Mergers and Acquisitions in the Aviation Industry

Mergers and Acquisitions in the Aviation Industry Background: Aviation industry is a symbol of comprehensive national power and an extremely important part of the national defense. It is also a significant guarantee for national security and an essential support for the development of economic and society. In the entire aviation industry, civil aviation is made up of all types of aviation activities using aircraft except military applications, which includes defense, police and customs, and the civil aviation includes commercial aviation and general aviation. In recent years, the rapid development of civil aviation plays an increasingly important role in the aviation industry. In terms of globalization, the aviation industry is mainly concentrated in the United States, Europe, Canada, Australia and some other developed regions. Along with the rapid development of the global economy, the enthusiasm for developing aviation industry of many new industrialized countries has also been greatly inspired. A number of high-end manufacturing, including the aviation industry, are shifting from developed countries to developing countries, to meet the global market demand, many developed countries and developing countries began the cooperation. The economic turmoil and financial crisis of the current world has caused a great shock on aviation industry, although the condition is getting improved, it is still very difficult to predict what the future will be. As one of the leaders of the aviation industry all over the world, the market of aviation industry in the United States has been greatly affected in recent years. The fallen price of tickets, rising price of oil, as well as anti-monopoly policy, all have negative impacts on the civil aviation industry in America. Merger integration is trend of the development of international aviation industry in recent years. There are many examples: In Europe, Air France and KLM Royal Dutch Airlines were merged in 2003; Lufthansa purchased Swiss Air in 2005, and later purchased the Austrian Airlines; British Airways and Iberia Airlines merged in 2010 . After a series of mergers and reorganizations, the market is full of vitality and competitive power. In the United States in recent years, the operation of civil aviation industry has become much more difficult and many airline companies are seeking to break through this condition by mergers and acquisitions. In 2005, US Airways merged America West Airlines; Delta Air Lines purchased Northwest Airlines in 2008; two years later, the United Airlines and Continental Airlines were merged and turned into the United Continental Holdings incorporated; in 2011, Southwest Airlines purchased the AirTran and after two years, American Airlines merged US Airways. After th e mergers and reorganizations, these companies operating performance begins to rise out of recession, but whether the specific results really are optimistic? This dissertation will make analysis and judgment. Congress reduced the control of the market in 1978, which brought the US economy market unparalleled interests. America has a mature aviation industry market, which has become an important factor of the growth of economy now. Even if there is a little change in the industry, it can bring a big influence on various aspects. In this tough competitive environment at home and abroad, the civil aviation industry attracts much more attention. Concentration Tendency In recent years, the aviation industry in the United States had generated a lot of new companies and there have been a lot of bankruptcy and merger phenomena, which is bound to affect the competition tendency of the aviation industry. In this dissertation, the methods used to calculate the concentration of aviation industry are Herfindahl-Hirschman Index (HHI) and Concentration Ratio (CRn). The calculation method of industry concentration index is the most common, and it is also an important indicator of measuring the market structure. It indicates the degree of concentration of the industry by calculating the proportion of the relevant value (such as sales, value added, number of employees, total assets, etc.) of the first largest n companies in the industry toward those of the entire industry. For example, CR4 refers to the relevant market share occupied by the four largest enterprises and CR8 means the relevant market share occupied by the eight largest enterprises. If the CRn is greater, it indicating a higher degree of concentration of the industry and the more likely for competition in the market tend to be monopolistic; on the contrary, the lower the concentration is, the more likely for competition in the market tend to be competitive.(MBAlib, 2012) The formula is: CRn=. In this formula, Si means the market share of the enterprise i, n means the total number of firms (for instance, the number is 4 or 8.) in the industry. However, the disadvantage of CRn is that this concentration ratio cannot indicate the total number of enterprises which are operating and competitive in this industry. For example, the market share of 2 CR4 with the same value of 75% in two different industries might not be the same, because there may be only a few companies in one industry and the other industry may have many companies. Therefore, in the dissertation, HHI will be used to measure the market concentration to improve the credibility of the data. HHI calculates the sum of the squares of market share of the largest 50 companies in this industry (if the number of companies is less than 50, it includes all enterprises). Obviously, the greater HHI is, the higher the degree of market concentration and the higher the degree of monopoly. The index can not only reflect the market share of large enterprises, but also can reflect the market structure besides large enterprises. Therefore, HHI is able to reflect the impact of large enterprises on the market more accurately. The formula is: HHI=2. In this formula, Si means the market share of the enterprise i, n means the total number of firms in the industry. HHI changes between 1/n and 1, which indicates that the higher value is, the greater unevenness distribution of the size of a firm. As long as firms merge, the value of HHI will increase; as long as the firms decompose, the value of HHI will be reduced. The advantage of HHI are it reflects large-scale companies market share more sensitively, while reflects many small businesses’ market share very little, and it cannot be affected by the number of companies and the size distribution of the industry, which is better to measure the changes in the market concentration of the industry.(MBAlib, 2010) This table illustrates the values of CR4, CR8 and HHI in ten years. According to the concentration ratio CR4 and CR8, it can be obviously found that the aviation industry was behaving as an oligopoly and was a highly concentrated industry, while in terms of HHI, the market concentration was moderate. All of the 3 values were keeping decreasing from 2001 to 2006 and appeared to hit bottom in 2007, in which year the economy crisis took place. After that, the tendency of market concentration was improved and reached a new height in 2013. (Ahren J. 2011) In summary, the level of market concentration of aviation industry was decreasing first and then keeping increasing in the United States. Accordingly, the competition tendency also turned from competitive to monopolistic, which indicates the number of companies was reduced and the market shares of large firms have increased. References: MBAlib (2010) Concentration Ratioà ¯Ã‚ ¼Ã…’CRn[online]New York. Available from: http://wiki.mbalib.com/wiki/%E8%B5%AB%E8%8A%AC%E8%BE%BE%E5%B0%94%E2%80%94%E8%B5%AB%E5%B8%8C%E6%9B%BC%E6%8C%87%E6%95%B0 [Accessed 29 January 2015] Ahren Johnston (2011) CONCENTRATION IN THE AIRLINE INDUSTRY: EVIDENCE OF ECONOMIES OF SCALE?[online]New York, Journal of Transportation Management. Available from: http://www.deltanualpha.org/pdfarticles/2011/Ahren%20Johnston.pdf [Accessed 29 January 2015] MBAlib (2012) Herfindahl-Hirschman Index [online]New York. Available from: http://wiki.mbalib.com/wiki/%E8%A1%8C%E4%B8%9A%E9%9B%86%E4%B8%AD%E7%8E%87 [Accessed 29 January 2015]

How does Robert Louis Stevenson Create a sense of Mystery, Horror and Suspense Essay

In the novella â€Å"The Strange Case of Dr Jekyll and Mr. Hyde† Robert Louise Stevenson uses many techniques to create a sense of mystery, horror and suspense. In this essay I will be analyzing some of these techniques in further depth. I will be explaining what effect these techniques will have on the reader. â€Å"The strange case of Dr Jekyll and Mr. Hyde† was published in 1886 and is probably the best known of Stevenson’s novels. It concerns the fine divide between good and evil. In the book the reader finds out more about how and why Dr Jekyll created a potion that separates the good side from the evil side, of the person. Unfortunately he lost control of the situation, resulting in a number of unfortunate events. Mr. Utterson is widely regarded as a good man, there is much evidence in â€Å"The Strange Case of Dr Jekyll and Mr. Hyde† to back this statement up. One piece of evidence to show this is when the reader is told â€Å"something eminently human beaconed from his eyes†. This is a short and meaningful insight into the persona of Mr. Utterson. . We are also told that he had a â€Å"approved tolerance for others†. This is more evidence to show that he could empathise and care about people. This also makes the audience think that he will be tested. He is also said to be â€Å"the last good influence in the lives of down going men†, he is known to be a compassionate man, he looks to help people rather than judge them. This also makes the reader think that being a client of Mr Utterson, Dr Jekyll may be possible in store to be coming into some trouble. We are told much about Dr Jekyll’s House in the novel. â€Å"Showed no windows†, what does it mean to the reader, why would this mysterious character have no windows, what is he hiding, or what is hiding in there. This raises questions to the audience about the man, why would a man in a respected profession such as a doctor want to be living a life like this in a house with no windows. It says that â€Å"the wall was discoloured† and the it â€Å"bore marks of prolonged and sordid negligence†. This leads the audience to wonder, what would cause the walls to be discoloured and why does man take so little pride in his abode. The writer Robert Louse Stevenson uses words like the word sordid to create an image of evil and wickedness. IT is said to be â€Å"blistered and disdained† and have â€Å"neither bell or knocker†. The later of the two statements bears more negative connotations than the former. The fact that the house has no bell or knocker signifies to the reader that Dr Jekyll does not wish to be disturbed thus adding to the atmosphere of secrecy. Why would a man such like Dr Jekyll wish not to bothered what is he hiding in this house. The Final Statement regarding the dwelling of Dr Jekyll is typical of gothic writings of that era, it has mysterious connotations that intrigue the reader in saying â€Å"some place at the end of the world†. It also conjures up images of evil when Enfield says â€Å"Black winter morning†. On page 11 the reader is recounted the story of how Mr. Hyde trampled over the child. This is most probably the best example of the Robert Lewis Stevenson using specific techniques to create an innate sense of horror. He uses a common technique of the era, using descriptive, detailed language to intensify the sense of horror. For instance he says â€Å"some place at the end of the world about three o’clock of a black winter morning†, he also goes on to say about how empty and lifeless the streets were. The reader is also made to feel fearful, wary and loathsome towards this beast whom is said to have felt no remorse for the heinous act he had just committed. The writer instills these feelings within us by saying thing like â€Å"the man trampled calmly over the child’s body† this not only makes the reader horrified that someone could do such a thing, is also exceedingly curious as to who this man could be and why is he so remorseless for what he has done. Mr. Enfield makes several accounts of Mr. Hyde’s persona. The way in which Mr. Enfield reacts to the sight of Mr. Hyde makes the reader believe he must be a truly terrible man to provoke such a reaction from a well respected man such as Mr. Enfield. Mr. Enfield Says that Hyde â€Å"gave me one look, so ugly that it brought the sweat on me like running†, The reader will immediately relate someone being hideously ugly to them being morally objectionable. He also says â€Å"I had taken a loathing to the man at first sight† the reader questions what could it be that causes him to beacon this loathsome aura. It is said by Enfield that it was not only him to feel this way towards Hyde â€Å"I saw that sawbones turn sick and white with the desire to kill him† the reader wonders what could possible cause a man you whom had previously been described as emotionless to feel this way to a man he does not even know. The final account of Hyde is short but is nonetheless important it is when Hyde is described as being â€Å"really like Satan†. This is a grave accusation to make, saying that a man is like Satan the epitome of all that is evil. It is not false though Hyde is all that is evil within Dr. Jekyll. Mr. Enfield says that the man he saw was â€Å"of the name Hyde†. This name has a eerie ring to it, it carries a certain mystique. When people hear the name Hyde they immediately think of secrecy and what is the secrecy for. Later in the novel Utterson makes reference to Hyde’s name saying â€Å"If he is Mr. Hyde then I shall be Mr. Seek†. This immediately makes the reader think of the childhood game hide and seek. If this mans name is Hyde then why must he be found, what will he do? One technique that Stevenson uses to great effect is withholding information about the character Mr. Hyde. Mr. Enfield says â€Å"no sir I had a delicacy, I feel very strongly about putting questions†. This is Enfield saying that he did not inquire too deeply about Hyde. This creates mystery and suspense. Hyde is a mysterious character who the reader knows very little about but is intrigued by. Suspense is created by the fear of what this man is going to do. Enfield and Utterson also agree not to talk about this man again. This makes the reader incredibly suspicious of why it is that these two men do not wish to speak about this incident. Mr. Utterson states on page fifteen that already knows of Mr. Hyde saying â€Å"The fact is, if I do not ask you the name of the other party, it is because I know it already†. This shows to the reader that Mr. Utterson knows more than he is letting on. This makes the audience suspicious as to why a good man like Utterson would feel the need to keep this information to himself. Chapter two Dr. Jekyll’s will is very bizarre it says that â€Å"in the case of Dr. Jekyll’s disappearance or unexplained absence for any period exceeding three calendar months, the said Edward Hyde should step into the said Henry Jekyll’s shoes without further delay†. This engages the readers interest as to what the connection is between Dr. Jekyll and Mr. Hyde. It’s irrationality is said to have â€Å"offended Mr. Utterson both as a lawyer and a lover of the sane†. It is strange because it does not say that he should be dead before he steps in. Mr. Utterson is left baffled by what has been written in Jekyll’s will and decides to go visit Dr. Lanyon. Lanyon tells Utterson that ten years ago â€Å"he began to go wrong in the mind†. This raises suspicions in the readers mind about Dr. Jekyll now that they see that one of his dearest friends now speaks of him in such a way. He sys that his â€Å"unscientific balderdash† was so delirious and immoral that is could have â€Å"estranged Damon and Pythias† who in Greek mythology are known for being inseparable friends. The reader must wonder what it is that Dr. Jekyll did to provoke such a claim from a close friend. Lanyon says to Utterson that he knows not of Hyde. This makes the audience suspicious of how it is possible for a man who claims to have been so close to Dr. Jekyll, but does not even know the man who he wishes to leave his entire estate to. We are told that Mr. Enfield’s â€Å"imagination also was engaged, or rather enslaved; as he lay and tossed in the gross darkness of the night†. Stevenson tells the reader that Utterson is imagining all of the terrible things that this Hyde character could have done. This automatically makes the reader imagine which builds up a sense of horror in the readers mind. We are told that Utterson did not know what Hyde looked like. Like Mr. Utterson the reader will imagine the worst of what Mr. Hyde looks like. He is described as a â€Å"human Juggernaut† the word Juggernaut instills images of an untamed beast that you must be cautious around. â€Å"It was the face of a man who was without bowels of mercy† This makes the reader tense about how terrible this man could be. â€Å"Spirit of enduring hatred† it could be because of the way Enfield reacted to this man that has caused Utterson to feel this way. When Utterson finally meets Hyde it is a very Dramatic tense scene full of typical language from gothic writings of that era e.g. â€Å"it was a fine dry night, frost in the air, the streets as clean as a ball room† this is typical extremely descriptive scene setting. From previous descriptions of Mr. Hyde the reader can only expect the worse for Mr. Utterson.

Avoiding Future Frauds with the Sarbanes-Oxley Act Essay

It is clear that the establishment of the Sarbanes-Oxley (SOX) act in 2002 was specific to reducing future financial fraud and imposing criminal penalties for publicly traded companies. What is not clear is whether or not the act has proved to be successful in its implementation and governance. The establishment of the act and subsequent amendments are intended to protect the public from fraud in the financial accounting of publicly traded corporations. In 2002, there were opinions both for and against the effectiveness of SOX. More than a decade later, there are still opinions on both sides of the debate. Criticism of the Sarbanes-Oxley Act The effectiveness of the Sarbanes-Oxley act has been highly criticized since its inception. One of the major contentions is that the Sarbanes-Oxley act has no provisions to differentiate the requirements for small publicly traded businesses from large conglomerates (that lead and often monopolize the marketplace). Publicly traded companies that are small in size may find the costs of compliance prohibitive to the future of their business (Coustan, 2004). Critics of SOX believe that this unnecessarily reduces the number of players in a competitive marketplace. The cost of compliance can be excessive for some smaller companies. Auditing expenses cause companies to seek private investment and become privately owned (San Antonio Express-News, 2007). Ten years ago, critics expressed â€Å"fears that small, publicly listed companies might not meet internal control reporting requirements without substantial additional expense; some may have to delist because of it. It could mean only larger companies will go public† (Coustan, 2004, p. 1). In recent years, this debate continues. Critics still express concerns â€Å"that Sarbanes-Oxley is overreaching and has placed unnecessary  restrictions on corporations that have and will continue to unduly inhibit corporate performance until they are removed† (Brite, 2013). Another major contention of critics is that the costs of compliance for outweigh the benefits in an international marketplace. Those against SOX feel that the costs outweigh the benefits and speak out in public forums stating that the â€Å"Sarbanes-Oxley has burdened the US financial market with costly rules and regulations that have reduced international competitiveness† (debate.org, 2014). There are those that openly share the opinion that the implementations of regulatory overkill through the 2002 Sarbanes-Oxley act â€Å"wrongfully make the innocent suffer for the guilty† (Gilmore, 2013). The reporting requirements of SOX are specific to businesses in the United States. Unlike American business, international business does not have the same requirements. â€Å"Regulatory compliance opposes economic costs on organizations and can affect their competitive advantage† (Srinivasan, 2014, p. 44). Increasing the cost for American business decreases competitive advantage in the worldwide marketplace. In addition to cost and competitive advantage, the structure of the bill has also been called into question. The Court of Appeals recently found difficulty with the wording of the amended 18 USC, citing that â€Å"paragraph (b) of the statute includes the word â€Å"knowingly† while paragraph (c) does not† (Bishop, 2013). The opinions of the Court of Appeals lends to the public opinion expressed in published CPA perspectives that â€Å"SOX was a hastily assembled bill† (Moran, 2013). Involved and cumbersome requirements cause confusion and frustration for companies attempting to comply with the Sarbanes-Oxley act even more than a decade after its implementation. Companies and lawmakers alike have had difficulty over the years with the interpretation of and compliance with the act. â€Å"SOX brought about many changes to the way public companies had to operate, and there was some question as to how these would stand up over time† (Moran, 2013). Positive Aspects of the Sarbanes-Oxley Act Despite complaints by critics, there are positive aspects of the Sarbanes-Oxley act that have withstood the test of time. Initial reactions have softened after smaller businesses were granted some relief in later amendments of the act. Larger businesses found that compliance with the act  increased investor confidence and contributions. In addition, the resultant increase in financial transparency has improved business relationships on many levels. First and foremost, there are many of the opinion that the enactment of the Sarbanes-Oxley act increased investor confidence and protection in the marketplace. â€Å"Does Sarbanes-Oxley prevent all bad actors from defrauding investors? No law could accomplish that. But it can and has deterred such activity† (Gillian, 2012, p. 1). Those in support of the Sarbanes-Oxley act agree that there is a positive side for investors and the businesses in which they invest. â€Å"A 2005 survey by the Financial Executives Research Foundation f ound that 83 percent of large company CFOs agreed that SOX had increased investor confidence, with 33 percent agreeing that it had reduced fraud† (Hanna, 2014, p. 2). With an increase in confidence and a perceived reduction of fraud, investors could more confidently make intelligent business decisions on the purchase and sale of publicly traded companies. Those on the positive side of the SOX act believe that the effects on small business have softened. Studies show that as companies become more accustomed to the costs of compliance, the expense decreases (San Antonio Express-News, 2007). In addition, the effects on smaller companies were ultimately deferred. â€Å"Audit standards also were modified in 2007, a change that reportedly reduced costs for many firms by 25 percent or more per year† (Hanna, 2014, p. 1). Although the costs of compliance decrease retained earnings, investors are more confident in the reliability of company reports (Gillian, 2012). â€Å"The cost of being a publicly traded company did cause some firms to go private, but research shows these were primarily organizations that were smaller, less liquid, and more fraud-prone† (Hanna, 2014, p. 1). These modifications of the act allowed more small businesses to remain competitive in the marketplace. Business relationships have also improved with increased transparency. The reduction of information asymmetry is a direct benefit to both the company and the investors. â€Å"Information asymmetry is a situation in which one party in a transaction has more or superior information compared to another† (Brite, 2013, p. 1). Periodic testing of internal controls required by SOX 404, increases transparency among internal and external stakeholders of the business. The American Institute of CPAs states on their website that â€Å"section 404B has led to improve financial reporting and greater  transparency† (American Institute of CPAs, 2006 – 2014). Conclusion and Opinion To evaluate the effectiveness of SOX in preventing future frauds, one must take into consideration the many different situations in which the legislation is applicable. Enactment of the Sarbanes-Oxley act increases corporate responsibility and sets restrictions on auditor services. This certainly reduces the potential for fraud; however it does not eliminate it. From a business perspective, compliance is beneficial. The costs of implementing the requirements may be high; however the benefit of increased investor confidence in a publicly traded environment is higher. There are going to be situations in which fraud is inevitable. Fraudulent wrongdoers and companies will find loopholes and the recent Court of Appeals case is evidence of that fact. As with any law, this regulation will reduce the frequency of, but not prevent, purposeful future criminal activity. References American Institute of CPAs. (2006 – 2014). Section 404B of Sarbanes-Oxley Act of 2002. Retrieved from AICPA: American Institute of CPAs: http://www.aicpa.org/advocacy/issues/pages/section404bofSOX.aspx Bishop, K. (2013, June six). Grand Theft Auto Meets the Sarbanes-Oxley Act. Retrieved from California Corporate and Securities Law: http://calcorporatelaw.com/2013/06/grand-theft-auto-meets-the-sarbanes-oxley-act/ Brite, C. (2013, June 30). Is Sarbanes-Oxley a Failing Law? Retrieved from University Of Chicago Undergraduate Law Review: http://uculr.com/articles/2013/6/30/is-sarbanes-oxley-a-failing-law Coustan, H. L. (2004, February). Sarbanes-Oxley: What It Means to the Marketplace. Retrieved from Journal of Accountancy: http://www.journalofaccountancy.com/Issues/2004/Feb/SarbaneSOXleyWhatItMeansToTheMarketplace.htm debate.org. (2014). Do you believe the Sarbanes-Oxley Act has failed? Retrieved from debate.org: http://www.debate.org/opinions/do-you-believe-the-sarbanes-oxley-act -has-failed Gillian, K. (2012, July 24). It Enhanced Investor Protection. Retrieved from nytimes.com: http://www.nytimes.com/roomfordebate/2012/07/24/has-sarbanes-oxley-failed/sar

What Is Worship And What It Is Not - 2235 Words

What Worship Is And What It Is Not. What is the true meaning of worshipping God? Is it intense emotional outpouring of an individual? Is it smoke, lights, and loud music reminiscent of some sort of sanctified bar room? Does it require music or sound at all? What exactly is required of an individual who wishes to glorify his Creator and Redeemer? These are the questions that will be discussed in this paper. What is worship? It can be defined as many things from solitude and prayer with God; It may involve music to some, in an effort to draw one closer into the presence of the Almighty. The best definition of worship is this: it is an end unto itself; it is not a means unto something else. When we try to worship for the sake of certain benefits that may be received, the act ceases to be worship; for then it attempts to use God as a means to something else. (Segler 5) It may be nigh unto impossible to pinpoint a single form of worship that is applicable to everyone, but a single concept must be present for all believers. This is the concept of surrender and obedience to God. It is the humbleness to something greater than oneself. It the realization that man is nothing but sand on the seashore, while God is an endless sea. Mankind is finite; he is only given a few years, while God is the Ancient of Days. Whether this humble surrender is in the silence of solitude or in the presence of other believers, it is foolish to speculate. Worship is to quicken the conscience to theShow MoreRelatedWhat Makes Celebrity Worship?1488 Words   |  6 Pagescan’t stop following a celebrity or can’t tell the difference between following a celebrity or hero might have celebrity worship syndrome. This is a real psychological disorder of the brain. 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So what is worsh ip then? Is it music? Singing songs to a divine being? Is it taking part in the sacraments of the Christian church? Why are there numerous disputes or differences of opinions about â€Å"how† to worship? The word worship itself is labeled as a noun and is defined as the feeling or expression of reverence and adoration for a deity. But if a biblical definition of worship is toRead MoreAnalysis Of The Book The Great Commission 1735 Words   |  7 Pages4MAT Book Review - The Great Commission to Worship Todd Bush Liberty University EVAN 525-B08: Contemporary Evangelism May 29, 2016 Abstract The question may be asked, â€Å"what is the essence of being a Great Commission Worshipper?† David Wheeler and Vernon Whaley provides subtle element of what the significance is to being a Great Commission Worshipper – a man absolutely and similarly dedicated to evangelism and worship – and an otherworldly procedure that is formational, transformational