The movie style of David Fincher Essay Example | Topics and Well Written Essays - 1500 words

The movie style of David Fincher - Essay Example Quotations from the film have been cited independently in the bibliography. Fincher’s choice and portrayal of protagonists merit some attention. Frequently, his lead characters are men in a stressful or otherwise unfulfilling job, at odds with the world they inhabit, and with complex and unstable psychologies. Detective William Somerset in Seven is on the verge of retiring from a long career in the police. He repeatedly speaks about the oppressive nature of the city he lives in and how he would like to travel ‘far [a]way from here’. In Fight Club, the unnamed protagonist suffers from insomnia and has to join a slew of support groups to feel like a victim and find his emotional release. He is later revealed to be suffering from Split Personality Disorder as well. In Zodiac, the cartoonist-detective becomes obsessed with trying to solve the Zodiac’s codes and can think of nothing else, leading his second wife to leave him. The Game features millionaire Nicholas Van Orton, who, in his brother’s words, was ‘becoming such an asshole’ that he needed an extraordinarily complex and dangerous prank played on him for him to be able to feel again. The Social Network also fictionalises its real-life lead Mark Zuckerberg as someone not really ‘likeable’. Film critic James Lewis Hoberman, in his review of The Social Network, describes the character as ‘a sort of mildly autistic Sammy Glick with a grim 1,000-yard glare’. In the movie itself, the final lines are also directed at Zuckerberg’s character: ‘Youre not an asshole, Mark. Youre just trying so hard to be one’. The social and psychological alienation of his protagonists then, are a recurrent feature in Fincher’s films. Another thematic concern that pervades Fincher’s oeuvre is contemporary society as a locus of apathy and emotional numbness. In Seven, Somerset repeatedly expresses his dissatisfaction with the society he inhabits

Electoral college Coursework Example | Topics and Well Written Essays - 1000 words

Electoral college - Coursework Example The government of the United States is comprised of three branches. The separation of power is provided by the constitution. The three branches are executive, judiciary and the legislature (Campbell, 2004). The executive is comprised on the President, Vice President and the Departments. The body makes up the most superior governmental position. In addition, the branch implements the laws created and stated in the constitution. The legislature is comprised of the House and the Senate. The two bodies are less superior to the executive. However, there are responsible for the creation of laws. Additionally, the two bodies act as supervisors to the functions of the executive (Campbell, 2004). They analyze the effectiveness at which the executive implements the provision of the constitution. The judiciary contains the court system and the Supreme Court. The branch is provided with the responsibility of interpreting the provision of the constitution. The branch also oversees the function of the executive and the legislature as provided by the constitution. The separation of power allows for the effective operation and completion of duties by the three branches. In addition, the separation of power allows for the measurement of the effectiveness of the three branches. Regardless of separation of power, there is the need to create a mechanism that would enable the control and restriction of excessive dominance by one body. Specifically, the dominance of one branch of government should not be allowed. In most cases, the executive may implement policies that depict dictatorship. To avoid such occurrences, the constitution provides for checks and balances (Kilman & Costello, 2000). The provisions are aimed at increasing the ability of each body of the government to effectively carry out its functions. In addition, checks and balances minimize the occurrence of one body having greater power and

Analysis Of Britannia Industries Limited Marketing Essay

Analysis Of Britannia Industries Limited Marketing Essay An Analysis On The External Factors Affecting The Company And The Role And Importance Of Stakeholders Britannia Industries Limited (BIL), formerly known as Britannia, was established in the year 1892. Britannias business was flourishing. In 1910, Britannia mechanized its operations, and in 1921, it became the first company east of the Suez Canal to use gas ovens. In 1979 it was renamed to Britannia Industries Limited, with an Indian shareholding of more than 60%. After few years, in 1997, Britannia made its debut in the dairy products market. Britannia is not only known for the quality of its products but also for the innovative approach towards them and the marketing. In 2002, Britannias New Business Division formed a joint venture with Fonterra, the worlds second largest Dairy Company, and Britannia New Zealand Foods Pvt. Ltd. was born. Britannia was rated One amongst the Top 200 Small Companies in the World (200 Companies for 2002 (2002) Forbes.com) and was awarded The Economic Times as The Second Most Indias Trusted Brands (Dettol is most trusted brand (2002) The Times of India ). Britannias market is not only limited to India but also extends to few countries in Middle East, Seychelles, Singapore, Ghana and USA. Today, the company is operations extend from manufacturing bakery products like biscuits and breads to the production of dairy products like cheese and butter. Aim of the Report To analyse the macro and micro external environment with the help of tools like PESTEL and Porters Five Forces respectively. To role of stakeholders and the importance of stakeholders in influencing the strategies with reference to Corporate Social Responsibilities. Macro External Environment Analysis Macro external environment here includes the factors such as issues related to politics, economical reforms and achievements, social behaviour, technological enhancements and inventions, environmental changes and environmental concerns and legislation and legislative changes. All these factors bear a significant effect on any industry and business. A business has take into consideration all such effects and then formulate its strategies and policies to work along with them and prosper. PESTEL analysis tool helps in determining the effect of all such factors on an industry and businesses. With the help of PESTEL analysis we will be seeing the affects of such factors on Indian Bakery and Dairy Industry. PESTEL analysis is a technique for identifying and listing the political, economic, social, technological, environmental and legal factors in the general environment most relevant to an organisation. (Boddy, D (2005). Management An Intoduction. 3rd ed. UK: Pearson Education. 88.) Type of Factors Effecting Factors Political Economical Social Technological Environmental Exemption on Customs on Sugar Raw Material Import Shortage of Milk Need for Healthy Eating Habits Cloning of Livestock Change in the Climatic Conditions VAT on Biscuits Rise in Sugar Production and Duty Free Sugar Imports Problems with Cloned Livestock New Age Packaging Removal of Import Duty on Dairy Products Globalization Incentives to Build Cold Storage Facilities Requirement for Logistics Political Exemption on Customs Duty on Sugar Raw Material Import Due to the shortage in the production of sugar the deadline for the exemption on customs duty on raw sugar imports has been extended by the government to April 1, 2011 (Dey, A Jha, Dilip K (2010) Duty-free sugar imports extended till April 2011, Business Standard). Since sugar is a major input in the bakery, the price of sugar highly influences the price of inputs of the bakery industry. Exemption on customs duty will help in purchasing sugar at lower cost, which in turn will control the cost of production. VAT on Biscuits The VAT of 12.5% on Biscuits, being the only processed food item to attract such high VAT rates, will affect the pricing of the product (Bhushan, R (2009) Biscuit prices to rise by 10%, The Economic Times). Price of the biscuits might need to be increased due to the high VAT rates which may result in switch of brands due to the highly competitive market. Removal of Import Duty on Dairy Products The whole-sale price based inflation indicates that the milk prices have moved up by 14.73% over the last year. Worried about the rising prices government announced the removal of duty on Skimmed Milk Powder (SMP) and other dairy products (Govt removes import duty on dairy products (2010), Business Standard). The imports at cheaper rate would help in reduce the cost factor for dairy products. Incentives to Build Cold Storage Facilities Wastage of food items due to lack of cold storage facilities lead to a loss of Rs. 500 billion every year. The government announces schemes and incentives to attract investments in cold storage warehousing (Union Budget 2010: Cold-storage incentives to attract fresh funds (2010), The Economic Times). Increase in the number of cold storage facilities would help in preserving products better and reduce the wastage cost. Economical Shortage of Milk Even though the milk production has risen by 4.6% compound annual average growth rate, it still cannot match up with the increasing demand. The demand for milk has been growing at a faster rate than the growth rate of milk production resulting in the shortage of milk supply (Milk output would stagnate (2010) The Economic Times).   India cannot meet its expected demand if the demand and supply rise at the same rate. For the same the reason, the milk prices are on a constant rise. Price of milk increased by 12.6% to 13.6% (Goyal, K (2010) Indias Food-Price Inflation Holds Near 11-Year High- Business Week). This can cause an increase in the input cost for the dairy products and which in turn can lead to hike in price or lower profit margins. If the company increases the price of its products, it may affect the sales as it might lose on consumers. Rise in Sugar Production and Duty Free Sugar Imports The total sugar production in the first six months ending September 2010 is expected to be 22% more than the output in the unchanged phase last season, the total production expected is at 16.7 million (Press Trust India (PTI) (2010) Sugar output rises 22% in first half of 2009-10, Business Standard). Due to the shortage in the production of sugar the deadline for the exemption on customs duty on raw sugar imports has been extended by the government to April 1, 2011 (Dey, A Jha, Dilip K (2010) Duty-free sugar imports extended till April 2011, Business Standard). The increase in sugar production and the duty exemption on raw sugar can help in purchasing sugar at lower prices and this in turn can help in producing goods at lower prices. Globalization Globalization a universal phenomenon is affecting each and every industry. The world is coming closer, the communication gap is closing and the businesses are going global. This can serve as an opportunity to expand the business to a global level but on the other hand there is a threat of new entrants from international market. Requirements for Logistics Logistics in India suffer due to the poor infrastructure and other limitations. There is a high demand for sophisticated third party logistics so the domestic logistics service providers are trying to improve their service. International participation is also expected in the logistics industry (Pandey, S Basu, A (2010) Logistics cos ramp up supply chain to meet rising demand, The Economic Times). Sophiscticated logistics system will help in proper supply chain management and on time delivery of goods, which help in maintaining the shelf life of goods on meeting the demand on time. Social Need for Healthy Eating Habits Studies say that Indians are more prone to Coronary Artery Disease (CAD), which is the major independent risk factor causing Cardiovascular diseases, due to the smaller calibred arteries found in Indians (Isalkar, U (2009) Indians more prone to heart disease, The Times of India). This suggests that Indians should move towards more healthy food and diet. This could be a new area to explore for Britannia with its new health associated products like Nuti-Choice biscuits and Actimind flavoured milk. Problems with Cloned Livestock Cloned animals are supposed to be suffering from large-offspring syndrome. The mother cows face a problem in giving birth to the cloned animals as they are larger than normal. Also these cloned animals suffer from health issues (Gogoi, P (2007) The case against cloning, BusinessWeek). It is morally wrong to clone animals as they cause problems to the mother during the birth and moreover the cloned livestock suffer from health issues which might make unsafe to consume the produce from them. Technological Cloning of Livestock India, a late entrant in cloning research, is now moving with a great pace in cloning technology. Hand guided cloning technique, a technique very different from the conservative cloning practice has been a successful venture (Mahalakshmi, BV Chowdhary, S (2009) Cloning Glory, The Financial Express). New Age Packaging The new packaging systems help in protecting food from micro-organisms by creating shelter layer. It uses new technologies like oxygen scavenging function, atmosphere control, biodegrability etc. and is low cost (Han, J Packaging Innovations, Bakers Journal). The packaging technology helps in preserving food for longer by protecting them from micro-organisms with the help of new technologies, thus resulting in longer shelf life of the food. The advantage of low cost packing and longer shelf life could be very beneficial for the company in increasing its profit margin. Environmental Change in the Climatic Conditions Climate plays an important role in the agriculture process. The change in the rainfall pattern has been a matter of concern now in India. The agriculture sector in areas which are monsoon dependent suffered badly due to the change in the rainfall pattern. The sector suffered a huge loss in terms of total output (Bhosale, J (2009) Farmers worried over climate disturbances, The Economic Times). The loss in crop will affect the input supply and this might delay or cause problems in the production. So the industry might not be able to meet the demands resulting in the loss of customers. Legal Raising the Norms for the Probiotic Food There is a need for setting the standards for probiotic food. Clinical tests should be conducted on the probiotic foods before they could reach the market for sale. The Indian Council of Medical and Research has submitted the proposal for the same to the government (Das, S (2009) Probiotic food likely to come under clinical trial ambit, The Financial Express).  Strict norms will help in raising the quality standards but on the other hand the cost and time of production might subsequently increase. Micro External Environment Analysis Factors that influence the micro external environment are Competitor Rivalry, Threat of New Entrants, Threat of Substitutes, Buyers Power and Suppliers Power. These factors play a vital role in determining the current situation of the business and to plan strategies accordingly. With the help Porters Five Forces we will be analysing these factors and their immediate effect on the company. Five forces analysis is a technique for identifying and listing those aspects of the five forces most relevant to the profitability of an organisation at that time. (Boddy, D (2005). Management An Intoduction. 3rd ed. UK: Pearson Education. 83.) Competitor Rivalry: BIL has a market share of 38% and has been growing at 27%, compared to the industry growth rate of 20% (Saxena, R (2007) Battle-scarred Britannia on expansion spree, Business Standard) and has many competitors based on the nature of product. Parle and ITC (Sunfeast) pose a great competition to BIL (Biscuit Industry: India (2010), Market Research India). BIL earning major of its income from the biscuits (Britannia Annual Report 2007-08 (2008)), and Parle and ITC are the other major players in biscuit market. BIL is also into the production of dairy products, where the two major players in market are Amul and Nestle. Amul is the leader in the dairy industry. There is also a high level of competition from the unorganised baking sector. Overall rivalry is high. Threat of New Entrants: The entry on a small scale dairy industry and in the unorganised baking sector is easy. But on the other hand to enter the large scale dairy industry and organised baking sector a huge amount of investment is required in terms acquiring assets and to establish supply and distribution chains. Government regulations pertaining to food norms and others may also seem to be unattractive. Looking at the latest trends, the bakery industry is expected to earn huge revenues which might attract new entrants (Vijay, N (2008) Indian Bakery sector foresees high growth and increasing interest in product offering, FnBNews.com). So the threat of new entrants is moderate. Threat of Substitutes: Savoury snacks, crisps, cereals, fruits and other fast food can be substituted for biscuits. Dairy products are dubious to be replacing with other products as they key ingredients of majority of peoples diet. So the threat is a very moderate threat of substitutes. Buyers Power: The buyers of these products could be a retailer or the consumer. Both the dairy and bakery industry are price sensitive, so a little increase in price might lead the consumer to shift other brand or product. So the buyers power is calculated to be very strong. Suppliers Power: The major supplies for a bakery industry include wheat, sugar and other agriculture products. And the major supplies for dairy products are milk. Its difficult to bargain with the suppliers of the above mentioned inputs as the price of these inputs is majorly influenced by the production of these inputs. The prices tend to be high as the demand for these products is rising at much faster rate than supply. The secondary supplies include the packaging material. The secondary supplies can be easily substituted with the low-cost ones to save on cost. Overall the suppliers power is assessed to be moderate. Conclusion of Five Forces Analysis: There is an existence of major players in the market with a moderate level of threat of new entrants and substitutes. The suppliers power is moderate but the buyers power is measured to be strong. So the rivalry is suggested to be high. Stakeholders and Corporate Social Responsibilities (CSR) Freedman (1984) defines a stakeholder as any individual or group who can affect, or is affected by, the achievement of the organisations objectives. Further in addition to that, Clarkson (1995), stated that the government and the other communities that effect the working of the business and the market also form as a part of stakeholders. Stakeholders, except the employees, have a high power over the strategic change ideas (Hayes, J (2007). The Theory and Practice of Change Management. 2nd ed. UK: Palgrave Macmillan. 153). Internal Stakeholders The internal stakeholders are the ones associated with the company internally. For BIL its internal stakeholders would be: The Shareholders The Board of Directors, and The Employees Currently, nearly 51% of shares are held by Corporate Bodies and the rest 49% is held by the public (Statement showing shareholding pattern (2009), Britannia Industries Limited). The board consists of 11 members (Company Overview, Britannia Industries Limited) and employees nearly 2000 people (Britannia Industries Ltd. Overview, MarketLine). External Stakeholders The external stakeholders are the ones who are not immediately associated with company but influence the decision making of the company. To BIL the external stakeholders are as follows: Customers Suppliers Contractors Government Regulatory Agenices (like Food Safety and Standards Authority of India, etc.), and Society Britannia being the leader in the baker industry of India has a huge amount of customers to cater. Britannia has to keep up the tastes and quality preferences of its customers. The government plays an important in influencing the market by creating and changing the policies. BIL has to adhere to the rules and regulations formulated by the regulatory agencies. The suppliers and contractors form an important part of a business. Britannia completely relies on its suppliers and contractors for its raw materials. Corporate Social Responsibility (CSR) For years corporate entities followed the practice of providing goods and services and maximizing wealth. But the trends have changed over the period of years. The companies are now expected to be more socially responsible. The company now has to be responsible to the stakeholders, society and environment. They are expected to pay back to the environment and society for all the affects that are caused due to its operations (Idowu, S Filho, W (2009) Global Practices of Corporate Social Responsibility. Berlin: Springer. 1-2). BIL believes in working with the society and the culture. It gives a premier importance to the nation and its policies. It believes in being a good corporate citizen by not just adhering to the rules and regulations but also by helping the community to improve the quality of life. BIL involves itself in initiating and providing support to community health and family welfare, water management, vocational training, educating people and encouraging the application of modern techniques and technologies. BIL believes in ethical behaviour (Code of Conduct, Britannia Industries Limited). BIL is taking steps toward conserving the environment by employing new process and upgrading the technology. It is trying to reduce its carbon footprints by recycling the waste heat. It has now filed for carbon reduction benefits (Britannia Annual Report 2007-08 (2008)). BIL has taken steps towards helping the society by joining the nutrition program with Global Alliance for Improved Nutrition (GAIN) and the Nandi Foundation. Along with these organisations BIL will is providing mid-day meals in schools and provide nutrition to the deprived (Britannia Annual Report 2007-08 (2008)).

Gender and Coming of Age in Shakespeare’s As You Like It Essay

Gender and Coming of Age in Shakespeare’s As You Like It Shakespeare introduces the protagonists of his comedy, As You Like It, as youths mourning the absence of their fathers: Orlando remarks on the consequences of his father’s death and Rosalind first appears despairing over her father’s exile. He closes the play with the marriage of these youths. The absence of their respective fathers centrally figures into their courtship and preparation for marriage. Even more noticeable is the absence of all mothers—not a single mother or older wife appears in the play. The young women, Rosalind and Celia, enter adulthood, seemingly without any female role models. Such responses impact the development of the young protagonists, causing the two friends, Rosalind and Celia, to be remarkably independent of gender conventions and the constraints of older generations. The absence of elder influences allows Rosalind and Celia to shape their adult lives, particularly as they forge their own unique approaches towards marriage and realiz ations of the institution. In the absence of natural fathers, different characters volunteer as surrogate fathers for Orlando, but not for Rosalind. Without soliciting it, Orlando receives help and guidance from Duke Senior and Adam. For example, the ravenous Orlando interrupts Duke Senior’s banquet and orders them to stop eating, demanding food for Adam and himself. Duke Senior asks him why he so rudely demands food and then advises Orlando that â€Å"gentleness shall force / More than your force move us to gentleness† (2.7.101-102).* Warmly inviting the embarrassed Orlando to his table, the Duke offers him his friendship as he takes Orlando aside to speak privately. Orlando receives such unsolicited help from ... ...ns emotional maturity. Orlando finally achieves social adulthood and Rosalind achieves personal maturity. While the Shakespearean era certainly structured gender roles quite differently from our own, many women today find themselves, like Rosalind and Celia, in a forest of men without female role models. Though decrying the lack of female role models has become trendy, it is important to remember that the leadership of the older generation comes with its own constraints. As each generation forges its own identity, perhaps it is the very absence of such role models and the freedom to wear a man’s hat or a beggar’s cloak that allow the most independent expressions of adulthood to emerge. Work Cited *Shakespeare, As You Like It, in The Complete Works of Shakespeare, ed. David Bevington, 4th ed. (New York: Longman, Addison-Wesley Educational Publishers, 1997).

Disney Case Analysis Essay

It is 1984, and Disney is the target of a potential takeover by notorious greenmailer Sual Steinberg. Disney is faced with the option of fighting the takeover through the courts and media, or to repurchase Steinberg’s shares, in effect, giving in to his greenmail attempt. However, there are many other important issues which are facing Disney. These range from Disney’s abysmal return on investment in recent theme park investments, to the complete failure of Disney’s motion picture division, to Disney’s alarmingly high dividend payout rate. In the following four sections, we will address these four issues Disney faces and recommend solutions to improve the financial health of Disney. Theme Parks Issue Recently, Disney has been following a bad investment policy. Disney invested a total of $1. 9 Billion in Epcot over a 6 year period and has increased its capital expenditures on theme parks by a total of $1. 277 Billion from 1981 to 1983. Despite these massive investments in its theme parks, Disney has only earned a return of 4% on Epcot and an overall return on Theme Park assets of 6% in 1983. Disney needs to find a way to more efficiently invest its capital and produce greater returns on its investments. Analysis In order to understand why Disney’s Theme Park investments have been so unsuccessful, we must analyze a number of different contributing factors. Why Disney is investing in Theme Parks? In order to understand why Disney is investing in Theme Parks, we need to take a look at the financial results of Disney’s different segments. Out of Disney’s 3 segments, Entertainment and Recreation (or theme parks) is Disney’s only segment which is nicely growing its profits in addition to attaining a healthy profit margin. Motion pictures is currently suffering, and actually losing money. Whereas, Consumer Products is producing profits and holding the greatest profit margin, however profits are not growing significantly. After looking at this analysis and nothing else, it appears as though Entertainment and Recreation is Disney’s most profitable segment and the one which they should be investing in. This is exactly what Disney is doing. Why are additional Theme Parks are the Wrong Investment? Before the expansion on new theme parks, Disney’s older theme parks had enjoyed much success. As recently as 1978, Disney’s Entertainment and Recreation segment had experienced a return on assets of 15. 7%. However, as Disney introduced new theme parks, they reached a point where the optimal supply of theme parks had surpassed the demand. This â€Å"oversupply† of theme parks can be seen by taking a look at the United States Demographic data provided in the case. First, it must be understood that Theme Park attendance, and in turn revenues, are driven by the younger demographic. According to the information above, the population group that drives Theme Park revenues (0 to 14 years old) is actually shrinking from 1970 to 1995. This represents a decrease in demand for Disney’s Theme Parks. Yet, at the same time, Disney is investing in and opening new theme parks. Essentially, Disney is increasing the supply despite a decrease in demand. This is counter intuitive by any economic standard. To further back the claims that Disney’s increased investment in theme parks is a bad move; let’s quickly analyze some measures of financial performance for their theme park segment. Clearly, the Entertainment and Recreation segment has experienced an abysmal return on assets recently. These numbers are even more disappointing when considering the Entertainment and Recreation segment produced an ROA 15. 7% as recently as 1978. Disney has made the wrong move in investing heavily in additional theme parks despite the population decrease in its main customer segment. In order to improve Disney’s position, it must make some changes. Suggested Changes Overseas Theme Parks The demand for additional theme parks does not exist in the United States, as can be seen from looking at the demographic data above. Therefore, there is no reason for Disney to continue expanding and investing in additional United States theme parks. Disney needs to immediately stop United States theme park expansion. However, this does not mean that Disney must stop investing in theme parks altogether. Disney should look to other countries where there is a demand for theme parks. By looking for countries where the demographics are in their favor and there is sufficient demand without oversupply, Disney can begin to earn sufficient returns on their theme park investments. Management Change Disney’s management should have foreseen the downside of overexpansion. It’s even possible that management did realize the lack of demand, however they may have wanted to extract us much demand as possible by building more theme parks. Either way, the decision to invest so heavily in theme parks despite their main market segment shrinking for the foreseeable future is incomprehensible. Earning a ROA of 6% in 1983 on theme parks assets when a 1983 T-Bill earns 8. 86% shows an abysmal utilization of assets. Management responsible for the decision to invest so heavily in theme parks needs to be fired from the company. Implementation How to Expand Overseas First, Disney needs to conduct market research in numerous modernized foreign countries. The focus of this research needs to be on the demand levels for a theme park, and whether the demand outweighs the current supply of theme parks in each country. Once Disney chooses the country with the most favorable supply and demand situation, it can begin analysis to determine whether or not they should actually construct a theme park in that country. They will estimate costs and future cash flows in order to conduct a NPV analysis in order to determine whether or not Disney should actually construct a theme park in that country. How to Implement Management Change Ask around management, and conduct interviews with high level managers in order to determine who was responsible for the decision to invest more heavily in theme parks. Once you have identified the main individual or individuals responsible for the decision, you let them know that they are being let go for their ineptitude. Then, search for top management at other similar companies (or any promising prospects within Disney) to fill the open positions. Motion Pictures Issue The motion pictures business has been historically one of Disney’s strongest segments since the company was founded. Over the years, classic films like Snow White and Cinderella have provided valuable revenue streams for the company. Films have accounted for a significant amount of Disney’s earnings and had a large impact on the performance of the company. However, in recent years the motion picture segment’s performance has been lackluster and recording an operating loss of $33. 3M in 1983. The recent failures in the motion picture segment had a profound ripple effect on Disney’s financial performance. Just two years ago the same division boasted a 17. 59% profit margin and operating income of $34. M. Analysis The recent missteps can be attributed to a failed TV channel startup, lack of a blockbuster movie hit, and the cancelation of a new Disney TV show on CBS. Although the film industry in general was suffering in 1983, the performance of Disney’s motion pictures division was abysmal. Suggested Changes New Management Performance in this division has steadily declined over the past three years. New talent needs to be brought in to help revitalize this division. Disney has been a household name since the advent of cinema and should not be lagging behind their rivals. Management needs to be held accountable for these failures. Increased Investment in Film Disney has arguably been one of the most successful film companies in the world since it was started in 1923. Creating, distributing, and selling films have been a core competency of Disney for many years. Disney needs to invest more money into creating innovative films and future blockbusters. For the past several years, there has been a disparate amount of funds invested into their park business compared to the motion picture segment. Disney needs to focus on their core competency of film and invest into motion pictures. Historically, this business has proved to be lucrative and these additional resources will help finance future blockbuster movies. Implementation How to Acquire New Management Currently, many of the Disney executives worked under Walt Disney, himself, and often won’t accept projects due to the reasoning that â€Å"Walt wouldn’t do that†. It is hard for creative talent to come up with great ideas and have them put down without any reasoning, other than a dead man wouldn’t have approved their ideas or projects. The current executive’s ties are too strong to the late Walt Disney and at least some of them need to be replaced with fresh blood. Fire the executives who are the most repeat offenders of the above mentioned offense. In order to replace them, we suggest that Disney looks to other top movie studies for executive talent. How to Increase Investment in Film While Disney is halting its theme park expansion in the United States and conducting market research overseas for new sites, a lot of additional capital will be lying around waiting to be invested. Once the new executives are in place, we suggest that Disney allocates a considerable amount of its free capital to motion pictures and see what kind of results that its newly hired executives can produce. Dividend Policy Issue One of the many vital points of interest that Ron Miller must address as Disney moves into the future is making a decision on its dividend policy. When looking at the dividend policy of the company, it is critical to conduct a financial ratio analysis of the company. Upon doing so, certain trends can be noticed. One of these noticeable trends happens to fall within the dividend payout rate. For over a decade, the dividend payout rate fluctuated only slightly staying in the range of 4% to 8%. Then beginning in 1978, the dividends began to increase exponentially arriving at a rate of 44. 4% only five years later in 1983. This five year spike in the dividend payout rate has come at the same time as the earnings per share continue to fall. This immediately should raise concerns for the financial security of the company. Analysis In deciding on a dividend policy, it is crucial for the company to decide how growth oriented it would like to be. Speaking simply, the mor e dividends Disney decides to pay out, the less retained earnings it has to put into future positively valued projects. This can be seen in the company’s sustainable growth rate. Calculating for 1883, the growth rate is only 3. 70% Given the large dividend payout rate of 44. 44%, Disney cannot grow with retained earnings at anything more than a modest 3. 70%. If Disney wanted to grow more than that, it could consider taking on more debt. The company has historically been averse to taking on too much debt and will most likely want to continue that trend into the future. If Disney wants to continue to grow without taking on debt, the company will need to consider lowering the dividend payout rate. Suggested Change Lower Dividends To align the dividend payout rate more closely with earnings per share along with setting the company up for more future growth projects, it is crucial in Disney’s financial planning that they cut back the dividend rate. It is our suggestion that Disney reduces its dividend so that its dividend payout ratio is in line with its historic payout of about 7. 50%. This will require Disney to cut its dividend down to $. 20 per share (based on 1983 EPS of $2. 70 per share). Decreasing the dividend to $. 20 per share would nearly double Disney’s sustainable growth rate, increasing it to 6. 16%. As a result, Disney would be able to finance more projects through retained earnings and continue to keep its leverage down. Implementation How to Lower Dividends Obviously, shareholders are not going to be happy to hear that you want to cut the dividend by 83%. This is why you have to issue a press release for general shareholders and at least a conference call or meeting with major shareholders to inform them of your intentions. During the conversation with shareholders, you are going to have to explain how it was a mistake in the past to increase dividends as earnings per share continued to slide. Let the shareholders know that you are going to correct this mistake now, rather than letting it continue to slide. Finally, mention that decreasing dividends will also help Disney remain a financially healthy company by keeping its debt low. Corporate Takeover Attempt Issue Possibly the most important issue faced by Ron Miller and the leadership of Walt Disney Productions is the imposing takeover attempt by well-known corporate raider, Saul Steinberg. This attempt has been sparked by Walt Disney’s current financial situation and performance. Currently, Disney seems to be an ideal target for a takeover. Disney has a great amount of cash on hand, totaling about $18 million. This, along with Disney’s underperformance and inefficiencies, are strong motivating factors for Steinberg’s attempt. It is likely that Saul Steinberg believes Walt Disney Productions to be undervalued. This is a conclusion shared by most raiders about the targets in takeover attempts. Disney is currently trading at $50 per share. Steinberg just initiated a tender offer for 49 percent of the company for $67. 50 per share. This is where Ron Miller must face a difficult decision by giving in to the greenmailing attempt by agreeing to purchase back Steinberg’s shares at a premium, or letting Walt Disney Productions fall victim to a takeover. Analysis It is essential for the future of Disney for us to examine the value of the company. From there, Disney must decide at what price, if any, should they buy back Steinberg’s shares. As stated earlier, Disney’s stock has been recently trading at $50 per share. (Graph) For our analysis of valuing the company, we calculated a WACC of 16. 6%, as well as three different possible growth rates of 8%, 11%, and 13%. From these calculations we were able to surmise an estimated company value of $68. 12 per share. This would lead us, as well as Saul Steinberg, to believe Disney to be undervalued. Recommendation Don’t Buy Steinberg’s Shares To successfully ward of Steinberg and his attempted takeover, Disney must offer him a hefty premium for the purchase of his shares. With his ownership of 12% of the company and his recent attempt for 49 percent of it, a pivotal decision must be made. However, after valuing the company and weighing possible options, we have come to a recommendation. For the sake of both the shareholders and stakeholders of the company, it would be not be wise to buy the shares owned by Saul Steinberg. A decision to succumb to Steinberg’s greenmail would greatly cripple the company from a financial standpoint. If Disney were to buy his share of the company, investors would experience a huge decline in their shares. Such a decision would be made solely to preserve the jobs and welfare of top managers of the company. Disney would be failing to maximize shareholder value, thus weakening Disney’s position in the market. We concluded that in order to avoid the takeover attempt, Disney would have to pay Steinberg $69 per share. This is $0. 88 more than our estimated value of the company and a 38% premium with respect to the current share price. This would leave Saul Steinberg with $289. 8 million, or a profit of $24 million at the expense of Disney’s shareholders. Implementation Don’t Buy Shares, Improve Company Instead of buying the shares, Disney should focus on cleaning up its act as a financially sound company, as well as a leader in its respective industries. With the likely replacement of Ron Miller and top executives, Disney would find itself in a position to change its current business policies. Disney is already highly capital intensive, with the recent increased spending on theme parks. The company should not be acquiring more debt by purchasing two new companies with no apparent synergies. Disney should immediately dump these unwisely obtained businesses. The money from these sales would enable Disney to invest in new business ventures, like expanding abroad and tapping into new markets.

Albert Einstein- the 20th Century Science Hero Essay

Albert Einstein is considered the most influential physicist of the 20th century. He is known for developing the theories of relativity. He is also noted for his mathematical formula of E = mc? (David Bodanis). Although he was not directly involved in the Manhattan Project, which was responsible for creating the atomic bomb, but he is still considered the mastermind because of his breakthrough formula. In 1921, he won the Nobel Prize for physics for his explanation of the photoelectric effect (A.  Calaprice & T. Lipscombe). The Einstein’s were a secular, middle class Jewish family. Albert’s father Hermann Einstein was a salesman and an engineer who owned a company that manufactured electrical equipment and his mother Pauline Koch was a house wife. They were living in Ulm, in Wurttemberg, Germany, when Albert was born on March 14, 1879 (Whittaker). In 1894, Hermann Einstein’s company failed to get an important contract to electrify the city of Munich and he was forced to move his family to Milan, Italy. Albert was left at a boarding house in Munich to finish his education (A. Calaprice & T. Lipscombe). It was at this location, that Albert began elementary school at the Luitpold Gymnasium, where he excelled in his studies. He enjoyed classical music and played the violin. However, he was not fond of formal education and made it his business to teach himself math and science (Whittaker). One of the books Albert was intrigued with was a children’s science book in which the author imagined riding alongside electricity that was traveling inside a telegraph wire. Einstein began to wonder what a light beam would look like if you could run alongside it at the same speed. If light were a wave, then the light beam should appear stationary, like a frozen wave. Yet, in reality, the light beam is moving. This paradox led him to write his first â€Å"scientific paper† at age 16, (Whittaker). â€Å"The Investigation of the State of Aether in Magnetic Fields. † This question of the relative speed to the stationary observer and the observer moving with the light was a question that would dominate his thinking for the next 10 years (A.  Calaprice & T. Lipscombe). While his parent remained in Italy, Albert continued his education at Aarau, Switzerland. In 1896 Einstein attended the Swiss Federal Polytechnic School in Zurich to be trained as a teacher in physics and mathematics (Whittaker). Five years later, he earned his diploma, and acquired Swiss citizenship. Also at this time he was unable to find a teaching post, so he accepted a technical assistant position in the Swiss Patent Office. In 1905 he obtained his doctor’s degree (A. Calaprice & T. Lipscombe). During his stay at the Patent Office, Einstein had a lot of down time. This is noteworthy because it was in this spare time, that he produced much of his remarkable work. Some of these great accomplishments included being appointed Privatdozent in Berne, becoming Professor Extraordinaire at Zurich, also Professor of Theoretical Physics in Prague, and returning to Zurich in the following year to fill a similar post (Whittaker). In 1914 he was appointed Director of the Kaiser Wilhelm Physical Institute and Professor in the University of Berlin. Einstein’s accomplishments were on the rise and became very important works which include the Special Theory of Relativity (1905), Relativity (English translations, 1920 and 1950), General Theory of Relativity (1916), Investigations on Theory of Brownian Movement (1926), and The Evolution of Physics (1938). Among his non-scientific works, About Zionism (1930), Why War? (1933), My Philosophy (1934), and Out of My Later Years (1950) are perhaps the most important (A. Calaprice & T. Lipscombe). Albert Einstein received honorary doctorate degrees in science, medicine and philosophy from many European and American universities. During the 1920’s he lectured in Europe, America and the Far East and he was awarded Fellowships or Memberships of all the leading scientific academies throughout the world. He gained numerous awards in recognition of his work, including the Copley Medal of the Royal Society of London in 1925, and the Franklin Medal of the Franklin Institute in 1935 (Whittaker). He became a German citizen in 1914 and remained in Berlin until 1933 when he renounced his citizenship for political reasons and emigrated to America to take the position of Professor of Theoretical Physics at Princeton. He became a United States citizen in 1940 and retired from his post in 1945 (Whittaker). While Einstein was touring much of the world speaking on his theories in the 1920s, the Nazis were rising to power under the leadership of Adolph Hitler. Einstein’s theories on relativity became a convenient target for Nazi propaganda. In 1931, the Nazi’s enlisted other physicists to denounce Einstein and his theories as â€Å"Jewish physics (A. Calaprice & T. Lipscombe) . † At this time, Einstein learned that the new German government, now in full control by the Nazi party, had passed a law barring Jews from holding any official position, including teaching at universities. Einstein also learned that his name was on a list of assassination targets, and a Nazi organization published a magazine with Einstein’s picture and the caption â€Å"Not Yet Hanged† on the cover (A.  Calaprice & T. Lipscombe). In December, 1932, Einstein decided to leave Germany forever. He took a position a the newly formed Institute for Advanced Study at Princeton, New Jersey, which soon became a Mecca for physicists from around the world. It was here that he would spend the rest of his career trying to develop a unified field theory—an all-embracing theory that would unify the forces of the universe, and thereby the laws of physics, into one framework—and refute the accepted interpretation of quantum physics. Other European scientists also fled various countries threatened by Nazi takeover and came to the United States. Some of these scientists knew of Nazi plans to develop an atomic weapon. For a time, their warnings to Washington, D. C. went unheeded (David Bodanis). In the summer of 1939, Einstein, along with another scientist, Leo Szilard, was persuaded to write a letter to President Franklin D. Roosevelt to alert him of the possibility of a Nazi bomb. President Roosevelt could not risk the possibility that Germany might develop an atomic bomb first. The letter is believed to be the key factor that motivated the United States to investigate the development of nuclear weapons. Roosevelt invited Einstein to meet with him and soon after the United States initiated the Manhattan Project (M. Talmey). Not long after he began his career at the Institute in New Jersey, Albert Einstein expressed an appreciation for the â€Å"meritocracy† of the United States and the right people had to think what they pleased—something he didn’t enjoy as a young man in Europe (David Bodanis). In 1935, Albert Einstein was granted permanent residency in the United States and became an American citizen in 1940. As the Manhattan Project moved from drawing board to testing and development at Los Alamos, New Mexico, many of his colleagues were asked to develop the first atomic bomb, but Eisenstein was not one of them. According to several researchers who examined FBI files over the years, the reason was the U. S. government didn’t trust Einstein’s lifelong association with peace and socialist organizations. FBI director J.  Edgar Hoover went so far as to recommend that Einstein be kept out of America by the Alien Exclusion Act, but he was overruled by the U. S. State Department. Instead, during the war, Einstein helped the U. S. Navy evaluate designs for future weapons systems and contributed to the war effort by auctioning off priceless personal manuscripts (David Bodanis). One example was a handwritten copy of his 1905 paper on special relativity which sold fo r $6. 5 million, and is now located in the Library of Congress (M. Talmey). On August 6, 1945, while on vacation, Einstein heard the news that an atomic bomb had been dropped on Hiroshima, Japan. He soon became involved in an international effort to try to bring the atomic bomb under control, and in 1946, he formed the Emergency Committee of Atomic Scientists with physicist Leo Szilard. In 1947, in an article that he wrote for The Atlantic Monthly, Einstein argued that the United States should not try to monopolize the atomic bomb, but instead should supply the United Nations with nuclear weapons for the sole purpose of maintaining a deterrent. At this time, Einstein also became a member of the National Association for the Advancement of Colored People. He corresponded with civil rights activist W. E. B. Du Bois and actively campaigned for the rights of African Americans (Whittaker). After the war, Einstein continued to work on many key aspects of the theory of general relativity, such as wormholes, the possibility of time travel, the existence of black holes, and the creation of the universe. However, he became increasingly isolated from the rest of the physics community. With the huge developments in unraveling the secrets of atoms and molecules, spurred on by the development to the atomic bomb, the majority of scientists were working on the quantum theory, not relativity. Another reason for Einstein’s detachment from his colleagues was his obsession with discovering his unified field theory. In the 1930s, Einstein engaged in a series of historic private debates with Niels Bohr, the originator of the Bohr atomic model. In a series of â€Å"thought experiments,† Einstein tried to find logical inconsistencies in the quantum theory, but was unsuccessful. However, in his later years, he stopped opposing quantum theory and tried to incorporate it, along with light and gravity, into the larger unified field theory he was developing (Whittaker). In the last decade of his life, Einstein withdrew from public life, rarely traveling far and confining himself to long walks around Princeton with close associates, whom he engaged in deep conversations about politics, religion, physics and his unified field theory.