The Walt Disney Company and Diversification Essay Example

The Walt Disney Company and Diversification Essay Disneyland and Citigroup Vanshika Vanshika. [emailprotected] edu. in (0-8098530866) â€Å"For a company that has taken its original or main business as far as it can go, diversification as a means of channeling surplus resources should certainly be considered. For a company that has not yet developed its main business to the full potential, however, diversification is probably one of the riskiest strategic choices that can be made. – Kenichi Ohmae, Former Head of McKinsey Co’s Tokyo Corporate diversification refers to companies pursuing several unrelated lines of businesses as a strategy for reducing business risk without (hopefully) affecting returns. Diversification has its own benefit for the companies some of which can be strategic while others may be purely financial in nature. There are a few reasons why companies choose to diversify – 1. Synergy – When companies merge, they can best utilize their resources to reduce operating costs. Better managem ent practices from a high end to low end can be shared in business for overall growth. Through pooled financial resources and risks, efficiencies can be enhanced. 2. Market Power – There is high chance of an increase in market share with two companies coming together but it may not result to increased profits. 3. Profit Stability – With core business being seasonal, it ensures that other business could lead to better stability in terms of corporate profits. 4. Financial Performance – It improves as the core business sustains itself on its money making ventures and utilizes that cash flow to form new ventures that cause additional profits. 5. Growth – It is a principle reason for diversification which is quick due to pooled in technology and experience. It definitely makes more sense to diversify when the core product line has an uncertain future. Also, it indicates that the market risks get spread with diversification. History has shown success is not guaranteed with diversification. While companies like GE successfully diversified, making turbojet engines to healthcare products, many others like Citigroup failed miserably at their attempt. This article takes a couple of examples from the corporate history for better understanding of the issue. We will write a custom essay sample on The Walt Disney Company and Diversification specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Walt Disney Company and Diversification specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Walt Disney Company and Diversification specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Walt Disney Company Disney means much more to its customers than just the amusement parks, movies, TV shows or books. Disney is the seamless synergies of its crazily diverse businesses. Their thoughtful diversification strategies have built them loyal customers, even the smallest ones, for whom there is no substitute to Disney products. They began diversifying very early from 1930s. They diversified from movies and cartoons into music. Their synergistic diversification of utilizing the best of technology in market to their benefit created a tremendous impact on the world of entertainment and motion pictures. They came up with the theme park concept which is the synergy between diverse businesses. Disneyland was far ahead on Porter’s philosophy of the attributes present in successful diversification efforts. What they did not lose while diversification and ultimately helped them being successful in diversification were their features. First, ‘Control‘over their characters that they retained. ‘Leadership’, which was quite innovative helped them focus on synergies. Hence, Disney understands diversification properly. Their creative use of diversification holds the potential of building a huge amount of shareholder value. Citigroup The combination of Citicorp and Travelers Group to form Citigroup had its set of downfall of the merger. Loss of synergies due to restructuring of Citigroup led to competitors of each individual group not participating with them. There was also lack of guarantee that the new relationship would work better and in their favor. Due to ethical dilemma to share the database of each other’s customers’ history, it perceived high risk. It was important to not misuse the customers’ profile and asset information to avoid diseconomies of scale. Another pitfall came from the conflicts in the interests of the two individual companies where they incurred huge losses on big money making deals due to less profitable customers. A significant loss in efficiency due to product bundling makes us rethink about it. Each company may have had better pre-merger prices of their business which could have attracted more customers rather than post merger price which would be high due to additional switching costs. Lastly, the Chiefs from different branches may have different goals and opinions to make it big. The discomfort in case of Citigroup during the formation of new co-CEOs likely led to an advantage to their competitors. Thus, we have seen two cases above illustrating benefits and downfalls of getting into the idea of diversification. It may not be right to say that diversification will always guarantee a success or a failure but it is restrained to a lot of factors which if suitably analyzed, can help a company decide whether to diversify or not. It seems that cross selling can be a nice idea to see success, where one of them possesses high capital customers and another has more products to offer References – Grant Robert M. – Strategic Management 6th Edition Pg 393 http://www. mgmtguru. com/mgt499/TN8. htm http://faculty. haas. berkeley. edu/meghan/299/Case_analysis_Disney2. pdf Biles Lee, Julian Isaac, Tristan Sergio – Citigroup A paper submitted in partial fulfillment of the requirements for the course of Managerial Economics (Fall 2002)

The Lady with the Pet Dog Comparison Essays

The Lady with the Pet Dog Comparison Essays The Lady with the Pet Dog Comparison Essay The Lady with the Pet Dog Comparison Essay The two stories of The Lady with the Pet Dog, by Anton Chekhov and Joyce Carol Oates are extremely similar in plot. They are both about a love affair between two married people and each couple discovering true love. However, these stories are completely different for one reason, their perspective. Chekhovs and Oatess versions of the story are told from the opposite point of view of each couple. Each situation, because told for a different point of view, allows for an alternative interpretation in the story. Chekhovs protagonist, Gurov, at the beginning of the story is a rough, arrogant, and immature person, a fact he is well aware of. His attitude toward women in general is indifferent. He refers to women as the inferior race. And his attitude toward Anna Sergeyevna in particular is just as insensitive. After he meets with her for the first time, he considers her as something pathetic. Since the story is told largely through his point of view, Gurov leads the direction of the plot. He is the one who pursues the relationship with Anna, and, after their first encounter, follows her to Moscow to  continue  their affair. The fact that he is pursuing her contradicts his feelings in past of his affairs. He would generally grow bored of these women rather quickly. This change became very clear after Gurov returned to his family, but he could think of nothing but Anna. At the end of the story, Gurov realizes he is truly in love for the first time, with Anna, which opens him up to greater, more tender emotions in himself. While we do get a small glimpse of Anna’s internal emotions through her dialogue, she is seen mostly through Gurovs examinations of her. Towards the very end of the story, she basically stops speaking altogether, which pretty much means that in Gurovs imagination, they have completely joined together. Joyce Carol Oatess version reimagines the story through Annas eyes. The setting is also set in New York. Unlike Chekhovs Gurov, Oatess protagonist is passive. She does more of the following as the story progresses and does not direct the action in the plot. Oates directs most of the action in her version through the characters interior emotions. Oatess Anna is a hysterical character. She has suicidal thoughts, has  a melodramatic self-image, and is full of self-loathing. Even though Oatess version has been updated, she maintains many of the same characteristics that Chekhov displayed in his character of the late 1800s. This is an interesting aspect of the Oates’s story because considering that a woman during the 1970s might have a different attitude toward adultery than a woman in the 1800s. Another way that Oatess version of the story differs for Chekhovs version is the subtext from â€Å"Anna’s† perspective is completely different. While Chekhovs character discovers real love for another human being for the first time in his life, and experiences the ultimate sacrifice that involves it, Oatess protagonist begins to love herself for the first time. Gurovs love is about his partner, but Oatess Anna takes her back to self. These two stories offer a very interesting look into two people’s perspective of the same situation. Chekhov gives you the chance to see a man who was generally ambiguous when it came to love, but grew to understand it. He also learned how to love and how to look outside his own selfishness. Oates’s story takes a modern twist on Chekhov’s story. She gives you the opportunity to see how the story looks from the woman’s perspective. Oates’s story was more about self-discovery and learning how to love one’s self. The woman at the beginning of the story hated herself and through the affair learned how to change that, while Gurov was in love with himself, and learned how to truly love someone else.

Favourite piece of classical music(critical review) Essay

Favourite piece of classical music(critical review) - Essay Example Tensions seem melodic that they render my appreciation grow with intense curiosity from one level on to the next as if a wide-eyed scene shut into suspense. It is as if a particular story were being weaved movement upon movement like an act in a play, while the tempo brings indications where tragedy must come in, the point to remain as such or otherwise jolt-free as though there were magical winds. With its unique style, the sound of antiquity becomes special that I suddenly feel the ease to span out of my modern musical inclination and reconcile with it each aspect of distortion and fluidity therein. As a consequence of a well-arranged composition, it seems there is automatic connection somewhere with the perfectly climatic lute instrumentation. I could sense that others watching with me at the time are being made repeatedly optimistic in the process, not initially expecting to have tuned the symphonies in as eventful as it is wonderfully tragic along the transformation of tamed notes to voracious ones, worthy of encore. In the process, it is particularly captivating to have experienced the detailed rhythmic approach of the Passamezzo della Battaglia  which splendidly attempts to be classic in every way effecting a pitch very much congruous with good-humored facial expressions of the musicians. Having studied European history, I could imagine how lute dynamics had been deemed necessary in the type of secular culture between the medieval and renaissance periods. It is such a momentous performance for the celebrated lute players assuredly filled with inspiration that in my entrancement brings across invisible waves of tunes in fluid rush marked by certain jest. I come snapping back to reality every time as if from subconsciously stepping onto a whole new dimension where imaginings just soar and spirits are lifted to cosmic heights. It is I suppose all about each musician’s craft with his lute that defines and sets his style apart from a traditional

Effect of foreign direct investment in the banking sector on the Research Proposal

Effect of foreign direct investment in the banking sector on the Libyan banking industry - Research Proposal Example n investor can â€Å"alter the way of doing business† for the new company including change of name, nature of doing business or the products on offer (Froot26-27). According to Barclay, firms mostly multinationals engage in Foreign Direct Investment with the aim of â€Å"increasing profitability and also increasing its global presence† (101). It is also aimed at minimising risk that is inherent in international business operations. A firm that engages in FDI stands a better chance of surviving in turbulent economic times if it operates in more than one market. A firm may also engage in FDI to â€Å"check the expansion of a local competitor into a new market† (Barclay 77). The aim is to prevent the local competitor from gaining a foothold in a foreign market and then using its newly acquired status and resources to destabilize the local market. Martinez says that Libya is a country in the African continent with a â€Å"fairly complicated history† (81). It has evolved from decades of misrule, revolutions among other national evils. It has for a long time been accused of sponsoring terrorist activities, and was listed among the axis of evil by the American government. Libya was put under the microscope by the United Nations after it was accused of sheltering the suspects accused of the Lockerbie bombing. Consequently it was put under UN sanctions and this severely affected its economy. Today Libya is one of the â€Å"emerging economic giants in Africa courtesy of its abundant oil resources† (Ham 35). It has also normalised its relations with the west and the UN lifted its economic sanctions after the Arab state complied with the set demands. Libya has a population of around 6 million people and a GDP of $21 billion. It has carried out extensive private and public sector reforms to encourage foreign investors so as to spur the local economy. â€Å"The banking industry in Libya is fairly complicated† (Collard 71-72). Due to the embargo that was put by the UN and other

Hoarding Disorder Research Paper Example | Topics and Well Written Essays - 1000 words

Hoarding Disorder - Research Paper Example In comparison, OCD has a lifetime prevalence of 1% to 2% of the American population. Between 25% to 30% of patients with OCD meet medical hoarding disorder criteria (Brauer et al., 2011). Two key treatment options exist for hoarding disorder: medication and CBT (Cognitive Behavioral Therapy). Medication is often the first line of cure even when the clinical practitioner recommends CBT. SSRI (Selective Seratonin Reuptake Inhibitors) medications are the most common medications prescribed for those with compulsive hoarding (Steketee and Frost, 2013). Examples of SSRI are venlafaxine and paroxetine, which the sufferer normally takes high amounts of for a minimum of three months. CBT is a common treatment for OCD as trials that apply conventional CBT methods also apply to hoarding disorder. However, reports of responses to CBT by compulsive hoarders reveal poor responses and success rates (Brauer et al., 2011). Alternatively, intensive CBT with a skilled therapist in the course of an extended period can help alleviate hoarding disorder. Physicians often administer CBT for compulsive hoarders in six sessions. A third but uncommon treatment option for compulsive hoarding is intervention. Overall interventions for OCD include EBP (Evidence-Based Practice) treatments and regimens, which are also applicable in the treatment of hoarding disorder. EBP and regimens can be in the form of therapy strategies and medications. The latest EBP treatments tackle a crucial but generally under-studied psychological health issue like hoarding disorder that physicians are not ready to treat (Muroff et al., 2011). EBP treatment methods are special and path breaking in the sense that they are manual-based treatments. EBP treatments further measure the intensity of hoarding amongst suffers to accomplish three key outcomes: knowledge expansion, skill attainment and devotion, and involvement in and gratification with

Impact of Financial Leverage on Firm Value

Impact of Financial Leverage on Firm Value Introduction If there is debt in a companys capital, such a company is termed leveraged or geared company. A gearing ratio demonstrates the relationship between fixed interest and equity capital in the finance of a business Measured: Fixed Interest Capital OR Fixed Interest Capital Capital Employed Equity The financial lever is a norm in measuring the scale of using debt in the firms capital structure. One of the most important issues in financial discussions is obtaining a blend of capital structure which has the most attractions for the investors. The structure of capital is a required link between debt and the equity that provides financial needs for preparing the companys properties. STATEMENT OF RESEARCH QUESTION There is a negative and significant correlation between financial leverage and firm. 1.There is a negative and significant correlation between financial leverage and earnings per share 2.There is a negative and significant correlation between financial leverage and price earnings ratio. 3.There is a negative and significant correlation between financial leverage and returns to equity. 4.There is a negative and significant correlation between financial leverage and operating profit. WHY INTERESTING The above research questions are interesting as they will address the following: Provide answer on the impact of gearing on the firms value; reconcile the argument as to whether financial leverage has relationship with earning per share; the level of correlation between financial leverage and price earnings ratio as well as operational profit. The questions will also seek to highlight the risks associated with leverage. Relation to previous research (Theoretical Framework) CAPITAL STRUCTURE THEORIES A companys capital structure shows all the sources of finance a company is utilizing to finance its operations. Capital structure refers to how a company finances its operations and it is usually made up of: Ordinary share capital Preference share capital Debt capital. There are two main theories about the effect of changes in gearing on the WACC and share value. There are: a.The traditional view b.The net operating income approach For which a behavioral justification was proposed by Franco Modigliani and Melton H. Miller (M M) in 1958 (Gitman, 2006). TRADITIONAL VIEW The traditional view states that debt capital is cheaper than equity and that such a company can increase its value by borrowing up to a reasonable limit (the optimal level of gearing). Return Kw Ke Kd P GEARING With the traditional theory, the following assumptions hold sway: Â   1.The cost of debt will remain constant until a significant point is reached when it would start to rise. 2.The WACC will fill immediately an external source of finance is introduced and will bring thereafter as the level of gearing increases. 3.The companys market value and the market value per share will be maximized where WACC is at the lowest point. M-MS SUPPORT OF THE OPERATING INCOME APPROACH The original normative theory of company valuation and capital structure was put forward in form of a behavioral justification of the Net Operating Income Approach by Franco Modigliani and Melton H. Miller (M-M) in 1958 (Gitman, 2006). To appreciate the propositions by M-M, it will be better to understand the M-M assumptions which are stated below. From these assumptions, M-M set out their three propositions. PROPOSITION I This states that a company cannot change the total value of its securities just by splitting its cash flow into different streams; the companys value is determined by its real assets, not by the securities it issues. Thus, capital structure is irrelevant if the companys investment decisions are taken as given. PROPOSITION II The expected rate of return on the equity of a geared company increases in proposition to the debt-equity ratio (debt/equity), expressed in market values; the rate of increase depends on the spread between the expected rate of return on a portfolio of all the companys securities, and the expected return on the debt. PROPOSITION III This provides a rule for optimal investment policy by the company: The cut off point for investment in the company will in all cases be the WACC and will be completely unaffected by the types of security used to finance the investment. Consequently, if the first two propositions hold, the cut-off rate used to evaluate investments will not be affected by the type of funding used to finance them, whatever may be the capital structure. The gain from using debt (at lower cost) is offset by the increased cost of equity (due to increased risk) and WACC therefore remains unchanged. Proposed methods STATEMENT OF METHOD Secondary data from financial database will be used. To determine the impact of leverage on the value of firm, a thorough study will be taken on each entity in the integrated chain. My choice of the above data collection method rested on their validity and research question. I also consider them to be less costly in relation to others. The study will try to integrate various academic literatures and examine the impact of financial leverage on the value of firms. Therefore, I shall obtain unbalanced panel comprising 25 companies listed on the Nigerian Stock Exchange for the period ranging from 2001- 2010 with relevant information over the last years. These firms and their published accounts will be used to determine the variable that will be stated. CHOICE OF THEORY There are two basic theories about the impact of financial leverage on firms value; the traditional theory and the Modigliani Millers theory. I shall base my study on the theory which seem more realistic with empirical fact. CAPITAL STRUCTURE In the academic literature, there two possible indictors of capital structure, namely, debt-equity ratio, defined as total debt divided by book value of common equity, and a ratio of debt total assets. In this analysis, the ratio of debt to common equity will be used. This will be more useful to explain the choice of a capital structure as compared to the ratio of debt to total assets. This variable shall be denoted as CS in our analysis. DATA COLLECTION The collection tools for the research project includes: Financial times statistical data from Nigerian Stock Exchange, Augusto rating on debt Equity Companies, Financial Index Journal. Others tool include the companys annual reports and account, the internet, financial newspaper particularly, Thisday, Institute of Chartered Accountants of Nigeria (ICAN) journals, Financial Standard, Business Times and some other foreign journal consulted at various library. The testing technique to be employed is regression and correlation analysis with the chi-square X2 distribution, which allows comparisons of an actual observed distribution with a hypothesized or expected distribution. This method is often referred to as a goodness of fit test. SAMPLE FRAME The secondary data above will be used in addition to the financial statement and Accounts of selected companies: Nigerian Breweries Plc, Pharma Deko Plc and Evans Medicals Plc. The result of the investigation will be analyzed and tested. The firm size shall be determined by its log of sales as published in their financial statements. Firms turnover as a percentage of capital employed will be used in our model. It is often argued that performance is a function of firm size and if we are to make a regression model with performance as response variable, it is important to incorporate firm size in our model. Firm size may be positively or negatively related to leverage. Odeleye (2014) come forward with the idea that large firms may exercise economies of scale, have better knowledge of markets and can employ better management personnel. Firm size also measures a firms market power or level of concentration within the industry. Reflections Finance: The execution of this project required substantial financial outlay. The sourcing and gathering of data, paying working visit to firm, conducting enquiry to the operations of the company and packaging available information into coherent project, required funding. Time: It takes time to conduct inquiry, investigation as well as gather, compile analysis and interprets data and then organizes them into a research work. The researcher worked under severe constraints of time as there was a deadline for the submission of the project. Attitude of the Practitioner: Although some information was readily provided by staff of the organization, a few other relevant ones were considered as confidential and strenuous efforts had to be made to collect some of the information that were regarded as confidential. Altogether, the limitations were so severe as to vitiate the research outcome, more especially because the researcher managed to overcome the obstacle. Physically, only some selected leveraged companies in manufacturing activities as an option for growth enhancement of market are included to minimize the expenses. Another limitation is that not all leveraged companies turn out to be successful in relation to market values; this research does not cover those companies. I obtained all the necessary information I needed for empirical analysis considering the advanced nature of the financial reporting of the firms under review which confounds to international standard? The financial regulation in Nigeria might not be up to date with respect to submission of financial statement. The gathering of data from some of the companys department required some payment. This expenses which was budgeted for constituted a challenge, yet there was a possibility of missing some data which is not found on the financial statement of the companies. This study was carried out with a sample of firms listed on the Nigeria Stock Exchange. The first empirical obstacle will be the availability of data for a minimum of ten trading years for the firms under study. The financial regulations in Nigeria require firms to submit their audited financial statements as well as certain information regarding their firms value. However, the data submitted by firms are in hard copy format and they are thus stored at the companys department in paper format. Given that availability is limited to hard copies, I feel that I will need to bear into mind the time factor involved in the manual gathering of relevant data. Moreover, data regarding a single company might be in different volumes and this might involve delay out of proportion in this assignment. Timetable July 2015 Proposal Submission August 2015 Proposal Approval September/October 2015 Literature review November 2015 submission and amendment of chapter 1based on examiners approval/comment December 2015 submission and amendment of chapter 2 based on examiners approval/comment January 2016 submission and amendment of chapter 3 and 4 based on examiners approval/comment February 2016 submission and amendment of chapter 5 based on examiners approval/comment March 2016 Proof reading, final editing, printing/binding and project submission References Akinsulire, O. (2002), Financial Management 2002. COEMOL Nig. Ltd Gitman, L. (2006). Leverage and Capital Structure (4TH Ed). Boston: Pearson Anderson Wiley. Odeleye, A. (2014) Corporate Financing and Efficiency of Indigenous Energy Firms in Nigeria: A literature Review. International Journal of Energy Economics and Policy. 4(1).

Reflective Research Paper -- Essays Papers

Reflective Research Paper Gender biases are a problem in many schools and gender equity has been used to help remove those biases. Equity refers to having equal expectations and treating students of different sexes and cultural backgrounds equally. Gender biases have been a problem in education for years. In the past boys and girls have had different expectations when it comes to education. Boys have generally been taught to take leadership roles and girls to take more passive roles. In recent years gender equity has helped remove gender biases from the classroom, giving boys and girls a more equal type of education. In 1972 Congress passed Title IX, which forbids any type of gender discrimination in an educational setting that is receiving federal financing (Ryan & Cooper, 2000). Educators David and Myra Sadker say boys and girls have very different educations even though they use the same textbooks, sit in the same classrooms, and have the same teachers (Weiss, 2001). Unfortunately gender biases still exist in classrooms and boys seem to benefit from them more than girls. The Sadker’s research shows that teachers tend to call on boys more than girls. They say this is because boys are more assertive and demand more attention by speaking out of turn to the teacher (Weiss, 2001). When girls call out answers it is shown teachers are more likely to point out their inappropriate behavior and not answer them, where boys generally do not get redirected and get better feedback from the teachers than girls do. Boys may also tend to have more interactions with teachers than girls and are more likely to dominate the classroom (Ryan & Cooper, 2000). Teachers have also been shown to praise boys for doing we... ...Premier: EBSCOhost Item: 3588728 Callas, D. (1993). Differences in mathematics achievement between males and females. [Online]. Community College Review, 21 62-66. Article from MasterFILE Premier: EBSCOhost Item: 9410121136 Girls' math/science education. (1998). [Online]. Education Digest, 63, 42-47. Article from: MasterFILE Premier: EBSCOhost Item: 80903 Levi, L. (2000). Gender equity in mathematics education. [Online]. Teaching Children Mathematics, 7, 101-107. Article from: MasterFILE Premier: EBSCOhost Item: 3774258 Reys, R., E., Lindquist, M., M., Lambdin, D., V., Smith, N., L., & Suydam, M., N. (2001). Helping children learn mathematics. New York: John Wiley & Sons Inc. Weiss, R., P. (2001). Gender-biased learning. [Online]. Training and Development, 55, 42-46. Article from: MasterFILE Premier: EBSCOhost Item: 3975000