Trends in Technology Assignment Example | Topics and Well Written Essays - 250 words

Trends in Technology - Assignment Example Broadly, games are categorized into: games that are digital and uses the latest technology, those that are not digital and further division places digital games into two sub-groups (Johnson et al.,2014) Those that are digital but do not involve many players and those that are digital and at the same time involve many players who work together. Games in the learning environment has been found to yield positive outcomes as players do not only develop social skills through there their interaction but also enhance their competitive skills when they engage in Massive Multiplayer Online games which extensively challenge them when they play with their peers. Technology therefore is of great significance in this change that the education sector anticipates. The game-based learning is embedded on the conception that play is a major factor in all-round learning and with the development of technology; more sophisticated games are expected to be identified (Johnson, et al,

Investment and Portfolio Management Essay Example | Topics and Well Written Essays - 2000 words

Investment and Portfolio Management - Essay Example The political turmoil in Libya is one of the most crucial among them. Asian markets were one of the most performing ones in the year 2010. The political unrest in Libya has casted a significant impact on the performance of Asian markets. â€Å"Asian currencies completed a weekly decline, led by the Taiwan dollar and South Korea’s won, as an uprising in Libya pushed up oil prices and sapped demand for emerging-market assets.† (Teso, 2011) Due to the serious political unrest in Libya crude oil climbed at a higher rate to $103.41 a barrel. This lead to fall of many Asian stocks as investors withdrew much higher than before. The situation impacted the currency market more than the stocks. It is very much evident that crude oil prices are one of the most important elements of market movement. Many developing nations’ market, especially in Asia is highly depended on the crude oil prices. Therefore, the future of Libya crisis is one of the most important concerns for in vestors across the world. Environmental issues: One of the greatest environmental factors that had affected the market recently is the earthquake in Japan. The fact that Japan is the world’s third largest economy will make the impact even worse. â€Å"The most direct impact is likely to be seen in Japanese exporters, like Honda, Toyota and Sony, whose production facilities will face disruption in the coming days.† (Schlesinger, 2011) Apart from the impact on major Japanese Automakers, the earthquake will impact the liquidity of many insurance companies. All largest insurance companies in Japan will be impacted heavily as they will now have to fund the insurers. As Japan is one of the largest economies in the world, big companies from across the world... This essay stresses that based on the analysis the above three are some of the alternative strategies for Philip Capital. All the three portfolios have their own unique nature. The first strategy is moderate as it has equal distribution of equity and other instruments. The second strategy is aggressive in which the percentage of equity is higher. The third strategy is mainly aimed at risk reduction. On a growth perspective, alternatives 1 and 2 are the best for Philip Capital. Philip Capital should still make a decision about where they should make and active investment and where they should make a passive investment. Generally speaking a passive strategy is useful when the broader market is expected to perform well compared to performance of individual stocks or sectors. The report has given a deep insight into the current issues in investment environment. Investment environment will always be prone to some challenges. The winners are those who come out of such challenges successfully. In terms of Philip Capital, the challenge is a volatile and unpredictable market situation. Based on the analysis of the market conditions, Philip Capital can adopt the two strategies that are mentioned in the previous section. The existing portfolio of Philip Capital has more than 50% of exposure towards UK equities and debts. This percentage is reduced in the two recommended portfolios because the UK market is not expected to perform well in 2011. Philip Capital will thus have a better return on investment from the new portfolio.

English Composition Article Example | Topics and Well Written Essays - 250 words

English Composition - Article Example This is because while writing, I always remember that my instructor is the main audience. Furthermore, I needed to convince my instructor that the research topic I picked was worth exploring. I also needed to convince him that the arguments presented in my final work were a product of grater research efforts. The comprehension of writing situation will aid me in completing excellent papers. The writing situation elements will enhance my academic papers by allowing them to satisfy all requirements (Fowler & Aaron, 2000). This is because writing situation offers guidelines for writing papers. Furthermore, the elements remind me every time about the focus of my assignment. I have always tried following situation-writing elements while completing my papers. This is because I always want to generate quality papers for my academic work. I also use the elements to focus my writing. This enables me gain higher marks thus endeavoring to use these elements further throughout my career. This reading will enable me gain massive familiarity regarding the elements and their appropriate applications. It will also improve the way I approach assignments thus aligning them to fit the required aspects. I would explain to fellow students, that writing situation entails different aspects that act as guidelines for writers such as spectators, resolve, and topic (Fowler & Aaron, 2000). I would inform them that understanding writing situation will help them in generating quality and focused papers for academic and professional purposes. Audience consideration is the greatest aspect of situation writing that always stand out for me. This is because in my academic circles I frequently want to convince my instructor with eminence work that capture required

Goals Statement Essay Example for Free

Goals Statement Essay When I first sat down to write my educational goals statement, I thought it would be easy. I am an extremely goal oriented person, with my entire life being spent focusing on â€Å"what’s next†. So, how difficult could it be to simply write down those goals? When I began writing, however, I discovered it was going to be a little more difficult than I anticipated. I realized that it may be possible to have too many goals. My list was long and confusing with some goals very specific, and others vague. I thought to myself, how can I produce a smart goals statement out of this? So I re-evaluated my list and discovered that my goals could actually be divided into three predictable categories: immediate goals, short-term goals, and long-term goals. I decided then to choose one from each category to focus on for this report. My immediate goals were fairly general, but all related to my success as a student, so my main goal as student is to get an A in all of my online subjects, and this is a goal that I will go reaching slowly, day by day over the course of this course and in my following online courses. I feel a little intimidated when taking these online courses because my native language is Spanish and having to study in English is an extra challenge for me but I know that with effort and dedication I will get the A that I’m hoping for.

The Great Gatsby Essay Example for Free

The Great Gatsby Essay While reading the classic novel The Great Gatsby, by F. Scott Fitzgerald, the reader can clearly see how this story can be viewed through the Marxist Lens. Through tales of trial and desperation, the story reveals what can happen when money and social class come into play. The author clearly portrays how the American dream can cause people to lose sight of the important things in life, and how people always want to make it to the top, no matter who they have to step on during the way up. Living in post-war America, the character’s visions are quickly clouded by greed and their egocentric desires, and tragedy strikes when lust and passion mix with sinful desires. Marxist literary criticism is the critical lens used to differentiate between social classes in literature. The Marxist lens pays close to attention to the literary works forms, styles and meanings, in a way that the reader can comprehend them and apply them to a particular history. In this specific situation, The Great Gatsby effectively displays the difference between social classes, and how these people act as individuals, and as a whole social group. On the very first page of the book, there is a quote from the narrator’s father that says: â€Å"Whenever you feel like criticizing anyone, just remember that all the people in this world haven’t had the advantages that you’ve had†. This quote pretty much sums up the whole Marxist theory. Though people may belong to various different social classes, every single person on this planet has had different experiences and opportunities, and everyone is different in their own way. One of the first characters the reader is introduced to is Tom Buchanan. Tom is a: â€Å"sturdy, straw-haired man of thirty with a rather hard mouth and a supercilious manner. Two shining, arrogant eyes had established dominance over his face, and gave him the appearance of always leaning aggressively forward †¦ you could see a great pack of muscle shifting when his shoulder moved under his thin coat. It was a body capable of enormous leverage—a cruel body. † (Pg. 7) By the sounds of things, it seems like Nick (the narrator) doesn’t particularly like Tom, but Nick is also fascinated with him. Tom is a fascinating kind of guy. Like Daisy, hes got something hat everyone else wants: hes got power. Toms family is rich. Not just well-off like Nicks family, and not inexplicably rich like Gatsby, but noticeably wealthy, with a long family history of money. And he does extravagant, crazy things with it, like bringing a string of polo ponies for Lake Forest. That may not seem like much, but in today’s society, that would be like buying a private jet: its a pretty flashy move, and it’s only ever done to prove that they can do it. In a sense, Tom is just as flashy as Gatsby. Tom, on the other hand, has something you cant buy. You might call it arrogance: â€Å"an attitude of superiority manifested in an overbearing manner or in presumptuous claims or assumptions†. So essentially, thanks to the money and family that he came from, Tom was born to live a certain lifestyle, one where he would live a certain way and marry a certain type of woman Tom’s wife, Daisy, is a beautiful young woman from Louisville, Kentucky. She is Nick’s cousin and Gatsby’s â€Å"long lost† love. As a young lady in Louisville, Daisy was extremely well known among the military officers and soldiers stationed near her home, including Jay Gatsby. Gatsby lied about his background to Daisy, claiming to be from a wealthy family in order to convince her that he was worthy of her. Eventually, Gatsby won Daisy’s heart, and they made love before Gatsby left to fight in the war. Daisy promised to wait for Gatsby, but in 1919 she chose to marry Tom Buchanan, a young man from a solid, aristocratic family who could promise her a wealthy lifestyle. After this happened, Gatsby was determined to win Daisy back. He made her the priority over everything in his life, and she was his main motivation behind the earning of his spectacular wealth through criminal activity. To Gatsby, Daisy is perfection; she has charm, wealth, she’s sophisticated and graceful. In reality, Daisy falls short of Gatsby’s standards. She is beautiful and charming, but also shallow and bored. Nick profiles her as a careless person who messes things up and then hides behind her money. Daisy proves her real ways when she chooses Tom over Gatsby in Chapter 7, then allows Gatsby to take the blame for killing Myrtle Wilson even though she herself was driving the car. Finally, rather than attend Gatsby’s funeral, Daisy and Tom move away, leaving no forwarding address. Daisy is in love with money, and lives a very materialistic lifestyle. She is capable of affection, but not of sustained loyalty or care. All-in-all, Daisy represents the differing values of the aristocratic East Egg. The infamous and â€Å"great† Jay Gatsby is the main character of The Great Gatsby. He is a young man, about thirty years old, who came from a poor childhood in rural North Dakota, and eventually overcame his setbacks to become incredibly wealthy. However, he achieved this impressive feat by participating in organized crime, including distributing illegal alcohol and trading in stolen securities. Even before his adult years, Gatsby despised poverty and dreamt of wealth and living the upper-class lifestyle. He dropped out of St. Olaf’s College after only two weeks because he couldn’t stand the janitorial job he was doing in order to pay for his tuition. Though Gatsby has always wanted to be rich, his main motivation in acquiring his fortune was his love for Daisy Buchanan. Gatsby dedicated himself to winning Daisy back after she married Tom, and his way of doing this was making millions of dollars, purchasing a huge mansion on West Egg, and throwing dazzling parties every week. Fitzgerald withholds most of this information until later on in the novel. The author does this to reinforce the theatrical quality of Gatsby’s life, which is an important part of his personality. Gatsby has literally created his own character, even changing his name from James Gatz to Jay Gatsby to represent his reinvention of himself. As the reader gets further in the novel, Fitzgerald reveals Gatsby’s self-image. Gatsby proves himself to be an innocent, hopeful young man who makes everything dependent on his dreams, not knowing that his dreams are far-fetched and unrealistic. Myrtle Wilson is the character who ties the whole story together in The Great Gatsby. Every character in the novel is connected to her in a significant way. She is secretly with Tom who is with Daisy who is Myrtle’s â€Å"partner in crime† and is also secretly with Gatsby. But out of all these characters, Myrtle is the most important. She is the insecure one, the emotional one and the fake one. Myrtle is always looking for affection. Her insecurity is clear through the decisions that she makes. Her husband, George Wilson, isnt very useful for anything so she turns to Tom for attention. Although Tom is married, he is wealthy and enjoys the company of other women. Myrtle takes advantage of this and keeps Tom under her control. When she leaves the New York train station, she sees an old man selling dogs and she immediately asks him for a police dog. The man tells her that he only has an Airedale and that the coat is water-proof, but she still wants to purchase it. She disregards her reasons for wanting the police dog and only something to cuddle with. Her quick decision-making and easily altered reasoning reflects her insecurity and how she lives her daily life. On another day, Myrtle mistakes Jordan Baker for Toms wife. The more she sees Mrs. Baker the more jealous she becomes. Jordan makes Myrtle realize that there are many women who are prettier than her. As a result, Myrtle believes there is someone else other than Daisy that she has to compete with in order to continue controlling Tom. Myrtle doesn’t use logic to make decisions, due to her opinion being so easily changed on every matter. When she marries Wilson, she knows that she is better than him, but she marries him anyway. Marrying Wilson is a mistake since he is unable to provide for her expensive needs/desires that only Tom can afford. She always regrets marrying Wilson so she runs off with Tom whenever she can. Although marrying Wilson is a serious mistake, she isnt able to learn from this. One night when she is on her way to her sisters, she meets a handsome stranger and falls in love with him at first sight. The stranger is Tom and she only loves him because of his wealth and how far up he is on society’s ladder. Myrtles behavior reflects her decision making abilities and how she is vulnerable to manipulation. Although Tom is brutal and violent, his wealth keeps her content. George really gets the short end of the stick in this novel. Considering hes one of the few characters with redeemable values, he doesnt even deserve it. From what the reader can tell, Wilson is hard-working and not cheating on his spouse. Hes in a marriage with a woman who doesnt love or respect him, who walks all over him like a staircase; and all the while he just does what she says: Oh, sure, agreed Wilson hurriedly (Pg. 26) After Myrtles death, Wilson is in serious emotional pain. He cries out Oh, my God over and over for one of three reasons: because his wife is dead, because he just found out that she was having an affair, or because he feels guilty for making her run out into the street. The other thing that the reader should note about Wilson is that hes the only character who talks about God. He tells Myrtle that she cant fool God, that God sees everything (Pg. 160). By him saying this, the reader is reminded that unlike the rich careless classes, the lower classes cant just run away and hide in their money: they need more to believe in. Wilson and the social class that he is a part of actually have to take responsibility for their actions, and can’t rely on money to get them out of every situation. In conclusion, it is evident to the reader that living in America after the war, times are rough, and the character’s visions are quickly clouded by greed and their egocentric desires, and tragedy strikes when lust and passion collide with sinful desires. Whether they’re killed or affected by the death of a loved one, everyone in this novel is affected by someone else’s selfish actions; by what happens when someone acts with disregard to everyone else’s feelings.

Mergers And Acquisitions In Restructuring Business Organizations Finance Essay

Mergers And Acquisitions In Restructuring Business Organizations Finance Essay 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-   (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.

Free Nature vs. Nurture Essay :: essays research papers

What is inborn and what is learned? The discussion as to whether nature or nurture were the driving force shaping our cognitive abilities, was for a long time considered interminable. In the 18th century, Locke and the English empiricists claimed that individuals were born with a tabula rasa and only experience could establish mind, consciousness and the self. On the continent, Leibniz envisaged the self as a monad carrying with it some knowledge of a basic understanding of the world. Until the 1960s, this dispute was still very vivid in the behavioral sciences: B. F. Skinner's school of behaviorism in the USA postulated (as reflexology did earlier) general rules for all types of learning, neglecting innate differences or predispositions. K. Lorenz was one of the protagonists of ethology in Europe, focusing on the inherited aspects of behavior. It was Lorenz who ended the antagonistic view of behavior in showing that there indeed are innate differences and predispositions in behavior where only little learning occurs. Today, it is largely agreed upon that nature and nurture are intimately cooperating to bring about adaptive behaviors. Probably only in very few cases ontogenetic programs are not subjected to behavioral plasticity at all. Conversely, the possibility to acquire behavioral traits has to be genetically coded for. Today, realising that genes and environment cooperate and interact synergistically, traditional dichotomy of nature vs. nurture is commonly seen as a false dichotomy. Especially operant conditioning, i.e. the learning of the consequences of one's own behavior can lead to positive feedback loops between genetic predispositions and behavioral consequences that render the question as to cause and effect nonsensical. Positive feedback has the inherent tendency to exponentially amplify any initial small differences. For example, an at birth negligible difference between two brothers in a gene affecting IQ to a small percentage, may lead to one discovering a book the will spark his interest in reading, while the other never gets to see that book. One becomes an avid reader who loves intellectual challenges while the other never finds a real interest in books, but hangs out with his friends more often. Eventually, the reading brother may end up with highly different IQ scores in standardize d tests, simply because the book loving brother has had more opportunities to train his brain. Had both brother received identical environmental input, their IQ scores would hardly differ.