Private Schools Vs Public Schools - 1723 Words

When people think of private schools they often think of a quality of education that cannot be found in a public school. Private school education is thought of to be so thorough and innovative that public vouchers are given to individuals just to attend. Many parents could rest easier at night if their kids could attend private school because for generations it has been drilled into the psyche of many that going to private school is a sure way to have a good future. In actuality however, private schools are not all they are cracked up to be. If more people knew the raw facts about private schools the adage that private school is more beneficial than public school would be considered null and void. Private schools underperform public schools academically, have a tendency to be less diverse, and are autonomous. One thing parents do before they enroll their child into a private school is look through all the school’s information to see if their child will fit into the demographic which eventually will cause a lack of diversity. The lack of diversity in private schools is not good. Attending a school without a diverse body of students does not prepare a child for life and adulthood in a diverse society. In the real world no one can choose the composition of the people that live in their society, so putting a child in a school where the demographics are carefully chosen is pointless because school is suppose to prepare children for adulthood. When discussing diversity ofShow MoreRelatedPrivate Schools Vs. Public Schools1406 Words   |  6 Pagesthat private school is more expensive than public school, but has it ever occurred to you why it is like this? Private schools are not just trying to take your money, they are just trying to provide a quality education, without the government funding that public schools get. The tuition money goes to very important things; high quality teachers, better resources and the overall quality and stability of the institutio n. It is true that private school tuition is expensive, but private schools haveRead MorePrivate Schools Vs Public Schools1428 Words   |  6 Pagesstudy in private schools, which almost represents the fifth of students in Saudi Arabia. Although a lot of families prefer to make their children study in private school, that does not mean they are completely satisfied about the schools’ quality and their children’ achievement (Al-Hagbani, 2013). Nevertheless, they still enroll their children in private schools, believing they will benefit more from studying in private schools than public schools. In addition, some parents believe that private schoolsRead MorePrivate Schools Vs Public Schools1207 Words   |  5 PagesAn Introduction of the Topic Private schools differ from public schools for many different reasons. The major difference is that the government, unlike private schools that are privately funded, funds public schools. Another difference would be that the private schools have more flexibility on what they can teach because the government does not fund them. One other difference that is very prevalent is the social goals of schooling. This topic is a very important issue that many parents struggle withRead MorePrivate Schools Vs. Public Schools998 Words   |  4 Pagesnation. People today might say that private schools are superior to public schools, saying that they are safer and a better environment to learn in. Some might say that a private school is a way of sheltering your child and not letting them experience opportunities and face many problems to learn from. There are many positives and negatives to both sides; it mainly depends on whom you are talking to. Some parents might want their child to go to a pri vate school because the class size is smaller andRead MorePublic Schools vs. Private Schools1027 Words   |  4 Pagesare things to consider before choosing to send your child to a public school or private school. Perhaps doing so would be much easier if you would take the time to research the differences between the two. Public schools are better than private schools because of the diversity, funding and extracurricular activities available. Eileen Gale Kugler, a national advocate for diverse schools, wrote an article about how the diversity in schools makes academic and social improvements. She recalls a memoryRead More Private Schools vs. Public Schools870 Words   |  4 PagesChoosing between a public or a private school for one’s education is as important as deciding where to invest one’s hard-earned money—the consequences influence one’s life forever. In the United States, it is the law for every child to be educated. However, the decision as to where to go for one’s education is up to each individual. There is a great deal of debate as to which is the better option: for-profit private schools or one’s local public school. Ultimately, the decision is made regardingRead MorePrivate Schools vs. Public Schools 1081 Words   |  5 PagesHave you ever attended a private institution? What was your experience like? Think back and compare it to your ideal public school, which on e happens to pale in comparison? Public schools, which are controlled by the government, and heavily influenced, by politicians and privateers, hurt your children, not allowing them to reap the full benefits of their growing mind. â€Å"Our schools have been scientifically designed to prevent over-education from happening. The average American [should be] contentRead MorePrivate School Vs. Public School1254 Words   |  6 PagesThesis: Private school students are more likely to have a better viewpoint in learning, a firm stance in education, and will be more successful in colleges than of public school students. I. Introduction A. Attention Getter: According to NCES data, 88 percent of private high school students apply to college, compared to 57 percent of public high school students. Every day parents contemplate whether to send their children to private or public school. There are many dangers that come with public schoolRead MorePrivate Schools Vs Public Schools921 Words   |  4 Pageschild’s education, parents want the best the school has to offer their children. Parents want a prosperous future for their child which is not only health, but a well-educated one. Education is of the utmost importance especially because it will impact the child the most in the long run. Private schools offer ample education opportunities. There are some factors to consider when choose a private school education over a public one. Many times, the private schools are religious are having certain beliefsRead MorePublic Schools Vs. Private Schools1638 Words   |  7 Pageshaving children many parents question which school system is better suited for their kids and which aspect is more important, convenience or quality education? Some people believe the public schools provide the same education but at a lower cost. Tooley, Dixon, and Gomathi state â€Å"many assume that private education is concerned only with serving the privileged, so is irrelevant to concerns about extending access to the poor.† Although there are some private schools that are expensive, most are affordable

Learning From Mistakes The Pact and The Gridiron Gang Essay

It is human nature for everybody to make mistakes. Some mistakes are as little as a typo that can simply be whited out and corrected. Some as big as infidelity in a relationship. Some mistakes are easily forgiven and others not so much. But there is one thing for sure, if mistakes are never made, a person will never know their true purpose in life. Now of course most mistakes you will have to pay for but, every great person has made some sort of mistake to get them where they are now. Every mistake in life is a lesson that contributes to making people successful. The Pact is about three young men (Sampson Davis, George Jenkins and Rameck Hunt) growing up on the streets of Newark, New Jersey around the 1980’s and follows them up until†¦show more content†¦After being straight defiant, he picked the slab up and it immediately dropped on his foot, breaking every bone is his foot. As he sat in the hospital room, looking at the x-rays of his bones, he began to ask the doc tor all kinds of questions about the formation of the bones and the ways they could be broken and so on. It was there with his broken foot that he realized that he wanted to be a doctor, and from that moment on he lived his life chasing the dream of being a doctor. Had he never dropped the slab and not listened to his brother, he would not have realized his life dream The Movie The Gridiron Gang is about a group of Compton teenage boys, who have all been convicted of felonious crimes. The crimes range from murder, to drug dealing, to armed robbery and everything in between. All of the boys have been sent to Kilpatrick Detention Center, Where Sean Porter and Malcolm Moore are the overseers. Sean is a former football star, so he believes that bringing a football team to the detention center will teach the boys some unity and discipline. Mr. Porter’s supervisors are very reluctant to let the program be started because after all, they are a group of convicts. After a while of begging, Sean is allowed to start the football team. At first many of the boys are reluctant to play. Most of them are from rival gangs and rival neighborhoods and refuse to be on the

The Twilight Saga 4 Breaking Dawn 31. Talented Free Essays

string(77) " product of good preparation – focus and attitude,he’d declared\." â€Å"What is the werewolves’ part in this?† Tanya asked then, eyeing Jacob. Jacob spoke before Edward could answer. â€Å"If the Volturi won’t stop to listen about Nessie, I mean Renesmee,† he corrected himself, remembering that Tanya would not understand his stupid nickname, â€Å"we will stop them. We will write a custom essay sample on The Twilight Saga 4: Breaking Dawn 31. Talented or any similar topic only for you Order Now † â€Å"Very brave, child, but that would be impossible for more experienced fighters than you are.† â€Å"You don’t know what we can do.† Tanya shrugged. â€Å"It is your own life, certainly, to spend as you choose.† Jacob’s eyes flickered to Renesmee – still in Carmen’s arms with Kate hovering over them – and it was easy to read the longing in them. â€Å"She is special, that little one,† Tanya mused. â€Å"Hard to resist.† â€Å"A very talented family,† Eleazar murmured as he paced. His tempo was increasing; he flashed from the door to Carmen and back again every second. â€Å"A mind reader for a father, a shield for a mother, and then whatever magic this extraordinary child has bewitched us with. I wonder if there is a name for what she does, or if it is the norm for a vampire hybrid. As if such a thing could ever be considered normal! A vampire hybrid, indeed!† â€Å"Excuse me,† Edward said in a stunned voice. He reached out and caught Eleazar’s shoulder as he was about to turn again for the door. â€Å"What did you just call my wife?† Eleazar looked at Edward curiously, his manic pacing forgotten for the moment. â€Å"A shield, I think. She’s blocking me now, so I can’t be sure.† I stared at Eleazar, my brows furrowing in confusion. Shield? What did he mean about my blocking him? I was standing right here beside him, not defensive in any way. â€Å"A shield?† Edward repeated, bewildered. â€Å"Come now, Edward! If I can’t get a read on her, I doubt you can, either. Can you hear her thoughts right now?† Eleazar asked. â€Å"No,† Edward murmured. â€Å"But I’ve never been able to do that. Even when she was human.† â€Å"Never?† Eleazar blinked. â€Å"Interesting. That would indicate a rather powerful latent talent, if it was manifesting so clearly even before the transformation. I can’t feel a way through her shield to get a sense of it at all. Yet she must be raw still – she’s only a few months old.† The look he gave Edward now was almost exasperated. â€Å"And apparently completely unaware of what she’s doing. Totally unconscious. Ironic. Aro sent me all over the world searching for such anomalies, and you simply stumble across it by accident and don’t even realize what you have.† Eleazar shook his head in disbelief. I frowned. â€Å"What are you talking about? How can I be a shield? What does that even mean?† All I could picture in my head was a ridiculous medieval suit of armor. Eleazar leaned his head to one side as he examined me. â€Å"I suppose we were overly formal about it in the guard. In truth, categorizing talents is a subjective, haphazard business; every talent is unique, never exactly the same thing twice. But you, Bella, are fairly easy to classify. Talents that are purely defensive, that protect some aspect of the bearer, are always called shields. Have you ever tested your abilities? Blocked anyone besides me and your mate?† It took me few seconds, despite how quickly my new brain worked, to organize my answer. â€Å"It only works with certain things,† I told him. â€Å"My head is sort of†¦ private. But it doesn’t stop Jasper from being able to mess with my mood or Alice from seeing my future.† â€Å"Purely a mental defense.† Eleazar nodded to himself. â€Å"Limited, but strong.† â€Å"Aro couldn’t hear her,† Edward interjected. â€Å"Though she was human when they met.† Eleazar’s eyes widened. â€Å"Jane tried to hurt me, but she couldn’t,† I said. â€Å"Edward thinks Demetri can’t find me, and that Alec can’t bother me, either. Is that good?† Eleazar, still gaping, nodded. â€Å"Quite.† â€Å"A shield!† Edward said, deep satisfaction saturating his tone. â€Å"I never thought of it that way. The only one I’ve ever met before was Renata, and what she did was so different.† Eleazar had recovered slightly. â€Å"Yes, no talent ever manifests in precisely the same way, because no one ever thinks in exactly the same way.† â€Å"Who’s Renata? What does she do?† I asked. Renesmee was interested, too, leaning away from Carmen so that she could see around Kate. â€Å"Renata is Aro’s personal bodyguard,† Eleazar told me. â€Å"A very practical kind of shield, and a very strong one.† I vaguely remembered a small crowd of vampires hovering close to Aro in his macabre tower, some male, some female. I couldn’t remember the women’s faces in the uncomfortable, terrifying memory. One must have been Renata. â€Å"I wonder†¦,† Eleazar mused. â€Å"You see, Renata is a powerful shield against a physical attack. If someone approaches her – or Aro, as she is always close beside him in a hostile situation – they find themselves†¦ diverted. There’s a force around her that repels, though it’s almost unnoticeable. You simply find yourself going a different direction than you planned, with a confused memory as to why you wanted to go that other way in the first place. She can project her shield several meters out from herself. She also protects Caius and Marcus, too, when they have a need, but Aro is her priority. â€Å"What she does isn’t actually physical, though. Like the vast majority of our gifts, it takes place inside the mind. If she tried to keep you back, I wonder who would win?† He shook his head. â€Å"I’ve never heard of Aro’s or Jane’s gifts being thwarted.† â€Å"Momma, you’re special,† Renesmee told me without any surprise, like she was commenting on the color of my clothes. I felt disoriented. Didn’t I already know my gift? I had my super-self-control that had allowed me to skip right over the horrifying newborn year. Vampires only had one extra ability at most, right? Or had Edward been correct in the beginning? Before Carlisle had suggested that my self-control could be something beyond the natural, Edward had thought my restraint was just a product of good preparation – focus and attitude,he’d declared. You read "The Twilight Saga 4: Breaking Dawn 31. Talented" in category "Essay examples" Which one had been right? Was there more I could do? A name and a category for what I was? â€Å"Can you project?† Kate asked interestedly. â€Å"Project?† I asked. â€Å"Push it out from yourself,† Kate explained. â€Å"Shield someone besides yourself.† â€Å"I don’t know. I’ve never tried. I didn’t know I should do that.† â€Å"Oh, you might not be able to,† Kate said quickly. â€Å"Heavens knows I’ve been working on it for centuries and the best I can do is run a current over my skin.† I stared at her, mystified. â€Å"Kate’s got an offensive skill,† Edward said. â€Å"Sort of like Jane.† I flinched away from Kate automatically, and she laughed. â€Å"I’m not sadistic about it,† she assured me. â€Å"It’s just something that comes in handy during a fight.† Kate’s words were sinking in, beginning to make connections in my mind. Shield someone besides yourself she’d said. As if there were some way for me to include another person in my strange, quirky silent head. I remembered Edward cringing on the ancient stones of the Volturi castle turret. Though this was a human memory, it was sharper, more painful than most of the others – like it had been branded into the tissues of my brain. What if I could stop that from happening ever again? What if I could protect him? Protect Renesmee? What if there was even the faintest glimmer of a possibility that I could shield them, too? â€Å"You have to teach me what to do!† I insisted, unthinkingly grabbing Kate’s arm. â€Å"You have to show me how!† Kate winced at my grip. â€Å"Maybe – if you stop trying to crush my radius.† â€Å"Oops! Sorry!† â€Å"You’re shielding, all right,† Kate said. â€Å"That move should have about shocked your arm off. You didn’t feel anything just now?† â€Å"That wasn’t really necessary, Kate. She didn’t mean any harm,† Edward muttered under his breath. Neither of us paid attention to him. â€Å"No, I didn’t feel anything. Were you doing your electric current thing?† â€Å"I was. Hmm. I’ve never met anyone who couldn’t feel it, immortal or otherwise.† â€Å"You said you project it? On your skin?† Kate nodded. â€Å"It used to be just in my palms. Kind of like Aro.† â€Å"Or Renesmee,† Edward interjected. â€Å"But after a lot of practice, I can radiate the current all over my body. It’s a good defense. Anyone who tries to touch me drops like a human that’s been Tasered. It only downs him for a second, but that’s long enough.† I was only half-listening to Kate, my thoughts racing around the idea that I might be able to protect my little family if I could just learn fast enough. I wished fervently that I might be good at this projecting thing, too, like I was somehow mysteriously good at all the other aspects of being a vampire. My human life had not prepared me for things that came naturally, and I couldn’t make myself trust this aptitude to last. It felt like I had never wanted anything so badly before this; to be able to protect what I loved. Because I was so preoccupied, I didn’t notice the silent exchange going on between Edward and Eleazar until it became a spoken conversation. â€Å"Can you think of even one exception, though?† Edward asked. I looked over to make sense of his comment and realized that everyone else was already staring at the two men. They were leaning toward each other intently, Edward’s expression tight with suspicion, Eleazar’s unhappy and reluctant. â€Å"I don’t want to think of them that way,† Eleazar said through his teeth. I was surprised at the sudden change in the atmosphere. â€Å"If you’re right – ,† Eleazar began again. Edward cut him off. â€Å"The thought was yours, not mine.† â€Å"If I’m right†¦ I can’t even grasp what that would mean. It would change everything about the world we’ve created. It would change the meaning of my life. What I have been a part of.† â€Å"Your intentions were always the best, Eleazar.† â€Å"Would that even matter? What have I done? How many lives †¦Ã¢â‚¬  Tanya put her hand on Eleazar’s shoulder in a comforting gesture. â€Å"What did we miss, my friend? I want to know so that I can argue with these thoughts. You’ve never done anything worth castigating yourself this way.† â€Å"Oh, haven’t I?† Eleazar muttered. Then he shrugged out from under her hand and began his pacing again, faster even than before. Tanya watched him for half a second and then focused on Edward. â€Å"Explain.† Edward nodded, his tense eyes following Eleazar as he spoke. â€Å"He was trying to understand why so many of the Volturi would come to punish us. It’s not the way they do things. Certainly, we are the biggest mature coven they’ve dealt with, but in the past other covens have joined to protect themselves, and they never presented much of a challenge despite their numbers. We are more closely bonded, and that’s a factor, but not a huge one. â€Å"He was remembering other times that covens have been punished, for one thing or the other, and a pattern occurred to him. It was a pattern that the rest of the guard would never have noticed, since Eleazar was the one passing the pertinent intelligence privately to Aro. A pattern that only repeated every other century or so.† â€Å"What was this pattern?† Carmen asked, watching Eleazar as Edward was. â€Å"Aro does not often personally attend a punishing expedition,† Edward said. â€Å"But in the past, when Aro wanted something in particular, it was never long before evidence turned up proving that this coven or that coven had committed some unpardonable crime. The ancients would decide to go along to watch the guard administer justice. And then, once the coven was all but destroyed, Aro would grant a pardon to one member whose thoughts, he would claim, were particularly repentant. Always, it would turn out that this vampire had the gift Aro had admired. Always, this person was given a place with the guard. The gifted vampire was won over quickly, always so grateful for the honor. There were no exceptions.† â€Å"It must be a heady thing to be chosen,† Kate suggested. â€Å"Ha!† Eleazar snarled, still in motion. â€Å"There is one among the guard,† Edward said, explaining Eleazar’s angry reaction. â€Å"Her name is Chelsea. She has influence over the emotional ties between people. She can both loosen and secure these ties. She could make someone feel bonded to the Volturi, to want to belong, to want to please them___† Eleazar came to an abrupt halt. â€Å"We all understood why Chelsea was important. In a fight, if we could separate allegiances between allied covens, we could defeat them that much more easily. If we could distance the innocent members of a coven emotionally from the guilty, justice could be done without unnecessary brutality – the guilty could be punished without interference, and the innocent could be spared. Otherwise, it was impossible to keep the coven from fighting as a whole. So Chelsea would break the ties that bound them together. It seemed a great kindness to me, evidence of Aro’s mercy. I did suspect that Chelsea kept our own band more tightly knit, but that, too, was a good thing. It made us more effective. It helped us coexist more easily.† This clarified old memories for me. It had not made sense to me before how the guard obeyed their masters so gladly, with almost lover-like devotion. â€Å"How strong is her gift?† Tanya asked with an edge to her voice. Her gaze quickly touched on each member of her family. Eleazar shrugged. â€Å"I was able to leave with Carmen.† And then he shook his head. â€Å"But anything weaker than the bond between partners is in danger. In a normal coven, at least. Those are weaker bonds than those in our family, though. Abstaining from human blood makes us more civilized – lets us form true bonds of love. I doubt she could turn our allegiances, Tanya.† Tanya nodded, seeming reassured, while Eleazar continued with his analysis. â€Å"I could only think that the reason Aro had decided to come himself, to bring so many with him, is because his goal is not punishment but acquisition,† Eleazar said. â€Å"He needs to be there to control the situation. But he needs the entire guard for protection from such a large, gifted coven. On the other hand, that leaves the other ancients unprotected in Volterra. Too risky – someone might try to take advantage. So they all come together. How else could he be sure to preserve the gifts that he wants? He must want them very badly,† Eleazar mused. Edward’s voice was low as a breath. â€Å"From what I saw of his thoughts last spring, Aro’s never wanted anything more than he wants Alice.† I felt my mouth fall open, remembering the nightmarish pictures I had imagined long ago: Edward and Alice in black cloaks with bloodred eyes, their faces cold and remote as they stood close as shadows, Aro’s hands on theirs†¦. Had Alice seen this more recently? Had she seen Chelsea trying to strip away her love for us, to bind her to Aro and Caius and Marcus? â€Å"Is that why Alice left?† I asked, my voice breaking on her name. Edward put his hand against my cheek. â€Å"I think it must be. To keep Aro from gaining the thing he wants most of all. To keep her power out of his hands.† I heard Tanya and Kate murmuring in disturbed voices and remembered that they hadn’t known about Alice. â€Å"He wants you, too,† I whispered. Edward shrugged, his face suddenly a little too composed. â€Å"Not nearly as much. I can’t really give him anything more than he already has. And of course that’s dependent on his finding a way to force me to do his will. He knows me, and he knows how unlikely that is.† He raised one eyebrow sardonically. Eleazar frowned at Edward’s nonchalance. â€Å"He also knows your weaknesses,† Eleazar pointed out, and then he looked at me. â€Å"It’s nothing we need to discuss now,† Edward said quickly. Eleazar ignored the hint and continued. â€Å"He probably wants your mate, too, regardless. He must have been intrigued by a talent that could defy him in its human incarnation.† Edward was uncomfortable with this topic. I didn’t like it, either. If Aro wanted me to do something – anything – all he had to do was threaten Edward and I would comply. And vice versa. Was death the lesser concern? Was it really capture we should fear? Edward changed the subject. â€Å"I think the Volturi were waiting for this – for some pretext. They couldn’t know what form their excuse would come in, but the plan was already in place for when it did come. That’s why Alice saw their decision before Irina triggered it. The decision was already made, just waiting for the pretense of a justification.† â€Å"If the Volturi are abusing the trust all immortals have placed in them†¦,† Carmen murmured. â€Å"Does it matter?† Eleazar asked. â€Å"Who would believe it? And even if others could be convinced that the Volturi are exploiting their power, how would it make any difference? No one can stand against them.† â€Å"Though some of us are apparently insane enough to try,† Kate muttered. Edward shook his head. â€Å"You’re only here to witness, Kate. Whatever Aro’s goal, I don’t think he’s ready to tarnish the Volturi’s reputation for it. If we can take away his argument against us, he’ll be forced to leave us in peace.† â€Å"Of course,† Tanya murmured. No one looked convinced. For a few long minutes, nobody said anything. Then Iheard the sound of tires turning off the highway pavement onto the Cullens’ dirt drive. â€Å"Oh crap, Charlie,† I muttered. â€Å"Maybe the Denalis could hang out upstairs until – â€Å" â€Å"No,† Edward said in a distant voice. His eyes were far away, staring blankly at the door. â€Å"It’s not your father.† His gaze focused on me. â€Å"Alice sent Peter and Charlotte, afterall. Time to get ready for the next round.† How to cite The Twilight Saga 4: Breaking Dawn 31. Talented, Essay examples

Beam Deflection free essay sample

The purpose of this lab is to determine the flexural elastic modulus of a Parallam woodcomposite beam by examining its behavior when simply supported and under flexural stress, and to analyze deflection data using different least-squares methods to fit theoretical deflection curves. Theory: In theory, a beam’s deflection can be mapped by the governing equation of beam flexure: EI d2y/dx2 = M(x), where E is the elastic modulus, I is the second moment of inertia about the neutral axis of the beam (the value of which changes significantly according to orientation), y is deflection, and M(x) is bending moment in the beam. This equation requires that several assumptions be made about the beam: 1) Geometric Assumption: the beam must be a straight, prismatic member with at least one axis of symmetry. 2) Material assumption: the beam must be linear, elastic, isotropic, and homogeneous, and the modulus of elasticity in tension must equal the modulus of elasticity in compression. 3) Loading Assumption: the beam must be loaded in pure moment in a plane of symmetry. 2 4) Deformation Assumption: plane sections before bending must remain in plane after bending. Making these assumptions, we can apply the general equation for beam flexure to our experiment. Assuming we are using point loads or can model our setup with point loads, we can then use singularity functions to determine that the bending moment of the beam is: 2/3 P*x – P 1 Where P is the load applied with the UTM, L is the length of the beam, and x is the distance from the origin (defined as the end closest to the applied load). From this we get: M(x) = EI d2y/dx2 = 2/3 P*x – P 1 Taking an integral of both sides with respect to x yields: where c1 is a constant. Taking another derivative yields: where c2 is a constant. Rearranging we get: . EI dy/dx = P/3 * x2 – P/2 * 2 +c1 y * EI = P/9 * x3 – P/6 * 3 +c1x + c2 y = Px3/9EI – P/6EI * 3 +c1x/EI + c2/EI To solve for the constants we need to make two more assumptions: that when x=0 and when x=L there will be no deflection (i. e. y=0). Using these assumptions, we can plug into our previous equation and use algebra to determine that c1 = -5PL2/81 and that c2 = 0. This gives us: 3 y = P/EI (x3/9 3 /6 – 5L2x/81) This is the theoretical beam deflection equation for the lab. Then, to ease calculations, we make the previous equation non-dimensional by multiplying both sides by EI/PL3, which yields: yEI/PL3 = (x/L)3/9 3/6 – 5/81 (x/L) We define this dimensionless quantity as: (x/L)3/9 3/6 – 5/81 (x/L) = ! theoretical where: ! theoretical = f(x/L) Similarly, we define: ymeasured * EI/PL3 = ! measured. If the beam were to behave as a theoretical beam, then ! theoretical would equal ! measured. E is defined as the slope of the stress-strain curve in the elastic region. However, there is no perfect way to measure stress and strain in the loaded beam. As a result, to determine E one must make some assumptions. For methods one and two the assumption made is that ! theoretical = ! measured. This is done because ! measured can only be calculated if the value of E is known (if E is unknown, then the equation ymeasured * EI/PL3 = ! measured has two unknowns and is thus unsolvable). For method one this assumption is used to write this equation: f(x/L) = E (I ymeasured/PL3). Manipulating this equation gives an equation in the form: P = E (I ymeasured/f(x/L)L3) 4 This equation is in the form of y=mx, the form of a line. Thus, if it is plotted P versus (I ymeasured/f(x/L)L3) then the slope of the line will be E. In method two, the same assumption is made, resulting in the formula: E = f(x/L)PL3/ ymeasuredI From this formula E can be calculated on a point by point basis and then the values can be averaged. Method three approaches the problem in a different way. Instead of assuming that ! theoretical = ! measured, a new quantity V was defined as: V = ! theoretical ! measured Then we make a guess for the E value and solve for the rms error, defined as: rms = sqr(1/n * sum(V2)) here V represents the difference between theoretical and measured deflection for every data point at a certain E value, and n is the total number of V values (5 loads * 4 locations = n = 20). The rms error is then plotted against the many guessed E values, and the point on the graph where the rms error is minimized is determined to best the best value of E for method three. 5 Procedure: In the lab, we tested a simply supported Pa rallam beam (nominal dimensions: 4 by 10) in two orientations while loaded in flexural stress from the UTM (setup shown in figure 1). The beam’s dimensions were 100 inches span by 3. 50 inches thick by 9. 46 inches deep. Our two orientations were with the 9. 46 inch side vertical (the ‘upright’ orientation) and then with the 9. 46 inch side horizontal (the ‘flat’ orientation). For each orientation, we applied an approximate point load by placing a roller between the UTM and the beam at the point L/3 on the span. (In fact, as the roller comes into contact with a small area of the beam and not a single point, 6 describing it as a ‘point load’ is not quite accurate. We applied the load in five increments: 240, 480, 720, 960, and 1200 psi. At each of the load increments, we measured deflection at three points: L/4, L/2, and 3L/4 (the UTM recorded deflection at L/3). We also observed the deflection and the location of maximum deflection, and calculated values of I (the second moment of inertia) for each orientation. Outside of lab, we used three methods to determine E. As di scussed in the theory, method one consisted of plotting the load P (lb) versus the quantity Iymeasured/f(x/L)L3 (in2). The slope of this graph was the first value for E. Both Matlab and KaleidaGraph were used in this process. Utilizing the same theory as method one, method two used the equation E = f(x/L)PL3/ Iymeasured to solve for E for each individual point with each load. The resulting values of E were then averaged to determine the best value of E for method two. The average was found using Matlab and the error using KaleidaGraph. Method three (also as discussed in the theory section) plots rms error against many guessed E values. The best value of E (for method three) was found by determining where the rms error was minimized. This process was done entirely in Matlab. 7 Results: E: Upright Orientation Units Method One Method Two Method Three E: Flat Orientation 10 ksi 103 ksi 3 0. 981 Â ± 0. 100 1. 253 Â ± 0. 198 1. 065 Â ± 0. 247 1. 880 Â ± 0. 046 2. 080 Â ± 0. 083 1. 881 Â ± 0. 106 Discussion: The values of E that we determined for each orientation were very close in value. The values for the upright beam all fall within error of each other, while for the flat orientation one value (while still very close) was just outside of the error of the other two, which are nearly identical. Error in our values comes partially from universal measurement error, and from flaws and inconsistencies in the beam (i. e. , a non-isotropic and non-homogeneous beam); these types of error have a global influence on our results. Other major sources of error are method-specific. In method one, there is error from fitting a line to a set of data that is not precisely linear. As a result, we took our method one values from Kaleidagraph, which is more specifically graphing software and which provides a curve fitting error. We also used Matlab values as a check of accuracy. In method two, error came from the variance in the E value of each data point. For this method, we used Kaleidagraph simply to determine error (having calculated the values in 8 Matlab), taking the standard deviation as representative of the variance. In method three, error comes from the lack of a perfect fit of a deflection graph to our data; our E value minimized the error between predicted and actual deflection, which was then represented as rms error. In all of the methods, we weighted each data point equally (this will be discussed more thoroughly later in this section). Interesting to note is the difference in the value of E for each orientation. This is partially a result of the composition of the beam, as, upon inspection, the grain of the wood is pronouncedly evident (see Appendix F). We expect the material that the beam is composed of to behave more rigidly when loaded to parallel the grain (in the upright position), and to bend more easily when loaded perpendicular to the grain (in the flat position). The grain of the wood is largely the result of the beam’s construction, as it is fabricated from strips of wood bound with glue and pressed until formed: this method of construction results in a major difference in stiffness, according to orientation. However, although the material does perform more rigidly according to grain orientation, the difference in the value of I made a more significant impact on our final values of E and, thus, the beam behaved more rigidly in the flat orientation, where the I value was significantly smaller. Another point of interest was the location-specific variation in E: upon examination of the graph for method one (in appendix B), this variation becomes apparent. The data points 9 collected at L/4 and 3L/4 are the two points closest to the left at each load; the slope of the line formed by connecting these points is steeper than the rest, which means that the resulting E value is higher. The data points from L/3 appear at the far right at each level of load, and when connected have a lower slope and therefore smaller E value. The data points from L/2 are in the middle, and have a slightly less steep slope than at L/4 and 3L/4, and thus a slightly smaller E value. It should be noted that the E value that differed most from the other values is the E value at L/3, which was the value determined in part by the deflection measured by the UTM. The difference in measuring methods may be the cause of this. It is possible, for instance, that the UTM measurements include deflection from the compression of the beam itself where the load was applied, or alternately that the measurements from the UTM were more accurate than those we found by manually reading gauges.

Alices Adventures In Wonderland Essays - Alice In Wonderland

Alice's Adventures In Wonderland Essays - Alice In Wonderland Alice's Adventures In Wonderland An analysis of Alice's Adventures in Wonderland The following text is a small part of a project from: Jerry Maatta, HII, Katedralskolan, Uppsala, Sweden Written in March 1997 Interpretations and opinions It is important to bear in mind that Alice's Adventures in Wonderland, however special it may seem and however many different interpretations one thinks one can find, is, after all, but a story written to entertain Charles Dodgson's favourite child-friends. It is very obvious in the story that it was written for the three Liddell girls, of whom Alice was the closest to Dodgson. In the introductory poem to the tale, there are clear indications to the three, there named Prima, Secunda and Tertia Latin for first, second and third respectively in feminized forms. The part considering rowing on happy summer days was derived directly from reality. It is said that he used to row out on picnics with the Liddell girls and tell them stories. On one of these excursions it started raining heavily and they all became soaked. This, it is said, was the inspiration to the second chapter of the book, The Pool of Tears. The ever-occurring number of three points out Dodgson always having in mind the three girls he tells the story to. It could, of course, having in mind the fact that he was a cleric, be the Christian Trinity or something completely different. Many people have seen Alice's Adventures in Wonderland as a prime example of the limit-breaking book from the old tradition illuminating the new one. They also consider it being a tale of the variations on the debate of gender and that it's continually astonishing us with its modernity. From the looks of it, the story about Alice falling through a rabbit-hole and finding herself in a silly and nonsense world, is fairly guileless as a tale. The underlying story, the one about a girl maturing away from home in what seems to be a world ruled by chaos and nonsense, is quite a frightening one. All the time, Alice finds herself confronted in different situations involving various different and curious animals being all alone. She hasn't got any help at all from home or the world outside of Wonderland. Lewis Carroll describes the fall into the rabbit-hole as very long and he mentions bookshelves on the sides of the hole. Perhaps it is an escape into literature he hints at. Carroll is an expert at puns and irony. The part with the mad tea-party is one of the best examples of this. There's a lot of humour in the first Alice book, but in the second the mood gets a bit darker and more melancholic. The theme with Alice growing and shrinking into different sizes could reflect the ups and downs of adolescence with young people sometimes feeling adult and sometimes quite the opposite. The hesitation so typical of adolescent girls is reflected in Alice's thoughts: She generally gave herself good advice (though she very seldom followed it). Many short comments point to teenage recklessness, restlessness and anxiety in all its different forms. One other example of maturing is Alice getting used to the new sizes she grows. She talks to her feet and learns some of the new ways her body works in. Her feelings are very shaken from her adventures and she cries quite often when it's impossible to obey the rules of the Wonderland or is it adulthood? Everything is so out-of-the-way down here, as Alice often repeats to herself. Alice doesn't like the animals in Wonderland who treat her as a child, but sometimes she gets daunted by the responsibility she has to take. The quote Everyone in Wonderland is mad, otherwise they wouldn't be down here told by the Cheshire Cat can be given an existential meaning. Is it that everyone alive is mad being alive, or everyone dreaming him- or herself away is mad due to the escape from reality? Time is a very central theme in the story. The Hatter's watch shows days because it's always six o' clock and tea-time. Time matters in growing up, I guess, but further interpretations are left unsaid. The poem in chapter 12 hints at forbidden love, and it is entirely possible that it is about his platonic love for children, or Mrs. Liddell, for that matter. Considering the fact, that the first manuscript was called Alice's Adventures

Minorities essays

Minorities essays You can choose your friends, but you cant choose your relatives. Neither can you choose your parents or your place of birth. If you could any sensible foetus would choose at least twenty other countries to be born in rather then New Zealand. New Zealand's children's needs are being seriously neglected. This essay will challenge New Zealand's performance in child health and welfare. Looking at the widespread abuse of children, the growing rate of violent youth crime, and the effects of a damaged cultural environment. New Zealand children are born with grossly unequal opportunities for health. Professor Gluckman (Prof. Of paediatrics at the Auckland University School of Medicine) said, The state of our children's health is not what it should be. Relative to other comparable countries our children are sicker and get poorly treated. About 200 children die in their first year of life in New Zealand who would not if they live in Australia or elsewhere in the Western world... We admit children with diseases that should not exist rheumatic fever is rite; TB still occurs. Were New Zealand's children equal to the rest of the world we would not see such a high understaffing of paediatric services. For example, in New Zealand there is one paediatrician for every 3,400 children, whereas in the U.S.A., even with its much larger population, there is one for every 1,300. The simple truth behind this, is that there is not an appropriate share of funds being assigned to child health. Dr Liz Segedin, a Paediatric Intensivist, believes the limitations of the endlessly awaited children's hospital in Auckland reflect the low status of children's health in New Zealand. Theyll be no specialised accident and emergency facility. No specialised adolescent unit. No intensive care unit. Its really sad. This just reflects the national priorities. Children's s...

Effects of Cell Phone on the Human Body Research Paper - 1

Effects of Cell Phone on the Human Body - Research Paper Example Along with the increase in cell phone use, the incidences of cancer have also exploded all over the world. This may be a consequence of the microwave radiation that is employed for communicating through cell phones. â€Å"Studies that claim a relationship between cell phones and diseases like cancer and Alzheimer’s should not be brushed aside as ‘inconclusive’† (â€Å"Disadvantages of Cell Phones†). Cell phone affects the brain activity by giving a boost to the brain glucose metabolism in particular regions, though if or not it is something serious is still debatable. Talking to WebMD, the director of the National Institutes of Health’s National Institute on Drug Abuse, Nora Volkow said, â€Å"[w]e don’t know that this is harmful [but we know that] glucose metabolism is a direct indicator of brain activity† (Volkow cited in Doheny 1). The sugar is consumed by cells in the brain for energy. This conclusion was drawn after a comprehensive research by Nora Volkow and her colleagues. They involved 47 healthy volunteers in that research and performed PET scans of their brains after placing the cell phones on their left and right ears. The glucose metabolism in the brain was measured twice. While studying the effect of cell phone on the brain on the positron emission tomography (PST) scans, Volkow found a 7 percent increase in the metabolism of glucose in the regi on of the brain that was nearest to the antenna in people that held the cell phone on either side of the brain for 50 minutes.  

Business#3 Essay Example | Topics and Well Written Essays - 500 words

Business#3 - Essay Example sing topped out at $367 million for the presidency (not counting indirect party funding or expenditures by 527 committees), $7.3 million for a Senate seat, and $1.14 million for a House seat. (p. 150) The incredible amount is partly due to the changed process of the American political system wherein primaries have become the chief means by which candidates gets nominated and parties have shrunk in importance in the nominating process. This means that there is a necessity for, say a Presidential candidate, to campaign across the nation and before the voting public to win the political exercise where in the past candidates only had to woo party leaders. The campaign effort will be replicated in the election proper. The result of all these, particularly the latter information, is that political parties has no strong function in the American political system. The bulk of campaign funding for the candidates comes from sources other than party funds. And so when the candidate wins, his or her policies are his own. An interesting variable in this equation emerges: here the candidate is in effect more beholden to private donors that funded the winning campaign more than his or her party’s programs because they have a bigger contribution. There is a growing dependence by the American political leaders on moneyed individuals and organized interests such as corporations and unions which often expect returns for their favors. Therefore, in policy-making the influence of these contributors as a third-party is very significant. To illustrate this, we have the case of the Congress wherein there is a growing perception that private contributors, particularly the â€Å"political action committees† (PAC) are helping shift the political balance towards the right. Gordon Adams (1981) emphasized this as he wrote: A PAC contribution, in conjunction with other government relations work can help cement the relationship between industrial and the Congressional sides of the â€Å"iron

The Case for Islamo-Christian Civilization Essay

The Case for Islamo-Christian Civilization - Essay Example The successor state and the Caliphate, the Munghalsand the Safavids, Islam law development and interest issues that come because of the confrontation of medieval with the ideas of Aristotelian (center). The second issue was that the author wanted to avoid using the word margin and periphery, since the two words are commonly perceived as geographical words. These words take into consideration the center. The third reason involved the fact that terminologies like edge and cutting edge will fit into the contention of the edge in Islam instead of the center which is a place where many new categories of things occur. The author also argues out that the lack of an ecclesiastical hierarchy, the Islamic narratives put the institutions of politics at the story center like those of the Caliphate followed by the plethora of the succeeding states all having juris consults, judges, and inspectors of the market as identified by the sheria. This means that like individuals having full faith the Isl am find vital identity elements and solace in observing those practices that they encountered first. The local custom fails to provide guidance for the people who consider a shift in the identity of religion through embracing a varied ancestral faith or rather by changing to different religions. Though parallel in other religions, the edgde situations display creativity in the Islamic history, since getting the answers of some questions that are raised by the converts and Muslims exposes the ambiguities that underlie the spiritual authority. The future. In this section the author identify the case and speed communication as the two things, which separate the today edge from the ones in the past, and the de-valuation or the disappearance of the institutions. It is easy to find Muslims from every conditions and land accessing the world wide audience in an easy way. The author uses examples like a preacher inside the Harlem a political leader residing in Kuala Lumpur, a terrorist in Mo mbasa, and a feminist living in Marrakesh accessing similar audience with Shaikh al-Azhar of Cairo. The old authorities devaluation through the regimes that are modernized of the twentieth and nineteenth century and the establishment of the mass literacy of the youth by the very government have made many Muslims on the edge believe that they have the freedom of choosing the type of Ismalic brand, which best satisfies their circumstances. The perspective of the edge regarding the history of Islam shows that the resolution of the crisis will be depended of minimum ideas than on institutions such those which convince a larger portion of the Muslim segment. The author also suggests that a free market of religion and the beliefs is combined with blessing, at that time when the clouds of war gather and the region voice heard by Luslims who struggle to uplift their families in the sinking countries. Sinking, according to the author implies those countries that suffer as a result of poverty or disorder. These are the individuals who go in a certain religion for their moral and spiritual sustenance, and comfort that is derived from the living in a supportive and caring community of religion. The author is inclined to doubting the current Islam religion, whether it would be fruitful in the future. In this case, the author discusses the challenges that face the new institutionalizing experiments authority. Part 2 According ot the author, the future is characterized by

Analysis of the Daimler-Benz and Chrysler Merger

Analysis of the Daimler-Benz and Chrysler Merger ABSTRACT Globalisation has changed the appearance of the economy. Especially in the 1990s firms expanded into new markets to operate more global and to develop their business. To do so, many companies choosed to expand via corporations with other companies to make the market entry easier or simply to strenghten their market position. Mergers and acquisition became one of the most used tools for development, whereas a merger between well known and successful companies always caused a sensation. Mergers caused such a stir as the companies involved in a merger faced a complete new identitiy and innovations were about to alter the company. The research project proves the decision for a merger rather than an alliance and the synergies gathered due to this tool of development. Two companies, Daimler-Benz and Chrysler, are investigated to illustrate the academic frameworks in practice to come to a conclusion why they merged. Methodology includes analysis of secondary data which has been published on the subject area. The findings and analysis of the research conducted, concluded that synergy is the most important aspect when companies grow through mergers. Furthermore, the results show that internationalisation due to globalisation is the key driver of mergers. The paper concludes with an evaluation of the study and recommendations for further research. CHAPTER ONE 1.1. Reason for Choice of Topic Companies come and go, chief executives rise and fall, industry sectors wax and wane, but an outstanding feature of the past decade has been the rise of mergers and acquisitions (MA). Whether in times of boom or bust, MAs continue to be the preferred option for businesses seeking to grow rapidly. A company has several options to choose from when it comes to growth strategies. One option is to grow organically by increasing sales personnel, new product developments and by expanding into new geographical areas. Alternative options to achieve the desired growth, companies traditionally build, buy, merge with other companies or co-operate through alliances. However, the best example of how to grow inorganic is to merge or aquire (Sherman, 2005). MAs are mainly about growth according to Lees (2003) and Sudarsanam (2003). Internal or organic growth is in most cases a slow process and MAs is another option that will increase the growth process. By doing an MA deal, the acquiring company or the merged companies can get instant access to new markets, technology and operations can be completed more efficiently. Several reasons and motives exist why a company chooses to grow through MA. According to Gaughan (2002) the most common motive for MA is to create synergy. However, other motives play also an important role, like diversification, improved management, market power or tax motives. Johnson and Scholes (1997) state that MAs are a quick way of entering new markets or products. The company can also gain competences or resources through this way. Knowledge about the market situation is also a significant cause why companies choose to develop through MA. Another reason for companies to develop through MA is that they are actively s earching for benefits arising from synergies. The author has chosen the topic to gain further knowledge about the topic of why do companies actually merge to gain synergy. The reasons for attempting to gain further knowledge are based on the authors fascination on MA in general and to the extend why Daimler-Benz and Chrysler did actually merge. The split between those two has not been long ago and therefore the author was particularly interested in this merger. Furthermore, the author is interested what type of synergies were the most relevant in this merger of equals. 1.2. Academic Obejctives of Dissertation This research aims to point out that synergies play an important role when two companies are doing a corporation in order to grow. The author has chosen the following objectives in order to support the research hypothesis: To discover why companies select mergers instead of strategic alliances as tool for development To investigate to what extend synergies play an important role when merging To explore the importance of internationalisation in times of globalisation 1.3. Outline of Chapters Introduction: Introduces the topic of this research and explains the aims and objectives of the study. Setting the scene: This chapter is to set the scene for the study. It presents background information about the two companies and what actually did happen. Literature review: Discusses the academic literature on mergers and acquisition and synergies concentrating on several approaches to be applied to the case study. Methodology: Discusses how the research was conducted and recognizes any limitations and biases of the chosen methods. It involves a description of how the research and data was analysed. Findings: Presentaion of the case study including important information for the research Analysis: The findings from the secondary research are analysed against the earlier literature and research from chapter three. Conclusion: The research project is finally concluded, commenting on the initial objectives of the study. The limitations and recommendations for further research are also discussed in this chapter. CHAPTER TWO 2.1. Background of Daimler-Benz AG As Jurgen Schrempp became the new CEO of Daimler-Benz AG in May 1995, one of his first jobs was the promulgation of a new strategic concept containig five points to strenghten their market position and to expand further. Mercedes considered the US market to be the important and competitive automobile market in the world. They established a greenfield plant in Tuscaloosa in 1994 already to strenghten their position in the US market and were supposed to be market openers. Those were the first signs that Daimler-Benz wanted to expand. 2.2. Background of the Chrysler Corporation From 1994 to 1997 Chrysler beat one historical record after another, where even some models were selected as cars of the year. It was even crowned by Forbes as the company of the year 1996. Bad labour relations have been improved through corporatist agreements. However, most cars were sold in the home market and plans to expand to other non-american countries have been scattered more or less. Nevertheless, the frequent crises and the internationalisation deficits of the company had planted the idea of a partner in the minds of the Chrysler executives. 2.3. The Merger When in May 1998 the CEO of Daimler Benz, Jurgen Schrempp and Robert Eaton, CEO of Chrysler signed the contract for a merger between those two companies, they made the biggest industrial merger in history. Both partners expected great value and advantages, as both companies seemed to complement well with each other. As a matter of fact, the company did not develop as good as anticipated. From the beginning on DaimlerChrysler could only announce little profits and losses, in the year 2001 it was even the biggest loss in history of all German companies. By mid 2004 the market value of the company has been less than half of what the value has been of both companies before the merger. By the same time the sales figures and business numbers of competitors increased. In May 2007, not even ten years after the merger, the dream of a super company bursted like a bubble. CHAPTER THREE 3.1. Reasons for Internationalisation As Kwon Kopona (1993) state in their theory the choice of market entry should relate to the companys corporate strategy and the extent, depth and geographical coverage of the present and intended foreign activities. Furthermore, the decision for growing should be made when there is a sufficient understanding of the different types of entry. On the one hand companies could gather experience through alliances and on the other hand fail to see that in particular cases an acquisition would be more successful (Clark, 2005). Dyer et al. (2004) state that a specific advice is needed about when to apply each strategy that is based on internal and external circumstances. Especially internally, the companies should focus on resources that are to be combined, the extent of unnecessary resources and the type of synergy which the firms seek. Externally, important factors are the degree of market uncertainty and the level of competition. As experience and interests of the company are different, t hese factors will have different degrees of importance. In Porters (1987) point of view entering a new market must be attractive for the expanding company. It needs feasibility of making profits in the target organisation. The costs of entry must be taken into account. These include direct costs as the cost of shares and advisors and indirect costs include such costs as integration costs. According to Dunning (1988) where he argues with the eclectic theory that additional costs can occur because of the failure of knowledge about market conditions, the legal and cultural diversities and the increased costs of operating at a distance. It also must be taken into consideration if the possibility of gaining synergies exists and what the opportunity of benefiting from the target companys core competences is. The local advantages of countries play an important role. The main country advantages can be classified as economic advantages, consisting of quantity and quality factors such as transportation, production, scope and the size of the market. Then there are political advantages that include government policies which have a positive influence on the market entry. And finally there are social and cultural advantages, which implicate the physical distance between the home country and the foreign country, language and cultural diversities and the general attitude towards foreigners. Dunning (1988) declared that companies have to be aware that relative attractiveness of locations can change over the year. He also declares that particular know-how and specific core abilities which count as an internalisation advantage can have a positive impact on the general business performance. 3.2. Methods of Development 3.2.1. Merger and Acquisitions As De Witt Meyer (1998) state in their thesis, mergers and acquisition are the most popular and influential form of discretionary foreign direct investment. Acquiring of another company is a takeover, be it friendly or hostile, while mergers only represent the share in a company according to Douglas Craig (1995). A non-adversarial approach benefits not only buyers but vendors as well, claimed by Beckett (2005). Mergers and acquisitions are significant alternatives to internal growth of companies as they enable companys fast penetration of new and foreign markets, acquire necessary know-how and skilled personal and obtain economies of scale and scope, according to Jackson (1995). Companies that merge gain access to supply and distribution channels through an upstream alliance. Furthermore Contractor Lorange (1998) state that enhancing their reputation and reducing competition if the integrated company is a competitor might be seen as an advantage. MAs are a well developed strategy and not a reaction to the first apparent opportunity as Simmons (1988) argued. As Coyle (2000) states, MA can be the outcome of either an aggressive or defensive strategy. Aggressive would mean that the company will seek to improve its market position to create a bigger company and finally to produce on a bigger scale and more cheaply through economies of scale. Defensive strategies on the other hand are made in order to survive in changing industry. A totally different reason for doing MA claimed Beckett (2005) as he said that companies may benefit from MAs when they acquire a company at a certain value and sell it later at a higher value. Through increasing shareholder value by providing a higher level of dividend and capital gain return and securing a higher return on the investment. This paper is mainly looking for the purposes for a merger and therefore for the realisation of potential synergy effects, as the purpose of most MAs is to achieve some kind of synergy. The belief is that two comparable companies together will achieve far better results than independently. Cost cuttings and savings will often lead to this effect. A successful MA can be classified as one where the potential synergies identified are to be utilised best as Coyle (2000) states. 3.2.2. Strategic Alliances Johnson (1999) has declared that defining strategic alliances are difficult to define as various forms exist. Clark (2005) defines it as two companies which are brought together with similar interest but with different strengths to work on particular projects, developmental approaches and marketing agreements which will offer benefits for both companies. Lorange and Ross (1992) even came to the conclusion as strategic alliances entail a very broad definition that it incorporates MA. Strategic alliances can be separated into three different types as Contractor and Lorange (1988) state: Joint ventures, Non-equity alliances and Minority equity alliances. Preece (1995) recognised 6 main reasons for strategic alliances, starting all with the letter L, therefore they can be named as the 6 Ls. Learning is the first one of them, as he argues that knowledge will be acquired. Leaning is meant as replacing the value chain activities and filling in the missing infrastructure. Leveraging will fully integrate the firms operation. Linking suggests that the links between supplier and customer should be build closer. Leaping pursues a radically new area of endeavour. And finally Locking out, which means reducing competitive pressure from non-partners. 3.2.3. MA versus Alliances The main difference between MA and alliances is the power of control according to Lorange Roos (1992). A pure acquisition would mean that the brought up company is under the control of the ones who bought it. To achieve growth due to acquisition and remain in control, huge financial resources are needed. Rather than buying a whole company, a corporation can propose a joint venture with a specific division in which the corporation is interested in. In case this joint venture works well, a multi-activity alliance could be grown. Equity swaps can be conducted for long-term stabilisation. However, without full control the corporation cannot decide for its own how the alliance or the merger will develop or if it will continue. A company with two equal CEOs does not work out well due to different interest and objects as Lorange Roos (1992) state. And Clark (2005) stated earlier that companies could gather experience through alliances but fail to see later that in particular cases an acquisition would be more successful. 3.3. Mergers 3.3.1. Types of mergers In a merger, the assets of two previously separate firms are combined to establish a new legal entity. In fact, the number of mergers in mergers and acquisition is almost vanishingly small. Less than 3 percent of cross border mergers and acquisitions by number are mergers. In reality, even when the mergers are supposedly between equal partners, most are acquisitions where one company controls the other. When there is a merger between two competing firms in the same industry, it is called a horizontal merger. (Buckley and Ghauri, 2002). When there is a vertical merger, two companies merge that have a buyer-seller relationship. Then there are the three conglomerate types. Pure conglomerate will be a merger where there are different markets and different products, so totally unrelated. Then there is conglomerate market extension, where it is a merger between a company that offers the same products but in a different geographical market. The last type is the conglomerate product extensio n, where the merged company sells non-competing products, but functionally related in production and distribution. In the case of the dissertation, it focuses on horizontal mergers which operate on overlapping markets and segments. Cartwright Cooper (1996) claimed that the definitions and intentions of MAs often read like a cheesy novel with a likeness to a more or less welcomed dating or courtship. The following four approaches are made: Pillage and Plunder One-night stand Courtship/Just Friends Love and Marriage Love and Marriage would certainly best fit to the focus of this paper, as the aim is to achieve a positive long term international growth. The fourth category is aiming for long term integration through assimilation and blending. 3.3.2. Cross-Border Mergers One important aspect of understanding cross-border MA is to examine the logic driving the deals. Strategic motives for a cross-border merger involve acquisitions that improve the strength of a firms strategy. Examples would include mergers intended to create synergy, capitalize on firms core competence, increase market power, provide the firm with complimentary resources, products and strengths, or finally to take advantage of a parenting advantage. However, in a recent book by Mark Sirower (1997) he argues that synergy rarely justifies the premium paid. Sirower declares, many acquisitions premiums require performance improvements that are virtually impossible to realize even for the best managers in the best of industry conditions (p.14). In exploiting a core competence a firm takes an intangible skill, expertise, or knowledge and leverages it by expanding its use to additional industries where it may create a competitive advantage in several different businesses. One strategic reas on to acquire is to gain complimentary products, resources or strengths. Research shows that one important driver of cross-border mergers and acquisitions may be undervaluation (Gonzalez et al., 1998). A driver of cross-border mergers might be differences in the macro-economic conditions in two countries. That is, one country might have a higher growth rate and more opportunity than some other country. Thus, it would seem reasonable to expect the slower growth country to be more often home to acquirers whereas the faster growth country is likely to more often home to target firms as Hitt et al. (2001) stated. Reasons for cross-border acquisitions include market power, overcoming market entry barriers, covering the cost of new product development, increasing the speed of entry into a market, and greater diversification. Cross-border acquisitions can produce both economies of scale and economies of scope. They help a firm enter new international markets and thereby enhance their ability to complete in global markets. Of course, cross-border acquisitions are even more challenging to complete successfully than acquisitions of domestic firms according to Hitt et al. (2001). In fact, some research studies suggests that with the right strategy and the right approach to post-merger integration, cross-border acquisitions can create value for the acquiring firm according to Belcher and Nail (2000). 3.4. Motives and Objectives for Merging The literature on motives for MA has placed a significant amount of different sources and theories by several authors. The merits of using mergers to reduce costs are disputed by managers and by practitioners. For example, managers have been heard to comment that costs reductions are the merger benefit that is most likely to be achieved whereas the achievement of synergy is highly uncertain. On the other hand, Michael Porter argues that what passes for strategy today is simply improving operational effectiveness. Porter (1998) argues, In many companies, leadership has degenerated into orchestrating operational improvements and making deals (p.70). It is understandable how operational effectiveness may have come to be the driving motive for many mergers, however. Often at the same time a merger is announced, there will be an announcement of a cost reduction target. Merging in order to create synergy is probably the most often cited justification for an acquirer to pay a premium for a target company. Synergy effects can be created by redeploying assets. This can mean two different things. In the first case, the acquiring company may transfer a resource belonging to the target company to the acquiring company. Colombo et al. (2007) also found out that a strong predictor of acquisition performance was the extent of asset redeployment from the target to the bidder. Weston and Weaver (2001) stated that the first category is synergy or efficiency for a merger, in which total value from the combination is greater than the sum of the values of the component firms operating independently. Hubris is the result of the winners curse, causing bidders to overpay; it postulates that value is unchanged. Of course, in a synergistic merger, it would be possible for the bidder to overpay as well. The third class of mergers comprises those in which total value is decreased as a result of mistakes or managers who put their own preferences above the well-being of the firm, the agency problem. Economic motives are an important subcategory creating strategic logic for a merger. One example is to establish economies of scale. A second closely related reason is to be able to reduce costs due to redundant resources of two firms in the same or closely related industry. Thus if the company acquires a company that is in the same or a closely related industry and there is substantial overlap between the two businesses there may be ample opportunities to reduce costs. Another reason is that the stock of the firms from a particular country may be undervalued. A fourth reason is the macroeconomic difference between countries such as different growth rates. Finally, the exchange rates may play a role. Recent research did show that acquiring a foreign company when the home country currency has appreciated in relation to the target companys currency has great benefits for the acquiring company when the industry is highly technological (Georgopoulos, 2008). Firms engage in merger and acquisition activity for many reasons. Effective mergers and acquisitions can, for example: serve as a platform for corporate growth, lead to increased market share, provide the foundations required to generate and gain advantages from economies of scale (these are benefits that occur when the firm is able to use its resources to drive costs lower across multiple products; scale economies are acquired primarily at the operational level) and economies of scope (these are benefits realised through using one units resources in the operations of another unit), and reduce organizational expenses by eliminating duplication and transferring knowledge between and among business units and/or individual product lines (Collins and Montgomery, 1999). One of the most important motives for MA activities, as seen from the experience of the last decade, has been economies of scale and scope. Companies aim to achieve economies of scale by combining resources of two merging companies or create economies of scope by acquiring a company allowing product/market diversification. Other motives include access to each others technology or market reach, achieving a dominant position in the industry, consolidation of the industry, and manipulating rules of competition and antitrust as Buckley and Ghauri (2002) state. The question as to whether merge primarily concerns the identification of the corporate objects and which of these objects are to be pursued through organic growth and which through MA in the form of participations or a full takeover. At the same time, the consequences of the growth strategy and its economic or financial effects in the light of the competition situation and the extension of the value added chain must be carefully examined. Empirically, in approximately 85 per cent of all concentrations between undertakings and acquisitions, the question as to whether is answered with a view to the object of achieving growth in the core business (Picot, 2002). However, Buckley and Ghauri (2002) stated also that mergers and acquisition have become the most dramatic demonstration of vision and strategy in the corporate world. More than 50 percent of the mergers so far have led to a decrease in share value and another 25 percent have shown no significant increase. When coming to a conclusion what is now the main purpose to merge, the author would conclude that it depends on the companys expansion strategy and the different motivation to form alliances. However, effective mergers and acquisitions can serve as a platform for corporate growth, lead to increased market share, provide the foundations required generating and gaining advantages from economies of scale and scope as Collins and Montgomery (1999) concluded. These factors are seen as the most important motives to form a merger and to believe that it would help the effected corporations to strengthen their market position and even gain more market share. 3.4.1. Synergy According to Coyle (2000) synergy is the additional benefit that can be derived from combining the resources of the bidding and target companies. Synergy has been described as the two and two makes five effect. It can also be classified as Gaughan (2002) put it, as synergy and value creation are a synonymous and synergy is when the value of the MA exceeds the value of the two separate firms put together. According to Habeck et al. (2000) the term synergy is used as a synonym for cost cutting. However, in his book he argues that those companies that understand this definition of synergy as cost cutting need to redefine it as it also includes the positive aspects of the MA such as growth and knowledge sharing. Furthermore, he states that it is important to capture growth synergies as quickly as possible and favour those areas where cost efficiencies can be gained. Therefore synergy is an important part in a successful merger. Ansoff (1986) classified different types of synergies. Manag ement synergy occurs when the top management of one of the companies resolves problems of the other company through their experience. Investment synergy can occur from the joint use of plant and equipment, joint research and development efforts, and having common raw materials inventories. Operating synergy can arise from better utilization of facilities and personnel and bulk-order purchasing to reduce upcoming material costs. And finally sales synergy where a merged organization can benefit from common sales administration, distribution channels, warehousing and sales promotion. 3.4.2. Creating Synergy through Mergers Hitt et al. (2001) states that there are four foundations in the creation of synergy which are called strategic fit, organisational fit, managerial actions and value creation. As all four foundations exist the chance of creating synergy is substantially better. Strategic fit can be defined as the match between the two companies organisational capabilities. As two companies with similar capabilities and the same strengths and weaknesses merge the chances of creating synergy is reduced. Organisational fit means that the two companies are highly compatible, meaning that these have similar management processes, cultures, systems and structures. This makes it easier for the firms to share resources, knowledge, skills and effectively communicate. Companies without organisational fit could find that the integration process will be hard to implement. Managerial actions is that creating synergy requires the active management of the acquisition process, in order to realize the different synerg ies and the benefits they convey. To create synergy an active management is needed that recognises the international issues and other problems connected with the MA process. Value creation is the last of the four synergy creation foundations. It is based on the fact that the benefits from the synergy need to exceed the cost of creating and capturing synergy. The costs that should be less than the value of the synergy that is created include those associated with a purchasing premium, financing of the transaction and the set of implementation actions required to integrate the acquired unit into the existing organisational structure. Synergy will add no value as creating it outweighs the value of the synergy. Gaughan (2002) has compiled a model of the process of realizing synergistic gains. The management needs to carefully deal with the strategic planning since the better planned MA is a better chance to succeed. Secondly the management needs to integrate the two companies into one. Finally the synergy can be separated into revenue enhancing synergies or cost cutting synergies. Ficery et al. (2007) furthermore points out that synergy created through MA, the targeted company has access to new geographic market or access to a new customer segment allowing the acquiring company to reach those new markets and segments at a faster pace and at a lower cost. CHAPTER FOUR 4.1. Introduction In this chapter, the author examines the most suitable methodology for the research area and justifies the different methods chosen. It outlines the authors main decisions on methods and data collection and considers their implications for the research findings. It also includes details for the sources used for information collection and explanations why other research methods were rejected. Furthermore, this chapter will give an insight into how secondary research has been gathered, discuss advantages and limitations of research methods and illustrate ethical issues. 4.2. Research strategy This chapter examines the most suitable methodology for the research area and justifies the methods chosen. The author explains how the linkage between the academic literature and reality was explored by using research methods. Furthermore, it will give an insight into how secondary research has been gathered, discuss advantages and limitations of research methods and illustrate ethical issues for this thesis. According to Jankowicz (2000) there are four research strategies that can be used for conducting: the archival method, the case study, the survey and the field experiment. By using the archival method, the companys present and future performance can be analysed by using past financial figures. Using the case study as a research method, a specific organisation can be analysed by researching the internal and external situation of the organisation to find conclusion for a specific subject. Through surveys, human input can be used to find representing input out of the population to a specific topic. A field experiment applies the scientific method to experimentally examine an intervention in the real world. The case study is the most suitable research method to use, as the objective of this research is to analyse and investigate the external situation within a real-life Analysis of the Daimler-Benz and Chrysler Merger Analysis of the Daimler-Benz and Chrysler Merger ABSTRACT Globalisation has changed the appearance of the economy. Especially in the 1990s firms expanded into new markets to operate more global and to develop their business. To do so, many companies choosed to expand via corporations with other companies to make the market entry easier or simply to strenghten their market position. Mergers and acquisition became one of the most used tools for development, whereas a merger between well known and successful companies always caused a sensation. Mergers caused such a stir as the companies involved in a merger faced a complete new identitiy and innovations were about to alter the company. The research project proves the decision for a merger rather than an alliance and the synergies gathered due to this tool of development. Two companies, Daimler-Benz and Chrysler, are investigated to illustrate the academic frameworks in practice to come to a conclusion why they merged. Methodology includes analysis of secondary data which has been published on the subject area. The findings and analysis of the research conducted, concluded that synergy is the most important aspect when companies grow through mergers. Furthermore, the results show that internationalisation due to globalisation is the key driver of mergers. The paper concludes with an evaluation of the study and recommendations for further research. CHAPTER ONE 1.1. Reason for Choice of Topic Companies come and go, chief executives rise and fall, industry sectors wax and wane, but an outstanding feature of the past decade has been the rise of mergers and acquisitions (MA). Whether in times of boom or bust, MAs continue to be the preferred option for businesses seeking to grow rapidly. A company has several options to choose from when it comes to growth strategies. One option is to grow organically by increasing sales personnel, new product developments and by expanding into new geographical areas. Alternative options to achieve the desired growth, companies traditionally build, buy, merge with other companies or co-operate through alliances. However, the best example of how to grow inorganic is to merge or aquire (Sherman, 2005). MAs are mainly about growth according to Lees (2003) and Sudarsanam (2003). Internal or organic growth is in most cases a slow process and MAs is another option that will increase the growth process. By doing an MA deal, the acquiring company or the merged companies can get instant access to new markets, technology and operations can be completed more efficiently. Several reasons and motives exist why a company chooses to grow through MA. According to Gaughan (2002) the most common motive for MA is to create synergy. However, other motives play also an important role, like diversification, improved management, market power or tax motives. Johnson and Scholes (1997) state that MAs are a quick way of entering new markets or products. The company can also gain competences or resources through this way. Knowledge about the market situation is also a significant cause why companies choose to develop through MA. Another reason for companies to develop through MA is that they are actively s earching for benefits arising from synergies. The author has chosen the topic to gain further knowledge about the topic of why do companies actually merge to gain synergy. The reasons for attempting to gain further knowledge are based on the authors fascination on MA in general and to the extend why Daimler-Benz and Chrysler did actually merge. The split between those two has not been long ago and therefore the author was particularly interested in this merger. Furthermore, the author is interested what type of synergies were the most relevant in this merger of equals. 1.2. Academic Obejctives of Dissertation This research aims to point out that synergies play an important role when two companies are doing a corporation in order to grow. The author has chosen the following objectives in order to support the research hypothesis: To discover why companies select mergers instead of strategic alliances as tool for development To investigate to what extend synergies play an important role when merging To explore the importance of internationalisation in times of globalisation 1.3. Outline of Chapters Introduction: Introduces the topic of this research and explains the aims and objectives of the study. Setting the scene: This chapter is to set the scene for the study. It presents background information about the two companies and what actually did happen. Literature review: Discusses the academic literature on mergers and acquisition and synergies concentrating on several approaches to be applied to the case study. Methodology: Discusses how the research was conducted and recognizes any limitations and biases of the chosen methods. It involves a description of how the research and data was analysed. Findings: Presentaion of the case study including important information for the research Analysis: The findings from the secondary research are analysed against the earlier literature and research from chapter three. Conclusion: The research project is finally concluded, commenting on the initial objectives of the study. The limitations and recommendations for further research are also discussed in this chapter. CHAPTER TWO 2.1. Background of Daimler-Benz AG As Jurgen Schrempp became the new CEO of Daimler-Benz AG in May 1995, one of his first jobs was the promulgation of a new strategic concept containig five points to strenghten their market position and to expand further. Mercedes considered the US market to be the important and competitive automobile market in the world. They established a greenfield plant in Tuscaloosa in 1994 already to strenghten their position in the US market and were supposed to be market openers. Those were the first signs that Daimler-Benz wanted to expand. 2.2. Background of the Chrysler Corporation From 1994 to 1997 Chrysler beat one historical record after another, where even some models were selected as cars of the year. It was even crowned by Forbes as the company of the year 1996. Bad labour relations have been improved through corporatist agreements. However, most cars were sold in the home market and plans to expand to other non-american countries have been scattered more or less. Nevertheless, the frequent crises and the internationalisation deficits of the company had planted the idea of a partner in the minds of the Chrysler executives. 2.3. The Merger When in May 1998 the CEO of Daimler Benz, Jurgen Schrempp and Robert Eaton, CEO of Chrysler signed the contract for a merger between those two companies, they made the biggest industrial merger in history. Both partners expected great value and advantages, as both companies seemed to complement well with each other. As a matter of fact, the company did not develop as good as anticipated. From the beginning on DaimlerChrysler could only announce little profits and losses, in the year 2001 it was even the biggest loss in history of all German companies. By mid 2004 the market value of the company has been less than half of what the value has been of both companies before the merger. By the same time the sales figures and business numbers of competitors increased. In May 2007, not even ten years after the merger, the dream of a super company bursted like a bubble. CHAPTER THREE 3.1. Reasons for Internationalisation As Kwon Kopona (1993) state in their theory the choice of market entry should relate to the companys corporate strategy and the extent, depth and geographical coverage of the present and intended foreign activities. Furthermore, the decision for growing should be made when there is a sufficient understanding of the different types of entry. On the one hand companies could gather experience through alliances and on the other hand fail to see that in particular cases an acquisition would be more successful (Clark, 2005). Dyer et al. (2004) state that a specific advice is needed about when to apply each strategy that is based on internal and external circumstances. Especially internally, the companies should focus on resources that are to be combined, the extent of unnecessary resources and the type of synergy which the firms seek. Externally, important factors are the degree of market uncertainty and the level of competition. As experience and interests of the company are different, t hese factors will have different degrees of importance. In Porters (1987) point of view entering a new market must be attractive for the expanding company. It needs feasibility of making profits in the target organisation. The costs of entry must be taken into account. These include direct costs as the cost of shares and advisors and indirect costs include such costs as integration costs. According to Dunning (1988) where he argues with the eclectic theory that additional costs can occur because of the failure of knowledge about market conditions, the legal and cultural diversities and the increased costs of operating at a distance. It also must be taken into consideration if the possibility of gaining synergies exists and what the opportunity of benefiting from the target companys core competences is. The local advantages of countries play an important role. The main country advantages can be classified as economic advantages, consisting of quantity and quality factors such as transportation, production, scope and the size of the market. Then there are political advantages that include government policies which have a positive influence on the market entry. And finally there are social and cultural advantages, which implicate the physical distance between the home country and the foreign country, language and cultural diversities and the general attitude towards foreigners. Dunning (1988) declared that companies have to be aware that relative attractiveness of locations can change over the year. He also declares that particular know-how and specific core abilities which count as an internalisation advantage can have a positive impact on the general business performance. 3.2. Methods of Development 3.2.1. Merger and Acquisitions As De Witt Meyer (1998) state in their thesis, mergers and acquisition are the most popular and influential form of discretionary foreign direct investment. Acquiring of another company is a takeover, be it friendly or hostile, while mergers only represent the share in a company according to Douglas Craig (1995). A non-adversarial approach benefits not only buyers but vendors as well, claimed by Beckett (2005). Mergers and acquisitions are significant alternatives to internal growth of companies as they enable companys fast penetration of new and foreign markets, acquire necessary know-how and skilled personal and obtain economies of scale and scope, according to Jackson (1995). Companies that merge gain access to supply and distribution channels through an upstream alliance. Furthermore Contractor Lorange (1998) state that enhancing their reputation and reducing competition if the integrated company is a competitor might be seen as an advantage. MAs are a well developed strategy and not a reaction to the first apparent opportunity as Simmons (1988) argued. As Coyle (2000) states, MA can be the outcome of either an aggressive or defensive strategy. Aggressive would mean that the company will seek to improve its market position to create a bigger company and finally to produce on a bigger scale and more cheaply through economies of scale. Defensive strategies on the other hand are made in order to survive in changing industry. A totally different reason for doing MA claimed Beckett (2005) as he said that companies may benefit from MAs when they acquire a company at a certain value and sell it later at a higher value. Through increasing shareholder value by providing a higher level of dividend and capital gain return and securing a higher return on the investment. This paper is mainly looking for the purposes for a merger and therefore for the realisation of potential synergy effects, as the purpose of most MAs is to achieve some kind of synergy. The belief is that two comparable companies together will achieve far better results than independently. Cost cuttings and savings will often lead to this effect. A successful MA can be classified as one where the potential synergies identified are to be utilised best as Coyle (2000) states. 3.2.2. Strategic Alliances Johnson (1999) has declared that defining strategic alliances are difficult to define as various forms exist. Clark (2005) defines it as two companies which are brought together with similar interest but with different strengths to work on particular projects, developmental approaches and marketing agreements which will offer benefits for both companies. Lorange and Ross (1992) even came to the conclusion as strategic alliances entail a very broad definition that it incorporates MA. Strategic alliances can be separated into three different types as Contractor and Lorange (1988) state: Joint ventures, Non-equity alliances and Minority equity alliances. Preece (1995) recognised 6 main reasons for strategic alliances, starting all with the letter L, therefore they can be named as the 6 Ls. Learning is the first one of them, as he argues that knowledge will be acquired. Leaning is meant as replacing the value chain activities and filling in the missing infrastructure. Leveraging will fully integrate the firms operation. Linking suggests that the links between supplier and customer should be build closer. Leaping pursues a radically new area of endeavour. And finally Locking out, which means reducing competitive pressure from non-partners. 3.2.3. MA versus Alliances The main difference between MA and alliances is the power of control according to Lorange Roos (1992). A pure acquisition would mean that the brought up company is under the control of the ones who bought it. To achieve growth due to acquisition and remain in control, huge financial resources are needed. Rather than buying a whole company, a corporation can propose a joint venture with a specific division in which the corporation is interested in. In case this joint venture works well, a multi-activity alliance could be grown. Equity swaps can be conducted for long-term stabilisation. However, without full control the corporation cannot decide for its own how the alliance or the merger will develop or if it will continue. A company with two equal CEOs does not work out well due to different interest and objects as Lorange Roos (1992) state. And Clark (2005) stated earlier that companies could gather experience through alliances but fail to see later that in particular cases an acquisition would be more successful. 3.3. Mergers 3.3.1. Types of mergers In a merger, the assets of two previously separate firms are combined to establish a new legal entity. In fact, the number of mergers in mergers and acquisition is almost vanishingly small. Less than 3 percent of cross border mergers and acquisitions by number are mergers. In reality, even when the mergers are supposedly between equal partners, most are acquisitions where one company controls the other. When there is a merger between two competing firms in the same industry, it is called a horizontal merger. (Buckley and Ghauri, 2002). When there is a vertical merger, two companies merge that have a buyer-seller relationship. Then there are the three conglomerate types. Pure conglomerate will be a merger where there are different markets and different products, so totally unrelated. Then there is conglomerate market extension, where it is a merger between a company that offers the same products but in a different geographical market. The last type is the conglomerate product extensio n, where the merged company sells non-competing products, but functionally related in production and distribution. In the case of the dissertation, it focuses on horizontal mergers which operate on overlapping markets and segments. Cartwright Cooper (1996) claimed that the definitions and intentions of MAs often read like a cheesy novel with a likeness to a more or less welcomed dating or courtship. The following four approaches are made: Pillage and Plunder One-night stand Courtship/Just Friends Love and Marriage Love and Marriage would certainly best fit to the focus of this paper, as the aim is to achieve a positive long term international growth. The fourth category is aiming for long term integration through assimilation and blending. 3.3.2. Cross-Border Mergers One important aspect of understanding cross-border MA is to examine the logic driving the deals. Strategic motives for a cross-border merger involve acquisitions that improve the strength of a firms strategy. Examples would include mergers intended to create synergy, capitalize on firms core competence, increase market power, provide the firm with complimentary resources, products and strengths, or finally to take advantage of a parenting advantage. However, in a recent book by Mark Sirower (1997) he argues that synergy rarely justifies the premium paid. Sirower declares, many acquisitions premiums require performance improvements that are virtually impossible to realize even for the best managers in the best of industry conditions (p.14). In exploiting a core competence a firm takes an intangible skill, expertise, or knowledge and leverages it by expanding its use to additional industries where it may create a competitive advantage in several different businesses. One strategic reas on to acquire is to gain complimentary products, resources or strengths. Research shows that one important driver of cross-border mergers and acquisitions may be undervaluation (Gonzalez et al., 1998). A driver of cross-border mergers might be differences in the macro-economic conditions in two countries. That is, one country might have a higher growth rate and more opportunity than some other country. Thus, it would seem reasonable to expect the slower growth country to be more often home to acquirers whereas the faster growth country is likely to more often home to target firms as Hitt et al. (2001) stated. Reasons for cross-border acquisitions include market power, overcoming market entry barriers, covering the cost of new product development, increasing the speed of entry into a market, and greater diversification. Cross-border acquisitions can produce both economies of scale and economies of scope. They help a firm enter new international markets and thereby enhance their ability to complete in global markets. Of course, cross-border acquisitions are even more challenging to complete successfully than acquisitions of domestic firms according to Hitt et al. (2001). In fact, some research studies suggests that with the right strategy and the right approach to post-merger integration, cross-border acquisitions can create value for the acquiring firm according to Belcher and Nail (2000). 3.4. Motives and Objectives for Merging The literature on motives for MA has placed a significant amount of different sources and theories by several authors. The merits of using mergers to reduce costs are disputed by managers and by practitioners. For example, managers have been heard to comment that costs reductions are the merger benefit that is most likely to be achieved whereas the achievement of synergy is highly uncertain. On the other hand, Michael Porter argues that what passes for strategy today is simply improving operational effectiveness. Porter (1998) argues, In many companies, leadership has degenerated into orchestrating operational improvements and making deals (p.70). It is understandable how operational effectiveness may have come to be the driving motive for many mergers, however. Often at the same time a merger is announced, there will be an announcement of a cost reduction target. Merging in order to create synergy is probably the most often cited justification for an acquirer to pay a premium for a target company. Synergy effects can be created by redeploying assets. This can mean two different things. In the first case, the acquiring company may transfer a resource belonging to the target company to the acquiring company. Colombo et al. (2007) also found out that a strong predictor of acquisition performance was the extent of asset redeployment from the target to the bidder. Weston and Weaver (2001) stated that the first category is synergy or efficiency for a merger, in which total value from the combination is greater than the sum of the values of the component firms operating independently. Hubris is the result of the winners curse, causing bidders to overpay; it postulates that value is unchanged. Of course, in a synergistic merger, it would be possible for the bidder to overpay as well. The third class of mergers comprises those in which total value is decreased as a result of mistakes or managers who put their own preferences above the well-being of the firm, the agency problem. Economic motives are an important subcategory creating strategic logic for a merger. One example is to establish economies of scale. A second closely related reason is to be able to reduce costs due to redundant resources of two firms in the same or closely related industry. Thus if the company acquires a company that is in the same or a closely related industry and there is substantial overlap between the two businesses there may be ample opportunities to reduce costs. Another reason is that the stock of the firms from a particular country may be undervalued. A fourth reason is the macroeconomic difference between countries such as different growth rates. Finally, the exchange rates may play a role. Recent research did show that acquiring a foreign company when the home country currency has appreciated in relation to the target companys currency has great benefits for the acquiring company when the industry is highly technological (Georgopoulos, 2008). Firms engage in merger and acquisition activity for many reasons. Effective mergers and acquisitions can, for example: serve as a platform for corporate growth, lead to increased market share, provide the foundations required to generate and gain advantages from economies of scale (these are benefits that occur when the firm is able to use its resources to drive costs lower across multiple products; scale economies are acquired primarily at the operational level) and economies of scope (these are benefits realised through using one units resources in the operations of another unit), and reduce organizational expenses by eliminating duplication and transferring knowledge between and among business units and/or individual product lines (Collins and Montgomery, 1999). One of the most important motives for MA activities, as seen from the experience of the last decade, has been economies of scale and scope. Companies aim to achieve economies of scale by combining resources of two merging companies or create economies of scope by acquiring a company allowing product/market diversification. Other motives include access to each others technology or market reach, achieving a dominant position in the industry, consolidation of the industry, and manipulating rules of competition and antitrust as Buckley and Ghauri (2002) state. The question as to whether merge primarily concerns the identification of the corporate objects and which of these objects are to be pursued through organic growth and which through MA in the form of participations or a full takeover. At the same time, the consequences of the growth strategy and its economic or financial effects in the light of the competition situation and the extension of the value added chain must be carefully examined. Empirically, in approximately 85 per cent of all concentrations between undertakings and acquisitions, the question as to whether is answered with a view to the object of achieving growth in the core business (Picot, 2002). However, Buckley and Ghauri (2002) stated also that mergers and acquisition have become the most dramatic demonstration of vision and strategy in the corporate world. More than 50 percent of the mergers so far have led to a decrease in share value and another 25 percent have shown no significant increase. When coming to a conclusion what is now the main purpose to merge, the author would conclude that it depends on the companys expansion strategy and the different motivation to form alliances. However, effective mergers and acquisitions can serve as a platform for corporate growth, lead to increased market share, provide the foundations required generating and gaining advantages from economies of scale and scope as Collins and Montgomery (1999) concluded. These factors are seen as the most important motives to form a merger and to believe that it would help the effected corporations to strengthen their market position and even gain more market share. 3.4.1. Synergy According to Coyle (2000) synergy is the additional benefit that can be derived from combining the resources of the bidding and target companies. Synergy has been described as the two and two makes five effect. It can also be classified as Gaughan (2002) put it, as synergy and value creation are a synonymous and synergy is when the value of the MA exceeds the value of the two separate firms put together. According to Habeck et al. (2000) the term synergy is used as a synonym for cost cutting. However, in his book he argues that those companies that understand this definition of synergy as cost cutting need to redefine it as it also includes the positive aspects of the MA such as growth and knowledge sharing. Furthermore, he states that it is important to capture growth synergies as quickly as possible and favour those areas where cost efficiencies can be gained. Therefore synergy is an important part in a successful merger. Ansoff (1986) classified different types of synergies. Manag ement synergy occurs when the top management of one of the companies resolves problems of the other company through their experience. Investment synergy can occur from the joint use of plant and equipment, joint research and development efforts, and having common raw materials inventories. Operating synergy can arise from better utilization of facilities and personnel and bulk-order purchasing to reduce upcoming material costs. And finally sales synergy where a merged organization can benefit from common sales administration, distribution channels, warehousing and sales promotion. 3.4.2. Creating Synergy through Mergers Hitt et al. (2001) states that there are four foundations in the creation of synergy which are called strategic fit, organisational fit, managerial actions and value creation. As all four foundations exist the chance of creating synergy is substantially better. Strategic fit can be defined as the match between the two companies organisational capabilities. As two companies with similar capabilities and the same strengths and weaknesses merge the chances of creating synergy is reduced. Organisational fit means that the two companies are highly compatible, meaning that these have similar management processes, cultures, systems and structures. This makes it easier for the firms to share resources, knowledge, skills and effectively communicate. Companies without organisational fit could find that the integration process will be hard to implement. Managerial actions is that creating synergy requires the active management of the acquisition process, in order to realize the different synerg ies and the benefits they convey. To create synergy an active management is needed that recognises the international issues and other problems connected with the MA process. Value creation is the last of the four synergy creation foundations. It is based on the fact that the benefits from the synergy need to exceed the cost of creating and capturing synergy. The costs that should be less than the value of the synergy that is created include those associated with a purchasing premium, financing of the transaction and the set of implementation actions required to integrate the acquired unit into the existing organisational structure. Synergy will add no value as creating it outweighs the value of the synergy. Gaughan (2002) has compiled a model of the process of realizing synergistic gains. The management needs to carefully deal with the strategic planning since the better planned MA is a better chance to succeed. Secondly the management needs to integrate the two companies into one. Finally the synergy can be separated into revenue enhancing synergies or cost cutting synergies. Ficery et al. (2007) furthermore points out that synergy created through MA, the targeted company has access to new geographic market or access to a new customer segment allowing the acquiring company to reach those new markets and segments at a faster pace and at a lower cost. CHAPTER FOUR 4.1. Introduction In this chapter, the author examines the most suitable methodology for the research area and justifies the different methods chosen. It outlines the authors main decisions on methods and data collection and considers their implications for the research findings. It also includes details for the sources used for information collection and explanations why other research methods were rejected. Furthermore, this chapter will give an insight into how secondary research has been gathered, discuss advantages and limitations of research methods and illustrate ethical issues. 4.2. Research strategy This chapter examines the most suitable methodology for the research area and justifies the methods chosen. The author explains how the linkage between the academic literature and reality was explored by using research methods. Furthermore, it will give an insight into how secondary research has been gathered, discuss advantages and limitations of research methods and illustrate ethical issues for this thesis. According to Jankowicz (2000) there are four research strategies that can be used for conducting: the archival method, the case study, the survey and the field experiment. By using the archival method, the companys present and future performance can be analysed by using past financial figures. Using the case study as a research method, a specific organisation can be analysed by researching the internal and external situation of the organisation to find conclusion for a specific subject. Through surveys, human input can be used to find representing input out of the population to a specific topic. A field experiment applies the scientific method to experimentally examine an intervention in the real world. The case study is the most suitable research method to use, as the objective of this research is to analyse and investigate the external situation within a real-life