...Critical Research Paper “The Mocking of Crist” by Edouard Manet Natallia Kolas Oakton Community College (DP Campus) HUM 123 (6:30 class) 09/27/2011 Even before going to the Art Institute, I knew that I wanted to write about one of Manet’s paintings. I admire his passion to create beautiful art even if it meant going against “old school” standards and principles. “The Mocking of Crist ” really caught my eye because of artist’s unusual interpretation of a religious subject. I felt intrigued by the idea of a red bearded Crist looking bored and out of place. When it was first presented to the public, “The Mocking of Crist ” received tons of negative criticism for the artist’s painting techniques, his choice of lower-class people as models and, of course, his interpretation of Jesus Christ’s character. “The Mocking of Crist” was painted between 1864 and 1865 in France. It is a great example of the Realist movement in art. Manet’s original title for the painting was “Jesus Insulted by the Soldiers.” Clearly, Manet did not mean to represent the soldiers' behavior in the way that title implied. Recently, once again, its name was changed to “Jesus Mocked by Soldiers.” Some sources also refer to it as “Christ Scourged.” In the center, Christ, the brightest figure, is sitting in a chair surrounded by three other male figures, soldiers. This scene is also known as the mocking of the “king of the Jews” before the execution. In this painting, the...
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...Assignment 10 1. Read and study “Introduction to Real Options” 2. Read and study CH 17 from McDonald: “Real Options” 3. Read and study CH33 from Hull: “Real Options” 4. Case: Arundel Partners: The Sequel Project Answer the following questions: a. What makes Arundel think it can make money by buying a package of sequel rights? Is the profit opportunity, if it exists, likely to be sustainable? Arundel can make money selling the rights to a higher bid. Another option to make money is by producing the sequel exercising its rights but this will depend on if the net present value of the production movies is higher than the amount of buying the rights. If the future positive cashflows are undervalued Arundel can seek an arbitrage opportunity and buy the rights at the market price. b. Why would the studios be interested in raising money in this fashion? Why not raise the money in more traditional ways? The studio can not raise money in a traditional way because they don´t know when the movie will be popular o not so they don’t have regular cashflows. They also think that the business of movies production can be profitable by selling sequel rights ( this can be perform as an option). If a movie performs with positive cashflows they can invest in the movie production and have profits. The risk here is lower because they don´t have the same risk than the traditional ways of raise money like an asset. c. Why should Arundel pay anything for the sequel rights? The average...
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...DUISENBERG SCHOOL OF FINANCE MSc FINANCE Corporate Finance and Banking Arundel Partners: The Sequel Project The East Wind Amol Marathe 140843 Linglan Tan 140838 Xiangyu Zhou 140912 Date: 20/11/2014 Arundel Partners: The Sequel Project The East Wind Executive Summary: Arundel group is looking into the project of purchasing the sequel rights associated with films produced by one or more major movie studios in United States. Arundel believes that they can calculate a value for the rights to produce these sequels and take a position by investing in a portfolio conformed of these rights. Arundel Partners plans to make money by negotiating an option price below its net present value calculation and obtaining its expected returns on the option. The proposal is appealing to studios because sales of sequel rights can help them finance initial production, If particular movie becomes a sequel then the value of the option will increase and Arundel will either exercise the right to make the sequel or sell the right either to the original studio or a third party willing to take on the project. The principals at Arundel Partners are inclined to buy a portfolio of all these sequel rights rather than individual films given that Arundel wants to avoid buying the rights of movies that are not expected to perform well. Movie rights are supposed to be purchased prior to films being made. Arundel wants to come up with a decision to either purchase all the sequel rights for a studio's...
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...Suggested Format for Case Analyses: 1. Executive Summary: brief 1 paragraph stating key problem(s) and your main recommendation(s)/decision(s). 2. Problem Identification: 1-2 page write-up of the key problem(s) you have identified within the case. This should not be a re-hash of the case itself. The Case Study questions should help you address the issues in this section. 3. Action Plan: 1-2 page write-up of your proposed solution to the problem(s) with detailed steps as to how to proceed with implementing your proposal. 4. Financial Analysis: 1-2 page write-up of the financial analysis that supports the recommendation(s) you have presented in the Executive Summary and Action Plan. Use an electronic spreadsheet to do the calculations and print out these figures as an attachment to your case analysis. Case Study Questions: Tiffany & Co.—1993: Should Tiffany actively manage its yen-dollar exchange rate risk? Why or why not? If Tiffany were to manage its exchange rate risk activity, then what should be the objectives of such a program (e.g., what specific purpose or theoretical rationale can justify a decision to hedge the yen-dollar risk)? Assuming Tiffany wanted to hedge this risk, try to identify what exposures should be managed via such a hedging program (e.g., hedge sales, net income, cash flow, etc.). Also, try to quantify how much of these exposures should be covered and for how long. Identify, in terms of cost, benefits, and risk, the relative...
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...1) a) Why do the principals of Arundel Partners think they can make money buying movie sequel rights? The principle point is that they want to buy the rights of movies that can become, if successful sequels. When successful they can choose to produce the movie by themselves or to sell to the highest bidder (other production companies). When the first movie is successful the initial investment for the right is easily covered by the potential benefit of the (potential) sequels. As explained in the case, Arundel will notice the success or failure of a movie investment after the first few weeks of exhibition. b) Why do the partners want to buy a portfolio of rights in advance rather than negotiating film-by-film to buy them? Arundel want to buy a portfolio of right in advance rather than negotiating film-by-film because before production nobody has enough information about the potential of the movie. When the production has started, the movie studios have more information than Arundel. Then, they (movie studios) can already see the potential of a sequel or not. This is an example of asymmetry of information that could have implication on the bargaining power of Arundel. In addition, by buying a broad portfolio of sequel rights Arundel diversifies its risks (more than 30 investments could eliminate the specific risk). Moreover by buying purchasing a broad portfolio of sequel rights, Arundel is increasing its probability of having a highly successful investment...
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...solutions to arundel partners case http://www.justanswer.com/law/0vnrc-solutions-arundel-partners-case.html Executive Summary: A group of investors (Arundel group) is looking into the idea of purchasing the sequel rights associated with films produced by one or more major movie studios. Movie rights are to be purchased prior to films being made. Arundel wants to come up with a decision to either purchase all the sequel rights for a studio's entire production during a specified period of time or purchase a specified number of major films. Arundel's profitability is dependent upon the price it pays for a portfolio of sequel rights. Our analysis of Arundel's proposal includes a net present value calculation of each movie production company. In order to decide whether Arundel can make money buying movie sequel rights depends on whether the net present value of the production company's movies is higher than the estimated 2M per film required to purchase the rights. Problem Identification: How are the principals of Arundel Partners planning to make money by buying rights to sequels? They would be interested in purchasing the sequel rights for one or more studios¡¦ entire production over an extended period of not less than a year. If a particular film was a hit, and Arundel thought a sequel would be profitable, it would exercise its rights by producing the sequel. Alternatively, they can sell the rights to the highest bidder. Inevitably, the performance of the original...
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...Case 5: Arundel Partners Prepare a memo addressing the following questions: 1. Explain why Arundel Partners is interested in purchasing the rights to make sequels of all of the studios movies, rather than just some. Why do they believe this venture is profitable? 2. Suppose that you are a movie executive. You are considering a movie version of the life of President Garfield in the months leading up to his assassination by Charles Guiteau in a Washington DC railroad station in 1881. Your analysts have determined that the expected revenues are $94,556,250. They determine that revenues will be distributed binomially as shown in Exhibit 1 (40% annual volatility). Exhibit 1 shows the possible payoffs and the probability of each state occurring (note this information is provided in an Excel file). Assume that the one-year T-Bill rate is 5% (yield with semiannual compounding). If given the green light, the movie will have the following costs: a. $36MM – Negative Costs (assume it is incurred immediately) b. $25MM – Distribution Fees (assume these are paid in one year) c. $32MM – Distribution Expenses (assume these are paid in one year). Should you accept this project? Why? Suppose that Arundel Partners will give you a $2MM check for the rights to the sequel. Do you accept the project? 3. Suppose you come upon another project with exactly the same costs and possible payoffs. However, this film is a movie version of the popular 1960s television show Gilligan’s Island...
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...Suggested Format for Case Analyses: 1. Executive Summary: brief 1 paragraph stating key problem(s) and your main recommendation(s)/decision(s). 2. Problem Identification: 1-2 page write-up of the key problem(s) you have identified within the case. This should not be a re-hash of the case itself. The Case Study questions should help you address the issues in this section. 3. Action Plan: 1-2 page write-up of your proposed solution to the problem(s) with detailed steps as to how to proceed with implementing your proposal. 4. Financial Analysis: 1-2 page write-up of the financial analysis that supports the recommendation(s) you have presented in the Executive Summary and Action Plan. Use an electronic spreadsheet to do the calculations and print out these figures as an attachment to your case analysis. Case Study Questions: Tiffany & Co.—1993: 1. Should Tiffany actively manage its yen-dollar exchange rate risk? Why or why not? 2. If Tiffany were to manage its exchange rate risk activity, then what should be the objectives of such a program (e.g., what specific purpose or theoretical rationale can justify a decision to hedge the yen-dollar risk)? 3. Assuming Tiffany wanted to hedge this risk, try to identify what exposures should be managed via such a hedging program (e.g., hedge sales, net income, cash flow, etc.). Also, try to quantify how much of these exposures should be covered and for how long. 4. Identify, in terms of cost, benefits...
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...Case Analysis - Arundel Partners Executive Summary: A group of investors (Arundel group) is looking into the idea of purchasing the sequel rights associated with films produced by one or more major movie studios. Movie rights are to be purchased prior to films being made. Arundel wants to come up with a decision to either purchase all the sequel rights for a studio’s entire production during a specified period of time or purchase a specified number of major films. Arundel's profitability is dependent upon the price it pays for a portfolio of sequel rights. Our analysis of Arundel’s proposal includes a net present value calculation of each movie production company. In order to decide whether Arundel can make money buying movie sequel rights depends on whether the net present value of the production company’s movies is higher than the estimated 2M per film required to purchase the rights. Problem Identification: How are the principals of Arundel Partners planning to make money by buying rights to sequels? They would be interested in purchasing the sequel rights for one or more studios¡¦ entire production over an extended period of not less than a year. If a particular film was a hit, and Arundel thought a sequel would be profitable, it would exercise its rights by producing the sequel. Alternatively, they can sell the rights to the highest bidder. Inevitably, the performance of the original films would not justify sequels, and for them the sequel rights would simply not be exercised...
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...Harvard Business School 9-292-140 op y June 12, 1992 Arundel Partners: The Sequel Project tC In April 1992 Mr. David A. Davis, a movie industry analyst at Paul Kagan Associates, Inc. in Los Angeles, was asked to look at and comment on an unusual business idea. The idea was to create an investment group, Arundel Partners, which would purchase the sequel rights associated with films produced by one or more major U.S. movie studios. As owner of the rights, Arundel would wait to see if a movie was successful, and then decide whether or not to produce a second film based on the story or characters of the first. The proposal was innovative in several respects. First, Arundel would purchase sequel rights before the first films were even made, let alone released. Second, the investor group would not make artistic judgments or attempt to select the rights for particular movies based on predictions of a possible sequel’s success. Instead, Arundel would contract to purchase all the sequel rights for a studio’s entire production during a specified period (one to two years), or alternatively, for a specified number of major films (15 to 30). Third, Arundel’s advance cash payments for the rights, at an agreed-upon price per film, would help finance production of the initial films. No The idea was intended to capitalize on a few specific characteristics of the movie industry. Producing and distributing motion pictures was a risky business and predicting the...
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...by appointment) Class time: Tuesday, 7:15 - 10:00 p.m. (HIL 023) Course Overview: The purpose of this course is to study the impact of corporate financial strategy on shareholder wealth. In essence, this course covers the fundamentals of MBAA 608 with a lot more depth. Throughout the semester, we will examine real situations that were faced by real chief financial officers. In the end, you should have a much better appreciation for the role of the CFO in keeping the corporation afloat. Method: This course is taught via case studies supported by lectures. Class sessions begin with a studentled analysis of the assigned case. The remainder of the class period will be dedicated to further analysis of the case. Students have substantial responsibility (and incentives) for coming to class prepared to engage in active discussion. Each student is expected to work in a team to analyze the cases. Readings: The textbook for the course is: Case Problems in Finance, by Kester, Ruback and Tufano, Twelfth Edition, Publisher: McGraw Hill- Irwin. The bookstore will not carry the book so you must order it online. The MBAA 608 textbook is also a useful reference, but not required (Brigham and Ehrhardt, Financial Management: Theory and Practice). Alternatively, you may use books authored by Brealey & Myers or Ross, Westerfield, & Jaffe; especially older editions that you can find used. Communication: Course materials will be posted on MyLMU Connect (formerly Blackboard)....
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...John Wiley & Sons, Inc. David L. Kurtz University of Arkansas Louis E. Boone University of South Alabama BUSINESS 14TH EDITION Contemporary . . . at the speed of business “The 14th edition of Contemporary Business is dedicated to Joseph S. Heider, who brought me to John Wiley & Sons. Thank you, Joe.” —Dave Vice President & Executive Publisher Acquisitions Editor Assistant Editor Production Manager Senior Production Editor Marketing Manager Creative Director Senior Designer Text Designer Cover Designer Production Management Services Senior Illustration Editor Photo Editor Photo Researcher Senior Editorial Assistant Executive Media Editor Media Editor George Hoffman Franny Kelly Maria Guarascio Dorothy Sinclair Valerie A. Vargas Karolina Zarychta Harry Nolan Madelyn Lesure 4 Design Group Wendy Lai Elm Street Publishing Services Anna Melhorn Hilary Newman Teri Stratford Emily McGee Allison Morris Elena Santa Maria This book was set in Janson TextLTStd-Roman 10/13 by MPS Limited, a Macmillan Company, Chennai, India and printed and bound by R. R. Donnelley & Sons. The cover was printed by R. R. Donnelley & Sons. This book is printed on acid free paper. ∞ Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live...
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...The Fall of King Charles I of England Idrees Kazi 500577940 HST 632 Dr. John Morgan Wednesday, March 12, 2014 Charles I remains one of the most debated monarchs of English history. His turbulent reign ended with a public execution. It seems as though the answer is simple, that he was a terrible king. And yet, historians argue many sides, some even favoring Charles. In fact, the reason behind Charles’ beheading is still kind of unclear. Of course he made mistakes, but then so does every monarch. Yet, Charles was the first king to be legally tried and executed. And in the 17th century, when the King was seen as God’s lieutenant on earth, executing one was unimaginable. This essay will explain why the regicides executed Charles. But first, it’s important to know a bit about Charles. Charles is known to be rigid and insensitive1 and the reason for this is partly because of his extreme belief in the Divine right of kings. He thought that God would always protect him. This can even be proven because of his inflexibility during the civil war, even while he was losing. “No matter how generous the terms or desperate his condition, the king refused to yield.”2 Charles’ personality and thinking caused more problems than they solved, and this will be proven in this essay. For now, it is important to know that the regicides believed it was necessary to kill Charles I because of his tyrannical rule, which can easily be proven by looking at his Personal Rule. The infamous...
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...Chapter 2: Real Options Chapter Introduction and Objectives: Managers often overrule NPV based recommendations in capital budgeting on strategic grounds. Does it mean that the NPV approach is flawed? The standard DCF methodology assumes that managers make an investment decision and then see how the market evolves. In many situations managers can wait and then make a decision. The latter is an option - an option to defer or time the investment decision. Pharmaceutical companies, for example, frequently enter into agreements with small biotechnology companies and Universities for research and development. The traditional DCF methodology does not work well in case of such projects because of prolonged development and uncertainty in cash flows. For gaining access to research, the pharmaceutical company makes an up-front payment and a series of progress payments. These contingent payments give the pharmaceutical company the right but not the obligation to make further investments. Such investments are best evaluated as options . The chapter has the following objectives: • Highlight different types of financial options • Bring out an analogy between financial options and real options • Highlight the different types of real options • Introduce valuation of real options Consider a project that has a best outcome of $ 13 m and a worst outcome of $ 9 m. Each of these outcomes are equally likely to occur (probability is 0.5). The expected value...
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...Key challenges faced by global organisations in implementing corporate CSR policies Prepared for John Toth Prepared by Emma Wimhurst 10 November 2013 Contents Section Page 1 Introduction 3 2 Definition of Corporate Social Responsibility 3 2.1 Carroll’s pyramid of CSR 3 2.2 Theoretical clusters 4 2.2.1 Instrumental theories 4 2.2.2 Integrative/Political theories 4 2.2.3 Ethical Theories 4 3 Implementation of CSR 5 4 The Body Shop: core purpose 5 5 Balancing act 6 6 Heightened awareness 6 7 Cost Implications 7 8 New Look: Stakeholder’s conflict 8 9 Challenges 8 9.1 Increased responsibility 8 9.2 Daily implementation challenges 8 10 Recommendations 9 11 Conclusion 10 12 Appendix one: The Body Shop 12 13 Appendix two: New Look 14 14 Appendix three: Carroll’s Pyramid 17 15 Appendix four: Schwartz and Caroll Venn diagram 18 16 Appendix five: Ethical Trading Initiative 20 17 Bibliography 21-24 1. Introduction This report identifies the key challenges faced by organisations with a global supply chain in implementing Corporate Social Responsibility (CSR) policies. The Body Shop (appendix 1) and New Look (appendix 2) are UK based companies, with a global trading presence and both depend on a global supply chain for the purchase of their products. In 2013 both companies remain committed to CSR and ethical trading...
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