Empirical research Coursework Example | Topics and Well Written Essays - 2750 words

Empirical research - Coursework Example The brands of pizza hut, KFC, Mexican food restaurant of Taco Bell and Long John Silver outlets are among the few brands that have been acquired by all these restaurants owners. Over the past years, Yum has been involved in many mergers and acquisitions and this raised a concern of wanting to know more and therefore will express it in an ‘expounding’ study in form of exploration to tackle the causes and effects of Mergers & Acquisition in franchising. It is clear that, in as much as many companies have a variety of reasons for joining with mergers and acquisitions not all mergers get to succeed. Research show that, those who get lucky to succeed, do not get rates greater than fifty percent, from the two different methods used to evaluate on the success of acquisition or a merger. Among the chosen methods, the commonest one used is quantitative where; the performance rate in the share of the companies merging is taken and compared with that of the results of associate companies that want to merges with it. The other method is qualitative, and is usually evident when particular representatives of the companies are interviewed to see whether the merger can be proved successful. Businesses that join the scheme of mergers and acquisitions normally target the economic benefits, which are taken to be a way to grow benefits in synergy and a decrease in costs and form a grounds or room for mergers and acquirers to make a number of decisions. This is one drive that keeps the urge for companies to get involved in acquisition or merger. It refers to an event the combined company makes a lot of profit than the total of the two separate companies. When a merger or acquisition has a positive acquisition value (NAV), it is supposed to be economically. The NAV is defined as Mclean (2003), If this is positive, then the merged

Aspects of Practical Crime Scene Investigation Essay

Aspects of Practical Crime Scene Investigation - Essay Example Further, there is no first hand information on how deep the charred carpet, coat or rug were. Such a description could have provided much more information in determining the likely causes of the fire. Further, the notes do not contain any information on the type of material that was used to build the walls or the building in general. a regular house is meant to contain articles of plastic or metal along the path described within the house. As such, in the case of any fire such as in the current instance, objects made of such materials tend to get distorted. There is no mention of any such occurrence which leads one to doubt whether such an angle was even investigated. However, the investigator has chosen to proceed in a specific manner detailing the items described in the notes as they were encountered. Thus the order of the items collected could prove useful in the investigation. There is no mention of any structural damage to the building or the extent of damage to the ceiling, which would have helped establish the extent of the fire. The primary aspect of investigating suspected cases of arson is to identify the location where the fire started. As such, the location of the rug (which might have been used to start the fire) and the bottle containing the suspicious liquid (possibly as a speeding agent) could help establish such a notion. Additionally, it is also necessary to find if there are any other potential causes of the fire that could have occurred in house. In this case, the notes do not provide any information whether there were any inflammable materials in the area or whether any flames such as candles or stoves were being used in the vicinity. As such, all such noticeable and suspicious things can be retrieved for examination. The exhibit JLS-2 contains the piece of rug that survived the fire and is suspected to be the material used to start the fire. Due to the lack of any noticeable

An Inside Look at Shark Finning Essay -- detrimental practices, environ

Every summer, when parents take off work and kids are out of school, families plan a summer vacation. 42% of those vacations take place on sandy beaches underneath the summer sun. Americans splash in the waves, sip refreshing drinks under their oversized umbrellas, build sandcastles, and revel in a beach tan that will hopefully last them all summer. While eating seafood and enjoying the beach can be viewed as the ultimate summer vacation, humans impact our oceans more than we think, and it’s much more catastrophic than spending our summer vacations at our favorite beaches. There are currently over 440 species of sharks in our Earth’s oceans, but despite roaming our ocean’s waters for millions of years, sharks are constantly at risk of extinction. It is estimated that one hundred million sharks are killed by humans each year. To put it into perspective, that’s 11,417 sharks killed every hour. Meanwhile, only 12 humans were killed worldwide by sharks in 2011. The culprit behind the extremely high rate of shark deaths is the practice of shark finning. â€Å"Shark finning is the practice of slicing off the shark’s fins while the shark is still alive and throwing the rest of its body back into the ocean where it can take days to die, which must be an agonizing death.† The shark fins are used in an Asian delicacy known as â€Å"shark fin soup.† In many Asian countries, it is a sign of wealth and prosperity and is often served and banquets and weddings to impress the guests. Just one bowl of shark fin soup can cost u p to $100. Because of the high demand for shark fin soup, fishermen and middlemen alike have been finning sharks any chance they get. Although the shark fins are used in shark fin soup, they are also sold frozen, canned or dried. The... ...cean Bycatch Campaign. N.p., 31 Oct. 2002. Web. 10 May 2014. "Mercury Contamination in Fish : Mercury and Its Effects." NRDC. Natural Resource Defense Council, n.d. Web. 8 May 2014. Mosbergen, Dominique. "How Many Sharks Are Killed Per Hour? This Graphic Will Shock You (INFOGRAPHIC)." The Huffington Post. TheHuffingtonPost.com, 27 Mar. 2013. Web. 14 Apr. 2014. Orchant, Rebecca. "Threatened Species Used In Shark Fin Soup Across U.S." The Huffington Post. TheHuffingtonPost.com, 10 Aug. 2012. Web. 14 Apr. 2014. "Sea Shepherd Conservation Society." Sea Shepherd. N.p., n.d. Web. 10 Apr. 2014. . "Stop Killing Our Sharks!" Shark Angels. N.p., n.d. Web. 10 Apr. 2014. . "What You Need to Know about Mercury in Fish and Shellfish." US EPA. United States Environmental Protection Agency, 18 June 2011. Web. 9 Apr. 2014.

Mercury Athletic Footwear: Valuing the Opportunity Essay

Team 10 / Mergers and Acquisitions West Coast Fashions, Inc (WCF) was a large business, which dealt with men’s and women’s apparel. One of their segments was Mercury Athletic Footwear. WCF wanted to dispose off this segment. They just wanted to divest because they wanted to focus more on their core business and move it up to the elite class. John Liedtke was the Business Development Head at that time in Active Gear Inc. He had a clear idea that acquiring Mercury will shoot up AGI’s revenues for sure. It would also ensure an expansion of the key business. In order to get a clearer picture on the acquisition, he needed to compare and analyze the company’s financials well. By this he could gauge the pros and cons of this acquisition. Are the strategic reasons behind the Merger good enough? Explain As a team, we had different views on this question. Some reasons make us think that it may be beneficial for AGI to grab the opportunity but some make us think that it might not be as promising as it seems. Let us see why we feel it is a good idea for AGI to acquire Mercury. Active Gear Inc. Mercury Athletic Footwear Revenue $470,285mn $431,121mn % Revenue Product wise 42% Athletic 58% Casual 79% Athletic 21% Casual Operating Income $60.4mn $42,299mn Revenue growth 2% to 6% 12.5% Active Gear was one of the most successful firms in terms of profitability, in the footwear industry. Mercury looked like a good opportunity for an  attractive investment because they almost have the same revenues, while being smaller in size, in the market. The Percent revenue in the casual footwear in AGI compensates for the gap in Mercury. It’s a perfect balance. When we looked at the industrial average of revenue growth is 10% and AGI is below the standard, however Mercury is above by 2.55%. It is a good sign to move ahead for this acquisition, as it will enable AGI to remain at the top in the market. Both companies are in the same industry and have same products. Both Mercury and AGI does its manufacturing in China. AGI sourced its resources to the contract manufacturers in China. Mercury can leverage with these manufacturers as China just experienced a wave of consolidation favorable for these kinds of manufacturers. This, in turn, can enable AGI to have the opportunity to expand with its top retailers and distributors. Mercury’s cost of manufacturing is low and could help to sync the lower profit margins of AGI, which it had been facing from its suppliers, distributors and consumers. (Refer Case Page 5 and 3). Mercury had always been an autonomous body, which maintained its own financials, data management, resource management and distribution. This would pave a smooth way for AGI to take over. This smoothness could not have been expected had Mercury been totally under WCF. Now let us look at why some of the members of the team thought that the acquisition is not an appropriate decision: There would be strategic clashes because AGI focuses on Classic and elite products with long life, on the other hand, Mercury focused on flexibility and changed its pr oducts based on demand and trend. (Refer Case study Page 2 and 4). There is a huge difference in days Inventory between the two companies. It means that there must be a strategy of keeping their products on shelf. We also come to know that Liedtke believed that Mercury can adopt the Inventory Management of AGI and a bit incremental cost and then it might reduce the levels of DSI of Mercury. Mercury also concentrated on a different geographic section than AGI. We also think that this Acquisition might just entail a complete take-over of the Women’s line of Mercury. However, it might me a loss making business for AGI later (Refer case study Page 6). Review the projections by Liedtke. Are they appropriate? How would you recommend modifying them? We put the Exhibit 7 for reference: As a team we analyzed each segment’s projection: Men’s Athletic This segment indicated a 8,72% average growth rate from 2007-2011. According to the information in the case, Men’s Athletic revenue grew more 40% over the prior year and the average compound rate from 2004-2006 was of 29%, therefore the forecasted item should be based on this assumption from the case of CAGR of 29%. This projection seems conservative and it can be modified towards the expected 29% growth. Men’s Casual Women’s Athletic This segmented shows a growth rate of 2,50% from 2007-2011. According to the information provided in the case, the sales of this business line should be declining at 6,25% per year not increasing. Therefore its sales should decrease in this percentage not increase as projected per Liedtke. Liedtke projected for this business segment, an average growth rate 7,98% (2007-2001). The case indicates a growth from 2004-2005 of 13,5% per year . Therefore this can be somewhat a conservative growth projection. Since this has been solid growth, this could be increased to maintain the 13, 5% sales growth in the upcoming years Women’s Casual Lietdke’s projection assumed that this business line was going to disappear by the end of 2007 this is aligned with was its expected from Mercury management according to the facts stated in the case (page 6). Given this information we can conclude that the Women’s Casual as part of Mercury revenue generator would disappear, therefore this projection seems reasonable if Mercury does not merge. If merger happens this business line can be enhance by the synergies of both companies and it might be a positive approach to keep the brand alive. Estimated Capital Expenditures This projected expenditure was based on 5, 67% average growth rate from 2007 until 2011. The information in the case indicates that Mercury’s capital spending its little since they focus its resources in market research and product designs. Estimated Depreciation This item maintains an average growth rate of 5,67% for the years of 2007-2011. Because there is no more evidence of changes in depreciation this seems reasonable for Mercury’s operations. Cash Used in Operations From the Historical balance of exhibit 4, in 2006 Cash & Equivalents closed with a balance of $10,676. Liedtke projected a 61% decline for 2007 reducing the Cash line item to $4,161. This reduction might be since the historical Balance Sheet (2004-2006) was taking into account Cash & Cash Equivalents â€Å"† where the projected Balance Sheet (2007-2011) it’s only taking into account â€Å"Cash used in operations†. In addition, it might also be affected by the fact of â€Å"Men’s casual footwear† and â€Å"Women’s Casual Footwear† revenue are declining and not generating enough sales. Accounts Receivable The accounts receivable of Mercury, maintained flat growth with a 6% average growth rate from 2006-2011. Probably they have credit terms with retailers and shops, although there is not enough information in the case about this, therefore it seems an appropriate projection. Inventory According to Liedtke projections inventory also maintain an average growth of 6% until 2011. An inventory increase it’s necessary for this type of business, since Mercury needs to supply large retailers with their Footwear. In addition, this increase might be justified with the fact that, Mercury its receiving pressure from suppliers in China who need larger orders to operate at full capacity, therefore Mercury might be forced to make larger orders in the future to maintain its current relationship with the Asian suppliers. However, if Mercury it’s considering Women’s Casual as dead brand this can make the growth to be somewhat conservative. Prepaid Expenses According to Liedtke’s projection these expenses increased from$ 10,172 to  $14,747 in 2007 represented 42% increased. After 2007 Liedtke’s projected an average growth rate of 6% will maintain an average growth rate. Prepaid expenses might be rent of related to their operations however there is not enough information to assume that prepaid expenses can change aggressively over the projected years. Property Plant and Equipments This line item seems to maintain a flat and conservative growth since there is no indications of major changes in this area in the future of Mercury fixed assets. Trademarks &Other Intangibles The amount in trademarks and other intangible should not change since the company already owns the brands of the different segment. If in the future the merger happens then this might decrease Accounts Payable This was projected with a 5% average growth rate per year since 2007. For this type of business model seems reasonable that mercury maintains a conservative growth rate for the future years. The company already has established relationship with retailers and probably their credit terms will remain the same for the upcoming years. Accrued Expenses Accrued expenses which might be related to workers’ wages, increased from 16,981 to 22,778 in 2007 (21% increase). This increase seems somewhat aggressive since the company it’s probably expects to have less staff from the business lines, which are declining. Deferred Taxes Taxes might not suffer any changes, since this the taxes the company will have to pay for the upcoming years. Pension Obligation Projections of pensions seems reasonable and with no changes for upcoming  years. Nevertheless, if we assume that organizational changes will occur in the future such as lay-offs this line could be reduced. Value the target company, first by the DCF approach, and second, by multiples, using Liedtke’s baseline case. Explain all the assumptions that you make in this process We look at the valuation done by Joel L. Heilprin for Mercury when the WACC is 11.06% and the long run growth rate is projected at 2.78%: However, our DCF uses a WACC of 8.73% and a long-term growth rate of 3%. We do understand that there is a significant difference from Heilprin’s calculations; however, it is to reflect upon the probable different values of the treasury securities that we chose. Here is our DCF, but please refer to the excel file (attached through â€Å"Turn it In’) for all the formulas and values we used to give us an idea and to help us reach the solution. In one of our calculations we took Termination Value in 2007 based on the M&A. And in the other one, we took the Termination Value from 2011 because the FCF is growing slowly. (Please refer to the calculations in the Excel) Do you regard the value you obtained as conservative or aggressive? Why? Three calculations give different results because we took assumptions. The DCF method based on case assumption gives higher value than the P/E method. Based on the calculation we get two different market value of the company. The evident one is $236,988. This approach can be considered as aggressive. Moreover the target company has the steady financial statement with a low debt proportion, while the bidder has higher debt in portfolio. We combine the company by â€Å"Pooling Interest† method. This situation considers that the bidder, which tries to target the company with higher price, is considered to be aggressive. From our Lower WACC calculations we drop the Cost of Capital, which can inversely raise the enterprise value. With our high enterprise value we have a higher proposal value to the buyer, higher than Heilprin’s. What kind of synergies or other sources of value not included in Lietdke’s projections? How would you take them into account? The additional opportunities that the company has to improve the results are: Maintain line of Women casual revenues. AGI has the opportunity to add this line of products. AGI can use the infrastructure of Mercury without new investments. Additionally, AGI could change the Women casual brand of Mercury to their own brand, so changing the products style to the concept of lifestyle for women. The company could consider as minimum an EBIT of $0.5M similar to the 2004. Improvement in DSI, DSO, DPO. Mercury has fewer DSI, more DSO, and more DPO. If we analyze the next table, we can consider that AGI have the opportunity to match the DSI of Mercury with the ones of AGI. Additionally, the company has the opportunity of increase the PDO of Mercury with AGI, negotiating days of payment with the providers in China. These opportunities improve the Working capital in $17M for AP, and $22M for inventory. The total improvement for WC is $39M. Increase volume for their providers. AGI reduced the number of providers to allow them achieve more scale and put AGI in a better negotiating position. In that way, AGI could benefit from the bigger scale and continuing consolidation of their providers. Notice that the Gross margin of Mercury is 44%, while it is 50% for AGI. Therefore, with better negotiations for the Mercury products there is an opportunity for reducing COGS in $25M. Elimination of duplicated costs in China. Eliminate the surplus of people the company have in China. AGI manage their providers in China with 85 employees, and Mercury manages 73 professional. The merged company can eliminate at least the 73 professionals of Mercury. The value of 73 employees is $1.7M per year (assuming an average monthly payroll and related of $20k per employee).

A Day in the Life Sociology - 2515 Words

Alix Grimm A Day in the Life I wake up at 4:45 am in the morning to fix my fiancà ©, Josh, breakfast and pack his lunch. He allows me to stay at home with our kids and not work so I can complete school so I do what I can to help provide for him. This role is important because he is our provider so in return I provide for him. This demonstrates a functionalist society. A functionalist society is one that demonstrates everyone plays a part in order to function. As I am cooking breakfast Josh‘s mom enters the kitchen and says a simple good morning. I can tell she is tired and that seeing me in my pajamas every morning while she has to get ready for work is not very appealing. She always makes gestures on how lucky I am to†¦show more content†¦Although I am sure the employee isn’t always chipper, we are always greeted in a friendly and very mannerly way. At about 11:30 am I decide to go to target in hopes to find a yellow shirt for Jordan’s Halloween costume. As I enter the kid section I enter by the diapers. A new mother confronts me and asks could I help with a diaper selection. She asks what pampers I chose to use and why. This demonstrated the social concept of unpaid labor of caring. This usually refers to the hidden, unrewarded work that involved in caring for the family. This pertains to the encounter with the lady because I go to use my knowledge of being a mother to help another mother. As we get in line I spot some chocolate chip cookies that I would like to buy. Ever since I was laid off from work when I was pregnant I have been receiving government assistance. I am very prideful and hate to use my food stamp card but due to my circumstances I do. There was an older lady in line behind me that most likely heard me talking or watched the credit card machine as I slid my card. She very bluntly asked me was that the new food stamps. Although I was shameful to admit it, I did explain to her how it was. 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The American Journey, David Goldfield Et Al - 1555 Words

In The American Journey, David Goldfield et al. state that â€Å"Americans in the 1930s wanted no part of another overseas war by a wide margin.† Americans were still recovering for the ramifications of World War I and feared our intervention in any foreign conflict. In the fall of 1941, their reluctance was still abounding even though Germany achieved many victories abroad, the British were toiling to save their empire and Japan’s monumental aggression towards China escalated. In fact, Goldfield et al. noted that, â€Å"President Roosevelt’s challenge was to lead the United States toward rearmament and support for Great Britain and China without alarming the public.† Unfortunately, the aftermaths of World War I had set the tone for World War II since many small new nations in Europe felt the upper hand of Germany, Japan, Italy and the Soviet Union. Furthermore, the United States was not highly regarded by these nations, especially Japan, whose nationa lists felt that they were unjustly treated after World War I. As much as the United States was trying to remain neutral and President Roosevelt wanted Americans to stay out of World War I, the inevitable came to fruition when Japan attacked Pearl Harbor on December 7, 1941. Goldfield et al. indicated that, â€Å"Speaking to Congress the following day, Roosevelt proclaimed December 7, 1941, â€Å"a date which will live in infamy.† He asked for and got a declaration of war against Japan. Hitler and Mussolini declared war on the United StatesShow MoreRelatedSlavery During The 19th Century1636 Words   |  7 Pagestransformed from an issue of politics into a moral campaign during the period of 1815-1860, ultimately polarizing the North and the South to the point in which threats of a Southern disunion would mark the beginning of the Civil War in 1861 (Goldfield et. al, The American Journey, p. 281). The decline of slavery in the upper South in the early 19th century can be identified as a profound change which would contribute to the eventual division of the nation. After 1830, the pattern of regional slavery in theRead MoreThe Contribution of American Women to the Abolitionist Movement1803 Words   |  8 Pagesrole of women in American History. During the Abolitionist Movement, it was thought that the duties of women were confined within the home (Boylan 363). While most women of the time agreed with this statement, there were many who did not. This change of attitude started during the Great Awakening (Baker 623). Eliza Wilkinson wrote, â€Å"I won’t have it thought that because we are the weaker sex as to bodily strength we are capable of nothing more than domestic concerns† (Goldfield, et al. 171). During this

Theodore Roosevelt The First Modern President Of The...

Theodore Roosevelt is widely thought of as the first modern President of the United States. The influence that the office has today began to develop during Roosevelt’s time in office. His impact is one that will not be forgotten. Theodore Roosevelt made many great contributions to the world. He was born into a prestigious and wealthy family on October 27, 1858 in New York City. He was given the nickname Teddy by his parents Theodore and Martha Bulloch Roosevelt and his three brothers and sisters. Suffering with asthma and weak eyesight, he actively engaged in sports such as boxing and horseback riding in order to strengthen himself. His youthful fascination with nature led him to spend as much time as possible outdoors. Private tutors educated him until entering Harvard University, where he had began to work on his first historical book, The Naval War of 1812 (1882). His book was made a reading requirement to be able to join the Naval Academy in Annapolis for many years. 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In the late 1920s, Mount Rushmore was being planned and the architect decided to include four of the forty-three presidents, then 30 to select from, that have served the United States: George Washington, Thomas Jefferson, Theodore Roosevelt, and Abraham Lincoln. It is clear why George Washington, as the first president, Thomas Jefferson, as third president and author of the DeclarationRead MorePresident Roosevelt s President Of The Republican Progressive Party1481 Words   |  6 PagesMy president’s name is Theodore Roosevelt. His nickname is Teddy. Did you know the Teddy Bear was named after him? President Roosevelt was in office from September 14, 1901 until March 4, 1909. He was the 26th president of the United States. President Roosevelt was in the Republican Progressive Party. Theodore Roosevelt was born in New York City, New York on October 27, 1858. He died in Cove Neck, New York on January 6, 1919. He was 60 years old. President Roosevelt’s wives namesRead MoreTheodore Roosevelt : President Roosevelt1564 Words   |  7 Pages President Theodore Roosevelt By Ryan Baglietto  Table of Contents: 1. Presidential Facts 2. Theodore Roosevelt’s Childhood 3. Education 4. Personal Life 5. Accomplishments 6. What do I think of President Roosevelt: 7. Presidential Picture 8. Bibliography  1. Presidential Facts: My president’s name is Theodore Roosevelt. His nickname is Teddy. Did you know the Teddy Bear was named after him? President Roosevelt was in office from September 14, 1901 until March 4, 1909Read MoreThe Presidency Of The United States1401 Words   |  6 Pagesnineteenth century presidents, such as Abraham Lincoln, wielded great power and significantly influenced the future of the United States, many were really just caretakers eclipsed in prominence by various industrialists and robber barons. The modern American presidency was actually the creation of Theodore and Franklin Roosevelt who by different means expanded and strengthened the office of the President of the United States. The Roosevelt family revolutionized how the United States operated and functionedRead MoreTheodore Roosevelt : A Modern Presidency1384 Words   |  6 PagesSchwarz/1 Theodore Roosevelt once said, â€Å" Believe you can and you are halfway there.† During his time in office, he added 5 national parks to our nation, tripled the amount of forest area, created 50 wildlife refuges, wrote many books, and captured the attention of many Americans, no matter what their political party was. Theodore Roosevelt is credited with having created a modern presidency and held a number of political positions before he was thrown into office after the assassination of President