Nutrition in Our Schools Research Proposal Example | Topics and Well Written Essays - 1250 words - 1

Nutrition in Our Schools - Research Proposal Example It is imperative that this problem is dealt with and addressed with the urgency it deserves. We should, therefore, emphasize educating our youth especially teenagers and use them as missionaries to educate the entire community across Florida. This will extend to the rest of America and the world as a whole about the alarming effects of this problem. Due to the lapse of nutritional sense in America, I have taken it as my agenda to the champion teaching of nutrition classes among teens in Florida. This is so that we can have a breeding ground where we can get personnel who can tackle this problem in the near future in Florida and across the globe. This will in a great way help get rid our region certain self-inflicting diseases and turn better the health of our future. With this, many people taking poor diets, one has to really ask: who is actually paying attention to what is going on persons taking poor nutritional diets?  Currently, the negative impacts on health have been predominantly caused by poor nutrition. As a result, the latest statistics are above board and stress further the need for the urgent remedy through teen education. For instance, it has been noted that 11% of high school students suffer from nutritional disorders, and 30% is the percentage of persons who die because of disabilities. It has also been noted t hat 33% of persons losing their lives due to cancer all trace their way back to poor nutrition. The teenagers that we endeavor to empower have also been revealed by statistics to have very serious problems. This is especially young women whereby 90% of those who suffer from nutritional disorders who are within the range of 12-25 years are actually women. The numbers of child deaths, which are cancer-related are about 50% (Caroldo 58).

Relevance of Lead Apron in Medical Imaging Profession

Relevance of Lead Apron in Medical Imaging Profession Introduction Lead aprons are available in the healthcare facilities to provide protection from unnecessary exposure of X-radiation to the patients and workers during radiology procedures usually done for diagnostic purposes. Body is shielded by the protective garment called lead apron from the harmful radiation during the medical imaging. Lead apron is found to be effective in protecting from radiation exposure only when it is worn properly. It is used in a safe and properly inspected environment (Lead Apron Policy, 2012). Protective aprons of 0.25mm lead are worn, while performing fluoroscopy whose body is exposed to 5mR/hr or more. Individuals expected to wear lead aprons or similar radiation protection instruments must inspect these instruments visually for any signs of damage before using them (Lead Apron Policy; California code of regulations, 2012). Principles of Lead Apron Advantages of lead apron It is observed to be effective and appropriate in protecting 95 percent of 80 kVp X-rays. As lead apron causes pain and stress to the back muscles back strain is avoided by wearing a skirt apron around the abdomen. In performing fluoroscopic procedures, wearing lead apron of lead equivalence 0.25mm to 0.5mm is found to decrease scattered X-rays by 95 percent. A thyroid collar is used along with lead apron and it is not required in the case of imaging patients. Every occupation worker exposed to fluoroscopic units higher than 5mrem/hr should wear lead apron. The dose rates that are higher than 5mrem/hr are measured within six feet of the table and it includes the place occupied by fluoroscopist (Lead Apron Policy, 2012). Disadvantages of lead apron Lead apron is not sufficient for protecting 111In or 131I. No shielding is provided for the patients by the lead apron for 137Cs or 131I therapy. In these patients, heavy portable shields are available. Shields are provided for brachytherapy patients in the radiation oncology department. Shields for radioactive iodine therapy patients are provided by health physics department (Lead Apron Policy, 2012). Inventory policy and lead apron inspection According to the joint commission standards, annual inspections have to be performed on the medical equipment by the healthcare organizations. Lead apron inspection and inventory are performed by Stanford hospital Clinics, Lucile Packard Children’s hospital and VA Palo Alto Healthcare system. Some of the recommendations in the apron inspection policy are looking for sagging and deformities or any visible damage, performing annual tactile and visual inspection and holes and cracks are identified by radiography and fluoroscopy. It is important to use manual settings and low technique factors during fluoroscopic examination. It is not recommended to use automatic brightness control as it will drive up the high voltage and tube current, which might result in exposure of unnecessary radiation to the operator and the wear (Lead Apron Policy, 2012). Lead apron is discarded, if the inspection reveals that there is a defect larger than 15 sq. mm on the apron parts shielding an organ or if there is any defect larger than 670 sq. mm along the seam or in the back of the apron and in thyroid shields with defects larger than 11 sq. mm (Lead Apron Policy, 2012). How can the affected technical personnel be protected from the radiation? It is not necessary for the technical personnel to stay closer to the patient in the case of radiography, general computerized tomography and mammography. Staying distant from the patient will prevent the personnel to receive the scattered X-rays from the patient. Structural shielding can also be placed in between the patient and the personnel to avoid the X-rays reaching the personnel. When the personnel are closer to the patient in fluoroscopic examinations as well as in image guided interventions, distance and structural shield will not be able to stop the scattering of the X-rays. In such cases, protective clothing like aprons, spectacles, table- mounted protective curtains, ceiling suspended protective screens and thyroid shields have to be used by the personnel (JL Heron et al., 2010). Based on the lead equivalence and X-ray energy, an apron will terminate 90 percent or more of the incident scattered radiation. The protective aprons are available in various thicknesses and shapes starting from front-only apron to a full coat. The front-only apron will be effective, if the person wearing it is facing the source of the scattered radiation (JL Heron et al., 2010). Radiological workloads differ for various specialities. The concerned protective tools required by a particular department are specified by a radiation protection expert or a medical physicist. The person with high workload in the cardiac laboratory must utilize all the protective tools, while a person in the orthopedic suite might require a front-only apron. If the person is working closer to the patient during imaging and wears an apron, a dosimeter that is fixed under the apron will estimate exposure of rays to the shielded portion and will not properly estimate the exposure of organs and tissues present outside the apron. Two dosimeters fixed inside and outside of the apron will give a good estimate of the effective dose to be used (JL Heron et al., 2010). How far are the lead aprons protective against ionizing radiation? Research studies were done to analyze the qualitative and quantitative aspects of lead aprons with the help of various methods. Eighty five lead aprons were collected from various departments in the hospital and from the district polyclinics where radiation exposure was present. They were collected and brought to the radiology clinic of the hospital to assess their protective nature. Aprons were identified based on the number of years they were used by the personnel, the units from where they have been obtained, number of personnel by whom they were worn, the model, the material by which they are made of and the thickness of lead in the apron (O Oyar and A Kislalioglu, 2012). X-rays were delivered such that 35X35 cm wide area of the lead apron is exposed to the radiation. There was 110cm distance between tube focus and lead apron. The images on the plates exposed on the back of the apron are transferred to films and these films are later evaluated with the help of scratches, cracks, rips and defects that might be present on the lead aprons (O Oyar and A Kislalioglu, 2012). As per the standard method, holes greater than 2mm diameter and cracks longer than 4mm were considered as destruction criteria. The aprons exposed with the same criteria were allotted for dosimeter testing by the ratio of ray absorption. The absorption features were assessed using two tests such as scattering X-rays on the apron directly and indirectly. In both direct and indirect methods, same parameters were used for estimating the radiation by fixing the dosimeters in the front as well as at the back of apron. The doses were evaluated and the absorptions were calculated. The base for apron measurements, ten protective aprons with radiation permeability and various lead thicknesses, Turkish standards institution documents approved quality and durability were chosen. Aprons that were not used before were used as controls. The analyzed aprons were measured individually and the results were noted down (O Oyar and A Kislalioglu, 2012). The results have shown that lead is the material used for radiation protection. Among double-sided lead aprons, skirt-vest lead aprons and frontal protection lead aprons, the frontal protection apron is mostly used. Evaluating the cleanliness of the aprons, 23 were clean and the remaining were either little or too dirty. No significant association was observed between the apron destruction criteria and apron cleaning methods. Evaluating the overall condition of the apron, 45 aprons were in good condition and the remaining was either slightly or extremely worn out (O Oyar and A Kislalioglu, 2012). Highest radiation permeability was observed in extremely worn out aprons and in aprons that were in decent condition. The apron that was worn out very little is least permeable compared to the extremely worn out and those in good condition. Among 58 aprons, 26 were destroyed due to cracks, 14 due to tears and holes, and 18 due to tears. In all these aprons, radiation permeability was more than normal. No significant relationship was observed between radiation permeability and internal structural features of protective lead aprons or total number of apron users. Destruction criteria were significantly associated with apron models. Frontal protection lead apron model was destroyed most often (O Oyar and A Kislalioglu, 2012). The exposure dose was analyzed as 996.1 micro grays on average. For 0.25mm lead aprons, the exposure dose was 51.59 micro grays on average. For 0.5mm lead aprons, exposure dose was 9.891 micrograys on average. Among the indirect measurements, scattered radiation value measured at the distance of 50cm was 2.1 R/h. The indirect radiation measured for 0.25mm lead equivalent apron was evaluated as 1.85 micro grays and that for 0.5mm lead apron was evaluated as 1 microgray (O Oyar and A Kislalioglu, 2012). Some folds and sags were observed on the protective layers of the aprons. Significant radiation permeability difference was not observed between folded aprons and non-folded aprons. The protected dose was measured as 60.20+/-22.96 micro grays for unfolded 0.5mm lead equivalent aprons. The protected dose was 50.36+/- 22.96 micro grays for folded 0.5mm aprons, 50.36+/- 22.96 micro grays for 0.25mm lead equivalent aprons. For folded 0.25mm aprons, the dose was evaluated as 46+/-19.05 micrograys (O Oyar and A Kislalioglu, 2012). Discussion The aprons that were used for protecting against scattered ionizing radiation are made using lead embedded in rubber fabric, which is the mixture of lead-rubber or lead-vinyl. These aprons possess the thickness of 0.25mm to 0.5mm. They are costly and are of great importance when used and stored properly. It is an expert view that these aprons are not often preserved and taken care of, and they are folded carelessly, which could be reasons for them to lose protective ability. The research study first done in Turkey by Oyar and Kislalioglu in a quality certified hospital with a control standard and the measurements were taken for quantitative and qualitative radiation exposure values from the protective lead aprons (O Oyar and A Kislalioglu, 2012). It is estimated that 0.5mm thick lead aprons will be able to absorb higher than 90 percent of irradiation at the dose of 150kVp. The similar apron must be able to absorb higher than 99 percent of the irradiation dose at 70kVp (Radiation issue notes, 2008). In some of the studies on absorption ratio of protective aprons, research has revealed that either indirect or direct X-ray absorption ratio of aprons must be measured separately (Christodoulou EG, 2003; Muir S, 2005). Though the actual purpose of lead apron is to protect against indirect X-radiation, in the study done by Oyar and Kislalioglu, the results from direct radiation exposure measurements might be more beneficial in the evaluations due to wider spectrum width. Direct measurements were accepted to provide better results from the evaluations of ray absorption by the lead aprons. If lead aprons are not stored properly, they will lose the protecting quality and radiation protection ability is reduced for that apron gradually. The storage racks for lead aprons are available in various styles and configurations to fulfill the necessities of the medical facility (Universal medical, 2014). Medical professionals interested to wear lead aprons or other radiation protection instruments must have their protective garments checked well for any damages like rips and tears, cracks in the lead lining and sagging lead before their use. Proper lead apron storage will extend the apron life by preventing the lead lining damage and the external fabric damage. Lead aprons have to be hung by the apron hangers instead of folding them. Damages can result even if the apron storage is incorrect. Organizing the aprons properly will make the tracking process and the State or Joint commission inspection easier. Inspection of aprons will improve their organization (Universal medical, 2014). Usually, it is a common practice to place half apron at the back of the patient during the erect chest radiograph to protect the patient from radiation dose from tube leakage and room scatter. Most of the back scatter from the patient is a part of the internal scatter that might affect gonads and other tissues. Half apron will have least effect from patient dose and they make the patients to realize that precautions taken will protect them from unnecessary exposure (Lead garments (Felmlee JP et al., 1991). Use of lead shield is made mandatory for gonadal protection in most of the X-ray departments. If the gonads are present nearer the primary X-ray beam, gonadal shielding is very much necessary. Even if the X-ray field is not near the gonads, gonadal shield is given as the deterrent for the pediatric patients. According to the national recommendations associated with shielding of patients from radiation exposure during imaging, lead aprons were not significantly reducing radiation dose. Dental radiation policies indicate that implementing all the routine precautions will not demand the use of lead aprons on the patient. Later, lead aprons were considered as reducing the radiation dose, from several diagnostic X-ray procedures, to the reproductive organs. Radiation can cause germ cell mutations which might be carried to the next generations. Lead aprons have a precautionary role in reducing the radiation dose (Felmlee JP et al., 1991). The protective clothing worn by the radiographers consists of lead and other metals like tungsten, barium, tin and antimony. The clothing will help in shielding the personnel from radiation. The metals in the radiation protective clothing are equivalently mixed with polyvinyl chloride or synthetic rubber. Sheets of nylon fabric coated with urethane are placed against the side of lead impregnated rubber in between the two and five sheets of metal-impregnated rubber or PVC. These materials are cut as a pattern and sewn to create a protective garment. The manufacturers of these garments alter the sheet number, metal percentage, rubber or PVC grade and the metal mixture affecting the durability, weight, flexibility and radiation absorption efficiency (Felmlee JP et al., 1991). Normally, lead apron is not used for the patients undergoing medical procedures associated with radiation as the area of interest will not be protected. Lead aprons are mostly recommended for those who are exposed to the radiation by being in their occupation. If the apron is worn between the direct X-ray beam and the patient, then 90 percent of the rays are prevented from entering the patient’s body. Therefore, it is not practical for putting apron on the body part that is of interest to the physician (Felmlee JP et al., 1991). As per the standards put forward by the Joint Commission, healthcare organizations have to perform inspections on the medical instrumentation along with the lead aprons. Health department of State also should have a regulation for inspecting the lead aprons. Titanium is used as the shielding material in the titanium aprons. Other materials used in the aprons are barium and bismuth. The shielding properties of the material can be assessed by their mass coefficient and linear attenuation coefficient. Mass attenuation coefficient for the elements is found by physical reference data website of National institute of standards and technology (Felmlee JP et al., 1991). Conclusion As the X-ray imaging is being used continuously all through the world, this technology has created new challenges for occupational protection for the medical staff from radiation. In many of the X-ray procedures, it is necessary for the medical staff to stay closer to the patients, while performing the imaging. Therefore, there is potential for the staff to get exposed to the radiation and it has become extremely important for them to implement certain restrictions to prevent themselves from radiation exposure. Lead aprons decrease the radiation dose to the gonads from various diagnostic X-ray procedures. Radiation can cause mutations in the reproductive cells, which might be transferred to the future generations. Protective clothing worn by the radiographers consists of lead and other metals, like tungsten, barium, tin and antimony. These metals are mixed with polyvinylchloride to create a protective garment. The number of sheets, metal percentage, rubber grade and metal mixture in different ratios will show impact on the flexibility, durability, radiation absorption, weight and efficiency of the protection sheets. Lead aprons are highly effective in absorbing diagnostic X-rays to the body parts shielded by the apron. The effectiveness is energy dependent and averages to about 90 to 95 percent. Irrespective of whether the radiation personnel have worn the lead apron or not, the exposure allowed on the body is ruled by exposure limits. Apart from the lead aprons, mobile shielding is also helpful in protecting the body from radiation. References [1] Christodoulou EG, Goodsitt MM, Larson SC, Darner KL, Satti J, Chan HP. Evaluation of the  transmitted exposure through lead equiv aprons used in a radiology department, including the  contribution from backscatter. Med Phys 2003; 30:1033–1038. [2] Felmlee JP, McGough PF, Morin RL, Classic KL. Hand dose measurements in interventional  radiology. Health Phys 1991; 60(2):265-267. Retrieved from  http://hps.org/publicinformation/ate/faqs/leadgarmentsfaq.html# [3] John Le Heron, Renato Padovani, Ian Smith, Renate Czarwinski. Radiation Protection of  Medical Staff. European journal of Radiology. 2010; 76:20-23. [4] Kevin Jaquith. 5 reasons why you should use lead apron storage racks. Universal Medical.  2014. Retrieved from http://blog.universalmedicalinc.com/5-reasons-why-you-should-use- lead-apron-storage-racks/ [5] Lead Apron policy. Radiation protection guidance for hospital staff. Prepared for Stanford  hospital and Clinics, Lucile Packard children’s hospital and Veterans affairs Palo Alto Health  care system 2010. [6] Muir S, McLeod R, Dove R. Light-weight lead apronslight on weight, protection or  labelling accuracy? Australas Phys Eng Sci Med 2005; 28:128–130. [7] Orhan Oyar, Arzu Kislalioglu. How protective are the lead aprons we use against ionizing  radiation? Diagn Interv Radiol. 2012; 18:147-152. [8] Proper selection, care, quality control and disposal of lead aprons. Radiation issue notes  2008.

Custom Written Term Papers: The Role of Women in Othello

The Role of Women in Othello At the beginning of Othello two men stand and discuss the fate of a woman. One contested for her and lost and the other willingly admits to her beauty, charm and worth. Both men wish to bring down the man who has won her, Desdemona, and slander her name nonetheless. This man, their rival and superior is none other than Othello. Othello has managed to obtain something they could not; Desdemona. Throughout the play Desdemona is rarely viewed as a human being, she is merely a prize, and from the very beginning Desdemona is an object of lust. Emilia and Bianca are also mistreated in this way. The three women in the play; Desdemona, Emilia and Bianca contrast in class. Desdemona is born from a high-class Venetian family, Emilia is from a servant class and Bianca is a prostitute or "whore", a word that Desdemona refuses to use. Despite this they are all abused by men and are objects of men's sexuality, and they all suffer under the cruel hands of those whom they love. Each one is shown in relation to a particular man, (Othello, Iago and Cassio) and is contrasted with the other women, which reveal how the stereotypical version of womanhood impacts their lives, (in Desdemona and Emilia's case, their deaths). The three women's eventual destinies are interlinked with the plays central symbol: the handkerchief. Women are major characters in Shakespeare's plays.   In "Othello" women are ... ...e: Reflections Chiefly on the Tragedies. Lincoln, NB: University of Nebraska Press, 1993. Muir, Kenneth. Introduction. William Shakespeare: Othello. New York: Penguin Books, 1968. Neely, Carol. "Women and Men in Othello" Critical Essays on Shakespeare's Othello. Ed. Anthony G. Barthelemy Pub. Macmillan New York, NY 1994. (page 68-90) Shakespeare, William. Othello. In The Electric Shakespeare. Princeton University. 1996. http://www.eiu.edu/~multilit/studyabroad/othello/othello_all.html No line nos. Wayne, Valerie. â€Å"Historical Differences: Misogyny and Othello.† The Matter of Difference: Materialist Feminist Criticism of Shakespeare. Ed Valerie Wayne. Ithaca, NY: Cornell University Press, 1991.

Mitsubishi Corporation Analysis

Capital structure in Japan has been noted to be more highly leveraged than comparative North American firms which brings to mind the question: how is it that Japanese firms have been able to take on such high levels of debt? The answer lies in the environment that Japanese firms have been operating in. More specifically, the levels of debt are likely to have been induced by the lack of alternative sources of finance because of the effect of government regulations, and the different ownership structure in Japanese firms (with institutional lenders being major equity holders). So, the higher leverage has been a consequence of the conditions that Japanese business face-with a more pronounced effect (due to relationships) in companies which are in corporate groups known as keiretsu. These conditions were characteristic of the past. As the benefits of debt are well known in finance theory (tax shields, signaling etc.), the lack of independence and efficiency in decision making borne by Japanese managers seem to be the costs. The result for some firms has been a reduction in debt levels to those more resembling U.S. companies. The questions now have become: What is the optimal debt level for a Japanese firm? Should firms still be taking advantage of the benefits of their keiretsu relationship that have allowed them to take on such levels of debt? Our analysis focuses on Mitsubishi Corporation, a core conglomerate that is part of the larger Mitsubishi Group keiretsu having the capital structure characteristics mentioned above. The report will first explore the circumstances that may have induced Mitsubishi to its present capital structure, then look at more recent events and trends that may affect future financing decisions, and conclude with the Mitsubishi capital structure/optimum debt level analysis. Japanese corporations have outpaced rival firms in the US and Europe in terms of capital investment throughout the 1970†³s and into the 1980†³s. One of the main reasons behind the high level of investment is the better access to capital that Japanese firms have compared to their western counterparts-the result is that Japanese firms seem to have more debt than their U.S. counterparts. A common motive for taking on more debt is for the tax advantages, but there is little to suggest that there is much difference in the taxation systems between the two countries to support such a reason . The most likely factor for this trend in Japan has been the result of the close relationships that Japanese firms have with each other in a keiretsu. In Japan the majority of companies are formed into enterprise groups called keiretsu (which translates as â€Å"series† or â€Å"group†. The basic features of a keiretsu are as follows: cross-share holding agreements, interlocking directorates, intra-group financing, joint investing, and a consistent pattern of dealing among group members. The largest of the keiretsu are Mitsubishi, Mitsui, Sumitomo, Fuji, Daiichi Kangyo, and Sanwa (the latter three are centered around Japan†s largest commercial banks. Together, these six corporate groups account for a quarter of total Japanese business assets. Prior to the Second World War, several large monopolistic companies dominated Japanese industry. They were known as zaibatsu – the dominant four were Mitsubishi, Mitsui, Sumitomo and Yasuda. During the post-war Occupation the holding companies of the zaibatsu that controlled member firms were dissolved. Many firms subsequently regrouped to create the keiretsu we see today. Types of keiretsu: Vertical and Horizontal Vertical keiretsu are arranged hierarchically along production and distribution lines and organized under a principal manufacturer. The benefits of this network include increased efficiency and customer service, decreased distribution costs, simplified marketing channels, rationalized inventory controls and the facilitation of effective information sharing between members. Also, the principal manufacturers receive the benefit of being in a dominant position, which creates a high degree of bargaining power. Horizontal keiretsu are large groups of Japanese companies in a wide range of industries, organized around a commercial bank. Direct competition is avoided between member firms by only having one company in any line of business. The success of this type of keiretsu is attributed to their cross- shareholding and the availability of bank loans to their members. This is supplemented with personnel exchanges and consensus decision making between member firms. Being in a horizontal keiretsu also means that a stable core of long-term shareholders is in place for a company. For our purposes we will be focusing on the capital structure and other features of firms in a horizontal keiretsu. The economic environment that Japanese firms operated in favored highly leveraged capital structures. The following are some of the factors, besides belonging to a keiretsu, that have had an effect on a Japanese firm†s capital structure. The reluctance of Japanese managers to raise equity capital stems from the operations of the Japanese stock markets. Firstly, the Tokyo Stock Exchange is less stringent on disclosure requirements as compared to the NYSE, for example, which causes sharp asymmetric information differences between corporate insiders and the market. The result of this asymmetry is a severe underpricing of new share offerings and a reluctance to issue on management†s part. Firms, therefore, had a preference for bank debt which was less likely to suffer from such pricing effects. Secondly, equity has been an expensive form of finance in the past. The notion of issuing shares at market value is a recent phenomenon whereas traditionally firms issued equity at a historical par value of 50 yen with a fixed dividend. Investors typically demanded a 20 to 30 percent annual dividend on the par value (in essence the instrument was a preferred share), which were paid out of after-tax cash flows. Loans on the other hand were easily obtained through an affiliated bank at reasonable interest rates, and provided a tax shield through the deductible interest payments. Government Regulations and the Bond Market Table 1 shows how the domestic bond market in Japan began to open up during the 1980†³s. Until that time, strict bond issuing criteria that applied internationally kept most firms out of the domestic and foreign bond markets. Government regulations worked against issuing corporate bonds. The government saw corporate bonds as a competitive threat to the its own bonds since interest rates would have to be raised in order for the government†s bonds to compete with those of the top corporations. It wasn†t until 1985 that unsecured straight-debt corporate bonds were even issued. These conditions meant that firms had a reliance on their bank for debt financing; and as a result of their close relationships to banks, had a lower cost of capital and the ability to invest more than those who did not. Structure of Corporate Ownership in Japan The structure of corporate ownership in Japan is quite different compared to their counterparts in the West, with ownership being highly concentrated in Japan. Japanese laws allow institutional investors to exert more control over firms and their management inducing them to seek higher levels of share ownership. Indeed, there is a striking difference between Japanese and US corporate ownership. Ownership by financial institutions (particularly commercial banks) is far greater in Japan than in the US. Japanese commercial banks and insurance companies hold approximately two to three times the number of outstanding shares of public firms than their US counterparts do. On top of being a predominant shareholder, financial institutions play the simultaneous roles of also being the largest creditors of the firms as well being an important long-term commercial business partner. For example, it has been shown that out of 344 manufacturing corporations, financial institutions own 34.48% of the common equity and individuals own 29.53% . Therefore, many Japanese firms have access to more debt since financial institutions have highly concentrated ownership in firms. Ownership concentration does not differ significantly between keiretsu and independent Japanese firms . With high ownership concentration and cross-share holding by banks, suppliers and customers, keiretsu firms are better able to monitor decisions of firms within the group and direct management†s actions to benefit the whole and to act as a collective rather than just being contractual business partners. During the high growth era, the government of Japan†s Ministry of Finance directed investment to high growth industries. To ensure that investment capital was available to firms in these industries, implicit guarantees on the liabilities of financial and non-financial corporations were given to lenders. The provision of a safety net for the loans made the banks eager to lend money to finance rapid expansion in these industries, and the corporations willing to borrow it. Banks were also threatened by market bonds since they posed direct conflict to their business in two ways. First, there was a fear that interest rates on bank deposits would have to be raised from their artificially low rates to keep funds from migrating to other investment instruments. Second, banks did not want to lose their traditional customers for loans to the capital market. Because of their presence in the management and the board of directors in firms within the keiretsu structure, they were able to effectively keep these companies financing their operations with loans. This was relatively easy since most firms could not issue bonds anyhow until recently. The keiretsu system helped to reduce many of the direct and indirect costs faced by Western firms, which may have allowed firms to raise their debt levels. A major benefit arising from keiretsu affiliation is the reduction in costs of financial distress for member firms thus allowing them to take on a higher debt to equity ratio than otherwise possible. This is mainly attributed to keiretsu banking relationships and the consequent high levels of share ownership by financial institutions. Since a Japanese keiretsu is primarily financed by its main bank, to which a firm has close ties to, the extent of financial distress is greatly reduced. Hypothetically, when a firm within a keiretsu is entering financial distress, its main bank will coordinate rescue efforts by arranging loans from other banks as well as itself. In extreme cases, the bank will even find a company within the same keiretsu to merge with the distressed firm. In the event of a bankruptcy, the main bank will bail out the keiretsu firm by absorbing all losses by taking a subordinated position to other debt holders, eliminating the need for squabbling between the other claimants. The other features of the keiretsu, namely cross-ownership of shares and intra-group financing, also decrease the cost of financial distress. Since all firms within a keiretsu have some sort of stake in the distressed firm, it is in their best interest to try to keep that firm in operation . Aid from companies in the keiretsu can come in the form of stretched receivables, favorable transfer pricing and direct management incentives. To decrease the probability of bankruptcy and to increase the likelihood of recovery by a financially distressed firm, it would be ideal to expand, invest, and allow their organizations to grow. This is consistent among keiretsu firms since in times of financial distress, they tend to invest 46 percent more compared to non-keiretsu firms . Firms in financial distress generally have problems in raising capital, which may be in part due to a free rider problem. Firms with diffuse groups of creditors are faced with this problem because individual debt holders would not be willing to refinance the firm or renegotiate debt claims even though it would be in their collective best interests to do so. This problem is absent however, when a keiretsu firm is primarily financed with bank loans from a single creditor. Free rider problems are less severe or eliminated in keiretsu organizations. In addition, keiretsu firms tend to stay out of Japanese bankruptcy courts. Since financially distressed keiretsu firms are bailed out internally, the direct costs of bankruptcy such as legal and advisory fees, are vastly reduced. American firms on the other hand see the majority of disputes, arising from financial distress, ending up in bankruptcy courts. This problem in the US corporate system can be partially attributed to the wide use of bond financing. A multitude of bondholder claims are more difficult to restructure than a single bank loan and US bankruptcy legislation prevents companies from changing the principal, interest, and maturity without unanimous consent from bondholders. Therefore, keiretsu firms do not incur these large costs of financial distress, which can reach up to five percent of firm value, incurred by their US counterparts. In the end, the lower costs of financial distress is another reason why Japanese firms can take on more debt and thus lower their costs of capital even more with increased utilization of their tax shields. A financial keiretsu, through its network of corporate cross-shareholdings and strong relationship with a main bank, serves as an effective system for monitoring the actions of a member firm. Member firms are in unique positions to serve as mutual monitors because the success of a single firm is in the best interests of the entire keiretsu. As keiretsu firms typically have seats on other member firm†s board of directors, they can make sure that the actions of management are in accord with the interests of the entire group. The main bank acts as the primary lender and as a major shareholder, also tends to have its own executives sit on the board. This dual role ensures that the banks will be looking out for the interests of both bond and equity holders of the firm. The costs of monitoring are not as high as they are in the US system for any one party since the ownership is not as diluted. Hence, each member has a signficant interest in monitoring the firm†s activities and the free rider problem is alleviated. This system of corporate governance effectively makes sure that management pursues long run value creation. Agency costs are reduced in a keiretsu because of the unique relationships within the group. Shareholders cannot participate in moral hazard activities such as transferring risk to debt holders or transferring wealth from them by encouraging management to take on negative NPV projects. Both the higher level of debt and the structure of ownership, i.e. the bank being a creditor-owner and the high proportion of shares being cross-held within a keiretsu, serve the purpose of keeping managerial interests in accord with the group. The lower agency costs also results from the fact that most of the debt is short-term and secured.

Bartleby I Would Prefer Not Too

Herman Melville's â€Å"Bartleby, the Scrivener† scrutinizes the impersonal, harsh, and isolating labor conditions in America soon after the industrial revolution. Bartleby is presented as a foil to his repressed and ignorant coworkers: Turkey, Nippers, and Gingernut who participate, however dysfunctionally , in the brutal system. In contrast, Bartleby distinguishes himself to the narrator and the reader as â€Å"the strangest [scrivener] I ever saw or heard of†( ) by rejecting the mundane work of copying legal documents and proof reading them.He embodies passive resistance through the repetition of the response â€Å"l would prefer not to† when faced with a command from his employer. Through the use of key words such as â€Å"would† and â€Å"prefer†, Melville gives Bartleby the appearance of submitting to his employer's, the lawyer's, judgment and authority. This display of subordinance, however, is only an illusion. Bartleby rejects the capitalis t hierarchy on which Wall Street is built and thus also rejects the lawyer's authority. What exactly does Bartleby â€Å"prefer not to do†?He prefers not to comply with the dehumanizing reality of the American capitalist economy. As scriveners, Bartleby and his coworkers live an automaton-like existence, robotically reproducing documents written by others. Unlike Bartleby, however, his coworkers have been indoctrinated into conforming through the never-fully- satisfying reward of wages. As stated by Karl Marx, a German economic revolutionary, â€Å"Capital is dead labor, which, vampire-like, lives only by sucking living labor, and lives he more, the more labor it sucks. (Marx) By â€Å"preferring not to† , Bartleby protests against alienating, mundane labor. The life- sucking effect of capitalism is also demonstrated by Bartlebys previous occupation as â€Å"a subordinate clerk in the Dead Letter Office† ( ). This Job consisted ofa â€Å"pallid hopelessnessâ⠂¬ ( ) of â€Å"continually handling these dead letters and assorting them for the flames†( ). Both of Bartleby's jobs provide no outlet for communication, individuality, creativity or growth.The apitalistic economy has stripped him of his humanity, and he would â€Å"prefer not† to continue taking part in it. By using the phrase, â€Å"l would prefer not to†, Bartlebys also causes the lawyer â€Å"to stagger in his own plainest faith† (1 1 and to doubt the rules upon which his own society is built.

The Grand Illusion Essay Example

The Grand Illusion Essay Example The Grand Illusion Essay The Grand Illusion Essay To wage a modern war is to fuse into a gigantic machine the resources of our most advanced technologies. Petroleum, rubber, and a host of other chemicals are the fuel of War; light and heavy materials its armor. Without aluminum, magnesium, tin, tungsten, molybdenum, quinine those looking to wage a total war cannot survive very long. The buttress of the Allied strategy rested secure in the knowledge that they, not Germany, controlled these resources and could therefore restrict German access to them. Blockade enforced by British dreadnaughts and backed by the US navy had been the basic element of Allied hope to thwart the German menace. Simple in its grandeur and apparent impregnability, this barricade of the sea lanes had the semblance of a wall which a mailed fist could never breach. In 1914, the Schleiffen Plan called for a swift and overpowering march to Paris as the coup de gri ce to end the war. However, since the Schleiffen Plan was not diligently obeyed, the Great War lasted longer than originally expected and resulted directly in a German defeat, a complication the axis powers did not account for. The tourniquet of the British Royal Navy constricted the German arteries of supply. By 1917, the German resource coffer that was needed to fuel its war machine was sucked dry and her people were withering away from starvation. Forced at last to surrender to the Allies, Germany studied this imprisoning cordon with great detail. With the cunning and aggression of Germany militancy eliminated from the world stage, the Allied forces finally relaxed. As the world order was gradually restored, science and technology forged ahead. In the early 1920s, German industry became evermore integrated and as a result, its dependence on the outer world for resources increased dramatically. However, with every addition to the myriad of materials NOT found within the Reich, it seemed to the Allied powers that the German threat was virtually eliminated. Without the necessary materials essential to technological progress, Germany was bound to her Allied captors. To begin with, Germany had absolutely no oil reserves; for a new war to be waged she would require a fathomless amount of petroleum. Conversely, the United States and Britain commanded more that half of the worlds oil supply. Germany had no rubber; Britain controlled a significant proportion of the world supply. From the context clues surrounding Germanys economic and financial state of affairs, the Allies concluded that it would be impossible for Germany to engage in rearmament and to escape the strangulation brought about by a dearth of strategic resources. The Great War revealed vital weak spots in the German armor the difficult task of rearming would be futile unless any new war could be started with a wider margin of advantage than it did in 1914. This requisite superiority required that Germany become an absolute autarky with the ability to provide for all its domestic needs. Was this economically possible when the Nightmare of Versailles continually haunted Weimar Germany? The Treaty emaciated the German military machine, slapped crippling monetary reparations on her, removed swathes of land from the German Empire, and left her in no viable economic position for wage any future wars. Of course, this was the consensus in the short run; Germany knew it had to focus on domestic policy and the rebuilding of its devastated country in the short-run. However, in the long run, Germany harbored a devious hidden agenda In hindsight, it can be assumed that the sweep of German aims in the early 20th century had but one reoccurring theme: world domination. Viewed by its captors as the have-not power on the Continent, Germany could not have asked for a better predicament to become a fortress of self-sufficiency. Hitler had the ruthlessness and cold, cruel realism to consolidate a position of power out of the collapse of the German economic structure. Resultantly, the vast centralized cartel organization which characterized German industry became a tool in the hands of a disillusioned dictator who no longer embraced private profit, but operated solely to serve his ruthless political ambitions. Thus, Hitler shouldered the conquest of the continent on the German industrialist. The First World War should have taught democratic nations that Germany used international cartels as the spearhead of aggression. Stronger in 1933 than 20 years prior, Germanys cartel brethren took back control of crucial industrial fields despite all the constraints imposed by Versailles to prevent their from doing so. With Hitlers compulsive determination to rearm, German controlled cartels simply served as the economic puppets of German interests. Neither before 1914 nor 1939 did Allied industrialists and financiers discover the truly destructive connotation of this outlook. Rather, to the savvy turn-of-the-century industrialist, cartels were considered as an efficient means of guaranteeing domestic monopoly. The industrialists operating businesses outside of the Third Reich thought of cartels in terms of low output, high prices, and maximized profits. However, the cartels of democracy were easy dupes and did not suspect that Germanys output was growing by leaps and bounds. These industrialists who consorted with German economic arrangements during the interwar period knew not what they did. Of course, history tells us that Germany lost WWI, but neither by this loss nor by the period of social unrest and inflation slowed the production of German industrial cartels. The failure of the allies to recognize that these cartels were not disarmed was their biggest mistake. This fait accompli, possibly due to the political myopia of the Allied powers, had repercussions in the war to come. Germanys consortium of cartels concealed from prying eyes what it could of its real operations. Armed with patents and secret know-how, the German cartels laid siege to the economies of prospective antagonists. These bold tactics, interlocked perfectly in design, are evident in the succession of maneuvers which characterized German policies in the 1920s. For example, rampant inflation liquidated the costs of the First World War and with a stabilized Mark in the mid 1920s, Germany extended an alluring invitation for foreign capital. The victors, not the vanquished, unknowingly provided the capital that helped fund Germanys reconstruction and later her massive rearmament program. In the late 1920s Germany made a portentous discovery: coal could be made into oil and oil could be made from rubber. The obstructions on the road to Armageddon were slowly being removed. While the rest of the world floated into oblivion, in Germany, war became certain. Lulled into a state of sleep, the world did not detect the direst omens of catastrophe. Sporadically, embedded in academic science journals and business reports, hints of German economic plans could be found. However, clouded in a haze of polysyllables the smattering of German blueprints evaded the eyes of the outside world. The Allied forces had characterized the German nation as economically dependent, unable to stand without the Allied crutch of raw materials and supplies.

Everybody is a Native Speaker, Nobody is a Native Writer

Everybody is a Native Speaker, Nobody is a Native Writer Everybody is a Native Speaker, Nobody is a Native Writer Everybody is a Native Speaker, Nobody is a Native Writer By Michael Does writing English cause you pain? Maybe thats because youre not a native writer of English. But then, none of us is a native writer of anything. We all learned to talk before we could write. Linguists say that, in a real sense, written English is a different language than spoken English. Thats true of every language. Writing down your words changes what youre saying. For one thing, your tone of voice disappears. Written letters and characters may not correspond directly to the sounds of speech (especially true of English, unfortunately). Readers are less tolerant of missing or added words than listeners. A speech may make sense to the original audience members and even move their hearts, but the initial transcript may seem shockingly illiterate and even incomprehensible: And the reason you know not that I would recommend no, Im serious When students have trouble learning a foreign language, its often because their teachers treat the written language as primary, when actually the spoken language is primary. Chinese was considered a forbidding language for Westerners (all those characters!) until people such as Henry C. Fenn and Gardner M. Tewksbury at Yales Institute of Far Eastern Languages had the brilliant idea of teaching their students to speak Chinese before teaching them to write it. From personal experience, I can testify that they were right. To me, Chinese is simpler and more sensible than many other languages, especially I never had to learn to write it. (I still have problems with pronouncing tones, which change the meaning. But all Westerners do.) What prompted my thinking about writing vs. speaking was a question from a reader named Linda, who read my article The Yiddish Handbook: 40 Words You Should Know, and asked, If a Jewish person was singing, what language would they sing in: Hebrew or Yiddish? I sort of thought that Hebrew was the written language, but Yiddish was the spoken language of the Jewish people but I dont really know. Thank you! I answered: They usually sing in their native language most Jews arent fluent in either Hebrew or Yiddish. But Hebrew is the official language of the state of Israel, and Yiddish is the common language of the haredi, commonly called the ultra-Orthodox. So there are popular Jewish songs in both languages. Of course, Hebrew is the language of religion, and was often considered fancier or more formal than Yiddish, so it might be used for certificates and so on. Chants and prayers during worship are in Hebrew, and Yiddish is written in the Hebrew alphabet, but Eastern European Jewish folk songs and klezmer songs usually have Yiddish titles or lyrics. Hebrew is an example of a religious language that is read more than it is spoken. In my experience, many young Jewish people learn Hebrew only well enough to read it (often shakily) for their bar mitzvah ceremony. In Eastern Europe churches, Slavic Orthodox worshippers use the Church Slavonic language, but they dont speak it outside church. Language acquisition expert Tom Brewster told me that conservative Protestant Christians are able to understand the 1611 King James Bible only because theyve become partially bilingual in Elizabethan English. Im told that citizens of Greece can understand the first century Greek Bible about as well. Just as Muslims pray in Arabic without necessarily speaking it, for centuries Roman Catholics prayed in Latin. At first the language of the church service was simply a formal version of the Vulgar Latin (sermo vulgaris, folk speech) spoken in Europe. But over the centuries, as Vulgar Latin evolved into languages such as Spanish, Italian, French, Portuguese, Romanian, Catalan and Romansh, Catholic worshippers understood less and less of what the priest was saying. In the 1960s the Vatican began to allow the Mass to be said in local languages. Writing coaches often urge their students, Write the way you talk, and thats good advice. Your writing can be friendly and conversational, just as your speaking is. Aim to be understood, not to impress, in both your writing and speaking. But understand that written English and spoken English are two slightly different languages. When you write them down, your words can become even more expressive and precise than if you spoke them. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Writing Basics category, check our popular posts, or choose a related post below:15 Terms for Those Who Tell the Future"Certified" and "Certificated"List of 50 Compliments and Nice Things to Say!

The Great Depression Essay †The Worst of Times - BestEssay.education

The Great Depression Essay – The Worst of Times The Great Depression Essay If your grandparents are still alive, they probably lived through the Great Depression – that really dark period in American history, between 1929 and 1941, when life was really horrible for a whole bunch of people. If you have read about it, then you have the basic facts. If you haven’t yet, then you may be asking yourself, â€Å"What is the Great Depression?† Simply put, it was a time in our history when we experienced the worst economic circumstances in all of our history – bank failures, terribly high unemployment, wages that could not support families, and high rate of home foreclosures. Does this sound familiar? It should. A Look at the Causes of the Great Depression The 1920’s came in like a tornado. World War I was over, and people were happy about that. Prohibition was also in effect, and people were not very happy about that. Jazz and the Charleston dance were the rage. Women cut their hair and raised their skirt lengths; men drove flashy convertibles. Life was good. But the warning signs were there. Banks were lending money wildly – to startup businesses, to real estate developers, and to individuals who wanted to buy homes and cars; stock brokerage firms were loaning money to people so they could invest in the Stock Market, and companies that were selling that stock were selling more than their companies were worth. Lots of risks were being taken with no government regulations to curtail them. It was a time of â€Å"do whatever you want.† Unfortunately, that behavior cannot last forever and the cracks began to appear in the summer of 1929. They soon became trenches and, in October of that year, the Stock Market crashed. That was followed by â€Å"runs† on the banks, as people tried to get their money out. The banks did not have the money – they had lent it all out. Banks failed. Companies went bankrupt, and people lost their jobs. So, if you need to write an essay on any of these causes, you can easily compare them t o the â€Å"crash† of 2008 and then explain why were able to avert a depression this time around. The Effects of the Great Depression Many of the effects were outlined for you above – high unemployment, loss of life savings, home foreclosures, and so on. Enter Franklin Roosevelt The short-term effects of the Great Depression were devastating, and in 1932 the country changed course and elected a Democrat to the White House, giving control of Congress to the Democrats as well. Thus began a series of programs, new laws and regulations, and controls on lending institutions that were designed to prevent this from every happening again. And most of those regulations and laws are still in effect today. But monied people and financial institutions have a way of finding methods to â€Å"skirt† the regs, and that is why it all came crashing down again. Essay Topics There are so many possibilities. You can look at a single cause, a single effect; you can look at how society coped; you can look at the fights in Congress as each new relief bill or program was introduced. And, even more interesting, you can compare the causes and effects of the Great Depression with the financial crisis of 2008. The Great Depression was a â€Å"dark† but fascinating piece of American history. We need to study it a bit more as we still seek solutions.

Government regulation of climate change Essay Example | Topics and Well Written Essays - 750 words

Government regulation of climate change - Essay Example As asserted by Leiserowitz (2006), climate change has impacted on the environment in many ways. These effects include the following but are not limited to; the melting ice sheets, rising level in sea, oceans are becoming acidic, the changing weather pattern, the changing in food, water sources, health risks in our habitats among other vivid effects. With these effects in mind, United States there asserts that all nations are at risk and necessary measures should be put in place in order to address the problem. Leiserowitz (2006) asserts that in matters pertaining to the resource and environment challenges brought about as a result of climate change, China is advocating for quick address of issues of energy conservation and emissions reduction which contribute greatly to climate change. They view it in the context introducing consumption modes which helps to conserve energy and resources and protect the environment (Leiserowitz, 2006). China insist that the problems of climate change can be handled by building a recycling based and a sustainable national economic system with features of low consumption of energy, low emissions and sustainable use of different sources of energy which promote a sound ecological environment. According to Leiserowitz, (2006), there is no doubt that there is need to approach the concept of climate change in balance way. Such approach assists in ensuring that there is normal life for all the inhabitants of the environment, which is affected by the climate, whilst securing future generations. Amazingly, scientists and other stakeholders continue to argue that there is need to reduce emission of poisonous gases into the atmosphere besides reducing the effect on greenhouse for the purposes of avoiding climatic change. In this perspective, every stakeholder has a responsibility of enhancing climatic conditions through reducing emissions and effect on the greenhouse. Consequently, there will be an ecological

What is the relationship between the services provided by HR managers Essay

What is the relationship between the services provided by HR managers and other leaders with regards to the levels of staff commitment - Essay Example Basically, the purpose of this quantitative, descriptive nature of research is to explore the relationship between critical dimensions between HR services provided and employee retention by surveying 1000 members from different branches in a financial institution based in Doha in the State of Qatar. The study also aims at assessing the available information about human resource practices, especially the focus is on how effectively the leaders can retain the employees through devising effective techniques that can be utilized, the role of HR personnel in improving employee commitment as an important objective of this study. The study also identifies the limitations of the leaders in their approach of suggesting improvement. The independent variable will be the job satisfaction and thus the retention of the employees, while this will be tested against several dependent variables such as (a) wages and bonuses (b) recognition on the job (c) teamwork and (d) availability of training, givi ng responsibility to the employees, flexibility of the leaders while dealing with his subordinates and similar variables. Chapter two specifically deals with reviewing of published literature that is relevant to the study which influenced the careful selection of the method of data collection to be implemented in the study.

A borderless world has resulted in an improved global economy Essay

A borderless world has resulted in an improved global economy - Essay Example To that extent, the world may be seen as borderless since ideas and information pass from country to the next (Fung and Fung, 2007). Besides, there have been many improvements in the global economy, which came about because of establishing a borderless world. Such concept of a borderless world may also be seen through the prism of free ports. Goods and services flow freely through the porous borders and labour can be sourced from any corner of the world. Global financial institutions have facilitated millions of transactions over the years. The once huge gap between developed and developing countries is quite narrow today. Conducting business is increasingly becoming global as mobility, technology and revenue opportunities are witnessed in emerging markets hence tempting firms to expand their operations into these markets to reach new consumers. Despite the recorded economic challenges of the world, going borderless could offer a new prosperity avenue. World trade is projected to rise by 86% in the coming 15 years as the demand for traded goods increase in global markets (Fung & Fung, 2007). A borderless world has presented immense investment and commerce opportunities. Businesses can succeed in the borderless world with commitment and right focus. New technology enables regulatory best practices globally. As emerging markets advance their technological infrastructure, they become revenue opportunity markets. The excellent talent pool available in global markets is another critical driver of globalization thanks to a borderless world. In addition, business regulations, permits and tax compliance have improved tremendously. The borderless world has brought more positive than negative effects to UAE economy. Firstly, creating free border is responsible for improved foreign investment. A survey conducted in the year 2005 revealed that the inflow into UAE of foreign direct investment achieved a

Education Essay Example | Topics and Well Written Essays - 1000 words - 26

Education - Essay Example nderstand the role of language in the learning process as supported by McConachie and Petrosky (2010) who claim that â€Å"content knowledge cannot be separated from the language to represent it† (p.4). Van Lier and Walqui (2012) also stress the importance of content language by asserting that student comprehension of numerical, graphical and algebraic illustrations is in many cases a product of verbally working out the problems the help of a teacher or peer then articulate such understanding through language. However, even as student’s grasp of the technical language is important, this must be enabled through a well-prepared lesson plan. Therefore, giving student teachers adequate time and flexibility to assess student needs is essential as it allows a teacher to undertake adequate background check on students’ prior academic learning. A teacher trainee can also undertake a reconciliation of state standards and the various developmental, personal and cultural dispositions of the students in order to create teaching resources and approaches that reflect to specific needs of the students (Feiman-Nemser, 2003). Although the requirements of the New York education department through the curriculum provides important guidelines for a teacher to identify essential teaching and learning experiences for the learners, there are some differences at the level of school and individual students that must be considered when planning for a lesson. Therefore, the requirements for a lesson p lan provide teachers with the power to determine complexities that might require changes for them to be implemented successfully. Videotaping of the teaching process helps in creating evidence that the teaching process actually took place. However, this has no real value to educators especially since it provides room for teacher trainees to edit the content until they feel they have a perfect copy. Therefore, the videotape can be considered as being unnecessary for educators, as there are

Harford Bicycle Planning Assignment Example | Topics and Well Written Essays - 3000 words

Harford Bicycle Planning - Assignment Example Hull consists of a population of 262,000 individuals with a near 50/50 gender ratio. No particular cycling habits were identified through studies pertaining to very regionalized cultural habits in Hull. It is an understanding that certain geographical features and inherent landscape motivations will determine some consumer behaviour, however without this data this marketing function seeks for mass market appeal via a systematic IMC campaign. In this city, the infrastructure for this activity is present, the motivations and incentives are a missing component. Using valid concepts of human behaviour, target markets were identified as subsections: Since no identifiable model of consumer target characteristics could be identified, this segmentation approach represents a modified acknowledgement of the FCB Planning Model and the Elaboration Likelihood Model of consumer decision-making. Taking into assessment the history and structure of Hull, these markets coincide with the geographical proximity of Halford’s product distributors and can be targeted through mass-focused communications over a systematic time period. The concept is not about making comparable difference claims about Halford’s internal brand reliance and partnerships, positioning Halford’s is identifying its strengths and weaknesses that are most likely to be present in the local environment. Halford’s currently refers to itself as much like a distributor when referring to its product selection, thus making it competitive through its product. Halford’s requires a repositioning during this summer period that gives the business a personified image. It is choice of quality positioning as a lifestyle leader for key markets with a supplementary identity as a premier sales organization. Quality. It speaks a different language depending on the target

Take Home Final Exam Essay Example | Topics and Well Written Essays - 1250 words

Take Home Final Exam - Essay Example This time it’s the Eastern Ukraine that has become center of attention. Each of the region aims at establishing a pro government which would serve its strategic purposes. The recent event of Crimea Crisis has brought the two nations to a strangulating view point in the diplomatic and political activities. As a result the allies on each side have been brought into action as well as subsequently the United Nations Security Council as well. After the formal annexation and troops march in, the Russians have declared it a Crimean Federal District. Although this move has not been approved by the United Nations. The Crimean Peninsula is important on multiple accounts. One of the factors is its multi dimensional and multi ethnic population segmentation, the other factor that has caused the stir and attention is its affiliation and geographical capacity with the Black Sea which has since centuries served as the pivot towards the Russian interests in the region (Pavliï ¸  uï ¸ ¡k and Klympush-Tsintsadze, 68). Surveys conducted in this pursuit to determine the pulse of the people, it was revealed that over 40 percent of the Ukraine population desires becoming part of the E.U, while a meager 14 percent of the population wanted to get enrolled into a pro Russian economic union entity. United States of America cannot allow re occurrence of the Cold War expansionist policy of Russia through the influence establishment in the smaller states of the region. It at the same time does not want the natural resources to fall under the Russian influence as a result it badly wants Ukraine to be enrolled in the European Union. In bid to protect the central part of Ukraine from falling into the shade and influence of Russia, United States of America has released a fund and assistance of one billion dollars on immediate grounds (JOACHIM and WEISMAN). This has been done so to provide assistance to the already frail economy of

Harford Bicycle Planning Assignment Example | Topics and Well Written Essays - 3000 words

Harford Bicycle Planning - Assignment Example Hull consists of a population of 262,000 individuals with a near 50/50 gender ratio. No particular cycling habits were identified through studies pertaining to very regionalized cultural habits in Hull. It is an understanding that certain geographical features and inherent landscape motivations will determine some consumer behaviour, however without this data this marketing function seeks for mass market appeal via a systematic IMC campaign. In this city, the infrastructure for this activity is present, the motivations and incentives are a missing component. Using valid concepts of human behaviour, target markets were identified as subsections: Since no identifiable model of consumer target characteristics could be identified, this segmentation approach represents a modified acknowledgement of the FCB Planning Model and the Elaboration Likelihood Model of consumer decision-making. Taking into assessment the history and structure of Hull, these markets coincide with the geographical proximity of Halford’s product distributors and can be targeted through mass-focused communications over a systematic time period. The concept is not about making comparable difference claims about Halford’s internal brand reliance and partnerships, positioning Halford’s is identifying its strengths and weaknesses that are most likely to be present in the local environment. Halford’s currently refers to itself as much like a distributor when referring to its product selection, thus making it competitive through its product. Halford’s requires a repositioning during this summer period that gives the business a personified image. It is choice of quality positioning as a lifestyle leader for key markets with a supplementary identity as a premier sales organization. Quality. It speaks a different language depending on the target

Read the document I send you carefully Essay Example | Topics and Well Written Essays - 1500 words

Read the document I send you carefully - Essay Example With every market structure, however, comes advantages and disadvantages of adopting that particular choice. There are mainly four types of market structures with â€Å"perfect competition†on one extreme and â€Å"monopoly†on the other (Baumol, 1961, p.142. Furthermore, â€Å"monopolistic competition†and â€Å"oligopoly† are those salient structures that are counted asthe moderate ones. In this paper, we will be focusing primarily on the Perfect markets. It will incorporate an analysis ontheir relation to consumer demand and the comparison to any other market structure in the economy. PERFECT COMPETITION AND MARKET DEMAND Perfect Market: Perfect competition is â€Å"a very large number of firms producing a standardized product.† (McConnel&Brue, 2004) This means that a perfect market is that structure which entails numerous extents of â€Å"buyers and sellers† for selling the same kinds of product. Besides this, there are several other noticea ble characteristics of a perfect market that are being listed below: In competition oriented perfect market, there are groups of buyers and sellers who are involved. ... Lastly, there is perfect information about prices and technology among both the sellers and buyers. (Besanko&Brauetigam, 2010, p.330) The Perfect Market and the Demand Curve: The demand curve of a perfect market is perfectly elastic which means that it is a horizontal line. â€Å"The price elasticity of demand (PED) for a good is a measure of the degree of responsiveness of the quantity demanded to a change in the price, ceteris paribus.† (Quek, 2011, p.2). It happens so because of the fact that the presence of small firms in the market makes it difficult for them to influence the pricing fluctuations of the goods and services that they offer. This leads to an inflexible proposition of prices of products to the consumers and thus, a perfectly elastic demand curve is achieved in this context. The figure below illustrates the demand curve: Figure 1: Chart showing perfectly elastic demand in a perfect market (Source: Google Images) Quek propagates thatâ€Å"demand curve in a per fectly competitive firm is also its marginal revenue curve† (2011, p.2). â€Å"Marginal revenue†can be understood as the revenue received by selling one extra unit of production. The demand curve and marginal revenue curve are equivalent in a perfect market competition since the price of goods and services are preciselythe same. The demand curve is identical to the average revenue as well in a perfect market because each product is sold at the same price i.e. the average of the total production. An increase in the price of products in a perfect market leads to the quantity demanded of that product to rise to infinity while a decrease in price leads to the quantity demanded of the product to fall to zero. This is also

Attachment Theory and Community Development Theory

Attachment Theory and Community Development Theory The Practical and Theoretical Applications of Attachment Theory and Community Development Theory in Social Work Social work theories are extremely helpful in placing certain problem situations in context, and dealing with those situations. Two theories, Attachment Theory and Community Development Theory, will be particularly helpful in analyzing the case of Dave and Jenny, a married couple in their early twenties, who live on a London housing estate with their two children, Sean (aged four) and Sarah (aged two). Dave works irregularly as a labourer, and spends a good portion of his wages each week at the pub and at the bookies. This causes tension in their marriage, including repeated rows and occasional violence. The family have rent arrears and hire purchase debts, and they recently received a letter from a loan company threatening to repossess some of their property. Most of their problems are about money, and each blames the other for Sean’s willful and aggressive behaviour at the local day nursery. A mother and toddlers group was offered for Sarah, but was never taken up. Both Dave and Jenny would like help with their financial difficulties, and Jenny would like their relationship to improve. Dave claims that the only thing wrong with their relationship is their lack of intimacy since Sarah was born. The family was referred by the Health Visitor, who felt the familys problems were affecting Sarah. The first theory is question is Attachment Theory. Intimate relationships with others are the context in which we discover who we are, learn how others feel about life’s important issues, and how to bridge differences (Waters, Merrick, Treboux, Crowell and Albersheim, 684). The emotional security and warmth derived from a loving parent provides us with a foundation from which we can take the risks that are inevitably part of life (Bornstein and Tamis-LeMonda, 1990). In short, close relationships between babies and their caregivers are central to human life, and the theory of attachment is about these relationships: how they are formed, what happens during the relationship with the nurturing parent, and what the consequences are for later development (Ainsworth, 969 ) If we begin life with an experience of successful closeness, we are better able to create closeness in our relationships with friends and partners. The connection between caregiver and child ensures the two will remain near each other physically, but at the same time, the security of this closeness creates the courage the child needs to venture forth into the world (Waters etc. et al., 686). Secure attachment therefore actually facilitates independence as well as the formation of an autonomous self (Weinfield, Sroufe and Egeland, 687). Attachment theory proposes that the maintenance of bonds, particularly the bond between a mother and her young child, is essential to the survival of the human species and a compelling individual need (Belsky and Nezworski, 1988). An attachment may be defined as an affectional tie that one person or animal forms between himself and another specific one a tie that binds them together in space and endures over time (Ainsworth, 989). Secure attachment provides the foundation for positive growth. It is therefore essential that all children have the opportunity to enjoy such relationships. The key factor for the caregiver is â€Å"sensitive responsiveness† the ability to attune to the child and respond to their signals (Caruso, 121). The child’s responsiveness is also an important contributor to the process. Attachment problems are more likely to arise with â€Å"difficult† babies. Research has established a clear link between secure attachment and other developmental processes, in particular language development, exploratory behaviour and socially appropriate behaviour (Belsky and Nezworski, 1988). The desire to gain the approval of adults is a powerful motivation in learning to control equally powerful but less desirable urges (Bornstein and Tamis-LeMonda, 1990). For children learn to take care of themselves only as well as they have been cared for, and attentive care fosters self regard, se lf protection and self control, fostering a view of the world as responsive and caring (Weinfeld, etc. et al., 200). The securely attached child has formed the mental image of the self as a â€Å"cared about person in conjunction with the mother or other partner as a caring person, which enables the child to tolerate being separated from the caregiver, both physically and mentally, without anxiety increasing enough to disrupt play† (Rutter, 267). In the simplest terms, securely attached toddlers are more independent than insecurely attached ones. Attachment is the â€Å"laboratory of human connection, the experience that prepares us for a life in which we have the opportunity to thrive† (Bowlby, 1988). As part of our general duty to protect the young, we must support them in these early important relationships and do whatever we can to preserve the family relationships that support them. The attachment process is based on fine-tuning the relationship between caregiver and child, and multiple difficulties may arise in any situation. Separation due to illness, depression, stress and tension within the family may make it difficult for the primary caregiver and/or child to respond to each other (Ainsworth, 1009). Where the environment is chaotic and the primary caregiver is not available to the child secure attachment will not be possible. Failure to accomplish the goals of the parent-child relationship will result in an inadequate attachment relationship, placing the child on a pathway to relationship difficulties through out life (Bornstein and Tamis-LeMonda, 1990). Here is where our case study comes into play. The problems Sean is having at the day nursery (willful and aggressive behaviour) could very easily be derived from a lack of attachment at home. As evidenced in the preceding paragraphs, Attachment Theory is particularly applicable to â€Å"difficult† children, and there is a direct correlation between secure attachment and appropriate behaviour. This behaviour, in combination with the ability to act independently, is not evidenced by Sean, and, while there is not enough data to support it, could very well be applied to Sarah as well. After all, the reason the family was referred by the Health Visitor was out of concern for her. Furthermore, if Sean isn’t receiving the secure attachment he needs, then probably neither is Sarah. It is therefore safe to assume that the tension and chaos of the home environment is having a detrimental affect on Sean and Sarah, especially looking at it from a theoretical standpoint. And unfortu nately, while Sean at least has the opportunity to forge positive relationships at the day care centre, without the proper foundation at home, such relationships are not likely to succeed. Bringing an Attachment Theory standpoint to the attention of Dave and Jenny would be the first step in addressing these problems, followed by a comprehensive plan of action to redress the problems derived from a lack of secure attachment. Another theory that will be useful in assessing our case study is Community Development Theory. Since the late nineteenth century, the use of the term community has remained to some extent associated with the â€Å"hope and the wish of reviving once more the closer, warmer, more harmonious type of bonds between people vaguely attributed to past ages†(Hoggett, 1997). Before 1910 there was little social science literature concerning community, and it was really only in 1915 that the first clear definition emerged, which was coined by C. J. Galpin in relation to delineating rural communities in terms of the trade and service areas surrounding a central village (Harper and Dunham, 19). A number of competing definitions of community quickly followed. Some focused on community as a geographical area, some on a group of people living in a particular place, and others as an area of common life. Community development as a theory and practice centers on community work, organization and participation. As a child needs guidance to develop correctly, communities, too, need mature guidance from experts to ensure the proper developmental trajectory (Almond, 1970). Community development (or building) presents an image of â€Å"continual improvement and grassroots efforts, using a combination of mental and manual work, with a division of labor within the community, not between the community and the outsiders† (Cook, 1979). Community building implies a broad set of participants and a shared vision of what the community should be like in the future, looking at the whole and not just a few parts. When community residents are addressed in terms of what they can offer rather than what they need to receive, they become active participants in the process of change (Almond, 1970). While a community is made up of individuals, it is more than the sum of its individual parts. A healthy community is able to use the skills, knowledge and ability of all the people in it to take initiative and to adapt in the face of constant change (Morgan, 1942). It requires there to be relationships and communications both inside and outside of the community. There is a generally recognized set of characteristics distinguishing community development, which include: Focus on a unit called â€Å"community.† Conscious attempts to induce non-reversible structural change. Use of paid professionals/workers. Initiation by groups, agencies or institutions external to the community unit. Emphasize public participation. Participate for the purpose of self-help. Increase dependence on participatory democracy as the mode for community (public) decision-making. Use a holistic approach (Lotz, 69) There are many ways to define community. Each of the standard definitions may be sufficient in most situations, but here is a general operational definition: A community is a particular type of social system distinguished by the following characteristics: People involved in the system have a sense and recognition of the relationships and areas of common concerns with other members. The system has longevity, continuity and is expected to persist. Its operations depend considerably on voluntary cooperation, with a minimal use (or threat) of sanctions or coercion. It is multi-functional. The system is expected to produce many things and to be attuned to many dimensions of interactions. The system is complex, dynamic and sufficiently large that instrumental relationships predominate. Usually, there is a geographic element associated with its definition and basic boundaries (Christenson and Robinson, 1980). In the context of community development, development is a concept associated with improvement. It is a certain type of change in a positive direction. The nature and direction of development can only be made by people according to their own values, aspirations and expectations (Wade, 116). In the case of community systems, this must be a collective judgment. Since people are different in many ways, the chances of finding unanimity about what constitutes improvement are slight (Lotz, 71). Community development builds from this proposition (people are different). Each is distinguishable from all others, indicating that each has something unique about him or her. It also takes the position that each person probably has some bit of information or insight not available to anyone else. While it is impossible to collect and process â€Å"all the bits of intelligence embodied in the population, it is possible to collect and evaluate more of the diverse intelligence that does exist† (C ook, 1979). Community development theory involves certain assumptions about people and the community system. These include the following: People are diverse. Community systems can organize to take advantage of that diversity. Community systems are not totalitarian. People have life spaces outside of the community structure. Breadth of experience, intelligence, information and energies represented in a population far exceed that which the community system takes into account. People learn from participation in community systems and community systems learn from the participation of people. People are capable of exercising a considerable degree of autonomy, while exercising self-restraint required for social order. People have the capacity for a significant level of empathy with others that permits tolerance and voluntary relationships within the community systems. While people prefer justice and fairness in community systems, they often perceive it differently. Imperfections will mark every community system. A degree of inequity will exist in every community system. Resorting to absolutes is likely to stand in the way of finding practical accommodations within the community system. Working from the principle that everyone affected by a decision has a right to participate helps the community system locate areas of difficulty and expands the range of potential intelligence available to the system with which to address the situation (Wade, 118). As the situations faced by community systems become more complex and subject to change, there is need for more and greater variety of intelligence to govern the system (Christenson and Robinson, 1980). Members of the community have been, and are, an underused source of intelligence and information. â€Å"Open democratic processes give the system access to this reservoir. Participants learn and the system learns. Learning is the requirement for, and the product of, the community development process† (Botkins, Elmandjra and Malitza, 1979). And here is where this applies to our case study. Dave and Jenny are new to their community, and don’t know anyone. Therefore, they feel isolated. However, if they were more involved, either with those in their immediate environment, or with their greater surroundings, they would feel more welcome and more â€Å"part of a whole.† With more friends, and more of a sense of community and belonging, they would feel happier, which would no doubt affect their relationship and, subsequently, their relationship with their children. In addition (and more importantly), they would have an incredible resource at their disposal: the other members of their community. While the phrase â€Å"it takes a village† is perhaps something of a clichà ©, or something that belongs in rural Africa, it is entirely applicable to countless situations and in a modern context. The fact is, over time, the only way progress has been made is collectively. People, working together, pooling their resources, have been able to make extraordinary pr ogress, the kind which could not have been done alone. And on the surface, while this kind of progress, along with Community Development Theory itself, may seem to apply to big, societal projects like keeping the streets safe or the streets clean, it is relevant to families as well. Raising kids is hard work, and even with systems in place like day care, it is sometimes impossible to do so in ways that are healthy and productive. However, by utilizing one’s community, which is chock-full of â€Å"underused sources† (babysitters, teachers, tutors, social programs, civic organizations, churches, etc.), everyone can benefit. And in this case, the advantages for Dave, Jenny, Sean and Sarah are obvious. Issues of family, community poverty and violence are as old as recorded history. Millions of reports of child abuse and neglect are made each year, and these statistics and others reinforce the long held-concerns of the effects of poverty and stress on children’s development. However, the task of discovering familial and societal causes and consequences are enormously important not only scientifically but morally and practically. They are also among the most difficult types of social work. Both Attachment Theory and Community Development Theory, though vastly different in terms of their goals, applications and functions, are extremely useful in looking at ways to assist and comprehend Jenny and Dave and people like them. Whether at home through secure attachment, or outside the family unit via the community at large, help (and understanding) is at hand. Bibliography Ainsworth, Mary D.S. Object Relations, Dependency, and Attachment: A Theoretical Review of the Infant-Mother Relationship. Child Development, Vol. 40, 1969. Almond, G. A Functional Approach to Comparative Politics. The Politics of the Developing Areas. Princeton: Princeton University Press, 1970. Belsky, J. and Nezworski, T. (eds.). Clinical Implications of Attachment. Hillsdale: Lawrence Erlbaum Assoc., 1988. Bornstein, Marc, and Tamis-LeMonda, Catherine. â€Å"Activities and Interactions of Mothers and Their Firstborn Infants in the First Six Months of Life: Covariation, Stability, Continuity, Correspondence, and Prediction.† Child Dev, 1206 (1990). Botkins, James W., Elmandjra, Mahdi and Malitza, Mircea. No Limits to Learning. New York: Pergamon Press, 1979. Bowlby, J. â€Å"Attachment and Loss: Retrospect and Prospect.† American Journal of Orthopsychiatry, 52(4), October, 1982. Bowlby, J. A Secure Base: Parent-Child Attachment and Healthy Human Development. New York: Basic Books Inc., 1988. Caruso, D. A. â€Å"Attachment and Exploration in Infancy: Research and Applied Issues.† Early Childhood Research Quarterly, 4, 1989. Cook, James B. â€Å"Advocacy of Grassroots Citizenship.† Journal of Community Development Society. Fall, 1975. Cook, James B. â€Å"Democracy and Rural Development.† University of Missouri-Columbia. Department of Community Development, June 1979. Christenson, James A., and Robinson, Jerry W., Jr. (eds.). Community Development in America. Ames: Iowa State University Press, 1980. Harper, E. H. and Dunham, A. Community Organization in Action: Basic Literature and Critical Comments. New York: Association Press, 1959. Hoggett, P. Contested Communities. Experiences, Struggles, Policies. Bristol: Policy Press, 1997. Kopp, Clair B. â€Å"Trends and Directions in Studies of Developmental Risk.† In Threats to Optimal Development: Integrating Biological, Psychological, and Social Risk Factors. Nelson, Charles, (ed.). Hillsdale: Lawrence Erlbaum Associates, 1994. Lotz, Jim. â€Å"Training in Community Development.† Community Development Journal, 1970. McKnight, John L. â€Å"Looking at Capacity, Not Deficiency.† In Revitalizing Our Cities. Lipsitz, Marc (ed.). New York: The Fund for an American Renaissance and the National Center for Neighborhood Enterprise, 1985. Morgan, Arthur E. The Small Community: Foundation of Democratic Life. New York: Harper and Bros., 1942. Rutter, M. Scientific Foundations of Developmental Psychiatry. London: Heineman, 1979. Schmidt, E. and Eldridge, A. â€Å"The Attachment Relationship and Child Maltreatment.† Infant Mental Health Journal, vol. 7. No. 4, Winter 1986. Sroufe, L.A. and Fleeson, J. â€Å"Attachment and the Construction of Relationships. In Relationships and Development. Hartup, W. and Rubin, Z. (eds.). Hillsdale: Earlbaum, 1986. Wade, Jerry. â€Å"Felt Needs and Anticipatory Needs: Reformulation of a Basic Community Development Principle.† Journal of the Community Development Society 20, 1989. Waters, E., Merrick, S., Treboux, D., Crowell, J. and Albersheim, L. â€Å"Attachment Stability in Infancy and Early Adulthood: A 20-Year Longitudinal Study. Child Development, 71, 2000. Weinfield, N., Sroufe, L. A. and Egeland, B. â€Å"Attachment from Infancy to Early Adulthood in a High Risk Sample: Continuity, Discontinuity, and their Correlates.† Child Development, 71, 2000.

Acute Diverticulitis Essay -- Diseases, Disorders

On my third day of clinical course I had an African America patient age 72, female, a retired high school teacher who was admitted for an Acute Diverticulitis with Perforation. She is diabetic and had a medical and surgical history of diverticulitis, High Cholesterol, Non-Insulin-Dependent Diabetes Mellitus (NIDDM), Hysterectomy, and Scoliosis. She has been on clear liquid diet since she was admitted then she was Nothing by Mouth NPO for the CT scan for that day. When I got the assignment that I was going to be taking care of a patient with an acute diverticulitis, the first thing on my mind was that she will be in a severe abdominal pain, high fever due to infection because my aunty had same disease. To my surprise, she claimed a 0 /10 on a 0-10 pain scale. Her blood sugar and vital signs were normal except for respiratory that was 22. All her laboratory test results were normal including WBC. Patient concern was that she couldn’t have a bowel movement. She was me dicated on Colace- a stool softener, morphine for pain, sulfran for nausea, and azactam an antibiotics. Diverticulosis is a disease from the diverticulum. This is when the colon wall is been outpunched through the mucosa. These are small mucosal herniation bulging via smooth muscle and layers of the intestine along vasa recta formed opening in colon’s wall. Diverticulitis causes is still unknown but develop after a micro or macro perforation of diverticulum. Peritonitis is an end result from an intestinal rupture in the case of a large perforation. Clinically, diverticulosis could be asymptomatic or symptomatic, they are uncomplicated with no evidence of bleeding or inflammation. Signs and symptoms includes palpable mass and tenderness mostly i... ...an seven 6-ounce of glasses of fluid each day most especially for patients on pharmaceutical fiber supplements. Works Cited Ferzoco, K.H. (2010). Small bowel diverticulitis. The New England Journal of Medicine. 327: 302-7 Juchems, A.A. (2010). Long-term management of diverticulitis in young patients. Diseases of the Colon & Rectum. 58:627-629. Marinella, L.B. et al: (2010). Acute Diverticulitis. The New England Journal of Medicine. 327: 1521-1526 Painter, P.V. (2009). Diverticulitis. Gastroenterology Clinics of North America. 18:357-385. Spivak, W.K., & deSouza, J.M. (2008). Diverticulitis of the right colon. Digestive diseases and sciences. 49: 350-358 Wilcox, C.V. (2009). Limitation in the CT diagnosis of acute diverticulitis: Comparison of CT, contrast enema, pathologic findings in 16 patients. American Journal of Roentgenology. 201:381-385.

Comparison Between “The Cask of Amontillado” and “The Tell-Tale Heart”

Edgar Allan Poe is known for some of the most horrifying stories ever written through out time. He worked with the natural world, animals, and weather to create chilling literature. Two most notable thrillers are â€Å"The Cask of Amontillado† and â€Å"The Tell-Tale Heart†. Poe was infatuated with death, disfigurement, and dark characteristics of the world. He could mix characters, setting, theme,and mood in a way that readers are automatically drawn into reading. Both of these short stories have the same major aspects in common. The narrators in both works prove to be similar in several ways. In â€Å"The Tell-Tale Heart† the story is told through a psycho narrator; both stories contain apparent psychological imbalances within their story tellers, â€Å" -his central character or narrator so psychologically obsessed with a mysterious phenomenon that everything in the story irresistibly revolves around it...†(May, Charles E.) There really is no motive for the murder of the old man; just his eye that he cannot stand. He repeats himself frequently, trying to assure the reader, and himself, that he is sane; leading to believe he may not be psychologically stable. In â€Å"The Cask of Amontillado† the narrator can also be considered a mad man by the way he plays games with his victim. Montressor says to Fortunato that they should go home because â€Å"his health is precious.† This conversation is ironic because Montressor does not really want to protect Fortunato's health, but to kill him in the catacombs. Both of the narrators are proud of their murders and brag about them within the stories. Not only are the narrators similar but the settings are alike once the murders take place, both locations of the victims are buried in a dark place with no escape. I... ...ted Baraban, Elena V. "The Motive for Murder in 'The Cask of Amontillado'." Rocky Mountain Review 58.2 (Fall 2004): 47-62. Rpt. in Short Story Criticism. Vol. 111. Detroit: Gale, 2008. Literature Resources from Gale. Web. 7 Dec. 2010. Benton, Richard P. "The Cask of Amontillado: Overview." Reference Guide to Short Fiction. Ed. Noelle Watson. Detroit: St. James Press, 1994. Literature Resources from Gale. Web. 3 Dec. 2010. Chua, John. "An overview of 'The Tell-Tale Heart,'." Gale Online Encyclopedia. Detroit: Gale, 2010. Literature Resources from Gale. Web. 7 Dec. 2010. May, Charles E. "The Tell-Tale Heart: Overview." Reference Guide to Short Fiction. Ed. Noelle Watson. Detroit: St. James Press, 1994. Literature Resources from Gale. Web. 7 Dec. 2010. Valiunas, Algis. "No to Poe." Commentary 127.1 (2009): 42+. Literature Resources from Gale. Web. 7 Dec. 2010.

Problems of Cross Border Listing and the Way Forward

Background Paper: Obstacles to cross-border listings and acquisitions in the financial sector A. Purpose of the paper In September 2004, the informal Ecofin Council in Scheveningen discussed the issue of lagging crossborder consolidation1 in the banking area. This low level of cross-border consolidation is not confined to banking, but is relevant for the whole financial sector, with some nuances. In the upcoming Financial Integration Monitor report, the Commission will dedicate a chapter on the quantitative aspects of crossborder restructuring, confirming the trends discussed in Scheveningen. Indeed, between 1999 and 2004, the report will show that cross-border mergers and acquisitions (M&As) accounted for around 20% of the total value of M&As in the financial sector, whereas cross-border deals represented 45% of M&As in other sectors over the same period. 2 Finance Ministers asked the Commission to examine possible explanations for this low level of pan- European restructuring specific to the financial sector, by reviewing the obstacles to cross-border M&As, in order to identify possible internal market failures, gaps or shortcomings. It should be stressed that the role of the Commission is to ensure that existing EU law is enforced properly, as well as to propose growth-supportive actions, within the context of the overall EU competitiveness policy. It must be equally clear that the Commission does not intent to favour specific business models or to influence individual market decisions, as long as they are compatible with the Treaty rules and the EU secondary law. On that basis, it is the role of the Commission to analyse market functioning, in order to detect any unjustified obstacles that would hamper companies in making their own decisions regarding their business organisation in the Internal Market. The misuse of the supervisory powers to block cross-border mergers has been identified by Ministers of Finance as a possible obstacle to cross-border mergers and acquisitions. The Commission has already taken steps to improve and clarify the current provisions in the relevant directive, to avoid such situations. At the same time, there may be other factors explaining the lack of cross-border mergers in the financial services sector, when assessed against the domestic consolidation3 process. This paper tries to draw a first list of potential obstacles to cross-border mergers, i. e. obstacles that would make a cross-border merger less attractive, more expensive or more complex than a domestic merger. It covers the whole financial sector, trying to distinguish between market segments when relevant. Obstacles to consolidation in general (i. e. bstacles that impede domestic consolidation as well) are not covered. Obstacles to forms of integration other than cross-border M&As (such as direct cross-border provision of services) are also out of the scope of this paper, even though some obstacles might be relevant for different channels of integration. This list is aimed at providing all possible explaining factors, in order to serve at a later stage as a base for discussion on which of those obstacl es should, and could, be removed in order to achieve the objective of improving the functioning of the Internal Market for financial services. It is not a policy paper, but a first analysis of the explanations behind the facts discussed at the Scheveningen informal Ecofin Council. 1 Cross-border consolidation means in this paper consolidation involving entities located in different EU Member States. 2 The full study will be published in the â€Å"Financial Integration Monitor – 2005†, due in May 2005. 3 Domestic consolidation is to be understood as consolidation occurring within a single EU Member State. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 2 In its present form, the paper does not distinguish between those obstacles that are key to explain lagging cross-border consolidation, and those of a more anecdotic nature. In addition, some obstacles mentioned here might be not relevant any more, but they may have influenced the situation of the past few years and could therefore provide part of the explanation for low cross-border consolidation up to now. However, we tried to mention the ongoing developments related to each obstacle identified. Introduction To Cross Border Listing The last two decades has witnessed acceleration in financial globalization represented by an increase in cross-country foreign assets. This has been the consequence of the international liberalization of capital flows as well as of the technological progress. These two phenomenons have lowered the barriers among individual national capital markets; however, geography has not become irrelevant. Obstacles to international capital flows (mainly the legal restrictions and costs associated with trading and acquiring information on firms listed abroad), i. e. the segmentation of markets, still exist. These barriers are creating incentives for corporate managers to adopt financial policies such as international cross-listing. For example, the US exchanges over the last few decades have attracted a sizeable share of the cross listed firms. Reasons for Cross border Quotation Cross border listings can help the company raise more capital by targeting new shareholders. However not all cross border listing are accompanied by share placements as this may affect liquidity and share price. Publicly-listed foreign corporations would therefore undertake to list on overseas exchanges for a variety of reasons: 1. To boost its status as a truly global player. 2. To raise Capital through debt or equity. 3. To increase trading volume. 4. To improve shareholder relations. 5. To enhance its visibility among overseas investors and consumers. 6. To tap into retail and institutional funds and benefit from changing global attitudes toward equity investing Challenges and recommendations of cross border listing There are challenges that happen to exist when considering cross-border listing for a company or country in general. First of all, potential investors located in the secondary market might be reticent, unwilling to trust and invest in a foreign firm on the market. In such a way, the company might lose prestige rather than gain more of it whilst entering a foreign xchange market. Secondly, barriers exist between countries; the real challenge might be the attitude regarding foreign firms entering a local market; this encompasses shareholder attitudes from an internal point of view of a company, as the latter might not be willing to go abroad in certain cases. Furthermore, political attitude of the secondary market’s country plays a great role in the presence of barriers. Restrictive political attitudes might give ri se to more barriers than usual to those wishing to enter the exchange market. This might also be the case the other way round, more precisely, regarding political stability; meaning that political instability in a country results in the market to be more risky and potentially unprofitable for the external firm. Another challenge is the element of uncertainty concerning policy factors such as taxation, accounting and financial standards and mechanisms but also the country’s economic and financial policies that might change, for example in the case of a change in political regiment. Such a change, if radical in some cases can become very challenging in terms of adaptation for the firm. . Methodology The paper tries to distinguish between three generic categories of obstacles: (i) Execution risks: those are obstacles that may pose a threat to a successful outcome of a bid, or may well result in the blocking of a deal. This category also covers obstacles because of which the expected result of a bid may not be what could be expected, even though the bid itself was successful. Obstacles in this category may not materialize and therefore may not have a direct cost, but their simple perception may deter potential bidders, or target entities and their shareholders, from initiating a merger process. (ii) One-off costs: those are specific costs that are caused by the execution of the cross-border deal, and would not exist in a domestic merger or acquisition deal. (iii)On-going costs: those are additional costs in the management of the merged entities, once the merger is achieved, which would not exist in the management of merged entities within the same domestic arket. Those costs can be direct (additional costs to manage the entities merged cross-border compared with the entities merged domestically) or indirect (lower synergies within the entities merged cross-border that within the entities merged domestically). The identified obstacles are also grouped according to their nature: legal barriers, tax barriers, implications of supervisory rules and requirement s, economic barriers and attitudinal barriers. A summary table is enclosed at the end. * * * C. Identified obstacles to cross-border mergers I. Legal Barriers a) Execution risks 1. Cross-border takeover bids are complex transactions that may involve the handling of a significant number of legal entities, listed or not, and which are often governed by local rules (company law, market regulations, self regulations). Not only a foreign bidder might be disadvantaged or impeded by a potential lack of information, but also some legal incompatibilities might appear in the merger process resulting in a deadlock, even though the bid would be â€Å"friendly†. This legal uncertainty may constitute a significant execution risk and act as a barrier to cross-border consolidation. The new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, lays down common rules in order to ensure greater legal certainty for cross-border takeovers. The Directive has to be transposed by May 2006. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 3 2. The financial sectors of some Member States include institutions with complex legal setup resulting in opaque decision making processes. An institution based in another Member State might only have a partial understanding of all the parameters at stake, some of them not formalized. Such a situation might constitute a significant failure risk, as a potential bidder might not have a clear understanding of who might approve or reject a merger or acquisition proposal. 3. In some cases, legal structures are not only complex but also prevent, de jure or de facto, some institutions to be taken over or even merge (in the context of a friendly bid) with institutions of a different type. Such restrictions are not specific to cross-border mergers, but could provide part of the explanation of the low level of cross-border M&As, since consolidation is possible within a group of similar institutions (at a domestic level) whereas it is not possible with other types of institutions (which makes any cross-border merger almost impossible). 4. In some Member States, the privatization of financial institutions has sometimes been accompanied by specific legal measures aimed at capping the total participation of non-resident shareholders in those companies or imposing prior agreement from the Administration (i. . â€Å"golden shares†). Some of such measures were clearly discriminatory against foreign institutions, when it came to consolidation. The European Court of Justice has indicated that such measures were not justified by general-interest reasons linked to strategic requirements and the need to ensure continuity in public services when applied to commercial entitie s operating in the traditional financial sector. See for instance cases C-367/98 (judgement of 4 June 2002) or C-463/00 (judgement of 13 May 2003). 5. In some Member States, company law allows the company boards to set up defence mechanisms, such as double voting rights and poison pills, to prevent any hostile bids. Such asymmetries in company law might distort the level playing field within the EU, and protect national markets, sometimes to the benefits of participants in these markets. The initial Commission’s proposal for the new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, included the approval of shareholders before activating defence mechanisms to counter a takeover bid. This provision has been repelled by the European Parliament and the Council. In the adopted text, Member States may decide to forbid such arrangements (i. e. opt in). 6. Even if an acquisition is successful, there may exist impediments to effective control, i. e. there may be a risk that the acquiring company does not acquire proportionate influence in the decision making process within the acquired company – while being exposed to disproportionate financial risks. This can be explained notably by the existence of special voting rights, ineffective proxy voting or use of the Administrative office by a foreign acquirer. Also barriers (or restrictions) to sell shares could hamper the process. As mentioned in  §5, the Commission’s initial proposal for a new Takeover Bids Directive tackled some of these issues, but some provisions were taken out of the final version during the co-decision procedure. Also, as part of the Corporate Governance Action Plan, the Commission opened a consultation on the exercise of Shareholders’ rights which was closed in December 2004. 7. Differences in national reporting schemes, notably as regards accounting systems, may result in difficulties to assess the financial situation of a potential target. From January 2005, listed EU companies will be required to publish their consolidated accounts using International Accounting Standards, as endorsed by the Commission. Member States have the option of extending the requirements of the IAS Regulation (EC 1606/2002) to unlisted companies and all banks and insurance companies and to the production of non-consolidated accounts. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 4 b) One-off costs 8. The national laws of some countries might include restrictions on the type of offers that can be executed (i. e. ash only vs. exchange of shares). Even though such measures are not in themselves discriminatory to cross-border mergers, they might constitute a barrier to cross-border consolidation, given that the different features of such mergers (notably in terms of size) could call for a specific type of offer. c) Ongoing costs 9. Differences in employment legislation across t he EU may also create barriers for efficient and flexible (re)organisation. In particular, the procedures to move staff within a pan-European group remain very complex (furthermore in some cases, prudential rules impose constraints on the location of staff – cf. n insurance art. 3 of Directive 95/26/EC). Those differences may also result in higher legal costs to deal with the different legal systems, as well as complex processes and different timelines when trying to introduce changes on a cross-border basis. 10. The different accounting systems across the EU have also required companies to set up adapted IT, specific personnel and reporting systems. This limits the scope of possible cost synergies when two institutions merge across the border, where as such synergies do exist when two institutions merge within the same Member States. ? See  §7. 11. The consumer protection rules are very different from one Member State to another. This heterogeneity translates into the nece ssity of country-customised financial products compliant with those rules, and therefore also specific IT systems that handle those products and consumer relationship. For instance, this has been evidenced in the mortgage credit sector in the report recently published by the mortgage credit forum group set up by the Commission. Furthermore, those different rules are often based on the â€Å"general good† provisions and consequently potential abuses aimed at protecting the national markets are difficult to challenge in court. A significant example is the case C-442/02 (CaixaBank vs. France), where the European Court ruled in October 2004 that France could not ban interest bearing current accounts in that it constitutes an obstacle to the freedom of establishment. 12. Differences in national implementations of the Directive on data protection may also interfere with an optimal organisation of businesses within merged companies. Indeed, it can have a strong impact on IT systems and limit back-office rationalisation. 13. More generally, differences of approaches in private law, sometimes explained by historical or cultural factors, may impose a country-by-country approach for some products or services (especially in the insurance sector), with the same results as differences in consumer protection rules. Those differences include notably liability and bankruptcy rules, with the implied difficulties of enforcing cross-border collateral arrangements, as well as differences in legal rules for securities. ? The Commission is working with researchers and stakeholders to develop a Common Frame of Reference for contract law as a form of handbook identifying best solutions in European contract law and giving guidance on the different approaches used, with a view to providing common definitions, principles and model rules for use in lawmaking (see COM 2004 (651) final: â€Å"European Contract Law and the revision of the acquis: the way forward†). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 5 II. Tax barriers a) Execution risks 14. As mentioned earlier, mergers and acquisitions are complex processes. Despite some harmonised rules, taxation issues are mainly dealt with in national rules, and are not always fully clear or exhaustive to ascertain the tax impact of a cross-border merger or acquisition. This uncertainty on tax arrangements sometimes requires seeking for special agreements or arrangements from the tax authorities on an ad hoc basis, whereas in the case of a domestic deal the process is much more deterministic. The Merger Directive (90/434/EEC) provides for the deferred taxation of capital gains arising from cross-border corporate restructuring carried out in the form of mergers, divisions, transfers of assets or exchanges of shares. Taxation of the capital gain is deferred until a later disposal of the assets. In October 2003, the Commission put forward a proposal to improve the Mergers Directive (90/434/EEC), which aims at clarifying the scope of the Directive as well as ensuring it applies to European Companies and European Co-operative Societies. Political agreement by the Council was reached on 7 December 2004. 15. The uncertainty on VAT regime applicable to financial products and services may put at risk the business model or envisaged synergies. The EU's VAT legislation in this area is badly in need of modernisation and because of its inadequacies, there is an increasing tendency to resort to litigation. The outcome can often be uncertain and as a result tax implications may place a question mark over otherwise sound business strategies. In recent years, the number of significant ECJ cases on VAT and financial services has increased steadily. Individual judgement may indeed clarify the law in particular circumstances but often at the cost of consequences which may not always be compatible with overall Community policy objectives. To take just one example, case C-8/03, Banque Bruxelles Lambert SA vs. Belgian State, the ECJ arrived at a judgement on the VAT treatment of open-ended investment companies (SICAVs) which has the potential to create tension in achieving the objective of equality of treatment and sustaining a level playing field for operators across the EU. In the absence of legislative measures, it is inevitable that the Court will play an increasing role with uncertain consequences. The Commission has attempted to address the provisions of the 6th VAT Directive (77/388/EEC) dealing with financial services but without much success. DG Taxud is currently looking at the distortive effect of these provisions and intends to proceed with a process of modernisation which will better ensure their compatibility with the objectives of the Internal Market and give business greater certainty about the tax implications of business decisions. ) One-off costs 16. The principal relief from the Merger Directive (90/434/EEC) is the deferral of tax on the capital gains on the assets transferred in a transaction covered by the Directive. However, in some cases where the Directive does not apply, special corporate structures have to be put in place to avoid such an exit tax on capital gains. This is for instance the case when permanent establishments are transferred from one Member State to another, by a holding company located in a third Member State. It can also occur when a subsidiary is converted into a branch. See comment of  §14. Also related to this issue is the judgement published in March 2004 (case C-9/02 – de Lasteyrie du Saillant) by the European court which ruled that taxation on unrealised capital gains of a natural person moving to another Member State constitutes an obstacle to the freedom of establishment. c) Ongoing costs 17. The issue of transfer pricing is a complex one for a group operating in several countries. As was evidenced in the Commission’s Communication â€Å"Towards an Internal Market without tax obstacles – A strategy for providing companies with a consolidated corporate tax base for their EU-wide DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 6 activities† (COM(2001) 582), a lack of common approach to allocate profits may rise to numerous problems on the fiscal treatment of intra-group transfer pricing, notably in the form of high compliance cost and potential double taxation. The Commission set up a â€Å"EU Joint Transfer Pricing Forum† with Member States and business representatives, meeting on a regular basis. Bringing together all parties concerned to discuss the issues at stake it helps to reach a better common understanding and allows to identify possible non-legislative improvements to the practical problems in order to reduce compliance cost and prevent disputes. 18. A group operating across several Member States may wish to centralize support functions to increase operating efficiency. But in many cases the result will include creating a VAT penalty on the inter group supply of services (e. . legal services or other back technical operations) to another Member State. Given that in the financial services sector VAT is at best only partially recoverable, this represents significant additional costs that penalised cost synergies to expect from a crossborder merger when compared to a national merger. This tax penalty on cross-border shared ser vice operations is in addition to the general bias towards vertical integration which is widely perceived as a barrier to efficiency in the existing VAT provisions. See comment of  §15. 19. The lack of a homogeneous system of loss compensation across the EU affects the profit taxation at the group level. A group with several subsidiaries in the same Member State may offset profits in some of them by losses in others, whereas it will be more difficult, if possible at all, with a group with subsidiaries in several Member States. Therefore groups may prefer intra-domestic consolidation to enjoy wider diversification effects as they may benefit from direct horizontal loss compensation instead of deferred and incomplete vertical compensation between subsequent fiscal years. ? In the pending case C-446/03 (Marks & Spencer), the European Court Justice has been asked whether it is contradictory to the EC treaty to prevent a company to reduce its taxable profits by setting off losses incurred in other Member States, while it is allowed to do so with losses incurred in subsidiaries established in the State of the parent company. 20. Specific domestic tax breaks may favour specifi c, non-harmonized products or services, with the result that every institution has to provide this service or product if it wants to remain competitive. In such a situation, a merger between two entities located in that domestic market may yield synergies of scale, whereas it will be more difficult to exploit comparable synergies for a foreign institution taking over a domestic one, while not being entitled to the tax break in their home state. 21. In some cases, there may be discriminatory tax treatments for foreign products or services, i. e. products or services provided from a Member State different from the one where it is sold. Therefore, a cross-border group will be disadvantaged when trying to centralise the â€Å"industrial functions† (e. g. asset management functions) over a domestic group since the latter may keep all its value chain within the country and still benefit from synergies. In the area of asset management, the Commission has opened a number of infringement cases to examine the tax treatments of dividends on foreign investment funds that could potentially be discriminatory (infringements 2000/5059 vs. DE, 2002/4714 vs. AT, 2003/2009 vs. FR, 1994/476 vs. EL, 2003/2010 vs. IT). 22. The impact of taxation on dividends might influence the shareholders’ acceptance of a cross-border merger. Even though a seat transfer or a quotation in another stock market might be justified for economic reasons, groups of shareholders could be opposed to such an operation if it implies higher non-refundable withholding tax, and thus lower returns on their investments. See COM(2003) 810 for a presentation of the different tax schemes applying to dividends across the EU. In the cases C-315/02 (Lenz) and C-319/02 (Manninen), the European Court of Justice ruled in 2004 that taxation on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 7 dividends should make no distinction between dividends originating from domestic companies and those originating from companies established in another Member State. In particular, tax credit mechanisms or reduced rates should apply equally to all dividends distributed by any company established in the EU. III. Implications of supervisory rules and requirements a) Execution risks 3. A cross-border merger may highlight gaps or imperfections in the regulatory framework which may make regulators feel uncertain how to proceed, leading to delay, the imposition of specific measures or a veto of the proposed merger. In the banking sector, for example, the emergence of large cross-border groups might raise local supervisors’ concerns regarding financial st ability (e. g. the ongoing discussions on deposit guarantee schemes). In other sectors such as exchanges which had traditionally operated within one national market, regulators may be unclear how to operate in a cross-border context. ? The Economic and Financial Council is examining the effects of increased integration of the financial sector on financial stability and crisis management. Several areas, among which deposit guarantee schemes, are being scrutinized to ensure that the regulatory and supervisory framework is adapted to cross-border consolidation. 24. The misuse of supervisory powers, notably regarding those related to the approval of changes in the shareholding, have also been indicated as raising obstacles to cross-border consolidation. Although it was confirmed by the Commission that such powers should only be used on prudential grounds (Champalinaud case), the current legislation offers significant leeway for supervisors to veto cross-border consolidation. Following the mandate given by the Economic and Finance Council at their Informal Scheveningen meeting (10 and 11 September 2004), the Commission is considering the relevant provision of the Codified banking Directive and has put a discussion paper to the Banking Advisory Committee on 24 November 2004. A similar discussion took place at the Insurance Committee on 1 December 2004. 25. The complexity of the numerous supervisory approval processes in the case of a cross-border merger can also pose a risk to the outcome of the transaction as some delays must be respected and adds to the overall uncertainty. In particular, in the case of a merger between two parent companies with subsidiaries in different countries, ‘indirect change of control’ regulations may require that all the national supervisors of all the subsidiaries must approve the merger. b) One-off costs c) Ongoing costs 26. Despite a common regulatory framework, there might be significant divergences in supervisory practices at the level of institutions. Such divergences might be explained by optionality in the harmonised rules, including provisions taken at national level that exceed the harmonised provisions (‘superequivalent’ measures), or lack of coherence in enforcement of common rules. The consequence is a limit on homogeneous approaches, and therefore synergies, of risk control and risk management within a cross-border group. The Lamfalussy approach has been extended to the areas of banking and insurance, which i. . provides for EU supervisory committees in charge of achieving greater convergence in supervisory practices. The new Capital Requirements Directive provides an enhanced framework for supervisory cooperation, as will the upcoming Solvency II Directive. 27. The multiple reporting requirements, in some cases combined with a lack of transparency in terms of requirements and d efinitions, may also impose a significant and costly administrative burden on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 8 cross-border groups. Indeed, a cross-border merger might cause heavier reporting requirements compared to those imposed on the two entities that are being merged. Instead of creating cost synergies as in a domestic merger, a cross-border might even create additional costs. The Commission set up a forum group which set out several recommendations in a report published in June 2003. To follow-up on these recommendations and within the overall so-called â€Å"Pillar II† work, the Committee of European Banking Supervisors is investigating the technical solutions to enable a streamlined reporting regime in the field of banking. IV. Economic barriers a) Execution risks b) One-off costs 28. The fragmentation of the European equity markets may impose additional transaction cost on a cross-border merger. For instance, the exchange of share mechanism can be complex, and more expensive, when the two entities involved are listed on different stock exchanges. The additional costs might also influence the bidder on the type of deals (i. e. cash vs. exchange of shares). c) Ongoing costs 29. Independently of the legal frameworks or tax incentives (see  §13 and 20), some differences in product mix, are explained by habits, preferences or even history. This is especially true for the most common products, such as payment instruments. As a result, the potential for product rationalization resulting from a cross-border merger is more limited than for a domestic merger. 30. In cross-border groups, there are also more non-overlapping fixed costs, which cannot be spread over several countries. Indeed, even without legal, tax or prudential barriers, there would remain differences between Member States that would require a differentiated approach to be adapted to the local environment. This limits potential synergies. The most obvious example is language, and the implications in terms of customer services for instance. 31. The low level of cross-border consolidation might also be explained by a lack of potential targets, due to the lack of middle-size institutions. National consolidation of middle-size institutions resulted in the emergence of rather large and complex institutions. The few examples of cross-border mergers seem to indicate that it implies more often a big institution taking over a middle-size one. Taking over a big institution may perceived as too complex (and risky), whereas the takeover of a small one might not be sufficient to offset the induced costs. 32. The absence of critical size in some market segments (e. g. investment banking) may incite institutions to enter into a niche strategy, where the advantages of cross-border mergers that create large players is less evident from an economic point of view. Indeed, not only it would be difficult to find synergies between two niche players, but also absolute size would not necessarily be an advantage if an institution wants to maintain its competitive advantage in its niche market. 3. Domestic mergers can contribute to increase market power, and therefore increased profitability even without any cost synergies (i. e. raising the income while maintaining the costs at a constant level). Since most of the retail markets are still organized on a national basis, cross-border mergers yield very few, if any, increased market power. 34. Differences in economic cycles across the different Member States may also play a role, in that the economic environment has a strong effect on bank profitability. Different strategies might be DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 9 needed for different macroeconomic conditions, and therefore it might limit the scope of a potential pan-European strategy implemented at the level of a cross-border group, whereas domestic groups face a single economic environment. However, this could also be a driver for consolidation, as those differences in cycles can help to smooth the profitability by reducing risk and earnings volatility through geographical diversification. V. Attitudinal barriers ) Execution risks 35. Openly or not, some Member States may promote a â€Å"national industrial policy†, aiming at the creation of â€Å"national champions†. Among possible justifications, some may argue that such a policy may ensure adequate financing of the national economy. Political considerations may also play a role with recently privatised companies or institutions that have received public money. This political interference may block a cross-border merger, even though such this transaction is compatible with the existing rules. Such interference might not require formal powers or rules to materialize. Indeed, as evidenced in the previous sections, there are many obstacles to overcome to carry through a cross-border merger that it is realistic to think that no cross-border merger can be achieved if there is a strong political opposition. In addition, such a policy may lead to tolerance of high levels of concentration at a domestic level, allowing (or even encouraging) domestic consolidation over cross-border consolidation and making it even more difficult to accept a foreign takeover of a national institution with a significant market share. 36. Employees’ reluctance within the target company of a cross-border deal might also pose a threat to the successful outcome of the transaction. Indeed, employees may not accept to be managed from another country. A public opposition to the project may influence analysts’ assessment. Also employees may play a role if they have a participation in the company. 37. Cross-border mergers may imply a change in the place of quotation, or even in the currency of quotation. Shareholders’ acceptance of quotation changes may be limited, even all risks or tax impacts are eliminated. Indeed, the place of quotation may have an important symbolic value. 8. Given that cross-border mergers are complex and need to overcome a number of execution risks (as evidenced in this document), there might be an impact on shareholders’ and analysts’ apprehension of failure risk when it comes to cross-border mergers. b) One-off costs c) Ongoing costs 39. Interference with political considerations may also have consequences in the structures put in place after a cross-border merger. Such political concessions (e. g. guarantees of level of employment, no headquarter moves, protection of the local brand) may help in getting the merger through the ifferent obstacles, but constrain the resulting cross-border entity in realising the full potential of the merger as options may be severely limited. 40. Consumers may mistrust foreign entities, meaning that all parameters being equal, a local incumbent may have an advantage over a competitor identified as foreign. This explains why foreign institutions often prefer to keep a local brand, even though it might impede synergies across certain functions (e. g. marketing) or slow down the integration process (transition from one brand to another over a long period of time). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 10 Summary I. Legal Barriers II. Tax barriers III. Implications of supervisory rules and requirements IV. Economic barriers V. Attitudinal barriers a) Execution risks 1. Legal uncertainty 2. Opaque decision making processes 3. Legal structures 4. Limits or controls on foreign participations 5. Defence mechanisms 6. Impediments to effective control 7. Difficulties to assess the financial situation 14. Uncertainty on tax arrangements 15. Uncertainty on VAT regime 23. Concerns regarding financial stability 24. Misuse of supervisory powers 25. Supervisory approval processes 35. Political interference 36. Employees’ reluctance 37. Shareholders’ acceptance of quotation changes 38. Shareholders’ and analysts’ apprehension of failure risk b) One-off costs 8. Restriction on offers 16. Exit tax on capital gains 28. Fragmentation of the European capital markets c) Ongoing costs 9. Employment legislation 10. Accounting systems 11. Divergent consumer protection rules 12. Data protection 13. Differences in private law 17. Transfer pricing 18. Inter-group VAT 19. No homogeneous loss compensation 20. Specific domestic tax breaks 21. Discriminatory tax treatments 22. Taxation on dividends 26. Divergences in supervisory practices 27. Multiple reporting requirements 29. Different product mixes 30. Non-overlapping fixed costs 31. Lack of middle-size institutions 32. Absence of critical size 33. Market power 34. Differences in economic cycles 39. Political concessions 40. Consumer mistrust in foreign Entities Conclusion: Whether benefits outweigh costs depends on whether total trading volume increases subsequent to listing abroad (Mittoo 1992). Although financial markets are becoming more integrated globally, geography still has a role to play. More precisely, regulations, technological variances, market barriers and legislation vary in different regions. Barriers still exist and stock exchange markets are trying to continuously bring those down by creating strategic alliances. Cross-listing provides several advantages to firms; they are able to reduce the cost of their equity capital as they can reduce the risk to investors. The company’s firms become more liquid and there is also better flow of information on the exchange markets. In such a way, cross-border listing becomes advantageous both for investors as well as the company itself