THE IMPACT OF HOSTILE TAKEOVER IN JAPAN

THE IMPACT OF HOSTILE TAKEOVER IN JAPAN THE IMPACT OF HOSTILE TAKEOVER IN JAPANIntroductionAccording to corporate finance theorists, the objective of the firm should be to maximize value or wealth. This means for stockholders to maximize stock prices. By focusing on maximizing stockholder wealth, the firm exposes itself to the risk that managers, who are hired to operate the firm for stockholders, may have their own objectives. This can lead to conflicts between both parties. Stockholders have the power to discipline and replace managers who do not attempt to maximize their wealth. For managers there are several techniques to protect themselves for these actions (Osano, 2001).In other words: stock price maximization is the most important goal of most corporations. Stockholders own the firm and elect the board of directors, who then appoint the management team. Management is supposed to operate in the best interests of the stockholders. However, it is known that because the stock of most large firms is widely held, the mana gers of large corporations have a great deal of autonomy.Epic Tap Takeover 2010This means that managers might pursue goals other than stock price maximization. Therefore managers run the risk of being removed from their jobs, either by the firm's board of directors or by outside forces.Hostile takeover is a process that occurs when management does not want the firm to be taken over. These are most likely to occur when a firm's stock is undervalued relative to its potential because of poor management. In a hostile takeover, the managers of the acquired firm are generally fired, and any who are able to stay on, lose the autonomy they had prior to the acquisition.A potential agency conflict arises whenever the manager of a firm owns less than a substantial percentage of the firm's common stock. In most large corporations, agency conflicts are...

Financial Markets & institutions Assignment Example | Topics and Well Written Essays - 500 words

Financial Markets & institutions - Assignment Example They have low interest rates in terms of a constant fixed rate or settled upon maturity and are short term. The Aljazira capital Document 2014 document covers issues that appertain to: calendar anomalies, the effect of valuation on the performance of a company in the market and technical pointers in a trending market among others. Some of the anomalies include the best performance of the index upon trading on the first day of the week with a strategy of selling the holdings on Sunday and avoiding to buy them on the same day. The other anomaly includes the monthly returns differentiated across that necessitates investing in a short-term gain before the Ramadhan period. Shadow banking is an interconnection of specific financial institutions that have no banking permits like Money markets and Special Purpose Entity Conduits (Brycce, 2000) meant to inspect and ensure secure funding from the savers to investors of finances. Shadow banks transform home mortgages into securities through mortgages being regarded as a pack of loans to back up a security sold by investors. On the other hand, Conventional banks raise funds through the depositors who have surplus and through lending to other individuals who have limited funds. Brycce, H. (2000). Financial and strategic management for non-profit organizations: a comprehensive reference to legal, financial, management, and operations rules and guidelines for non-profits. Jossey-Bass Publishers, 3rd Edition,

Cross Listing Literature review Example | Topics and Well Written Essays - 1250 words

Cross Listing - Literature review Example Cross Listing The researcher will take the help of the research work of previous research scholars in order to shed light on the topic. 1.2 Definition of Cross Listing Karolyi (2012) defined cross-listing or â€Å"dual-listing’ as the strategic measure taken by companies to list its equities in exchange of foreign countries and the process may or may not involve secondary or initial capital rising. The scholar has also pointed out that cross-listing involves customization or changing the disclosure measure, transparency, corporate governance requirement in accordance with nature of the business environment of the foreign country where equities are going to be listed. Jian et al. (2011) also pointed out that cross-listing is basically a strategic choice rather being a mere accounting trick performed by top level management of the firm to internationalize its business without involving any traditional international expansion policy such as merger & acquisition, exporting, licensing etc. In s uch context, Karolyi (2012) and Jian et al. (2011) agreed with the fact that cross-listing requires involvement of multiple capital market participants such as accountants, investment banks, custodian agency which undertakes clearance and settlement activities, strategic advisors etc. Hence it can be assumed that cross-listing is a lengthy and complex process. ... like getting access to a larger market, attracting cash rich investors, greater diversification of ownership base, opening door for liquid trading can influence a firm to go for cross listing. However, careful analysis of the research work of O’Connor (2009) shows that it is very difficult to assign one reason which might influence firms to go for cross listing. O’Connor (2009) has pointed out that nature disclosure in cross-sectional setting can even influence cross-listing decision. In such context, the study will shed light on empirical reasons behind cross listing with help of previous research work of research scholars. 1.3 Reasons for Cross Listing Cross-listing is one of the hotly debated topics among research scholars and identifying exact reason behind cross listing is a long debated issue among research scholars. Charitou et al. (2008) identified the fact that none of the research scholars have ever tried to understand the motivation behind cross- listing from managerial perspective. Charitou et al. (2008) argued that executives go for cross-listing in order to get higher equity based compensation. Hence, it can be assumed that listing equity of a firm in exchange of foreign markets is strategic decision which is taken by executives in order to fulfill the interest of shareholders. Listing equities in foreign exchange attracts foreign investors to invest money on the shares of the company and as a result of the investment of foreign investors, the firm gets able to provide better return to shareholders and subsequently board executives also get higher equity based compensation. Dodd (2013) pointed out that cross-listing helps firms to overcome the market segmentation, limitation of attracting investors and improvement of stock liquidity but these factors

Criminal Justice Authority Evaluation Essay Example | Topics and Well Written Essays - 1000 words

Criminal Justice Authority Evaluation - Essay Example Discretionary authority refers to the power to act in accordance with one judgment or discretion. Before a judge or any other person in power in the criminal justice, he or she ought to apply values and principles to facts. Exercise of discretion occurs in different ways, depending on each criminal justice system. Discretionary authority is practiced and exercised in various fields of criminal justice. For instance, discretion occurs when reporting crimes. Some criminal justice systems do not respond to little crimes, like the theft of an item that is of little or no value. The victim of such a minor crime has the discretion to report or not report such a crime to the authority. If there was no witness, when such a crime was committed, then, it would be futile reporting such a crime; hence, most of such crimes go unreported. Police use discretion, in response to reported crimes or cases. Police officers have some discretion, even though they are required to act according to the law a nd professional ethics. For instance, in youth justice such police officers have the authority to hold a youth justice conference, proceed by administering a caution, or proceed by charge in the Children’s Court. Discretion is again practiced in investigation, arrest and charge; police officers may either investigate or fail to investigate an officially reported crime. For example, some criminal justice systems do not require investigation of fraud allegations, unless such frauds are immensely high.... Police officers have some discretion, even though they are required to act according to the law and professional ethics. For instance, in youth justice such police officers have the authority to hold a youth justice conference, proceed by administering a caution, or proceed by charge in the Children’s Court. Discretion is again practiced in investigation, arrest and charge; police officers may either investigate or fail to investigate an officially reported crime. For example, some criminal justice systems do not require investigation of fraud (below $10, 000) allegations, unless such frauds are immensely high (Raines, 2011). However, not all people, in such criminal justice systems, agree to the lack of investigation of such fraud, even though police officers have the discretion to act in such a manner. This is a clear indication of controversial exercise of discretion by some criminal justice systems. When an investigation is carried out, police officers have the power to de cide where such an investigation should be carried out, and the people to be contacted. Police officers have the obligation to make the right decision in approaching a suspect. They may decide to arrest or issue a Court Attendance Notice to such a suspect. Such decision affects both the offender and the community at large; the community may be exposed to further offending, and the offender’s liberty may be put at a risk. Discretionary considerations are exercised when police officers seek advice from prosecutor to establish criminal charges. The community exercise its discretion since some people, in the community, act as witness during a court proceeding. The offender exercise judgment at some stages, during the case proceeding; for instance, he or she may apply for bail.

Hannibal and the Carthaginian Empire Essay Example for Free

Hannibal and the Carthaginian Empire Essay Hannibal was great and famous Carthaginian general. He is remembered for his great strategic skills on the battle field and as a great military chief. Born in late 247 BC, was the oldest son of Hamilcar Barca. In 237 BC, Hamilcar took his nine year old son, Hannibal, to the altar of a Carthaginian god and made him pledge eternal hatred to the Romans. Then Hannibal and his father left for Spain. The headquarters of Carthaginian power in Spain was the city of New Carthage. Hannibal saw immediately his fathers techniques for war . When Hamilcar perished in the battle of 230 BC, his son-in-law, Hasdrubal, became the military leader plus the political leader and continued Carthages pressure in Spain. In 226 BC Hasdrubal signed an agreement with the Romans. The agreement stated that neither army could cross the Ebro River in the northern Spain . When Hasdrubal was murdered in 221 BC, the Carthaginians collectively elected twenty-six-year-old Hannibal to be the leader in Carthaginian government and commandant of the army in Spain. After Hamilcar’s death Hannibal became an excellent military leader. â€Å"Under [Hannibal’s] control the Carthaginians made large territorial advances†¦Ã¢â‚¬  (I-cias). He learned quickly how to be a leader and with the support of his brothers he was able to succeed through his battles. Hannibal was crossing the Alps and was able to receive rations for a couple days. â€Å"On the third day he captured a Gallic town and provided the army from its stores with rations for two or three days† (Alps). He wanted the best for his army, but had little support from Carthage. Despite the number of men falling from the army due to natural disasters he managed to recruit others. â€Å"Even if many fell from his army during this march because of snowstorms, landslides, and attacks from hostile local tribes, he managed to recruit new personnel along the route. † His strategy was to respond quickly to these natural disasters and it helped him. Hannibal earned his success by enduring hardships with his recruits and reinforcements. Hannibal experienced many challenges including battle delays little amount of military equipment and a small number of reinforcements from home. Other military leaders knew he would not be able to handle a delay due to the lack of preparation he took for each battle. â€Å"He [Fabius, Roman Military Leader] believed that Hannibal lacked the equipment for a prolonged siege and that a delay in the battle would seriously reduce the Carthaginian food supply†. Rome believed that delays would end in the conquering of Hannibal because of the lack of necessities there was little he could do. Hannibal began to suffer during his career due to the lack of food. â€Å"Zama was the only defeat. Hannibal suffered in his military career† . After his defeat his enemies began to discover his weakness. Hannibal was running out of everything during the Battle of Cannae and his help refused to aid him. â€Å"Hannibal needed reinforcements, which the Carthaginian government refused to furnish, and he also lacked siege weapons† . Hannibal’s restrictions could have given him success, had he been willing to bargain with another force greater then his own. Hannibal was the instrument of his own undoing. Hannibal was set on being the conqueror and set on some one else’s defeat, which lead him to his own. His enemy, Rome, was the center of his downfall. He would never settle and there was no satisfaction between them. â€Å"†¦In 218, he clashed with the Roman army. The Romans claimed that this was a break of an existing treaty between Rome and Carthage and demanded Hannibal surrendered to them†¦the Second Punic War started† (I-cias). If Hannibal conquered Romans he would never be able to rule over. â€Å"According to legend, Hamilcar had made the young Hannibal swear on a sacred altar that he would remain an enemy of Rome for life† . Hannibal had made a promise to his father, therefore intending to go on with nothing. â€Å"The loss of the second city of Italy cost Hannibal the allegiance of many of his Italian allies and put an end to his hopes of further replenishing his army from their ranks† . Hannibal had lost it all. His hope had been limited at this point. Hannibal both succeeded and failed. He never won the hearts of the people; therefore he was never able to truly be victorious. Hannibal married a Spanish princess and conquered the surrounding land and took hostages from the adjacent tribes to assure their loyalty to him without crossing the Ebro River, except for the city of Saguntum, an ally of Rome. When Saguntum began trouble between Carthage and Rome in 219 BC, Hannibal invaded the city. This began the Second Punic War . After hearing the declaration of war Hannibal immediately starts off towards Rome. The problem was he had to go by land since Rome controlled the seas. Hannibal began a long and hazardous expedition across the Pyrenees and the Alps in August of 218, with battle elephants walking at the front of his army . In the spring of 218 BC, Hannibal handed over command of the Spanish armies to his brother Hasdrubal. He then led his troops north toward the Pyrenees Mountains and began one of the most famous journeys in history . Hannibals army included Libyans and Numidians from North Africa, Iberians and Celtiberians from Spain, and Gauls from Spain, France, and Italy. There were thirty-five thousand foot soldiers, twelve thousand horsemen, and fifty war elephants. Hannibal used the elephants to break infantry lines and to create fear and disorder. The elephants also frightened horses, so they were able to disrupt the enemys cavalry . In the Pyrenees, Hannibal encountered resistance from local tribes. He lost a lot of his men to fighting, and some of the mercenaries went home because they were scared of the long journey. With all this, Hannibal continued to move as quickly as possible, but bad luck fell into Hannibals lap as early snows and landslides kill many of his men and almost all of his war elephants . He enters Italy with only twenty-six thousand men and five or six war elephants in September 218. Hannibal and his troops spent the winter in Po Valley. In the spring of 217 BC When news of Hannibals army reached Rome, the Gauls of northern Italy revolted. They joined Hannibal in fighting the Romans. Now Hannibal had a sufficient army of infantry and cavalry. The Romans had plans to attack Carthage and New Carthage, but they had to be delayed because of the rebelling tribes in Italy and the approach of Hannibal. So the Romans sent troops under the command of Publius Cornelius Scipio, to stop Hannibal at Massilia . Massilia is on the French coast where the Rhone River runs into the Mediterranean Sea. The Rhone is a wide river with a swift current, so it was a great obstacle to Hannibal. Scipios troops set up camp by the sea, thinking that Hannibal would reach Massilia in the near future. But he did not realize how fast Hannibal was moving his troops . When Scipio received news of Hannibal, it was too late. Hannibal had moved his entire army across the Rhone, fifty miles north of Massilia . Although Hannibals army had been reduced to twenty-six thousand infantry, nine thousand horses, and five or six elephants, it was a great accomplishment to get across the Rhone. To transport the elephants, the men built rafts . When the Alps came into view, Hannibal allowed his army a few days to rest, because he knew that his army had doubts about crossing the Alps. Never before had elephants crossed the Alps. The army did not reach the Alps until late in the year, and many troops and horses were killed. Some troops who came from warmer climates died from the cold. Some troops died of hunger because food was short to come by. Others died in fights with mountain tribes. Some of the mountain tribes rolled big stones down the mountains and caused men and animals to fall from the narrow mountain passage .

Parts that Make Up a Knife

Parts that Make Up a Knife Most people dont care about the knives they use in their kitchen. Meanwhile, there are a lot of things about knives that everyone who uses knives needs to know. There are four things that make up the knife: The  Construction The  Steel The  Edges The  Handle: Most commonly used knives either have a wooden handle or a plastic handle. Some knife manufacturers make knives with metal handles. But these knives are not commonly Used. Wooden handles are better than plastic handles because they are attractive when they are new but they are very unsanitary. They absorb liquids and grease over time and accumulates bacteria in them. This poses danger to the health of users. Plastic handles on the other hand are much more sanitary but they are not strong. They are slippery when they are wet and they tend to melt, chip, crack or break over time. They are not durable. The  Construction: Another important thing to know about knives is the way they are constructed. The construction depends on two things: The Tang: This is the part of the knife that goes into the handle. The Rivets: These are the round piece of metal that hold the blade and the handle together in some knives. The tang of a knife is either partial or full and a full tang is better than a partial tang. This is because knives with full tangs are stronger and safer to use. Knives with partial tang are weak and dangerous. The tang can fall out even while you are using the knife. The  steel: The two major types of steel commonly used by knife manufacturers are carbon and stainless steel. Each type has both advantages and disadvantages. Carbon steel are very strong and even much more expensive than stainless steel. But they rust and corrode over time which makes them unattractive and unsanitary to use. Stainless steel on the other hand are much more attractive to use but they get dull easily and need to be sharpened almost before every use. The  Edges: The edges of knives are either straight or serrated. Straight edged knives make a smooth cut but they must be sharpened constantly almost at every use. Serrated edge knives dont need to be sharpened constantly. They cannot even be re-sharpened and they also rip and tear into food as we cut with the knife. After researching a lot of knife brands and their products, I have decided on which brands of knives best satisfy both health and kitchen needs. Number one on the list is Cutco, I believe they have are the best knives because of the following reasons. The first is their type of handle. This handle is made to fit into anyones. According to cutco.com, the design was made by industrial designer,   Thomas Lamb who studied over 700 pairs of hands. This means that the knives will fit your hand whether you are left handed or right handed or you have small or big hands. This design is called the UNIVERSALWEDGELOCKHANDLE.Another important feature of these handles is the property from which it was made. The handles are made from thermo-resin handle material. According to materialstoday.com, thermo-resin is a very strong type of plastic that can withstand up to 330 degrees of. Heating this plastic only makes it stronger and not otherwise. Cutco knives also have a full tang construction that ensures durability and makes sure the knives are very strong and the blades wont pop out while you are using them. The full tang is held into the thermos-resin handle with silver nickel rivets that are flushed smoothly on the surface of the handles for smooth grip on the knives. This silver-nickel material will not expand and contract under various heat conditions and leaves no room for harboring bacteria. The steel is neither stainless or the common carbon that rusts and corrodes. The steel is made up of High-Carbon stainless steel 440A, Rockwell hardness 55-57C. This material is used to make surgical knives and build ships so it is strong and very sharp at the same time and it will never rust or corrode. The edge of the knives are designed as the Double-Dedge.This edge has points like serrated knives but these points are not doing the cutting. In between these points are 3 razors   that cut food. The points protect the razor from being dull and the knives stay sharp for 7-10 years or even longer according to customer reviews from cutco.com. The second choice of knife manufacturer is Wusthof.These knives also have blades that are made of the same material like Cutcos but the blades are only a little harder with Rockwell Hardness of 58C compared to 55-57C of Cutco knives. The handles have an ergonomic design that fits good in different hands as well as the wedge-lock design in Cutco. The edges of the knives have an angle that is so small to provide a very sharp and precise cut on food. The edges only have a 14-degree angle. The   smaller the angle of the edge of a knife, the sharper the knife is. The rivets in Wusthofs knives are made of brass, which will expand and contract over a long time but they are flushed fitly on the handle and also have other metals inside the handle that help the blade to fit snugly into the handle. This makes these knives very durable and they will not pop out while they are used. The third and the last best option is Shun, they also have high quality materials like Cutco and Wusthof. The knives are incredibly sharp and. They use hard wood for the handles and cover them with resin so it does not absorb moisture, grease or bacteria. Of all the three knife manufacturers, Cutco was the best option because of the following reasons: They have the cheapest knives of all three of them It is American-based; this is most important to Americans. An American based company means that if there is a problem with the product, you can easily contact the manufacturer and fix it. Compared to Wusthof which is in Germany and Shun that is in Japan.

Literature as Encounter and Discovery, as exemplified by Hahn Moo-Sook’

Literature as Encounter and Discovery, as exemplified by Hahn Moo-Sook’s novel Encounter The Italian explorer Columbus (1451-1506) discovered the American Continent in 1492. Of course, the unknown continent had existed even before he discovered it. But through Columbus’ discovery the unknown entity has emerged above the surface of the historical waters as a "New World." Literature is like a voyage in search of a new continent, and the author is like Columbus. In the course of our lives, undiscovered subject matters abound like countless islands in the gigantic ocean of awareness. If perchance such a continent is not discovered through the eyes of a writer, it would sink to eternal oblivion. An author, therefore, is like an explorer who, through an endless literary voyage, discovers and reveals a fascinating New World. Accordingly, an author may be called a christener of a particular subject matter just as Columbus who, upon discovery of an unknown continent, finally helped it exist by naming it America. Just as a conductor’s baton directs a violinist in an orchestra or a drummer’s dance, when a writer names something, he or she confers upon it both its existence and meaning. In classical Korean literature, two great literary pieces, The Tale of Ch'unhyang and The Tale of Shimchong, represent two prototypes to which modern Korean literature can be related. In the classical tale of Ch’unhyang, the important motif is none other than "encounter." Love sprouts from an encounter at the Kwanghan Pavilion in Namwon in the Southwestern Province of Cholla, between Yi Mong-nyong, son of the county magistrate, and Ch’unhyang, daughter of a retired kisaeng (a woman entertainer, similar to Japanese geisha). For them, their class... ...: Just as the moon is somewhere in the sky, even if it is sunken into the eastern mountain, my faith is constant in my heart. Just as the water is still in the pond, even if it is evaporated from the surface, my faith is constant. Saint Francis said the following: Flower petals fall, but the flowers never wither forever. Indeed, the author Hahn Moo-Sook has died and left us. However, just as the moon is still in the sky and the flowers come back every year, although flowers fall, she is still meeting us and she is living next to us through her work Encounter. The greatness of literature is none other than that. 1Encounter: A Novel of Nineteenth-Century Korea by Moo-Sook Hahn, Translated by Ok Young Kim Chang. Foreword by Don Baker. University of California Press, 1992. ISBN(s): Cloth-- 0520073800 Paper-- 0520073819