The Future of Music Production

From the early 20th century, people have listened to music using a record player device, i.e. the music is recorded first. Improvements in technology led to the design of the cassette tape, followed by vinyl discs and finally Compact Disc (CD). Modern technology has made it possible to store music in flash memory devices.Advertising We will write a custom essay sample on The Future of Music Production specifically for you for only $16.05 $11/page Learn More Advancements in technology in the music industry have led to a corresponding improvement in technology used for producing music. The switch from traditional to modern technology has led to a debate on whether the quality of music that record players had has been lost. Pundits argue that the music, like all other aspects of our daily life, must keep pace with technology while others argue that this has led to loss of quality that used to be available in analogue music systems. This debate is not likely to be resolved in the near future. It is more important for a producer today to know technology than music Advancements in technology have led man to invent music production techniques that require technical knowhow, a producer must first learn about these techniques in order to be successful. Success here means selling millions of copies of music and coping with cutthroat competition that has characterized today’s music industry. However, in order to determine whether quality in music is lost in using modern technology, we need to compare analogue and digital music production systems that many claim to be the cause of the deterioration in music quality over the years. Analogue vs. Digital Production Tools In analogue systems, the sound waves are cut out into a vinyl surface, to retrieve audio from the record player, a needle off the player vibrates, and the sound enlarged by the speakers. Therefore, the sound produces is associated with the original sound recorded and every sound is generated wholly. In digital systems, the sound is translated into a series of numbers. The lens on a disc player reads the numbers and converts then into sound. The sound produced is not the actual representation of the music (Hatschek, para. 3).Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Technology vs. Quality As we have seen, modern technology has led to the distortion of music, unfortunately, markets are in demand of music produced using modern technology. In the earlier days, we used to listen to music using record players, but we swapped better sound for expediency for both recording and listening. Technology in music production definitely has its merits. For example, it is possible to rectify any minor error by selecting the bad portion and correcting it. However, if the mistake came from the artist, the producer would not have to repeat the whole record, he could just reco rd over the audio. However, Robert DiFazio, a music producer, explains that this procedure lowers the artists’ capabilities (DiFazio, para. 3). A good producer will want to go over the whole recording process, similar to the analogue era, while a producer who banks on technology will only repair the sections with mistakes. Trends in listening to music have changed over time. In the earlier days, people used to listen not only to music, but also to the percussions and any other accompaniments. It was easy to distinguish the different sounds coming out of a music record, such as the bass guitar or a piano (Ward, para. 4). Today’s generation does not take care of any of these; rather, we dwell so much on technologies such as the vocoder and synthesized sounds at the expense of quality. Therefore, music producers are only responding to the market demands, i.e. market needs dictate how producers make their music, failure of which they will lack a competitive advantage and c ould cease operations. In short, the music market no longer takes into consideration matters of quality in music, and with albums being released every day, nobody really stops to consider other elements of music other than the most audible components. As we have seen, technology is more important than music in today’s music production industry. In fact, producers use technology to make corrections on pieces of music that do not come out as required rather than look at the origin of the fault. DiFazio concludes by saying, â€Å"people don’t care what it sounds like, the average audience doesn’t care what it sounds like. It’s been proved†¦Ã¢â‚¬  (DiFazio, para. 7)Advertising We will write a custom essay sample on The Future of Music Production specifically for you for only $16.05 $11/page Learn More Effects on music now and in the Future One of the negative sides of technology in music production is the loss of quality. besides, there is the aspect of loss of live music. Knowledge of music demands that a producer be conversant with most musical instruments in use, however, technology has made it possible to produce synthetic beats from computer programs and this has reduced our interaction with live music. Just recently, we made our own music, whether in the church, cultural functions, or in social events, this has disappeared with the rise of the digital technology. I can boldly add, merely 50 years ago, a far superior fraction of the populace played a musical instrument unlike in our day. Works Cited DiFazio, Robert. How Analog and Digital Recording Techniques Influence the Recording Process. 2007. Web. Hatschek, Keith. Are Dynamics dead in popular music? 2009. Web. Ward, Dick. As Technology Advances, Demand for Quality Sound Decreases. 2010. Web. This essay on The Future of Music Production was written and submitted by user Cassidy Z. 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.

The road to war essays

The road to war essays On March 19, 2003, United States and British forces began military operations in Iraq. While addressing the nation about the purpose of the war on the day the bombing began, President George W. Bush said, The people of the United States and our friends and allies will not live at the mercy of an outlaw regime that threatens the peace with weapons of mass murder. In order to grasp a better perception of the situation in Iraq, it is necessary to understand and examine some of the key figures and events leading to our current occupation of Iraq. Saddam Hussein, former President of Iraq, had the notorious distinction of being the worlds best known and most hated Arab leader, who was willing to sacrifice his own country rather than relinquish power in Baghdad. His invasion of Kuwait triggered a United States response resulting in Operation Desert Storm in the early 1990s. The September 11th attacks on US soil led the United States into the war on terrorism, which later brought attent ion to the violation of UN regulation in Iraq. Through out this paper I hope to reflect how Saddam Hussein, Desert Storm, and the terrorist attacks on 9-11 all led us to our current conflict with Iraq. Saddam Hussein, the man who became known as the enemy of the Western world, was born on April 28, 1937, in a village just outside Tikrit, Iraq. Although his parents were poor farmers, Hussein was inspired by his uncle Khayrallah Tuffah, an Iraqi army officer, to pursue a career in politics. In 1956, at the age of 19, he joined the Arab Baath Socialist Party (A.B.S.P.) and attempted to assassinate Iraqi Prime Minister Abudul Karim Qassim three years later in 1959. During this failed attempt, Hussein was shot in the leg and was forced to flee the country for several years in order to avoid a death sentence. Hussein first escaped to Syria then to Egypt, where he completed his secondary schooling in 1962. He was admitted into the...

Deaf History and Culture Essay Example | Topics and Well Written Essays - 1250 words

Deaf History and Culture - Essay Example At the age of nineteen months, Helen Keller was diagnosed as a case of â€Å"acute congestion of the stomach and the brain†. This short term attack of illness left her deaf and blind. Helen proved to be a quite an intelligent child. By the age of seven, she had invented sixty different signs to communicate with her family. Helen’s education career began when her mother took her to a specialist doctor for advice. Actually she was inspired by hearing about another child who was deaf but completed her education successfully. The doctor referred her to the local expert, Alexander Graham Bell. Bell was working for the deaf children at that time. Alexander Graham Bell told Helen’s parents about the institute where that child had got education. It was called the Perkins Institute for the Blind, located in South Boston. Helen was brought there. One of the former students of the school, named Anne Sullivan was designated as Helen’s teacher. She was blind herself an d had got education from the same institute. Anne proved to be a very hard working teacher. After a good effort of about three years, Helen learnt the names of many familiar things. The next step was to speak. Anne taught her to speak using the Tadoma method (touching the lips and throat of others as they speak). Helen continued her education starting from Perkins Institute, then Wright-Humason School for the Deaf, Horace Mann School for the Deaf, The Cambridge School for Young Ladies and finally, the Rad Cliffe College in 1900 becoming the first deaf and blind person to graduate from the college.

Types of TeamsTheory Application Essay Example | Topics and Well Written Essays - 500 words

Types of TeamsTheory Application - Essay Example Rigid procedures may not work well with all clients and hence the need for self-managing teams in the restaurant. On the other hand, such teams improve efficiency, value, savings and employee satisfaction as well as minimal absence and worker turnover (Tjosvold & Smith, 2003). A grocery store requires a manager-led team whereby the owner of the store acts as the leader of the team and assumes responsibility for identifying the goals, activities as well as operation of the team. The leader needs to assign tasks to the team, for example depending on the number of products being dealt with. They should report to the leader matters concerning shortage of supply, customer preferences, and the movement of products to help the manager to make decisions regarding the next course of action, which may include additional stock or changing the product to suit the consumers. This kind of team provides substantial control of the leader over the team members as well as their activities. He/she controls the guiding principles as well as the outcome of the team’s tasks. This is important in a grocery store because any mistake translates in to losses for the business and the owner can not allow the recurrence of one mistake time and again, especially due to the fact that a grocery business may not have significant start-up capital (Baumeister & Vohs, 2004). A school may accomplish its organizational goals through establishing self-directing or self-governing teams. Teams are allowed to establish their own objectives as well as the strategies for accomplishing these objectives. The school’s management is left with the responsibility of enhancing the organizational environment of the team. Education requires creativity and commitment, which are accomplished through self-directing teams. Such teams also enhance motivation and offer openings for organizational learning and change especially when dealing with

Public Law (Human Rights) Essay Example | Topics and Well Written Essays - 1500 words

Public Law (Human Rights) - Essay Example They are appointed is for six term of office of six years through the term is renewable. The power of the ECJ defined in Article 243. The Member States mainly, but not exclusively, in exercising its jurisdiction under Articles 173, 177 and 228(6).2 The sovereignty of Parliament is the dominant characteristic of our political institutions. Sir. A. V. Dicey expressed it as cornerstone of the constitution and he has introduced of this doctrine of PS. These are: This rule means that the Parliament can make or unmake any law. Parliament may grant independence to dependent states whether dominions or colonies. For example: The Nigeria Independence Act 1960 and The Zimbabwe Independence Act 1979. 2. No Parliament may be bound by its predecessor or bind by its successor: The doctrine of repeal is the idea that supports this theory. Now any Act of Parliament can expressly or impliedly repeal any law. So, this power of Parliament support Dicey's this theory as Parliament is not being bound any Parliament before it. However, by Acts of Union, the law making power of UK and Scotland was merged that was maintained for more than 300 years. Acts of Union and the Grand of independence oppose this theory. This doctrine states that an Act will be accepted by Courts provided it was made by proper procedure. So, no one can question about its validity. But it is seen that citizens' i.e. ... electorates and neighbouring countries can question it. Before 1688 settlement judges proclaim an Act invalid because of its conflicts with a law of higher statues. In Pickin v British Railway Board, Lord Read said that although, previous laws contrary to the law of God or the nature or natural justice can be said to be invalid, The comments of Lord Denning in McCarthy's v Smith, and Lord Diplock in Garland v British Rail Engineering Ltd provides an analogy for arguing that the HRA could be repealed if Parliament wished. It cannot be an entrenched bill of Rights, but where a Sex Discrimination Act 1975 appeared inconsistent with Article 141(then Article119) EC (equal pay). However, HL was able to construe the provision in a manner consistent with Article.3 The influence between of the European court in the development of Community law, and the influence of domestic courts in the development of English law, on the other hand. Lord Diplock's dictum in the GCHQ is testament to the influence of the courts in the development of administrative law. His Lordship stated "English law relating to judicial control of administrative action has been developed upon a case-to-case basis which has virtually transformed it over the last three decades." In Les Verts the Court referred to the Treaty as the ""basic constitutional charter" of the Community and came to the conclusion that, although the Parliament was not mentioned as a possible defendant in Article 173, binding measures adopted by it were subject to judicial review. The Court stated that by Articles 173, 184 and 177 the Treaty intended to establish a complete system of legal remedies. Les Verts is a prime example of dynamic interpretation, an approach typical of the interpretation. The current British position is

Monkeywrenching Or Ecological Sabotage Philosophy Essay

Monkeywrenching Or Ecological Sabotage Philosophy Essay Ethics is a set of moral principles which concern the right and wrong doings in which those values. There are two approaches in ethics: Descriptive and Normative approaches. Descriptive approach is the process of identifying and analysing existing values or norms. It aims to describe and explain what attitudes people have, to create a normal and acceptable behaviour. The other approach (normative) are derived from sets of prescriptions and the process. It setting standard of rules to produce standard behaviour. there are three theories in normative approach: Consequantialism, Deontology, and Virtue (Jamieson 2008). Consequentialism is the view that an agent is morally required to perform the act with the best consequences. Most consequentialists are utilitarians. They focus on welfare and insist that the best consequences are those containing maximum welfare. Deontology is the view that certain types of act are morally forbidden even when the performance of those acts would bring about the best consequences. In principle, deontologists can disagree over whether the deontic rules function as absolute prohibitions or are somewhat weaker and can be broken if enough is at stake. They can argue the kinds of action that are morally forbidden. A biocentric deontologist might claim that we are morally forbidden from killing living organisms intentionally (Jamieson 2008). Virtue theory the focus is not so much on what kinds of act are right, but what a virtuous person would do. Virtue ethicist might claim that the moral evaluation of something like deforestation cannot be based exclusively on consideration of what consequences that would have, or on the question whether there is a constraint on acts which lead to deforestation. Instead we must look at the character of the person who performs the act (Jamieson 2008). Environment ethics Environmental ethics is a new sub-discipline of philosophy that deals with the ethical problems surrounding environmental protection. It aims to provide ethical justification and moral motivation for the cause of global environmental protection. It is also known as the study of ethics in the context of the natural world, on both individual and societal levels; the part of ethics which deals with human choices about the environment. It does not concerns only cutting back on pollution, reduce waste, and saving endangered species, it goes beyond that (Alder Wilkinson 1999). Environment ethics begins where the ethics of concern for animals becomes an issue. It concerned with the rights and wrong of how human treat the nonhuman and a quality environment. Thus it considered not only natural but also urban environment: how human are being affected physically, mentally and spiritually by the design and materials of the building in which they live and work, the layout of cities, provision of public services and so on (Alder Wilkinson 1999). Varieties of Environment Ethics Environment ethics was basically divided into two main school of thoughts: anthropocentric perspective and non-anthropocentric perspective. Anthropocentric theorists rely on traditional values based on human well being or human rights while non-anthropocentric theorists claim that natural objects have value irrespective of human concerns (intrinsic value). It also can be distinguish between approaches: individual and collective approach. Individual approach (biocentric) believe that all species have inherent value, and that humans are not superior in a moral or ethical  sense while collective approach (ecocentric) values groups such as species or ecosystems and treats the individual as morally considerable only in relation to the group (Alder Wilkinson 1999). There are different perspectives of anthropocentrism. There are traditional, enlightened and extended anthropocentrism. Traditional anthropocentrism during 1800s abranch of consequentialist (Gilbert Pinchot and James Watt) theory, human centeredness. This perspective focus on environmental consumption. For example, Aristotles saying: Everything in nature fulfils a purpose and that ultimate purpose of nature is the satisfaction of human needs. (Benson 2000) Enlightened anthropocentrism perspective took place later in 1950s to 1960s. It taught the people to be careful on using the resources (conservation steps). It was a branch of deontology and virtue ethics. They believe that we are part of the nature and that in our own interests we should respect nature for its existence and a resource.The third perspective, extended anthropocentrism surfaced in late 1970s. This concerns more about future generations where people have started to plan on sustainable development. It is a branch of deontology and virtue theory (VanDerVeer Pierce 2004). Non-anthropocentric argues that natural objects have value irrespective of human concerns (intrinsic value). Subject matters include animal welfare, biocentric ethics (respect for nature/reverence for life) and aesthetic approach (nature as art). Ecocentric perspective value the systems as a whole (for example, species that form a biological life line or ecosystems or the whole biotic community). It looks at all living things as part of systems. Land ethics: changes the role of Homo Sapiens from conqueror of the land-community to plain member and citizen of it. It implies respect for his fellow-members, and also respect for the [land-] community as such. It was founded by Aldo Leopold to put forward the basis of environmental preservation. Te overall well being of the ecosystem is the measure of what is right or wrong. Deep ecologist, Arne Naess, has tried to synthesize the anthropocentric and ecocentric and re-orientate how we perceive nature and to cultivate a mental state of being in harmony with nature (live an environmentally friendly lifestyle). Naess believed that we should cultivate direct, hands-on sensuous, experiences of natural objects (Benson 2000). Monkeywrenching Monkeywrenching, eco-sabotage (ecotage), ecodefense, eco-terrorism carry the same meaning: they are illegal acts of sabotage associated with environmentalism. It is said to be focusing on creating serious economic damage that will cause temporary or permanent stop to activities that are considered unwanted. Even though the activists might believe in different ethical codes, the activity is directly related with the environmental movement. The term monkeywrenching comes from Edward Abbeys novel, The Monkey Wrench Gang that was published in 1975. The novel tells a story of people doing campaign of eco-sabotage in the south-western United States. They set fire to billboards, disable construction equipment, and pull up survey stakes (VanDerVeer Pierce 2004). Monkeywrenching occurs long back in time. From a novel to manual, monkeywrenching act has managed to make its way to recent world. The novel (The Monkey Wrench Gang) was published in 1975 written by Edward Abbey (writer and essayist) and manual (Ecodefense: A Field Guide to Monkeywrenching) published by Dave Foreman (US environmentalist and co-founder of the radical environmental movement, Earth First!) were and still being used at some point as references to monkey wrench. The act might occurs gently or very dangerous. The group might try to either permanently or temporarily damage the machineries and equipments. Thus monkeywrenching can either cause the development to stop or buy time to negotiate and discuss about the issue. Authorities refer this group of people as eco-terrorism (to purposely relate their doing with terrorists) and as expected many environmentalists, strongly disagree with this usage. They prefer to distinguish between eco-sabotage (an assault on inanimate objects) and terrorism (an assault on people or living things). The environmentalist David Brower, for instance, has argued that the real terrorists are those who pollute and despoil the earth, not those who seek to protect it. Monkeywrenching with regard to Environment Ethics Many consequentialists are utilitarians. They believe that an ethical act is one which increases utility or pleasure, happiness or absence of pain. Despite being violent or out of control for example, that monkeywrenching is acceptable as long as it give desired outcomes and loss nothing in the end. For example, a consequentialist could claim that his/her action of starting a fire in the forest (which is very dangerous) is right since he/she managed to keep the logger from coming into the forest. Deontology, on the other hand, is the view that certain types of act (for example threatening to harm the innocents) are morally forbidden even when the performance of those acts would bring about the best consequences. Deontologists define morality in terms of rights and duties. Monkeywrenching might be accepted depending on the leader or the leading principle. For example, the Earth First!ers strongly believe that monkeywrenching will help them keep the environment save and have a leader with high knowledge of it. Virtue theory focus on the act of a virtuous person and not what kinds of act are right. A virtuous person might think that monkeywrenching is ethical without looking at its consequences whether its positive or negative. But once the outcome become the main concern, that person would not get involve it. Ecofeminism is one example of virtue ethics. Ecofeminism exists as its practitioners pointed out that the domination of male character in protecting the environment causing the aesthetic value of the nature becoming less appreciated. Anthropocentrism concerned the human interests above everything else. The act of monkeywrenching (or the act of sabotage of protecting the environment) most probably being viewed as a waste of time and resources since it does not give any direct benefit to human. Holistic approach believes that something is greater (and more valuable) as the whole than the individual parts. Biocentrism (life-centred ethics), ecocentrism (ecosystem-centred ethics) and deep ecology (identificationà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢ and kinship ethics) are included in this approach. According to biocentrism, living things have their own desire making them having the intrinsic value. This group of people believe that monkeywrenching can be useful as a mean to protect the environment as they feel morally responsible to protect the nature. Same thing goes with ecocentrism. Ecocentrism looks at living things as parts of system hence making human having responsibility for being a part of nature. Deep ecologists believe that all life systems are sacred and valuable despite being unuseful to human beings. All living things evolved and bound to responsibility. Being a part of radical environmentalists, deep ecologists approved of monkeywrenching as a medium to protect the nature. Conclusion Environmental activists are divided into two when discussing monkeywrenching. Some approved of monkeywrenching as a way to prevent environment while others disagree of the methods and prefer softer way (such as letters to authorities and public converence). Supporters also divided into two: some accepted the act as they thought it will bring safety to natures living things while others think of negative impacts (cause injury or death, or it might turn public opinion against wilderness preservation) when it come to monkeywrenching. Thus, it is encourage to make sure all participants know about the risks they are going to face by joining the act. Monkeywrenching is considered ethical as long as it does not involves violence and being conducted with care. The practitioners are encourage to follow the guidelines provided by non-government organization when conducting it to avoid any defect. However, authorities do not approved monkeywrenhing as it can cause million and billion of loss for the country and encourage public to be disobedient. Personally, I prefer a gentler way of preventing environmental damage, instead of monkeywrenching the whole development operation. Plus, judging by the way monkeywrenchers function (under cover not and anonymously to avoid being capture by the authorities) itself, shows that monkeywrenching is not an ethical way to do things. I think it is not overrated to say that monkeywrenching is simply an act of a coward.

Analysis of Various International Environmental Conflicts Essay

Throughout the world, conflicts over environmental issues abound. As technology progresses and our world continues to become more interconnected, an understanding of the worldà ¢s environmental crises is important and necessary for the well-being of both humankind and the environment. This paper addresses and comments on the issues presented in the following books: Ecology of an African Rain Forest by Thomas T. Struhsaker, Green Guerillas edited by Helen Collinson, NIMBY Politics in Japan by S.Hayden Lesbirel, Where Environmental Concerns and Security Strategies Meet by James A. Winnefeld and Mary E. Morris, and Innovations in International Environmental Negotiation edited by Lawrence E. Susskind, William Moomaw and Teresa L. Hill. Innovations in International Environmental Negotiation has not been given a specific section for discussion, but is referenced in the section covering Where Environmental Concerns and Security Strategies Meet. Where Environmental Concerns and Security Strategies Meet This book is interesting in the way that it draws a particularly strong link between political (domestic and international) conflict and environmental crises. The authors chose to focus on environmental crises and conflicts in the Middle East and in East Asia, but the concepts discussed could easily be applied to political conflicts with underlying environmental crises worldwide. In traditional methods of security strategy policymaking, environmental issues are often given little thought and are directed to separate governmental departments. However, the authors propose that not only do environmental crises often increase the risk of political conflicts, but they can also worsen the conflict itself as well as the outcomes and damage incur... ...dressed not only from an environmental perspective, but also from both a global and a socioeconomic perspective. References Collinson, Helen ed. Green Guerillas: Environmental Conflicts and Initiatives in Latin America and the Caribbean: A Reader. (1996) London: Russell Press. Lesbirel, S.Hayden. NIMBY Politics in Japan: Energy Siting and the Management of Environmental Conflict. (1998) Ithaca, NY: Cornell University Press. Struhsaker, Thomas T. Ecology of an African Rainforest. (1997) Gainesville, FL: University Press of Florida. Susskind, Lawrence E., William Moomaw and Teresa L. Hill ed. Innovations in International Environmental Negotiation. (1997) Cambridge, MA: PON Books. Winnefeld, James A. and Mary E. Morris. Where Environmental Concerns and Security Strategies Meet: Green Conflict in Asia and the Middle East. (1994) Santa Monica, CA: RAND.

Conrail Case

Conrail G455: Corporate Restructuring Team 7 1) Why does CSX want to buy Conrail? In an industry beset by limited options to consolidate domestic rail traffic, CSX looked at Conrail as an avenue to increase market share and gain access to the North East rail network. With air travel, road travel and trucking taking an increasing share, significant revenue growth became difficult. As Conrail became profitable, Congress explored ways of privatizing it, giving CSX an opportunity to acquire Conrail.Though Conrail suffered from performance inefficiencies it had certain strengths relative to CSX and Norfolk with respect to highest revenue per mile of track operated, per carload originated etc. Conrail with operating revenue of $3,686 million and 29. 4% of Eastern rail freight traffic was attractive enough for CSX to consider the merger. The joint entity would have $8. 5b in rail revenue and would control the Eastern market with a market share of 70%.CSX estimated the acquisition to also cr eate synergies resulting in consolidation of overlapping operations and not only increase the joint entity’s revenue through service improvements, but also the operating incomes through economies of scale. Cost synergies was expected to help in increasing the annual operating income by $370m and revenue increases was expected to help increase annual operating income by $180m. (Based on valuation of synergies, taking PV of terminal value, we estimate the gains in Operating Income to be equal to $3,047. 13. CSX expected the acquisition to improve the joint entity’s competitive position vis-a-vis Norfolk Southern as the joint entity’s rail networks would facilitate long-haul, contiguous and therefore low cost service. As Norfolk Southern lacked access to Northeast market it would be less able to provide long-haul routes from South or Mideast. The purchase of Conrail would thus provide CSX with control of the Eastern rail network. From a financial perspective, the p rojected revenue gains and cost savings was expected to make the joint entity become more efficient than Norfolk Southern.Likelihood of a rival (Norfolk Southern) acquiring Conrail, resulting in competitive disadvantage for Conrail was also a factor. 2) Based on multiples and a premiums paid approach, how much should CSX be willing to pay for Conrail? We took Sales, EBITDA, Book Value Multiples and Four week acquisition Premiums from Exhibit 6. We use number of Conrail’s shares outstanding as 90. 5 million at the share price of $32. 46 from the same Exhibit 6. Conrail's Value Sales EBITDA Book Value Premium % $3,722 $1,017 $32 $6,516 Multiples High Low 3. 6 1. 7 13. 1 8. 5. 5 1. 7 73. 0% 34. 0% Conrail Market Price Low Average $ 1,032 $ 3,712 $ 3,350 $ 5,465 $ (301) $ 5,398 $ 8,731 $ 9,986 High $ $ $ $ 8,104 8,028 10,862 11,273 See ‘Calculations’ spreadsheet for details. As the Conrail is fairly attractive resource for CSX it should be willing to pay on the high side of the Conrail Market Price. We have highlighted the High Price in the above table. We 2 have also calculated the price by various methods (sales ratio, EBITA, etc). The price calculated by these methods is reasonably close to the bid price of CSX.Within the high price too, there seems to quite a difference in valuations. The multiple analysis methodology assumes that all companies within an industry have similar characteristics. As expected there is wide variance is between low, high and average. Within the rail industry there is wide variance in capital structures, profitability etc, which is reflected in Conrail Market Price. Other than multiple and premium methods, CSX should be detailed financial analysis based on synergies etc. to come up with the price. The synergies given in the case are stated as â€Å"Gains in Operating Income. This is not an unambiguous term. For purposes of this and subsequent questions, assume that these synergies are net of costs (COGS and Capita l Expenditures) and the after-tax payment to bondholders. The term operating income is likened to net income or the taxable income to stockholders. Further assume that none of these acquisitions will affect the acquirer’s equity cost of capital. 3) Based on the data in Exhibit 7 and the definition of operating income gains given above, how much should CSX be willing to pay for Conrail? Support your answer with appropriate analysis.According to operating income gains we can value a firm’s market price as its pre-merger value and the present value of gains in operating income. Let’s assume that value of Conrail before the merger is equal to its market cap. Then taking Conrail share price as $71. 94 (average of year end and high stock price) and number of shares outstanding as 90. 5 million shares (Exhibit 6) we get Conrail market value equal to $6,510. 57 million ($71. 94 x 90. 5 million). We assume G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds r ate, which is 6. 3% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, which is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 11% Now we can find Conrail’s synergy value as present value of gains in operating income. 1997 Total Gain in Operating Income Total Gain in OI after 40% Tax Gain in OI (discounted @ rE) $ $ $ 1998 $ 88 $ 12. 80 $ 7. 15 $ $ $ 1999 396 237. 60 176. 26 $ $ $ 2000 550 330. 00 210. 84 2001 $ 567 $ 340. 20 $ 187. 21 Value of estimated gains = $671. 46 Terminal value = $2,673. 83 Present value of Terminal Value = $2,365. 67 Conrail’s Synergy Value is equal to $3,047. 13.See ‘Calculations’ spreadsheet for details. The maximum price, which CSX should be willing to pay for Conrail is $6,510. 57 + $3,047. 13 = $9,557. 70 3 The optimal price of the merger is somewhere in between of $6. 5 and $9. 5 billion. We’d advise a price closer to Conrail’s market value rather than the average of t hese two figures. In this case both Conrail and CSX shareholders win from the merger. If they take price closer to the high CSX shareholders can lose due to over estimated synergy gains. 4) Analyze the structure of CSX’s offer for Conrail. CSX offered a two-phased deal for Conrail worth $8. 3 billion at the nnouncement. CSX would purchase 90. 5 million (100%) of Conrail shares to complete the deal. In the first phase, CSX originally offered $92. 50/share for 40% of Conrail’s shares. This front-end offer would be completed in two stages for regulatory reasons, purchasing 19. 7% in stage one and the other 20. 3% once approved by the shareholders. Once all of phase one was completed, CSX would purchase the remaining 60% of Conrail’s shares by exchanging shares in a ration of 1. 85619:1. 0 (CSX: Conrail), yielding shareholders roughly $89. 07/share (blended value) based on recent Conrail and CSX stock performance.In addition, the merger agreement contained provision s related to break-up fees, lock-up options, poison pills, and â€Å"no talk† clauses. These provisions provided some level of protection against advances from NorfolkSouthern or other competitors looking to purchase Conrail. Notably, the no-talk clause required Conrail to abstain from any conversations related to buy-out with other firms; though this could be disputed where the board’s fiduciary duty to protect investors superseded said restrictions. 5) Why did CSX make a two-tiered offer? What effect does this structure have on the transaction?Pennsylvania’s fair value statute required all bidders holding 20% or more of stock to offer the same price to all shareholders unless target shareholders agreed to explicitly nullify this position. Also the same statute limited any shareholders (with a 20% or larger stake) voting rights unless management approved it. Finally, the law required management to consider and protect the interests of employees and the communit y. This two-tiered structure affected the timing and the cost of the deal. As a result of the deal’s structure, Norfolk Southern had two opportunities to block with a hostile takeover driving up the price of the acquisition.By close of business prior to the shareholder votes to opt-out of the fair value statute, CSX’s bid was up to $110/share, resulting in an offer that was $321,500,000 more than originally planned for the remaining 20. 3% in phase I. The structure of the deal also allowed CSX to pay for 40% of Conrail in cash (in two phases) while paying for the remaining 60% of the target with CSX stock. This meant that changes to CSX or Conrail’s stock price prior to the transaction completing could impact the cost of the entire deal 6) Why did Norfolk Southern make a hostile bid for Conrail? Conrail is considered a â€Å"scarce jewel†.Conrail was the sole class I railroad serving the Northeast market of the United States with control of 29. 2% of the rail freight market east of the Mississippi river. Although Conrail was inefficient and not very profitable, its revenue per mile of track operated, per carload originated, and per ton originated were the highest in the industry. If the merger between CXS and Conrail succeeded, Norfolk Southern would be negatively impacted with estimates of up to $320 million by 2001. This is clearly a battle Norfolk can not afford to lose as it may impact its very existence in the long run. 7) How much is Conrail worth? In a bidding war, who should be willing to pay more, Norfolk Southern or CSX? Again, note the previous definition of operating income when interpreting the data in Exhibits 6a and 6b. We use the same logic of gains valuation as we did it in question #3. Assumptions for CSX-Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, whic h is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 1% Now we can find CSX-Conrail synergy value as present value of gains in operating income. 1998 240 144. 00 (66) 210. 00 1999 521 312. 60 (123) 435. 60 323. 14 $1,260. 76 $5,086. 73 $4,655. 08 $5,915. 84 $12,426. 41 2000 $ 1,811 $ 1,086. 60 $ (189) $ 1,275. 60 $ 400. 60 2001 $ 752 $ 451. 20 $ (196) $ 647. 20 $ 356. 15 Total Gain in Operating Income Total Gain in OI after Tax (40%) CSX Total Loss in OI CSX Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX Value of Merger for CSX $ $ $ $ $ $ $ $ $ 180. 87 Assumptions for Norfolk Southern–Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged Norfolk Southern–Conrail equity beta as average of Norfolk Southern and Conrail equity betas, which is 1. 23. rE = rf + MRP ? E = 6. 83% + 7% x 1. 23 = 15. 41% Now we can find Norfolk Southern–Conrail synergy value as present value of gains in operating income. 1998 $ 231 $ 139 $ (130) $ 269 $ 233 1999 $ 429 $ 257 $ (232) $ 489 $ 367 $1,468. 67 $6,044. 6 $5,531. 72 $7,000. 39 $13,510. 96 2000 $ 660 $ 396 $ (308) $ 704 $ 458 2001 $ 680 $ 408 $ (320) $ 728 $ 410 Total Gain in Operating Income Total Gain in OI after Tax (40%) Norfolk Southern Total Loss in OI Norfolk Southern Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX = Value of Merger for CSX 5 From the calculation above we see that value of Conrail acquisition is much, over 1 billion higher for Norfolk Southern than for CSX.Moreover, the loss in acquiring Conrail leads to significant loss in revenues and market share for both of bidders but more for Norfolk Southern. Not surprisingly that they have seri ous intention to wage a bidding war. 8) As a shareholder, would you vote to opt-out of the Pennsylvania anti-takeover statute? In the case of conrail as a shareholder, we would not vote to opt-out of the Pennsylvania antitakeover statute. The PA statute provides Conrail shareholders with a fair value statute provision on their stock ownership.Specifically, bidders holding 20 percent or more of a company’s stock are required to offer all shareholders the same price unless the target shareholders opt-out of the statute. The CSX two-staged offer had a blended value which clearly demonstrates that Conrail shareholders would have been given different pricing for each stage in the offer. The poison pill provision under the CSX and Conrail merger agreement does not give Conrail shareholders the rights to buy discounted shares since the merger agreement required Conrail to suspend its poison pill.Therefore, the poison pill favors the acquirer and not the Conrail shareholders. Finally , as a shareholder, the best strategic position is to allow the bidding war to commence and observe how CSX and Norfolk Southern compete against one another for the Conrail business. It is obvious that there will be an acquisition and it is obvious based on both acquisition proposals, that each company will issue multiple offers in an effort to acquire Conrail due to its strategic location in the Northeast United States. In general, however this statute could be disadvantageous to shareholders in certain cases.The statute tries to protect the interests of employees and community where the target company was located in addition to meeting their fiduciary duty to the shareholders. The statute frees companies from any obligation to sell itself to the highest bidder. Conrail used the statute to blunt Norfolk’s offer though it was better for shareholders. The ‘fair value statute’ aspect helped the shareholders of Conrail (as parties in support of merger still needed 1 4. 6% of acquisition shares to vote in favor of opting out. ) 6

Terrorism and Torture Essays

Terrorism and Torture Essays Terrorism and Torture Essay Terrorism and Torture Essay Name: Course: Instructor: Date: Terrorism and Torture Arguments against: Torture is duress that rarely results to any valuable information. Torturing a terrorist suspect can nullify the suspect’s confession. Therefore, the evidence obtained cannot be used in court. It may result to false leads that may disrupt current investigations when the suspect gives up false information just too satisfy the interrogator. Continuous torture of a terrorist by an interrogator who is certain that the terrorist holds valuable information may lead to the terrorist’s death. This turns out to be a loss since the only person that could provide information is dead. It also slows down the investigation. Therefore, when an interrogator is certain that a suspect knows about a terrorist attack, it is advisable to use other techniques that do not cause severe pain or suffering whether physical or mental to the suspect. In some cases, valuable information received through torture is not used. This is because if anything was learned about the acquisition such informat ion, the parties involved in the torture could be answerable in court. This makes the information received not be of use or rather not believed. Torture also has a negative impact on the international perception. Few people will care about a country known to torture suspects when terror groups torture and killed their victims. Arguments for: In the outbreak of a national terrorist attack that is likely to end the lives of many people, it is unrealistic to assume that torturing a suspect to save the lives of many will be denying the person a right to life. A right of many people to life is more important than the right of one person. Torturing enables access of the valuable information fast. It may provide information about a future terrorist attack in time enabling the targeted country to prepare for an attack in time. Many people believe that terrorists should get extra punishment for the many lives they cause. Torture provides this additional punishment. When a terrorist refuses to disclose valuable information or all the information needed, torture is the only solution to grant this. A tortured suspect may provide the interrogators with information not asked. This kind of information is usually very useful. Torture is more humane compared to terrorism. My arguments: Killing is never right even in cases where the right outweighs the wrong. However, serious terrorism attack possibilities may call for torture. This will save the lives of many people who could die. Torture provides information fast. This is helpful especially in situations where a country is only aware of a possible terrorist attack but not the time it will take place. This will enable provision of the information before the attack. A terrorist does not hold any sympathy for the people and therefore sympathizing with him at the expense of many people’s lives will not be realistic. Conversely, torturing a terrorist may also provide wrong information or in some cases, no information at all. Therefore, other methods that do not constitute torturing can be used. Terrorists are responsible for thousands of lives. A mere torture to save peoples lives is nothing compared to the evil they do. Therefore, if extreme measures have to be taken in order to save innocent peoples lives, so be it.

Jefferson and Rousseau essays

Jefferson and Rousseau essays American Declaration of Independence and the French Declaration of Rights Few political documents have affected the world quite like the American Declaration of Independence or the French Declaration of the Rights of Man and Citizen. The repercussions of each have had a profound effect on world history up to this point. But why did these documents have such an effect? The answer lies in the common philosophical backgrounds of the two. The writings of Rousseau, Locke and Montesquieu all contained ideas that were later used by Thomas Jefferson and the National Assembly to compose the two documents. Rousseau's ideas of a social contract, which states that the general will and the people were sovereign, and if a king abuses the liberty of the people they have a right and a duty to dissolve the current government and create a new one (McKay, 581), were central to both documents. Jefferson had Rousseau's ideas in mind when he wrote the Declaration of Independence. The history of the present King of Great Britain [George III] is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute tyranny over these states...a prince, whose character is thus marked by every act which may define a tyrant, is unfit to be the ruler of a free people...we therefore...solemnly publish and declare, that these United Colonies are...independent states... (Jefferson, 1-2). The reasons, such as suspension of colonial legislatures, impressment of American sailors and the importation of mercenaries (Jefferson, 2), given for the dissolution of the political connections that the American and British people have held for over 100 years all relate to the King's tyrannical tendencies and the peoples right to choose a different government. The edict also states that although petitions of grievances were issued, the King turned a deaf ear. The Declaration of the Rights of Man is not only built on the social cont ...

Tobacco, Alcohol, Drugs and Prostitution Essay Example | Topics and Well Written Essays - 500 words

Tobacco, Alcohol, Drugs and Prostitution - Essay Example Several other drugs like cocaine affect work performance, particularly in decision-making, which directly affect production. Mike: Addressing the negative impacts of alcohol, Tobacco, drugs, and prostitution may not be a satisfying step because these aspects too have a role in improving the economy. Guell Robert argues in his book that despite the critics, the fundamentals of the world economy evolve very gradually. Currently, employment in the whole world goes on rising. Thus, the investment inferences of this are to seek for some secure, high yield investment opportunities. When the economy bottoms out, people can invest in food, energy, drinks, drugs, in entertainment elements, and emerging market countries as they bet against the dollar. John sides with Mike that regardless of the status of prostitution, whether legal or illegal, or where it is physically located, that is massage parlor, home, hotel, strip pub, or street, prostitution is probably similar to alcohol and other drugs since it will continue being in existance, be it legal or illegal. In fact, some research indicates that legalizing and standardizing prostitution can help to reduce HIV/AIDS infections. Guel argues that though it may not sound realistic to argue that prostitution somehow relates to the economy of a nation, it is true according to studies. Peter: From the four mentioned aspects, prostitution is the largest element of the entertainment industry worldwide. In 1994, this industry made over $30 billion in Southeast Asian states alone; Thailand, Malaysia, Indonesia, and Philippines. The International Labor Organization study shows that Thailand alone generated $22-24 billion incomes. Surprisingly, these four nations only make 6.1% of the world population (Guell 176). If prostitution was practiced at a similar rate per capita in the entire globe, revenues would add up to 360%billion from the year 1994, and most likely, they could have grown since then. Jack agreed with

The role of retailer branding strategies within retail stores Essay

The role of retailer branding strategies within retail stores - Essay Example Talking in a more elaborate manner, it can be said that the high-level communication technologies have helped in the process of diffusing the globalization trends around the world. As a result of the fast spreading of trends of globalization in various markets, it can be said that the consumers located in various regions, countries and continents around the world have started demanding a more enhanced category of products and services, which should necessarily follow the standards of global quality. As a result, this has led to the process of creating a significant pressure on the economies and markets around the world with regard to the demand for globally popular brands of products and services. Moreover, besides the growing demand for various kinds of globally popular products and services in various markets, the governments of countries around the world have realised the fact that, for the purpose of promoting significant amount of growth and development in their individual natio ns, opening up of the economy is very important. The governments of many countries have now realized that by opening up their previously closed economies, the markets of their respective countries will immediately start developing and growing because of considerable amounts of investments made by various business organizations around the world. It is relevant, in this particular context, to state the fact that many companies, which are present in various markets around the world, will look forward to entering the newly emerged markets of the growing and developing economies for the purpose of consolidating their growth prospects. Talking on this note, it can be said that the international, transnational and multinational companies will focus on the process of making a considerable amount of investment in the new markets in the form of foreign direct investments (FDIs) and foreign institutional investments (FIIs). Talking on the same lines, it can be said that the companies in the in ternational arena will be making significant amounts of large scale investments in terms of FIIs and FDIs for the main purpose of developing the market as well as the business infrastructure in the new markets. This will automatically lead to the emergence of new and large scale job opportunities, which will contribute towards creating a high rate of growth for the emerging economies. Now, with the development of the economies around the world in both the developed as well as the developing markets, it can be said that a significant amount of development will happen in the society and lifestyle of the masses living in those countries. The accumulation and growth of wealth complemented by the factor of an evolving lifestyle of the masses will contribute towards opening of new kinds of services. It is important to quote in the same context that the evolution of new lifestyle trends in the society of the developing economies will lead to a significant change in the consumer behaviour o f the masses. This will also present a significant amount of opportunity with regard to the evolution of new shopping trends of the masses and, as a result, will require significant amoun