The Three Sisters Monologue Essay Example For Students

The Three Sisters Monologue Essay A monologue from the play by Anton Chekhov NOTE: This monologue is reprinted from The Moscow Arts Theatre Series of Plays. Ed. Oliver M. Sayler. New York: Brentanos, 1922. ANDREI: Oh, what has become of my past and where is it? I used to be young, happy, clever, I used to be able to think and frame clever ideas, the present and the future seemed to me full of hope. Why do we almost before we have begun to live, become dull, gray, uninteresting, lazy, apathetic, useless, unhappy? This town has already been in existence for two hundred years and it has a hundred thousand inhabitants, not one of whom is in any way different from the others. There has never been, now or at any other time, a single leader of men, a single scholar, an artist, a man of even the slightest eminence who might arouse envy or a passionate desire to be emulated. They only eat, drink, sleep, and then they die . . . more people are born and also eat, drink, sleep, and so as not to become half-witted out of sheer boredom, they try to make life many-sided with their beastly back-biting, vodka, cards, and litigation. The wives deceive their husbands, and the husbands lie, and pretend t hey see nothing and hear nothing, and the evil influence irresistibly oppresses the children and the divine spark in them is extinguished, and they become just as pitiful corpses and just as much like one another as their fathers and mothers We will write a custom essay on The Three Sisters Monologue specifically for you for only $16.38 $13.9/page Order now

Paper Report For The Chapters One And Two Of The Book Peoples History - 1

Paper Report For The Chapters One And Two Of The Book Peoples History - 1 Paper Report For The Chapters One And Two Of The Book People's History Of US: (1492 Peoples History of US: (1492 - Present) - Modern ic Identify the central thesis of chapterone and two of Zinn: Chapter one is an account of the discovery of Christopher Columbus of America specifically the area that was occupied by the Arawak people (who are Indians that lived in South America). The main theme is that of morality because it provides an in-depth analysis of how Christopher Columbus mistreated and mishandled the Arawak in order to find the gold, which he believes is present in that land but which turns out to be almost non-existent (Zinn 10). Despite not finding the gold from the places they dig, he still forces them to continue digging and many even die but he seemed to care less. There is also mention of other morality issues about other conquerors and their conquests. The second chapter is about how slaves were brought into America from Africa and their relentless work in the fields of their owners. Just like the first chapter, the slaves who are black people are di scussed extensively of how they were overworking in the plantations without any mercy from their owners (Pickett and Pickett 17). Morality issue is discussed in detail by the author providing examples of how it was non-existent from the owners towards their slaves forgetting that they were also people just the way Columbus forgot the Arawak he overworked were people as well (Pickett and Pickett 36).Discuss why the author chose the title of the chapter:The first chapter â€Å"Columbus, the Indians, and Human Progress† is mainly about the escapades of Columbus and the Arawak and also other people in history who conquered other lands. The second chapter â€Å"Drawing the Color Line† is basically about slaves: how they were brought and how they were overworked by their owners. Petre-Grenouilleau, Olivier. From Slave Trade to Empire: Europe and the Colonization of Black Africa, 1780s-1880s. New Jersey: Routledge, 2004. Print.Pickett, Margaret and Dwayne, Pickett. The Europ ean Struggle to Settle North America: Colonizing Attempts by England, France and Spain, 1521-1608. California: McFarland, 2011. Print.Zinn, Howard. A Peoples History of the United States: 1492 to Present. New York: HarperCollins, 2010. Print.

Managing Financial Resources and Decisions Essay - 3

Managing Financial Resources and Decisions - Essay Example These sources can be broadly classified into short term and long term sources of finance. Long term sources of finance, as the name indicates, are required over longer periods of time (any duration that is above 1 year) whereas short term source of finance that are required within a period of one year. There are three main long term sources of finance for JS and co, namely, share capital, debentures and long term loans. An equity share represents a share of the company’s assets and a share of earnings after the claims are met. Equity shareholders are the owners of the business and have a right in the company for the percentage of shares owned by them (Samuels et al, 2000). Also, the risk is borne by the shareholders who invest in the company. JS and co can issue new shares in order to raise some surplus finance. Debentures are bonds issued to the investors in exchange for finance lent to the company. JS and co can borrow money in the form of debentures from the public, by agreeing to repay the sum by some future date. Also, Js and co has to pay an interest to the creditors (debenture bond holders) before paying out dividends to the shareholders. Hence, in this case, debentures have a little risk attached to them compared to the shareholders, from the company’s perspective (Samuels et al, 2000). Long term loans from banks and other sources are the easiest ways to raise a large amount of capital. Obtaining higher amounts of long term loans will be easier for JS and co, as the business is well established and is making profits. However, the interest payable might be high (as it is spread over a long period of time). Hence a high interest cover should be available for the company, in order to ensure interest payments in times of a financial crisis. Increasing the long term liabilities will increase the gearing ratio (Burke and Wilks, 2007). This coupled with sustaining a high interest cover

Free Trade Essay Example | Topics and Well Written Essays - 2250 words

Free Trade - Essay Example Suppose that at first no trade was occurring as a result of which the original demand and supply curve, D & S respectively are the country's demand and supply. At the point equilibrium occur at point Y at the interaction of two points. However, if a country indulges in free trade SW curve becomes its supply curve and new equilibrium occurs at Y1. The result why the equilibrium quantity of supply is lower than for the demand curve S is because some countries can produce these products at a lower price than others because of comparative and absolute advantages discussed below and as a result our country will stop the production of this good citing that other countries can produce it cheaply. This is a point of controversy among supporters of free trade and people who are against free trade. The people who oppose free trade argues that domestic production will reduce from Y to Y1 as result of free trade and hence this implies closing down of factories, downsizing and unemployment of loc al factors of production. They say that free trade is an evil that should be stopped from penetrating a local market for the reasons discussed above. However, the supporters say that this leads to more efficient use of global resources as efficiency as more products are being produced where they can be produced cheaply. Although it might be beneficial on the global basis, it should be discourage in the developing economies which are seeking to maximize employment rate and implementing policies for the growth of local industries. Faced with this problem many countries often charge a tariff on imports which increase it's price and hence reduces the impact of imports on local industry and market. This increase reduces the local supply from Y to Y2 which is creates a lesser impact on domestic supply but still it is large enough to affect domestic industry and hence receives criticism from people who suffer from unemployment etc. However, once a a high tariff is charged raising the price of imported goods above what is being incurred in local market, it does not affect the local industry, in theory. This is the right amount of tariff and completely against the free trade, but people who oppose free-trade are appeased by this as local industry is not harmed. Similarly, supporter of free-trade argues that this is against the economic teachings of productive and allocative efficiency as the benefits of low-cost are not being enjoyed by the people resulting in less demand and people who want to consume the products at lower prices are not being catered i-e allocative inefficiency. Before coming at the conclusion whether free-trade should be allowed or not, let's look at absolute and comparative advantages. Absolute advantage occurs when one country can produce one commodity better than other i-e the production cost in one country is lower than other or requires far less resources and hence efficient. Following assumptions are necessary for the use of absolute advantage theory: There are only two

Case Analysis For The Tiger Woods Foundation Term Paper

Case Analysis For The Tiger Woods Foundation - Term Paper Example Tiger World Challenge was changed to Chevron World Challenge. The aim of this program was to pursue a tag of $ 5million. Tiger, hosts his own PGA tour. He co sponsors tournaments. He wins most of these golf events. The five-time tour wins, he donated the money back to his foundations, to ensure that the lives of the American children are comfortable (Skyzinki, 2006). No company currently that builds sustainable employee commitment and success around their brand and heroes. I feel there is an urgent need and commitment in leadership to drive the community to a continuous change in the entire organization. A business community that shares vision and same practices promote dialogue ensuring solid future leaders in the organization. Many exist and studies interview show the real story between the employees and employers. The company employees must have faith in their managers. If they do not have faith, they will leave the company. The middle management is under attack from time memorial. The Business re-engineering unit claimed that the middle class sub- optimize the turf builders. The turf builders prevent the company from operating in full efficiency. Technological evolution is making people believe that companies’ hierarchies are not needed in companies. I feel that the employees ought to communicate directly to any department in the company. The leadership effort that develops the companies’ goals and missions are focusing on the top potentials. They then neglect the middle class in the company. The management cannot motivate others before motivating the top management first. Many of the middle management is not motivated. This makes most of the middle class workers leave the company for othe r companies These events and programs are aimed at impacting and benefiting millions of lives of the American children (Londing, 2012). Tiger World Challenge was changed to

Analyze The International Strategy Of Nestle Marketing Essay

Analyze The International Strategy Of Nestle Marketing Essay Introduction This report will analyze the international strategy of Nestlà © and one of its major competitors, Cadbury plc in the United States. Nestlà © is one of the oldest multinational businesses and focus in nutrition, health and wellness. It was founded by Henri Nestlà ©, a pharmacist, who established food for babies who were unable to breastfeed in Switzerland in 1866. The company merged with the Anglo Swiss Condensed Milk in 1905. Nestlà © expand their business through a series of acquisitions after World War II that included Maggi (1947), Cross Blackwell (1960), Findus (1962), Libbys (1970), Stouffers (1973), Carnation (1985), Rowntree (1988) and Perrier (1992), (Nestle Mangement Report, 2008). By the 1990s, Nestlà © had more than 500 factories in 76 countries and sold its products in 193 nations almost every country in the world. Roughly 28.2 percent of its sales were made in Europe, 33.1 percent in the Americas and 17.1 percent in Asia, Oceania and Africa (Nestlà © Management Re port, 2008). Nestlà © USA is a subsidiary of Nestlà © S.A in Vevey, Switzerland. Nestle has been present in the USA over than 110 years and now headquartered in Glendale, California. By the 2000s, Nestlà © become a larger company through several acquisitions that included Ralston Purina (2001), Chef America (2002), Power Bar (2006) and Gerber (2007). Nestlà © major products and services include milk based products, pet care, confectionery, beverages, cooking aids and prepared dishes, ice cream and pharmaceutical products. In US, Nestlà © markets confectionary and sweets products under Wonka, Perugina and After Eight brands. It also makes biscuits, toppings and mints. This consumer goods company practising a widen product marketing and offer many brands and product in most markets. Nestlà © recorded US$10 billion with America is the biggest geographic market, recorded for 30.2 percent of total revenues in 2008 and offer more than 50 brands (Nestlà © Management Report, 2008). Literature Review The issue of global integration with local responsiveness can be analyzed in a two dimensional matrix. Figure 1 provides an example. There are four type of classification of multinational companies, Global combining high integration with low responsiveness, Transnational combining high integration with high responsiveness, Multi-domestic combining low integration and high responsiveness and International combining low integration and low responsiveness. The International companies was not included in Bartletts classification because it is does not fit in this scheme. However, (Sundaram and Black, 1992) equate it with the Transnational company while (Ghoshal and Nohria, 1993; Welge, 1996) place it as a low integration with low responsiveness in the lower left corner. Figure 1: Global integration vs. national responsiveness (Bartlett and Goshal, 1998) The vertical axis in the figure shows the need for global integration and movement up the axis indicates in a large degree of economic integration. Global integration brings economies of scale and capitalizes on lowering unit costs as a company moves into global market for selling its products. The economies of scale are obtained because of the centralization of activities in the value-added chain. They also happen by reaping benefits of higher coordination and control of geographically dispersed activities. The horizontal axis indicates the need for MNCs to respond to differentiation or local responsiveness. This implies that MNCs must consider government regulations, local tastes and preferences. Maximizing value in such situations requires MNCs appointing strategic responsibilities and key operating rights to national subsidiaries. Each subsidiary has its own autonomous manufacturing facilities and marketing function. The products offered will vary between nations based on the tas tes and preferences of different consumer and competitive strategy. This indicates that in a multi-domestic strategy, a low degree of control is required for the subsidiary company. Organization that engages in multi-domestic strategy will favour low-control entry modes. In Global strategy, the need for awareness of differentiation is low while the need for integration is high. This situation causes to Global strategies based on price competition for perspective of economies of scale. According to Bartlett and Goshal (1989, 1992), the main strategic thrust of Multi-domestic company is to respond to national differences. In Global strategy, competition takes place at a global level while multi-domestic companies are geared towards domestic competition because national product market do not have the same criteria to make competition at a global level. In global companies, direction and pace would be expected to flow mostly from a headquarters to their subsidiaries while Multi-domestic companies would be characterized by a lower overall flow of products, people and information (Perlmutter, 1969). To be locally responsive, local production and local research and development (RD) are not essential for a company with local presence since direction and pace comes from a centre. Global companies are unlikely to locate these parts of the value chain close to the customer, since they will feel less need to access this type of market information. In International and Transnational strategy, it reflects more complex environmental situations. International strategies are characterized by increased international standardization of product and services. It can lead to lower needs for centralized quality control and strategic decision making while eliminating requirements to adapt activities to individual regions. In transnational strategy, there is a higher need for regional differentiation in marketing and a strong requirement in production. Transnational is the most challenging strategy where MNCs seek to operate (Jeannet, 2001). However, the problem for many MNCs is the cultural challenges integrated with localizing a global focus. Business Analysis of Nestlà © Nestlà © is characterized as a multi-domestic company by its pronounced local responsiveness and relatively weak global integration. Including its operating companies, such as Carnation, Rowntree and Buitoni among others, it has traditionally practiced a decentralized approach to management. Local operating managers thought to be much more in tune with local markets are given the freedom to develop marketing strategies that match local needs. Like many other companies pursuing a multi-domestic strategy Nestlà © has begun a move toward a more centralized management structure, which has resulted in a re-organization around major business lines. In order to reap the benefits of global leverage, companies realize that the multi-domestic business model leaves too many initiatives to local levels thus resulting in missed opportunities (Doole, 2004). In terms of entry mode and internalization, Johanson Widersheim-Paul/Vahlne (1975) claim that internationalization is the product of a series of incremental decisions or stages based on different foreign market entry modes. They introduce the Uppsala Internationalization model. In this model the firms engagement in the specific country market develops according to an establishment chain that has four stages. There is no regular export activities are performed in the market, export only takes place via independent representatives, sales subsidiary and manufacturing in the foreign market. The sequence of stages indicates an increasing commitment of resources to the market. In addition, business activities are differed with regard to the market experience gained. Nestlà © use direct exporting for entry mode, which is subsidiary and uses its own organization in the overseas market. Nestlà © focuses on internal growth and try to achieve greater volumes by innovating new products and renovating existing products. This strategy has given Nestlà © the ability to grow many products in the various fields of prepared foods, breakfast cereals, dairy products, baby foods, beverages, ice-cream, bottle water, chocolate confectionary and pet care. In addition, Nestlà © is a low cost operator. This allows them not only to edge ahead with low operating costs but also beat the competitors by producing low cost products. Nestlà © has ability to customize global products based on consumer choices in the local market. This is one of Nestlà ©s key strengths where its subsidiaries develop products that match consumer preference in the local market. Due to the nature of the markets psychological and cultural spread, Nestlà © believes that there are no global consumers in the market. Its ability to customize products to the local markets brings association in the mind of the c ustomer and brand loyalty by using local names. For example, its confectionery range sold in the US is called Rolo but in Russia, it is called Rossyia. In the US, brands like Kit-Kat chocolate and Maggi noodles have been priced at US$0.2 and some other chocolate and candy brand are priced at US$0.05 per unit. These price help Nestlà © reach more customers not only in urban markets but also in rural markets. In the US, Nestlà © has two top products capable of becoming at least regional which are pet food and ice-cream, but both lag well behind the market leaders of Mars in pet food and Unilever in ice-cream. With the exception of a few products such as its famous tomato sauce, eaten everywhere with burgers and hot dogs, Heinz (US) applies effectively a multi-domestic strategy, making a small effort to force a global or even pan-regional strategy. For instance in 2001 it took over Honig (Holland) which makes very local traditional delicacies, such as chocolate sprinkles topping. Nestlà © has strong capabilities in research and development (RD). The group invest more than US$1390 million in RD annually and the Nestle Research Center in Switzerland is its major think-tank. It has more than 100 different professional areas including raw materials, nutritional science, ingredients, the life science and production processes. By doing RD, it allows Nestlà © renovate existing products and innovate new products continuously. It also allows Nestlà © to review its product at regular intervals while generating revenue growth. For instance, Nestlà © possess a product LC1, which is innovated and provides health benefits for the consumers and it was fairly new in the US. The LC1 product, probiotic cultures found that it had an innovation that offers a new avenue of profits for Nestlà © by introducing it into the US market. The LC1 powder was introduced into US market in 2000. This product focuses on customers who are concerned about their eating habits and health and it was made to be mixed into beverages and foods. Unfortunately, the product went largely unnoticed by the US customers and yielded only minimal results although Nestlà © used a smaller campaign targeted at health practitioners, print ads and internet advertising to introduce the product. In terms of confectionery segment, while taste of chocolate differs by country, the process in making products is the same. Nestlà © has a new Worldwide Chocolate Centre of Excellence in Broc, Switzerland and brings more than 130 years of expertise international chocolate making and professionals. Packaging designers who works on RD focus on developing the luxury products and the finest chocolate premiums. Nestlà © achieved overall chocolate growth 7.6 per cent per annum. With sales of CHF9.8 billion they are the fastest growing in number 1 dark chocolate manufacturer. Figure 2 illustrates that confectionery achieve 13.1 percent of sales during FY2008. Figure 2: Product group sales (Nestlà © Management Report, 2008) Nestlà © which was established in the nineteenth century, operates a policy of decentralisation and dispersion of activities. Nestlà ©s corporate management is responsible for giving strategic direction to the organisation. RD is also strongly centralised. Despite this centralized roles, the companys organisational structure and system continue to emphasise the importance of local interpretation and in many matters local managers have considerable discretion (Ellis, 1995). Within this structure personal relationship between the heads of the operating companies and the holding companys executives are central in binding the company together. Nestlà ©s organizational structure strongly fits the companys external context. For most of the companys products the key features of demand have been the diversity of consumer tastes and national regulations. These have been complemented by the absence of sufficient economies of scale to warrant centralised production on a global scale (Tayeb, 2000). Equally, while RD is important constantly to improve and update products, many of Nestlà ©s brands were introduced many years ago. Nescafe although a very different product today, for example was introduced in 1938. With the increasing convergence of tastes and national regulations in at least some areas of the world being standardised, the company recognises the need to co-ordinate some aspects of its operations across different markets. Nestlà © has also taken steps to strengthen its regional management and strategic business units have been created for various product groups with the emphasis on integrating marketing, research and production at the country level for related products (Hill, 2009). Nevertheless, despite these changes the company continues to emphasise the advantage of decentralisation in prompting and maintaining local responsiveness. Competitor Analysis (SWOT Analysis) 4.1 Strengths In the global confectionery sector, Cadbury has 10.5 percent market share (Annual Report, 2008). The worlds biggest confectionery market is in US, and Cadbury has the second largest market share of 34 percent in the gum product category. Cadbury is also a leading player in South America with core strengths in candy and gum with market share of nearly 20 percent (Annual Report, 2008). Strong market position provides the company better bargaining power and economies of scale. Cadbury has diversified its product by offering candy, gums and chocolate while each segment accounts for significant amount of sales. America generates the highest percentage of sales with 30.3 percent of the overall revenues compared to Europe and Asia Pacific regions. Cadbury also has a strong presence in emerging markets. Cadburys emerging markets confectionery grew on average by 12 percent per annum, making it the largest presence in emerging market business among all its peers. The strong presence in the eme rging markets provides result in higher revenue growth and would diversify the companys operation further. 4.2 Weaknesses Cadbury has presented a weak liquidity position in the previous year. The company current assets stood at US$2,635 million as compared to the current liabilities of US$3,388 million in FY2008. It describes the company has severe liquidity problems which could give negative impact on the companys operational efficiency and its growth initiatives. The companys employee efficiency is also low in Cadbury. It was measured by total revenues per employee. The revenue per employee stood at US$214,724 with 46,517 employees and total revenues of US$9,988.3 million in 2008. This figure is low compared to its other competitor like Hershey that has revenue per employee at US$410,000 in 2008. Opportunities The chocolate sales proved the most profitable for the US confectionery market, providing 50.6% of the markets overall value in 2008. It shows that Cadbury has a strong presence in the US confectionery market and it is well positioned to cope the confectionery demand in the region. Premium chocolate is growing fast in many parts of the world. The awareness for dark chocolate among consumers is increasing because of the benefits of dark chocolate to health. The dark chocolate industry grew 18% over the last year. It would favourably impact the sales if there is increasing customer preference for premium products. Threats The raw materials include cocoa products for instance cocoa butter, cocoa liquor and cocoa powder processed from cocoa beans. Cadbury purchases its cocoa products from third party suppliers in West African, Far Eastern and South American equatorial regions. The increasing raw material prices could give significant impact on companys profitability and cost structure. The tight labour market influenced the government to level up the minimum wage in the US. In 2008 the federal minimum wage rate remained at US$6.55 per hour and reached to US$7.25 per hour in 2009. Majority of Cadburys employee in US, so increased labour cost could give impact on overall cost and result in a decrease in its profitability. 5.0 Conclusion Globalization is changing the world economy. It is a challenge, nations need to accept the threats and opportunities, if not they could be left behind as a people or nation. Nestlà © pursuing a multi-domestic strategy when there is a high pressure for local responsiveness and low pressures for cost reductions. Changing offerings on a localized level increases a companys overall cost structure but increases the likelihood that its products and services will be responsive to local needs and therefore be successful. Nestlà © can strengthen its position as a well-being and nutrition company as consumers are becoming more health conscious. Nestlà © would be able to capitalize on health conscious trends by increasing focus on nutrition. In terms of confectionery segment, Nestlà © are able to leverage centralized research and strategies and apply them through renovation and innovation while respecting habit and local tastes. A global strategy is a low-cost strategy. Organization that experience high cost pressures should use a global strategy in an attempt to benefit from scale economies in production, distribution and marketing. By offering a standardized product worldwide, firms can leverage their experience and use aggressive pricing schemes (Hodgetts, 2006). This strategy makes most sense where there are high cost pressures and low demand for localized product offerings. A global company is able to achieve global-scale efficiencies through product standardisation. 6.0 Recommendations Economy situation in Western are actually facing decrease in output and growth, thus influencing the consumption of customers, especially in the retail business. Consumers are becoming more price sensitive and tend to spend less while demanding at the same time for customisation, product specialization and differentiation. Another trend is the shift from branded food and beverages towards cheap non-branded foods and beverage. Despite increasing non-brand cheap products offered by rivals, Nestlà © finds itself in an even more embattled market and needs to develop a new strategy either away from branding or higher level of international market penetration. Since Nestlà © stands for high quality and has distinctive competencies in producing higher quality food, it would not make sense to change the strategic group, because it would most likely get stuck in the middle. The right strategy is to expand into new markets such as Asia, Eastern Europe and South America. In these markets the consumer behaviour, macroeconomic environment and habits are different compared to western economies. Most of these markets are yet in a growth cycle and this clearly generates an opportunity because they are within emerging markets. Nestlà © should see to incorporate LC1, the yogurts product name into one strong performing product in each one of its Strategic Business Unit (SBU). Nestlà © should provide one product in each of these SBUs to introduce to the market. There is a huge line of products with in different areas of food and beverage industry which the LC1 product can bring a profit. So if the LC1 does well in certain areas of the industry but not others, Nestlà © can shifts its focus from the weak product to the strong product. Introducing it to many different products in many different areas of the food and beverage industry giving LC1 a better opportunity of achieving success. Nestlà © which already has a diversified food and beverage company has the benefit being able to explore an option such as this. In designing a strategy that would effectively place Nestle at the head of the probiotic industry in North America market would require several key components. North American consumers also need to be educated as the benefits that the probiotics LC1 brings. A strong marketing and advertising campaign would accompany this. They should be to quick to conduct all moves and enter into each market as quickly as possible to gain maximum market share.

Romeo and Juliet by William Shakespeare :: Romeo and Juliet Essays

Romeo and Juliet by William Shakespeare Acts 3 scene 1 of the play is a turning point. How important are the events of this scene to the tragedy of Romeo and Juliet At the beginning of the play the audience already know the plot, from the prologue. The prologue describes the two lovers to be, quote: 'star-crossed lovers', luck will influence the events. Their love leads to death, quote: 'death marked love' this tells us that Romeo and Juliet are going to die, but in the first two acts, the actions of the play seem to be positive and encouraging because Romeo and Juliet first sight each other at the Capulet's ball, they fall in love, start to meet up secretly after the ball, get married without telling anyone and start planning their future together. In the space of twenty-four hours all these things have happened. In act 3 scene 1 the power of chance causes two deaths. The death of Mercutio, Romeo's best friend and Tybalt, a close relative of the Capulet's. This was caused because the Montague's gatecrashed the Capulet's ball and Tybalt wanted to teach Romeo a lesson for gate crashing the Capulet's ball. Tybalt didn't intend on killing anyone but he ended up killing Mercutio because Mercutio was defending Romeo's honour. When Romeo had realised that Tybalt had killed Mercutio from wounding him, he went after Tybalt and killed him. After this the audience know that Romeo and Juliet will not be able to be happy because Romeo will be banished from Verona which means he can never come back to Verona and the Capulet's will never let Romeo and Juliet be together because he killed Tybalt a close relative. At the beginning of act 3 scene 1 Benvolio wants to leave because the Capulet's are abroad and the prince said, quote: 'If ever you disturb these streets again, your lives shall pay the forfeit of the peace' this is said at the beginning of act 3 scene and is saying that if ever another fight is caused then they all will be banished from

Paychex Market Analysis Essay

Paychex, Inc. (Paychex or â€Å"the company†) is a provider of payroll, human resource, and benefits outsourcing solutions for small to medium-sized businesses. The company operates in the US and Germany. It is headquartered in Rochester, New York and employed approximately 12,400 people as of May 31, 2013. The company recorded revenues of $2,326.2 million during the financial year ended May 2013 (FY2013), an increase of 4.3% over FY2012. The operating profit of the company was $904.8 million in FY2013, an increase of 6% over FY2012. The net profit was $569 million in FY2013, an increase of 3.8% over FY2012. BUSINESS DESCRIPTION Paychex, Inc. (Paychex or â€Å"the company†) is a provider of professional services to small to medium-sized businesses. The company offers payroll,  human resource, and benefits outsourcing solutions. As of May 31, 2013, Paychex provided services to over 570,000 clients, including approximately 2,000 clients through its four offices in Germany. The company operates through a single segment. However, it has classified its services into two categories: payroll and human resource (HR) services. Paychex’s payroll service includes the calculation, preparation, and delivery of employee payroll checks; production of internal accounting records and management reports; preparation of federal, state, and local payroll tax returns; and collection and remittance of clients’ payroll obligations. The company’s payroll services support the small business market through its core payroll and SurePayroll products. Mid-market companies are primarily serviced through Paychex’s Major Market Services (MMS) payroll product. The company offers Software-as-a-Service (SaaS) solution to meet the payroll and human resource administrative needs of its MMS clients. In addition, Paychex also offers ancillary services to its clients. The company’s ancillary services include Paychex HR Online, an internet-based human resource management system that offers tools for managing employee benefits, personnel information, and critical human resource compliance and reporting needs; BeneTrac, an employee benefits management and administration system that offers its MMS clients a solution for streamlined benefits management; Paychex Time and Labor Online, a solution for time and attendance process; Paychex Expense Manager, an integrated expense management solution that allows clients to control discretionary spending; and applicant tracking service. In addition, Paychex offers online payroll services through Paychex Online, an internet portal, which offers a suite of self-service, interactive services and products. These include Paychex Online Payroll, Internet Time Sheet, Paychex Online Reports, and General Ledger Reporting Service. The company also offers self-service and mobile applications for small business through its SurePayroll SaaS product offering. Paychex’s other payroll services include payroll tax administration services, employee payment services, and regulatory compliance services. The company’s HR services include Paychex HR Solutions, an HR outsourcing solutions provider that addresses the outsourcing of employer and employee administrative needs of businesses. Its Paychex HR Solutions offering is available as an administrative services organization (ASO) and as a professional employer organization (PEO). Both options offer businesses a combined package of services that includes payroll, employer compliance, human resource and employee benefits administration, risk management outsourcing, and on-site availability of a professionally trained HR representative. Paychex’s retirement services product line offers options to clients, including 401(k) plans, 401(k) SIMPLE plans, SIMPLE IRAs, 401(k) plans with safe harbor provisions, profit sharing plans, and money purchase plans. These services provide plan implementation, ongoing compliance with government regulations, employee and employer reporting, participant and employer online access, electronic funds transfer, and other administrative services. In addition to the above HR services, the company operates a licensed insurance agency, Paychex Insurance Agency that provides insurance through several carriers. Its insurance offerings include property and casualty (P&C) coverage such as workers’ compensation; business-owner policies; commercial auto; and health and benefits coverage, including health, dental, vision, and life. Paychex also offers online HR administration software products for employee benefits management and administration and time and attendance solutions. Paychex HR Online offers tools for managing employee benefits, personnel information, and human resource compliance and reporting. The company’s other human resource services and products include the outsourcing of plan administration under  section 125 of the Internal Revenue Code; state unemployment insurance services; and employee handbooks, management manuals, and personnel and required regulatory forms. HISTORY Thomas Golisano founded Paychex, Inc. (Paychex or â€Å"the company†) as Paymaster in 1971 in Rochester, New York, the US. In 1988, the company started its personal services division. In the following year, the company reached the 100,000 clients mark and opened its Taxpay division. This expansion continued into the 1990s. In 1991, Paychex formed the human resource services (HRS) division, with new offerings such as employee handbooks, employee evaluation, employee testing tools, insurance products and services, and section 125 cafeteria plans. Paychex acquired two California based companies, Pay-Fone and Payday in 1995. The company expanded its client base to 210,000 clients and its Taxpay division reached 100,000 clients mark. During 1995, Paychex’s HRS division introduced its 401(k) Recordkeeping service. In 1996, the company acquired California-based Olsen Computer Systems and Florida-based National Business Solutions. Paychex acquired Advantage Payroll Services (Advantage), a provider of payroll and tax-filing services, in 2002. The acquisition of Advantage provided Paychex with more than 49,000 new clients. Paychex acquired InterPay, a wholly owned subsidiary of FleetBoston Financial (a Boston, Massachusetts–based bank), in 2003, for $182.3 million. In the same year, the company was selected by the American Institute of Certified Public Accountants (AICPA) for its payroll services. Subsequently, Paychex acquired Stromberg’s (a provider of time and attendance and workforce  management solutions) ‘Time in a Box’ product line, a Windows-based time and attendance solution for small to medium-sized enterprises (SMEs). In 2005, the company and the American Bar Association (ABA), a voluntary bar association of lawyers and law students, teamed up to offer attorneys nationwide free access to continuing legal education (CLE) through a series of live teleconferences. In the same year, Paychex launched Accountant Advisory Boards in three cities in the US, further accentuating its focus on partnering with accounting professionals who play a vital role in influencing the purchase decisions of small business owners. Paychex added Paychex COBRA Administration to its suite of human resource services for SMEs, in 2006. In the following year, the company introduced Tax Credit Services, a product that provided SMEs across the US with a tool to help them identify and apply for wage-based tax credits they may be eligible to receive. Subsequently, Paychex acquired Hawthorne Benefit Technologies, a privately held company in San Diego, California, and BeneTrac, a provider of online employee benefit administration solutions. In 2007, the company launched Paychex workers’ compensation payment service, which is an expanded service to include Paychex major market services (MMS) clients. In the same year, Paychex and Taleo, a provider of on-demand talent management solutions, formed a strategic  alliance to allow SMEs to compete in the recruiting and retention of top talent. Subsequently, Paychex and BeneTrac integrated Paychex preview payroll software and BeneTrac’s web-based benefits enrollment and  administration technology. Later in the year, Paychex launched the Paychex accountant knowledge center, an online resource center available on the accounting portal of www.paychex.com.

Purinex, Inc Warren Buffett Essay

1. What is the possible meaning of the changes in stock price for Berkshire Hathaway and Scottish Power plc on the day of the acquisition announcement? Specifically, what does the $2.55 billion gain in Berkshire’s market value of equity imply about the intrinsic value of PacifiCorp? Answer1: The increase in the stock price of Scottish Power plc and Berkshire Hathaway indicate a market approval for the acquisition and created value for both buyers and sellers. Answer2: a. the possible meaning of the changes in stock price is due to the fact that the deal created value for both buyers and sellers; Berkshire was more diversified after the acquisition. b. The $2.55 billion gain in Berkshire’s market value of equity implied that the intrinsic value of PacifiCorp was good because it fell within the range of competitors based on the following calculations: $2.55 billion / 312/18 million = $8.17 – Berkshire is willing to pay this premium for each share of PacifiCorp 5.1 billion / 312.18 million = $16.30 per share of PacifiCorp $8.17 + 16.30 = $24.47 (see Exhibit 9) Answer3: The possible explanations in the change in stock price for Berkshire would be for a couple of reasons. One of them is that investors invest based on the behavioral finance theory which implies that their investments are driven by psychological factors. These factors would be that believing that Mr. Buffet is the guru of investment, therefore he is right and it must be a very good investment. Moreover looking at the financial statements of march 2005 we see that the book value of PacifiCorp = 3377.1 Billions/312.12 million shares =$10.82 per share. However, the increase of 2.17 billion dollars at the day of the announcements of Berkshire implies that that true value of PacifiCorp should be higher if we divide the 2.17 billions /312.12 million shares we have that the PacifiCorp share should have a $ 6.95 dollar value higher. 2. Based on the multiples for comparable regulated utilities, what is the range of possible values for PacifiCorp? What questions might you have about this range? Answer1: a. we find the range of possible values for PacifiCorp in Exhibit 10. i. Revenue median of $6.252 Billion, mean of $6.584 Billion. ii. EBIT median of $8.775 Billion, mean of $9.289 Billion. iii. EBITDA median of $9.023 Billion, mean of $9.076 Billion. iv. Net Income median of $7.596 Billion, mean of $7.553 Billion. v. EPS median of $4.277 Billion, and a mean of $4.308 Billion. vi. Book value median of $5.904 Billion, mean of $5.678 Billion. b. Question about revenue; the implied value of PacifiCorp is giving impractical results for range of revenue as compared to EBIT, EBITDA, & Net income (Expected: Revenue > EBITDA > EBIT > NI). Answer2: Alliant E. Corp Low price P/E =23.50/1.42=16.55 High price P/E =28.80/1.42=20.28 Cinergy Corp Low price P/E =34.90/1.42 =16.23 High price P/E =42.60/2.15=19.81 NSTAR Low price P/E =22.70/1,79=12.75 High price P/E =27.20/1.78 =15.28 SCANA Corp Low price P/E =32.80/2.34=14.02 High price P/E =39.70/2.34 =16.93 WEC Low price P/E =29.50/2.62=11.26 High price P/E =34.60/2.62 =13.21 Industry average low price P/E=14.20 Industry average high price P/E =17.11 PacifiCorp EPS =0.81 Stock price of PacifiCorp= EPS x (P/E industry) Range of PacifiCorp possible values Low price >0.81Ãâ€"14.20= $11.50 High price >0.81Ãâ€"17.11=$13.86 Possible value for PacifiCorp using EBITDA Total value Company =market value + net debt Market multiple =total value company /EBITDA EBITDA Alliant E. Corp= 7.45x NSTAR 7.53x SCANA Corp 9.25x WEC 8.47x Average =8.18x Total value of company = Market multiple X EBITDA PacifiCorp’s EBITDA=1093.30 Market multiple =8.1 Value of PacifiCorp = 8.18Ãâ€"1093.30 =8,943.19 million dollars 3. Assess the bid for PacifiCorp. How does it compare with the firm’s intrinsic value? As an alternative, the instructor could suggest that students perform a simple discounted cash-flow (DCF) analysis. Answer1: If you use CAPM for the simple DCF analysis: K=rf+B(rm-rt) rf =5.762K=5.762+.75(10.5-5.762) B=.75=9.32%=Discount rate rm=10.5 $5.1/(1+.0932)=$4.76 => it is in range of the rest of the comparable firms. Answer2: 4. How well has Berkshire Hathaway performed? How well has it performed in the aggregate? What about its investment in MidAmerican Energy Holdings? Answer1: Overall, Berkshire Hathaway has performed brilliantly in the last 40 years. Berkshire’s class A shares have been among the highest-priced shares on the New York Stock Exchange, in part because they have never had a stock split and never paid a dividend, retaining corporate earnings on its balance sheet in a manner that is impermissible for private investors and mutual funds. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 40 years. Answer2: It has performed very well. Berkshire Hathaway has consistently outperformed the market since its inception in 1965. In 1977, the firm’s year end closing share price was $107; on May 24, 2005 the closing price on its Class A shares reached $85,500. Berkshire has had an annual increase of wealth of 24% since 1965, which is more than double the 10.5% of the average increase for other large stocks. It started out with a decline due to inflation, technological change, and intensifying competition from foreign competitors, but has recuperated well after closing the textile side of their business. Berkshire Hathaway had recently been performing below S&P 500 Index according to Exhibit 1, from April 2005 to May 2005. Scottish Power had consistently outperformed the S&P 500 Index from March to May 2005. This probably was one aspect that attracted Berkshire to purchase PacifiCorp. We believe that it was a good investment. In 2002 they owned 9.9% of the voting interest and 83.7% of the economic interest in the equity of MidAmerican. This allows them to have a major stake in the company without violating utility laws, which has proven to be successful for them. According to Exhibit 6, MidAmerican Holdings had a net earnings of 170 million in 2004, but compared to 2003 net earnings of 416 million, MidAmerican had a net loss from 2003-2004. Acquiring PacifiCorp would supply much needed new, more profitable investments to raise their net income in 2005. Answer3: Performance of Berkshire since 1977 to 2005 PV=102 FV=85500 N=28 I=34% ` S & P performance since 1977 to 2005 PV =96 FV=1192 N=28 I=9.42 Berkshire has outperformed S & P by 24.58% 5. What is your assessment of Berkshire’s investments in Buffett’s Big Four: American Express, Coca-Cola, Gillette, and Wells Fargo? Answer1: They invested in well established and successful firms. They put a lot of money up front for these investments, but since have made substantial gains for their investment. The total cost to Berkshires investment in the Big 4 was $3.832 Billion, but the market value of their investment was $24.681 Billion. This means that Berkshire’s current gain on their investment in the big 4 is $20.849 Billion. Their gain is 5.44 times their investment I would have to say that these were very well thought out and successful investments. Answer2: Buffet’s approach of investments is based on the fundamental analysis of the company itself. It is based on simplicity and consistency of its operation history, attractiveness of long term prospects, quality of management and firm’s capacity to create value. The big four, Coca-Cola, American Express, Gillette and Wells Fargo have all these characteristics. For instance Coca- Cola has been in business since 1919(Reuters). It is a multinational with the biggest market share worldwide. Coca-Cola’s finished beverage products bearing its trademarks are sold in more than 200 countries (reuters.com). Buffet looks at what the consumers are looking for and what the general economic trend is at that time and what it will be over time. He researches a company as a whole and looks at what people want and what people are transitioning into in the future. For instance most of his investments in the big four were done in 1992. During these 13 years we can see how well the big four have performed compare with the S& P 500 S & P 500 At January 1992 adjusted to dividends and splits =408.78 At December 2005 adjusted to dividends and splits =1248.29 n=13 Return =8.96% American Express. Price at January 1992 adjusted to dividends and splits =4.02 Price at December 2005 adjusted to dividends and splits =49.68 N= 13 Return =21.34% Wells Fargo Price at January 1992 adjusted to dividends and splits =2.69 Price at December 2005 adjusted to dividends and splits =28.25 N=13 Return =19.82% Coca-Cola Price at January 1992 adjusted to dividends and split =14.5 Price at December 2005 adjusted to dividends and splits 37.50 N=13 Return =7.50% 6. From Warren Buffett’s perspective, what is the intrinsic value? Why is it accorded such importance? How is it estimated? What are the alternatives to intrinsic value? Why does Buffett reject them? Answer1: a. the discounted value of the cash that can be taken out of a business during its remaining life. Intrinsic value is per-share progress. Buffett assessed intrinsic value as the present value of future expected performance. b. Because if focuses on ability to earn returns in excess of the cost of capital, not accounting profit. Only logical way is to evaluate the relative attractiveness. c. The gain in intrinsic value could be modeled as the value added by a business above and beyond the charge for the use of capital in that business. d. Accounting profit, performance of Berkshire by its size, consolidated reported earnings e. Accounting reality was conservative, backward looking, and governed by GAAP (measures in terms of net profit). Investment decisions should be based on economic reality. This includes intangible assets such as patents, trademarks, special managerial expertise, reputation, etc. Answer2: The definition of intrinsic value according to Mr. Buffet is the present value of all future expected cash flows or performance. The measurements of intrinsic value are focused on the ability of the company to earn a return in excess of the cost of capital including the opportunity cost. Intrinsic value is not based only on the net profit. Alternatives to intrinsic value: 1) Accounting profit. Mr. Buffet believes that the true value of a company is based on its intrinsic value not on its accounting profit. Financial statements prepared by accountants are conformed around rules that do not adequately represent the economic reality of business. 2) Technical analysis. Mr. Buffet rejects the technical analysis that attempts to predict the stock prices based on momentum of trends. He believes in long term investment. 3) Efficient market hypothesis. Mr. Buffet rejects the efficient market hypothesis theory (EHM). He believes that there are opportunities out there. Investing should be based on information analysis of the company. 7. Critically assess Buffett’s investment philosophy. Be prepared to identify points where you agree and disagree with him. Answer1: Warren Buffett has a very simple method of investment strategy compared to other investors. Buffett’s philosophy is defined in 8 elements. We will discuss whether we agree or disagree with each one individually. We agree with Buffett’s first element of analyzing economic reality of investments. Most investors focus on financial statements and net profit, but don’t take into consideration intangible assets such as management experience and patents. We also agree with Buffett’s second element of lost opportunity cost comparison. By analyzing expected returns of an investment compared to the rate of return of using that same investment money in another investment, Buffett takes a simple idea that everyone uses in almost every decision, and applies it to a much more complex investment strategy. Everyone weigh’s the alternative when making a decision, whether that decision is a choice of a coffee or a coke or something more complex like a college education versus not getting an education. Buffett uses the third element of intrinsic value instead of book value or historical data to determine his investment choices. We agree with this element, but do believe a combination of the two methods would work better to show historically how the company has performed, and how much that company will be worth in the future. The rate of return reflects more of the economic value of an investment. In the fourth element, Buffett measures performance by per share basis. We do agree with his reasoning for using this method, but we think overall performance should be measured as well to show a better figure of what the whole is worth compared to the parts. The fifth element is one that we don’t agree with. Buffett uses a 30 year U.S. Treasury Bond Rate of Return instead of the traditional CAPM rate, because he believes that his investments are so solid, they don’t need risk factored in. We disagree with his choice for rate of return because all investments have a degree of risk, and return should be factored according to that level of risk. Buffett not believing in risk is like someone not believing we breathe air. Even though we can’t see it, it is still there. The sixth element is also a point of disagreement for me. Buffett says he doesn’t believe in diversification of investments, even stating that diversification is considered protection against ignorance. What Buffett does not realize is that by saying he does not believe in diversification, he is being a hypocrite. Berkshire Hathaway itself is a massively diverse company with several subsidiaries and holdings in many different industries from apparel to energy. Buffett may own most of his stock in his own company, but he knows by diversifying Berkshire, he will avoid adding more risk, which is exactly the strategy that is used by other investors when diversifying their stocks. We agree with the seventh element that investment decisions should be made by doing proper research on information about the company, and not by following an anonymous tip or a gut feeling. Finally, we agree with the eighth element that a firm’s management and shareholders should have the same goals for the firm. Management should have most of their wealth in company stock so as to serve the shareholders better in day-to-day decision making that affects the value of their investments. Answer2: Mr. Buffet does not believe in diversification. We believe that diversification helps in times like the one that the market is having right know. For instance stock value of American Express in the last year has ranged from $53 a year ago to $15 dollars this week resulting in a loss of 70 % and also the market value of Wells Fargo is down by 65% (yahoo finance). If you compare those two companies with the S & P during the last year it is only down by 40%. This also means that market risk is still there. We believe that Mr. Buffet has not had a situation in the economy such as the one that the country is having now. Even he, the guru of investments is losing money, so we know that the risk is there. We agree on his philosophy on investing behavior. It should not be driven by emotion or hunch but should be a well thought out plan that came about by information, analysis and self-discipline. If you go by hunch or emotion then anyone can work you up and sell you the worst deal of your life, but make you think it is the best one you will ever get. We agree with his belief on the alignment of owners and investors. It is always a good thing when the owner has more than 50% of his net worth invested in the company because the goal would definitely be increasing shareholder wealth. 8. Should Berkshire Hathaway’s shareholders endorse the acquisition of PacifiCorp? Answer1: Yes, PacifiCorp will add around $250 million in net income for MidAmerican Holdings if PacifiCorp keeps at its same net income pattern of the last two years. This added net income will increase shareholder wealth in Berkshire Hathaway and provide a stable long term investment for the future. Also, since PacifiCorp’s intrinsic value is comparable to the industry, Berkshire is not adding much more risk to their portfolio. Berkshire should look at adding more of these type safer investments to their portfolio. Answer2: The Berkshire Hathaway shareholders should endorse the acquisition of PacifiCorp. It took a while for Mr. Buffet to finally invest their cash equivalents because he was looking for an â€Å"elephant† which is a company that makes significant gains. Factors that make it a good acquisition include the fact that PacifiCorp is a low-cost energy producer but has the biggest market share among the energy companies which is 1.6 million customers divided among 6 states plus the intrinsic value of the company is much higher than the market value of PacifiCorp.

History of Papermaking From Papyrus to Dixie Cups

History of Papermaking From Papyrus to Dixie Cups The word paper is derived from the name of the reedy plant papyrus, which grows abundantly along the Nile River in Egypt. However, true paper is made of pulped cellulose fibers like wood, cotton or flax. First There Was Papyrus Papyrus is made from the sliced sections of the flower stem of the papyrus plant, pressed together and dried, and then used from writing or drawing. Papyrus appeared in Egypt around 2400 B.C. Then There Was Paper A courtier named Tsai-Lun, from Lei-yang in China, was the first recorded inventor of paper circa 105 A.D. Tsai-Lun presented paper and a papermaking process to the Chinese Emperor and that was noted in the imperial court records. There may have been papermaking in China earlier than the above date, but inventor Tsai-Lun did much for the spread of papermaking technology in China. Chinese Papermaking The ancient Chinese first made paper in the following fashion. Plant fibers such as hemp were soaked and beaten into a sludgeThe sludge was strained through a cloth sieve attached to a frame that also served as a drying platform for the resulting paper Newsprint Charles Fenerty of Halifax made the first paper from wood pulp (newsprint) in 1838. Charles Fenerty was helping a local paper mill maintain an adequate supply of rags to make paper when he succeeded in making paper from wood pulp. He neglected to patent his invention and others did patent papermaking processes based on wood fiber. Corrugated Papermaking - Cardboard In 1856, Englishmen, Healey and Allen, received a patent for the first corrugated or pleated paper. The paper was used to line mens tall hats. American, Robert Gair promptly invented the corrugated cardboard box in 1870. These were pre-cut flat pieces manufactured in bulk that opened up and folded into boxes. On December 20, 1871, Albert Jones of New York NY, patented a stronger corrugated paper (cardboard) used as a shipping material for bottles and glass lanterns. In 1874, G. Smyth built the first single sided corrugated board making machine. Also in 1874, Oliver Long improved upon the Jones patent and invented a lined corrugated cardboard. Paper Bags The first recorded historical reference to grocery paper bags was made in 1630. The use of paper sacks only really started to take off during the Industrial Revolution: between 1700 and 1800. Margaret Knight (1838-1914) was an employee in a paper bag factory when she invented a new machine part to make square bottoms for paper bags. Paper bags had been more like envelopes before. Knight can be considered the mother of the grocery bag, she founded the Eastern Paper Bag Company in 1870. On February 20, 1872, Luther Crowell also patented a machine that manufactured paper bags. Paper Plates Paper foodservice disposables products were first made at the beginning of the 20th century. The paper plate was the first single-use foodservice product invented in 1904. Dixie Cups Hugh Moore was an inventor who owned a paper cup factory, located next door to the Dixie Doll Company. The word Dixie was printed on the doll companys front door. Moore saw the word every day, which reminded him of dixies, the ten-dollar bank notes from a New Orleans bank that had the French word dix printed on the face of the bill. The bank had a great reputation in the early 1800s. Moore decided that dixies was a great name. After getting permission from his neighbor to use the name, he renamed his paper cups Dixie Cups. It should be mentioned that Moores paper cups first invented in 1908 were originally called health cups and replaced the single repeat-use metal cup that had been used with water fountains.

Mid term Questions Assignment Example | Topics and Well Written Essays - 1000 words

Mid term Questions - Assignment Example On the other hand, computer worms do not strike a specific victim (computer). Should this happen, a state(s) or man’s civilization may retrogress by 200 years, into the pre-electricity era. Question 2 It is most likely that P2P software will be replaced by the new subscription sites such as Spotify. This is because, the fact that there are more than 22 million peers who are connected to P2P file system is likely to attract a court verdict which is inimical to the use of P2P file sharing system. Court verdicts against high-profile file-sharing systems may in turn birth the emergence of technically more superior and sophisticated platforms. This is especially the case when expedited attempts to disable P2P file systems infrastructure are made. This postulation is verified by the manner in which the shutting down of Napster changed file sharing, following a court verdict. Napster users did not deal file-sharing a coup de grace, but only gave newer and more sophisticated platforms such as KaZaa and Gnutella a larger purview. KaZaa and Gnutella also experienced the same fate in Grokster v. Supreme Court, 2005. Question 3 Lakhani postulates that the reason why Facebook is bigger than its competitors in terms of connections is partly explained by Metcalf’s Law. Originally formulated by Robert Metcalf (b. April 7, 1946), Metcalf’s Law states that a telecommunication network’s value is proportional to the square of the number of the number of users who have connected themselves into that system. To this effect, just as the value of every fax machine increases with the total sum of fax machines in the network, the total number of Facebook users with and to whom every member may posts and receives documents increases. Because of this, the greater the number of users of a social online network (Facebook) is, the more valuable Facebook services become (Lakhani, 164). Question 4 Interestingly enough, in 2006, Second Life was the future and vice ve rsa, but this is contrary to the present situation. Some of the reasons why Second Life is not the future include: technical lacunae; moral gaps; legal drawbacks; and the failure to address security concerns. According to Kane, Robinson-Combre and Berge, the technical lacunae came in the form of Second Life’s failure to budget for server resources. This is a serious failure since Second Life’s virtual real estate as an online world that is owned and run by Linden lab is used by residents who need long-term in-world content which they own, have created or both. The crux of the matter herein is that both Second Life’s residents and Linden Lab’s users make money from the former, through trading, while using virtual real estate. Thus, Second Life’s failure to budget for server resources would lead to serious legal implications which readily invited financial responsibility. For instance, the amount of land a resident owned in a region specified the num ber of objects which may be placed in the region and the area in which they may be placed. Nevertheless, alternative region servers such as network bandwidth and CPU time are seldom budgeted in like manner and thereby bringing about problematic situations (Kane, Robinson-Com

Corporate finance 501 case assigment 5 Mergers and acquisitions Essay

Corporate finance 501 case assigment 5 Mergers and acquisitions Oracle-Sun Merger - Essay Example The paper will firstly deal with the impact of this merger on the shareholders of each of the companies. The paper will also provide a brief overview of how the financial condition of both the companies has improved post the merger. The paper will further deal with how the two companies together prove to be more profitable than each of them individually and how the companies prove to be more successful. The merger of the two companies has proven to be very helpful and beneficial to the shareholders of both the companies. Issues that have been prevalent in the organizations individually are now being treated and improved. These improvements simply mean more sales and higher revenue which in turn simply means that the shareholders earn more. The businesses provide the shareholders with a high return and together the two companies are able to beat the tough competition that they faced from companies like Microsoft. Hence with the increased availability of resources and a combination of excellent products, the company will be able to generate higher revenues thereby providing the shareholders with better results and returns. In a presentation by Sun, the company has listed out a few of the benefits for the companies individually as well as in a partnership. The report stated that for the Sun customers, ‘Oracle plans to protect, extend and enhance customers’ investments after closing’ (Sun). The company also expects that there will be higher investments and innovation in the research and development and also extended value for better and more rounded off products. Also the Sun customers will be able to use the global systems and services of Oracle. In the case of the oracle customers, ‘Reduces integration costs while improving performance, reliability and security of the system’ (Sun). The customers would also gain a complete and integrated line of standards based products as