its assets and liabilities get legally vested in the merged company. This means that the merger means amalgamation of the assets of the two or more companies to form a new company serving the similar or different purpose. 2.1.1 Recognition of amalgamation (merger) by Indian Statutory Bodies The Company Act of India does not define an amalgamation or a merger. Therefore, the term are being interpreted as being included in the term arrangement as defined in Section 390(b). This is vindicated by the fact that Section 394 talks about arrangement that are in nature of amalgamation of two or more companies. It is possible under Companies Act for two or more companies to amalgamate using the shareholder approval route under Section 293(1)(a) though such route is never adopted. The more appropriate route is to get court order under Section 394 of the Act, which has been specifically enacted to enable amalgamations. Section 390 This section provides that The expression arrangement includes a reorganization of the share capital of the company by the consolidation of shares of different classes, or by the division of shares into shares of different classes, or by both these methods Section 394 This section contains the powers while sanctioning scheme of reconstruction or amalgamation. Under the Income Tax(IT) Act, 1961 Section 2(1B) the word amalgamation in relation to companies means the merger of one or more companies to another company or the merger of two or more companies to form one company so that: All the property of the amalgamating company or companies before the amalgamation becomes the property of amalgamating company by virtue of the amalgamation. All liabilities of the amalgamating company or companies immediately before the amalgamation become the liabilities of amalgamating company by the virtue of amalgamation. Accounting Standard AS-14 defines amalgamations as those pursuant to the provisions of the companies Act or any other statute, which may be applicable to the companies. Therefore, it applies to all transactions that come under the purview of Section 391-394 of the Companies Act that relate to integration of two or more companies. AS-14 categorizes amalgamation into two categories: (a) amalgamation in nature of merger (b) amalgamation in nature of purchase. An amalgamation fall into former category if: All assets and liabilities of transferor company become after amalgamation, the assets and liabilities of the transferee company. Shareholders holding not less than 90% of the face value of the equity share of transferor company (excluding the shares held by the transferee company), become the equity shareholder of the transferee company by virtue of the amalgamation. The consideration for the amalgamation, receivable by those equity shareholders of the transferor company who agree to become the equity shareholder in the transferee company, is discharged wholly by issue of shares (except for fractional shares that may be settled in cash). The business of the transferor company is intended to be carried on by the transferee company. Acquisition is the mechanism by which companies change hands and through transfer of ownership of share or transfer of control. Acquisition means the purchase of or getting access to significant stakes in a company, often making such acquirer a major shareholder or force in the company. According to Dictionary of Financial Term  [4]  If a company buys another company outright, or accumulates enough shares to take a controlling interest, the deal is described as an acquisition. For example, if Corporation A buys 51% or more of Corporation B, then Corporation B becomes a subsidiary of Corporation A, and the activity is called an acquisition. A single investor may buy out a publicly-traded company; one calls this going private. Acquisitions occur in exchange for cash, stock, or both. Acquisitions may be friendly or hostile; a friendly acquisition occurs when the board of directors supports the acquisition and a hostile acquisition occurs when it does not. 2.1.2 The Acquisition and Takeover Code in India After the advent of the SEBI, introduced in 1994, there was a concerted attempt at formulation of a comprehensive framework under which acquisition and takeover could be made in existing listed companies. However the takeover code does not apply to unlisted companies and continue to be regulated by the provision of the Company Act. Listed companies are currently governed by the provision of Takeover Code, clause 40A and 40B of the Listing Agreement of the stock exchange and Section 108B and 108D of the Companies Act as regards acquisition and takeovers. Under the provision of Section 108B, corporate under the same management holding whether singly or in aggrete.10% or more of the nominal value of the subscribed equity share capital of the any other company shall, before transferring one or more such shares, give to the central government an intimation of its proposal to do with the prescribed details. Section 108D provides the similar provision wherein the Central Government can act suo moto of any transfer of a block share in a company. All the Sections under 108 are backed by Section 108G. Section 108G Applicability of the provisions of sections 108A to 108F.†The provisions of sections 108A to 108F (both inclusive) shall apply to the acquisition or transfer of shares or share capital by or to, an individual firm, group, constituent of a group, body corporate or bodies corporate under the same management, who or which† (a) is, in case of acquisition of shares or share capital, the owner in relation to a dominant undertaking and there would be, as a result of such acquisition, any increase†Ã‚   (i) in the production, supply, distribution or control of any goods that are produced, supplied, distributed or controlled in India or any substantial part thereof by that dominant undertaking, or   (ii) in the provision or control of any services that are rendered in India or any substantial part thereof by that dominant undertaking; or   (b) would be, as a result of such acquisition or transfer of shares or share capital, the owner of a dominant undertaking; or   (c) is, in case of transfer of shares or share capital, the owner in relation to a dominant undertaking. The SEBI Takeover Code brought in several new features into acquisition law which were not present in Clause 40A and 40B. The basic theme of the code is to provide for fair play and transparency in acquisition and takeover but at the same time to ensure that they are not stifled into extinction. 2.2 Differentiation of Merger and Acquisition In general Mergers and Acquisitions are used interchangeably, but they have a subtle differentiation in there meaning. Weston and Copeland (1992) distinguished merger and acquisition: merger as a transaction between more or less equal partners, while acquisitions are used to denote a transaction where a substantially bigger firm takes over a smaller firm. Their basis of distinguish was the size. But there are other factors apart from size that denotes the differences between merger and acquisition. Asquith Mullins (1986) define mergers and acquisitions on basis of share distribution. When two firms merge, shares of both are surrendered and new shares in name of the new firm will be issued. Unlike in merger, shares of the acquiring firm are not surrendered but traded in the market prior to the acquisition and continue to be traded by the public after the acquisition. The shares of the target firm cease to exist publicly. Motives behind Merger and Acquisition There are three major motives for the mergers and takeovers: Synergy, Agency, Hubris Synergy motive means that the sum total return/value from the integration of two or more companies should be greater than that from the individual company. Elazar Berkovitch (1993) suggests that the takeovers occur because of economic gains that results by merging the resources of the two firms. They even concluded that total gains from MA are always positive and thus can say that synergy appears. The agency motive suggests that takeovers occur because they enhance the acquirer managements welfare at the expense of acquirer shareholders. Elazar Berkovitch and M. P. Narayanan (1993) suggested three major motives for mergers and acquisitions: synergy, agency and hubris. The synergy motive suggests that the takeovers occur because of economic gains that results by merging the resources of the two firms. The agency motive suggests that takeovers occur because they enhance the acquirer managements welfare at the expense of acquirer shareholders. The hubris hypothesis suggests that managers make mistakes in evaluating target firms, and engaged in acquisitions even when there is no synergy. Khemani (1991) states that there are multiple reasons, motives, economic forces and institutional factors that can be taken together or in isolation, which influence corporate decisions to engage in MAs. It can be assumed that these reasons and motivations have enhanced corporate profitability as the ultimate, long-term objective. It seems reasonable to assume that, even if this is not always the case, the ultimate concern of corporate managers who make acquisitions, regardless of their motives at the outset, is increasing long-term profit. However, this is affected by so many other factors that it can become very difficult to make isolated statistical measurements of the effect of MAs on profit. The free cash flow theory developed by Jensen (1988) provides a good example of intermediate objectives that can lead to greater profitability in the long run. This theory assumes that corporate shareholders do not necessarily share the same objectives as the managers. The conflicts between these differing objectives may well intensify when corporations are profitable enough to generate free cash flow, i.e., profit that cannot be profitably re-invested in the corporations. Under these circumstances, the corporations may decide to make acquisitions in order to use these liquidities. It is therefore higher debt levels that induce managers to take new measures to increase the efficiency of corporate operations. According to Jensen, long-term profit comes from the re-organization and restructuring made necessary by takeovers.

John Donnes The Sun Rising :: Sun Rising Essays

John Donne's "The Sun Rising" In his poem, "The Sun Rising," Donne immerses the reader into his transmuted reality with an apostrophe to the "busy old fool, unruly sun" that "through curtains" calls upon him, seizing him from the bliss which "no season knows." This bliss, a passionate love, stimulates him to reinvent reality within the confines of his own mind, a wishful thinking from which he does not readily depart, much like a sleepy child clings to the consequences of a dream. In his address to the sun, he bids "the saucy, pedantic wretch" "go chide late schoolboys, and sour prentices," resembling a petulant youth imploring for more time to slumber. His reference to the sun as "saucy" and "pedantic" evinces his aversion to the hindrance that time poses upon his life. The rude, or "saucy" morning intrudes upon his rapture, a punctual reminder that time ceases for nothing and for no one. The speaker then boastfully asserts his power over the sun's rays, stating that "he could eclipse and cloud them with a wink, but that he would not lose her sight so long." This obviously undermines his argument because if it were not for those same beams of light, he would not see his love. Donne surely was aware of the ridiculous nature of this assertion; he appears to be attempting to accentuate the flaws in his argument against the sun, perhaps to emphasize the foolishness of a person in love. He continues this emphasis with his claim that all the riches and nobility the sun has seen "all here in one bed lie." His frivolous praise to his love continues; he declares that he and his mistress are superior not only to the ruler of the sky, but all others as well. "Princes" he sneers "do but play us." He declares that "all honour's mimic" of the reverence he and his love share, that "all wealth alchemy" compared to the splendor of love, and that the sun is but "half as happy" as this couple. It is evident that the speaker is aware of his folly; his foolish, yet eloquent speech is solely for the benefit of his beloved.