Contrast Of Dividend Policies Of Indian Companies - Free Essay Example

Sample details Pages: 13 Words: 3996 Downloads: 4 Date added: 2017/06/26 Category Statistics Essay Did you like this example? The Sub-continent has become the prime target for foreign direct investment. India ranks 6th among the top 10 countries for Foreign direct investment. Although not in the front line, it has become an attractive destination for foreign investment. Don’t waste time! Our writers will create an original "Contrast Of Dividend Policies Of Indian Companies" essay for you Create order Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic policies are tailored to attract substantial capital inflows and to sustain such inflows of capital. Policy initiatives taken over a period of years have resulted in significant capital inflows of foreign investment in all areas of economy including the public sector. This paper analysis the structure of economic reforms during the pre- independence and post independence era in the context of growth of foreign direct investment and the risks posed by the political, economic and social conditions for foreign investors. Essentially, this research seeks to analyze and understand the economics and politics of Indiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s progressive integration with the global economy. Prior to understanding the economic progress of India, it is vital to first identify the current economic status of India so that it is easy to retrace the process leading to the current status. India presently enjoys the status of an attractive emerging market. However, this status has been the result of numerous economic reforms adopted over the years. India intent to open its markets to foreign investment can be traced back to the economic reforms adopted during two prime periods- pre- independence and post independence. Pre- independence, industrialised economies of India was the supplier of foodstuff and raw materials to the of the world and was the exporter of finished products- the economy lacked the skill and means to convert raw materials to finished products.Post independence with the advent of economic planning and reforms in 1951, the traditional role played changes and there was remarkable economic growth and development. International trade grew with the establishment of the WTO. India is now a part of the global economy. Outside world is now linked with india either through direct involvement in international trade or through direct linkages with export and economic transaction. Consequently economic reforms were introduced initially on a moderate scale and controls on industries were substantially reduced by 1985 industrial policy. This set the trend for more innovative economic reforms and they got a boost with the announcement of the landmark economic reforms in 1991. After nearly five decades of insulation from world markets, state controls and slow growth, India in 1991 embarked on an accelerated process of liberalization. The 1991 reforms ensured that the way for India to progress will be through globalization, privatisation, and liberalisation. In this new regime, the government is now assuming the role of facilitator and catalyst agent instead of the regulator and controller of economic activities. India has a number of advantages which make it an attractive market for foreign capital namely, political stability in democratic polity, steady and sustained economic growth and development, significantly huge domestic market, access to skilled and technical manpower at competitive rates, fairly well developed infrastructure. FDI has attained the status of being of global importance because of its beneficial use as an instrument for global economic integration. 1.2 STOCK MARKET WORKING OF STOCK MARKET REGULATION OF FRAMEWORK WHY DO PEOPLE INVEST MONEY IN SHARES? WHY VOLATILITY IN STOCK MARKET OCCUR? HOW MONEY IS MADE IN STOCK MARKET? ECONOMIC ROLE OF STOCK MARKET Now the market is further divided into PRIMARY MARKET and SECONDARY MARKET. PRIMARY MARKET Deals with the new issues of securities. SECONDARY MARKET Deals with outstanding securities. Also known as à ¢Ã¢â€š ¬Ã…“STOCK MARKETà ¢Ã¢â€š ¬?. 1.3 TRANSLUCENSE OF EQUITY MARKET: MARKET SECURITY BOND/DEBENTHERS STOCK TREND 1) COMMON STOCKS 2) PREFERRED STOCKS SHARE MUTUAL FUNDS. PAR VALUE vs. MARKET VALUE BULLISH vs. BEARISH FUNCTIONS OF STOCK MARKET? Stock exchanges Brokers Registrars Depositories and their participants Securities and Exchange Board of India (SEBI) MARKET INDICES: Stock market indices are the indicators of the stock market. Some of the market indices types are BSE SENSEX, NSE-50 etc. Their usefulness: Board trends of the market can be recognize by indices. The funds are rationally allocated by the investors among stock by using indices. Future market can be predict by analyst using indices. The general economy report can be made on the basis of indices. RISING IN STOCK PRICES? Possible reasons for the increment and decrement of rising prices: Company News. Country News. Foreign Exchange rate . Depends upon the market forces i.e demand and supply of stock. 1.4 Research Aims The primary aim of this research is to develop an elaborate discussion on how Stock market works and to give the main concepts of Stock market and give the technical analysis of Indian stock market and shares. 1.5 Research Objectives The following will be the objectives of the study: 1) To describe the Trends of Stock market of India, 2) To identify the Stock behaviour at various time slots, 3) To examine and analyse strategies adopted to make money in Stock market, 4) To identify the role of market activities on economy, 1.6 Research Questions The following are the research questions of the study: 1). How many Exchanges are there in India? 2). what is an Index How does one execute an order? 3).Why Stock market is so volatile? 4). Computation of Stock Index? 5). Shareholder Protection and Stock Market Development? 1.7 A selective review of the literature There has been considerable research that seeks to identify the determinants of corporate Dividend policy. One branch of this literature has focused on an agency-related rationale for paying dividends. It is based on the idea that monitoring of the firm and its management is helpful in reducing agency conflicts and in convincing the market that the managers are not in a position to abuse their position. Some shareholders may be monitoring manage rs, but the problem of collective action results in too little monitoring taking place. Thus Easterbrook (1984) suggests that one way of solving this problem is by increasing the payout ratio. When the firm increases its dividend payment, assuming it wishes to proceed with planned investment, it is forced to go to the capital market to raise additional finance. This induces monitoring by potential investors of the firm and its management, thus reducing agency problems. Rozeff (1982) develops a model that underpins this theory, called the cost minimisation model. The model combines the transaction costs that may be controlled by limiting the payout ratio, with the agency costs that may be controlled by raising the payout ratio. The central idea on which the model rests is that the optimal payout ratio is at the level where the sum of these two types of costs is minimized. Thus Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model is a regression of the firm target payout ratio on five variables that proxy for agency and transaction costs. Transaction costs in the model are represented by three variables that proxy for the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s historic and predicted growth rates and risk. High growth and high risk imply greater dependency on external finance due to investment needs, and in order to honor financial obligations, respectively. This, in turn, means, that the firm raises external finance more frequently, hence bears higher transaction costs that are associated with raising external finance. The model captures agency costs with two proxies. First, the fraction of the firm owned by insiders is a proxy for insider ownership and is expected to be negatively related to the target payout ratio. As insiders hold more of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity, the need to monitor their actions is reduced because the incentive for managers to misuse corpor ate resources falls. Second, the natural logarithm of the number of outside shareholders is a proxy for ownership dispersion. It is expected to be positively related to the target payout ratio because the greater the dispersion, the more severe is the collective action problem of monitoring. Indeed results from an Ordinary Least Squares (OLSQ) cross sectional regression using 1981 data on 1000 US firms, support the theory put forward. Thus the model provides good fit and consequently has attracted the attention of subsequent studies. Llyod, Jahera and Page (1985) is one of the first studies to modify Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model by adding a size variable. An OLSQ cross sectional regression is applied to 1984 data on 957 US firms, and the results provide support for the cost minimisation model and show that firm size is an important explanatory variable. Likewise Schooley and Barney (1994) add a squared measure for insider ownership, arguing that the relationship between dividend and insider ownership may be non-monotonic. Indeed the results from an OLSQ cross sectional regression, using 1980 data on 235 industrial US firms, provide further support for Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s model in general and for the hypothesis put forward in particular. More support and further contribution to the agency theory of dividend debate, is provided by Mohà ¢Ã¢â€š ¬Ã¢â€ž ¢d, Perry and Rimbey (1995). These authors introduce a number of modifications to the cost minimisation model including industry dummies, institutional holdings and a lagged dependent variable to the RHS of the equation to address possible dynamics. The results of a Weighted Least Squares regression, employing panel data on 341 US firms over 18 years from 1972 to 1989 support the view that the dividend process is of a dynamic nature. The estimated coefficient on the institutional ownership variable is positive and significant, which is in line with tax explanations but contradicts the idea about the monitoring function of institutions. Holder, Langrehr and Hexter (1998) extend the cost minimisation model further by considering conflicts between the firm and its non-equity stakeholders and by introducing free cash flow as an additional agency variable. The study utilises panel data on 477 US firms each with 8 years of observations, from 1983 to 1990. The results show a positive relation between the dependent variable and the free cash flow variable, which is consistent with Jensen (1986). Likewise the estimated coefficient on the stakeholder theory variable is shown to be significant and negative as predicted. The estimated coefficients on all the other explanatory variables are also shown to be statistically significant and to bear the hypothesized signs. Hansen, Kumar and Shome (1994) also take a broader view of what constitutes agency costs, and applies a variant of the cost minimisation model to the regulated electric utility industry. The prediction is that the agency rationale for dividend should be particularly applicable in the case of regulated firms because agency costs in these firms extend to conflicts of interests between shareholders and regulators. Results of cross sectional OLSQ regression for a sample of 81 US utilities and for the period ending 1985 support the cost minimisation model and the contribution of regulation to agency conflicts in the firm. Another innovative approach to Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s cost minimisation model is offered in Rao and White (1994) who apply it to 66 private US firms. Using a limited dependent variable, Maximum Likelihood (ML) technique, the study shows that an agency rationale for dividends applies even to private firms that do not participate in the capital market. The authors note that perhaps by paying dividends, private firms can still induce monitoring by bankers, Accountants and tax authorities. To summarize, the agency theory of dividend in general, and the cost minimization model in particular, appear to offer a good description of how dividend policies are determined. The variables in the original cost minimisation model remain significant with consistently signed estimated coefficients, across the other six models reviewed above. Specifically, the constant is, without exception, positively related to the dividend policy decision, while the agency costs variable, the fraction of insider ownership, is consistently negatively related to the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividend policy. The latter is with exception of the study by Schooley and Barney (1994) where the relationship is found to be of a parabolic nature. Similarly, the agency cost variable, ownership dispersion, is consistently positively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy, while the transaction cost variable, risk, is consistently negatively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy regardless of the precise proxy used. The other transaction cost proxies, the growth variables, are also mainly significant and negatively related to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy, although past growth appears to be a less stable measure than future growth. However, in spite of the apparent goodness of fit of the cost minimisation model to US data, its applicability to the Indian case may be challenged. Indeed, Samuel (1996) hypothesises that agency problems are less severe in India compared with the US. In contrast, it may be argued that some aspects of the Indian economy imply a particular suitability of the agency theory, and of the cost minimisation model, to this economy. Notably, as explained in Haque (1999), many developing countries, including India,established state-centred regimes following their independence. These regimes drew their ideology from socialist and Soviet ideas and were accompanied by highly centralized economic policies, which may increase agency costs in at least three ways as follows. First, such policies may increase managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ agency behavior per se. Indeed Joshi and Little (1997) note that when domestic firms enjoy subsidies or a policy of protectionism, the pressure on managers to become more efficient is relaxed. Second, high state intervention means an extension of agency problems to shareholder-administrator conflicts. Indeed, Hansen, Kumar and Shome (1994) show that the degree of industry regulation enters the dividend policy decision. Third, to the extent that management of the economy is based on social philosophies of protecting the weaker sectors such as employees or poorer customers, this may influence managers to consider the interests of non-equity stakeholders. This all method of stock can also been seen that the ups and down in the stock market is only the gamme of risk but if we discussed and see the main game is played by a mathematician who play the whole game behind the market and people are unaware of these things they are only focusing on there on shares and now be more effective due to the ups and downs in the rate of the stock market. This implies that stakeholder theory should be particularly relevant to the Indian case, and, as shown by Holder, Langrehr and Hexter (1998) this may lead to a downward pressure on dividend levels. However, the relevance of stakeholder theory to the Indian case also implies enlargement of agency problems to conflicts of interests among capital holders and other shareholders, increasing the need for shareholders to monitor management behaviour. It is thus the case that on the one hand stands the prediction by Samuel (1996) that agency costs should be lower in the Indian business environment. This implies that the agency rationale for dividends should be less applicable in the case of India. To contrast this, the agency rationale for dividends is predicted to become particularly applicable to India, due to the extension of agency conflicts on at least three accounts as explained above. An empirical procedure is the natural way to settle these differences and it is to this task that we now turn. 1.8 Overview of the Dissertation Chapter 1 is a general summary and a brief introduction of the study. It mapped out the research aims, research objectives and research questions. It also suggests topics for complementing research, and an overview of the dissertation. Chapter 2 will be the review of the related literature that will put the study in context with the research aims. It will proceed with addressing the research objectives, thereby meeting the research aims. Chapter 3 will present a detailed picture of the methodology. Chapter 4 will expound on the discussions of the study and the final chapter shall present the conclusions and recommendations of the study. 1.9 Conclusion The study develops an elaborate discussion on how to effectively be in the Stock market and a brief discussion on Stock market of India such that results favourable to it will commence using empirical data from secondary documents. Chapter 2 Dividend behaviour of Indian firms after share split 2.1 DIVIDEND BEHAVIOR As we have to discussed in this section about the dividend behaviour so it can be discussed,dividend policy remains a source of prolonged public disagreement despite years of theoretical and practical research, one aspect of dividend policy is the link between dividend policy and stock price risk . Risk can be reduced by paying large dividends (Golin 1986) and is a proxy for the later on earnings (Basken, 1990). Many theoretical mechanisms have been given advice that cause dividend policy and payout rolls to vary directly with common stock volatility. These are the effect of duration, effect of rate of return , pricing effect and information effect. Duration effect complies that high dividend rolls give more near the amount of money being transferred. If dividend policy is stably high dividend stocks will have a shorter time. Gordon john Model can be used to suggest so that high-dividend will be less intensive to Rise and fall irregularly in number or amount in discount rates and thu s ought to show higher price volatility. Now we can also take a look on some agency type reports being played in stock market agency cost argument, as developed by Johnson and Micken (1970), that is payment of dividends people motivates managers to remove sediment cash which is invested below at the cost of capital or waste on it on organizational capabilities (Roeff, 1991 and Eastrbrook 1990). Many authors have pressure the importance of facts content of dividend (Daniel and Thomson, 1989; Bern, Mosey 1989). Diller and Rack (1986) suggested that dividend announces provide the missing cuts of Facts and figures about the firm and allows the market to tell about the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s current savings. The main thing in the dividend policies is that if one company suggests the rate of its share too low all the investors which want to purchase the shares are the same as the stake holders are willing to do so and that back in the loop. Investors may have greater trust on that reported earnings reflect economic profits and loss statements when announcements are as a companion or escort by sample dividends. If investors are more certain in their suggestion, they may ere act less to questionable sources of facts and figures and their main theme value may be insulated from irrational development, or behavior. The best discussion be made on this topic can be emphasized as rate and effect of market rate of return effect, as discussed by Godin (1967), is that a firm with low payroll and high dividend interest may tend to be valued more in terms of future investment chances (Daisy, 1965). As a result, its stock price may be more intensive to changing rates of return over rare time intervals. Volatility Index is a major tool of measuring marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectation of volatility over the next term. Volatility is often described as the à ¢Ã¢â€š ¬Ã…“rate and magnitude of changes in pricesà ¢Ã¢â€š ¬? and in stock often suggest to as risk. Volatility Index is a measure, of the amount by which an Index is expected to change over the time, in the next term, (calculated as analyzed volatility, denoted in percentage e.g. 40%) based on the order book of the index options. Fama (1992) and Fames and French (1995).People were speechless, many broke. 2.2 THEORETICAL FRAMEWORK AND MODEL SPECIFICATION 2.2(a) Control variables: Share price ups and downs should be relevant to the basic risks ensured in the product markets. There is a impact of stock marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s risk on the firms dividend policy. Volatility Index is a good indicator of the investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ behavior on how markets are expected to be changed in the next term. Usually, during periods of market volatility, market moves steeply up or down And the volatility index tends to rise. As volatility subsides, option prices tend to Decline, which in turn causes volatility index to decline. The information of the less listed firms the market in the stocks of small listed firms, more illiquid, and as a complicated subject to greater price in the ups an down of the stock market. Baskin (1985) suggests that firms with a more deplored body of stakeholders may be more disposed off towards using dividend policy as a device for signaling. Function of size and thus a size control was required in the form of latter. A value of 2 indicates there appears to be no distortion. Small values of d indicate relevant and supporting error terms are, on average, close in value to one another, or positively corrected .It is also possible that main and important differences in market hall hull, cost effectiveness, restrictions in varying infrastructure etc. This all lead to differences in dividend policy. These also have impact on ups and downs of the share prices in the stock. 2.2(b) Variable definition Price volatility (PV) The policy of central planning adopted by the government sought to ensure that the government laid down marked goals to be achieved by the economy thereby establishing a regime of checks and balances. The government also encouraged self sufficiency with the intent to encourage the domestic industries and enterprises, thereby reducing the dependence on foreign trade. Although, initially these policies were extremely successful as the economy did have a steady economic growth and development, they werenà ¢Ã¢â€š ¬Ã¢â€ž ¢t sustained. Square root transformation can be used to show the average measures of variance for all available years and can be transformed to a standard deviation. Parkison (1982) describes the method of closing and opening prices how this method is very easy to the traditional method of summation. 2.2(c) Dividend yield Policy (DYP) The variable has been calculated by the summation of all the annual cash which have to paid to common stake holders and then dividing this sum by the average stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s value of the stock in the year. The government approached the World Bank and the IMF for funding. In keeping with their policies there was expectation of devaluation of the rupee. This lead to a lack of confidence in the investors and foreign exchange reserves declined. 2.2(d) Earning volatility Of Stock (EV) In order to develop our sense about this variable, the first step is to get an approximate average of available years of the ratio of last year going earnings (before taxes and interest) to intellectual assets. In order to compare the shocks to US markets over countries and the sample period, it is Necessary to impart shocks of the à ¢Ã¢â€š ¬Ã…“same magnitudeà ¢Ã¢â€š ¬?. Since financial markets are volatile, it Would be misleading to compare shocks of the same nominal magnitude across different Periods of time. Thus, the responses of the Asian markets have been tracked to a one standard Deviation shock in the US variable. 2.2(e) Payout Ratio (POR) When total dividend exceeds total cumulative profit than payout ratio is set to one. From begin the total cumulative self owned company earnings were calculated for all years. The ratio of total dividends to total earnings is payout. The use of this procedure controls the problem of extreme values in individual years attributed to low or possibly negatively effect on the net income. 2.2(f) Size (SZ) The variable was so made by taking the average market value of common stocks. The variable size was also think in a form that gives impact in the order of magnitude in real terms. 2.2(g) Long-term Debt (DA) Sum of all the long-term debt (debt with maturity more than a year) to total assets is taken as a ratio. An average is taken over all available years. 2.2(h) Growth in Assets (ASG) The ratio of the change in total assets in a year was taken by the early growth. Then the ratio was averaged over the years. 2.3 Conclusion In this chapter Present day India enjoys the status of an emerging market. Skilled and managerial labor and technical man-power are such as that they match the best available in the world. Urban middle-high class people has been targeted from the chasing of the market these people did not know about the superior brands and ups and down of the market the status of people very much matter in the stock market. A combination of these factors contributes to India having a distinct and a cutting edge in the globe. India has been termed as the à ¢Ã¢â€š ¬Ã‹Å"stealthà ¢Ã¢â€š ¬Ã¢â€ž ¢ miracle economy of the new millennium. We observe a common pattern of triggered by changes in the market and technological environment. Changes adopts in the form of innovation, avoidance and of regulation.

Edgar Allan Poe s Annabel Lee - 913 Words

Another one of Edgar Allen Poe famous poems was â€Å"Annabel Lee†. â€Å"Annabel Lee† was written in 1849 shortly after the death of Poe’s wife. Annabel Lee tells a story about a narrator s painful memory and also explains his love and devotion to his long lost love, Annabel (Empric 1). The narrator discusses how the two grew up together and the love they had for each other was real and exclusive. The narrator goes on to share his belief that the â€Å"angels above were the cause of Annabel s death, killing her out of jealousy† (1). The narrator also states that his love for Annabel will never die, and as time goes by it will only grow stronger. Through the use of imagery, symbols and theme, every day the narrator is reminiscing the presence of Annabel to the point that he lies at her grave every night, hoping Annabel is there. In this poem Edgar Allan Poe uses visual and tactile imagery to describe the narrator’s everlasting love for Annabel Lee. The use of imagery not only portrays the strength towards the narrator’s love, but also let the reader to experience the love and the pain of Annabel Lee death (Empric 1). For example, the opening stanza â€Å"in a kingdom by the sea† (Poe â€Å"Annabel Lee† 2) the visual imagery presents a castle that sits on a edge by the sea, which displays a feeling of beauty and royal romance which aids to the feeling of the everlasting love present throughout the poem. Also presenting an image of as a fairy tale or fantasy when the narrators states that â€Å"I wasShow MoreRelatedEdgar Allan Poe s Annabel Lee908 Words   |  4 Pagessignify his love. In Edgar Allan Poe’s â€Å"Annabel Lee†, the themes of love and abandonment are explored through literary elements of symbolism, imagery and repetition in order to create a mystical fa iry tale for a long lost lover. Poe sets the background stating both lovers are children-like and their love is untainted innocent affection. 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The inspiration of Annabel Lee by Edgar Allan Poe was inspired by the women that had passed away in his life, but since Poe had writtenRead MoreWhy Should We Care?1748 Words   |  7 PagesWhy Should We Care?: Edgar Allan Poe â€Å"Few creatures of the night have captured [reader’s] imagination[s] like [Edgar Allan Poe]† (â€Å"Vampires†). Poe has fascinated the literary world since he first became known for writing in 1829, when he was just twenty years old (Chronology†). While he is widely known for exploring the macabre, his work is controversial because of its psychologically disturbing nature. Edgar Allan Poe is worth examining as an author because his many contributions to the literaryRead MoreEdgar Allan Poe s `` The Famous American Poet ``1086 Words   |  5 Pages Edgar Allan Poe, the famous American poet, short-story writer, and critic is best known for his bizarre but transformative horror stories, and for creating genres including detective fiction. The life of Edgar Allan Poe was filled with tragedies and was very depressing; because of this, he was inspired to write such dark stories. He wrote time and time again about his love and his loss. His work collectively illustrates the story of his life. Although he did create original storylines in his workRead MoreAnalysis Of Edgar Allan Poe s The Cask Of Amontillado Essay1267 Words   |  6 Pagessignificance of Edgar Allan Poe s style of writing, which commands the use of both death and love most frequently throughout his works, are what really made his literary works become so well known. The nature of death and on questions about the afterlife is usually Poe’s main focus in most of his literary works. A woman who has died at the height of her youth and beauty, leaving a lover b ehind to mourn. Death and Love, these two main themes are discussed throughout Edgar Allan Poe s literary work

Fluke, or, I Know Why the Winged Whale Sings Chapter 14 Free Essays

string(24) " of the crowd and away\." CHAPTER FOURTEEN Down to the Harbor Down to the harbor they went – past the condos, the cane fields, the golf course, the Burger King, the Buddhist cemetery with its great green Buddha blissed out by the sea, past the steak houses, the tourist traps, the old guy riding down Front Street on a girl’s bike with a macaw perched on his head – down to the harbor they went. They waved to the researchers at the fuel dock, nodded to the haglets at the charter booths, shakaed the divemasters and the captains, and schlepped science stuff down the dock to start their day. Tako Man stood in the back of his boat eating a breakfast of rice and octopus as the Maui Whale crew – Clay, Quinn, Kona, and Amy – passed by. We will write a custom essay sample on Fluke, or, I Know Why the Winged Whale Sings Chapter 14 or any similar topic only for you Order Now He was a strong, compact Malaysian with long hair and a stringy soul-patch beard that, along with the bone fishhooks he wore in his ears, gave him the distinct aspect of a pirate. He was one of the black-coral divers who lived in the harbor, and this morning, as always, he wore his wet suit. â€Å"Hey, Tako,† Clay said. The diver glanced up from his bowl. His eyes looked as if someone had poured shots of blood into them. Kona noticed that the small octopus in the diver’s bowl was still moving, and he scampered down the dock feeling a case of the creeps fluttering to life in his spinal cord. â€Å"Nightwalkers, gray ones, on your boat last night. I seen them,† said Tako Man. â€Å"Not the first time.† â€Å"Good to know,† said Clay, patronizing the diver and moving down the dock. You had to keep peace with anyone who lived in the harbor, especially the black-coral divers, who lived far over the edge of what most people would consider normal life. They shot heroin, drank heavily, spent all day doing bounce dives to two hundred feet looking for the gemstone-valuable black coral, then spent their money on weeklong parties that had, more than once, ended with one of them dead on the dock. They lived on their boats and ate rice and whatever they could pull out of the sea. Tako Man had gotten his name because on any given afternoon, after the divers came in for the day, you’d see the grizzled Malaysian carrying a net bag full of tako (octopus) that he had speared on the reef for their supper. â€Å"Hi,† Amy said sheepishly to Tako Man as they passed. He glared at her through his bloody haze, and his head bobbed as he almost nodded out into his breakfast. Amy quickened her pace and ran a Pelican case she was carrying into the back of Quinn’s thigh. â€Å"Jeez, Amy,† Quinn said, having almost lost his footing. â€Å"Do those guys dive in that condition?† Amy whispered, still sticking to Quinn like a shadow. â€Å"Worse than that. Would you back up a little?† â€Å"He’s scary. You’re supposed to protect me, ya mook. How do they keep from getting into trouble?† â€Å"They lose one or two a year. Ironically, it’s usually an overdose that gets them.† â€Å"Tough job.† â€Å"They’re tough guys.† Tako Man shouted, â€Å"Fuck you, whale people! You’ll see. Fucking nightwalker fuckers. Fucking fuck you, haole motherfuckers!† He tossed the remains of his breakfast at them. It landed overboard, and tiny fish broke the water fighting for the scraps. â€Å"Rum,† said Kona. â€Å"Too much hostility in dat buzz. Rum come from da cane, and cane come from slavin’ the people, and dat oppression all distilled in de bottle and come out a man mean as cat shit on a day.† â€Å"Yeah,† said Clay to Quinn. â€Å"Didn’t you know that about rum?† â€Å"Where’s your boat?† asked Quinn. â€Å"My boat?† â€Å"Your boat, Clay,† said Amy. â€Å"No,† said Clay. He stopped and dropped two cases of camera equipment on the dock. The Always Confused, the spiny and powerful twenty-two-foot Grady White center-console fisherman, Clay’s pride and joy, was gone. A life jacket, a water bottle, and various other familiar flotsam bobbed gently in a rainbow slick of gasoline where the boat had once been. Everyone thought someone else should say something, but for a full minute no one did. They just stood there, staring at what should have been Clay’s boat but instead was a big, boatless gob of tropical air. â€Å"Poop,† Amy finally said, saying it for all of them. â€Å"We should check with the harbormaster,† said Nate. â€Å"My boat,† said Clay, who stood over the empty slip as if it were his recently run-over boyhood dog. He would have nuzzled it and stroked its little dead doggy ears if he could have, but instead he fished the oily life jacket out of the water and sat on the dock rocking it. â€Å"He really liked that boat,† Amy said. â€Å"Can I get a duh for the sistah?† exclaimed the dreaded blond kid. â€Å"I paid the insurance,† Nate said as he moved away, headed for the harbormaster. Tako Man had come down the dock from his own boat to stare at the empty water. Somber now. Amy backed up into Kona for protection, but Kona had backed up into the next person behind him, which turned out to be Captain Tarwater, resplendent in his navy whites and newly Kona-scuffed shoes. â€Å"Irie, ice cream man.† â€Å"You’re on my shoes.† â€Å"What happened?† asked Cliff Hyland, coming down the dock behind the captain. â€Å"Clay’s boat’s gone,† said Amy. Cliff moved up and put his hand on Clay’s shoulder. â€Å"Maybe someone just borrowed it.† Clay nodded, acknowledging that Cliff was trying to comfort him, but comfort fell like sandwiches on the recently bombed. By the time Quinn returned from the harbormaster’s office with a Maui cop in tow, there were a half dozen biologists, three black-coral divers, and a couple from Minnesota who were taking pictures of the whole thing, thinking that this would be something they would want to remember if they ever found out what was happening. As the cop approached, the black-coral divers faded to the edges of the crowd and away. You read "Fluke, or, I Know Why the Winged Whale Sings Chapter 14" in category "Essay examples" Jon Thomas Fuller, the scientist/entrepreneur who was accompanied by three of his cute female naturalists, stepped up beside Quinn. â€Å"This is just horrible, Nate. Just horrible. That boat represented a major capital investment for you guys, I’m sure.† â€Å"Yeah, but mainly we liked to think of it as something that floated and moved us around on the water.† Nate actually had a great capacity for sarcasm, but he usually reserved it for those things and people he found truly irritating. Jon Thomas Fuller was truly irritating. â€Å"Going to be tough to replace it.† â€Å"We’ll manage. It was insured.† â€Å"You might want to get something bigger this time. I know there’s a measure of safety working off of these sixty-five-footers we have, but also with the cabin you can set up computers, bow cameras, a lot of things that aren’t really possible on little speedboats. A good-size boat would add a lot of legitimacy to your operation.† â€Å"We sort of decided to go with the legitimacy we get from doing credible research, Jon Thomas.† â€Å"We didn’t make those figures up.† Fuller caught himself raising his voice. The cop interviewing Clay looked over his shoulder, and Fuller lowered his tone. â€Å"That was just professional jealousy on the part of our detractors.† â€Å"Your detractors were the facts. What did you expect when your paper concluded that humpbacks actually enjoyed being struck by Jet Skis?† â€Å"Some do.† Fuller pushed back his pith helmet and ventured a smile of sincerity, which collapsed under its own weight. â€Å"What’s your angle, Jon Thomas?† â€Å"Nate, I can get you a boat like ours, with all the trimmings, and an operating budget, and you’d just have to do one little project for me. One season of work, maximum. And your operation can keep the boat, sell it, do whatever you want.† Unless Fuller was about to ask him to shove him off the dock into the oily water, Quinn pretty much knew he was going to turn down the offer, but he had to ask. Those were really nice boats. â€Å"Make your proposal.† â€Å"I need you to put your name on a study that says that human-dolphin interaction facilities are not harmful to the animals, and do a study that says that building one at La Perouse Bay wouldn’t have a negative impact on the environment. Then I’d need you to stand up at the appropriate meetings and make the case.† â€Å"I’m not your guy, Jon Thomas. First, I’m not a dolphin guy, and you know that.† Nate avoided adding what he wanted to say, which was Second, you are a feckless weasel out to make a buck without any consideration for science or the animals you study. Instead he said, â€Å"There are dozens of people doing studies on captive dolphins. Why don’t you go to them?† â€Å"I have the animal study. You don’t have to do the study. I just want your name on it.† â€Å"Won’t the people who actually did the study have some objection to that?† â€Å"No. They’ll be fine with it. I need your name and your presence, Nate.† â€Å"I don’t think so. I can’t see myself testifying before impact committees and county planning boards.† â€Å"Okay, fair enough. Clay or Amy can do the stand-ups. Just put your name on the paper and do the environmental impact study. I need the credibility of your name.† â€Å"Which I won’t have as soon as I let you use me. I’m sorry, but my name is all I really have to show for twenty-five years of work. I can’t sell it out, even for a really nice boat.† â€Å"Oh, right, the nobility of starvation. Fuck that, Nate, and fuck your high ideals. I’m doing more for these animals by exposing the public to them than you’ll do in a lifetime of graphing out songs and recording behavior. And before you retire to your ivory tower on the ethical high ground, you’d better take a good look at your people. That kid is a common thief, and no one has ever heard of your precious new assistant.† Fuller turned and signaled to his chorus line of whalettes that they were going to their boat. Quinn looked for Amy, saw her on the other side of the cop who was talking to Clay, helping him fill in details. He ran up behind Fuller, grabbed the smaller man’s arm, and spun him around. â€Å"What are you talking about? Amy studied at Woods Hole, with Tyack and Loughten.† â€Å"That right? Well, maybe you’d better give them a call and ask them. Because they’ve never heard of her. Despite what you think, I do my research, Nate. Do you? Now, get back to your one-boat operation, would you.† â€Å"If I find out you had anything to do with this†¦Ã¢â‚¬  Fuller wrenched his arm out of Quinn’s grip and grinned. â€Å"Right, you’ll what? Become more irrelevant? Screw you, Nate.† â€Å"What did you say?† But Fuller ignored him and boarded his million-dollar research vessel, while Quinn skulked back down the dock to his friends. Oily flotsam seemed to be losing its allure, however, and the crowd had dispersed somewhat, leaving only Amy, Clay, the cop, and the couple from Minnesota. â€Å"You. You’re somebody aren’t you?† asked the woman as Nate walked up. â€Å"Honey, this guy is someone. I remember seeing him on the Discovery Channel. Get my picture with him.† â€Å"Who is he?† said  «honey » as his wife took Nate by the arm and posed like he’d just handed her a check. â€Å"I don’t know, one of those ocean guys,† she said through a grin, acting as if she were posing with one of the carved statues that decorated doorways around Lahaina. â€Å"Just take the picture.† â€Å"Are you one of those Cousteau fellas?† â€Å"Oui,† said Nate. â€Å"Now I muss speak with my good fren’ Sylvia Earle,† he continued in his French-by-way-of-British-Columbia-and-Northern-California fake accent as he went over to Amy. â€Å"I need to talk to you.† â€Å"Sylvia Earle! She’s a National Geographic person. Get their picture together, honey.† â€Å"He’s lying, Nathan,† Amy said. â€Å"You can check if you want. It was all on the resume I gave to Clay.† She didn’t appear angry, just hurt, betrayed perhaps. Her eyes were huge and teary, and she was starting to look vaguely like one of those creepy Keane sad-eyed-kid pictures. Quinn felt like he’d just smacked a bag of kittens against a truck bumper. â€Å"I know,† he said. â€Å"I’m sorry. I just†¦ well, Jon Thomas is an asshole. I let him get to me.† â€Å"It’s okay,† Amy sniffed. â€Å"It’s just†¦ just†¦ I’ve worked so hard.† â€Å"I don’t need to check, Amy. You do good work. My fault for doubting you. Let’s get Clay squared away and get to work.† He tentatively put his arm around her and walked her back to where Clay was finishing up his interview with the cop. Clay saw the tear tracks down Amy’s face and immediately took her in his arms and pressed her head to his shoulder. â€Å"I know, honey. I know. It was a great boat, but it was just a boat. We’ll get another one.† â€Å"Where’s Kona?† Nate asked. â€Å"He was around here a second ago,† said Clay. Just then Nate’s cell phone rang. He worked it out of his shirt pocket and answered it. â€Å"Nathan, it’s me,† said the Old Broad. Nate covered the mouthpiece. â€Å"It’s the Old Broad,† Nate said to Clay. â€Å"Amy, you go round up Kona while I finish up with the officer, okay?† Clay said. Amy nodded and was off down the dock. Clay turned back to the officer. The Old Broad went on, â€Å"Nathan, I spoke to that big male again today, and he definitely wants you to take a hot pastrami on rye with you when you go out. He said it’s very important.† â€Å"I’m sure it is, Elizabeth, but I’m not sure we’re even going out today. Something’s happened to Clay’s boat. It’s gone.† â€Å"Oh, my, he must be distraught. I’ll come down and look after him, but you have to get out in the channel today. I just feel it’s very important.† â€Å"I don’t think you’ll need to come down, Elizabeth. Clay will manage.† â€Å"Well, if you say so, but you have to promise me you’ll go out today.† â€Å"I promise.† â€Å"And you’ll take a pastrami on rye for that big male.† â€Å"I’ll try, Elizabeth. I have to go now, Clay needs me for something.† â€Å"With Swiss cheese and hot mustard!† the Old Broad said as Nate disconnected. Clay thanked the policeman, who nodded to Quinn as he walked off. Even the couple from Minnesota had moved on, and only Clay and Quinn were left on the dock. â€Å"Where are the kids?† asked Nate, cringing at the whole idea: he and Clay, the middle-aged couple being responsible and boring while the kids went off to play and have adventures. â€Å"I asked Amy to find Kona. They could be anywhere.† â€Å"Clay, I need to ask you something before they get back.† â€Å"Shoot.† â€Å"Did you check any of Amy’s references before you hired her? I mean, did you call anyone? Woods Hole? Her undergrad school – what was it?† â€Å"Cornell. Nope. She was smart, she was cute, she seemed to know what she was talking about, and she said she’d work for free. The bona fides looked good on paper. Gift horse, Nate.† â€Å"Jon Thomas Fuller said that he checked and that no one at Woods Hole has heard of her.† â€Å"Fuller’s an asshole. Look, I don’t really care if she finished high school. The kid has proven herself. She’s got balls.† â€Å"Still, maybe I should call Tyack. Just in case.† â€Å"If you need to. Call him this afternoon when you get back in.† â€Å"I’m sure Fuller was just yanking my chain. He tried to offer us a boat like his if we backed his dolphin-park project.† â€Å"And you turned him down?† â€Å"Of course.† â€Å"But those are really nice boats. Our armada has been reduced by fifty percent. Our nautical resources have declined by more than one-half. Our boatage is deficient by point five.† â€Å"What’s up?† Amy said. She’d come back down the dock and seemed to have shaken off her earlier melancholy. â€Å"Clay’s being scientific. Fuller offered us a sixty-foot research vessel like his, with operating budget, if we back his dolphin project.† â€Å"Do I have to sleep with him?† â€Å"We haven’t put that on the table,† Clay said, â€Å"but I’ll bet we could get a sonar array if you’re enthusiastic.† â€Å"Hell, Nate, take it,† Amy said. â€Å"It would mean selling out my credibility,† said Quinn, appalled at what total whores his colleagues had become. â€Å"We’d be going over to the dark side.† Amy shrugged. â€Å"Those are really nice boats.† The corner of her mouth twitched as if she was trying not to grin, and Nate realized that she was probably goofing on him. â€Å"Yeah,† said Clay. â€Å"Nice.† Clay was goofing, too. He’d be all right. Nate shook his head, looking as if he were fighting disbelief, but actually he was trying to shake the memory of his dream of driving a big cabin cruiser through the streets of Seattle with Amy displayed as the bikinied figurehead. â€Å"If you’re okay, Clay, we really should get out before the wind comes up.† â€Å"Go,† Clay said. â€Å"I’ll get the police report for the insurance company.† To Amy he said, â€Å"You find Kona?† â€Å"He’s down there with that Tako guy.† â€Å"What’s he doing down there?† â€Å"It looked like he was building a saxophone. I didn’t go close.† Quinn strode down the dock and looked to where Kona was talking with Tako Man. â€Å"No, that’s his bong. It breaks down for easy portage.† â€Å"What’s a bong?† â€Å"Cute, Amy. Help me get the equipment in the boat.† Suddenly Kona started shouting and running down the dock toward them. â€Å"Bwanas! I found the boat!† Clay perked up. â€Å"Where?† â€Å"Right there. Tako Man says it’s right there. He dove down there this morning.† Kona was pointing to a patch of murky jade green water in the center of the harbor. Jade green because of all the waste flushed from the live-aboards, as well as the bait, fish guts, seasickness, and bird poop that went into the water faster than the scavengers could clean it out, and so it caused a perpetual algae bloom. â€Å"My boat,† said Clay, looking forlornly at the empty water. Amy stepped up and put her arm around Clay’s shoulders to resume stage-two comfort. â€Å"He dove in that water?† â€Å"The nightwalkers sank it, Bwana Clay. Tako Man saw them. Skinny blue-gray guys. He called them nightwalkers. I think aliens.† â€Å"Aliens are always gray, aren’t they?† inquired Quinn. â€Å"That’s what I say to him,† said Kona. â€Å"But he say no, not with the lightbulb head. He say they tall and froggy.† â€Å"You’re high,† said Clay. â€Å"Tako Man got dank mystical buds, brah. Was a spiritual duty.† â€Å"He’s not criticizing you, Kona,† Quinn explained. â€Å"We just assume that you’re high. Clay’s just doubting the credibility of your story.† â€Å"You don’t believe I? Give a man a mask, I’ll dive down and get a ting off da boat for proof.† â€Å"Hepatitis, that’s what you’ll bring up,† said Amy. â€Å"I’m going to work,† said Nate. â€Å"My boat,† said Clay. Nate decided that perhaps he should offer a measure of solace. â€Å"Look at the bright side, Clay. At least whales are big.† â€Å"How is that the bright side?† â€Å"We could be studying viruses. You have any idea what it costs to replace a scanning electron microscope?† â€Å"My boat,† said Clay. How to cite Fluke, or, I Know Why the Winged Whale Sings Chapter 14, Essay examples

Secure Integration of IoT and Cloud Computing †MyAssignmenthelp

Question: Discuss about the Secure Integration of IoT and Cloud Computing. Answer: Introduction Cloud computing is the current trend in the technology. The popularity of the cloud computing depends its cost effectiveness. Using the cloud computing, there is no need for the users to use the infrastructures and the physical systems for accessing the data. There are different types of cloud services- IaaS (infrastructure as Service),PaaS (Platform as Services),SaaS(Software as Service).Each of the type of services are used for the different types of purpose. There are various types of cloud deployments such as public cloud, private cloud. The combination of public and private cloud is called hybrid cloud. There are various advantages of using cloud- like reduces the infrastructure cost, it reduces the fault in the system and increase the performance of the system. The resource is made available for all time and can be accessed from any place. The working principal of the cloud computing is different. The working principals of the cloud depend on the service provider and the users of the cloud. The main advantage of cloud computing is that it provides huge storage space of data and the cloud service provider is responsible for the security of the data. Users have to pay an amount to the service provider for the maintenance and the security of the data. Cloud computing is the current trend in the IT industry .It allows the data to be accessed from anywhere and any place. However, there are certain challenges to implement the cloud architecture. The way to identify the challenges in the cloud computing is to identify the working principals of different layers of cloud. The challenges can be defined in the context of both implementation of the cloud architecture and the use of cloud in the various purposes. The paper has tried to focus on describing the architecture of the cloud along with the impact of this technology. It also discusses the existing and future challenges of using the cloud. Cloud computing has become a popular and effective to serve the business purpose. However, there are questions about the security issues of this architecture. The security model has become more complicated for the cloud computing as the complexity of the cloud structure. The security issues in the cloud computing has been seen from the perspective of cloud architecture which covers cloud stakeholders perspective, service delivery models perspective. The specifications of security issues are highlighted from these factors and required solutions are proposed. The solutions provided in the article are realistic and can be implemented to the cloud architecture successfully. It covers all the security issues that can happen in cloud computing. Using cloud architecture complex computing can be done. Generation of big data through the cloud architecture has been observed. Analysis of big data is challenging with respect to computation and time demanding task. In order to indentify the relationship between the cloud and the big data, the basic terms regarding the big data has been discussed. The cloud based technologies used for big data along with sustainability and privacy issues regarding those technologies are also discussed. Big data is becoming popular for analysis the opportunities. In this case, if the complexity of big data can be managed by the cloud architecture, it can become more efficient and cost effective. Due to the absence of physical infrastructure in the cloud computing, and large database stored in the cloud, sometimes the security of the data cannot be maintained properly. The need of proving a better security for the cloud is needed for this reason. In this article the possibilities of implementing different security measures has been discussed along with proposing a new security system for the cloud named SeeCloud has proposed. The main aim of the paper is to invent a secured way to handle the data in cloud in a more secured way. Managing the security issue in the cloud architecture is an important issue. This paper helps to identify the security issues and has tried to implement a security measure. Cloud and IoT are different technologies, which are used frequently in the various fields. However, the merging of these two technologies, which is known as CloudIoT paradigm, is comparatively new in the technological field. The general discussion of the CloudIoT has been done previously but there was no research done on the applications, security issues of using this new technology. The paper has bridged this gap by providing the proper information and the implementation scopes in CloudIoT. Very few number of researches has been conducted on this field. This paper has discussed the future of CloudIoT in a descriptive way. Both cloud computing and Internet of Things (IoT) is the growing technologies. The merging of these two technologies can be beneficial in managing handling data in cost effective and efficient way. The method, which has been proposed, regarding the merging of these two technologies is to deploy Cloud and IoT. In order to conduct this search more properly this paper has compeered two technologies in order to identify the common thing between them. The comparison and the features after the merging of two technologies have a positive impact on the further research on this emerging technology. The paper show that the cloud computing has improved the functioning of IoT. The implementation of the cloud architecture in the business organizations has done a rapid growth of business. However, many of the organizations and the users have found that using cloud computing is a complex process in terms of handling the technology. This paper has evaluated the necessary things needed to be considered in case of implementing cloud computing in business organization. The factors are considered for both in a positive and negative way. The paper aims to identify the importance of cloud computing for the business organization. In this context it has identified the positive and negative impacts of cloud computing in business organization. The cloud computing has a vast impact on the IT industry. However there are many barriers in the implementations of cloud computing. Those technical barriers should be removed. The paper identifies the technical constrains and complexities of implementing the cloud computing in different organization. In this case the main focus is on SME( Small and Medium Enterprise). It also includes the identification of stakeholders of cloud computing and possible security issues. The paper has contributed the importance of implementation of cloud computing in SME .It has also contributed in the research of the possible risks that can happen during the implementation. Software- defined services using cloud has numerous advantages by decoupling the data plan and control plan. It has been seen that software-defined services has prone to Denial of Service attack. The identification of the attacks has been done by discussing the way of various attacks on the software defined services using cloud computing. The features of software defined services which can be used to prevent these types of attacks are also identified. The paper has discussed the cloud based software defined services and its advantages. It has also discussed certain threats on this type of system. Recommendations are made to prevent these kinds of problems. Cloud computing has gained the popularity for its technical advancement. There are various components of cloud computing. The use of these components can be modified in order to get a customized service through cloud computing. The paper discusses the various components of the cloud architecture. It also discusses the risks and the issues related to the cloud computing. The analysis of the types of risks that can happen in the cloud architecture can be determined through a value creation model. The paper contributes its findings towards the understanding of the cloud architecture . It also analyze the risks and through value creation model. The paper also defines the standards of IT auditing. Conclusion It can be concluded after analysis of these above articles that cloud computing is an important technology and it has certain impacts on Information Technology industry as well as the business industry. There are certain advantages that can become beneficial for the cloud users like large storage and accessibility. However, there are certain kinds of security risks like denial of service attack can violate the security of the cloud computing architecture. Certain steps and models can be used to prevent these kinds of security attacks. Moreover the other technologies like IoT can be merged with the cloud computing technology in order to create more innovative way of handling the IT and business situations. One of these kinds of technology is CloudIoT can be researched for the future development of the technological field. The cloud computing can be used for the advancement of certain software based services. However, the security of the data belonging to the cloud storage depends on t he certain factors. It depends on the maintenance of cloud provider as well as the technology deployed for the cloud. The security issues are needed to be resolved using different tools and techniques. Overall impact of the cloud computing on the business and IT industry is very positive and futuristic. References: Ali, M., Khan, S.U. and Vasilakos, A.V., 2015. Security in cloud computing: Opportunities and challenges.Information sciences,305, pp.357-383. Almorsy, M., Grundy, J. and Mller, I., 2016. An analysis of the cloud computing security problem.arXiv preprint arXiv:1609.01107. Hashem, I.A.T., Yaqoob, I., Anuar, N.B., Mokhtar, S., Gani, A. and Khan, S.U., 2015. The rise of big data on cloud computing: Review and open research issues.Information Systems,47, pp.98-115. Wei, L., Zhu, H., Cao, Z., Dong, X., Jia, W., Chen, Y. and Vasilakos, A.V., 2014. Security and privacy for storage and computation in cloud computing.Information Sciences,258, pp.371-386. Botta, A., De Donato, W., Persico, V. and Pescap, A., 2014, August. On the integration of cloud computing and internet of things. InFuture internet of things and cloud (FiCloud), 2014 international conference on(pp. 23-30). IEEE. Stergiou, C., Psannis, K.E., Kim, B.G. and Gupta, B., 2018. Secure integration of IoT and cloud computing.Future Generation Computer Systems,78, pp.964-975. Avram, M.G., 2014. Advantages and challenges of adopting cloud computing from an enterprise perspective.Procedia Technology,12, pp.529-534. Ghaffari, K., Delgosha, M.S. and Abdolvand, N., 2014. Towards cloud computing: a SWOT analysis on its adoption in SMEs.arXiv preprint arXiv:1405.1932. Yan, Q. and Yu, F.R., 2015. Distributed denial of service attacks in software-defined networking with cloud computing.IEEE Communications Magazine,53(4), pp.52-59. Chou, D.C., 2015. Cloud computing: A value creation model.Computer Standards Interfaces,38, pp.72-77.

The Conflict between Behaviourism and Rationalism in Linguistics

Valentines Cards by Types of Girlfriends

Valentines Cards by Types of Girlfriends Valentines Day is coming up and you dont know what to say to your girlfriend. Shes special, shes unique, but how do you tell her that? Here are some ideas for how to express your love to a girl who has any of the following interests. Image credit: Marvel

Teams Assignment Essay Example | Topics and Well Written Essays - 750 words

Teams Assignment - Essay Example In the movie miracle’ the team focused is U.S. men’s ice hockey that won the gold medal in the Winter Olympics back in 1980. This team was focused on their game and played it with a passion despite coming from different backgrounds. Their coach ensured they did their best and still had time for their loved ones like family. Their main objective was to win in all matches and they accomplished it by winning the gold medal. The team’s coach Herb Brooks used the transactional style in leadership. He made the team members achieve their goals by motivating them with rewards and punishment. Brooks used punishment to correct and improve the team’s performance by implementing the ‘herbies’ punishment as the team members called it deriving it from his name Herb. The punishment was meant to increase the team’s efficiency in routines and skills and remind them their major goal. This happened after the team went into a draw while playing with the Norwegian National Team in Oslo. Brooks noted that his team got distracted by the blond girls who were cheering on the teams. Its then that brooks used his drill the ‘herbies’ in this drill the team would sprint back and forth together across the ice, over and over, he made the team run into the night asking them who they played for as they run, one player Mike Eruzione got exhausted and answered that he played for the United States of America and Brooks ended the drill. After the drill the team went on winning the next matches that followed. For a group to easily develop, the use of Tuckman’s model should be implemented. It consists of the forming, storming, norming, and performing.All these help find problems, find the solutions, plan their work, and present the final results. In forming, the team members get to meet and know each other; they exchange information about themselves and make friends. Many members tend to be shy or give first impressions as behaving well or matured. The members at this stage

Industrialization Essay Example | Topics and Well Written Essays - 2000 words

Industrialization - Essay Example This paper seeks to highlight industrialization in its entirety paying a closer look at the early and late industrialization. Further, the paper tries to compare the level of industrialization of countries such as the US, Germany, China, Japan, Soviet Union and the UK with special emphasis on the factors that could have brought these countries that far. The present industrial status is also looked at in terms of commerce, education and the general social welfare in these countries. Industrialization may be construed to refer to the process of both social and economic change that sees a society move from a pre-industrial to a fully industrial society. Actually, sometimes modernization is considered as a result of industrialization except that apart from industrialization modernization may be as a result of a synergy between economic development and social change. When these two, economic development and social change, are closely related to innovation, then the result is great modernization often identifiable through industrialization. ... This modernization was represented by not only by high levels of economic authority but also by factors such as functional specialization and general structural differentiation. These factors, especially the autonomy of the economic system from the government contributed greatly to this high level of modernization or industrialization for that matter. Besides the factors highlighted above, there also others that equally led to the prosperity realizes in most countries in the above named region. These factors include: An open trading system enjoying minimal or no import duty greatly stimulated industrialization because of the emerging cost efficiency. Presence of free and flexible labour helped enhance industrialization. It is common knowledge that industrialization, besides energy and raw materials, depend entirely on not only cheap but also skilled and flexible labour. Presence of alternative markets enhanced the general economic performance as a result of highly enabled business opportunities presented by these markets Quick conventional learning capabilities and the affirmative work ethics in the populations equally played a role in encouraging and enhancing industrialization Skills in fast exploitation of the new technologies and scientific findings catapulted industrialization to further and higher grounds Why Industrialization Occurred As mentioned earlier, industrialization is the result of social change and economical development lying proximally to innovations and emerging technologies. Autonomy of social and economic systems from the governments undoubtedly led to industrialization. The process of industrialization occurred almost in every part of the world for particular reasons. For instance, the

The development of telecommunications policy in the european union Essay

The development of telecommunications policy in the european union - Essay Example This comes before the European Parliament espouses a comprehensive communications strategy in 2002. Euractiv. (2009), Clifton, J. et al. (2011) Levi-Faur (2002) has confirmed that while the Europeanization of the telecoms and electricity industries led to some liberalization, it was a mediating factor rather than an independent one. The real effective governance structure is located in Brussels and it will affect the way telecom in Europe states develops in the future. Six suggestions that aim to capture cross-sectorial and cross-national variations in the ability of Europeanization to shape liberalization are provided. Firstly, the effect of EU membership is stronger in the move to liberalize the electricity sector than the telecoms sector. Secondly, the effect of Europeanization on liberalization is stronger in the southern countries than in northern Europe. Thirdly, because unbundling in telecoms, the privatization of ownership and the move towards the creation of independent regulatory authorities are less the product of Europeanization than of the advance of retail competition. Additionally, EU membership served as a c atalyst for liberalization in some countries. Furthermore, the post-liberalization effects of Europeanization could be more important than the last effects. The advance of liberalization is not responsible Europeanization, but the process of Europeanization has created another layer of political control that might be able to check and cut abuse of power by European actors. Lastly, Europeanization might be an essential factor in maintaining future competitive regimes in electricity sector more than telecoms sector. Levi-Faur (2002) The WTO signed in on15 February 1997, the Fourth Protocol of telecommunications, which formalized the emerging liberalization in telecommunications worldwide. The accord involves 69 countries are Signed and accounted for more than 90 percept of the

Strategic alliances to gain global integration

Strategic alliances to gain global integration Introduction Multinational companies (MNCs) are defined as a firms with strong tangible and intangible assets, thus the capability to expand their business worldwide, with global diffusion as an important resource for competitive advantage (Bartlett and Ghoshal, 1998). In the stage of going global, most companies have to deal with the pressures of both global integration and/or local responsiveness, and some choose to form a strategic alliance with a partner to achieve global integration and/or local responsiveness more easily. Global integration and Local responsiveness Global Integration Global integration pressures are the forces that make MNCs exploit worldwide resources and integrate their activities on a global basis to realize economies of scale and achieve cost reduction. Bartlett and Ghoshal (1998) summarize that the motivation of Global Integration is the need of efficiency. More specifically, the developments of advanced technologies allow companies to expand manufacture globally and achieve economies of scale, resulting in the more standardized products. Moreover, the tastes of consumers have become homogeneous worldwide. Besides, MNCs tend to have global chess strategy, using the profit generated in one market to fund operations in another. Local Responsiveness In contrast, local responsiveness requires MNCs to make strategic decisions based on local context (Roth and Morrison, 1990). According to Bartlett and Ghoshal (1998) the drivers for local responsiveness are (i) the differences in consumer tastes in different countries; (ii) the typical characteristics of the product system in host countries; (iii) the administrative costs of coordinating manufacture on a global basis; (iv) the improvements in technologies enable companies to disperse manufacture to smaller local plants with low cost; (v) the trade and legislative barriers set by local Governments. Similarly, Hill (2001) discusses that the main pressures for local responsiveness are the differences in consumer tastes and preferences; differences in infrastructure and traditional practices; in distribution channels; and host government demands. Such pressures for local responsiveness urge multinational firms to adjust their products and services to better meet the demand of indigenous people. The Integration Responsiveness Framework The I-R framework, which is initially rationalized by Lawrence and Lorsch (1967) and later developed by Doz (1980), provides an insight into how MNCs compete internationally (Johnson and Julius, 1995). Bartlett and Ghoshal (1998), Spender and Grevesen (1999) mention the I-R framework to explain different ways MNCs respond to global integration and local responsiveness based on their strategy. As in Figure 1 below, MNCs pursuing a global strategy often emphasize on global integration and coordination. In contrast, multidomestic companies (called as multinational companies in Bartlett and Ghoshal model), with most pressures coming from customizing operation towards local context, focus on local responsiveness. International companies have an emphasis in knowledge transfer, because most of value they create is from transferring valuable resources to foreign markets. For transnational companies, facing equal pressures from both integration and responsiveness, they adopt a multifocal stra tegy aiming to achieve both cost efficiency and responsiveness. However the study of Bartlett and Ghoshal (1998) was restrained at internal organizational issues. Figure 1: How MNCs respond to Global integration, Local responsiveness and Worldwide learning based on their strategy (Bartlett and Goshal, 1998) Strategic Alliances There have been several researches on strategic alliances. Holmberg and Cummings (2009) contend that strategic alliances are becoming more and more important to every company in its strategic effort to maintain competitive advantages in the global marketplace. Strategic alliances are links between two or more companies to mutually carry out a specific project by coordinating necessary resources while still preserving their autonomy (Dussauge and Garette, 1999). Wheelen and Hunger (2000, p. 125) define a strategic alliance as a partnership between two or more companies to achieve strategically important targets that are mutually beneficial. According to Elmuti and Kathawala (2001), there are four main motivations for forming strategic alliances: (i) the growth strategies of parent companies to enter to a new market; (ii) the procurement of new technology or best quality or cheapest cost; (iii) the mitigation of financial risks; and (iv) the maintenance of competitive advantage for enterprises. Nowadays in a dynamic global environment, the role of strategic alliances is even more critical to the performance of a multinational company. Robson and Dunk (1999) have generalized the three main stages to develop an alliance including: Partner selection, Venture design and Venture management. The three key stages defined are similar to those by Hill (2001). Some typical features of strategic alliances are that their operations are subject to multiple decision making, continuous bargaining and conflicts of interests (Dussauge and Garette, 1999). Therefore it is not easy to successfully manage an alliance. Bleeke and Ernst (1993) find that among 49 alliances in their research, about 67% confront troubles within the first two years. Holmberg and Cummings (2009) give examples of failed strategic alliances, mostly due to lack of rigorousness in partner selection process. It is important to know if the way alliances can create value for the firm is appropriate to the parent firms strategy. So the first thing MNCs managers should consider from partner selection stage is to identify and verify that the way strategic alliances help to expand business is in line with the overall international operation strategy of parent firms. In this paper, the ways strategic alliances help multinational companies to achieve global integration and/or local responsiveness will be examined to assess their importance to the partner companies in relation to the partner companies strategy. Evaluating the ways strategic alliances allow multinational companies to achieve Global integration and Local responsiveness. There have been approaches to classify the ways that a strategic alliance cooperates to expand the business of parent companies. For example, Todeva and Knoke (2005) have listed 18 typical ways that strategic alliances can support multinational companies. This paper will approach the classification of Dussauge and Bernard (1999) because the systematized typology helps to provide a more comprehensive understanding on how strategic alliances allow MNCs to achieve integration and responsiveness. Alliances between non-competing companies International expansion joint ventures International expansion joint ventures (JVs) are established with a foreign partner aiming to penetrate into a new geographic market. One partner (the MNC) often seeks for market penetration, while the other (the local partner) has wide knowledge on local market thus can provide more easy market access. For example, in 1998, Yamaha Motor, the premier Japanese motorcycle manufacturer, together with Vietnam Forest Corporation, a state-owned corporation in forestry and Hong Leong Industries from Malaysia established a joint venture named Yamaha Motor Vietnam Ltd., providing motor cycles in Vietnam market (Yamaha Motor). The state-owned corporation has understanding about the market as well as necessary relations to the authority, combined with the expertise in manufacturing of Yamaha Motor, created a viable basis for the JV to thrive in Vietnam. This model is beneficial for both local government and the foreign MNC. For local government, equity sharing in JVs makes the MNCs more responsible and interested in the success of the JV. For the MNC, the local partner may provide the privilege access and political connections supporting effective market penetration. However this type of JV may result in the conflicts of benefits between the MNC and local partner. In many cases the JV is only one part of the total network of the MNC, so the MNC may have detrimental decision to the JVs performance. International expansion JV is rarely the first choice of MNCs managers since they prefer wholly owned subsidiary. However it is still common practice for MNCs when shifting business beyond borders (Dussauge and Bernard, 1999). International expansion JVs are common for MNCs facing great local responsiveness pressure (i.e. multidomestic and transnational companies), because it seeks solutions to overcome the legislative barrier and complexities of local market. In other words, it helps the MNCs to tailor their operation to fit local context. Vertical partnerships Vertical partnerships bring about cooperation opportunities for two companies at different successive stages of the production process. Normally, one partner may become a supplier or customer of the other. For example, Heinz, a global US food company is the supplier of many food products for ASDA in UK. That enables ASDA to fully deploy the resources of Heinz. However there are also shortcomings in this model. Since there is no bidding process, the opportunities to find the most cost-effective supplier are limited. As a result, the buyer tends to become dependent on the supplier. Although this model delivers mutual understanding, there are still potential conflicts of benefits (Dussauge and Bernard, 1999). Vertical partnerships relate to a strategic issue that MNC managers often deal with to increase efficiency: make or buy, or cooperate decision. MNCs choose to outsource when the cost to produce by their own is higher than the cost to outsource to a strategic partner. Consequently vertical partnerships are often exploited by MNCs facing high pressures from cost reduction (global and transnational companies). That model may help the MNC to maximize economies of scale and achieve global integration. Cross-industry agreements Cross-industry agreements are cooperation between two companies in different industries with a view to create a brand new business to diversify their operation, by taking advantage of the partners resources. For example, in 2001, Sony Corporation a Japanese electric equipment producer, and Telefonaktiebolaget LM Ericsson a provider of telecommunication equipment and services from Sweden established a 50:50 joint venture, Sony Ericsson. The JV has become a world-class mobile-phone manufacturer (Sony Ericsson). Nonetheless the drawback of cross-industry agreements is that they often post small profit margin, because most of the cases, the level of convergence of the two initial businesses is more moderate than expected. Besides, this model requires a high level of compatibility of the resources contributed by the two parties; and the new business developed must have a clear marketing strategy to become successful. Lastly, successful alliances can impose threats of new competitors if one ally obtains key skills/resources of the other (Dussauge and Bernard, 1999). Based on above characteristics, it can be inferred that cross-industry agreements support MNC to achieve global integration while looking for combining abroad complementary resources to reduce cost of the new business. It is also discussed that cross-industry agreements help to achieve local responsiveness, in case a MNC cooperates with a local company to introduce a brand new products to that specific local market. Alliances between competitors Shared-supply alliances Shared-supply alliances are the form of JV cooperation between competitors sharing similar resources to produce a certain product that is specific to each partner. Shared-supply alliances allow the partners to realize economies of scale, since they will not be able to reach an efficient scale if they produce individually. For example, BMW teamed up with Mercedes to produce a design of a front-wheel-drive-car. The new shared platform allowed BMW to expand the Mini range model more flexibly, while providing Mercedes more conventional and cost-effective measures to launch a substitution for the A- and B-class designs (Autocar, 2007). It is argued that shared-supply alliance is not the only choice for MNC managers, because the target of cost reduction can be solved by traditional method of outsourcing. Firms should only opt for shared-supply alliances once they have other strategic targets other than cost reduction. Moreover, cooperating with competitors to produce similar components may lead undifferentiated products and loosing competitive advantage. Besides, the budget for shared-supply alliances may limit other budgets for necessary activities in the MNCs thus hinder further improvements (Dussauge and Bernard, 1999). Shared-supply alliances can be suitable for MNCs suffering from cost pressure (global and transnational companies). However MNCs should consider carefully before establishing shared-supply alliances because of the potential conflicts. MNCs should consider other strategic benefits other than sole cost efficiency, e.g. exploiting the partners manufacturing experience in local countries. Consequently this model, in case prudently chosen after considering all pros and cons, may be a good choice for transnational companies who have to balance integration and responsiveness. Quasi-concentration alliances This type of alliance allows two competitors to manufacture and market a common product. The partners objective is to realize economies of scale on the product, while their autonomy is still preserved, since the risk of acquisition is avoided. Quasi-concentration alliance is most common in airline industry, e.g. the cooperation between Sud-Aviation in France and British Aircraft Corporation in the UK to form Concorde in 1962 (Heritage Concorde). The advantage of this model is that the partners will not have to compete against each other on that common product. However, Quasi-concentration model may result in the competition between the common product and partner companies products. Additionally, the model may cause the risks of leaking the core technologies to the competitors. Lastly, in case the partners decide to establish a JV to coordinate all the functions of the alliance, there is a risk of losing control over the JV and converting the parent companies in to mere shareholders (Dussauge and Bernard, 1999). Quasi-concentration alliances, with its initial objective of cost reduction, are appropriate for achieving global integration, hence global and/or multinational companies. Complementary alliances In this case the alliance allows partner companies to contribute different assets and resources to executing the cooperative project. For example a firm distributes a rivals product in domestic market. FPT, one of the largest information technology companies in Vietnam went into partnership with Dell to distribute Dells computers and other products in Vietnam market (FPT, 2008). FPT looks for Dells expertise in computer production, while Dell needs FPTs knowledge on local market and distribution network. The advantage of the model is that complementary alliances avoid direct competition between rivals. The alliance also brings about the opportunity to acquire new skills from the partner. However the potential competition between allies does not totally disappear (Dussauge and Bernard, 1999). Complementary alliances may help the partner to achieve local responsiveness because normally the local partner provides the knowledge on how to market the product in local marketplace. However in highly competitive industries, such alliances enable the MNC to focus in its core profession, rather than setting budget for establishing a local distribution network. From that perspective, complementary alliances are also good for global integration. Implications for MNCs For MNCs pursuing a global strategy, the partners in the alliance tend to be highly integrated to the network and operation of the MNCs. The partners are meant to conduct the chosen global strategy of the MNCs (Vapola et al., 2010). From the analysis above it can be inferred that global companies may deploy vertical partnership and quasi-concentration alliances. Multidomestic companies often prefer to have diversified partners, of which each of them is best suited to a particular function in a specific location. In an effort to customize their products towards local demands, multidomestic companies often differentiate their operations in each footprint countries by selecting the most compatible model and partner to form alliance in that nation. Therefore international expansion JVs and complementary alliances are most suitable models for a multidomestic partner. For transnational companies, the alliances are diversified with differentiated contributions, from sensing and exploiting opportunities from local level, to occupying certain roles in the exploitation of the value chain. Each of these partners may possess different partnership needs. So MNC should utilize different types of alliances simultaneously after considering all advantages and disadvantages (Vapola et al., 2010). In the case of international companies, the key issue is knowledge transfer with partners. The MNCs will success if they can transfer their key competencies and knowledge to foreign markets, especially tacit knowledge which is more difficult to codify and transfer than explicit knowledge. On the other hand, this may lead to a conflict with the need for confidentiality of information. Therefore based on their detailed strategy, international companies can consider any suitable type of alliance, but should be extremely prudent with cross-industry agreements and quasi-concentration alliance, since those types of alliances may lead to serious conflicts in knowledge transfer. Another content common to all types of alliances, is the control problem. Control is a critical issue especially in groups of alliances between competitors, since these groups of partner are more sensitive to conflict. In order to successfully manage an alliance, MNCs should focus on control, combining effectively all level of control from personal centralised control, bureaucratic formalised control, output control, to control by socialisation. Those measures are to assure the alliance operates in line with the MNCs original strategy. The cost of control may be high especially for transnational companies who have to deal with all kinds of alliances to achieve both integration and responsiveness. So transnational companies should be prudent in applying control policy with alliance, to avoid the risk that an increase in cost of control could erode profit. Conclusion There is a trend that MNCs are facing increasing pressures from both global integration and local responsiveness equally. No MNC pursuing pure integration or pure responsiveness strategy can become totally successful in the global arena. As a result, achieving the balance between global efficiency and local responsiveness has become an essential issue with most MNCs (Paik and Sohn, 2004), (Girod et al., 2010). Bartlett and Ghoshal (1998) assert that companies must become more globally competitive and, at the same time, more sensitive and responsive to national conditions. MNCs should flexibly choose the way to cooperate with strategic alliance on a case-by-case basis to achieve their specific target for a specific market. From the analysis above we can see that each way of cooperation in alliance has its own advantages and disadvantages. There is neither best model of strategic alliance nor idealistic coordination that leads to optimal performance for all MNCs. Each MNC, based on its own strategy, needs to consider all pros and cons of possible types of strategic alliance before making alliance decision, in order to achieve global integration and/or local responsiveness hence their business plan and strategy. In other words, companies should be clear about why they are entering the alliance and what they expect to gain from it. They also need to understand how it fits into their business plan. (Elmuti and Kathawala, 2001). BIBLIOGRAPHY Autocar (2007) BMW and Mercedes team up to think small. [online] Available at: [Accessed 25th March 2011] Bartlett, C. A. Ghoshal, S. (1998) Managing across borders the transnational solution. 2nd ed. Boston: Havard Business School Press. Bleeke, J. Ernst, D. (1993) Collaborating to compete using strategic alliances and acquisitions in the global marketplace. New York: John Wiley. Doz, Y. L. (1980) Strategic management in multinational companies. Sloan Management Review (pre-1986),21, (2) pp. 27 46. Dussauge, P. Garrette, B. (1999) Cooperative strategy Competing successfully through strategic alliances. Chichester: John Wiley. Elmuti, D., Kathawala, Y. (2001) An overview of strategic alliances. Management Decision, 39, (3) pp. 205 218. FPT (2008) FPT Distribution Dells authorized reseller in Vietnam [online] Available at: [Accessed 25th March 2011] Girod, S., Bellin, J. B. Ranjan, K. S. (2010) Operating models for a multipolar world: balancing global integration and local responsiveness. Journal of Business Strategy, 31, (6) pp. 22 27. Harzing, A. W. (2000) An empirical analysis and extension of the Bartlett and Ghoshal typology of multinational companies. Journal of International Business Studies, 31, (1) pp. 101 120. Heritage Concorde. 1962 Concorde Treaty. Anglo French Agreement. [online] Available at: [Accessed 25th March 2011] Hill, C. W. L. (2001) International Business Competing in the global marketplace. 3rd ed. New York: Irwin McGraw-Hill. Holmberg, S. R. Cummings, J. L. (2009) Building Successful Strategic Alliances: Strategic Process and Analytical Tool for Selecting Partner Industries and Firms. Long Range Planning, 42, (2) pp. 164 193. Johnson, Jr. Julius, H. (1995) An Empirical Analysis of the Integration-Responsiveness Framework: U.S. Construction Equipment Industry Firms in Global Competition. Journal of International Business Studies, 26, (3) pp. 621 635. Lawrence, P. R. Lorsch, J. W. (1967) Organization and environment: managing differentiation and integration. Boston: Graduate School of Business Administration, Harvard University. Paik, Y. Sohn, J. H. D. (2004) Striking a balance between global integration and local responsiveness: the case of Toshiba Corporation in redefining regional headquarters role. Organizational Analysis; 12, (4) pp. 347 359. Robson, M. J. Dunk, M. A. J. (1999). Developing a pan-European co-marketing alliance: the case of BP-Mobil. International Marketing Review, 16, (3) pp. 216 230. Roth, K. Morrison, A. J. (1990) An empirical analysis of the integration-responsiveness framework in global industries. Journal of International Business Studies, 21, (4) pp. 541 564. Sony Ericsson. Mission and Profile. [online] Available at: [Accessed 25th March 2011] Spender, J. C. Grevesen, W. (1999) The multinational enterprise as a loosely coupled system: the global integration local responsiveness dilemma. Managerial Finance, 25, (2) pp. 63 84. Todeva, E., Knoke, D. (2005) Strategic alliances and models of collaboration. Management Decision, 43, (1), pp. 123 148. Vapola, T. J., Paukku, M. Gabrielsson, M. (2010) Portfolio management of strategic alliances: An international business perspective. International Business Review, 19, (3) pp. 247 260. Wheelen, T. L., Hunger, J. D. (2000) Strategic management and business policy: entering 21st century global society. 7th ed. London: Prentice Hall. Yamaha Motor Japan. Asia and Oceania group companies [online] Available at: [Accessed 25th March 2011] PART 2: REFLECTION Word count: 1,431 words Description The International Business Strategy module is contained in the MSc Accounting (Financial services) course which I am attending. The module provides an insight into the strategies of multinational companies (MNC) i.e. international strategy, global strategy, multidomestic strategy and transnational strategy. Based on that basic knowledge, implications for organizational structure, control, knowledge transfer, modes of entry, strategic alliances and internationalization of SMEs are introduced. General evaluation The module has provided me knowledge that is both old and new to me. From undergraduate program in my home country I have studied about globalization, key drivers and how globalization affects international trade. However in this module I found more insights into how globalization affects the formation and development of multinational companies. The theories are really necessary and helpful to understand the real business world, and the way multinational companies are actually formed, structured, managed and developed. The knowledge on globalization and MNCs are systematized and in line with current academic and empirical understanding about international business. However, I believe the knowledge would be absorbed more quickly if more methods of studying are combined, for example group presentations or debates. Analysis I chose to write my assignment with topic 1: Evaluate the ways strategic alliances allow multinational company to achieve global integration and local responsiveness, since I realize this is the increasing trend in international cooperation. I have found a lot of academic literature on the field that I chose. There are a lot of useful information about strategies, Integration Responsiveness framework and strategic alliances. Among those academic literatures, I found the book by Hill (2001) International business Competing on the global marketplace very useful for understanding about the strategy typology of multinational companies. Although prior to Hill (2001) there have been several relevant researches on multinational companies strategy typology, the book still provides comprehensive and detailed description about the four type of strategies adopted by multinational companies, the stages to establish a strategic alliance, and the pros and cons of each strategy. I continued to read about Integration Responsiveness Framework and found the work of Roth and Morrison (1990) helpful to understand about the key concepts of I R Framework, the relationships with strategies and limitations of I R framework. The illustrations and explanation of Bartlett and Goshal (1998) are also fundamental to explain the relationships between I -R Framework and strategies. Although I did not use all the information I read for my assignments due to irrelevance, those are what I am going to bear in mind about the I R Framework in the time to come. For strategic alliances, the book by Dussauge and Garrette (1999) is very useful for the typology of strategic alliances and the advantages/disadvantages of each type of alliance. I made much reference to that book in my assignments due to the systematized typology of alliance and the in-depth analysis the book provides. Besides, the journal of Vapola et al. (2010) gives a systematic approach to analyze portfolio management of strategic alliances based on multinational companies strategy, which I find very useful and made citations in my work. Besides, I also study about other significant issues relating to multinational companies i.e. the structure of international business, control, knowledge transfer, modes of entry and the internationalization of SMEs. I did read a number of books and journals and managed to link relevant contents together. I have also made some inference to other fields of multinational companies like control and knowledge transfer, to have a more objective and broad view of the role of strategic alliances. However I think the links to control and knowledge transfer are not salient in this assignment, because of time and length constraint and especially the fear of deviating from the main topic. Conclusion Theories about I R Framework and its relation to the four strategies of multinational companies are very pragmatic and useful to understand the actual pressures faced by most multinational companies in the global marketplace. Those theories also provide a rationale of how multinational companies respond to global integration and local responsiveness, which helps me to perceive the business world in a more practical and systematic way. Theories about strategic alliances allow me to understand the most common ways that strategic alliances support the partners to achieve their strategic targets. There are 6 typical ways namely international expansion joint ventures, vertical partnerships, cross industry agreements, shared supply alliances, quasi concentration alliances and complementary alliances. I also understand the pros and cons of each type of alliances. I am now able to explain why a multinational company choose to cooperate with non-competitors or competitors, based on their strategy and nature of business. Implications for other concepts i.e. control and knowledge transfer are also inferred in the assignment, therefore a more objective view of MNC operation and its strategic alliances is provided. What has been drawn out from the assignment is that each multinational company, before deciding to cooperate in a strategic alliance, should consider all possible proposals, as well as the strengths and weaknesses of each proposal to judge if the type of alliance helps them achieve global integration and/or local responsiveness in the most effective way. From my perspective, I realize some kinds of strategic alliances are extremely common between developed and developing countries e.g. international expansion joint ventures or complementary alliances. Such knowledge may be useful when I come back to Vietnam and continue my job at an investment bank facilitating international trade and investments. It will be easier for me to fully understand the nature of transactions of MNC customers. I may work out the best solution to serve financial needs for MNC customers. For example, for some important MNC customers, I may propose to apply a more flexible cut-off time for their transactions, because their transactions are, by nature, often between nations in different time zones. Moreover, I may propose to apply a more competitive pricing for transactions between multinational companies and their alliances and/or subsidiaries. The reason is that when two partners contribute resources to a certain alliance project, the transactions for material purchasing, infrastructure costs, personnel mobilization tend to be frequent and of large amount, at least in the short term, which can deliver relatively high non-interest income for the bank. Besides, the business consultant services for institutional customers could be improved when the bank understand the needs of a MNC customer coming into a new developing market and seeking for a potential partner to set up a strategic alliance. The most important learning technique I studied is how to link together different fields of knowledge, in the case of th