Due diligence - Free Essay Example

Sample details Pages: 4 Words: 1330 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Introduction: When people discuss regarding acquiring another firm, the phrase due diligence comes up earlier or afterwards. Usually, authentic definitions of due diligence say a little such as: Due diligence is a measure of prudence, activity or assiduity, as is properly to be expected from, and ordinarily exercised by, a reasonable and prudent person under the particular circumstances (E. Gattiker, 2007). According to the G. Andrade, M. Mitchell Mergers signify massive reallocations of assets within the economy, both inside and outside industries, in 1995, the value of acquisitions and mergers about equally 5 percent of GDP and was equivalent to 48 percent of non-residential investment. From the firms perspective, mergers describes as a quite unusual events, often enabling a firm to double its size in a matter of months. As a result, measure value creation (or destruction) resulting from mergers and determining how this incremental value is scattered among merger participants are two of the vital objectives in finance and business merger research. Don’t waste time! Our writers will create an original "Due diligence" essay for you Create order Merger and acquisition has a very significant role in the financial management and the corporate finance. For number of organisation it is a one of the source of the extended development through the external growth when the organic growth is not possible, on the other hand to other organisation it is signify as a steady danger to their progressing independent survival. According to the Watson and Head 2007, merger is defined as a reorganisation of assets into new organisation i.e. A and B merge to become C, a new company, with the agreement of both sets of shareholders. M A is not only the simple merger and acquisition, whereas it combination of the strategic alliance and the joint venture of the participating firms. It includes carves- out, pin offs, divestitures, tracking stocks and the restructuring activities. In merger and acquisition there is change in the ownership of the firm occurs through the repurchasing of the shares, leverage buyouts, leverage recapitalisation and the dual class recapitalisation. Merger and the acquisition activities are not substitution activities for the internal improvement rather it is an addition.(J. Fred Weston, Samuel C. Weaver 2001) J. Fred Weston, Samuel C. Weaver 2001 describes mergers as a horizontal, vertical and conglomerates, in Horizontal merger two firms which were operating in same industry, in vertical merger where two firms are operating in different production operation and in conglomerates mergers it is occurs in two different unrelated businesses. In last century there was great deal about the characteristic change in merger and acquisition. The studies conducted show that the mergers create the wealth of the share holders, by most of the gains accruing to the target organisation. This paper shows the evidence on merger and acquisition on stock liquidity. The study conducted by the economist shows that the merger and acquisition has many causes, to increase the economies of scale, to increase the market value, to create the market power, it helps to reduced the inefficient management, it helps to expand the business, it is chance to diversify the capabilities from one business to other business. The theories shows that the some merger in last century and shows the understanding of the what are measure for the acquisition. From above it is clear that merger is better sometimes than that of other options. Since 1940s active enforcement antitrust laws has make the merger power difficult to achieve. The diversification merger in 1960s and studies shows that these mergers where comes under the failure category. Till 1980 mergers as one the key financial measure not much utilised by the companies, but the takeover was the one the key financial instrument on that time (G. Andrade, M. Mitchell, and E. Stafford 2001). Studies conducted by Mulherin Mitchell in 1996 has explained that the mergers take place by building through the two important empirical features of mergers since last century 1) it is occurs in waves 2) it is (mergers) strongly cluster by industries. This above features shows that the mergers are occurs due to the unexpected experience felt by the industry structure. This ground is a potentially productive one to discover from both a academic and experiential point of view. It is seems that the experience of the persons who were working in those field and analyst that industries tend to re- formed their structure and try to consolidate in concentrated duration of that era, that those changes happened suddenly and very difficult to visualize. Although identify industry shock and document their outcome were challenging. study shows that merger as a instruments in 1990s, as a last decades is heavily clustered by industry. In this activity of merger and acquisition, industry shocks explain a big portion of merger activity does not really make clear the mechanism involved, which bring the issues least about, 1) the long-term effects of mergers, 2) what make some successful as compared to others. Merger is always seems to be creation of total value for shareholders but the during announcement time earning from the M A is an entire target of an individual shareholders, but by acquiring firm shareholders become visible to come dangerously close to actually subsidizing these transactions. However, the picture is not quite complete. The results hide an important distinction based on the financing of these transactions. In, mergers finance with stock, at least partially, has different value effects from mergers that are financed without any stock. From the acquiring firms point of view, stock-financed mergers can be view as simultaneous transactions: an equity issue and merger. On average, equity issues are associated with reliably negative abnormal returns throughout the few days adjoining the announcement. Various models have developed to describe this finding, mostly focus on information differences between managers and outside investors (Myers and Majluf, 1984). Decision regarding the merger and acquisition majorly affects the firms vision for future endeavours. The past studies shows the valuable information regarding the effects of mergers and acquisition, but these information is still very less for the effects of M A on stock liquidity on big corporate events. In our study we try to find out the M A effects on the stock liquidity of different organisation in pre-merger and acquisition 120 days data and post M A. 120 days data. In financial studies it is shows that the stock liquidity is directly related to the equity price. Study conducted by the Amihud and Mendelsons in 1986 shows that the increased liquidity decreases the cost of equity capital by decreasing the reward required by the investor in trade difficulties. In another study by the Amihud Mendelsons in 1988 shows that the managers find out different ways to enhance liquidity of their stocks for the benefit of the share-holders liquid securities. There are only few evidences shows that the direct evidence that stock liquidity is important from the corporate or finance managers. The purpose of our study is to find out the relationship between the stock liquidity and before 12o days of merger and 120 days post merger and acquisition activity. As shown by Amihud and Mendelsons in 1986 and 1988 a lower cost of capital will not only increase the present value of existing assets but also widen the profitable investment opportunity. References: Watson Denzil and Antony Head 2007, Corporate Finance Principle and Practice Fourth Edition, Prentice Hall, ISBN-10: 0-273-70644-6. Chapter11, pp. 312. J. Fred Weston and Samuel C. Weaver,2001, Mergers and Acquisitions, Mc Graw Hill, ISBN 0-07-143537-9 (PKB) G. Andrade, M. Mitchell, and E. Stafford 2001, Journal of Economic Perspectives-Volume 15, Number 2-Spring 2001-Pages 103-120 E. Gattiker, 2007 Merger and Acquisition: Effective Information Security Depends on Strategic Security Metrics, Information systems control journal , volume 5. Myers, Stewart and Nicholal S. Majluf, , June 1984 Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have, Journal of Financial Economics, Vol. 13, No. 2, pp. 187-221. Amihud Y.and H. Mendelsons in 1988 Liquidity and Assets Prices: Financial Management Implication Finaancial Management 17, (1988) 5-15. Amihud Y.and H. Mendelsons in 1986, Assest Pricing and the bid ask spread. Journal Of Financial Economics 17 (1986) 223-249.

Analysis Of St. Vincent Millay s Love Is Not All (...

Part 1: Scansion and Analysis In Edna St. Vincent Millay’s â€Å"Love is Not All (Sonnet XXX),† the poem’s writer originally discredits the value of love, claiming that it is not essential because it does not support life; however, later Millay describes that love has some value. Love Is Not All is a Italian or Petrarchan sonnet, with fourteen lines of rhymed iambic pentameter. It has one stanza and it uses the rhyme scheme of a Shakespearean sonnet with three quatrains and a couplet. Each line contains between 7-10 words, the average line containing nine words. The poem includes the two main elements of a sonnet, an octave and sestet. The first six lines of the poem are the octave. During this section of the poem, the author has a negative tone towards love. Her diction includes words like â€Å"not† or â€Å"nor† to stress the idea that love is unnecessary. The switch or climax of the poem occurs during the seventh line, and is marked by the word â€Å"yet†. This choice of diction foreshadows the second idea of the poem, that love has some value. The eighth line starts the sestet of the poem and changes the tone of the poem to a more optimistic outlook. Douglas 2 Part 2: Explication Through the use of poetic devices such as repetition or alliteration, the author originally describes what love is not capable of providing and defines love as unnecessary but by the end of the poem, the author reveals that love has some value. The first four words of the poem are, â€Å"love is not all†.

Israel has a Failed State Index Score Due to the West Bank...

Israel According to the US-based Failed States Index (FSI), Israel ranks number 67 and is in greater danger of becoming a failed state than the likes of Congo, Cuba and Jordan. Despite Israel’s booming economy, high life expectancy and low unemployment, part of the explanation for its low FSI ranking is the West Bank. According to the Fund for Peace’s methodology, Israel/West Bank is considered one entity when determining its Failed States Index score. The issues Israel/ West Bank scored highest on the FIS were; external intervention (8), factionalized elites (8), human rights (8), group grievance (9.3), and refugees (8). Other sources of Israels instability stems from the Israeli–Palestinian conflict, inequality, internal breakdown and†¦show more content†¦In response to attacks Israel began building the anti-terrorism fence to stop West Bank terrorists from killing Israeli citizens. Whatever analysis is put on the history, there can be no disputing that the Palestinian Territories (Gaza and the West Bank) have been occupied by Israel since the Six Day War and that this occupation has had profound implications for the development of the two occupied territories. The opposing sides have been in an almost continuous state of armed conflict. The longer the Israeli-Palestinian conflict continue, the weaker Israel as a modern state will become. Regional Implications from Israel’s Instability The West Bank continues to remain an occupied territory with Israel being the occupying power. Israels policies in the West Bank have displaced a million Palestinians, forcing them into refugee status which in turn has led to a refugee influx in neighboring country, Jordan. Palestinian existence in the West Bank is being increasingly confined to ghettos cut off from farmland, schools, medical care and from other Palestinians. Some would argue that Israels aggressive policies against Palestinians provoke terror attacks on Israeli citizens. The resort to terrorist acts by Palestinians, especially suicide bombings in crowded public places, has caused them to lose much of the international sympathy their cause would otherwise benefit from. Similarly, the cruelties of Israelis to the Palestinians, especially in the ongoing siege of Gaza,Show MoreRelatedRebolusyong Siyentipiko6106 Words   |  25 PagesArabia 5. New Delhi 6. Myanmar 7. Thailand 8. Peru 9. Nigeria 10. Wales 1. United Kingdom UK retail sales flat in November BRCs Helen Dickinson: We will see a flurry of activity as Christmas approaches UK retail sales failed to grow in November, adding to fears that consumers are reining in spending ahead of Christmas. Sales volumes were flat in November compared with October, the Office for National Statistics (ONS) said. 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The narrative titled, “A Narrative of the Captivity and...

The narrative titled, â€Å"A Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson,† written by Mary Rowlandson is closely related to the narrative titled, â€Å"The interesting Narrative of the Life of Olaudah Equiano, or Gustavvas Vassa†, written by Olaudah Equaiano. Both narratives talk about captivity, the struggles of being held a prisoner, and the everyday emotions that each character goes through. Each of the narratives dives into the theme of Self vs. Other; however, each one takes a different look or view between racial and cultural difference. Each other also focuses on different aspects of faith and the impact that it has on the characters captivity experiences. By diving into the authors own experiences the theme of self†¦show more content†¦The themes between the two narratives gives a guide to the reader on the focus for the author, which enables the reader to learn different views and have different emotions while reading the narrat ives. The racial differences make an impact on the narratives due to the point of views that are expressed. Mary Rowlandson is a white American that is being held captive by Native Americans; however, Olaudah Equiano is a Nigerian that is taken as a slave by Americans. Mary Rowlandson often calls her captors, â€Å"†¦barbarous creatures†¦Ã¢â‚¬  while Olaudah Equiano often calls his captors, â€Å"†¦assailant, or kidnapper†¦Ã¢â‚¬ . Each character has a fear of their captors and have been taught to fear them from a very young age and as well as a strong dislike for their captors. Both Rowlandson and Equiano are deeply rooted in their cultural faiths and believe that vanity is shown throughout their narratives. Rowlandson states, â€Å"I have seen the extreme vanity of this world†¦Ã¢â‚¬  while Equiano states, â€Å"I believe it is difficult for those who publish their own memoirs to escape the imputation of vanity†¦Ã¢â‚¬ . 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Smoking in Public Places Free Essays

In some country people are no longer allowed to smoke in many public places and office buildings. Do you think it is a good rule or bad rule? Use specific reasons and details to support your position. Earth is a good creation of God. We will write a custom essay sample on Smoking in Public Places or any similar topic only for you Order Now So this is our duty to make it beautiful. If our surrounding is good and has no pollution then we feel happy and have a good health. A person who is healthy has good ideas. In my opinion I would like to say if smoking is not allowed in public places and office buildings then it is a good rule. There are many reasons behind this. They are as follows: In my view, smoking is not good for health. If a person who has the habit of smoking then he or she can have breathing, lungs and heart problems. The smoke of cigarette is also very harmful for health. If people smoke in public places then it is not only injurious for the smoker but also for others who do not smoke. For a healthy life, smoking is not good. The smoke of cigarette has toxic metals like Cadmium. If human body contains excess of cadmium then it creates many health problems like bone and heart diseases. For the safety of humans it is necessary to ban smoking in public and office buildings. For a good and healthy generation, ban on smoking in public places and office building is also necessary. If there is a ban then chain smokers cannot smoke and they will be safe. A lady who is pregnant and has the habit of smoking then a ban can be helpful for her child’s health. It is very important for the baby. Sometimes people can also save their money with the help of ban on smoking. People can use this money in other works. For instances, if people save money then they donate or eat healthy food. People who are allergic to smoke do not like smoking in offices and public places. These people do not feel good if any one smokes. As a good person, smokers’ should be careful and give the preference for others convenience. People can also increase their business if smoking is bane in public places and office buildings. For example, people who are chain smokers and have the habit of smoking during work that decrease their work skills and earning. The customers who do not like smoking do not like to come. Therefore, the ban can be beneficial if it increases the business. All in all I would like to say if smoking is not allowed in public places and office buildings then it is not only good for health of present and future generation but also can increase earning of people. If we want a good pollution free country, healthy life and more money then we will have to stop smoking. We should support the campaign against smoking. How to cite Smoking in Public Places, Papers

Employees With Passion - An Appreciation Program Sample

Questions: 1. What makes Hot Topic so successful as a retailer? What makes them so popular with their employees? How can they keep their success going?2. How does the idea of no walls and no doors in the corporate headquarters encourage the culture Hot Topic is trying to perpetuate? Do you think you would like to work in such an atmosphere? Answers: 1. Hot Topic Incorporated is successful as a retailer as it authorizes different goods like accessories, T-shirts and clothes geared towards the pop culture by putting an emphasis on the trends of modern music. It can be said that the firm proposes numerous cultural accessories along with clothing and cultural items aimed at young market segment. Moreover, the CEO of the firm considers that the unique corporate culture within the organization is based on an enthusiasm for a concept, which helps the firm to run successfully. The company provides a healthy environment to work, thus, the employees can fit in well and are also appreciated for their contribution to the firm. The company provides various perquisites like concert reimbursement and employee of the month program along with 9/80 program and many more in order to satisfy the employees. The senior executives of the firm can talk to the customers along with their employees regarding the operation and services provided. This will help to generate more innovative ideas and programs and implementation of these will make the firm able to run successfully (Ciccarelli White, 2012). 2. The proposal of no doors, no walls in the commercial headquarters of the particular firm encourages its culture as this takes importance off hierarchy, persuades cooperation and open style announcement (Bernstein, 2012). Yes, any individual would like to work in such an environment as it promotes collaboration and open communication. References Bernstein, D. (2012).Psychology. Belmont, CA: Wadsworth, Cengage Learning. Ciccarelli, S. White, J. (2012).Psychology. Upper Saddle River: Pearson Prentice Hall.

Professional Leadership in the Early Years

Question: Describe about policy affects and the testing procedures. Answer: Professionalism is a modern matter, which obtains high education in early year education. As a professional working with young children is not just about gathering morals is about the desire and approach of early years educators. Professionalism includes knowledge regarding skills, methods, procedures, information and training for the development of early childhood (Chiu, 2010). The North west district of Manchester include the ward of Crumpsall. Crumpsall have higher rate of children born with low birth weight compared with Manchester and need to be special care. Mothers Angles is among one of childcare playschool located in Crumpsall. About Mothers Angles The mothers Angles is a private preschool that runs from Crumpsall Manchester. Its a day care and have a maximum strength of 26 children to ensure maximum attention to each child. Mothers Angles gave focus on the knowledge of child development. For maintaining their standard they have 3 or 4 staff with one cook and a cleaner. This preschool has playrooms and play areas for kids with basic facilities and kitchens where cooks prepare healthy and tasty foods for kids. Both cook and cleaner are full time workers and rest staff take care kids such that every kid gets full attention. Leadership and multi-professionalism in Mothers Angles Having knowledge of child growth helps in creating a healthy environment and provides guidance in planning different activities (Elfer, 2012). Professional teachers from Mothers Angles do following activities- Do timely planning and staff meetings such that they can work in a more coordinated manner, well informed about the guidelines, understands each one tasks and the activities to support child health development. They practice for self-regulation and acquiring skills and training which helps them to understand the correct measures to help kids. They carefully monitor kids activity such that they do not get abused anywhere, ensures their safety and proper mental development. They understand what should be done in case of any emergency. The manager gives proper instructions to the cleaner to maintain the neat and hygienic environment in an institution. One staff member has the responsibility to take care of proper safety rules. Proper records of each and every child are most in which his physical and overall status must be maintained. Staff know more than one language and they teach kids their mother tongue and English language to enhance their communication skills and be a part of main stream easily. They conduct programs and invite external child professionals such that kids learn through their innovative activities. This helps the staff to learn and incorporate in their curriculum which is called experimental leaning. They conduct camp to have routine check-up of every kid and also call a child psychologist to understanding kids behavior. In case of any issues, kids parents are informed. Professional staff encourages the child to develop the feeling of sharing and togetherness. Professional staff explains kids about the families, give equal opportunities to the families of children in regards to their culture and needs, organizing events for families and take proper feedback and appreciates their suggestions (Chapparamani and Jyothi, 2011). Wider political and economic climate Young children are the future of a nation and to give the strong atmosphere is the responsibility of Government also. Many nations organize programs, conferences for improving early years knowledge. In 2004 the UN establishes committee for the implementing younger right in early stage (Bush, 2012). The attitude of a human being is directly influenced by the atmosphere they live and grow. Younger kids influenced by what they see in their surroundings. The political and economic factors, at their level of education also affect the younger in growth and development. The youngers those belong to poor family have a lower intellectual aids and also lack of social behavior.The mental level of younger kids who lives in a poor economic condition is generally affected. Younger ones are not directly affected by political factors, but various conditions regarding younger childs rights, benefits, taxes and other conditions affect the kids life harshly. In England a non-ministerial department is there i.e. OFSTED, its a department of education and employment. The reports that are made by the members of his department, published in newspapers and on the web. The reports are transparent and it shows the negative as well as positive points of work in schools (Munn, 2009). The Government is trying to deliver clear guidance how to improve the quality of early child services through the publication of these reports. The other program in England EYDCP, Early Years Development and Childcare Partnership, which looks that child information will play an important aspect in evaluating the approaches. EYDCP plan to design the development of childcare places, by doing Childcare Audit. On the basis of EYDCP audit Government grant funds, supporting for training and quality of childcare (Nicholson and Maniates, 2015). The DFES research includes- -The calculation of programmes related to early childhood. -The calculation of cost of childhood provision. -Research based on different caste, ethics, and the ability for the services provided to childhood. -Research on various method and learning adopted by professionals. Response to Curriculum Previous Government establishes curriculum for all schools serving ages 5-16 but it was not working as a desired result as the main priority of the Government is to develop the growth of young ones and for this they have to cheat proper curriculum and for this in September 2000 QCA, Qualification and Curriculum Authority established (Oberhuemer, 2013). QCA objective is not the curriculum, but to help the early years professionals to create suitable curriculum. Mothers Angles belief in Every Child Matters Every Child Matters was a policy for children by England Government., and Mothers Angle is running accordingly. The main purpose of Government is to focus on each and every child. Every Child Matter policy includes- It was the title published on Green Paper on SEPEMBE 8TH.2003, by the British Government to the imp mentation of the Children Act 2004. Every child is important for the British Government and it is trying to remove the inequalities between the children The policy is based on the themes- There is the great impact of Family and career in childs life. Every possible service to be provided for the support of children . If there are some crises in between people and children proper study must be done. . The professional that are working for early years must be provided special training and to fulfil their needs. Every Child Matter policy needs changes also like to be more creative and flexible in nature for the benefit of young ones. Its also helpful in empowering formal and informal professionals to work more confidently. It is easily applied for children having strength of 26, as 26 is not a big strength to control and take caring about them. Effectiveness of models leadership style Leadership is based on values and vision which motivate employees to do beer work (Tanuku and Edgington, 2006). The effectiveness of the models and style of leadership chosen by the Mother's Angles school should be realized in terms of social context. Thats why it is not an isolated activity of a single person, but rather that different people in team contribute to effective leadership which is therefore distributed in nature. The school's administration exhibits following characteristics 1) Being goal-oriented and set goals for himself. The ultimate goal of the school's administration is that every child develops properly and effectively such that he or she can into the main stream of the external world without any problem, get easily mingled in his society. 2) Use planning and has proper vision and confidence in his or her approach. They do regular staff meeting and planning and prepare their approaches in terms of activities for children, health care programs, proper inspections and through experimental learning they get confidence that whatever style they are adopting is according to need of children and are best practices that are being followed. 3) Having good working relationships with other workforce, kind and moderate with others who participate in leadership. The whole staff has created a better environment within the school and every person know his tasks well in advance. All of them participate in activities for children. 4) Being responsive to parents also able to communicate with them effectively. The staff organizes events for families and take proper feedback and appreciates their suggestions. In case of any emergencies, they inform parents. Small kids must be handled with love. Child brains develop most before the age of 5 years, Emphasis should be given from childcare workers to educators and that is the phase of building a scholarly base for the early childhood profession (Thomas et al., 2012). Researches have three main points to invest in children: If investment is made in the early years, it will be helpful to children in the future and be with him for a longer time. Second, if there are any changes in the atmospheres of childhood living it helps the young once. Third, the early investment for the children shows large impact, when children further go for higher education and learning. Parents who drop their child in Mothers Angle childcare can do their work better with peace which also increase their employment. They are able to provide extra income which is beneficial for children. Parents showed interest in child care only after seeing the effectiveness of professionals, and their trust and hard work help the parents to satisfy their mental level and they can do their jobs effectively (Sethuraman and Suresh, 2014). When child and parents are satisfied with growth in terms of economically and physically society automatically becomes more developed. Economically sound atmosphere reduces the crime level, especially among children, which, is the great progress of any nation (Taggart, 2015). Conclusion: Demand for care and education in early year of childhood, gaining, lots of attention in the last decade in areas like Crumpsall. The manager of Mothers Angles has an effective team and hardworking staff for special care of children. 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