The Scarlet Ibis by James Hurst Essay Example for Free

The Scarlet Ibis by James Hurst Essay Picking up from the improve of ones inability, causes an individual to appear to be egotistical or prideful. The Scarlet Ibis, a short story by James Hurst recounts to the narrative of two siblings. Sibling recounts to the narrative of his activities that add to his more youthful siblings demise. Siblings pride is the principle explanation behind Doodles yearly passing. This thought of pride, is a focal subject in the story. Pride, a sentiment of significance, legitimacy, or predominance, can cause both positive and negative outcomes. Moral honesty will crush the profession that took such a long time to develop. Siblings disgrace and humiliation are powers that offered life to Doodle. Since Brother is embarrassed about Doodles handicap Brother attempts to fix Doodle with the goal that he can be pride of his sibling. For instance, when Brother discovers that Doodle won't have the option to walk, Brothers pride makes him instruct Doodle to walk. At the point when Doodle said he was unable to walk, Brother answered, â€Å"Shut up. I’m not going to hurt you. I’m going to instruct you to walk† (Hurst 346-347). Sibling instructs Doodle to walk essentially in light of the fact that he is humiliated by his crippled sibling. Truth be told Brother concedes, â€Å"All of us must have something to be glad of† (347). In spite of the fact that Brothers reasons are childish, Doodle is furnished with a superior life as a result of Brothers egotistical activities. What's more, since Brother is so fruitful in instructing Doodle to walk, Brother feels much more pride in his achievements. Doodle clarifies, â€Å"I started to have confidence in my own infallibility† (349). Sibling chose to instruct Doodle to run, column, swim and climb trees. Unquestionably, if Doodle were prepared to do such things; running, paddling, swimming it would give Doodle a more extravagant, more full life. A similar pride that gives Doodle life nonetheless, additionally takes his life. At the point when the siblings head out to Horsehead Landing for a swimming exercise, a tempest upsets their arrangements. To get away from the downpour the siblings rapidly head for home. When Doodle slips and falls, Brother recongnizes that Doodle would consistently be unique. Sibling thinks, â€Å"He had fizzled and we both knew it. He could never resemble different young men at school† (352) The possibility that Doodle is distinctive keeps on disgracing Brother. Indeed, Brother is embarrassed to such an extent that his activities cause languishing over Doodle. Sibling relinquishes Doodle. Sibling recollects, â€Å"The information that Doodle’s and my arrangements had come to nothing was harsh, and that dash of brutality inside me stirred. I ran as quick as Possible, deserting him far with a mass of downpour isolating us† (353). Now, Brothers pride is exorbitant and makes him surrenders his more youthful sibling. At the point when Brother at long last returned he found his sibling dead. â€Å"He had been seeping from the mouth, and his neck and the front of his shirt were recolored a splendid red† (354). Sibling drives Doodle excessively far this time. His activities were useful before where they were urging Doodle to have a superior life, later they become so over the top Brothers pride pushes Doodle a long ways past his capacities. Sibling pushes Doodle to the point that was not to his greatest advantage. His pride causes pulverization of his siblings life. A general public can't long exist without this feeling of trust in one another, without certain measures of truth. Spear Armstrong, a surely understand cyclist and Tour de France seven time victor, was utilizing unlawful Performance Enhancing Drugs all while asserting genuineness and respectability. A large number of fans placing their trust into him, having Armstrong play them like nitwits. Numerous kids gazed upward to such an honorable competitor, giving them cheating to win is alright; at that point over and again lying about the activities Armstrong made. Moral honesty is convictions with respect to fitting conduct in the correct lead. Spear Armstrong moral uprightness is destroyed. Armstrong thought it was ethically satisfactory to take Performance Enhancing Drugs while contending in the most renowned cycling race. Spear Armstrong’s moral respectability demolished his profession and furthermore how individuals see him. Pride can be both a positive and negative power. Sibling perceived this duality when he stated, â€Å"Pride is a brilliant horrible thing, a seed that bears two vines, life and death† (347). All through the short story Brother focuses on the duality, or the different sides of pride. It could of pushed Brother to do accomplish enormity, yet it became dangerous when his fixation on helping Doodle pushed him to his initial passing. To have the open eye continually viewing Armstrong’s life, he ought to have realize his conduct made a frightful good trustworthiness as a wellrespected big name.

Business project Coursework Example | Topics and Well Written Essays - 500 words - 1

Business venture - Coursework Example Broadening of Toyota’s business approach brings future ideas and new thoughts that keep up developing on the car business outskirts, henceforth keeping up Global and Canada initiative. One among the numerous business systems of Toyota is enrolling the most brilliant and the best, accordingly making possibilities for organization (Shang, pp. 72) The key methodologies give employee’s and consumer’s discernment that Toyota sticks on greatness notoriety on all phase of activity. The organization has a conviction of having business morals just as social morals. Morals begins at the company’s center and work out their direction. The top chiefs have faith in uniqueness and by means of that it speaks to different Toyota faces. At Toyota no cliché partialities or suppositions are apparent, simply the picking of people with gifts and are develop and can lead. Socially, Toyota is depicted to have a positive picture. The organization additionally accepts that it ought to stretch out some assistance to the networks to improve their expectations for everyday comforts. Toyota works with college, schools and different associations in supporting projects that guides the world to improve. The beliefs are proliferated around the world. Customers were dumbfounded in the year 2009 by the underlying arrangement of exposed reviews of vehicles in America. They refered to an issue wherein mistaken floor and ineffectively positioned tangles under the seat of the driver could cause wild increasing speed in different models, Toyota said that it had o review 3.8 million America vehicle. The review was because of a lethal accident that occurred in California where a Lexus’ quickening agent stalled out and came about to the driver’s demise. Likewise, reports of coincidental increasing speed as a result of stick pedals made the traffic organization to request that Toyota review their models and vehicles. To assembling understudies and vehicle buyers’ greatness, the organization was most certainly not

You Are Not Your Khakis

You Are Not Your Khakis I came home one day and it was all gone. If my 28-year-old self wouldve walked into the home of my 30 year-old self, he would have thought hed been robbed. Where did all my stuff go? hedve thought. I worked so hard to buy all that stuff, and now its all gone! My 28-year-old self would have panicked when he noticed that over 90% his stuff was no longer there. It was gone. Vanished. Poof! He had given so much meaning to all that stuffâ€"the car, the clothes, the gadgets, the trappings of a consumer culture that he was a part ofâ€"but that stuff didnt have any real meaning. He was part of the disease, not the cure. There were so many lessons he learned in those two years. Remember when Fight Clubs Tyler Durden told us we are not our fucking khakis? Many of my learned lessons were similar to that quote. I am not my stuff. I am not my jeans. I am not my television. I am not my car. I am not my bank account. I am not my vocation. I am so much more. I am who I am on the inside. I do amazing things, yet I am imperfect. I accomplish incredible feats, yet I make mistakes. I am a caring person, yet I forget about important things sometimes. I am proud of who I am, yet I make bad decisions at times. I am a human being, a mixed bag. I am just like you. And Im still learning Stuff is just stuff. Possessions  can be replaced. You cannot. We  cannot purchase a meaningful life. We  can only live it. One day at a time. But of course I wasnt robbed. It didnt happen over night. I didnt wake up one day and get rid of the vast majority of my stuff. It took time. It started with a pair of khakis that I didnt wear, grew into an entire basement of clothes that no longer fit, and expanded from there, one item at a time. Once I got rid of one thing, I started questioning other things in my life,  asking myself better questions to get to the root of why I had all this stuff that I didnt needâ€"or even want most of the time. Why did I buy this? What could I have used that money for instead? Do I really need this? What would happen if I didnt have this anymore? Could I replace this if I really needed to? Can someone else use this more than I can? Does this add value to my life? I kept questioning my possessions and getting rid of more and more stuff. A carload of clothes here, a piece of furniture there, one thing at a time, donating the majority of it. And then I came home one day last week, walked in, and realized that I didnt own much stuff anymore. I realized I could have less stuff and still be happy, still live a meaningful life. I will continue to question my stuff. Do I need this couch even though I rarely sit on it? Do I need these jeans when I have two other pairs? Do I need this watch when my phone has a clock on it? Do I need this, this, or that? No, I dont think physical possessions are inherently evil or wrong; I just think we give too much meaning to our stuffâ€"the stuff  that doesnt matter. Every dollar we spend is a dollar we have to work for, which takes our time away from us. Our precious time. Our time is our freedom. Thus, our stuff has the potential to rob us of our freedom. So maybe I was robbed. Robbed by my stuff. Robbed of my freedom. No more, though. I am in control now. I am aware that I am not my stuff. Subscribe to The Minimalists via email.

The History of Aspirin and Salicin

Aspirin or acetylsalicylic acid is a derivative of salicylic acid. It is a mild, non-narcotic analgesic that’s useful in the relief of headache as well as  muscle and joint aches. The drug works by inhibiting the production of body chemicals known as prostaglandins,  which are necessary for blood clotting and  for sensitizing nerve endings to pain. Early History The father of modern medicine was  Hippocrates, who lived sometime between 460 B.C and 377 B.C. Hippocrates left historical records of pain relief treatments that included the use of powder made from the bark and leaves of the willow tree to help heal headaches, pains, and fevers. However, it wasn’t until 1829 that scientists discovered that it was a compound called salicin in willow plants that relieved the pain. In From A Miracle Drug Sophie Jourdier of the Royal Society of Chemistry wrote: It was not long before the active ingredient in willow bark was isolated; in 1828,  Johann Buchner, professor of pharmacy at the University of Munich, isolated a tiny amount of bitter tasting yellow, needle-like crystals, which he called salicin. Two Italians,  Brugnatelli  and Fontana, had in fact already obtained salicin in 1826, but in a highly impure form. By 1829, [French chemist]  Henri Leroux had improved the extraction procedure to obtain about 30g from 1.5kg of bark. In 1838,  Raffaele Piria  [an Italian chemist] then working at the Sorbonne in Paris, split salicin into a sugar and an aromatic component (salicylaldehyde) and converted the latter, by hydrolysis and oxidation, to an acid of crystallised colourless needles, which he named salicylic acid. So while Henri Leroux  had extracted salicin in crystalline form for the first time, it was Raffaele Piria  who succeeded in obtaining the salicylic acid in its pure state. The problem, though, was that salicylic acid was hard on the stomach and a means of buffering the compound was needed. Turning an Extract Into Medicine The first person to achieve the necessary buffering  was a French chemist named  Charles Frederic Gerhardt. In 1853, Gerhardt neutralized salicylic acid by buffering it with sodium (sodium salicylate) and acetyl chloride to create acetylsalicylic acid. Gerhardts product worked but he had no desire to market it and abandoned his discovery. In 1899, a German chemist named  Felix Hoffmann, who worked for a German company called  Bayer, rediscovered Gerhardts formula. Hoffmann made some of the formula and gave it to his father who was suffering from the pain of arthritis. The formula worked and so Hoffmann then convinced Bayer to market the new wonder drug. Aspirin was patented on February 27, 1900. The folks at Bayer came up with the name Aspirin. It comes from the â€Å"A in acetyl chloride, the spir in spiraea ulmaria (the plant they derived the salicylic acid from) and the â€Å"in† was a then familiar name ending for medicines. Before 1915, Aspirin was first sold as a powder.  That year, the first Aspirin tablets were made. Interestingly, the names Aspirin and Heroin were once trademarks belonging to Bayer. After Germany lost World War I, Bayer was forced to give up both trademarks as part of the Treaty of Versailles in 1919.

London, An Analysis Essay - 868 Words

William Blake makes a pointed critique of the society and institutions of the English Government in his poem, London. Throughout the poem Blake presents an image of man against society. He directly accuses several institutions and society itself of creating the tyranny that is controlling the people of London. He alludes to the struggle of the classes, the upper-class controlling the lower, as being the reason for the problems in London. This conflict of classes is the reason for the oppression and tyranny that the people of London are forced to live under. The upper-class has to control the lower classes by subjugating them and forcing them to live by their rules. Blake writes the poem using a speaker wandering through the†¦show more content†¦The other people in the poem dont seem to have any idea what the cause of their problem is, only the speaker in the poem. The speaker says that he hears mind-forged manacles. (Line 7) This makes evident that the society has p ut restraints on how the people think and act. They are restrained and their own minds are doing it to them. The people that the speaker is talking about are the mass of people in London. They go along with their lives because they know nothing else. Their own minds keep them in place and under control of a society that exploits them. The next stanza is the first to make direct accusations towards the institutions of England. Blake clearly accuses the Church and the Government for helping to create the situation that the people live in. The Church of England was extremely political. It was one of the main reasons that the rich could sustain control of the society by making the lower class ascribe to its rules. The same reasoning for the Government, because the upper-class controlled the Government, they also controlled the fate of the citizens which were under its rule. This stanza presents an image of a people that are oppressed and isolated, How the Chimney-sweepers cry/.../ And the hapless Soldiers sigh (Lines 9-11). The working class of the society is not being heard by the controlling class. This is the main theme of the poem. The people ofShow MoreRelatedAnalysis Of The Movie London 972 Words   |  4 Pagesmovie. London Has Fallen, will keep you on the edge of your seat, jumping at every explosion in hopes of a good ending for the lovable characters. Though the movie is enticing, inspiring and thought provoking it becomes repetitive and predictable. Iranian-Swedish film director, Babak Najaf directs London Has Fallen, the sequel to â€Å"Olympus Has Fallen†. Though he did not direct the first movie, the two movies both feel as if they are by the same person. London Has Fallen is set in London, EnglandRead MoreAnalysis Of London Lickpenny740 Words   |  3 Pagesexperience in London in the 15th century, in terms of topography, economic conditions, and crime and justice. a. The 15th century poem, London Lickpenny, is an anonymously-written satire about a man who comes to Westminster for legal troubles and explores the city of London only to realize he cannot afford to be there. The poet’s negative view of London is very clear, in that he intentionally wrote a satirical poem about the London experience. Even the title reveals his apathy towards London, in thatRead MoreA Analysis of Jack London Novels2925 Words   |  12 PagesA literary Analysis of Jack London three most recognized works, Sea Wolf; The Call of the Wild; and White Fang. Jack London lived a full life, even though he died at the young age of forty. In his life time he experienced many things, and I believe that these experiences were the catalyst of his novels. Jack London was an oyster pirate, a government patrolman in San Francisco Bay, a sailor and an agrarian reformer, a seal hunter in the North Pacific and a gold prospector in the frozenRead MoreAnalysis Of The Book London Of 1810 Essay2380 Words   |  10 PagesIn 1803, Baartman changed locations, going from being the servant of Pieter to his brother Hendrik Cezar. In London of 1810, it is with Hendrik Cezar that Baartman began her life as Hottentot Venus. The shows consisted of Baartman appearing in, â€Å"clothes that emphasized her bottom in order to render her strange and sexual, but not too risquà ©Ã¢â‚¬  (Crais and Scully,73). Also, Natasha Chipembere, assistant professor of English at Medgar Evers College of CUNY, she described the show as Baartman being, â€Å"exhibitedRead MoreJ ack London Naturalism Analysis952 Words   |  4 Pagesnatural world through literature. Some authors found it easy to write in a naturalist sense, because naturalism often focuses on the plights of the lower class. Many writers rose from the bottom and were inspired by their previous experiences. Jack London is an example of someone who rose from the bottom. His early life struggles are displayed in â€Å"What Life Means to Me†. It is easier to understand why he writes naturalistic pieces such as â€Å"To Build a Fire† when looking at his younger life. London’sRead MoreAnalysis Of To Build A Fire By Jack London1006 Words   |  5 PagesThe short story, â€Å"To Build a Fire,† written by Jack London took place on the Yukon trail. Further analysis led to the discovery that the story took place in Alaska. The setting became an important aspect within this story due to how much description was given to how cold it was. The cold weather suggests that the ti me of year was during the winter months. The setting of the story reminds readers that there are harsh places in the world, where nature becomes overwhelmingly powerful. The short storyRead MoreAnalysis Of The Book The London Winter Essay2090 Words   |  9 Pages but she wasn’t going to go back to the room when she was once again in her favorite city in the world. She was going to savor every moment that she was in London, even if that meant she was going to get frost bite. â€Å"I’m down for wine and some food, if that isn’t too much trouble,† Maison said with a laugh. Being from Wisconsin, the London winter was relatively mild to them. They had also spent a good two hours walking around Camden Market and they had found about two hundred pounds worth of clothesRead MoreAnalysis Of The Streets Of Paris And London Essay2339 Words   |  10 PagesGagan Brar Mrs. Birch ENG3UI- 02 23 December 2016 â€Å"Haunting the Streets of Paris and London† A Tale of Two Cities by Charles Dickens â€Å"A classic is a book that has never finished saying what is has to say† once said by Italo Calvino, expresses that although numerous years could pass after a classic was written, a classic shall never stop connecting to its readers. A Tale of Two Cities by Charles Dickens is one such classic. The historical drama is set in 1775, at the start of the American RevolutionRead MoreAnalysis Of Jack London s War951 Words   |  4 Pagesor even the seemingly never ending brutality of the police forces going viral on YouTube yet again. Of course we have the do not touch subjects, such as war. The constant debate over is killing innocent people okay, just because it’s war. Jack London really brings this point alive in his short story â€Å"War†. In this thought-provoking piece of literature the odd uses of characterization, symbolism, morals, and irony lead a reader to an overall statement of theme that simply war is cruel. CharacterizationRead MoreAnalysis Of John Milton s London885 Words   |  4 PagesContent Synopsis London, 1802 is a sonnet inspired by, and in praise of, John Milton, one of the greatest poets of the English language and one of its most accomplished writers of sonnets. The form of the poem is thus particularly appropriate to its subject. The work opens by exclaiming Milton s name, which is metrically emphasized through the accented first syllable (a violation of strict iambic meter). Milton is treated as a kind of muse, capable of inspiring both the poet Wordsworth and the

Impact of Mergers and Acquisition on Shareholder Value Free Essays

string(78) " associated with mergers where the bidder company does not pay a bid premium\." 1. Introduction There has been an increasing trend in mergers and acquisitions. The main motive behind mergers and acquisitions is that they create value for both shareholders of the target and acquiring companies indicating that mergers and acquisitions result in the creation of shareholder value. We will write a custom essay sample on Impact of Mergers and Acquisition on Shareholder Value or any similar topic only for you Order Now However, as we shall see, empirical evidence suggests that not all mergers and acquisitions lead to the creation of shareholder value. Some mergers and acquisitions simply occur because managers of the acquiring firm may want to see their corporations grow bigger so as to increase their bonuses or control of the company. In addition, some mergers occur simply because some firms want to gain monopolistic power. This paper provides a discussion on whether mergers and acquisitions actually lead to the creation of shareholder value by reviewing literature on studies that have studied the wealth effects of mergers and acquisitions for both bidder and target firm shareholders. This is done in section 2 below. Section 3 then provides a practical case study of a merger that occurred five years ago and determines whether there has been any increase in the value of the company as a result of the merger. 2. Overview of Mergers and Acquisitions and Empirical Evidence Mergers and acquisitions can be regarded as a form of business combination. A distinction can be made between the two forms of business combination. On the one hand, an acquisition refers to the purchase of a part of a company by another. It could be the purchase of assets from another company, the purchase of a definable segment of another company such as a subsidiary, or the purchase of the entire company. If the acquisition takes the form of purchasing the entire company, then the acquisition is referred to as a merger. A merger on its part is therefore the absorption of one firm by another. In a merger, one of the firms ceases to exist and the other acquirer continues to exist as a separate legal entity. The increasing number of mergers and acquisitions suggests that they could be important events. For example, in 1999, the total value of mergers and acquisitions across the globe was approximately 2 percent of world-wide gross domestic product (UNCTAD, 2000). Given the rising trend in mergers and acquisitions, post-merger performance has become one of the most researched and interesting topics in financial economics. The issue as to whether post-merger performance is positive or negative is a controversial one. That is it is difficult to make a clear cut conclusion that mergers and acquisitions lead to the creation of shareholder wealth or that they do not lead to the creation of shareholder wealth. Many studies have taken a number of different approaches to arrive at different conclusions. On the one hand, accounting studies seek to understand whether there is an improvement in accounting numbers following a merger and acquisition. The evidence from these studies remains mixed with some studies demonstrating that mergers and acquisitions result in an improvement in profitability while a significant number of studies conclude that mergers and acquisitions do not foster performance improvement. Financial and economic studies typically employ event studies, which aim at understanding how the share prices (stock returns) of the firms concerned react to the merger or acquisition announcement. The results of these studies suggest that mergers and acquisitions lead to significant positive abnormal returns to shareholders of the target firm while resulting in negative of no abnormal returns to shareholders of bidder firms (Bild and Guest, 2002). The studies also demonstrate that despite the negative abnormal returns to acquiring shareholders, there these shareholders eventually benefit from overall significant gains in the future. These results have led some authors to argue that the results obtain tend to be sensitive to the methodology employed thereby leaving one t o continue doubting whether the results actually reflect reality or whether they simply reflect the authors’ beliefs about mergers and acquisitions. For example Andrade et al. (2001) argues that the measure of long-run equity returns used in the studies is not reliable. On the contrary, Tchy (2002) argues that mergers and acquisitions are overvalued around the period covering the announcement, with the long-run effects being less improvement in profitability and destruction in shareholder wealth. Based on a financial theory perspective, in order to determine whether mergers and acquisitions result in the creation of shareholder wealth, one needs to determine whether the present value of the financial rewards expected from the merger and acquisition are greater than the present value of the costs incurred in undertaking the merger and acquisition (Bild and Guest, 2002). That is, whether the net present value of the merger and acquisition is positive or not. Despite the importance of this approach, both accounting and event studies fail to employ this approach in their analysis. In addition, to the marginal impact of the merger and acquisition, the reaction of stock markets to the announcement of take-over bids also reflect many other factors that event studies fail to take into account. Consequently, the results may be affected by issues other than the marginal impact of the merger and acquisition. Event studies therefore fail to consider these other issues and as such one ca nnot rely completely on their results. On their part accounting studies fail to provide an explicit account of the cost of the acquisition, the time value of money or gains beyond a limited post-merger period (Bild and Guest, 2002). Among the accounting-based studies, Healy et al. (1992) provide evidence based on an examination of 50 largest mergers in the U.S over the period 1979-1984 that the median cash flow return on assets of the merged or combined firm is 2.8% over a post-merger period of five years. Healy et al. (1997) extends the work of Healy et al. (1997) by examining 50 largest industrial takeovers over the same period. The evidence suggests that there are significant industry takeover premiums associated with mergers where the bidder company does not pay a bid premium. You read "Impact of Mergers and Acquisition on Shareholder Value" in category "Essay examples" The merger premium however, becomes insignificant when a bid premium is paid. Dickerson et al. (1997) provide evidence that firms that do not engage in MA activity tend to outperform those that engage in MA activity. Ghosh (2001) based on a study of U.S mergers over the period 1981 to 1995 argues that there are no significant differences in s ales growth and operating expenses between merged firms and unmerged firms in the same industry. Having examined accounting based studies, the remainder of this section will focus on event studies that observe the behaviour of the stock price of target and bidder firms around the announcement period of the merger or acquisition. Cybo-Ottone and Murgria (2000) provide evidence based on a study of European Bank mergers that there is a statistically significant and economically relevant size-adjusted combined performance of both target and bidder banks. Cummins and Weiss (2004) analyse the wealth effects of bidder and target firm shareholders by examining a number of European mergers and acquisitions in the insurance industry. The evidence show that these mergers and acquisitions related to a small amount of negative cumulative average abnormal returns (CAARs) for bidders on average across various around the date of the merger and acquisition transaction. On the other hand the study observes that target firms exhibited substantially higher positive abnormal returns ranging from abo ut 12% to 15% (Cummins and Weiss, 2004). The study is then broken down into cross-border and domestic mergers and acquisitions within the insurance industry. The evidence in this case shows that cross-border mergers and acquisitions had no impact on the shareholder value of bidders while domestic acquisitions resulted in significant negative abnormal returns to bidders. Target firm shareholders witnessed a significant increase in shareholder value for both domestic and cross-border mergers and acquisitions in the insurance industry. Despite post-merger benefits to targets for both domestic and cross-border mergers and acquisitions, the evidence further suggests that the gains to target firms of domestic mergers where in part off-set by the losses incurred by bidders (Cummins and Weiss, 2004). Song and Walking (2004) observe that bidders exhibit significant positive abnormal returns of 1 percent. Compa and Hernando (2004) observe that bidders in the regulated industry lose 1.96% ove r 60 days around the announcement of the takeover while bidders from unregulated industries witnessed an insignificant positive abnormal return. Ben-Amar and Andre (2006) provide evidence that acquiring firms earn 1.6% over a 3-day event window for a sample of Canadian mergers and acquisitions over the period 1998 to 2000. Some studies have made a distinction between mergers and acquisitions of related and unrelated targets. For example, Singh (1984) provide evidence that more shareholder wealth is created in mergers and acquisitions involving related targets. However, Chatterjee (1986) provides contrary evidence suggesting that the post-merger benefits of unrelated targets are higher than those of related targets. It can be observed that the evidence from both the accounting-based and event studies is mixed. Some suggest that mergers and acquisitions lead to the creation of shareholder wealth while some argue that mergers and acquisitions do not result in the creation of shareholder wealth. It is therefore difficult to conclude whether mergers and acquisitions actually result in the creation of shareholder wealth or not. However, most of the studies are inclined to concluding that mergers and acquisitions do not result in shareholder wealth creation. Consequently, this paper concludes based on these studies that mergers and acquisitions lead to the creation of shareholder wealth but only in a limited number of circumstances. Conclusions based on the results of accounting-based and event studies must however, be treated with caution taking into consideration the methodological issues associated with these studies. Consequently, there is a need for more adequate methods of studying the impact of mergers and acquisitions on shareholder value need to be developed. 3. Analysis of the Bell South Corporation by ATT In 2006, ATT took over Bell South Corporation for a total consideration of $72, 671million. This paper will be looking at how the company has performed following the acquisition. This will be done by analysing its performance 2 years prior to the acquisition and 4 years following the acquisition. The merger was expected to generate substantial cost savings for the enlarged company (Lemon, 2006). According to the company, cost savings of $2billion were expected two years following the merger owing to reduction in operational costs, consolidation of facilities as well as the combination of the IT operations of the two companies (Lemon, 2006). Earnings per share (EPS) were expected to witness double-digit growth over the first three years following the acquisition (Lemon, 2006). In addition, the revenue forecast for 2007 were revised upward as a result of the deal. In analysing whether the merger led to a creation or destruction of value, this paper will be looking at how a number of variables including revenue, profitability, operational costs, earnings per share and return on equity have performed over the past five years. The study will also consider 5 years prior to the merger and 4 years following the merger. Specifically, the study will be conducted over the period 2001 to 2010. 2001-2005 is considered the merger period while 2007-2010 is considered the post-merger period . Appendix 1 illustrates a 10-year summary of key figures from the income statement of ATT over the period 2001 to 2010. It can be observed that the sales revenue for ATT more than doubled during this period. The company witnessed a growth in revenue from $43,528million in 2001 to $113,239million in 2010. Considering the pre-merger period 2001-2005, ATT witnessed a decline in revenue from $43,528million in 2001 to $38,623million in 2005. The post-merger period 2006-2010 shows that revenue increased from $55,888million in 2006 to $113,239 in 2010. This shows that the merger might have had a positive impact on the revenue of ATT. As earlier mentioned, one of the objectives of the merger was to realise an increase in revenue. It can be observed from appendix 1 that following the merger in 2006, revenue jumped from $55,888million in 2006 to $107,378million in 2007, representing an increase of 92.13 percent. Since 2007, revenue has maintained an upward trend as shown in figure 1 below. Howe ver, the growth in revenue has been gradual since the merger in 2006. Another objective of the acquisition was to reduce operating costs over the next three years following the merger. The operating cost of ATT has also more than doubled over the period 2001 to 2010. Operating cost moved from $33,550million in 2001 to $95,001million in 2010. During the pre-merger period 2001-2005, operating cost increased from $33,550million in 2001 to $32,905million in 2005. This was the case despite declining sales. This suggests that during the pre-merger period, the operating cost of ATT did not change significantly. However, the corresponding sales figure declined over this period which suggests that operating costs were significantly high. Looking at the post-merger period 2006-2010, one can observe that operating cost increased from $45,007million in 2006 to $95,001million in 2010. This somewhat suggests that the merger led to an increase in operating costs rather than to a decrease. However, there was a corresponding increase in sales revenue to cover this cost, which means that the cost can be justified on the grounds that it resulted in an increase in the corresponding figure for operating income. Immediately following the merger, operating cost increased from $45,007million in 2006 to $89,174million in 2007. This was followed by a corresponding increase in operating income from $10,881million in 2006 to $18,204million in 2007. Since 2007, operating cost has declined but not to its pre-merger level. To a certain extent the objective of reducing operating cost was achieved as the increase in operating cost after the merger can be justified on the grounds that there were corresponding increases in sales revenue and operating income. In order to determine whether shareholder wealth was created or destroyed following the merger, this paper conducts an analysis of the movement in net profit margin, earnings per share, return on equity (ROE) and return on assets (ROA) for the pre- and post-merger periods. Appendix 1 provides a 10-year summary of these figures. Figure 2 illustrates the movement in net profit margin, ROE and ROA while figure 3 illustrates the movement in EPS. In can be observed that the net profit margin in 2001 is almost the same as net profit margin for 2010. Specifically, the respective figures for 2001 and 2010 were 15.3% and 15.4 percent. However, some changes have taken place within this period. Two phases can be observed in the movement of the net profit margin: a declining phase covering the period 2002 to 2008 and an increasing phase covering the period 2008 to 2010. During the pre-merger period, ATT mainly witnessed a decline in its net profit margin. Following the merger, ATT continued witnessing a decline in its net profit margin right up to the year 2008. The year 2008 appears to be the worst year for ATT over the last decade. The company actually realised a net loss during 2008 which translated to a net profit margin of -2.1 percent. Immediately following the acquisition, net profit margin declined gradually from 11.7 percent in 2006 to 10.0 percent in 2007. It then witnessed a drastic decline to -2.1 percent in 2008, jumped to 9.9 percent in 2009 and increased further to 15.40 percent in 2010. The movements in the EPS, ROA and ROE were similar to that of the net profit margin over the period 2001 to 2010. The EPS in particular declined slightly immediately following the acquisition, declined drastically in 2008 and rose significantly in 2009 and 2010. ATT targeted the increase in EPS as one of its objectives for the merger. The evidence suggests that this objective was achieved. Overall, the evidence above suggests that the takeover resulted in the creation of wealth for ATT’s shareholders. However, to draw conclusions, it is important to analyse a comparative company (a control company) which did not merge during this period to see if the results are similar or different. The company that has been chosen for this purpose is Verizon Communications Inc., which operates in the same industry as ATT. The results for the control company are summarised in Appendix 2 and figures 4, 5 and 6 are used to analyse the performance of the company over the period 2001 to 2010 vis a vis that of ATT. It can be observed from figure 4 that Verizon Communications Inc. has maintained an upward trend in its sales revenue, operating cost and operating income throughout the period under investigation. Unlike ATT the company has not witnessed a prolonged period of declining sales revenue or operating income. Like ATT its operating income for 2008 was negative, which reflects the impact of the global financial crisis. Looking at figure 5 it can be observed that Verizon Communications’ net profit margin, ROE and ROA have been more volatile compared to those of ATT. Two clear phases can be observed in ATT’s figures. This shows that the two companies did not perform the same during the period under investigation. As shown in figure 6 below, the EPS figure for Verizon Communications is also more volatile compared to that of ATT. The post-merger period for Verizon Communications does not show any marked improvement in performance. However, ATT shows significant improvement in performance after the merger. This suggests that a significant portion of the improvement in the performance of ATT can be attributed to its takeover of South Bell Corporation. Only a small fraction can be attributed to industry dynamics. It can therefore be concluded based on the foregoing analysis that ATT created value for its shareholders as a result of its takeover of South Bell Corporation. Particularly, the takeover enabled the company to increase sales revenue, reduce relative operating costs and increase operating income. In addition, the company increased the takeover resulted in an increase in the earnings per share of ATT which means that each individual shareholder benefited from an increase in his/her claim on the company’s assets. References Andrade, G. Mitchell, M. andStafford, E. (2001) ‘New evidence and perspec-tives on acquisitions’, Journal of Economic Perspectives, vol. 15, pp. 103-120. Ben-Amar, W. and Andre, P. (2006). Separation of ownership from control and acquiring firm performance: the case of family ownership in Canada. Journal of Business Finance and Accounting, 33, 517–543. Bild, M., Guest, P. (2002), â€Å"Do Takeovers Create ValueA Residual Income Approach on U.K Data, ESRC Centre for Business Research, University ofCambridge Working Paper No. 252 Campa, J.M. and Hernando, I.(2004). Shareholder value creation in European MA. European Financial Management, 10, 47–81. Chatterjee, S. (1986) Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms, Strategic Management Journal, 7, 2, 119-139. Cummins, J. D., Weiss, M. A. (2004), Consolidation in the European Insurance Industry: Do Mergers and Acquisitions Create Value for Shareholders?, Available at SSRN: http://ssrn.com/abstract=558044 [accessed: 10th December 2011]. Cybo-Ottone, A., Murgia, M. (2000) Mergers and shareholder wealth in European banking Journal of Banking Finance, 24, 6, 831-859 Dickerson, A., Gibson, H. and Tsakalotos, E. (1997). The impact of acquisitions on company performance: evidence from a large panel of UKfirms. Oxford Economic Papers, 49, 344–361 Ghosh, A. (2001). Does operating performance really improve following corporate acquisitionsJournal of Corporate Finance, 7, 151–178. Healy, P.M., Palepu, K.G. and Ruback, R. (1992). Does corporate performance improve after mergersJournal of Financial Economics, 31, 135–175. Healy, P.M., Palepu, K.G. and Ruback, R. (1997). Which takeovers are profitableStrategic or financialSloan Management Review, 45–57. Lemon, S.(2006) ATT to buy BellSouth in $67 billion deal, Deal is expected to close within the next 12 months, available online at: http://www.infoworld.com/t/networking/att-buy-bellsouth-in-67-billion-deal-052 [accessed: 13th December 2011]. MSN Money Central (2011a) â€Å"ATT Inc†. Available online at: http://moneycentral.msn.com/investor/invsub/results/compare.asp?Page=TenYearSummarysymbol=US%3aVZ [accessed: 13th December 2010]. MSN Money Central (2011b) â€Å"Verizon Communications Inc.† Available online at: http://moneycentral.msn.com/investor/invsub/results/compare.asp?Page=TenYearSummarysymbol=US%3aT [accessed: 13th December 2011]. Singh, H. (1984) â€Å"Corporate acquisitions and economic performance†, University of Michigan Tichy, G. (2002) ‘What do we know about the success and failure of mergers?’ Journal of Industry, Competition and Trade, vol. 1, pp. 347-394. UNCTAD (2000) World Investment Report 2000, United Nations publication,New YorkandGeneva. Appendices Appendix 1: ATT, 10 Year Summary of Income Statement Extracts YearSales ($Millions) Operating Costs ($Millions) Operating Income ($Millions) Total Net Income ($Millions) Tax Rate (%) EPS Net Profit Margin (%) ROE (%) ROA (%) 200143,528.00 32,550.00 10,978.00 7,026.00 36 2.07 15.30 21.30 7.30 200240,655.00 30,384.00 10,271.00 7,361.00 28.33 2.2 17.20 22.20 7.70 200338,591.00 29,875.00 8,716.00 5,859.00 32.78 1.76 14.50 15.30 5.80 200436,264.00 29,099.00 7,165.00 4,979.00 30.51 1.5 12.20 12.30 4.50 200538,623.00 32,905.00 5,718.00 4,786.00 16.3 1.42 10.90 8.80 3.30 200655,888.00 45,007.00 10,881.00 7,356.00 32.4 1.89 11.70 6.40 2.70 2007107,378.00 89,174.00 18,204.00 11,951.00 34.35 1.94 10.00 10.40 4.30 2008111,403.00 115,975.00 -4,572.00 -2,623.00 0 -0.44 -2.1 -2.7 -1 2009111,172.00 92,654.00 18,518.00 12,118.00 32.89 2.05 9.90 11.90 4.50 2010113,239.00 95,001.00 18,238.00 19,085.00 -6.37 3.22 15.40 17.10 7.10 Source: Source: MSN Money Central (2011) Available online at: http://moneycentral.msn.com/investor/invsub/results/compare.asp?Page=TenYearSummarysymbol=US%3aT [accessed: 13th December 2011]. Appendix 2: Verizon Communications Inc., 10 Year Summary of Income Statement Extracts YearSales ($Millions) Operating Costs ($Millions) Operating Income ($Millions) Total Net Income ($Millions) Tax Rate (%) EPS Net Profit Margin (%) ROE (%) ROA (%) 200166,713.00 63,982.00 2,731.00 584 0.21 78.62 Bottom of Form 0.9 1.8 0.3 200267,056.00 60,926.00 6,130.00 4,591.00 1.67 25.11 6.8 14.1 2.7 200367,468.00 62,795.00 4,673.00 3,460.00 1.25 25.96 5.1 10.3 2.1 200465,751.00 57,774.00 7,977.00 5,899.00 2.11 26.05 9 15.7 3.6 200569,518.00 61,070.00 8,448.00 6,027.00 2.16 28.66 8.7 15.2 3.6 200688,182.00 80,028.00 8,154.00 5,480.00 1.88 32.79 6.2 11.3 2.9 200793,469.00 78,924.00 14,545.00 5,510.00 1.9 27.38 5.9 10.9 2.9 200897,354.00 95,711.00 1,643.00 -2,193.00 -0.77 -141.14 -2.3 -5.3 -1.1 2009107,808.00 94,288.00 13,520.00 4,894.00 1.72 14.19 4.5 11.8 2.2 2010106,565.00 93,881.00 12,684.00 2,549.00 0.9 19.45 2.4 6.6 1.2 Source: MSN Money Central (2011) Available online at: http://moneycentral.msn.com/investor/invsub/results/compare.asp?Page=TenYearSummarysymbol=US%3aVZ [accessed: 13th December 2010]. How to cite Impact of Mergers and Acquisition on Shareholder Value, Essay examples

Symbolism in Hemingway’s Soldier’s Home Essay Example

Symbolism in Hemingway’s Soldier’s Home Paper Ernest Hemingway is often noted for his unadorned prose style, which manages nevertheless to be extremely suggestive and effective in its plainness. The short story, Soldier’s Home, is a semi-autobiographical sketch which is certainly not cloyed with metaphors and symbols. Despite this fact, Hemingway manages to contextualize his story and give it a hidden meaning, through other literary devices and narrative elements. One of the important symbolic elements in the story is the book about war that Krebs is reading and which is one of the very few things that the former soldier finds fascinating after having come back from the front. The denotative meaning of the symbol is obvious: Krebs is inactive after having returned home and he spends most of his time reading or playing different games. The theme of the story is obviously the impossibility of a man who has experienced war to reconnect with his family and with his own life. There is an emphasis in the book on the permanent confusion Krebs seems to live in and on his inability to readjust to his own environment. The young former soldier is back at home, trying to find his own place in the midst of the small town’s community. Somehow however, he is still a soldier, unable to come to terms with his own experience and discomforted by the lies and exaggerations about the front, which circulate in the small community. Thus, the book about war that Krebs dwells on with such interest is symbolic for his inability to leave the war behind and continue his life as it used to be. We will write a custom essay sample on Symbolism in Hemingway’s Soldier’s Home specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Symbolism in Hemingway’s Soldier’s Home specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Symbolism in Hemingway’s Soldier’s Home specifically for you FOR ONLY $16.38 $13.9/page Hire Writer He could not fully grasp the experience that he underwent and now he is desperately trying to understand it from the outside. This is even more difficult as neither the book about war nor the stories recounted by other soldiers can actually convey the sheer terror and chaos of his experience on the front. Hemingway uses the symbol of the book about war to emphasize the inability of the soldier to reconnect with his normal life and to understand its meaning. The symbol is used in the context of many other elements that convey Krebs’ distance from his own life. The book about war is a literary symbol that Hemingway employs in a specific context. In conjunction with the other elements in the story, this symbol translates the long lasting and devastating effect of war on the lives of those who have experienced it. Works Cited: Meyer, Michael. The Compact Bedford Introduction to Literature. New York: Bedford, 2005

Women in American Revolution essays

Women in American Revolution essays The Revolutionary War brought much disruption to the lives of all women in New York. Many of these patriot women had to house the Red-Coats, while others picked up a sword and joined the men in the fight for our country. Many of these womens baby steps towards freedom did not do any good, because they were still seen as inferior by the men of America. Although, these women may have helped to change womens standing in society by inspiring women of the suffrage movement, which helped them to obtain equal rights in the 1920s. In the year 1776, after many conflicts with the British and the taxation laws, America was ready to break free and patriot women were ready to help. Women did much of the organizing for boycotts of English goods, including tea and cloth. A large number of the middle class women traveled with the armies to cook, sew, carry and tend the wounded. Women who were not on the march tended the farms and shops that had been left behind by the men. They cared for the wounded from nearby battles and took food and clothing to captured Americans held in British prisons. In the early stages of the war, some New York middle class women were quick to organize themselves into the Daughters of Liberty. The Daughters of Liberty were successful groups that proved womens involvement in politics could be beneficial for the country. As public support to boycott British goods increased, Daughters of Liberty joined the support to condemn British importation. They were recognized as patriotic heroines for their success, which made American less dependent on British textiles. In the countryside, while patriots supported the non-importation movement of 1765, and 1769, the daughters of liberty continued to support American resistance. In New York women spun wool into homemade cloth. In 1774, the patriot women helped influence a decision made by continental congress to boycott all...

One Fell Swoop

One Fell Swoop One Fell Swoop One Fell Swoop By Simon Kewin Its quite common for people to use the phrase one fowl swoop (or even one foul swoop) when they want to convey the idea of an event taking place all at once and very suddenly. But why do we say this? Is the phrase something to do with birds swooping to the ground in a great rush? In fact the phrase does have some connection to birds but both one fowl swoop and one foul swoop are incorrect. The original phrase is actually one fell swoop. The phrase is an old one. It may have been coined by Shakespeare in 1605, or he may merely have popularised it. In any case, the following lines can be found in Macbeth (Act 4, scene 3). Macduff has just heard that his family have been killed: All my pretty ones? Did you say all?- O hell-kite!- All? What, all my pretty chickens, and their dam, At one fell swoop? So Shakespeare does employ the image of a bird of prey, a hell-kite, swooping to the ground to kill all his pretty chickens. But the word he uses is fell. This, of course, is still a common word, but Shakespeare is using a rather obscure sense of that word, meaning of terrible evil or ferocity. Its source is the same as felon, a wicked person. So, â€Å"one fell swoop† originally meant a sudden, ferocious attack, although the sense of savagery in the phrase has been lost over the years and people now use it to mean, simply, all at once. Footnote : the dive of a bird of prey is more accurately referred to as a stoop rather than a swoop as in, for example, â€Å"the peregrine falcon can reach speeds of over 200 mph in a stoop†. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:12 Signs and Symbols You Should KnowRunning Amok or Running Amuck?Shore It Up

Nasa risk management Essay Example | Topics and Well Written Essays - 750 words

Nasa risk management - Essay Example Understanding the stakeholder’s expectations is primary as they can also opt to implement a constraint that will limit the performance of the organizations. Conducting a performance measurement is also imperative due to the expansion of research of realizing the risks involved, as well as the opportunities involved. The main weaknesses in the RIDM flowchart case study include the imposition of constraints that is not done by the organization directly, but rather by the stakeholders. The stakeholders can induce a very limited space for the organization to spur in its efforts to develop a higher level of success and great performance. Another weakness is in the assessment conducted through the second step whereby preliminary evaluations are conducted. This is because the results accrued are rather solidly understood as grounds for approval or disapproval. When the evaluation is conducted, the conditions may be more favorable then, and provide positive results that may not be achieved should the environmental conditions alter. The use of RIDM (risk- informed decision making) to determine the performance measures can be presented in a qualitative and quantitative format. The quantitative format presents this information in numerical characters and provides a mathematical volume analysis of the performance measures. It is highly differentiated from the qualitative format that rather presents information that does not have numerical values and is rather defined in ranking position terms. Some of the qualitative measures in RIDM include; technology readiness level, and it presents the information required without using any numerical values and constructs a qualitative scale the defines the ranking position of the performance measures. The main challenges that are accrued from utilizing the qualitative measures while defining the

A Letter to The Angel of Death Assignment Example | Topics and Well Written Essays - 500 words

A Letter to The Angel of Death - Assignment Example ever, although the above rational thinking gives me the courage to look at death in a constructive manner, I am an emotional human being who gets upset whenever you take away someone loved by me. Accordingly, I disclose below my encounters with death, which has always shaken me. He was in the hospital struggling to come out of the terminal illness that gave him lot of pain and anguish. Finally the end came. The doctor attending him asked each one of my family members to bid farewell to my grandpa. My dear angel of death, you were there ambushed in my thoughts, as I prayed to you for not snatching away my beloved grand father. However, he had to go and so he did. This emotional scene has lingered on to my memory, ever since. Many thinkers and philosophers have discussed the mystery involving process of soul leaving the body. However, this mystery could not be solved until today. I am satisfied to believe that God commands you, the Angel of Death, to take away our souls. At the same time, I wish to pray you for the following. I have witnessed people who believe that they are avoiding death by running away from you, as you keep on following them. However, I firmly believe that your appointment with them cannot be delayed even for a single second. It is all fixed, before you arrive. In the process, these people are fooling themselves by thinking they are hoodwinking you. The constant fear of death nearly kills them every moment. I have also witnessed people coming back to life after having a close encounter with death. However, I wonder if you are helping them to escape death at that precise moment. Knowing from the experience of many such people, I conclude that you did help them through such

The Impact Of Liquidity On Profitability Finance Essay

The Impact Of Liquidity On Profitability Finance Essay Padachi observed the trends in working capital management and its impact on performance of a firm. Return on assets and cash conversion cycle was used to measure the firms profitability and efficiency of working capital management respectively. He described that a firm should maintain stability between profitability and liquidity while maintaining its day to day activities. The manager of a business want to maximize firms value by achieving preferred tradeoff between liquidity and profitability of a firm. The results indicated that the more investment in inventories and receivables lower the profitability of a firm. Raheman Nasr (2007) discussed the impact of working capital management on profitability of a firm. They also highlighted that the basic objective of a firm is to maximize profit but maintaining liquidity is also an important objective. There will be a serious problem if firm increase profit at the cost of liquidity. Both objectives are important for the firm. If a firm does not concerned about profit then it cannot survive for a longer period. On the other hand, if a firm does not concern about liquidity it may face bankruptcy. They took 94 firms of Pakistan and analyzed that there is a negative relationship between liquidity and profitability of a firm. Michalski (2008) empirically analyzed the relationship between firms policy regarding net working investment and firms profitability. Too low liquidity level may come up problems with timely reimbursement of its liabilities while surplus liquid assets would negatively affect firms profitability. He discussed that decisions regarding liquidity is very difficult, a firm has to choose one of the three policies: first an aggressive policy i.e. a large part of the firms fixed and volatile demand to finance fixed assets is supported with short term financing, second a moderate policy i.e. a fixed part of current assets is financed with long term funds and volatile part is financed with short term funds lastly a conservative policy i.e. both fixed and volatile parts of current assets are financed with long term funds. Dash Hanuman (2009) were concerned about working capital management and they analyzed the liquidity-profitability trade-off model named as goal programming model. They supported that proper flow of fund is needed to run any business. A firm has conflicting objectives regarding liquidity and profitability so the goal programming model determines how targeted levels of profitability and liquidity would be achieved by maintaining current and fixed assets and at the same time minimizing opportunity cost. Their model proposed that working capital and inventory must be streamlined to profitability. Nazir Afza (2009) tried to find out the relation between aggressive working capital management policy and firms profitability by using panel data regression model and Tobins q of 204 Pakistani companies for the period of 1998-2005. They claimed that investors give importance to stocks of those firms which adopt aggressive policies to manage current liabilities. Their findings suggested that aggressive working capital investment and financing policies and profitability are negatively associated. They claimed that investors consider that firms which have less long term loans and equity can have better performance than the others. Burtescu (2010) documented the reflection of liquidity and profitability of a company in the accounting result. He emphasized that it is not adequate for a firm to follow only economic indicators but it is also essential for a firm to make sure its liquidity in its quality of a specific dimension of financial management. The information about solvency and liquidity are beneficial for a firm to predict the ability of a firm to fulfill its financial obligations. He argued that investors have a great concern about the cash flow of a company and it becomes obligatory for a firm to include cash flow statement in its annual financial statements. Gill, Biger Mathur (2010) attempted to examine the relationship between working capital management and profitability. They used sample of 88 firms listed on New York Stock Exchange for the period of 2005-2007. The results suggested that the relationship between cash conversion cycle and gross profit margin is statistically significant. They also concluded that account receivables and profitability are negatively associated. The managers can enhance profits of their company by handling the cash conversion cycle efficiently. Mohamad Saad (2010) attempted to scrutinize the impact of working capital management on profitability and market valuation of a firm. They analyzed the secondary data of 172 Malaysian companies for the period of 2000-2007. They took working capital variables such as cash conversion cycle, current ratio, debt to asset ratio, current asset to total asset, current liabilities to total asset and profitability variables are return on asset and return on invested capital. By using multiple regression analysis and correlation, their results revealed that working capital variables have negative association with firms profitability. Firms cannot exist without working capital and it can improve the profitability and market value of a firm. Dong Su (2010) also conducted a study to find out the relationship between working capital management and firms profitability. The working capital management has an important part in the success and failure of a firm because it has a great impact on the profitability and liquidity of a firm. Their sample is based on 130 firms which are listed in Vietnam stock market for the period of 2006-2008. Their findings proved that profitability and cash conversion cycle is strongly negatively associated. By optimum working capital management, the managers may create a value of stock for the shareholders. The firm should maintain a balance between its two objectives; profitability and liquidity. One objective should not be achieved at the cost of other. Their findings also suggested that profitability can be increased by decreasing the number of days accounts receivable and inventories. Saleem Rehman (2011) observed a significant relationship between liquidity and firms performance. Liquidity of a company is very important for its every stack holder. If a firms cash and near cash assets are insufficient to satisfy its immediate payment obligations than firm may face difficulties. This can affect firms day to day business operations and profitability. They evaluated that liquidity and profitability are inversely related, one increases the other will decreases. Bhunia, Khan Mukhuti (2011) provided the evidence with respect to the relationship between liquidity and profitability of a firm. They took steel companies of private sector in India to assess the management of liquidity as a factor of performance. They studied important liquidity indicators and analyzed that optimal working capital management can be achieved by controlling the trade-off between profitability and liquidity of a firm. Firm value is positively affected by optimal working capital management so the investment in working capital must be satisfactory. They concluded that liquidity and profitability are significantly positively associated. Saghir, Hashmi Hussain (2011) studied the relationship between working capital management and profitability of a firm. They used cash conversion cycle to measure working capital management efficiency and return on asset to measure profitability while analyzing the financial data of 60 textile firms listed on KSE for the period of 2001 to 2006. They suggested that smooth inflow of profit is mainly affected by the optimum point of working capital. Working capital means companys current assets and it has a direct effect on the liquidity and profitability of a firm. According to the risk and return theory, when firms liquidity of working capital is high then it has low risk and low profitability and vice versa. The shorter cash conversion cycle is better for the firm profitability. Their result shows the negative relation between working capital management and profitability of a firm. Alipour (2011) researched about working capital management and corporate profitability while taking sample of 1063 companies from Tehran stock exchange. To test the hypothesis, multiple regression and pearsons correlation was used. He analyzed that sale and profit of a company is greatly influenced by the working capital management. Due to inefficient working capital management, a company may be incapable to pay its debts on time. The results show a significant relationship between working capital management and profitability of a company. There is a negative relationship between cash conversion cycle, average collection period, inventory turnover in days and profitability. Qazi et al. (2011) examined the impact of working capital on the profitability of a firm. Using the financial data of Pakistani automobile and oil and gas industry for the time period of 2004-2009, he proposed that the important components of working capital are debtor, creditor and inventory. The efficient and effective working capital can create value of the shares to shareholders. He persuaded that maintaining the companys liquid level is a major task of a company. So, by ignoring liquidity objective, company may face insolvency or bankruptcy. Their results showed the positive impact of working capital on profitability. Ching, Novazzi Gerab (2011) scrutinized the financial statements of two separate groups of companies: working capital intensive and fixed capital intensive having16 companies in each group listed on Brazil Stock exchange during 2005-2009. They used return on assets, returns on sales and returns on equity to measure profitability and cash conversion cycle, debt ratio, days receivables, days inventory and days of working capital are used as independent variables. Their results showed that managing working capital is very important for both type of companies. Moreover, working capital intensive type of company gets more profit by managing inventory and cash conversion efficiency at optimum level and fixed capital intensive type of company yield more profit through other two variables. Karaduman et al. (2011) also investigated the link between management of working capital and profitability of a firm. In the recent economic conditions, the survival of a firm greatly depends upon the ability to manage its financial function. Their sample is based on 127 companies listed in the Istanbul Stock Exchange during 2005-2009. The cash conversion cycle was used as a proxy of working capital management and returns on assets was used to measure profitability. The results portrayed that ROA is positively affected by the reduction in CCC. The profitability is increased by developing efficiency of working capital. Alam et al. (2011) studied the influence of working capital management on the profitability and its market value of firms which are listed on Karachi stock exchange. They claimed that a misconception that firm survival is based on its profits has been cleared due to the present liquidity crises. They used financial data of 65 companies listed on Karachi Stock exchange during 2005-2009. Return on assets and returns on invested capital were used as proxy for measuring financial performance of the firm, Tobins Q was used to determine the market value of a firm and five financial ratios such as cash conversion cycle, current ratio, debt to asset ratio, current asset to total asset ratio and current liabilities to total asset ratio were used as dependent variables. Their empirical results presented sufficient evidence that firms strongly depends upon current assets to generate profits. Ogundipe, Idowu Ogundipe (2012) provided evidence regarding the influence of working capital management on performance of a firm and its market value. They collected data from annual reports of 54 Nigerian companies for the period of 1995-2009. They explained working capital management as management of current assets and current liabilities and it has a direct effect on firms profitability and market valuation. Their findings suggested that as cash conversion cycle decreases firms profitability increases and efficient working capital management also increases the market value of a firm. Barine (2012) established the relationship between efficient working capital management and firms profitability. Working capital management ensures a firms ability to satisfy both short term obligations and forthcoming operational expenses. They compared the cost and returns of working capital of 22 listed firms on Nigerian stock exchange. Their findings proposed that if cost of working capital is greater than returns on working capital investment then it negatively affects profitability and firms should have optimized working capital investments to stay away from over or under investments. Bhunia (2012) explored the influence of liquidity on profitability while taking the sample of FMCG companies in India during 2001 to 2010. He argued that working capital management plays an important role in the financial management decisions of a firm and managers should manage the trade-off between liquidity and profitability to attain optimal working capital management as it can create value for the firm. By using applied normality test, correlation and regression, the results indicated that liquidity and profitability are positively associated. The research of Vahid, Mohsen and Mohammadreza (2012) also highlighted the affect of working capital management policies on firms profitability. They explained that working capital management has a great impact on profitability and liquidity of a firm and it is responsible for the success and failure of a firm. Their sample consists of 28 Iranian companies listed on Tehran stock exchange for 2005-2009. Their results suggested that conservative investment policy i.e. high level of short term investment have a negative impact on profitability and value of a firm, while aggressive investment policy i.e. long term investment have positive impact on profitability and value of a firm. Their results also showed that aggressive financing policies i.e. high level of current liabilities to finance firms project have a negative impact on profitability and value of a firm, while conservative financing policies i.e. having more long term liabilities to finance firms operating activities have a po sitive impact on firms profitability and value. Al-Mwalla (2012) tried to observe the affect of working capital management policies on the profitability and value of a firm. He persuaded that a firm has to maintain adequate level of working capital to fulfill its short term obligations. Therefore, a firm can adopt one of the two policies; a conservative policy by maintaining low level of current assets to total assets or an aggressive policy by keeping high level of current liabilities to total liabilities. He took annual data of 57 firms listed in Amman Stock Market during 2001 to 2009 for analysis. The results portrayed that conservative policy of investment and financing are positively associated with profitability and value of a firm. Ahmad (2012) highlighted the influence of working capital management on forms performance while taking a sample of 253 companies related to non financial sector listed on Karachi Stock Exchange, Pakistan. He use ROA and ROE as proxy of firm performance and current asset over total sales, current asset over total asset, debtors turnover, current ratio and inventory turnover as proxies of working capital management. Using OLS regression, Pearson correlation analysis and logistic regression techniques, he found that all explanatory variables are positively correlated to firm performance except current assets to total sales as it has a negative correlation with firm performance. Usama (2012) extended the work of Rehman and Nasar regarding working capital management while taking the sample of 18 companies from other food sector listed on Karachi Stock Exchange for the period of 2006-2010. The researcher used different variables to measure working capital management such as average collection period, inventory turnover in days, cash conversion cycle, average payment period, debt ratio, firm size, current ratio, and financial asset to total asset. Using common effect model and pooled least square regression, the results indicated that working capital management has significant positive association with firms profitability and liquidity. He also concluded that firm size and minimum inventory turnover in days has positive influence on firms profitability. Myers (2001) purported that there is no general theory regarding debt and equity choice. He discussed three main theories for the choice of debt and equity. He described that according to trade off theory firms adopt that debt level which balances the tax benefits of additional debt against the cost of financial distress. Debt financing gives a tax shield to a firm therefore they took high level of debt to gain maximum tax benefits and eventually increase profitability. However, the increase of debt financing increases the possibility of bankruptcy. According to pecking order theory, when firms internal cash flow is not enough to fulfill its capital expenditure then firms prefer debt on equity. Mostly low profitable firms entail external financing and accumulate debt. According to the free cash flow theory, when a mature firm has profitable investment opportunities and its operating cash flow is considerably exceeds its investment opportunities, so this dangerous level of debt will h ave a positive effect on firms value regardless of threat of financial distress. Berger Bonaccorsi di Patti (2003) supported that leverage has a direct impact on agency cost which influences firm performance. They proposed that high leverage or a low equity capital ratio causes to reduce the agency cost related to outside equity and raises firm value. They used annual information of U.S. commercial banks from 1990 to 1995. Their result showed that a 1% increase in leverage decrease equity capital ratio surrenders a predicted 6% increase in profit efficiency. Fama French (2005) described the financing decisions of firms. They tested predictions of pecking order theory about financing decisions and claimed that more than half of their sample firms defy the pecking order predictions. Their first result is against the pecking order prediction that firms hardly issue stock. Under their sample, 67% of the firms issue stock each year during 1973-1982 and it rises to 74% for 1983-1992, and 86% during 1993-2002. So, equity decisions of a firm frequently violate the pecking order. Second prediction is that capital structure of a firm is derived by asymmetric information problem but their findings are against this prediction. They suggested that this problem can be avoided by issuing equity through different ways. Elsas, Flannery Garfinkel (2006) studied firm major investment, financing decisions and long run performance. They took 1,185 U.S. firms which made huge acquisitions or capital expenditures during 1989-1999. They observed that large firms financed their new investment with debt whereas equity has a small role. With the passage of time, new debt replaced with equity funds. Small firms mostly rely on issuing equity when financing its new investments to replace debt while internal cash flow is used by medium sized firms. They analyzed that debt financing produces negative long run performance more than equity financing whereas financing with internal funds never produce important share underperformance. Dittmar Thakor (2007) developed a new theory of issuance of security that is when stock prices are high then firms issue equity. This issue is contradictory with the two major theories of capital structure: pecking order and trade off theory. The main idea of their theory is that managers decision about security issuance is based on how their decisions will influence the investment choice of the firm and how this choice will influence the post-investment stock price of the firm. After the investment in the project, managers are more concerned about the stock price and the long term equity value of the firm. The shareholders and bondholders may object to the managers choice of investment because they have dissimilar beliefs regarding the value of the project. Their findings suggest that firms which issue equity have higher stock prices, higher values of agreement parameter and higher increase in investments.

Lego in China

3. ECONOMIC China has several factors that contribute in strengthening their economic position. One of the contributors is their government policy. ‘Chinese government has stressed the importance of develop IT sector to the whole economic development of the country, with considerable commitments to massive investments in infrastructure positive effects of IT on its economic development’ stated by (Li, n. d. ). With more advanced IT departments, China is able to attract more investments from foreigners.Not only that, China also created flexible investors policies. With developed IT structure and a supporting policy, Lego will have no trouble penetrating China’s market. China was known as the most populated place on Earth, hence creating a high demand for products available in market. This will keep the market activity going, given that there is enough supply for everyone. Hoshiko (2011) demonstrated that ‘Cheap labor rates are the keystone to the Chinese econ omic boom’. With a population above 1. 2 billion, labor isn’t one of their main concerns.With low cost of labor, production cost will also drop, this enable them to produce inexpensive goods. If Lego decided to enter China’s market, they will also gain this advantage; they’ll be able to produce their products at a lower cost. Bradsher (2012) has written that ‘China’s exports to all countries rose 9. 9 percent in September from a year earlier, led by especially strong exports to Southeast Asia’. All of these factors in the end helps China’s economic activity, and making it more appealing for investors to come in and plant their money inside of China. The government said Tuesday that it planned to nurture as many as 50 state-owned enterprises to become globally competitive companies while maintaining control of companies engaged in key industries’ (Anon. , 2006). We can see what the government is doing here, they are trying to nurture their companies to complete globally, and giving less concern in internal competition. But global companies have started coming in and practiced the same thing too. Lego may do the same as well; it will give them a new experience curve to see how they should run their business in China.Even though the specific strategy might not be the same in any other country, but Lego will be able to realize what are the steps and actions needed to succeed in foreign areas. Knudstorp (2012) as cited in Hansegard (2012) ‘We're seeing growth in most Asian markets ‘. Recent findings have found that Lego’s sales have been increasing in Asian countries, why? ‘Disposable incomes in China have been growing faster than GDP growth, making toys more affordable for parents and children. ’ (Anon. , 2012). Take as an example China; the people have more disposable income to be spent on their children.Moreover due to the baby-boomer the generation of China, there are a lot of parents now, and now with China’s one child Policy parents are more willing to spend for their loved ones. 4. CULTURE Chinese culture is not as interchangeable, the people held on to it and still respects it as we speaking, and they respect relationship, ranking and protocols. Saying ‘no’ isn’t as easy as it looks like in the Chinese culture, because they believe to deny someone would cause both parties to be embarrassed causing a loss of face. Kjerulf (2010) ‘The Culture in Denmark tends towards the individualistic rather than collective and is very feminine’.We can see there is a difference between Lego and the Chinese culture. We can directly tell, Chinese people are higher in power distance; they call others by their title and last name. Also the Chinese are very more likely to be collectivist, actions that they decided are for the greater good of their people. Lego is very flexible in case of their products itself by having a lot of product lines. With a lot of movie based product lines, such as Indiana Jones, Lego is able to market and alternate their products according to other cultural preference.We found a difference in between China’s Lego official website with the other such as US, Lego in China had excluded the Monster Fighters edition. This can be understood, judging that Chinese people are not that keen on all these western monster theme and Halloween. So Lego figured they would rather not produce this product line, and focus on the others. If Lego had made an investment in Xiamen China, there should not be any problem. To begin with the Chinese people are more uptight towards ranking, and collectivist. While the employer has more of a flexible style, which gives the employees a new working experience and probably a better one.Reference: Home Www1. american. edu (2002) Home. [online] Available at: http://www1. american. edu/initeb/fl9577a/IT%20S;W. htm [Accessed: 5 Nov 2012]. China’s Strengths and Weaknesses 101 | Center for American Progress Americanprogress. org (2011) China’s Strengths and Weaknesses 101 | Center for American Progress. [online] Available at: http://www. americanprogress. org/issues/china/report/2011/02/08/9074/chinas-strengths-and-weaknesses-101/ [Accessed: 5 Nov 2012]. China Exports Rise, Hinting at a Glimmer of a Revival – NYTimes. com BRADSHER, K. 2012) China Exports Rise, Hinting at a Glimmer of a Revival – NYTimes. com. [online] Available at: http://www. nytimes. com/2012/10/14/business/global/china-exports-rise-hinting-at-a-glimmer-of-revival. html? _r=0 [Accessed: 7 Nov 2012]. China to nurture companies for global competition – Business – International Herald Tribune – The New York Times Nytimes. com (2006) China to nurture companies for global competition – Business – International Herald Tribune – The New York Times. [online] Available at: http://www. nytimes. com/2006/12 /19/business/worldbusiness/19iht-nurture. 3951635. tml [Accessed: 7 Nov 2012]. Lego Chief Sees Weak – WSJ. com Online. wsj. com (2012) Lego Chief Sees Weak – WSJ. com. [online] Available at: http://online. wsj. com/article/SB10000872396390444914904577622962273573438. html [Accessed: 7 Nov 2012]. Toys and Games Market Research, Analysis, and Commentary Blog. euromonitor. com (2012) Toys and Games Market Research, Analysis, and Commentary. [online] Available at: http://blog. euromonitor. com/toys-and-games/ [Accessed: 7 Nov 2012]. Business Communication Styles in China and Successful Communication with Chinese Businesses and Colleagues :: World Business Culture

Role Of Strategic Human Resource Management - 1916 Words

Introduction As human resource (HR) management started to replace personnel management to become one of the important inter-functions of the organization, some people may question what make this subcategory of management has important impact on the operation of organisation. Then started to research the strategic value of human resources. Hendry and Pettgrew (1986, cited in Storey, 2007) define that strategic human resource management (SHRM) is a usage of planning consistent HR practices or policies that align with strategy of the organisations to create sustainable competitive advantages (SCA). There are three main approaches in SHRM, which are the best practice (universalist), the best-fit (contingency) and the resource-based. Below this article will briefly introduces theses three approaches, and critically analyse the limitation of these approaches. The Best Practice Approach The assumption underlies in this approach is that there are some ‘best’ human resource practices, which can universally apply to any organisations and will lead to the improvement of organisational performance, such as improvement in employees’ attitudes and productivity (Beardwell Claydon, 2010:57; Purcell, 2001:60). It is a unitary perspective that assumes all employees would pursue the goals generated by organisations (Wilton, 2010: 278). One of the most well-known models is Pfeffer’s (1994,1998, cited in Beardwell Claydon, 2010:57) ‘putting people first’, which identify seven HR practicesShow MoreRelatedStrategic Role Of Human Resource Management1550 Words   |  7 Pagesincreasing competitive environment organisation needs to focus on the value of investing human resources as a major competitive advantage. It is important to set a HRM to meet those advantages to meet company’s objectives with the flexible environment. Schuler ( 1992) defines strategic human resource management as â€Å"the integration and adaption to ensure (1) human resource management is fully with the strategy and the strategic needs of the firm (2) HR polices cohere both across policy areas and across hierarchies;Read MoreStrategic Role Of Human Resource Management Essay1813 Words   |  8 PagesThe human resource management refers to the activities that an organization uses, to implement a labor force in an effective manner; these activities are: the determination of the human resources strategy of the company, recruitment, performance evaluation, the administrative development, and remuneration and labor relations. The strategic role of human resource management in itself is complex in a national company, but it is even more in an international company, where recruitment activities, administrativeRead MoreThe Role Of Strategic Human Resource Management Essay1399 Words   |  6 Pagescompanies today are expanding the use of strateg ic human resource management. In fact, now more than ever, executives are working closely and strategically with their human resources divisions in developing creative ways to implement proper policies, practices, and systems that can successfully influence employees’ attitude and performance† (Noe, Hollenback, Gerhart, Wright, 2015, p. 5). Consequently, Whole Foods considers various aspects of its strategic and distinctive HR practices. In its benefitsRead MoreThe Role Of Bureaucracy And Strategic Human Resource Management2591 Words   |  11 Pagesbureaucracy and strategic human resource management. In addition, the research paper discusses the various aspects of strategic human resource management and the application of bearacracy in the contemporary personnel management. In the paper, the author examines the effect of various human resource management approaches on the adoption of business and policy decisions in an organization. The goal of the research is to present a framework that can be utilized by organizational management in the makingRead MoreThe Role of Strategic Groups in Understanding Strategic Human Resource Management15467 Words   |  62 Pagesjournal is available at www.emeraldinsight.com/0048-3486.htm The role of strategic groups in understanding strategic human resource management Judie M. Gannon Oxford School of Hospitality Management, Faculty of Business, Oxford Brookes University, Oxford, UK The role of strategic groups 513 Liz Doherty Business School, Shefï ¬ eld Hallam University, Shefï ¬ eld, UK, and Angela Roper School of Hospitality Tourism Management, University of Surrey, Guildford, UK Abstract Purpose – This articleRead MoreA STUDY ON STRATEGIC ROLE OF HUMAN RESOURCE MANAGEMENT Essay1679 Words   |  7 Pagesï » ¿PREFACE Strategic management is the management of change involving the system of corporate values, the corporate culture, and all managerial process of change, such as leadership, planning, control, and human resources management. The strategic management process represents a logical, systematic, and objective approach for determining an enterprises future direction. Researchers usually distinguish three stages in the process of strategic management: strategy formulation, strategy implementationRead MoreThe Role of Human Resource Information Systems (Hris) in Strategic Human Resource Management (Shrm)19886 Words   |  80 PagesThe Role of Human Resource Information Systems (HRIS) in Strategic Human Resource Management (SHRM) Asafo-Adjei Agyenim Boateng Master of Science Theses in Accounting Swedish School Of Economics and Business Administration 2007 HANKEN-Swedish School of Economics and Business Administration Department: Accounting Type of Work: Master of Science Thesis Author: Asafo-Adjei Agyenim Boateng Date: 4th August, 2007 Title of Thesis THE ROLE OF HRIS IN STRATEGIC HUMAN RESOURCE MANAGEMENT Abstract: InformationRead MoreThe Strategic Role of Human Resources Management in Promoting Corporate Social Responsibility in Business Organisations in Zimbabwe1764 Words   |  8 PagesTHE STRATEGIC ROLE OF HUMAN RESOURCES MANAGEMENT IN PROMOTING CORPORATE SOCIAL RESPONSIBILITY IN BUSINESS ORGANISATIONS IN ZIMBABWE 1. InTRODUCTION This study will critically analyse how industry in Zimbabwe is exploiting the strategic role of Human Resources Management in promoting Corporate Social Responsibility initiatives in order to give their business organizations competitive advantage. This introduction presents a context of the research proposal and helps to clarify how fulfilment ofRead MoreRewarding Employees Through Compensation and the Role Job Analysis and Hr Planning Has on the Organisations Performance with Strategic Human Resource Management and Remedies6185 Words   |  25 PagesREWARDING EMPLOYEES THROUGH COMPENSATION AND THE ROLE JOB ANALYSIS AND HR PLANNING HAS ON THE ORGANISATIONS PERFORMANCE WITH STRATEGIC HUMAN RESOURCE MANAGEMENT AND REMEDIES CONTENTS PAGE 1. INTRODUCTION 4 2. ASSIGNMENT ONE

William Blake s Poem, The Divine Image And The Human...

Over time, man Christians who have a firm foundation in the Bible begin to develop and express their own theories. William Blake was one of these people. While he wrote many things, the poems â€Å"the Divine Image† and â€Å"the Human Abstract† from his books Songs of Innocence and of Experience hit on a deeper level inside of Christianity. When reading the works of others it is important to know what the actual gospel truth is and then what the poet’s truth is. These lines are blurred in these two poems. If a Christian is able to distinguish the God spoken truth from Blake’s own belief’s then these poems provide the reader with a short pastoral message on God and who people are. When properly read and cross-referenced with the Bible, these two poems can provide both comfort and guidance, as well as a warning, to its Christian readers. Whenever a Christian reads a literary work it is important to understand why the author was writing and what their point was. David Jeffery, in his book on Christianity and Literature said that if what is taught in the Bible is Relevant or â€Å"true† to a topic, it is important to understand and value the Bible’s teachings on the subject (8). Alexander Gilchrist, most known for his biography on Blake explained that Blake neither wrote nor drew for the many, hardly for work’s-day men at all, rather for children and angels; himself a divine child, whose playthings were sun, moon, and stars, the heavens and the earth (PoetryFoundation). Blake was aShow MoreRelatedThe Human Abstract Essay1196 Words   |  5 PagesThe Human Abstract The Human Abstract has not received much critical attention on its own. Of the critical interpretations that do exist, many approach the poem by examining its various manifestations in Blakes manuscripts, reading it against A Divine Image, a poem w hich was never finally published by Blake, or comparing it to its Innocence counterpart, The Divine Image. Most critics seem to agree that The Human Abstract represents a philosophical turning point in The Songs of InnocenceRead MoreWilliam Blake And The Divine Image Essay2209 Words   |  9 PagesWilliam Blake, a transitional figure in British literature, was the first romantic poet to focus on content instead of form. Blake is one of the great mystics of the world, like Henry More and Wordsworth; he lived in a world of glory, of spirit and of vision, which, for him, was the only real world. His devotion to God expresses through his lyrical poetry collection Songs of Innocence and Songs of Experience. This collection contains 51 poems wh ere the poems of Innocence are counter part of the poemsRead MoreWilliam Black - I Heard an Angel Singing1404 Words   |  6 PagesWILLIAM BLAKE â€Å"I heard an angel singing† A Matter of Life an Death Abstract In this poem William Blake at the beginning speaks about an angel, who was singing in the small hours every day. An angel was singing all day about mercy, pity, peace, which is the world ´s release. Angel was positive feature. He tried to help people. His voice is really beautiful and people feel good during his singing. Devil cursed mercy, pity and peace, because he saw all men are happy in the world and they don ´tRead MoreAN ANALYSIS OF WILLIAM BLAKES SONGS2960 Words   |  12 PagesAN ANALYSIS OF WILLIAM BLAKE’S SONGS OF INNOCENCE AND OF EXPERIENCE AS A RESPONSE TO THE COLLAPSE OF VALUES TIMOTHY VINESâˆâ€" Blake’s Songs of Innocence and of Experience are a much studied part of the English canon, and for good reason. Blake’s work depicts a quandary that continues to haunt humanity today: the struggle of high-order humanity against the ‘real’ rationality and morals of institutionalised society. This essay seeks to explore both Blake’s literary reaction to the Enlightenment and theRead MoreAnalysis Of The Songs Of Innocence By William Blake1787 Words   |  8 PagesWilliam Blake, an unconventional writer and artist in Romantic England, was known best for his unique printing method and claim to supernatural visions. In 1789, Blake published the â€Å"Songs of Innocence,† a collection of poems attributed with an innocent, romantic viewpoint, as the title indicates. One of the poems, â€Å"The Divine Image,† was used to identify the nature of God in man. â€Å"The Divine Image† speaker identifies the Mercy, Love, Peace, and Pity found in humans to be truly divine and of GodRead MoreThe Romantic Movement Of William Wordsworth And Samuel Taylor Coleridge Essay1427 Words   |  6 Pagesof poetry by conveying nature in their writings. Nature is considered an authoritative characteristic that motivates poets to write subjective poems that reflect on solidity and God. William Blake, William Wordsworth and Samuel Taylor Coleridge were amongst the Romantic poets who published revolutionary Lyrical Ballads that illustrate the association of human relationships with nature (ADD CITE). According to (ADD SOURCE HERE), these famous poets were categorized by the transformation in their themeRead MoreEssay about The Representation of the Female in William Blake1921 Words   |  8 PagesRepresentation of the Female in William Blake If William Blake was, as Northrop Frye described him in his prominent book Fearful Symmetry, a mystic enraptured with incommunicable visions, standing apart, a lonely and isolated figure, out of touch with his own age and without influence on the following one (3), time has proved to be the visionarys most celebrated ally, making him one of the most frequently written about poets of the English language. William Blake has become, in a sense,Read MoreWho Goes with Fergus11452 Words   |  46 PagesWho Goes With Fergus This poem is about the dichotomy of the thinker and the actor. Yeats, in love with Maud Gonne, was the thinker, the courtly lover -- the one who would brood upon loves bitter mystery. Yeats was Mr. Nice Guy. Yet Yeats wanted to be the actor - the alpha male - the Fergus. Note the sexualized subtext that permeates the poem, who will pierce the deep woods woven shade? Who will drive with Fergus. Finally, we get the reasons to be the alpha male - the man of action, in theRead Morewisdom,humor and faith19596 Words   |  79 Pageshumor. Genuine humor is replete with wisdom.† Mark Twain, quoted in Opie Percival Read, Mark Twain and I (1940), 17. â€Å"Humor offers both a form of wisdom and a means of survival in a threatening world. It demands that we reckon with the realities of human nature and the world without falling into grimness and despair.† Roger Shattuck, The Banquet Years: The Origins of the Avant-Garde in France—1885 to World War I, rev. ed. (1968), 248. â€Å"Humor is, in fact, a prelude to faith; and laughter is theRead MoreANALIZ TEXT INTERPRETATION AND ANALYSIS28843 Words   |  116 Pagesstory â€Å"To Build a Fire† or Ernest Hemingway’s â€Å"The Old Man and the Sea†) or between man and society (as in Richard Wright’s â€Å"The Man Who Was Almost a Man†). It may also take the form of an opposition between man and man (between the protagonist and a human adversary, the antagonist), as, for example, in most detective fiction. Internal conflict, on the other hand, is confined to the protagonist. In this case, the opposition is between two or more elements within the protagonist’s own character, as in