Stefan’s Diaries Origins Chapter 16 Free Essays

It was the solitary hoot of an owlâ€a long, mournful soundâ€that made my eyes snap open. As my eyes acclimated to the diminish light, I felt a beating torment on my neck that appeared to keep time with the owl’s cries. What's more, unexpectedly I recalled everythingâ€Katherine, her lips stepped back, her teeth shimmering. We will compose a custom paper test on Stefan’s Diaries: Origins Chapter 16 or on the other hand any comparable theme just for you Request Now My heart beating as if I were passing on and being brought into the world all simultaneously. The horrendous agony, the red eyes, the dim dark of a dead rest. I looked around uncontrollably. Katherine, clad just in a jewelry and a basic muslin slip, sat just advances from me at the bowl, washing her upper arms with a hand towel. â€Å"Hello, drowsy Stefan,† she said teasingly. I swung my legs up and attempted to step out, just to end up tangled in the sheets. â€Å"Your face,† I jabbered, realizing I sounded crazy and had, similar to a town alcoholic staggering out of the bar. Katherine kept on running the cotton material along her arms. The face I’d seen the previous evening was not human. It had been a face loaded up with thirst and want and feelings I couldn’t even think to name. Be that as it may, in this light Katherine looked lovelier than any time in recent memory, flickering her eyes drowsily like a little cat after a long snooze. â€Å"Katherine?† I asked, constraining myself to investigate her eyes. â€Å"What are you?† Katherine gradually got the hairbrush on her end table, as though she had constantly on the planet. She went to me and started to run it through her rich locks. â€Å"You’re not apprehensive, are you?† she inquired. So she was a vampire. My blood went to ice. I took the sheet and wrapped it against my body, at that point snatched my breeches from the side of the bed and pulled them on. I immediately pushed my feet into my boots and yanked on my shirt, not thinking about my undershirt, still on the floor. Quick as lightning, Katherine was next to me, her hand grasping my shoulder. She was shockingly solid, and I needed to snap forcefully to torque myself away from her grip. When free, Katherine ventured back. â€Å"Shhh. Shhh,† she mumbled, as though she were a mother calming a youngster. â€Å"No!† I hollered, holding my hand up. I would not have her attempt to enchant me. â€Å"Y ou’re a vampire. You murdered Rosalyn. Y ou’re murdering the town. Y are malicious, ou and you should be stopped.† Be that as it may, at that point I got a quick look at her eyes, her huge, brilliant, apparently depthless eyes, and I held back. â€Å"You’re not afraid,† Katherine rehashed. The words reverberated in my brain, ricocheting around lastly taking habitation there. I didn't have the foggiest idea how or why it was in this way, yet in my true inner being, I out of nowhere wasn’t apprehensive. Yet at the same time †¦ â€Å"Y are a vampire, however. How might I withstand ou that?† â€Å"Stefan. Sweet, terrified Stefan. It will all work out. Y ou’ll see.† She measured her jaw in my grasp, at that point raised up on her pussyfoots for a kiss. In the close to daylight, Katherine’s teeth looked magnificent white and minuscule, and not at all like the small scale blades I’d seen the prior night. â€Å"It’s me. I’m still Katherine,† she stated, grinning. I constrained myself to pull away. I needed to accept that everything was the equivalent, however †¦ â€Å"Y ou’re considering Rosalyn, aren’t you?† Katherine inquired. She saw my surprised articulation and shook her head. â€Å"It’s characteristic that you’d figure I could do that, in light of what I am, yet I guarantee you, I didn't slaughter her. What's more, I never would have.† â€Å"But †¦ yet †¦, † I started. Katherine carried her finger to my lips. â€Å"Shhh. I was with you that night. Keep in mind? I care about you, and I care about those you care about. Also, I don’t know how Rosalyn kicked the bucket, however whoever did that†Ã¢â‚¬a blaze of outrage glimmered in her eyes, which, I understood just because, were spotted with goldâ€â€Å"they give us a terrible name. They are the ones who alarm me. Y might be terrified to walk ou during the night, however I am hesitant to stroll during the day, in case I be confused with one of those beasts. I might be a vampire, however I do show some kindness. If you don't mind trust me, sweet Stefan.† I made a stride back and supported my head in my grasp. My psyche spun. The sun was simply starting to rise, and it was difficult to tell whether the fog concealed a splendid sun or a day of mists. It was the equivalent with Katherine. Her lovely outside shrouded her actual soul, making it difficult to find out whether she was acceptable or detestable. I sunk intensely to the bed, not having any desire to leave and not having any desire to remain. â€Å"Y need to trust me,† Katherine stated, sitting ou down next to me and putting her hand on my chest so she could feel my heart beat. â€Å"I am Katherine Pierce. That's it, not much. I’m the young lady you looked for a considerable length of time after I showed up about fourteen days back. What I admitted to you is nothing. It doesn’t change how you feel, how I feel, what we can be,† she stated, moving her hand from my chest to my jawline. â€Å"Right?† she asked, her voice loaded up with desperation. I looked at Katherine’s wide earthy colored eyes and realized she was correct. She must be. My heart despite everything wanted her so much, and I needed to effectively ensure her. Since she wasn’t a vampire; she was Katherine. I got both of her hands, measuring them in my own. They looked so little and helpless. I brought her cool, sensitive fingers to my mouth and kissed them, individually. Katherine looked so terrified and uncertain. â€Å"Y didn’t murder Rosalyn?† I said gradually. Indeed, even as ou the sentence left my lips, I realized that it will generally be valid, on the grounds that my heart would break on the off chance that it weren’t. Katherine shook her head and looked at the window. â€Å"I could never murder anybody except if I needed to. Except if I expected to secure myself or somebody I cherished. What's more, anybody would murder in that circumstance, wouldn’t they?† she asked angrily, sticking out her jaw and looking so glad and helpless that it was everything I could don't to take her in my arms right at that point. â€Å"Promise you’ll stay discreet, Stefan? Guarantee me?† she asked, her dull eyes looking through mine. â€Å"Of course I will,† I stated, making the guarantee as a lot to myself with respect to her. I adored Katherine. What's more, truly, she was a vampire. But †¦ the manner in which the word came out of her mouth was so not quite the same as the manner in which it sounded when Father said it. There was no fear. On the off chance that anything, it sounded sentimental and secretive. Perhaps Father wasn't right. Perhaps Katherine was basically misconstrued. â€Å"Y have my mystery, Stefan. Also, you know ou what that means?† Katherine stated, tossing her arms around my shoulders and cuddling her cheek against mine. â€Å"Vous avez mon coeur. Y have ou my heart.† â€Å"And you have mine,† I mumbled back, which means each word. The most effective method to refer to Stefan’s Diaries: Origins Chapter 16, Essay models

Poverty and population Essay Example | Topics and Well Written Essays - 1750 words

Neediness and populace - Essay Example The outcomes by the UN show that Africa is confronting a blast in its populace, which is nearly quadrupling before this current century's over. The present fruitfulness pace of African Women is at 4.7. The inquiry emerging is that in the event that Africa can't take care of a billion people, how at that point would it be able to be in a situation to take care of four billion in future? This point is significant in the subject of worldwide regenerative wellbeing since with expanded populace and destitution; access to excellent medical clinic administrations may not be conceivable. Thus, childbearing ladies may experience the ill effects of different diseases of the regenerative frameworks (Avery, 2014). Besides, such ruined ladies living in vile conditions experience the ill effects of different undesirable pregnancies, explicitly transmitted contaminations, maternal handicaps and even passings, sex based viciousness and different issues that identify with the regenerative framework and unfortunate sexual practices. Africa needs to receive different techniques to manage their expanded populace development and destitution. They have to have better foundation, instruction framework, and social insurance framework. This is on the grounds that there is developing apprehensions that the expanding blast of the populace is probably going to exhaust what is left of the vegetation and the fauna of such African nations (Birdsall, Kelley, and Sinding, 2011). In this way, it is significant for the different systems to be set up to guarantee that destitution is diminished in a portion of these high populace nations. One of the fundamental techniques of destitution decrease is putting resources into conceptive soundness of ladies, instructing them and guaranteeing sex balance. This guarantees destitution decrease in a few different ways. One of them is empowering ladies to tolerate less youngsters in this way adding to an upward financial portability. Because of this, they animate monetary improvement in their nations. Also, ladies can arrange their regenerative wellbeing choices with their men (Ahlburg, Kelley, and Mason, 2009). This move guarantees that ladies can be in a position

Parenting Practices In The Past Three Generations - 1925 Words

Parenting Practices In The Past Three Generations (Research Paper Sample) Content: Parenting Practices In The Past Three GenerationsName:Course:Tutor:IntroductionParenting practicesÂdo vary from generation to generation. In this paperÂIÂwill discuss four differentÂparentingÂpractices andÂwill describe the difference in these four parenting practices over three generations.ÂParenting a child is considered as one of the most important rolesÂfor parentsÂbe they biological or foster, actually it is said that the person who does the parenting is more important than the one who brings forthÂthe childÂinto the world. Parenting is influenced by a number of factors that could range from culture, social economics, non-normative life events and cohortÂeffects. ÂAccording to Brittany Olivarez, parenting practices can fall in any of theÂprocessesÂthat parents go through while bringing up their children and the skills of parenthood are acquired throughÂtheirÂexperiences.ÂThere are no formal s chools that are established to teach parents on how to bring up their children but in every generation there are researchers who did some research on different parenting practices. Most researchers have found out that some parentingÂpractices andÂstyles continueÂfrom one generation to the nextÂwhile others haveÂchanged dramatically to newÂpractices in new generations. ÂParents have been able to make their decisions and choices based on what they hear from other people, what they see and also what they read from the written materials about parentingÂas well as how they were parented while growing up.ÂThe informationÂin this paperÂisÂfrom interviews of some of my family members and also some elders inÂmy church. Some information was also acquired from the written and published materials from various researchersÂand from our text.ÂUnfortunatelyÂI didnà ¢Ã¢â€š ¬t find any suitable parents and children to interview in Mexic o while there, but I did keep my eyes open. ÂThere are various factors that have influenced the changes in parenting practices over years.Some of them are the growing economy, new technology, education and increased levels of literacy, governmentÂprograms, and the information on parenting acquired through the internet,Âparenting classes,Âpublic media and books. Even with all the factors influencing change in parenting stylesÂand practices, it has been noted that the family behavior as an institution takes time to change as compared with other institutions and this makes it moreÂdifficult to measure the extent of change inÂfamily behaviors. It is very vital for any parent to learn good parenting styles and practices that will enable them bring up their children to be better human beings and more resourcefulÂ(Kotchick and Forehand, 2002).ÂBelow are four different parenting practices through three generations.Parenting practices throughÂthree gen erations Generation 1: 1900-1940 Generation 2: 1940-1980 Generation 3: Years1980-current Parenting Practice 1: Children were disciplined by elders and the parents ChildrenÂwere disciplined by elders and schools Children disciplined by parents Parenting Practice 2: breastfeeding was done by the mother breastfeeding was done by the mother Pumping andÂbaby formulas which have reduced breastfeeding Parenting Practice 3: Children slept with the family Children slept with either parents or in their own bed. Sometimes withÂsiblings Children sleeping in their own bed Parenting PracticeÂ4 Education was limited and there was a high level of illiteracy children start attending schoolsÂby 5 or 6 ChildrenÂattend pre-school at 2 and 3, and need to attend school until 16 years of age, most continue with school ÂDiscussionÂofÂthe parenting practicesÂin the chartCohort effects refers to, "When people who were born at about the same time, such as during a given year or a particular decade, share various characteristics as a group" (Interactive Glossary Definition, (n.d)).The chart above shows three generations from 1900 to current and some parental practices that were adopted in these generations. In the first generation which is between 1900 and 1940 children were very closely attached to their parents and almost every decision was made by the parent for the children. It was believed that the parent cannot harm what belongs to them and therefore there was no injustice done to a child by theÂparent sinceÂchildren were seen as property.ÂIn this sense a child would not stand to claim that their parents have done injustice or neglected their rights towards them hence childrenà ¢Ã¢â€š ¬s rights were looked down upon.ÂThis parenting practice hasÂchanged with the new generations whereby children have more rights and are allowed to make their own decisions. In the current generation, a child has a right to sue their par ents for neglecting their parental duties like providing the child with basic necessities like education, food and shelter. The change ofÂthis parenting practiceÂhas been influenced majorly by introduction of some government policies that protect childrenà ¢Ã¢â€š ¬s rights (Kotchick and Forehand, 2002) such as the Department of Human Services, and the Child Welfare Division. ÂAlso, in todayà ¢Ã¢â€š ¬s world, there are Mandatory Reporting Laws andÂ48 states have mandatory reporters. Social Workers, Teachers, other school personnel, physicians and other health care workers, counselors, therapists and other mental health professionals, child care providers, law enforcement are some of the individuals required to report (}During the early generations, it was the responsibility of every elder person to discipline any child who is doing wrong. The role of disciplining a child was not only played by the parents but also the people in the society. This parenting practice h elped the society to instill discipline to every member of the society and children would have respect not only for their parents but also for the people in the society, and theÂ"spare the rod, spoil the child" school of thought. ÂIn the second generation, some parents had their children enrolled in schools and the teachers would have a duty to teach as well as discipline the children. In the current generation the role of disciplining the children lies upon the parentà ¢Ã¢â€š ¬s hands and not childà ¢Ã¢â€š ¬s elder people in the society. In fact, some parents would sue anyone who tries to discipline their child. The government has an influence on this as well as the growth of levels of education whereby parents feel that they are solely responsible for disciplining their children.ÂÂGrounding and reward systems are more in place now andÂparents and teachers use time-out as a consequence.The other parentingÂpractice is the issue of breastfeeding. In the firs t generation the parents would feed their children through breastfeeding them. This is one of the parenting styles that have been passed through all the generations though it has also changed a bit in the current generation. In the new era most parents haveÂjobsÂoutside the homeÂwhereby both the father and the mother are working. Due to the strict time schedule,Âmothers are given limited time for their maternity periodÂso they breastfeed only forÂa short time, and then need to pump while at work or theyÂintroduce their child formulaÂrather than the mothersà ¢Ã¢â€š ¬ milk. This change has occurred due to the different living styles and the hard economic times that have forced people in combining efforts to work and earn a living (Bornstein, 2002).The other parenting practice that was pinpointed is the issue of education. During the early generation most children stayed at home and helped their parents with household chores especially the girl child. T he society believed that education was majorly for men who were the sole bread winner of the family. Most of the boys attended schools while girls stayed at home and were even forced to early marriages so as to earn their parents some wealth through dowry. This parenting style has changed with time whereby the current generation values girl child educatio... Parenting Practices In The Past Three Generations - 1925 Words Parenting Practices In The Past Three Generations (Research Paper Sample) Content: Parenting Practices In The Past Three GenerationsName:Course:Tutor:IntroductionParenting practicesÂdo vary from generation to generation. In this paperÂIÂwill discuss four differentÂparentingÂpractices andÂwill describe the difference in these four parenting practices over three generations.ÂParenting a child is considered as one of the most important rolesÂfor parentsÂbe they biological or foster, actually it is said that the person who does the parenting is more important than the one who brings forthÂthe childÂinto the world. Parenting is influenced by a number of factors that could range from culture, social economics, non-normative life events and cohortÂeffects. ÂAccording to Brittany Olivarez, parenting practices can fall in any of theÂprocessesÂthat parents go through while bringing up their children and the skills of parenthood are acquired throughÂtheirÂexperiences.ÂThere are no formal s chools that are established to teach parents on how to bring up their children but in every generation there are researchers who did some research on different parenting practices. Most researchers have found out that some parentingÂpractices andÂstyles continueÂfrom one generation to the nextÂwhile others haveÂchanged dramatically to newÂpractices in new generations. ÂParents have been able to make their decisions and choices based on what they hear from other people, what they see and also what they read from the written materials about parentingÂas well as how they were parented while growing up.ÂThe informationÂin this paperÂisÂfrom interviews of some of my family members and also some elders inÂmy church. Some information was also acquired from the written and published materials from various researchersÂand from our text.ÂUnfortunatelyÂI didnà ¢Ã¢â€š ¬t find any suitable parents and children to interview in Mexic o while there, but I did keep my eyes open. ÂThere are various factors that have influenced the changes in parenting practices over years.Some of them are the growing economy, new technology, education and increased levels of literacy, governmentÂprograms, and the information on parenting acquired through the internet,Âparenting classes,Âpublic media and books. Even with all the factors influencing change in parenting stylesÂand practices, it has been noted that the family behavior as an institution takes time to change as compared with other institutions and this makes it moreÂdifficult to measure the extent of change inÂfamily behaviors. It is very vital for any parent to learn good parenting styles and practices that will enable them bring up their children to be better human beings and more resourcefulÂ(Kotchick and Forehand, 2002).ÂBelow are four different parenting practices through three generations.Parenting practices throughÂthree gen erations Generation 1: 1900-1940 Generation 2: 1940-1980 Generation 3: Years1980-current Parenting Practice 1: Children were disciplined by elders and the parents ChildrenÂwere disciplined by elders and schools Children disciplined by parents Parenting Practice 2: breastfeeding was done by the mother breastfeeding was done by the mother Pumping andÂbaby formulas which have reduced breastfeeding Parenting Practice 3: Children slept with the family Children slept with either parents or in their own bed. Sometimes withÂsiblings Children sleeping in their own bed Parenting PracticeÂ4 Education was limited and there was a high level of illiteracy children start attending schoolsÂby 5 or 6 ChildrenÂattend pre-school at 2 and 3, and need to attend school until 16 years of age, most continue with school ÂDiscussionÂofÂthe parenting practicesÂin the chartCohort effects refers to, "When people who were born at about the same time, such as during a given year or a particular decade, share various characteristics as a group" (Interactive Glossary Definition, (n.d)).The chart above shows three generations from 1900 to current and some parental practices that were adopted in these generations. In the first generation which is between 1900 and 1940 children were very closely attached to their parents and almost every decision was made by the parent for the children. It was believed that the parent cannot harm what belongs to them and therefore there was no injustice done to a child by theÂparent sinceÂchildren were seen as property.ÂIn this sense a child would not stand to claim that their parents have done injustice or neglected their rights towards them hence childrenà ¢Ã¢â€š ¬s rights were looked down upon.ÂThis parenting practice hasÂchanged with the new generations whereby children have more rights and are allowed to make their own decisions. In the current generation, a child has a right to sue their par ents for neglecting their parental duties like providing the child with basic necessities like education, food and shelter. The change ofÂthis parenting practiceÂhas been influenced majorly by introduction of some government policies that protect childrenà ¢Ã¢â€š ¬s rights (Kotchick and Forehand, 2002) such as the Department of Human Services, and the Child Welfare Division. ÂAlso, in todayà ¢Ã¢â€š ¬s world, there are Mandatory Reporting Laws andÂ48 states have mandatory reporters. Social Workers, Teachers, other school personnel, physicians and other health care workers, counselors, therapists and other mental health professionals, child care providers, law enforcement are some of the individuals required to report (}During the early generations, it was the responsibility of every elder person to discipline any child who is doing wrong. The role of disciplining a child was not only played by the parents but also the people in the society. This parenting practice h elped the society to instill discipline to every member of the society and children would have respect not only for their parents but also for the people in the society, and theÂ"spare the rod, spoil the child" school of thought. ÂIn the second generation, some parents had their children enrolled in schools and the teachers would have a duty to teach as well as discipline the children. In the current generation the role of disciplining the children lies upon the parentà ¢Ã¢â€š ¬s hands and not childà ¢Ã¢â€š ¬s elder people in the society. In fact, some parents would sue anyone who tries to discipline their child. The government has an influence on this as well as the growth of levels of education whereby parents feel that they are solely responsible for disciplining their children.ÂÂGrounding and reward systems are more in place now andÂparents and teachers use time-out as a consequence.The other parentingÂpractice is the issue of breastfeeding. In the firs t generation the parents would feed their children through breastfeeding them. This is one of the parenting styles that have been passed through all the generations though it has also changed a bit in the current generation. In the new era most parents haveÂjobsÂoutside the homeÂwhereby both the father and the mother are working. Due to the strict time schedule,Âmothers are given limited time for their maternity periodÂso they breastfeed only forÂa short time, and then need to pump while at work or theyÂintroduce their child formulaÂrather than the mothersà ¢Ã¢â€š ¬ milk. This change has occurred due to the different living styles and the hard economic times that have forced people in combining efforts to work and earn a living (Bornstein, 2002).The other parenting practice that was pinpointed is the issue of education. During the early generation most children stayed at home and helped their parents with household chores especially the girl child. T he society believed that education was majorly for men who were the sole bread winner of the family. Most of the boys attended schools while girls stayed at home and were even forced to early marriages so as to earn their parents some wealth through dowry. This parenting style has changed with time whereby the current generation values girl child educatio...

Acquisition of Wyeth by Pfizer - Free Essay Example

Sample details Pages: 6 Words: 1823 Downloads: 7 Date added: 2017/06/26 Category Economics Essay Type Case study Did you like this example? Financial Management Acquisition of Wyeth by Pfizer Table of Contents 1Introduction 2Strengthening of Market Position 3Operational and Economic Benefits 4Financial Benefits 5Conclusion References 1 Introduction Neo-classical theories see mergers and acquisitions (MAs) as efficiency improvement measure taken by the organizations in response to industry challenges such as deteriorating profitability, reducing market share, duplication of resources, stringent industry regulation etc. (Jovanovic and Rousseau, 2002). However, neo-classical theory alone cannot describe a wide range of reasons that force the companies to merge together or adopt an acquisition strategy (horizontal or vertical acquisition) to obtain or sustain a competitive advantage by achieving synergy, diversify business portfolio to distribute risk, attain growth, increase bargaining power with buyers and suppliers or to simply eliminate competition (Marks Mirvis, 2013). This paper will discuss the case of biggest acquisition in the pharmaceutical industry with the acquisition of Wyeth by Pfizer in January 2009 for $68 billion, the second biggest acquisition in the history of corporate America since ATT and BellSouths US$7 0 billion deal in March 2006 (Pfizer, 2009). The acquisition of Wyeth was a cash-and-stock transaction valued, based on the closing market price of Pfizerà ¢Ã¢â€š ¬Ã¢â€ž ¢s common stock on the acquisition date, at $50.19 per share of Wyeth common stock (Pfizer, 2009). At the time of this acquisition Wyeth was generating $22.4 billion in sales with a bottom line of $4.6 billion and Pfizer generated net revenues of $48.3 billion and the net income of $8.1 billion (Pfizer, 2008). The completion of acquisition in October 2009 made Pfizer the largest pharmaceutical company in the world with potential savings of $4 billion from the usage of common resources and elimination of inefficiencies in the supply chain. However, under this deal Pfizer had to repatriate billions of revenue dollars from foreign subsidiaries to the US, resulting in higher tax costs and waste of value (Pfizer, 2009). This merger was also criticized by Harvard University Professor Gary Pisano, who commented on this news à ¢Ã¢â€š ¬Ã…“the record of big mergers and acquisitions in Big Pharma has just not been good. Thereà ¢Ã¢â€š ¬Ã¢â€ž ¢s just been an enormous amount of shareholder wealth destroyedà ¢Ã¢â€š ¬Ã‚  (Karnitschnig Rockoff, 2009). A quick comparison of the two companies at the time of announcement of acquisition is shown in figure-1 and various aspects of this acquisition and the benefits reaped by Pfizer are critically analyzed in the following sections. Figure 1 Comparison of Pfizer and Wyeth in 2009. Source: Karnitschnig Rockoff (2009) Don’t waste time! Our writers will create an original "Acquisition of Wyeth by Pfizer" essay for you Create order 2 Strengthening of Market Position The biopharmaceutical industry is a major source of medical innovation, where RD drives the success of the company and also constitutes almost 17-25% of its expenses (Danzon, 2014). The pharma industry is highly competitive due to stringent regulations and longer times to market their drugs as they seek approval from relevant governmental agencies (for example Food and Drug Administration à ¢Ã¢â€š ¬Ã¢â‚¬Å" FDA in the USA) that set the safety, efficacy and quality of manufacturing as a prerequisite to market the drug to consumers (Danzon, 2014). Other industry challenges include the loss or expiration of intellectual property rights that allow low cost generic brands to enter the market and drive down the prices, the pipeline productivity, pricing and access pressures and increasing competition among branded products (Pfizer, 2009). So, in response to these challenges in the operating environment Pfizer made an attempt to strengthen its market position by acquiring Wyeth that en abled the company to diversify its product portfolio with the inclusion of vaccines, biologics, small molecules and nutrition across developed and emerging markets. This synergistic effect is shown in figure-2. Figure 2 Synergies from the acquisition of Wyeth by Pfizer. Source: NYTimes (2009) Despite the criticism surrounding the merger of two pharma giants and the unfavorable economic conditions amid global economic downturn, the Wall Street and the major banks supported this is acquisition because of beneficial market position and lent $26 billion to support the acquisition deal (NYTimes, 2009). With this acquisition, Pfizer has consolidated its position as the market leader by entering previously untouched market segments pertaining to oncology, pain, inflammation, Alzheimerà ¢Ã¢â€š ¬Ã¢â€ž ¢s disease, psychoses and diabetes, as well as the critical technologies of vaccines and biologics. This acquisition will also help Pfizer to achieve its aim to become the top-tier biotherapeutics company by 2015 and it will also gain growth in emerging markets of Brazil, India, Russia and China (Pfizer, 2009). 3 Operational and Economic Benefits The literature points to the fact that horizontal MAs, such as Pfizer-Wyeth, achieve more operating efficiencies and economies of scale than vertical ones (Maksimovic and Phillips, 2001). The operational and economic benefits have also been recognized by the chief executive of Pfizer, Jeffery B. Kindler who commented à ¢Ã¢â€š ¬Ã…“Our combined company will be one of the most diversified in the industry and will benefit from complementary patient-centric units that match speed with the benefits of a global companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s scale and resourcesà ¢Ã¢â€š ¬Ã‚  (NYTimes, 2009). Firstly, Pfizer expects to save $4 billion annually by combining and streamlining its operations with Wyeth due to lower and more flexible cost base for the combined operations that helped in cutting down the production overhead, RD, and the number of employees (NY Times, 2009, Pfizer, 2009). Secondly, the infusion of new ideas, perspectives and processes can produce lasting benefits that are broader and deeper than initially expected by the companies (Vermeulen, 2005). In this case, the existing patents and the ongoing research at Wyeth added complementary capabilities to Pfizer, which benefitted from diversified product portfolio of consumer and nutritional drugs (Stempel Schiffer, 2009). This acquisition will also help the company in depicting higher performance in innovation and technological knowledge generation, resulting in higher quality drugs in future (Makri et al., 2010). The operational and economic benefits of this acquisition can also be shown through the ratio analysis of Pfizer before and after acquisition as shown in figure-3 and figure-4. Figure 3 Profit Margins of Pfizer before and after acquisition of Wyeth in 2009. Source: Financial statements of Pfizer from 2008 2012 Figure 4 ROA and ROE of Pfizer before and after acquisition of Wyeth in 2009. Source: Financial statements of Pfizer from 2008 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 2012 It can be seen in bot h the aforementioned figures that all the performance metrics fell immediately after acquisition, but over next three years the performance measures met or exceeded their initial values before acquisition, thereby pointing to cost savings, reduction in inefficiencies, increase in productivity, enhanced operational performance, better asset utilization and increased profitability. 4 Financial Benefits Stock markets often behave irrationally or inappropriately to the news of acquisition, especially, when it involves large companies, but the evidence shows that if an acquirer makes a cash offer to purchase the company; it ends up earning longà ¢Ã¢â€š ¬Ã¢â‚¬Å"run abnormal returns due to non-dilution of earnings per share (EPS), as compare to stock offerings that earn negative long-run abnormal returns (Loughran Vijh, 1997). Under the deal of this acquisition the Pfizer paid $50.19 per share of Wyeth using a mixed structure of cash and equity à ¢Ã¢â€š ¬Ã¢â‚¬  $33 a share in cash and 0.985 Pfizer shares worth $17.19 a share based on Pfizerà ¢Ã¢â€š ¬Ã¢â€ž ¢s closing price, and paid almost 29% premium over the actual company valuation per share (Karnitschnig, 2009). This deal was immediately appreciated by the stock market resulting in the shares of Wyeth to increase by 12.96% (by $4.91) and the shares of Pfizer to climb by 1.4% or 24 cents (Karnitschnig, 2009). The acquisition of Wyeth has highly beneficial to Pfizer financially, because Pfizer was facing a pressing challenge of its patent (or exclusivity) expiration of Lipitor, a cholesterol lowering drug that accounted for almost 25% of its revenue stream as being the best cholesterol control in the world. Although, the loss of exclusivity on this drug in 2011 costed Pfizer a projected loss of $12 billion, not much has been solved with the acquisition of Wyeth as 14 other drug patents are scheduled to expire in 2014 with a projected loss of $35 billion (Pfizer, 2010). However, some of these lost revenues have been compensated by the legacy drug brands of Wyeth as the revenues of Pfizer in 2010 increased by 36% to $67.8 billion, compared to $50.0 billion in 2009. This financial growth was achieved due to the inclusion of revenues from legacy Wyeth products for a full year in 2010 compared to part of the year in 2009, which favorably impacted revenues by $18.1 billion or 37% (Pfizer, 2010). The silver li ning in this discussion is that such challenges are not unique to Pfizer and its competitor drug makers Merck, Bristol Myers Squibb and Eli Lilly are all facing their own patent losses in the next couple of years. Despite these financial benefits, Pfizer has faced a major cost of acquisition in the form of added taxes resulting from the repatriating the billions of dollars in the US as a part of acquisition deal and this resulted in the effective tax rate increase from 17% in 2008 to 20.3% in 2009 amounting to $2.1 billion in taxes in 2009 up from $1.6 billion in 2008 (Pfizer, 2009). 5 Conclusion In conclusion, the financial performance metrics are an obvious indicator of success of this acquisition as the company has successfully created value for its shareholders and has gained sustained market advantage in prevailing highly competitive operating environment. Although, in doing so the company has destroyed some value due to increased tax burden and the threat of loss of revenue due to expiring patents still looms at large, the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s increased capability to invest in RD and develop next breakthrough drug (like Lipitor) will be the sole decider of its future performance. References Danzon, P. (2014).Economics of the Pharmaceutical Industry. [ONLINE] Available at:https://www.nber.org/reporter/fall06/danzon.html. [Accessed 13 February 2014]. Jovanovic, B., Rousseau, P. (2002). The q-theory of mergers. American Economic Review, 92, 198à ¢Ã¢â€š ¬Ã¢â‚¬Å"204. Karnitschnig, M, Rockoff, J. D. (2009). Pfizer in Talks to Buy Wyeth WSJ.com. [ONLINE] Available at: https://online.wsj.com/news/articles/SB123268511212809429. [Accessed 13 February 2014]. Karnitschnig, M. (2009).Pfizer to Pay $68 Billion for Wyeth WSJ.com. [ONLINE] Available at:https://online.wsj.com/news/articles/SB123293456420414421. [Accessed 13 February 2014]. Loughran, T., Vijh, A., 1997. Do long-term shareholders benefit from corporate acquisitions? Journal of Finance, 52, 1765à ¢Ã¢â€š ¬Ã¢â‚¬Å"1790. Maksimovic, V., Phillips, G., 2001. The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains? Journal of Finance, 56(6), 2019à ¢Ã¢â€š ¬Ã¢â‚¬ Å"2065. Makri, M., Hitt, A. M., Lane, P. J. (2010). Complementary Technologies, Knowledge Relatedness, and Invention Outcomes in High Technology Mergers and Acquisitions. Strategic Management Journal, 31(6), 602-628. Marks, M. L., Mirvis, P. H. (2013). The merger syndrome.Mergers Acquisitions: A Critical Reader, 149. NYTimes (2009). Pfizer Agrees to Pay $68 Billion for Rival Drug Maker Wyeth. [ONLINE] Available at: https://www.nytimes.com/2009/01/26/business/26drug.html?pagewanted=all_r=2. [Accessed 13 February 2014]. Pfizer (2008). Pfizer 2008 Financial Performance Overview. [ONLINE] Available at: https://www.pfizer.com/files/annualreport/2008/financial/financial2008.pdf. [Accessed 13 February 2014]. Pfizer (2009). Pfizer Wyeth 2009 Financial Performance Overview. [ONLINE] Available at: https://www.pfizer.com/files/annualreport/2009/financial/financial2009.pdf. [Accessed 13 February 2014]. Pfizer (2010). Pfizer Wyeth 2009 Financial Performance Overview. [ONLINE] Available at: https://www.pfizer.com/files/annualreport/2010/financial/financial2010.pdf. [Accessed 13 February 2014]. Stempel, A. S., Schiffer D., 2009. Pfizer-Wyeth: Lessons from the First Major Merger Review of the Obama Administration. The Threshold ¸ Vol. XI(1), 6-96. Vermulen, F. (2005).How Acquisitions Can Revitalize Companies | MIT Sloan Management Review. [ONLINE] Available at: https://sloanreview.mit.edu/article/how-acquisitions-can-revitalize-companies/. [Accessed 13 February 2014]. Page 1 of 10

The Most Important Resource Ever Essay - 1488 Words

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Psychodynamic view Essay The main aspect of the psychodynamic theory is that behavior is directed by forces within ones personality, but is usually hidden in the subconscious. According to Sigmund Freud, behavior is caused by unconscious thoughts, impulses and desires. He also theorized that many of our unconscious thoughts are too hard for us to deal with and so are repressed. Many of Freuds theories seem either extreme or brilliant, but I cant make up my mind about this one. I dont think that people walk around like zombies letting their subconscious decide how they should act out. I do believe that people repress memories or feelings about those memories which have some bearing on a persons behavior, although it is not the main aspect of why a person acts or behaves the way they do. I do consent to the idea of peoples inner feelings or conflicts that have been repressed, coming out in dreams, but Freud also believes that a slip of the tongue is not just an accident, but the true inner feelings coming out. There are a lot of times Ill call someone the wrong name, just because I was hanging out with a different person earlier that day and simply got used to saying their name, not because I wished I was still with that person or something. This entire theory has left me riding the fence. I suppose it did the same for many others, which is why there are not a lot of true Freudians left, but instead Neo-Freudians who have revised a lot of the theorys features.

Jeffrey Santos Essays (1404 words) - Indian Films,

Jeffrey Santos Professor Shrivastava 11/2/2017 2 November 2017 1947 Earth Vs . Cracking Inida Transition from a novel to a film is quite difficult at times especially when it comes to a partition like the one in India in 1947. The main purpose of my essay will be to find the problems and differences with the transition between the two works. Investigating the problem between Bapsi Sidwa's novel Cracking India and its film adaptation Deepa Metha's 1947 Earth by comparing the two together but focusing on Lenny's sexual representation, Ayah's transformation throughout the film and novel and how this causes Ayah's abduction with Ice Candy Man , will be my main target point. I argue that Bapsi Sidwa's Cracking India and Deepa Metha's 1947 Earth discuss the theme of gender and violence. The characters Lenny, Ayah, and Ice Candy Man all were affected by the trauma in some way or other. The film adaptation fails to fully represent the book and has roots to its theme. The film focuses on Lenny's coming of age and how she changes and adapts to her problems with her nanny, Ayah. It induces the violence and partition events as well. In the film , it fails to show us Lenny's struggle with her coming of age due to her mother being extremely abused by her father. Her mother was cheated and physically abused to the fullest by this man. The film also excludes Lenny's introduction to sexual activity when the novel strongly shows us Lenny's sexual situations with Cousin. This is when Ayah makes Lenny extremely upset. Ayah gets lots of looks and respect from men and Lenny sees that and is strongly bothered by it. The novel does a wonderful job with bringing out Lenny's strong attitude towards sexuality and men in general. This chips into how Ayah's and Lenny's relationship basically works and how Lenny feeds off Ayah and learns from how she does things. When looki ng at these stories, they both include the obvious, violence, love, and disloyalty. With the partition being the violence, Lenny and Ayah's opposite sex cravings being love, and Lenny's father cheating on her mother being the disloyalty in this situation. In Metha's film there is another blatant reason for these small stories. Trilogy's such as Fire, Earth, and Water represent a form of violence against the women apart of this area at the time. Fire conceals same-sex female desires that works in context with their morals. Earth is basically the overall violence against the women during this time and Water is the social limitations put in place in Hinduism ( Metha's film). These three simple stories tell a story within themselves that basically explains why love and violence was such a large reason for women struggle existed at this time. In the film it is much easier to decrypt these 3 trilogy's but Metha struggles to implement some of the small details of the bo ok. Obviously the film helps put a visual on Lenny's struggle with this sexual need but the film does leave out a lot of Lenny's sexual awakenings while the book shows us how Lenny used Ayah as a lesson of her own adolescence. Within the entire Partition, both Metha and Sidhwa provide us with Ayah's transformation from a girl that a four year old strives to be to being an abducted rape victim. In the beginning of the novel, our narrator Lenny describes how Ayah gets "covetous glances" from a variety of men-beggars, holy men, hawkers, and so on " ( Sidhwa 3). In the film, Metha uses the Queen's garden scene to show us Ayah's ability to attract all types of men. During this scene Ayah is basically sitting around a bunch of men, having a conversation which all the men look at her with plans on their minds. Once Ayah figures these vibes the men were gives off she puts on her sari and receives physical attractions from these men. Now, in the book Lenny points out that Ice Candy Man tries to put his shoed foot inside of Ayah's sari and says this, " things love to crawl beneath Ayah's sari. Ladybirds, glowworms, Ice Candy Man's toes" ( Sidhwa 19).