Merger And Acquisitions Of Multinational Enterprises Economics Essay

Merger And Acquisitions Of Multinational Enterprises Economics Essay Growing through MA is one of the main ways in which MNEs seek to expand globally. Often, however, expectations outrun reality and the difficulties of merging two companies are underestimated. Examine a cross-border takeover or MA of your two cases choices discussing the balance between the benefits it has generated and difficulties that had to be overcome. Introduction: Globalisation has influenced by major changes in the business world over the past decade. Companies have been searching for competitive advantage in a worldwide scale. Companies are forced to follow their customers- who are going global- as they respond to the competition that is worldwide in scale. Globalisation in combination with other trends such as deregulation, privatisation and corporate restructuring has spurred an unprecedented surge in cross-border merger and acquisition activity. The recent figures in business clearly indicate that cross border mergers and acquisitions have become a fundamental characteristic of the global business landscape. Within the globalisation context, that has opened up a new world of corporate opportunities, accompanied by increasing risks and challenges, rapid changes and volatility, M and A has been an accelerating phenomenon- a business mantra- for companies driven by the urge to survive, evolve and grow. But the big question is whether these business mergers and acquisitions are pulling off as well as expected or intended, through the realizations of goals, there by achieving projected/desired levels of synergy. Background of the study: The mere process of M and A cannot guarantee success. It is only a facilitator and post merger operating performances depend largely on how well post merger opportunities are capitalized and resources are utilized. In the early 90s there was a significant awakening in this sector to become more competitive and exploit opportunities on a global playing field through M and As and other strategic alliances. As a result of the liberalization measures that lessened governmental control, regulations and trade restrictions, there has been a spurt of M and A activity in the recent past a manifestation of the corporate response to the greater freedom to modernize , expand and diversify. A liberal economic policy provided the stimulus and favorable atmosphere for companies to upgrade their technological and production capabilities (economies of scale)and improve their cost effectiveness and competency by merging with related or subsidiary units. During this period, M and As were also a significant method of foreign investment. The services sector, mainly the financial (including the banking sector) and communications services, leads this trend, with the chemical industry being the leader in the manufact uring sector. M and As are poised to rapidly increase in the near future as they provide acquiring companies the cutting edge amidst global competition. Beena (2004) says that the new industrial policy also brought about a shift in corporate strategies, in terms of share holding patterns, adoption of product differentiation, etc. Studies by Khanna (1998) show that, as a consequence of withdrawing all monopoly restraints in acquisitions, several markets have become oligopolistic and reduced competition. Many of these Mergers and Acquisitions involved companies of the same business groups, aimed at increasing control levels to safeguard against possibilities of takeover. Merger and Acquisition trends and patterns can be theoretically linked to studies of market power and reactions, access to markets or technologies, managerial ego etc(Cantwell and Santangelo,2002) There are many theories on mergers and acquisitions emerging from the studies of international business, industrial organization and financial economics, that include the category on synergy which assumes that the merger creates a total value that is greater than the sum of the values of individual firms where as the hubris theory proposes that value resulting from the merger is zero. Economic theory provides two contrasting perspectives regarding the efficiency and performance of mergers and acquisitions as corporate restructuring strategies- The value maximizing theory which proposes that corporate mergers as value -enhancing activities where managers work for shareholders wealth maximization goal of the firm(Franks and Hariss,1989) second is the managerial theory which proposes merger activities as an extension of managers own personal interests and wealth maximization prestige of managing a bigger post-merger business entity(Roll,1986) and as a platform of corporate control where managerial teams compete for the rights to manage resources(Jensen and Ruback,1983). Drivers and motives of M and As are to gain market power, reducing new product development risks, gaining access to innovative capabilities, maximizing efficiency and reshaping competitive scope.(Hitt et al.,2007) Other reasons include overcoming finance issues, that firms face due to information asymmetry (Fluck and Lynch,1999) Kumar(2009) argues that the post-merger profitability, solvency and assets turnover of acquiring companies show no improvement when compared with pre-merger figures, and hence mergers do not usually lead to improvement in the financial performance of the acquirer. The results of his study show that mergers are not aimed at maximizing wealth of owners and suggest that managers should focus on post-merger integration issues to generate synergy rather than achieving bigger corporate size, in the pursuit of hidden agendas. Beena(2004) emphasizes that one of the main objectives of M and A is to increase equity, which could be further leveraged to borrow resources for modernization and up gradation. According to Vardhana (2001) the population of all firms, in a finite sample, would change since there would be new entry through merger of an established firm with an incumbent and likewise, the merger of an incumbent would lead to its exit from the industry. This firm restructuring, a process taking place primarily through mergers, makes it difficult to choose a sample of firms that can be analysed with long-run data to isolate the effect of a merger. Therefore the short-run data for a merging firm would be more appropriate, which at the same time is long enough for pre- and post-merger period, so as to capture the merger effects. One bottleneck in assessing post merger performance is that the target company ceases to exist. Hence, for a more accurate measure of the merger effect, some post merger performance studies have isolated it by adopting the model that compares performance of the merged entity with that of control groups consisting of acquirer and target before merger and matching sample of units that did not involve in merger but have similar size and belong to the same industry. Also, to isolate the impacts of mergers and acquisitions which are influenced by several factors existing that are dynamic, a better model would have been the regression to norm frame work developed by Mueller (1986), by which analysis of regression of profits and regression of persistence of profits to norm can be carried out comparing to the industry standard as well or the control group. This would help to capture the impacts of M and As, with respect to size, pre-deal profitability, size, competition etc. Other variables like Market power/Market share, Inventory turnover, export intensity, capacity utilization, price -cost margin; etc could also have been included in the study. Kumar(2009) argues that the post-merger profitability, solvency and assets turnover of acquiring companies show no improvement when compared with pre-merger figures, and hence mergers do not usually lead to improvement in the financial performance of the acquirer. Overall, my opinion is that the authors have been rather vague in their conclusion and failed to establish convincingly that mergers and acquisitions have any significant positive impact on corporate performance, to a large extent because of the sample limitations as well as the limitations of financial data and their interpretations. But the research paper contributes to the understanding of M and As in India and their relative performances, although in a limited way. It also emphasizes that synergy can be generated in the long run; by optimizing resources and that the success of M and A deals depend on proper deal valuation, futuristic planning and effective management. Research similar to the one being reviewed has been conducted on mergers and that occurred almost in the same time frame, during the post liberalization period in India. But the results do not corroborate with each other. The term merger has been broadly used beyond its technical implications, to discuss the merging between the acquirer and the target in some acquisition cases too. However I have noticed that the samples of firms or cases of mergers taken for most of these researches were quite different as there were very few companies that were common to all the samples (of studies conducted by different researchers on the topic), within almost the same time frame. This disparity would inevitably yield different results, that cannot be co-measured and only a trend relating to the respective samples or cases can be analysed. The possibility of self-selection bias arising cannot be ruled out, because of the selection of samples comprising survivor firms that are existing during the p re-merger and post merger period under study. Also as pointed out earlier, results obtained using the operating performance approach, can be influenced by the limitations of financial measures to capture the impacts of mergers and acquisitions as a whole , as well as the intrinsic limitations of the financial ratios themselves. Some of these ratios do not have a benchmark to fit all industries, capturing only quantitative factors and not the qualitative factors. Also these ratios might vary and have varying significance across different industry types. This would give a limited perspective of the impacts of mergers and acquisitions. The more number of parameters used, the better the perspective and the conclusion. However this brings up the issue of comparability and co-measurability between results of researches on this topic, unless all studies use the same parameters. Falkner and Pitkethly (2001) say that there is an increasingly positive approach to mergers and acquisitions than before. Earlier MA was seen as a false activity but now they are welcomed by the government as well. Cosh and Hughes (1996) are skeptical about the merger activities and talks about the need for governments regulations over the merger and acquisitions in the light of U.K. economy. They argue that everything should come under legal scrutiny. Kang and Johanson(2001) talks about the role of globalization in promoting mergers and acquisitions and how mergers and acquisitions help companies to survive in the competitive environment. They see merger and acquisition as a positive business tactic in the competitive world. Ahmed and Glaister(2008) have done an extensive research on the topic and have pointed out the recent trends in CBMA in the U.K. They have identified the various driving forces behind the cross border merger and acquisitions in the companies in UK. Benefits: The driving forces underlying the trend of CBMAs are complex and vary by sector. One of the most significant driving forces is technological change. In addition, changes to government policies influence CBMAs by opening up opportunities and increasing the availability of favourable targets for mergers and acquisitions (MAs). Other forces are market drivers, industry-level drivers and firm-level drivers. The scale of CBMAs involving UK companies has increased rapidly in recent years. The area analysis shows that European Union (EU) companies are the most significant target for UK companies followed by the USA and Canada. In terms of distribution within sectors, UK companies tend to acquire more manufacturing companies in the EU, the USA and Canada than in the Asia-Pacific region. In contrast, UK companies tend to acquire more service sector companies in the Asia-Pacific region than in the EU, the USA and Canada. Example: On January 30, 2007, Tata Steel, part of Indias Tata Group, has purchased 100% stake in the Corus Group at 608 p. per share. Acquisition Type : Indian Company acquiring a foreign company. Tatas overtake the Mukesh Ambani- Reliance Group to become Indias largest business house by this takeover. Tatas, who have staked their century old reputation, will certainly leave no stone unturned in making this acquisition a success. Benefits: Triples Tata Steels capacity to almost 28m tonnes from 8.7 million. Gives it access to high- value European market. Corus has highly developed RD capabilities. Dangers: Tatas have paid a heavy price. It now needs to service a very large debt burden Integration can be a problem in such acquisitions because of both distance and culture Challenges ached: Financials will hinge on the future and the behavior of the steel prices Muthuraman is confident about more consumption from India and China over the next 50 years Labor is another issue as British Union, which represents 80% of UK based workers, warned against trimming down the labor force Post merger integration of human resources would be a Herculean task as acquisition of this scale in a developed country by an Indian company has not been seen before Cultural integration is another issue- retaining key talent and imbibing confidence in the workforce The merger may take 5-6 years to realize its full potentials. But these will certainly a trend-setter as to what will happen, not just in the Indian steel industry, but across all sectors. Discussion: The evidence can be found from many sources like journals and articles that point out the recent trends in Cross border merger and acquisitions. A sneak peek into the business world also reveals the relevance and importance of CBMA s in the new global economy. There are many examples that can be analysed to show the recent trends in CBMA s. An in depth study into the recent trends in CBMA reveal that presently, companies in UK are in the forefront of CBMA s both in the case of value of Mergers and Acquisitions and the numbers. CBMA s occurred between manufacturing companies in the US and EU, while in the Asia pacific region, the service sector companies merged with the UK companies. These are all evidences for recent trends in cross border merger and acquisitions. Conclusion: Companies are expanding beyond their domestic markets to be a part of the global market place. In doing so, companies can choose to export, establish new operations or acquire existing companies. CBMAs are now a common activity among the companies. UK companies are in the forefront of CBMA s in both the numbers of MA s and their values. Between 1996 and 2005, UK companies acquired 7,026 foreign companies. In terms of value, UK companies acquired  £520 billion worth of foreign companies over the period. The area wise analysis reveals that EU companies are the most significant target for UK companies followed by the USA and Canada while Asia pacific region also showing an increase in CBMAs. In terms of sector distribution, UK companies tend to acquire more manufacturing companies in EU, USA and Canada and more service sector companies in the Asia pacific region. High technology and Industrials are the most active industrial sector groupings in the EU, USA and Canada while financial s ector was the most active industrial sector in the Asia-pacific region. In short, we can say that while UK companies acquired EU and USA technology over the last decade, financial services were also acquired by UK companies in the Asia pacific region. The driving forces behind CBMAs can be grouped into factors at the macro-economic, market, industry and firm-level as well as technological and government-related factors. Technological change acts both as a pull and push factor; it promotes international expansion by reducing communication and transport costs; it creates new business and markets by rapidly changing market conditions or by increasing the costs of RD. The speed of technological development along with the technical competence and market knowledge, flexibility and ability to innovate are increasingly promoting the CBMAs. Companies are searching for partners from whom these tangible assets can be obtained. Government policies including liberalization, privatization and regulatory reforms influence CBMA s by opening up opportunities and increasing the availability of favourable MA targets. Economic fluctuations like recession or boom can also affect the level of global MA activity and its regional focus. Growth prospects, market structure and competition in the market promote CBMA. Slow growth, over-capacity and increased competition in global markets typically drive industrial restructuring and often make MAs preferable to Greenfield investments. This report tried to analyze the recent trends in CBMAs in U.K. To conclude, it can be said that CBMAs by UK companies are increasing by time and more and more companies are becoming aware of the benefits of CBMA. There is a need for a well planned strategy among these companies and that can lead to cost effective CBMA s leading to the benefit of the economy.

Social Networking Sites In Election Campaigns Media Essay

Social Networking Sites In Election Campaigns Media Essay Internet is fast growing communication tool these day with numerous social networking sites operating and eminent personalities posting their thoughts on them and communicating with people. It is becoming the medium of election communication as political parties across the world are logging on to the Internet and it is impacting the political system and voting behaviours. An interesting phenomenon in political communication is the use of social networking sites like Facebook, You Tube and Friendster, that are being used as a means of election campaigning. The study focuses on use of social media in political campaigning and communication in past at different countries and how these can be implemented in Indian scenario and what would be its types and benefits. Table Of Contents Introduction 2 Past Cases ( Use of SNS in EC ) 6 Benefits 9 Presence in India 10 Conclusion 12 Introduction: Social networking sites are online services or platforms that focus on building and reflection social relations among people. They proved to be a fundamental communication tool in every aspect and a limitless source of information campaign strategy. Their effectiveness to gather and communicate a targeted political message, raising the stakes in strategy and aggressive social media participation helps in election campaigning. The use of social networking sites in political parties spans across increased media exposure, funding, participation and has increased mobilisation and enthusiasm in numerous recent political campaigns. Social networking sites has become fast and low cost communication tool and enables quick and easy access to political information among potential users. Campaigning managers use these sites as an effective way for recruiting new employees and other campaigning strategies. From past two decades social networking sites and systems is been used in political campaigning and dialogues. In year 1996 email and social networks was widely used as source of communication among political parties and groups of people. During year 2006 at Belgian elections catchphrase Think was circulated among people through Myspace so as to stimulate people in discussions and thought around voting preference and encouraging people to reconsider voting for right party. In the same year a survey was conducted on Myspace users over 18 years of age and it was found that they were three times more likely to take part in an online political discourse than traditional way. In year 2007 it was found out that 40% of all social networking users  had  used Myspace and Facebook  as a source for  political information  in the United States (US) and  20%  of people used  these sites  to discover the political interests of their friends.  It has been  suggested  that Myspace is so effective that it should be a key part to any campaign strategy. Barack Obama has successfully used Twitter, Myspace, Youtube and Facebook as an effective tool in communicating and mobilising people. He spends around $2 million in election campaigning and building a social networking site known as MyBarackobama.com. Republican Party also used social networking sites in 2008 elections to promote John McCain. There is great potential for political parties to raise large sums of money in short periods of time using social networking sites through micro-fund-raising. The use of micro-donations not only enable candidates to raise funds rapidly it gives a sense of involvement and participation to those who have donated, no matter how small the amount. In the year 2008 US presidential election $55 million was raised in one month and 80% of which were online donations. With social networking sites political campaigning add to a visibility to politicians personal and professional life. It leads to accountability and risk. As they can filmed anywhere and these could be uploaded anytime which goes around like a disease among people and can be used for political gains. These political strategies were used in American politics. Another fact related to same is that some parties even hire people who not only keep track of their accounts but also of competitors account and keeps on uploading and distributing such video content through Youtube. . An example of this  high-level of exposure can be seen in the 2006 US election cycle  as  one senator was filmed making a racial slur, which was uploaded to YouTube and it became the most viewed video. This increased exposure of political candidates adds another dimension to political campaigning of smear campaigning of opposition candidates with ease. While political parties may not have the level of control over the content that is distributed but these social networking  sites have facilitated an  increase  in  the rate of political participation.  As these networking sites create an easily accessible medium for people to find, distribute and absorb. Evidence from a number of studies supports the theory that the Internet has beneficial effects on online political involvement. Internet use encourages higher levels of political participation: for example, forwarding e-mails with political content, online voting, and so forth. And online communications through social networking sites can aid in political engagement. YouTube and other social media sites allow campaign strategies to easily target limitless voters with great communication power. According to a Pew Internet and American Life study, 46% of American voters have used the Internet, text messaging or email for political mobilisation, discussion and to access political news and information and 35% of people in the US watched political videos on YouTube. In 2008 presidential elections in US new technologies combined with these social networking sites have been used as to advertise to potential voters and their mobilisation. The demographic for the internet has widened and social networking is no longer just for young people. In year 2006 over 50% of American YouTube and Myspace users were 35 years or older, and the proportion of 12 to 17 year olds were declining. Social networking sites  do not just represent a young demographic.  Politically engaged people  and political participation is increasing throughout the community through the use of social networking sites. Thus, social networking is playing a substantial role in political process in recent years. Not only it has been effectively utilised by political parties of western countries in the campaign cycles, political issues groups and otherwise unrepresented minorities, but also as a means of open and uncensored communication for citizens in countries with oppressive government control over other media conduits. The use of these online tools has seen a shift in the funding models of political parties through the highly effective use of micro-donations. These sites have expanded the reach and accuracy of strategically targeted communications by political parties to potential voters.  There is an increase in  political participation  and people garner a greater sense of contribution through the use of social networking sites and social media, influencing involvement with political parties in the greater community.   Social networking sites have proven to be a powerful political tool and we can only expect that it will grow limitlessly alongside the political machine. Past Cases of Social Networking Sites as a tool in Election Campaigning: Kenya Elections: In Kenya elections in year 2006 these social media such as Myspace, Twitter, Facebook, Youtube, Flickr etc. is been used in mobilising and sharing and gathering of information and raising the money in restricted time. It was also seen social media as a way to get involved in political parties response to mainstream media. During the Kenya post-election crisis people mobilised a website called Ushahidi for people to collaboratively report where violent clashes has taken place. Perspectives and commentary on the post-2006 election crisis in Kenya were seen in online networking sites as a way to criticise the media and government and it was found that views and discussion topics seen in social networking sites were much more diverse that seen in mainstream media. Internet and Social Networking Sites in Election Campaigns: Gabriela Womens Party in Philippines wins the 2007 Elections Philippines also embarked on using Internet, social networking sites and the mobile phones for their 2007 elections. Gabriela Womens Party (GWP), among others, was one of them. Given the limited funds for mass forms of communication, the party made use of new communication technologies, in particular, the Internet and social networking sites like YouTube and Friendster along with its website, to augment traditional campaign techniques. The (GWP) won two seats, making it the first and only womens group in the country to attain such a feat in the party list group contest (Alojamiento, 2007). Maximizing YouTube YouTube and Friendster are very popular among young female Internet users in the country. It was only logical for the GWP to turn to these sites to expand their networks and establish their presence among Filipino voters. Political advertising is an obsession among politicians in the country especially when it comes to TV advertising. All parties make efforts to be on television and spend the maximum amounts on advertising. Television advertising being expensive, the GWP after a few commercials on television, extended this kind of advertising to YouTube by uploading a video endorsement of Angel Locsin, a young local celebrity. Use of Social Media in US : Over the past two decades  online  social networking  sites and  systems  have  been  effectively  used  to increase political  dialogue. In 1996 email was widely used across social networks as a means of facilitating  people and groups for political purposes .  In 2007 it was estimated that  40% of all social networking users  had  used Myspace and Facebook  as a source for  political information  in the United States (US) and  20%  of people used  these sites  to discover the political interests of their friends.   Barack Obama successful used Twitter, Flickr, YouTube, Facebook among others to communicate and mobilise people. He also had a $2 million dollar custom campaigning and social networking site built called MyBarackobama.com (Walmsley 2008; Crow 2008; Talbot 2008).  The Republican party used social networking sites during the 2008 to promote candidate John McCain, even at 71 years of age, which demonstrated their understanding of the importance of its use. Political parties are now actively engaging with social networking sites as part of their campaign strategies. Political campaign strategies have successfully used social networking sites to increase campaign funding. Howard Dean, in 2004, was the first US politician to explore the financial value in using the Internet as part of his campaign strategy. He successfully used the Internet to facilitate small donations online instead of the traditional big fund-raising events. During this same year Democratic Presidential candidate John Kerry raised $80 million in online donations. Within two months of creating a MySpace page during the US 2006 election cycle one Republican candidate raised donations by 20%  The Barack Obama campaign during the 2008 US presidential election raised $55 million in one month 80% were online donations and 90% of those were under $200 each. This was before he had run a single fund-raising event . Social networking sites create an easily accessible medium for people to find, distribute and absorb political information. YouTube and other social media sites allows campaign strategies to easily target limitless voters with great communication power .According to a Pew Internet and American Life study, 46% of American voters have used the Internet, text messaging or email for political mobilisation, discussion and to access political news and information 35% of people in the US watched political videos on YouTube .This ease of access combined with new technologies enables campaigners to strategically target and customise their marketing approach. Social networking sites enable a more targeted approach to election campaigning. The US Republican 2008 presidential campaign used an internal database, called the Voter Volt, matched with internet searches to advertise to potential voters using social networking sites .These new technologies combined with the use of social networking sites not only increases the accuracy of the campaign message through targeted advertising, it has also helped to increase the size of the audience.  During the 2008 US Election new technologies allowed The Republican National Committee to increase the number of potential voters on their database by 6-fold compared to their 2004 campaign .The use of these new tools have the added potential to increase mobilisation. Benefits of Social Networking Sites usage in Political Campaigning: Mass Coverage: The biggest advantage that social networking sites provide in an election campaign is of mass coverage with sites such as Myspace, Twitter, Facebook , Youtube, Linkdein , orkut etc. Data table from i strategy labs generating no of users of facebook between age of 18 and 24 are as follows: It can be seen youth between age 18 and 24 using facebook accounts for 40.8% and in middle age group constitute of 16.6%. So political parties targeting youth and middle age group can be benefited if campaigning through these sites. Cost Effective : Political campaigning through these sites is very cost effective methods as the cost involved is very low. And in past micro donations can be arranged easily through these sites only. This has been seen in presidential elections in year 2008 taken place ay US. Emergence of new political parties: With social networking sites as a tool used for election campaign emergence of new political parties can be seen. More of individual politicians are encouraged and are emerging out in elections. They are reaching to public with their ideas being communicated well using the videos on Youtube or post on twitter or on Facebook account or through blogs with many followers acting as agents and their promoters. Environmental and Societal benefits: The other benefits associated with campaigning through networking sites are of environmental and societal benefits to general public in all. While campaigning through these sites the major tool of campaigning traditionally that is pamphlets is through emails, posts and blogs. Thus reducing the usage of paper and saving trees. Also society is saved from traffic jams, noise pollutions when campaigning is done on these sites. Moreover while campaigning on these sites an add on feature of more visibility leading to accountability is been ensured, giving a right to voters to have all information and then deciding upon the right candidate to vote for. Presence in India: Political parties in this day and age are now trying to use web as a medium to gain attention of the masses. Employing internet as a strategy to make an appeal to the masses is also being used a host of NGOs and non-profit organizations, such as the Association for Democratic Reforms (ADR), Janaagraha Centre for Citizenship and Democracy and Public Interest Foundation. These organisations are using internet, alongwith traditional media like radio and television, to launch initiatives geared toward raising awareness among the electorate. There are nationwide campaign ensuring to increase transparency in Indian elections by combining information about constituencies and candidates. The purpose of these campaigns are: Provide information regarding the representatives based on the information they have provided through affidavits to the Election Commission   Provide information about a constituency Give a chance to the public to give feedback on work done by their elected representatives The media excitement around the election is being generated by the middle-class urban youth, who   believe in bringing about a change. Of late, many Indian politicians have begun considering internet as a viable medium for interactive communication and are, consequently, making their presence felt in the World Wide Web.  For instance BJP has launched a website for its prime ministerial candidate and for its chief ministerial candidate as well. Similarly, even the congress party is making use of social networking sites like youtube, facebook, twitter etc. to run social marketing campaigns. Thus, the presence of social networking sites in the indian electoral scenario is spellbound as the political parties now are resorting to online campaigning and voting systems. CONCLUSION : The present study and other studies cited in this paper mostly point out to both the importance of new media technologies and the trend towards their exploitation in current political settings. Their maximization for political campaigning should be viewed, however, in the context of where these new technologies operate Though studies have demonstrated that new technologies have been playing significant roles in campaigns in the US, the diffusion of online campaigning in parts of Asia, particularly in the Philippines, is unfolding but at a slower pace. These do not discount the promises of the Internet for political campaigning. If offline conditions change, it is likely that online uses will follow. In the meantime, it is important to look at the Internet as an integral part of a holistic political campaigning strategy, which can complement the use of traditional media and grassroots campaigning by reaching the growing segment of the population using the Internet. Future studies in this field of political communication would help in understanding how far the applications of the Internet and its contemporaries would go in bringing political actors closer to the public and how politics itself would change in the years to come as these new technologies become more sophisticated at the same time societies around the world evolve and change

Essay --

There’s a myth that time is money. In fact, time is more precious than money. It’s a nonrenewable resource. Once you’ve spent it, and if you’ve spent it badly, it’s gone forever, this famous quote by Neil Fiore has drastically changed my life. I have decided to use time efficiently thus not wasting this priceless resource. Comparably reducing time duration in doing projects in industries is one of the main ambition of Fredrick Winslow Taylor popularly known as Father of Industrial engineering and Charles W. Babbage who contributed greatly to industrial engineering. Greatly inspired and motivated by the works of these mechanical engineers, I have decided to pursue active research in Industrial Engineering as a career objective. It was in my sixth semester of my under graduate university curriculum I took a course titled Operations research which took me close to the basic concepts of Industrial engineering. The topics learned in this course and its usage in day to day life made me to show further interest in the subject. For example before buying a new vehicle, you would evaluate all the possible options available to reach office, then you would select the fast and cost effective option thus reducing your expenses by doing this you are unknowingly using the concept of â€Å"Optimization† which is a basic concept of Industrial engineering. This liveliness present in the subject truly enthralled me. However it was in my fourth semester the course Industrial engineering management taught how an industry can be managed effectively. Deeply interested in the topics I also selected project management as an elective subject; this even made me to go deeper into the basic concepts of Industrial Engineering like Gantt charts, critical path m... ...co curricular are as important as studies in evaluating students profile. I am an active member of National Social Service of VIT University.In the National service scheme special camp, I taught children in elementary schools for over 60 hours and explained to them the importance of education. .It is my firm belief that in order to achieve greater things in life, a bachelor’s degree is not sufficient. Based on my abilities and interests I feel that pursuing a graduate program at your prestigious university would benefit me greatly in the pursuit of my dreams and goals. In this rapidly progressing world, higher knowledge, and wider exposure to practical experience and involvement in more extensive research are essential to the development of a well-rounded engineer. Hoping with a positive attitude, I ardently look forward to be a part of your esteemed institution.

Thomas Hobbes Philosophy Essay -- Thomas Hobbes Philosophy

Thomas Hobbes Thomas Hobbes was an English philosopher who lived from 1588-1679. He attended Oxford University where he studied classics. His occupation was a tutor, but he also traveled around Europe to meet with scientists and to study different forms of government. He became interested in why people allowed themselves to be ruled, and what would be the best form of government for England. Thomas Hobbes was the first great figure in modern moral philosophy. Hobbes had a pessimistic view of people; he believed humans were selfish creatures who would do anything to better their positions. He also thought that people could not be trusted to make decisions on their own, and a country needed an authority figure to provide direction and leadership. Therefore, Hobbes believed in an absolute monarchy - a government that gave all power to a king or queen. He also thought that people should obey their king, even if he is a tyrant. He said that because people were only interested in promoting their own self-interests, democracy would never work. In fact, he thought democracy was very dangerous. But even though he distrusted democracy, he believed that a diverse group of representatives presenting the problems of the common person would prevent a king from being unfair and cruel. Hobbes coined the phrase, "Voice of the people," meaning one person could be chosen to represent a group with similar views. In 1651, Thomas Hobbes wrote his famous work, "Leviathan" which put into...

The Importance of Music Education Essay -- Music

Music, an extremely broad concept, is playing an increasingly vital role in the modern society, and most people today are experiencing music subconsciously. For instance, when walking in the street, not only will we see people listening to their music through all kinds of portable music players, but also hear people humming their favorite songs. When nightfall comes, young people usually go to concerts, whereas middle-aged people tend to choose symphony and opera. All the things mentioned above seem like nothing but entertainment. Does music exist just to please people? Apparently, the answer is no. In fact, music also brings people many significant benefits. Hence, music education is crucial to us, especially in our early development, and it should be a part of every child’s education. I think that music education can bring three benefits to us: enhance children’s memory, enrich their imagination, and improve academic performance. Human beings begin to learn many basic skills in order to survive after they are born. This requires people to grasp strong, stable, and rapid memory skills. Hence, babies’ expanding ability to memorize is an indispensable part of their cognitive development. Research shows that the development of memory in children becomes apparent within the first 2 to 3 years of a child’s life as they show significant advances in memory, and this enhancement continues into adolescence (Siegler). Therefore, we need to find out a way to help children develop appropriate memory skills. Music education is a terrific choice, and scientists do have evidence to support the hypothesis that music can improve human memory skills. Based on the findings of a study led by Dr. Agnes Chan, a psychologist at Chinese University of ... ...org/pdf/music-training-improves-verbal-but-not-visual-memory-cross-sectional-and- longitudinal-explorations-in-children> Graziano, A.B., Peterson M., and Shaw G.L. "Enhanced learning of proportional math through music training and spatial-temporal training." Neurological Research 21.Web. 15 Mar. 2012.139-152. Web. Siegler, R. S. (1998). Children's Thinking. 3rd ed. Upper Saddle River, NJ: Prentice Hall. Electronic book. â€Å"Sound.† Wikipedia. Wikimedia Foundation, 5 Feb. 2012. Web. 15 Mar. 2012 The College Board. Profile of College-Bound Seniors National Report for 2000, 2001, and 2002. Web. Yeung, Ka-ching. â€Å"The Mozart Effect.† n.d. Web. 11 Mar. 2012. Notes/The%20Mozart%20Effect.htm>

My Lord the Baby – a Story by Rabindra Nath Tagore on the Case of Rai Charann

I Raicharan was twelve years old when he came as a servant to his master's house. He belonged to the same caste as his master, and was given his master's little son to nurse. As time went on the boy left Raicharan's arms to go to school. From school he went on to college, and after college he entered the judicial service. Always, until he married, Raicharan was his sole attendant. But, when a mistress came into the house, Raicharan found two masters instead of one. All his former influence passed to the new mistress. This was compensated for by a fresh arrival. Anukul had a son born to him, and Raicharan by his unsparing attentions soon got a complete hold over the child. He used to toss him up in his arms, call to him in absurd baby language, put his face close to the baby's and draw it away again with a grin. Presently the child was able to crawl and cross the doorway. When Raicharan went to catch him, he would scream with mischievous laughter and make for safety. Raicharan was amazed at the profound skill and exact judgment the baby showed when pursued. He would say to his mistress with a look of awe and mystery: â€Å"Your son will be a judge some day. † New wonders came in their turn. When the baby began to toddle, that was to Raicharan an epoch in human history. When he called his father Ba-ba and his mother Ma-ma and Raicharan Chan-na, then Raicharan's ecstasy knew no bounds. He went out to tell the news to all the world. After a while Raicharan was asked to show his ingenuity in other ways. He had, for instance, to play the part of a horse, holding the reins between his teeth and prancing with his feet. He had also to wrestle with his little charge, and if he could not, by a wrestler's trick, fall on his back defeated at the end, a great outcry was certain. About this time Anukul was transferred to a district on the banks of the Padma. On his way through Calcutta he bought his son a little go-cart. He bought him also a yellow satin waistcoat, a gold-laced cap, and some gold bracelets and anklets. Raicharan was wont to take these out, and put them on his little charge with ceremonial pride, whenever they went for a walk. Then came the rainy season, and day after day the rain poured down in torrents. The hungry river, like an enormous serpent, swallowed down terraces, villages, cornfields, and covered with its flood the tall grasses and wild casuarinas on the sand-banks. From time to time there was a deep thud, as the river-banks crumbled. The unceasing roar of the rain current could be beard from far away. Masses of foam, carried swiftly past, proved to the eye the swiftness of the stream. One afternoon the rain cleared. It was cloudy, but cool and bright. Raicharan's little despot did not want to stay in on such a fine afternoon. His lordship climbed into the go-cart. Raicharan, between the shafts, dragged him slowly along till he reached the rice-fields on the banks of the river. There was no one in the fields, and no boat on the stream. Across the water, on the farther side, the clouds were rifted in the west. The silent ceremonial of the setting sun was revealed in all its glowing splendour. In the midst of that stillness the child, all of a sudden, pointed with his finger in front of him and cried: â€Å"Chan-nal Pitty fow. † Close by on a mud-flat stood a large Kadamba tree in full flower. My lord, the baby, looked at it with greedy eyes, and Raicharan knew his meaning. Only a short time before he had made, out of these very flower balls, a small go-cart; and the child had been so entirely happy dragging it about with a string, that for the whole day Raicharan was not made to put on the reins at all. He was promoted from a horse into a groom. But Raicharan had no wish that evening to go splashing knee-deep through the mud to reach the flowers. So he quickly pointed his finger in the opposite direction, calling out: â€Å"Oh, look, baby, look! Look at the bird. † And with all sorts of curious noises he pushed the go-cart rapidly away from the tree. But a child, destined to be a judge, cannot be put off so easily. And besides, there was at the time nothing to attract his eyes. And you cannot keep up for ever the pretence of an imaginary bird. The little Master's mind was made up, and Raicharan was at his wits' end. â€Å"Very well, baby,† he said at last, â€Å"you sit still in the cart, and I'll go and get you the pretty flower. Only mind you don't go near the water. † As he said this, he made his legs bare to the knee, and waded through the oozing mud towards the tree. The moment Raicharan had gone, his little Master went off at racing speed to the forbidden water. The baby saw the river rushing by, splashing and gurgling as it went. It seemed as though the disobedient wavelets themselves were running away from some greater Raicharan with the laughter of a thousand children. At the sight of their mischief, the heart of the human child grew excited and restless. He got down stealthily from the go-cart and toddled off towards the river. On his way he picked up a small stick, and leant over the bank of the stream pretending to fish. The mischievous fairies of the river with their mysterious voices seemed inviting him into their play-house. Raicharan had plucked a handful of flowers from the tree, and was carrying them back in the end of his cloth, with his face wreathed in smiles. But when he reached the go-cart, there was no one there. He looked on all sides and there was no one there. He looked back at the cart and there was no one there. In that first terrible moment his blood froze within him. Before his eyes the whole universe swam round like a dark mist. From the depth of his broken heart he gave one piercing cry; â€Å"Master, Master, little Master. † But no voice answered â€Å"Chan-na. † No child laughed mischievously back; no scream of baby delight welcomed his return. Only the river ran on, with its splashing, gurgling noise as before,–as though it knew nothing at all, and had no time to attend to such a tiny human event as the death of a child. As the evening passed by Raicharan's mistress became very anxious. She sent men out on all sides to search. They went with lanterns in their hands, and reached at last the banks of the Padma. There they found Raicharan rushing up and down the fields, like a stormy wind, shouting the cry of despair: â€Å"Master, Master, little Master! † When they got Raicharan home at last, he fell prostrate at his mistress's feet. They shook him, and questioned him, and asked him repeatedly where he had left the child; but all he could say was, that he knew nothing. Though every one held the opinion that the Padma had swallowed the child, there was a lurking doubt left in the mind. For a band of gipsies had been noticed outside the village that afternoon, and some suspicion rested on them. The mother went so far in her wild grief as to think it possible that Raicharan himself had stolen the child. She called him aside with piteous entreaty and said: â€Å"Raicharan, give me back my baby. Oh ! ive me back my child. Take from me any money you ask, but give me back my child! † Raicharan only beat his forehead in reply. His mistress ordered him out of the house. Artukul tried to reason his wife out of this wholly unjust suspicion: â€Å"Why on earth,† he said, â€Å"should he commit such a crime as that? † The mother only replied: â€Å"The baby had gold ornaments on his body. Who knows? â₠¬  It was impossible to reason with her after that. II Raicharan went back to his own village. Up to this time he had had no son, and there was no hope that any child would now be born to him. But it came about before the end of a year that his wife gave birth to a son and died. All overwhelming resentment at first grew up in Raicharan's heart at the sight of this new baby. At the back of his mind was resentful suspicion that it had come as a usurper in place of the little Master. He also thought it would be a grave offence to be happy with a son of his own after what had happened to his master's little child. Indeed, if it had not been for a widowed sister, who mothered the new baby, it would not have lived long. But a change gradually came over Raicharan's mind. A wonderful thing happened. This new baby in turn began to crawl about, and cross the doorway with mischief in its face. It also showed an amusing cleverness in making its escape to safety. Its voice, its sounds of laughter and tears, its gestures, were those of the little Master. On some days, when Raicharan listened to its crying, his heart suddenly began thumping wildly against his ribs, and it seemed to him that his former little Master was crying somewhere in the unknown land of death because he had lost his Chan-na. Phailna (for that was the name Raicharan's sister gave to the new baby) soon began to talk. It learnt to say Ba-ba and Ma-ma with a baby accent. When Raicharan heard those familiar sounds the mystery suddenly became clear. The little Master could not cast off the spell of his Chan-na, and therefore he had been reborn in his own house. The arguments in favour of this were, to Raicharan, altogether beyond dispute: (i. ) The new baby was born soon after his little master's death. (ii. ) His wife could never have accumulated such merit as to give birth to a son in middle age. (iii. ) The new baby walked with a toddle and called out Ba-ba and Ma- ma. There was no sign lacking which marked out the future judge. Then suddenly Raicharan remembered that terrible accusation of the mother. â€Å"Ah,† he said to himself with amazement, â€Å"the mother's heart was right. She knew I had stolen her child. † When once he had come to this conclusion, he was filled with remorse for his past neglect. He now gave himself over, body and soul, to the new baby, and became its devoted attendant. He began to bring it up, as if it were the son of a rich man. He bought a go-cart, a yellow satin waistcoat, and a gold- embroidered cap. He melted down the ornaments of his dead wife, and made gold bangles and anklets. He refused to let the little child play with any one of the neighbourhood, and became himself its sole companion day and night. As the baby grew up to boyhood, he was so petted and spoilt and clad in such finery that the village children would call him â€Å"Your Lordship,† and jeer at him; and older people regarded Raicharan as unaccountably crazy about the child. At last the time came for the boy to go to school. Raicharan sold his small piece of land, and went to Calcutta. There he got employment with great difficulty as a servant, and sent Phailna to school. He spared no pains to give him the best education, the best clothes, the best food. Meanwhile he lived himself on a mere handful of rice, and would say in secret: â€Å"Ah! my little Master, my dear little Master, you loved me so much that you came back to my house. You shall never suffer from any neglect of mine. † Twelve years passed away in this manner. The boy was able to read and write well. He was bright and healthy and good-looking. He paid a great deal of attention to his personal appearance, and was specially careful in parting his hair. He was inclined to extravagance and finery, and spent money freely. He could never quite look on Raicharan as a father, because, though fatherly in affection, he had the manner of a servant. A further fault was this, that Raicharan kept secret from every one that himself was the father of the child. The students of the hostel, where Phailna was a boarder, were greatly amused by Raicharan's country manners, and I have to confess that behind his father's back Phailna joined in their fun. But, in the bottom of their hearts, all the students loved the innocent and tender-hearted old man, and Phailna was very fond of him also. But, as I have said before, he loved him with a kind of condescension. Raicharan grew older and older, and his employer was continually finding fault with him for his incompetent work. He had been starving himself for the boy's sake. So he had grown physically weak, and no longer up to his work. He would forget things, and his mind became dull and stupid. But his employer expected a full servant's work out of him, and would not brook excuses. The money that Raicharan had brought with him from the sale of his land was exhausted. The boy was continually grumbling about his clothes, and asking for more money. Raicharan made up his mind. He gave up the situation where he was working as a servant, and left some money with Phailna and said: â€Å"I have some business to do at home in my village, and shall be back soon. † He went off at once to Baraset where Anukul was magistrate. Anukul's wife was still broken down with grief. She had had no other child. One day Anukul was resting after a long and weary day in court. His wife was buying, at an exorbitant price, a herb from a mendicant quack, which was said to ensure the birth of a child. A voice of greeting was heard in the courtyard. Anukul went out to see who was there. It was Raicharan. Anukul's heart was softened when he saw his old servant. He asked him many questions, and offered to take him back into service. Raicharan smiled faintly, and said in reply; â€Å"I want to make obeisance to my mistress. † Anukul went with Raicharan into the house, where the mistress did not receive him as warmly as his old master. Raicharan took no notice of this, but folded his hands, and said: â€Å"It was not the Padma that stole your baby. It was I. † Anukul exclaimed: â€Å"Great God! Eh! What! Where is he ? â€Å"Raicharan replied: â€Å"He is with me, I will bring him the day after to-morrow. † It was Sunday. There was no magistrate's court sitting. Both husband and wife were looking expectantly along the road, waiting from early morning for Raicharan's appearance. At ten o'clock he came, leading Phailna by the hand. Anukul's wife, without a question, took the boy into her lap, and was wild with ex citement, sometimes laughing, sometimes weeping, touching him, kissing his hair and his forehead, and gazing into his face with hungry, eager eyes. The boy was very good-looking and dressed like a gentleman's son. The heart of Anukul brimmed over with a sudden rush of affection. Nevertheless the magistrate in him asked: â€Å"Have you any proofs? â€Å"Raicharan said: â€Å"How could there be any proof of such a deed? God alone knows that I stole your boy, and no one else in the world. † When Anukul saw how eagerly his wife was clinging to the boy, he realised the futility of asking for proofs. It would be wiser to believe. And then–where could an old man like Raicharan get such a boy from? And why should his faithful servant deceive him for nothing? â€Å"But,† he added severely, â€Å"Raicharan, you must not stay here. † â€Å"Where shall I go, Master? † said Raicharan, in a choking voice, folding his hands; â€Å"I am old. Who will take in an old man as a servant? † The mistress said: â€Å"Let him stay. My child will be pleased. I forgive him. † But Anukul's magisterial conscience would not allow him. â€Å"No,† he said, â€Å"he cannot be forgiven for what he has done. † Raicharan bowed to the ground, and clasped Anukul's feet. â€Å"Master,† he cried, â€Å"let me stay. It was not I who did it. It was God. Anukul's conscience was worse stricken than ever, when Raicharan tried to put the blame on God's shoulders. â€Å"No,† he said, â€Å"I could not allow it. I cannot trust you any more. You have done an act of treachery. † Raicharan rose to his feet and said: â€Å"It was not I who did it. â €  â€Å"Who was it then? † asked Anukul. Raicharan replied: â€Å"It was my fate. † But no educated man could take this for an excuse. Anukul remained obdurate. When Phailna saw that he was the wealthy magistrate's son, and not Raicharan's, be was angry at first, thinking that he had been cheated all this time of his birthright. But seeing Raicharan in distress, he generously said to his father: â€Å"Father, forgive him. Even if you don't let him live with us, let him have a small monthly pension. † After hearing this, Raicharan did not utter another word. He looked for the last time on the face of his son; he made obeisance to his old master and mistress. Then he went out, and was mingled with the numberless people of the world. At the end of the month Anukul sent him some money to his village. But the money came back. There was no one there of the name of Raicharan.

Juhayna

The employs has a monthly payment and an additional commission of what they sell. Because Johanna is a well known brand and have a huge market share sales representatives can easily gain a bigger portion on commission. The company also distributes a part of its profit with its employees. To conclude they use wages, fringe benefits, performance related, and profit sharing system. All of that motivates them as a team to work harder and have a better out come, but like every thing this tool has its advantages and disadvantages.The wages Is the simplest and easiest to use for a big and known company Like Johanna, but Its mall disadvantage Is employs might feel It unfair for them to be paid as others while the other dose not do hisher job. Performance related, it is the best way to manage and control sales representatives, its main disadvantage is when reforming a service it is hared to monitor the employees; Johanna sales representative perform services by giving out questioners and taki ng complains.Then the fringe benefits is giving the employees health insurance that make the employees more loyal and have a low turn in rate, but if the company has a lot of employees that will have a high cost out come. Profit sharing system would make the employees loyal, normally companies don't give out a big share of there profit to the employees for them to feel the difference. Recommendation The company should know haw to motivate every single one of Its employees because every one of them may respond different from the other.The company s o a nave a netter employee loyalty Day upgrading ten 010 Ana excellent employees to a higher position, to reach ultimate satisfaction. They should pick the best of there employees to give them training courses to be the next managers to lead the company to a better future. After setting the goal of the company and achieving it the company should make a party to celebrate their goal, to have a better loyalty.