Friday, January 31, 2020

Honors Essay Example for Free

Honors Essay For how I firmly am resolved you know; That is, not bestow my youngest daughter Before I have a husband for the elder: If either of you both love Katharina, Because I know you well and love you well, Leave shall you have to court her at your pleasure. † In these lines, we are introduced to Baptista, a father who wants to find a husband for his oldest daughter, Katharina. The conflict of the play is also introduced as Baptista has decided that his youngest daughter cannot marry until Katharina does. These lines provide readers with some background information on Baptista and his daughters, as well as their familial relationship. They also reveal that while Baptista loves both of his daughter’s, he is at a loss for how to manage his oldest daughter, Katharina. Exposition Act 1, Scene 1 Lucentio: â€Å"Tranio, since for the great desire I had To see fair Padua, nursery of arts, I am arrived for fruitful Lombardy, The pleasant garden of great Italy;† In these lines, we get the first glimpse of where the setting is. The readers get a chance to see the descriptive environment of Italy with the â€Å"pleasant garden†. We are also introduced to Lucentio and Tranio in this part of the play where they are visiting this part of Italy because they had that desire to go there. Rising Action Act 2, Scene 1 KATHARINA: â€Å"Of all thy suitors, here I charge thee, tell Whom thou lovest best: see thou dissemble not. † BIANCA: â€Å"Believe me, sister, of all the men alive I never yet beheld that special face Which I could fancy more than any other. † KATHARINA: â€Å"Minion, thou liest. Ist not Hortensio? † BIANCA: â€Å"If you affect him, sister, here I swear Ill plead for you myself, but you shall have Him. † KATHARINA: â€Å"O then, belike, you fancy riches more:You will have Gremio to keep you fair. † BIANCA: â€Å"Is it for him you do envy me so? Nay then you jest, and now I well perceive You have but jested with me all this while: I prithee, sister Kate, untie my hands. † KATHARINA: â€Å"If that be jest, then all the rest was so. † In these lines, Katharina begins attacking Bianca for no reason at all. Katharina begins questions Bianca out of the blue about which of the suitors does she want the most while Bianca has no clue where this question is coming from, but Bianca assumes that Katharina wants one of the suitors for her and has been acting around her to get what she wanted. Climax Act 3, Scene 2 KATHARINA: â€Å"No shame but mine. I must, forsooth, be forced To give my hand, opposed against my heart, Unto a mad-brain rudesby, full of spleen, Who wooed in haste and means to wed at leisure. I told you, I, he was a frantic fool, Hiding his bitter jests in blunt behavior, And, to be noted for a merry man, He’ll woo a thousand, point the day of marriage, Make friends, invite, and proclaim the banns, Yet never means to wed where he hath wooed. Now must the world point at poor Katherine And say, â€Å"Lo, there is mad Petruchio’s wife, If it would please him come and marry her! † In these lines, Katharina is upset that the groom has not arrived to their wedding yet. And she begins blaming Lucentio for her being forced to marry this guy when she knew what the groom’s plans were. Katharina says that all the groom did it for was the friends and fame of proposing to women then not showing up to the date of the wedding and this made her even more mad, like she wanted to kill somebody. Falling Action Act 4, Scene 1 KATHARINA: â€Å"I pray you, husband, be not so disquiet:The meat was well, if you were so contented. † PETRUCHIO: â€Å"I tell thee, Kate, twas burnt and dried away; And I expressly am forbid to touch it, For it engenders choler, planteth anger;And better twere that both of us did fast,Since, of ourselves, ourselves are choleric, Than feed it with such over-roasted flesh. Be patient; to-morrow t shall be mended,And, for this night, well fast for company: Come, I will bring thee to thy bridal chamber. † In these lines, Katharina and Petruchio have already married and now they are at Petruchio’s house where he will boss around all of his servants. And Katharina is trying to calm Petruchio down because one of the servants brought out burnt meat and he wanted everything to be perfect for his wife. Resolution Act 4, Scene 5 PETRUCHIO: Why, how now, Kate! I hope thou art not mad: This is a man, old, wrinkled, faded, witherd, And not a maiden, as thou sayst he is. KATHARINA: Pardon, old father, my mistaking eyes, That have been so bedazzled with the sun That everything I look on seemeth green: Now I perceive thou art a reverend father; Pardon, I pray thee, for my mad mistaking. In these lines, Petruchio seeks an elderly man in the direction they are heading. But Katharina eyes are blinded by looking at the sun for too long and she mistakes the old man for a little girl. But altogether this is after all the arguing that were going on and now they are spending time together on their way to Katharina’s father’s house.

Thursday, January 23, 2020

Dialogical and Formalistic Approach to Thomas Grays Elegy (Eulogy) Wri

Dialogical and Formalistic Approach to Elegy (Eulogy) Written in a Country Churchyard Elegy in a Country Courtyard, by Thomas Gray, can be looked at through two different methods. First the Dialogical Approach, which covers the ability of the language of the text to address someone without the consciousness that the exchange of language between the speaker and addressee occurs. (HCAL, 349) The second method is the Formalistic Approach, which allows the reader to look at a literary piece, and critique it according to its form, point of view, style, imagery, atmosphere, theme, and word choice. The formalistic views on form, allow us to look at the essential structure of the poem. "Elegy Written in a Country Churchyard" by Thomas Gray shows aspects of both Dialogical and Formalistic Approaches. Gray's uses dialogic opposition, the way the author chooses to form his work so that the reader can interpret the characters' actions and words without the direct intervention of the author. (HCAL, 354) Gray lists the lifestyles of many different people in lines 32- 60. These stanzas cover all the different types of people that are buried in the churchyard. We can interpret the lifestyle and actions of the other characters because we have the ability to associate and connect what the narrator is telling us. By using the dialogic opposition, this allows the reader to identify the multiple types of characters in the poem, even if they don't all have dialogue. Bakhtin's definition points toward a parallel between issues of knowledge and power among the characters and those between the author and the reader. In both cases, knowledge is best thought of as dialogic rather than monologic, as open to the other rather than closed, as addres... ...defining words. The symbolism is to show the reader and the audience that life is only for so long. Once that old age is reached your youth is over. Try and accomplish all that you can when you have the time and the energy, because we are all going to be in the same place as all the characters in the churchyard before we know it. Gray uses imagery and symbols very well, and smoothly pulls the attention of his readers in to the poem. Gray's use of language and other literary devices allows readers to look at the poem from two different aspects. Dialogical and Formalistic, two completely different types of critiques. However, both let the reader look at the poem in completely different ways and see the many different aspects of the writing. Thomas Gray's "Elegy in a Country Churchyard", is a fine example of showing the dialogical and formalistic approach in a poem. Dialogical and Formalistic Approach to Thomas Gray's Elegy (Eulogy) Wri Dialogical and Formalistic Approach to Elegy (Eulogy) Written in a Country Churchyard Elegy in a Country Courtyard, by Thomas Gray, can be looked at through two different methods. First the Dialogical Approach, which covers the ability of the language of the text to address someone without the consciousness that the exchange of language between the speaker and addressee occurs. (HCAL, 349) The second method is the Formalistic Approach, which allows the reader to look at a literary piece, and critique it according to its form, point of view, style, imagery, atmosphere, theme, and word choice. The formalistic views on form, allow us to look at the essential structure of the poem. "Elegy Written in a Country Churchyard" by Thomas Gray shows aspects of both Dialogical and Formalistic Approaches. Gray's uses dialogic opposition, the way the author chooses to form his work so that the reader can interpret the characters' actions and words without the direct intervention of the author. (HCAL, 354) Gray lists the lifestyles of many different people in lines 32- 60. These stanzas cover all the different types of people that are buried in the churchyard. We can interpret the lifestyle and actions of the other characters because we have the ability to associate and connect what the narrator is telling us. By using the dialogic opposition, this allows the reader to identify the multiple types of characters in the poem, even if they don't all have dialogue. Bakhtin's definition points toward a parallel between issues of knowledge and power among the characters and those between the author and the reader. In both cases, knowledge is best thought of as dialogic rather than monologic, as open to the other rather than closed, as addres... ...defining words. The symbolism is to show the reader and the audience that life is only for so long. Once that old age is reached your youth is over. Try and accomplish all that you can when you have the time and the energy, because we are all going to be in the same place as all the characters in the churchyard before we know it. Gray uses imagery and symbols very well, and smoothly pulls the attention of his readers in to the poem. Gray's use of language and other literary devices allows readers to look at the poem from two different aspects. Dialogical and Formalistic, two completely different types of critiques. However, both let the reader look at the poem in completely different ways and see the many different aspects of the writing. Thomas Gray's "Elegy in a Country Churchyard", is a fine example of showing the dialogical and formalistic approach in a poem.

Tuesday, January 14, 2020

Conrail Case

Conrail G455: Corporate Restructuring Team 7 1) Why does CSX want to buy Conrail? In an industry beset by limited options to consolidate domestic rail traffic, CSX looked at Conrail as an avenue to increase market share and gain access to the North East rail network. With air travel, road travel and trucking taking an increasing share, significant revenue growth became difficult. As Conrail became profitable, Congress explored ways of privatizing it, giving CSX an opportunity to acquire Conrail.Though Conrail suffered from performance inefficiencies it had certain strengths relative to CSX and Norfolk with respect to highest revenue per mile of track operated, per carload originated etc. Conrail with operating revenue of $3,686 million and 29. 4% of Eastern rail freight traffic was attractive enough for CSX to consider the merger. The joint entity would have $8. 5b in rail revenue and would control the Eastern market with a market share of 70%.CSX estimated the acquisition to also cr eate synergies resulting in consolidation of overlapping operations and not only increase the joint entity’s revenue through service improvements, but also the operating incomes through economies of scale. Cost synergies was expected to help in increasing the annual operating income by $370m and revenue increases was expected to help increase annual operating income by $180m. (Based on valuation of synergies, taking PV of terminal value, we estimate the gains in Operating Income to be equal to $3,047. 13. CSX expected the acquisition to improve the joint entity’s competitive position vis-a-vis Norfolk Southern as the joint entity’s rail networks would facilitate long-haul, contiguous and therefore low cost service. As Norfolk Southern lacked access to Northeast market it would be less able to provide long-haul routes from South or Mideast. The purchase of Conrail would thus provide CSX with control of the Eastern rail network. From a financial perspective, the p rojected revenue gains and cost savings was expected to make the joint entity become more efficient than Norfolk Southern.Likelihood of a rival (Norfolk Southern) acquiring Conrail, resulting in competitive disadvantage for Conrail was also a factor. 2) Based on multiples and a premiums paid approach, how much should CSX be willing to pay for Conrail? We took Sales, EBITDA, Book Value Multiples and Four week acquisition Premiums from Exhibit 6. We use number of Conrail’s shares outstanding as 90. 5 million at the share price of $32. 46 from the same Exhibit 6. Conrail's Value Sales EBITDA Book Value Premium % $3,722 $1,017 $32 $6,516 Multiples High Low 3. 6 1. 7 13. 1 8. 5. 5 1. 7 73. 0% 34. 0% Conrail Market Price Low Average $ 1,032 $ 3,712 $ 3,350 $ 5,465 $ (301) $ 5,398 $ 8,731 $ 9,986 High $ $ $ $ 8,104 8,028 10,862 11,273 See ‘Calculations’ spreadsheet for details. As the Conrail is fairly attractive resource for CSX it should be willing to pay on the high side of the Conrail Market Price. We have highlighted the High Price in the above table. We 2 have also calculated the price by various methods (sales ratio, EBITA, etc). The price calculated by these methods is reasonably close to the bid price of CSX.Within the high price too, there seems to quite a difference in valuations. The multiple analysis methodology assumes that all companies within an industry have similar characteristics. As expected there is wide variance is between low, high and average. Within the rail industry there is wide variance in capital structures, profitability etc, which is reflected in Conrail Market Price. Other than multiple and premium methods, CSX should be detailed financial analysis based on synergies etc. to come up with the price. The synergies given in the case are stated as â€Å"Gains in Operating Income. This is not an unambiguous term. For purposes of this and subsequent questions, assume that these synergies are net of costs (COGS and Capita l Expenditures) and the after-tax payment to bondholders. The term operating income is likened to net income or the taxable income to stockholders. Further assume that none of these acquisitions will affect the acquirer’s equity cost of capital. 3) Based on the data in Exhibit 7 and the definition of operating income gains given above, how much should CSX be willing to pay for Conrail? Support your answer with appropriate analysis.According to operating income gains we can value a firm’s market price as its pre-merger value and the present value of gains in operating income. Let’s assume that value of Conrail before the merger is equal to its market cap. Then taking Conrail share price as $71. 94 (average of year end and high stock price) and number of shares outstanding as 90. 5 million shares (Exhibit 6) we get Conrail market value equal to $6,510. 57 million ($71. 94 x 90. 5 million). We assume G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds r ate, which is 6. 3% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, which is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 11% Now we can find Conrail’s synergy value as present value of gains in operating income. 1997 Total Gain in Operating Income Total Gain in OI after 40% Tax Gain in OI (discounted @ rE) $ $ $ 1998 $ 88 $ 12. 80 $ 7. 15 $ $ $ 1999 396 237. 60 176. 26 $ $ $ 2000 550 330. 00 210. 84 2001 $ 567 $ 340. 20 $ 187. 21 Value of estimated gains = $671. 46 Terminal value = $2,673. 83 Present value of Terminal Value = $2,365. 67 Conrail’s Synergy Value is equal to $3,047. 13.See ‘Calculations’ spreadsheet for details. The maximum price, which CSX should be willing to pay for Conrail is $6,510. 57 + $3,047. 13 = $9,557. 70 3 The optimal price of the merger is somewhere in between of $6. 5 and $9. 5 billion. We’d advise a price closer to Conrail’s market value rather than the average of t hese two figures. In this case both Conrail and CSX shareholders win from the merger. If they take price closer to the high CSX shareholders can lose due to over estimated synergy gains. 4) Analyze the structure of CSX’s offer for Conrail. CSX offered a two-phased deal for Conrail worth $8. 3 billion at the nnouncement. CSX would purchase 90. 5 million (100%) of Conrail shares to complete the deal. In the first phase, CSX originally offered $92. 50/share for 40% of Conrail’s shares. This front-end offer would be completed in two stages for regulatory reasons, purchasing 19. 7% in stage one and the other 20. 3% once approved by the shareholders. Once all of phase one was completed, CSX would purchase the remaining 60% of Conrail’s shares by exchanging shares in a ration of 1. 85619:1. 0 (CSX: Conrail), yielding shareholders roughly $89. 07/share (blended value) based on recent Conrail and CSX stock performance.In addition, the merger agreement contained provision s related to break-up fees, lock-up options, poison pills, and â€Å"no talk† clauses. These provisions provided some level of protection against advances from NorfolkSouthern or other competitors looking to purchase Conrail. Notably, the no-talk clause required Conrail to abstain from any conversations related to buy-out with other firms; though this could be disputed where the board’s fiduciary duty to protect investors superseded said restrictions. 5) Why did CSX make a two-tiered offer? What effect does this structure have on the transaction?Pennsylvania’s fair value statute required all bidders holding 20% or more of stock to offer the same price to all shareholders unless target shareholders agreed to explicitly nullify this position. Also the same statute limited any shareholders (with a 20% or larger stake) voting rights unless management approved it. Finally, the law required management to consider and protect the interests of employees and the communit y. This two-tiered structure affected the timing and the cost of the deal. As a result of the deal’s structure, Norfolk Southern had two opportunities to block with a hostile takeover driving up the price of the acquisition.By close of business prior to the shareholder votes to opt-out of the fair value statute, CSX’s bid was up to $110/share, resulting in an offer that was $321,500,000 more than originally planned for the remaining 20. 3% in phase I. The structure of the deal also allowed CSX to pay for 40% of Conrail in cash (in two phases) while paying for the remaining 60% of the target with CSX stock. This meant that changes to CSX or Conrail’s stock price prior to the transaction completing could impact the cost of the entire deal 6) Why did Norfolk Southern make a hostile bid for Conrail? Conrail is considered a â€Å"scarce jewel†.Conrail was the sole class I railroad serving the Northeast market of the United States with control of 29. 2% of the rail freight market east of the Mississippi river. Although Conrail was inefficient and not very profitable, its revenue per mile of track operated, per carload originated, and per ton originated were the highest in the industry. If the merger between CXS and Conrail succeeded, Norfolk Southern would be negatively impacted with estimates of up to $320 million by 2001. This is clearly a battle Norfolk can not afford to lose as it may impact its very existence in the long run. 7) How much is Conrail worth? In a bidding war, who should be willing to pay more, Norfolk Southern or CSX? Again, note the previous definition of operating income when interpreting the data in Exhibits 6a and 6b. We use the same logic of gains valuation as we did it in question #3. Assumptions for CSX-Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, whic h is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 1% Now we can find CSX-Conrail synergy value as present value of gains in operating income. 1998 240 144. 00 (66) 210. 00 1999 521 312. 60 (123) 435. 60 323. 14 $1,260. 76 $5,086. 73 $4,655. 08 $5,915. 84 $12,426. 41 2000 $ 1,811 $ 1,086. 60 $ (189) $ 1,275. 60 $ 400. 60 2001 $ 752 $ 451. 20 $ (196) $ 647. 20 $ 356. 15 Total Gain in Operating Income Total Gain in OI after Tax (40%) CSX Total Loss in OI CSX Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX Value of Merger for CSX $ $ $ $ $ $ $ $ $ 180. 87 Assumptions for Norfolk Southern–Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged Norfolk Southern–Conrail equity beta as average of Norfolk Southern and Conrail equity betas, which is 1. 23. rE = rf + MRP ? E = 6. 83% + 7% x 1. 23 = 15. 41% Now we can find Norfolk Southern–Conrail synergy value as present value of gains in operating income. 1998 $ 231 $ 139 $ (130) $ 269 $ 233 1999 $ 429 $ 257 $ (232) $ 489 $ 367 $1,468. 67 $6,044. 6 $5,531. 72 $7,000. 39 $13,510. 96 2000 $ 660 $ 396 $ (308) $ 704 $ 458 2001 $ 680 $ 408 $ (320) $ 728 $ 410 Total Gain in Operating Income Total Gain in OI after Tax (40%) Norfolk Southern Total Loss in OI Norfolk Southern Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX = Value of Merger for CSX 5 From the calculation above we see that value of Conrail acquisition is much, over 1 billion higher for Norfolk Southern than for CSX.Moreover, the loss in acquiring Conrail leads to significant loss in revenues and market share for both of bidders but more for Norfolk Southern. Not surprisingly that they have seri ous intention to wage a bidding war. 8) As a shareholder, would you vote to opt-out of the Pennsylvania anti-takeover statute? In the case of conrail as a shareholder, we would not vote to opt-out of the Pennsylvania antitakeover statute. The PA statute provides Conrail shareholders with a fair value statute provision on their stock ownership.Specifically, bidders holding 20 percent or more of a company’s stock are required to offer all shareholders the same price unless the target shareholders opt-out of the statute. The CSX two-staged offer had a blended value which clearly demonstrates that Conrail shareholders would have been given different pricing for each stage in the offer. The poison pill provision under the CSX and Conrail merger agreement does not give Conrail shareholders the rights to buy discounted shares since the merger agreement required Conrail to suspend its poison pill.Therefore, the poison pill favors the acquirer and not the Conrail shareholders. Finally , as a shareholder, the best strategic position is to allow the bidding war to commence and observe how CSX and Norfolk Southern compete against one another for the Conrail business. It is obvious that there will be an acquisition and it is obvious based on both acquisition proposals, that each company will issue multiple offers in an effort to acquire Conrail due to its strategic location in the Northeast United States. In general, however this statute could be disadvantageous to shareholders in certain cases.The statute tries to protect the interests of employees and community where the target company was located in addition to meeting their fiduciary duty to the shareholders. The statute frees companies from any obligation to sell itself to the highest bidder. Conrail used the statute to blunt Norfolk’s offer though it was better for shareholders. The ‘fair value statute’ aspect helped the shareholders of Conrail (as parties in support of merger still needed 1 4. 6% of acquisition shares to vote in favor of opting out. ) 6

Monday, January 6, 2020

Role of Language and Diversity in the Critical Thinking...

My girlfriend and I have been fortunate enough to vacation several times in Hawaii. The island of Maui is our favorite. The island of Maui holds a special place in my heart, because of the one-on-one time I was able to spend with my girlfriend. We enjoy the breathtaking scenery and the tranquil sunsets. The highlight of our trips has been the helicopter rides. The helicopter is the only way to see some of the islands awesome waterfalls and other secluded places. The ride can be a little hair raising when it is windy. One of Maui’s most visible attractions is Haleakala, the largest dormant volcano in the world. The word Haleakala in the Hawaiian language means the â€Å"House of the Sun.† The top of Haleakala is one of the most outstanding†¦show more content†¦Language helps us make sense of our thoughts. â€Å"Language is the ‘software’ that allows our brain to think the way it does; without language the cerebral cortex lies largely unused† (Kirby Goodpaster, 1999, p. 77). Language must be thought of when trying to communicate. Does the person you are communicating with have the knowledge or have they been exposed to the language so they can understand what you are trying to say? With the many languages in the world, you must be aware that some words do not translate to other languages. When this happens, one must think critically on what other words can be used or other ways to communicate. Using pictures or gestures can help with communicating ideas. How does language empower or limit the expression of our thoughts? At times, everyone becomes speechless. Our thoughts are scrambled and we are unable to express ourselves. At other times, language empowers us to communicate our thoughts and ideas in a way to persuade others to action. The more language we learn about and are exposed to the more we can use it to our advantage. Using our knowledge of language to express ourself more clearly to get a point across. What is the role of critical thinking in persuasion? When persuading someone you must first think of a way to understand how the other person is thinking. Try to see the problem from their point of view. Once you understand their position, then think of a reason for thatShow MoreRelatedRole of Language and Diversity in the Critical Thinking Process702 Words   |  3 Pages Language and language diversity play a significant role in critical thinking and its processes. Language is the main device we use as humans to communicate through symbols what we think, experience or feel. Language is also one of the primary methods of transmitting culture. Language diversity is important to critical thinking because of the close relationship between language and culture. 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Language is the main device we use as humans to communicate through symbols what we think, experience or feel. Language is also one of the primary methods of transmitting culture. Language diversity is important to critical thinking because of the close relationship between language and culture. Language is used diversely by different cultures, with what is deemed appropriate in one culture often being thought of as inappropriate in another culture. Culture, then, often shapes language both in its use and in what we view to be normal language. Close reading consists of exploring language in ways that increase critical thinking skills.†¦show more content†¦It does so because when we cannot clearly communicate through language we are apt to be misunderstood by others or express meaning that is other than we desire. Expression of our thoughts is a complex process and language remains central to clear expression. However, there are different forms of language other than words or voice expression. As one instructor asked of her students, How do we pass information along without using voices, letters, or numerals (Language, 2004, p. 11). One answer would be the use of nonverbal language, which is often conveyed through body movements, posture, facial expression and other techniques. Once more, such facets of language are symbolic and differ across diverse cultures. However, when students learn to understand the different and broad meanings of language across cultures even, then they have a better grasp of communicating and receiving communication. All too often, as one educator maintains, When thinking about what language means, younger children often make connections to oral language or the learning of a foreign language (Language, 2004, p. 11). The foundation for solid skills of persuasion rests on critical thinking skills like logic, explication, analysis, assessment, and others. 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