An Analysis Of A Mergers Profitability

An Analysis Of A Mergers Profitability Abstract Introduction In the last few years we have observed a revived surge in the number of mergers. They are more often observed in countries with better accounting standards. Companies undergo mergers for a number of reasons. The primary reason is the proper allocation of resources and thus, increasing cost efficiency. A small amount of research has been done in the past years analyzing the short and long term effects of mergers in creating value for the companies. It has been seen that most mergers result in failures but not much research has been done in analyzing the reasons behind it. My research would be based on few of the biggest mergers that have taken place in the last few years. Firstly, my analysis of a mergers profitability would be based on standard event study methodology. It would take into account the return to shareholders. Secondly, it would also aim to provide evidence regarding the signalling theory and the synergistic and the agency views. This would be based on an in-depth analys is of various determinants such as the excess returns around the announcement of the merger bid and around the termination of the merger and the significant differences in the responses of firms attempting focusing versus diversifying mergers respectively. Lastly, this would be followed by a thorough analysis of the valuation effects of mergers. There have been varied views but no one conclusion has been reached. I would thus, like to investigate deeper into it 2. Literature Review and Hypotheses Analysis revealed My research concentrates on the effects of a focusing and diversifying merger on the abnormal returns around the announcement period of the merger. The study by Delong (1999) can be seen as an extension to my research. He based his research on evaluating the stock pricing behaviour of the bidder and the target in bank mergers. He further studied the abnormal returns according to the nature of the merger i.e. focusing or diversifying. In my analysis, I take into account only activity focused mergers, whereas Delong (1999) considers mergers which focus on both activity and geography. His results show an enhancement in value of a focusing firm of about 2 % to 3 % as compared to a diversifying firm irrespective of the time period. On investigating further, he found that the relative market size of the target to the bidder and the pre-merger performance of the targets show an apparent relationship with the cumulative abnormal returns so calculated. Wong and Cheung (2009) analyse the changes in the stock prices of the bidding and target firms in Hong Kong, China, Taiwan, Singapore, South Korea and Japan, following a merger or an acquisition announcement. It can be seen from their analysis that such an announcement yields positive results for the bidding firms but does not prove to be very beneficial for the target firms. Their hypotheses considered the consequences of the mode of payment, the type of acquisition and the type of the target firm on the stock pricing. Out of them only the second variable seems to have a direct effect on the post announcement returns of the bidding firm. Huang and Walkling (1987) conducted similar research by extracting a sample of acquisitions from the Wall Street Journal which consisted of all initial front-page acquisition announcements. But this, took into account slightly different variables as compared to the other analyses discussed above. They determined the effect of tender offers vs. mergers; cash offers vs stock offers and resisted offers vs. unresisted offers. Their analysis revealed higher abnormal returns for tender offers which were quite insignificant once the effect of the extent of resistance and the payment type were isolated from it. The deals which faced resistance during a merger or tender offer showed higher abnormal returns irrespective to the mode of payment. All the results obtained above were either insignificant or marginally significant, but the effects of the third variable i.e. the form of payment showed some concrete results. The cumulative abnormal returns obtained from cash offers were radically high er than those obtained from stock offer. This research carried out by Huang and Walkling gave quite a holistic overview of the effect of the announcement of an acquisition, as it took into consideration, variables which are affected by both the bidding and target firms decisions. All the literature discussed earlier in this paper, has illustrated some positive effects of an acquisition for both the bidders and the target firms. But, the analysis conducted by Bruner (2001) showed a little variation to the above. It suggested that only the target shareholders draw upon the benefits of the acquisition. No such profitable return is observed for the bidding firms. But, the combined returns of the bidder and the target yield positive results. The approach followed by Bruner differs significantly from most of the research discussed earlier. He measures the performance of a merger and acquisition based on the investors required returns. After observing the abnormal returns of the acquirer around the announcement date of the merger as per my research, the most obvious next step would be to analyse the long term effects of the merger. Various studies have been done in order to rightfully determine the outcome .The study by Asquith (1983) showed drastic negative returns after about three years of the merger. One of the best analyses that I found was by Agrawal, Jaffe and Mandelkar (1992) in their paper ‘The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. Their results are based on a thorough analysis of a number of mergers that took place from 1955 to 1987. They explored the effect of the size of the firm and its beta risk, and found a loss of 10 % in the total wealth of the acquiring firm, five years after the merger was completed. An attempt was also made to find the additional NPV which is not captured by the announcement returns analysis. But, it was seen that the modification of t he market was similar for both the announcement and post merger analyses. Cole et al (2006) Investigate a number of unsuccessful mergers in order to determine if they create or destroy value for acquirers by using mainly two approaches. Their signalling approaches show that the value of the bidding firm is reduced by a large margin in the market, which is a form of a punishment for considering the acquisition of a low NPV project. They also find that horizontal mergers yield negative CAR. Hypothesis 1: The average abnormal returns (AAR) yield positive results for all sub-periods in the event Hypothesis 2: The Cumulative average abnormal returns (CAAR) yield positive results for all sub-periods in the event. Hypothesis 3: The type of acquisition, kind of acquisition, the mode of payment and the type of target firms affects the value of the cumulative abnormal returns (CAR) around the announcement day t=0 in the event. Take into account focusing and diversifying 3. Methodology We begin by classifying the effective sample into two categories – Focusing and Diversifying. The classification approach has been adopted by Mann and Sicherman (1991).This can be done by comparing the two-digit SIC Codes of the acquirer and the target firm respectively. If both the firms involved in a deal have the same two-digit SIC Code, it can be classified as a focusing acquisition, whereas, if both firms have different codes, it is classified as a diversifying acquisition. Now we progress towards analysing the cumulative value created by a focusing and diversifying acquisition around the announcement date, using a standard event-study methodology described by MacKinlay (1997), Huang and Walkling (1987) and Wong and Cheung (2009). The Market Return Model is used in this case, to calculate the abnormal returns of the sample using a linear relationship between stock returns and market return. Rit = ÃŽ ±i + ÃŽ ²iRmt + ÃŽ µit (1) E (ÃŽ µit = 0) var (ÃŽ µit) = ÏÆ'ÃŽ µt2 Where: Rit : Return on security i on day t Rmt : Return on market portfolio on day t ÃŽ µit : Zero mean disturbance term ÃŽ ±i, : expected value of the difference between Ri and ÃŽ ²iRmt ÃŽ ²i : covariance between Rit and Rmt divided by the variance of Rmt ÏÆ'ÃŽ µt2 : variance of the error term We use the market model instead of the constant mean return model as it gives us a more accurate judgement of the effect of the event. This is true as it does not take into account the variation of the market return , thus, giving us more accurate abnormal returns. ( if any words remain add how to calculate rit and rmt) In order to calculate the abnormal returns, we use the market model parameter estimates. ^ ^ ARit = Rit – (ÃŽ ±i + ÃŽ ²iRmt) (2) Where: ARit : the abnormal return for security i on day t ^ ^ ÃŽ ±i and ÃŽ ²i : estimates of ÃŽ ±i and ÃŽ ²i In order to calculate the abnormal returns we use a maximum of 351 daily observations (Huang and Walkling, 1987). We start collecting data from t -300 to t +50 days, with t = 0 being the announcement date of the acquisition. These 351 days include non-trading days as well. In other words, we actually gather data from t -214 to t +36, taking only trading days into account. We use different time periods of an event for a complete comparative analysis of abnormal returns in each sub period which is described as below: Event period : day t -10 → day t +30 (41 days) Pre-announcement period : day t -10 → day t -2 ( 9 days) Announcement period : day t -1 → day t 0 ( 2 days) Post Announcement Period : day t +1 → day t +30 (30 days) diagram To analyse the effect of the event , we now calculate the average abnormal return (AAR) for all the securities for a time period t. AAR is the sum of all abnormal returns of firms on day t divided by N( the number of firms): (3) The t statistic, à Ã¢â‚¬ ¢, is calculated by dividing AARt by the standard deviation of the average abnormal returns. This is final step of the model, which helps in determining the significance of the AARt in the event period. (4) While calculating the standard error, an estimator is used to calculate the variance of the abnormal returns in the absence of but in this case we use the sample variance measure of that we derive from the market model regression. The estimator is as follows: In order to establish a more holistic viewpoint, the cumulative average abnormal returns (CAAR) are calculated: Where T1 to T2 is the duration of the event in which the AARt is collected. According to our hypotheses we have to calculate one more variable, the cumulative average abnormal return (CAAR) over a certain period. In order to find out the significance of CAAR we calculate its t statistic as follows: Where var(CAAR) is the variance of the cumulative average abnormal returns. We could use a variety of formulas to calculate the standard deviation and t statistic such as those described in Campbell, Lo and MacKinlay (1997) and Brown and Warner (1985). But we calculate using the method adopted by Kothari and Warner (1985): Where: : Variance of the average abnormal return for one period. L : Longer the L, the higher is the variance of CAAR To test the third hypothesis, another variable is taken into consideration the Cumulative abnormal returns (CAR). We now develop a regression model using dummy variables to test the effect of the type of acquisition, kind of acquisition, the type of the target firm and the mode of payment on the CAR of the acquirers. The control variables are the relative market size of the market value of the target to acquirer (RMV) and the market size of the acquiring firm (M) (Wong and Cheung, 2009). Where: : Cumulative abnormal return from day d1 → day d2 D1 : 1 if the type is acquisition D1 : 0 otherwise i.e. merger D2 : 1 if it is focusing D2 : 0 otherwise i.e. diversifying D3 : 1 if target firm is private D3 : 0 otherwise i.e. public D4 : 1 if mode of payment is cash D4 : 0 otherwise i.e. stock M : Market Value of the acquiring firm=Number of outstanding share *closing price on the announcement date The tests of hypotheses 1, 2 and 3 can be described as the following tests: H1 : H0 : AARt = 0 H1: AARt ≠  0 H2 : H0 : CAARt = 0 H1: CAARt ≠  0 H3 : H3i :ÃŽ ²1 = 0 (Acquisitions vs. Mergers) H3ii :ÃŽ ²2 = 0 (Focusing vs. Diversifying) H3iii :ÃŽ ²3 = 0 (Public vs. Private target firms) H3iv :ÃŽ ²4 = 0 (Cash offer vs. Share offer) 4. Data Description The number of mergers and acquisitions carried out in India has been quite extensive. Hence, certain criterion has been used to select a suitable sample. The deals carried out with Morgan Stanley, JP Morgan, Goldman Sachs, UBS, Deustche Bank and Citi as their financial advisors should be included. These banks have been chosen as they deal with high valued mergers which are perfect for highlighting the true effects of a focusing or diversifying merger. All deals should have been completed from January, 2003 to March, 2010. The sample consists of only 178 completed transactions. All the acquirer firms must be publicly listed in the Bombay Stock Exchange. The SIC Codes for the target and acquirer should be available in the CRSP Database. This helps in dividing the sample into focusing and diversifying mergers. Because of these restrictions, the sample reduces to 70 firms, three of which have some information missing regarding the stock returns etc and hence our effective sample is 67. It has been further classified into 44 focusing and 23 diversifying deals. Using only publicly listed firms enables us to extract information about these deals such as – announcement dates, termination dates, stock returns, market returns etc. from the Thomson One database, company websites and the Bombay Stock Exchange. The Bombay Stock Exchange Sensitivity Index or the BSE Sensex (30) has been used to gather the market returns of the firms.

Working With Special Populations

Working With Special Populations Spirduso et al. (2005) gives the definition of ageing as ‘ A process or group of processes occurring in living organisms that begins with birth and, with the passage of time, leads to a loss of adaptability, functional impairment and eventually death. Also Swain and Leutholtz (2002) define aging as a result in years of physical inactivity, and that much to do with the biological consequences of age is the sedentary lifestyles most aging people have. Those who remain physically active throughout life demonstrate much slower rates of physical decline than do the sedentary, and a growing body of research indicates that those who have been sedentary for many years can experience significant improvements by beginning an exercise programme even at very advanced ages (Fiatrone et al. 1990). The World Health Organization (WHO) estimates that there is over 20 percent of the population in the United Kingdom over the age of 65 and by the year 2025 there is an overall projection that, that value will rise to almost as much as 30% of the population living in the united Kingdom to be over the age of 65 (Mcardle, Katch and Katch 2010). Research shows that when properly prescribed exercise, elderly people can significantly improve their aerobic power (Eshani 1987), muscular strength and size (Fiatrone et al. 1990; Frontera et al. 1988), and bone density (Dalsky 1989). Improvements in functional movements such as walking speed and stair climbing power have also been reported (Fiatrone et al. 1990). These results can reverse the effects of many years of physical decline and lead to greater independence and a much higher quality of life. More than half of elderly people have at least one disability or chronic condition, participation in a regular physical activity/exercise programme has many physiological health benefits including reducing the risk and lessening the impact of many chronic diseases (DiPietro, Caspersen and Ostfield 1995). Aging has numerous effects on organ systems in the body, effecting skeletal muscle, body composition, the cardiovascular system, the metabolic system, the respiratory system, the nervous system, energy expenditure and energy intake and also thermoregulation. These can all seem to be contraindications for exercising when elderly such as thermoregulation being affected this means there is a decreased ability to regulate body temperature when homeostasis is challenged; decreased amount of sweat per active sweat gland; reduced response to increased blood flow during exercise attributable to structure and response of cutenous blood vessels; inadequate ability to reduce splanchnic blood flow during exercise (Kenney 1997 and King, Martin 1998). In general, if an individual leads an active lifestyle it preserves and enhances skeletal muscle, strength and endurance, flexibility, cardio respiratory fitness and body composition for later life. Main Content Physiological Factors Cardiovascular Fitness + Training Since many elderly individuals have a low initial fitness level, it is prudent to begin exercise programmes at a low intensity and to progress gradually (Swain and Leutholtz 2002). Low cardiorespiratory fitness is a risk factor for cardiovascular disease and all cause mortality (Blazer 1982). Low VO2 peak is associated with reduced ability to perform ADLs (activities of daily living) including climbing stairs and brisk walking (Birdt 1998). A small improvement in cardiovascular fitness is associated with lower risk of death. Healthy sedentary older men and women can increase their cardiorespiratory fitness by performing aerobic exercise training (Engels et al. 1998: Kuczmarski et al. 1994). Physical activities that the elderly population, should engage in are walking (indoors, outdoors, or treadmill), gardening, swimming (water aerobics), golf and cycling (White 1995). Combining strength with endurance training is also beneficial for the elderly individual. One study showed that after 6 months of combined resistance and endurance training, older healthy individuals increased their VO2 peak (11%) and their upper and lower body strength (Blazer 1982). The ability to carry out normal daily task such as carrying laundry, vacuuming and climbing stairs translated to carrying 14% more weight and moving 10% faster. Resistance Training Elderly individuals, including the oldest old and very frail elderly, demonstrate physiological adaptations to strength training (Kuczmarski et al. 1994). How much adaptation depends on the frequency, volume, mode, type of training and initial training state (Ferketich, Kirby and Alway 1998). Strength training has the potential to improve functional capacity and quality of life of the elderly person (Fiatrone et al. 1990). Most elderly individuals can participate in a resistance training programme that is individually designed. Those with hypertension or arthritis or at risk of osteoporotic fracture need to be assessed and evaluated by a physician prior to initiating resistance training programme (White 1995). A ACSM recommendation for the elderly that bears some scrutiny is the recommendation to use machines as apposed to free weights. Swain and Leutholtz (2002) evaluates that although it is true that machines require less skill, free weights have the advantage of teaching balance and greater neuromuscular control, which may be transferrable to real world activities. Furthermore they also talk about free weights being more superior by allowing the user to add small amount of weight onto their dumbbells i.e. 1kg whereas resistance machines normally have increments of 4.5kg or more which is a large leap when the user is frail, on the other hand ACSM realise that machines require less balance requirements and the risk of injury. Resistance training programmes lasting from 8 weeks to 1 year can increase muscle strength and mass in elderly, regardless of age and sex (Fiatrone et al. 1990). Psychological + Sociological Factors International Society of Sport Psychology (1992) states that â€Å"Individual psychological benefits of physical activity include: positive changes in self perceptions and well-being, improvement in self-confidence and awareness, positive changes in mood, relief of tension, relief of feelings such as depression and anxiety, influence on premenstrual tension, increased mental well-being, increased alertness and clear thinking, increased energy and ability to cope with daily activity, increased enjoyment of exercise and social contacts, and development of positive coping strategies.† Many older individuals do not have a spouse, close children or friends to rely on for socialization, assistance and support (Evans 1999). Although with age, social relationships may change from family to more formalized organizations or nonfamily members, many elderly live in social isolation and are very lonely. This is important because epidemiological studies have demonstrated a relationship between social support and physical health (Evans 1999). To add on to this it has been show that in several studies, lack of social support is a major risk factor for depression, morbidity and mortality (Engels et al. 1998). Participation in an organized training session provides an excellent opportunity for interaction between other elderly people and when organising a session it is been seen to do all activities as in one whole group to get a more major interaction between participants (Evans 1999). Also another method which could be used to improve social interaction for the elderly participating in a exercise program could include a ‘buddy exercise system where individuals are matched up with similar ability to perform their exercises together. Exercise Recommendations Physical activity recommendations for the elderly are updated regularly by the American College of Sports Medicine (ACSM 2000). High intensity activities such as running, rowing, aerobic/gravity riders, and stair steppers may not be appropriate unless the individual has a rare high fitness level. Low to moderate intensity exercise programmes can be performed daily. Higher intensity exercise sessions (>70% heart rate reserve) should only be performed 3 to 5 days per week (ACSM 2000). This allows for recovery days, which are more important for the older adult than the younger person as elders recover slower. Older individuals with a low exercise capacity may benefit from multiple daily sessions of short duration, whereas the more capable individual can benefit from three sessions per week with exercise bouts performed once per day (ACSM 2000). Elderly individuals who are unable to perform ambulatory activities may be candidates to perform seated chair activities, stationary cycling and water activities. T ai chi is seen to be one of the best activities for elderly individuals to undertake as it improves strength and balance according to Dalsky (1989). For the healthy older individual, it is recommended that exercise be performed minimally for 30 minutes but not beyond an hour in duration. If an individual beginning an exercise programme is predominately sedentary, has severe chronic disease, or has a very low fitness level, a minimum of 30minutes of continuous activity may not be possible. Sessions of as little as 10 minutes two or three times a day is appropriate in this situation. Health benefits are still obtained this way (ACSM 2000). National and Regional Strategies Summary Physical activity of light to moderate intensity helps to improve health, whereas moderate to high intensity physical activity with an emphasis on aerobic endurance improves cardiorespiratory fitness (VO2) as well as health in older individuals. Elderly individuals demonstrate improvements during resistance training by increasing muscle mass and strength; this improves gait, balance, and overall functional capacity and bone health this staving off chronic diseases such as osteoporosis and improve overall quality of life. There are also psychological benefits associated with regular physical activity and exercise. Dr. Robert Butler, former director of the National Institute of Aging states ‘If exercise could be put in a bottle, it would be the strongest medicine money could buy In general the elderly person can improve physical and mental health by performing regular physical activity, and this should be encouraged by all medical and exercise professionals. Ultimately, regardless of age or level of frailty, nearly all elderly persons can derive some physiologic, functional or quality of life benefit from initiating an exercise programme. Training Sessions Mode Frequancy Itenisity Duration Special Considerations Aerobic Training Intensity Load Reference Page American College of Sports Medicine. (2000) ACSMs Guidlines for Exercise Testing and Prescription. 6th Edition. Baltimore: Lippincott, Williams and Wilkins. Birdt, T.A. (1998) Alzheimers disease and other primary dementia. In Harrisons principles of internal medicine. New York: McGraw and Hill; pp. 2348-2356. Blazer, D.G. (1982) Social support and mortality in an elderly community population. American Journal of Epidemiology; 115:684-694. Dalsky, G.P. (1989) The role of exercise in the prevention of osteoporosis. Comprehensive Therapy. 15(9):30-37. DiPietro L, Caspersen C.J., Ostfield A.M. (1995) A survey for assessing physical activity among older adults. Medical Science Sports and Exercise; 25: 628-642. Engels, H.J., Drouin, J., Zhu, W., Kazmierski, J.F.(1998) Effects of low impact, moderate intensity exercise training with and without wrist weights on functional capacities and mood status on older adults. Gerontology: 44:239-244 Eshani, A.A. (1987). Cardiovascular adaptations to exercise training in the elderly. Journal of Applied Physiology. 46:1840-1843 Evans, W.J.(1999) Exercise Training Guidelines for The Elderly. Medical Science of Sport and Exercise; 31:12-17 Ferketich, A.M., Kirby, T.E., Alway, S.E. (1998) Cardiovascular and muscular adaptations to combined endurance and strength training in elderly women. Acta Physiology Scandinavia; 259-267. Fiatarone, M.A., Marks E.C., Ryan N.D., Meredith C.N., Lipsitz L.A., Evans W.J. (1990) High intensity strength training in nonagenarians. Journal of American Medical Association. 263:3029-3034. Frontera, W.R., Meredith, C.N. OReilly, K.P. Knuttgen, H.G. Evans, W.J. (1988) Strength conditioning in older men: Skeletal muscle hypertrophy and improved function. Journal of Applied Physiology, 64:1038-1044. International Society of Sport Psychology (1992). Physical activity and psychological benefits: International Society of Sport Psychology Position Statement. The Physician and Sports medicine, 20(10), 179-184. Keen, W.L. (1993) The older Athlete: Exercise in hot environments. Sports Science Exchange 6:44. King, A.C. and Martin, J.E. (1998) Physical Activity promotion: Adoption and Maintenance. American College of Sports Medicines Research Manual for Guidelines for Exercise Testing and Prescription. Baltimore: Williams and Wilkins pp 564-569. Knutzen, K.M., Brilla, L.R. and Caine, D. (1999) Validity of 1RM prediction equations for older adults. Journal of Strength and Conditioning Research 13, 242-246. Kuczmarski, R.J., Flegal, K.M., Campbell, S.M., Johnson, C.L. (1994) Increasing prevalence of overweight among U.S. adults. Journal of American Medical Association; 272:205-211. McArdle, W.D., Katch, F.I. and Katch V.I. (2010) Exercise Physiology: Nutrition, Energy and Human Performance. 7th Edition. Baltimore: Lippincott Williams and Wilkins. Seguin, R. and Nelson, M.E. (2003) The benefits of strength training for older adults. American Journal of Preventive Medicine 25 (Suppl. 2), 141-149. Spirduso WW, Francis KL, MacRae PG (2005). Physical Dimensions of Ageing (2nd ed). Human Kinetics, Champaign, IL, pp. 131-55. Swain, D.P and Leutholtz, B.C. (2002) Exercise Prescription: A case study approach to the ACSM Guidelines. Champaign: Human Kinetics. White, T.P. (1995) Skeletel muscle structure and function in older mammals. In Perspectives in Exercise Science and Sports Medicine. Carmel: Cooper; pp.115-174.

What Means What :: essays research papers

Who Said What Means   Ã‚  Ã‚  Ã‚  Ã‚  Ask yourselves these questions before you read Kincaid’s â€Å"Girl†, Do you know what a housewife is, being a student or child, getting advice from an elder, and being called something that you are not? What is this story's about is it a story at all or just a poem in essay form? What kind of mood are you in right now to decipher this story in your own words? The story depends on the mood you are in and change the whole perception of this story. Then again, isn’t that what writing is about to begin with? Interpret the story as Mr. Hass told us to do, I did, but I analyzed it as a poem looking for an underlying meaning. There had to be much more than what there than what was told to us. I had a totally different perception. After the discussion, it seemed relevant for me to understand the story in a different way. But, I thought it was a mother to daughter talk. The â€Å"daughter talk† (my interpretation of the narration) was commands that her mom was saying. The advice told to her was not to become a slut, which was repeated several times in this story. But the question I ask you is, this present situation in the girl’s life, or was it a recollection of one that she had before with her mother?   Ã‚  Ã‚  Ã‚  Ã‚   Is this story taking place in present time or in the past? It could be in the present with a young girl but I also came to the conclusion that this could be in the past and the italicized words could keep repeating in her mothers forgotten speech. Now is when she needs her mothers comfort and not only that what she wished at the time of the talk. In the other perspective though it could be in the present time and just be recalled by the narrator to opens one’s imagination to make them draw their own conclusions.   Ã‚  Ã‚  Ã‚  Ã‚  Is story a poem or is it a story, isn’t this story just a page with sentences making thoughts about a person to another person. Well that is what I got out of it and now I can only get more confused thinking of it, the story is so broad anyone’s interpretation could be perceived as correct. Not only that the story can change with each person, it also changes with the readers mood at that point time, not only that try to analyze it and your mind just wonders with the choices that Kincaid gives you. What Means What :: essays research papers Who Said What Means   Ã‚  Ã‚  Ã‚  Ã‚  Ask yourselves these questions before you read Kincaid’s â€Å"Girl†, Do you know what a housewife is, being a student or child, getting advice from an elder, and being called something that you are not? What is this story's about is it a story at all or just a poem in essay form? What kind of mood are you in right now to decipher this story in your own words? The story depends on the mood you are in and change the whole perception of this story. Then again, isn’t that what writing is about to begin with? Interpret the story as Mr. Hass told us to do, I did, but I analyzed it as a poem looking for an underlying meaning. There had to be much more than what there than what was told to us. I had a totally different perception. After the discussion, it seemed relevant for me to understand the story in a different way. But, I thought it was a mother to daughter talk. The â€Å"daughter talk† (my interpretation of the narration) was commands that her mom was saying. The advice told to her was not to become a slut, which was repeated several times in this story. But the question I ask you is, this present situation in the girl’s life, or was it a recollection of one that she had before with her mother?   Ã‚  Ã‚  Ã‚  Ã‚   Is this story taking place in present time or in the past? It could be in the present with a young girl but I also came to the conclusion that this could be in the past and the italicized words could keep repeating in her mothers forgotten speech. Now is when she needs her mothers comfort and not only that what she wished at the time of the talk. In the other perspective though it could be in the present time and just be recalled by the narrator to opens one’s imagination to make them draw their own conclusions.   Ã‚  Ã‚  Ã‚  Ã‚  Is story a poem or is it a story, isn’t this story just a page with sentences making thoughts about a person to another person. Well that is what I got out of it and now I can only get more confused thinking of it, the story is so broad anyone’s interpretation could be perceived as correct. Not only that the story can change with each person, it also changes with the readers mood at that point time, not only that try to analyze it and your mind just wonders with the choices that Kincaid gives you.

Titanic Essay example -- essays research papers fc

One of the greatest news headlines of all times was actually never supposed to happen. The shocking news of the sunken ocean liner the Titanic shocked millions. The sinking itself probably wouldn’t have even mattered except that the builders themselves said that the ship simply could not sink. The news not only hit the United States, but countries everywhere were saddened to hear the news of â€Å"The Unsinkable† and its grave end. In 1907 a man named J. Bruce Ismay, who was the manager of White Star Lines went to a dinner party at the mansion of the wealthy William James Pierre. Pierre was a chairman to one of the largest shipbuilding companies in Belfast, Harland and Wolff. At dinner the two discussed luxury ships like the Lusitania and the Mauretania. These two liners were more luxurious and faster than any other liner ever made and that was bad news for Ismay and Pierre. It was a problem because Cunard Lines, the maker of these two luxury ships, was White Star Lines’ only competition. By the time dinner was over they had made up a plan to build three ‘Olympic’ class ships. These ships would be fifteen hundred gross tons larger and about one hundred feet longer than the Lusitania and the Mauretania. The building of the Titanic and the Olympic were to start immediately, with the Britannic to follow in the coming years. On July 29, 1908 White Star owners approved the design plan for the thr ee ships. The final price cost of each ship was approximately seven million five hundred dollars. In order to build the ships, new special made slips had to be made to be able to carry their weight. On March 31, 1909 the construction on the Titanic began. The ships would all feature compartments that would seal off sections of the ship that may have taken on water in case of a collision. These compartments were a part of the brand new idea of a watertight compartment system. The Titanic was to be the most lavish of the three luxury vessels. It was to have ankle-deep beautiful carpet, wonderfully detailed ornamental carvings on the floor and ceiling. The Titanic was finished on February 3, 1912. (Domont, www.geocites†¦; Acheson, www.museum.gov)   Ã‚  Ã‚  Ã‚  Ã‚  The Titanic set out on its fateful voyage on May 31st, 1911 from Southampton to New York. On the way she stopped in Cherbourg and Queenstown. On the Titanic’s voyage numerous iceberg warnings were received... ...ning of April 14th, 1912 the world lost over one thousand souls due to one of the most discussed disasters of all time. Weather or not it could have been prevented is still a mystery. Those who lost their lives in this tragic event will always be remembered through books, movies, research and most of all, by their loved ones and families. The Titanic’s legacy as the largest ship on earth ended just as large as it began, as the unsinkable ship that sunk. To think, one white star even said, â€Å"God himself could not sink this ship.† (Acheson, www.museum.gov..) Works Cited Acheson, P., & Conlin, D. (2000, March 29). Maritime Museum of the Atlantic. Retrieved October 27, 2004, from http://museum.gov.ns.ca/mma/index Butler, D. A. (1998). ’Unsinkable’ The Full Story. Mechanicsburg: Stackpole Books. Domont, E. (1997, April 6). Titanic Homeport. Retrieved October 27, 2004, from http://www.geocities.com/Athens/Oracle/8921/ Heyer, P. (1995). Titanic Legacy: Disaster as Media Event and Myth. Westport: Praeger Publishers. Spignesi, S. J. (1998). The Complete Titanic. Ontario, Canada: Carol Publishing Group. Spignesi, S. J. (1998). The Complete Titanic. Secacucels: Carol Publishing Group.

Everybody wants to be thin Essay examples -- essays research papers

Unfortunately, Americans today are obsessed with losing weight. Everybody wants to be thin! Everywhere I go, there’s someone counting calories, cutting "carbs", and running themselves to death on a treadmill. Dieting can be beneficial, when done properly and with discussion with a doctor. Sadly, some people fall into these bad habits when the desperation to lose weight has become tremendous. Everyone wants to lose way quickly and more importantly very easily. Therefore, any fad diet will become the new obsession of the fad dieter. This person will eat grapefruit for a week, and when her stomach can’t take it anymore; she’ll try a brand new, state-of-the-art, magic pill that will enable her body to shed ten pounds overnight. Even though the magic pill does not produce the desired weight loss, he or she never gives up hope. Once again, this dieter is lured by advertisements of instant spot reduction-liposuction. She crosses over the safety line into a danger zone of unknown procedures, performed by unqualified physicians. Some dieters lose their lives in the search for a beautiful body. The stomach staple is another dieting tool that dieters try. The staple yields a large weight loss, but the dieter endangers her health because of excess loss of body fluids. The "fad dieter" is always listening for the newest cure on the dieting market. A wedding or a prom is a common reason for a someone to decide...

Political Climate of the 1980s Essay

The period starting from 1980 to 1991 was a dawn for the newly implemented international challenges and changes as sponsored by the government of the United States of America. This period was dominated by the immense influence of the Reagan administration. In 1980, Ronald Regan was elected into the presidential post, serving eight years as the president of the United States of America. In addition, this period also determined and strengthened the hegemonic leadership of the American government as the Soviet Union fell towards the end of 1980s, hence declaring the Cold War over. At the start of this period, Reagan implemented economic policies that revolutionized and saved the declining economy of the United States. This set of economic reforms became well-known as â€Å"Reaganomics. † This was comprised of new and aggressive fiscal policies that were meant to decrease the inflation in the American economy, and at the same time steps were taken to further establish the American economy as the strongest in the international arena. The brief span of 1981 to 1986, certain fiscal policies have been implemented in order to keep the economic policies abreast with international changes and to save the American economy from further inflation. In 1981, the Economic Recovery Act was implemented. This was the first Fiscal Policy that was enacted and which had three components all related towards the imposition of tax cuts. In 1982, corporate taxes were imposed. And at the end of 1986, the American economy has undergone three phases, all of which were dominated by changes in the fiscal and monetary policies and expansion. In effect, deficit rate decreased significantly as compared to the economic status experienced during the previous administrations (Looney 1995). In the field of politics, certain changes have also been made. In 1982 and 1985, the involvement of the American government in international struggles became rather pronounced. The Reagan administration opposed the retreat of the American forces during the height of the Vietnam War, and as such, he worked towards the eradication of communist ideas during his presidential term. As such, the Reagan administration took part in defeating the communist forces that were rampant during the period. The American government took active involvement in the military struggles in Cambodia and in the Philippines. In line with this, during the Reagan era, the tensed confrontation brought by the Cold War finally ended. The 40 years of hostility was broken down at the fall of the Soviet Union towards the end of 1980s (Hodges 2000). The breakdown of the Soviet bloc and the end of the Cold War spelled out significant changes to the international order. The Soviet Union, which was the main competitor of the United States in terms of politics, economy and military strength, posted challenge for world leadership for the United States. Hence, at the fall of the Soviet bloc, the post was left for the American government alone. Thus, at the end of the Cold War, the United States government was prompted to make certain actions that strengthened their influence in other smaller countries. Communist insurgents were greatly weakened during this period, and as such, capitalist motives were pushed forward. Towards the end of this era, more economic policies were implemented that were geared towards globalization and liberalization. With the immense influence and power that the American government posted, most of the countries – developed and developing countries – followed the suit after America. Thus, this period was largely highlighted by the increasing influence of the United States of America towards the establishment of a globalized community which is still prevailing during this generation.

Glutinous Rice and Cocoa Powder

Tricia Bugarin Katruz Albano BUS 100 15 Aug 2011 Champorado: The Breakfast of Champions Champorado is a Filipino chocolate cereal made with sweet sticky rice much like the kind of rice you would use to make sushi. Filipinos consider this as the oatmeal or porridge that people eat in the morning. Champorado is considered to be the breakfast of champions because this type of food is cooked with cocoa powder and mixed with sugar which is guaranteed to give you an amazing burst of energy for a long period of time.Champorado originated back when the Spaniards colonized the Philippines in the late 1500’s during their galleon trades where Spanish ships sailed twice a year across the Pacific Ocean between the Philippines and Acapulco. A lot of the trades consist of silk, ceramics, and spices, and because of the frequent sailing, a lot of the Spaniards decided to stay in the Philippines bringing with them their familiarity of making Champorado. Over the century, this dish was made in m any different ways.It can be served for breakfast, or as a snack. You can also eat champorado when it’s cold after putting it in a fridge. Usually some Filipino eats the champorado with the combination of a dried fish. Although, it can be considered as a poor man’s food because it does not cost a lot of money and it is relatively easy to make. Everything you will need can be bought at your local grocery store. All you will need is a cup of sticky white rice, half a cup of unsweetened cocoa powder, two and a half cups of water, and half a cup of sugar.You can also add a little bit of vanilla extract but that is entirely up to you. You will, however, need evaporated milk which will give the Champorado a little bit of creme color and to get the thickness down before you start indulging in this delight. Cooking this dish is very simple and does not require a lot of math. Boil the cup of sticky white rice in a medium saucepan stirring constantly because you do not want the rice to clump up together. The rice is ready hen it is transparent and thicker in texture and consistency. Add your cocoa powder and the sugar mixing and stirring these ingredients together. Ones the cocoa powder and the sugar are well blended with the rice turn the heat off and put a little serving in a bowl. Now, you are ready to serve this delightful dish with a swirl of evaporated milk on top. You can typically serve Champorado hot or cold. In our culture, we serve this with a side of salty fish or meat for breakfast.Our society is one big melting pot of cultures where a lot of things are being introduced. It is okay to expose yourself to the many types of delicatessen available out there. The worst possible thing that can happen to you is a swollen throat or you can even break out in hives due to your allergies, so just be aware of the ingredients being used. Despite of the differences that we may have, we do have one thing in common; we all love to eat.