Abstract This paper investigates and explains why firms find it advantageous to merge, and also provides the consequences of merger activity. A definition and types of mergers are discussed along merger motives and there disadvantages. The author provides examples of different companies in different industries throughout the paper to support the arguments.
From the Paper:
"In order to discuss why firms find it beneficial to merge, as well as looking at the potential consequences, it must be understood what the term merger means along with the different types in existence. The term merger is loosely used to indicate any combination of two companies. However a more detailed definition would be that a merger allows the assets and liabilities of the selling company to be transferred to and absorbed by the buying corporation. Mergers are a significant part of corporate strategy."
Abstract This paper explains that traditional financial thinking relies on assumptions of certainty, complete knowledge and market efficiency and in this context, financial decisions should be relatively straightforward. In the real world though, many times what is observed deviates greatly from what would be expected using traditional financial thinking. This paper therefore uses different game theory models to more accurately explain observed financial decisions dealing with capital structure, corporate acquisitions and initial public offerings (IPOs).
From the Paper "Game theory has made great strides in explaining many of the observed phenomena falling under corporate finance. One example is the capital structure decided upon by a firm's management. Capital structure deals with the firm's decision to raise funds through debt versus equity and what ratio of debt to equity should the firm maintain. Modigliani and Miller in 1958 showed that in perfect capital markets (i.e. no frictions and symmetric information) and no taxes a firm could not change its total value by altering its debt/equity ratio; thus capital structure is irrelevant. However in the real world, capital structure is carefully thought about by every company, and it is in fact not irrelevant because taxes do exist and capital markets are not perfect."
Abstract This paper examines the basic precepts of internet marketing suggesting that companies should use internet marketing in the same way as any other type of marketing and showing how it must also be treated on its own terms. The paper argues that it is useful to consider internet marketing as a part of the total marketing strategy for a given product and a given company.
Table of Contents
I. Introduction
II. Hypothetical Test Case: The National Furniture Company
III. It's Not Just Marketing, It's Management
IV. Selling the Internet Itself
V. References
From the Paper "It is hard to imagine any business today succeeding without at least some presence on the World Wide Web. But where to begin in the world of Internet marketing? The field seems so vast and so changeable that it is hard to know exactly where it is that one should begin. This paper examines some of the basic precepts of Internet marketing, suggesting the ways in which companies should treat Internet marketing as the same as any other type of marketing and the ways in which it must be treated on its own terms. However, while it is useful to analyze internet marketing as in some ways a distinct beast from other forms of marketing, in the real world it will probably be more useful to consider internet marketing as simply another part of the total marketing strategy for a given product and a given company. The following hypothetical case involving a hypothetical company demonstrates this point."
Abstract This paper presents arguments supporting a tax-free zone and the arguments in opposition to a tax-free zone. It also looks at the current status of the law and shows which steps are required to resolve the issue.
From the Paper "To begin the analysis of the situation, definition of some terms is necessary. When a transaction occurs between a seller and a buyer, the seller may be required to collect applicable state and local sales tax from the buyer. The requirement is based on whether or not the seller has a "physical presence", referred to as nexus, in the state where the sale occurred. Examples of nexus would be a retail store or a warehouse in the state. The companies with a number of physical locations are generally referred to as "brick-and-mortar" entities. If the seller does not have nexus in the state, they are not required to collect sales tax. The buyer may be required by the state to pay a use tax to the state. Most mail order sellers and Internet, e-commerce, sellers have nexus in few states and localities. In many case they have only one location."
Tags: growth, sales, government, legislation, industry, federal, taxes, tax-free, zone
Abstract This report consist of six parts -
The first part briefly analyzes the market position of sample cross-border acquisition companies: France Telecom and Orange Plc and finds out their pre-acquisition industry aspect.
Second part determines the motives for merger and acquisition of these two companies. How synergy plays an important role in this stage.
Third part finds out the respective strategies each company adopted, how acquirer uses proper tactics to takeover other one and how the vulnerable company defenses its position. Within this, the report also presents the decision making that why the Board of Directors of the target company would accept the bid.
Fourth part reviews the possible methods that the companies could use to finance the merger or acquisition.
Fifth part analyzes the market share movement in terms of pre-merger, during merger, and post-merger. And also according to the chart to find out if the merger or acquisition benefits to shareholders.
Final part discusses the possible factors besides the market share movement that influence shareholder wealth. In some extent analyze if the merger or acquisition served to help the maximization of shareholder wealth.
Table of Contents
Executive summary
Introduction
An overview of the pre-merger market positions
Motives for the merger and acquisition
The defences and attack strategies
Financing methods of merger and acquisition
Share price analysis
Evaluation of merger and acquisition
Conclusion
Reference
Bibliography
From the Paper "Market power exists when the firm can sell its products over the existing competitive market price or when its manufacturing, distribution, and service costs are lower than competitors?. Michael A. H. Jeffrey S. H. R. Duane I. (P151, 2001) argued that the effectiveness of decisions made and actions taken result in the firm developing market power in terms of both revenues and costs. Market power is a product of the firms? size, the degree of sustainability of its current competitive advantages, and its ability to make decisions today that will yield new competitive advantages for tomorrow."
Abstract This paper examines the large store discount general merchandise market through the comparison of Target Corporation and Wal-Mart Stores. The paper is packed with facts and statistic on the corporations? investments, bank loans and markets. The paper's author asks the question of which company is best to invest in and who is the better employer. This paper is written in outline format with a clear and direct method of presenting information.
Table of Contents
The Large-Store Discount General Merchandise Market
Investment Decisions
Lending Decisions
Employer
Overview Of Target Corporation and Wal-Mart Stores, Inc
Investment Decisions
Employment
Appendix
Bibliography
From the Paper "Outline
1. The companies being analyzed are Target Corporation and Wal-Mart Stores, Inc. They are general merchandise retailers. They compete in the large-store general merchandise market, especially in the discount store segment and the US geographic market.
1.1. Target Corporation's Store Brands in multiple formats are Target, Super Target, Mervyn"s, Marshall Field"s, Target Direct and Target Visa. Target operates 1409 stores in 47 states in the United States and is currently the No.3 discount retailer in the US market.
1.2. Wal-Mart Stores, Inc has several Store Brands: Wal-Mart currently operates 2295 Wal-Mart Discount Stores; 1521 Supercenters; 564 Sam's Clubs and 34 Neighbourhood Markets in 9 countries outside the US - Argentina; Brazil; Canada; China; Germany; South Korea; Mexico; Puerto Rico; United Kingdom. Wal-Mart is today the world's largest retailer (and company measured by revenue) and occupies the No.1 position in the US General Merchandise Retail Market."
Tags: large, store, discount, general, merchandise, employment, investment, investor, information, us
Abstract This paper examines use of rate of return and annual cash flow analysis techniques to evaluate the relative benefits to the military member of investing in the U.S. government Thrift Savings Plan or the Roth IRA. This paper includes charts, graphs and calculations. The author of the paper states that the analyses are only an average of historical returns, future performance is not guaranteed.
Table of Contents
Introduction
Assumptions
Historical Trend Data
Rate of Return Analysis
Annual Cash Flow Analysis
Conclusion
References
From the Paper "Enlisted members of the United States Armed Forces have, just within the last year, been given a new vehicle through which to invest their retirement money--the government Thrift Savings Plan, or TSP. Available to civilian federal employees for years past, the TSP works much like a 401(k) plan works in the private sector, offering "military members the potential to supplement military retirement significantly and also reduce current taxes by contributing from pre-tax dollars and watching tax-deferred earnings accumulate" (Air Force News Archive, 2002, n.p.). The current limit on annual contributions for service members is capped at seven percent of a member's base pay, but that limit is expected to increase to ten percent by the year 2005 (Air Force News Service, 2002)."
From the Paper "THE FINANCIAL ACCOUNTING STANDARDS BOARD
Introduction
This research examines the Financial Accounting Standards Board (FASB). The examination begins with a brief history of the FASB and a consideration of the purpose of the organization. Major accomplishments of the FASB are discussed, and the current debate surrounding the FASB are addressed.
Purpose and History of the FASB
Financial accounting is concerned with recording the actual financial activities of an organization. The purpose of financial accounting, thus, is to provide the financial information necessary for an organization to do its job and for an organization to be able to accurately report its performance to investors, creditors, and governmental agencies. Public confidence.."
Examines the role and responsibilities of the external auditor in detecting fraud. Discusses standards, definitions, costs and risks, causes and types of fraud, corporate disclosure and uses tables.
2,025 words (approx. 8.1 pages), 14 sources, 1999, $ 71.95
This research examines the role of the external auditor in the detection of fraud. The increasing prevalence of fraud, together with increasing criticism of the accounting profession for high-profile failures to detect such fraud, has led to the implementation of changes in the practice of auditing.
Background on the Issue
Generally Accepted Auditing Standards (GAAS) are developed and enforced by the American Institute of Certified Public Accountants (AICPA) for the public accounting profession. The Securities and Exchange Commission (SEC), however, also exercises responsibility with respect to the auditing of public companies, and conducts its own auditing enforcement activities. In recent years, the ..."
Abstract Although many companies draft business plans which typically contain marketing plans, once the business plan is completed, it is often filed away never to be used again. The result is that the overall mission and vision of the organization is diluted and may even be lost as new employees come into the firm, and communication may well break down as employees lose their focus.
From the Paper "Introduction
Although many companies draft business plans which typically contain marketing plans, once the business plan is completed, it is often filed away never to be used again. The result is that the overall mission and vision of the organization is diluted and may even be lost as new employees come into the firm, and communication may well break down as employees lose their focus. When the business plan in general, and the marketing plan in particular, are treated as documents which offer day-to-day guidelines, they facilitate communication throughout the entire organization and help ensure that all employees understand and are working to accomplish the same corporate vision. This research undertakes to illustrate how a marketing audit conducted at Brown Industrial PLC could help alleviate some of the problems which the company has ..."
Abstract The paper discusses Peregrine Systems Inc. which had a security fraud class action brought on behalf of purchasers of the common stock. The lawsuit concerned violations of federal securities because they had misleading statements that inflated the price of the securities. Two of the company's top two officers resigned. This paper, written in the form of a memo, investigates what happened to the accounting system of Peregrine Systems and how problems like these can be avoided in the future.
From the Paper "There is quite a difference from 1999 to 2001. Peregrine may have been using false accounting to inflate sales until they started the company filed Chapter 22 processes and different auditors found mistakes. Continually they had boasted that the company was doing well during 1999 to 2001. They boasted that the effect of September 11th tragedy had total revenue showing the strength of the company. After the false records were revealed the securities failed to approximately $.7 to $.08 per share. The net loses is approximately $.32 to $.33 per share. The Peregrine shares lost over 49% of their value to these problems.
Peregrine misled the public by inflating their prices of their common stock. They publicly and purposely misled the public. They mislead the public concerning the true status of the company. The company gave adverse information about the company in its accounting, reporting and financial status."
Abstract This paper examines the financial status of Wal-Mart, which is described as the world's largest retailer. The paper demonstrates that the company is a consistent performer according to its key ratios: return on equity, return on assets and return on investment. The author states that the effective management at Wal-Mart is responsible for the positive financial statistics in the current gloomy economy.
From the Paper "The success of Wal-Mart's business model is reflected in Wal-Mart's Income Statement, Balance Sheet and Cash Flow Statement for 2001 and 2002 (see Appendix 1). It is apparent that Wal-Mart is growing its business and more important, managing it well. Overall sales in 2002 increased by 13.8% inspite of recessionary economic conditions and the aftermath of September 11th. It is more than probable that the percentage growth would have been higher than the 2001 figure of 15.9% in a more buoyant economy."
Abstract This paper discusses how The Securities Exchange Commission is charged with the overseeing of the stock exchange and that includes the investigations of alleged insider trading practices. It discusses how in recent years the SEC has evaluated and reformed many of its organizational behaviors for the purpose of trying to curb the much-publicized insider trading cases that it has had to handle. It examines some of these changes in its organizational behavior such as the even distribution of commissioners from the Democratic and Republican political parties to protect the SEC from being accused of being driven by partisan desires and changes in employee conditions.
From the Paper "The SC has over 3,000 staff members throughout the United States. They are charged with overseeing the activities and transactions of more than 14,000 companies. This included 700,000 representatives that are registered through the SEC and over 8,000 brokers or dealers of stock(Boodhoo, 2001). There are 30,000 investment portfolios that are also a part of what the commission must oversee and guide. The organizational behavior and culture of the SEC seems to drive staff members to other agencies or civilian companies according to many experts in the field. The low pay, high stress, overwork, and political ramifications often prove to be overwhelming."
From the Paper " It is the purpose of this research to describe the application of linear programming techniques to business management issues. In this introductory section, the essential concept of linear programming, and the general procedures involved in applying the concept are discussed. The following section describes the application of the concept to an accounting problem that serves as an example of a typical management application.
The Linear Programming Concept
Linear programming is a concept drawn from the field of operations research. It is an "analytical technique used for solving maximization and minimization problems."
The applications and effects of electronic data interchange, including outsourcing, object-oriented programming, networking, Windows and data security.
2,250 words (approx. 9 pages), 35 sources, 1994, $ 79.95
From the Paper "Changes Being Introduced Into The Accounting Profession By Technology In The 1990s
Introduction
What is described as a progressive surge of technological innovation is in the process of transforming the profession of accounting.. Unfortunately, many professional accountants have yet to recognize the significance of technical innovation to the profession.. Technological innovation, however, is one of the principal phenomena that will change the profession to a significant extent by the year 2000.. Those accountants who choose not to integrate technological innovation into their practices inevitably will be left by the wayside. This research examines some of the more significant changes that technological is either in the process of introducing or is expected to introduce into the..."
