...Proceedings of the 2nd International Conference on Corporate Governance Garrow A New Hypothesis on the Determinants of Acquisitions Nigel Garrow Introduction Merger and acquisition (M&A) activity is a significant factor in business in most advanced economies. According to Thomson Reuters, the value of M&A deals completed globally during the 12 months to November 2009 was US$1.8 trillion. However, the acquirers’ shareholders often lose value. Much of the literature on M&A is centred on the UK and US markets, with only a modest level of research within Australia This paper suggests a new proposition to explain why M&A activity may be value destroying for the acquirers: Success or failure for the acquiring firm’s shareholders in M&A is a function of the combined tenure, personal motivation, and recent performance of the Chairman and Chief Executive Officer (CEO) of the acquiring firm. This examination of the combined effectiveness of the Chairman and CEO is not something that appears to have been undertaken before. The paper will present the constituent hypotheses of the main proposition, followed by a literature review, a presentation of findings from a pilot study, conclusions and next steps. Four constituent hypotheses, each of which refers to the performance of the Chairman and CEO, arise out of the pilot study: Hypothesis 1. The length of time that the Chairman and CEO of the acquiring firm have been together in their respective positions at the time of the acquisition...
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...this time according to John Jewish Passover was soon approaching, this established a time and season of when this sign took place. Again John adding picture like detail toward his sign. Then, Jesus saw the crowd and looked at Philp and asked him “Where shall we buy bread for these people to eat?” Jesus testing Philp (John 6:5). Jesus already knew what we was going to do. Philp answered that it would take more than half a year’s wages to buy enough bread for each person to have one bite (John 6:7). Then Andrew another disciple said “Here is a boy with five small barley loaves and two small fish, but how far will they go among so many?” (John 6:8). The boy that Andrew pointed out was not mentioned in either of the synoptic gospels. John added the boy as a reference point of where the disciples revived the food (O’Day 196). The boy was just the means in witch Jesus came by the meal. Also, there is a sense of negatively in this area of the parable. Philip counted the cost of buying food, and Andrew amplified the size of the bread and the fish the boy had. Which implied its sound insignificant to the amount of people in the crowd. They both had an answers for Jesus’ question, but neither had a solution (O’Day 197). As seen by the response Jesus was testing Philp. He already knew what He was going to do before he...
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...institution, and that to the best of our knowledge and belief, contains no material previously published or written by another person except where due reference is made in the text of this assignment. Viraj Perera Sara Russell Ingrid Szikla ID: 18877095 ID: 18481183 ID: 13034715 Page 2 of 89 EXECUTIVE SUMMARY This strategic marketing plan specifically addresses Uncle Tobys Ready to Eat (RTE) Breakfast Cereal products in Australia over the time period starting from the second quarter of 2004 and ending fiscal year 2007 (1/10/2004 – 30/6/2008). This plan takes into account and builds on new marketing strategies for Uncle Tobys resulting from the take-over by Burns Philp in the USA. Uncle Tobys is a leading brand of Goodman Fielder, which is a division of Burns Philp Company Ltd. Until 2002, Uncle Tobys had the second greatest share of the RTE market by value with 20.3% in 2001, but has since slipped to third place at 15.9% in 2003 and is now behind Sanitarium (17.2%) and Kellogg’s (55.4%). Contributing factors were issues such as high debt and lack of effective IMC strategy. However, it is anticipated that efficiency gains from the new organisational structure will come into fruition during 2004-05, and Burns Philp’s renewed support to build up leading brands such as Uncle Tobys will provide the frame work and support for achieving revenue growth. Uncle Tobys corporate objectives for the next three years in the RTE cereal market is to increase revenue...
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...streams of the business. Therefore, it becomes a necessity for a corporate parent to justify its existence as it looks to find reasoning to whether and how it adds value to the overall business and SBUs alike. Corporate parent gives opportunity to develop lateral synergies across interrelated business units but of late these lateral relationships between businesses are often net negative rather than positive. It is also argued that most of these lateral synergies are present between independent businesses like GE. Values creations, Diversity, Leveraging resources across SBUs – Resource Stretching, are the strategic propositions that corporate parent boasts of bringing in to the overall organization. However, like in the case of Sears, Burns Philp, and most of the multi-business, there lie implicit and pervasive tendencies that contribute to unavoidable drag to the overall profitability and efficiency of the business by inherent excess diversification of the corporate parent. This leads to the widely accepted common belief of adding value not only through resource stretch but with ‘Resource Fit’ also, maintaining the idiosyncrasies of the individual SBUs in multi-business organization. Introduction: “Corporate Parenting is a philosophy that views a...
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...Emerging Issues in Multicultural Psychology Danielle Philp PSYCH 535 October 14, 2013 Dr. Edward Garrido Emerging Issues Multicultural Psychology The United States combines numerous cultures that are integrated and merged together. In theory this world seems to be a picture of harmony and unity, the reality of society is much more complex and challenging. With more immigrants from various cultures and backgrounds, the need for multicultural counseling increases. With this increase come two distinct issues for multicultural counseling: the counselor’s own personal culture, including his or her theoretical outlook, and the assortment of components forming the identity of the individual the counselor is advising. Counselor’s Culture In multicultural psychology it is essential to know of the client’s culture to be a culturally competent psychologist. However, many may overlook such that, competent psychologist need to be aware of his or her own personal culture and theoretical view. It is crucial to recognize and comprehend one’s culture and beliefs before commencing to understand and aid others, (Ibrahiam, 1985). Attentiveness...
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...noticed the increase of use of textese between teenagers. • People started to worry about the future of English and many other languages such as Arabic. • Through different generations from the past people tended to use common language other than the standard language. • Some people argue that texting in mobiles can improve the skills of teenagers and children. • Texting help teenagers to practice reading the English language. • People who text more get better and higher scores in literacy test. • Every individual have two different styles of language, one that explains his/her identity while the other is the standard language. • Texting is considered to be a social issue and not linguistic. In his article "Txting times," Alan Philps (2009) suggest that textese have a great impact on languages all around the world. He stated that textese is a language teenager’s use as a way of communication between one another through mobiles. Teachers and parents expressed their worries about the impact that this may cause to the English language. Additionally, some people argue that there is a good side of texting for teenagers. Such as Professor David Crystal, in which he believes that textese is not something new rather than it’s known through previous generations. He believes that every generation had a common language which they use between themselves other than the standard language. Additionally, he stated that texting is good way to improve language skills for teenagers’ duo...
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...Will books, as we know them, come to an end? Yes, absolutely, within 25 years the digital revolution will bring about the end of paper books. But more importantly, ebooks and e-publishing will mean the end of "the writer" as a profession. Ebooks, in the future, will be written by first-timers, by teams, by speciality subject enthusiasts and by those who were already established in the era of the paper book. The digital revolution will not emancipate writers or open up a new era of creativity, it will mean that writers offer up their work for next to nothing or for free. Writing, as a profession, will cease to exist. Generation Y and the End of Paper First of all I'd like to clear up the question: "The end of Books?" This is misleading as it seems purely technical – a question of the paper mill versus the hard drive. Of course the paper book will survive, you may say; it will reinvent itself as it did before. Haven't future projections been wrong in the past? Didn't they say Penguin paperbacks would destroy the print industry in 1939? That the printing press would overthrow Catholicism after 1440? That home videos would destroy cinema? On the paper front, depending on whom you listen to, statistics vary wildy. Barnes and Noble claims it now sells three times as many digital books as all formats of physical books combined. Amazon claims it has crossed the tipping point and sells 242 ebooks for every 100 hardbacks, while Richard Sarnoff, CEO of Bertelsmann, admits that...
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...figure of Jesus is given a triangular shape, marked by his head and two outstretched arms.”(Interpretation. web) with this you can see a triangular shape within Jesus and the twelve apostles signify something because in the story of the painting, it is said to be the moment when Jesus announces to twelve apostles that one of them has betrayed him and he is ok with it. From the right of the painting the first group of apostles would be Bartholomew, James. And Andrew which act all surprised to the news, the next group would be Judas Iscariot, Peter, and John who was the youngest and looked feminine. Next is Jesus which is the center of the painting and then is the next group of apostles which would be Thomas who looks to be upset, James, and Philp. With this set of apostles Leonardo da Vinci also leaves his signature within the paint which is suggested with hand gestures of the apostles. It was speculated that Leonardo could not read or new sign language and so that’s how he would sign his painting. The last set apostles would be Jude Thaddeus, Mathew and Simon Zealot. All the apostles had a humanist reaction in this painting such as fear, anger, shock, and disbelief which Leonardo meant to show. In this biblical story Leonardo depicts Judas as the betrayer by giving him a sack of...
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...Mitchell Burton, Ken Jarrett HUM 2510 AB Professor Gigler December 6, 2012 Brass Instruments The brass family has a variety of instruments that have the ability to cover a wide range of sounds. Brass instruments have changed greatly since the beginning of time. Throughout history, the manufacturing of brass instruments has become more complex by using different materials, dimensions, and including valves. Compositions have been composed to show off the capabilities of brass instruments through concertos and solos. With that being said, famous musicians have created a reputation for their musical talents by playing instruments in the brass family. The sacbut and piccolo trumpet are two instruments included in the brass family and will be focused on due to their unique qualities. The brass family is a unique group of instruments that has helped change the compositions of music throughout history. History of Brass Instruments Before the history of brass can be described, people have to understand what a brass instrument entails, “a brass instrument is defined as an “aerophone,” which means it is an instrument where the musician must blow air into the instrument. The musician produces the tone by buzzing the lips into what is generally a cup-shaped mouthpiece. It doesn’t mean that the instrument is necessarily made of brass, since instruments that are made of other metals, wood, horn, or even animal bone are included in the family of brass instruments.” (Wilken)...
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...people we look to for answers, protection, and guidance. People are told their whole lives to be a leader not a follower, but if you just take a second and think if everyone was a leader no one really would be. If everyone were to be leaders, there would be no structure, no progress, and no sense of power. Not being a leader does not make you a follower it just makes an average person. There is nothing wrong with being average because some people who should have been average became leaders and the world had to pay for it. Queen Elizabeth II is the leader of England for 65 years now. She was born April 21, 1926, was crowned June 2nd, 1953, and is the longest serving British monarch in history. She has many children with her Husband, Philp Mountbatten. Her children start with the first born Charles (1948), the second born Anne (1950), the second to last Andrew (1960), and finally Edward (1964). At a young age, she was already taking on roles as a leader during the times of the World Wars. Showing just how ready she was to take on the duty of the throne after her father became King and she became heir. With the outbreak of World War II in 1939, Elizabeth and her sister Princess Margaret largely stayed out of London, having been relocated to Windsor Castle. From there she made the first of her famous radio broadcasts, with this particular speech reassuring the children of Britain who had been evacuated from their homes and families. The 14-year-old princess, showing her...
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...to how a man should be defied. “…seeks to reconnect a work with the time period in which it was produced and identify it with the culture and political movements of the time.” (Purdue OWL) As a little boy, William spent most days hunting, fishing, listen to old men tell war stories, perusing the ideas of what I man should do or to how a man should become. Yet on the other hand, William was very efficient in school. He was ahead of the students within his age group, however; the further he past his own, he became a quieter child than most, leaving him to become isolated which caused his studies to be hurt and not finishing school. Once William was around 17 years of age, he came to become more interested in literature thanks to a man name Philp Stone, but it was not until his thirties that he became successful with the creation of his first novel entitled Flags in the Dust. It wasn’t till fifteen years later in 1942, that Faulkner wrote a book filled with short stories with a famous story to be known as the best short story within the twentieth century. "The Bear" appeared in its fullest form as a chapter in Go Down, Moses. “The Bear”, is a simple yet complex story to wrap your head around told from Ike's, Isaac McCaslin, perspective. This short story set in a time frame shortly after the Civil War, during an annual late autumn hunting expedition in the wild lands of the Tallahatchie River region in the mythical Yoknapatawpha County. Every year the McCaslin’s family goes on this...
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..."The time has come for the African to forget and cast behind him his hero worship and adoration of other races, and to start out immediately, to create and emulate heroes of his own. We must canonize our own saints, create our own martyrs, and elevate to positions of fame and honor black women and men who have made their distinct contributions to our history. Sojourner Truth is worthy of the place of sainthood alongside of Joan of Arc; Crispus Attucks and George William Gordon are entitled to the halo of martyrdom with no less glory than that of the martyrs of any other race. Toussaint L'Ouverture's brilliancy as a soldier and statesman outshone that of a Cromwell, Napoleon and Washington; hence, he is entitled to the highest place as a hero among men. Africa has produced countless numbers of men and women, in war and in peace, whose lustre and bravery outshine that of any other people. Then why not see good and perfection in ourselves?" From skin lighting to perms, the Negroe has spent years trying to assimilate into 'Eurpoean' culture. Years trying to "get nice" with White America when their agenda all along has been to annialte everything Africa. Marcus Mosiah Garvey, Jr. saw the mental anguish of his people and spent his life on awakening the minds of Negroes. August 17th 1887, born the youngest of 11 in St. Ann's Bay, Jamaica, to Marcus Mosiah Garvey, Sr and Sarah Jane Richards, Marcus wasnt always enlightened. Mr. Garvy was born a little after the Emancipation Proclamation...
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...“The Spirit Catches You and You Fall Down” Reader’s Guide Directions: Read the captioned book. Then answer the questions contained in this study guide. Post your completed document to the appropriate assignment box on the course website. 1. What do you think of traditional Hmong birth practices (pp. 3-5)? Compare them to the techniques used when Lia was born (p. 7). How do Hmong and American birth practices differ? 2. Over many centuries the Hmong fought against a number of different peoples who claimed sovereignty over their lands; they were also forced to emigrate from China. How do you think these up-heavals have affected their culture? What role has history played in the formation of Hmong culture? 3. Dr. Dan Murphy said, "The language barrier was the most obvious problem, but not the most important. The biggest problem was the cultural barrier. There is a tremendous difference between dealing with the Hmong and dealing with anyone else. An infinite difference" (p. 91). What does he mean by this? 4. The author says, "I was struck...by the staggering toll of stress that the Hmong exacted from the people who took care of them, particularly the ones who were young, idealistic, and meticulous" (p. 75). Why do you think the doctors felt such great stress? 5. Dr. Neil Ernst said, "I felt it was important for these Hmongs to understand that there were certain elements of medicine that we understood better than they did and that there were certain rules they had to follow...
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...Reflection Paper 1 Reflection Paper Reflection Paper 2 Overall Impression of Book: I feel that Anne Fadiman narrated the story of Lia Lee’s and her family’s life in intimate and tragic detail. The Spirit Catches You and You Fall Down is a poignant depiction of the struggle between loving parents, hard-working medical professionals, and a very precious child caught in the middle of a tug-of-war. Ms. Fadiman very distinctly illustrates how the collision of two cultures indirectly led to the demise of a little seven- year old girl. I did not expect the story to end with Lia Lee in a persistent vegetative state. I was very excited when I first started the book, but I soon became rather depressed with the lack of compassion of people towards the Hmong in general throughout the book. I am not certain whether I am now more culturally aware now, but I was very frustrated by the lack of respect given to the Hmong by the people in the city of Merced and the doctors and nurses comments about the Lees. Three Major Themes Evident in the Book: A: Cultural Understanding An important thread running throughout this book is cultural understanding. Americans, including the medical professionals in Merced and Valley Children’s Hospital are depicted as very insensitive to the ways of the Hmong people. Anne Fadiman, while acutely aware of the physicians’ frustrations in providing medical care for those individuals with very radically...
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...Adam eisheimer he was using instruments like telescope to get galaleo He is manipulating them to his own artistic inclination Francisco pacheoo – diego valazquez IMMACULATE CONCEPTION Follow the strict tradition of spain. Valezquez was born in the largest city in the spain. Civil. Valezquez worked for Philip the 4th. His ability to pain life life portraits. Valezquez were training with Pacheco – he lived in his house as a servant in pachecos house. He ended up giving his daughter he impressed him. Vlezques he was really engaged in collecting – he was a strong orthodocs Spanish painter. Pachecho he was the checker of the explicit instruction . very controlled artistic stye he was monitoring all the paintings that were being produced you had to work in the confines of what was anticipated. Pachecho who set a lot of the religious standards Immaculate conception she got pregnant without intercourse. Valezques run his own shop. Diego valezques that painting is imp as it shows the graduation. * Valezquez simplifies the painting. * Spain had to raise taxes and everything there was a decline politically and something. However, there was a increase in the religious matter. * * Rome – imacula conception also followed here * The chapel has a dome * Ludocivo cigoli * Bernin father worked at the church * She immaculate virgin is surrounded by the angels * Micheal the father is in the upper most – In the center * She...
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