Byzantine vs. Roman Empire Essay Example for Free

Byzantine vs. Roman Empire Essay The Byzantine Empire actually ruled under the Roman Empire until Its demise In AD 476. Both of these empires were located near the Mediterranean Sea and both had a written set of laws. Emperor contanune the First converted to chrlstlanlty after ordering his soldiers to put a cross on their shields and then being victorious in battle. After his conversion, he united the military power of Rome with the young Roman Catholic Church. Because of this union he was able to conquer much of the known world at he time. In the Byzantine Empire, Christianity and the differing ideas about it caused great conflict. When the idea of religious icons came about, Emperor Leo Ill created Iconoclasm, which permitted the smashing of these religious icons. The events following the creation of Iconoclasm showed how distant the church was from the government. Eventually the quarrel led to the separation of the Catholic Church from the Eastern Christian Church, known as the Great Schism. This resulted in the Orthodox Church. Despite the differences in the effects that Christianity had on each Empire, it is clear that in both societies, religion was always in opposition with the government. There were many factors that led to the decline of both the Roman and the Byzantine Empires. In Rome, the empire simply became too large. They had to resort to using mercenaries to defend their excess land, but they often rebelled against the government. The separation of the empire into east and west also proved to be detrimental to the empire. The western side, the Romans, was defeated by Germanic barbarians who unseated their last emperor, a 14 year old boy, In AD 476. Although the Eastern Roman Empire, Byzantium, survived for another 1,000 years, Its Inevitable demise came about through the arrival of the Bubonic Plague, which was only the first crisis that moved the empire towards collapse. Byzantium was also constantly faced with military challenges from outside Invaders, and the Great Schism eliminated any possibility of outside help. The Byzantines used a multitude of tactics to try to keep enemies away, but the empire eventually fell to the Ottoman Turks In 1453. Both the Roman Empire and the Byzantine Empire held an alarming amount of xternal enemies, which undoubtedly was crucial In the demise of the empires; however It was mainly Internal conflicts that destroyed both empires. Justinian ended up winning back a large part of the territory Ancient Rome had ruled at i ts height, including Italy and parts ot Spain and Nort Roman and the Byzantine Empires differed in a multitude of ways despite their direct link to each other, they were also similar in their location, their religious opposition to the government, and their severe internal problems.

Serotonin Function and Mechanism of Antidepressant Action

Serotonin Function and Mechanism of Antidepressant Action Neurotransmitters are chemicals located and released in the brain to allow an impulse from one nerve cell to pass to another nerve cell. There are approximately 50 neurotransmitters identified. There are billions of nerve cells located in the brain, which do not directly touch each other. Nerve cells communicate messages by secreting neurotransmitters. Neurotransmitters can excite or inhibit neurons (nerve cells). Some common neurotransmitters are acetylcholine, norepinephrine, dopamine, serotonin and gamma aminobutyric acid (GABA). Serotonin is a monoamine neurotransmitter. It is synthesized, from the amino acid L-tryptophan, in brain neurons and stored in vesicles. Serotonin is found in three main areas of the body: the intestinal wall; large constricted blood vessels; and the central nervous system. The most widely studied effects have been those on the central nervous system. The functions of serotonin are numerous and appear to involve control of appetite, sleep, memory and learning, temperature regulation, mood, behavior (including sexual and hallucinogenic behavior), cardiovascular function, muscle contraction, endocrine regulation, and depression. It is a well-known contributor to feelings of well-being; therefore it is also known as a happiness hormone despite not being a hormone. Serotonin is an inhibitory neurotransmitter which complements excitatory sympathetic systems like adrenaline and dopamine in the Central Nervous System. The physiological activity of serotonin starts from the brainstem in groups of brain cells called Raphe nucleus. Serotonin brain cells then spread to various regions of the central nervous system by branching out throughout the brain. History In 1935, Italian Vittorio Erspamer showed that an extract from enterochromaffin cells made intestines contract. Some believed it contained adrenaline, but two years later Erspamer was able to show that it was a previously unknown amine, which he named enteramine.[4] In 1948, Maurice M. Rapport, Arda Green, and Irvine Page of the Cleveland Clinic discovered a vasoconstrictor substance in blood serum, and since it was a serum agent affecting vascular tone, they named it serotonin. In 1952 it was shown that enteramine was the same substance as serotonin, and as the broad range of physiological roles were elucidated, the abbreviation 5HT of the proper chemical name 5-hydroxytryptamine became the preferred name in the pharmacological field. Mechanism of action The activity of serotonin arises in the brainstem from clusters of neurons known as the raphe nucleus. From the brain, serotonin neurons extend to virtually all parts of the central nervous system making the branching of the serotonin network the most expansive neurochemical system in the brain. The importance of this network becomes apparent when considering each serotonin neuron exerts an influence over as many as 500,000 target neurons. Due to the widespread distribution of serotonin in the nervous system, it is not surprising that this neurotransmitter can be linked to many types of behavior. Of the chemical neurotransmitter substances, serotonin is perhaps the most implicated in the treatment of various disorders, including anxiety, depression, obsessive-compulsive disorder, schizophrenia, stroke, obesity, pain, hypertension, vascular disorders, migraine, and nausea. A major factor in the understanding of the role of 5-HT in these disorders is the recent rapid advance made in understanding the physiological role of various serotonin receptor subtypes. There are at least four populations of receptors for serotonin: 5-HT1, 5-HT2, 5-HT3, and 5-HT4. The physiological function of each receptor subtype has not been established and is currently the subject of intensive investigation. Effects as a neurotransmitter Most neurotransmitters are released from tiny synaptic terminal buttons at the ends of nerve cells, but serotonin appears to be different. It is instead released freely from serotonergic varicosities into the general neuronal space, diffusing over a much larger area to activate the 5-HT receptors of nearby neurons. This reuptake can be disrupted by agents like MDMA, cocaine, tricyclic antidepressants (TCAs), and selective serotonin reuptake inhibitors (SSRIs). The overall action of serotonin is very complex and not entirely understood. Peripheral effects Cardiovascular action The cardiovascular effects of serotonin are complex. They are variable depending on the dose injected, experimental conditions, animal species and vascular state. Action on vessels: Serotonin induces either a vasoconstriction by 5-HT2 effect, in particular of renal vessels, or a vasodilation. Serotonin constricts veins and seems to induce venous thromboses and promotes platelet aggregating effect. It increases capillary permeability. Action on heart: Serotonin has a positive chronotropic action by 5-HT4 receptor stimulation and could take part in the genesis of certain rhythm disorders. It has a positive inotropic effect. Action on blood pressure: It is complex, according to experimental conditions, serotonin gives either hypotension, or hypertension, or no modification. Action on smooth muscles Serotonin induces contractions of intestine, bronchi and uterus. Digestive effects: Serotonin increases intestinal motility, probably by stimulation of 5-HT4 and 5-HT3 receptors: in human beings, injected by intravenous route, it increases duodenum and small intestine motility. This effect explains diarrhea observed in patients with carcinoid syndrome. Bronchial effects: Serotonin has a bronchoconstrictive action and a serotonin aerosol induces dyspnea (difficult or labored respiration). Uterus effect: Serotonin induces contractions of the uterus. Other actions Researchers have also found evidence that serotonin may play a role in regulating milk production in the breast, and that a defect within the serotonin network may be one underlying cause of SIDS (sudden infant death syndrome). Central effects Serotonin is involved in the regulation of sleep, mood (antidepressant action), temperature, appetite (appetite suppressant effect). Overstimulation of 5-HT2 receptors could induce productive and negative symptoms of psychotic disorders. LSD or lysergide, agonist of 5-HT2 receptors and also of D1 and D2 dopaminergic receptors, has hallucinogenic properties. Serotonin, thanks to its various types of presynaptic and postsynaptic receptors, modulates the activity of other transmitters. It plays a determining part in adaptation. Effects of Excess or Low Serotonin Serotonin is involved in allergic and inflammatory symptoms and in certain diseases: Carcinoid syndrome: The carcinoid syndrome is caused by metastatic tumors of enterochromaffin cells of the digestive tract which secrete various compounds, in particular a great quantity of serotonin. It is characterized by diarrhea, flushes (accesses of cutaneous vasodilation followed by a vasoconstriction), dyspnea and sometimes a damage to cardiac valves. The biological diagnosis of these tumors is based on the increase in serotonin concentration in blood and on the excretion of abnormal amounts of 5-hydroxy-indolacetic acid, 5-HIAA, in urines. Migraine: Migraine is a disease characterized by repeated accesses of headache in which vasomotor phenomena and serotonin play a determining part. In the first prodromic phase, there is a vasoconstriction, and in the second painful phase, a vasodilation. This vasodilation is reduced by vasoconstrictive drugs. Myocardial ischemia: Serotonin released from platelets seems to worsen the myocardial ischemia by vasoconstriction. Hallucinations occur due to increased levels of Serotonin. Generalized anxiety disorder People with generalized anxiety disorder (GAD) experience excessive worry that causes problems at work and in the maintenance of daily responsibilities. Evidence suggests that GAD involves several neurotransmitter systems in the brain, including norepinephrine and serotonin. Deficiencies or excessive intake of certain dietary minerals and vitamins can disrupt the level of serotonin, causing disruptions in the production or reuptake processes surrounding serotonin. Several drugs that affect the serotonin system Several classes of drugs target the 5-HT system, including some antidepressants, antipsychotics, anxiolytics, antiemetics, and antimigraine drugs, as well as the psychedelic drugs and empathogens. When Serotonin is low, certain problems with concentration and attention can be experienced. People become scatterbrained and poorly organized. It takes longer to do things because of poor planning. When Serotonin is moderately low, the following symptoms and behaviours have been observed: Chronic fatigue. Despite sleeping extra hours and naps, fatigue remains. There is a sense of being worn out Sleep disturbance. Appetite disturbance is present, usually in two types. There is a loss of appetite and subsequent weight loss or a craving for sweets and carbohydrates when the brain is trying to make more Serotonin. Total loss of sexual interest is present. In fact, there is loss of interest in everything, including those activities and interests that have been enjoyed in the past. Social withdrawal is common not answering the phone, rarely leaving the house/apartment, stop calling friends and family, and withdrawal from social events. Emotional sadness and frequent crying spells are common. Self-esteem and self-confidence are low. Body sensations, due to Serotonins role as a body regulator, include hot flushes and temperature changes, headaches, and stomach distress. Clinical Depression This is perhaps the most common mental health problem encountered in practice. One in four adults will experience clinical depression within their lifetime. Serotonin acts as an important feel-good neurotransmitter, sending signals that an individual is relaxed and happy. In the absence of serotonin, patients feel sad and unwell and may even experience fear, anxiety and physical discomfort. serotonin acts as an important feel-good neurotransmitter, sending signals that an individual is relaxed and happy. In the absence of serotonin, patients feel sad and unwell and may even experience fear, anxiety and physical discomfort. Treatment for depression, as might be expected, involves increasing levels of Serotonin in the brain. Since the mid-eighties, medications have been available that attempt to specifically target and increase Serotonin. Known as Selective Serotonin Reuptake Inhibitors (SSRIs), these medications such as Prozac, Zoloft, and Paxil are felt to work by making more Serotonin available in the brain. Like all neurotransmitters, we can have too much Serotonin. Obsessive-Compulsive Disorder The American Academy of Family Physicians explains that one of the disorders categorized as a serotonin deficiency-related illness is obsessive-compulsive disorder. In this psychiatric condition, patients feel obsessed with certain issues, like cleanliness or order, and are therefore compelled to engage in what they perceive as related behaviors, including rigorous and repetitive cleaning or hand washing. Researchers have determined that low levels of serotonin in the brain are responsible for many cases of obsessive-compulsive disorder, and physicians prescribe pharmaceuticals that help increase brain levels of serotonin. These drugs help reduce or relieve symptoms entirely, allowing individuals with obsessive-compulsive disorder to live normal lives. Serotonin Syndrome While elevated levels of Serotonin produce a sense of well-being, bliss, and oneness with the universe too much Serotonin can produce a life-threatening condition known as Serotonin Syndrome (SS).Likely to occur by accident by combining two Serotonin-increasing medications or substances. These are some of its symptoms: Cognitive mental confusion, hypomania, agitation, headache, coma Autonomic shivering, sweating, fever, hypertension, tachycardia, nausea, diarrhea Somatic myoclonus/clonus (muscle twitching), hyperreflexia, tremor Emergency medical treatment is required, utilizing medications that neutralize or block the action of Serotonin as the treatment for Serotonin Syndrome (SS). Discontinuation syndrome Antidepressants such as SSRIs have some dependence producing effects, most notably a withdrawal syndrome. Their dependence producing properties (depending on the antidepressant) may not be as significant as other psychotropic drugs such as benzodiazepines, however, withdrawal symptoms nonetheless may be quite severe and even debilitating. SSRIs have little abuse potential, but discontinuation can produce disturbing withdrawal symptoms that may not be able to be distinguished from a reoccurrence of the original illness: Sexual side effects Cardiac side effects Suicide risk Post SSRI sexual dysfunction Aggression Permanent nuerophysiological changes Persistent pulmonary hypertension Bleeding tendencies Applications of Serotonin SSRIs Selective serotonin reuptake inhibitors (SSRIs) are commonly used as first-line therapy to treat mood disorders due to their demonstrated efficacy, safety, and tolerability profiles. SSRIs may play an intricate role in treating hormone-mediated disorders that disturb the quality of life for women. Selected uses of SSRIs, specifically in the treatment of hot flashes, premenstrual dysphoric disorder, and postpartum depression, are explored in this article. Data from several studies support the use of SSRIs in these conditions, and therefore, these agents have the potential to significantly improve mood, cognitive function, physical symptoms, and social functioning in patients with these disorders. In addition, SSRIs may prove to be viable alternatives to current therapies that may be contraindicated, poorly tolerated, or lack efficacy in patients with these disorders. Post Traumatic Stress Syndrome PTSD is an anxiety disorder affecting individuals who have been exposed to a disastrous event, which may have threatened their lives or included witnessing tragic harm being afflicted. This disorder is most often related to individuals who have experienced combat. Patients are treated with an SSRI-Selective Serotonin Receptacle Inhibitors that have a calming effect on the body. The result for the patient is a calming effect on the body and reduction in the feeling of anxiety and aggression. Fibromyalagia Fibromyalgia is a disorder characterized by widespread pain of the muscles and tendons accompanied by varied tender points all over the body and general fatigue. Fibromyalgia affects more women than men and occurs in 2 percent of the population in the United States. As serotonin is a pain-fighting hormone, it is frequently used to treat fibromyalgia. Many medical professionals agree fibromyalgia is caused by low levels of serotonin. Besides taking supplements, serotonin can be taken from natural sources of tryptophan. Tryptophan is an amino acid that aids in the bodys production of serotonin and is found in soy, turkey, chicken, halibut, beans and cheddar cheese. General Stress Serotonins mood regulating neurotransmitters help alleviate stress in sufferers. People suffering from chronic stress benefit from supplementing their regular diet with serotonin, or tryptophan to increase its production. In some cases, using lavender can induce feelings of calm and happiness. Known as a feel good hormone, serotonin is actually lowered by high levels of stress and therefore must be added back. Ways to increase serotonin levels: Eat healthy Free Range Turkey Tryptophan is an essential amino acid that is present, in different amounts, in all protein foods. This amino acid is the building block for the neurotransmitter serotonin. Flaxseed/ Flaxseed oil As well as being great for fat loss, flaxseeds are great foods that raise serotonin levels because they contain both tryptophan and high levels of omega 3 fatty acids. 60 percent of the brain is made of structural fats, and omega 3 fatty acids make up a large proportion of brain nerve cells. Wild Fish and Sea food = Fatty fish like wild salmon, sardines and herring are rich in oils containing the essential fats EPA and DHA. Both of these long chain fats have been shown in trials both to smooth the mood swings of bipolar disorder and to ease regular depression. Whey protein = Whey protein has gained a greater and greater reputation as a super-food over recent years. Whey has been shown to regulate appetite, improve insulin sensitivity and blood sugar levels, bolster the immune system and has been shown to be the ideal protein source to use around workout time. Bananas High quality Eggs Sour Cherries Free Range Beef Dark Chocolate Cocoa is well known to increase serotonin levels in the brain the trick is not to eat so much that you crash a few hours later. Similarly most chocolate is clearly high in sugar and will spike blood sugar levels causing serotonin levels to plummet when your blood sugar crashes.

Free Essays - Character of Achilles in Homers Iliad :: Iliad essays

Character of Achilles in Homer's Iliad The Iliad may be seen as an account of the circumstances that irrevocably alter the life of one man: Achilles, one of the greatest warriors. Throughout the course of the poem Achilles goes through many ordeals that change his character immensely. Starting with his quarrel with Agamemnon and withdrawal from battle, to the death of Patroklos, and with the slaying of Hektor.   Achilles emotions and actions decide the fate of many warriors on both sides. Achilles struggles with anger, honor, pride, loyalty and love make the poem more that just a gruesome war story.   A large source of Achilles anger started with his fight with Agamemnon. Apollo put a plague on the Achaean soldiers that was killing them off. The only way to stop this from killing them all was to give back a priest’s daughter who had been captured. This girl â€Å"belonged† to Agamemnon and he didn’t want to give her up unless he got Achilles girl in return. This would disgrace Achilles honor but he could not let any more soldiers be killed so, he reluctantly let her go. But in return for giving up his girl he withdrew from the battle. Much of Achilles anger is a result of this occasion but the death of Patroklos later overrode his previous anger to Agamemnon.   The death of Patroklos touched Achilles in many ways that changed and shaped his character. Many emotions were a result of his death such as love, loss, anger, and sadness. Patroklos was a dear friend to Achilles and when a mix of divine intervention and Hektor cut Patroklos down grief and the desire to avenge his dear friends death consumed Achilles. This switched his anger from King Agamemnon to Hektor, the man who slew his dear friend. This anger drew Achilles to avenge the death of his friend, to kill Hektor.    The slaughter of Hektor is gruesome and horrid. Not only did Achilles kill Hektor but, he hung him by his ankles, attached him to his chariot and dragged Hector around the burial site of Patroklos. This is horrible enough but Achilles for a while refused to give Priam, father of Hektor and King of Troy, back the body of Hektor for proper burial. He was going to let it be eaten by the dogs, though the gods protected his body from this.

The Seven Spiritual Weapons :: essays research papers

When people give their lives to Christ Jesus their hearts are changed and their soul becomes alive with the Holy Spirit. Once a life is saved, is life relaxed and easy for it is saved from the pit of hell? Of course not, Christians are faced with temptations from Satan and his demons. Temptations are brought upon us for us to make the choice of whether or not to fall into temptation or not. In the book The Seven Spiritual Weapons, Catherine of Bologna lists seven spiritual weapons to conquer enemies of God. These seven tools are to enhance our personal walk with Jesus Christ. Catherine wrote this work in fear of divine condemnation. She felt if she was silent about the delights of others she would be condemned. She felt it was her spiritual duty to do God's will and to encourage her fellow sisters of the monastery to fight the enemies of God. The first spiritual weapon Catherine describes is Zeal, that is solicitude in doing good. God condemns those that are lukewarm and negligent in the way of God. Enemies will see people doing good and will try to corrupt them by persuading them to do too much. Catherine reveals that there is as much danger in too much as in too little. People may try to do good deeds and wind up performing them in excess of what is good for the glory of God. 'So exercise all the virtues in proper measure that the weapon of true and diligent discretion may be exercised by us for our salvation and for the praise of Christ.'; Catherine portrays that it is very important for people to practice all virtues with discretion, for as to not over do it. The Holy Spirit inspires good inspirations in people, and then leaves the choice for each person to make and act upon. We must not let the time the Holy Spirit has given us pass by without the choice being made to follow Christ Jesus. Catherine's second spiritual weapon is Mistrust of Self. She describes this as believing that no one can do anything good by oneself, without the help of Christ Jesus. Do not trust in yourself for you shall surely fall to the enemy. It is in a person's nature to try to do things by his or herself, but the Lord says, 'Without me you can do nothing'; (Jo 15:5).

Dukes of Burgundy :: Essays Papers

Dukes of Burgundy By successive diplomatic marriages, by victories and annexations, the Dukes of Burgundy, since the time of Jean the Fearless, had constituted a vast zone of power, which rivaled that of the kingdom of France. The zone consisted of different regions and people enclosing the kingdom of France, from North Lyon to south of Amiens forming a semi-circular realm reaching as far as the north of the Netherlands. This was the longest reign in the history of France. Some the most notable of the dukes were Charles the Bold and his father, Philip the Good. Philip the Good enlarged his territory almost double its previous size. His lands included the duchy of Burgundy, Flanders, Artois, Babant, Luxembourg, Holland, Zeeland, Friesland, and Hainaut. Philip formed an allegiance with England, supporting the efforts of Henry V to secure the French crown until his subjects urged him to make peace with Charles VII of France. Philip founded the Order of the Golden Fleece in 1430. The Dukes of Burgundy placed at the order's disposal the resources of their enormous wealth. The order was formed to serve as a symbol of their power and be used to tie together the domains of the Burgundian State. The splendor of Burgundy during Philip's reign from 1396-1467 was unmatched in Europe. Charles the Bold reigned over Burgundy from 1467-77. He was the last heir of the dukes of Burgundy. His only child, Mary, became valuable as Europe's most marriageable heiress. Charles' surname (le Temeraine) really means "the Rash" and perhaps explains why he was a great antagonist of Louis XI. Although his Burgundian court surpassed that of monarchs of his time, he was lacking in the political realism of previous dukes. He was defeated and killed at the Battle of Nancy in 1477. The administration of the vast domain was put into the hands of Nicolas Rolin at the beginning of the fifteenth century. In the 81 years of his life Nicolas Rolin spent almost sixty years in service of the Duke of Burgundy. He was an excellent administrator and wise politician. He found how to retrieve the Duchy of Burgundy from an English Alliance. He was also one of the founders of the treaty of Arras, which reconciled France and Burgundy, putting an end to the Hundred Years War.

Neuro Pasta Case Analysis

That is when two firms – one profitable and one unprofitable merge together such that the loss of the one firm is offset by the other firm. Also, in certain situation Merger also helpful in increasing the debt capacity. 0 Diversification – Diversification will create value by reduction in unsystematic risk. The firms will diversify in order to move in to different businesses than what they are currently into. 0 Control – Merger will lead to more control to the acquiring managements as they will be handling the bigger management than before.However , the acquired firm's manager may be asked to leave the firm. 0 Purchase of assets below replacement cost – Merger can also happen in order to place the ageing assets or they want to acquire more assets which are currently operating with full capacity. 0 Synergy – This is the reason because of which most of the mergers happen. Synergy will result in more value than the additive values of the acquiring and acquired firms ( V ABA > VA +VI) From the standpoint of society, Most of the points are relevant to company like ICC.As Icily may look for diversification, that is they are currently into Indian and Chinese cuisine however the merger will help them to diversify into Italian cuisine. Also synergy effects will be there which will ICC. Sections, Group 2 3 Friendly Merger Hostile Merger Friendly merger happens when both the Both the firms will not be receptive acquiring company and target companies are receptive. Merger will happen through the agreement In hostile merger the acquiring company will use between the two companies. Lot of techniques to gain the control over the target company as they will not be agreeing for the merger.Acquiring firm uses techniques like proxy fights, tender offer to gain the power. In hostile merger the acquiring company will allow tender offer in order to acquire biding more than the actual value of stock. This money bid by the acquiring company will be m ore than the actual value of the share in order to gain power is the premium. Sections, Group 2 4 During the time of merger or acquisition, the interest expense is not tax effective which means taxation authorities may take a look as if it is for tax avoidance.This also means to take care that the profits of the parent company are not subsided by showing the interest expense of the target company and vice versa. This is particularly applicable only at the time of acquisition and not later. Hence, it is added later explicitly. Retained earnings are something presented on the other side of cash in the balance sheet. It is not the actual cash which the company can use when its balance gets low. But, it is actually the stockholder's claim which is apparently seen as cash and hence it is not actually available to the company.A similar situation would prevent the potential suitor/bidder to think twice before replacing the management Secondly, Enron's management can agree with the potentia l suitor on a mutually beneficial per share price which in turn would be lower than the high price if the bidder were to go for a hostile merger or a takeover. They may negotiate with the potential suitor in the price per share with an intention of Log-rolling to benefit both the parties. Thirdly, as Enron's management should consider positioning itself not as Just a brand but as a Brand owned by a trusted individual like CEO or a family. For e. G.It is not advertised that who owns Domino's and pizza hut because it is positioned in terms of pizza as a brand but we it is widely known who own has partnered Cataracts I. E. Data. B) Nero may adopt shareholder rights option, Golden parachute strategy as measures encouraged my Enron's management to Retire the Debt before the Acquisition and reissue and equal amount of debt post-merger. This is because the stockholders can tire at a lower performer rate and later can refinance to neutralize coinsurance effect. Also, they may think of Emplo yee poison pill strategy as anti-take over strategy but it would be unethical at times.It can still be thought of positively by Just threatening the bidder by showing support and strength of relationship between Management and talented employees that if the knot is broken, the target company may not be able to fare well in future. Sections, Group 2 8 c) Firstly, the terms and conditions should be seen that is the management being replaced while considering the lower offer? If not, then anyway the managers are in benefit as they will still exist in their positions. Also, they should negotiate for a higher compensation in lieu for the lower bid.Still, if the bid is lower than our minimal expectation then we may think repurchasing shares from market showing confidence in our growth and future. This is will help the stock price rise and in turn pushing the potential bidders to increase the bid price at least near or above the true value. Also, they may give a call for a White Knight com pany to make a Friendly offer, further influencing the potential acquirer to increase the bid price. D) In the case as stated, the management is young and might want to have larger pie of the expected growth seeing which the acquirer has made a bid.In the initial stage itself, the target company (Nero) should make clear with the acquirer (ICC) to set the terms of retaining the management. The pillar strength should be clearly shown as the managerial ability of the Management and thus justifying Enron's position in retaining management seats. If things do not work out, they may go threaten with the inevitable Employee poison pill strategy which may be assumed to work in Enron's favor. Sections, Group 2 9 To give a tempting and irrespective bid, we shall place our bid comparing by keeping our upper limit as expected ROE.As given in exhibit 2, the ROE starting 1996 is consistently above 42% with expected 51% in 1999. Hence, we can place our bid starting 25% above the share price I. E. $ 1. 875 ? $1. 85 and have a target to settle till 40% above $1. 5 which is $ 2. 1 . Also, retaining the Enron's management below $2. 1 should be considered as an option which would be tempting for the Enron's managers exulting lesser restriction towards acquisition. Also, retaining management would be dishes where experienced folks in initial phase would be an added advantage to get acquainted with the system. Action Group 2 10 Yes, we believe that Synergy in any form such as Tax benefit, Revenue increment, reduction in Operational expenses due to some common operations will create value in an average completed merger. The value as mentioned above is created in following fours forms but not limited to only four: – Combined revenue increase than the individual added ( Data motors – JELL) Tax infinite due to Combined debt increase or increased Debt taking capacity due to lesser risk Reduction in Operational Costs due to implementing common facilities, common operations, cheap raw material in case of vertical integration/expansion etc. Tech Maidenhair – Astray) Reduction in capital required for maintaining same efficiency as today From the above mentioned benefits, depending on the type of merger, the source of value creation would change. Like whether it is Vertical integration (Supplier benefit), Horizontal integration (increase market share and higher control over prices in retain cases), conglomerate acquiring (for diversification) etc.

Midterm Exam Business Valuation and Stock Valuation Essay

It is generally more expensive to form a proprietorship than a corporation because, with a proprietorship, extensive legal documents are required. (b) Corporations face fewer regulations than sole proprietorships. (c) One disadvantage of operating a business as a sole proprietorship is that the firm is subject to double taxation, at both the firm level and the owner level. (d) One advantage of forming a corporation is that equity investors are usually exposed to less liability than in a regular partnership. If a regular partnership goes bankrupt, each partner is exposed to liabilities only up to the amount of his or her investment in the business. (2) (TCO G) A security analyst obtained the following information from Prestopino Products’ financial statements: Retained earnings at the end of 2009 were $700,000, but retained earnings at the end of 2010 had declined to $320,000. †¢ The company does not pay dividends. †¢ The company’s depreciation expense is its only non-cash expense; it has no amortization charges. †¢ The company has no non-cash revenues. The company’s net cash flow (NCF) for 2010 was $150,000. On the basis of this information, which of the following statements is CORRECT? (Points : 10) (a) Prestopino had negative net income in 2010. ( b ) Prestopino’s depreciation expense in 2010 was less than $150,000. (c) Prestopino had positive net income in 2010, but its income was less than its 2009 income. (d) Prestopino’s NCF in 2010 must be higher than its NCF in 2009. (e) Prestopino’s cash on the balance sheet at the end of 2010 must be lower than the cash it had on the balance sheet at the end of 2009. Which of the following is most likely to occur? (Points : 10) (a) The required rate of return for an average stock will increase by an amount equal to the increase in the market risk premium. (b) The required rate of return will decline for stocks whose betas are less than 1. 0. (c) The required rate of return on the market, rM, will not change as a result of these changes. (d) The required rate of return for each individual stock in the market will increase by an amount equal to the increase in the market risk premium. (e) The required rate of return on a riskless bond will decline.