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EXECUTIVE SUMMARY


Raaymakers Industries is a Sydney based company and leading producer of frozen beef products. Growth within our Australian market has become stagnant, and we are looking to explore opportunities to expand our operations into overseas markets.


We have conducted a feasibility study on entering the Mexican market, which is known to have difficulties in breeding cattle in the early 10’s due to many problems such as, poor weather conditions and high feed costs. We have researched the political, economic, social, environmental, technological, and legal environment to identify any factors that may influence our expansion. As well, in this study, we have endeavored to ascertain the costs involved in this expansion as well as to determine the most suitable mode of entry.


Although we will be facing high levels of competition we believe that through continuous research and development, we can provide Mexico with the best quality frozen beef that could perhaps not be available domestically. Further, we strongly believe that our reputation for safe and reliable products will provide us with a competitive advantage.


Custom Essays on Exporting Beef into Mexico


As Chief Executive Officer of Raaymakers Industries, it is my recommendation that we proceed with this venture, as I see great potential for our company to grow and expand.


TABLE OF CONTENTS


Topic Page


1. Product and Company Description


. PESTLE Analysis Mexico


• Political 4


• Economic 4


• Social 5


• Technological 5


• Legal 5


• Environmental 6


. Trade Relations 7


4. Barriers/Impediments to Trade 8


5. Sales prospects


6. Mode of Entry 10


7. Timetable of Activities 11


8. Financial Forecast 1


. Conclusion 1


10. Bibliography 14


11. Appendices


Appendix A 15


Appendix B 16


COMPANY PROFILE AND PRODUCT DESCRIPTION


Raaymakers Industries began as a small manufacturing firm in 15, servicing only a few farms within New South Wales. Between 15 and 00 we achieved growth and diversification, and are currently servicing farms throughout Australia as well as numerous farms nationwide.


We have traditionally focused on frozen beef but have on occasion conducted business in other ways. However, as a result of researching different farms and the production of cattle in different locations around the world, we believe that doing business in Mexico would be quite advantageous for our company.


PESTLE ANALYSIS MEXICO


POLITICAL


The Constitution of Mexico was formed in 117 but was not put in force until 17. Mexico is separated into 1 states, each state has its own constitution, represented on a national agreement, with the right to legislate and impose taxes other than inter-state customs duties. At the national and municipal level, governments have executive, legislative, and judicial branches. Despite Mexico’s federal structure, its political system is highly centralized.


Municipal governments are the central component of the Mexican government and are responsible for a variety of public services, including water and sewage; street lighting; cleaning and maintenance; public safety and traffic; supervision of slaughterhouses; and the maintenance of parks, gardens, and cemeteries. Municipalities are also free to assist state and federal governments in the provision of elementary education, emergency fire and medical services, environmental protection, and the maintenance of historical landmarks.


Mexico is linked to several international organizations which consist of of the following memberships Organization of American States and its specialized agencies, United Nations and its specialized agencies, Latin American Alliance for Economic Development, and Latin American Economic System. They also joined the North American Free Trade Agreement (NAFTA) in 1.


ECONOMIC


Mexico has a free market economy with a combination of new and outdated industries. Currently, organizations have expanded competition in seaports, railroads, telecommunications, electricity, natural gas distribution, and airports. Mexico’s trade with the United States and Canada has tripled since the implementation of NAFTA. Following a 6.% growth in 000, real GDP fell 0.% in 001. To offset this drop, positive developments in 001 included a drop in inflation to 6.5%, a sharp fall in interest rates, and a strong peso that appreciated 5% against the American dollar. Mexico City implemented free trade agreements with Guatemala, Honduras, El Salvador, and the European Free Trade Area in 001, putting more than 0% of trade under free trade agreements. Foreign direct investment reached $5 billion in 001, of which $1.5 billion came from the purchase of Mexicos second largest bank, Banamex.


Becoming a member of the North American Free Trade Agreement (NAFTA) in 1 led the Mexicans to look forward to constant economic growth. On the contrary, an increasing trade deficit and overestimated exchange rate in 14 caused political distress and depreciation of the peso. Inflation began to skyrocket, and considerable foreign intervention was required to stabilize the situation. Today the economy remains somewhat strong but the lack of reassurance makes strong development dubious.


SOCIAL


Over two thirds of Mexicos approximately 100,000,000 people live in cities, contrary to the stereotype of peasants and farmers. The countrys capital, Mexico City, is inhabited by over 15 million people and is one of the largest cities in the world. Over 5% of the population speaks Spanish, which is the official national language. Indians make up almost 5% of the population but less than 10% speak an Indian language.


In Mexico, over 5% of the people practice Roman Catholicism but tentatively there is no official religion. The shrine of the Virgin of Guadeloupe is situated in Mexico City and is the scene of pilgrimage for hundreds of thousands of people every year.


TECHNOLOGICAL


Mexico’s telecommunications are highly advanced and developed. Long-distance telephone calls go by means of mix of microwave and domestic satellite links with 10 ground stations. International calls passing through go via five satellite ground stations and microwave links to United States. Demand still exceeds supply for new telephones in homes, but the condition improving. Mexico has more than 600 AM stations that are privately owned, as well as almost 00 television stations.


LEGAL


The legislative division of the Mexican regime is divided into an upper chamber, the Senate, and a lower chamber, the Chamber of Deputies. Similar to the United States, both chambers are responsible for the discussion and consent of legislation. The introduction of bills is shared with the executive as they initiate about 0% of all legislation.


Since 186 the Chamber of Deputies has consisted of 500 members, 00 of whom are elected by proportional representation from among the larger districts and the remainder from single member districts. Members of the Chamber of Deputies serve three-year terms. All members of the congress are disqualified from immediate reelection but may serve nonconsecutive terms.


The powers of the congress include the right to pass laws, impose taxes, declare war, approve the national budget, approve or reject treaties and conventions made with foreign countries, and ratify diplomatic appointments. The Senate addresses all matters concerning foreign policy, approves international agreements, and confirms presidential appointments. The Chamber of Deputies, much like the United States House of Representatives, addresses all matters pertaining to the governments budget and public expenditures.


ENVIRONMENTAL


Mexico is copious in resources as it is the worlds greatest producer of silver. In addition, they produce zinc, lead, gold, mercury, coal and copper. Nonetheless, its major financial benefit since the 170s has been petroleum. Over 70% of its revenue comes from exporting petroleum to the USA.


Several different temperature zones, plant existence, and animals and found in Mexico. The most common types are monkeys, jaguars, anteater, parrots and tapirs which can all be found in the forests of southern Mexico, pumas and coyotes in the more mountainous areas, and snakes, armadillos and rabbits in the deserts. This variety gives Mexico its wide diversity of environmental territory.


TRADE RELATIONS


Mexico has made a remarkable shift over the last 15 years, from a somewhat closed economy, to one of the most open economies in the world. While putting into action a sequence of domestic measures in order to deregulate trade activity and promote investment, Mexico has also embraced 11 international free trade and several bilateral investment agreements as a means to promote industrial competitiveness and export oriented growth. These policies have fostered new investment opportunities in Mexico and have guaranteed preferential market access for our exports to countries, which accounts for a combined market of more than 860 million consumers across three continents.


Important elements of Mexico’s economic strategy to develop international competitiveness and ensure long term development are due in part by the free trade agreements (FTA). These agreements increased investment opportunities dramatically in Mexico once they were implemented. Mexicos main purposes for potential trade policy is to strengthen and expand its network of FTAs by deepening economic integration with its trading partners and opening fresh markets for its exports.


Within this hemisphere, Mexico is operational on the negotiation of free trade agreements with the Mercosur countries as a group, Argentina, Brazil, Paraguay and Uruguay, and bilaterally with Panama. These contracts will act as building blocks for the Free Trade Area of the Americas (FTAA).


Mexico is one of the primary trading nations in the world and the first in Latin America, with a share of 46% of the regions total exports and imports. In 001, total imports reached US $17 billion. Mexico is ranked 7th among the exporting nations of the world with a .6% and .7% share of the worlds exports and imports, correspondingly. One can note by Appendix A that imports and exports are continually on the rise and will continue to increase throughout the future.


BARRIERS/IMPEDIMENTS TO TRADE


Over the past ten years, the organization of agricultural exports has changed. In 18�0, Australia’s top three export items were wheat, beef and wool which earned 55% of the total value of agricultural exports. In 000�01, their combined share had reduced to 8%. The decrease is these ‘high-growth’ items, have been matched by a diverse group of the following cotton, wine, dairy products, meat (other than beef and veal), seafood, oilseeds, rice, and fruit and vegetables.


Commencing January 1, 1, the Mexican Congress decided to raise tariffs temporarily to increase revenue by % on capital goods and 10% on consumer goods. These increases do not apply to exporters in countries which have free trade agreements with Mexico, such as Australian exporters which exist because of NAFTA. The average tariff facing Australian exporters has increased by approximately % because of this temporary change.


Of Australias top ranking exports to Mexico since 18, none has shown any discernible decline coinciding with the entry into force of NAFTA. The only possible exception is beef. However, whether beef can be considered a consistent or traditional export is debatable given that the volume of Australian beef exports to Mexico were very small prior to 1. Despite this, in the two years prior to NAFTA (1 and 1) beef had established itself as Australias number one export to Mexico.


Further, although Australia and Mexico are aiming to expand exisiting bilateral trade links between the two counties, there have been no plans yet to reduce or eliminate tariffs applied to the agricultural products, especially beef, even though they were labelled as temporary tariffs.


SALES PROSPECTS


The demand for our product, frozen beef, will be essentially derived from the Mexican’s agricultural industry. Below shows the frozen beef imports in metric tons for the past 8 years into Mexico.


Origin 15 16 17 18 1 000 001 00


Australia 76 646 1547 81 47 5664 5685 716


U.S. Market Share %


% 87% 77% 5% 1% 4% 1%


Mexico’s livestock continues to decline further, it is currently % lower than a decade ago. A continuous dry climate and economic burdens are resulting in this uncontrollable liquidation. Nevertheless, with rising disposable incomes and reduced production, Mexico is increasingly looking at imports to meet consumer demand. Aided by NAFTA, the United States currently supplies 84% of Mexico’s fresh/chilled beef imports and 84% of offal imports. Looking at Appendix B one can see Mexico’s beef situation in regards to exports, imports, consumption and production. As well, as a graph depicting Mexico’s beef imports, break record for seven years running.


One-third of Mexican territory was officially designated as cropland in the 10’s. These areas were situated mainly in the north of Mexico and, therefore particular attention should be placed on southern Mexico, where there is not as much production in that location. In 1, the Mexican government decided to take new procedures to assist the meat industry, some of these procedures included, deregulation of cattle growers, tighter controls on imported meat, and the maintenance of farming feed crops and irrigated lands. Mexicos cattle business accounted for 0% of the agriculture sectors annual growth. The industrys weak performance in the early 10s resulted from inadequate investment, high feed costs, low prices fixed by the government, poor weather conditions, epidemics of hoof-and-mouth disease, and fears of expropriation. Weak productivity has forced Mexico to become a net importer of beef.


Overall, our sales prospects look promising. I believe we can increase our sales and build new customer relations with Mexico, as they need more beef due to their weak production. Along with many other problems they have had in the past, our Australian based company can help them build their agricultural market by providing beef to the areas that do not produce any beef as well as, assisting those that already supply beef by providing more.


.


MODE OF ENTRY


I recommend that our company form a comprehensive alliance, that is, one in which the partners participate in all facets of conducting business, ranging from product design, to manufacturing and through to marketing. with a Mexican manufacturer. This being the case, we would continue to breed the cattle in Sydney, and ship the frozen beef into Mexico when it was ready and at its freshest. Therefore, all production and distribution would be supervised by our staff so we would know that we were providing the best quality beef. Most aspects of the marketing and the distribution aspects of the frozen beef could then be done by our Mexican manufacturer. Because of the difficulties in the different operating procedures between countries, without an organisational structure, most comprehensive alliances are organised into joint ventures for simplicity sake. This way, the joint venture can adopt operating procedures that suit its specific needs, rather than attempting to accomadate often incompatible procedures of the parents.


The process of negotiating, selecting and contracting with a partner will be timely and may incur considerabe costs, as it may be difficult to find a firm with complementary resources, skills and management style. We also face the risk of disagrements occurring as a result of ‘power sharing’ isuues, cultural differences and information sharing. Further, because we will no longer have as much control once the beef is shipped out of Sydney, we will not be aware if they are treating the beef with care so that no diseases or bacterias form. Examples of this would be letting the beef defrost and then re-freezing it or leaving it out in warm temperatures for long periods of time.


Although these issues do represent costs and potential risks that we could face, I believe the following benefits outweigh them. The costs involved in gaining economies of scale and scope in marketing and distribution quickly are large and beyong the capabilities of our small firm. By forming a joint venture, we will be able to achieve the benefits of rapid entry, while keeping our costs down. We will also have the opportunity to take advantage of the various incentive programs offered by the Mexican government for foreign direct investment.


Last, by forming a joint venture we will benefit from the relationship that our partner have formed with domestic customers, suppliers and employees, and their knowledge relating to distribution networks, government regulations and labour relations. Further, we will have the opportunity to achieve our goals of expansion, whilst reducing our risk of financial exposure.


TIMETABLE OF MAJOR ACTIVITIES


QUARTER OBJECTIVE


1 May Breed all cattle available in order to have 7400 metric tons which is just over 00 imports into Mexico. Closely monitor quality and treatment of frozen beef and focus efforts on establishing relationships with customers and suppliers.


August Increase output of beef to 65 metric tons per month (7500 per year). Focus on building strong customer relationships with new and existing customers.


November Increase breeding of cattle at a maximimum rate to provide 7700 metric tons of frozen beef per year (641 metric tons per month). Perform new research analysis of the market, to find new customers.


4 February Continue breeding cattle at a rate of 641 metric tons per month. Ascertain whether fresh or chilled beef should be introduced to the market.


5 May Search for new customers as it is the 1 year anniversary of our joint venture (comprehensive alliance).


6 August Steadily increase frozen beef exports into Mexico per month. 650 metric tons per month.


7 November Conduct a market analysis to determine if there would be a demand for fresh or chilled beef, or perhaps another type of meat. Concentrate on cost reduction this quarter.


8 February Improve relationship with suppliers and concentrate on building strong realtionships with new customers. Continue to breed cattle at current rate in order to meet current demand.


May Introduce new product to increase revenue and supplier’s purchases. Retain production at current level.


10 August Continue with product development program and closely monitor customer behaviour programs.


11 November Keep production rates at current levels. Concentrate on cutting costs and improving relations with customers and suppliers. Conduct market analysis to determine ways to improve customer satisfaction.


1 February Introduce new product to the market. Expand customer base and maintain current levels of production.


FINANCIAL FORECAST


It is clear from our objectives set out above that we plan to follow a fairly aggressive strategy. We aim to gradually enter the market, steadily increase supply and launch a new product or a differentiated version of our immediate one. Looking at the financial forecast, within the next 1 quarters, there will be loses recorded but as we improve our relations with our customers and suppliers and understand their needs these loses will slowly decline.


CONCLUSION


After considering all the aspects of this report a choice must be made whether or not to proceed. We have to look at many factors and consider them all in making a decision.


The Mexican beef industry has had many difficulties in the past and its weak performances have led the Mexicans to import beef from many countries including Australia. The northern area is the main location where beef is produced so we could help the southern areas as well as provide additional to the north, west and east locations in order for them to deliver enough beef to all their suppliers.


The most suitable mode of entry into Mexico for Raaymaker Industries is forming a joint venture or comprehensive alliance with a domestic manufacturer. Although, finding a firm with complementary capabilities, resources and managerial style will be difficult; this is part of doing business internationally. Though, we face the risk of disagreements occurring as a result of cultural differences and information and power sharing issues, I believe this mode of entry will be advantageous for our company.


We will be able to achieve the benefits of rapid entry, while keeping our costs down, and have access to essential information regarding local customers, suppliers and distribution networks. Therefore, after considerable research and evaluation of the options that are available to our firm, it is my recommendation that we proceed with expansion into Mexico, and seek to form a joint venture with a domestic manufacturer.


BIBLIOGRAPHY


Textbook


Mahoney, Darrell; Trigg, Marie; Griffin, Ricky; Pustay, Michael;


International Busines A Managerial Perspective nd Edition


Prentice Education Australia, 001


Websites


http//encarta.msn.com/encnet/refpages/RefFAF.aspx?refid=61504816


http//lcweb.loc.gov/frd/cs/mxtoc


http//www.dfat.gov.au/geo


http//www.fas.usda.gov


http//www.nafta-mexico.org/trade/Mexico


http//www.nmsitesearch.com/ee/ee_1_1.htm


www.cia.gov/cia/publications/factbook


www.mexicoonline.com/mexico-summary


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When people accept an ideal to live by, it can be a very noble thing unless they become so obsessed with the ideal that they are unable to realize their dream. Miller examines the significance of an ideal and its pursuer in the shaping of individuals’ lives. Willy’s ideal was to pursue the American dream. Biff’s ideal was to always be true to your heart. Willy and Biff’s ideals are different but still both are very much the same people.


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The Unification of Germany


Before Bismark got ahold of Germany there were many problems that needed to be delt with to unify Germany. For instance Louis Napolean consolidated his rule and Cavour schemed, the German states were locked in a political stalemate. and at the same time powerful economic forces were underming the political status quo. Austria had previously blocked Fredrick William IV of Prussia to unify Germany. The German customs Union, Zollverein, tariff duties were substaintially reduced so that Austrias highley protected industry could not bear to join. The national uprising in Italy in 185 made a profound impression on the German states, Prussia might go to war with either Austria or France, creating and emphazizing the Austria -Prussian rivalry and Prussia had emerged from 1848 with a parliment of sorts which was in the hands of the liberal middle class by 185.


Bismark first gained political status when he fought against Austria as the Prussian ammbassador in the German Confederation from 1851-185. Bismark had the basic goal to build up Prussias strength and consolidate Prussias great power stautus. To acheive this goal he thought that Prussia needed to control the northern Protestant part of Germany.


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Austria, saying that disputes over Holstein was the reason for the attack. Prussian forces brought upon the defeat of Austria in a matter of seven weeks. Bismarck wisely treated Austria with leniency to keep them out of the next stage of his plan war on France. After the defeat of Austria, he annexed the small German states in the north that supported Austria. Other German states were convinced to join Prussia in the creation of the North German Confederation. The states of southern Germany concluded a military alliance with Prussia in case of French aggression. The south did not want to go far so he had a patriotic war with France which then drove them right into his arms. After a harsh peace settlement the which included the forced payment of five billion frances and to cede the rich eastern province Alsace and part of Lorraine to Germay the Franco-Prussian war was over. William I was proclaimed emporer of Germany in the Hall of Mirrors in the Palace of Versailles. He and his ministers had ultimate power in the new German empire. And Germany was finally unified.





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Canadians and Americans have lived in relative peace and harmony for many years, but the citizens of both countries could be the world’s biggest rivals.





How well do Canadians and Americans know each other? Anyone would be surprised to hear of the generalizations created for both sides. Often Americans are seen as trigger-happy, egotistical, arrogant cowboys, while Canadians are seen as toque-wearing, beer swilling, donut eating Eskimos who live in igloos and base their entire vocabulary around the word “eh.” Of course, a single generalization could never fit an entire population. Also, when it comes to stereotypes, those are usually false. But with these put aside, both countries will still stand together as one continent, through thick and thin. But lately, the U.S. has claimed that have become very disappointed with Canada for not standing with them in their latest invasion in the gulf of Iraq. Well, Canada did nothing to prevent the invasion, and supplied everything it had for the cause the population truly believed in. I’m sure the government of Canada wouldn’t lay a guilt trip upon the U.S. if they didn’t lend a hand when they couldn’t. But it also seems apparent that the U.S. Armed Forces didn’t need any more assistance than was given. Also, where will this relationship be within the next few decades? With the Americanization process that has been quickly pushing across the border, will Canada remain its own country, or will it become an expansion for America? With all that is imported, it’s also hard to say if Canada produces anything on its own anymore. To quote C.P. Stacey, “Nowadays, we import even our anti-Americanism from the United States.


In any case, it can clearly be said that these countries are rivals, but the word “rivals” doesn’t necessarily mean that they are enemies. Canadian/American relations may grow or falter in the years to come, but the mystery of the future is what makes living exciting.


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Darkness permeates the play (Knight). Macbeth is filled with darkness. Although there are many other ways to describe this play one way to describe it is that it is full of darkness, deceit, treacherous characters and twisted plots, which the imagery f darkness shows.


Macbeth believes that Malcolm will be in his way in the plot of the witches prophecy coming true. The prophecy is that he will become king, and he is trying to make it true by planning to kill Duncan. Macbeth says, Let not light see my black and deep desires (I, iv, 51). He does not want anyone to see his displeasure in Malcolms appointment.


Lady Macbeth is also plotting the murder of Duncan. She says Nor heaven peeps through the blanket of the dark cry Hold, hold! (I, v, 50-54). She imagines killing Duncan by herself.


Banquo is keeping watch. He says, Theres husbandry in heaven; their candles are out (II, i, 4-5). As he watches the door on a dark night he waits for something to happen.


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This takes place during the scene when MacDuff tells Ross that Macbeth will be named king. It also is in the scene when Malcolm and Donabain are suspected. Ross comments, By th clock tis day, and yet dark night strangles the traveling lamp. Is t nights predominance or the days shame the darkness does the face of earth entomb when living light should kiss it? (II, iv, 6-) This quote is referring to an eclipse.


In this scene, Macbeth is worried about the murder of duncan and Lady Macbeth yells at him. He also begins to tell her about his next murder. Come, seeling night, scarf up the tender eye of pitiful day, and with thy bloody and invisible had cancel and tear to pieces that great bond with keeps me pale! (III, ii, 46-5). He is talking about the fact that he is worried about being caught.


Macbeth is the gloomiest of the plays (Maginn171-08). This play is full of darkness and schemes and murder. This play definitely did its job in its day of entertaining. Its darkness, however, is due to its use of darkness imagery.





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If you order your research paper from our custom writing service you will receive a perfectly written assignment on Song of Roland & Aucassin and Nicolette. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Song of Roland & Aucassin and Nicolette paper right on time.

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Anonymous writers wrote both Medieval works Song of Roland and Aucassin and Nicolette. At first reading both pieces seem to be worlds apart.


Song of Roland is an epic of feudalism. It tells the story of the war between the Franks and the Saracens. The main character is Roland, a warrior invaluable to the king, Charlemagne. Roland is a hot-tempered and courageous knight, who finds his death in battle. Aucassin and Nicolette, on the other hand, is a romance. It is a romantic love story between Aucassin, the prince of Beaucaire, and Nicolette, a Muslim slave. Aucassin, being the kings son is not permitted to marry a woman in Nicolettes social class. As oppose to Roland, Aucassin refuses to go out to battle, his main concern is his love object, Nicolette. In order to prevent the two to be wad Nicolette is locked away in a tower. After many obstacles the two reunite, which ends the magical fairy-tale. Never-the-less in a closer reading, the reader can trace similarities between the two stories. Both Song of Roland and Aucassin and Nicolette portray a failing relationship between father and son. They both reinforce the basic values of those times; loyalty, war and duty. They also portray the Muslims as evil, and Christianity as the preferred way of livingAnonymous writers wrote both Medieval works Song of Roland and Aucassin and Nicolette. At first reading both pieces seem to be worlds apart.


Song of Roland is an epic of feudalism. It tells the story of the war between the Franks and the Saracens. The main character is Roland, a warrior invaluable to the king, Charlemagne. Roland is a hot-tempered and courageous knight, who finds his death in battle. Aucassin and Nicolette, on the other hand, is a romance. It is a romantic love story between Aucassin, the prince of Beaucaire, and Nicolette, a Muslim slave. Aucassin, being the kings son is not permitted to marry a woman in Nicolettes social class. As oppose to Roland, Aucassin refuses to go out to battle, his main concern is his love object, Nicolette. In order to prevent the two to be wad Nicolette is locked away in a tower. After many obstacles the two reunite, which ends the magical fairy-tale. Never-the-less in a closer reading, the reader can trace similarities between the two stories. Both Song of Roland and Aucassin and Nicolette portray a failing relationship between father and son. They both reinforce the basic values of those times; loyalty, war and duty. They also portray the Muslims as evil, and Christianity as the preferred way of living


Anonymous writers wrote both Medieval works Song of Roland and Aucassin and Nicolette. At first reading both pieces seem to be worlds apart.


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Song of Roland is an epic of feudalism. It tells the story of the war between the Franks and the Saracens. The main character is Roland, a warrior invaluable to the king, Charlemagne. Roland is a hot-tempered and courageous knight, who finds his death in battle. Aucassin and Nicolette, on the other hand, is a romance. It is a romantic love story between Aucassin, the prince of Beaucaire, and Nicolette, a Muslim slave. Aucassin, being the kings son is not permitted to marry a woman in Nicolettes social class. As oppose to Roland, Aucassin refuses to go out to battle, his main concern is his love object, Nicolette. In order to prevent the two to be wad Nicolette is locked away in a tower. After many obstacles the two reunite, which ends the magical fairy-tale. Never-the-less in a closer reading, the reader can trace similarities between the two stories. Both Song of Roland and Aucassin and Nicolette portray a failing relationship between father and son. They both reinforce the basic values of those times; loyalty, war and duty. They also portray the Muslims as evil, and Christianity as the preferred way of living


Anonymous writers wrote both Medieval works Song of Roland and Aucassin and Nicolette. At first reading both pieces seem to be worlds apart.


Song of Roland is an epic of feudalism. It tells the story of the war between the Franks and the Saracens. The main character is Roland, a warrior invaluable to the king, Charlemagne. Roland is a hot-tempered and courageous knight, who finds his death in battle. Aucassin and Nicolette, on the other hand, is a romance. It is a romantic love story between Aucassin, the prince of Beaucaire, and Nicolette, a Muslim slave. Aucassin, being the kings son is not permitted to marry a woman in Nicolettes social class. As oppose to Roland, Aucassin refuses to go out to battle, his main concern is his love object, Nicolette. In order to prevent the two to be wad Nicolette is locked away in a tower. After many obstacles the two reunite, which ends the magical fairy-tale. Never-the-less in a closer reading, the reader can trace similarities between the two stories. Both Song of Roland and Aucassin and Nicolette portray a failing relationship between father and son. They both reinforce the basic values of those times; loyalty, war and duty. They also portray the Muslims as evil, and Christianity as the preferred way of living





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If you order your research paper from our custom writing service you will receive a perfectly written assignment on Marriage. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Marriage paper right on time.

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Marriage


In most of the cultures marriage has got a lot of attention. In many African culture the marriage is the pick of a persons life; threshold. Marriage is also very complicated and controversial. Cultures set certain rules and regulations about it. I think there are two kinds of marriages. One is the way that is accustomed in most of modern countries especially western, which is when two individuals freely meet each other and after a while they decide to get marries. The second way is what I cal blind marriage or a forceful marriage. That is when two individuals are chosen or arranged by either their parents or their culture to get married despite their disagreement. The latter is still being practiced in the most of the third world countries such as India, Egypt and other African countries. In Iran this way of marriage used to be a custom and you still can find examples in the rural area. In Iran is still a tradition that parents of the groom go to brides house and ask her parents for their permission so that their son could official engage their daughter. I need to say that in the past bride and broom did not know each other until that day. They could have known each other as neighbor’s boy or daughter but they were not friend in American version. That is how my mother was married to my dad. However within last twenty years the things have changed. Nowadays groom and bride know each other and if they are interested in marriage then they ask their parents to arrange it for them. Even though the procedure is still the same but at least kids have more choice. I need to mention that in Iran still parents do not approve their kid’s decision hundred percent of the times. However as the society gets more educated parents get softer and more respectful to their children’s decision. In my mind leaving the decision making to children is much appropriate but I need to say that all of the choices that kids make are not mature and wise and our parents have more experience than us nevertheless, it is not their life. I read it someplace that, the love is the product of a marriage. This is a bit hard for me to digest now, but it makes a bit of senses too. Because, what is love? Is it only a desire for a sexual act or is it beyond that? We have heard it in high schools how much kids say they love each other but after a while they break up. To me love is the feeling that you have towards your mom, somebody that you care about, respect and honor. That is why I say that phrase makes a bit sense because when you share your life with some one there is going to be a bond between you and some times that bond can be so strong that you could call it love. Alas, not all the marriages are full of love and happiness. People are different and it is hard to match them together. To me arrange marriage is unacceptable because I think I am wise enough to make decision about my own life.







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If you order your research paper from our custom writing service you will receive a perfectly written assignment on STEREOTYPES. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality STEREOTYPES paper right on time.

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This past Saturday my friend and I were at the bank standing in line. I needed to cash a check and she just needed change. The line was really outrageous and she didnt want to wait. So she said, I guess I have to wait in this line, I would ask someone in line for change but they dont look like they have any money. I said to her, wow isnt that a stereotype. The people in the line were all Mexican except us. I thought it was really ironic that she would assume that these people had no money yet they were standing in the bank. After I made my comment, I just merely changed the subject without going into further detail at that time. I was personally offended that my friend could make such a stupid statement that was clearly contradictory to the situation.


I think the fact that I didnt dwell on the statement at the time, prevented it from turning into a heated conversation at the bank. However I did later address the issue after we left the bank. I said to my friend, How can you assume those people didnt have any money, and they were at the bank? Her response was, what they didnt look like they had any money? She said it so nonchalantly, like she didnt even get the point that I was trying to make. That kind of made me realize that I myself also stereotype people. Although I kind of realized it when we watched the Oprah Winfrey special on racism and stereotypes. I was still kind of in denial, however after that conversation at the bank when I was ready to throw stones at my friend. It was a little voice inside that said do you make the same comments about other groups and I do. I find myself to quite often make stereotypes about white, Hispanic, and African people. However I justified my comments with statements such as, well they think there better than us, or theyve treated us horrible for centuries, and they dont like us anyway. I now realize that it is not right regardless and the conversation that we had at the bank made me realize that.


This conversation also made me realize how prevalent stereotypes are in our everyday communication.


It is so prevalent that people dont even realize that they at times are making racist comments. They are so use to making these comments in their own inner circles, that they dont even realize how detrimental they can be outside of their circle. For example, let say the people in the line overheard my friends comment and were offended and they responded. They could of had a whole separate conversation with my friend that was full of obscenities and racial comments. I ask myself would that have been justified, I dont know. However I do know that they had a right to be offended and that is the main problem with racial comments. People dont realize that the things they are say are harsh and unjust. They dont worry about the persons feelings.


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Ultimately this exercise has made me realize that I am no better than my friend. I now realize that I need to make a conscious effort to avoid stereotypes, because I dont like it when their made about me and my culture. Therefore it is not right for me to try to justify my own racist beliefs knowing that they are unjust. That is the thing about stereotypes they arent valid therefore it shouldnt be hard for us as people to just let them go. Stereotypes affect culture in a major way its often like they are embedded in the many cultures in two ways. The first way is the belief of that culture of certain stereotypes about other cultures. The second way is the stereotypes that are believed about that culture. I give my permission for this data to be used anonymously for the purposes of academic research and teaching.





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If you order your research paper from our custom writing service you will receive a perfectly written assignment on coconut industry in misamis oriental. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality coconut industry in misamis oriental paper right on time.

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ABSTRACT


The purpose of this study was to determine if Coconut Industry in Misamis Oriental had any tremendous effects on the Philippine economy. The Philippine Economy is very much affected in the decrease of Coconut Production. The Coconut Industry in Misamis Oriental went down and was generally due to lower rainfall condition. Investments were also affected due to the pourings of the coconut industry. The decline suggested that Coconut Industry in Misamis Oriental reduced so many productions such as copra, coconut oil and desiccated coconuts, which are the primary products of coconut. Other end-products were also affected such as detergents, shampoos, vinegar and nata de coco.


The coconut Industry in Misamis Oriental has a tremendous effect in Philippine Economy. These effects are of the investments and in exports, having a decline thus affecting seriously in the Philippine Economy.


The major sources of this study were on-line from the Department of Agriculture-Statistics and Economics division, from Mindnews.com, also from COCOFED which relates about the development of Coconut Industry. Some sources were gathered from books mainly about the situational report of Philippines.


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INTRODUCTION


The topic of the study is Economic Study of Coconut Industry in Misamis Oriental. The researcher got this topic since high school wherein he pursued to get the course in college for further study backgrounds regarding coconut industry and the economy.


The Coconut Industry in Misamis Oriental is a striking issue for it had a major role in the Philippine Economy. Before it declined its production, it gained the economy in Coconut Industry for it utilizes one of the major agricultural products which is coconut.


Statement of the Problem


The topic is Economic Study of the Coconut Industry in Misamis Oriental. It had a thesis statement which stands to the tremendous effects of Coconut Industry in Misamis Oriental to the Philippine Economy. The said statement was broken down to three guide questions; what is the status of Coconut industry in Misamis Oriental? , what are the effects to the economy? , and to what extent does the effects of Coconut Industry affect Misamis Oriental?


Significance of the Study


The importance of this study is to obtain a status report of the Coconut Industry in Misamis Oriental. It shows that the industry affected the investments and exports which led to the downpouring of the economy.


The researcher finds it important for further background of the said topic since he took up Agricultural Economics and it can be applied for additional inputs and future references. As an agricultural student, the topic could be of great help and a good reference for further studies. As for the teachers as well, this study could be of great aid to lectures touching up coconut industry and economics. Benefits could be obtained if one internalizes and applies what he/she learned from the study.


Scope and Limitation


The status, effects, and analysis of Coconut Industry were studied in this study. A small background of Coconut Production also played an important role in the study. The history of coconut industry and the strategies were of no reference in the study.


Method Used of the Study


At first, the researcher chose a topic but it was not simple for it took time and proper thinking. The topic was related to his course. He then proposed three topics, still related to his course. After the researcher had formulated the proposed topics, he then chose one among the three. He passed the topic and his teacher approves it. Narrowing of the topic was next after it got approved. After the narrowing of the topic, the researcher constructed a thesis statement out of narrowing and made three guide questions to support the topic. Gathering of resources, which is the working bibliography, was next and then note-taking follows which garners almost all of the time. I note-taking, it requires time and precise research for it contributes mostly in the body of the paper. The researcher gathered all the resources needed and proceeds to sentence outlining. Then the first draft, after the sentence outlining, was born. The first draft was checked by the teacher and got so many corrections. The researcher then furnished the first draft and became the second draft.


In making such term paper is never easy but all it takes is time, patience and commitment.


DISCUSSION OF THE PROBLEM


The researcher attempts to present his findings by answering the questions. They are as follows.


Question no.1 What is the status of Coconut �Industry in Misamis Oriental in


year 1 upto 00?


Coconut production constitutes one of the four major sectors of Philippine agriculture, the others being rice, corn and sugar. Coconut is planted in .7 million hectares, which accounts for percent of the total croplands, and 74 percent of commercial croplands. In comparison, sugar accounts for only 5 percent of croplands and 15 percent of commercial crops, while rice and corn account for 0 percent and 8 percent, respectively, of total croplands.


About 85 percent of coconut production is exported in the form of copra, coconut oil and dessicated coconut. Copra is the dried meat of the nut, with moisture removed by sun-drying, or by artificial drying. It is processed on the farm level, using simple manual tools and equipment. Coconut oil is extracted from copra through mechanical and chemical processes, using capital-intensive industrial equipment. Coconut oil is valuable as a raw material for a wide array of industrial commodities such us margarine and soap, as well as lauric acid or glycerine-based industrial chemicals. Copra meal (or pellets) is what remains after oil is extracted from copra. Dessicated coconut is the shredded or watered white kernel of mature nuts dried to make it edible for a longer period of time.


In the period before World War II, exports of coconut products accounted for about 0 percent of total Philippine exports. It rose to 5 percent of exports in the 150s and 160s, and dropped to about 0 percent in the 170s. In 17, export earnings from coconut products amounted to $878.5 million (coconut oil, $675.56 million; copra, $114.61 million; dessicated coconut, $88.18 million), accounting for % of Philippine export earnings. Coconut products in the 170s has been the countrys top raw-material export, followed by mineral and forest products.


Since the 10s up to the early 170s, about 61 percent of these exports were in the form of unprocessed copra; coconut oil and dessicated coconut accounted for about percent and 10 percent, respectively, of the value of coconut exports. In the beginning of 174 however, coconut oil has gradually accounted for the bulk of coconut-based exports. By 17, coconut oil accounted for 77 percent of the total value; copra 1 percent; and dessicated coconut, 10 percent. Other coconut products, such as coconut shell charcoal, coir (coconut fiber), and activated carbon, have accounted for only an insignificant portion of the value of all coconut products. Of the total value of coconut exports in the latter half of the seventies, percent went to the U.S., 46 percent to Western Europe, and the rest to the countries such as Japan and Russia.


About one-third of the Philippine population depends mainly on coconut production for its livelihood. In light of this, it is obvious that the coconut industry is of crucial importance.


The Philippines ranked rd in world production with the aid mostly from the Coconut Production from Misamis Oriental. Coconuts are grown as a major crop n many provinces, a total land area of more than million hectares is devoted to Coconut Production from 1 showed a decline of .4 percent (1.0 Million metric tons), this decrease in production may be due to prolonged effects of the El Nino Phenomenon (Eleazar, 000). 1 accounts to a total production volume of 10,504,06 metric tons; this figure is the lowest production. On a per island basis, Mindanao accounts to a 58.48 percent share of the total production in 1. As cited, improved rainfall brought about y the La Nina may cause an uptrend in production this 000 by as much s 45 percent.


The coconut production in Misamis oriental went down y 18 percent, from 48.8 Million nuts during the first quarter of 001 to 401.5 million nuts during the same period in 00. The sizable drop in production was due to the generally lower rainfall condition during the first quarter of 00 compared to that of the same period in 001. Misamis Oriental suffered the biggest decline by 1 percent, while Lanao del Norte, which contributed the highest (4%) to the total nut production of Region10, suffered only a 7 percent reduction in production. Consequently, the decline in mature nut production reduced copra production by also 18 percent, from 11,05 metric tons during the first quarter of 001to only ,755 metric tons during the same period in 00.Meanwhile, the demand for green nuts or buko grew by almost 6 percent, from.08 million nuts during the first quarter of 001 to .8 million nuts in the same period of this year. Lanao del Norte supplied 75 percent of the total consumption of the region during the 00 period.


Copra and whole nut prices were relatively higher during the first quarter of 00, compared to that of the same period in 001.Buying prices of copra and whole nuts were relatively higher during the first quarter of 00 compared to that of the same period in 001. The average farmgate prices of copra averaged P8.45/kg, an increase by P.7 (7 percent).


The decrease in Farmgate prices pushed down the total value of production for the 1st quarter of 00 to P1.106 billion which was 1 percent lower than the P1.77 billion in the same period last year.


Millgate prices also increased toP.6/kg for this year’s first quarter from only P5.06 of the same quarter last year (6 percent).On the other hand, whole nuts were bought at P./pc at farmgate during the first quarter of 00, higher by P0.8 ( percent) compared to P1.40/pc last year of the same period. At millgate, whole nuts were bought at P.75, higher by P1.5(14%) compared to only P1./pc of the same period last year.


CAGAYAN DE ORO CITY � Manuel G. Boniao, the chairman of the Palm Oil Task Force in Region X, was considering the establishment of a palm oil refinery in Misamis Oriental even as he expressed hope that the 00-hectare palm tree plantation in Balingasag town would be successful. He said that the establishment of a palm oil refinery here would help the country’s economy and help increase coconut oil production.


The Philippines is now importing coconut oil products after its coconut industry, once the envy of other Asian nations, could no longer sustain the demand for the product.


Boniao said that the task force was now focusing its attention on the plantation, the Bali Palm Multi-Purpose Cooperative, in Balingasag, which was established three years ago.


Studies have shown that 60 tons of fresh palm fruits can produce six to seven tons of palm oil. This is worth between P18,000 to P1,000 per hectare based on international market price of palm oil.


Question no. What are the effects of Coconut Industry to the economy?


DTI-monitored Investments


Investments poured into the region in the 1st quarter of year 00 amounted to P1.7 billion, a decrease of 5 percent, compared to the . billion of investments generated over the same period last year. The 46 percent and 1 percent increase in Bukidnon and Misamis occidental, respectively, fell short of the huge decreases in investments in Misamis Oriental, Camiguin and Lanao del Norte.


Non-BOI registered investments, comprised the bulk of investments ( percent) for the reference period. Major investment areas were in the trading sector (business name registrations at 7 percent); agri-based sector (1 percent), services sector (5. percent) and other sectors (which include bank releases monitoring) at 4 percent.


Bukidnon accounted for 6 percent of the total investments generated in the first quarter 00 with total investments valued at P1.1 billion mostly in the agri-based and trading sectors.


For Misamis Occidental, total investments for the period reached P million, which is a 1 percent increase compared to the total investments generated in the 1st quarter of 001 (P156 million). Most of these investments came from the agri-based sector (176 milliion).


Investments in Misamis Oriental reduced by 5 percent from P1,0 million in the 1st quarter 001 to the P5 million in the same period this year. The bulk of the decrease can be traced to the big reduction in business name registrations by about 5 percent. This brought the provinces share of the total regional investments to only percent.


Trading activities particularly the business name registrations formed the bulk of investments in Camiguin, which is collectively valued at P.6 million or almost 60% of the total generated investments of P4. million.


For Lanao del Norte, total investments for the period reached P 17 million, which is a decrease by 14 percent of total investments generated in 1st quarter 001 (P01 million). Most of these investments came from the trading sector (P 8 million), and in the infra and services sector, particularly construction and construction materials.


SEC-Registered Investments


Investments registered with the Securities and Exchange Commission-Cagayan de Oro Extension Office reached a total of P11.58 million during the 1st quarter of 00, a plunge by percent compared to the P141. million recorded in the same period of 001.


The decline was due to the zero investment for business expansion compared to the P1 million additional capital infused for business expansion during the 1st quarter of last year. New registrations, however, posted a 41 percent increase in the 1st quarter of this year, from P8. million in the 1st quarter last year to P11.584 million this year.


For the 1st quarter period of 00, Misamis Oriental, particularly, Cagayan de Oro City continued to receive the biggest share of the investments (88 percent of the regional total), Lanao del Norte got a 7. percent share while 4.8 percent went to Misamis Occidental.


Exports


Region 10s exports decreased by 1 percent in the first quarter of 00 compared to the same period last year. Among the reasons that can be gleaned from the data is the decrease in the export of the regions major products to Japan and Europe.


The top ten export commodities contributed 85 percent to the regions export earnings and these include canned pineapple (1 percent share); fatty alcohol (14 percent); sintered ore (11 percent); milk powder ( percent); raw cane sugar (8 percent); portland cement (6 percent); frozen shrimps (5 percent); crude coconut oil (5 percent); desiccated coconut (4 percent); and activated carbon (4 percent).


Among the major markets, only the USA posted an increase of 1 percent. The big decreases were experienced in Japan (-0 percent) and Europe (-50 percent). Since the major exports of the region go to these countries, movements in these markets greatly influence the export performance of the region.


Exports to asian markets, on the other hand, are showing strength as indicated in the increases in exports to Malaysia (154 percent), Indonesia (14 percent), Thailand (100 percent). Exports to chinese market are also picking up at percent.





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Investment Banking - A Industry Report


Executive Summary


This report seeks to present a holistic picture of the Investment Banking industry with an objective of helping the authors to shorten the induction time during their summer internship in leading investment banks. Investment banking covers a range of activities which include underwriting, selling and trading stocks and bonds, providing financial-advisory services such as mergers and acquisitions, and managing assets.


Coming a long way from its inception on the Wall Street in the 1th century, the industry recently witnessed a wave of mergers and acquisitions with the repeal of the Glass-Stegall Act in 1. The current size of the industry, measured by the revenues of the ten largest investment banks, is close to $4 billion. The key players comprise the Bulge Bracket firms like Goldman Sachs and Merrill Lynch that provide a full range of service offerings; and Boutique firms like Soundview Technology Group, which are smaller and more specialized.


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The major service categories include Corporate Finance, Mergers and Acquisitions, Public Finance, Fixed Income and Equity Sales, Trading and Research. The end-customers include corporate clients, high net worth individuals and large institutional investors. I-banks rely on human capital as their most precious asset.


An analysis of the impact of various environmental factors on the industry reveals that the industry is pro-cyclical with economic cycles. The recent deregulation by the government and the advent of technologies like the Internet has opened new doors of opportunities for financial services.


An analysis of the competition in the industry using the Porter’s Five-Force Model brings out the threat to the existing players from new entrants and substitutes like specialized regional firms.


At present, the industry has been severely hit by the US-led global economic recession and the slowdown was aggravated by the recent spate of accounting scams. The long-term outlook for the industry is positive with a moderate growth rate of 7.5%, increasing consolidation and globalization; and new opportunities in the emerging markets of Asia-Pacific. The existing I-banks face a major challenge in regaining public confidence by ensuring corporate governance and compliance with the expected increase in regulations.


TABLE OF CONTENTS


1. INTRODUCTION


. EVOLUTION OF INVESTMENT BANKS


. GROWTH RATE AND SIZE


4. PLAYERS IN THE INDUSTRY


5. SERVICE CATEGORIES 4


5.1 INVESTMENT BANKING DIVISION 4


5. SALES AND TRADING DIVISION 5


5. RESEARCH DIVISION 6


6. END USERS 6


7. SUPPLIERS HUMAN CAPITAL 6


8. ENVIRONMENTAL ANALYSIS 7


8.1 ECONOMIC FACTORS 7


8. POLITICAL AND LEGAL FACTORS 7


8. TECHNOLOGICAL FACTORS 8


8.4 SOCIO-CULTURAL FACTORS 8


. INDUSTRY ANALYSIS 8


.1 COMPETITION ANALYSIS 8


. CURRENT TRENDS IN THE INDUSTRY 10


10. FUTURE SCENARIO 11


10.1 PROJECTED TRENDS 11


10. EMERGING CHALLENGES 1


EXHIBIT 1 U.S./Europe Wholesale Banking Revenues (i)


EXHIBIT Company-wise Industry Performance in 00 (ii)


EXHIBIT Projected Global Wholesale Revenues (iii)


EXHIBIT 4 Individual Industry Rankings (00 Q1-Q) (iv)


EXHIBIT 5 Skills Needed to Succeed in Investment banking (v)


EXHIBIT 6 Porter’s five forces model (vi)


EXHIBIT 7 Global Market Shares of Mono-line Investment Banks (vii)


1. Introduction


Investment banking is an industry that covers a range of activities which include underwriting, selling and trading stocks and bonds, providing financial-advisory services such as mergers and acquisitions, and managing assets. An investment bank (I-bank) acts as an adviser to corporations for the creation and issuance of financial products; a sales-and-distribution organization for the same financial products; and a research organization for various financial instruments.


Investment banking differs from commercial banking in the sense that it does not maintain cash deposits to lend as a commercial bank does. It only acts as an intermediary, and matches sellers and buyers of securities.


. Evolution of Investment Banks


The Early Years 186-1


The industry owes its genesis to the brilliance of individual entrepreneurs like Markus Goldman and J.P. Morgan who set up banks on the Wall Street in the late 1th century. This period was considered as a golden era, which saw the emergence of several investment and commercial banks.


Separation of Investment Banks from Commercial Banks 1 to 170


The Glass-Steagall Act of 14 erected barriers between commercial and investment banking on grounds of a conflict of interest and prevention of a monopoly control. This led to structural changes in the industry such as the split of the former JPM into J.P. Morgan, the commercial bank and Morgan Stanley, the investment bank.


Development of the Modern Investment Bank 170-16


The reduction in trading profitability initiated the integration of investment banks aimed at providing sales, trading, research and investment banking under one roof and the emergence of a number of financial products such as derivatives, high yield and structured products, which provided lucrative returns for investment banks.


Consolidation and Convergence 16 �001


After a series of industry-wide consolidations in response to the repeal of the Glass-Steagall Act in 1 , the industry has turned into a consortium where a group of top ten global investment banks dominate the market.


. Growth rate and Size


The last decade saw an explosion in the global capital markets which led to a Compounded Annual Growth Rate CAGR of 0% for the investment banking industry. Exhibit 1 shows that the major contributor to growth was the Technology, Media and Telecom industry (TMT), which grew by 15 %.


The global economic recession starting in 001 has negatively impacted investment banking. As seen from Exhibit , the current size of the industry, measured by the revenues of the 10 largest investment banks, is close to $4 billion, a 10% fall from last year’s revenue. With a fall in TMT revenues by more than 50%, Exhibit shows that the future growth is expected to be close to 7.5%.


4. Players in the industry


The industry can be classified into two categories according to their size and market focus


a) Bulge Bracket Firms, consisting of the biggest full-service investment banks including Merrill Lynch, Morgan Stanley Dean Witter, Goldman Sachs, Salomon Smith Barney, Credit Suisse First Boston, and Lehman Brothers Firms. Each of these firms has developed its own area of expertise. The industry rankings in Exhibit 4 show that in 00, while CitiGroup/Salomon Smith Barney dominated the equity and IPO underwriting, Goldman Sachs was the leader in Merger and Acquisitions (M&A) advisory services.


b) Boutique firms are niche firms targeting segment divisions or operating in a particular industry, such as the Soundview Technology Group which focuses on technology. Regional firms provide financial and investment services in a particular geographic region, such as the Wachtel & Co. Inc. which provides private and public equity capital to companies in the Washington DC area.


5. Service Categories


An investment bank consists of three major professional divisions Investment Banking Division (which includes Corporate Finance, Mergers and Acquisitions, and Public Finance), Sales and Trading, and Research.


5.1 Investment Banking Division


5.1.1 Corporate Finance


The Corporate Finance Group provides various financial and business advices to clients and is in charge of pricing and purchasing securities for an initial public offering (IPO), a secondary offering, or a debt issuance. The Corporate Finance Group


Underwrites equity and fixed income offerings


Determines valuation for offerings


Analyzes the client’s financial needs and helps the firm to design and implement an appropriate financial strategy, such as in the area of structuring its balance sheet.


5.1. Mergers and Acquisitions (M&A)


This division provides advice to various client firms on appropriate merger and acquisition strategy. The M&A Group


Determines target company valuations


Designs a defensive strategy for the target of a hostile acquisition


Conducts due diligence on a target or acquiring company


Negotiates the price, terms and conditions of an acquisition or a merger in the process of structuring the deal


5.1. Public Finance


Public Finance is similar to corporate finance but instead of dealing with corporations, this group deals with public institutions such as city and state government or housing authorities. In the process of structuring a deal, numerous political and regulatory considerations must be assessed. The Public Finance Group


Advises public entities on capital raising strategy, portfolio management and project financing


Restructures debt and determines valuation of debt offerings for municipal entities


Underwrites tax exempt notes, derivatives and other municipal securities


5. Sales and Trading Division


The Sales Group is responsible for selling the financial products sponsored by the investment-banking department. It serves as a vital link between the sell-side (corporations and government entities) and the buy-side (investors). Salespeople


Work with the investment banking group in order to market new security issue


Arrange conferences between client, research group and company management


The Trading Group is responsible for taking positions in the market through purchases and sales of securities. Traders


“Make markets” i.e. maintain positions in stocks or securities that the firm has underwritten, quote bid-ask prices and buy-sell at those prices


Perform valuation analysis of derivatives, convertibles or basket of stocks


Advise clients, salespeople and research analysts on the basis of above analysis.


5. Research Division


The Research Group provides analytical support to Investment banking division, Sales and Trading activities. It is divided into two groups Fixed Income Research and Equity Research. The Research Group


Prepares updates on market trends and company performance


Offers investment recommendations and forecasts based on trend analysis


Recommends positions on stocks to the sales force, traders and investment bankers.


6. End Users


The customers for this industry include


a) Private Sector


The large corporate clients


High net worth individual customers.


b) Public Sector


Large Institutional Investors


National Governments.


Non-profit organizations.


7. Suppliers Human Capital


Being a service-oriented industry, human capital is the most valuable asset that drives the industry. I-banks rely heavily on the expertise of their traders, dealmakers, analysts and associates to clinch major deals. (Exhibit 5)


An I-bank typically has a vertical organizational structure, comprising of an analyst, associate, vice president, director, managing director and department head in the ascending order of hierarchy.


8. Environmental Analysis


8.1 Economic Factors


The volatility of capital markets is pro-cyclical with business cycles. 1 was a golden year for the financial markets, with secondary capital markets growing by 70% due to the upsurge in consumer confidence. However, post-1, markets crashed due to the US-led global economic slowdown resulting in a halt in M&A and IPO activity and a decline in earnings for most I-banks.


8. Political and legal Factors


Various government policies and regulations determine the functioning of I-banks. The Securities and Exchange Act passed in the US in 14 set up the Securities and Exchange Commissions (SEC), which made it mandatory for all I-banks to adhere to strict financing and governance procedures. The passing of the Glass Steagall Act in 14 led to a significant growth in the industry. Repeal of the Act in 1 and passage of the Gramm-Leach-Bliley Financial Services Modernization Act has led to a wave of mergers and acquisitions in the industry. Any infringement of the existing rules of the capital markets by a bank today, can lead to charges of embezzlement or insider trading.


8. Technological factors


Most I-banks have started trading securities on the internet, offering individual investors the opportunity to trade in big corporate bond issues for the first time. Since Morgan Stanley pioneered an online trading system, Discover Brokerage Direct in 1, most bulge bracket banks have followed suit. The advent of electronic exchanges has enabled trade 4 hours a day. Several “net centric investment banks” like EOffering, W.R. Hambrecht and Wit Capital have come up.


8.4 Socio-Cultural Factors


An I-banker’s family life suffers greatly due to the high stress levels of the job. The changing social paradigms and new lifestyles associated with the Internet era have generated fresh opportunities for financial services.


. Industry Analysis


.1 Competition Analysis


Porter’s Five-Force model (Exhibit 6) has been used to analyze the competition in the industry.


1) Threat of New Entrants


The huge capital requirement acts as a major entry barrier in the industry. The repeal of the Glass Steagall Act enabled the entry of large commercial banks like Citigroup and Deutsche into I-banking. The advent of Internet-based investment banks like Wit Capital and online retail brokerage firms like Charles Schwab are major threats to the industry.


) Rivalry among existing firms


Despite the presence of over 400 I-banks worldwide, the top ten account for almost 70% of the total business deals. As banks merge and consolidate their operations, the rivalry among the remaining players would increase. They are likely to compete on differentiated service offerings customized for each client.


) Threat of Substitutes


Regional firms like Hambrecht & Quist (California based) that are dominant players in their respective regions and specialized (niche) firms like Volpe Brown Whelan (San Francisco based) focusing on technology are likely to capture business at the expense of the larger I-banks. Accounting firms like KPMG and PricewaterhouseCoopers moving into financial advisory services have also generated alternatives for small corporate and individual investors.


4) Bargaining Power of Suppliers


The industry witnesses a very high attrition rate. The professionals, the most valuable asset of any I-bank, can demand very high compensation packages during periods of economic boom.


5) Bargaining Power of Buyers


The product and service offerings are seldom differentiable; hence there is a high risk of customers switching over to competitors. Large institutional investors also pressurize the banks to give them favored deals and access to confidential information.


. Current Trends in the Industry


a) Slowdown Over the past years, the financial environment has been severely hit by a substantial global economic recession, the September 11 and subsequent terrorist attacks, the sudden decline of equity markets and a string of corporate frauds and failures. Responding to these unexpected unfavorable events, several I-banks, including Merrill Lynch, JP Morgan Chase and Goldman Sachs have resorted to widespread cost-cutting measures resulting in an industry-wide retrenchment of over 6% of the total workforce and a decrease in compensation to the extent of 5-50%.


b) Deregulation and Consolidation Investment banks are increasingly focusing on emerging as a “one-stop financial services provider” by entering into a spate of cross-industry M&A activities such as the acquisition of Alex Brown by Deutsche Bank and of First Boston by Credit Suisse.


c) Globalization With the increase in cross-border business activity and deals, I-banks are aggressively seeking partners or acquisitions to strengthen their global presence.


d) Increase in Asset Management business Since asset management services are believed to provide a steadier revenue stream compared to the cyclical revenues from IPOs and sales commissions, firms like Goldman Sachs and Societe Generale are significantly stepping up their investments in asset management activities.


10. Future Scenario


10.1 Projected Trends


a) Growth rate prediction The industry growth rate of 0% per annum in the late 10s is believed to have been driven by extraordinary factors like the over-estimation of the potential of the Technology, Media and Telecommunications (TMT) sector (Exhibit 1). Having hit its lowest point in late 00-early 00, the industry is expected to grow at a moderate rate of 5-10%, which means that the industry will reach its 1 level earnings only by 005 (Exhibit ).


b) Convergence of Investment and Commercial banking Given the falling market shares of mono-line investment banks (Exhibit 7), I-banks are expected to consolidate financial services further to stabilize revenues and establish a strong global market presence.


c) Changes in the regulatory framework Reforms are expected in the near future to ensure the separation of equity research and investment banking, to examine the treatment given to the IPO process and to challenge the relationship between corporate lending and investment banking to ensure that inappropriate linkages do not exist between these two key sources of capital. The strengthening of regulatory oversight and corporate governance will benefit the industry over the long term as the efficiency and fairness of the capital markets are improved.


d) Short-term outlook Owing to tough market conditions and increased competition in the limited banking business, I-banks may face further pressure for cost, compensation and headcount reduction. A reduced inclination to take business risks will lead to a shift to more conservative business strategies, fewer complex deals, and, in some cases, to the unwinding of highly diversified business models in favor of a more focused, specialized approach.


e) Long-term outlook Considering certain positive structural trends in the world economy like increasing productivity, privatization of state-owned enterprises, institutionalization of savings and reforms towards liberalization, I-banks, particularly the bulge bracket firms are expected to recover quickly from the current major shocks. Further consolidation and internalization may force the exit of marginal players.


The critical success factors for a firm in the long-term would be its ability to serve increasingly global clients, use technology to design customized service offerings, focus on core products in selected geographical markets and leverage on a world-class reputation.


f) Potential Threats The economy could be pushed back into a recession if a negative scenario like a lack of the required global support for economic recovery, faltering of consumer spending or an escalation of the Middle East conflict was to materialize. In such an event, the banking industry could be pushed into severe losses.


g) New Opportunities The emerging markets in Asia-Pacific and Russia are expected to offer attractive opportunities to the major players.


10. Emerging Challenges


• Restoring public confidence Investment banks will need to adhere to ethical business practices and ensure greater transparency and information disclosure to regain the public confidence lost owing to the recent accounting scandals, bankruptcies and regulatory investigations of I-banking practices.


• Compliance with increased regulation The regulatory pressure to separate research from the investment banking department and the increased scrutiny will increase compliance costs besides posing functional challenges for I-banks. This will force firms to restrict their research budgets.


• Change in product design In the light of the heightened awareness of risk owing to the recent business cycles, firms would need to alter their risk management practices in terms of evaluation and pricing of risks besides designing strategies that mitigate risk-taking.


Thus, while the direction of the global economy would decide the future of the investment banking industry, the future of a firm will largely depend on its characteristics its ability to effectively respond to both the complex challenges as well as exciting opportunities generated by dynamic market conditions


Exhibit 1


U.S./Europe Wholesale Banking Revenues


- M&A, New Issues and Equity Trading


(Revenue figures in billion $)


Source Swiss-American Chamber of Commerce, Developments in the Global Investment Banking Industry, October, 00


Exhibit


Company-wise Industry Performance in 00


Company 00 revenues


($ million) % change from 001


JP Morgan Chase 50,4 -16


Morgan Stanley 4,77 -4


Merrill Lynch 8,7 -14


Goldman Sachs Group 1,18 -6


Citigroup/Salomon SB 7,74 -11


Lehman Brothers , -15


UBS Warburg 1,760 5


Bear sterns 8,701 -15


Credit Suisse First Boston 7,548 4


RBC Dain Rauscher 1,181 16


Total 4,04


Source Wetfeet Insider Guide (00), Careers in Investment Banking, Wetfeet Inc., San Francisco


Exhibit


Projected Global Wholesale Revenues


For 10 Largest Investment Banks


(Revenue figures in billion $)


Source Swiss-American Chamber of Commerce, Developments in the Global Investment Banking Industry, October, 00


Exhibit 4


Individual Industry Rankings (00 Q1-Q)


Area Global Debt and Underwriting


Company Q1-Q 00 ($ billion)


CitiGroup/Salomon SB 44.8


Merrill Lynch 17


JP Morgan Chase 18.


Credit Suisse First Boston (CFSB) 175.4


Morgan Stanley 15.5





Area Global IPO Underwriting


Company Q1-Q 00 ($ billion)


CitiGroup/Salomon SB 7.7


Credit Suisse First Boston (CFSB)


Merrill Lynch .


Morgan Stanley 1.8


Deutsche Bank 1.7





Area Worldwide completed mergers and acquisitions advisory


Company Q1-Q 00 ($ billion)


Goldman Sachs 170.


Morgan Stanley 145.


Merrill Lynch 11.8


Credit Suisse First Boston (CFSB) 111.5


CitiGroup/Salomon SB 10.1





Area Overall Global Research Strength


Company Total Position


UBS Warburg


Merrill Lynch 1


Credit Suisse First Boston (CFSB) 18


Goldman Sachs 18


Morgan Stanley 18


Source Wetfeet Insider Guide (00), Careers in Investment Banking, Wetfeet Inc., San Francisco


Exhibit 5


Skills Needed to Succeed in Investment banking


Skill Level of Requirement


People skills High


Sales skills Medium


Communication skills High


Analytical skills Extremely High


Ability to synthesize High


Creative ability High


Initiative Medium


Work hours 60 �100 /week


Source www.wetfeet.com


Exhibit 6


Porter’s Five-Force Model


Source Kotler, Philips, Marketing Management, pp 14


Exhibit 7


Global Market Shares of Mono-line Investment Banks


Source Swiss-American Chamber of Commerce, Developments in the Global Investment Banking Industry, October, 00


Bibliography


Articles on Internet


Can wit outwit the competition? (July 1), BusinessWeek Online, Retrieved February 14, 00 from http//www.businessweek.com/1/_/b68177.htm


Careers in Investment Banking, Retrieved on February 14, 00 from http//www.campusaccess.com/campus_web/career/c4job_inv.htm


Hillebrand M. (October 00), Morgan Stanley online operations get facelift E-Commerce Times, Retrieved February 14, 00 from http//www.ecommercetimes.com/perl/story/154.html


Lacy S. (November, 001), Investment Banking Firms make quiet cuts, Silicon Valley San Jose Business Journal. Retrieved February 14, 00 from http//sanjose.bizjournals.com/sanjose/stories/ 001/1/0/story4.html


Stein B., Oakley D., (00), State of the Industry Where do we go from here?, Retrieved February 14, 00 from http//www.ey.com/GLOBAL/content.nsf


Reports


Freeman and Company Research Report (February 00), Investment Banking Back to Basics in the Future, Freeman and Company, New York


Freeman and Company Research Report (October 00), Investment Banking State of Investment Banking 00 and beyond, Freeman and Company, New York


Mack J. J. (October, 00), Developments in the Global Investment Banking Industry, Swiss-American Chamber of Commerce, Zurich


Megginson W. L. (1), The International Investment Banking Industry, Swiss Banking Institute, Zurich


The state of the US Investment Banking and Securities Industry, July 000, KPMG.


The Banker, Top 1000 World Banks, July 000.


Wetfeet Insider Guide (00), Careers in Investment Banking, Wetfeet Inc., San Francisco


Valance Nikos, Choosing an investment banker is no longer a limited proposition, US Banker, Dec.000.


Journals


Foster, G. Fidelity and Lehman in Deal on Broad Range of Services, The New York Times, June , 1. - pp.


Very, P; and Schweiger, D.M., “The Acquisition as a Learning Process”, Journal of World Business, 6,1, (Spring 001), pp 11-1.


Books


Brealey, Richard and Myers, Stewart C., Principles of Corporate Finance. New Delhi Tata McGraw Hill, 000. pp 5-70


Kotler, Philip, A Framework for Marketing Management, Delhi Pearson Education (Singapore) Pvt. Ltd., 00, pp 14


Brown L., Goldman Sachs The Culture of Success, New York, McGraw Hill, 1, pp 1-78


Eccles, Robert and Crane, Dwight B., Doing Deals Investment Banks at Work, New York Harvard University Press, 18, pp 16-46


Marshall, John and Casey, Frederick B., Investment Banking and Brokerage The New Rules of the Game. London Probus Publishing Company, 1, pp 0-8





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