Capturing The Real Value Of High Tech Acquisitions - Free Essay Example

The fast rate of technological change was one of the most important trends in the 1990s and this brought an increasing complexity and cost to the development of new technologies. Companies used their innovative assets as a major source of competitive advantage to quickly introduce new products and adopt new processes (Sen and Egelhoff, 2000). Acquisitions are completed in many industries for reasons that are aligned with the dominant competitive driving forces for that industry. In the area of high technology and seminconductors, the competitive drivers are short product life cycles and process advancement. Process advances are required to both support the incremental changes to existing products and to allow the creation of radically new one. The number of acquisitions rapidly increased through the decade for several reasons: the product life cycle was getting shorter; participating in the creation of industry and product standards was crucial; early entry helped capture market share; and R D risk could be reduced. Hagedoorn (1993) found the reduction in innovation time and acquisition of needed technologies as the most important reasons for one company to pursue another. Several researchers have written about the radical and incremental innovation capabilities, their distinguishing factors and the important consequences to the corporation. It has also been argued that large firms are effective with incremental innovations and small firms are better at rad ical innovations. (Ettlie, Bridges, and Oà ¢Ã¢â€š ¬Ã¢â€ž ¢Keefe, 1984; Dewar and Dutton, 1986; Christensen, 1992). Corporate decision to acquire or not acquire another company embodies a high level, serious management strategy decision toward repositioning a company in the competitive landscape. The decade from 1990 to 2000 was chosen as an important time for acquisition activity. There was frequent activity in acquisitions during a time of stable economic conditions creating good conditions for analysis. In 1990, the dollar value of all acquisitions and mergers in the United States was two percent of the Gross Domestic Product (GDP). In 2000, the value reached over 15% of the GDP (Mergerstat, 2003). In the first 10 months of 2000, in the technology sector alone, there were 2,019 acquisition and merger deals worth $573 billion (Reason, 2000). This occurred despite studies done in the 1980à ¢Ã¢â€š ¬Ã¢â€ž ¢s and 1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s that found little positive effect financially for the acquiring company. The magnitude of the activity strongly suggests that some positive relationship could be fo und if examined in a different way or using new metrics. This research uses a different methodology by exploring a single industry, selecting profitability growth as the metric from theoretical industry driving forces and analyzing profitability over time as a statistical repeated measures model using SPSS software. The results from this work may have strategic implications for remaining competitive in high technology, high-velocity industries. It should be noted here that the term acquisition, mergers and acquisitions and M A will be used interchangeably in this research and are defined in Appendix A along with other important terms. In high technology industries, such as semiconductors, a firm interested in new product innovation must aggressively invest to stay at the leading edge. Creating or acquiring new offerings can be dependent on a combination of efforts directed either internal or external to the company. Internal efforts include primarily Research and Development (R D) or newly formed affiliates, termed à ¢Ã¢â€š ¬Ã…“greenfieldsà ¢Ã¢â€š ¬? (Vermeulen Barkema, 2001; Sonenclar, 1984; Bradley Korn, 1981). External efforts can take the form of acquisition or mergers to best capture the intellectual property (IP) that is maintained in the categories of trade secret and proprietary know-how. Acquisitions, when done well, appear to have the advantage of capturing this kind of IP as compared to the other forms of external efforts. Acquisitions also potentially offer faster repositioning with less risk and lower cost than pursuing internal company endeavors (Singh Montgomery, 1987). A high technology com panyà ¢Ã¢â€š ¬Ã¢â€ž ¢s success hinges on creation of innovative ideas, availability of creative personnel, speed of new product execution and cost effectiveness. Mergers and acquisitions are a highly favored management avenue for growth and competitive positioning. The importance of this management consideration and the impact of mergers and acquisitions continue to expand with billions of dollars involved. The importance in the technology sector becomes apparent when looking at the 724 firms that made their initial public offering (IPO) in 1992, but were not acquired or merged. Of these companies, 58% were selling at less than their IPO price six years later (Small Business Statistics, 2000). Product and service offering must constantly evolve and change (Thompson Strickland, 2001). High velocity innovation is fundamental to the growth and survival of high technology businesses. Organizations that are successful have a regular stream of unique products and services. Hewlett-Packard had over 50% of revenue in 1999 coming from products introduced in the previous two to four years. In high technology companies, the highest profit levels come from the newest products. Consequently, it is imperative to accelerate the innovation cycle, often through mergers and acquisitions, and this is critically important to remaining competitive. Entrepreneurial firms consistently outperform larger firms in both market and earnings growth on the Inc. 500 and Forbes 200 lists (Imparato Harari, 1994). There are several potential reasons for making an acquisition that have been identified and studied in the literature. In addition to the reasons for actually acquiring, there are a number of factors following the event that will influence the degree of success or failure that these efforts may experience. These elements that play a part in determining the outcome have been the focus of studies that are summarized in the Literature Review. WHAT MAKES HIGH-TECH COMPANIES AND THEIR ACQUISITIONS UNIQUE Both the popular business press as well as recent academic research seems to uniformly accept the unique nature of high-tech stocks. Kohers and Kohers (2000) state: à ¢Ã¢â€š ¬Ã…“The high-growth nature of technology-based industries distinguishes them from other types of industries. In addition to their high-growth potential, however, another distinctive feature of high-tech industries is the inherent uncertainty associated with companies whose values rely on future outcomes or developments is unproven, uncharted fields (p. 40). In fact, many à ¢Ã¢â€š ¬Ã…“pureà ¢Ã¢â€š ¬? technology stocks are young companies, underfunded and without prospects for generating any cash flows in the near future. Nevertheless, despite the inherent uncertainty of high-tech industries, investors seemed to disregard most equity fundamentals when valuing technology stocks, especially during the market upturn in the late 1990s. As a result, even though high-tech stocks were in general extremely volatile, many of them were trading at remarkable premiums. The exploding rate of growth in M A activity that involved high-tech industries can be partly attributed to those overly optimistic valuations. Puranam (2001) argues: à ¢Ã¢â€š ¬Ã…“On the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s side, booming stock market valuations have made acquisitions for stock feasible for several relatively small (revenue wise) firms, as well as the more established larger ones. On the targetà ¢Ã¢â€š ¬Ã¢â€ž ¢s side, an increasing preference for the ready liquidity offered, by an acquisition, as opposed to the paper profits from an IPO have created an environment conducive to acquisitions of small start-upsà ¢Ã¢â€š ¬?. At the same time many of these acquisitions were also motivated by the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s need to obtain critical technologies and expertise in order to quickly enhance their own technological competence. Despite the burst of the high-tech market bubble and the failure of most of these acquisitions, investors continue to show an extreme faith on these stocks. à ¢Ã¢â€š ¬Ã…“Americans still believe that technology can create a better world. Each time the U.S. tech sector falls into a trough, new technologies and companies emerge to lead it forward againà ¢Ã¢â€š ¬? (Business Week, August 27, 2001). PROBLEM MOTIVATING THIS STUDY This research effort seeks to understand the relationship between acquisitions and profitability by looking at the industrial sector for high technology semiconductor companies. Many prior studies have shown little financial benefit to the acquiring company in research conducted beginning in the 1980s and extending to today using a variety of variables, measures and company sample selection. These studies will be discussed in more detail in the Literature Review. The researchers Rumelt (1984), Ravenscraft and Scherer (1987), Porter (1987) and Kaplan and Weisbach (1990) separately found that acquisitions that could be categorized as unrelated, or diversifications, did not lead to profitability improvements, but most of these studies obviously included a cross-section of divergent industries. The importance of innovation and new products in high velocity, competitive environments is discussed in literature and high velocity innovation is fundamental to the growth, profitability and sur vival of these businesses (Thompson and Strickland, 1999; Betz, 2001; Burgelman, Christensen and Wheelwright, 2004). The competitive advantage of capturing intellectual property through acquisition has also been discussed more recently. More clear evidence is beginning to emerge concerning the drive to acquire technology and the unique features of doing so (Prentice Fox, 2002). This research examines the correlation between the event of acquisition and subsequent company performance and growth of profitability in the decade of 1990-2000. Practicing managers in the area of management of technology are faced with the challenge of high velocity innovation being a requirement to maintain competitive positioning (Thompson Strickland, 2001). Two methods for constant innovation include internal efforts, such as Research Development (R D), and external efforts, such as acquisitions, on which this paper focuses. Prior studies have been cross-sectional across different industries and analyzed the benefits gained in terms of patents and R D (Bettis 1981), stock price (Matsusaka, 1990; Schleifer and Vishny, 1990; and Lubatkin, 1982) or increase in company size versus the cost of acquisitions. These studies have not captured one of the most unique features of the high technology industry where innovation and new products are dependent on intellectual property (IP) that is maintained in the categories of trade secret and proprietary know-how. Because of this characteristic, the high technology industry would be expected to yield different results. The importance of IP and know-how has been an area of academic focus working to clarify the concept of à ¢Ã¢â€š ¬Ã…“absorptive capacityà ¢Ã¢â€š ¬? in the 1990s, but empirical work to tie these concepts to firm performance was not pursued (Cohen and Levinthal, 1990; Barney, 1991; Prahalad and Hamel, 1990). The use of patents as a measure, as used in prior research (Acs and Audretsch, 1988; Pakes and Griliches, 1980; Hitt, Hoskisson, Ireland and Harrison, 1991), does not capture the IP benefits in these categories or measure the success resulting from these external efforts. Acquisitions, when done well, should be expected to have an advantage on capturing this kind of IP. Acquisitions potentially offer faster positioning with less risk and lower cost than internal company endeavors which include primarily Research and Development (R D) (Gulati, 1995; Singh Montgomery, 1987). STUDY OVERVIEW This research effort focuses on one high technology industrial sector of semiconductors and studies the correlation between acquisitions, profitability, survivability and RD intensity over time. Many prior studies (Rumelt, 1984; Ravenscraft and Scherer, 1987; Porter, 1987; and Kaplan and Weisbach, 1990) have shown little financial benefit to the acquiring company, but most of these studies included a cross-section of divergent industries. The importance of innovation and new products in high velocity, competitive environments is widely discussed in literature. High velocity innovation is fundamental for the theory of growth, profitability and survival of these businesses. The competitive advantage of capturing intellectual property through acquisition has also been discussed more recently. More clear evidence is beginning to emerge concerning the drive to acquire technology and the unique features of doing so (Prentice Fox, 2002). This paper researches the correlation between the ev ent of acquisition and subsequent company performance, survivability, the growth of profitability and R D spending. CHAPTER 2 LITERATURE REVIEW ON HIGH-TECH COMPANIES Most research on high-tech companies is relatively recent and has its origin in various business fields. Chaudhuri and Tabrizi (1999) study the practices of 24 high-tech companies involved in acquisitions, and try to identify the key factors in capturing the real value in high-tech acquisitions. They conclude that in order to make a successful acquisition managers need to move beyond the traditional model of acquisitions where the people acquired are secondary to physical assets and brands. High-tech acquisitions need to focus on the people since technological capabilities tied to skilled people are the key to long-term success in these industries. Arora, Fosfuri and Gambardella (2000) examine how the growth of markets for technology affected the corporate strategies of the leading companies, which can now sell technologies that they do not use in-house and increase their potential returns to R D. They argue that globalization, along with the low transportation costs of technologies, has made large R D intensive companies realize that they have the potential to exploit their technology on a very large scale by licensing. However, in deciding how to exploit their technology small firms and technology-based startups face a different set of challenges. According to the authors they need to trade off the costs of acquiring capital and building in-house production, distribution and marketing capability against the rents that would be lost or shared with their partners in a licensing deal. Also, the authors argue that integration may reduce the innovative potential of the firm, because the acquisition of the complementary assets in evitably increases the size of firms and induces important changes in the culture of the firm and in the speed and fluidity of information flowsà ¢Ã¢â€š ¬?. Finally, they claim that evaluating technologies and being able to use them requires substantial in-house scientific and technological expertise and therefore internal and external R D can be reviewed as complements and not substitutes. Liu (2000) focuses on a different issue by examining the marketsà ¢Ã¢â€š ¬Ã¢â€ž ¢ reaction to innovation news announcement made by the U.S. biotech firms during the 1983-1992 period. He finds that the average AR to the announcements is as high as 3.98 percent for a three-day event window and biotech stocks trading volumes almost double on the day of the news announcement. The announcement period ARs are negatively related to firm-size and underwriter reputation, while positively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s technology depth as measured by R D intensity. However, during the months following the announcement the average three-month post announcement AR is 2.73 percent. The negative drift in stock prices appears to be mainly driven by the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s weak science and technology (less R D intensive), firms with high Book to Market (B/M) ratios and large firms. In explaining his findings the author proposes an à ¢Ã¢â€š ¬Ã…“expectation error hypothesisà ¢Ã¢â€š ¬?. According to this hypothesis it is hard for investors or even managers to precisely evaluate the economic value of innovations which in turn leads to the possibility of forming erroneous expectations. In high-tech industries the erroneous expectation is reflected in the investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s over-optimism towards high-tech firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s innovation news. Eventually, the stock prices adjust itself to reflect the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s fundamentals, especially its technology depth. The author attributes the observed evidence to the costly information required to value a high-tech firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s innovation. Prentice and Fox (2002) provide a comprehensive review of the merger and acquisition process while focusing on the distinctive characteristics of high-tech companies. They argue that technology mergers are different from traditional mergers because of the importance that must be placed on people and their ability to innovate. Targets must be evaluated on intangible assets such as intellectual property and human capital. At the same time managers need to consider the issues of retention, culture and integration strategy from the beginning of the merger process to ensure success. There are two studies that are most relevant to this research. The first one is by Kohers and Kohers (2000) who examine the value creation potential of 1,634 mergers in the various high-tech areas between 1987 and 1996. They find that acquirers of high-tech targets experience significantly positive Ars at the time of the merger announcement, regardless of whether the merger is financed with cash or stock. Othe r factors influencing bidder returns are the time period in which the merger occurs, the ownership structure of the acquirer, the ownership status of the target and the high-tech affiliation of acquirers. They conclude that the market appears to be optimistic about such mergers and expects that acquiring companies will enjoy future growth benefits. The second related study is also by Kohers and Kohers (2001) who examine the post-merger performance of acquirers that purchase high-tech targets in order to determine whether the high expectations regarding the future merits of these investments are actually justified. Their results indicate that compared to non acquirers, acquirers perform poorly over the three-year period following the high-tech takeover announcement. Furthermore, glamour bidders show significantly lower long-run ARs, while value bidders do not experience significant post-merger ARs. Also, glamour bidders with a higher risk of agency problems show even worse post-merger performance while institutional ownership in the acquiring firm has a positive influence on acquirer long run ARs. Overall, the authors conclude that the market tends to exhibit excessive enthusiasm toward the expected benefits of high-tech mergers but many of these benefits do not materialize. CHAPTER 3 HYPOTHESES, METHODOLOGY AND DATA SOURCES STATEMENT OF HYPOTHESES Previous research in the literature has generally found little financial benefit for the acquiring companies that were associated with occurrence of the acquisition activity (Rumelt, 1974; Ravenscraft and Scherer, 1987; Porter, 1987; and Kaplan and Weisbach, 1990). Consequently, the first and second questions for this study are focused using the single industry of semiconductors, are stated in the null hypothesis format. First, firm profitability growth rates are compared in two groups, one that does acquire and one that does not. Secondly, individual firm profitability growth is examined before and after an acquisition event looking for a change in growth rate that is significant. Hypothesis 1 (H1): There will be no significant difference in profitability growth when firms making acquisitions are compared to firms not making acquisitions in the high-tech sector. Hypothesis 2 (H2): Acquiring firms making acquisitions are expected to have no significant change in profitability growth before and after the acquisition event. The literature yields less empirical work in analyzing the relationship between merger and acquisition actions and the longevity of a corporation. Theory certainly recognizes the close link between competitive capability and company survival. For the high technology industry of semiconductors, high velocity innovation is a requirement for remaining competitive. Research questions three and four are also stated in the null hypothesis format. Company longevity, or survival rate in number of year, is compared in two groups also, where one group does acquire and one does not. Lastly, an individual firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s spending rate on R D is examined before and after an acquisition event looking for a significant change in the rate compared to the trend for the company. Hypothesis 3 (H3): Firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions. Hypothesis 4 (H4): A companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s R D intensity will show no significant change following the event of acquisition within this industry. SELECTION OF VARIABLES This research was conducted in a concentric approach by starting with one independent and one dependent variable initially to define the relationship and guide the next treatment in the study. As work continued, variables were selected and the methodology expanded to assess both within-subject and between-subject effects. The variables used in this study for Hypothesis 1 (H1) include profitability growth rate and a dummy variable to represent the presence or absence of the event of acquisition. The event of acquisition is represented by a dummy variable with a zero (0) representing no acquisition and with a one (1) representing an acquisition event. An acquisition event is identified by using a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s reported cash flows attributed to acquisition as stated in the Compustat database. The profitability growth rate is calculated from the total gross profit margin reported by year and cumulated over three years, then averaged to reduce fluctuations and facilitate identification of trends. The variables used for H2 analysis of profitability growth rate before and after an acquisition were the dummy variable for the presence of acquisition, the gross profit margin percentage (GPM %) calculated as a three (3) year cumulative average growth rate (CAGR) to smooth fluctuations and better identify a trend. This relationship was studied for three (3) years prior to the actual acquisition and five (5) years following the action. As the study progressed, a second dummy variable was used for company size to separate the effect of this independent variable as well. A repeated measures matrix was designed with two dummy independent variable as well. A repeated measures matrix was designed with two dummy independent variables, each with two levels and one dependent variable with repeated measures over nine years for a 2 x 2 x 9 repeated measures analysis using the SPPS software. The variables used for H3 analysis of acquisition relation to firm longevity were the acquisition dummy variable and the data from Compustat for the number of years that the company did financial reporting during the period of this study. H4 looks for the effects between acquisition and RD spending or intensity by using the acquisition dummy independent variable and R D intensity as the dependent variable. R D intensity is calculated using the R D expense reported as such by the companies and in the Compustat database. This Compustat item represents all costs incurred during the year that relate to the development of new products or services. This amount is only the company`s contribution and includes software and amortization of software costs and complies with Financial Accounting Standard Board (FASB) standards. This item excludes customer or government-sponsored research and development (including reimbursable indirect costs) and ordinary engineering expenses for routine, ongoing efforts to define, enrich, or improve the qualities of existing products. Methodology This study encompasses the time period of ten years from 1990-2000, inclusive. Semiconductor companies were selected as an entire group according to their NAICS/SIC codes. Using the Standard Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Compustat database, there are 153 semiconductor companies included that were identified as à ¢Ã¢â€š ¬Ã…“activeà ¢Ã¢â€š ¬? companies at the end of the calendar year 2000 by Compustat. These companies are listed in Appendix B. Active reporting for one year. Companies are designated as à ¢Ã¢â€š ¬Ã…“inactiveà ¢Ã¢â€š ¬? and reclassified in the Compustat database when it is no longer actively traded on a stock market exchange due to bankruptcy, becoming a private company, leveraged buyout or merging. The research effort started with analysis one independent variable and one dependent variable in order to initially establish what the relationship was that existed, if it was significant and how to proceed with analysis. Exploratory work on Hypothesis 1 showed that there was a statistically significant and positive correlation between acquisitions and gross profit margin (GMP) growth broadly over the decade which differs from prior research. Hypothesis 2 moves toward a more detailed analysis of this finding. Consequently, in this chronology of discovery, the next step presented in Section 4.2 look at one dependent variable of profit margin growth and two independent variables of company size and acquisition activity. 3-way ANNOVA and regression treatments of the data are conducted using the data analysis tool available under Microsoft Excel Software looking at individual years in the ten year study period. The results show significance again and suggest that other interactions betwe en variables would yield additional understanding. The next step in the research was set up to look at one dependent variable, again gross margin (GPM) growth, repeatedly measured over time for each subject or company was entered for the nine (9) years 1995-2000 inclusive to capture acquisition effects giving 2 x 2 x 9 repeated measures design. The two independent variables were used in the dummy format with non-acquires given a code zero à ¢Ã¢â€š ¬Ã…“0à ¢Ã¢â€š ¬? and acquires assigned at one (1). Company size was the second dummy variable with firms less than $100M in sales per year coded zero (0) and if greater than $100M in sales, assigned a one (1). The statistical analysis using a repeated measures design analyzed the variable interactions and their relationship to GPM growth using the SPSS software. These results are presented in Section 4.5 Repeated Measures Analysis that was done using SPSS software. Descriptive statistics were an important first treatment of the data sets created. This includes the values for the following parameters: mean, median, range variance, standard deviation, kurtosis, and skewness. This treatment looks at characteristics of the data and the degree of normal distribution. The 3-way ANOVA investigations and regression treatment of the data were initially done using the data analysis tool software available in Microsoft Excel. Generally, the data sets for this study vary somewhat from the classical normal distribution, but ANOVA and MANOVA (multivariate ANOVA) within a repeated measures analysis are considered robust to violations of the normal distribution assumption (Maxwell Dealney, 1990; Stevens, 1996) SPSS Advanced Models 11.0 software was used to create general linear models of the data and conduct analysis of variance (ANOVA), regression, and analysis of covariance (ANCOVA) for the multiple variables in this model with repeated measures. The factors or independent variables were used to divide the population of 153 active semiconductor companies into groups. There were two independent variables used that were designated as dummy variables. The first variable of acquisition separated companies that did complete acquisitions from those that did not complete acquisitions during the decade of study. The second variable grouped the companies by size of sales at the end of the decade by either greater than $100 million or less than $100 million. Then the general linear model procedure was used to test the four null hypotheses, as stated above, regarding the effects of the independent variables on the dependent variable of gross profit margin growth as a repeated measure over the perio d 1992-2000. The investigation included looking at interactions between factors as well as the individual factors and the effects and interactions of covariates. This model specifies the independent variables as covariates for regression analysis. The SPSS repeated measures model creates a matrix for the sums of squares due to the model effects, gives the approximate F statistics and estimates parameters in addition to testing hypotheses. When an F test shows significance, SPSS performs post hoc tests to evaluate the differences between the means. This yields a predicted mean value for the cells of the model. Analysis of variance (ANOVA) was applied to named variables to study the portion of variance in the each variable that could be identified as explained and unexpected with regard to the event of acquisition. A covariance tool was also used when looking at the variables described above such as acquisition occurrence, company size and profitability growth changes. This compares whether the two ranges of data move together à ¢Ã¢â€š ¬Ã¢â‚¬Å" that is, whether large values of one set were associated with large values of the other (positive covariance), whether small values of one set were associated with large values of the other (negative covariance), or whether values in both sets were unrelated (covariance near zero). DATA SOURCES Standard Poorà ¢Ã¢â€š ¬Ã¢â€ž ¢s Compustat database was used for data collection in this research. The database contains fundamental financial, statistical and market data derived from publicity traded companies trading on the NYSE, NASDAQ, AMEX, OTC and Canadian stock exchanges. The calendar year for a company is the year in which the fiscal year ends and is the time period used as standard in this research. Companies with fiscal years ending in January through May are assigned by Compustant into the year in which the fiscal year begins. Companies with fiscal years that end in June through December are assigned to the year in which the fiscal year ends. The EDGAR (Electronic Data Gathering, Analysis and Retrieval) System database maintained by the United Stated Security and Exchange Commission (SEC) was also used. The EDGAR data is also collected from the same sources that are used to generate the Compustat database. Data from these controlled and verifiable sources were corroborated and augmented with information collected from semiconductor trade journals, company annual reports and the Mergers Acquisitions Journal that tracks statistics in this area. CHAPTER 4 RESULTS AND DISCUSSION HI à ¢Ã¢â€š ¬Ã¢â‚¬Å" ACQUISITON AND PROFITABILITY RELATIONSHIP A strong positive relationship was found to exist between the presence of acquisition activity and the growth in gross profit margin (GPM) by the end of the ten year study period. The statistical analysis is detailed below and is a departure from previous findings. This finding addresses the central question of this research endeavor to look for a relationship between acquisition events and profitability growth within the one industry of semiconductors. A positive financial effect is found and opens the path for additional analysis in this direction. Consequently, this information forms the foundation for the additional work presented in this research. ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ON CHAPTER 5 CONCLUSION RESULT VERSUS HYPOTHESES The four hypotheses are stated again in Table 1 as a summary for ease of reference as results are discussed. Table 1. Statement of Hypotheses Summary Hypotheses 1 (Hi): There will be no significant difference in profitability growth when firms making acquisitions are compared to firms not making acquisitions in the chosen sector. Hypotheses 2 (H2): Firms making acquisitions are expected to have no significant change in profitability growth before and after the acquisition event. Hypotheses 3 (H3): Firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions. Hypotheses 4 (H4): A companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s RD intensity will show no significant change following the event of acquisition within this industry. Corporate acquisitions in general have studied by researchers for many years. The researchers cited in this paper examined a sampling of industries through different methods using a variety of approaches and variables. These studies, however, did not focus on one industry using a measure tied to one of the most central theoretical driving forces for the industry. This research successfully analyzed the variable of profitability growth rate over time to model and explores the relationship between the presence of acquisition events and company performance for the high technology industry of semiconductors. Perhaps the most important outcome is the consistently positive and significant relationship found between the event of acquisition and profitability growth. This result ties to the central question of this research that sought to explore this area in a high technology industry using a different methodology and approach. The principal result of this research finds significant positive growth in the financial measure of profitability for firms that complete acquisitions. This finding is different from prior research in which positive financial benefits for the acquiring firm has generally not been found. The sample set focuses on a single industry and allows the selection of variables that reflect the critical elements of the competitive environment. Using a slightly longer time period for the measurement also made it possible to smooth fluctuations and use the strength of a repeated measures statistical treatment. This suggests that other research questions may benefit from using this approach. This research uses the established data sets to further analyze these elements. The initial research question looked at what relationship existed between acquisitions and profitability growth within one industry, semiconductors. Hypotheses 1 (H1) states that there will be no significant differences in profitability levels when firms making acquisitions are compared to firms not making acquisitions in the chosen sector. This research found a statistically significant relationship between positive gross profit margin (GPM) growth and a company performing acquisitions in both ANOVA and regression tests, allowing the rejection of the null hypotheses. The strength of this relationship was tested and corroborated in the multivariate and repeated measures analysis with SPSS software. This clear finding stands out from previous where other dependent variables were chosen as the proxy measures for positive financial gain as a result of acquisition and the time periods generally were less than the decade as selected for this research. Previous measures included items such as stock price, return to shareholders, sales, and assets as a brief summary of the studies covered in more detail under chapter 2 , the Literature Review Section. Other studies sought to measure positive intrinsic organizational effects and outcome associated with acquisitions such as the number of patents created, number of new products, executive turn over, R D effectiveness and number of customers gained. These elements play an important role in the overall management and success of a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s actions and probably contribution to the degree of acquisition success, but this granularity is beyond the scope of this study. Hypotheses 2 (H2) states that firms making acquisitions are expected to have no significant change in profitability level before and after the acquisition event. This research found important statistically significant correlations between positive gross profit margin (GPM) growth over time and the independent variables of company size and whatever acquisitions were completed or not. Consequently, H2 can be rejected as the null hypothesis. The within and between-subjects effects were clearly strong and identified strategic time considerations also in the outcome from the multivariate and repeated measures analysis. Acquisitions bring a significant, positive profitability growth influence for both large and small companies. It is a clear disadvantage to be a non-acquirer in the semiconductor industry from a GPM standpoint over time. The additional importance of repeated acquisition is suggested by the data, but not included in this research. In the high velocity semiconductor industry, product life cycles average approximately 18 months. With the innovation cycle obviously spanning a slightly longer period, it appears that the three year mark post-acquisition is a key time for smaller companies. Perhaps because their internal resources in people or RD provide less absorption capability or smoothing than in larger companies (Burgelman, Christensen, Wheelwright, 2004). It is also expected that the interaction between internal RD, greenfields and regular acquisitions (Vermeucen Barkema, 2001; Sonenclar, 1984; Bradley Korn, 1981) would be an excellent area of study if limited to one industry for deeper understanding. Hypothesis 3 (H3) states, again using the null format, those firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions. The literature contains less empirical work looking at merger and acquisition actions and the longevity of a corporation. Theory certainly recognizes the close link between competitive capability and company survival. For the high technology industry of semiconductors, high velocity innovation is a requirement for remaining competitive (Burgelman, Christensen, Wheelwright, 2004; Thompson, Strickland, 1999; Porter, 1987). Here, firm survival rates are compared in two groups also, where one group does acquire and one does not. Again significance is found showing a positive relationship between longevity and being an acquirer in this industry allowing the rejection of H3. This relationship presents opportunities to separate out the causality aspect of whether companies survive longer because t hey acquire more often or whether they acquire more often as a consequence of being older. Again significance is found showing a positive relationship between longevity and being an acquirer in this industry. Longevity in this case reflects a sustainable strategic position and its linkage to acquisition presence can imply that this is an important part of remaining competitive. Surviving longer in a highly competitive situation usually means that a company is doing things better than the competition. A significant relationship is found for this industry between the activity of performing acquisitions and being in business longer. The recommendation can be made that semiconductor companies should consider acquisitions as part of their competitive strategy, certainly in cycle of growth for the industry. Hypothesis 4 (H4) states that a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s RD intensity will show no significant change following the event of acquisition within this industry. Here, an individual firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s spending rate measured as RD intensity is examined using the three (3) year average over the period 1998, 1999, 2000 and measured against the dummy variable of whether or not an acquisition occurred during the decade. The p value of 0.041 suggests an acceptable level significance, but comes from a distribution showing high kurtosis and the R2 value is lower at 0.028. Since targeting by specific industry is found to be significant, many studies and conclusions fro literature will benefit from this new examination. These results reopen the question of acquisition value measurement and study. The explanatory value of this multivariate model using repeated measures employs an application that is somewhat unique and present findings that call for additional research. INTERPRETATION OF RESUTLS The interpretation of these findings for four hypotheses presented is divergent from the body of previous studies which found no financial gain to the acquiring company. This empirical data analysis explored the link between acquisition activity and company profitability and longevity using the semiconductor industry as the initial testing grounds for this approach and methodology. Several potential relationship and interactions are examined including company size, calendar year, years before and after acquisition, longevity and relationship to the level of RD intensity. The use of dummy variables for company size and for whether an acquisition occurred or not improved the clarity for this research encompassing the semiconductor industry and its high velocity, high technology environment. The unique strength of this study arises from analyzing only one industry. The design of the study started with analyzing the driving forces for this industry in order to choose the most applicable dependent variable and independent variable. The selection was viewed as very important since the finding of financial gain from acquisitions has defied normal measures used in other research. The weakness of relying on a measure such as number of patents, as a measure of acquisitions success or innovation acceleration is that for semiconductors, some of the most vital knowledge is not patented, but held as trade secret and embodied in individual and organizational know-how. By comprehending the unique aspects of this industry and hypothesizing the possible impact and à ¢Ã¢â€š ¬Ã…“ripple-effectà ¢Ã¢â€š ¬? (from acquisition to innovation to new product to profitability), empirical focus was directed at profitability. By looking at GPM prior to and post acquisition, some of the elements of management and organization strengths or weaknesses can be noted in further analysis. If a company is managed poorly before completing an acquisition, this situation is anticipated to be reflected in the profit numbers and would be expected to experience less than optimal improvements post- acquisition. There are many ways that an organization can manifest strength and it can change over time. Managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s decisions impact whether an acquisition is done, with whom and when. By looking at the whole industry, this study sought to minimize the managerial issue and was looking for a general relationship. This was reflected in finding positive significance for both large and small companies, over time in a fairly large sampling of corporations. Nonetheless, knowledge can be further gained through research to look at the degree of success and the contributing factors as the next step. Because this is a complex situation in the real world with dynamic factors, it could be attempted to assign the results to random chance or a confounding factor. However, the positive, significant results are consistent and repeated. Since an entire industry was used over a period of ten years, it is difficult to expect that a confounding variable could have consistently impacted this many companies over this period of time. The argument could be offered that these positive results were occurring because the semiconductor industry was in a growth cycle. Although this industry id definitely a cyclical one, the trends that were discovered directed tied to the independent variables of size and acquisition event in this study. This period was chosen because of the positive cycle stage for its stability, the absence of overriding events and the richness of acquisition activity yielded available data. It should also be noted that not all companies demonstrated the same results, regardless of phase, and positive results were found regardless of company size or longevity.

Essay Writing Topics with Answers for Ielts Reviews Guide

Paper Writing Topics with Answers for Ielts Reviews Guide Top Choices of Essay Writing Topics with Answers for Ielts The assortment of syntactic developments utilized appears to be very superb. The old style methods of educating consistently focused on the talk arrangement and assessment. You have to create thoughts during the test and produce models from your own knowledge and experience. The structure of exposition style assignments is very open however for the most part includes an. You wish to guarantee your letter has a structure. The understudies are given 30-minutes to give a composed response to one. In others, youngsters focus on a limited assortment of subjects identified with a particular profession. Errand 2 Some individuals imagine that encouraging kids at home is perfect for a youngster's turn of events while some accept that it's basic for kids to go to class. The Basics of Essay Writing Topics with Answers for Ielts If you are in control of a different passage by methods for your supposition you may discover you can't think about any new thoughts or you can end up rehashing precisely the same things as in your earlier sections. So even simple, however elegantly composed contentions can frequently give you a band 9 composition. Assessments must be depicted when inquired. Knowing the basic themes can assist you with preparing for the test better. Despite the fact that there's a reliable exposition equation that will help you to structure your paper and sections, you need to observe the different sorts of article inquiries there are. Taking a gander at ielts test expositions is a sublime way to deal with see how to improve. Our example article has a straightforward however predominant presentation where it shows that the examinee knows about this issue and obviously expresses the author's situation to set up the rest of the exposition. Consequently, you can't get familiar with an extraordinary sentence that it is conceivable to embed into an article, since it is far-fetched that you will be equipped for utilizing it in your specific inquiry which you have upon the arrival of your test. Along these lines don't get threatened on the off chance that you trust you can't compose such expositions. Despite the fact that the paper addresses change, the subject of the papers frequently remains the equivalent. Every theme is separated into subtopics that you ought to get ready. On the off chance that you're really inspired by a point, at that point it is essentially less difficult to study and you're not as prone to stop. Different people contend it is greatly improved to attempt to improve such conditions. General Task 1 inquiries are made out of 3 particular segments. It is entirely expected to commit errors. To realize where you're committing errors, you can exploit Writing Correction Service. A significant qualification as you will see beneath. Equivalent words are very significant, however they could likewise truly lessen you mark whenever utilized mistakenly. It is in like manner critical to audit words consistently. Other than utilizing a cell application, you can get and utilize an astounding bilingual word reference. You can start with free applications. Luckily, there are loads of English learning applications out there. There are a great deal of free word reference applications that can assist you with learning proper articulation and new words. Considering smart thoughts is among the most troublesome areas of the test for various individuals. Absolutely, cash has a significant job in our lives. To a great deal of people, it's fitting to wed for cash rather than affection. Numerous individuals imagine that cash is the key to joy and that the more pay you have the more joyful you become.

The College Term Paper Format - Tips To Help You

<h1>The College Term Paper Format - Tips To Help You</h1><p>Students should be comfortable with school research paper design before starting a research project. A research project is intended to assist understudies with procuring credit towards advanced educations, however the points are not like the gauges of normal evaluations that most universities require. A few understudies likewise skirt mutiple or two papers. Research papers assist understudies with getting comfortable with the organization of school papers, which they ought to learn on the off chance that they need to get passing marks in college.</p><p></p><p>Students ought to expound on themes identified with their course, so they ought to expect their school papers to have a primary subject and the optional point to discuss. The key is to expound regarding those matters which are imperative to your course, in light of the fact that the educator will undoubtedly take a gander at tho se themes on the assessment. In the event that you don't have a clue what to compose, you ought to counsel your teacher to help you in choosing what themes to compose about.</p><p></p><p>If you discover a few understudies disregard the auxiliary point in the essential subject, you can utilize it for correlation with make better research. Something else you can do is to utilize this correlation with make better contentions and make contentions that are all the more persuading. The teacher won't care for a contention that doesn't bolster the genuine subject, so you ought to painstakingly pick the themes that will work for your course. Remember the essential subject ought to be sufficiently able to help the optional theme, on the off chance that it must be written in the first place.</p><p></p><p>You should keep the primary point brief, as there are an excessive number of thoughts to compose it in one page. This is the reason the expositi on ought to be partitioned into three sections. Your fundamental point ought to be separated into two sections. Your first section ought to be an acquaintance and ought to relate with the primary subject of the paper. At that point, you ought to expound on one section about your auxiliary theme, that way, you can undoubtedly change to the following piece of the essay.</p><p></p><p>After composing the presentation and the optional subject, you should proceed with the proposition articulation. A postulation explanation is essentially a prologue to the article. This announcement can concentrate on a solitary point or a few themes in one essay.</p><p></p><p>In this segment, you ought not take in excess of a couple of moments for composing your proposition explanation. The last piece of the article ought to contain the end. When composing the end, you ought to painstakingly compose the material from the article and check on the off chance t hat it will fit the subject of the essay.</p><p></p><p>In this part, you ought to be mindful so as to compose just what you can concentrate on and this implies you should just consider the material that you should compose. You ought to compose just what you are going to peruse on the test, so you can concentrate on the material. It's anything but a smart thought to sit around idly composing when you just need to focus on one subject.</p><p></p><p>So, whenever you have to realize how to compose a school paper group, you can study this by perusing this online guide. In the event that you don't have the foggiest idea what sort of paper you ought to compose, you can likewise discover free coaching guides on composing a school research paper format.</p>

Essay Topics For Law Enforcement: What You Should Avoid

<h1>Essay Topics For Law Enforcement: What You Should Avoid</h1><p>You should be certain that you pick your paper points cautiously. In the event that you pick an inappropriate article themes, you will be off guard with your friends. Here are a few subjects for law requirement paper themes that you ought to consider for the meeting process.</p><p></p><p>Your first inquiry must be whether you are prepared to educate. Exposition points about law implementation can shift contingent upon what you decide to educate. It is additionally acceptable to investigate how much experience you have teaching.</p><p></p><p>You need to realize what law authorization needs to make due in the present condition. You should likewise talk about the requirements for change and how these will influence policing. You have to comprehend what's in store for law requirement, so you can set yourself up for this challenge.</p><p></p&g t;<p>One of the most significant parts of law authorization is the way to manage hoodlums. You have to ensure that you unmistakably characterize your job as a law implementation official, not exclusively to your understudies however to the criminal components too. This will enable your understudies to comprehend that they have to move toward the circumstance calmly and ethically.</p><p></p><p>When you pick article subjects for law authorization, ensure that they are not one-sided. You have to guarantee that your understudies are not presented to one-sided material, especially in subjects that are basic to their professions. Try not to incorporate any data that you would be humiliated by in the event that it were in the public.</p><p></p><p>The other thing that you have to recall is that you can build up a point around your character. This is one approach to ensure that you don't miss out on subjects that you would truly need to i nstruct. By remembering individual experience for your point, you can ensure that your understudies are keen on learning.</p><p></p><p>In expansion to the entirety of the abovementioned, you additionally need to consider the theme that you might want to educate for law authorization. It is ideal to ensure that you don't pick a region that is excessively like a specific division. Rather, you have to pick a subject that is extraordinary to that area.</p><p></p><p>The choice of which exposition themes for law implementation you pick ought to be founded on your capacity to think basically and assess circumstances. Too, you should have the option to impart unmistakably. Too, you should have the option to compose from the point of view of a law authorization official and not somebody who just need to be a police officer.</p>

College Essay Sample Immigration Customs Chils

<h1>College Essay Sample Immigration Customs Chils</h1><p>When you're composing your school article, you will have the option to discover a great deal of assets on the web. You can discover a wide range of exposition subjects on school paper and how to compose a school article just as different things. With such a significant number of assets accessible to you, it's anything but difficult to lose all sense of direction in the determination process.</p><p></p><p>The first thing you have to do is consider the most conceivable school exposition point that you can consider. Odds are that you will concoct an exposition point that you have never thought of. That is alright, in light of the fact that when you make your own exposition you are probably going to think of a wide range of themes that you hadn't thought of previously. At the point when you concoct the ideal theme for your paper, you will have the option to fill in a portion of the spaces that your exposition needs to do.</p><p></p><p>Now, you're going to need to ensure that you consider what sort of individual will audit your school article. What does the crowd for your article resemble? There are a variety of sorts of individuals that will survey the substance of your article. It will be significant for you to know what their identity is so you can give your exposition the most obvious opportunity that it can get.</p><p></p><p>Another thing you have to think about when you're composing your school paper is whether you will utilize references. References are extraordinary assets that understudies love to utilize when they are composing their school articles. In any case, when you compose your paper, you will need to ensure that you don't coincidentally remember a portion of these commentaries for your essay.</p><p></p><p>When you utilize a specific reference in your article, for example, 'George Bush'the Bush Administration', you might be shocked to discover that you inadvertently remember these things for your exposition. Remember that most distributers and universities couldn't care less what references you remembered for your paper, as long as it is clear and brief. They are going to think about your whole exposition and just observe the things that you have really written.</p><p></p><p>Writing your school paper is an incredible method to improve your composing abilities. You will have the option to sharpen your composing aptitudes and make your article progressively successful by figuring out how to utilize the entirety of the various assets accessible to you. The facts confirm that you can discover school article test, but at the same time you're going to discover that there are some incredible advantages that you can get from utilizing one of these asset guides.</p><p></p><p>Don't hold up until your school paper is expe cted for accommodation; rather, make your exposition now. This will permit you to concentrate on what you have to complete and keep the remainder of your day free for reading for that paper.</p>

Research Paper Writing Course - How to Make Sure You Get The Best Research Paper Writing Course For Free

<h1>Research Paper Writing Course - How to Make Sure You Get The Best Research Paper Writing Course For Free</h1><p>Before you start your quest for a decent research paper composing course, it's basic that you comprehend what the various styles of paper composing truly are. Numerous individuals don't really understand the distinction between a standard scholastic composing style and one that is centered around investigate. Here are a couple of interesting points before you start a quest for a decent research paper composing course.</p><p></p><p>The first thing to comprehend is that there are various styles of research papers. A few journalists utilize a portion of similar words when they compose a paper, however they go about it in a totally unique manner. It's imperative to get familiar with this distinction since it can assist you with being ready to isolate the good product from the debris with regards to various sorts of research papers.& lt;/p><p></p><p>If you need to have the option to peruse an exploration paper and make sense of what the analyst is attempting to state, you should have the option to separate between styles. It very well may be somewhat harder than just remembering the words and realities, however it should in any case be possible. There are numerous destinations online that will give you data on inquire about papers.</p><p></p><p>These courses can likewise be valuable for the individuals who are enrolling in a class to study composing an exploration paper or different kinds of material. At the point when you take a course, you'll have the option to examine diverse research papers from the specialists with the goal that you can have the option to increase some information on writing by and large. This can be particularly useful to the individuals who aren't truly adept at perusing and composing on their own.</p><p></p><p>It's addi tionally imperative to comprehend the qualification among article and research paper. Research papers center more around raw numbers, while an exposition is an approach to communicate contemplations and sentiments about something. It's critical to realize how to separate between the two on the grounds that each will have various requests with regards to writing.</p><p></p><p>An case of how a particular research paper composing course can help is in the event that you need to apply for a grant and you have a few distinct articles to submit. In the event that you took a course that centers around exploring for a grant, you would have the option to realize that papers are required and which ones are discretionary with the goal that you can take better research what you should have the option to utilize when you send your grant application. This can be an incredible bit of leeway on the off chance that you definitely realize how to do your research.</p>< p></p><p>Another interesting point is the manner by which to utilize the Internet and gatherings with regards to finding a decent research paper composing course. Online discussions are an extraordinary spot to discover data on the best way to get grants, how to get awards, and how to discover government awards for yourself. There are a great deal of advantages to utilizing the Internet as an approach to acquire the data you need.</p><p></p><p>Finally, you should investigate the expenses of getting a free research paper composing course. Online courses are exceptionally famous nowadays since they are so natural to take and you don't need to go out of your approach to take them. Set aside some effort to take a gander at the cost of the course and contrast it with different sources to check whether you can get a similar advantage for less money.</p>

What Is a College Minor and How Important Is It

Much is made of having a minor (or two or three) when you graduate from college. But what exactly does a college minor do? And how important is it once you leave school and enter the workforce? Personal Importance of a College Minor Having a minor may be personally important to you if you minor in a subject that you are passionate about; you may, for example, want to go to medical school (hence your major in biology) but also love the violin (hence your minor in music). You may also be personally interested in gaining skills and training in a certain field but not interested in pursuing the topic to the extent that a major would require. Professional Importance of a College Minor Professionally speaking, minors can be a great help. You may need additional training for a career path that a minor can provide (in something like accounting). You may also want to improve your resume by taking courses and receiving training in a field you know employers are always interested in. You may want to complement one part of your academic training with another that will provide both practical and theoretical knowledge. (For example, you may be majoring in business but minoring in womens studies if you want to work in a non-profit that focuses on womens issues.) Additionally, you may be interested in teaching, in which case a minor can come in handy for expanding what subject areas youre allowed to teach. Academic Importance of a College Minor Your minor may also be important when it comes to applying to graduate school or other academic endeavors. Your minor can show that you have additional skills and interests (such as having a Spanish minor and applying to law school) while also showing a bit about who you are as a person. While your minor probably wont make or break your application, it can serve as an additional piece of information to make you stand out a bit from the rest of the academic crowd.

Examples of Opening Paragraphs For Research Papers

<h1>Examples of Opening Paragraphs For Research Papers</h1><p>Good instances of opening passages for inquire about papers. You will discover instances of opening passages in each sort of record you take a gander at. One of the most widely recognized is the examination paper. Research papers, particularly scholastic research papers are something beyond an assortment of facts.</p><p></p><p>The examine papers you get as your subject of request may contain a great deal of significant and huge data. In any case, this data might be hard to assemble in the beginning times of your examination. You need to concoct an initial section to cause the perusers to comprehend what you need to tell them.</p><p></p><p>This passage should make way for your perusers to perceive what you are discussing. It ought to get them to take an enthusiasm for your examination. A few specialists additionally express that it's ideal to begin the explor ation paper with an obviously characterized opening section. Albeit numerous individuals adhere to this standard, a few creators select to have more data in the introduction.</p><p></p><p>The following model section should set the stage. First let us look at the idea of the exploration. Would you like to compose a paper about history? Or then again maybe you need to compose a paper on science? In either case, you have to give the peruser an away from of what you are going to do and how your paper will be organized.</p><p></p><p>There are a few different ways you can start the exploration paper. The absolute most basic ways include: utilizing foundation data, presenting your point, utilizing models, utilizing illustrations, etc. In the event that you like to have a particular look and feel to your work, you might need to utilize one of these methods.</p><p></p><p>An model passage is only one approach to get the d ata out in an unmistakable and educational way. There are different ways you can write your work down without making your perusers wonder about the data they are perusing. Ensure that the models you use are applicable to your theme. The models must be identified with your proposition, and they ought to be taken from your field of expertise.</p><p></p><p>It is significant that you put your examination into setting. This is one of the most significant components to your research.</p>

The Many Uses of Medical Research Papers Examples

<h1>The Many Uses of Medical Research Papers Examples</h1><p>Medical look into papers models are significant with regards to human services since they contain some critical data. Since a great many people like to peruse such models, scientists and understudies will require a ton of them. At present, individuals can gain admittance to these models through the World Wide Web. These models can be utilized for various research purposes.</p><p></p><p>Those who will direct their own examination should make paper models from the examples. Be that as it may, a few scientists will decide to buy tests and have an example prepared to provide for partners. In any case, there is no uncertainty that everybody will require duplicates of some clinical research papers models. Obviously, those keen on getting by composing research papers won't utilize their models from print sources.</p><p></p><p>For model, a printing business can disco ver models that will empower them to create test papers for the clinical field. A few models will concentrate on the specializations of various experts, while others will be about various strategies for treatment. The individuals who are keen on creating science-based material will need to discover them.</p><p></p><p>Many understudies will have their literature dependent on zones of study in which they have just gone to class. All things considered, some exploration papers models can be made by understudies who have not gone to a specific foundation. They can discover what they are searching for through such methods as the Internet. Individuals who don't go to clinical schools or have not examined medication as a subject may likewise discover them utilizing customary strategies for looking.</p><p></p><p>Many of the individuals who distribute in clinical diaries will have their own clinical research papers models in their ownership. Tru ly, numerous diaries won't acknowledge distributed materials on the off chance that they have not been set up by experts who have experienced the preparation that is vital for production. The individuals who have not experienced this preparation will presumably need to compose their own clinical research papers examples.</p><p></p><p>Those who are engaged with the distributing business should discover clinical research papers guides to ensure that their productions are acknowledged. This is an issue for distributers since some clinical diaries may not acknowledge productions from outside sources. The individuals who are eager to present their examination papers will locate that a large number of the clinical diaries acknowledge them.</p><p></p><p>Finally, the individuals who direct research on the Internet will likewise need to discover an assortment of clinical research papers models. Notwithstanding mentioning instances of different sorts of research, they should send the examples to specific people. At times, the examples will be sent through the mail.</p><p></p><p>As is valid with every single other kind of data, individuals will utilize the data that they have gotten to assist them with getting by. This is one reason why a few people like to utilize data from print sources while setting up their exploration papers. Regardless of which kind of data is utilized, it is essential to have every last bit of it at hand.</p>

Essay Writing - How to Use Free Essay Writing Samples PDF

Essay Writing - How to Use Free Essay Writing Samples PDFAre you still looking for a free essay writing samples pdf? You may be frustrated at the number of sites you see that offer to help you with your writing skills, but what you don't realize is that most of them only have free samples that have not been edited and designed.These samples can often be copied and pasted and once you get pasted in a few times you just end up repeating what you have written a thousand times. The best thing to do when looking for a sample of writing skill is to find an online tool that allows you to create your own sample that has been edited and created to your specifications. This will provide you with a much better, faster and easier way to write.There are many people that struggle with the idea of spending money on the purchase of essay writing samples pdf, but in order to save your money it is important to do your research before you buy. Often times, the products sold on the internet are just imi tations of better companies. After doing your research you will see why spending your money is always a good idea.One of the biggest mistakes that people make when trying to find free essay writing samples do is they think that all these samples are provided free. In fact, there are many sites that will simply give you an e-book or a message board where you will just post your essay on. If you are one of those people who will just do this over again, you should know that it will take you forever to find someone that will pay you for your content.It's a lot easier to look for and use these free samples if you create your own essay. Many people who will write a number of essays over the course of time will notice the benefit that comes from being able to use the samples of writing.Usingthese samples as a great reference is a great way to make sure that you are writing the way that you should be. Writing does not always go as planned and the chance to re-write certain parts of your ess ay after you have rewritten it will let you take a look at how you should have worded your topic or what the paragraphs should look like. It will help you be sure that you are not being too vague in the essay and that you are leaving a little bit of space.When you make a conscious effort to rewrite your essay you will be much more confident in it and can use the essay as a reference later on when you are done with your college application. By writing it first, you will know exactly what words you need to use in your essay. With the essays as reference tools, you will be able to write and re-write the essay with ease and confidence.Using the free essay writing samples of as a resource will allow you to ensure that you are putting your best work forward. As long as you follow the directions that are provided with the sample and use the information as a guide, you should be able to get a good understanding of how to properly write an essay. With this knowledge, you will be able to impr ove your skills and increase your confidence when it comes to writing an essay.

Influence of Servicescape on New and Repeat Customers Behaviour Research Paper

Essays on Influence of Servicescape on New and Repeat Customers' Behaviour Research Paper The paper â€Å"Influence of Servicescape on New and Repeat Customers' Behaviour† is a  fascinating example research paper on marketing. When it comes to products, the consumption objectives and perceptions of the customers differ significantly from their consumption of services. When customers seek out services to consume as products, they look for the intrinsic service and value associated with it as well as the extrinsic factors of service quality and value-added proposition. The value-added proposition by service providers is largely based on the servicescape dimensions. Much research has been conducted on the aspect of servicescape and the impact it has on the formation of perceptions in the minds of the customer. However the aspects of customer loyalty and differing dimension roles for new and repeat customers are aspects of research that need to be focused upon.The objective of this study is to determine firstly, how the servicescape affect customer behaviour in the s ervices industry. Secondly, the paper seeks to provide basis for possibly differing effect of the servicescape on the new customers for a service provider when compared the same for the repeat customer. A practical study of personal experience specific to Starbucks in outlets in China has been performed to further evaluate the importance of servicescape in this regard. The aspect of customer loyalty is taken into account and possible digression onto strategic management of services marketing is provided.Literature ReviewPsychology of Consumer BehaviourConsumer behaviour is a vast field of study pertaining to the internal and external influences of psychology and how they influence the behaviour of the consumer. Specifically applied to business and marketing, this field aids in providing the significant groundwork for the application of servicescape in the services marketing industry. The consumer behaviour psychology is of significant importance when businesses seek to implement a r elationship marketing strategy for targeting new customers and building relationships for long term business and equity from them as a result of managed lifetime relationships (Roberts, Varki and Brodie, 2003).Servicescapes Applied to Services MarketingThe concept of servicescape was introduced formally by Booms and Bitner (1981) in their compiled work that focused on the effect of intangible and tangible elements on the customer perception specific to services marketing among other factors. The concept as depicted by Bitner and Boom provides that it is possible for the environment surrounding the provision and the consumption of service to significantly impact customer perceptions of image, perception and overall experience regarding the service. Since the formal theoretical framework has been laid out to support servicescape, businesses have increasingly paid attention to the manipulation of this attribute to their service in order to foster a proposed experience and perception on to the customers.Servicescape is of particular importance for businesses that provide services to customers or make use of services marketing. Much research pertaining to aspects of servicescape and their application in different industries to influence customer behaviour has been performed. This is particularly true for the hospitality, retail and fast-food/restaurant industry. Specific to servicescape Turley and Milliman (2000) provide that atmospheric elements like scent and temperature can significantly influence the behaviour of the customer in the service setting. This influence can be of both, a positive or a negative nature depending on the service type and the type of atmospheric servicescape employed. Specific to the retailing industry and services marketing employed in the industry, servicescape specific to the store environment has been employed to enhance the experience of shopping for the customer and provide stimuli to increase purchases (Matilla and Wirtz, 2001). Th ese servicescapes can take the form of layout of counters and shelves in-store, the air conditioning employed, use of plants and natural elements as well as the use of scent and music as stimuli for purchase.

Catcher in the rye glass menagerie Essay Example For Students

Catcher in the rye glass menagerie Essay The Catcher in the Rye and The Glass MenagerieThe person someone becomes is influenced by the losses they have experienced in their life. In Catcher in the Rye the main character Holden Caulfield is devastated by the loss of his younger brother Allie to leukemia. The loss of Allie never leaves Holdens mind. It changes his perception of the world. In The Glass Menagerie Amanda Wingfields husband abandons her and their two children Tom and Laura. For Amanda the only way to deal with the loss is to escape into a dream world. She forces this delusion onto Tom and Laura Loss of anything a loved one, a friend or a cherished possession can affect the way a person feels. Loss can change a persons reactions or attitude toward something. This may cause the person to change the way they live their life or the decisions they make. Loss leaves an impression on a person. Holden Caulfield is tormented by Allies death. The night Allie died Holden slept in the garage and broke all thewindows with his fists. This was the only way Holden could deal with the loss of Allie. Allie becomes the model of the ideal person for Holden. Throughout Catcher in the Rye whenever Holden talks about Allie its what a great person he was. He describes Allie as extremely intelligent, someone you would have liked and as someone that never got angry. Everyone Holden meets or sees he compares them to this image of Allie but almost no one meets the standards. As Holden is eating breakfast in a diner he sees two nuns come in and helps them with their suitcases. He thinks nothing of them until he notices that their suitcases seem inexpensive. Holden talks about how he hates it when someone has cheap suitcases and how he can just get to hate someone for having them. Holden never gets over Allies death. It causes him to become restless. He is searching for something to replace the gap in his life that Allie left. He looked up to Allie. Whenever Holden finds something that can replace Allie he discovers flaws about it. Holden feels that if he finds something he is betraying Allie. He never truly finds something to fill the void. When Phoebe asks Holden to name something he likes a lot he cant think of anything besides Allie. Phoebe says Allie doesnt really count because hes dead. Holden argues I can still like him, though, cant I? Just because somebodys dead, you dont just stop liking them especially if they were about a thousand times nicer than the people you know thatre alive and all. Holden becomes reluctant to change because of Allies death. The loss of Allie was a great change in Holdens life. Allie had always been there. This causes Holden to associate change with negative emotions. As Holden is walking to the Museum of Natural History he begins to recollect memories of the museum. Holden talks about the exhibits of Indians and animals but says the best thing was that the museum stayed the same. No matter how many times you visited it never changed, nobody would have moved or become different. Holden felt that certain things should stay the same. He goes on to say you ought to be able to stick them in one of those big glass cases and just leave them alone. Amanda Wingfields life is turned upside down by her husbands departure. In her mind it shatters hope for a future. To cope with this predicament Amanda tries to relive her youth. Once, after eating dinner Amanda mentions how she received seventeen gentlemen callers in Blue Mountain. She boasts that her callers were the most prominent men of Mississippi. Amanda says she knew how to entertain company and that she had a pretty face and a graceful figure. The loss of her husband causes Amanda to develop a dependence on her children. She wants Tom and Laura to become successful. Amanda complains that Tom does not earn enough money at the shoe factory. She wants him to attend night sc hool so he can attain a better career. Amanda sends Laura to Rubicams Business College to learn typewriting. When she finds out that Laura quits school she is crushed and says, What are we going to do the rest of our lives? After Amanda realizes that Laura will never have a career as a secretary she develops the idea that a gentlemen caller will be able to guarantee her and Lauras future. She asks Tom to find someone for Laura. Tom does indeed find someone but it turns out he is engaged and Amanda once again begins to worry about the future. .ue9d3f127afc17bad912a96e178ae83db , .ue9d3f127afc17bad912a96e178ae83db .postImageUrl , .ue9d3f127afc17bad912a96e178ae83db .centered-text-area { min-height: 80px; position: relative; } .ue9d3f127afc17bad912a96e178ae83db , .ue9d3f127afc17bad912a96e178ae83db:hover , .ue9d3f127afc17bad912a96e178ae83db:visited , .ue9d3f127afc17bad912a96e178ae83db:active { border:0!important; } .ue9d3f127afc17bad912a96e178ae83db .clearfix:after { content: ""; display: table; clear: both; } .ue9d3f127afc17bad912a96e178ae83db { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue9d3f127afc17bad912a96e178ae83db:active , .ue9d3f127afc17bad912a96e178ae83db:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue9d3f127afc17bad912a96e178ae83db .centered-text-area { width: 100%; position: relative ; } .ue9d3f127afc17bad912a96e178ae83db .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue9d3f127afc17bad912a96e178ae83db .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue9d3f127afc17bad912a96e178ae83db .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue9d3f127afc17bad912a96e178ae83db:hover .ctaButton { background-color: #34495E!important; } .ue9d3f127afc17bad912a96e178ae83db .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue9d3f127afc17bad912a96e178ae83db .ue9d3f127afc17bad912a96e178ae83db-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue9d3f127afc17bad912a96e178ae83db:after { content: ""; display: block; clear: both; } READ: System of Government in the Philippines During Sample EssayAfter being left by her husband Amanda begins to long for social and financial success. She see that her time to attain these goals is running short. Her yearning to achieve success prevents her from perceiving the reality that is her life. When Tom informs Amanda that a gentlemen caller will be visiting he says not to except much of Laura because she is different from other girls but Amanda tells him she feels the difference is all to her advantage. Amanda pretties up the apartment and puts on the dress she used to wear in the south to impress the gentlemen caller. She tries to cover up the fact that they are not well off. Tom is a dreamer. He hides in the closet at the factory and writes poems. Amanda refuses to see this and thinks Tom will become a successful businessman. She blames her husband for her childrens bad qualities. When Tom stays out late or smokes Amanda says you got it from you father. Holden and Amanda were both traumatized by the loss they experienced. Holdens view of the world changes because of Allies death. In Holdens mind no one will ever live up to Allie. Holden cant see good in the world anymore. There is something wrong with everything when matched up against Allie. Even though this is true Holden is on an endless quest to find something that can replace Allie. The loss of Allie causes Holden to feel only something negative can result from change. The loss of her husband throws Amanda into a fantasy world. She will not accept that she should be anything other than the southern lady she was brought up to be, that Laura is peculiar or that Tom is not a budding businessman, and that she herself might be in some ways responsible for the sorrows and flaws of her children. Loss affects people in different ways. It can tear them apart or make them stronger. For both Holden and Amanda loss forces them to struggle with their emotions in an attempt to find ways of d ealing with the loss. Words/ Pages : 1,138 / 24