Scandinavian Hero Beowulf Essay Example

Scandinavian Hero Beowulf Essay Scandinavian Hero Beowulf BY Rya-FreiJ Rya FreiJ Mr. Hamas English Honors 3 20 November 2013 The Undercover Wulf Beowulf, the Old-English epic poem, is characteristic of its Nordic-Germanic roots as a tale of a great Scandinavian hero Beowulf, who saves a neighboring kingdom from the wrath of the destructive, blood-thirsty monster, Grendel, and eventually becomes the king of his own people, the Geats. Closely related to modern day tribal and gang customs, it is questioned as to whether Beowulf should be considered a hero. He proves to be a great warrior and protector by killing three terrorizing beasts, a rovider by bringing back great treasures from each of his exploits, and faithful by always looking out for his tribe and fghting in their honor. The true question to be asked is, can tribal mentality produce a worthy hero? The answer is, yes. Steven Pressfield further explains what tribal mentality actually is in his article Tribes, Gangs, and Terrorists. Although Beowulf had done shameful things in the past, Beowulf is still considered a Viking hero and a modern hero because of his actions through the story such as strength, which prove that tribal culture and mentality can roduce a worthy hero. In the days of Beowulf and the Vikings, a hero was a man who was strong and courageous, willing and able to protect his tribe and provide for his people. Even today, the meaning of this word translates into the same category of definitions. A hero now is considered for the brave things they have done and selflessness that they possess. We will write a custom essay sample on Scandinavian Hero Beowulf specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Scandinavian Hero Beowulf specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Scandinavian Hero Beowulf specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The narrators portrayal of Beowulf is nothing but heroic from his first mentioning, where he is described as [The] mightiest man on earth, (97), The noble warrior, (314), and The man whose name was known for ourage, the Great leader, (340-341). Anglo-Saxon warriors had to be stoic, and they had to appear fearless at all times. This relates to Beowulf because both showed no fear or sorrow. He kept his word and did not complain, no matter how impossible their tasks seem. Also in the article Tribes, Gangs, and Terrorists explains, The foe is granted full honor as a fghting man and defender of his home soil and values. Honor is one of the main characteristics in a hero that is presented to the world today, so how is tribal mentality different than the mentality than a hero? Actions of a erson describe whether a person is considered a hero, not their mentality. In Beowulf, Beowulf fights three different monsters. The first monster he fights is Grendel, the second is Grendels mom, and the third is a dragon. When travelling to Hrothgars land to slay the beasts, it shows as to how he and his men feel towards the monsters. Tribes are hostile to all outsiders, Steven Pressfield explains. Taking into consideration that the monsters are considered outsiders to Beowulf and his men, his heroic reaction to save his allies and companions expresses how the tribal system s connected to the thought that modern tribal mentality can produce a worthy hero. Each fght shows an important part of Beowulf. The fght with Grendel and Beowulf exhibits Beowulfs sheer strength and power which is explained in the quote, The encountered in any man on the face of the earth (749-752). Beowulf survives a handgrip that is supposedly tighter than anything he had ever encountered. In the second fight, Beowulf struggles against Grendels mom. Grendels mom grabs Beowulf a lot and Beowulf struggles to escape every time. When he hit Grendels mother with his sword, it bounces off and does merely nothing. This fight shows Beowulfs weaknesses and struggles. In the third and final fight, Beowulf and a small army fight a dragon. This happens nearly fifty years after the fght with Grendel and his mom. That final day was the first time when Beowulf fought and fate denied him of glory in battle, (2571-2573) is the first battle Beowulf had ever lost. If slaying three infamous hell bound creatures was not heroic, than what else is? Tribal mentality bands together beliefs, morals and the survival of their group. They are narrow minded, irrational, and closed to outside interference. They move and respond as a group. They tend to be very basic, killing anything that threatens their closed group. The article Tribes, Gangs, and Terrorists written by Steven Pressfield explains, Tribes prize loyalty and cohesion. Beowulf valued a sense of community and camaraderie. Anglo-Saxon and tribal behavior and goals are quite similar. After Beowulf passes away, Wiglaf announces that there will not be peace or pact-keeping of any sort from the Swedes, (2922-23) because that was what Beowulf wants. He does not wish to see his empire that he made crumble into oblivion. This also represents the revenge, which is a main part in the tribal culture. Any insult to honor must be avenged, (Pressfleld, 2011, pg. 1). Swedes had been insulting and harassing the Geats for a while by then, so with Beowulf gone, it was time for the team to take revenge. Just like modern heroes today. Heroes know when to take revenge for the loved ones that they have lost but in the right way. Beowulf took the lives of the monsters out of revenge and for the safety of everyone that surrounds him and the people that he cares about. The epic poem Beowulf focuses on the hero. Throughout various generations and cultures, people have had an image of the archetypal hero. The Anglo-Saxon ideals of heroism were strength, bravery, and loyalty, which were exactly the qualities that Beowulf possessed. Beowulf, as a result, is an icon of his ancient Germanic heritage. He imitates the world around him by reflecting past traditions of heroes and mirrors their characteristics and actions. With him, his honor and pride make him not only a hero of his own time, but also a hero for generations to come. In all, tribal mentality whether centuries old compared to modern day does produce a worthy hero; heroes that can and are willing to protect the people that they love and surround them.

Hillary Clinton - Position on Illegal Immigration

Hillary Clinton - Position on Illegal Immigration Hillary Clintons position on illegal immigration has shifted over time. In her campaign for president in 2016, her most recent bid for election to public office, Clinton said she supported a path to citizenship for millions of people living in the United States illegally because it would be impractical to deport them all. If we take what we  know to be the realities that we confront - 12 to  14 million people here - what will we do with them? I hear the voices from the other side of the aisle. I hear the voices on TV and radio. And they are living in some other universe, talking about deporting people,  rounding them up. I dont agree with that and I dont think its practical, Clinton has said. She has said, however, that those who have committed crimes and pose a violent threat to public safety while living in America illegally should not be permitted to stay here. Clinton has said she favors humane, targeted, and effective enforcement of the laws against illegal immigration in the United States. During the 2016 presidential campaign, she defended President Barack Obamas controversial executive action  on immigration, which would have  allowed as many as five  million people living in the United States illegally temporary,  quasi-legal status and work permits. And she opposed the idea of building a massive wall along the U.S. border with Mexico and supported the rights of a growing number of refugees and asylum seekers to tell their stories. We need comprehensive immigration reform with a path to full and equal citizenship, Clinton said in January 2016. If Congress wont act, Ill defend President Obama’s executive actions - and Ill go even further to keep families together. Ill end family detention, close private immigrant detention centers, and help more eligible people become naturalized. Obamas program, called  Deferred Action for Parents of Americans and Lawful Permanent Residents, was essentially put on hold  by a June 2016 U.S. Supreme Court ruling. Clinton Opposed Banning Muslims Clinton has also voiced opposition to a policy put in place by Republican President Donald Trump to temporarily ban Muslims from entering the United States. Trump said his proposal was meant to prevent terrorist attacks on the homeland. But Clinton called the idea dangerous. â€Å"It goes against everything we stand for as a nation founded on religious liberty,† Clinton said. â€Å"He’s turned Americans against Americans, which is exactly what ISIS wants.† Clinton Mocked Trumps Border Wall But Supported a Fence On the campaign trail in 2016, Clinton openly derided Donald Trumps idea to build a tall wall along the length of the U.S. Mexico border. Hes talking about a very tall wall, right? A beautiful, tall wall. The most beautiful, tall, wall, better than the Great Wall of China, that would run the entire border, that he would somehow magically get the Mexican government to pay for. And, you know, its just fantasy. Clinton did, however, voter in favor of legislation to build a fence along 700 miles of the border, a bill called the Secure Fence Act of 2006. ... Where it was necessary, we did support some fencing, where it was necessary, we did add border patrol agents, Clinton said. Clinton Apologized for Saying  Illegal Immigrants Clinton apologized in 2015 for using the term illegal immigrants, which is considered dehumanizing. She used the term while speaking about securing the United States border with Mexico.  Well, I voted numerous times when I was a senator to spend money to build a barrier to try to prevent illegal immigrants from coming in, Clinton said.   She apologized when asked about her use of the term, saying:  That was a poor choice of words. As Ive said throughout this campaign, the people at the heart of this issue are children, parents, families, DREAMers. They have names, and hopes and dreams that deserve to be respected, Clinton said.   Clintons Shifting Position on Immigration Clintons position on immigrant hasnt been as consistent as it seems. She has come under fire from some Hispanics over her support of candidates who are viewed as unfriendly to establishing a pathway to citizenship.  As first lady under President Bill Clinton, she was  on record  as supporting the Illegal Immigration Reform and Immigrant Responsibility Act of 1996, which expanded the use of deportation and limited conditions under which it could be appealed. She has also opposed the idea of giving drivers licenses to people living in the United States illegally, a position that drew some criticism. They are driving on our roads. The possibility of them having an accident that harms themselves or others is just a matter of the odds, Clinton has said. Clinton said during her run for the 2008 Democratic presidential nomination that she supported granting citizenship to people living here illegal if they meet certain conditions including paying a fine to the government, paying back taxes, and learning English. And she has also said children who cross the border illegally from Central America should be sent back as soon as it can be determined who responsible adults in their families are, because there are concerns whether all of them should be sent back. But I think all of them who can be should be reunited with their families. †¦ We have to send a clear message, just because your child gets across the border, that doesn’t mean the child gets to stay. So, we don’t want to send a message that is contrary to our laws or will encourage more children to make that dangerous journey.†

Organization experiencing challenges with its compensation and benefit Research Paper

Organization experiencing challenges with its compensation and benefit system - Research Paper Example This research paper describes the compensation practices undertaken in organizations have far reaching effects on the competitive advantage of the firm. In order to develop competitive advantage of a firm in the global market, the compensation plans developed by the firm must align with the strategic plans and actions of the same. Apart from the attainment of competitive advantage compensation practices also have influence over recruitments, turnover, productivity of labour, etc. in firms. Thus it is crucial that firms make thorough analysis of how people perceive about the firm’s compensation and how these perceptions consequently affect their behavior. A substantial amount of job satisfaction of employees depends on the amount of compensation that he receives as well as the benefits he derives from the organizations. The financial compensations complemented with adequate benefits such as insurances, sick leaves, paid vacations, discounts, pension plans etc. impacts on the sa tisfaction level of employees and subsequently their behavior and commitment towards the same. The American Airlines (AA) confronted with serious compensation and benefit issues due to the restricting of their compensation plans for employees. Due to the great losses incurred by American Airlines, one of the world’s largest airlines, the management had to undertake massive cost cutting and restructuring campaign with the purpose of restoring profitability. This resulted in massive job cuts of employees. The policy only invited random resistance from employees which further aggravated the amount of losses incurred by the company. ... The problem would be supported by presentation of critical literature which would include various arguments presented by researcher, practitioners and author and also empirical evidence on the subject. Thesis statement Following is the thesis statement developed for the study; Due to the critical role played by compensation and benefit plans on employees’ job satisfaction, commitment and productivity, companies need to strive to exploit full potential of their human resources through adequate compensation and benefit structures. Review of the Literature As organizations continue to be confronted with increased competitive pressures, they seek to achieve more using fewer resources. Along with the rise in emphasis on such aspects as sales volume, innovation, profits, quality etc, many cases have revealed tight control over employments with substantial employment cuts. The idea to manage human resources effectively using fewer employees has evolved over the years. Subsequently th e emphasis has shifted towards the system of employee compensation with the view to manage human resources better (Gerhart, Minkoff & Olsen, 1994, p.1). Employee compensation and benefits play a key role as it lies at the heart of employment relationships having critical importance for both employers and employees. The financial compensation paid by employers in the form of salaries and wages comprises of the main income of the employees. On the other hand benefits account for the health and other security of employees. A large proportion of employee’s job satisfaction and performance depends on the combination of both the compensation and benefits he receives. From the perspective of the employer, the compensation decisions undertaken influences the costs associated with doing the

Analyze a Business Case Study. Provide an analysis with an application Essay

Analyze a Business Case Study. Provide an analysis with an application of at least two theories relating to Ethics. They also will recommend what action should be taken - Essay Example The ethical issue is accepting the $50 bill and locating and providing a room for Liz Borden, despite eminent knowledge that no rooms were apparently available for the night. For giving a room to Liz Borden, Paige Lewis violated the duty-based ethics or deontological ethics, which was premised on â€Å"the right motive is â€Å"to do the right thing†, â€Å"to do one’s duty†, â€Å"to respect the moral law† (LaFave, 2006, p. 1). Paige Lewis has full knowledge that it is her responsibility to abide by the reservations made by customers, pursuant to the Code of Conduct and the hotel’s policies and procedures regarding reservations. As it was disclosed that the hotel was completely booked that night and there is clearly stipulated policy that states: â€Å"Honor the reservations at all cost† (Lieberman and Nissen, 2008, p. 121). Clearly, Lewis violated company policies and the hotel’s Code of Conduct under responsibilities with clients, which indicates that â€Å"members will not promise any benefit that is not within their control to deliver† (International Association of Hospitality Advisors: Responsibilites wit Clients, n.d., par. 5). Concurrently, Paige Lewis also violated trust of its employer by accepting the $50 bill, considered as a bribe to locate a potential room for Liz Borden. It itself, this is again a violation of the Deontological theory that stipulates that a bribe is morally wrong (Practical Business Ethics.com). Likewise, under consequentialist theory, the outcome of Paige Lewis’ action, displacing the young woman of a room that was rightfully hers in the first place could potentially jeopardize her position when complaints would be filed against her and the hotel. holding times (meaning, the time needed to wait for the customers who made the reservations to arrive within the stipulated time frame). If there is a hold order of say, within one hour from the time of arrival indicated, and if any guest did not call to confirm

Risk Assessment for Art Library Construction Case Study

Risk Assessment for Art Library Construction - Case Study Example This essay declares that the part of risk assessment is a major constituent of the construction plan, aimed at depicting the effects of unexpected events on the relevant stakeholders. Unexpected events have major effects on the organization, the public, owners, and the constructor. Therefore, it is vital for any project to entail risk assessment, with the aim of minimizing the damage instituted by these unforeseen events. Before the commencement of activities on the planned site, there arises a dispute among the constructors. The dispute is in relation to the number of the workforce to be hired, their salary, and the expertise needed. The dispute has a varied effect on the project, which is fully negative. The implications on the deadline for completion of the order are major, causing a 17-day delay. This paper makes a conclusion that unexpected events have major implications for a project, precise construction of an art gallery. During the process, the company incurred various risks, which consequently amounted to major losses on the aspects of time and cost. However, with a well-laid risk management design, it is possible to eliminate the dangers enacted by occurrence of these events. It helps the organization cut on costs, and if we had applied it in our organization, we would be in a position to meet the deadline. It would eliminate any losses that have been incurred, bettering our relation with the client, and allowing us proceed to other activities.

Acquisition of Natwest by Royal Bank of Scotland (RBS)

Acquisition of Natwest by Royal Bank of Scotland (RBS) Corporate strategy developers have in the past and today seen Mergers and Acquisitions as an effective tool to foster future growth and create sustainable value. As a norm, companies now aggressively seek and buy compatible businesses to gain from synergetic benefits and strengthen their core business operations, whether that is the Industry of Banking, Pharmaceutical, Information Technology, Construction or Retailing etc. Expenditure on acquisitions in the UK by foreign companies increased from  £9.2 billion in quarter four 2007 to  £19.9 billion in quarter one 2008. Expenditure on acquisitions abroad by UK companies decreased from  £25.8 billion in quarter four 2007 to  £15.5 billion in quarter one 2008. Expenditure on acquisitions in the UK by UK companies increased from  £3.2 billion in quarter four 2007 to  £3.6 billion in quarter one 2008. The number of transactions reported for acquisitions in the UK by UK companies at quarter one 2008 is the lowest reported since quarter one 2003?. Source: (http://www.statistics.gov.uk/pdfdir/ma0608.pdf- on 06-06-2008). In March 2000, Royal Bank of Scotland (RBS) acquired NatWest Bank, a bank three times its size. Shareholders were told that the merger would realise  £1.1 billion in cost savings and income gains. The acquisition of NatWest by the Royal Bank of Scotland has created a larger group which combines scale and financial strength with an innovation and growth culture, and gives us strategic options to create additional value for shareholders?. Source:(http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2001/MARCH/RESULTS2000- on 02-06-2008). The perceived motivation drives for this merger and acquisition activity are generally considered to be the acquiring banks desire to increase its return by expanding geographically. This perception is similar to Stewarts premises of merger motivation. According to the Stewart; the actual motivating forces behind merger should be ones that will: Increase financial performance (net operating profits). Financial benefits through borrowing against the Sellers unused debt capacity or against an increase in the consolidated debt capacity (lending capacity for banks). Tax benefits derived from expensing the stepped-up basis of assets acquired or from the use of otherwise forfeited tax deductions or credits?. (Stewart, 1991, p 375). 2. BRIEF REVIEW OF LITERATURE This chapter aims to discuss various literatures on mergers and acquisitions in order to provide a background for subsequent analysis. The literature identifies several economic and financial theories that justify Merger and Acquisition activity. In this review, we provide an overview of the literature that we use to guide our empirical work. 2.1 DEFINITIONS The interdisciplinary nature of the MA discourse is reflected in the versatile definitions provided in the literature. Some definitions emphasize the organizational context of MA: The term ËÅ"merger has two meanings in the context of combining organizations. Merger can refer to any form of combination of organizations, initiated by different kind of contracts. The more specific meaning that separates merger from acquisition is that merger is a combination of organizations which are similar in size and which create an organization where neither party can be seen as acquirer?. (Vaara, 2000, p 82). The word merger refers to negotiations between friendly parties who arrive at a mutually agreeable decision to combine their companies. In general, mergers reflect various forms of combining companies through some mutuality in negotiations?. (Fred and Weaver, 2001, p 6). The word merger is used to mean the combining of two business entities under the common ownership?. (Arnold, 2005, p 1041). In Acquisitions a company buying shares in another company to achieve a managerial influence. An acquisition may be of a minority or of a majority of the shares in the acquired company. An acquisition is recorded on the date of the economic decision (formally agreed) even if the legal issues have not been fully finalised. If subsequent disputes, legal issues or a lack of supervisory approval were to interfere with a completion of the acquisition, it is held not to have been recorded?. (Eurpean Central Bank, 2000, p 4). 2.2 TYPES OF MERGERS ACQUISITION From the point of view of an economist, there are four main groups of Merger and Acquisition. Horizontal ­: In this one firm combines with another in the same line of business. In simple words, a horizontal merger occurs when two competitors combine?. (Gaughan, 2007, p 13). Horizontal merger reduces the number of the competitors in the market. Vertical: A vertical merger is the combination of successive activities in a vertical chain under common coordination and control of a single firm?. (Sudarsanam, 2003, p 140). In simple words, it is a merger between a supplier and the distributor company of the supplies. This is a cost saving merger as well. For example HSBC purchased JP Morgans dollar clearing business in 1996. Congeneric: This involves related enterprises but not producers of the same product (as in horizontal merger) or firms in producer supplier relationship (as in vertical merger). An example is when Lloyds Bank acquired Cheltenham and Gloucester in 1995 mostly to acquire its mortgage business, which is related to but different from retail banking?. Source: (http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp â€Å" 04-05-2008) Conglomerate: A conglomerate merger is the combining of two firms which operate in unrelated business areas. Some conglomerate mergers are motivated by risk reductions through diversification; some by the opportunity for cost reduction and improved efficiency, others have more complex driving motivations?. (Arnold, 2002, p 870). For example in 1996, Royal Bank of Scotland was expected to take control of Charles Church. 2.3 LITERATURE REVIEW- THEORIES OF MA There are might a number of motives that might play a role in merger activity, like efficiency, growth , synergy, financial and tax benefits, shareholders exploration, but two of the most often cited motives for mergers and acquisitions are faster growth and synergy. All these strategic motives shall be discussed in this part of the proposal for the better understanding of merger and acquisition. 2.3.1 Efficiency Theory The efficiency theory says that mergers occur because they improve the combined firms, operations, for example, by letting superior managers assume control, by exploiting cost reducing synergies? or complementarities in the partners operations, or by taking fuller advantage of scale of economies and risk spreading opportunities, among other things in securing capital?. (Ravenscraft and Scherer, 1987, p 211). In simple words, efficiency is an improvement in the utilization of existing assets that enables the combined firm to achieve lower costs in producing a given quantity and quality of goods and services. 2.3.2 Managerial Motives or Managerial Perspectives Takeovers can also arise because of the agency problem that exists between shareholders and managers, whereby managers are more concerned with satisfying their own objectives than with increasing the wealth of shareholders. The motive behind some acquisitions may be to increase managers pay and power. Managers may also believe that the larger their organization, the less likely it is to be taken over by another company and hence the more secure their jobs will become. Take overs made on the grounds have no shareholder wealth justification since managers are likely to increase their own wealth at the expense of the shareholders?. (Watson and Head, 2006, p 317). 2.3.3 Shareholders Expropriation The important motive behind the consolidation has been maximization of shareholders wealth. In the neo-classical prospective, this mean that the incremented cash flows from the decisions, where discounted at the appropriate discount rate should yield positive or zero net present value. Under uncertainty, the discount rate is the risk-adjusted rate with a market determined risk premium for risk. Draper and Paudyal (1999) found that shareholders in the target businesses benefits substantially from takeover activity, particularly where they are given the option to receive either cash or shares in the bidder as the consolidation. It seems that the bidders shareholders do not suffer from merger. They also found that the benefits to target shareholders have declined in the recent past. Bruner (2004) argued that the approach taken by many of the studies based on US takeovers were flawed in that the research results were unduly influenced by a relatively small number of failures that involve d particularly large businesses. He claimed that all takeovers benefit target shareholders and the overwhelming majority benefit bidder shareholders as well.? (McLaney, 2005, p 395). Shleifer and Summers suggest a number of other motives for mergers and acquisitions in which shareholders may gain at the expense of other stakeholders. For example, some target firms may seek acquirers to escape financial problems or to break unfavourable labour contracts. Other firms may seek leveraged purchases of their targets to increase the surviving firms risk- return profile at the expense of existing debt holders?. (Shlfeifer and Summer, 1988, p 33). 2.3.4 Financial and Tax Benefits Whether tax motives are an important determinant of MAs. Certain studies have concluded that acquisition may be an effective means to secure tax benefits. Gilson, Scholes and Wolfson have set forth the theoretical framework demonstrating the relationship between such gains and MAs. They assert that for a certain small fraction of merger, tax motives could have played a significant role. Moreover, whether the transaction can be structured as a tax-free exchange may be a prime determining factor in whether to go forward with a deal. Sellers sometimes require tax free status as a prerequisite of approving a deal. In the U.K the rules are more strict for taxes; the losses incurred by the acquired firm before it becomes part of the group cannot be offset against the profit of another member of the group. The losses can only be set against the future profits of the acquired company. Also that company has to continue operating in the same line of business?. (Arnold 2005, p 1052). 2.3.5 Growth / Market Power Theory One of the most fundamental motives for MAs is growth. Companies seeking to expand are faced with a choice between internal or organic growth and growth through MAs. Internal growth may be a slow and uncertain process. Growth through MAs may be a much more rapid process. If a company seeks to expand within its own industry, they may conclude that internal growth is not an acceptable alternative, for example, if a company has a window of opportunity that will remain open for only a limited period of time, slow internal growth may not suffice. As the company grows slowly through internal expansion, competitors may respond quickly and take market share. The only solution may be to acquire another company that has a resource, such as established offices, and facilities, management and other resources, in place?. (Gaughan, 2007, p 117). Some mergers may result in market power which redounds to the benefits of the merging firms. George Stigler argued that such an effect might have been a primary motivation for many of the mergers and acquisitions during the last quarter of the 19th century and first half of the 20th century. He called the 1887-1904 merger wave merger for monopoly? and the 1916- 1926 wave merger for oligopoly?. (Stigler, 1968, p 23). 2.3.6 Synergy Theory This refers to the fact that the combined company can often reduce duplicate departments or operation, lowering the costs of the company relation to the same revenue stream, thus increasing profit. The two main types of synergy are operating synergy and financial synergy. Operating synergy comes in two forms: revenue enhancement and cost reduction. These revenues enhancements and efficiency gains or operating economies may be derived in horizontal or vertical mergers. Financial synergy refers to the possibility that the cost of capital may be lowered by combining one or more companies?. (Gaughan, 2007, p 124). Financial synergies result in lower cost of capital by lowering the systematic risk of a companys investment portfolio through an investment in an unrelated business?. (Trautwein, 1990, p 283). Below the list of reasons has been provided that are initiating consolidation in the form of merger and acquisitions in the U.K banking industry. Competition from building societies. New entrants into saving markets. New technology and the internet. Competition from the overseas banks. Government Policies. Economies of scale scope. Managing branch networks. 2.4 MERGER AND ACQUISITIONS: BENEFITS AND DRAWBACKS Lumby and Jones identified four key benefits and five draw backs of mergers and acquisitions as follows: 2.4.1 BENEFITS 2.4.1.1 Speed: An acquisition allows the companys newly formed strategy to be implemented rapidly. Through organic growth it will take the company much longer to reach the same level of business activity. 2.4.1.2 Critical mass: The Company is able to immediately achieve the critical mass of assets and activity levels that might be needed to obtain the operating economies of scale that exist in the chosen business area. At the early stages of organic growth into a new business area, the operating economies enjoyed by large competitors will not be achievable; so putting the developed business activity at a significant competitive cost disadvantage, from which further progress may not be possible. 2.4.1.3 Own-paper financing: An acquisition can be made without impacting on the companys cash resources or on its liquidity, by financing it with an issue of new equity called the companys ËÅ"own-paper. In contrast, organic growth will require the expenditure of the companys cash and credit resources. 2.4.1.4 Intellectual assets: In addition to the tangible assets of the acquired company, an acquisition will also bring with it intellectual assets such as the ËÅ"know-how, and business contacts of the management team, the skills of the workforce and its trading reputation. With organic growth, these may have to be developed ËÅ"in-house over time. In spite of the identified benefits, mergers and acquisitions have the following significant drawbacks as stated by Lumby and Jones: 2.4.2 DRAWBACKS 2.4.2.1 Risk: Mergers and acquisitions have a significant risk of high-cost failure attached. This is because an acquisition represents a single, very large investment, which if it turns out to be a mistake, then the business will have lost a substantial amount of its value. 2.4.2.2 Acquisition premium: Most acquisitions require the payment of an acquisition premium in order to persuade shareholders of the target company to sell their shares. This means that the acquiring company will be paying more than the economic worth of the company. 2.4.2.3 Steep learning curve: The acquiring company will have to rapidly learn how to manage an unfamiliar business and they may not necessarily be successful in doing so. In contrast, the slower pace of organic growth allows the management far more time in which to learn the range of new skills required to successfully manage the new business area. 2.4.2.4 Post-acquisition problems: Acquisitions could lead to a clash of management cultures between those of the acquired company and the acquiring company. This will often lead to key members of the acquired company leaving post-acquisition, resulting in the loss of vital intellectual capital. This may not be the case with organic growth. 2.4.2.5 Coinsurance effect: In an acquisition where either the predator company or/and the target company has debt financing, then there is the risk of a post-acquisition wealth transfer from the shareholders to the debt holders. (Lumby, 2003). 3. AIMS AND OBJECTIVES This Proposal has been built upon the analysis of the mergers and acquisition of banks in the U.K, like the acquisition (takeover of NatWest by Royal Bank of Scotland) in 2000. In this research my effort is to attempt and cover all important issues related to Mergers and Acquisition, like what causes, and initiates a merger or an acquisition, the benefits accrue to the company, its employees and customers etc, and native aspects of MA. This research investigates into the roots and causes of ever increasing consolidation activity and tries to critically evaluate merger and acquisition. Another aim of the proposal is to study the expectations of the stakeholders of the banks in the U.K, and the effect a merger or an acquisition has on them. Three stakeholders, namely, shareholders, employees and customers shall be studied in detail with the help of the case study. As according to the Schweigher: MAs basically aim at enhancing the shareholders value or wealth, the results of several empirical studies reveal that on an average, MAs consistently benefit the target company shareholders but not the acquirer company shareholders. A majority of corporate mergers fail. Failure occurs on average, in every sense, acquiring firm stock prices likely to decrease when mergers are announced; many acquired companies sold off; and profitability of the acquired company is lower after the merger relative to comparable non-merged firms. Consulting firms have also estimated that from one half to two-thirds of MAs do not come up to the expectations of those transacting them, and many resulted in divestitures. (Schweiger, 2003, p 71). The conclusion from this case study support my hypothesis that, whether stakeholders benefit from the merger and acquisition, because on the one hand, sometimes the merger and acquisition is beneficial for shareholders of the merging /or acquiring bank. On the other hand, employees are left worse-off following job cuts and redundancies. 4. STATEMENT OF DESIGN AND METHODOLOGY In order for the aims and objectives of the research to be fulfilled, it is essential to expand an understanding of the reason for growing tendency amongst banks in United Kingdom to pool together and the advantages of this pooling. The design of this project shall follow the deductive approach, like questionnaire, and the inductive research or the internal research will focus on interviews with the Managers and staff and customers of Royal Bank of Scotland and NatWest. In this regards, it is not an easy task to get an interview from the managers or the members of staff, but I shall try my best to do so. The external research will be carried out through the readings of books, journal and published data. Another difficult thing was access to annual reports, but I have already got the annual reports of both banks. The theory, annual reports and different analysists reports on the concepts of mergers and acquisitions shall be critically reviewed and thereafter compared and contrasted wi th facts gathered from the case study to confirm or disprove existing knowledge. Finally, both qualitative and quantitative data shall be analysed to make desired recommendations and conclusion. (UWIC Guidelines, Red Book is read carefully). 5. SOURCES AND ACQUISITION OF DATA Research can be done through books, as everyone knows, as only some knows; it can be done by letters. It can also be performed through Conversation?. (Watson, 1999, p 52). Sources of data adopted for this project include both secondary and primary data. A secondary data source enables a better understanding and explanation of the research problem. The literature review is a type of the secondary data, it involves the review of earlier studies on and around the research topic. Other secondary data includes the books on Finance, Mergers and Acquisitions, Strategy, journals, annual reports, analysists reports and different online resources like web pages of Royal Bank of Scotland and NatWest bank, should be used. In addition to the secondary data stated above, primary data sources shall equally be utilised to gather data directly from the key players in the merger and acquisition process. This shall include the use of questionnaires and personal interviews with managers and members of staff of RBS and NatWest. The interviews must be focused on the research area and not delve into alternative areas. (UWIC Guidelines, Red Book is been studied thoroughly). METHOD OF DATA ANALYSIS Data analysis is the most difficult part of the project. Data analysis is the process of applying statistical, systematic and logical techniques, comparing the data and managing it. During the project both the qualitative and quantitative data will require analysis. In order to determine how well a company has performed in delivering stakeholders value, we need to make a comparison with its past performance. The first annual figures for The Royal Bank of Scotland Group following the acquisition of NatWest show the enlarged Group made a profit before tax, goodwill amortisation and integration costs of  £4,401 million on a pro forma basis for the year to 31 December 2000, an increase of 31 per cent. The period analysed would be broken into following categories. 1999 The Pre-acquisition period. 2000 The Announcement and bidding period. 2001 The Post acquisition period. The analysis shall cover some expense ratios, profitability ratios and balance sheet ratios. The expense and profitability ratios shall be used to analyse efficiency and profitability during the pre- and post-acquisition periods, while the balance sheet ratio shall be used to analyse changes that may have occurred that might have affected efficiency or profitability. REFERENCES Books: Arnold, G, 2005, Corporate Financial Management?, 3rd edition, England, Prentice Hall, p 1041 1052. Arnold, G, 2002, Corporate Financial Management?, 2nd edition, Great Britain, PrinticeHall, p 870. Fred W. J and Weaver S. C, 2001, Merger and Acquisition?, 1st edition, Los Angeles, McGraw-Hill Professional, p 6. Gaughan P. A, 2007, Merger, Acquisition, and Corporate Restructurings?, 4th edition, New Jersey, John Wiley Sons, Inc, p 13, 117 124. Gilson R, Scholes M. S and Wolfson M. A, 1988, Taxation and Dynamics of Corporate Control?, 1st edition, New York, Oxford uni press, p 273. McLaney, E, 2005, Business Finance, Theory and Practice?, 7th edition, U.K, Pearson Education, P 395. Ravenscraft D. J and Schere F. M, 1987, Mergers, Sell-offs, Economic Efficiency?, Washington D.C, Brookings Institution Press, p 211. Red Book, UWIC Guideline. Stewart, G.B, 1991, The Quest for Value, A guide for senior Manager?, New York, Harper Business, p 375-382. Sudarsanam, S, 2003, Creating Values from Mergers and Acquisitions-The Challenges?, England, Pearson Education Limited, p 140. Watson, G, 1999, Writing A Thesis?, 1st edition, New York, Pearson Education Ltd , P 52 Watson, D and Head, A, 2006, Corporate Finance, Principles and practice?, 4th edition, U.K, PrinticeHall, p 317. Journals: Stigler G, (1968) Monopoly and Oligopoly by Merger?, American economic Review (1968) by the organisation of industry, Vol 40, No 2, May, p 23-34. Trautwein F, (1990), Merger Motives and Merger Prescriptions?, Strategic Management Journal (1986-1998), Vol 11, No 4, May/June, p 283, by John Wiley sons. Shleifer. A and Summer, L. H (1988), Breach of Trust in Hostile Takeovers; from Corporate Take over: Causes and Consequences, P 33-67, The University of Chicago Press. Vaara, E, (2000), Constructions of Cultural differences in post-merger change process: a sense making perspective on Finnish-Swedish cases?. [emailprotected]@gement Vol 3, no3: p 82. Schweiger, D.M, (2003), MA Integration: A Framework for Executives and Managers,? Book Summary by Niranjan Swain, in The ICFAI Journal of Applied Finance, Vol 9, No 2, p 71-79. Articles (Electronic): European Central Bank, (2000), Mergers and acquisitions involving the EU banking industry?, Available from, (www.ecb.eu/pub/pdf/other/eubkmergersen.pdf -accessed on 12-05-2008. Powell, C, (2008), Mergers and acquisitions involving UK companies?, First Release, P 1, Available from (http://www.statistics.gov.uk/pdfdir/ma0608.pdf, accessed on 06-06-2008). Websites: http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2001/MARCH/RESULTS2000- accessed on 02-06-2008 http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp- accessed on 04-05-2008.

The Roles of Greek and Roman Women Essay -- Greek, Roman, Women, femin

Greek and Roman women lived in a world where strict gender roles were given; where each person was judged in terms of compliance with gender-specific standards of conduct. Generally, men were placed above women in terms of independence, control and overall freedom. Whereas men lived in the world at large, active in public life and free to come and go as they willed, women's lives were sheltered. Most women were assigned the role of a homemaker, where they were anticipated to be good wives and mothers, but not much of anything else. The roles of women are thoroughly discussed in readings such as The Aeneid, Iliad, Sappho poetry, and Semonides' essay. Most women in ancient Rome were viewed as possessions of the men who they lived with. Basically they were handed from their father to their new husband at the time of their marriage and submitted any property they owned, or dowry they were given, to their husband. There were however two types of marriage in ancient Rome, Manus and sine Manus. Under the first type, Manus, the woman and all of her property and possessions were placed under the control of her husband and he could do with them how he pleased. Under the second type, sine Manus, the woman remained under the control of her oldest male relative, usually her father or brother. This type of marriage gave women a lot more freedom because they could carry out their own cash businesses, own their own property, and accept inheritance money (Gill, 5). Aside from the two different forms of marriage that was allowed, marriages in ancient Rome were very similar to those of the ancient Greeks. Girls married young, usually in their early teens, and many marriages were arranged by the family, usually the male head of the home. ... ...literature I couldn’t help but compare my lifestyle to the woman in the stories. Women today are no longer looked upon only to supervise over their home and family, they are not forced into marriages, and they are not blamed for all the world’s problems. Today’s society is not a patriarchal one; in fact today men and woman appear to be equal to one another. Works Cited Virgil. "The Aeneid" Book IV (lines 254-257, and lines 654-656) Gill, N.S. "Comparisons Between Ancient Greece and Ancient Rome", pages 1-8 Homer. â€Å"The Illiad† by (Book I, IV) Frost, Frank J. "Greek Society in the Age of Polis" (5th Edition) Pages 92, 93 Semonides of Amorgos (c. 625 B.C.) An Essay on Women ( lines 10-12) Semonides of Amorgos. â€Å"Women.† c. 7th cent. B.C.E. Trans. Diane Arnson Svarlien. Web. 7 Oct. 2014 The Roles of Greek and Roman Women Essay -- Greek, Roman, Women, femin Greek and Roman women lived in a world where strict gender roles were given; where each person was judged in terms of compliance with gender-specific standards of conduct. Generally, men were placed above women in terms of independence, control and overall freedom. Whereas men lived in the world at large, active in public life and free to come and go as they willed, women's lives were sheltered. Most women were assigned the role of a homemaker, where they were anticipated to be good wives and mothers, but not much of anything else. The roles of women are thoroughly discussed in readings such as The Aeneid, Iliad, Sappho poetry, and Semonides' essay. Most women in ancient Rome were viewed as possessions of the men who they lived with. Basically they were handed from their father to their new husband at the time of their marriage and submitted any property they owned, or dowry they were given, to their husband. There were however two types of marriage in ancient Rome, Manus and sine Manus. Under the first type, Manus, the woman and all of her property and possessions were placed under the control of her husband and he could do with them how he pleased. Under the second type, sine Manus, the woman remained under the control of her oldest male relative, usually her father or brother. This type of marriage gave women a lot more freedom because they could carry out their own cash businesses, own their own property, and accept inheritance money (Gill, 5). Aside from the two different forms of marriage that was allowed, marriages in ancient Rome were very similar to those of the ancient Greeks. Girls married young, usually in their early teens, and many marriages were arranged by the family, usually the male head of the home. ... ...literature I couldn’t help but compare my lifestyle to the woman in the stories. Women today are no longer looked upon only to supervise over their home and family, they are not forced into marriages, and they are not blamed for all the world’s problems. Today’s society is not a patriarchal one; in fact today men and woman appear to be equal to one another. Works Cited Virgil. "The Aeneid" Book IV (lines 254-257, and lines 654-656) Gill, N.S. "Comparisons Between Ancient Greece and Ancient Rome", pages 1-8 Homer. â€Å"The Illiad† by (Book I, IV) Frost, Frank J. "Greek Society in the Age of Polis" (5th Edition) Pages 92, 93 Semonides of Amorgos (c. 625 B.C.) An Essay on Women ( lines 10-12) Semonides of Amorgos. â€Å"Women.† c. 7th cent. B.C.E. Trans. Diane Arnson Svarlien. Web. 7 Oct. 2014