Annotation of Immigration Effects on Homicide Offending For Total and Race/Ethnicity

The study seeks to build on research on immigration-homicide relationship by using race and ethnicity disaggregated population data on homicide offending from California (Feldmeyer, 2009).Advertising We will write a custom essay sample on Annotation of Immigration Effects on Homicide Offending For Total and Race/Ethnicity-Disaggregated Populations specifically for you for only $16.05 $11/page Learn More Conclusions from previous research include the following results. First, the studies focus mostly on homicide victimization due to unavailability of data. Second, the research on this topic is scarce and involves data from one source. Third, the studies show that immigrant concentrations had negative effects on homicide victimization rates in totality, and lastly, the studies were ambiguous on homicide victimization on all the ethnic and racial groups. The main objective of this study was to extend research on previous studies to contribute empirically on the literature of immigration-homicide in four main ways. First, it could be done by focusing on homicide offending rather than on victimization. Secondly, it is possible to arbitrate on competing positions which include the effects of immigration on homicide whether it has race or ethnic-specific and neutral effects, and whether it is violence-reducing or violence-generating (Feldmeyer, 2009). Thirdly, it would be better to extend research on extant immigration-homicide by using census places as a new and untapped unit of ecological analysis. Lastly, to develop the research is possible by using data provided in the year 1999-2001 to reflect the association between homicide rates and contemporary immigration rates. The null hypothesis for the study was that there were no significant effects of immigration on Black and Latino homicide victimization while the alternative hypothesis was that there were significant effects on Black and Latino homicide victimization. The data used were from two main sources, namely, from California’s crime reporting program on the total race disaggregated homicide arrests and from the 2000 United States census data. The study employed dependent and independent variables. Dependent variables were census place–level Latino, White, Black, and total counts of arrest for homicide. Only those census places that had a total population of 10,000 or above and at least 1,000 residents of the racial/ethnic group in the year 2000 were included.Advertising Looking for essay on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More Law enforcement officers were also included in per capita as a control for the differences in the number of police in census places to avoid bias comparisons. A three-year averaged homicide arrest figures for the period 1999-2001 were used to ensure good arrest count of homicide and add stability. The primary independent variable of interest was immigra nt concentration. The key control variables were selected on theoretical grounds in order to take into account the structural characteristics of areas in which immigrants had settled (Feldmeyer, 2009). Negative binomial models were employed to estimate the effects of immigration on all and race and ethnicity-disaggregated homicides. The study found out that homicide rates varied across all the races and ethnic groups with Whites having the lowest average, followed by Latino and Blacks. There were also considerable differences in homicide offending patterns. Standard deviation indicated that there were census areas with few or no homicides while other regions had very high homicide rates (Feldmeyer, 2009). The findings immigration has a positive effect on overall levels of homicide offending. However, the effect is nonsignificant. This indicates that immigration does not increase total homicide offending in all the census places. There are some differences in the effects of immigrati on on homicide when the overall rates are disaggregated by race or ethnicity. The study is indeed relevant. It indicates that immigration does not actually inflate total homicide offending across census places. The findings are consistent with overall results from prior studies on immigration-homicide link. The study adds important dimensions to these studies. Reference Feldmeyer, B.K. Steffensmeier, D.F. (2009). Immigration effects on homicide offending for total and race/ethnicity-disaggregated populations White, Black, and Latino. Homicide Studies, 13(3), 211-226. This essay on Annotation of Immigration Effects on Homicide Offending For Total and Race/Ethnicity-Disaggregated Populations was written and submitted by user Collin Barr to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Learn About NASAs Pathfinder Mission to Mars

Learn About NASAs Pathfinder Mission to Mars Meet Mars Pathfinder The Mars Pathfinder was the second of NASAs low-cost planetary Discovery missions to be launched. It was an ambitious way to send a lander and a separate, remote-controlled rover to the surface of Mars and demonstrated a number of innovative, economical, and highly effective approaches to spacecraft and mission design of a planetary landing mission. One reason it was sent was to show the feasibility of low-cost landings at Mars and eventual robotic exploration.   Mars Pathfinder was launched on a Delta 7925 on December 4, 1996. The spacecraft entered the Martian atmosphere on July 4, 1997 and took atmospheric measurements as it descended. The entry vehicles heat shield slowed the craft to 400 meters per second in about 160 seconds. A 12.5-meter parachute was deployed at this time, slowing the craft to about 70 meters per second. The heat shield was released 20 seconds after parachute deployment, and the bridle, a 20-meter-long braided Kevlar tether, deployed below the spacecraft. The lander separated from the back shell and slid down to the bottom of the bridle over about 25 seconds. At an altitude of about 1.6 kilometers, the radar altimeter acquired the ground, and about 10 seconds before landing four air bags inflated in about 0.3 seconds forming a 5.2-meter-wide diameter protective ball around the lander. Four seconds later at an altitude of 98 meters the three solid rockets, mounted in the backshell, fired to slow the descent, and the bridle was cut 21.5 meters above the ground. That released the airbag-encased lander, which dropped to the ground. It bounced about 12 meters into the air, bouncing at least another 15 times and rolling before coming to rest approximately 2.5 minutes after impact and about a kilometer from the initial impact site. After landing, the airbags deflated and were retracted. Pathfinder opened its three metallic triangular solar panels (petals) 87 minutes after landing. The lander first transmitted the engineering and atmospheric science data collected during entry and landing. The imaging system obtained views of the rover and immediate surroundings and a panoramic view of the landing area. Eventually, the landers ramps were deployed and the rover rolled onto the surface.   The Sojourner Rover The Pathfinders rover Sojourner was named  in honor of Sojourner Truth, a 19th-century abolitionist and champion of womens rights. It operated for 84 days, 12 times longer than its designed lifetime of seven days. It investigated rocks and soil in the area around the lander.   The bulk of the landers task was to support the rover by imaging rover operations and relaying data from the rover to Earth. The lander was also equipped with a meteorology station. Over 2.5 meters of solar cells on the lander petals, in combination with rechargeable batteries, powered the lander and its onboard computer. Three low-gain antennas extended from three corners of the box and a camera extended up from the center on a 0.8-meter high pop-up mast. Images were taken and experiments performed by the lander and rover until 27 September 1997 when communications were lost for unknown reasons. The landing site in the Ares Vallis region of Mars is at 19.33 N, 33.55 W. The lander has been named the Sagan Memorial Station, and it operated nearly three times its design lifetime of 30 days. Pathfinders Landing Spot The Ares Vallis region of Mars is a large flood plain near Chryse Planitia. This region is one of the largest outflow channels on Mars, the result of a huge flood (possibly an amount of water equivalent to the volume of all five Great Lakes) over a short period of time flowing into the martian northern lowlands. The Mars Pathfinder mission cost approximately $265 million including launch and operations. Development and construction of the lander cost $150 million and the rover about $25 million. Edited and updated by Carolyn Collins Petersen.

Essential psychology for Managers Essay Example | Topics and Well Written Essays - 2000 words

Essential psychology for Managers - Essay Example However, despite the challenges, the manager proved to be leader since he was able triumph over the challenges of the time. The leadership, leadership skills, conflict resolution skills and adequate communication skill, skills fire fighting department manager displays the uncertainties and risks that leaders goes through in daily operations while making efforts to achieve their preset goals. Through manager and his team achieving their goals that display how people work to towards self-actualization. This essay will focus on analysis of the Cotton Club Scenario and make use of theoretical approaches which will include, trait approach, behavioral approach and situational approach. The essay will demonstrate how the three approaches were depicted in the interactions between the managers, employees and the conflicting groups. It was during one of the life Jazz performances by a number of international Jazz artists at Cotton Club when the fans got excited and the security personnel could not manage them. Though the club is mainly dominated by African American, there was an equal proportion of white who were fast becoming fan of Jazz music. Issues of racism dominated the club. Jazz until recently, jazz music was considered as an African American music. During the show, the blacks started to charge against the whites. Since the whites had bloated ego, they resisted being intimidated by the blacks because the former considered themselves a superior race. The tow fiery opposite’s sides began to fight against each other. The whites were out shadowed and began to run for safety out the club. During fight, several people had been fatally injured. The whites gathered outside Cotton Club while the African American remained inside the club. Each group was deriving a scheme on how to revenge against the other. The whites looked more organized while the blacks argued on how to attack the whites who had

The House of Tata Term Paper Example | Topics and Well Written Essays - 1500 words

The House of Tata - Term Paper Example Keeping this in mind, it was obvious for Tata to take certain new initiatives such as promoting Tata brand collectively for all group companies; find a strong partner for joint ventures; groom young leaders in-house and so on. Creating a unified brand by Tata Sons is certainly a strategic move with long-term ramifications. It is true that Tata name itself is a guarantee of quality among Indian consumers but in a free market regime, Tata group of companies will have to compete with formidable international brands in several segments of the businesses that include automobiles, chemicals, domestic appliance business, and many more. Promoting Tata brand will consolidate brand equity not only in the national but also international market too. It is true that certain companies in the Tata fold such as Indian Hotels does not use Tata name because ‘Taj Group of Hotels’ (the way it is known as) has itself become a name to reckon with in the hotel business in India; however, while raising money from abroad, the Indian Hotel did exploit Tata name while conveying to international community and that itself is a proof that Tata is a brand that each group company would always like to identify with at some point of time. The cost that each company will have to pay to Holding company, Tata Sons, is certainly a fraction of the benefits that they will derive nationally and internationally in the long run. This is a much required initiative on part of Tata Sons unifying all the companies with a common brand. Similarly, divesting a 20 percent stake in Tata Industries Limited to the Jardine Matheson of Hong Kong is another bold and strategic move. With the economic liberalization, Tata knew that retailing and distribution, financial services businesses in India would grow at a rapid pace and they would need a partner that possessed not only rich experience in such businesses but also ready to invest substantial sums in new ventures. Jardine group of Hong Kong was certai nly a perfect choice as a partner for many new ventures that Tata Industries was contemplating to embark on with the long term view of strengthening the corporate portfolio. While India moved decisively to a free market economy, the bountiful of opportunities emerged for large houses. The house of Tata was no exception to it. Ratan Tata was quick to realize that they would need a plenty of young talents if they needed to grow at fast pace taking advantage of the numerous opportunities that were lurking ahead. Keeping this perspective in mind, Ratan Tata launched Tata Administrative Services (TAS). The sole purpose was to groom future leaders hiring them young rather than recruiting people tainted with ‘outside culture’, it was a much better foresight to train and nurture young talents in-house. TAS was designed such that young management graduate â€Å"would gain exposure to three different industries through planned job rotation within the Tata companies" (Khanna, Pal epu and Wu, 8). The program was designed to "foster leadership, teamwork and group values" (Khanna, Palepu and Wu, 8). This way, not only young management recruits will be nurtured with required management skills but also be groomed with proper leadership qualities imbibing the spirit of 'Tata culture' at a fairly young age. After all, Tatas have been hugely popular in India because of their good quality products and ethical business practices for last several decades and that spirit must continue in

Disciplinary Alternative Education Programs in Texas Dissertation

Disciplinary Alternative Education Programs in Texas - Dissertation Example The paper tells that the adoption of the Texas Safe Schools Act in 1995, stipulated that all public district schools in Texas provide Disciplinary Alternative Education Programs (DAEPs). The main idea behind the introduction of the DAEPs was to provide an alternative education program for the students who had been temporarily removed from the normal educational setting for disciplinary reasons as explained by. The agency further points that Disciplinary Alternative Education Programs offer different environment for the students who commit criminal offenses outlined in Chapter 37 of the Texas Educational Code (TEC) or almost any disciplinary violation. These are in line with recommendations of Federal Gun Free School Act of 1994 which required all states in the country to implement zero tolerance policies to contain the perceived increased violence in schools across the country. Introduction of DAEPs in Texas as explained by was aimed at providing an alternative to suspension or expul sion of students involved in indiscipline cases at school. Suspension as asserted by (Levin, 2006 p. 5) is highly disruptive of the learning of students. DAEPs provide a temporary stay for student to help in behaviour change through mandatory or discretionary referral. Although mandatory placement is in line with the provisions of Chapter 37 of TEC, discretionary placement as argued by is usually a violation of the school districts’ code of conduct. ... Discretionary placement records the highest number of students in the program with (Reyes, 2007) reporting that in 2004, 82 percent of the referrals into the program was discretionary while 18 % were mandatory placement. Currently, the student population in Texas has risen to 4.8 million students which have also been reflected in changed number of students in DAEPs. This has created constrains in the effectiveness of the program since the student to teacher ratio is not favourable. To effectively discharge the envisioned mandate, DAEPs needs to implement some best practices and observe some standards as explained by (Texas Education Agency, 2007). The agency argued that a relevant curriculum should be adopted to guarantee the educational and social needs of the students. Moreover, (Texas Education Agency, 2007) recommends that these programs must have adequate and dedicated teachers coupled with parent involvement. In addition, the program offers counselling to entrants and their fam ilies. This paper will basically set to answer the question of how the population of DAEPs changed between 1999 and 2000 and evaluate whether these changes reflect changes in the broader student population. It will also review literature on the advent of DAEPs and the policy framework governing DAEPs in Texas. The paper will also explore the best practices for DAEPs and the impact of the program on the referrals. It will then propose changes that could be implemented to the program to make it a success in transforming the lives of the entrants. Definition of Disciplinary Alternative Education Program As early as 1970s, district schools in United States started offering alterative education programs for students perceived to be at a high risk

Daiichi Sankyos Ranbaxy Acquisition Analysis

Daiichi Sankyos Ranbaxy Acquisition Analysis With the spiraling up healthcare charges and government expenditure on public healthcare, many developed countries are trying to promote generic drugs. The demand for generics is also complemented by wider access to healthcare in developing economies. This coupled with the expiry of many patented drugs around the corner, many brand name pharmaceutical companies tried to acquire generic drug companies, in this paper we try to analyze one such acquisition. On 11th June 2008, Daiichi Sankyo the third largest pharmaceutical company in Japan made an offer to buy control stake in Ranbaxy, the largest drug-maker by revenue in India. The purchase price of INR737 represented a premium of 53.5% over Ranbaxys average daily closing price on the National Stock Exchange for the three months ending on June 10, 2008 and 31.4% over closing price on June 10, 2008. In this paper we would analyze why Daiichi Sankyo must have picked Ranbaxy and Daiichis Strategy behind the acquisition. We also try to do the valuation of Ranbaxy at the acquisition time and whether Daiichi paid a hefty premium over its intrinsic value. Post-acquisition Daiichi Sankyos stock moved southwards, later in this paper we try to address this shareholder reaction. The acquisition was termed bad and Daiichi had a one-time writing down of $3.45 billion off its balance sheet. We also analyze what might have gone wrong in this cross-border transaction, issues such as lack of proper due-diligence on Daiichi Side and lack of transparency on Ranbaxy side. INTRODUCTION The pharmaceutical industry develops, produces, and markets drugs licensed for use as medications. Pharmaceutical companies can deal in generic and/or brand medications and medical devices. They are governed by a variety of geography specific laws and regulations regarding the patenting, testing and ensuring safety and efficacy and marketing of drugs. Its origins can be traced back to the nascent chemical industry of the late nineteenth century in the Upper Rhine Valley near Basel, Switzerland when dyestuffs were found to have antiseptic properties. Many of the modern pharmaceutical companies started out as Rhine-based family dyestuff and chemical companies e.g. Hoffman-La Roche, Sandoz, and Novartis etc. Over time many of these chemical companies entered into pharmaceuticals business and gradually evolved into global players. The industry expanded rapidly in the sixties, healthcare spending skyrocketed as global economies prospered in this period. In the seventies the industry evolved further with the introduction of tighter regulatory controls, especially with the introduction of regulations governing the manufacture of generics. The new regulations abolished permanent patents and allowed patent protection for branded products for fixed periods only, and a new competitive segment branded generics evolved in the pharmaceutical sp ace. With the patent expiries of many blockbuster drugs nearby and increasing demand for cheaper drugs, many pharmaceutical companies are trying to offer a generic drug portfolio as well. The fastest way to add this portfolio is the inorganic way; lets look at one such case wherein a Japanese Pharmaceutical giant acquired a large bracket Indian Generic drugs company. Daiichi Sankyo before Acquisition (Year ending March 2008) Daiichi Sankyo was Japans 3rd largest pharmaceutical company, established by the merger of Sankyo Co., Ltd. and Daiichi Pharmaceutical Co., Ltd in September 2005. Daiichi was mainly a brand, RD oriented pharmaceutical company with revenues of 880 billion yen ($8.8 billion) in FY 2007-08. The company was cash rich and had around ÂÂ ¥574 million in cash and cash equivalents. Its portfolio comprised of pharmaceuticals for hypertension, hyperlipidemia, and bacterial infections, the Group was also engaged in the development of treatments for thrombotic disorders and focused on the discovery of novel oncology and cardiovascular-metabolic therapies. With the shrinking Japanese market the company had a clear inclination towards overseas sales, the Overseas Sales/ Net Sales had steadily increased from 33% to 40% from 2005-2008, however markets other than the traditional Japan and North America were the ones which were showing real movement. The company clearly aimed to build Asia, South and Central America markets. Daiichi already had business operations in 21 countries and aimed to be a Global Pharma Innovator by 2015. In India they were already underway forming a Sales subsidiary. The Company also was trying to concentrate on its core pharmaceutical business by spinning off non-pharmaceutical businesses from the group. One of the mid to long-term goals of Daiichi was to increase its presence in novel therapeutics in oncology arena; on these lines they also acquired a German company named U3 Pharma AG. Ranbaxy before the Acquisition (Year Ending December 2007) Ranbaxy Laboratories Limited, Indias largest pharmaceutical company, was an integrated, research based, pharmaceutical company producing a wide range of quality, affordable generic medicines, used across geographies. The Company than served customers in over 125 countries and had an expanding international portfolio of affiliates, joint ventures and alliances, operations in 56 countries. Ranbaxys revenues and bottom lines were continiously on the rise since 2001, the RD expenses were stable around 6%. In FY 2007 the company had revenues of 69,822 million INR ($1.5billion) excluding other income. The earnings of the company were well diversified across the globe, however the emerging world contributed heavily to the revnues (Emerging 54%, Developed 40%, others 6%). However the Japan market, with low generics penetration contributed just $25 million to the top line. The company had just begun to re-orient its strategy in favour of the emerging markets. Ranbaxy had been on shopping spree in the previous year acquiring BeTabs South Africa, additional stake in Zenotech Laboratries, 14.9% in Jupiter Biosciences India and 13 Dermatalogy products from Bristoll Myers Squibb in the USA. The company was still open for acquisitions and growth through inorganic activities. To take advantage of the upcoming RD outsourcing story Ranbaxy also demerged the New Drug Discovery Research under Ranbaxy Life Science Research Limited (RLSRL). Ranbaxy also had developed great partnerships with companies focused on research and manufacturing in speciality and niche areas, two of which were collabrative research programs with Glaxo Smith Kline. Ranbaxy also had signed some exclsuive inlicensing aggrements with Global companies, Sirtex Australia being one of them.To optimize its First to File (FTF) opportunities and hence ensure the revenue flows, the company entered into 3 independent litigation settlments with GlaxoSmithKline (GSK) for Valacyclovir and Su matiptan and with Astellas Pharma for Tamsulosin. The company entered into segments such as Bio-generics, Oncology, Penems, Limuses, Peptides, etc. due to the high potential they offered. On the operational front too the company was aggressive and had reduced the working capital by almost 3% of sales. The company undertook the modernization and capacity expansion in plants in India, Romania, Malaysia, Nigeria and South Africa. The company also discontinued operations in some of their inefficient plants in India. The product, patent and API portfolio of the company was strong. The company made 526 product filings and received 457 approvals globally (Annexure A gives a detailed overview of the product, API and Patents in 2007). The company also continued its effort to develop effective herbal drugs that could comply with international quality standards. The Deal On 11th June 2008, Daiichi Sankyo made an offer to purchase more than 50.1% voting right in Ranbaxy which included 34.83% stake of promoters, preferential shares and an open offer. Daiichi offered a share price of INR 737 with a transaction value of around $4.6 billion, valuing Ranbaxy at $8.5 billion. Daiichi ended up acquiring 63.92% shares of Ranbaxy by Nov, 2008 (details are provided in Annexure B). Including transaction costs the deal costed Daiichi $4.98 billion (details are provided in Annexure C) and they recorded goodwill of $4.17billion (details are provided in Annexure D). For Daiichi Sankyo, in addition to the traditional high-risk/high-return business model employed in developed-country markets, Ranbaxys generic business model would help them build a hybrid business model with a mix of patented and generic drugs. The deal also required the current CEO/Promoter Malvinder Singh to stay with the company for 5 years. The deal financing was through a mix of debt and existing cash resources of Daiichi Sankyo. With the acquisition Daiichi got access to Ranbaxys basket of 30 drugs for which the company had approvals in the US, including 10 drugs for which Ranbaxy had exclusive sales right to sell for six months after the expiry of their patents. The deal gave Daiichi an access to best FTF 180 day exclusivity pipelines in the industry. Ranbaxy had already de-risked its FTF pipeline through a series of settlement with innovator companies; this in-turn lowered the litigation expense and removed uncertainty with regard to the launch date of these generic drugs. It also helped in better planning of inventory, launch quantities and supply agreement. DAIICHIS GAIN FROM THE DEAL The era of Generic drugs Most of the pharmaceutical companies in developed world have been concentrating on the patented drugs market, and hence were more RD oriented. But recently the generic drugs market has received more attraction because of: Dates of patent expiry of blockbuster drugs discovered during 1990s are nearing Governments and Insurers are encouraging use of generic drugs to control the spiraling up healthcare costs With saturation occurring in the developed markets, the major markets now are the emerging countries. However the earnings of the citizens in these nations are not high enough to buy the costly patented drugs, so generic low-price drugs form a majority part of the drug markets in these countries. These Pharmerging nations were forecasted to account for the biggest share of pharmaceutical industry growth over 2008-13 period, it was supposed to be a $160-190bn market by 2013. However majority of multi-national pharmaceutical companies were underpenetrated in these markets. With this changing market dynamics Daiichi made the decision to acquire a generic drug manufacturer from second largest populated country, India. This will help them establish presence in a new area (Generics) in the pharmaceutical value chain. India: an emerging hub for Global Pharma India in 2008 had gained a respected place in the in the space of Contract Manufacturing, Drug Development and Drug Discovery and Research. This had become possible due to a strong stream of talent flow, compliance with quality and regulatory standards, distinct cost advantages both in manufacturing and drug development. India also had a large naive patient pool with some of the fastest patient recruitment rates and an innovation and original research engine. Indias strength in this space was reflected by its research collaborations with global Pharmaceutical Companies. For Daiichi its RD expenses and COGS stood at around 45% of the Sales, shifting the RD and manufacturing to India made sense to operate in the highly competitive environment and address continuous pressures from government to reduce drug prices. Access to new markets Daiichi believed that realizing sustained business growth would need the expansion of its prescription drug business in advanced country markets along with tapping growth opportunities in developing countries. Ranbaxy had a strong presence in markets such as Africa, where Daiichi had never ventured. By using Ranbaxys network, Daiichi Sankyo could more than double its global reach from 21 countries currently to 56. As growth would slow in the developed markets, Ranbaxy will give Daiichi a strong position to expand their businesses in emerging markets including India, China, Russia and Brazil. Emerging Markets was a strong geographic component of Ranbaxys revenues. India was undoubtedly the biggest market that Daiichi would get access to now, the Indian market was supposed to triple by 2015 from its 2005 size. Ranbaxy with its strong distribution reach and excellent brand recognition was well positioned across the Indian metro and extra urban areas. Collaborations and Subsidiaries In order to optimize value at various points across the pharmaceutical value curve, Innovator Pharmaceutical and Generic Companies were moving from a competing business model to a collaborative one. On this front too Ranbaxy had strong collaborative projects with companies such as GlaxoSmithKline. Some of them were in Oncology space, Oncology being an area of focus both for Ranbaxy and Daiichi would greatly bolster its presence in this space. Ranbaxy itself had made many acquisitions in previous 2 years, BeTabs Pharmaceuticals South Africa being the recent one. These acquisitions made Ranbaxys position stronger in the Pharmaceutical space. Japan Markets Due to government measures to curb healthcare expenditure, in spite of growing prevalence of lifestyle diseases and aging population the Japan market was growing only quantitatively but not value wise. This government control on pricing is rare in many Asian countries and USA, making Japan an unattractive market. However in-line with encouraging the use of generic drugs, many Japanese hospitals were applying the diagnosis procedure combination (DPC) reimbursement system. The Japanese government was also making efforts to restrain drug-related expenditures through systemic reforms as well as other factors such as drug price revision under the National Health Insurance (NHI) scheme. So generic drugs was surely a promising business opportunity in the Japanese markets, in fact in FY 2008 Ranbaxy registered a sales growth of 38% in Japan (Sales of $20 million). However Daiichi later formed a new company in Japan for handling its generic space in Japan, the strategic intent of this step is a bit doubtful to me. OTC and Biogenerics Given the focus on OTC drugs by both the companies, opportunities existed to expand OTC product offerings of both Ranbaxy and Daiichi across world markets. Biogenerics was also a common interest area for both the companies, Daiichi had just acquired U3 pharma AG and Ranbaxy had acquired Zenotech in the Biogenerics space. Both of them could use each others expertise in clinical trial design, relationship with regulators and marketing power in the US and the EU RANBAXYS VALUATION We used simple DCF valuation methodology to valuate Ranbaxy stock in June 2008, with following assumptions: Sales will grow at 12% for 10 years (McKinsey projections for Indian Pharmaceutical industry) and then slowed down to 8% for 5 years. In order to account for the losses caused due to FDA action against Ranbaxy we have lowered the growth rates for 2008 and 2009 to 10% because Ranbaxy had made alternative arrangements through its US its subsidiary Ohm Labs in the US. NOPAT Margin maintained at 14% for 10 years and then lowered to 10%. The company is making continuous efforts to decrease the working capital so we assume they would decrease it till 25%. The Net Long Term Assets to Sales ratio would fall down to 45%. DCF Valuation 254.6 FTF Value 106 Investment in Associates 5.03 Total 365.63 With these assumptions we came to a value of INR 254.6 (details in ANNEXURE J, K); however this value does not incorporate the value the strong FTF pipeline that Ranbaxy had. This FTF pipeline is valued at around INR106/share (details in ANNEXURE E). Going further we also need to adjust the value for investment in associates (refer ANNEXURE F) for market value wherever information is available. The effective price as per our calculation for Ranbaxy in June 2008 should be INR 365.63. This shows how much premium Daiichi paid above the intrinsic value of Ranbaxy, with an acquisition price of INR 737, they paid almost a premium of 100% over the intrinsic value. I think this was a huge premium for a friendly takeover, suggesting that Daiichi would take long time to enjoy the real benefits of this acquisition. SHAREHOLDERS REACTION The market reaction to this announcement was positive only during the open offer period, post that both the stocks plunged to almost 50% of their pre-transaction values. In Feb 2009 in response to FDAs action against Ranbaxy share price of Ranbaxy was almost 1/3 of what Daiichi Sankyo had paid. Later the Ranbaxy stock moved up considerably but Daiichi was still trading a low levels. To reflect the fact that the market price for the shares of consolidated subsidiary Ranbaxy was way lower than the acquisition price, Daiichi recorded ÂÂ ¥351.3 billion one-time write-down of goodwill associated with the investment in Ranbaxy. This led to a considerable net loss for Daiichi in fiscal 2008. The write down itself signifies that the shareholders money, the retained earnings were wiped out in this acquisition and hence the southwards movement of stock price was as expected. The market expectations from Daiichi were low due to this write-down. WHAT MIGHT HAVE GONE WRONG? In September 2008 the FDA sent Ranbaxy warning letters regarding current good manufacturing practice violations at two of its plants Paonta Sahib and Dewas and forced restrictions on the import of drugs manufactured at these plants. This banned the entry of almost 30 Ranbaxy products in the USA. In February 2009, FDA also invoked its Application Integrity Policy (AIP) against the Paonta Sahib facility. The FDA enquiry had started long back in 2006 itself. According to the FDA report, Ranbaxys quality control scientists took shortcuts on the stability tests for at least two major drugs. They conducted these tests on the same day or within a few days of each other, not over nine months as claimed by the company. The FDA also claimed that Ranbaxy had submitted manipulated data as a part of its application to market new generic drugs in the US, as well as kept hundreds of improperly stored samples in its factories in Paonta Sahib and Dewas. This was partly to blame to the organizational structure of the company as well. Traditionally the analytical research and quality assurance (QA) departments always had firewalls between them; the QA department job was to keep a watch on the activities of the research unit. However in the recent past, Ranbaxy brought both departments together, encouraging the problems to stay confined within the walls of the company. Daiichi should have assessed the standard pharmaceutical organizational structure and also tried to estimate the full extent of the legal risk arising out of the US FDA letters. They should have asked for information on plant inspections done in 2006 and details of submissions made by Ranbaxy in defence. However the fact that a Japanese company like Daiichi decided to tackle the issue when presented with the problem rather than spending time evaluating the risk, was really impressive. Ranbaxy was said to have poor human resource practices, which led to high employee turnover. In research and development alone, four departmental heads had resigned in quick succession in the period just before acquisition. This phenomenon of resource attrition at Ranbaxy continued even after the acquisition. Mr Malvinder Singh the CEO and promoter of the company left the company in May 2009. In the original agreement he was to stay with Ranbaxy for 5 years after the acquisition. By leaving 4 years before the contractual date not only did he have to pay a hefty severance package but also raised doubt among foreign companies, looking for Indian partners. For a foreign company like Daiichi it was natural to rely on promoters and their team to continue running the company for a while. Daiichi paid INR 737 for a company with an intrinsic value of just INR 365. This valuation glitch clearly demonstrates Daiichis lack of understanding of generic business. I believe inadequate due diligence was done considering the size, scale and scope of the deal, reflecting Daiichis inability in understanding of India and the generic world. I also feel Daiichi was not able to properly access the possible impact of the ongoing FDA enquiry. Ranbaxy was also to blame for not being transparent about the actual status of the FDA enquiry. One more prominent thing that Daiichi probably missed on was the continuously increasing debt levels of Ranbaxy. The year of 2007 witnessed great currency volatility in response of unforeseen global financial crisis. Through 2007 until early 2008, INR steadily appreciated against the US Dollar. From around levels of INR 44, it strengthened to about INR 39 with the market forecasting further appreciation. In order to de-risk export revenues Ranbaxy took derivative positions to protect against exchange volatility. However INR movement sharply reversed to the US Dollar in June 2008 sliding past the INR 50 mark in H2 of that year. Owing to these loss making derivative positions Ranbaxy recorded foreign exchange losses of INR. 10,856.24 million in 2008. Daiichi with its global expertise should have reviewed Ranbaxys overseas investments, including derivative instruments with open positions. There must have surely been cultural differences and management style differences between the two companies and they did not get enough time to handle these issues. In an interview Atul Sobti, CEO Ranbaxy said The Japanese are very process-oriented. They have a tremendous respect for teamwork. On compliances and quality, there can be no compromises. And those are the areas that we need to work on. Culturally, those are also not our (countrys) biggest strengths. We will be sharply focussing on these issues. Daiichi also realized the need of global management structure and hence building a global management structure with clear roles and responsibilities for all locations and functions was one of the strategic agendas for them. I am also sceptical about the synergies achieved in the patented drugs space, because even after the acquisition RD expenses for Daiichi had grown from 18.6% to 21.9% of sales. Should the synergies have been achieved, with the directing of RD and manufacturing to India, COGS and RD expenses for Daiichi should have decreased or at-least remained stagnant. CONCLUSION Initially the Ranbaxy deal seemed a win-win, allowing both companies to use each others networks and technological power. The deal seemed very lucrative for Daiichi Sankyo due to the access to best FTF pipeline, access to the generics product line, access to new markets and an opportunity to diversify away from Japan into the emerging markets. However looking at the post acquisition financial statements of these companies we realize that this deal was a failure and Daiichi is trying its best to make the acquisition work in its favour. In the immediate year after the acquisition Ranbaxy reported a loss of INR 9,512.05 million and Daiichi in spite of diversifying its geographic footprint booked a loss of ÂÂ ¥215,499 million and they also made a onetime goodwill write-down of ÂÂ ¥351.3 billion for investment in Ranbaxy. These losses were mainly rooted in Ranbaxys poor performance owing to the FDA ban and bad decision in hedging currency risks. The pre-acquisition due diligence should have understood that Emerging markets are lucrative but corporate governance and integrity are surely not to be assumed in these markets. Valuations in these markets are way higher than their real potential and valuation in strongly regulated industries like pharmaceutical is strongly linked to regulations in the major markets. For the export oriented companies developed markets with stricter regulations are the main revenues streams due to higher margins; however the regulations in these markets are stricter unlike merging nations. Ranbaxy also had ease in clearing the Indian drug regulations but failed to clear the US FDA regulations and hence its US subsidiary Ohm Labs had to pitch in. Other factors such as top-management retention rates, organizational structure, internal firewalls and proper use of financial instruments to hedge risks should have been analyzed before the deal.

Summary of The Color Purple Essay -- essays research papers

Alice Walker's The Color Purple is a touching story of one African American woman's journey through abuse and oppression to finding her own voice and self-worth as well as definite place in the world around her. The novel is written in an epistolary format and has a very confessional and emotionally raw tone. Through using this format, Walker has more freedom to weave an impressive network of heartfelt themes and colorful characters, in addition to displaying her talents for delivering to her readers an addictive and suspenseful plot. The story opens with a hideous sexual crime against Celie, the fourteen-year-old protagonist of The Color Purple. Having being raped by Pa, the man that she knows as her father, she becomes pregnant twice and bears him two incestuous children. Pa, who has consistently abused Celie over the years, is ashamed and enraged at the birth of their children, and takes them and kills them while Celie is sleeping. Celie is told "You better not tell nobody but God. It'd kill your mammy" (Walker 1). This tragic incident ruins Celie's child-bearing ability permanently and introduces her as the submissive, obedient, and abused character that she is through-out the majority of the story. After her mother dies and leaves her alone with her father on their rural Georgian farm, her only source of hope, comfort and security comes from her younger sister Nettie. Soon afterwards, Pa has a discussion with a widowed man in town who has interest in marrying Nettie. Pa, who has incestuous interest in Nettie , says that she is too young in order to keep her for himself. However, he convinces the man to marry Celie, saying "She ugly...but she ain't no stranger to hard work. And she clean. And God done fixed her. You ca... ... lover and motherly-figure that Celie takes refuge in. By the end of the story, Shug is entirely in love with Celie and settles down to live with her. Walker does and impressive job with the characters in The Color Purple. Through making them all round and dynamic, it is easier to connect and relate to their situations and decisions. The plot is laid out through the first person view and is therefore very personal and touching, as the story is told through Celie’,s eyes and heart. Although the epistolary format, time gaps and the lack of definite setting can make the novel confusing at times, Walker’,s choice to write in the manner does help to make the story more believable and personal, much like reading a diary. Beautifully imagined and deeply compassionate, The Color Purple is a successful novel rich in passion, pain, inspiration, and an indomitable love of life.

Holden and Phoebe

In a frenzy of sadness and frustration on the night that Allele died, Holder smashed all the windows in his garage with his bare fists. I was only thirteen, and they were going to have me psychoanalysis and all, because I broke all the windows in the garage. I don't blame them. I really don't. I slept in the garage the night he died, and I broke all the goddamn windows with my first Just for the hell of it. My hand still hurts me once in a while, when it rains and all, and I can't make a real fist any more†¦ Although Holder is innocent, he is not naive. Society has affected him to the extent that he is aware of the cost of things, but wastes his money on taxis, as he wants to avoid the phones on buses. He refers to the value of his coat, his cases, his typewriter and even his pens, but he does not cherish his possessions as he gives his typewriter away and lends his coat to Seedeater. When his gloves were stolen, the only thing he cared about was that he became cold.When he was a child he lost his belongings – so now as a teenager he fails to take his change and hates people ho spend time at posh restaurants and popular bars; yet there is a hypocritical side to him which makes him take taxis, go to bars, cinemas and theatres, and stay in hotels. Society has taken everything from Holder, both of his brother's presence and his parents Seedeater borrows all he owns, his clothes and even the girl he loves.His possessions are stolen at school. Because of all of this, he feels he must reject society. It is not surprising that he feels he must turn to children; after all, they are a symbol of innocence, and they have not rejected him. He says that he would like to e ‘The Catcher in the Rye', who is a fictional character in a Burns poem, who stops children running off the edge off cliff whilst playing in rye fields.This analogy epitomizes the only future Holder can see for himself. Phoebe is the only person Holder trusts. Her sanity and naturalness re stores confidence of society in Holder. Due to his love from Phoebe a complete breakdown by the pond, and from a pointless escape later. Holder hates hypocrites and phones, but meets few people who are honest, so he generalizes and says there are phones all around him, another thing that makes IM an outcast of society.Even his teachers are phones; Mr. Spencer acts in front of the headmaster, and the headmaster performs in front of the rich parents and Mr. Anatolian appears to have crooked morals. Holder's parents are absent in his life, his dad is a lawyer who is very strict as seen in â€Å"Daddy will kill you† he also doesn't show affection towards Holder. Holder's mother isn't very interested in neither his nor Phoebe's lives as when she catches Phoebe smoking, as all she says is â€Å"l don't like that, Phoebe. I don't like that at all. † (159)

Marketing (BM3021) Case Study essays

Marketing (BM3021) Case Study essays Marketing (BM3021) Case Study - Laura Ashley Marketing (BM3021) Case Study - Laura Ashley 1. How did Laura Ashley brand position as a product, company, country and a person? The use of brands is very important in modern market systems, it is usually a name or logo which differentiates the product from competitors as well as being something consumers will recognise and buy again (loyalty). The brand Laura Ashley has always been a central part of the companies strategy. What did people expect from Laura Ashley?: a product that was floral, traditional, feminine, quality and stood the test of time, a product with a clear identity and character. It was Laura's ability to take old (often Victorian) designs and bring them into a modern idiom that caused the initial success. This all changed during the 90's when new fabrics and styles were used, and the brand was put on a diverse range of products. The brand image set by Laura Ashley as a company was complex and appealed to many types of people. It was a business that promoted strong, genuine, traditional family values, this was an excellent promotion tool. "Laura convinced herself that the business was not merely 'a family business', It was her family." - Anne Sebba, even by the late 90's a third of all shares were still controlled by Sir Bernard Ashley himself. The fact that the company started off as a local factory selling to only a few stores in London is appealing to the more patriotic clientele. Also then, we can refer to the retailing methodology that this company used, which was not reliant upon advertising. The retailers brand image was created through store ambience, and an overall enjoyable shopping experience. This would reflect also upon Laura herself in terms of her personal image and branding. Perhaps the larger stores in America were less successful due to a lacking in these departments, (the high staff turnover in the late 90's ). In ...

Porphyrias Lover and My Last Duchess Essay Example

Porphyrias Lover and My Last Duchess Essay Example Porphyrias Lover and My Last Duchess Paper Porphyrias Lover and My Last Duchess Paper Essay Topic: Poetry In both Porphyrias Lover and My Last Duchess Browning criticises the position of women in Victorian society by showing the relationship between men and women through two dramatic monologues. In both of the poems the men appear to be the villains, in Porphyrias Lover Porphyria is killed by the man who she has run through the rain to seen. In My Last Duchess although it is unclear if the Duke had the Duchess killed or just sent to a convent, there is quite clearly something going on with the Duke saying I gave commands/Then all smiles stopped together. The Duke and Porphyrias certainly do not appear to be anything but villains but perhaps there is a little more to both characters. Although the characters may not be as simple as being just villains, it is very hard to feel much sympathy for them. They are both jealous and controlling, especially the Duke who even has to have control of the picture of the Duchess None puts by/ the curtain I have drawn for, but I. Porphyrias Lover is even more jealous and kills Porphyria so that she could belong only to him That moment she was mine, mine, with the repetition of mine emphasising the jealousy and selfishness of the character. The Duke and Porphyrias lover reduce women to objects with the Duke treating the Duchess very much as one of his expensive treasures and with Porphyrias love saying how Porphyria felt after he had murdered her The smiling rosy little head/so glad it has its utmost will. Neither has any understanding of the women in the poems, the Dukes selfishness is especially obvious in his comment But who passed without the same smile which shows how jealous he was when his Duchess even dared to smile at someone else. They both are very much in control over the women in the poems, with even god like associations; the Duke has a statue of Neptune Taming a sea horse which shows how the Duke feels natural things should be tamed, perhaps how he felt about his wife who appears to be very natural with imagery such as bough of cherries orchard and white mule associated with her. Porphyrias lover convinces himself that his murder of Porphyria was fine since God has not said a word which seems a frighteningly light hearted take on the murder of the women who mattered so much to him. Porphyrias love is certainly the more frightening of the characters, this is partly because of the metre used, iambic tetrameter, which gives the monologue an almost sing-song effect, and seems strangely calm considering it, tells the story of a murder. Porphyrias lover is more passive and wretched than the Duke adding to the sinister effect of the poem, this is shown in she put my arm about her waist and the pathetic fallacy at the beginning of the poem, for example the sullen wind and this wretched, depressed nature makes Porphyrias lover seem more selfish and villainous. The Duke is not as obviously villainous as Porphyrias lover, he appears to be more subtle, or least tries to be more subtle about the disposal of his wife, this is shown is his evasiveness which is made clear in his convoluted syntax, for example I said Fra Pandolf by design, for never read Strangers like you that pictured countenance. Although the Duke seems less frightening than Porphyrias lover he still comes across as controlling, possessive (My last Duchess) and selfish, and almost impossible to feel sympathy for. The same is true of Porphyrias Lover, he is a character who is it virtually impossible to feel sorry for. Perhaps this is because both of these poems are a criticism of womens position in Victorian society, women could not vote or hold political office and although attitudes were slowly beginning to change, women were still very much seen as objects, much like the Duke sees the Duchess as an object to be admired like his many paintings, and seen by many as being incapable of serious thought about anything. Robert Browning was married to successful woman poet Emily Elizabeth Barret Browning, who was more successful than Robert Browning during their lifetimes, indicating that Browning clearly thought women to be capable of more than just housework, unlike many other Victorian poets, most notably Coventry Patmore, who wrote The Angel in the House which described the perfect Victorian wife whose job it was to please her husband but him to please/Is womans pleasure. Both of the men in the poems might be so villainous you are not supposed to feel sorry for them, because they represent a larger problem in society rather than just individual stories. Although the Duke and Porphyrias lover are both clearly villainous characters perhaps it is impossible to feel no sympathy at all towards them. Both characters ultimately defeat their own desires; Porphyria belongs to Porphyrias lover for the short amount of time before her death is found out, and the Duke wanted the Duchess attentions to be focused only on him and his Nine hundred years old name, but how can this be achieved with the Duchess dead or locked away in a convent? It is only a small amount of pity felt towards them for this, but they both are very self deceived and unable to see the reality of their actions and the world around them for example Porphyria travels through the rain to see her lover in his cottage and he thinks that she is too weak to set herself free From pride, and vain tides dissever/ and give herself to me forever, however this might be feeling sympathy towards the situation overall not the men, because if they had understood what was really going on there would be no need for the women to have been killed. Perhaps, also, before this episode their relationship was more normal, would Porphyria journey through harsh weather to visit someone she thought would not show kindness to her however we cannot tell if she would as the story is told from Porphyrias lovers point of view. However violent and sinister the character of Porphyrias lover is there is still a bit of sympathy felt towards him, he is consumed by jealous and wants Porphyria to be his alone, but because she has a higher social status than him this is not at all possible. With the Duke the image of him running after the envoy Nay, well go/together down sir for me sums up just how pathetic the Dukes life is, he feels his world with pictures by famous artists Claus of Innsbruck and Fra Pandolf but yet he is unable to get what he wants, for his money and nine hundred years old name could not give him the Duchess undivided attention that he so craved. His convoluted syntax, which is empathised by the frequent use of enjambment, and attempts to be subtle show very effectively how hollow his life is, which is most clearly shown when he is addressing the envoy about a possible marriage between himself and the daughter of another noble towards the end of the poem The Count your masters know munificence Is ample warrant that no just pretence Of mine for dowry will be disallowed; Though his fair daughters self, as I avowed At starting, is my object and perhaps this is the main reason that some sympathy is felt towards him. Overall, although both characters commit terrible deeds however some sympathy remains towards them, although this might be partly because the stories are told from the mens point of view and we have to guess at the true events of each of the stories. Overall I feel that although both men are quite clearly villains, with Porphyrias love strangling Porphyria and appearing to feel no remorse at all, and the Duke sinisterly hinting at his was able to get rid of his last wife, it is impossible to feel no sympathy at all for them because they both have such hollow lives, in the case of the Duke, and would never have been able to achieve what they actually wanted especially Porphyrias lover who, because of his lower social status would never be able to marry Porphyria perhaps leading to his all consuming jealousy that led him to commit the murder.

The Solar System and Moon Landing Assignment Example | Topics and Well Written Essays - 750 words

The Solar System and Moon Landing - Assignment Example The researcher states that people’s understanding of the solar system has changed significantly over the years. This is attributed to the several new scientific discoveries that have changed what we initially knew about the solar system. The Ptolemaic Theory initially made people believe that the earth was the universe’s center around which all other objects orbited. Because of the theory, the ancient Greeks counted the sun and the moon together with Mercury, Venus, Mars, Jupiter, and Saturn as planets. In this regard, they excluded the earth as a planet based on the belief that the earth was the universe’s center around which everything on space revolved. However, this belief changed later in the 17th century through the Copernican Revolution, when astronomers discovered that the sun is the universe’s center around which all planets revolved including the earth. The discovery also showed that the Moon is not a planet, rather a satellite of the Earth. Few years later, astronauts added Uranus and Neptune as planets. As a result, people were made to believe that only eight planets exist that revolves around the sun. Pluto was discovered later on in 1930 as the ninth planet revolving around the sun. Pluto according to astronomers is much smaller than Mercury or planetary moons. Telescopic findings showed that Pluto is not similar to the planets discovered earlier. As more discoveries became of Pluto, astronomers questioned whether Pluto should be regarded as a planet or not. (Cain, 2008). Even though, Pluto maintained its status as a planet through to the 1980s, things began changing in 1990s when astronomers, through telescopic observation discovered numerous icy worlds revolving the sun in around Neptune called the Kuiper Belt. With the discovery of Kuiper Belt and several icy bodies, scientists began to think Pluto as a KBO. Later on in 2005, scientists made a pronouncement that a tenth planet had been discovered. This has left peopl e wondering as to what planet means. Certainly, the new discoveries have changed significantly, what we initially knew as the solar system. In fact, as more discoveries continue to emerge, people’s understanding of what constitutes the solar system will continue to change (Cain, 2008). The Moon landing The Moon landing on July 20, 1969 is a classical historical event that has changed the scientific understanding of the moon in entirety. It marked the first ever moon landing that placed America in the lead in terms of technological advancements. The event took the Soviet Union by surprise as they watched in disarray the American astronauts placing the American flag on the moon’s surface. According to research, the event gave America the prestige that it lacked prior to this historical event (Spillius, 2009). The moon landing of 1969 has had a lasting impact on people’s scientific understanding for a number of reasons. For instance, America’s technology has significantly advanced due to the landing. In addition, not only does America have numerous microwaves, codeless vacuum cleaners,

Evaluation of the leadership and management style of Jeff Bezos Coursework

Evaluation of the leadership and management style of Jeff Bezos - Coursework Example From a logical perspective, it can be stated that appropriate development of business processes in the present marketing scenario requires the implementation of change management and change leadership under different situations. For instance, a leader will have to bring in continuous levels of transformation within its leadership style for maintaining the motivational levels of the followers. In a similar manner, the management administering the overall functionality of the workforce will also have to implement varied types of employee motivational techniques through which they can attain their desired goals within a specific timeframe (Kuzic & et. al., 2002). Considering these aspects, the discussion will mainly focus towards evaluating the leadership style and the managerial skills implemented by Jeff Bezos that supported in developing the overall performance of Amazon in the present competitive retail-marketing scenario. The discussion will also encompass the implementation of suitable leadership theories and change management concepts in order to make the understanding levels associated with the same in an effective manner. Through this discussion, a possible attempt will also be made towards evaluating the characteristics possess by Jeff Bezos that until date have paved successful path for this ecommerce business organisation. Jeff Bezos, a technology enthusiast, presently holds the position of CEO of the world’s second biggest e-commerce retailer named Amazon. As known, the brand has been previously involved in conducting online retail business of books and magazines. However, due to the increasing level of business market competition and higher inflow of new market entrants, Jeff Bezos made deliberate efforts in shifting the focus of his e-commerce business process from just being concentrated on retailing books top other retail goods such as