Light in the Cave Essay Example | Topics and Well Written Essays - 500 words - 11

Light in the Cave - Essay Example The view from halfway up the hill was spectacular. The impenetrable darkness of the cave had vanished as it looked illuminated. I wondered why. I slurped down hot coffee from my flask. It was soothing and I felt at peace, but my friends appeared restless. Suddenly I could see the green all around me and the glimmering hollows in trees. Sun’s rays were filtering through the trees that towered high. The view of the river flowing down the gorge on a clear day was terrific. The waters glistened in the sun. I had been oblivious to the natural world around me. Cold breeze from the riverside was comforting. The sound of soft rustling of the leaves and birds singing from a distance made the day more pleasant. My friends became animated instantly when I became ready to continue the climb. The climb was difficult but thrilling. I hopped over logs and readily crawled under bushes but never did I feel sick or tired. But my friends wanted to keep me behind them. We soon spotted the path th at wound up in the cave. The opening was too narrow to let any light in. I was curious to explore but my friends took me aside for a picture of a cliff nearby. It was still midday but cold near the limestone cave. The outer walls of the cave were smooth in some places but rough in other places. As I was standing with my back to the cave looking down the ravine, I felt a touch on my back. What a surprise it was! They were my two other friends. They had lit up the cave with firewood and candles. They gave me the best surprise on my birthday.

Improving absenteeism and exceeding break time limits at Walmart Research Paper

Improving absenteeism and exceeding break time limits at Walmart - Research Paper Example em and area for improvement (b) impact of the organization’s culture, (c) client and practitioner’s considerations, (d) diagnostic process and data collection, (e) overcoming resistance to change, (f) action plans, strategies, and techniques, and (g) OD intervention analysis. Ultimately, absenteeism leads to labor turnover. Every year, Wal-Mart needs to recruit, hire, train and retain more than 790,000 employees to refill a gap created by the left employees; it is estimated, in 2005, Wal-Mart employed 1.8 million employees globally and the turnover rate was 44 percent (Boudreau, 2010, p.125). Some conservatives estimates highlight that the turnover rate has reached to the level of 50 percent in the recent years clearly indicating that the Wal-Mart employees have developed sense that they are under-paid, offered inadequate health benefits and insecure career growth and so on (Jackson et al., 2012, p.15).This state of affair indicates that the existing causes and trends in absenteeism need to be revisited and overhauled. Before going to revisit the existing human resource policy of Wal-Mart, it is reasonable to further understand the impacts of the existing policy. In 2004, Costco hired and employed 68,000 workers and 25% of them were unionized, while Wal-Mart’s Sam’s Club employed a total of 102,000 in the same year (Holmes and Zellner, 2004). In the same article, the authors mentioned that in terms of wages alone, a Costco employee generated and earned, on average, $33,218 ($ 15.97 hourly). On the other hand, the average Sam’s Club employee earned $23, 962 ($11.52 per hour). Hypothetically speaking, if a Costco employee voluntarily quits, the turnover cost would be around $ 49,827 (1.5 times annual salary); and Sam’s Club employee would cost $ 35, 943. At the face of it, it may appear as if the low-wage strategy at Sam’s Club generates higher savings in terms of turnover but actually it is not the case (Cascio, 2006, p.42). Cascio (2006) further

Education Expenditure and Economic Growth in Nigeria Essay Example for Free

Education Expenditure and Economic Growth in Nigeria Essay Education is a process in which knowledge and social capabilities demanded, are acquired. It is to a nation, what the mind is to the body, just as a deceased mind is handicapped in the co-ordination and direction of the bodily activities setbacks in the education system would act as a hindrance to economic development. Thus, the single most significant complex of social-control tools for national development is found in the educational system; be it formal or informal. (Uwadia , 2010). It is also accepted that the development of any nation depends largely on the development of the human population in that nation which can majorly be improved through education. Smith (1937) stressed the significance of education in human capital formation. Therefore it follows that a reduction in the investment in education would affect the stock of the overall human capital base and productivity. Thus investment on education is considered to be a critical element to alleviate poverty, reduce unemployment and increase economic growth (Chukwu, 2011). It is with this knowledge that The UNESCO recommended that 26% of the annual budget be allocated to the Education sector and the agreement between the Federal Government and Staff unions on October 22, 2009 was also aimed at the improvement of the education sector. However in our study we would realize that a country like Nigeria has been operating below the percentage recommended by UNESCO as our expenditure on education usually lies around 5.3%. According to the Federal Ministry of Education (2003), the educational system in Nigeria faced ill periods between 1979-1995 due to resurgence of instability and financial inadequacies in the management, and was affected by the general economic downturn of the 1980s. In response to this, the Federal Government subsequently increased the budget allocation to education in the following years. These increments can be observed from 1995-2004 whereby education expenditure increased from N12,816,400,000 in 1995 to N93,767,886,839 in 2004. A total increase in expenditure by 631.63%. Such a huge increase in education expenditure should initiate a relatively large increase in the Nigerian education system. It is however apparent that the growth of the Nigerian economy has led to an increase in the National budget allocation to education over the years but how this in turn has played a role in the development of the Education sector, remains a puzzle unsolved. All these provoked the conduct of this study. In this vain, it is expected that in a developing country like Nigeria that seeks to achieve economic development, the increasing amounts pumped into the education sector will be utilized effectively and in turn will result to the development of Education in Nigeria. However, this is not the case. A cursory glance at the quality of our education reveals that Nigeria is a long way from reaching neither the promised land of Education for all by 2015 nor its wide dream of being one of the 20 best world economies by 2020. With more money driven into the sector and nothing to show for it, one can then infer that the cause of our torpid education system is not financial inadequacy. On the other hand, it may be a contributing factor. Hence the need for our study arises. In the light of this, this study is carried out with the aim of highlighting the relationship between education expenditure and the development of the education sector. Also, we shall show how the education standard is deteriorating despite the increment in budgetary allocations from 1995 to 2004. Explicitly, the objectives are as follows; a.To determine and assess the pattern of Government expenditure on education. b.To ascertain the performance of the education sector in comparison to Government expenditure in the sector. This study is carried out on the Nigerian education sector with emphasis on Nigeria’s budget allocation to Education and so all resources and observations to be made are restricted to Nigeria. Data and information to be used in this research are secondary data obtained. These data are to be gathered between May 30th and June 17th, 2011. This research on the Nigerian Education sector shall be based on data from 1995 to 2004 (ten years). It was in this period that a steady increase in the budget allocation to the education sector was observed. Data required to carry out this research shall be extracted from; †¢The National Bureau of Statistics publications: Federal budgetary allocations. †¢Ministry of Education, Awka Zonal Office †¢The Joint Admission Matriculation Board (JAMB) Zonal Office †¢The National Examination Council (NECO) – zonal office †¢The West Examination Council (WAEC). †¢The Central Bank of Nigeria –Annual publications on the National budget. In this research paper, the ordinary least squared method will be employed using annual time series data (1995-2004), in order to assess the impact of education expenditure on the development of the sector. This work will be done in the form of a research paper because it is an expanded essay that presents out own interpretation, evaluation and argument. We have succeeded in building upon what we know about the statement of the problem at hand.

Study of Initial Public Offerings in Saudi Arabia

Study of Initial Public Offerings in Saudi Arabia This research focuses and does a relative comparison of initial public offerings (IPOs), their motivation and pricing within Saudi Arabia and the United Kingdom (UK). It looks at their respective trading bourses or stock exchange markets and the process companies go through in order get publicly listed on these trading bourses and in an attempt to raise capital from the public. The paper also addresses the economic dimension of IPOs within the respective countries, and its impact on the companies that do decide to issue and go through an initial public offering (IPO). The overall approach used to accomplish the research involves a comparative study of initial public offering (IPO) processes, the motivation of going public for companies in both Saudi Arabia and the United Kingdom, and the pricing structures for the initial public offering (IPO). Needed information or data involves a look at both countries regulatory bodies, in this case the capital markets authority (CMA), from which much needed information on trading processes is be inferred from, as well as looked at. The use of questionnaires to top management of selected firms is used to give an insight into the motivations for private firms desiring to do an initial public offering (IPO). It becomes clear at the end of the study that the motivation for going public remains primarily the same across both countries, the only difference being within their regulatory bodies and requirements for doing so. Background of the Study During the last two decades, initial public offerings (IPOs) have seen a dynamic expansion in markets around the world. A literature search indicated that substantial research has been done on this topic and it has attracted policy makers attention. In addition, the IPO market has proved to involve potential uncertainty and risk due to the large amount of money invested (Ritter, 2002). Initial public offerings of stocks are the foremost important channel of new capital flow to young companies (Gregoriou, 2006). It is also defined by (Draho, 2004) as An IPO is the first time that the shares in a company are sold to public investors and subsequently traded on the stock market. Going public process is a stage when a company sells shares traded equity for the first time. For a private firm to enter the IPO, it needs an established business plan to indicate to stakeholders of the goals in which the firm will be working towards. Moreover, IPOs is a way to increase liquidity of the company that need for growth through the sale of companys owners shares to investors who believe that the company has a successful future. Going public process is preceded by the most vital process which is valuation and the principle behind this process is to justify the price of the shares which are offered to the public. Evaluation process is essential for the company to consider its value in comparison with other firms in the stock market. Moreover, it tells the company the highest price should be offered, and it will inform the buyer that the lowest price should be pay. The company should have a skilled team management, qualified accountants and underwriters to satisfy the requirements of going public and to identify the future aims and strategy after going public. (Stanley, 2005). Thereafter, other stage should take place known as Due Diligence in order to ensure that there is no opportunity for uncertain information. This stage includes advertisements which taken out in newspapers must present the entire company prospectus. The going-public process will also include a group of banks and brokers, as mentioned, to establish a price per share and the proposal must be admitted to the official list by the listing authority in the issuing country. After this is accomplished, an underwriting period allows shareholders to sell their shares to the public at the issue price; this period varies from company to company depending on company goals. It is obvious that this procedure requires time and money however; it is worth if considering long term benefits (Geddes, 2003). With regard to motivations, this study will cover the most common to give a better understanding of the advantages. Several factors are considered by decision makers to encourage companies to go public, including the chance to increase shareholders wealth by expanding operations, to enhance the companies reputation and prestige, create better organization by attraction of employees. Going public promotes a firms acquisition value and boosts customer confidence. In addition, an IPO is an easy way to finance a firm and to diversify its operations (Benton, 2005).Rousseau and Wachtel (2002) argued that the stock market provides a developed mechanism to improve the economy and raise growth rate due to liquidity exist to investors which can be used in new projects. However, financial factors are still the most important considerations in going public (Madura, 1998). IPOs are attractive and occur more regularly when other investment opportunities are not as attractive as these offerings, but as with any decision, going public has disadvantages as well as advantages. If a companys shares are traded on the stock market, it will lead to a change in ownership structure as well as a loss of control by principals; therefore, the decision making will be shared(Albarak,2005) Regarding an IPO in Saudi Arabia, transformation of enterprises companies in the kingdom to the join -stock ones is not a new experience, but the number of joint- stock companies was very little.In 1984, a decision was decree to start trading shares through local banks. In the same year, it was formation of a ministerial committee to oversee the market. Saudi Monetary Agency took over control and supervision of the market operations in 1985. 1990 it was the year of introducing the first electronic system for trading shares in Saudi Arabia. In 2001, was launched (Tadawel) trading system, add modern techniques and characteristics to keep pace with developments in the world. Financial market environment has been developed; rules and the issuance of new regulations were established. As a result of these developments Capital Market Authority was established in 2003 according to the latest standards and foundations. The combination of stock market and oil prices, has given a strong boost t o the Saudi market. CHAPTER TWO: LITERATURE REVIEW 2.1 Introduction This chapter tends to expound on the comparison between the initial public offering (IPO) process, pricing, and the IPO implication to firms in Saudi Arabia and in the United Kingdom (UK). Several researches have been undertaken throughout the world, discussing IPO processes and its impacts on economies and businesses. Most of these previous researches have been pursued by considering a specific country; have but lacked effective comparisons with other economies. In this study, the extra mile is achieved by selecting two entirely different economies, in terms of IPO processes and financial regulations. Discussion on early researches have been made along with the effective exploration and comparison of the existing IPO process, its implications and pricing issuesà ¢Ã¢â€š ¬Ã¢â‚¬ considering Saudi Arabian and UK economy. Initial public offerings of stocks are the foremost important channel of new capital flow to young companies (Gregoriou, 2006). It is also defined by (Draho, 2004) as the first time that the shares in a company are sold to public investors and subsequently traded on the stock market. The going public process is a stage in which a company sells shares to the general public and traded as equity on a trading bourse for the first time. For a private firm to enter the IPO, it needs an established business plan to indicate to stakeholders of the goals in which the firm will be working towards. Moreover, IPOs are a way to increase liquidity of the company that need for growth through the sale of companys owners shares to investors who believe that the company has a successful future. 2.2 Initial Public Offerings (IPOs) When a private company undertakes to go public via divestment of its private equity or stock, it is said to be getting into an initial public offering (IPO). The two main reasons most firms go public include acquisition of additional capital to finance growth or the raising of finances to pay off debt. Since initial public offerings (IPOs) denote the public trading of a firms shares, it has long been documented by various literatures that many first-day trading is usually abnormal. Huge price gains are the norm in IPOs between the offer price and the closing price by the end of trading on day one. This difference in the gain in prices is rarely justifiable since the main aim of IPOs is to raise money for the company, yet as seen, money is left on the table in most instances that the company could have gained from. Academic scholars and financial experts continue to research and look into this anomaly that has continued to baffle the industry (Ritter Welch, 2002). 2.2.1 The IPO Process in Many Countries For many countries globally, the steps of going public are pretty much the same. The regulatory body in each country is usually the Securities and Exchange Commission (SEC), whose main role becomes a security agent in the prevention of fraud and in the protection of investor interest. Most IPOs begin with the selection of the investment bank(s) who serve as the companys underwriters. As an underwriter, the bank purchases shares from the company and sells them to the general public on behalf of the company. Due to the legal complexity IPOs can impose, attorneys are used to aid through the entire setup process. In certain instances, some firms opt to sell their shares directly to the public, but this is seldom the case. Registration statements are then prepared and submitted to the SEC. The statement contains reports of the companys fiscal health as well as the business plan during and after the IPO. Since the SEC is the regulatory body, it scans these statements and carries out its due diligence on the bank to ensure that it is in compliance with all rules and regulations needed to carry out an IPO. After finalizing with registration statements and while still waiting for SEC approval, a company needs to prepare what is known as a preliminary red herring prospectus. This is prepared with aid from the firms underwriters. The prospectus details the companys financial records, plans for the future, as well as specifications of what the price for the floated shares will be. This prospectus is primarily used by potential investors seeking more detailed information on a firm prior to buying shares and has a legal warning preceding the IPO as it awaits SEC approval. Completion of the prospectus gives way to a roadshow in which both underwriters and company officials visit various trading hubs within the country and promote the IPO. In other countries, this information is given to the public via gazette notices, broadcast announcements and distribution of prospectuses. The aim of this is to give potential investors as much information as possible regarding the company and attain feedback in relation to what potential investors feel about the whole process. Once the SEC has gone through the prospectus and given information and is satisfied all regulations and requirements have been heeded, it gives a nod for the proceeding of the IPO. Amendments are made by the company if the SEC still needs corrections to be made prior to their approval. In countries which have more than one stock exchange, the company must choose the exchange where its intended floated shares are to be sold and listed against. Arguably the most complex of all decisions in an IPO process is the decision on the price the floated shares will be sold at and how many of the same should be issued to the public. This is done with consultation with the companys underwriters. The underwriters buy huge stakes of the companys shares for sale to the market. Huge investors are also at times given the privilege to buy the same shares a day prior to listing the shares on the stock market. In countries like the US where the general public gets to buy shares in the secondary market and in which the company does not really gain from the sale at this point, the IPO process concludes for the company after underwriters and huge investors have bought the companys shares. In other countries, the general public is permitted to acquire shares from the primary market directly through stock brokers who deal directly for the company. 2.2.2 Initial Public Offering (IPO) Pricing and key Influencers/Players Traditionally, the IPO pricing was done by agreeing upon and fixing an issue price based on the capital they were trying to raise. This price was agreed upon by the company and the merchant banker. The general public was simply left with the obligation of looking at the price offered and deciding whether or not they would fill in an application form at the given price and subscribe to the issue. Researchers worldwide have arguably revealed that this method is the single largest reason for IPO under pricing (Stanley, 2005). Many IPOs are known to under price the value of a companys shares by as much as fifty percent. Said and done, neither the company nor the investment banker really ever knows the real price of the companys shares. Ironically, the answer to how much a share should be sold for falls at the discretion of the buyers since they are the ones who predetermine at the open of trading how much they are willing to pay for a share of stock. This is what can be described as the hallmark of a healthy IPO market (Shah, 1999). While this is not a realistically possible way to determine what price to sell the stock at, the underwriter looks at elements such as the value of the firm and compare it with that of similar firms, how much capital is needed from the IPO, conducts preliminary research to find out how receptive the market may be, and finally, sets upon the final decision on the price that should be floated to the general public for sale. Easy at it sounds, setting the IPO price is a very delicate and sensitive procedure that takes the effort of many stakeholders and combined calculations from accountants (Draho, 2004). Undeniably, the most important player during the IPO process is the underwriter. The underwriter in many instances is also the investment banker and his primary importance becomes that he has the appropriate distribution channels and contacts necessary for the companys shares. The underwriter also assists in determining the price of the IPO and creating enthusiasm for its listing (Geddes, 2003). The other key players include those involved in the IPO process like the SEC who are in charge of ensuring correct practices are adhered to, and last but not least the private equity company itself. The latter is extremely vital in the process as they have all insider information of the newly-to-be-listed company and any action from them can trigger a response within the trading bourse at the stock exchange. 2.3 Initial Public Offering (IPO) Process in Saudi Arabia In comparison with other developed stock exchange markets, the Saudi Stock Market (SSM) is much newer and classified as an emerging market within the Middle East and North African region. According to Al-Barrak (2005, p.32), there is no explicit list of documented IPO cases in Saudi Arabia and of all the listed companies on the SSM, just ten IPO cases occurred in Saudi Arabia from 1988 until 2004. In Saudi Arabia, companies, by law adopt the book-building process to go public. CMA handles all the application process and takes the decision on whether a company can go public or not. Eighty-five investment companies in Saudi Arabia took part in the book building process in 2009. According to the CMA, fraudulent activities can be handled beforehand, and this process ensures transparency, fairness, and equality in the system (Capital Market Authority (CMA), 2009, p 29). Oil revenues have provided great liquidity in the process of introducing new IPOs in Saudi Arabia. Investment banking in Saudi Arabia was still in its infancy until 2004, and very few firms had gone through an IPO (Al-Barrak, 2005). 2.3.1 Capital Markets Authority (CMA) Evaluation of IPOs The CMA binds firms and makes those requesting to have an IPO or seeking permission to get involved in other investment activities adhere and meet all legal, operational and financial regulations. In the process, companies are required to convince the CMA that the financial activity the company intends to get into or start is proper. Firms are also supposed to provide the evidence of all required financial and managerial expertise for any said financial undertaking (Ritter, 2002). 2.3.2 Future Developments Improvements are underway in the IPO and financial regulation process. Many private and family-owned businesses are thinking of going public due to the provision of an exit route through IPO. Regulations regarding any take-over by a company have also been laid out in an attempt to avoid hostile takeovers, and in ensuring fairness and transparency in the process. Other encouraging steps taken by the CMA have been in the defining and writing down of the listing rules, information and disclosures investors can get. These regulations, though not a quantum leap toward an ideal financial market, certainly boosted investors morale. Investors showed confidence, and Saudi Telecom experienced over 900,000 subscribers. Al-Hilad performance was amazing as the bank raised SR9 million of excess capital in 2005  [i]  . 2.4 Initial Public Offering (IPO) Process in the United Kingdom (UK) Within the United Kingdom (UK), there has been only one IPO between 1980 and 2003. The reason for this slow pace was deepened in the poor regulatory frameworks, and dual processes for having a conversion from a Limited Liability Company to publicly listing one. A strong regulatory framework could act as an incentive to the merger or listing, but such benefits have not been found within the UK in the IPO process (Ritter Welch, 2002). 2.4.1 Due Diligence To make sure that the company going public meets all necessary requirements, it is required by UK law that the companys accountants and legal advisors provide a comprehensive written report after reviewing the company from a complete legal, financial, and commercial perspective. In some cases like real estate where valuation matters a lot, the concerned investment banks are also required to submit a detailed due diligence report about valuation (Draho, 2004). 2.4.2 Pre-Initial Public Offering (IPO) Research Prior to starting any IPO promotion activity, the investment banks research analyst is responsible to make a research note on the company. This research note is issued two days prior to the IPO launch. Pre IPO law helps to educate and protect investors by providing the impartial review of the companys valuation. The research analyst provides the financial projections with their own perspective about company; which illustrated an element of impartiality in the entire process. This research also becomes a marketing tool and automatically sets market expectations regarding the company. The research note is written in light of the available companys data (Rousseau Wachtel, 2000). 2.4.3. Investor Presentation of IPO After completing all the pre-IPO requirements, presentations are used by management to promote the companys IPO. This process continues until three weeks prior of the listing. The sales team of the involved investment bank provides all the information needed by investors, and follows up the potential buyers. As investors have the option of submitting orders with their prices, the receiving or investment bank gets an idea about average price of a share that investors are willing and able to pay. While choosing the investors, companies prefer institutional investors due to long-term commitment they show. This is contrary to hedge funds which can affect a share price for short-term gains (Draho, 2004). 2.4.4 Disclosure Document The preparation of the companys prospectus is highly important for an advisor, as it can be used as a marketing tool to attract investors and for meeting the disclosure requirements of AMI and the prospectus rules for the listing companies. 2.4.5 Underwriting Agreement Within the underwriting agreement, two types of negotiations are involved: The first is between a company, its shareholders, and its respective legal advisors. The second is between an investment bank and its legal advisors. Involvement of a private equity investor is highly desired in the process (Benton, 2005). 2.4.6 Post Initial Public Offering (IPO) Requirement After a company registered as a listed company, both the investors and the board must follow the UK law, and operate the companys affairs within the stipulated UK regulatory regime. Adherence according to the financial services and market act of 2000 stipulates that insider trading laws, disclosure, and transparency rules must be ensured, as well.

What Was Life Like In Colonial Times? Essay -- essays research papers

What was Life Like in Colonial Times?   Ã‚  Ã‚  Ã‚  Ã‚  When the first colonists came to America there were not many things available to them. Their life was hard, almost impossible compared to life today. The early colonists spent almost every hour of everyday working to stay alive. They survived because they were committed to making their settlement grow. (John F. Warner- pg.12-13)   Ã‚  Ã‚  Ã‚  Ã‚  The first colonists had to make almost everything using only a few simple tools. They built their own houses, their furniture, and even the utensils they ate with. Farm life was also a big part of surviving. Family farms and plantations remained the backbone of life right up until the end of the colonial era.   Ã‚  Ã‚  Ã‚  Ã‚  The everyday clothing that the settlers wore was mostly thick and coarse. Men generally wore linen shirts and knee breeches along with wool stockings that came up over the knees. A jacket that was called a â€Å"doublet† was worn over the shirt. They wore wide brimmed hats and their boots were leather with double thick soles. Colonial women wore linen blouses too; they tucked the blouses into their long wool skirts. They also had wool stockings. The women covered their skirts with long white aprons and wore a white neck cloth over a sleeveless doublet. Some women wore hats similar to the men, but most wore a wool close fitting hat somewhat like a bonnet. The children’s clothing was very similar to their parents. Those we...

The Humane Work of Nurses & Voluntary Aid Detachments during WW1 :: World War I History

The Humane Work of Nurses & Voluntary Aid Detachments during WW1 The dictionary describes the word " humane " as ... "...humane adj. Kind, compassionate, merciful." and this was indeed so in the case of the volunteers who worked tirelessly to ease the suffering of the wounded soldiers of all combatants in the fields of northern France and Belgium, during the First World War. In the early days of the war, army nursing was strictly a male preserve, until it was necessary to recruit female nurses from the ranks of middle and upper class ladies. The warm summer days preceding the outbreak of war lent an air of adventure to the proceedings, and the feeling was that the coming conflict would be fought in a similar fashion to the previous cavalry and infantry- based battles of the nineteenth century. A few months intensive combat would be sufficient and everyone would be back in time for Christmas dinner. Similarly, these ladies were caught up in the initial fervour of patriotism, and being prohibited from fighting at the Front, were keen to "do their bit" for their country and their soldiers. Tired of knitting items of clothing destined for the trench es, they wanted to do something a little more substantial. The concept of `noblesse oblige` was suddenly revived as many stately homes and country houses opened their doors to wounded officers in need of convalescence, and everyone wanted to be seen in a nurse`s uniform. Indeed there were many well- connected aristocratic ladies who set up their own private ambulance groups, much to governmental consternation. The Dowager Duchess of Sutherland, through her contacts and single-minded determination, assisted the wounded at Namur, and used the fact that she was previously acquainted with both the German commandant and aide-de-camp to pester them for safe passage to Maubeuge. She wanted to get through the enemy lines to tend the Allied troops, but the commandant of Maubeuge put an escorted charabanc at her disposal and sent her to Ostend. The Millicent Sutherland Ambulance reached Renaix where the officer in charge sent them with a military escort to Brussels, where the American Ambassador, arranged for an American journalist to escort the party, with two German soldiers, to The Hague and thence Flushing and home. The publicity generated by her escapades set up an efficient and much- needed Red Cross hospital outside Calais. Women especially were keen to take up "the great adventure" because, for them, that` s exactly what it was. The Humane Work of Nurses & Voluntary Aid Detachments during WW1 :: World War I History The Humane Work of Nurses & Voluntary Aid Detachments during WW1 The dictionary describes the word " humane " as ... "...humane adj. Kind, compassionate, merciful." and this was indeed so in the case of the volunteers who worked tirelessly to ease the suffering of the wounded soldiers of all combatants in the fields of northern France and Belgium, during the First World War. In the early days of the war, army nursing was strictly a male preserve, until it was necessary to recruit female nurses from the ranks of middle and upper class ladies. The warm summer days preceding the outbreak of war lent an air of adventure to the proceedings, and the feeling was that the coming conflict would be fought in a similar fashion to the previous cavalry and infantry- based battles of the nineteenth century. A few months intensive combat would be sufficient and everyone would be back in time for Christmas dinner. Similarly, these ladies were caught up in the initial fervour of patriotism, and being prohibited from fighting at the Front, were keen to "do their bit" for their country and their soldiers. Tired of knitting items of clothing destined for the trench es, they wanted to do something a little more substantial. The concept of `noblesse oblige` was suddenly revived as many stately homes and country houses opened their doors to wounded officers in need of convalescence, and everyone wanted to be seen in a nurse`s uniform. Indeed there were many well- connected aristocratic ladies who set up their own private ambulance groups, much to governmental consternation. The Dowager Duchess of Sutherland, through her contacts and single-minded determination, assisted the wounded at Namur, and used the fact that she was previously acquainted with both the German commandant and aide-de-camp to pester them for safe passage to Maubeuge. She wanted to get through the enemy lines to tend the Allied troops, but the commandant of Maubeuge put an escorted charabanc at her disposal and sent her to Ostend. The Millicent Sutherland Ambulance reached Renaix where the officer in charge sent them with a military escort to Brussels, where the American Ambassador, arranged for an American journalist to escort the party, with two German soldiers, to The Hague and thence Flushing and home. The publicity generated by her escapades set up an efficient and much- needed Red Cross hospital outside Calais. Women especially were keen to take up "the great adventure" because, for them, that` s exactly what it was.

Neuro Pasta Case Analysis

That is when two firms – one profitable and one unprofitable merge together such that the loss of the one firm is offset by the other firm. Also, in certain situation Merger also helpful in increasing the debt capacity. 0 Diversification – Diversification will create value by reduction in unsystematic risk. The firms will diversify in order to move in to different businesses than what they are currently into. 0 Control – Merger will lead to more control to the acquiring managements as they will be handling the bigger management than before.However , the acquired firm's manager may be asked to leave the firm. 0 Purchase of assets below replacement cost – Merger can also happen in order to place the ageing assets or they want to acquire more assets which are currently operating with full capacity. 0 Synergy – This is the reason because of which most of the mergers happen. Synergy will result in more value than the additive values of the acquiring and acquired firms ( V ABA > VA +VI) From the standpoint of society, Most of the points are relevant to company like ICC.As Icily may look for diversification, that is they are currently into Indian and Chinese cuisine however the merger will help them to diversify into Italian cuisine. Also synergy effects will be there which will ICC. Sections, Group 2 3 Friendly Merger Hostile Merger Friendly merger happens when both the Both the firms will not be receptive acquiring company and target companies are receptive. Merger will happen through the agreement In hostile merger the acquiring company will use between the two companies. Lot of techniques to gain the control over the target company as they will not be agreeing for the merger.Acquiring firm uses techniques like proxy fights, tender offer to gain the power. In hostile merger the acquiring company will allow tender offer in order to acquire biding more than the actual value of stock. This money bid by the acquiring company will be m ore than the actual value of the share in order to gain power is the premium. Sections, Group 2 4 During the time of merger or acquisition, the interest expense is not tax effective which means taxation authorities may take a look as if it is for tax avoidance.This also means to take care that the profits of the parent company are not subsided by showing the interest expense of the target company and vice versa. This is particularly applicable only at the time of acquisition and not later. Hence, it is added later explicitly. Retained earnings are something presented on the other side of cash in the balance sheet. It is not the actual cash which the company can use when its balance gets low. But, it is actually the stockholder's claim which is apparently seen as cash and hence it is not actually available to the company.A similar situation would prevent the potential suitor/bidder to think twice before replacing the management Secondly, Enron's management can agree with the potentia l suitor on a mutually beneficial per share price which in turn would be lower than the high price if the bidder were to go for a hostile merger or a takeover. They may negotiate with the potential suitor in the price per share with an intention of Log-rolling to benefit both the parties. Thirdly, as Enron's management should consider positioning itself not as Just a brand but as a Brand owned by a trusted individual like CEO or a family. For e. G.It is not advertised that who owns Domino's and pizza hut because it is positioned in terms of pizza as a brand but we it is widely known who own has partnered Cataracts I. E. Data. B) Nero may adopt shareholder rights option, Golden parachute strategy as measures encouraged my Enron's management to Retire the Debt before the Acquisition and reissue and equal amount of debt post-merger. This is because the stockholders can tire at a lower performer rate and later can refinance to neutralize coinsurance effect. Also, they may think of Emplo yee poison pill strategy as anti-take over strategy but it would be unethical at times.It can still be thought of positively by Just threatening the bidder by showing support and strength of relationship between Management and talented employees that if the knot is broken, the target company may not be able to fare well in future. Sections, Group 2 8 c) Firstly, the terms and conditions should be seen that is the management being replaced while considering the lower offer? If not, then anyway the managers are in benefit as they will still exist in their positions. Also, they should negotiate for a higher compensation in lieu for the lower bid.Still, if the bid is lower than our minimal expectation then we may think repurchasing shares from market showing confidence in our growth and future. This is will help the stock price rise and in turn pushing the potential bidders to increase the bid price at least near or above the true value. Also, they may give a call for a White Knight com pany to make a Friendly offer, further influencing the potential acquirer to increase the bid price. D) In the case as stated, the management is young and might want to have larger pie of the expected growth seeing which the acquirer has made a bid.In the initial stage itself, the target company (Nero) should make clear with the acquirer (ICC) to set the terms of retaining the management. The pillar strength should be clearly shown as the managerial ability of the Management and thus justifying Enron's position in retaining management seats. If things do not work out, they may go threaten with the inevitable Employee poison pill strategy which may be assumed to work in Enron's favor. Sections, Group 2 9 To give a tempting and irrespective bid, we shall place our bid comparing by keeping our upper limit as expected ROE.As given in exhibit 2, the ROE starting 1996 is consistently above 42% with expected 51% in 1999. Hence, we can place our bid starting 25% above the share price I. E. $ 1. 875 ? $1. 85 and have a target to settle till 40% above $1. 5 which is $ 2. 1 . Also, retaining the Enron's management below $2. 1 should be considered as an option which would be tempting for the Enron's managers exulting lesser restriction towards acquisition. Also, retaining management would be dishes where experienced folks in initial phase would be an added advantage to get acquainted with the system. Action Group 2 10 Yes, we believe that Synergy in any form such as Tax benefit, Revenue increment, reduction in Operational expenses due to some common operations will create value in an average completed merger. The value as mentioned above is created in following fours forms but not limited to only four: – Combined revenue increase than the individual added ( Data motors – JELL) Tax infinite due to Combined debt increase or increased Debt taking capacity due to lesser risk Reduction in Operational Costs due to implementing common facilities, common operations, cheap raw material in case of vertical integration/expansion etc. Tech Maidenhair – Astray) Reduction in capital required for maintaining same efficiency as today From the above mentioned benefits, depending on the type of merger, the source of value creation would change. Like whether it is Vertical integration (Supplier benefit), Horizontal integration (increase market share and higher control over prices in retain cases), conglomerate acquiring (for diversification) etc.