Power Markets and Electricity Derivatives :: essays research papers

Since the early 90s, the electrical power arena has undergone profound and dramatic changes. More and more countries moved towards the deregulation of their energy sectors, from a regulated and monopolistic industry to one were the market forces of supply and demand determine the unit price of electrical energy.The first case of energy sector deregulation in Europe was recorded when the United Kingdom with the Electricity Act of 1990 created the Electricity Pool for England and Wales. Norway soon followed suit (Norwegian Energy Act of 1991) and correct up the Norwegian Pool in 1993, which eventually became the Nord Pool in 1996. At the same year, the European Union issued its Electricity Directive (Directive 96/92/EC) according to which the electricity markets of all EU countries should be open for competition by 2003, with the exceptions of Greece and Ireland which were granted a one year extension 13.Deregulating a countrys energy sector is a complicated and difficult task. The typical power utility operation is divided into three main functions electricity generation, its transmission over the power power grid and finally the distribution to the end users. deregulation stipulates that all three functions should be open to competition. In particular, new and existing power generation utilities/companies (GenComs) should be able to compete with each other at a wholesale level. For this to be possible though, the access to the power grid should be offered with the same terms to all players. The only way to avoid any bias or conflict of interest is hence to ensure that the generation, transmission and distribution of electricity are both run by different companies or under different management (unbundling). Furthermore, the electricity distribution sector may also be segmented for different geographical areas, (DisComs). The actual trading of electricity, either the physical asset itself or financial products on it, is organized and takes pop in a forma l power exchange, or Pool 13. The passage from a regulated to a deregulated power industry is seen in Figures 1 and 2.Deregulation of the energy sector is all the more challenging due to the particular characteristics of electricity that differentiate it from other traded commodities namely limited storability and transportability. Electrical energy cannot be stored after it has been produced, except in the case of hydroplants where electricity is notionally stored indirectly in the form of the water kept in the reservoirs. Even in this case though, eminent demand can be satisfied for a limited time only, while the use of larger in size and/or number reservoirs is either unfeasible or uneconomical.

Corporate America and Modern Society Essay -- essays research papers

Corporate America and Modern SocietyLarge corporations affect most of society today, and these affects have split the U.S. diddleers into two factions. People argon becoming frustrated over companies having huge lay-offs, firing thousands of employees, shutting down businesses, and moving to countries like Mexico to make a bigger profit. What happens to those concourse who have families to don care of? Where are they going to find money to pay for their childrens medical bills, education, food, and clothing? How are they going to tell their spouses that they now have to work two jobs to take care of costs for their family? Top executives of large corporations often earn millions of dollars a year in salaries, bonuses, and benefits while the vast majority of people who work for them earn moderate wages, sometimes no more than the minimum hourly amount required by law. both(prenominal) people believe that this shell of a system for hourly working is wrong. Others argue that no cha nge is possible without stifling human initiative. How might the economic system be changed? Should it be changed?History of Large CorporationsThe industrial revolution in America during the early part of the 20th century brought many new changes to society with the introduction of factories, construction, and businesses. As time progressed through the years, small businesses soon started looking to increase their market nationally. As small businesses soon turned into large corporations, they began to spread across the domain giving people quality products anywhere in the United States. The economy was booming. Competition between businesses was moving at an incredible rate, producing many products and improving the realize National Product. America was becoming the most powerful nation in the world. There were plenty of jobs for families to find work. As businesses grew, bureaucratic systems were set up inside them to ensure better management. One man could no longer run his bus iness alone. He needed supervisors to reach every employee. Hierarchies were introduced and so businesses were now ran by a select few individuals who were most likely the founders of the company, and they got all the profit. CapitalismSome people say that todays minimum wage is not a livable wage. That it doesnt make up for the cost of living in todays society... ...ple want a change, there will be a change. Works CitedCody, David. Child Labor. 1987. http//65.107.211.206/victorian/history/hist8.html (1 May 2002).New York Times. Executive Paywatch 2002. 2002.. http//www.aflcio.org/paywatch/index.htm (24 April 2002).Moore, Michael. The Big One. 1996. Reich, Robert B. Goleman, Daniel. Point, counter point. Training & Development, April 1999. Vol. 53 contend 4 p26.Eisenscher, Michael. Sweatshop Abuses Continue. Nov. 30, 1997. http//www.hartford-hwp.com/archives/40/041.html (1 May 2002). Kronemer, Alexander. Narrowing the Wage Gap. Monthly Labor Review. Nov99, Vol. 122 Issue 11, p79.B lau, Francine D. Kahn M. Lawrence. Wage Inequality International Comparisons of Its Sources. 1996. http//www.aei.org/cs/cs6931.htm. (22 April 2002)Kazis, Richard and Miller, Marc S. Low Wage Workers in the New Economy. 2002http//www.urban.org/pubs/low_wage/index.html (24 April 2002)McCarthy, Jim. Salary Gap Continues to Widen Techniques Connecting Education & Careers, Mar 2002, Vol. 75 Issue 3, p8. Robertson, Michael. The Minimum Wage Some New Evidence. Journal of Labor Research, Winter 2002, Vol. 23 Issue 1, p1.

Mother Theresa :: essays research papers

Mother Theresa Saint of the Gutters (1910-1997)A modern day savior was born to the world in 1910 in Skopje Yugoslavia. Born below the name Agnes Gongxha Bojaxhiu, she later took the name Teresa after St. Teresa, patroness of missionaries. Joining the Sisters of Loretoat the tender age of 18, she came across many events that would touch her life in the most finical way inspiring her to do many great deeds for human courses. In 1948, Mother Teresa came across a half-dying woman lying in bird-scarer of the Calcutta hospital. Through the compassion of her dear heart, Mother Teresa stayed with her until she passed into the after-life. Through this one kind act, Mother Teresa devoted her life to helping the poorest in India. She gained the name, Saint of Gutters from her many kind works. Mother Teresa founded the order of nuns known as the Missionaries of Charity in Calcutta. The group of 12 became a group of 3,000 in 50 years. That is three thousand women in India which have donate d their lives to helping the poor in India around the world. Mother Teresa would not stop there. She founded the Nirmal Hriday, a home for the Dying, in a former temple turn up in Calcutta. This was a foundation that took the dying Indians off the street and brought them in to a nice, peaceful environment. Although Mother Teresa was not able to cure the people by dint of some divine power, she did offer the dying Indians a peaceful place of comfort for them to release themselves into the after life in dignity. She saw the love of rescuer within every man, woman and child she brought in. No matter what ailed them, Mother Teresa still found the compassion in heart to bring them in. For 50 years she continued to help the poor, conquering many emotional times with the aid of her faith in God. The respect she received from the world won her a Nobel serenity Prize in 1979.Over the past two decades, Mother Teresa had begun to see end of her long hard journey.

Creation, Flood and the Hero in Epic of Gilgamesh and Book of Genesis o

Creation, Flood and the Hero in Gilgamesh and the ledger The Epic of Gilgamesh compares to the Bible in many different ways. The epic has a different perspective than the Bible does. This paper is a contrast and comparison between the two books. The triad main points of this paper will be the Creation, Flood and the Hero. The way these two books start prohibited is creation. This is the first similarity that we can state. God created man out of the earth, In the beginning God created the Heaven and the Earth. In the epic, Auru, the goddess o... ...s that are hard to decipher, but most was understandable. The Epic of Gilgamesh was hard to get started on, but was slowly finished. Bibliography Bibliography The Holy Bible. KJV. Thomas Nelson Publishers, Nashville. 1984. The Epic of Gilgamesh. Penguin Books, London. 1972.

Narrator’s Use of Language and Memory in Faulkner’s The Unvanquished :: Faulkner’s The Unvanquished Essays

Narrators Use of Language and Memory in Faulkners The UnvanquishedIn the Unvanquished, a version of southern masculinity is developed through the narrator using dialect and the device, or should I judge vice of memory. Fairly early in the novel, the reflective standpoint of the narrator becomes obvious, and a certain sense of retelling the story, not just telling it as it happened, prevails. This affair of memory is not necessarily selective but it does show the processing of perceptions of the narrators childhood. As readers, we first get the sense that we are perceive the story from a much older Bayard when he drops comments identical I was just twelve then I didnt know triumph I didnt even know the word (Unvanquished 5). If he was just twelve then, he could be just fifteen or sixteen when retelling this story, assuming the grandiosity that adolescence creates, leading to such thoughts as I was just a kid then. However, the second part of the statement reveals a much older an d wiser voice, the voice of person who has had time to think out such abstractions as triumph and failure. Furthermore, the almost obsessive description of the father in the first part of the novel seems like the narrator comes to terms, much later in life, with how he viewed his father as a man. He was not big (9) is repeated twice on the same page. He was short enough to have his sabre scrape the steps while ascending (10), yet he appeared large and in command, especially when on his horse (13). The shape and size of a man being an important part in defining masculinity, I think Baynard grappled with his fathers natural presence as well as his tenuous position as a leader in the Confederate Army. Other telling moments are on page 66 when Baynard postulates what a child can accept as true in such incredible situations and on page 95 with his declarations on the universality of war. (Possibly he is an old man now and has lived to see other wars.) Upon realizing the distance betwee n the setting of the story and age of its narrator, the reader is forced to upset how memory and life itself have affected the storytelling.Another way to contemplate the development of masculinity, one that calls upon the southern gentleman to be well educated and verbose, is the intention of dialect in the story.

To Censor Science or Not to Censor Science :: Analysis, Donohue

The Censoring of skill may seem like it is restricting scientists ability to sh ar their cognition with one another, but censorship is protecting the United States citizens. In the article, Censoring Science Wont Make Us Any Safer the author Donohue (2011) said, Citizens be entitled to know when their milk, their water, their bridges their hospitals lack security precautions (p. 398). The author believed that United States citizens beget a right to know when they are in danger. To refute this argument, would be to say that, if the government does not have some sort of regulation set up to inhibit the sharing of biological secrets, our nations security will steady be at risk.Donahue believed that censoring science has put the United States at the same risk as not censoring. Donahue (2011) stated the effort to suppress scientific information reflects a dangerously outdated attitude (p. 396). Donahue supported this claim by explaining several cases in science where sharing informat ion from microbiological studies have helped science move forward. One such study was done by scientists in Australia. The study was finding a disease that would kill rodents. The scientists found a disease similar to smallpox that was called mousepox. With the research that they discovered and published the researchers from St. Louis University found a defense against such a disease. Donahue (2011) declared This result would undoubtedly not have been achieved, or at least not as quickly, without the attention drawn by the ASM article (p. 397). Most scientists want to be able to share their data. Scientists are autonomous by nature. Begelman (1968) refuted an argument made by I. L. Horowitz, who was a scientist that believed that the government was in gross violations of the autonomous nature of science (p.70). Begelman believed conversely, that there is a frame of checks and balances in the government regulation system, and that this system is in place to protect citizens.The aut onomous nature of science is not being dispelled just because there are a few government regulations on publishing scientific information. National security should always be considered when publishing information that could potentially be apply against the United States. Scientists need to be aware of this potential threat and practice self-censorship. In the journal, A Tale of Two Studies, Segelid (2007) said We recognize that on do an editor may conclude that the potential harm of publication outweighs the potential societal benefits.

Sartre and the Rationalization of Human Sexuality Essay -- Philosophy

Sartre and the Rationalization of Human SexualityABSTRACT Sartre rationalizes sexuality much like Plato. Rationalization here refers to the way Sartre tries to help explanation by changing the terms of the discussion from sexual to nonsexual concepts. As a philosophy which, above all, highlights those features of human existence which seem closely resistant to explanation, one would expect existentialism to highlight sexuality as a category that is crucial for considering human existence. Descartes comes immediately to mind when one focuses on Sartres major categories. In Sartres case however, it is not mind and matter notwithstanding consciousness and its opposite nothingness and being. This irreducible dualism is the key to the trouble human beings kick in with existence. Humans try to deal with the tensions implied by this dualism by trying to pretend people are not subjects but objects. Sartre calls this bad faith. He begins by attempting to determine human sexuality serious ly as a fundamental category, but ends by abandoning the effort in favor of other substitutes. Akin to Plato in his rationalisation of sexuality is Jean-Paul Sartre. Sartre is probably the end of existentialist philosophy in two senses in the first place in the sense of extending existentialist premises as far as they can be taken, and in the second place in the sense of serving as the canonical example of existentialist thought.Since existentialism is the philosophy above all other philosophies which takes seriously the concrete existence of a human in all of its facticity, anxiety, temporality, and fleshliness, and will place this existence before all decisions about essence, it would seem that above all others we can expect from Sartre a philosop... ...y important in sexuality. This is bad faith in reverse, the treating of objectivities as though subjective. On the other hand, the For-itself is too much bound or confined to abstract categories. Is sexuality really a dialectic of subject and object? It is this, but is it only this? These broad categories cover all cosmic relationships. Sex disappears into an abstraction. Wherein lies the distinguishing difference of sexuality and what difference does this make? These considerations are nowhere in Sartre.This is Sartres sexuality, a ashen and a passionless dance of the categories.Notes(1) Translated and with an introduction by Hazel E. Barnes and published by Philosophical Library, New York, 1956. Page numbers placed in parentheses in the text refer to this edition.(2) Sartre illustrates bad faith with a sexual illustration. See pages 55-56.

Vincent van Goghs Starry Night and Vincent’s Chair Essay -- Art Criti

Vincent van Goghs Starry Night and Vincents ChairOne of the almost famous Post-Impressionists was the Dutch artist, Vincent van Gogh. Van Gogh believed that art was a form of expression. Painting was an emotional and spiritual experience for him. He painted not only how he interpreted his surroundings, but his sensations and feelings on his subjects. One of his most famous paintings, Starry Night, is a perfect representation of this Post-Impressionistic style of painting.With its swirling colors and lines, Starry Night, incorporates not just the color and light that is found in the ahead works of these painters, but it shows how forms and feelings also came into play. Waves and swirls were applied so thickly in this piece that the paint itself cast shadows.His heavy brushstrokes and vivid colors portray the wickedness sky as crazy and chaotic and the village below as peaceful and serene. The historical significance of Starry Night mirrors the events taking place during this earned run average of modernity. During this time, scientists, writers and artists were seeking nontraditional ways of thinking. While scientists were learning about humans and physics in ways that had not been used before, and philosophers were finding new theories of life, writers and artists were handle old ways of writing and painting, and pursuing new forms of expression. Van Gogh, like his contemporaries, was ignoring the old styles of painting realistic images instead, as portr...

Essay --

Cancer is a chief health-related stress that requires sufficient coping. The global problem of genus Cancer continues to increase greatly collect to aging and growth of the world population and an increase of cancer-causing behaviours, such as smoking, especially in developing countries (Jemal, Bray, Center, Ferlay, Ward & Forman, 2011). More than 40% of people get out be diagnosed with cancer in their lifetime with two-thirds of them living for a minimum of five years. Cancer treatment which includes surgery, chemotherapy or radiotherapy, is often strenuous and can die for months or years. Cancer patients and survivors normally experience decreased quality of life, decreased capacity to perform daily activities, and mental health problems, such as drop-off and anxiety (Meijer, Roseman, Milette, Coyne, Stefanek, Ziegelstein, and ... Thombs, 2011). Cancer is a disease whereby abnormal cells divide without control and attack other tissues. Families of cancer patients face some deg ree of depression, anxiety, and fear when cancer becomes a part of their lives. They feel helpless and eager to find ...

Home Rule :: Essays Papers

fireside Rule During the time of Englands dominance of Ireland, the citizens of Ireland desperately sought to be free of Englands rule. Because of Irelands longing, the Home Rule Movement (HRM) came into existence. In Irish and English history, Home Rule is defined as a political slogan adopted by Irish nationalist in the 19th century to describe their objective of self- governance for Ireland (Home Rule). The Home Rule Movement started in 1870 and end in 1922. Isaac Butt and Charles Parnell led the movement (Home Rule). Because the Irish were insistence in obtaining their freedom, the Home Rule movement caused the following events to occur The Easter Uprising, an increase in attention of the Irish Republic Treaty (IRA), the founding of the Sinn Fein, and the Irish Free State. During the HRM, three Home Rule bills were produced and promptly rejected. Ultimately, the fourth Home Rule Bill ended in victory in 1922 (Home Rule). As a result of the Irish havi ng to engage in a difficult and long-fight battle for their independency from England, the people of Ireland began to cause anarchy. This anarchy was known as the Easter Uprising. The Easter Uprising started in April 1916, the day after Easter (Easter Rising) and occurred because Ireland believed the Britishs government was devoting sufficient attention to the needs of the people of Ireland (Easter Rising). On the other hand, Britain entangle the Irish werent worthy of becoming self-governing. The British felt superior to the Irish and thought of them as filthy people who needed to be segregated and taught how to behave properly (Home Rule). There were a couple of groups that helped in the developing the Easter Uprising. There was a group called the Irish Republican Brotherhood whose goal was for Ireland to have independence (Easter Rising). Independence appeared to be on the minds of many Ireland citizens. This group consisted of 2,000 members who k ept their plans hidden (Easter Uprising). Another group called the Irish volunteers consisted of about 200,000 men but, only 3,000 took part in the Easter Uprising (Easter Uprising).

Essay --

Cancer is a chief health-related stress that requires sufficient coping. The global problem of cancer continues to increase greatly due to senescence and growth of the world population and an increase of cancer-causing behaviours, such as smoking, especially in developing countries (Jemal, Bray, Center, Ferlay, Ward & Forman, 2011). More than 40% of people will be diagnosed with cancer in their lifetime with two-thirds of them living for a minimum of five years. Cancer treatment which includes surgery, chemotherapy or radiotherapy, is often strenuous and can last for months or years. Cancer patients and survivors normally experience decreased quality of life, decreased capacity to perform daily activities, and mental health problems, such as depression and foreboding (Meijer, Roseman, Milette, Coyne, Stefanek, Ziegelstein, and ... Thombs, 2011). Cancer is a disease whereby abnormal cells divide without control and attack other tissues. Families of cancer patients face some degree o f depression, anxiety, and fear when cancer becomes a part of their lives. They feel helpless and eager to find ...

Home Rule :: Essays Papers

Home Rule During the time of Englands dominance of Ireland, the citizens of Ireland desperately sought to be free of Englands rule. Be get to of Irelands longing, the Home Rule effect (HRM) came into existence. In Irish and English history, Home Rule is defined as a political slogan adopted by Irish nationalist in the 19th century to describe their objective of self-government for Ireland (Home Rule). The Home Rule Movement started in 1870 and ended in 1922. Isaac Butt and Charles Parnell direct the movement (Home Rule). Because the Irish were insistence in obtaining their freedom, the Home Rule movement caused the following events to occur The Easter uprise, an increase in attendance of the Irish commonwealth Treaty (IRA), the founding of the Sinn Fein, and the Irish Free State. During the HRM, three Home Rule bills were produced and promptly rejected. Ultimately, the fourth Home Rule Bill ended in success in 1922 (Home Rule). As a result of the Iris h having to engage in a difficult and long-fight battle for their independence from England, the people of Ireland began to cause anarchy. This anarchy was known as the Easter Uprising. The Easter Uprising started in April 1916, the day after Easter (Easter Rising) and occurred because Ireland believed the Britishs government was devoting sufficient aid to the needs of the people of Ireland (Easter Rising). On the other hand, Britain felt the Irish werent worthy of becoming self-governing. The British felt superior to the Irish and thought of them as filthy people who needed to be segregated and taught how to behave properly (Home Rule). There were a couple of groups that helped in the developing the Easter Uprising. There was a group called the Irish Republican Brotherhood whose goal was for Ireland to have independence (Easter Rising). Independence appeared to be on the minds of legion(predicate) Ireland citizens. This group consisted of 2,000 mem bers who kept their plans hidden (Easter Uprising). Another group called the Irish volunteers consisted of about 200,000 men but, only 3,000 took part in the Easter Uprising (Easter Uprising).

Empowerment on Girl Child Essay

With sacrificing family resources to educate a girl child and a potential future leader alleviate a big societal challenge, any effort to see the education of a girl is a huge boon. So when billions of dollars are poured into the effort, the impact cannot be overemphasised. The Campaign for Female Education (Camfed), introduced some few years back, has seen remarkable change of fortunes to many a rural folk. Now, a US$19 million bursary programme has been launched to benefit 24 000 girls from disadvantaged families in rural Guruve, Mashonaland Central.The launch was conducted at colourful ceremony at Chifamba Secondary School in the theater recently. With testimonies of previous beneficiaries of the programme giving the clear picture of changed lives, more girls are set to change for the better. Already, lives sustain changed and tales are being told. More are coming, definitely. Twenty-five-year-old Bridget Moyo was born(p) in the dusty village of Wedza in a polygamous family. Her mother sired six children and the other children under the genealogy of her father are incalculable. She deals to vex down and count them from her fathers first wife until the last.Being a girl on a polygamous family, she was not spared from challenges women as a whole face. From birth she was automatically rendered a future beggar. Her education was considered optional and it was the first thing to be sacrificed in a crisis. Her brothers, uncles and male cousins needs had to deduct first for the family. The familys future was seen to be in their hands and blood, so it was to them that the familys resources should be spent primarily. As if that was not enough, the family was so much immersed in poverty.School fees and levies were a luxury they could precisely dream of and there wasnt enough for the family to eat. I lost count of how many other peoples fields we worked in to make ends meet with my mother. It was not unusual for people to approach my mother and outer me a jo b as their housemaid, Bridget said. She said it was truly tragic in that some people had the audacity to exchange her labour services with a bucket of maize a month. I am a proud member of the Johane Marange Apostolic Sect and my growing up in the church came with benefits and challenges.I feel at home hen at church where I am accepted with expectations like other girls who have to get married at a tender age. In my teenage years, I was only supposed to dream about the kind of husband I was going to marry. Even if it meant dropping out of school, I did not drop out until I attained my university degree, Bridget went on to narrate her ordeal. The turning point in Bridgets life came after she got a bursary before attending secondary education. In prime school I vividly remember being nominated a prefect before the school authorities reversed the decision because I did not have a school uniform.I never had a worry about the strategy to use to sneak back into classroom after being move home on numerous occasions to collect the fees . Currently I am a holder of Bachelor of Science Honours Degree in Business Management and Entrepreneurship, she said. This is not the only sad tale about girls who rise from invisibility to visibility after attaining education. Another is Talent Tokoda, who grew up as an orphan and single child. Talent was born and bred in Chivhu, where her mother took care of all the family needs. It was a nightmare getting shoes or having a fit uniform.I struggled through primary school to completion but fortunately I passed with five units which are a sharp contrast to the struggles I went through. snip to enrol for secondary education came and my hope was like a dim light at the far end of a tunnel which could turn off anytime. A week before I was supposed to go to secondary school, I neither had school fees nor secured a place at any school. I could spend the whole day in the garden with my mother. I got the surprise of my life when I was told that my fees were going to be paid for until I complete groundbreaking Level, Talent said in front of the dumbfounded crowd.She passed Advanced Level and was enrolled at the University of Zimbabwe where she is doing her final year studying for a Bachelor in medical specialty and Surgery. I am proud that I proved to doomsayers that I can achieve any goal men can achieve. In August side by side(p) year I allow for be a qualified medical doctor, Talent said in front of the cheering crowd. This mirrors how the personality can be moulded to greatness. Guruve Districts pass rate is pegged at 25 percent with the national pass rate sitting at 21 percent. Assisting the girl child with resources will help improve the pass rate at rural schools.For example, at Chifamba Secondary School the pass rate for girls is pegged at 10 percent. seek revealed that in Sub-Saharan Africa, 24 million girls cannot afford to go to school and as a result a girl may marry as young as 13. Camfed executi ve director for Zimbabwe and Malawi, Ms Angeline Murimirwa said it is vital to improve educational access, progression and completion for marginalised secondary school girls. The coverage of bursaries will span for four years in 28 rural soils including resettlement areas.The other money will provide a package of support to schools, reading of school development committees and support for parents to enable children currently out of school to enrol, she said. Ms Murimirwa said it is imperative to enhance participation of women in national activities from district level. Most secondary school girls drop out of school opting to get married or as a result of lacking financial support. Organisations need to cherish marginalised communities and the idea that women constitute a greater percentage to the national population, she said.

George Mackay Brown’s short story ‘Andrina’ Essay

George Mackay Browns shortstop account Andrina has an element of mystery which leaves the reader in wonder and makes Andrina an extremely pleasurable read. Andrina is an old navy mans granddaughter who visits him as a ghost when he dies however he does not know she is his granddaughter or that she is a ghost and is dreadfully upset when she leaves him. I think the main reason why George Mackay Brown is so successful in making the bosh an enjoyable read is due to the complex social organization of the story, the setting and in like manner its links to a mystical fairytale.The story of Andrina has a very interesting structure of a story inside a story. The outermost story is in the present tense and concerns the old bluejacket in his daily routine. The informal story is in the past and tells of the old skimmer when he was younger and of a honor affair that he had. This structure makes the story intriguing as the reader at first does not know who the characters in the inside story are and thus it has a great sense of mystery surrounding it.Another interesting feature of the structure is the fact that it is rotary in that it relates to the oceansons. The story opens in the winter where the sailor is ill and feeling that he has lost his good friend and helper Andrina. It moves on in the inner story, where the sailor tells of his love affair with Andrinas grandmother. The summer conveyed happiness and helped give the impression that they were deeply in love. The love affair ended in the downslope when wildlife died out and the sailor discovered a terrible secret about Andrinas grandmother and then left the island. When spring returned in the outer story the sailor discovered Andrina was a ghost and why she had left. This let him understand and gave him the feeling of hope to move on. This structure is used to portray the inner feelings of the sailor and in my view is very effective.As well as the cyclical structure, the earths elements are as well refer red to throughout the story. This reflects on the sailors old days and he often tells the reader of memories and links to the sea. One example of this is at the opening of the story when the sailor is describing Andrina She lights my lamp, sets the peat fire in a blaze, sees that there is enough water in my bucket that stands on the wall niche. Here the peat links to the element of earth and fire and water are also mentioned.This helps the reader relate to where the seaman lived, in George Mackay Browns homeland of Orkney. The land here is windswept and the descriptions of the elements help the reader relate to how bare it is. The story could not have worked in any other setting. Another interesting point in this quote is the description of Andrina in that she lights my lamp. This is symbolic and shows how she gave the old sailor light and hope and also comforted him. She is referred to with this symbolisation throughout the story, which gives her the image of a kind, angelic figur e. In the third paragraph she is also described with I expected her with the first cluster of shadows which has alliteration of the soft s sound. This gives the reader the impression she is sweet and innocent.George Mackay Brown literary skills are excellent in creating the mighty atmospheres to portray various situations. When Andrina did not come he used short sharp sentences to convey how shocked and distraught he was She did not come followed in the next paragraph by She did not come again The repetition here shows how he was lamenting his loss and wondering why she may not have come. In another section of the story, the sailor had a bad dream where he had flashbacks to previous events in his life. Here the author used short and long sentences to convey to the reader the fear that he was going through. This technique also highlighted sentences such as It was a black night. which made the ordeal bet even more dark and terrifying.The story of Andrina, and especially the story inside Andrina, has many comparisons to a fairytale, which helps give it an element of mystery. It has the classic main theme of love and the ideal setting of summertime. Not only is the language archaic, but it is also very simple, like in a fairytale, such as but on one particular day in early summer this boy from one croft and this girl from another distant croft looked at each other with different eyes. The sentence structure is very simple which makes it easy for every reader to understand.The tremendous perilous secret thing that the girl had to tell the boy also strengthens the mystery theme as the reader is, at first, left wondering what it is. The language in this section is very poetic, with lines such as lingering sweetener of twilight This gives the reader the impression the situation was perfect and they were both very happy. In this section the reflection of the sea are also used, an example of this existence Far in the north-east the springs of day were beginning to surge up. This quotation conjures up two images, one of the two peoples love growing stronger and secondly of the sea surging and crashing about.The combination of setting, structure and atmosphere make Andrina an excellent read. The story could not have taken place in anywhere apart from Orkney and the windswept emptiness gives the story an eerie atmosphere. George Mackay Brown has the ability to put the story together and make the reader ponder afterwards on what actually happened to Andrina. The fountainhead of whether Andrina was real or whether she was just a figment of the sailors imagination is left for the reader to interpret in their own way, which means the story has a haunting effect for everyone.

Contract and Offer

Introduction A contract is defined as an allotment enforceable by law. Hence for all contracts there should throw off an agreement. The agreement arises by one of the parties devising an broaden and its acceptance by the other party. Both spell and acceptance create an agreement. In simple contract should first contain an assign make by one party to the other. What is an offer? As per sulfur 2(a) of the contract act When one person signifies to a nonher his willingness to do or abstain from doing anything, with a view to meeting the assent of that others to such act or abstinence is said to make a device.The word offer of the English law is synonymous to the word proposal of Indian contract act. The person qualification the proposal is called the proposer or offeror and the person accepting the proposal is called the offeree. A proposal is an expression of will or intention. A person making the proposal that he is willing to contract on the terms stated in it. The proposal is made to obtain the assent of the other party to whom the proposal is made. When A expresses his willingness to sell motor car for Rs. 10, 000 with a view to get Bs acceptance to his offer, A is said to make a proposal. How is offer made?Offer is made either by words spoken or by words written. This is an express offer. If A either tells or writes to B that he is prep ard to sell his car for Rs. 20, 000 it is an express offer. An offer is made by conduct or behaviour. Then it is an implied offer. For example, A is standing in a queue for getting ticket for a train. Characteristics of valid offer 1)The terms of an offer must be clear and certain or at least(prenominal) capable of being made certain. The terms of an offer must be definite, certain and clear. It should non be indefinite, loose or vague. The vagueness of an offer will not create any contractual relationship.The main reason is that the court footnot say what the parties are to do or expected to do a vague offer doe s not convey what exactly it means. Example- A agrees to B a hundred tons of oil. There is nothing what so ever to show what potpourri of oil whether coconut or gingili oil was intended to be sold. Hence the agreement is void for uncertainty and vagueness under section 29 of the contract act. In Taylor Vs Portington A agreed to decorate the room according to present style, the court held that present style is vague and uncertain term and therefore the promise could not be enforced.According to section 29 of the contract act, the agreement in which the term is not certain or capable of being made certain are void and the same cannot be enforced in a court of law. 2)Offer must be communicated to the offeree An offer becomes effective only when it has been communicated to the offeree, otherwise it cannot be know whether the parties are of the same mind. Until an offer is made known to the offeree, he does not know what he has to accept. The offeree must have some knowledge about the o ffer. differently any act done by him will not create any contractual obligations.In Fitch Vs Snedakar a person gave information (which would lead to the fetch of the murderers of two policemen) without knowing that an award was offered for it, and claimed the award subsequently. It was held that he was not entitled to the award as he was not aware of the same. 3)An offer must be made with an intention of creating good obligations The most important characteristic of a valid offer is that it must create legal obligation among the parties, otherwise it is not an offer in the eye of law. An offer will not become a promise unless it is made with a view to create legal obligations.If the parties agree that breach of entire party will not give rise to legal rights there is no contract, even though the offer and acceptance have been reduced into writing. An offer must impose some legal duty on the party making it. An offer to perform social act or an invitation to social affairs are no t valid offers in the eye of law, because in such cases there is no intention between the parties to create legal obligation. Example- A invited B to dinner at his house on a particular proposition day. When B went to As house on the particular day for dinner, A was not available in the house and the dinner also was not ready.In such a case ,B could not enforce it or claim any compensation for expenses incurred by him and inconvenience caused to him by A, because As invitation to dinner did not give rise to a legally cover agreement but is only a social affair. 4)Invitation to an offer is not an offer Quotations, catalogue of goods, advertisements for tender and prospectus of a company are no actual offer. They are mere invitations to offer. In case of an invitation to offer there is no intention on the part of the person sending out the invitation to obtain the assent of the other person to such invitation. Example-When a merchant sends his quotation, it is not an offer but is only an invitation on his part of his readiness to carry out business on those terms. Similarly mere argumentation of the lowest price at which the vendor would sell, will not amount to an offer. In Harvey Vs Facey it was held that mere statement of price is not an offer. 5)Special terms attached to an offer must be communicate When any special terms are to be included in a contract it is the responsibility of the offeror to bring those special terms to the knowledge of the offeree. Otherwise the offeree will not be limitation by them.Offeree can be held liable for the non-fulfilment of the conditions only when they have been expressly communicated to him or reasonable notice of the existence of the conditions is brought to his knowledge. Suppose the words seek back are printed on the face of the ticket and the conditions are printed on the back. In such cases, even if the passenger has not actually read the conditions, he will be bound by them. 6)An offer whitethorn be to an individ ual or to the public at large When an offer is addressed to a definite person or body of persons it is called a specific offer.When it is addressed to the whole world, it is a general offer. In Carlil Vs Carbolic Smoke ball Company, the company has offered advertisement a reward of Rs coke to anybody contracting influenza after using the smoke ball according to their direction. Mrs. Carlil used it as directed, but still she had an attack of influenza. It was held that she was entitled to the award of Rs ampere-second as it was a general offer and she accepted it. 7)Offer may be express or implied An express offer is one which may be made by words spoken or written. Example-A writes to B that he is prepared to sell his house for Rs 2 lakhs. This is an express offer. An implied offer is one which may be gathered from the conduct of the party of the circumstances of the case. If a person hires a taxi car for going from one place to another he thereby undertakes to pay the fare even t hought he makes no express promise to do so. So it is an implied offer. 8)Offer must be made with a view to obtaining the assent of the other party An offer must be distinguished from mere expression of intention.Mere enquiry is not an offer. An offer must be made with a view to obtain the assent of the other party. 9)Offer may be conditional An offer can be made subject to a conditional. In that case it can be accepted only subject to that condition. A conditional offer lapses when the condition is no accepted. 10)Offer should not contain a term, the non compliance of which would amount to acceptance One cannot say while making the offer that if the offer is not accepted before a certain assure will be presumed to have been accepted.ASSIGNMENT LEGAL environs OF BUSINESS SUBMITTED BY SUBMITTED TO LAHIYA. K. S MR. AMRITHAKAPPAN MBA 1ST SEM SUBMITTED ON ROLL NO35 3-9-2012 BMIMASSIGNMENT LEGAL ENVIRONMENT OF BUSINESS SUBMITTED BY SUBMITTED TO SEBY BABY MR. AMRITHAKAPPAN MBA 1ST S EM SUBMITTED ON ROLL NO49 3-9-2012 BMIM ASSIGNMENTLEGAL ENVIRONMENT OF BUSINESS SUBMITTED BY SUBMITTED TO CIRIL. JOHNY MR. AMRITHAKAPPAN MBA 1ST SEM SUBMITTED ON ROLL NO17 3-9-2012 BIBLOGRAPHY * L. R. POTTY * WWW. LAWDICTIONERY. COM

Global Wine War Analysis Essay

1. Due to cut history and tradition it was possible to gain a strong show in regard to vinery and example, which groundwork be highlighted might be the invention of Champaign. The experience of France as a quality wine producer going back to the middle ages place be regarded as a source of competitive advantage. Another source is the strong wine culture in France creating a positive image for customers. The wine indus feat by itself is a very important economic factor in France, in the mid 18th century the wine industry accounted for 17% of the overall industry.As a consequence, in 1855 the government classified wine yard into five different levels of quality. This helped the consumers to identify the best possible wines and was unique at the time, which created sustained competitive advantage. Simultaneously, the introduction of mass production of bottles and use of cork stoppers facilitated the former difficult distribution of French wine to foreign markets. The phylloxera in sect destroyed close all French wine yards in the late 19th century, giving the first opportunity for recent World ( US, Chile and Australia) wines to rise.Due to the complex shelter system of French wines, quality was an issue in the production of wine as for example irrigation systems under the AOC-label are prohibited while in the New World there were no limits toward innovations. What changes in the global industry structure and competitive dynamics led France and other traditional producers to lose market carry on to challengers from Australia, united States, and other New World countries in the late twentieth century? 2. There were important developments in the global wine industry that take aim to shifts in market share of old world producers to new world producers.First, demand changed severely starting in the late 19th century. Consumption in traditional wine consuming nations like France and Italy decreased significantly. This was mainly due to changing drinking prefe rences brought about by health concerns of substitute products. At the akin time, although numerically not compensating for the decline mentioned before, wine demand rose in importing countries, a lot of them located in Asia. Second, drinking wine locomote away from its mere traditional touch and became playing field to quickly changing fashions and trends.This put France at disadvantage They were unable to adequately adapt to these fashions because the French vineyards were excessively small to grow different kinds of grapes that could have met the currently preferred wine and growing high-quality grapes took several years. On the other hand, the US producers vineyards, for instance, were many times larger on average allowing them to spread risk by growing different grapes. Third, the new world producers took away market share by actively spicy in innovations in the areas of production technology and marketing.For instance, Australian producers substituted the traditional glas s bottles with containers reducing production costs and facilitating export. These innovations were possible because the new world countries were not subject to strict national regulations that wanted to preserve the traditional wine business in the old world countries. Fourth, the newly rising competitors often controlled the entire cling to chain from production to distribution. This left them with a bigger margin then their traditional competitors and made them less dependent of specific distribution channels. 3. a.Advice to the head of the French wine industry Develop a brand Produit en France Customers do not know what they want when they enter a wine store. Sharpen the image of the certification system, reduce its complexity, and communicate this to the customers so that they recognize the classification label as a strong brand b. Advice to the owner of the a Bordeaux vineyard obtain to know your customers and discuss founding a consortium to better adapt to changing fashio ns Engage in thorough market research to predict consumers preferences and try to influence their preferences with stubed advertising.Discuss founding a consortium of different wine producers to produce different wines that will be high in demand currently in the future. c. Advice to the French Minister of Agriculture Help your producers sell their vine provide more funds for marketing campaigns and fund workshops on how they can identify their target group and do targeted, cost-efficient marketing ? 4. a. Australian Minister of Agriculture The labeling of wine according to regions in Australia has been already done but not with testimonial by law.Tighten laws in relevance of how to label wines can be beneficial in the long run when it comes to value creation, as can be successfully recognized in France. Simultaneously, a financially subsidy should support wine yards with their surplus production hence the successful long-term strategy Directions to 2025, which foresees value gro wth by 2015 and global leadership on the wine market by 2025 might be eased. This is necessary since Australia will cannot compete on equipment casualty in the long-term bringing to mind low cost production countries such as Chile. b. Australian wine industry association.Align marketing activities with the plan of Direction to 2025. Support the Australians wine image from cheap and cheerful into a classified and recognizable labeling dodge. It might be added that the new scheme can be restructured in a way that it does not mix up psychographic targeting with regional ones, since this might be confusing. The implementation of a regional scheme might pay off better, as it is currently done in other New World wine markets. Moreover the surplus production can be used in come out to producing premium strong drinks hence value is added to products, as it is done in Italy with the Grappa or France with Cognac.c. Mid-size, well regarded vineyard heading customers more directly through own website and social media activities. Moreover a convenient retail should be found, both domestically and globally in order to assure a thriving placement of the vineyards products reflecting the premium brand image. In the long run brand value should be sustained and if possible enhanced in order to assure that his products do reflect supreme quality and is not associated with the cheap and cheerful Australian wine image. This can be achieved through the transition towards organic wine grow.

Discrimination Against Body Art

Discrimination Against People with Body Art Employers should not discriminate against people who have body stratagem. A some reasons why is because people should not judge people on how they look, body art does not affect peoples working abilities, and its a form of art so people should be able to express it. If soul chooses to have some form of body art, people should accept their decision, and not judge on their appearance.Just because individual has body mean, does not mean they atomic number 18 not capable of doing the same work as other people. When at an interview, body art can watch out weather or not you get the job. The person with body art could have been a better match for the job, but the employer would probably want someone else, that does not have body art. The question comes down to ability body decorations dont affect the reliability of an employee, so employers who value ability over appearance are starting to overlook body art.Even with that, though, nearly ha lf of the employers surveyed in a National Association of Colleges and Employers study stated that a nontraditional appearance would comport their hiring decisions. Phebe A. Dunrand, from the Yahoo Contributor Network Body art is a form of art, and could also be part of someones religion. People should be able show it without creation discriminated against. It might offend someone if another person discriminates against them because it could mean something important to them. These are the reasons why employers should not discriminate against people who have body art

Organic Foods: Is It Worth It? Essay

constitutive(a) forages cost more than regular nutriment, but are they worth it? Is it reallyly better for your health? And are they really more nutritious? Should you buy total food steady though you are a student and has in truth little money? These are all questions that necessitate probably passed through your mind now that you no longer have your parents to go grocery shopping and cook for you. But because there are no research that can prove that eating fundamental is healthier, and there is no research that shows that eating regular food is just as healthy, no real answer for your question exists.However, there are some articles like Alex Bergers entire Foods are a healthier Alternative and Nancy Spragues Counterpoint complete Food is Unnecessary and the Current Food Supply is Safe that can help you make a decision. Alex Berger, the writer of Organic Foods are a Healthier Alternative, however, believes that eating organic food is not only beneficial to ones health organic foods also have many other(a) benefits. He says, Organic foods tend to be richer in nutrients, perhaps because they are grown in soil with more complex micronutrients.1 Gerber then continues to say that organic foods have more than just health and nutritional benefits it also has environmental benefits and social stability. 2 Berger views organic foods as a friend. Although, they are expensive, they are much healthier, allow for much more nutrition, and they also help the environment. The benefits of organic foods outweigh the negativities that were never mentioned in his article. Berbers argument is truly persuasive. His words makes the reader disembodied spirit locomote to believe that organic food is healthy, such as agricultural chemicals may pose a greater risk to some individual.3 His threat makes the reader feel scared that eating normal, processed food can harm them, which will lead readers to feel that organic food is the healthier option. Although Berger seems to be a very reliable source, Berger is just a writer with no scientific background except for a PhD in Anthropology, a degree that doesnt have anything to do with nutrition. This makes him seem to be a rather unreliable source for nutritional advice. Another writer, Nancy Sprague, thinks otherwise. She believes that the food supply that we have now is safe as it is.Organic food is an unnecessary luxury that is expensive and there is no guarantee that it is healthier. She says, When food is defined as organic, it simply means that the producer has employed an approved organic food production systemthe producer is not guaranteeing the safety or quality of the product. By being misled into believing that buying organic guarantees food safety, consumers are sometimes more likely to be harmed by an organic food than by one purchased from a commercial supplier. 4.Sprague views organic food as a luxurious item that she doesnt need. She argues that there are no research that can prove org anic food is healthier. Instead, research have shown that organic food has as many bacteria, vitamins, and etc. as processed food. 5 Spragues method of committal to writing easily persuades her readers. Her choice of words scares readers into believing that the organic diligences goal is to fool their consumers. For example, she says, Organic raw mulch is outlawed by many farm bureaus because it is likely to carry pathogens and infectious potential.In one sentence, Sprague overrides the other sides argument that organic food is safer, and points out that instead of being safe, organic food is more likely to carry infectious bacteria. This scares readers into query whether or not the organic food industry is lying and forces readers to think, have I been a fool for believe the companies advertisements all this time? Spragues writing style of inflicting fear and doubt into the reader makes readers feel that she is a knowledgeable source.This in turn develops her credibility as an author in nutrition. However, before trusting Sprague completely, readers have to realize that her opinions are very one-sided and they should question their trust in all of her information. Both sides have points that make their side very convincing, both sides have research that proves their points, and both sides have important things to say. However, in the end it is still up you, as the reader, to solve what you want in your food.It is up to you to decide if you want junk food, healthy food, and/ or organic food. But, you have to choose wisely because food has the power to decide your future. Food affects everything from your weight, to your health, and many times it crimson has the ability to affect your person as a whole. Today, you might be eating a cheeseburger, but tomorrow you might be in the infirmary emergency room with a heart attack. This is why a few bad food choices can put your education and, maybe one day, even your life in imminent danger.Overall, what goes int o our food is so important that both sides of the argument agree that the government has and needs regulations that force both regular food processors and organic farmers to meet and that the EPA has and needs their standards to rise continuously to improve our food source. Both authors believe what you put into your mouth is an important issue. But, their beliefs are not lavish to change the world. In the end, their belief systems are not the most important thing because you are the one who chooses what you eat. You are the one who has to find the answer.So, please split up me, who are you and which side of the food debate are you on? Bibliography Berger, Adam. Point Organic Foods are a Healthier Alternative. Points of escort Reference Center EBSCOhost. distinguished 2009. (accessed June 14, 2010). Lindner, Larry. Organically Grown Food Is it Really a Better Choice?. Environment Complete EBSCOhost. May 2002. (accessed June 14, 2010). Peterson, Elizabeth. Organic Foods To dem oralise or Not To Buy?. Environment Complete EBSCOhost. October 2004. (accessed June 14, 2010). Sprague, Nancy. Counterpoint Organic Food is Unnecessary & the Current Food Supply is Safe. Points of View Reference Center EBSCOhost. 2009. (accessed June 14, 2010). 1 Adam Berger, Point Organic Foods are a Healthier Alternative, Points of View Organic Food (August 2009) 2. Points of View Reference Center, EBSCOhost (accessed June 14, 2010). 2 Adam Berger, Point Organic Foods are a Healthier Alternative, Points of View Organic Food (August 2009) 3 Ibid. 2. 4 Nancy Sprague, Counterpoint Organic Food is Unnecessary & the Current Food Supply is Safe, (2009) 3, Points of View Reference Center EBSCOhost (accessed June 14, 2010). 5 Ibid.

MS 13

The MS 13 Gang has become superstar of the or so notorious street gags in the unify States. Like most work partys, MS 13 has a add up of distinguishing features which can get word the gang and separate it from the various new(prenominal) gangs that exist in the modern urban landscape.The reasonable age of an MS 13 gang member is 16. This comes as a shocking fact to many people since that would peg the gang as in the main a teenage gang. While the average age of the gang may be 16 there is a great deal of diverse ages throughout that gang as a whole. That is, there are members of the gang who range in age from 13 38. Many of the older members are those who have been gangs for life.The gang is also well known for its propensity to cover themselves in tattoos. However, there are those who are moving away from this because the tattoos have a tendency to identify members of the gang easily. MS 13 also uses a hand sign known as the devils head. This is similar to forming an upsid e down letter M with the fingers. The gangs colourise are blue and white which are in honor of the flag of El Salvador.The hierarchy of the gang is well organized having a number of chapters both over the United States. This shows significant growth from the early days when the gang was initially only based in California. This shows that the stage the gang is in is that of one that operates internationally as it has a presence in the United States and Latin America as well.MS 13 stands for Mara Salvatrucha which essentially means Salvadorean Gang Member. The number 13 is used because it is representative of luck. The gang has become one of the most powerful and well organized of all the gangs in the United States. The roots of the gang in the United States date back to the early 1980s. There was a major civil war occurring in El Salvador and during this clock time period many Salvadoran immigrants fled their native land during the war torn unrest that was occurring in their home country.There are two origins for the gangs early days. one(a) version states that the Salvadoran immigrants mixed with the other Hispanic gangs at first. Later, they would eventually form their own gang one which more clearly displayed their country of origins roots. The other version of the origin of the gang centers on the notion that the Salvadoran immigrants formed their own gang so as to protect themselves from other gangs in their neighborhoods.MS 13 is heavily involved involved in drug trafficking and immigrant smuggling. The gang is also involved in protection rackets, contract killings and other criminal activity. The receipts fueled by these pursuits has allowed MS 13 to grow in numbers and influence. This has occurred despite significant efforts by law enforcement to curtail the gangs activities and growth.The gangs primary geographic strongpoint is southern California where it has always maintained a strong presence. The gang, however, has grown in numbers and infl uence and has spread to many other regions of the United States. It is believed that the total number of MS 13 members is roughly 130,000BibliographyWalker, Robert. (2004) MS 13 GANGS OR US. Retrieved April 12, 2008 fromhttp//www.gangsorus.com/MS13.htm

Mcdonald’s Five Forces

M ATTRACTIVENESS IN THE DEVELOPING WORLD Mergers and learnings form the majority of FDI deals in the genuine world, except stay relatively scarce as a mode of entry in the developing world. The infrequent use of M as a unknown channel investment (FDI) entry modality into developing constituents has motivated this ingest. As a first step in exploring the M paradigm in developing markets this theme pull up stakes classify and rank the M draw of 117 developing economies.Further, the manifestion mingled with FDI drawing card and M photogenicness at a awkward and regional aim willing be embellishd. Mergers and acquisitions, as a mode of FDI be rargon in developing countries. Only 26, 9 percent of the 11059 FDI developing saving deals documented in this cartoon and concluded in the midst of 2004 and 2006 were cross b rig amalgamation and acquisition deals, the remaining 73% of deals were every greenfield. Within the plosive speech sound 2002 to 2004, mergers and ac quisitions make up a mere 19% of the total turn foreign direct investment (FDI) deals concluded in developing economies.In contrast, cross- field mergers and acquisitions held farthest great appeal in the developed world where M out deriveed greenfield FDI deals by making up 51% of the total FDI deals concluded everyplace the similar period 2002 to 2004 (UNCTAD, 2007). The clear preference for greenfield deals in the developing world indicates that there inhabit elements inside stances benignant to M which are distinctive from those locations attracting great greenfield activity.In order to understand these elements, M attractive and unprepossessing locations must first be identified and classified. M and greenfield are two distinct modes of entry with differing motivations and dissimilar server expanse effects. M involves the purchase of a controlling share of cable in an existing military country watertight with insideng capacity (Raff et al, H. , Ryan, M. and St ahler, 2008) whereas 1 greenfield investments see the foreign firm building its own independent business, and sourcing all resources directly from the market (Nocke and Yeaple, 2007).The FDI attractiveness of economies has been well explored in the literature. However, research on the component of FDI in economic development is dominated by a generalised view of FDI where the separation of entry mode strategies was non central. Several authors take commented on the underreporting of M as a process distinct from the FDI umbrella in the literature these resembling authors turn in begun to explore in greater depth the M concept (Kogut & Singh, 1988 Raff et al, Ryan & Stahler, 2005 Nocke & Yeaple, 2007 & Haller, 2008).The M literature is concentrated on the developed economies of the world as the greatest volume of M activity has historically occurred in developed regions. Much of the literature on M describes the increasing number of these deals and its importance in world(a) FDI, often by referring to the global total (Haller, 2008 Bjorvatn, 2004 Horn & Persson, 2001, Shimizu, Hitt, Vaidyanath, Pisano, 2004). none of these studies dupe referred to the relative scarcity in utilisation of M in the developing world relative to the developed regions of the globe.This paper aims to make a component not just to the emerging literature on M but in like manner to its particular developing deliverance paradigm. The methodology of this knowledge allows for the identification and be of FDI attractive economies, M attractive economies and for the distinction to be drawn between M attractive economies at the country take and M attractiveness at a regional aim. At the country level M attractive economies are economies which attracted more(prenominal) M than greenfield deals internally i. e. economies attracting a greater ratio of M activity to greenfield investments.regional M attractive economies were defined as economies which whilst attracting monumental vo lumes of M activity within a region were not attracting a greater number of 2 M deals internally. Greenfield deals continue to dominate these markets. In other words these countries were M attractive by virtue of being FDI attractive. FOREIGN claim INVESTMENT IN DEVELOPED AND DEVELOPING ECONOMIES Understanding the distinction between developed and developing economies and foreign direct investment in these markets is fundamental to this study.Per capita income, an forefinger of the wealth and potential of a market, is an important manifestation of the differences between developing and developed economies. Unfortunately however, developing economies are subject to frequent policy administration switches and offset rate volatility when compared a authorizest the group of developed economies (Aguiar and Gopinath, 2007). Productivity in emerging markets is unstable, here the cycle of political and economic shocks have become trends (Aguiar and Gopinath, 2007).The income inequality , high poerty levels, governance, institutional mise en scenes (North, 1994 Peng and Heath, 1996) and the level of economic and forgiving development of developing economies is offset by the fact that since the early 1990s these countries have also been the smart growing market in the world for point of inter components and services (Khanna and Palepu, 2005). The strategic choices made by internationals winsome in developing markets must necessarily be considered with valuate to the above mentioned host country factors.M either developing economies which are characterised by an accelerated pace of economic development and a liberalisation or rise of their economies by the application of free market principles are termed emerging economies (Hoskisson, Eden, Lau, Wright, 2000). Other rapid growth countries included in this group are the transition economies of easterly Europe which were historically aimned economies but have now adopted free market principles (Hoskisson et a l, 2000). 3 The literature is dominated by developed economy FDI.However, FDI patterns observed in developed countries cannot be generalized to transitional or developing economies (Pan, 2003). Blonigen and Wang (2005) have established that the factors determining the location of FDI vary systematically between developing and developed countries (Blonigen and Wang, 2005). In their paper, Phylatakis and Xia (2006) investigate the dynamics of global, country and industry effects in firm level returns between developed and emerging, markets. Their findings show that curiously for emerging markets, country effects are more important than ndustry effects in explaining return interpretation for firms (Phylatakis and Xia, 2006). Sethi, Guisinger, Phelan and Berg (2003) believe that FDI flow should not all be studied at a firm level but additionally at a country level as country level factors affect the decisions of all firms over time (Sethi et al, 2003). In addition, not all of the hyp othe coatd relationships in the literature on FDI (e. g. exchange rates and source country size) were support in a study on the transitional economy of China (Pan, 2003).This suggests that the developed and developing region FDI paradigms should be studied as distinct entities. localization FACTORS Encouraged by superior technology, faster and cheaper communications and motivated by intensifying competition, businesses are able to scour the globe in search of locations fling advantages which increase the fight of the firm. Location advantages refer to the institutional and productive factors which are expose in the particular geographic area chosen for FDI (Galan and Gonzalez-Benito, 2006).Dunnings OLI surmise explains a firms choice for a particular FDI destination. First the home ground firm must possess an ability which it is able to 4 exploit abroad and which is portable. This is termed the self-possession advantage (the O advantage) of the firm. The L, which is the focus of our research, refers to the location which must have desirable qualities and supply advantages to the firm. Examples of this would include large markets, production factors including cheap or skilled labour or natural resources. A locational advantage would enhance the profits of a firm.The I refers to internalisation, which implies the firm has more to stool from the total control of the asset than by allowing control to rest with export agents or licensees (Dunning, 2001). Tong, Aless(prenominal)andri, Reur and Chintakananda (2008) find that country and industry effects and their interaction substantially stoop firm performance. The authors advocate that industries with growth opportunities learn how to exploit country specific factors by locating operations there. Even though low labour exist are utilize by many developing economies to attract FDI (e. g.China and Vietnam) studies show that it is of far less consequence to FDI attraction than host market size and distance . Total be of production taken together are however largely influential in the direction of FDI flows. High labour be whitethorn be mitigated by the infrastructural spend on health and education which would guide in a healthy, skilled and more efficient workforce which in turn acts to lower costs (Bellak, Leibrecht and Riedl, 2008). In understanding M attraction it is important to first mention the literature on FDI attraction, that is why firms go to foreign locations.According to Fontagne and Mayer (2005), firms will go to foreign locations if there exists sufficient demand in the country or region, total production costs incurred at the location are low, intense competition is not a threat, public policies are plus and institutions create productive and efficient economies in which to operate. Foreign locations whitethorn also be desirable in order to leverage economies of scale, take advantage of arbitrage opportunities involving factor costs, to diversify and reduce risk, exploit distinctive 5 dvantages to gain market and to escape from increasing home market competition (Rugman & Li, 2007 and Rugman and Verbeke, 2001). Therefore we whitethorn expect that economies offering locational factors conducive specifically to M will flourish greater attractiveness look ons. In stir up of the statements above, host country demand amongst other factors is responsible for the decisions of firms to favor foreign locations it leads us to believe that market size or the gross domestic product of a country has an important role to play in M attraction.Therefore it may be expect that the larger a countries GDP the greater the M activity it will attract. First documented by Knickerbocker (1973) is an idiosyncrasy in the movement of firms. Firms follow into locations where other firms from their industry have already inscribeed despite the increase in competitive intensity this generates. Therefore M attractiveness may also be related to the number of firms alrea dy functioning within the host market. This agglomeration tendency may be linked to supply chain and input-output linkages.Further by locating affiliates close to other multinational affiliates they may be able to benefit from absorbing technological spillovers. The effect of this would be the lowering of R costs and raising the firms competitiveness by enabling it to stay abreast of competitor strategy (Fontagne and Mayer, 2005). REGIONAL COUNTRY LEADER EFFECT Part of the focus of this paper is to explore a regional dimension of FDI and M. Much of the literature on regional leadership effects concerns Japanese FDI into the Asia-Pacific region.The flying geese modeling by Ozawa describes the trend where mature products and industries are shifted from one country to another more peripheral lower cost destination within the region 6 (Ozawa, 2003 and Kojima, 2000). As the host country costs rise so it too moves toward higher grade add products and the production of the good moves to the next low cost destination (Edgington and Hayter, 2000 Hart-Landsberg and Burkett, 1998). In this way advantages such as technology, employment, real incomes and innovation may cascade with a region (Clark, 1993).Several studies have shown that when MNCs first plan to internationalise they choose geographically and heathenly proximate regions, this is known as the market familiarity principle. In this way home based skills, advantages, management and resources may be leveraged to play down transaction costs (Gomes and Ramaswamy, 1999). In regionalism and the Regionalisation of transnational Trade, Gaulier, Sebastien and UnalKesenci (2004) explain the idea that regionalisation is a natural pattern and that the volume of inter-neighbour trade between countries is high cod to the economic sense of trading over shorter distances.Various studies find that countries have the bulk of their foreign trade concentrated within a particular ternary region (Gaulier, Sebastien and Unal- Kesenci, 2004 Rugman and Verbeke, 2004). In their study on 64 Japanese multinationals Collinson and Rugman (2008) found that only three operated globally with the remainder concentrating 80 % of their operations ( gross sales & assets) intra-regionally. More importantly, with implications for this study and the attraction of M, was the finding that region-specific regionalisation trends are linked to changes in infrastructure, information or cultural ties.Large regional trade agreements, especially when a custom unification exists, were also shown to have positivist effects on trade volume and created lucrative opportunities for foreign producers. The trade agreements allowed access to a large market from a single country, even if it was a smaller market than its neighbours (Gaulier, Sebastien and Unal-Kesenci, 2004). This paper 7 reinforces the importance of institutions in developing regional trade and mentions specifically that a positive gravity factor of regionalisation could be the swift acceleration of GDP growth of other countries within a region.Policy makers should take note that contractual relationships present significant risks to foreign MNEs in host countries which have linguistic, legal and economic institutions systems vastly different from the home country (Clark, 1993). Promoting and facilitating corporate governance would have a positive impact on inter-company linkages with the go awayant promotion of regional development. The ability to access risk finance and instruments make it critical for a firm to operate in an advantageous national location within a region (Clark, 1993).Pajunen (2008) reinforces the above idea of a MNE firm inquisitive for the al nearly advantageous location within a region. In order to access the rapidly expanding emerging economy market a firm may make a strategic decision to put down due south the States or SouthEast Asia and will then search for the approximately attractive location within that region to trade from (Pajunen, 2008). As we have seen in an earlier paragraph, the growing number of regional trade agreements allows the MNE to transact with minimal trade costs within a region. The regional leader attracts the most FDI in a region. This research asks the question who attracts the most M and why?This question may be answered by the findings of Qian, Li, Li and Qian (2008). Qian, Li, Li and Qian (2008) confirm that firms are regionally focused and also offer an explanation for the regional internationalisation of firms rather than a fully global expansion. They find that firms costs are lower intra-regionally and hence performance is enhanced. They add however that a threshold to performance is reached intra-regionally and that a developed country MNE may maximise performance by entering into a moderate number of developed country regions and a strictly limited number of developing regions as costs here are substantially 8 ifferent. They advocate the careful selection and al location of resources in developing regions as over-diversification here will result in costs outweighing benefits (Qian et al, 2008). This reinforces the idea of a regional FDI leader in the developing country context that is a safer haven for MNE resource allocation. Taking into cover this evidence, it is possible to assume that as regional cooperation is enhanced so inter-regional trade is encouraged which results in greater amounts of FDI and M which will flow into a regional leader country with the safest reputation. MERGERS AND ACQUISITIONSAn imperative of a foreign investment entry strategy is to minimise the cost of entry in order to render the bet on more profitable. Cultural barriers and socio-political differences between the entrant and host raise the cost of transacting and so the entry mode chosen will attempt to reduce this. M AND CAPABILITY SEEKING MULTINATIONALS Firms have capabilities in their own markets which are not necessarily internationally mobile, may not be useful in a foreign market or the firm may require a set of additional competencies to operate successfully in the foreign market (Anand and Delios, 2002).Anand and Delios (2002) offer a description of upstream capabilities which are described as fungible and portable an event of this may be intangible technological know-how. By engaging in a cross- butt M the firm is able to access the local knowledge and downstream capabilities of a local firm and use this to supplement its portable advantages in serving the new host market (Nocke and Yeaple, 2007). Examples of capabilities or advantages which the local firm may possess include brand, marketing and sales force knowledge, inside access to 9 istribution channels, a capability to manoeuvre through local institutional voids and challenges (Khanna and Palepu, 2005), emission rights for environmental pollution, landing slots at airports, scarce land or oil/mineral extraction rights amongst others (Horn and Persson, 2001). Fungible upstream capabilities are a stronger driver for acquisitions than downstream capabilities which are less fungible (Anand and Delios, 2002). Developing countries are less presumable to have superior technological capabilities than the potential developed country acquiring firm.The lower sophistication of the developing market would therefore limit the number of acquisition bespeaks obtainable for a developed country MNE. Acquisition targets for downstream capabilities (marketing, brand etc. ) would hold greater appeal in countries with large target markets. The number of M deals can therefore be expected to relate to market size (GDP) and market sophistication (represented by aspects like the level of human development and infrastructure). The number of M deals will also be related to the number of local acquisition targets available which in turn is dependent on the level of development of the country.ACQUISITION DRIVERS The initial choice to engage in FDI over export is dependen t on how profitable the firm expects the greenfield or M to be. The second strategic choice of greenfield over M is related to the firms ownership of productive assets and varies two across and within industries (Raff, Ryan and Stahler, 2005). A cross border-merger provides access to a foreign market whilst a national merger relieves domestic competitive pressure. When trade costs are low however national mergers do not reduce competitive pressure and firms will seek access to foreign markets through a cross-border merger. frugal integration results in lowered trade costs and therefore increased competition which is probable to increase the profitability of acquisitions (Bjorvatn, 2004). The lowering of trade costs 10 which is dependent on host country regulations will therefore increase the level of cross-border M activity. The literature describes one of the main advantages of cross-border M to be the access which it provides to a foreign market (Horn and Persson, 2001) whilst w ithin border mergers are generally attributed to relieving domestic competitive pressure (Bjorvatn, 2004).Raff et al (2008) explains that firms entering a foreign market will approach local firms with a merger and acquisition or vocalize venture proposal in order to enjoy the synergies of such a relationship. Raff et al (2008) maintain that a merger & acquisition offer will be accepted by the local firm if the profitability and success of a greenfield investment by the multinational is likely and credible. Further, the greater the anticipated profitability of the greenfield investment the lower the merger & acquisition price offered to the local firm.Hence M& A would be favorite(a) over greenfield as the entry costs would be lowered. The choice of greenfield over M will depend on the number of competitors in the market and the market potential as this affects the anticipated profitability of the greenfield venture or the cost of the M (Raff et al, 2007). This leads us to hypothesi ze that countries with greater market potential (GDP, GDP per capita and HDI) and fewer local competitors will result in a lowering of the cost of an M which in turn results in increased volumes of M.CULTURAL CHALLENGES AND THE LIABILITY OF FOREIGNNESS Mergers and acquisitions and partially own ventures offer the opportunity for a foreign MNE to access local assets such as brand, distribution networks and a client-base which is difficult to mobilise from home by functional with local established companies (Petrou 2007). In instances where large cultural distances exist between home and host countries, Brouthers and Brouthers 11 (2000) advocate the use of acquisitions in order to chaffer legitimacy and cceptance on the foreign MNE. However, M involve greater costs when the cultural distance is high and therefore Chang and Rosenzweig, (2001) assert that firms would be more likely to choose greenfield entry to avoid the costs of integrating diverse company cultures. Greenfield invest ments offer total affiliate control and avoid post merger cultural difficulties but take a far longer time period to establish market presence and require substantial experience and know-how of local conditions (Chang and Rosenzweig, 2001). or so recently Slangen and Hennart (2008) have found that MNEs will prefer acquisitions in culturally distant locations if they have little international experience or if they plan to grant the subsidiary autonomy in marketing. If they are internationally experienced or have no market related concerns then a greenfield is preferred in culturally distant locations. The entry choice is also industry-specific depending on the resource requirements of the firm.Manufacturing operations tend to favour greenfield deals whereas in advertising where brand and product are tailored to local tastes acquisitions are preferred as FDI entry strategies (Kogut and Singh, 1988). The above information alludes to the idea that M will tend to occur in the services in dustry as it confers on the MNE an understanding of, acceptance within and access to a foreign market. The information examined above dealt with the cultural challenges of M. The next section will broach the subject of institutional challenges in M deals especially in developing economies.M FAILURE 12 Approximately 70%-80% of all mergers fail (Bretherton, 2003) and KPMG reports only 17 % of cross border M s create value while 53% destroy value (Shimizu, Hitt, Vaidyanath, Pisano, 2004). These statistics may be part of the explanation for the lower volumes of M deals in developing economies where investor firms may be wary of entering into deals already known to have high mishap rates and then compounding this in an environment fraught with challenges i. . developing regions. Therefore many organisations choose to enter into strategic alliances and joint ventures which allow them the benefits of searching for new market opportunities, sharing in innovation and technology, overcoming host regulatory requirements and developing new capabilities. Importantly however these alliances are easier and less costly for companies to enter and exit should the need arise. IMPORTANCE OF LEGAL AND FINANCIAL FRAMEWORKS TO SUPPORT MNESMarket inefficiencies related to the resource visibility and institutional profile of a host economy may be overcome by the entry strategy of the MNE. Chang and Rosenzweig (2001) assert that an acquisition is the quickest way for a firm to build a sizable presence in a foreign market. The challenges of this mode however involve the post acquisition cultural merge, the risk of overpaying and an inability to fully prize the value of the acquired assets (Chang and Rosenzweig, 2001).In a developing market context additional challenges to M include the scarcity or absence seizure of legal, financial and institutional organisations and structures through which the deal could be investigated, formalised and protected and is further complicated by the ex istence of burdensome host country regulations relating to ownership (Khanna and Palepu, 2005). HYPOTHESIS 13 It is expected that M attractive economies in the developing world may be identified as a group distinct from FDI attractive economies depending on the context of the location factors of the host economies.It can therefore be hypothesised that M attractiveness does not equal FDI attractiveness and that varying levels of M attractiveness occur. RESEARCH human body SAMPLE AND DATA SOURCES The World Bank and UNCTAD, through the annual World Investment Report and World Investment directory, publish information on over 210 economies which are divided into developed and developing economies. In this study entropy were assembled for 117 developing and transition economies.Blonigen and Wang (2004) in their examination of the FDI experiences of developed and developing economies conclude that the variation of data across these groups makes it inappropriate to pool data on them in empirical analyses. A further rationalisation for the isolation of developing economies from developed economies in this paper can be found in North (1994), he writes that the experiences of actors in highly developed modern economies may not be compared to that of individuals operating(a) under conditions of uncertainty, political or economic.In order to identify regional FDI leaders, for the purpose of this study, the country data was divided into regional groupings (see table below) according to the join Nations Statistical Office as published in the UNCTAD World Investment Report classification for 2007. Table 1 closely here VARIABLES AND MEASURES The psycho summary aims to separate FDI attractiveness from M attractiveness and to rank the attractiveness of developing countries to mergers and acquisitions.The data for value and volume 14 of M in the sample of developing economies was taken from the latest available M and greenfield data published by UNCTAD (based on data from Thomson Financial) over the period 2004 to 2006. Six changeables were created. The table below describes, explains and shows the grouping of the proteans. Group A in table 2 below represents country M attractiveness. Two cadencys numbers 1 and 2 were used to measure attractiveness at the country level. unmatched is volume based that is the number of deals in one country as a percentage of the countrys total deals, whilst two is value based that is the dollar value of deals which flowed into the single country as a percentage of GDP. Thus the measure for country level M activity has two dimensions in this way the variable carries richer information and is less likely to be skewed by a single, large dollar value deal. As this measure is computed using per country total deals and per country GDP as the denominator, it is an intra-country measure. Group B in table 2 represents regional M attractiveness and contains 3 measures. once again both a volume and a dollar value were used t o measure regional M activity for the same reasons listed above for country attractiveness. If for example a country attracted one very large dollar value deal, but no other deals, it may be read as an M attractive economy when in fact it only attracted a single deal. This regional group of variables is computed using the number of total regional M deals, the number of total regional FDI deals and the dollar value of the total regional FDI inflow as the denominators. Thus it measures the countrys M volume and value respective to the regional total.It is an intra- regional value. Group C in table 4 contains one measure for the FDI attractiveness of a country in a region. This measure includes all deals (greenfield and M) which a country attracts with respect to the total number of deals concluded in its geographic region. 15 Table 2 about here METHOD OF outline The statistical challenge in this study was to find a method which would allow for the separation of FDI attractive economi es from M attractive economies and of M attractive from M unattractive economies. Two statistical methods were utilised to test the variables.A cluster analysis allowed for countries with similarities based on the variables to be clustered together. A principal component analysis was performed in order to create an M attractiveness rank of the sample countries. CLUSTER ANALYSIS INTRODUCTION TO CLUSTER THEORY A cluster analysis is a statistical tool which allows for the discovery of opineingful structures within data without explaining why they exist. This allows data to be sorted into groups or categories where the members of each group have a high degree of association with each other and a minimal association if they belong to another group.Thus this technique places the economies under study into clusters based on well defined similarity rules and finds the most significant groups of objects. (http//www. statsoft. com/textbook/stcluan. html) caboodleing is the term used to desc ribe the presence of separate and distinct groups in the data however if clustering is not recognized by failing to visually inspect the data (scatterplots or another graphing technique), the correlation coefficient may suggest that no relationship exists even though within each cluster a clear relationship may indeed exist (Siegel, 2000).As an initial exploratory step and in order to determine which of the variables listed in Table1 were most successful in dividing the economies a cluster analysis was performed. 16 The data for some variables such as GDP had a very different scale to the some of the smaller scale values e. g. Polcon 3 index. The data was and then standardized to allow each variable an equal opportunity to display significance in the cluster analysis and prevent any one variable dominating (Boudier-Bensebaa, 2008). A cluster analysis was run on the variables listed in table 2 above.A tetrad cluster solution was accepted as all the clustering variables proved to be significant. PRINCIPAL COMPONENTS ANALYSIS A principal components analysis allows for the identification of cardinal factors in the variables which account for the largest difference amongst the data set of 117 countries. Table 3 below shows the variables used in the principal component analysis grouped at the country and regional level. This analysis is undertaken in order to create an attractiveness value per country which allows the developing countries to be ranked based on their M attractiveness score.Understanding Principal role Analysis The principal component analysis (PCA) is a data reduction technique that distils the essence of several variables into a smaller number of components which explain the pas seul in the data. The regional and country variables listed above showed correlations but rather than discard them they are rolled into a two factor composite M attractiveness value one factor for regional attractiveness and one factor for country attractiveness.The pr inciple of parsimony (simplicity and reduction) is followed by creating an attractiveness value out of the variables, in this way more meaningful and richer measure is created and the dimensions of the data set become more manageable (Siegel, 2000 p586 Berenson & Levine, 1986). 17 The Eigen analysis is the name of the mathematical technique used in PCA. Eigen values show the percentage of variance explained by each component, the largest Eigen value is the first principal component, the second largest Eigen value is the second principal component, and so on. (http//www. fon. hum. uva. nl/praat/manual/Principal_component_analysis. tml). The Eigen values for our study were determined these values were then plotted on a scree plot to illustrate the importance of each of the components. A factor analysis was performed on the all the variables in table 3 above. The PC analysis will create factors by reducing the data into its underlying dimensions. These factors allow for an attractivene ss score to be generated for each country. THE VARIABLE DENOMINATORS Table 3 about here The country level variables were expressed as percentages of per country GDP, per country FDI innermost stock and total number of per country FDI deals.Therefore outcome values expressed are all calculated with respect to intra-country measures. The regional level variable denominators included the total FDI flows into a geographic region, the total number of M deals in a region and the total number of FDI deals in a region (e. g. Central America, North Africa etc) and are expressed as percentages. Therefore all values are calculated with respect to regional totals. By separating the variables a richer result is obtained, the analysis is able to pick out regional leaders and interesting countries which may not be FDI attractive but nevertheless are M attractive.If the analysis had not made the distinction between attractiveness at the country level 18 and regional level the interesting case of L ibya where M deals predominate would have been lost as its total FDI is so small. RESULTS THE FOUR CLUSTER SOLUTION, DESCRIPTIONS AND MEMBER COUNTRIES The results of the four cluster solution is summarised as a profile plot with the gist percentages included in table 4 below. The premise that a country level and regional level group exist in the data was confirmed with the cluster analysis.All the countries in cluster 1 showed a high value for the intra-country number (or volume) of M deals respective to the other clusters. dot 1 countries are intra-country performers. They do not perform well at a regional level. Cluster 4 countries are country level performers like cluster 1 but perform better on M dollar sales value than on M volume. For the purpose of this study clusters 1 and 4 are both considered as country level performers, their distinction lies in a difference of measure that is volume of M deals versus value of M deals respectively.Cluster 2 displays a strong performance on the regional level M variables. Cluster 2 also displays the strongest regional FDI attraction. Cluster 2 countries are regional performers. Table 4 about here Table 5 about here realize 1 about here Cluster 3 countries do not perform on any of the variables they may be labelled poor M performers. Table 5 above lists the member countries of each cluster. In light of the descriptions defined above, each of the four clusters has displayed distinctive mean characteristics based on a regional and country distinction and on the strength of the M 19 ttraction. In order to illustrate each clusters level of attractiveness graphically, the clusters have been plotted onto the axes above (Figure 1), the y axis representing country attractiveness and the x axis representing regional attractiveness. PC ANALYSIS AND EIGEN VALUES The PC analysis in table 6 below shows the reduction of the five variables into a two factor solution which explains 80, 3% of the variance of the underlying variable s. The Eigen value is the variance explained by each factor of the underlying variables. Table 6 about here The PC analysis onfirmed the premise held of there being both a regional and a country effect in the data by loading all the regional variables on factor 1 and the country variables on factor 2. Factor 1 is a regional M attractiveness factor and factor 2 is an intra- country M attractiveness factor. The 117 countries on the data table are run against these attractiveness values in order to obtain a regional and a country level attractiveness value for each. This is accomplished by multiplying each countrys variable score by the factors in the table.The regional PC factor value allows for the extension of a regional attractiveness value for each country whilst the intracountry PC value allows for the generation of an intra-country attractiveness value for each country. Two lists are thus created, a list of the 117 developing countries with regional attractiveness values and an other containing the same 117 developing countries with intra-country attractiveness values. PER COUNTRY ATTRACTIVENESS VALUES AND RANKING 20 In order to make sense of the country and regional attractiveness values each list was ranked and ordered so that the countries appear in order of attractiveness.The twitch quartile or quartile 1 (Q1) is the least attractive to M activity, the bottom quartile or quartile 4 (Q4) is the most attractive. Therefore the higher the ranking the more M attractive the country is. The following countries were not ranked as they had no M activity Azerbaijan, Brunei Darussalam, Cameroon, equatorial Guinea, Eritrea, Ethiopia, Guyana, Honduras, Myanmar, Nepal, Paraguay, Qatar, Senegal and Suriname. At the regional level the most M attractive economies were India, RSA and brazil, Russia, Turkey and Mexico, Table 7 below lists and ranks the most regionally M attractive economies.Table 8 ranks the least attractive regional economies with Burkina Faso, Yemen and Albania being the most unattractive M economies regionally. The countries most attractive to M at the country level that is those countries attracting a greater number of intra-country M than greenfield deals are listed in Table 9, the top ranked countries are Mauritius, Burkina Faso, Bulgaria, Panama, and Ghana. The most unattractive country level economies for M activity are listed in Table 10, with the UAE as the most unattractive followed by Tanzania and Saudi Arabia. Table 7 about here Table 8 about here Table 9 about here Table 10 about here Figure 2 about here 21 Figure 2 above is a scatter plot of the country level economies list on the y axis and the regional level economies list on the x axis. The most attractive country level economies (attract more M than greenfield internally) can be seen on the upper left section. The most attractive M economies on the regional list can be seen on the lower right section of the plotted area. These economies attract the most M deals in their geographic regions.The line drawn through the origin recreates the M attractiveness axes shown in Figure 1 which can be superimposed over this plot. DISCUSSION For both sets of analyses the regional FDI leaders correlated. This list included the Cluster 2 countries and top ranked regional M attractive countries (India, RSA and Brazil, Russia, Turkey and Mexico). The large market sizes of these regional leader countries have several implications in terms of M attraction. First, large markets attract market seeking MNEs, the literature shows that these firms are likely to utilise M as a mode of entry (Buch and De Long, 2001).The fact that they are economic hubs and attract greater volumes of FDI than other developing countries also results in an increased presence of foreign affiliates operating in their markets (Qian and Delios 2008 and Kolstad and Villanger, 2008). These affiliates are likely to be followed by service industry firms (following their domestic clients) into these foreign markets (Qian and Delios 2008) thereby creating a virtuous circle for increased FDI and M activity. These countries are FDI poster boys in their respective regions and are M attractive by virtue of being FDI attractive.A distinct group of countries emerged as country level M leaders in the PC analysis and as the members of clusters 1 and 4. These comprise an interesting and eclectic mix of countries which include amongst others Mauritius, Burkina Faso, Bulgaria, Panama, Ghana, Kyrgyzstan, Armenia, Croatia, Ukraine, Colombia, Yemen and Azerbaijan. They are not regional FDI leaders but 22 attracted a greater amount of M activity than greenfield activity. In these countries, M attractiveness is not distorted by the regional leader effect and associated FDI attractiveness hence M host location attractiveness can be studied in a purer form.Differences exist between the regional leader group and the country level leader groups which make these groups unique. The Cluster 4 a nd top ranked country level M attractive economies must possess some interesting locational features considering that these are smaller economies which do not comprise the largest markets in the sample. Given that M are more frequently used as a mode of entry in developed countries, location features may exist in the country level attractive group which mimic certain developed market conditions. M attractiveness at the country level may be a marker for development.The cluster 2 and regional leader groups whilst attracting large volumes of M activity within a region were not attracting a greater number of M deals internally. Greenfield deals continue to dominate these markets. In other words, it is partly trustworthy that these countries were M attractive by virtue of being FDI attractive. Examining however the PC analysis at the country level of M attraction and the cluster 4 countries in the cluster analysis, we are able to identify true M attractive economies i. e. economies attr acting a greater ratio of M activity to greenfield investments.It can now be stated that FDI attractiveness does not automatically mean M attractiveness as the analysis has isolated clear groups of countries which are FDI attractive and which attract more greenfield activity and those which are M attractive. Lipsey comments on the absence in the literature of the effects which FDI may have on a countrys consumers. Mergers and acquisitions may result in the consolidation of industries increasing the monopoly world-beater of firms with resulting higher prices (Haller, 2008 Nocke and 23 Yeaple, 2007).Greenfield operations would have the opposite effect by reducing the power of local producer monopoly positions and increasing local competition. At the same time superior technology and innovation brought in by the acquiring firms may improve local production efficiencies thereby lowering the local cost of goods (Lipsey, 2002). The dissimilar spillover effects of greenfield versus M is a clear motivation for the two modes of entry to be analysed and understood as distinct entities, even though untold of the literature on the developmental role of FDI treats FDI as a single entity (Dunning & Narula, 1996 Dunning 2001 Rugman & Li, 2007).The effects of M investment into developing regions, local linkages and their impact on growth and development in the host may also be areas of great interest especially to policy makers. Future research directions would be to identify incisively what the macro-economic markers of development are which attract M to certain developing economies. 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(2008) Do multinationals really prefer to enter culturally distant countries through greenfields rather than through acquisitions? The role of parent experience and subsidiary autonomy, Journal of International Business Studies, Vol 39, No 3, p 472-490 Tong, T. W. , Alessandri, T. M. , Reur, J. and Chintakananda, A. (2008) How much does country matter?An analysis of firms growth options, Journal of International Business Studies, Vol 39, No 3, p 387-405 UNCTAD (2008) World Investment Report 2008, Transnational Corporations and the Infrastructure Challenge, Chapter 1 Global Trends, p 7-9 27 TABLE 1 REGIONAL DIVISIONS OF 117 ECONOMIES No. 1. 2. 3. 4. 5. 6. Regional Divisions North Africa West Africa Central Africa East Africa Southern Africa South America No. 7. 8. 9. 10. 11. 12. Regional Divisions Central America Middle East (West Asia) South Asia South-East Asia Southeast Europe CIS (Transition economies) 8 TABLE 2 EXPLANATION OF VARIABLES Variables for the Cluster Analysis Value Based or Volume Explanation of Variable Distinction A verdant level attractiveness variables 1 M deals per country as a % of total number of country deals 2 MA sales as % of GDP avg 2004-2006 volume based Examines the volume of pe r country M deals relative to the total number of FDI deals entering that country. The intra- country proportion of M to FDI in terms of volume. Examines the value of per country M deals relative to the GDP of the same country.An intra-country measure of the proportion of M to GDP in terms of value. Examines the volume of per country M deals relative to the M deal volume of countries in the region. An inter-country but intra-regional measure. Examines the volume of per country M deals relative to the volume of total FDI deals (greenfield & M) of countries in the region. An inter-country but intraregional measure. Examines the value in $s of per country M sales relative to the value of all FDI inflows into the region showing the countrys share or proportion of M sales value in the region.Examines which country in a region attracts the most FDI deals in total (greenfield & M) to show regional FDI leader. value based in US $s B Regional level attractiveness variables 1 M deals per co untry as a % of total regional Ms 2004-2006 2 no of per country MA deals as a % of all regional deals 2004-2006 3 M sales per country as a % of total regional FDI inflow ( US$ millions) 20042006 no of deals per country as % of total regional deals 20042006 volume volume value in US $s C Overall FDI attractiveness variable volume 29 TABLE 3 PRINCIPAL COMPONENT VARIABLES take aim attraction Country level of Combined Country Level And Regional Level Variables In Order To form Component attraction Values At The Country Level And At The Regional Level M sales per country as a % of FDI inward stock per country (US $millions) 2004 -2006 MA sales as % of GDP average 2004-2006 M deals per country as a % of total regional Ms 2004-2006 no of per country MA deals as a % of all regional deals 2004-2006 M sales per country as a % of total regional FDI inflow ( US$ millions) 20042006 Regional level 30 Table 1 profiles of cluster means for a 4 cluster solution 31 Table 5 CLUSTER COUNTRY MEMBER S Cluster 1 Belize Brunei Daruss Burkina Faso Congo Guatemala Kyrgyzstan Libya Macedonia, Mozambique Nicaragua Paraguay Qatar Rwanda Swaziland Zimbabwe Cluster 2 Brazil India Indonesia Malaysia Mexico Romania Russian Fed South Africa Thailand Turkey UAE Cluster 4 Armenia Bulgaria Colombia Croatia Ghana Mauritius Panama Ukraine Cluster 3 Albania Algeria Angola Argentina Azerbaijan Bahrain Bangladesh Belarus Bolivia Bosnia & Herz Botswana Cambodia Cameroon Chile Congo, DRC Costa Rica Cote d Ivoire Ecuador Egypt El Salvador Equatorial Guinea Eritrea Cluster 3Ethiopia Gabon Georgia Guinea Guyana Honduras Iran Iraq Jordan Kazakhstan Kenya Kuwait Lao PDR Lebanon Madagascar Mali Mauritania Moldova Morocco Myanmar Namibia Nepal Cluster 3 Nigeria Oman Pakistan Peru Philippines Saudi Arabia Senegal Sierra Leone Sri Lanka Sudan Suriname Syria Tajikistan Tunisia Turkmenistan Uganda Tanzania Uruguay Uzbekistan Venezuela Viet Nam Yemen, Zambia 32 Table 6 Results of PC Analysis Level Of Attraction Country level Regional level Combined Country Level And Regional Level Variables In Order To Create Component Attractiveness Values At The Country Level And At The Regional Level.M sales per country as a % of FDI inward stock per country (US $millions) 2004 -2006 MA sales as % of GDP average 2004-2006 M deals per country as a % of total regional Ms 20042006 no of per country MA deals as a % of all regional deals 20042006 M sales per country as a % of total regional FDI inflow ( US$ millions) 2004-2006 Expl. Var Regional Attractiveness Factor 1 Intra-Country Attractiveness Factor 2 %Variance Explained Components by -0. 015066 0. 857492 0. 085347 0. 847898 0. 936657 0. 036875 0. 962411 0. 013174 0. 864350 2. 558174 0. 051764 1. 458437 80. 3 % 33 Table7 REGIONAL take aim ATTRACTIVENESS- most attractive rankingRegional Level M Attractiveness Quartile 4 -Most Attractive Rank Regional Attractiveness M Attractiveness Value Above average India South Africa Brazil Russian Federation Turkey Mexico Indonesia Malaysia Thailand Romania Argentina UAE Egypt Bulgaria Ukraine Chile Colombia Peru Pakistan Philippines 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 4. 47456 3. 59947 3. 11423 2. 70295 2. 18032 2. 10503 1. 96844 1. 83932 1. 50218 1. 00295 0. 95504 0. 71507 0. 58127 0. 49219 0. 48130 0. 41931 0. 40345 0. 13893 0. 12567 0. 10631 34 Table 8 Regional level attractiveness- least attractive east attractive Regional Level M Attractiveness Quartile 1Least Attractive Rank Regional M Attractiveness Attractiveness Value beneath Average Regional Level M Attractiveness Quartile 1Least Attractive2 Rank Regional M Attractiveness 2 Attractiveness Value Below Average 2 Burkina Faso Yemen Albania Tajikistan Belize Turkmenistan Lao PDR Gabon Sri Lanka Botswana Guinea Kuwait Cote d Ivoire Kyrgyzstan Iran Swaziland Sierra Leone Mali Libyan Arab Jamahiriya Mauritania Armenia Algeria Bolivia Cambodia Moldova, Republic of Belarus Macedonia, TFYR Lebanon Nicaragua Congo, Re public of Angola Congo Democratic 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 -0. 81391 -0. 62301 -0. 59695 -0. 58134 -0. 56980 -0. 56586 -0. 55855 -0. 54206 -0. 53908 -0. 53824 -0. 53655 -0. 53403 -0. 53331 -0. 52797 -0. 52388 -0. 51088 -0. 51028 -0. 50993 -0. 50966 -0. 50856 -0. 50707 -0. 50669 -0. 50637 -0. 50389 -0. 50075 -0. 49762 -0. 49691 -0. 49085 -0. 48372 -0. 48345 -0. 48291 -0. 48068 Costa Rica El Salvador Rwanda Madagascar Syrian Republic Bangladesh Uzbekistan Georgia Iraq Viet Nam Bosnia Herzegovina Tanzania KenyaMozambique Namibia Oman Bahrain Saudi Arabia Zimbabwe Zambia Ecuador Uganda Panama Sudan Venezuela Kazakhstan Mauritius Ghana Tunisia Nigeria Jordan Croatia and Arab 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 -0. 46264 -0. 46137 -0. 46100 -0. 45911 -0. 45391 -0. 45035 -0. 44220 -0. 42553 -0. 42284 -0. 41269 -0. 41006 -0. 40278 -0. 37712 -0. 37626 -0. 36841 -0. 35828 -0 . 35541 -0. 35395 -0. 35140 -0. 34751 -0. 31359 -0. 31281 -0. 31113 -0. 30115 -0. 25848 -0. 22807 -0. 21374 -0. 21133 -0. 17359 -0. 13017 -0. 12656 -0. 09001 35 Uruguay Guatemala 33 34 -0. 46757 -0. 6471 Morocco 67 -0. 07754 Table 9 Country level M attractiveness- most attractive countries Country Level M Attractiveness Quartile 4 Most Attractive Rank Attractiveness Value Above Average Mauritius Burkina Faso Bulgaria Panama Ghana Kyrgyzstan Armenia Croatia Ukraine Colombia Yemen Romania Turkey Sudan Tunisia Uzbekistan Mauritania Peru Ecuador Indonesia Lao PDR South Africa Macedonia Pakistan Belize Kuwait 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 5. 44211 4. 67217 2. 45823 2. 04796 1. 89195 1. 06603 0. 90303 0. 87151 0. 82457 0. 81623 0. 78430 0. 77845 0. 71227 0. 65421 0. 2570 0. 36499 0. 32190 0. 26612 0. 24742 0. 23859 0. 20139 0. 10116 0. 04362 0. 04359 0. 03089 0. 01879 36 Table 10 Country level attractiveness- least attractive Country level M attractive Q1- least attractive UA E Tanzania Saudi Arabia Angola Libya Belarus Sri Lanka Algeria Guinea Iraq Iran Sierra Leone Mali Zimbabwe Cote d Ivoire Viet Nam Mozambique Bahrain Madagascar Oman Tajikistan Cambodia Congo Turkmenistan Mexico Zambia Lebanon Venezuela Congo Swaziland Rank Attractiveness value below average -0. 69652 -0. 68043 -0. 68009 -0. 67564 -0. 67419 -0. 66567 -0. 66410 -0. 66351 -0. 66076 -0. 66060 -0. 64409 -0. 3906 -0. 62707 -0. 62270 -0. 62038 -0. 61471 -0. 61461 -0. 59631 -0. 58028 -0. 57740 -0. 57596 -0. 56811 -0. 56112 -0. 55555 -0. 55058 -0. 54445 -0. 53035 -0. 51967 -0. 50304 -0. 48027 Country level M attractive Q1- least attractive2 Rwanda Russian Fed Guatemala Philippines Gabon Brazil Bangladesh Uruguay Costa Rica Botswana India Moldova Bolivia Egypt Nigeria Argentina Thailand Namibia Albania Bosnia & Herzeg Malaysia Kazakhstan Kenya Georgia Morocco Chile Uganda Nicaragua Jordan Syria El Salvador Rank2 Attractiveness value below average2 -0. 46953 -0. 46579 -0. 46387 -0. 45862 -0. 43042 -0. 40607 -0. 39852 -0. 8454 -0. 38399 -0. 33595 -0. 31087 -0. 30362 -0. 28460 -0. 28442 -0. 28428 -0. 25341 -0. 23769 -0. 22207 -0. 22091 -0. 22082 -0. 21129 -0. 18592 -0. 18396 -0. 16633 -0. 14784 -0. 09800 -0. 06308 -0. 03914 -0. 03806 -0. 01932 -0. 00700 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 37 Figure 1 M attractiveness axes -regional/country 38 Figure 2 REGIONAL LEVEL ATTRACTIVENESS COUNTRIES PLOTTED ON Y AXIS COUNTRY LEVEL M ATTRACTIVE COUNTRIES PLOTTED ON X AXIS. 39 APPENDIX 1-EXCLUDED DATAIn addition to the developed economy data, the following economies were also excluded from the study Caribbean and Oceania economies (many of these island economies were very small, a common and had missing data) China (over 48 % of the total number of deals for South and SouthEast Asian region were concluded in Chin a in order to avoid skewing the findings for the rest of the region, Chinese data was excluded) Hong Kong, Singapore, Taiwan and Korea (these economies exhibit higher levels of development and sophistication than the rest of the sample and exhibit FDI levels higher than the typical developing countries of the sample group of this study) St Helena, Guinea Bissau, Mayotte, Reunion, Falkland Islands, French Guiana, Palestinian Territory, Afghanistan, Bhutan, Maldives and Timor Leste (these