Free Essays on Guy Harvey

â€Å"El Viejo† I visited the Smart Art display in D’Iberville, Mississippi. This is the place I discovered my great work of art that got my attention. The craftsmanship display is exceptionally simple to discover originating from I-110N. When you leave the interstate, take the privilege until you go to the primary light. Take a left onto Central Ave. The workmanship display is situated in the subsequent strip mall on the right. I picked this exhibition since it was anything but difficult to track down and a companion suggested it. The craftsman of this artistic creation is Guy Harvey. He was likewise a researcher, jumper, fisherman, swashbuckler, and family man. Propelled at an early age by the ocean around him, Guy Harvey delighted in numerous hours fishing and plunging from his father’s kayak in his local Caribbean home of Jamaica. From his initial motivations, Guy’s common blessing to reproduce marine life has moved him from a teacher of Marine Biology to a full time marine natural life craftsman. His steady interest in the ocean and its inhabitants kept Guy hectically trying different things with better approaches to reproduce his subject. Fellow ventures to the far corners of the planet looking for new motivation; his devotion to his profession is unprecedented. Be that as it may, his family is the above all else. Thus, there is new age of Harvey’s exhibiting a similar love and worry of the ocean that was instilled in their dad years prior. Guy’s studio is in Kingston, Jamaica where he lives with his significant other, Gillian, and their two kids, Jessica and Alexander. I picked Guy Harvey’s most current fine art available called â€Å"tile art†. Envision tile with the particular work of art of famous craftsman Guy Harvey. Marine natural life pictures showed on the tile appear to submerge the watcher straightforwardly into the water. It is a fabulous, sensible bit of work of art for you home that can be confined, introduced on a divider, bureau or inlayed on a table. My preferred version of Guy Harvey’s tile workmanship is â€Å"El Viejo†. This bit of a... Free Essays on Guy Harvey Free Essays on Guy Harvey â€Å"El Viejo† I visited the Smart Art exhibition in D’Iberville, Mississippi. This is the place I discovered my superb artwork that got my attention. The craftsmanship display is exceptionally simple to discover originating from I-110N. When you leave the interstate, take the privilege until you go to the primary light. Take a left hand turn onto Central Ave. The workmanship display is situated in the subsequent mall on the right. I picked this exhibition since it was extremely simple to discover and a companion suggested it. The craftsman of this artwork is Guy Harvey. He was likewise a researcher, jumper, fisherman, traveler, and family man. Enlivened at an early age by the ocean around him, Guy Harvey appreciated numerous hours fishing and plunging from his father’s kayak in his local Caribbean home of Jamaica. From his initial motivations, Guy’s normal blessing to reproduce marine life has impelled him from an educator of Marine Biology to a full time marine natural life craftsman. His consistent interest in the ocean and its inhabitants kept Guy hectically trying different things with better approaches to reproduce his subject. Fellow ventures to the far corners of the planet looking for new motivation; his devotion to his vocation is unprecedented. Notwithstanding, his family is the above all else. Subsequently, there is new age of Harvey’s showing a similar love and worry of the ocean that was instilled in their dad years prior. Guy’s studio is in Kingston, Jamaica where he lives with his better half, Gillian, and their two youngsters, Jessica and Alexander. I picked Guy Harvey’s most current work of art available called â€Å"tile art†. Envision tile with the particular work of art of famous craftsman Guy Harvey. Marine untamed life pictures showed on the tile appear to submerge the watcher straightforwardly into the water. It is an awesome, practical bit of work of art for you home that can be confined, introduced on a divider, bureau or inlayed on a table. My preferred interpretation of Guy Harvey’s tile workmanship is â€Å"El Viejo†. This bit of a...

International Markets Essay Example for Free

Universal Markets Essay Once SAB Miller has chosen to set up itself in the worldwide market, it gets vital for the promoting administrator to examine and investigate the different choices accessible to enter the global markets and select the most reasonable one. The choice of the passage mode is one of the most huge decisions.SAB Miller takes during the time spent internationalization, as it includes duty of assets with long haul money related and auxiliary ramifications. Method of section might be characterized as an institutional system by which a firm makes its items or administrations accessible to customer in worldwide markets. Root (1994) characterizes the market section for worldwide markets as a far reaching plan which presents the objectives,goals,resources,and approaches that direct a company’s universal business activities over a future period sufficiently long to accomplish supportable development in world markets. Variables AFFECTING THE SELECTION OF ENTRY MODE Outside MODES MARKET SIZE:Market size is one of the key factors a worldwide advertiser needs to create to remember while choosing a section strategy.Countries with a huge market size legitimize the methods of passage with investment,such as completely claimed subsiaries or value cooperation. MARKET GROWTH:Most of the large,established markets,such US,Europe and Japan,have pretty much arrived at a state of immersion for buyer products, for example, automobiles,consumer electronics.Therefore,the development of business sectors in these nations is demonstrating a declining trend.For instance,the by and large development in a large portion of the US and European market is about 7% while developing markets like India and China is over 30% which shows colossal market potential so as to come. Therefore,from the viewpoint of long haul development expected, for example, China,India,Thailand,Indonesia etc.These markets are additionally named developing markets. GOVERNMENT REGULATIONS:The choice of market passage modes by and large influenced by the administrative structure of the abroad market,the legislature of the vast majority of the Gulf nations have made it compulsory for outside firms to have neighborhood partner.For instance,the UAE is a worthwhile market for Indian firms however most firms work there with a nearby accomplice. Exchange boundaries, for example, biological guidelines and neighborhood content prerequisites additionally influence the method of entry.It has been a significant explanation forâ increased remote interest in Mexico,which is a piece of the North American Free Agreement(NAFTA),in request to oblige the US showcase. LEVEL OF COMPETITION:Presence of contenders and their degree of inclusion in an abroad market is another essential factor in choosing a section mode in order to adequately react to serious market force.This is one of the significant explanations for auto organizations setting up their tasks in India and other developing markets to successfully react to worldwide rivalry. Inward MODES Organization OBJECTIVES:Companies working in residential markets with restricted goals by and large enter outside business sectors because of a responsive way to deal with worldwide advertising oppurtunities.In such cases,companies get unsoliated orders from acquaintances,firms and family members based abroad,and they endeavor to satisfy these fare orders.This easygoing way to deal with entering universal markets by method of delivering in the homemarket and trading abroad converts into ordinary sending out if the firm has positive involvement with its fares activity. AVAILABILTY OF COMPANY RESOURCES:Venturing into worldwide markts needs generous responsibility of money related and HR and along these lines decision of a passage mode relies on the monetary quality of a firm.It might be seen that Indian firms with great budgetary quality have entered universal markets by method of completely claimed auxiliaries or value interest. LEVEL OF COMMITMENT:In perspective available potential,the eagerness of the organization to submit assets in a specific market likewise decides the passage mode choice.Companies need to assess different speculation options in a specific market additionally relies on the manner in which the organization is happy to see and react to serious powers. Worldwide EXPERIENCE:A organization all around presented to the elements of the universal promoting condition would be quiet when settling on a choice in regards to going into global markets with an exceptionally concentrated method of section, for example, joint endeavor and completely possessed auxiliaries. The following are various methods of market section and they include: Sending out Trading is the least difficult strategy for entering an outside market.It is theâ process of sending merchandise or administrations from nation to different nations for use or deal there. By trading to an outside country,a organization can enter this nation without really building up itself in the country.The organization should just fabricate items that can be transported to the remote country.Export exercises may take a few forms,including circuitous exporting,direct exporting,and intracorporate moves. Direct fares speak to the most essential method of trading, exploiting economies of scale underway moved in the nation of origin and bearing better power over dispersion. Direct fare works the best if the volumes are little. Sorts of direct trading are: Agents that speak to remote providers/makers in their neighborhood markets for a built up commission on deals. Offer help administrations to a maker with respect to nearby publicizing, neighborhood deals introductions, customs leeway conventions, legitimate necessities. Bringing in merchants buy item in their own privilege and exchange it in their neighborhood markets to wholesalers, retailers, or both. Circuitous Exporting Circuitous fare is the way toward trading through locally based fare middle people. Roundabout strategies for sending out requires less promoting venture, be that as it may, as the exporter has no power over its items in the outside market, the organization lose considerable authority over the showcasing procedure. Types or techniques for circuitous sending out are: Taking care of requests from household purchasers who at that point send out the item Seeking out residential purchasers who speak to outside clients Sending out through an Export Management Company (EMC) Sending out through an Export Trading Company (ETC) INTRACORPORATE TRANSFERS A third type of fare action is the intracorporate transfer,which has gotten progressively significant as the measures of MNCs have increased.An intracorporate move is the offer of merchandise by a firm in one nation to a partnered firm in another. Permitting Permit is an agreement to distinguish what is being authorized: trademarks, licenses, structures, copyrights or programming. Permitting permits quickly going into the picked remote market and lessens capital prerequisites to build up assembling offices abroad. Your agreement doesn't infringement of the host countrys existing laws and regulations.a licensor in the nation of origin makes constrained rights or assets accessible to the licensee in the host nation. The rights or assets may incorporate licenses, trademarks, administrative aptitudes, innovation, and others that can make it feasible for the licensee to make and sell in the host nation a comparative item to the one the licensor has just been creating and selling in the nation of origin without requiring the licensor to open another activity abroad. The licensor income for the most part take types of one time installments, specialized expenses and sovereignty installments normally determined as a level of deals. As in this method of passage the transference of information between the parental organization and the licensee is emphatically present, the choice of settling on a worldwide permit understanding rely upon the regard the host government appear for protected innovation and on the capacity of the licensor to pick the correct accomplices and keep away from them to contend in one another market. Permitting is a moderately adaptable work understanding that can be redone to fit the requirements and interests of both, licensor and licensee. Diversifying The diversifying framework can be characterized as: â€Å"A framework in which semi-autonomous entrepreneurs (franchisees) pay charges and sovereignties to a parent organization (franchiser) as an end-result of the option to get related to its trademark, to sell its items or administrations, and regularly to utilize its business arrangement and framework. Contrasted with authorizing, diversifying understandings will in general be longer and the franchisor offers a more extensive bundle of rights and assets which normally incorporates: hardware, administrative frameworks, activity manual, starting trainings, site endorsement and all the help essential for the franchisee to maintain its business similarly it is finished by the franchisor. Notwithstanding that, while an authorizing understanding includes things, for example, licensed innovation, exchange insider facts and others while in diversifying it is restricted to trademarks and working skill of the business. Kinds OF FRANCHISES There are three accessible sorts of franchises.The first sort is the dealership,a structure ordinarily found in the car industry.Here,the makers use establishments to appropriate their item lines.These vendor go about as the retail locations for the manufacturer.In some distance,they are required to meet standards set up by the manufacturers,but similar to the case for any franchise,they advantage from publicizing and the board support gave by the franchisor.The most regular kind of establishment is the sort that offers a name,image and technique for doing business,such as McDonald’s,KFC,Holiday Inn. There are a considerable lot of these kinds of franchises,and their listings,with relevant data can be found in different sources. A third sort of establishment offers services.These incorporate faculty agencies,income charge readiness organizations and land agencies.These establishments have set up names and notoriety and techniques for doing business.In some distances,such as genuine estate,the franchisee has act

Male Bashing Stereotype Essay Example for Free

Male Bashing Stereotype Essay â€Å"The Male Bashing Stereotype† by Kimberly Graham, reveals the mystery of inventiveness, which is by her own affirmation a procedure of â€Å"uneducation,† as opposed to one of instruction. The reason here is to dispose of the standards we’ve found out about exploratory writing, and detail new ones that really work for us. Goldberg instructs workshops where current authors go not to gain proficiency with the specialty, however to really take advantage of the innovative procedure utilizing a more â€Å"hands on† approach. Goldberg’s approach offers testing ideas and positive arrangements. Natalie Goldberg is a firm adherent to the composing exercise, which is an astounding method to keep in great structure. The creator, a rehearsing Zen Buddhist, figures out how to address the greater part of the issues that damage the procedure itself. As per Goldberg, it is the manner in which we approach and see the art itself that eventually keeps authors from creating the work. She opens with a section named, â€Å"First Thoughts,† which supporters relinquishing all of one’s sense of self and hindrance. â€Å"We must trust in our own procedure and voice,† she demands. This first articulation rings completely evident. In writer’s bunches essayists go back and forth every now and again. The ones that eventually continue on in the specialty are the ones that don’t have dainty skins. Goldberg cites an appreciated Zen ace as having stated, â€Å"We must keep on opening even with incredible opposition† (Rinpoche12). Thus, the essayist must have the option to isolate themselves from their work. The work may in certainty be an augmentation or impression of the writer’s individual experience, however this is the place the affiliation closes. Except if the work is seen through this viewpoint, investigate will consistently appear to be an individual assault, rather than an angle for development. Goldberg lean towards first considerations since she says, â€Å"First contemplations are unrestricted by ego† (8).

Marilyn Monroe Biography Free Essays

What started as a brunette wonder by the name of Norma Jeane Baker conceived in LA, California, before long changed into the blondest, greatest sex image Hollywood presently can't seem to run into. Marilyn Monroe had a place with people in general from the second she ventured onto the screen and the well proportioned, 50’s goddess knew it. In mix with Monroe’s captivating individual life and appealing sulk and arousing quality, the sensation left an ever-staying sway on Hollywood, still yet to be eclipsed by any sex symbols to come. We will compose a custom article test on Marilyn Monroe Biography or on the other hand any comparative point just for you Request Now Absolved Norma Jeane Baker, the prospective celebrity, burned through the vast majority of her youth relocating through encourage homes after her mom, Gladys Baker, was initiated and her father’s personality stayed unidentified. This was up until Norma Jeane was taken under the consideration of a family companion, Grace McKee Goddard. Tragically, after Mr. Goddard was moved toward the east coast, the family couldn't bear to travel 16-year-old Norma Jeane alongside them. At the point when confronted with decision to come back to the shelter or get hitched, Norma wedded her 21-year-old neighbor Jimmy Dougherty. They were marry in 1942 in the wake of dating for a half year earlier. It was going great until 1944 when he was moved toward the South Pacific with the marines. During his nonappearance, Norma Jeane took a vocation on the mechanical production system at Radio Planes Munitions processing plant where she was found by picture taker David Conover. Conover ran over the â€Å"photographer’s dream† as put by David, while taking pictures of ladies adding to the war exertion for Yank magazine. Conover started her profession by sending her demonstrating employments and inside two years she was a trustworthy model with a lot of spreads amazingly. In 1946, Norma Jean separated from her better half Jimmy and marked with Twentieth Century Fox. It was now that she formally changed into the blonde Hollywood angel known as Marilyn Monroe. Two relationships later, one to baseball player Joe DiMaggio and the third and last to writer Arthur Miller, Marilyn Monroe was discovered dead in her Brentwood, California home on August 5, 1962. Albeit possibly age 36 when she kicked the bucket, Marilyn Monroe was a worldwide sensation in the course of her life and will consistently remain that way. Over Marilyn Monroe’s vocation length, the symbol was designated and won ountless honors. Among these, Monroe won the Golden Plate at the David di Donatello Awards for her acting in The Prince and the Showgirl, two Henrietta Awards for World Film Favorite-Female and a Golden Globe for Best Motion Picture â€Musical/Comedy for Some Like it Hot. She additionally won Most Popular Female Star and an uncommon honor at the Photoplay Awards and got a movie star on the Hollywood Walk of Fame. Alongside these esteemed honors were her many, numerous assignments which she generally approached in. Marilyn started her acting profession with 1947’s The Shocking Miss Pilgrim yet it was her presentation in the 1953’s Niagara that got the public’s eye. She was additionally one of the most shot individuals on the planet and has been recovered in various works of art. A considerable lot of the best in visual craftsmanship has had a shot at Marilyn Monroe. Much after her passing, the platinum blonde has been dependent upon somewhere in the range of 600 books, paper and magazine articles, musicals, an expressive dance, plays, a show and a popular Elton John/Bernie Taupin melody. The entirety of this demonstrates the effect of Marilyn Monroe and exactly how much the open despite everything adores her. None can deny the impact Marilyn Monroe had on Hollywood and the open the same. Marilyn Monroe’s impact in Hollywood and on general society can be seen all over. During her lifetime it was exemplified through her various film industry victories and enormous exposure. Monroe did a lot to make her impact everlasting while the provocative super celebrity despite everything graced the world with her quality. She famously arranged an intense agreement with her studio including her masterful rights and was the primary lady to set up her own creation organization. There was unmistakably more to Ms. Monroe than her alluring frown. Marilyn propelled her dear companion, Ella Fitzgerald’s vocation when she made an arrangement with the proprietors of a mainstream club that denied Ella the chance to perform because of her race. Monroe told the proprietors that if they somehow happened to let Ella perform, Marilyn herself would be at each presentation. Marilyn separated the standards for ordinary entertainers and ladies when all is said in done inside society. â€Å"Marilyn was one of the principal ladies to be excessively sexual and play sweet, credulous and guiltless characters simultaneously. as put by Time Magazine. This was just a single obstruction Monroe’s impact wrecked. She was a broadly acknowledged and revered sex image, making the 1950’s society progressively lenient of sex. This additionally added to the sexual opportunity ladies have today. The Edmonton Journal in Canada expounded on the mainstream face puncturing titled â€Å"The Monroe† after the world renowned sex image. As written in the diary, â€Å"It’s a demonstration of Marilyn Monroe’s suffering coolness that the penetrating is named about her, since her genuine mole was to her left side cheek. Some portion of the motivation behind why Monroe’s impact is so solid is because of the way that she came and left. After pretty much every entertainer preceding the 50’s being brunette and vampy or blonde and completely dull and honest, Marilyn was a much needed refresher on the film screen. Then again, her takeoff appeared to grandstand â€Å"the miracle and catastrophe of Hollywood and the diversion business. †(Glatzer,33). By passing on at such a youthful age, Marilyn Monroe turned into a legend, therefore her grasping impact. It very well may be comprehended that the people who are recollected and cherished are â€Å"the lamentable legends and champions who free their lives in Hollywood. †(Glatzer,33). Among these are Kurt Cobain, Elvis Presley, James Dean and obviously Marilyn Monroe. â€Å"They didn’t have the chance to bow out smoothly, they were torn from our middle and society grieves them even more. †(Glatzer,35). Marilyn Monroe was without a doubt the most well known and famous entertainer of her age. Numerous amble blondies endeavored to rehash Monroe after her passing however none had the correct speculative chemistry of â€Å"va-va-voom† and excellence. In an ongoing overview, Marilyn Monroe was positioned seventh in â€Å"The Highest Paid Dead Celebrities† and was the main lady in the best thirteen. In mix with Monroe’s intriguing individual life and appealing erotic nature, the sensation left an ever-staying sway on Hollywood, still yet to be surpassed by any sex symbols to come. Marilyn Monroe will never be overlooked, regardless of whether it’s her shocking life or her fantastic effect, we as a whole just can’t appear to understand that alluring sulk insane. The most effective method to refer to Marilyn Monroe Biography, Papers

The Scarlett Letter Essays (1445 words) - English-language Films

The Scarlett Letter Essays (1445 words) - English-language Films The Scarlett Letter The Effective Use of Symbolism The epic, The Scarlet Letter, by Nathaniel Hawthorne is a captivating record of a Puritan people group that encounters a breakdown in convictions. The story manages a lady, Hester, who submits infidelity with a Calvinistic priest bringing about the introduction of a youngster (Martin 110). As pay for her wrongdoing of energy and her refusal to name her darling, Hester is condemned to wear a weaved red letter on her chest. It is this letter, or mystery sin, that turns into the accentuation of the novel and expect a wide range of jobs (Martin 111). Hawthorne begins the novel by depicting the abstract reality related with the various parts of the letter (Martin 110). From the beginning, Hawthorne appears to state, this is a red letter; thus, it is prepared to do additionally meaning. The letter should worry about the concern of the story (Martin 111). Hawthornes utilization of imagery is completely evolved in the multi-implications covered up in the red letter through an assortment of c haracters. The red letter speaks to various goals to various individuals and ought to be given the correct thought (Martin 114). In the Puritan people group, the letter is seen as an ethical commitment to educate others regarding Hesters sin, one that they feel ought to be hauled out into the daylight (Hawthorne 43). They accept the letter represents mental and strict truth. The Puritans are a people among whom religion and law were practically indistinguishable, and in whose character both were so completely Foti 2 interfused, that her mildest and severest demonstrations of open control were similar made revered and dreadful (Hawthorne 40). It is said that small, in reality, and cold, was the compassion that a violator may search for, from such spectators at the framework (Hawthorne 40). The Puritans are solidly against Hesters activities and feels that she has disfavored them alongside herself. They feel that she should assume liability for her activities. The impact of her discipline anyway isn't what the Puritans had would have liked to accomplish. Hesters sin has developed from that of energy to one of direction. Indeed, even with Hesters thoughtful mentality, she was not loaded up with lament and consequently the letter had not carried out its responsibility (Martin 122). To the Reverend Arthur Dimmesdale, the red letter contains an entirely different significance. He sees the letter as a steady token of his wrongdoing and weakness. His blame keeps on developing because of his not having the option to approach before the network and assume liability for his activities. His blame and sin become amplified by his powerlessness to remain close to Hester at the platform. Dimmesdale, likewise is unexpectedly accused of addressing Hester and attempting to persuade her regarding the significance of recognizing her kindred delinquent (Hawthorne 52). He starts to feel increasingly more sorrow and it starts to influence his psychological and physical state. He before long gets feeble; in any case, it is accepted by the network to be a direct result of his too open altruism to the works and obligations of the peaceful connection (Hawthorne 80). When Dimmesdale is accepted to be close to death, the network again trusts it is on the grounds that the world was not q ualified to be any more drawn out trodden by his feet (Hawthorne 88). Dimmesdale is by all accounts frequented by Satans emissary, in the pretense of old Roger Chillingworth. This detestable Foti 3 operator had the Divine consent, for a season, to tunnel into the clergymans closeness and plot against his spirit (Hawthorne 94). Chillingworth proposes to Dimmesdale that an infection, an irritated spot, on the off chance that we may so call it, in your soul, hath quickly its suitable sign in your substantial edge (Hawthorne 99). Be that as it may, Dimmesdale denies and will not talk about it with him. Dimmesdale becomes more vulnerable and more vulnerable in light of the fact that by the constitution of his inclination, he adored reality, and abhorred the lie, as hardly any men could possibly do. Along these lines, over all things else, he hated his hopeless self! (Hawthorne 105). Before Dimmesdales passing, he at long last admits to his transgression on the framework and liberates his spirit and still, small voice. Observers have vouched for seeing on the bosom of the despondent clergyman, a SCARLET LETTERthe very similarity to that well used by Hester Prynneimprinted in the tiss ue (Hawthorne 182).

How to Meet More People

How to Meet More People What follows is a thought that Ive mulled over recently put into beautiful words by my dear friend Amy F. 20. Its conclusions shes come to (sometimes the hard way) after making it halfway through hell. Without further ado How do I meet know more people (To new friendships! A special thanks to my dear friends Matt Q. ‘19 and Noah M. ‘20) Recently, a friend in search of more friends, new experiences, and potentially a significant other asked me, How do I meet more people?” Except, I think what he really meant was, “How do I know more people?”, because in my experience, making the effort to know, rather than meet, others has always led to the strongest friendships. For example, I met my best friend (hey Alex!) four months ago. In that time, where we proceeded to hang out almost daily, hes gotten to know me better than nearly anyone else at MIT. He inspires me to be a better person everyday, shows me why it is crucial to always be kind, and teaches me so many things that I don’t even know how to start returning the favor. MIT feels like a completely different (and much better!!) place because of him, along with all of the other wonderful people I’ve gotten to meet and befriend. My friends understand me, and it’s liberating. They are my cheerleaders and my muses, and I can’t imagine who I’d be without them. So, how do you meet more people? Well, *meeting* more people is easy: go to more public events, make friends with your friends’ friends (and your friends’ friends’ friends), and seek out novel experiences, especially if they make you uncomfortable. However, *knowing* more people, and I mean understanding others and being understood, is hard. And it’s crucial to know than meet because there are things you learn and realize, about yourself and others, at only this level of understanding. But people are on their own life trajectories, busy with their endless todo lists, classes, personal problems, existing relationships, etc. There is only so much time in a day to do everything, so why do you deserve their time? And why do they deserve yours? With everything that happens, it’s easy to forget that people want to care. People want to hear about your day, understand the way you think, know your biggest aspirations, and be there for the best and worst times. People want to know you. Because that feeling of being on the absolute same page with someone else, of being known and understood, is DEEPLY satisfying. We can initiate intimate connections and shared experiences by making the time. But this brings up another point: in getting to know others, its not only about making that time, but also how we’re spending that time. More than twenty years ago, a psychology study conducted by Arthur Aron (and others) examined the acceleration of intimacy, and consequently made two strangers fall in love after 36 questions. These ordered questions, ranging from “Would you like to be famous? In what way?” to “Of all the people in your family, whose death would you find most disturbing? Why?”, intentionally foster feelings of trust and closeness through personal revelation. In the end, the study concluded that the development of strong relationships is closely tied to mutual emotional vulnerability. In her reflections of applying these 36 questions to someone in her own life (it worked), Mandy Len Catron muses, “But I see now that the story isn’t about us; it’s about what it means to bother to know someone, which is really a story about what it means to be known. To be known, we must be comfortable sharing about ourselves and open to the possibility that anything can happen. At the same time, we MUST bother to know others, because friendship is a two way street. Being vulnerable is a risk, albeit a mutual one, but that’s why getting to know people is so so exciting. To know people and for others to know us, we need to be vulnerable so others will do the same, we need to take the pains to understand so others will do the same, and we need to want to care so others will do the same. This is beyond just me or you or our relationships; this is for the sake of making the world a more empathetic, better place. In knowing people, we don’t just understand who they are, but we influence who they are. I often forget about this power we have, how our thoughts and actions are consistently shaping the people around us. In my time here, there has been nothing more beautiful than these moments of realization with my closest friends. Most recently, Alex told me that I’ve made him a better person. “Youve made me way more open to trying new things” “Less judgmental and more accepting of people as they are” “I think youve also made me a more loving/caring person” We need to not only meet others, but also know them, because we make our deepest contributions in the lives we touch. I’ve never regretted spending, sometimes even prioritizing, my time to connect with others through meaningful conversation. I’ve realized that it’s in these chances I take, of being vulnerable and honest and willing, where I fully experience what it means to understand and to be understood, to love and to be loved. “You realize, love is not a tragedy or a failure, but a gift… that nothing in this world is deserved except for love, that love is both how you become a person, and why.” -John Green, Turtles All the Way Down Shoutout to Alex H. ‘19, for being an all around fantastic person

Are Mergers And Acquisitions Justifiable For Growth Finance Essay - Free Essay Example

Introduction Investment Banking has received a lot of attention and negative publicity as of late and is deemed responsible for the recent recession that followed the credit crisis in 2007. Nevertheless the advisory side of the business has been largely irrelevant to causing the crisis. Mergers Acquisitions ( MA) advice is vital in the world of corporate finance and creates an efficient market for corporate mergers. The fees charged by advisory practices for the services are sometimes seen as outrageously high and unjustified. Like any other salesmen, investment bankers charge a commission based on the price of the product. Due to the vast sums companies are worth, fees generated are large as well. Whilst the economic value of mergers and acquisitions has been analysed in great depth, advisory fees, and their effect on premiums paid by acquirors for the target firm, has been largely neglected by literature. This study aims to analyse whether the fees are justified by analysing whether more expensive advisors add value for the shareholders or not. We will research how advisors are chosen, and how fees are determined. Then we will continue to analyse how advisors, and the fees they charged impact the premium paid. This paper will focus on the transactions with any German involvement. This will proof valuable as Germany has not been covered in depth and will provide new insights. This study i s highly relevant to economic theory and will focus primarily on the principal agent problem. Concepts Literature The number of mergers and acquisitions taking place in the corporate world increased dramatically over the last two decades. Alongside this trend market analysts and academic researchers have been working to identify key factors affecting merger outcomes, and what differentiates a successful acquisition from a failed one. The role of investment banks and the relationship between client and advisor has been of particular interest. How this relationship affects merger outcomes, such as time to completion and premium paid has been subject to thorough investigation. Whilst it is generally agreed that investment banks provide valuable services in making the market for corporate mergers and acquisitions more efficient(Mortensen 1982, Diamond and Maskin 1979), the apparently excessive fees charged by advisors have come under criticism in recent years. It is unclear whether advisors add sufficient value to justify their high fees. This literature review aims to examine some of the previous papers investigating this topic. Merger fees for the purpose of this paper will be defined as fees paid to investment bank advisor. This paper will ignore other fees incurred during the transaction such as legal, consulting, or auditing fees and solely focus on the fees received by the investment bank responsible for facilitating the transaction. It is important to distinguish between target and acquirer fees. With regards to price paid for the target, the acquisition process is a zero sum game. The acquirer would like to pay as little as possible, whilst the target would like to achieve a price as a high as possible in order to maximize value for its shareholders. The targets gain is the acquirers loss and vice versa. Thus fees paid by both parties will have to be looked at separately, in order to determine if higher fees generate value for the shareholders of the respective parties. There are principally two ways in which investment banks create value for their client and t he clients shareholders, the first is through creating an efficient market for transactions and suggesting suitable acquirers/targets for their clients. The second, and the one this paper will focus on, is through negotiating the best possible price for their client. Bowers and Miller find significant evidence that more prestigious and thus more highly paid banks generate higher returns for their clients through selecting suitable targets/acquirers. Other papers generally support these findings (Grossman and Hart 1980, Servaes and Zenner 1986). Whilst there is a vast amount of literature investigating the excess returns generated by bankers through suggesting suitable acquirers/targets for their client, there is very little done in terms of premium paid/received and choice of advisor. The most relevant paper for the purpose of this discussion is Chahine, Ismail (2005). This is because it is one of the very few papers that distinguish between fees paid by acquirer and by target. I t focuses on the level of premium paid for the target, and the investment banks effort. Fees and advisor reputation are used as proxies for advisor effort. The paper focuses on investment bank effort, rather than fees as previous research has found that advisor choice is mainly driven by reputation(Walter, Yawson and Yeung, 2008)(and not necessarily by fee level, although reputable advisors will generally also charge higher fees)(Srinivasan 2001). Within this framework, Chahine and Ismail propose three Hypothesis; The choice of target investment bank reputation is positively related to the choice of the acquirer investment bank The fees paid to advisors is positively related to reputation, and the target advisor fee also depends on the perceived quality of the acquirers advisor The higher the acquirer advisor fee/reputation the lower the premium. The higher the target advisor fee/reputation the higher the premium. This suggests a sequential decision making framework. The acquirer chooses its investment bank first. Then the target chooses its bank, which will depend on how reputable (and thus expensive) the acquirers bank is. The more prestigious the acquirers advisers, the more of an incentive for the target to hire a reputable advisor. The main issue with trying to model the effect of advisor choice on fee is the vast number of variables driving premium and distinguishing between correlation and causation. Cash-rich acquirers maybe willing to hire highly expensive advisors and pay a very high premium because they have sufficient cash available, this would mean the effect of expensive acquirer advisors on premium may well be underestimated by a regression. Likewise troubled target firms, likely can only afford cheaper advisory firms, and will likely receive lower premiums as they are not performing optimally. This will likely overstate the effect of advisory quality on the target side. Another well researched issue, is the deal completion hypothesis. It states that investment banks may induce their clients to pay a premium that ensures deal success, rather than optimizes value. This implies target advisors would negotiate a lower premium to ensure deal success, and acquirer advisors would negotiate higher premium. (Chahine Ismail 2005). This creates a conflict of interest between acquirer and investment bank, as the latter may only be motivated by fee. Fee however mainly depends on deal success, thus the advisors may focus more on getting the deal done than on maximizing value for clients. This is negated to a certain extent tough since future business for an advisor is mostly dependent on its reputation (McLoughlin 1990), and thus advisors have an incentive to act in the best interests of their clients to ensure a good reputation and future deal flow. Methodology The method used by Chahine and Ismail(2005) will serve as base but will need to be altered significantly. See below the three equations used in their paper, these equations will serve as a base for our own regressions. a) Acquirer Advisor Reputation = f(deal value, acquirer size, , deal attitude, geographic scope, method of payment, industry scope) b) Target Advisor Reputation = f(acquirer advisor reputation, deal value, acquirer size, deal attitude, geographic scope, method of payment, industry scope) a) Target Fee = (Acquirer Reputation, Target Reputation, deal value, deal attitude, geographic scope, method of payment, industry scope.) b) Acquirer Fee =(Acquirer Reputation, deal value, deal attitude, geographic scope, method of payment, industry scope.) 3. Premium = f (acquirer fee, target fee, acquirer-IB reputation, target-IB reputation, deal value, acquirer size, deal attitude, geographic scope, method of payment, industry scope) These equations will attempt to model the sequential decision framework. At first the acquirer decides it would like to buy a company, and then chooses its advisor. This choice will depend on the various factors listed above, we would expect it to be mainly driven by acquirer size. Because we define reputation in terms of league table placement, the advisors at the top of the league table must advise on many large transactions to reach this league table position. Hence they are likely the ones with most experience, and best connections to large clients. Hence these large clients are much more likely to hire a reputable bank. After the acquirer chooses its advisor, they together find a suitable target. When they approach their target, the target will hire its own advisor, dependent upon similar factors to the acquirer. However the target knows which advisor the acquirer picked and hence will likely try to pick an equally reputable one. Fees are determined simultaneously to the hiring of the advisor and are likely contractually laid out when the advisor is hired. The above variables are intended to gauge complexity of the deal which would require higher fees. The fees of the respective side will also dependent on the reputation of the advisor, with more reputable advisors charging higher fees. We would expect the reputation of the acquirer to affect the target fee levels, as this reputation is known to the target advisor when the contract is set up. Lastly then premium is determined by various factors as laid out above, the effect of the relevant advisor and fee variables have been discussed in the theories above. The key issue in this equation is RHS endogeneity and lack of sufficient exogenous instruments. The reputation of the acquirers advisor is endogenous as more complex, larger deals generally require a more reputable acquirer. However all of those factors may influence the premium as well. There is a lack of exogenous variables to use as instrument for this. We may attem pt to use acquirer size as instrument, since in our own regression we found this to be least correlated to the premium. Whilst some previous literature(Rau, 2000) finds that larger acquirers may pay larger premiums, it is as of now the best instrument available. Target advisor reputation faces similar issues, they are compounded by the fact however that it also depends on the acquirers advisor reputation as we have laid out in the sequential decision making framework that the targets advisor choice is dependent on the acquirer. There are unfortunately no exogenous instruments available. Overall Chahine and Ismail serve as a template but their 2SLS methodology is flawed. They estimate reputation and fee separately, then use those estimates in a 2SLS regression to determine premium in the equation laid out above. However this is unnecessary as 2SLS does this itself already, hence their standard errors and significance levels are likely wrong. This paper will attempt to correct t his flaw. Overall estimation will nevertheless be difficult due to severe RHS endogeneity, multicollinearity and lack of exogenous instruments. Data Data Source: Transactions ThomsonOne Banker Database Company reports Fees Freeman algorithm estimates We primarily used ThomsonOne Banker database to gather all relevant transactions details. Only acquisitions larger than $1m and only non financial institutions (as valuation is vastly different from other industries) will be used. There are several issues that need to be addressed in data collection. For one there is heavy survivorship bias as only transactions that happened are recorded in the database and all failed negotiations are not accounted for. Further there is significant attrition as of an original 10,000 recorded transactions only 130 meet all sufficient criteria, thus we are only dealing with a very limited subsample of the entire transaction space. Key Statistics: Avg. Deal Size Avg. Acquirer Size % Cross Industry % Crossborder $4.1bn $22.7bn 56 75 % Reputable Target Advisor % Reputable Acquiror Advisor % Target fee of total % Acquirer fee of total 56.5 69.2 0.88 0.88 Avg Premium Min Premium Max Premium # of Transactions 33.1% -2.6% 130.5% 114 Our premiumspread is wide, and this sample has been truncated significantly to exclude any distressed situations (high negative premium), and outliers at the top end. All deals are control changing. Average transaction and acquirer size are large($4.1bn, $22.7bn) this is expected as we only included publicly listed companies, which tend to be large, hence both acquirers and targets will be large. Both acquirer and target fees(as % of total deal value) are similar. Most deals are cross industry or cross border. Most transactions are advised by reputable advisors, suggesting the market for these large cap transactions is split between few firms. We defined advisor reputation by taking the league tables 5 years prior to deal announcement. The top 10 firms in those league tables are declared reputable(assigned a 1 in the dummy), the rest is assigned a zero. Target advisors tend to be less reputable than acquirer advisors. There are minor inconsistencies in share price data. We tried to use 4week previous share prices in determining the premium level, however for some transactions(5) there are only one week or one day prior data available that was used. We manually looked at their share price and found the available one week/one day data to be in line with the 4 week prior data. Further exchange rate fluctuations may alter valuations and sizes, as all data on Thomson one is in USD. Thomson one does not supply acquirer size data. It was put together using company financial reports were available. Revenue was used, rather than equity value, to allow for easier comparison between public and private companies, and to avoid having to make difficult valuation judgements. Where data at year of purchase was not available it was estimated using prior years. No original fee data is available, Thomson One relies on freeman algorithm estimates. This maybe an issue if the algorithm is flawed. The algorithm is generally accepted in industry, and there is no origi nal data available for German transactions, hence we are forced to rely on these estimates. Empirical Results probit acqadvrep lnacqsize border xindustry, vce(robust) acqadvrep Coef. Std. Err. Z Pz lnacqsize .304 .0683 4.45 0.000 border -.568 .348 -1.63 0.103 xindustry .0316 .269 0.12 0.906 _cons -1.642 .588 -2.79 0.005 Marginal effects: variable dy/dx Std. Err. z Pz lnacqs~e .102 .0223 4.55 0.000 border* -.172 .0916 -1.88 0.061 xindus~y* .0106 .0905 0.12 0.907 We use a probit model to analyse determinants of acquirer advisor reputation. This is sensible as acquirer advisor reputation is binary. We found this specification to be adequate using various tests. We find only the natural log of the acquirer size and cross border to be significant. As expected the key determinant of the acquirer advisor reputation is the acquirers size, as discussed before the top of the league table advisors are at the top because they advise on a lot of large transactions, and hence have a strong reputation amongst large acquiring firms. The negative coefficient on border is counterintuitive as we would expect cross border transactions to be more complex and thus warrant more reputable advisors. One possible explanation is that cross border deals involve countries with significant differences in league table placement of advisors, and thus this leads to a strong negative bias on the border coefficient. probit tgtadvrep acqadvrep lndealsize, vce(robust) Tgtadvrep Coef. Std. Err. Z Pz Acqadvrep .708 .311 2.28 0.023 Lndealsize .520 .116 4.50 0.000 Border -.119 .315 -0.38 0.705 Xindustry -.029 .283 -0.10 0.918 _cons -3.45 .750 -4.61 0.000 Marginal effects: variable dy/dx Std. Err. z Pz acqadv~p* .275 .118 2.33 0.020 lndeal~e .200 .042 4.73 0.000 border* -.046 .119 -0.38 0.703 xindus~y* -.011 .109 -0.10 0.918 Moving onto hypothesis 1 b), the target advisor reputation, we find a significant positive impact of acquirer advisor reputation on target advisor reputation. The natural log of deal size is also positive and significant. This confirms our above hypothesis of a sequential decision making framework. The log of deal size is highly important for the same reasons as above, top league table advisors will have most large transaction experience. What is interesting to see with both target and acquirer reputation is that deal/acquirer size appears to be the main drivers, and the variables measuring complexity of transaction (cross industry, cross border) do not have a significant effect (except for border for acquirer reputation, a counter intuitive and likely biased effect). ivregress 2sls tgtfee lndealsize border xindustry (acqadvrep = lnacqsize) tgtfee Coef. Std. Err. z Pz acqadvrep -.166 .335 -0.50 0.621 lndealsize -.231 .035 -6.54 0.000 border -.076 .103 -0.74 0.460 xindustry -.152 .084 -1.80 0.072 tgtadvrep .250 .131 1.91 0.057 _cons 2.471 .198 12.49 0.000 We use a 2sls to account for the endogeneity of acquirer advisor reputation. Unfortunately we cannot account for the endogeneity of target advisor reputation as we lack exogenous instruments. We see that the reputation of the acquirer advisor is insignificant, the log of size of the deal is highly significant and negative, the reputation of the target advisor is positive and significant. As tgtfee here is defined as fee paid to target advisor as a %, it is expected for this % to decrease as the size of the deal rises. This is because on very large deals advisors tend to charge lower fees as % of total deal, as the fees in absolute terms are still more than sufficient to compensate the advisor. We find that more reputable advisors charge higher fees as %, this was also to be expected. Contrary to our hypothesis, the reputation of the acquirer advisor has no effect on the target advisor fees. This may be due to the endogeneity issues with targ et advisor reputation. ivregress 2sls acqfee lndealsize border xindustry (acqadvrep = lnacqsize) acqfee Coef. Std. Err. z acqadvrep .483 .254 1.90 lndealsize -.296 .0314 -9.40 border -.099 .0795 -1.25 xindustry -.103 .0640 -1.61 _cons 2.571 .139 18.49 Similar regression as above, we find only acquirer advisor reputation, deal size, and cross industry to be significant. Coefficient on acqadvrep is positive and significant as expected, more reputable advisors charge higher fees. Fees decrease as a % in dealsize, which was also to be expected. The coefficient on cross industry is interesting, as it is counter intuitive. One would expect advisors to charge higher fees on cross industry transactions, as they are more complex. One explanation maybe that cross industries deals are primarily undertaken by financial buyers, who are less willing to pay high fees. Alternatively strategic buyers gain less synergies in cross industrie deals and thus maybe less inclined to pay high fees. reg lnpremium border xindustry acqfee acqadvrep tgtadvrep ownedaftertransaction tgtfee pharma TMT natres, vce(robust) lnpremium Coef. Std. Err. t Pt border .031 .214 0.15 0.884 xindustry .114 .167 0.68 0.496 acqfee .059 .211 0.28 0.782 acqadvrep -.285 .207 -1.37 0.172 tgtadvrep .143 .231 0.62 0.539 ownedafter~n .024 .008 3.17 0.002 tgtfee -.457 .272 -1.68 0.096 pharma .555 .193 2.88 0.005 TMT .664 .280 2.37 0.020 natres .974 .535 1.82 0.072 _cons 1.151 .679 1.70 0.093 We use an OLS model as there is too much endogeneity to account for, hence we chose to ignore it, and discuss limitations of our results later on. We also find various specification issues which we could not address, including omitted variables. These are likely due to the endogeneity issues. See appendix for relevant tests. We find the % of shares owned after the transaction highly significant, and positive. This is to be expected as buyers have to pay a significant control premium. Whilst our sample only includes transactions in which there was a change in control (shares owned before must be less than 50%, shares owned after transaction must be more than 50%), there is an additional premium for owning larger stakes in firms, especially for owning up to 100%. This is because minority shareholders still hold significant rights and need to be compensated highly to sell their shares and forfeit those rights. This is well documented in the exis ting literature ( Dyck and Zales, 2004). The primary argument is that large blocks of shares grant its owners private benefits, not available to diluted shareholders. These mainly arise through improved control over management, amongst other factors. The positive coefficients on pharma, natural resources(natres) and TMT is in line with theory. Those three industries traditionally command higher premiums than the remaining industries. In the case of TMT this is primarily driven by technology companies which historically achieve very high premia due to high future upside. The same applies to pharmaceutical companies. This is mainly because most pharmaceutical transactions involve larger companies acquiring smaller firms with a promising pipeline. Large firms are able to pay high premiums over market value because the pipeline, when realized, can lead to huge profits for them as they possess a vast distribution network, which the small firm lacks. Relevant to our core theory we u nfortunately only find target fee to be relevant, and to have a negative effect. This is not necessarily counter intuitive, as it is in line with the deal completion hypothesis. Because league tables are driven by closed deals, those on top of the tables(and thus those charging higher fees), got to the top through closing a lot of transactions. A transaction is more likely to close the lower a premium the target advisor demands. Also fees are only paid in case of deal closure, so advisors have a short term incentive to close a deal to reap fees, although in the long run this may damage reputation(however only if reputation is not primarily determined by league tables, as league tables are driven by closing deals). An issue we face is potential Endogeneity. Our theoretical framework established a highly endogenous relationship between all independent variables (i.e. tgtfee depends on acquirer reputation and target reputation which all drive premium). We found some relationship bet ween acquirer advisor reputation, target advisor reputation and the fees charged by them. Our issue is we cannot address it in a 2SLS framework as we lack exogenous instruments. This means our OLS estimates maybe biased and inconsistent, making interpretation questionable. In the Ramsey reset test we also find there to be omitted variables, however even upon inclusion of all available variables in various combinations we have found no adequate specification, which again is likely caused by the endogeneity. Limitations, Extensions Conclusion The validity of this study and any study trying to find the impact of advisor fees/reputation on shareholder value is questionable. There are too many reasons as to why such investigations are riddled with flaws, we will briefly try to touch on the few key points. The first issue is the problem of deciding what a fair price is, and what the correct premium should be. Determining premium levels involves valuation. Valuation is an inherently subjective matter. Thousands of finance professionals and academics obsess over this daily, analysis are often as quantitative as they are qualitative. Valuation is not an exact science and there is always significant room for debate. This will lead to random variations in premiums paid amongst similar companies. This is because the market for companies is highly illiquid and thus accurate pricing is not achieved. Even if there was a generally agreed upon formula to value businesses, unobserved heterogeneity would still be a major issue. Th ere are an infinite number of qualitative factors affecting the valuation of any one business. Whilst it is possible to include the most obvious ones (i.e. severe expected litigation charges, recent damage to the brand, distressed situation), to conduct in-depth valuation of each transaction this is beyond the scope of this paper(investment banking professionals may spent 40 hours or more on each firm valuation) and as discussed above would not necessarily yield great results. Even if we could take them all into account, the actual price paid for a corporation is still subject to massive variance because different buyers can afford different prices, which will lead to bias in the coefficients for advisor effect. This is an issue because of the illiquid nature of the market. We attempt to account for financial buyers paying lower prices(although find the coefficient to be insignificant), although even two strategic buyers may be able to pay vastly different premiums for similar bu sinesses. This leads to even more heterogeneity and random variation of premium. Moving onto our last issue, even if we had perfectly homogenous companies and a way to value them exactly, we still have one major enemy in our undertaking, the date of transaction. Timing of transactions influences valuations and premiums in a vast number of ways, many unobservable, we will attempt to briefly discuss the most common ones. Stock market valuation differ massively throughout time, and often do not reflect fundamentals. A premium of 100% maybe perfectly adequate for one pharmaceutical company if its price is depressed due to market irrationality, whilst a premium for the same pharmaceutical company of 10% maybe outrageously high even just one year later. Next to the stock market aspect we also face a credit aspect. Depending on availability of credit and interest rates financial buyers may be able to pay significantly higher premiums(as seen in 2007). Another issue is not only the overa ll cycle, but also the individual industry cycle affects premium. Lastly there are not only problems associated with the market pricing of firms, global macro conditions also affect the fundamentals of companies. When you add the interplay of these two factors you could realize that comparing a transaction today to a transaction five years ago is incorrect. We have tried adding a time variable to account for this, but found them to be insignificant. Extensions As you see from the limitations mentioned above, the key extension is to massively increase sample size. As we have exhausted all German transactions, further research may be done by adding more European countries to the transaction list. This would allow it to deal with the various issues of unobserved heterogeneity better. Although we would face the additional problem of differences between countries, we should however be able to account for those easily through use of appropriate dummy variables. With vast amounts of additional time and resources analysing every transaction in depth, attempting to model in all the qualitative factors could lead to better results as well. Conclusion: This paper examines the choice of advisor, the fees charged by advisors, and the determinants of premium in MA transactions. We proposed the same three hypothesis as Chahine Ismail (2005). The acquirer first chooses its advisor based on deal complexity, then the target plays a best response to the acquirers choice, and lastly the premium is a function of advisor reputation and some deal specific variables. We also followed the methodology of Chahine Ismail (2005), albeit we did not address the endogeneity in their 2SLS way, as we did not find any adequate exogenous instruments, did not discover as much endogeneity as they did, and as their methodology was flawed in this regard. We found evidence for the advisor choice framework we proposed. The acquirer first chooses its advisor, then approaches a target, and then the target chooses its advisor. We also found support for our hypothesis that more reputable advisors charge higher fees, although we were unable to find support for the hypothesis that more reputable acquirer advisors cause the target advisor to charge higher fees. Lastly we found support for the deal completion hypothesis, that is more expensive(and hence more reputable) target advisors lead to lower premiums. This is contrarian to our original hypothesis. The validity of the final regression is questionable due to endogeneity issues, unobserved heterogeneity and our limited sample size. Lastly if we were to further investigate we would mainly aim to get a much larger sample to address the unobserved heterogeneity issue, but we still lack exogenous variables to address the endogeneity. Bibliography: Bowers H, Miller R. Choice of Investment Banker and Shareholders Wealth of Firms Involved in Acquisitions.  Financial Management  [serial online]. Winter 1990;19(4):34-44. Carter, R. and Manaster, S., 1990. Initial public offerings and underwriter reputation. Journal of Finance 45, pp. 1045-1067 Chahine S, Ismail A. Premium, Merger Fees and the Choice of Investment Banks: A Simultaneous Analysis.  Quarterly Review of Economics and Finance  [serial online]. May 2009;49(2):159-177. Diamond, P. and E. Maskin. 1979. An equilibrium analysis of search and breach of contract, I: Steady, States. Bell Journal of Economics , no. Spring: 282-311. Gaughan, P., 1996. Mergers, Acquisitions, and Corporate Restructurings. , Wiley, New York. Grossman, S. and O. Hart. 1980. Takeover bids, the Free-Rider problem and the theory of the corporation. Bell Journal of Economics , no. Spring: 42-64. Johnson, J. and Miller, R., 1988. Investment bank prestige a nd the underpricing of initial public offerings. Financial Management 17, pp. 19-29 Loughran, T., Vijh, A., 1997. Do long-term shareholders benefit from corporate acquisitions? Journal of Finance 52, 1765-1790. McLaughlin, R., 1990. Investment-banking contracts in tender offers: an empirical analysis. Journal of Financial Economics 28, pp. 209-232 McLaughlin, R., 1992. Does the form of compensation matter? Investment banker fee contracts in tender offers. Journal of Financial Economics 32, 223-260 Michel, A., Shaked, I. and Lee, Y.-T., 1991. An evaluation of investment banker acquisition advice: the shareholders perspective. Financial Management 20, pp. 40-49 Mortensen, D. 1982. Matching as a non-cooperative bargaining game. in The Economics of Information and Uncertainty, Edited by John J. McCall. Chicago: University of Chicago Press . Nanda, V. and Yun, Y., 1997. Reputation and financial intermediation: an empirical investigation of the impact of IPO mispri cing on underwriter market value Rau, P. (2000)  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Investment bank market share, contingent fee payments, and the performance of acquiring firms. Journal of Financial Economics, 56,293-324 Rau, P. and Vermaelen, T., 1998. Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics 49, pp. 223-253. Saunders, A., Srinivasan, A. Investment  Banking  Relationships  and  Merger  Fees (October 2001). NYU Working Paper Servaes, H. and M. Zenner. 1996. The role of investment banks in acquisition. The Review of Financial Studies 9, no. Fall: 787-815. Sirri, E. and Tufano, P., 1998. Costly search and mutual fund flows. Journal of Finance 53, pp. 1589-1622 Travlos, N., 1987. Corporate takeover bids, methods of payment and bidding firms stock returns. Journal of Finance 42, pp. 943-963 Walter T, Yawson A, Yeung C. The Role of Investment Banks in MA Transactions: Fees a nd Services.Pacific-Basin Finance Journal  [serial online]. September 2008;16(4):341-369. Zingales, L. and Dyck, A. and (2004), Private Benefits of Control: An International Comparison. The Journal of Finance, 59:  537-600. Data Source: ThomsonOne Banker Database Company reports