Music Role of a Composer Essay Example for Free

Music Role of a Composer Essay A person who creates the music the music we listen to by writing a piece of music for theatre, radio, film, TV and computer games where music is needed is known as composer. Composing of music has played a vital role in the lives of composers making others to be considered as princes of music like Josquin and Palestrina yet others had unique styles of composing their music. The roles of a composer are to create music by creating situations in which sounds will basically be. A composer has to devise strategies to ensure coordination of elements of performers set into motion. This is achieved by ensuring that proper notation of music has been done in order to accurately direct musicians. The task of a composer is to write an original piece of music fitting for a specific mission after which the composition will then be performed by musicians. The music composed might be having lyrics or just instrumental. Furthermore, it can be either in the form of country, classical jazz or even folk. The work of composer improved a great deal between 900 to 1820. in the 900’s, composers used to create music in that there is a solo singer and choirs or more probably in an Organum style . In the process of change, music styles became more complex and multiple parts were used for different instruments and this help to bring harmony. The recorder, lute and the invention of printing press that brought about standardization of musical notation. Later the Organum was modified into the modern harmony of today by use of a figured bass to accompany a melody. The introduction of keyboard in equal temperament enabled different keys to be used without alteration. Finally, during the classical period, the composers fostered for loyalty or nobility of the time. The composers of the time were offered with creative tools to build many accredited pieces of music given that the concept of music was abstract and detached allowing them to explore the music industry. Josquin Desprez (1440-1521) was the master of composing in his time . He created his music with careful words which were of marvelous simplicity and sophistication. Ludwig Van Beethoven (1770-1827) was the instrumentals in bringing into being the romantic music era. These two men brought about great change in the musical industry and meaning to composers without fear of experimenting. References Fulcher, J. The Composer as an Intellectual. Music and Ideology in France 1914-1940. New York: Oxford University Press, 2005 Smith J. Carlson B. The Gift of Music: Great Composers and Their Influence. Crossway, 1995

Hypothetical Case Study Childhood Sexual Abuse Social Work Essay

Hypothetical Case Study Childhood Sexual Abuse Social Work Essay This presentation analyzes a hypothetical case study of a young girl aged six and a half years who was taken for treatment by her mother, as a result of the girls sexual abuse by her mothers boyfriend. The court has ordered Melissa and her mother Asher to go for treatment after the judge and the social workers dealing with the case established that Melissas claims of being sexually abused were true. When the assessment began, Melissa was 6 years old, and her mother was 27 years old. Asher had been married at 20years but was divorced from Melissas father and had completely distanced herself from him. At the time of the case, Asher had moved in with her boyfriend, Tony, for about year and half. He had started molesting Melissa around seven months earlier. At first Melissa could not open up to her mother because Tony had threatened to kill her if she told anything to her mother. When Melissa decided to break the silence her mother could not initially believe her, and had brushed it off, but she later decided to investigate when she realized that her daughters behavior had really changed and she had become withdrawn and fearful, it was then that she discovered the shocking revelation of what had been happening to her daughter. The therapists also came to learn that Melissas mother also had an abusive childhood, she came from a broken home whereby her mother had divorce with Ashers abusive and alcoholic dad and worse of it had been sexually abused once. The paper discusses that although the girl is the main patient, she is part of larger system that she is connected to; which is very relevant to her case and also course of treatment. Process of the crisis Urie Bronfenbrenner came up with an ecological systems theory explaining how all things in a child and the childs surroundings have an impact on how the child grows. He examined levels of the environment that impact a childs growth, which include the micro system, the immediate surrounding of a child such as the family relationships, the mesosystem, which describes how the various parts of a childs micro system cooperate in order to help the child. The exosystem level consist of the others that the child may not be in contact with her but still affect her in a big way for example parents workplaces, and relationships Bronfenbrenners final level is macro system; its the most remote set of things to a child but still has a great impact on the child. For example freedoms permitted by the government and cultural values. All these affect how a child develops positively or negatively. Using Urie Bronfenbrenners ecological model, I will examine the context of Melissas case, the impact of the sexual abuse in her life, the preferred treatment for both the mother and child and how to avoid future   abuse. Encompassing the mesosystem is exosystem, the broader settings that define Melissas life, and the macrosystem, the cultural values that determine how she and those surrounding her are required to behave. Through the abuse, Tony violated the expected values, and Ashers early refusal to believe what her daughter told her also cut off the girl from the covering that an individual is supposed to be given by the larger society. Nevertheless, the legal system, which is normally a part of the exosystem, has got into a closer circle of Melissas life and attempts to correct the violations of those close to her (Finkelhor, 1986). This has led to an ecological transition, a situation in which an individuals place in ecological environment is changed due to change in the role one plays, setting, or both. Although distressing for Melissa and her mother, the transition is an important, positive move in the healing of both individuals. Interestingly, therapists discovery that Asher was herself sexually abused leads to applicable considerations that will assist in the treatment both of them. These considerations are also important in explaining the current psychopathologies seen in Finkelhor (1986) where he explains that traumas and mal-adaptations during childhood reoccur many times in later generations; children from dysfunctional families mostly create their own dysfunctional families they go with the patterns they learned when growing up. Asher has given Melissa the only kind of childhood she herself knows. Effects When Melissa was taken for treatment the first time she looked afraid, depressed and uncertain. When we look at the effects of sexual abuse can be looked into with the conceptualization of Finkelhor, the traumatogenic impacts of sexual abuse is widely used. The effects are divided into four categories, as explained below; Traumatic sexualization refers to ill disposed feelings about sex, and the sexual identity problems. Stigmatization which is manifested in guilty feelings and feeling responsible for the abuse or of disclosure. The other effect is betrayal, whereby it is downgrading the trust in people who are required to be protectors and nurturers of children. Powerlessness includes a view of being vulnerable and a victim and the behavioral manifestations of anxiety consist of phobias, insomnia, and eating disorders; Management of the case In Melissas case management there are various considerations that need to be made. Hence, coordination is very important. The things that the team are required to put in mind at this stage of intervention are disconnection of the child /or the offender from the family, the part played by the juvenile court and the criminal court and also the plan for treatment of the family Before a treatment plan is developed, it is vital to understand the cause abuse; there are various models as explained by Finkelhor under Sexual Abuse Causal Models. In history there have been two major models namely the family-focused and the offender-focused perspectives. Efforts have been made to integrate the two by Finkelhor who developed a causation model that involves both the family-, and offender-focused perspectives.. Finkelhor explains four preconditions that must be involved for sexual abuse to take place, factors connected to the abusers force to sexually abuse; factors inducing the abuser to overcome internal obstacles; factors inducing the abuser to overcome external inhibitors and factors inducing to overcome the childs resistance Modalities of treatment In treatment modalities, whereby the main goal in sexual abuse treatment is to deal with the impacts of sexual abuse, and decrease the risks of future sexual abuse. Treatment Issues for the Victim that will have to be attended to be are; Trust whereby; there are devastating effects on childrens relationship, especially being able to trust o people. In family sexual abuse, the effect is worse as in the case of Melissa because her stepfather, who should be her protector, exploits and violates the limits of acceptable values. A non- offending parent like Melissas mother who could not believe her initially accelerates this damage. The therapist is required to establish circumstances where the child has positive participation with trusted adults in order to correct the childs ability to trust. Emotional Reactions to Sexual Abuse whereby the child feeling being victimized in that she feels as if she is responsible and starts feeling guilty, having a disorganized sense of self and low self-esteem because of being involved in sexual abuse. The therapist is required to help the child understand and accept that she was not responsible and also make her feel good again about herself. Protection from future victimization Protection from Future Victimization whereby the abused child needs taught future protection strategies. The child should be taught to say no and tell a trustworthy person may be useful. Treatment Issues for the Mother Treatment Issues for the Mother particularly in cases involving the mothers in interfamilial as in Ashers case. Just like the victim Melissa her mother will need to undergo treatment in several areas such as areas connected to Sexual Abuse It is hard for mothers of victims, to comprehend why a grownup may go sexual with a child. This is an issue that the clinician should address with the mother. The therapist can offer professional explanation into the causes of abuse specific to the case. Another issue to be addressed believing the childs disclosure of the sexual abuse. The therapist can explain makes her believe that the child is telling the truth or conclude that children do not make false allegations on such matters. Eventually the therapist will help the mother comprehend her duty in the abuse, if she had one. She is not to blame but in some way may have played a part to prolonged abuse as in the case of Melissa and Asher for not believing her initially Improving the mother-child relationship is also very important because it is an important step in assisting the mother to be protective of her child in future. In the case of intrafamilial abuse like Melissas case, the mother should decide if she wants to cut off her relationship with the abuser or salvage her relationship. Personal issues such as past trauma as having been sexually abused herself which is the case of Melissa. Such an experience has various impacts in on the mothers ability to deal with her childs abuse. The mother may be not being in a position to cope because she has not dealt with her own sexual abuse. Hence her abuse has to be addressed as in the case of Asher. She may not suspect risky situation quickly and her decisions of partners, playing part in moving in with a man who goes sexual with children. Hence in conclusion, childhood sexual abuse is a very sensitive issue that has to be dealt with to avoid future destruction of the childrens lives Reference Finkelhor, D. (1986). The Effects of Sexual Abuse, in D. Finkelhor et al., Eds. Sourcebook on Child Sexual Abuse Newbury Park, CA: Sage.

Comparing The Element of Style and Style Toward Clarity and Grace :: Compare Contrast Comparison

Comparing The Element of Style and Style Toward Clarity and Grace Stylish writing has never been much of an issue before reading Strunk and White and Williams. I personally would interpret style as being an individual refection of one’s self. In reading â€Å"The Element of Style† and â€Å"Style Toward Clarity and Grace† I learned that style isn’t necessarily just a reflection of an individual’s style but it is also how the many rules to writing are used when composing a piece. In Strunk, White and Williams’ attempts to educate formal writers on how to write stylish, understandably, and within the rules, they give great examples of the usage of correct grammar, composition, and words and expressions. The authors of both books agree that there are rules to follow when writing a good or stylish paper and that most or all of the rules need to be followed in order for your piece to be a success. I do believe that Williams was a bit more lenient with the rules though. While Strunk and White seemed to be saying these are the rules follow them or else, Williams seems to be saying, these are the rules follow them but not so much so as to loose your own style. One Rule imposed by Strunk and White that really stood out for me is â€Å"Do not explain too much†. (75) Strunk and White state that it is seldom advisable to tell all. My problem with this is, when an author is writing his/her objective is generally to explain something or to tell a story and without stating the obvious what actually is too much explaining. Strunk and White were a bit vague on this subject as they were when they said, â€Å"Be clear† and â€Å"Do not inject opinion†(79). Two subjects that are understandable but I don’t feel were explained in enough detail. Both authors address style from different perspectives but ultimately there are more similarities than differences in the two books, besides the fact that they are both defining style, they give somewhat similar accounts as to what they feel style is. In Williams’ Cohesion chapter he emphasizes that to solve the problem with obtaining clarity when writing is to discover how, without sacrificing local clarity, we can shape sentences to fit their context and to reflect those larger intentions that motivate us to write in the first place (45).

Essay --

What makes you an adult? Many people believe that age determined adulthood but they are wrong because age is a number and everyone grows up in different rates. You can’t always expect everyone to become mature at the same age, because everyone is different. Many teens become adults faster for certain reason and some of them were not give the option they just had to too. Becoming an adult is not an option for everyone but sooner or later you have to grow up because you can’t stay a kid forever. Being 18 years old makes you legally an adult in united states, but in reality we know that 18 years old are very different from maturity as well responsibilities and life experience. Age do not determined the actual matureness of a person neither the circumstance to handle situations. Adulthood is not based on age; it’s based on emotional maturity. The ability to listen to and evaluate the viewpoint on circumstance they find themselves on and been able to analyze how to find the solution to the problem that makes them mature. Age is just a number; therefore you could be twenty-six, twenty-eight and still act immature. Many teens think that as soon they 18 their parents are going to continue to help them but the true is that they already did their part raising them up. One part of growing up and becoming an adult is that parents are not always going to be there so you got to grow up on your own. Sooner or later he or she are going to face obstacles on their own and that would make them stronger which will help them mature. There are several attributes to make an adult an adult and number one is responsibilities because that ones part that help you grow up in life. Part of being an adult is important to maintain pa... ... not a bad thing because you get to make your own decisions without someone telling you what to do. I know that been a kid life is simple you go to school come back home and do homework and that all you worried about but you never get to explore and have more adventures like adults. A part of being an adult is that you make mistakes but you always learn from the mistakes and that prevent you from doing the same mistakes all over again. What I am trying to say is good to be a kid but you have to grow up to become an adult because that’s how you decide what kind of life style you want instead of your parent making it for you. I know some were not given a chance to enjoy childhood but what you got is more importance meaning that you who didn’t enjoy you childhood you had a head start to become a adult and maybe do better than other who didn’t went trough your situation

Automobile Air Pollution :: essays research papers

Automobile Air Pollution Efforts to improve the standard of living for humans, through the control of nature and the development of new products have also resulted in the pollution of the environment. Much of the world's air, water, and land is now partially poisoned by pollution. Some places have become uninhabitable. This pollution exposes people all around the globe to new risks from disease. Many species of plants and animals have become endangered or are now extinct. The air pollution comes from lots of sources but the paper will be about air pollution cause by automobiles. As a result of tremendous amount of air pollution, primarily for automobile governments have passed laws to limit or reverse the threat of environmental pollution.   Ã‚  Ã‚  Ã‚  Ã‚  There are lots of sources other than the automobile for air pollution. Nature itself is one of the causes. Sometime nature causes the air pollution by activities like a forest fire, volcanic, hurricane. These are temporary dislocations that nature balances and accommodates to modern economic development, however, sometimes disrupts nature's delicate balance. The other source is from factories. Factories are release smokes and chemical in the air. In many places smoke from factories and cars combines with naturally occurring fog to form smog and create a midday sky. It had happened in London, â€Å"London, England, has been subjected to the danger of smog, long recognized as a potential cause of death, especially for elderly persons and those with severe respiratory ailments† (pollution).   Ã‚  Ã‚  Ã‚  Ã‚  Transportation by car though, is the major source of air pollution. Early in the century human invented, internal combustion engine, engine that use fuel as gasoline or diesel. Those engines were used to manufacture an automobile for fast travel from one place to another. Because they were not much in use, those few cars were not enough to threat the environment. Those engines were not fast enough so mastermind humans invented bigger and faster engines and those take more fuel. When these engines burn fuels they introduce smoke and other, less visible, by products. Once they are released into the air, the products of incomplete combustion, particulate matter (soot, ash, and other solids), unburned hydrocarbons, carbon monoxide, sulfur dioxide, various nitrogen oxides, ozone, and lead, undergo a series of chemical reactions in the presence of sunlight. The result is the dense haze characteristic of smog. â€Å"Smog may appear brownish in color when it contains hig h concentrations of nitrogen dioxide, or it may look blue-gray when it contains large amounts of ozone† (Danger).

Rhone-Poulenc Rorer, Inc Case-Study

Almost every aspect of the complexity of the merger can be explained through Rhone-Poulenc’s financial constraints. RP’s motives to acquire Rorer were to create crucial capital for its own strategic entry into pharmaceuticals. RP could not buy Rorer either in cash or shares due to the following factors: First, RP had limited ability to pay with borrowed cash. The company was more levered than other firms in the industry. Rhone-Poulenc didn’t want to borrow all the cash because it would have affected in a negative way to its balance sheet despite the fact that it borrowed for the cash portion of the deal.Second, Rhone-Poulenc couldn’t pay with internally generated cash because, during the announcement time, RP was a net cash user in connection with its great capital spending requirements and the recession felling on chemicals markets. Third, RP could not pay with debt securities. It is logical that if the company was too highly levered to borrow and pay in cash, it was too highly levered to swap debt securities for shares. Fourth, Rhone-Poulenc could not pay with RP common shares or with cash raised from selling equity.A deal based on shares would not have been approved by old shareholders because the deal would have diluted the value of individual shares and it would have not been profitable because the RP’s management believed the company’s share price was undervalued. Rhone-Poulenc could not offer standard common stock because it didn’t have any, so it had to offer only nonvoting certificate of investment as a state-owned company as it was.2. In case of Rhone-Poulenc Rorer, Inc, the shareholders of Rorer received a CVR that enabled them to receive additional gains from the possible shortfall of the future stock price and to persuade the Rorer shareholders to continue as the minority equity investors in the Rhone-Poulenc Rorer, Inc. Rhone-Poulenc could not pay with RP common shares or with cash raised from selli ng equity. A deal based on shares would not have been approved by old shareholders because the deal would have diluted the value of individual shares and it would have not been profitable because the RP’s management believed the company’s share price was undervalued.Rhone-Poulenc could not offer standard common stock because it didn’t have any, so it had to offer only nonvoting certificate of investment as a state-owned company as it was. 3. The assumption is that RP is not going to use its right to extend the maturity of the CVRs, and they are thus expiring in July 31, 1993. We have used the binomial tree to value the CVRs as a put option. The value of a CVR is thus $5. 54, and the aggregate value is $231. 64 million. Secondly, we have calculated the value of the CVRs in August 1991, assuming this is the date when the case was written.In addition, I am still assuming that RP isn’t going to extend the maturity. I’ve used almost the same method as i n the previous calculation and the value of a CVR is $2. 78, and the aggregate value is thus $116. 34 million. 4. The investor can see the offering quite attractive. This is due to the fact that they now have limited their downside risks with the put option. This means the minority have an effective hedge against the possibility of failure of the upcoming merger. Rhone-Poulenc managed to entice all the shareholders of the acquired Rorer with its somewhat complicated three-stage transaction.The initial tender offer and giving the rights to control RP’s HPB was attractive enough for Rorer to accept the deal. The Contingent Value Rights gave the minority shareholders the rights they thought were valuable enough to close the deal. Rorer believed that the whole package was indeed worth of $36. 50 per share. Rorer benefited from the announcement of this deal and gained about $632 million in new value. However, RP’s non-voting common shares decreased 4. 4 percent, or $175 mil lion, in value. The fact is, all in all, that RP has a huge liability due to the CVRs.In the worst case scenario, the share price falls below $26. 00 and the liability would thus be ($49. 13 – $26. 00) * 41. 8 million = $966. 83 million, which is the maximum amount of RP’s liability. The maximum liability was perfectly hedged, providing RP a delta neutral position. Extra. RP would prefer the share price to stay higher than $49. 13 until 1993, and $53. 06 until 1994. This is because in these cases RP would not be obliged to pay CVR-holders the cash payments. Thus if the share price would be higher than $49. 13 in the expiration date of the CVRs, RP would not extend the maturity of the Contingent Value RightsIntroduction A merger between Rorer Group, Inc and the Human Pharmaceutical Business (HPB) of Rhone-Poulenc (RP) S. A. generated a major multinational pharmaceutical company, Rhone-Poulenc Rorer (RPR) on July 31, 1990. The expectations concerning takeover of Rorer ha d aroused in the late 1980s when the considerably low cash balance and rising level of debt seemed to slow down its strategy of growth by acquisitions. The rumors had reassurance in 1989 when Rorer made a bid to take over the pharmaceutical business of A. H. Robins and lost the opportunity.Just a short time after this, the $3. 2 billion merger of Rorer and RP was announced. A year later the company had shown rapid post-merger integration and initial synergy gains. RP had practically no position in the United States and Japan, but on the other hand it had a strong market share in some European Community markets. Thanks to Rorer’s U. S. connections, the new company ranked among the top three in Europe and had improved its position in the United States. Rorer’s Robert Cawthorn continued as RPR’s CEO and almost all the new senior executives came from Rhone-Poulenc.The markets expected RP to slowly take over the company because it owned 68% of RPR’s shares. Th e French government owned 100% of Rhone-Poulenc’s voting common stock. RP was the seventh largest chemical manufacturer in the world and it gave the minority shareholders a contingent value right (CVR) that promised to pay them on July 31, 1993, any shortfall between $49. 13 and the then prevailing stock price. Rorer Goup, Inc’s main factor in its growth strategy had been a program of acquisitions, because sales growth in the company’s existing product lines was characterized as mature.As usual, there were several skeptics associated to this merger. They were worried about the cultural integration and independence. The skeptics pointed out the company is French, yet the management team is mainly American, they have a American-style mission statement (â€Å"Our Mission is to become the BEST pharmaceutical company in the world by dedicating our resources, our talents, and our energies to help improve human health and the quality of life of people throughout the w orld†) and the lack of interest of the American executives to learn French. The market outlook for the industry wasn’t favorable for the company.The cost of new-product development in the industry was rising and yet the number of new drug applications worldwide had fallen. It was also predicted that the governments would get tougher on the cost of drugs in an effort to slow down rapidly rising health costs. Other risks to consider were patent expiration and competition from low-priced generic drug manufacturers and decreasing product life cycles. In turn, the world population was aging, analysts noted that computers and biotechnology were aiding new-product development and different analysts recommended to buy the RPR’s stock on the long term. . The $3. 2 billion merger was consummated in a three-stage transaction, by which Rhone-Poulenc obtained 68% of Rorer’s common stock (91. 6 shares), which was enough to permit Rhone-Poulenc to consolidate Rorerâ€⠄¢s results for financial reporting. First, Rhone-Poulenc would tender for 50. 1% (43. 2 million shares) of Rorer’s common stock for $36. 50 cash per share. Rhone-Poulenc increased its debt/capital ratio to 45% by borrowing the funds to finance the tender offer. The debt/capital ratio was considerably high compared to its competitors ratio of 20-30%.Second, Rorer assumed $265 million of RP debt (guaranteed by RP), made a $20 million cash payment to RP, and issued 48. 4 million new common shares to RP in exchange for RP’s HPB division. Analysts believed that Rorer’s bylaws would require at least 85% of all shares be voted in favor of the issuance of new shares and, more generally, of this entire transaction. Third, Rhone-Poulenc issued the 41. 8 million CVRs to the remaining minority shareholders in Rorer. A CVR entitled the holder to the right, at the end of three years (July 31, 1993) or four years, at RP’s option, to a cash payment of US$49. 13 (or $53. 6 if the payment were made at the end of four years) reduced by the higher of the value of the RPR share at that date or $26. Thus, if the value of the RPR share exceeded $49. 13 (or $53. 06), there would be no payment. The maximum amount of RP’s liability on December 31, 1990, was 5 165 million French francs at the date of the issuance of the rights. The maximum amount of RP’s liability at the date of issuance was hedged. Any changes in the value of the CVRs resulting from fluctuations in exchange rates, as well as the amortization of the cost of the hedge, were recorded directly into the consolidated equity of RP.The CVRs were quoted on the American Stock Exchange and traded independently of the shares of EPE, which were listed on the New York Stock Exchange. Rorer and RP jointly released its own estimate of the package value of CRV and minority share in RPR to be worth $36. 50 and thus equal to the price at which RP was offering for shares of RPR. Rorer’s in vestors responded positively to the merger arrangements. Rorer shares increased by 28% net of the changes in the Standard & Poor’s 500 index over the week during the week of the announcement. This gain equaled about $632 million in new value.Simultaneously, RP’s nonvoting common shares lost 4. 4% net of market during the announcement week, or about $175 million. Almost every aspect of the complexity of the merger can be explained through Rhone-Poulenc’s financial constraints. RP’s motives to acquire Rorer were to create crucial capital for its own strategic entry into pharmaceuticals. RP could not buy Rorer either in cash or shares due to the following factors: First, RP had limited ability to pay with borrowed cash. The company was more levered than other firms in the industry.Rhone-Poulenc didn’t want to borrow all the cash because it would have affected in a negative way to its balance sheet despite the fact that it borrowed for the cash portion of the deal. Second, Rhone-Poulenc couldn’t pay with internally generated cash because, during the announcement time, RP was a net cash user in connection with its great capital spending requirements and the recession felling on chemicals markets. Third, RP could not pay with debt securities. It is logical that if the company was too highly levered to borrow and pay in cash, it was too highly levered to swap debt securities for shares.Fourth, Rhone-Poulenc could not pay with RP common shares or with cash raised from selling equity. A deal based on shares would not have been approved by old shareholders because the deal would have diluted the value of individual shares and it would have not been profitable because the RP’s management believed the company’s share price was undervalued. Rhone-Poulenc could not offer standard common stock because it didn’t have any, so it had to offer only nonvoting certificate of investment as a state-owned company as it wa s.The form of the deal solved Rhone-Poulenc’s financial problems and it made possible for the firm to generate capital for its human pharmaceutical business and raise equity via obtaining Rorer’s shareholders to remain as minority equity investors in the Rhone-Poulenc Rorer, Inc. It would be natural to RP to want to issue equity for part of the deal but for the reasons mentioned above, it could not do so. 2. Contingent Value Right (CVR) is a type of right given to shareholders of an acquired company that ensures them to receive additional benefit if a specified event occurs.CVRs are handy tools that may help deal makers surmount challenging deal design problems. The use of CVRs is relatively rare, but they are useful when the seller company is seeking protection for the remaining minority shareholders who might be vulnerable to unfair treatment by the acquirer, the seller’s board may be concerned the buyer’s share price may not retain its value if the dea l’s projected synergies are not achieved, the integration is not smooth, or the buyer’s legacy business does not perform as expected.In case of Rhone-Poulenc Rorer, Inc, the shareholders of Rorer received a CVR that enabled them to receive additional gains from the possible shortfall of the future stock price and to persuade the Rorer shareholders to continue as the minority equity investors in the Rhone-Poulenc Rorer, Inc. Rhone-Poulenc could not pay with RP common shares or with cash raised from selling equity. A deal based on shares would not have been approved by old shareholders because the deal would have diluted the value of individual shares and it would have not been profitable because the RP’s management believed the company’s share price was undervalued.Rhone-Poulenc could not offer standard common stock because it didn’t have any, so it had to offer only nonvoting certificate of investment as a state-owned company as it was. Shareholder s selling their Rorer shares to Rhone-Poulenc were paid in three forms. They received totaling $1. 7 billion, shares in Rhone-Poulenc Rorer and CVRs. If, at the end of three years, the RPR share price did not exceed $98, Rhone-Poulenc had to pay CVR holders the difference between the share price and $98, to an upper limit of $46 per CVR.If the RPR share price was below $52 on August 1, 1993, RP would have to pay the CVR holders $1 billion (in FRF over 5 billion). By the end of 1991, the price of the CVR had fallen by 4/5 of its value. Its close at under $1 reflected the good performance of the group. RP took the opportunity to buy all the CVRs it had been offered. During the first year after issue, the group gathered in 20. 7 million CVRs, half the total number issued. 3. The assumption is that RP is not going to use its right to extend the maturity of the CVRs, and they are thus expiring in July 31, 1993.We have used the binomial tree (Exhibit A) to value the CVRs as a put option. The value of a CVR is thus $5. 54, and the aggregate value is $231. 64 million. I have assumed risk-free rate of 8. 20 percent, which is the yield of a 3-year U. S. Treasury note. The standard deviation was given, 18 percent, and we have used it to calculate u and d enabling me to calculate p also. We have used $36. 50 as S(0). Secondly, we have calculated the value of the CVRs in August 1991, assuming this is the date when the case was written. In addition, we are still assuming that RP isn’t going to extend the maturity.We have used almost the same method as above (Exhibit B) and the value of a CVR is $2. 78, and the aggregate value is thus $116. 34 million. Only difference is that we used 0. 172 (=0,18*(SQRT(11/12)) as standard deviation, since there is not full year until maturity. We have used 8. 09 percent as the risk-free rate, which is the yield of a 2-year Treasury note. The share price in August 1, 1991 was $45. 75, which is the value of S(0) in my calculations. As we can see, the value of the CVR is considerably smaller in the latter case, due to the decrease in the time value of the put option. 4. The investor can see the offering quite attractive.This is due to the fact that they now have limited their downside risks with the put option. This means the minority have an effective hedge against the possibility of failure of the upcoming merger. The investors are receiving a cash payment of $49. 13 (or $53. 06 in the case of RP extending the maturity) minus the then prevailing share price or $26. 00. In one hand their shares can gain possible extra value and in the other they have a limit for the possible losses. Rhone-Poulenc managed to entice all the shareholders of the acquired Rorer with its somewhat complicated three-stage transaction.The initial tender offer and giving the rights to control RP’s HPB was attractive enough for Rorer to accept the deal. The Contingent Value Rights gave the minority shareholders the rights they though t were valuable enough to close the deal. Rorer believed that the whole package was indeed worth of $36. 50 per share. Rorer benefited from the announcement of this deal and gained about $632 million in new value. However, RP’s non-voting common shares decreased 4. 4 percent, or $175 million, in value. The fact is, all in all, that RP has a huge liability due to the CVRs.In the worst case scenario, the share price falls below $26. 00 and the liability would thus be ($49. 13 – $26. 00) * 41. 8 million = $966. 83 million, which is the maximum amount of RP’s liability. The maximum liability was perfectly hedged, providing RP a delta neutral position. This is possible through adjusting the ratio of CVRs and RPR equity, in the case of price changes of these CVRs. Extra question RP would prefer the share price to stay higher than $49. 13 until 1993, and $53. 06 until 1994. This is because in these cases RP would not be obliged to pay CVR-holders the cash payments.Thus if the share price would be higher than $49. 13 in the expiration date of the CVRs, RP would not extend the maturity of the Contingent Value Rights. I have calculated the value of the CVRs in case the maturity is extended until 1994. The calculations are in the Exhibit C, and the value of a CVR is thus $5. 57 and the aggregate value is $232. 89 million. In 1993, if the share price is S(uud) = $43. 70, the CVRs’ maturity might be extended, because now there would be a possibility of the share price to increase to $52. 32 and the extension would have been preferable.

Business Studies †Recruitment Essay

The purpose of the recruitment and selection process is to acquire a suitable number of employees with appropriate skills, in order to meet the man power requirements of the organisation. It is in the interests of the firm to achieve this goal at a minimum cost in terms of both time and resources. Businesses use several standard documents in the recruitment process, below are some of the key documentation used by businesses during recruitment. Authority to recruit – Once it is established that there is a need to fill a vacant post, managers need to know whether there is sufficient budget to cover the cost of the vacancy, although McDonalds are a large company they will have budgets for all their costs, this includes having a cash limits on recruiting as each employee costs à ¯Ã‚ ¿Ã‚ ½130 to train, this means authority to fill the post must be given before the recruitment process. Job Descriptions A job description should be created for every job role. This document should set out the overall purpose of the job and the key tasks and responsibilities of the post. Structure and components of a job description Component Function Job Title This should be a short descriptive title that explains the nature of the job, such as customer service assistant or senior team leader. Purpose Usually a one sentence summary of why the role exists: for example, to provide customer service support to retail sales team. Key Tasks These should be specific activities and described clearly using action words: for example, to co-ordinate, calculate and produce sales reports. Scope Of The Role Gives the boundary of responsibility: that is, who the job holder is responsible to, and who they are responsible for. This section should also list any budgetary responsibilities. Special Requirements Specific requirements such as shift r flexible work patterns, travelling requirements, essential languages and professional qualifications. A person specification is not a legal requirement but will be useful when writing a job advertisement and defining the qualities you are looking for in a candidate. Include the knowledge, experience and skills you would like them to have, separating those which are essential for the job from those which are desirable. It’s essential not to discriminate. A person specification describes the requirements a job holder needs to be able to perform the job satisfactorily. These are likely to include: – Education and qualifications – Training and experience – Personal attributes / qualities A job description describes the job; a person specification describes the person needed to do the job. A person specification can, therefore, form the basis for the selection of the most suitable person to fill the job. All job advertisements should be consistent with the job description and the person specification, which should be prepared well in advance before any position is advertised. All advertisements should be worded to attract suitable candidates who match the essential job and person criteria, and should provide a positive public image of the business. A business needs to make sure it attracts a sufficient number of suitably qualified applicants to apply for the job. So it needs to advertise in the right places. One of the key decisions a business like McDonalds needs to make is whether to restrict the job to internal or to invite applications from people outside the company. There are benefits in keeping recruitment in – house: it is cheaper, it can be good for staff morale, and all applicants will already be familiar with the business. However, by looking for external applicants, companies will be able to draw from a much wider pool of talent and, obviously, all businesses need fresh blood at some stage. Below shows the options for advertising vacancies a company like McDonalds may use. Internal Advertisements External Advertisements On Company Notice boards Newspapers – Local Or National In A Company Newsletter Contact with schools, colleges and universities In A Internal Vacancy Bulletin Specialist Magazines On The Premises In he Form Of A Poster Job Centres E-mail To All ( Or Selected ) Staff Internet – Company Website Recruitment Agencies Recruitment Or Job Fairs Radio And Television Advertisements A job advertisement for McDonalds should include * Job title and job description * Title and description of the organisation * Location of the work and any travel involved * Type of person required (qualifications/experience * Pay, conditions, benefits ( to be competitive and make the post appealing ) * How to apply ( such as a complete application form, send in CV and letter of application ) * Timescale (closing date for receipt of applications). The advert could also include other material that might attract a wider net of suitable candidates. For example, it might briefly outline the philosophy of the organisation, its positive attitude to disabled people, or its commitment to family – friendly policies. In general, the advert should be presented so that it captures reader’ attention, arouses interest in the company, creates desire and incites readers to action. A good advertisement will attract prospective candidates but deter those who would be unsuitable to meet the specifications of the job. It is also essential that the job advert conforms with equal opportunities legislation. There are several different methods used by businesses to compile a short list of candidates. Most typically, applicants are asked to return curriculum vitae (CV), a completed application form or a letter of application. Sometimes they are asked to supply two, and occasionally all three, of these different means of job application. These applications are then used to assess the strengths and weaknesses of applicants, which allow the business to draw up a short list to go through to the final stage of the selection process. At this point, there is a further piece of recruitment documentation used within the interview process – a form of recording and assessing the strengths and weaknesses of each candidate during the interview. This is considered as part of an in – depth look at interview techniques. The whole interview process is very important for McDonalds because they want their organisation to attract and recruit the highest calibre people available. Having recruited them it’s crucial that McDonalds then go on to develop and motivate them, meaning they can perform to their highest potential. McDonalds are keen to give recognition to their staff and reward them according, this then motivates them to work harder and achieve more with McDonalds, this is done by giving them a employee discount card, they also give them service awards every 3, 5, 10, 20 years you have stayed with McDonalds, each time they will get something special, such as a holiday trip, more time off work, McDonalds will then hope that this scheme will keep employees on board for many years, as there’s always something else for the employee to achieve, having employees stay longer for McDonalds is also a priority so for them, this is because it saves a lot of money as they don’t have to go through the recruiting and training process, for employees to stay longer they will try to recruit friends or family members of existing employees. Another scheme they use to give recognition and to motivate staff is employee of the month / year awards. This rewards consistent hard workers by giving extended holidays and by also putting their name, picture and McDonalds location on a plaque with other contenders for the award, McDonalds know there are other fast foods stores potential employees could join, so that’s the reason why McDonalds offer competitive pay and benefits to their staff, for instance in the first year alone McDonalds offer 3 pay reviews, so if a member of staff has excelled they will get an pay rise as an incentive to work, added to this they also get a private healthcare and free life assurance after 1 year. At McDonalds the staff can become bored due to the repetitiveness of the work, therefore McDonalds need to ensure that their employees are motivated and there is good morale, otherwise they can potentially suffer of poor performance, as a result poor performance can lose the business a lot of money and may deter customers away from there branch. So to make sure employees are happy with their job McDonalds may consider introducing job rotation to the member of staff if they feel he/she is capable. E.g. more outgoing people are more suited to working on the tills and checking over customers, while less talkative or those who can handle pressure are better suited to working in the kitchen area. Motivating staff isn’t just about incentives, it has much to do with the way employers treat and manage staff. Give your staff Purpose Responsibility Empower staff to carry out decision making within the job role. Delegate control and responsibility to the team leaders or supervisors for managing their team. Goals Provide the staff with clear goals that are both challenging and achievable. Resources Ensure staffs are provided with the resources they need to carry out their work effectively. Support Provide support for to the staff, including training and guidance with open and frank communication. Variety The very spice of life! McDonalds should give there staff some element of variety to avoid boredom in their work. Fairness It’s important the branch manager is seen to be fair respected. Regular talk time Through talking on a regular basis, the manager will soon be alerted to any issues that may affect the staff’s short term performance. Encouragement Encouragement to the staff to put forward their ideas and suggestions are important, as this enables the staff to feel that the managers trust them and their opinions. Maslow’s hierarchy of needs In 1935 Abraham Maslow identified five categories of human needs: * Physiological needs (basic life supporting needs such as food and water) * Needs for safety and security (such as a stable, predictable and ordered environment without fear) * Social needs (such as the need for social interaction; belonging to a family or group) * Needs for recognition and esteem (such as the approval and respect of others; influence an power over others) * Needs for self realisation (in order to develop as a person fulfil one’s potential and achieve one’s goal) Although outdated, it is accurate and there is a lot of comparisons to this and how McDonalds operate, for instance McDonalds will try to recruit friends of the family or relatives because it creates a sense of friendship amongst the workers, furthermore McDonalds take their staff on monthly outings to socialise such as going bowling or to the pub, this allows the staff to get to know each other better hence creating a bond between them all. PEST factors are an important part of the recruitment process and has made the whole process more effective, politically changes in legislation, change in policies, may effect how McDonalds can recruit people, for instance there may be a change in the minimum age if it happened to rise, this means McDonalds would lose a large percentage of their employees and would have to spend a lot of money in hiring and recruiting new staff. Mirroring this the maximum age might increase, allowing McDonalds to take on more experienced workers. There may also be Trade restrictions and tariffs which limit how much the business is able to buy and sell, this may result in a reduction of staff if McDonalds have to lower their trading levels, furthermore McDonalds will have to adjust their recruitment process to the changes of the minimum wage, if this slowly increases then it may result in McDonalds recruiting a lower amount of staff, to make up for the money lost in the wage rise. Economic factor effects the change in employment figures, change in disposable income, changes in lifestyle, for instance if a branch is in an area where the cost of hiving is high, they may have less money to spend on take away food, and opt for cooking at home, which is generally cheaper. Additionally if there is a brand new food store opening close by, McDonalds may face fierce competition from them, because the public in general enjoy trying new things, they may find themselves becoming â€Å"bored† of McDonalds and opt for going to the new store for lunch instead, this can then result if a loss of income for a branch which may result in a cut of staff, however to counteract this McDonalds regularly create new meals, to keep customer interest and provide the public with a verity, for instance recently health has been brought up as a concern for McDonalds with a documentary called â€Å"super size me† highlighting the effect of eating fast food on a regular basis, as a result McDonalds has increased the amount of salad’s and nutritional menu’s, and have scrapped the super size meal. Additionally if Interest rates are increased in a certain area, it may mean result in short shortages, or McDonalds offer a lower basic wage to their staff, however in an area where the average household income is high, McDonalds may have to increase their basic wage to match other stores locally, to attract employees. Social factor effects people’s trends, family, culture, demographics, qualifications, for example if people are looking for healthier food, because McDonalds burgers has been in the media getting stick, its likely people will avoid McDonalds, during this period McDonalds may need to create a menu with more healthier foods such as salad, to help get back the customers, if McDonalds are getting a lower income they may have to cut down on their employee numbers. McDonalds may also look to open a store in an area where there has been a sign of an increase in the Population growth rate; this will not only create jobs for locals, but also be profitable for McDonalds. They will also target area’s where there is a high proportion of their target audience which is generally younger people with a reasonable amount of disposable income. Technological effects the advances in equipment, improved technology, news ways of working, this means when recruiting McDonalds may prefer taking on younger employees as in general they are able to work with and learn how to use computers and more technological equipment better then the older generation are. This technological revolution means a faster exchange of information beneficial for businesses as they can react quickly to changes within their operating environment. Those businesses, which are slow to react, will fall at the first few hurdles. Furthermore The Internet is having a profound impact on the strategy of organisations, no more so than McDonalds. McDonalds use their website to get the message across to their customers that they are healthy, all the nutritional values are available, as well as a section on how to stay healthy, their website is typically designed to attract their target audience. Interview Assessment Form Marking Criteria Mrs Carver Mr Checketts Appearance 8/10 6/10 Attitude 9/10 4/10 Personality 8/10 5/10 Education 8/10 7/10 Experience 10/10 8/10 Career Goals 8/10 4/10 How they handled the stress of the interview 10/10 3/10 Skills 7/10 6/10 Aptitude 9/10 5/10 For the poster to stand out its important that its bright and attractive, rather than using a white background I opted for using an image of the outside of a McDonalds store so people can straight away tell what it is, the big bright M, also grabs the attention of viewers, whilst gives the poster an identity. â€Å"McDonalds Recruiting† is in large Green Font so it stands out, it’s also on a yellow background, otherwise the text would be to hard to read against the image, the details of the job description and location is underneath so applicants are able to apply. Beneath this is two images, one showing the recognisable Ronald McDonald and a member of staff with a smiling customer, this gives the business a good image, as well say showing McDonalds operates around a friendly and cheerful atmosphere. The next image is the writing McDonalds against a scenic background, this stands out as it’s a contrast to the rest of the poster. However it’s effective as it’s attractive and relaxing, which is important, as it’s a generally busy looking poster.