integument system essays

integument framework papers 1. Integument - a characteristic external covering or coat, for example, the skin or a layer encasing an organ 2. Protection - skin fills in as a defensive obstruction from mechanical injury and infiltration of destructive synthetic substances Barrier - first line of guard against any malady living being Anticipation of Dehydration - submerged in an inside ocean painstakingly controlled, weaken salt, arrangement that is fundamental to life Support of Body Temperature - by perspiring it controls the internal heat level Discharge of Wastes - sweat organs likewise discharge overabundance water and waste Gathering of Stimuli - sensors for improvements of (touch, pressure, warmth, cold, and torment) and sends message to focal sensory system Nutrient D Synthesis - when bright beams hit the skin, a cholesterol compound is changed into Vitamin D 3. Epidermis - the external most layer of the skin including dead cells of the layer corneum and the living sub-layers of cell that offer ascent to them The epidermis contains: layer, corneum. layer granvlosm, layer spinosum, and layer basale. Dermis - the thick layer of skin made out of sporadic, thick, connective tissue underneath the skin The dermis contains: channels, eccrine perspiration organ, connective tissue papilla, hair follicle, root, sebaceous organ, arrector pili muscle Subcutaneous Layer - the layer of free connective tissue and apidase tissue underneath the skin The subcutaneous layer contains: free connective tissue and limb tissue. 4. keratin - a sinewy protein that shapes the fundamental basic part of hair and nails. It is situated between the phospholipid layers to shape the layer corneum. Any of a class of stringy protein atoms that fill in as basic units for different living tissues. The keratins are the significant protein parts of human hair. These proteins by and large contain huge amounts of the sulfur-containing amino acids, especially cytosine. The helical k ... <!

Intellectual Property Rights and software Essay

Moral hypotheses, for example, utilitarianism are utilized to protect Intellectual Property Rights of programming delivered by organizations, for example, the Microsoft. It is critical to separate between physical property rights and protected innovation rights. The administration needs to examine upsides and downsides of securing privileges of organizations, for example, the Microsoft. Licensed innovation Rights or IPR is commonly shielded dependent on the supposition that they are like physical property rights. The moral contention is that legitimate specialists have maintained the need to secure property privileges of people. Thus, because of such rights people can ensure their proprietorship rights, as they are permitted to move toward courtroom when their property is infringed. It is beyond the realm of imagination to expect to acknowledge this contention with regards to protected innovation. This is because of fundamental contrasts that continue between physical property and protected innovation. Physical property permits buyer to utilize property and estrange or arrange property at the later period. (Lea 2006) Software patent rights gives the option to utilize, however doesn't permit the client to either change or estrange. This is on the grounds that product can be created in enormous amounts with the help of present day innovation. Property, then again, can't be delivered in huge amounts. Propagation and duplication of programming can influence benefit of an organization like Microsoft or creator of the program. (Lea 2006) IPR with regards to programming can't be legitimized on two checks. Initially, it can't be contrasted and physical property. There is no ethical defense to secure privileges of the maker of programming. The facts confirm that it is critical to ensure privileges of people who creator a PC program. Be that as it may, simultaneously, it is imperative to secure privileges of customers also. In light of this thinking, Wright siblings couldn't patent Airplane. Licenses can in some cases dishearten innovativeness. Therefore, current researchers had the option to create plane structures and add to upgraded offices to individuals. The significant motivation behind licenses and duplicate rights is to urge individuals to add to logical information. (Lea 2006) Patents can be considered as acknowledgment of ability of person. Imaginative items can rouse others to create comparative or different items. As programming is secured by IPR, it can't be changed. One needs to separate between duplicate right acts and programming licenses. Duplicate right acts ensure enthusiasm of creators. For the most part, large scale manufacturing of a book includes colossal use as it requires interest in printing and apparatus. Programming creation, then again, doesn't include such tremendous venture. This contention is utilized to safeguard programming licenses. In any case, this contention alone can't be utilized to protect right of an individual who creators PC programs. (Lea 2006) Utilitarianism has confidence in government assistance standards. Property rights are basic to accomplish general government assistance. Absence of property rights can influence huge quantities of people. Non-programming duplicate rights have urged makers to upgrade creation. They can acquire acknowledgment for their commitment to their segment. Then again, programming patent has influenced enormous quantities of people, as they can't alter source code of a PC program. Duplication of programming will influence pay privileges of an individual or association that produces programming. The creator will keep on getting a charge out of the option to control the item. Simultaneously, extra highlights can be made by tweeting source code. This can profit enormous quantities of individuals as they utilize free and altered programming. Lea 2006) One needs to welcome the way that PC programs can't supplant fundamental products required by huge quantities of total populace. During the 1990s, American populace relied upon PC unrest, which made work open doors for enormous quantities of people. Simultaneously, a nation can't exclusively rely upon PC programs. This is on the grounds that PC programs can't supplant other financial exercises, for example, farming and modern creation. (Lea 2006) Protection of monopolistic organizations, for example, Microsoft has made uniqueness among rich and poor countries. It is absurd to expect to safeguard significant expense charged by organizations for their product. This is on the grounds that organizations don't put intensely in R and D, not at all like non programming industry. From utilitarian point of view, it is beyond the realm of imagination to expect to safeguard IPR of programming. This is on the grounds that the point of world pioneers ought to be to decrease dissimilarity among rich and poor. IPR in programming, then again, has upgraded hole among rich and poor. This is on the grounds that nations, for example, the US rely vigorously upon programming send out. The US upgraded its product exchange surplus which crossed $20 billion of every 1999. (Lea 2006) Second, from libertarian point of view additionally one can't safeguard IPR. This is on the grounds that IPR doesn't permit opportunity to people as they can't alter and sell programming. This can influence their imaginative capacities. IRP influences self-rule and opportunity of people. In a free and popularity based nation, for example, the US it is absurd to expect to legitimize insurance of associations, for example, Microsoft. Free programming development rose so as to protect the privilege of people to openly appropriate programming. During the 1960s, PCs needed to introduce programming as an unmistakable pack. Point of such measure was to keep away from syndication of a specific organization. Microsoft has confidence in insurance of its IPR. In fact, the fundamental endeavor of this association is to ensure its business intrigue. Absence of IPR governs with regards to programming will disintegrate productivity of this organization. By the utilization of digital laws, the organization can arrive at a monopolistic position. This has added to swelled cost of programming delivered by this organization. It is fascinating to take note of that the organization employed administrations of expert criminologists in Europe to recognize individuals who utilized unlicensed organization items. Microsoft has confronted analysis from European nations because of its monopolistic situation in the universal programming market. Claims are documented against this organization for demoralizing rivalry from different organizations. (Lea 2006) Computer customers are required to buy lawful programming from assigned business territories. Simultaneously, one needs to take note of that nonappearance of IPR in programming would not influence organization productivity. This is on the grounds that it isn't workable for people to utilize diverse free or authorized PC programs. Today, most clients rely upon Microsoft Windows and Internet Explorer. Different items are not utilized because of similarity issue as these projects are not perfect with Microsoft items. This shows regardless of whether Microsoft items are not secured by IPR, purchasers will keep on utilizing them as they are acclimated with this organization item. In the year 2001, the legislature traded off with Microsoft by organizing IPR so as to secure enthusiasm of this organization. (Lea 2006) Data shows that 90 percent of PCs use Microsoft items including Windows and Internet Explorer. (Lea 2006) This has influenced rivalry in this division. Therefore, huge quantities of individuals are constrained to purchase items from Microsoft. The answer for this issue is that Microsoft ought to be separated into two segments. One area can manage legitimate and authorized programming, which can be sold at a specific cost, while another segment can focus on items, for example, video player, which can be openly downloaded. This infers government is taking adequate measures to secure enthusiasm of customers who in the IPR system will in general purchase programming at expanded cost. Another option is to abrogate IPR of programming with the goal that it gets identical to numerical formulae or a logical law, which buyers can utilize and alter dependent on their resulting research. This can energize innovativeness and development and accomplish government assistance of an enormous area of total populace. (Lea 2006) Utilitarian and libertarian points of view show that product patent rights don't accomplish social government assistance, as they plan to ensure enthusiasm of organizations, for example, Microsoft. Programming patent rights have influenced self-rule and opportunity of people who are not lawfully permitted to change PC programs. The administration needs to present guidelines limiting programming costs. This can urge organizations to offer free programming, which can be altered and redistributed for non business use.

If man is five

If man is five DID YOU KNOW? Polish mathematician Benoit Mandelbrots last name means almond bread in German. I got to see Mandelbrot speak on Thursday! It was for like 30 seconds, for a variety of reasons, but it was cool just to be in the same room for a minute and catch a glimpse of his well-preserved 82-year-old form. Especially because I really thought he was dead. But no! Hes not dead! Hes still alive and quipping things like, So I said when you look at dirt, realize that its not really dirt.' Thats about all I remember. Battle on, Mandelbrot. My friend and labmate Steph 07 spoke at the Class of 2010 choice of major fair on Monday. I wanted to go myself to reveal the wonders of Chemical Engineering to excited freshmen and score lots of free food, but I had a class taught by Pulitzer Prize-Winning Composer John Harbison to attend. Oh well. Anyway, according to Steph, the most frequently asked question, besides Turkeys into oil?! Do you know Sam Maurer? I read his blog! was something along the lines of What is the difference between Chemistry and Chemical Engineering? Its funny, because I remember going to a choice of major fair in April 2004 and asking that very same question myself, and not really listening to the answer, like, at all. And I ended up kind of majoring in both of them until last fall, when I decided that Id probably rather be eaten by thermodynamics than quantum chemistry. So I pretty much know whats going on with both of these majors. For the edification of frosh and prefrosh alike, the correct answer to that question is There is actually nothing similar about those two majors. At all. So if youre a chemistry major (Course 5), youre going to learn about molecules. What they look like, how they react with each other, what their orbitals are doing at the quantum level, whether theyll kill you or not and WHY WHY WHY WHY they have these properties. Youll spend three semesters in organic chemistry, one or two each in inorganic, biological, and quantum chemistry, and one in kinetics. Because of the way the courses are structured (no conflicting times and few prerequisites), its actually not too difficult to squeeze the whole major into three years, leaving you free your senior year to work on a double major, pursue other interests, or, if youre like most chemistry majors I know, TAKE EVEN MORE CHEMISTRY CLASSES! If youre a chemical engineer (Course 10), you dont care about molecules. At all. No, really. What youre going to do is take some reaction or some process that a chemist has given you already, look at it, and say Hmm, HOW HOW HOW HOW can I make this bigger/smaller/faster/better?. You still have to take a few chemistry classeskinetics, organic chemistry, an introductory lab, and for some strange reason biochembut youre not really going to use any of those in your engineering courses. These coursesthermodynamics, fluid mechanics, heat transfer, and chemical kineticsare the heart and soul of chemical engineering. They treat compounds and reaction not so much as things to be studied for they work, but rather as elements of a problem that have specific properties for you to minimize and maximize depending on what your professor asked you to do. Either way, youre going to have to take three lab courses that will make you cry. But if youre Chem its going to be because your molybdenum tris-anilide compounds arent splitting molecular dinitrogen, and if youre Chem E its because your professor wants you to take all your data and make 50 more spreadsheets out of it with 100 more charts before your group meeting on Tuesday. If youre ever torn between these two majors, as I was earlier in my MIT career, my recommendation would be to get a UROP or two and see what youre more interested inthe WHY of chemistry or the HOW of chemical engineering. Thats actually my recommendation for most problems at MIT. I dont know what to do with my life. Get a UROP! I need some money. Get a UROP! My boyfriend is cheating on me. Get a UROP! It hurts when I pee. Get a UROP! But in this case, it might actually help you. I had a really, outstandingly bad summer UROP in chemistry that ended up with my arm in a splint and a professor not speaking to me anymore. Two months later I had a UROP in chemical engineering that involved saving the world by turning turkeys into usable fuel. The rest is history. I am also really sad that Jack Palance died, because I used to watch reruns of the 1980s Ripleys Believe It Or Not all the time when I was a kid.

Career Goals Hurt Academic Performance - 1515 Words

Unclear Career Goals Hurt Academic Performance One major and frightening problem students face is not developing defined career goals. Students Who enter college right after graduating high school tend to have no idea of what exact career path that they want to pursue. A majority of these students struggle to figure out their career goals and end up taking a variety of different courses, most of which are unnecessary. Some of the classes they enroll in may not have any relevance to the major that the student eventually decides to pursue. When taking a mass variety of different classes, there will be certain classes that do not play to the student s strengths, and they tend to struggle. These classes not only affect their GPA,†¦show more content†¦Students who lack career goals can often result in students who lack interest in their chosen majors. According to Community College Students Face a Very Long Road to Graduation from the New York Times by Ginia Bellefante, Mr. De Jesus said, I don t just want to be in school. I want to learn in school. I know I can pass these classes, but my mind is always elsewhere. I m st ill thinking all the time of the future, the future, the future, but I m stuck here in this present, he continued. This quote is relatable to me because as an individual, I was at the same point in my life a long time ago. In Mr. De Jesus s case, his career goals differed from the classes that he was taking, which damaged his passion for the degree he was trying to obtain. Mr. De Jesus had many obstacles to overcome, but a strong set of goals and a positive outlook can help a student accomplish their dreams. He eventually lost interest in school because he felt that he was just existing, rather than actually learning. If Mr. De Jesus also had a social capital that he could draw on, he may have been able to figure it out and feel less stressed and more inclined to struggle and achieve his career and academic goals. Students entering college for the first time often do not know what they want to do as a career. They begin theirShow MoreRelated Making Uniforms Mandatory for High Scho ols Essay594 Words   |  3 Pagesin high schools are becoming increasingly popular across Canada. In fact, most school boards are positive towards making uniforms mandatory. Uniforms at high schools should be mandatory. Can uniforms really make a difference in a student’s academic performance? Of course, they can. First of all, uniforms create an atmosphere of equality at school. When worn by all students, uniforms reduce the gap between the rich and the poor and therefore, promote equality. 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Capturing The Real Value Of High Tech Acquisitions - Free Essay Example

Sample details Pages: 23 Words: 6969 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The fast rate of technological change was one of the most important trends in the 1990s and this brought an increasing complexity and cost to the development of new technologies. Companies used their innovative assets as a major source of competitive advantage to quickly introduce new products and adopt new processes (Sen and Egelhoff, 2000). Acquisitions are completed in many industries for reasons that are aligned with the dominant competitive driving forces for that industry. Don’t waste time! Our writers will create an original "Capturing The Real Value Of High Tech Acquisitions" essay for you Create order In the area of high technology and seminconductors, the competitive drivers are short product life cycles and process advancement. Process advances are required to both support the incremental changes to existing products and to allow the creation of radically new one. The number of acquisitions rapidly increased through the decade for several reasons: the product life cycle was getting shorter; participating in the creation of industry and product standards was crucial; early entry helped capture market share; and R D risk could be reduced. Hagedoorn (1993) found the reduction in innovation time and acquisition of needed technologies as the most important reasons for one company to pursue another. Several researchers have written about the radical and incremental innovation capabilities, their distinguishing factors and the important consequences to the corporation. It has also been argued that large firms are effective with incremental innovations and small firms are better at rad ical innovations. (Ettlie, Bridges, and Oà ¢Ã¢â€š ¬Ã¢â€ž ¢Keefe, 1984; Dewar and Dutton, 1986; Christensen, 1992). Corporate decision to acquire or not acquire another company embodies a high level, serious management strategy decision toward repositioning a company in the competitive landscape. The decade from 1990 to 2000 was chosen as an important time for acquisition activity. There was frequent activity in acquisitions during a time of stable economic conditions creating good conditions for analysis. In 1990, the dollar value of all acquisitions and mergers in the United States was two percent of the Gross Domestic Product (GDP). In 2000, the value reached over 15% of the GDP (Mergerstat, 2003). In the first 10 months of 2000, in the technology sector alone, there were 2,019 acquisition and merger deals worth $573 billion (Reason, 2000). This occurred despite studies done in the 1980à ¢Ã¢â€š ¬Ã¢â€ž ¢s and 1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s that found little positive effect financially for the acquiring company. The magnitude of the activity strongly suggests that some positive relationship could be fo und if examined in a different way or using new metrics. This research uses a different methodology by exploring a single industry, selecting profitability growth as the metric from theoretical industry driving forces and analyzing profitability over time as a statistical repeated measures model using SPSS software. The results from this work may have strategic implications for remaining competitive in high technology, high-velocity industries. It should be noted here that the term acquisition, mergers and acquisitions and M A will be used interchangeably in this research and are defined in Appendix A along with other important terms. In high technology industries, such as semiconductors, a firm interested in new product innovation must aggressively invest to stay at the leading edge. Creating or acquiring new offerings can be dependent on a combination of efforts directed either internal or external to the company. Internal efforts include primarily Research and Development (R D) or newly formed affiliates, termed à ¢Ã¢â€š ¬Ã…“greenfieldsà ¢Ã¢â€š ¬? (Vermeulen Barkema, 2001; Sonenclar, 1984; Bradley Korn, 1981). External efforts can take the form of acquisition or mergers to best capture the intellectual property (IP) that is maintained in the categories of trade secret and proprietary know-how. Acquisitions, when done well, appear to have the advantage of capturing this kind of IP as compared to the other forms of external efforts. Acquisitions also potentially offer faster repositioning with less risk and lower cost than pursuing internal company endeavors (Singh Montgomery, 1987). A high technology com panyà ¢Ã¢â€š ¬Ã¢â€ž ¢s success hinges on creation of innovative ideas, availability of creative personnel, speed of new product execution and cost effectiveness. Mergers and acquisitions are a highly favored management avenue for growth and competitive positioning. The importance of this management consideration and the impact of mergers and acquisitions continue to expand with billions of dollars involved. The importance in the technology sector becomes apparent when looking at the 724 firms that made their initial public offering (IPO) in 1992, but were not acquired or merged. Of these companies, 58% were selling at less than their IPO price six years later (Small Business Statistics, 2000). Product and service offering must constantly evolve and change (Thompson Strickland, 2001). High velocity innovation is fundamental to the growth and survival of high technology businesses. Organizations that are successful have a regular stream of unique products and services. Hewlett-Packard had over 50% of revenue in 1999 coming from products introduced in the previous two to four years. In high technology companies, the highest profit levels come from the newest products. Consequently, it is imperative to accelerate the innovation cycle, often through mergers and acquisitions, and this is critically important to remaining competitive. Entrepreneurial firms consistently outperform larger firms in both market and earnings growth on the Inc. 500 and Forbes 200 lists (Imparato Harari, 1994). There are several potential reasons for making an acquisition that have been identified and studied in the literature. In addition to the reasons for actually acquiring, there are a number of factors following the event that will influence the degree of success or failure that these efforts may experience. These elements that play a part in determining the outcome have been the focus of studies that are summarized in the Literature Review. WHAT MAKES HIGH-TECH COMPANIES AND THEIR ACQUISITIONS UNIQUE Both the popular business press as well as recent academic research seems to uniformly accept the unique nature of high-tech stocks. Kohers and Kohers (2000) state: à ¢Ã¢â€š ¬Ã…“The high-growth nature of technology-based industries distinguishes them from other types of industries. In addition to their high-growth potential, however, another distinctive feature of high-tech industries is the inherent uncertainty associated with companies whose values rely on future outcomes or developments is unproven, uncharted fields (p. 40). In fact, many à ¢Ã¢â€š ¬Ã…“pureà ¢Ã¢â€š ¬? technology stocks are young companies, underfunded and without prospects for generating any cash flows in the near future. Nevertheless, despite the inherent uncertainty of high-tech industries, investors seemed to disregard most equity fundamentals when valuing technology stocks, especially during the market upturn in the late 1990s. As a result, even though high-tech stocks were in general extremely volatile, many of them were trading at remarkable premiums. The exploding rate of growth in M A activity that involved high-tech industries can be partly attributed to those overly optimistic valuations. Puranam (2001) argues: à ¢Ã¢â€š ¬Ã…“On the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s side, booming stock market valuations have made acquisitions for stock feasible for several relatively small (revenue wise) firms, as well as the more established larger ones. On the targetà ¢Ã¢â€š ¬Ã¢â€ž ¢s side, an increasing preference for the ready liquidity offered, by an acquisition, as opposed to the paper profits from an IPO have created an environment conducive to acquisitions of small start-upsà ¢Ã¢â€š ¬?. At the same time many of these acquisitions were also motivated by the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s need to obtain critical technologies and expertise in order to quickly enhance their own technological competence. Despite the burst of the high-tech market bubble and the failure of most of these acquisitions, investors continue to show an extreme faith on these stocks. à ¢Ã¢â€š ¬Ã…“Americans still believe that technology can create a better world. Each time the U.S. tech sector falls into a trough, new technologies and companies emerge to lead it forward againà ¢Ã¢â€š ¬? (Business Week, August 27, 2001). PROBLEM MOTIVATING THIS STUDY This research effort seeks to understand the relationship between acquisitions and profitability by looking at the industrial sector for high technology semiconductor companies. Many prior studies have shown little financial benefit to the acquiring company in research conducted beginning in the 1980s and extending to today using a variety of variables, measures and company sample selection. These studies will be discussed in more detail in the Literature Review. The researchers Rumelt (1984), Ravenscraft and Scherer (1987), Porter (1987) and Kaplan and Weisbach (1990) separately found that acquisitions that could be categorized as unrelated, or diversifications, did not lead to profitability improvements, but most of these studies obviously included a cross-section of divergent industries. The importance of innovation and new products in high velocity, competitive environments is discussed in literature and high velocity innovation is fundamental to the growth, profitability and sur vival of these businesses (Thompson and Strickland, 1999; Betz, 2001; Burgelman, Christensen and Wheelwright, 2004). The competitive advantage of capturing intellectual property through acquisition has also been discussed more recently. More clear evidence is beginning to emerge concerning the drive to acquire technology and the unique features of doing so (Prentice Fox, 2002). This research examines the correlation between the event of acquisition and subsequent company performance and growth of profitability in the decade of 1990-2000. Practicing managers in the area of management of technology are faced with the challenge of high velocity innovation being a requirement to maintain competitive positioning (Thompson Strickland, 2001). Two methods for constant innovation include internal efforts, such as Research Development (R D), and external efforts, such as acquisitions, on which this paper focuses. Prior studies have been cross-sectional across different industries and analyzed the benefits gained in terms of patents and R D (Bettis 1981), stock price (Matsusaka, 1990; Schleifer and Vishny, 1990; and Lubatkin, 1982) or increase in company size versus the cost of acquisitions. These studies have not captured one of the most unique features of the high technology industry where innovation and new products are dependent on intellectual property (IP) that is maintained in the categories of trade secret and proprietary know-how. Because of this characteristic, the high technology industry would be expected to yield different results. The importance of IP and know-how has been an area of academic focus working to clarify the concept of à ¢Ã¢â€š ¬Ã…“absorptive capacityà ¢Ã¢â€š ¬? in the 1990s, but empirical work to tie these concepts to firm performance was not pursued (Cohen and Levinthal, 1990; Barney, 1991; Prahalad and Hamel, 1990). The use of patents as a measure, as used in prior research (Acs and Audretsch, 1988; Pakes and Griliches, 1980; Hitt, Hoskisson, Ireland and Harrison, 1991), does not capture the IP benefits in these categories or measure the success resulting from these external efforts. Acquisitions, when done well, should be expected to have an advantage on capturing this kind of IP. Acquisitions potentially offer faster positioning with less risk and lower cost than internal company endeavors which include primarily Research and Development (R D) (Gulati, 1995; Singh Montgomery, 1987). STUDY OVERVIEW This research effort focuses on one high technology industrial sector of semiconductors and studies the correlation between acquisitions, profitability, survivability and RD intensity over time. Many prior studies (Rumelt, 1984; Ravenscraft and Scherer, 1987; Porter, 1987; and Kaplan and Weisbach, 1990) have shown little financial benefit to the acquiring company, but most of these studies included a cross-section of divergent industries. The importance of innovation and new products in high velocity, competitive environments is widely discussed in literature. High velocity innovation is fundamental for the theory of growth, profitability and survival of these businesses. The competitive advantage of capturing intellectual property through acquisition has also been discussed more recently. More clear evidence is beginning to emerge concerning the drive to acquire technology and the unique features of doing so (Prentice Fox, 2002). This paper researches the correlation between the ev ent of acquisition and subsequent company performance, survivability, the growth of profitability and R D spending. CHAPTER 2 LITERATURE REVIEW ON HIGH-TECH COMPANIES Most research on high-tech companies is relatively recent and has its origin in various business fields. Chaudhuri and Tabrizi (1999) study the practices of 24 high-tech companies involved in acquisitions, and try to identify the key factors in capturing the real value in high-tech acquisitions. They conclude that in order to make a successful acquisition managers need to move beyond the traditional model of acquisitions where the people acquired are secondary to physical assets and brands. High-tech acquisitions need to focus on the people since technological capabilities tied to skilled people are the key to long-term success in these industries. Arora, Fosfuri and Gambardella (2000) examine how the growth of markets for technology affected the corporate strategies of the leading companies, which can now sell technologies that they do not use in-house and increase their potential returns to R D. They argue that globalization, along with the low transportation costs of technologies, has made large R D intensive companies realize that they have the potential to exploit their technology on a very large scale by licensing. However, in deciding how to exploit their technology small firms and technology-based startups face a different set of challenges. According to the authors they need to trade off the costs of acquiring capital and building in-house production, distribution and marketing capability against the rents that would be lost or shared with their partners in a licensing deal. Also, the authors argue that integration may reduce the innovative potential of the firm, because the acquisition of the complementary assets in evitably increases the size of firms and induces important changes in the culture of the firm and in the speed and fluidity of information flowsà ¢Ã¢â€š ¬?. Finally, they claim that evaluating technologies and being able to use them requires substantial in-house scientific and technological expertise and therefore internal and external R D can be reviewed as complements and not substitutes. Liu (2000) focuses on a different issue by examining the marketsà ¢Ã¢â€š ¬Ã¢â€ž ¢ reaction to innovation news announcement made by the U.S. biotech firms during the 1983-1992 period. He finds that the average AR to the announcements is as high as 3.98 percent for a three-day event window and biotech stocks trading volumes almost double on the day of the news announcement. The announcement period ARs are negatively related to firm-size and underwriter reputation, while positively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s technology depth as measured by R D intensity. However, during the months following the announcement the average three-month post announcement AR is 2.73 percent. The negative drift in stock prices appears to be mainly driven by the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s weak science and technology (less R D intensive), firms with high Book to Market (B/M) ratios and large firms. In explaining his findings the author proposes an à ¢Ã¢â€š ¬Ã…“expectation error hypothesisà ¢Ã¢â€š ¬?. According to this hypothesis it is hard for investors or even managers to precisely evaluate the economic value of innovations which in turn leads to the possibility of forming erroneous expectations. In high-tech industries the erroneous expectation is reflected in the investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s over-optimism towards high-tech firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s innovation news. Eventually, the stock prices adjust itself to reflect the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s fundamentals, especially its technology depth. The author attributes the observed evidence to the costly information required to value a high-tech firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s innovation. Prentice and Fox (2002) provide a comprehensive review of the merger and acquisition process while focusing on the distinctive characteristics of high-tech companies. They argue that technology mergers are different from traditional mergers because of the importance that must be placed on people and their ability to innovate. Targets must be evaluated on intangible assets such as intellectual property and human capital. At the same time managers need to consider the issues of retention, culture and integration strategy from the beginning of the merger process to ensure success. There are two studies that are most relevant to this research. The first one is by Kohers and Kohers (2000) who examine the value creation potential of 1,634 mergers in the various high-tech areas between 1987 and 1996. They find that acquirers of high-tech targets experience significantly positive Ars at the time of the merger announcement, regardless of whether the merger is financed with cash or stock. Othe r factors influencing bidder returns are the time period in which the merger occurs, the ownership structure of the acquirer, the ownership status of the target and the high-tech affiliation of acquirers. They conclude that the market appears to be optimistic about such mergers and expects that acquiring companies will enjoy future growth benefits. The second related study is also by Kohers and Kohers (2001) who examine the post-merger performance of acquirers that purchase high-tech targets in order to determine whether the high expectations regarding the future merits of these investments are actually justified. Their results indicate that compared to non acquirers, acquirers perform poorly over the three-year period following the high-tech takeover announcement. Furthermore, glamour bidders show significantly lower long-run ARs, while value bidders do not experience significant post-merger ARs. Also, glamour bidders with a higher risk of agency problems show even worse post-merger performance while institutional ownership in the acquiring firm has a positive influence on acquirer long run ARs. Overall, the authors conclude that the market tends to exhibit excessive enthusiasm toward the expected benefits of high-tech mergers but many of these benefits do not materialize. CHAPTER 3 HYPOTHESES, METHODOLOGY AND DATA SOURCES STATEMENT OF HYPOTHESES Previous research in the literature has generally found little financial benefit for the acquiring companies that were associated with occurrence of the acquisition activity (Rumelt, 1974; Ravenscraft and Scherer, 1987; Porter, 1987; and Kaplan and Weisbach, 1990). Consequently, the first and second questions for this study are focused using the single industry of semiconductors, are stated in the null hypothesis format. First, firm profitability growth rates are compared in two groups, one that does acquire and one that does not. Secondly, individual firm profitability growth is examined before and after an acquisition event looking for a change in growth rate that is significant. Hypothesis 1 (H1): There will be no significant difference in profitability growth when firms making acquisitions are compared to firms not making acquisitions in the high-tech sector. Hypothesis 2 (H2): Acquiring firms making acquisitions are expected to have no significant change in profitability growth before and after the acquisition event. The literature yields less empirical work in analyzing the relationship between merger and acquisition actions and the longevity of a corporation. Theory certainly recognizes the close link between competitive capability and company survival. For the high technology industry of semiconductors, high velocity innovation is a requirement for remaining competitive. Research questions three and four are also stated in the null hypothesis format. Company longevity, or survival rate in number of year, is compared in two groups also, where one group does acquire and one does not. Lastly, an individual firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s spending rate on R D is examined before and after an acquisition event looking for a significant change in the rate compared to the trend for the company. Hypothesis 3 (H3): Firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions. Hypothesis 4 (H4): A companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s R D intensity will show no significant change following the event of acquisition within this industry. SELECTION OF VARIABLES This research was conducted in a concentric approach by starting with one independent and one dependent variable initially to define the relationship and guide the next treatment in the study. As work continued, variables were selected and the methodology expanded to assess both within-subject and between-subject effects. The variables used in this study for Hypothesis 1 (H1) include profitability growth rate and a dummy variable to represent the presence or absence of the event of acquisition. The event of acquisition is represented by a dummy variable with a zero (0) representing no acquisition and with a one (1) representing an acquisition event. An acquisition event is identified by using a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s reported cash flows attributed to acquisition as stated in the Compustat database. The profitability growth rate is calculated from the total gross profit margin reported by year and cumulated over three years, then averaged to reduce fluctuations and facilitate identification of trends. The variables used for H2 analysis of profitability growth rate before and after an acquisition were the dummy variable for the presence of acquisition, the gross profit margin percentage (GPM %) calculated as a three (3) year cumulative average growth rate (CAGR) to smooth fluctuations and better identify a trend. This relationship was studied for three (3) years prior to the actual acquisition and five (5) years following the action. As the study progressed, a second dummy variable was used for company size to separate the effect of this independent variable as well. A repeated measures matrix was designed with two dummy independent variable as well. A repeated measures matrix was designed with two dummy independent variables, each with two levels and one dependent variable with repeated measures over nine years for a 2 x 2 x 9 repeated measures analysis using the SPPS software. The variables used for H3 analysis of acquisition relation to firm longevity were the acquisition dummy variable and the data from Compustat for the number of years that the company did financial reporting during the period of this study. H4 looks for the effects between acquisition and RD spending or intensity by using the acquisition dummy independent variable and R D intensity as the dependent variable. R D intensity is calculated using the R D expense reported as such by the companies and in the Compustat database. This Compustat item represents all costs incurred during the year that relate to the development of new products or services. This amount is only the company`s contribution and includes software and amortization of software costs and complies with Financial Accounting Standard Board (FASB) standards. This item excludes customer or government-sponsored research and development (including reimbursable indirect costs) and ordinary engineering expenses for routine, ongoing efforts to define, enrich, or improve the qualities of existing products. Methodology This study encompasses the time period of ten years from 1990-2000, inclusive. Semiconductor companies were selected as an entire group according to their NAICS/SIC codes. Using the Standard Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Compustat database, there are 153 semiconductor companies included that were identified as à ¢Ã¢â€š ¬Ã…“activeà ¢Ã¢â€š ¬? companies at the end of the calendar year 2000 by Compustat. These companies are listed in Appendix B. Active reporting for one year. Companies are designated as à ¢Ã¢â€š ¬Ã…“inactiveà ¢Ã¢â€š ¬? and reclassified in the Compustat database when it is no longer actively traded on a stock market exchange due to bankruptcy, becoming a private company, leveraged buyout or merging. The research effort started with analysis one independent variable and one dependent variable in order to initially establish what the relationship was that existed, if it was significant and how to proceed with analysis. Exploratory work on Hypothesis 1 showed that there was a statistically significant and positive correlation between acquisitions and gross profit margin (GMP) growth broadly over the decade which differs from prior research. Hypothesis 2 moves toward a more detailed analysis of this finding. Consequently, in this chronology of discovery, the next step presented in Section 4.2 look at one dependent variable of profit margin growth and two independent variables of company size and acquisition activity. 3-way ANNOVA and regression treatments of the data are conducted using the data analysis tool available under Microsoft Excel Software looking at individual years in the ten year study period. The results show significance again and suggest that other interactions betwe en variables would yield additional understanding. The next step in the research was set up to look at one dependent variable, again gross margin (GPM) growth, repeatedly measured over time for each subject or company was entered for the nine (9) years 1995-2000 inclusive to capture acquisition effects giving 2 x 2 x 9 repeated measures design. The two independent variables were used in the dummy format with non-acquires given a code zero à ¢Ã¢â€š ¬Ã…“0à ¢Ã¢â€š ¬? and acquires assigned at one (1). Company size was the second dummy variable with firms less than $100M in sales per year coded zero (0) and if greater than $100M in sales, assigned a one (1). The statistical analysis using a repeated measures design analyzed the variable interactions and their relationship to GPM growth using the SPSS software. These results are presented in Section 4.5 Repeated Measures Analysis that was done using SPSS software. Descriptive statistics were an important first treatment of the data sets created. This includes the values for the following parameters: mean, median, range variance, standard deviation, kurtosis, and skewness. This treatment looks at characteristics of the data and the degree of normal distribution. The 3-way ANOVA investigations and regression treatment of the data were initially done using the data analysis tool software available in Microsoft Excel. Generally, the data sets for this study vary somewhat from the classical normal distribution, but ANOVA and MANOVA (multivariate ANOVA) within a repeated measures analysis are considered robust to violations of the normal distribution assumption (Maxwell Dealney, 1990; Stevens, 1996) SPSS Advanced Models 11.0 software was used to create general linear models of the data and conduct analysis of variance (ANOVA), regression, and analysis of covariance (ANCOVA) for the multiple variables in this model with repeated measures. The factors or independent variables were used to divide the population of 153 active semiconductor companies into groups. There were two independent variables used that were designated as dummy variables. The first variable of acquisition separated companies that did complete acquisitions from those that did not complete acquisitions during the decade of study. The second variable grouped the companies by size of sales at the end of the decade by either greater than $100 million or less than $100 million. Then the general linear model procedure was used to test the four null hypotheses, as stated above, regarding the effects of the independent variables on the dependent variable of gross profit margin growth as a repeated measure over the perio d 1992-2000. The investigation included looking at interactions between factors as well as the individual factors and the effects and interactions of covariates. This model specifies the independent variables as covariates for regression analysis. The SPSS repeated measures model creates a matrix for the sums of squares due to the model effects, gives the approximate F statistics and estimates parameters in addition to testing hypotheses. When an F test shows significance, SPSS performs post hoc tests to evaluate the differences between the means. This yields a predicted mean value for the cells of the model. Analysis of variance (ANOVA) was applied to named variables to study the portion of variance in the each variable that could be identified as explained and unexpected with regard to the event of acquisition. A covariance tool was also used when looking at the variables described above such as acquisition occurrence, company size and profitability growth changes. This compares whether the two ranges of data move together à ¢Ã¢â€š ¬Ã¢â‚¬Å" that is, whether large values of one set were associated with large values of the other (positive covariance), whether small values of one set were associated with large values of the other (negative covariance), or whether values in both sets were unrelated (covariance near zero). DATA SOURCES Standard Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Compustat database was used for data collection in this research. The database contains fundamental financial, statistical and market data derived from publicity traded companies trading on the NYSE, NASDAQ, AMEX, OTC and Canadian stock exchanges. The calendar year for a company is the year in which the fiscal year ends and is the time period used as standard in this research. Companies with fiscal years ending in January through May are assigned by Compustant into the year in which the fiscal year begins. Companies with fiscal years that end in June through December are assigned to the year in which the fiscal year ends. The EDGAR (Electronic Data Gathering, Analysis and Retrieval) System database maintained by the United Stated Security and Exchange Commission (SEC) was also used. The EDGAR data is also collected from the same sources that are used to generate the Compustat database. Data from these controlled and verifiable sources were corroborated and augmented with information collected from semiconductor trade journals, company annual reports and the Mergers Acquisitions Journal that tracks statistics in this area. CHAPTER 4 RESULTS AND DISCUSSION HI à ¢Ã¢â€š ¬Ã¢â‚¬Å" ACQUISITON AND PROFITABILITY RELATIONSHIP A strong positive relationship was found to exist between the presence of acquisition activity and the growth in gross profit margin (GPM) by the end of the ten year study period. The statistical analysis is detailed below and is a departure from previous findings. This finding addresses the central question of this research endeavor to look for a relationship between acquisition events and profitability growth within the one industry of semiconductors. A positive financial effect is found and opens the path for additional analysis in this direction. Consequently, this information forms the foundation for the additional work presented in this research. ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON CHAPTER 5 CONCLUSION RESULT VERSUS HYPOTHESES The four hypotheses are stated again in Table 1 as a summary for ease of reference as results are discussed. Table 1. Statement of Hypotheses Summary Hypotheses 1 (Hi): There will be no significant difference in profitability growth when firms making acquisitions are compared to firms not making acquisitions in the chosen sector. Hypotheses 2 (H2): Firms making acquisitions are expected to have no significant change in profitability growth before and after the acquisition event. Hypotheses 3 (H3): Firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions. Hypotheses 4 (H4): A companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s RD intensity will show no significant change following the event of acquisition within this industry. Corporate acquisitions in general have studied by researchers for many years. The researchers cited in this paper examined a sampling of industries through different methods using a variety of approaches and variables. These studies, however, did not focus on one industry using a measure tied to one of the most central theoretical driving forces for the industry. This research successfully analyzed the variable of profitability growth rate over time to model and explores the relationship between the presence of acquisition events and company performance for the high technology industry of semiconductors. Perhaps the most important outcome is the consistently positive and significant relationship found between the event of acquisition and profitability growth. This result ties to the central question of this research that sought to explore this area in a high technology industry using a different methodology and approach. The principal result of this research finds significant positive growth in the financial measure of profitability for firms that complete acquisitions. This finding is different from prior research in which positive financial benefits for the acquiring firm has generally not been found. The sample set focuses on a single industry and allows the selection of variables that reflect the critical elements of the competitive environment. Using a slightly longer time period for the measurement also made it possible to smooth fluctuations and use the strength of a repeated measures statistical treatment. This suggests that other research questions may benefit from using this approach. This research uses the established data sets to further analyze these elements. The initial research question looked at what relationship existed between acquisitions and profitability growth within one industry, semiconductors. Hypotheses 1 (H1) states that there will be no significant differences in profitability levels when firms making acquisitions are compared to firms not making acquisitions in the chosen sector. This research found a statistically significant relationship between positive gross profit margin (GPM) growth and a company performing acquisitions in both ANOVA and regression tests, allowing the rejection of the null hypotheses. The strength of this relationship was tested and corroborated in the multivariate and repeated measures analysis with SPSS software. This clear finding stands out from previous where other dependent variables were chosen as the proxy measures for positive financial gain as a result of acquisition and the time periods generally were less than the decade as selected for this research. Previous measures included items such as stock price, return to shareholders, sales, and assets as a brief summary of the studies covered in more detail under chapter 2 , the Literature Review Section. Other studies sought to measure positive intrinsic organizational effects and outcome associated with acquisitions such as the number of patents created, number of new products, executive turn over, R D effectiveness and number of customers gained. These elements play an important role in the overall management and success of a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s actions and probably contribution to the degree of acquisition success, but this granularity is beyond the scope of this study. Hypotheses 2 (H2) states that firms making acquisitions are expected to have no significant change in profitability level before and after the acquisition event. This research found important statistically significant correlations between positive gross profit margin (GPM) growth over time and the independent variables of company size and whatever acquisitions were completed or not. Consequently, H2 can be rejected as the null hypothesis. The within and between-subjects effects were clearly strong and identified strategic time considerations also in the outcome from the multivariate and repeated measures analysis. Acquisitions bring a significant, positive profitability growth influence for both large and small companies. It is a clear disadvantage to be a non-acquirer in the semiconductor industry from a GPM standpoint over time. The additional importance of repeated acquisition is suggested by the data, but not included in this research. In the high velocity semiconductor industry, product life cycles average approximately 18 months. With the innovation cycle obviously spanning a slightly longer period, it appears that the three year mark post-acquisition is a key time for smaller companies. Perhaps because their internal resources in people or RD provide less absorption capability or smoothing than in larger companies (Burgelman, Christensen, Wheelwright, 2004). It is also expected that the interaction between internal RD, greenfields and regular acquisitions (Vermeucen Barkema, 2001; Sonenclar, 1984; Bradley Korn, 1981) would be an excellent area of study if limited to one industry for deeper understanding. Hypothesis 3 (H3) states, again using the null format, those firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions. The literature contains less empirical work looking at merger and acquisition actions and the longevity of a corporation. Theory certainly recognizes the close link between competitive capability and company survival. For the high technology industry of semiconductors, high velocity innovation is a requirement for remaining competitive (Burgelman, Christensen, Wheelwright, 2004; Thompson, Strickland, 1999; Porter, 1987). Here, firm survival rates are compared in two groups also, where one group does acquire and one does not. Again significance is found showing a positive relationship between longevity and being an acquirer in this industry allowing the rejection of H3. This relationship presents opportunities to separate out the causality aspect of whether companies survive longer because t hey acquire more often or whether they acquire more often as a consequence of being older. Again significance is found showing a positive relationship between longevity and being an acquirer in this industry. Longevity in this case reflects a sustainable strategic position and its linkage to acquisition presence can imply that this is an important part of remaining competitive. Surviving longer in a highly competitive situation usually means that a company is doing things better than the competition. A significant relationship is found for this industry between the activity of performing acquisitions and being in business longer. The recommendation can be made that semiconductor companies should consider acquisitions as part of their competitive strategy, certainly in cycle of growth for the industry. Hypothesis 4 (H4) states that a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s RD intensity will show no significant change following the event of acquisition within this industry. Here, an individual firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s spending rate measured as RD intensity is examined using the three (3) year average over the period 1998, 1999, 2000 and measured against the dummy variable of whether or not an acquisition occurred during the decade. The p value of 0.041 suggests an acceptable level significance, but comes from a distribution showing high kurtosis and the R2 value is lower at 0.028. Since targeting by specific industry is found to be significant, many studies and conclusions fro literature will benefit from this new examination. These results reopen the question of acquisition value measurement and study. The explanatory value of this multivariate model using repeated measures employs an application that is somewhat unique and present findings that call for additional research. INTERPRETATION OF RESUTLS The interpretation of these findings for four hypotheses presented is divergent from the body of previous studies which found no financial gain to the acquiring company. This empirical data analysis explored the link between acquisition activity and company profitability and longevity using the semiconductor industry as the initial testing grounds for this approach and methodology. Several potential relationship and interactions are examined including company size, calendar year, years before and after acquisition, longevity and relationship to the level of RD intensity. The use of dummy variables for company size and for whether an acquisition occurred or not improved the clarity for this research encompassing the semiconductor industry and its high velocity, high technology environment. The unique strength of this study arises from analyzing only one industry. The design of the study started with analyzing the driving forces for this industry in order to choose the most applicable dependent variable and independent variable. The selection was viewed as very important since the finding of financial gain from acquisitions has defied normal measures used in other research. The weakness of relying on a measure such as number of patents, as a measure of acquisitions success or innovation acceleration is that for semiconductors, some of the most vital knowledge is not patented, but held as trade secret and embodied in individual and organizational know-how. By comprehending the unique aspects of this industry and hypothesizing the possible impact and à ¢Ã¢â€š ¬Ã…“ripple-effectà ¢Ã¢â€š ¬? (from acquisition to innovation to new product to profitability), empirical focus was directed at profitability. By looking at GPM prior to and post acquisition, some of the elements of management and organization strengths or weaknesses can be noted in further analysis. If a company is managed poorly before completing an acquisition, this situation is anticipated to be reflected in the profit numbers and would be expected to experience less than optimal improvements post- acquisition. There are many ways that an organization can manifest strength and it can change over time. Managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s decisions impact whether an acquisition is done, with whom and when. By looking at the whole industry, this study sought to minimize the managerial issue and was looking for a general relationship. This was reflected in finding positive significance for both large and small companies, over time in a fairly large sampling of corporations. Nonetheless, knowledge can be further gained through research to look at the degree of success and the contributing factors as the next step. Because this is a complex situation in the real world with dynamic factors, it could be attempted to assign the results to random chance or a confounding factor. However, the positive, significant results are consistent and repeated. Since an entire industry was used over a period of ten years, it is difficult to expect that a confounding variable could have consistently impacted this many companies over this period of time. The argument could be offered that these positive results were occurring because the semiconductor industry was in a growth cycle. Although this industry id definitely a cyclical one, the trends that were discovered directed tied to the independent variables of size and acquisition event in this study. This period was chosen because of the positive cycle stage for its stability, the absence of overriding events and the richness of acquisition activity yielded available data. It should also be noted that not all companies demonstrated the same results, regardless of phase, and positive results were found regardless of company size or longevity.

Hate vs Fear Free Essays

Hate Vs Fear: â€Å"Fearing the unknown† Have you ever heard someone say â€Å"I hate this† or â€Å"I hate that†? Do you think they really hate that object, person or idea? Are they confusing hatred with fear? What exactly is fear? Fear is a distressing emotion aroused by impending danger, evil or pain, Whether or not the threat is real or imagined. What exactly is hate? Hate is to dislike intensely or passionately; feeling extreme aversion or extreme hostility toward; detest. Why is hate accepted in today’s culture? Saying a person hates something, someone or an idea is a lot easier for most people in today’s society, rather than saying they fear it. We will write a custom essay sample on Hate vs Fear or any similar topic only for you Order Now They do not have to explain themselves why exactly they â€Å"hate† something. It just is. We are taught from a young age to feel hostility or hatred towards opposing ideas, an example for a young child would be eating their vegetables. They don’t really hate eating them, they fear what they would taste like because they’re something new and taboo to a child. We fear the unknown and label that with hatred. Humans are quick to judge and fear the unknown. We may not admit it but we are plagued with xenophic tendencies. Hate creates a chain reaction that many people are not aware of but fall into quite often, with the end result always being fear. The reason for this chain reaction is lack of understanding and immediately gets the feeling of fear which leads to hate. The first reaction of hate is the act of attacking. People will attack a person or an idea through words or actions, â€Å"No one attacks without intent to hurt†. An example of a hate related attack could be directed towards homosexuals. They are given cruel names such as faggot or flamer, which is the attack. The chain reaction is then followed by guilt, guilt because you realize your attack was not logical, For example what if an adult made fun of homosexuals repeatedly only to find out that their own child is actually gay. They would then feel the heavy pressure of guilt. Fear is the end result in this chain reaction. People fear punishment and they fear that because they know their thoughts/actions were not right, for example a parent may fear the punishment of losing their child because of their attacks on something sensitive for the child. The end result of hate is always fear. When someone makes a choice to â€Å"hate† something, someone or an idea they’re really making a choice for fear. Hate makes people feel empowered, when they have the idea that they hate something instilled in their head it makes them feel higher than the object or idea they â€Å"hate† giving them the feeling of being a hierarchy. With the feeling of hate a person also feels stronger. In today’s society it is so much easier for one to say they hate a certain thing and leave it at that rather than have to explain themselves for the reasoning behind the hatred, people hide fear with hatred. As Lester B Pearson once said â€Å"Misunderstanding arising from ignorance breeds fear, and fear remains the greatest enemy of peace†. How to cite Hate vs Fear, Essay examples

Aspects of Oil and Gas Industry

Question: Discoveries of oil and gas generate much excitement and great effort is put into understanding technical, commercial and legal aspects of field development. In fact however the first challenges to governments are negotiation challenges. Examine and evaluate the key areas and features that governments should focus on during their negotiation process and in the drafting of contracts with the International Oil Companies? Answer: Introduction Oil and gas is one of the most essential resources of our society. Over the years, several emerging countries have emphasised towards the discovery of natural resource with the aim of ensuring the economic growth of the nation. In this regard, more specifically it can be stated that through emphasising towards the natural resources, several global petroleum and gas manufacturing organisations have generated energy. As an effect, economic development has been witnessed and wealth has been maximized for the global nations in terms of foreign earnings. On the other hand, growth of petroleum and gas industry has also ensured sustained economic development for a nation (Marful-Sau, 2009). According to the report of Lukoil (2013), it is revealed that petroleum and gas has been one of the most growing industries among the global market place. In this regard, more specifically it can be argued that over the years the petroleum and gas production has been increased at a rate of 1.2% annually (Lukoil, 2013). On the other hand, based on the report of Ernst Young (2014), it is identified that the consumption of petroleum and gas has been increasing approximately around 50% in every year. Thus, with the aim of ensuring the future prosperity, several governments have incorporated economic policies and legal aspects i.e. petroleum and gas industry (Ernst Young, 2014). In this assignment, the aim is to discover and analyse the commercial, technical and legal aspects of the petroleum and gas industry. Moreover, the study will also highlight the key aspects of the governments through which sustainability development can be ensured for the petroleum and gas industry. Additionally, the study will also try to examine as well as evaluate the key features of the legal aspects by which governments usually negotiate challenges during the international trade operation of oil and gas industry. Furthermore, this particular assignment will emphasise towards the factors by which international petroleum and gas manufacturing organisations can ensure their long term sustainability development. Impact of Petroleum and gas Industry over the Modern Era In order to highlight the impact of the petroleum and gas industry it is identified that the government of United Kingdom (UK) has extremely emphasised towards the environment planning related principles for ensuring the future growth of petroleum and gas industry. At the same time, through emphasising towards environment planning related principles governments of UK has also tried to ensure the balance of natural resource and ecology related aspects of the society. In this regard, based on the report of United Nations Environment Programme (UNEP) Industry and Environment (2015), it is identified that the government of UK as well as United States (US) have contributed their exclusive attention towards the execution of environment related programs with an objective of ensuring the growth of petroleum and gas industry within the globe. At the same time, through emphasising towards the legal framework, the governments of UK and US have also tried to ensure its statutory control over the global oil and gas industry (United Nations Environment Programme (UNEP) Industry and Environment, 2015). In this context, based on the report of Management of Ghana National Petroleum Corporation (2008), it is notified that through the assistance of constant supervising and monitoring, governments can execute the growth of petroleum and gas industry. At the same time, through incorporating qualitative measures outcome of the petroleum and gas industry can be developed significantly (Management of Ghana National Petroleum Corporation, 2008). Discussion In order to discuss the technical, commercial and legal aspects of the petroleum and gas industry; it can be claimed that petroleum and gas is one of the key aspects of modern society. In this context, it can be also argued that through ensuring the growth of petroleum and gas industry, global petroleum and gas manufacturing organisations can enhance the supply of energy towards the power industry. At the same time, it may also ensure the supply of fuel for transportation purpose. Moreover, through emphasising towards the technical, commercial and legal aspects of the petroleum and gas industry; it is also possible to ensure the resource of planning related aspects of minerals. Apart from this, through emphasising towards oil and gas industry; governments can ensure protection of water resources as well as emissions of pure air, which will lead positive impact towards the society in terms of health and safety related aspects. Additionally, it will also reduce the negative impact on t he society in terms of climate change related aspects (Department for Communities and Local Government, 2013). Based on the report of Swansea University (2015), it is identified that the government of UK has introduced a new legal constituent, which is named as Latin Legum Magister (LLM). In this regard, it can be argued that through emphasising towards the LLM, the government of UK has tried to ensure the protection of natural resource in a significant manner. Moreover, it can be stated that through emphasising towards the LLM related aspects, the government of UK has tried to establish conduct and ethics amid the petroleum and gas manufacturer during the practice of business operation. Simultaneously, through emphasising towards the LLM related aspects, the government of UK has tried to protect the waste of natural resource within the globe (Swansea University, 2015). In this context, the report of The University of Houston Law Center (2014), mentioned that through concentrating towards the LLM related aspects the government of UK has tried to ensure the protection of the intellectual prope rty rights. Additionally, it can be argued that through adopting LLM related aspects, the government of UK has tried to enrich the international trade and commerce operations within the petroleum and gas industry (The University of Houston Law Center, 2014). Based on the report of The University of Houston Law Center (2014), it is also identified that due to the presence of LLM features, modern petroleum and gas manufacturing organisations have witnessed greater profitability and success during the during international trade operations. At the same time, it is also revealed that the major stakeholders of the petroleum and gas industry have been benefitted in a significant manner due to the presence of LLM features. As an effect, it is revealed that during the business operations of petroleum and gas industry, the loyalty of the stakeholders such as federal governments, consumers, owners, investors and banks has been enhanced in a significant manner. The following discussion will highlight the legal aspects of the oil and gas industry within the globe (The University of Houston Law Center, 2014). Legal Aspects of Petroleum and Gas Industry In accordance with Soyer and Kurtz-Shefford (2014), it is notified that the government of UK as well as US has highly concentrated towards the contracts as well as liabilities of the petroleum and gas industry. In this regard, rationally it can be claimed that the governments of UK and US has tried to ensure the development of gas and petroleum projects within the globe by concentrating on its life cycle. Similarly, with an aim of ensuring the exploration and manufacturing of gas and petroleum, the governments of UK and US has emphasised towards the confidentiality agreements during the international trade operations. Additionally, through concentrating towards confidentiality agreements the governments of UK and US has also ensured the positive impact towards the society as well as environment in terms of natural resource and minerals. Moreover, existence of legal aspects i.e. oil and gas industry has assisted governments to negotiate with the threats and challenges within the indus try (Soyer and Kurtz-Shefford, 2014). Technical, Commercial and Legal Aspects of Petroleum and gas Industry According to the report of OPEC (2015), petroleum and gas industry is one of the most valuable industries within the globe. In this context, it can be stated that the petroleum and gas industry can influence the growth rate of a nation in terms of gross domestic product (GDP) and profitability. At the same time, the petroleum and gas industry may also create an impact on the economy and employment related aspects of a nation. Based on the report of OPEC (2015), it is also witnessed that the government of UK as well as US has highly concentrated towards the innovative and courageous approaches, which has enhanced the recognition of the petroleum and gas industry within the globe. On the other hand, through emphasising towards the technological aspects the government has enhanced the growth rate of the petroleum and gas industry in around the globe. Moreover, it can be also claimed that public and commercial legal aspects have also assisted global petroleum and gas manufacturing organi sations to enhance its operational efficiencies and reduce challenges during the international trade operations (OPEC, 2015). Moreover, it can be also claimed that the World Trade Organisation (WTO) has also provided their extensive attention for ensuring the development of petroleum and gas industry by reducing internal and external challenges during the international trade operations. On the other hand, it can be claimed that for enhancing the overall efficiency of the petroleum and gas industry, WTO has highly concentrated towards human rights and intellectual property rights related aspects, which may influence the overall performance of the international trade operations. At the same time, WTO has also introduced financing and licensing mechanism for ensuring the development of the petroleum and gas manufacturing related projects. In this context, Soyer and Kurtz-Shefford (2014) claimed that through ensuring intellectual property rights i.e. natural resources and by enhancing human rights, the governments of UK and US has enriched overall competencies of the oil and gas industry (Soyer and Kurtz-Sheffo rd, 2014). Practice of Law On the other hand, with the aim of ensuring the practice of law, the governments of UK and US has highly concentrated towards the commercial aspects of the petroleum and gas industry. At the same time, the governments have also provided their higher attention for ensuring the relationship between international traders, by establishing major contracts between worldwide nations. Apart from this, the governments of UK and US has also emphasised towards the negotiable bills of lading for establishing better trade relations within the globe. In this context, the governments have also engaged tankers and ships for enhancing business performance within the petroleum and gas industry. As an effect, it is identified that through the assistance of tankers and ships the governments of UK and US has reduced international trade barriers and also minimize trade and commerce related challenges i.e. petroleum and gas industry. In this regard, Williams (2014) argued that the governments of UK and US have concentrated towards the economic policy and international trade related laws for ensuring the overall growth of the oil and gas industry. As an effect, it is identified that the overall treat of the global warming has been reduced in manner. Simultaneously, carbon (CO2) emission and chances of substance dangerous gases such as sulphur and nitrogen compounds have been reduced in an effective manner, which has ensured the balance of socio-environment in terms ecological as well as atmosphere related aspects (Williams, 2014). Insurance Law In accordance with Soyer (2014), indemnity of ships and tankers is one of the key aspects i.e. international trades. In this context, more specifically it can be argued that through concentrating towards the insurance law, governments can ensure the recovery of losses during the disaster conditions such as tsunami, store and earthquake among others. Thus, it can be claimed that through emphasising towards the insurance laws it is possible to ensure the relevance of international business operations. At the same time, through adoption of insurance laws, the governments of UK and US have enhanced the efficiency of overseas business operations and it has also reduced international trade related challenges. Additionally, it can be argued that through emphasising towards the trade related laws, governments can enhance the future prosperity of oil and gas industry (Soyer, 2014). International Trade Law Based on the viewpoint of Tettenborn (2014), international trade law is one of the key aspects through which global petroleum and gas manufactures can enhance the overall business efficiency and outcome of the business operations within the industry. Moreover, Tettenborn (2014) claimed that through emphasising towards international trade laws, it is possible to maintain the structure and operations of the international trade. Simultaneously, by concentrating on the international trade laws it is possible to develop the capital improvement plan (CIP). At the same time, through establishing adequate international trade laws it is possible to maintain the cost, insurance and freight (CIF) contracts of the petroleum and gas manufacturer. Additionally, proper international trade laws always emphasise towards the free on board (FOB) i.e. of international trade operations of petroleum and gas manufacturer. Thus, it can be evidently stated that adequate international trade laws can assist oi l and gas manufacturers to minimize the international trade obligations i.e. buyers and sellers (Kerr, 2007). In this context, it can be stated that over the years, International Chamber of Commerce (ICC) has provided their higher attention towards the international trade laws with the aim of enhancing the international trade relations amid global nations. Moreover, ICC had concentrated on adequate international trade laws, with an aim of minimizing the trade risk involvement. On the other hand, through emphasising towards the international trade laws, it is also possible to reduce the chances of breach of contract during petroleum and gas trade operations. Consequently, through concentrating on the international trade laws, it is possible to ensure the authenticity of the bill of lading, insurance of transit goods and genuineness of the trade transport documents, which may conforms the protection of law i.e. international trading (Tettenborn, 2014). International Litigation and Arbitration According to the view point of Leloudas and Wen (2014) international litigation and arbitration is one of the foremost challenges for the global petroleum and gas manufacturing organisations. In this context, it can be argued that that international litigation and arbitration can obstruct the overall business performance for an organisation. At the same time, it may also influence several challenges for a nation in terms of economic and financial aspects. In this regard, the governments of UK and US have highly emphasised towards the factors through which it is possible to resolve the challenges of the governments in terms of international litigation and arbitration (Leloudas and Wen, 2014). Thus, ICC had paid extensive attention towards the judicial and arbitration structures with an objective of reducing the international trade disputes during the trade and commercial operations. In this context, it can be evidently stated that through incorporating special international laws, the governments of UK and US have addressed international litigation and arbitration i.e. oil and gas industry (Likosky, 2005). Law and Practice in International Banking and Commercial Payments According to the viewpoint of Toth, (2006), during the practice of international trade operation within the petroleum and gas industry, it is highly essential for the organisations to incorporate international banking and commercial payments mechanism for ensuring effective outcome of the business process. In this context, it can be stated that through emphasising towards banking and commercial payments mechanism, it is possible to reduce discrepancy in terms of cash payments. At the same time, it may also reduce obligation of the buyers in terms of documentary credits and bills of exchange. Moreover, it may also ensure integrated international payments for the oil and gas industry (Toth, 2006). Analysis and Evaluation Based on the above discussion, it can be stated that technical, commercial and legal aspects is one of the most essential factors, through which global petroleum and gas manufacturing organisations can enhance their operational efficiency and also can ensure the authenticity and reliability of the business operations. Simultaneously, it is also revealed that the governments of UK and US have emphasised towards consultation and disclosure of the international trade related information with an objective of enhancing the quality of business operations (Likosky, 2006). Moreover, the governments have also emphasised towards the employment, utility and infrastructure related aspects with an aim of ensuring smooth execution of trade operations within the petroleum and gas industry. Additionally, the governments have paid more attention towards health and community related aspects for establishing positive relations with the stakeholders of the oil and gas manufacturer (Department for Commun ities and Local Government, 2013). Conclusion From the above discussion, it is revealed that most of the emerging countries governments have incorporated legal aspects along with technical and commercial aspects, with an aim of enhancing the operational efficiency of the petroleum and gas industry. At the same time, through concentrating on legal aspects, the governments of UK and US have enhancing the ability of negotiating challenges during the international trade operations. Thus, in order to conclude the topic, it can be evidently stated that adequate legal aspects may improve future prosperity oil and gas industry. References List Marful-Sau, S., 2009. Is Ghana Prepared to Manage The Potential Environmental Challenges of an Oil and Gas Industry?. 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