Hamlet (Revenge) Essays (979 words) - Characters In Hamlet

Hamlet (Revenge) Hamlet (Revenge) Revenge. Revenge causes one to act blindly through anger, rather thanthrough reason. It is based on the principle of an eye for an eye, butthis principle is not always an intelligent theory to live by. YoungFortinbras, Laertes, and Hamlet were all looking to avenge the deaths oftheir fathers. They all acted on emotion, and this led to the downfall oftwo, and the rise to power of one. Since the Heads of the three majorfamilies were each murdered, the eldest sons of these families sworevengeance, and two of the three sons died while exacting their acts ofvengeance, revenge is a major theme in the Tragedy of Hamlet. There were three major families in the Tragedy of Hamlet. These were thefamily of King Fortinbras, the family of Polonius, and the family of KingHamlet. The heads of each of these families are all slaughtered within theplay. Fortinbras, King of Norway, was killed by King Hamlet; slain bysword during a man to man battle. "...our valiant Hamlet-for so this side ofour known world esteem'd him-did slay this Fortinbras." This entitled KingHamlet to the land that was possessed by Fortinbras because it was writtenin a seal'd compact. Polonius was an advisor to the King, and father toLaertes and Ophelia. He was nosy and arrogant, and he did not trust hischildren. He was killed by Young Hamlet while he was eves dropping on aconversation between Hamlet and his mother. "How now! A rat? Dead, for aducat, dead!" King Hamlet was the King of Denmark, and Hamlet's father. He had killed King Fortinbras, only to be killed by his brother, Claudius. "...My offense is rank, it smells to heaven; A brother's murder..." Each ofthese events effected the sons of the deceased in the same way, it enragedthem. Every one of the three eldest sons had one thing in common, they allwanted revenge for a slaughtered father. In the time in which this play isset, avenging the murder of a father was part of one's honor, and had to bedone. All of the three sons swore vengeance, and then acted towardsgetting revenge for the deaths of their fathers. Young Fortinbras was deeply enraged by the death of his father, and hewanted revenge against Denmark because of this occurrence. Fortinbraswanted to, by force, regain the lands that had been lost by his father toDenmark. "...Now sir, young Fortinbras...as it doth well appear unto ourstate-but to recover of us, by strong hand and terms compulsative, thoseforesaid lands so by his father lost..." Claudius sends messengers to talkto Fortinbras' uncle, the new King of Norway. He forbid Fortinbras toattack Denmark, and instead convinced him to attack the Poles to vent hisanger. "...His nephew's levies, which to him appear'd to be a preparation'gainst the Polack; But better look'd into, he truly found it was againstyour highness...On Fortinbras; which he, in brief, obeys, receives rebukefrom Norway, and, in fine, makes vow before his uncle never more to givethe assay of arms against your majesty." Laertes found out about his father's death, and immediately returnedhome. He confronted the King and accused him of the murder of his father. Claudius told Laertes that Hamlet was responsible for his father's death. He then decides to kill Hamlet to avenge the death of his father. He andClaudius concoct a plot to kill Hamlet. Hamlet dies of wounds from thepoisoned tipped sword Laertes used. "...Hamlet, thou art slain...Thetreacherous instrument is in thy, unbated and envenom'd..." Hamlet was deeply sorrowed by his father's death. He spoke to a ghost, andthis ghost stated that his father's death was a murder, by the hand of hisuncle, Claudius. "The serpent that did sting thy father's life now wearshis crown." Hamlet was astonished, and then swore vengeance for hisfather's death. He then proceeded to try and prove his uncle's guilt, andthen finally kills him while he himself is dying of poisoned woundsinflicted by Laertes during their duel. "The point envenomed too! Thenvenom, to thy work...Here, thou incestuous, murderous, damned Dane, drink offthis potion,-is thy union here? Follow my mother." This left the Kingdead, and his father's death avenged. The lack of thought used in exacting the revenge led to the deaths of bothLaertes and Hamlet. Laertes planned with Claudius to kill Hamlet with thepoisoned tipped sword, but they had not thought that the sword might beused against them. With Laertes believing the King's accusations thatHamlet had murdered his father, he was in a blind rage, and would notlisten to Hamlet's explanation and apology. "I am satisfied in nature...tomy revenge...I stand aloof...and will no reconcilement...But till that time, I doreceive your offer'd love like love, and will not wrong it.". He

Domestic Violence Treatment Plan Essays

Domestic Violence Treatment Plan Essays Domestic Violence Treatment Plan Essay Domestic Violence Treatment Plan Essay The patient/family will understand the impact and influences those cultural and spiritual traditions, practices, and beliefs have on health and wellness. 1. Discuss the potential role of cultural/spiritual traditions, practices and beliefs in achieving and maintaining health and wellness. Refer to clergy services, traditional healers, or other culturally appropriate resources. 2. Explain that traditional medicines/treatments should be reviewed with the healthcare provider to determine if there are positive or detrimental interactions with prescribed treatment. Explain that the medical treatment plan must be followed as prescribed to be effective. DISEASE PROCESS/CONDITION The patient/family will understand that domestic violence is a chronic and preventable condition involving a specific pattern of behaviors, beliefs, attitudes, and feelings. 1. Explain that domestic violence can become a chronic condition and has its roots in low-self worth, fears of abandonment or being alone, and can be seeded in early childhood or adolescence. Examples can be: real or imagined abandonment by caretakers, witnessing violence within the family, being a victim of abuse or neglect, having a emotionally-unavailable parent (alcoholic or depressed). 2. Explain co-dependency as it relates to domestic violence. Discuss the patient’s and family members’ attitudes toward their dependency. 3. Discuss the patient/family member’s abusive/violent/controlling behavior and/or pattern of victimization. 4. Discuss the role of alcohol and substance abuse as it relates to domestic violence. 5. Explain that the natural course of domestic violence is one of escalation and that without intervention it will not resolve. FOLLOW-UP The patient/family will understand the importance of follow-up and will make a plan to keep follow-up appointments. 1. Discuss the importance of follow-up care. 2. Discuss the procedure for obtaining follow-up appointments. 3. Emphasize that appointments should be kept. 4. Discuss the plan of action for situations that are dangerous or life threatening. INFORMATION AND REFERRAL The patient/family will receive information and referral for alternative or additional services as needed or desired. . Provide the patient/family with alternative or additional sources for care and services. 2. Provide the patient/family with assistance in securing alternative or additional resources as needed. LITERATURE The patient/family will receive literature about domestic violence. 1. Provide the patient/family with literature on domestic violence. 2. Discuss the conten t of the literature. PREVENTION The patient/family will understand risk factors and behaviors that predispose to domestic violence and develop a plan to avoid relationships and situations which may result in domestic violence. . Explain predisposing risk factors for domestic violence, including a pathological need for control, alcohol and/or substance abuse, history of child abuse and/or domestic violence in the family of origin, etc. 2. Explain that environmental stressors, physiologic changes, and illnesses may precipitate violent behavior in persons who are predisposed to violent behaviors. 3. Discuss the progression of domestic violence from verbal/emotional abuse such as shouting and name-calling to physical violence such as shoving to injury and death. Explain that the natural course of domestic violence is one of escalation and that without intervention it will not resolve. 4. Discuss how to identify â€Å"red flag† behaviors in current or potential partners: a. Excessive jealousies and accusations of cheating a. b. Monitoring time and excessive questioning b. Alienation from friends and family c. Verbal abuse (criticizing, name calling) d. Rummaging through personal belongings e. Other excessive controlling behaviors 5. Develop a plan of care to avoid violent relationships. PSY PSYCHOTHERAPY The patient will understand the goals and process of psychotherapy. 1. Review the reason for the initial referral for therapy as part of the care plan. 2. Explain that therapy may include individual, group, psycho-educational /therapeutic, talking circles, or other modalities. 3. Emphasize the importance of keeping all appointments and that full participation and follow-up are critical to treatment success. 4. Emphasize the importance of openness and honesty with the therapist. 5. Discuss issues of safety, confidentiality, and responsibility. . Explain to the patient that the therapist and the patient will establish goals and duration of therapy together. SAFETY The patient, family members, and other victims will understand the pattern of domestic violence will make a plan to end the violence, will develop a plan to ensure safety of everyone in the environment of violence, and will implement that plan as needed. 1. Be sure family members and other victims are aware of shelters and ot her support options available in their area. Make referrals as appropriate. 2. Review co-dependency. . Assist to develop a plan of action that will insure safety of all people in the environment of violence. STRESS MANAGEMENT The patient will understand the role of stress management in domestic violence. 1. Explain that uncontrolled stress often exacerbates domestic violence. 2. Discuss that stress may exacerbate adverse health behaviors such as increased tobacco, alcohol or other substance use, all of which can increase the risk of domestic violence. 3. Emphasize the importance of seeking professional help as needed to reduce stress. 4. Discuss various stress management strategies which may help maintain a healthy lifestyle. Examples may include: a. Becoming aware of your own reactions to stress b. Recognizing and accepting your limits c. Talking with people you trust about your worries or problems d. Setting realistic goals e. Getting enough sleep f. Maintaining a reasonable diet g. Exercising regularly h. Taking vacations i. Practicing meditation, self-hypnosis, and positive imagery j. Practicing physical relaxation methods such as deep breathing or progressive uscular relaxation k. Participating in spiritual or cultural activities 5. Provide referrals as appropriate. TREATMENT The patient/family will understand the co-morbidity of domestic violence with other conditions and the potential long-term interventions which may include psychotherapy, medication, and support groups. 1. Review the nature of domestic violence as a treatable condition. 2. Explain that both the patient and the family need to acknowledge and take responsibility for their respective contributions to the family dysfunction. . Review the treatment options available, including individual and group therapy as well as the potential risk or contraindications of other options, such as family or couples counseling. 3. Discuss the importance of individual or group psychotherapy in: a. addressing co-dependency b. changing negative cognitions/low self esteem c. healing precipitating childhood and adulthood factors of past abuse, neglect, and abandonment d. treating associated conditions, such as depression and posttraumatic stress disorder

The Act of Rent-Seeking Crucially Cost in Late-Developing Countries Essay

The Act of Rent-Seeking Crucially Cost in Late-Developing Countries - Essay Example Rent-seeking as the advance in nature and governments are playing the central roles in facilitating it (Bardhan 2005, pp30-60). Rent seeking occurs today in a situation where a certain organization sets its prices too high without considering the interests of its customers or in a situation where the government forms a legislation favoring a certain group of people. Demonizing of rent-seeking acts is referred to as the measures used to criticize or to show the bad picture of rent-seeking acts. Non-governmental organizations and societies normally do demonize of rent-seeking acts. However, in some instances, government organizations emphasizing in transparency are formulated to regulate on rent-seeking acts. Rent seeking acts are majorly responsible for the development of labor unions and political parties. Morally rent-seeking is unacceptable, and it deprives other people their rights. The unfortunate situation is that countries that are more involved in demonizing rent seeking are e conomically back wise. A perfect example is developing countries that every year is not experiencing a large economic growth and is stagnating economically. While in countries like Britain where rent-seeking got minimal restrictions are more developed. Therefore, in some way demonizing rent seeking has greatly contributed to the sluggish economic growth, in developing countries. In order to draw conclusions regarding this subject, a proper understanding of rent-seeking, economic development, and political economy of rent-seeking is under discussion in this paper. A government restriction on economic activities is a common practice in economies that are market-oriented. The government restrictions result in a series of rents that in most cases attract large completion among concerned parties. Although the competition is legal, rent seeking in some cases takes a different connotation that is illegal in nature.

Team and Team Processes Essay Example | Topics and Well Written Essays - 500 words

Team and Team Processes - Essay Example Every staff in a medical institution regardless of their role should have an ethical responsibility of pointing out errors when they detect one (Grant, 2011). The experience in the case of Nurse B is caused by acts of neglect and imperfection. In the medical field, the level of imperfection should be close to nil to avoid exposing patients to risks. In the work compiled by Marshall (2010), the act of regret in a medical institution may be caused by a fatal of occurrence in the practice. To avoid such scenarios, nurses are called upon to be vigilant in pointing out problem and errors whenever they detect one. According to Grant (2011) nurse should make sure that medical practices are well mitigated from risks. This can be done by reporting any medical change in patients to the appropriate doctor, asking for assistance in case of doubt when administering medical services and following the instructions provided by the doctors almost perfectly (Marshall, 2010). At this point the importan ce of teamwork and processes are important. Each member of a specific team should ensure that every other member of the group is operating on the required and appropriate instructions (Marshall, 2010). Nurse B raised concerns about the responsibility of nurses and their reaction to problems and errors. From the complaints, one could easily argue that some nurses feel not obligated to point out errors committed by the senior staff or the doctors. In creating awareness on this issue, the nurse should be equipped with the responsibility of effectively pointing out an error regardless of the position of the staff involved. This can be done by effectively increasing the level at which doctors and health instructors value the concerns of the nurses. Another intervention may be creating working groups in an institution comprising on one senior staff who could speak n behalf of the other nurses. As seen in the work of Marthaler & Kelly (2010) nurses feel more comfortable to report to a respondent.

The Anti-War Message of In the Lake of the Woods and How I Learned to Essay

The Anti-War Message of In the Lake of the Woods and How I Learned to Sweepp - Essay Example This is because of the manner or style that the both Alvarez and O’Brien applied in expressing their ideas. In terms of style, both authors definitely differ and this can be attributed also to the fact that the historical context of the novel and poem are not the same. In terms of substance, they also have some differences which is again brought about the different social, emotional, and historical context of the characters created. Apparently, the differences stem from the fact that the authors’ involvement in the war that they were protesting against also differed. Nevertheless, each expressed profoundly through their respective literary works their opposition to the war due to bases that they have tackled through the characters they created. In the Lake of the Woods is a story of how one individual had to fight his own personal battles long after the Vietnam War ended. As the writer, O’Brien may well be considered as an authority on the subject because he too was once an infantryman in the said war. He did not only see the bloodshed or understood why these happened; he was very much involved in it. He was not a third party observer; he played an active role. O’Brien, therefore, felt what the rest of the American servicemen experienced while they were fighting a war they believed should not be fought. As his book apparently proves, he was one of the many soldiers who fought a war that he opposes. His opposition to the war though is presented through the perspective of the soldier and not from the vantage point of the anti-war and non-soldier activist that was more popular during the times when the Vietnam War was at its peak. Because of this, O’Brien credibly presents the arguments against the war using psychological and emotional bases. He may have cited the J.W. Appel and G.W. Beebe when he wrote that â€Å"psychiatric casualties are as inevitable as gunshot and shrapnel wounds in warfare.† (O’Brien 27) Howev er, he did so not because he believes that such conclusion is intellectually accurate but because he saw his comrades suffer psychological problems resulting from the war and he himself may have felt the same too. John Wade, the main character in the story, is basically personification of O’Brien’s argument against the war. It must be emphasized though that such argument could be best defended and promoted only when the psychological issues arise, which obviously occurs after the individual goes home from the battlefront; a condition which is often regarded as post-traumatic stress disorder. The conditions surrounding Julia Alvarez are much different to those of O’Brien and her poem How I Learned to Sweep is greatly influenced by these. Alvarez saw the war from the perspective of a non-participant. She found it disgusting not because it directly affects her personally. She did not suffer psychological and emotional issues arising from it but she did see the viol ence and bloodshed that people had to go through for being in the war. While O’Brien felt the horrors that his fellow soldiers went through, Alvarez expressed pity for both the fighters and civilians caught in the war. In the Lake of the Woods is the result of O’Brien’s empathy while Alvarez displayed sympathy in her poem. In the poem, she wrote the lines â€Å"I swept all the harder when/ I watched a dozen of them die.† (Alvarez) Obviously, the poet depicted how she reacted upon the sight of so much death.

Effect of MA Strategy on Shareholder Value

Effect of MA Strategy on Shareholder Value The aim of this project is to examine whether the decision of large UK companies looking to pursue a merger/acquisition strategy will affect shareholder value. The data analyzed in this study will determine if there is a positive or negative correlation in shareholder wealth when a merger/acquisition occurs. The research for this project will be conducted through the analysis of 40 different large UK companies that were merged or acquired by other UK based firms prior to 2002. The data will be obtained from the Bloomberg website. Further research and analysis on the topic will include information obtained from books, journals and reliable internet sources. To test the value of shareholder wealth when a merger/acquisition is pursued, different models will be used which includes Capital Asset Pricing Model, Efficient Capital Markets, Equilibrium Models, and Market Model (Event Studies and Abnormal Returns Methodology). The hypothesis that will be tested in this study is: H0 = If managers of large sized UK companies pursue a merger and acquisition strategy then shareholder wealth (value) will increase. H1 = If managers of large sized UK companies pursue a merger and acquisition strategy then shareholder wealth (value) will remain unchanged or will decrease. The first chapter will give a brief overview of mergers and acquisitions and introduce the reader to recent merger trends in the UK and different types of takeovers. The second chapter will be an in-depth analysis of past research studies which includes: examining different ways a company pays for a bid in a merger, exploring shareholder and managerial wealth perspectives, and analyzing long term post-merger performance of target and bidder firms. Chapter three presents the research methodology used in wealth gain studies and also states the methodology adopted for this dissertation. Chapter four analyzes and discusses the findings in context to wealth gain effects of mergers and acquisitions among the large UK companies chosen for this study. Chapter five concludes this research and highlights possible areas that may require further investigation. EXECUTIVE SUMMARY Mergers and acquisitions have become important events in todays rapidly changing business environment and have been the subject of many research studies. Reasons as to why companies may pursue a merger or acquisition strategy could be to reduce costs to achieve economies of scale or to reduce competition due to increased market power. Mergers and acquisitions have also been known to facilitate entry into new markets or industries and increase the level of effectiveness in a company by eliminating inefficient management. Mergers and acquisitions worldwide have tended to follow a pattern of waves, with there being periods of frantic takeover activity followed by relatively calmer periods. The main objective of financial theory is to maximize shareholder wealth therefore all decisions are taken with the aim of maximizing shareholder value. The purpose of this research is to re-examine the shareholder wealth gain criterion with regards to mergers and acquisitions within the United Kingdom. The objective of this study is to find out if shareholders of large UK companies benefit from the acquisition decisions made by the managers. Past research studies on post-acquisition performance of acquiring and target firms have mixed results. To determine if there is an increase or decrease in shareholder value from corporate takeovers, the Market Model and Event Study Methodology will be used in this study. The hypothesis developed in this study aims to support the argument that mergers and acquisitions are profitable events and lead to an increase in shareholder value. This study however concluded that merger and acquisitions among the large UK organizations chosen did not lead to an increase of shareholder value for both target and bidder firms. These results might not be entirely accurate due to various reasons such as size effects and the firms chosen in this study are from different industries. Other factors such as acquisition financing and acquisition motives also may have an effect on shareholder value however the testing of these factors is outside the scope of the following study. CHAPTER 1: OVERVIEW OF MERGERS AND ACQUISTIONS The following chapter briefly examines the benefits that a merger is expected to generate for both the target firm and the acquiring firm. The historical pattern of takeover activity in the UK from 1964-1992 is discussed to show merger and acquisition (MA) trends and recent MA activity abroad and within the UK will also be highlighted among large UK companies in 2008. In addition, the definition of mergers and acquisitions is provided and the second part of chapter one introduces the reader to different types of mergers used to create value for an organization. 1.1 Benefits to Mergers and Acquisitions Activity The main objective for an acquiring firm is to grow and expand its assets, sales and market shares. Other specific reasons for entering into a merger bid are reflected in the benefits that are expected to be generated which include: Exploiting scale economies Obtain synergy Enter into new markets To restore growth impetus To acquire market power To reduce dependence on existing or perhaps risky activities With the above mentioned benefits to MA activity, it should also be noted that takeovers most likely to succeed are those approached with a strategic focus, incorporating a detailed analysis of the objectives of the takeover, the possible alternatives and how the acquired company can be integrated in the new parent (Pike and Neale). 1.2 Trends in UK Merger Activity There has been an increasing trend of MA activity in the UK over the past few decades, with there being periods of high takeover activity followed by relatively slower periods as can be seen by the graph below. Figure 1.0 History of UK MA Activity Source: National Statistics, 2002 The highest peaks in takeovers are during the period 1984-1989. During this time, the average size of an acquisition had grown significantly from 9.64 million to 20.38 million. As per Sudarsanam (1995) the main reason for this was because the stock market in the UK, along with the harmony with the rest of the world stock markets experienced a strong bull phase which culminated in the October 1987 crash. Furthermore, the 1980s also experienced divestments on a large scale which meant companies would sell off divisions or subsidiaries to other firms of the divested parts in a management buyout. This increase in acquisitions and divestments had shown significant amount of corporate restructuring in the UK and thus led to new organizational innovations such as management buyouts and management buyins, as well as by financial innovations like high-leverage buyouts and mezzanine finance (Sudarsanam, 1995).As can be seen from the graph above, the UK MA market has experienced a relatively le aner period, which has continued till date. The main reasons that can be attributed to this are the various world catastrophes and the overall global economic slowdown. As per the office of National Statistics, the largest significant transaction recorded during the first quarter of 2008 was the acquisition by Imperial Tobacco Group Plc of Altadis S.A. for a press reported value of 9.3 billion. Another significant transaction was the acquisition by Carillion Plc of Alfred McAlpine Plc for a reported value of approximately 0.5 billion. For quarter one in 2008, the number of transactions reported for acquisitions in the UK by UK companies has been the lowest reported since quarter one 2003. Other recent major UK mergers acquisitions (2008) are as follows: Table 1.0 Recent Acquisitions in the UK by UK Companies Company Value in million Carillion Plc acquiring Alfred McAlpine Plc 554 Willmott Dixon Ltd acquiring Inspace Plc 133 easyJet Plc acquiring GB Airways Ltd 104 iimia MitonOptimal Plc acquiring Midas Capital Partners Ltd 100 Source: National Statistics, 2008 Table 2.0 Recent Acquisitions abroad by UK Companies Company Value in million Imperial Tobacco Group Plc acquiring Altadis S.A. 9339 Reckitt Benckiser Group Plc acquiring Adams Respiratory Therapeutics 1100 Scottish and Southern Energy Plc acquiring Airtricity Holdings Ltd 808 SABMiller Plc acquiring Koninklijke Grolsch N.V 606 Ineos Group Ltd acquiring Kerling AS 429 429 Standard Chartered Plc acquiring American Express Bank Ltd 413 Kesa Electricals Plc disposing of BUT SAS 389 Source: National Statistics, 2008 1.3 Definitions and Different Types of Mergers and Acquisitions Although the terms merger, acquisition and takeover are used interchangeably, technical differences do exist. A merger is when corporations come together to combine and share their resources to achieve a common set of objectives (Sudarsanam, 1995). The shareholders of the two combined corporations will continue to be joint owners. An acquisition is when one firm purchases the assets or shares of another firm however the shareholders of the acquired firm continue being owners of that firm. A takeover is the acquisition by one company of the share capital of another in exchange for cash, ordinary shares, loan stock or a combination of these (Pike and Neale). This distinction between the three terms is important in certain contexts however they are used by researchers and authors interchangeably. In the following dissertation, I too will use these three terms interchangeably. There are different types of mergers that exist to create value and are classified into three main categories: horizontal, vertical and conglomerate (Pike and Neale). Horizontal integration: this is when a company takes over the target firm from the same industry and at the same stage of the production process. Vertical integration: where the target is in the same industry as the acquirer however is operating at a different stage in the production process. This can be either close to the source of materials (backward integration) or close to the final customer (forward integration). Conglomerate integration: occurs when the target is in a business that is different to the acquirer. The reasons a firm may undergo a conglomerate merger is to reduce risk through diversification, opportunities for cost reduction and improving internal and external efficiencies. In order to understand whether mergers and acquisitions create or destroy shareholder value, it is important to appreciate and understand few critical aspects of the complex MA theory. The three areas in helping to answer this question with respects to the impact of shareholder value in my opinion are different modes of financing mergers and acquisitions, motives for MA activity and post-merger performance. Various researchers in the finance field have conducted a great amount of research on the above mentioned areas and this dissertation will help put into perspective mergers and acquisitions impact on shareholder value currently in the UK. CHAPTER 2: BACKGROUND OF STUDY Mergers and acquisitions are undertaken as a means of corporate growth and expansion but are also an alternative to growth through internal or organic capital investment. The immediate objective of an acquisition is self-evidently growth and expansion of the acquirers assets, sales and market share (Sudarsanam, 1995). Another objective of acquisitions would be to increase the growth of shareholders wealth aimed at creating a strong competitive advantage for the acquirer. In modern finance theory, shareholder wealth maximization is a strong rational for financing and investment decisions made by management. This leads to the question of wealth gain effects of mergers and acquisitions, specifically among large UK companies. The following chapter introduces various literature regarding wealth gain effects of mergers and acquisitions and highlights the various aspects of mergers and acquisitions which may have an effect on the shareholder value within large UK corporations. 2.1 Modes of Acquisition Financing There are various modes of financing a takeover which includes: cash (preferred method), issuing of ordinary shares and fixed interest securities (loan stock, convertibles, and preference shares). The way in which a merger and acquisition is financed has different benefits to the target shareholders and bidder shareholders. In addition, cash takeovers may be sufficiently different from non-cash acquisitions and failure to distinguish between them may lead to inappropriate generalizations (Carleton et al, 1983). As per Sudarsanam (1995), there are various ways a firm can bid an acquisition, which is shown in Table 3.0. Table 3.0 Bid Financing Bidder Offers Target shareholders receive Cash Cash in exchange for their shares Share Exchange A specified number of bidder s shares for each target share Cash underwritten share offer (vendor placing) Bidders shares, then sell them to a merchant bank for cash Loan stock A loan stock/debenture in exchange for their shares Convertible loan or preferred shares Loan stock or preferred shares convertible into ordinary shares at a predetermined conversion rate over a specified period Deferred payment Part of consideration after a specified period, subject to performance criteria Source: Sudarsanam (1995, p.177) In addition, a bidder making cash offer can finance it from one or more of the following sources (Sudarsanam, 1995): Internal operating cash flow A pre-bid rights issue A cash underwritten offer, e.g. vendor placing or vendor rights A pre-bid loan stock issue Bank Credit A cash offer has two advantages from the point of view to both the target and acquiring shareholders which includes (Pike Neale, 1999): The amount is certain; there is no exposure to the risk of adverse movement in share price during the course of the bid. The targeted shareholder is more easily able to adjust his or her portfolio than if he or she receives shares, which involve dealing costs when sold. Because no new shares are issued, there is no dilution of earnings or change in the balance of control of the bidder. In terms of shares being used as a medium of exchange again there are some advantages to both target as well as acquiring shareholders (Arnold, 2002) which are: For target shareholders use of shares helps avoid capital gains tax. Target shareholders maintain an interest in the combine entity thus helping preserve as well as increase shareholders value. Acquiring shareholders gain from the fact that there is no immediate cash outflow. Nickolaos Travlos (1987) study titled Corporate Takeover Bids, Method of Payment, and Bidding Firms Stock Returns was to examine the role of the method of payment in determining common stock returns of bidding firms at the announcement of takeover bids. The analysis in the study was to show the valuation effects on two common methods of payment which are common stock exchanges and cash offers. The results showed that bidding firms had normal returns in cash offers however experienced significant losses in pure stock exchange acquisitions. Other literature studied by Asquith and Mullins (1986), Kalay and Shimrat (1987), Masulis and Korwar (1986) and Mikkelson and Partch ( 1986) show that common stock issues have negative stock price when there are new common stock offerings. These results were supported by various other studies such as Henri Servaess (1991) study titled Tobins Q and gains from takeovers. Agrawal, Jaffe and Mandelkar (1992) found post-acquisition returns to be lower fo r share-financed acquisitions in comparison to cash-financed acquisitions. They further went on to prove that shareholders of acquiring firms suffered a statistically significant loss of about 10% over the five-year merger period. The bidding firms method of payment provides valuable insight to the market. If the bidding firms managers possess information about the intrinsic value of their firm, independent of the acquisition, which is not fully reflected in the pre-acquisition stock price, they will finance the acquisition in the most profitable way for the existing stockholders (Travlos, 1987). Myers and Majluf (1984) model states that management will prefer cash offerings if they believe their firm is under-valued however a common stock exchange offer will be preferred if they believe their firm is over-valued. In addition, market participants will strongly favor a cash offer as good news while the opposite holds true for a common stock exchange about the bidding firms true value. If such information is important in the market, then the bidding firms stock price change at the proposals announcement will reflect both the gain from the takeover (weighted by the probability that the takeover bid will go throug h) and the information effects (Nickolaos, 1987). Jensen and Ruback (1983) state that most tender offers are financed by cash however merger proposals are financed by the exchange of common stock therefore the information argument states that larger target residuals occur in tender offers rather than in mergers. In their study conducted, they determined that for mergers, the weighted abnormal target firm return is 16.3% over the month before announcement however for tender offers; the weighted target return is 30.9% over the two-month period surrounding the announcement dates. Cash is by far the most widely used form of payment in mergers and acquisitions. There are many reasons as to why there is an increased use of cash in financing mergers. One possible explanation for the increasing use of cash depends on market imperfections and/or agency considerations (Carleton et al, 1983). Another reason for why bidding firms use cash in financing mergers is the increase in the number of hostile mergers. Cash not only signals a high value for the target, but also preempts other firms from bidding (Martin, 1996). These findings were also found in the literature of Eckbo, Giammarino and Heinkel (1990) which include a role for mixed financings in which higher-valued bidders are more likely to use more cash to finance the acquisition. As can be seen from the literature above the mode of payment in an acquisition may be driven by various motives and can have various effects on the bidders and acquirers stock price. This can have a major impact on shareholder value during corporate acquisitions as well as value gain studies. A study by Loughran and Vijh (1997) formed an association between the mode of acquisition (merger and tender offer) and the method of payment (cash or stock). They studied this relationship in the context of wealth gains from acquisitions and concluded that the post-acquisition returns of acquirers are related to both the mode of acquisition as well as form of payment. This was also proved by various other researchers (mentioned above) thus making the method of payment during an acquisition all the more important. Reason being, post-acquisition returns are what tend to effect shareholder value the most therefore the knowledge and distinction of the various modes of financing an acquisition is ve ry relevant and essential. 2.2 Motives for Mergers Acquisitions A Dual Perspective Tender offers allow for an in-depth analysis of agency relationships since the best interests of the principal (target firm shareholders) and agent (target firm managers) are often in conflict. Managers of the target firm are often in conflict of interest between their fiduciary responsibilities to the shareholders and their own personal wealth. For this reason, tender offers allow for the analysis of agency conflicts between shareholders and management of the target firm. According to Sudarsanam (1995) there are two main perspectives for acquisition motives which are: Shareholder wealth maximization perspective Under the shareholder wealth maximization perspective, all firms decisions including acquisitions are made with the objective of maximizing the wealth of the shareholders of the firm. In mergers and acquisitions, management of the target firm will oppose bidding firms to takeover if they believe this action would not be in the best interest of its shareholders. Target managers that oppose a bid defend their reasoning by claiming that the bid price is not adequate enough. Managerial wealth perspective Under the managerial wealth perspective, target managers may face an uneasy choice between obligations to current shareholders and those who aspire to such a position (Walkling and Long, 1984). For many target managers, if they sense a possibility of a loss in compensation from the merger or acquisition, conflict of interest will then increase. If self interest is pursued by target managers, there is a possibility that a bad acquisition may occur and/or a loss of shareholder wealth. According to Sudarsanam (1995), managers may undertake acquisitions for the following reasons: To pursue growth in size of their firm, since their salary, prerequisites, status and power are a function of firm size. (Empire-building syndrome) In order to deploy their currently underused managerial skills. (self-fulfillment motive) To diversify risk and minimize costs of financial distress and bankruptcy. (job security motive) To avoid being taken over. (job security motive) The managerial wealth perspective motive is one of survival. Not only do managers tend to seek motivation from sustained growth but also seek job security. Managers unlike shareholders cannot diversify to spread their risks since they are tied to one company. If that company is acquired, managers have a high probability of losing their jobs. A study conducted by Firth (1991) tests to see if executive reward increases when an acquisition takes place. In a sample of 254 UK takeover offers during 1974-1980 found that the acquisition process leads to an increase in managerial remuneration, and that this is predicated on the increased size of the acquirer and concludes that the evidence is consistent with takeovers being motivated by managers wanting to maximize their own welfare'(Firth, 1991). Agency conflicts arise whenever differing incentives cause managers to take actions that benefit themselves but harm shareholders. In the context of acquisitions, agency conflicts may lead to a reduction in shareholder wealth if managers pursue expansion for nonprofit-maximizing reasons. According to past literature, large target shareholder wealth gains are experienced during the announcement of a takeover and large shareholder wealth losses occur when a takeover bid fails (Jensen and Ruback, 1983). This implies that target management interests are not always achieved by accepting bid offers. In addition, target managers may lose compensation and other perks if they are replaced after a successful bid offer. These findings are also confirmed by Walkling and Long (1984) and Martin and McConnell (1991), all of whom reported above-average managerial turnover after a successful takeover bid. The study findings show that in addition to lost compensation, managerial turnover may also be a ssociated with loss of status. Martin and McConnell (1991) further go on to say that the mergers and acquisitions market plays an important role in controlling the non-value maximizing behavior of managers of large corporations. As shown from the literature above, the shareholder wealth perspective and managerial wealth perspective may conflict with one another. With respects to mergers and acquisitions, the managerial motives and a mangers reaction to a takeover bid may have an impact on the shareholder wealth maximization criterion. The extent to which it would impact shareholder value will be decided by the amount of control managers have within the organization. 2.3 Post Merger Performance Debate (Targets and Bidders) There has been considerable interest in the post merger performance on shareholders returns in the target and bidder firms. Typical findings by researchers show three patterns: (1) target shareholders earn significantly positive abnormal returns from all acquisitions, (2) acquiring shareholders earn little or no abnormal returns from tender offers and (3) acquiring shareholders earn negative abnormal returns from mergers. Overall, the results of post merger performance have been mixed. According to Langetieg (1978) and Asquith (1983), their research concluded that acquired firms experience significantly negative abnormal returns over one to three years after the merger. In the research study conducted by Agrawal, Jaffe and Mandelker (1992) titled The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly found that stockholders of acquiring firms experience a statistically significant wealth loss of approximately 10% over five years after the merger completion date. Research conducted by Franks, Harris and Titman (1991) found that no significant underperformance of stockholders returns exist over a three year period after the acquisition. Franks et al concluded that the previous findings of poor performance post-acquisition were likely to be due to benchmark errors rather than inconsistencies with the Efficient Market Theory (EMH) or mis-pricing at the time of the takeover. Similar results that underperformance of stockholders returns do not exist over a three year period after acquisition is also concluded by Bradley and Jarrell (1988). A few studies have analyzed value gains during merger and acquisitions with respect to various classes of merging firms security holders. A study was carried out by Dennis and McConnell (1986) namely, Corporate Mergers and Security Returns and their results indicated mergers on average to be value creating activities for the acquired and the acquiring company individually. They found by other previous studies that on average common stockholders of acquiring firms earn positive returns but are usually not statistically significant. Their results also indicated that convertible preferred stockholders (of acquiring firm) received positive and statistically significant returns post-merger; however, non-convertible preferred stockholders received positive but not statistically significant returns post-merger. The combination of the above mentioned results lead to an overall increase in the value of the firm therefore presenting us with the reason as to why corporations go ahead with merge rs which do not earn statistically significant returns to common stockholders of the acquiring firms. Research results by Asquith and Kim (1982) also confirm what other investigators found for mergers: abnormal returns to the common stocks of acquired firms are positive and statistically significant; abnormal returns to the common stock of acquiring firms are not significantly different from zero. In the study Do Long-term Shareholders Benefit Corporate Acquisitions? by Loughran and Vijh (1997), found that post acquisition returns of acquirers stock are related to both the form of payment as well as the mode of acquisition. They concluded in the overall sample of 947 cases, acquirers that make merger bids earn, on average, 15.9 percent less than matching firms whereas acquirers that make tender offers earn 43.0 percent more than matching firms during a five-year period after acquisition. In addition, stock acquirers earned 24.2 percent less however cash acquirers earn 18.5 percent more with respects to matching firms. Furthermore, conclusions show that during a five year period following the acquisition, on average, firms t Effect of MA Strategy on Shareholder Value Effect of MA Strategy on Shareholder Value The aim of this project is to examine whether the decision of large UK companies looking to pursue a merger/acquisition strategy will affect shareholder value. The data analyzed in this study will determine if there is a positive or negative correlation in shareholder wealth when a merger/acquisition occurs. The research for this project will be conducted through the analysis of 40 different large UK companies that were merged or acquired by other UK based firms prior to 2002. The data will be obtained from the Bloomberg website. Further research and analysis on the topic will include information obtained from books, journals and reliable internet sources. To test the value of shareholder wealth when a merger/acquisition is pursued, different models will be used which includes Capital Asset Pricing Model, Efficient Capital Markets, Equilibrium Models, and Market Model (Event Studies and Abnormal Returns Methodology). The hypothesis that will be tested in this study is: H0 = If managers of large sized UK companies pursue a merger and acquisition strategy then shareholder wealth (value) will increase. H1 = If managers of large sized UK companies pursue a merger and acquisition strategy then shareholder wealth (value) will remain unchanged or will decrease. The first chapter will give a brief overview of mergers and acquisitions and introduce the reader to recent merger trends in the UK and different types of takeovers. The second chapter will be an in-depth analysis of past research studies which includes: examining different ways a company pays for a bid in a merger, exploring shareholder and managerial wealth perspectives, and analyzing long term post-merger performance of target and bidder firms. Chapter three presents the research methodology used in wealth gain studies and also states the methodology adopted for this dissertation. Chapter four analyzes and discusses the findings in context to wealth gain effects of mergers and acquisitions among the large UK companies chosen for this study. Chapter five concludes this research and highlights possible areas that may require further investigation. EXECUTIVE SUMMARY Mergers and acquisitions have become important events in todays rapidly changing business environment and have been the subject of many research studies. Reasons as to why companies may pursue a merger or acquisition strategy could be to reduce costs to achieve economies of scale or to reduce competition due to increased market power. Mergers and acquisitions have also been known to facilitate entry into new markets or industries and increase the level of effectiveness in a company by eliminating inefficient management. Mergers and acquisitions worldwide have tended to follow a pattern of waves, with there being periods of frantic takeover activity followed by relatively calmer periods. The main objective of financial theory is to maximize shareholder wealth therefore all decisions are taken with the aim of maximizing shareholder value. The purpose of this research is to re-examine the shareholder wealth gain criterion with regards to mergers and acquisitions within the United Kingdom. The objective of this study is to find out if shareholders of large UK companies benefit from the acquisition decisions made by the managers. Past research studies on post-acquisition performance of acquiring and target firms have mixed results. To determine if there is an increase or decrease in shareholder value from corporate takeovers, the Market Model and Event Study Methodology will be used in this study. The hypothesis developed in this study aims to support the argument that mergers and acquisitions are profitable events and lead to an increase in shareholder value. This study however concluded that merger and acquisitions among the large UK organizations chosen did not lead to an increase of shareholder value for both target and bidder firms. These results might not be entirely accurate due to various reasons such as size effects and the firms chosen in this study are from different industries. Other factors such as acquisition financing and acquisition motives also may have an effect on shareholder value however the testing of these factors is outside the scope of the following study. CHAPTER 1: OVERVIEW OF MERGERS AND ACQUISTIONS The following chapter briefly examines the benefits that a merger is expected to generate for both the target firm and the acquiring firm. The historical pattern of takeover activity in the UK from 1964-1992 is discussed to show merger and acquisition (MA) trends and recent MA activity abroad and within the UK will also be highlighted among large UK companies in 2008. In addition, the definition of mergers and acquisitions is provided and the second part of chapter one introduces the reader to different types of mergers used to create value for an organization. 1.1 Benefits to Mergers and Acquisitions Activity The main objective for an acquiring firm is to grow and expand its assets, sales and market shares. Other specific reasons for entering into a merger bid are reflected in the benefits that are expected to be generated which include: Exploiting scale economies Obtain synergy Enter into new markets To restore growth impetus To acquire market power To reduce dependence on existing or perhaps risky activities With the above mentioned benefits to MA activity, it should also be noted that takeovers most likely to succeed are those approached with a strategic focus, incorporating a detailed analysis of the objectives of the takeover, the possible alternatives and how the acquired company can be integrated in the new parent (Pike and Neale). 1.2 Trends in UK Merger Activity There has been an increasing trend of MA activity in the UK over the past few decades, with there being periods of high takeover activity followed by relatively slower periods as can be seen by the graph below. Figure 1.0 History of UK MA Activity Source: National Statistics, 2002 The highest peaks in takeovers are during the period 1984-1989. During this time, the average size of an acquisition had grown significantly from 9.64 million to 20.38 million. As per Sudarsanam (1995) the main reason for this was because the stock market in the UK, along with the harmony with the rest of the world stock markets experienced a strong bull phase which culminated in the October 1987 crash. Furthermore, the 1980s also experienced divestments on a large scale which meant companies would sell off divisions or subsidiaries to other firms of the divested parts in a management buyout. This increase in acquisitions and divestments had shown significant amount of corporate restructuring in the UK and thus led to new organizational innovations such as management buyouts and management buyins, as well as by financial innovations like high-leverage buyouts and mezzanine finance (Sudarsanam, 1995).As can be seen from the graph above, the UK MA market has experienced a relatively le aner period, which has continued till date. The main reasons that can be attributed to this are the various world catastrophes and the overall global economic slowdown. As per the office of National Statistics, the largest significant transaction recorded during the first quarter of 2008 was the acquisition by Imperial Tobacco Group Plc of Altadis S.A. for a press reported value of 9.3 billion. Another significant transaction was the acquisition by Carillion Plc of Alfred McAlpine Plc for a reported value of approximately 0.5 billion. For quarter one in 2008, the number of transactions reported for acquisitions in the UK by UK companies has been the lowest reported since quarter one 2003. Other recent major UK mergers acquisitions (2008) are as follows: Table 1.0 Recent Acquisitions in the UK by UK Companies Company Value in million Carillion Plc acquiring Alfred McAlpine Plc 554 Willmott Dixon Ltd acquiring Inspace Plc 133 easyJet Plc acquiring GB Airways Ltd 104 iimia MitonOptimal Plc acquiring Midas Capital Partners Ltd 100 Source: National Statistics, 2008 Table 2.0 Recent Acquisitions abroad by UK Companies Company Value in million Imperial Tobacco Group Plc acquiring Altadis S.A. 9339 Reckitt Benckiser Group Plc acquiring Adams Respiratory Therapeutics 1100 Scottish and Southern Energy Plc acquiring Airtricity Holdings Ltd 808 SABMiller Plc acquiring Koninklijke Grolsch N.V 606 Ineos Group Ltd acquiring Kerling AS 429 429 Standard Chartered Plc acquiring American Express Bank Ltd 413 Kesa Electricals Plc disposing of BUT SAS 389 Source: National Statistics, 2008 1.3 Definitions and Different Types of Mergers and Acquisitions Although the terms merger, acquisition and takeover are used interchangeably, technical differences do exist. A merger is when corporations come together to combine and share their resources to achieve a common set of objectives (Sudarsanam, 1995). The shareholders of the two combined corporations will continue to be joint owners. An acquisition is when one firm purchases the assets or shares of another firm however the shareholders of the acquired firm continue being owners of that firm. A takeover is the acquisition by one company of the share capital of another in exchange for cash, ordinary shares, loan stock or a combination of these (Pike and Neale). This distinction between the three terms is important in certain contexts however they are used by researchers and authors interchangeably. In the following dissertation, I too will use these three terms interchangeably. There are different types of mergers that exist to create value and are classified into three main categories: horizontal, vertical and conglomerate (Pike and Neale). Horizontal integration: this is when a company takes over the target firm from the same industry and at the same stage of the production process. Vertical integration: where the target is in the same industry as the acquirer however is operating at a different stage in the production process. This can be either close to the source of materials (backward integration) or close to the final customer (forward integration). Conglomerate integration: occurs when the target is in a business that is different to the acquirer. The reasons a firm may undergo a conglomerate merger is to reduce risk through diversification, opportunities for cost reduction and improving internal and external efficiencies. In order to understand whether mergers and acquisitions create or destroy shareholder value, it is important to appreciate and understand few critical aspects of the complex MA theory. The three areas in helping to answer this question with respects to the impact of shareholder value in my opinion are different modes of financing mergers and acquisitions, motives for MA activity and post-merger performance. Various researchers in the finance field have conducted a great amount of research on the above mentioned areas and this dissertation will help put into perspective mergers and acquisitions impact on shareholder value currently in the UK. CHAPTER 2: BACKGROUND OF STUDY Mergers and acquisitions are undertaken as a means of corporate growth and expansion but are also an alternative to growth through internal or organic capital investment. The immediate objective of an acquisition is self-evidently growth and expansion of the acquirers assets, sales and market share (Sudarsanam, 1995). Another objective of acquisitions would be to increase the growth of shareholders wealth aimed at creating a strong competitive advantage for the acquirer. In modern finance theory, shareholder wealth maximization is a strong rational for financing and investment decisions made by management. This leads to the question of wealth gain effects of mergers and acquisitions, specifically among large UK companies. The following chapter introduces various literature regarding wealth gain effects of mergers and acquisitions and highlights the various aspects of mergers and acquisitions which may have an effect on the shareholder value within large UK corporations. 2.1 Modes of Acquisition Financing There are various modes of financing a takeover which includes: cash (preferred method), issuing of ordinary shares and fixed interest securities (loan stock, convertibles, and preference shares). The way in which a merger and acquisition is financed has different benefits to the target shareholders and bidder shareholders. In addition, cash takeovers may be sufficiently different from non-cash acquisitions and failure to distinguish between them may lead to inappropriate generalizations (Carleton et al, 1983). As per Sudarsanam (1995), there are various ways a firm can bid an acquisition, which is shown in Table 3.0. Table 3.0 Bid Financing Bidder Offers Target shareholders receive Cash Cash in exchange for their shares Share Exchange A specified number of bidder s shares for each target share Cash underwritten share offer (vendor placing) Bidders shares, then sell them to a merchant bank for cash Loan stock A loan stock/debenture in exchange for their shares Convertible loan or preferred shares Loan stock or preferred shares convertible into ordinary shares at a predetermined conversion rate over a specified period Deferred payment Part of consideration after a specified period, subject to performance criteria Source: Sudarsanam (1995, p.177) In addition, a bidder making cash offer can finance it from one or more of the following sources (Sudarsanam, 1995): Internal operating cash flow A pre-bid rights issue A cash underwritten offer, e.g. vendor placing or vendor rights A pre-bid loan stock issue Bank Credit A cash offer has two advantages from the point of view to both the target and acquiring shareholders which includes (Pike Neale, 1999): The amount is certain; there is no exposure to the risk of adverse movement in share price during the course of the bid. The targeted shareholder is more easily able to adjust his or her portfolio than if he or she receives shares, which involve dealing costs when sold. Because no new shares are issued, there is no dilution of earnings or change in the balance of control of the bidder. In terms of shares being used as a medium of exchange again there are some advantages to both target as well as acquiring shareholders (Arnold, 2002) which are: For target shareholders use of shares helps avoid capital gains tax. Target shareholders maintain an interest in the combine entity thus helping preserve as well as increase shareholders value. Acquiring shareholders gain from the fact that there is no immediate cash outflow. Nickolaos Travlos (1987) study titled Corporate Takeover Bids, Method of Payment, and Bidding Firms Stock Returns was to examine the role of the method of payment in determining common stock returns of bidding firms at the announcement of takeover bids. The analysis in the study was to show the valuation effects on two common methods of payment which are common stock exchanges and cash offers. The results showed that bidding firms had normal returns in cash offers however experienced significant losses in pure stock exchange acquisitions. Other literature studied by Asquith and Mullins (1986), Kalay and Shimrat (1987), Masulis and Korwar (1986) and Mikkelson and Partch ( 1986) show that common stock issues have negative stock price when there are new common stock offerings. These results were supported by various other studies such as Henri Servaess (1991) study titled Tobins Q and gains from takeovers. Agrawal, Jaffe and Mandelkar (1992) found post-acquisition returns to be lower fo r share-financed acquisitions in comparison to cash-financed acquisitions. They further went on to prove that shareholders of acquiring firms suffered a statistically significant loss of about 10% over the five-year merger period. The bidding firms method of payment provides valuable insight to the market. If the bidding firms managers possess information about the intrinsic value of their firm, independent of the acquisition, which is not fully reflected in the pre-acquisition stock price, they will finance the acquisition in the most profitable way for the existing stockholders (Travlos, 1987). Myers and Majluf (1984) model states that management will prefer cash offerings if they believe their firm is under-valued however a common stock exchange offer will be preferred if they believe their firm is over-valued. In addition, market participants will strongly favor a cash offer as good news while the opposite holds true for a common stock exchange about the bidding firms true value. If such information is important in the market, then the bidding firms stock price change at the proposals announcement will reflect both the gain from the takeover (weighted by the probability that the takeover bid will go throug h) and the information effects (Nickolaos, 1987). Jensen and Ruback (1983) state that most tender offers are financed by cash however merger proposals are financed by the exchange of common stock therefore the information argument states that larger target residuals occur in tender offers rather than in mergers. In their study conducted, they determined that for mergers, the weighted abnormal target firm return is 16.3% over the month before announcement however for tender offers; the weighted target return is 30.9% over the two-month period surrounding the announcement dates. Cash is by far the most widely used form of payment in mergers and acquisitions. There are many reasons as to why there is an increased use of cash in financing mergers. One possible explanation for the increasing use of cash depends on market imperfections and/or agency considerations (Carleton et al, 1983). Another reason for why bidding firms use cash in financing mergers is the increase in the number of hostile mergers. Cash not only signals a high value for the target, but also preempts other firms from bidding (Martin, 1996). These findings were also found in the literature of Eckbo, Giammarino and Heinkel (1990) which include a role for mixed financings in which higher-valued bidders are more likely to use more cash to finance the acquisition. As can be seen from the literature above the mode of payment in an acquisition may be driven by various motives and can have various effects on the bidders and acquirers stock price. This can have a major impact on shareholder value during corporate acquisitions as well as value gain studies. A study by Loughran and Vijh (1997) formed an association between the mode of acquisition (merger and tender offer) and the method of payment (cash or stock). They studied this relationship in the context of wealth gains from acquisitions and concluded that the post-acquisition returns of acquirers are related to both the mode of acquisition as well as form of payment. This was also proved by various other researchers (mentioned above) thus making the method of payment during an acquisition all the more important. Reason being, post-acquisition returns are what tend to effect shareholder value the most therefore the knowledge and distinction of the various modes of financing an acquisition is ve ry relevant and essential. 2.2 Motives for Mergers Acquisitions A Dual Perspective Tender offers allow for an in-depth analysis of agency relationships since the best interests of the principal (target firm shareholders) and agent (target firm managers) are often in conflict. Managers of the target firm are often in conflict of interest between their fiduciary responsibilities to the shareholders and their own personal wealth. For this reason, tender offers allow for the analysis of agency conflicts between shareholders and management of the target firm. According to Sudarsanam (1995) there are two main perspectives for acquisition motives which are: Shareholder wealth maximization perspective Under the shareholder wealth maximization perspective, all firms decisions including acquisitions are made with the objective of maximizing the wealth of the shareholders of the firm. In mergers and acquisitions, management of the target firm will oppose bidding firms to takeover if they believe this action would not be in the best interest of its shareholders. Target managers that oppose a bid defend their reasoning by claiming that the bid price is not adequate enough. Managerial wealth perspective Under the managerial wealth perspective, target managers may face an uneasy choice between obligations to current shareholders and those who aspire to such a position (Walkling and Long, 1984). For many target managers, if they sense a possibility of a loss in compensation from the merger or acquisition, conflict of interest will then increase. If self interest is pursued by target managers, there is a possibility that a bad acquisition may occur and/or a loss of shareholder wealth. According to Sudarsanam (1995), managers may undertake acquisitions for the following reasons: To pursue growth in size of their firm, since their salary, prerequisites, status and power are a function of firm size. (Empire-building syndrome) In order to deploy their currently underused managerial skills. (self-fulfillment motive) To diversify risk and minimize costs of financial distress and bankruptcy. (job security motive) To avoid being taken over. (job security motive) The managerial wealth perspective motive is one of survival. Not only do managers tend to seek motivation from sustained growth but also seek job security. Managers unlike shareholders cannot diversify to spread their risks since they are tied to one company. If that company is acquired, managers have a high probability of losing their jobs. A study conducted by Firth (1991) tests to see if executive reward increases when an acquisition takes place. In a sample of 254 UK takeover offers during 1974-1980 found that the acquisition process leads to an increase in managerial remuneration, and that this is predicated on the increased size of the acquirer and concludes that the evidence is consistent with takeovers being motivated by managers wanting to maximize their own welfare'(Firth, 1991). Agency conflicts arise whenever differing incentives cause managers to take actions that benefit themselves but harm shareholders. In the context of acquisitions, agency conflicts may lead to a reduction in shareholder wealth if managers pursue expansion for nonprofit-maximizing reasons. According to past literature, large target shareholder wealth gains are experienced during the announcement of a takeover and large shareholder wealth losses occur when a takeover bid fails (Jensen and Ruback, 1983). This implies that target management interests are not always achieved by accepting bid offers. In addition, target managers may lose compensation and other perks if they are replaced after a successful bid offer. These findings are also confirmed by Walkling and Long (1984) and Martin and McConnell (1991), all of whom reported above-average managerial turnover after a successful takeover bid. The study findings show that in addition to lost compensation, managerial turnover may also be a ssociated with loss of status. Martin and McConnell (1991) further go on to say that the mergers and acquisitions market plays an important role in controlling the non-value maximizing behavior of managers of large corporations. As shown from the literature above, the shareholder wealth perspective and managerial wealth perspective may conflict with one another. With respects to mergers and acquisitions, the managerial motives and a mangers reaction to a takeover bid may have an impact on the shareholder wealth maximization criterion. The extent to which it would impact shareholder value will be decided by the amount of control managers have within the organization. 2.3 Post Merger Performance Debate (Targets and Bidders) There has been considerable interest in the post merger performance on shareholders returns in the target and bidder firms. Typical findings by researchers show three patterns: (1) target shareholders earn significantly positive abnormal returns from all acquisitions, (2) acquiring shareholders earn little or no abnormal returns from tender offers and (3) acquiring shareholders earn negative abnormal returns from mergers. Overall, the results of post merger performance have been mixed. According to Langetieg (1978) and Asquith (1983), their research concluded that acquired firms experience significantly negative abnormal returns over one to three years after the merger. In the research study conducted by Agrawal, Jaffe and Mandelker (1992) titled The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly found that stockholders of acquiring firms experience a statistically significant wealth loss of approximately 10% over five years after the merger completion date. Research conducted by Franks, Harris and Titman (1991) found that no significant underperformance of stockholders returns exist over a three year period after the acquisition. Franks et al concluded that the previous findings of poor performance post-acquisition were likely to be due to benchmark errors rather than inconsistencies with the Efficient Market Theory (EMH) or mis-pricing at the time of the takeover. Similar results that underperformance of stockholders returns do not exist over a three year period after acquisition is also concluded by Bradley and Jarrell (1988). A few studies have analyzed value gains during merger and acquisitions with respect to various classes of merging firms security holders. A study was carried out by Dennis and McConnell (1986) namely, Corporate Mergers and Security Returns and their results indicated mergers on average to be value creating activities for the acquired and the acquiring company individually. They found by other previous studies that on average common stockholders of acquiring firms earn positive returns but are usually not statistically significant. Their results also indicated that convertible preferred stockholders (of acquiring firm) received positive and statistically significant returns post-merger; however, non-convertible preferred stockholders received positive but not statistically significant returns post-merger. The combination of the above mentioned results lead to an overall increase in the value of the firm therefore presenting us with the reason as to why corporations go ahead with merge rs which do not earn statistically significant returns to common stockholders of the acquiring firms. Research results by Asquith and Kim (1982) also confirm what other investigators found for mergers: abnormal returns to the common stocks of acquired firms are positive and statistically significant; abnormal returns to the common stock of acquiring firms are not significantly different from zero. In the study Do Long-term Shareholders Benefit Corporate Acquisitions? by Loughran and Vijh (1997), found that post acquisition returns of acquirers stock are related to both the form of payment as well as the mode of acquisition. They concluded in the overall sample of 947 cases, acquirers that make merger bids earn, on average, 15.9 percent less than matching firms whereas acquirers that make tender offers earn 43.0 percent more than matching firms during a five-year period after acquisition. In addition, stock acquirers earned 24.2 percent less however cash acquirers earn 18.5 percent more with respects to matching firms. Furthermore, conclusions show that during a five year period following the acquisition, on average, firms t

Civilian Conservation Corps and the Great Depression Essay -- American

Civilian Conservation Corps and the Great Depression â€Å" Our greatest task is to put people to work. This is no unsolvable problem if we face it wisely and courageously. It can be accomplished in part by direct recruiting by the government itself, treating the task as we would threat the emergency of war, but at the same time, through this employment, accomplishing greatly needed projects to stimulate and recognize the use of our national resources.† Franklin D. Roosevelt March 4, 1933 Franklin Delano Roosevelt indeed turned the lives of many young male Americans around. During a time when our economy was in the greatest depression in U.S. history, he gave them hope and a light at the end of the tunnel by providing them with a more stable lifestyle than was available anywhere else. Many people lost their jobs as factories and businesses closed, and the job opportunities for male youths were nonexistent. At first, people believed it was a disgrace to accept public assistance, but the Great Depression changed that attitude. Both public and private programs tried to help those who had no money. The Civilian Conservation Corps (CCC) may be one of the greatest contributions to American citizens during this time of need. The Civilian Conservation Corps was created by President Franklin D. Roosevelt to create jobs after the depression. In 1932, as governor of New York, he introduced the idea of using 10,000 men who were on public relief to plant trees. During his 1932 Democratic Party presidential nomination acceptance speech, he proposed giving employment to a million men in forestry across the nation. The proposed CCC would take two-hundred and fifty thousand unemployed young men to work on federal and state owned lan... ... still surviving. CCC alumni have donated many of the photographs and artifacts depicting their day-to-day life and accomplishments to the Civilian Conservation Corps Museum in Grayling, MI. Roosevelt’s project truly made an impact on many American lives and helped to turn the economy around during one of our country’s lowest points. Works Cited â€Å"Civilian Conservation Corps Museum.† www.sos.state.mi.us/history/museum/museccc/index.html. Michigan Historical Center, Michigan Department of State. 26 April 2000 Moyryla, Uno B. Personal Interview. 20 April 2000. Pictorial Review: Fort Brady District, Company 3613. 1940 ed. Wetmore, MI. Rosentreter, Roger L. â€Å"Roosevelt’s Tree Army: The Civilian Conservation Corps in Michigan.† Michigan History Magazine May/June 1986: 14-23. Smith, Clyde. â€Å"Youth Needed Corps Jobs Badly.† The Daily Mining Gazette.

Health Assessment and Health Promotion Plan Essay

Abstract Constipation is a common condition that affects people of all ages. It may be described as a variation in an individual’s normal bowel habit with discomfort and diminished quality of life. Medical assessment is required as the underlying cause may be due to a serious medical condition. Managing patients with constipation presents many challenges to the health care professional, not only overcoming communication barriers associated with bowel habits but also because there is no universally accepted definition. Constipation is usually multifactorial, often with complicated underlying patho-physiology and it can be influenced by physical, psychological, physiological, emotional and environmental factors. Chronic constipation is one of the most common lower gastrointestinal disorders affecting people in America and is a key health concern for healthcare providers. This is mainly accurate for patients in high-risk groups such as the elderly, patients suffering from immobility, neurologically impaired patients and those with multiple health-care needs, as well as and those admitted to the hospital or residing in a healthcare facility. Unfortunately, constipation may be regarded as less important than other conditions commonly seen in general practice. Constipation has cost implications in terms of medications, containment equipment and nursing time. The following paper will investigate a patient suffering from constipation while developing a better understanding and approach of management for such ailment. Health Assessment and Promotion Plan Mrs. Burns a 64 years old female presents with chief complaint of being â€Å"constipated†. She states she has a bowel movement about every 3 to 4 days, feels the need to strain at defecation and her stools are hard and painful to excrete. She also has stated having frequent headaches, fatigue, a feeling of bloatedness and loss of appetite. As mention in the book, â€Å"Physical Examination and Health Assessment† by Jarvis, the aging adult frequently reports constipation signs and symptoms, such as reduced stool frequency (less than 3 bowel movements per week), and other common and troubling associated symptoms like straining, lumpy or hard stool, feeling of incomplete evacuation, feeling of anorectal blockage and use of manual maneuvers. Common causes of constipation include decrease in physical activity, inadequate intake of water, a low-fiber diet, side effects of medications (opioids, tricyclic antidepressants, and antacids), irritable bowel syndrome, bowel obstruct ion, hypothyroidism, and inadequate toilet facilities. Upon obtaining subjective data it was found that Mrs. Burns lives by herself after the death of her husband 6 months ago. She states no longer being able to eat as she used to when her husband was still alive and she cooked every day; now she usually eats by herself. She stated she has lost over 20 lbs. since her husband’s dead. She also reported usually feeling lonely and very sad. Client also stated her usual meals of the day include breakfast starting with a cup of coffee and a slice of toast, lunch is usually eaten between 1 and 2 pm and include can soup or a tuna sandwich if she feels hungry and for dinner tea. Anorexia is a loss of appetite, and the purpose for obtaining information about signs and symptoms of anorexia is vital to prevent the dangerous psychological and behavioral effects on all aspects of an individual’s life. The individual can become seriously underweight, irritable and easily upset which can lead to depression and social withdrawal. Anorexia can also affect sleep and lead to fatigue during the day, as well as decrease attention and concentration (Prynn, 2011). Mrs. Burns does not often consume fruits and vegetables or other additional source fiber. She does not like the taste of water, so is very rare for her to consume it. She states not having trouble chewing, swallowing, or feeling nauseous or vomiting, but she likes to take naps after eating. Mrs. Burns also reported having signs and symptoms of abdominal pain located in the right and left lower quadrants of the stomach. The pain usually starts after the third day of constipation, which she describes as cramping (colic type) and usually relieved after she ambulates or has a bowel movement. Mrs. Burns describes her bowel habits as changed from going on a daily basis to only having a bowel movement every 3 to 4 days with a hard consistency. In her past abdominal history she reports not ever having an abdominal surgery. She brought an abdominal x-ray report, which concludes fecal matter to be present. She reports her list of medications including calcium, iron supplements and antacids, which she takes on a daily basis. The patient reports that being constipated all the time makes it really difficult for her to have a normal life. She reports her coping mechanisms as taking over-the-counter preparations especially laxatives, the use of digital stimulation and taking ibuprofen as necessary to relieve the pain when food or ambulation are not effective. A throughout functional assessment was performed and found that Mrs. Burns is able to ambulate, perform activities of daily living, including instrumental activities of daily living and has no problems with mobility. In the other hand, she has reported that she used to be much more active while her husband was alive and remembers walking the park for at least 20 minutes three times per week. Upon physical examination the following anthropometric measures and vital signs were obtained: Height: 162 cm (5†²4†²Ã¢â‚¬ ²), Weight: 65 kg (143 lbs.), Temperature: 36.2 °C (97.2 °F), Pulse: 82 BPM, Respirations: 20/minute, Blood pressure: 128/74 mm Hg, Active bowel sounds in all four quadrants and abdomen slightly distended without pain or tenderness at the present time. Gait and posture are normal for a patient of her age. There are no complaints related to lower back symptoms, perineal area observed free of any abnormalities or redness, perineal movement and anal sphincter squeeze noted with moderate muscle coordination. Digital rectal examination performed: hard fecal material noted, anal sphincter tone was normal, no rectal prolapse, no hemorrhoids, and no skin tags or anal lesions were noted. Labs results for hemoglobin, 11.8 and urinalysis, negative. Effective assessment provides nurses with the relevant information on which advice, interventions and management can be planned. In addition, it contributes to the path of outcomes measured and evaluation of care. Assessing patients with constipation presents many challenges to the health professional, not only by overcoming communication barriers associated with bowel habits and the embarrassment associated with an intimate rectal examination, but also because constipation may not result from a single straightforward cause. The subjective nature of constipation adds to the difficulty of the assessment, especially as nurses tend to use the objective measurement of bowel frequency rather than using a subjective symptom tool (Kyle, 2011). Assessment is based on a consideration of all the possible causes, while particularly assuring that it is not caused by an underlying undiagnosed medical condition. The aim of assessment is to establish a symptom profile in order to plan individualized bowel care. The main goal of treatment and management for constipation is prevention and relief. Establishing an ideal bowel action should prevent recurrence. Therefore, effective assessment provides nurses with the information on which advice and interventions of management can be planned effectively. Establishing a symptom proï ¬ le assist in identifying the most likely causes for the bowel symptoms based in the context of a more relevant medical/surgical/obstetric history and functional ability. Three main components have been identified as part of the plan of care developed for Mrs. Burns’ current chief complaint. These primary components include: the implementation of an exercise routine, as well as a dietary regimen that will include more ï ¬â€šuids and ï ¬ ber. This is better known as lifestyle advice or step one of a stepped approach to bowel care, which is often recommended for promoting a healthy bowel and is still considered the ï ¬ rst-line treatment for constipation (Kyle, 2010). The implementation of this approached will be monitor by a dietitian, along with the nurses who will provide Mrs. Burns with dietary education and lifestyle modification strategies. In addition, other very important components will be included as well. Mrs. Burns will have a psychological consult as she is at risk for depression as evidenced by her husband’s recent death and feelings of loneliness and sadness. Nurses should develop a more proactive and evidence-based approach to the prevention of constipation rather than continuing with the existing reactive response to this distressing symptom. Such an approach is dependent primarily on improving the education and the skill-base of nursing and those with whom they work. Finally, further research and discussions will add to the knowledge framework of such a significant condition, since so many complications are rooted from unhealthy digestive systems. References Jarvis, C. (2012). Physical Examination. (6th edition ed.). St. Louis: W B Saunders Co. Kyle, G. (2011). Risk assessment and management tools for constipation. British Journal of Community Nursing,16(5), 224-230. Kyle, G. (2010). Considering the options for treating constipation. Practice Nursing, 21(3), 124. Prynn, P. (2011). Managing adult constipation. Practice Nurse, 41(17), 23-28.

Investigation Into The Rate of Water Uptake By Transpiration Essays

Investigation Into The Rate of Water Uptake By Transpiration Essays Investigation Into The Rate of Water Uptake By Transpiration Essay Investigation Into The Rate of Water Uptake By Transpiration Essay The rate of water uptake in a plant is directly proportional to the surface area of the leaves on the plant. As the surface area is reduced, the time taken for the water to travel up the stem over the same distance will increase.Background Knowledge:Plants add a considerable volume of moisture to the atmosphere. After absorbing water through their roots, the water travels up the stem to the leaves where over 99% of the absorbed water is lost through the leaves by a process named transpiration. The Sun provides the energy required to turn the water in the leaves into a vapour, causing it to diffuse out of the plant and into the atmosphere. Water evaporates from the leaves and causes a force that pulls the water up the stem. The water travels through the vessels in the vascular bundles and this flow of water is called the transpiration stream.Vascular tissue is made up of xylem and phloem. These tissues are concerned with the translocation (transport) of water a nd nutrients around the plant. Xylem carries mainly water and mineral salts, whereas phloem carries mainly organic solutes in solution, for example sugars. As the vascular tissue forms a transport system around the plant, a large, complex body will develop.Xylem fibres are thought to have originated from tracheids (single cells that are elongated and lignified), however they are shorter and narrower than tracheids. Overlapping walls are present at the end of the xylem. Phloem resemble xylem as they also have a tubular structure that is modified for translocation. The tubes are composed of living cells, and there are five different cell types: sieve tube elements, companion cells, parenchyma, fibres and schlerids.See Figure 1a that shows how phloem and xylem play an important role in transpiration. Figure 1b shows how gaseous exchange occurs in leaves..Transpiration is the evaporation of water from leaves; therefore any change that increases or reduces evaporation will have the same effect on transpiration. The following variables can affect the rate of transpiration.Light intensity Light itself does not directly affect transpiration, but in daylight the stomata of the leaves are open. This allows the water vapour in the leaves to diffuse out of the plant into the atmosphere. At night, when the stomata are closed, transpiration rates are greatly reduced. Generally, transpiration speeds up when the light intensity increases as the stomata respond to changes in the light intensity.Humidity If the air is very humid it can accept very little from the plants and therefore transpiration slows down. In dry air, the diffusion of water vapour from the leaf to the atmosphere will be rapid.Temperature Warm air can hold more water than cool air. Thus, transpiration will take place more rapidly in warm air. When the sun shines on the leaves, they will absorb heat as well as light. This warms them up and increases the rate of transpiration.Air movements In still air, the region surrounding a transpiring leaf will become saturated with water vapour so that no more can escape from the leaf. In these conditions, transpiration will slow down. In moving air, the water vapour will be swept away from the leaf as fast as it diffuses out. This will increase the rate of transpiration.Leaf surface area A reduction in leaf surface area will reduce the rate of transpiration, as there will be a smaller distribution of stomatal pores.Cuticle The thinner the leaf cuticle layer, the greater the rate of cuticular transpiration. The upper surface of dicotyledonous leaves generally has a thicker cuticle compared with the lower layer. Thick, waxy cuticles can virtually eliminate cuticular transpiration and the shine reflects solar radiation.Stomata The greater the number of stomata per unit area, the greater the rate of transpiration. Plants showing xeromorphic adaptations usually have reduced numbers of stomata. In dicotyledonous plants, the lower leaf surface usua lly possesses more stomata than the upper surface.In order to make this a fair experiment, the following precautions need to be taken. My experiment will be conducted inside a science lab at school, away from the windows. The light intensity should not change during the experiment. The humidity of the air will not change within the laboratory. There is a thermostat located within the laboratories, and therefore the temperature should remain constant. There is an air conditioning unit installed in order to control the temperature, but it should not affect my experiment. I am unable to change the thickness of the cuticle, but I will use the same plant for each attempt. I will also not be able to change the number of stomata present on the leafs surface; therefore I will assume that there will be an equal spread of stomata over each and every surface.All of these are factors that may affect the experiment, but hopefully I will be able to conduct a fair test.Plan:For this experiment I w ill be using a simple potometer (from pot meaning drink and meter meaning measure) to measure the rate of water uptake in a plant, and how this rate is affected by leaf surface area.Apparatus:1. Privet plant (used as it has many leaves that may be easily counted and that are about the same size)2. Capillary tubing with water used as a meniscus scale (each mm on the scale is equivalent to 1mm? of water I will use 50mm)3. Beaker of water4. Stand (this will help to support the plant)5. Stop clock (showing minutes, seconds and 1/10th second)See Figure 2 that shows how I will set up the apparatus. It must be secure on the tabletop. This is so that it is not dangerous in any way to anyone else.Method:1. I will cut a privet plant underwater about 3cm up the stem. This will remove any blockages in the xylem from when the plant was cut previously. The xylem must not be crushed, so the plant will be cut at an angle with a sharp blade. The plant will be cut underwater to prevent any air bubbl es getting into the xylem, as this may affect the final results.2. I will submerge the capillary tube in the same water bowl. It will be attached to the plant, making sure no air bubbles are inside. I must make sure the open end of the capillary tube is also underwater so that all of the apparatus can be lifted out.3. This will make sure that the whole system is completely airtight. When the plant transpires, water will be pulled along the tubing. I will allow the apparatus to equilibrate for about 5 minutes.4. I am going to introduce an air bubble into the system. Holding the tubing out of the water for a minute can do this.5. I will make sure the bubble starts at the correct place on the scale, and time how long it takes for the bubble to move 50mm. This can be achieved by allowing the bubble to pass from no.1 to no.5 on the scale. Afterwards I will move the bubble back with the water.6. I will note the times in the table.7. I am going to repeat each attempt three times. This shou ld give me enough readings to be able to calculate the mean average if need be. Each measurement will be taken from the same point of the bubble.Figure 3 shows how I am going to make sure the bubble is at the correct place on the scale. The bubble can be moved backwards by opening the tap from the reservoir and allowing more water in.8. Ten leaves will be removed and the surface area of the leaves calculated. The test will be repeated again. Each time I will remove ten leaves, and the last test I conduct will have only ten leaves on the plant.9. I will be conducting a practice experiment, with just one reading for each set of leaves that I remove. This will appear in my results as 1st attempt.10. Three other readings will be taken with another branch of the same privet plant. It is the surface area of this second branch that I will record. The surface area will be used to compare how the rate of uptake will change against the number of leaves I will be removing.Safety Procedures:* I will not be using any hazardous substances, but I must be careful not to spill any water on the workbench.* The sharp blade must be used with care, as it is very sharp and fingers can be cut easily. When they are not being used, the blades must be kept inside their box so that other people will not hurt themselves if they are left lying around.* I will not break any branches off the privet hedge that I will not be using for the experiment. This means that I will not be disturbing any organisms unnecessarily that live on the plant.* The apparatus must be positioned steadily on the surface. It is quite bulky, and I must be careful not to knock it over and spill the water.Predictions:I predict that if the surface area of the plants leaves is reduced the rate of uptake will slow down. This is because the number of stomata will be reduced, and transpiration rates will be reduced. I predict that the rate will decrease in proportion to the number of leaves removed, for example if the numb er of leaves is reduced by 50%, the rate of uptake will be reduced by 50%. The rate of transpiration is directly proportional to the surface area of the leaves on the plant. This is assuming that all other variables will remain constant. I am assuming that there will be an equal distribution of stomata on all of the leaves, and also that the surface area of each set of 10 leaves I remove will be approximately the same. For example, each set may have a combined surface area of 50 cm?.See Figure 4 that shows how I predict the rate of uptake will change. As I am unsure of the rate at present, I have left the axis unlabelled and shown only the general trend.Method:This was carried out as stated earlier, with no changes made to the original plan. The first attempt was carried out on a different branch to the other three attempts. This was to test the experiment, and it also gave me an approximate time of the whole experiment.Results:Time of Water Uptake (seconds)Number of Leaves1st Attem pt2nd Attempt3rd Attempt4th Attempt1003623753673849042342743448580409423423409703754634234716045848548049750505561543609404046945746843040978160970420704892704735101612962862943I choose to display the rate of water uptake (mm/second) rather than the time taken to travel 50mm as this gave a more accurate indication of how quickly the bubble travelled:50mm = Rate in mm/secondTime taken (s)Rate of Water Uptake (mm/second)Number of Leaves1st Attempt2nd Attempt3rd Attempt4th Attempt1000.1380.1330.1360.130900.1180.1170.1150.103800.1220.1180.1180.122700.1330.1070.1180.106600.1090.1030.1040.101500.0990.0890.0920.082400.1240.0720.0870.073300.1220.0640.0820.071200.0710.0560.0710.068100.0310.0520.0580.053I have plotted the results graph in a conventional way, with the number of leaves starting at 10 and leading up to 100. Although I carried out the experiment from 100 downwards, it seemed logical to plot the results the other way around. This shows the pattern clearly. I did carry out an exper iment for 0 leaves, but the rate was too slow, and it is for this reason that I have not displayed the results I found.Figure 5 shows the results. The rates are shown, as these are easily comparable numbers to work with. They give a more accurate view of how quickly the bubble travelled over 50mm.It is clear from the graph that there is an increase in the time taken as the number of leaves decreases. The rate slows down, and the bubble travels more slowly. This is due to the decreasing rate of transpiration. As the number of leaves decreases, the numbers of stomata decrease and the rate of transpiration slows down. As the transpiration rate slows down, the rate of uptake is slowed down to prevent further water loss.Conclusion:My results show that the rate of uptake slowed down as more leaves were removed, and as the surface area of the plant decreased.The first attempt proved very useful, as I did not anticipate that the air-conditioning unit would affect my results as much as it di d. The graph that I drew with the rates of water uptake shows clearly all four attempts. From this, I can see that the mean average rate for 100 leaves was 0.134mm/second. The mean average rate for 10 leaves was 0.049mm/second.This experiment has matched my predictions, however not quite as well as I had hoped. I had predicted that when the leaf surface area was reduced by 50%, the rate of water uptake would decrease by 50%. This was not the case. The mean rate of transpiration for 50 leaves is not 50% of the mean average for 100 leaves; it is nearer to 67%. The mean rate of water uptake for 50 leaves was 0.091mm/second.The anomalies from the first attempt have been marked as A, B and C. A and B have higher rates of water uptake than expected. This was because the air conditioning unit came on and moved the air around the leaves more quickly, thus causing the plant to transpire more quickly. C also has a higher rate of water uptake than expected due to the light intensity changing. The first attempt was conducted in front of a window, and when the Sun came out the light intensity increased. The other three attempts were not conducted directly in front of a window. The time taken to transpire increases as the leaf surface area decreases. This is due to the removal of stomatal pores that allow the plant to exchange gases and water vapour. To prevent dehydration, the pores close to prevent further water loss and the rate of transpiration slows down.There was only one other anomaly throughout the whole experiment. This has been marked on the results graph as D, and occurred on the fourth attempt for 90 leaves. Although I had moved the apparatus away from the air-conditioning unit previously, on this occasion the breeze still affected my results. It did not disturb the air surrounding the leaf, as it did previously. This would have increased the rate of uptake. The cooler air meant that transpiration slowed down, having a direct effect on the rate of water uptake.T he rate of transpiration was fastest for all four attempts when there were all 100 leaves on the plant, and slowest when there were only 10 leaves on the plant. All of the conditions were kept constant; therefore it was the stomatal quantity that affected the rate of transpiration.It was important that I measured the rate of uptake and not the rate of transpiration. Transpiration is very difficult to measure. The volume of water taken up is far greater than the volume of water given out through transpiration. This is because a large volume of water is used by the plant for turgidity, photosynthesis and other biological functions such as hydrolytic processes.My results shown in Figure 5 are almost linear. This matches my predicted graph, and is due to the proportion of leaves removed at each time. Although I did not realise at the time, I was removing approximately 10% of the leaves each time. This was purely coincidental, and was only discovered when I plotted the surface area again st the number of leaves in Figure 6. The trend shown in Figure 5 is mirrored in Figure 6. This pattern may also have followed my predictions for another reason. The stomatal distribution across the leaf surface area may have been equal across all 100 leaves. If this was true, the total number of stomatal pores would have decreased in proportion to the number of leaves too.Evaluation:The first attempt was affected by the air-conditioning and light intensity. However, this was my practise experiment and I decided to then use another branch, approximately the same size for the next three attempts. All of the surface area calculations shown in Figure 6 are for the second branch. I made sure that the air-conditioning would not start during the second experiment, and also that I did not set up the apparatus next to another window. When the Sun shone through the window, it was very bright and the light intensity increased. I did not realise that these two factors could affect the rate of t ranspiration as much as they did.I did not take into account the stomatal distribution in either of my two experiments. This would have been an interesting variable to look at, however I found that I was short on time. I would have liked to have looked at the lower epidermis underneath a microscope, and made an approximate stomatal count. I could have seen if they were evenly spread, and if not, still made an estimated rate of uptake from my other results.My results were very pleasing overall. They followed my predicted trend and I have been able to see why, due to measuring the total surface area of the second branch. I have accounted for my anomalies as the experiment was affected by factors beyond my control. I had not realised that the air-conditioning and positioning of the apparatus would affect the experiment in such an extreme fashion. Factors such as light intensity and the temperature of the surrounding air may only change slightly, but have a larger effect on the overall experiment.I would have liked to repeat the experiment again, so that I could obtain more results. This would give me a more significant mean average, and I would have been able to leave out the anomalies in the analysis. A source of error may have been counting the number of leaves rather than the surface area. Nevertheless, it turned out that I was removing the leaves by nearly 10% each time.I would improve the experiment by measuring the stomatal distribution next time. This will allow me to calculate a more significant rate of uptake by calculating how much water is taken in through each stomatal pore. I could then estimate how much water should be taken in. If I was able to calculate the transpiration rate as well, I would be able to work out how much water was being used within the plant.Generally, this experiment was conducted well. The anomalies were not large enough to change the trend in any way, and the overall results were beneficial in proving the hypothesis correct.