Free Will free essay sample

An investigation on how the utilization of David Humes hypothesis of through and through freedom could add to a superior society. The paper shows that by using rationalist David Humes hypothesis that everybody has choice, paying little heed to the past conditions, and is responsible for their conduct, we could create an increasingly capable and common society and lessen a significant part of the corrupt, unscrupulous and criminal conduct. In the emergency clinic, a lady doesn't bring forth a specialist, legal advisor, ballet dancer, police officer, or competitor it is consistently, regardless, a kid or a young lady (Zigler, See you at the Top). The decisions are produced using through and through freedom that chooses who the individual is that will get from birth. Instructors and guardians, alongside different pioneers, have a duty to give the kid the basics to live as gainfully as could be expected under the circumstances. The right mindset, and direction can deliver marvels in helping the kid become a grown-up who achieves extraordinary things. We will compose a custom article test on Through and through freedom or on the other hand any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page This applies to grown-ups also. Brain research, appropriately utilized, will instruct one that the choices made currently will reflect what conduct one will pick, out of through and through freedom.

The impact of Duddys family on his apprenticeship. (The Apprenticeship of Duddy Kravit by Mordecai Richler)

The effect of Duddys family on his apprenticeship. (The Apprenticeship of Duddy Kravit by Mordecai Richler) The effect of Duddy's family on his apprenticeshipThe world we live in is a long way from being great, and there are numerous things in our lives that we can never show signs of change, regardless of how enthusiastically we attempt. The division of the individuals into the higher and the lower class existed anytime of the mankind's history, regardless of whether it is the Egyptian Pharaohs versus the standard ranchers in the antiquated Egypt, or the rich and fruitful agents versus poor specialists today. What's more, one isn't right when he feels that he can undoubtedly move structure the lower class to another.In The Apprenticeship of Duddy Kravitz, Duddy, the hero of the novel is a piece of the lower class, he is just a secondary school graduate. In any case, Duddy needn't bother with any advanced education to rapidly comprehend that cash is perhaps the greatest distinction between the lower and higher classes of society.English: Fuddy DuddyThroughout the entire novel, he attempts to bounce from the lower class, abandoning his family, into the higher class. Discovering cash for purchasing land turns into his primary mission. He needs to get rich and ground-breaking and will not accept that his destiny was chosen even before he was conceived. Max's tales about Jerry Dingleman, the neighborhood criminal, who begins with a quarter in his pocket and gets rich inside a month, exceptionally impact Duddy's behaviour.Max doesn't ponder Duddy and accepts that Duddy has no other future however turning into a cabbie, much the same as himself. Duddy's a numbskull like me (23), Max says, while acquainting his more youthful child with his companions, and afterward includes that Duddy is a genuine difficulty maker(27). Also, it appears that Max doesn't generally think about Duddy's instruction: at Duddy's graduation, Max gladly says congratulations, Duddy, congratulations (66),

Universal Health Care Essay Example | Topics and Well Written Essays - 750 words

Widespread Health Care - Essay Example The present arrangement of medicinal services essentially looks for network and society impacts to improve human services for the normal purchaser, however a few pundits who advocate general medicinal services state that the arrangement of oversaw care is run not by worry for the client, yet by the primary concern of benefits. It is hence not a network human services association essentially, yet a purchaser one. â€Å"Patients anticipate that the oversaw care supplier should assist them with dealing with their relationship with their wellbeing plan. Suppliers should flexibly patients with data about wellbeing plan changes by their boss and help with talking about their wellbeing plan inclinations with their manager. The supplier can urge patients to assume liability for their relationship with the wellbeing plan, yet in addition ought to have forms set up to help the patient in working with the wellbeing intend to address issues, for example, care refusals or other assistance issues † (Tomczyk, 2002). This tends to client assistance standards instead of general wellbeing. purchaser care, for example, right now existing projects like Medicaid and Medicare that give programs that expansion openness to poor people and older. Different nations, for example, Canada have made clinical consideration generally open to everyone in the nation. Availability, just as instruction, is a significant objective. On the off chance that an individual is poor or older, they will be more outlandish in the US to get quality social insurance and have protection, and much of the time, it is an issue of access just as happenstance. For poor minority settler families for instance, â€Å"reducing Medicaid qualification for these kids won't really set aside cash as long as kids stay qualified for expensive crisis care† (RAND, 2002). Numerous migrant families think that its difficult to explore the current example of federalized programs on a state and neighborhood level regarding qualification and access. instructive projects

Modern tendencies of international labour migration free essay sample

Presentation Right now, the globalization of monetary life has prompted the formation of a universal work showcase with regards to developing internationalization of creation and reconciliation. Potential possibilities that are implanted in labor movement are colossal and remember speeding up for monetary development, decrease joblessness, improve the personal satisfaction, salary development, and so forth. The topic of this research project Modern propensities of universal work movement. The motivation behind composing an examination of right now existing global relocation issues, to distinguish the standards of movement and an investigation of state guideline of universal work movement. The above characterizes a lot of objective the accompanying destinations: to think about the hypothetical parts of work movement (its tendency and worth) to decide the effect of worldwide relocation on nations bringing in and trading work to investigate contemporary movement streams and to think about an arrangement of state guideline of outside work relocation. The object of study in this course work is universal work relocation with regards to globalization and market economy. We will compose a custom article test on Present day inclinations of universal work movement or on the other hand any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The subject of the examination is hypothetical and methodological components of state control of outside work movement, contemporary relocation streams and hypothetical ideas. Recorded as a hard copy this paper I have utilized a great deal of writing. Here is the most fundamental investigation. The hypothetical premise of this investigation depends on crafted by creators, for example, Ivahnyuk IV, Iontsev VA Molodikova IN, Mukomel VI, Sukhov A. , Horev, BS and so on. In the investigation of the effect of worldwide movement on the worldwide economy with regards to globalization have helped me work of Glushchenko GI Ivahnyuka I. , Denissenko M. B. Data on the state guideline of outer work relocation has been taken from works Vorobyova O. D . , Glushchenko GI and Ponomarev, VA, VI Mukomel. Additionally I utilized paper articles and magazines monetary substance of Russian and outside productions. 1. Worldwide work movement as a basic piece of society 1. 1. Essense and typesof the global work movement As far as globalization the pivotal factor of creating of numerous nations becomes worldwide work movement, which favors the setting up of adaptable work showcase, utilization of remarkable accomplishments gained by logical and specialized ground, closer participation between countries. Development of components of creation is the establishment of universal work movement. This procedure happens in profoundly created nations. As indicated by standards of market economy, elements of creation are looking for productive application however much as could be expected, which in context will bring the most noteworthy proficiency. In spite of the fact that work advertise capacities as per the laws of interest and gracefully, it contrasts a great deal from different markets. The premise structures economis factors as well as social and mental, which are not constantly associated with the cost of the work (pay). There is no any single commonly acknowledged meaning of worldwide work relocation, But the most exact I locate the one given by Ioncev V. A. He said that worldwide work relocation are the regional individuals developments across national fringes, associated with changing of changeless spot of living and citizenship, because of an assortment of reasons (family, national, political, moral and so forth ), or with remaining in getting nation for long haul purposes. Exist numerous kinds of worldwide work relocation and the most well-known division comprises of 3 general gatherings: movement (demonstration of outsiders coming into a nation with the end goal of perpetual home), resettlement (leaving ones nation to settle in another for long terms), return relocation (return of vagrants to their place of source). Likewise it is conceivable to check out different methods of recognizing work movement into types. For instance, thought processes can be unique: deliberate and constrained. If there should be an occurrence of deliberate movement resident chooses without anyone else to leave the nation. Be that as it may, in case of constrained movement his aim to move is brought about by risk forever (characteristic upheavals, wars, mobs and others). Movement may contrast in length: long haul, present moment, lasting, regular (in various seasons with the end goal of employment arrangement) and substitution (consistent separation between populace totals for work or study). One increasingly significant qualification establishes in lawful framework: relocation can be legitimate and illicit (unregistered and one that damages the system of passage). Global movement streams structure as per numerous elements, the vast majority of significant of which are financial (relocation brought about via search of another work place, instruction, marriage). Additionally exist segment, political, strict, ethnical reasons that make somebody to leave his local nation. Most regular reasons these days are low degree of compensation, elevated level of joblessness and lacking instruction. 1. 2. Effect of the work movement International relocation impacts both the bringing in nation and trading nation. As of late, the movement forms are seen as an asset, on which emphatically depends the degree of monetary turn of events. Considering the effect of worldwide work movement on the advancement of the sending out nation, it is conceivable to distinguish a few advantages. As a matter of first importance, declining joblessness rate, debilitates the force on the residential work advertise, the countrys residents who work abroad, move some portion of their pay to home, along these lines diminishing the equalization of installments shortage. Besides, the work power gains new abilities and by getting back, improves human asset aptitudes in their nation. There are negative angles for sending out nations. On the multiplication of work power has been put national assets, however when it travels to another country, makes a GDP in another nation, and don't remunerate costs spent on it. Besides, for the most part primarily profoundly qualified specialists leave their local nations. With respect to effect of universal work movement on the bringing in nations, assessments are likewise uncertain. Work relocation can lessen work expenses and general expenses in the host nation. Be that as it may, before movement was viewed as an answer for work deficiencies in the local market, however after some time increased an inclination of settling in accepting nations and migration is seen now as a danger to the national economy. Also, it prompts change of these nations into global, what at times advances between ethnic clashes. Consequently, universal relocation influences both the bringing in nations of work power and sending out, and has become a worldwide wonder, which has its impact on all parts of life. 2. Pecularities of the guideline of the universal work relocation 2. 1. Essential standards and highlights The movement procedure is mind boggling and, considering every single imaginable outcome, government can not disregard this territory of worldwide relations, in this manner it began recently to tight control measures. The reason for the state settlement of work relocation is to accomplish in bringing in nation the necessary volume of migration, including choice of required laborers from all who wishes to move. To stay away from negative impacts there is a broad arrangement of national and global guideline. It comprises of understandings between the nations themselves, the laws on the status of vagrants and other administrative archives. There is additionally an arrangement of progressing checking after the relocation (SOPEMI), which was established by OECD. A particular component of guideline of outside movement is that the favorable position is constantly given to household states. Simultaneously, creating control measures, they should observe set up legitimate request and norms that are contained in archives drawn up by universal financial associations. Many bringing in nations stick to a particular technique for guideline which comprises in empowering section into its domain of specific classes of laborers who is by all accounts the most best for it, yet forestalls the movement of others. These classes may incorporate specialists who consent to work at a lower cost than neighborhood, qualified ones or from fields enterprises that the nation intends to create. It is conceivable to confine the passage by introducing certain prerequisites for capability of work force, their condition of wellbeing, age and instruction. Numerous states have a strategy of quantitative shares, which implies foundation of a roof that is the greatest number of foreigners. There is additionally monetary guideline, which includes the burden of budgetary limitations or fleeting guideline. The legislatures by their own pick kind of guideline, and what limitations to apply, putting together fundamentally with respect to the premiums of representatives of the national work advertise, notwithstanding, they should not neglect to regard universal law. 2. 2. Planning of the transient approach In request to balance out and take leveled out the procedures of movement, there should be a viable relocation arrangement. Relocation arrangement of the nation comprises of hypothetical suppositions, objectives, means and strategies for guideline of national and global procedures of movement developments. It tends to be done at the two levels: national and universal Any movement approach depends on two parts: hypothetical premise and handy side. Relocation approach is a vital part of local and international strategy. Its course decides by the financial strategy of the nation, including parts of its international strategy. Relocation approach of each state is a lot of uncommon measures, enactment and respective and multilateral concurrences based on which guideline is overseen. At each recorded period movement arrangement had either migration or immigrat

Waitlist News

Waitlist News For the third consecutive year, we will admit students from our waitlist. Within the next week, we plan to admit approximately 35 students from the waitlist. When our waitlist decisions are finalized, we will notify the admitted students, informing them that they have been admitted from the waitlist. Financial aid will follow up shortly thereafter with aid packages. Admitted students can then choose to accept our offer (it is an understood part of admissions that some people will shuffle around during the waitlist period; you will lose your deposit at the other school, but it is a standard practice to consider accepting a waitlist offer) or decline it. Also, we will begin notifying some students on the waitlist that we will not be able to offer them admission. We offered a spot on the waitlist to 739 people, in the possibility that we needed to go very deep into our waitlist, as most schools must do from time to time. But now, as a high number of admitted students have chosen to enroll, we know that we will need to enroll only a relatively small number of students from the waitlist. As such, it isnt ethical to keep all of those people on the waitlist at this point, so we will notify hundreds of students that they will not be admitted from the waitlist, and wishing them the best of luck at the college theyve chosen. We also will keep some students, approximately 70, on the waitlist for another few weeks until we are fully satisfied with the class. Last year, we were satisfied with the class after one round of waitlist admissions; two years ago, we admitted students in two rounds of waitlist admissions. Well know more about how this year looks in a few weeks. The waitlist committee has been working hard since May 1 to determine how many students, if any, could be admitted from the waitlist, while in parallel working to make admisions decisions. The waitlist admissions process will continue for the next week until we fully determine who will and will not be admitted, at which point we will notify students. I dont yet know what day we will notify students. Well keep you up-to-date.

The Concept of merger - Free Essay Example

Chapter 2 Literature Review 2.1 The Concept of Merger The determinants of merger and acquisition behavior have long been a topic of interest to researchers. Epstein (2004) provide that merger defines as a business activity involves two entities of relatively comparable stature coming together and taking the best of each company to form a completely new organization. Mergers are often categorized as horizontal, vertical or conglomerate mergers. Gaugham (2007) provide the brief definition of the three type of merger. Two competitors combination is called horizontal merger. Vertical mergers are the combinations of companies which exist with a buyer-seller relationship; A conglomerate occurs when two combined companies are not competitors and without a buyer-seller relationship. 2.2 The Motives of Merger In order to achieve an ideal position for the organizations business, company may decide to undertake merger activities. There are probably many different motivations for merger as involving bidders and targets. Trautwein (1990) offers several theories of merger motives including efficiency, monopoly, raider, valuation, process, empire-building and disturbance theory. Ikeda and Doi (1983) point out that company take advantage of merger activities to increasing market share or market power, increasing efficiency, firm growth and increase of research and development all are the merger motives. Lam and Chiu (2005) suggest that objectives for merger are diverse, including fillings critical capability gaps, achieving synergies and economic of scale, acquisition of tax losses and tending off an income trust structure and replacement of management. However, corporate takeovers and acquisitions give rise to vastly differing attitudes between the parties (Gerold 1989). Both parties are seeking to promote, or perhaps one of the companies wish to receive a friendly rescue for the financial difficulties situation. Other than the above motivations, several empirical studies provide support to the synergy as a key merger motives. For example, Leland (2007) points out that the both positive and negative operational synergies are the primary motives for restructuring the company. Bradley et al. (1988) mention that a successful tender offer will increase the combined value of the target and acquiring firms by an average 7.4%. Berkovitch and Narayanan (1993) document that synergy is the primary motive in takeovers with positive total gains Mukherjee et al. (2004) suggest that a premium to the target firm is justified if the merger produces synergistic benefits. It will be detail discussed in the session of Literature Review. Furthermore, Sun and Tang (2000) create the support for two firms merged in the same line of business is for the purpose of achieving economies of scale in production, distribution, or some other phases of their operation. (The detail of economies of scale will have a further discuss) 2.2.1 Economies of scale Economy of scale is a practical concept that refers to the reduction in fixed cost per unit resulting from increased production through the operational efficiencies. (Dranove and shanley 2005) Applying to the merger aspect that is combined company can often reduce its fixed costs of the production by simplifying complicated departments or operations. Thus, profit margins are increased. Kasman (2005) mention that lower the costs proportionally by changing the production output can result to economies of scale. Some scholars view economies of scale as one of the main motives of merger and have formed comment on the circumstances. Rezitis (2008) suggest that the occurrence of the economies of scale is due to the control of cost-saving technologies has been achieve or the fixed cost regarding to a large volume of output has been spread by the merged company and thereby average cost reduced and efficiency enhanced. Dranove and shanley (2005) point out that strategic rationale for the merger activities include economies of scale and scope which can be achieved by shifting the production to a centralized facility or investing the resources necessary to build sufficient capacity. 2.2.2 Synergy Goold and Campbell (1998) report six forms of synergy including shared know-how, shared tangible resources, pooled negotiation power, coordinated strategies, vertical integration and combined business creation. Anderson (1987) defines that synergy can represent the nature of the successful acquisition game, which violating the laws of mathematics and causing one plus one to equal three. (i.e. 1+1=3) Synergy is also defined as increases in competitiveness and resulting cash flows beyond what the two companies are expected to accomplish independently (Sirower 1997). 2.2.2.1 Generation of synergy The theory of synergistic merger is meaning company can achieve efficiency gain by combining the good business or plants of the acquired firms with their own business or plants. It was discovered that synergies may arise from a variety of sources and denote the incremental positive and negative cash flow consequences of being merged (Fulghieri and Hodrick 2006). Srinivasan and Mishra (2007) point out that synergy is created when the merged firms value is worth more than the firm individual existing. Three main categories are classified as operational synergy, financial synergy and managerial synergy. Operational synergy is generated by the combination of operation separate units. The lower cost of capital cause financial synergy appears. Managerial synergy occurs when the superior planning and monitoring of the acquiring and target firm are the complementary abilities. There are several research discussed the way of synergy generation. Maldonado (2002) indicates that operational synergies or technical economies constitute synergies are cost of production related and arise from the sharing between activities of lumpy or intangible multi-use assets. Sun and Tang (2000) mentions that one means of achieving operation synergy is to combine two firms having complementary resources to eliminate duplicate facilities, operations or departments. Beside, Rezitis (2007) point out that the attainment of the operational synergies via mergers and acquisitions depends on the realization of economies of scale and scope. Also, the generation of financial synergy is discussed. Fluck and Lynch (1999) note that financial synergy may occur when mergers increase the combined values of acquirers and targets by financing positive NPV projects that cannot be financed as stand-alones. Gaughan (2007) develop the process of realizing synergistic gains. Achieving synergistic gains should begin with careful strategic planning. (Refer to the figure 1) If the merger planning has been well thought, there is a better chance to being successful. After that, it is necessary to integrate the two merged business. Aware of the cultural, operational and strategic difference is required. Lastly, the synergy gain is realized according to the analysis of financial performance, which may be broken down enhancements may come from the broader product line. Cost reduction is due to the elimination of duplicate costs on the merged companies. 2.2.2.2 Evaluation of synergy In order to have a successful merger, company should consist of business talent that you can cause the predicted synergy to be realized (Anderson 1987). Thus, evaluation of synergy plays a significant role for the merger success. No trial can be found in merger and acquisition is the main reason for the company to evaluating of synergy (Kode et al. 2003). It was found that there are some literatures give opinion about the synergy evaluation. Fulghieri and Hodrick (2006) mention that both positive and negative synergies can be evaluated by the incremental expected joint production which merged firm generated. In addition, high quality evaluation of acquisition candidates is an essential element of success which leading synergistic gain (Anderson 1987). A variety of techniques for valuing companies such as discounted cash flow, price/earnings multiple and earnings dilution are suggested by him. Gupta and Gerchak (2002) suggest the determination of whether or not a merger is an economic success, valuation is the major focus. The purpose of valuation is helping bidders to gain a better understanding of key drivers of operational synergy. The comparable companies or transactions approach and the discounted cash flow approach are proposed. 2.3 The impacts of merger Company carry out merger activities may generate positive impact or negative impact as well as the neutral result. The following provide some example which select from diverse literatures and relate to the evaluation of merger impact. 2.3.1 Positive impact A number of articles have studied and measured the benefit of MA and found that the advantages focus mainly to the area of the shareholder value, business competitiveness and productivity. By using the transitional and new market-model measures, mergers in general are a means to permanent gains in the wealth position of the stockholders of acquiring and acquired firm (Lubatkin 1987). However, the changes in stockholder value are associated with the type of merger. Nguyen and Ollinger (2006) state that most merged firms can improve their productivity growth after merger. The productivity of about 85% of the acquired plants grew faster than the productivity of nonacquired plants. Also, mergers can produce the serious anticompetitive consequence. The reason is if a merger is likely to have efficiency and market-power consequences, the response of downstream firms will represent the anticipated net effect of these consequences on product market prices (Mullin et al. 1995). The more the successful of the merger activities, the more the positive impacts are produced. Epstein (2005) point out the mainly reason for the successful merger is the merger strategy. The careful development and implementation of merger strategy can significantly increase the likelihood of overall merger success through. 2.3.2 Negative impact If the merger activities unsuccessfully carried out, some harm will cause to the difference aspect of the companys business practices. The most common one is the effect of financial aspect. Maldonado (2002) has performed the investigation about whether merger and acquisitions result in improved financial performance. It was found that mergers did not have a positive effect on financial performance since the efficiency and pricing have not been improved. Hoshino (1982) point out that adverse effects are caused by mergers. There are is no evidence that merged firms have a higher growth ratio than the firm without merger which can enjoy a higher rate of growth of equity in long run. Apart from the financial aspect, ethical aspects are also subject to discuss. Syrjala and Takala (2007) study on corporate merger and focus on the ethical aspects in the Nordic Electro-business industry. They show that the merger process will lead to decreased responsibility among the organizational members, which due to the inconsistency between genuine ethical thinking and executive talk. The moral attitudes of the managers will be influenced in the turmoil of organizational change because of the new operating model and new corporate management. For the part of effects on the stakeholder, Tuch and OSullivan (2007) failed to find consistent evidence of improvements in shareholder wealth after the volume of merger and acquisition activity and thereby management is troublesome and raises important questions about the wisdom of takeover activity. Epstein (2005) outlines six key determinants of merger success namely strategic vision and fit, deal structure, due diligence, premerger planning, post merger integration and external factor. The lack of clarity regarding the elements of merger success and implementation will lead to measurement problem and mergers desirable or of dubious value. 2.3.3 Impact on both Positive and Negative The effects of merger not only positive but also negative may be generated. There are some literatures show merger are able to generate positive and negative at the same time. Corlton et al. (1980) state that merger activities will be a great benefit for product improvement to the company. In the meantime, the adverse competitive effects of the merger also caused since the potential competition is likely to issue in merger case only if the market is defined. Otherwise, there is no significance to assign the elimination of the potential entrant by the merger. Dickerson et al. (1997) disclose the relative advantages and disadvantages of acquisitions growth for the company performance. Here are the three advantages provided. The first one is the returns from the acquisition are likely to materialize quickly. Secondly, acquisition can provide a firm with new internal investment opportunities by facilitating entrance into new product areas and by providing new information in those areas. The ability to remove the potential competitor is the last advantage. However, there are also three disadvantages are mentioned. Since the firm purchases an already existing company, it may not get exactly what it prefers. The second disadvantage of acquisition is that the acquired firm might have its own set of problems. Thirdly, it is difficult for integrating it with the existing organizational structure of the acquirer. 2.4 Evaluation approach for merger performance Numerous empirical studies have investigated the evaluation approach for merger performance such as financial performance, operating performance, marketing performance and managerial performance etc. 2.4.1 Financial ratio Sun and Tang (2000) have carried out the examination on the operating performance of merged railroad, which based on financial measures that are related to a firms efficiency performance. They are operating income to operating revenues (operating margin) and net income to operating revenues (net margin). Ikea and Doi (1983) discuss various financial aspects for measures of merger performance such as profitability, rate of firm growth, R D expenses, selling, general and administrative expenses/sales etc. In addition, the financial performances of the acquiring firms during pre and post merger periods have been analyzed with the help of various financial ratios (Vanitha and Selvam 2007). Liquidity ratios, leverage ratios and profitability ratios are the three selected to test the results. Liquidity ratios indicate the companys ability to meet all its obligations both long-term as well as short term without strain. The leverage is for measuring the ability of a company to use funds to enhance the returns to its investors. Profitability ratios are calculated to measure the overall efficiency of an organization (Vanitha and Selvam 2007). Hoshino (1982) also mentions that the performances of corporate mergers, before and after the merger, can be compared on the basis of the financial data. Financial ratio should be performed such as net worth to total liabilities and assets, current ratio, debt-equity ratio, turnover ratio and net profit to total liabilities and assets etc. For the aspect of comparison, Sun and Tang (2000) suggest that the post-merger performance is compared with pre-merger performance. It will assist to determine whether changes in firm condition following announcements of mergers tend to indicate deterioration or improvement of performance. 2.4.2 SWOT Analysis Houben et al. (1999) state that SWOT analysis is an effective means for analyzing internal and external environments in order to attain systematic approaches and supports for successful industry strategy formulation. Global competitive and its competitive strategy are largely influenced by changes in both internal and external environments of the machine tool industry since it is aimed at establishing a profitable and sustainable position. Therefore, analyzing the competitive environment in detail and strengthening the competitive advantages have become necessities for establishment of a successful strategy (Shinno et al. 2006). 2.4.3 Value Creation Baker (1992) addresses that company can create value in several ways with its dairy acquisitions program such as increasing the economies of scale in production. Gerold (1989) mention that in general the valuations provided will be on an open market value basis, which is defined as the best price at which an interest in a property might reasonably expected to be sold at the date of the valuation. Tuch and OSullivan (2007) point out that merger create the impact of the market value of acquirers on post acquisition performance and the market value of acquirers can be measured by Price Earning Ratio. The higher the P/E ratio, the higher valuation cause on the stock market. 2.5 Real Practice of Merger Cases in Hong Kong The trend of mergers and acquisitions in Hong Kong become active since 1980s. It is one of the popular methods for the company restructuring (Lang 1999). Deacons (2006) also mention that the Hong Kong has experienced an increase in merger and acquisition activity over the past decade. This situation is now continue since the overseas companies are willing to invest in Hong Kong as which is well established with the main financial and services hub for the PRCs economic development and the economy of which has undergone substantial recovery since the post-1997 deflationary era. It is known that Hong Kong has a long history of mergers. Both successful and failure merger cases in Hong Kong and are selected for discussion (Lang 1999). Hong Kong and Shanghai Banjing Corporation (HSBC) and Midland Bank case is one of the most successful overseas acquisitions by a Hong Kong company. The unique feature of this case is that while the HSBC shareholders were pessimistic in the beginning, they completely changed their view towards the completion of this event. It indicated Hong Kong market is efficiency in that the corporate announcement effect is consistent with the performance of HSBC after the acquisition of Midland Bank (Lang 1999) Swilynn and Teletech case occurred in 1990, which involve two medium-sized Hong Kong firms was overlooked by people; however, it represents the fiercest fight between bidder and target. Emotional factor is an important element for the suitability of Teletch as a target being questionable at the beginning. Both companies went bankrupt a couple of years after the acquisition.

Enron Corporation An Electivity and Natural Gas Company

Enron Corporation was formed in 1985 when Houston Natural Gas merged with InterNorth to create an electricity and natural gas company that would eventually become Enron. After Houston Natural Gas merged with InterNorth, the former chairman of Houston Natural Gas, Kenneth Lay, was appointed as CEO of Enron. The Chief Executive Officer of Enron, Kenneth Lay’s ultimate goal was to make Enron â€Å"the world’s greatest company,† but unfortunately he failed to achieve his goal. During the 1990s, Enron was considered â€Å"America’s most innovative company,† and by December 2, 2001 Enron was the 7th largest U.S. Company in 2001 and became the largest corporate bankruptcy in U.S. history. Now it is considered to be one of the largest fraud scandals in the history of the United States. After Enron collapsed, shareholders lost about 80 billion dollars and many people lost their jobs and lost their life savings that they had invested in Enron’s shares. Soon after Enron collapsed, Arthur Andersen, a well respected accounting firm that was also one of the big five accounting firms at the time, was found guilty of obstruction of justice after David Duncan, the lead partner of Enron audit engagement, agreed to testify against his former employer, Arthur Andersen. After Kenneth Lay was appointed the chair and the CEO of Enron, he quickly adapted an aggressive innovative growth strategy. Kenneth Lay also had personal ties with George W. Bush and that allowed him to insist on deregulation of the