Defining Reason and Morality in Kant Essay Example | Topics and Well Written Essays - 2000 words

Defining Reason and Morality in Kant - Essay Example Investigating the validity of this point then moves into reliance on both the morality which Kant sees as true as well as how other circumstances would change the decisions made by an individual. Kant’s Theory of Rational Morality The main principle which Kant has created is based on the ideology that each individual should be treated with equal respect. The ethical consideration is based on a sense of reason that each individual should have. Kant states that reason is what requires one to act in a humanitarian way, specifically which requires looking at circumstances instead of the end means in a given situation. The ideology is to use morality with the understanding that humanity is the most important aspect of practicing morals, whereas, the individual beliefs and life of an individual is not as important as the whole. More important, Kant’s belief sates that when one is able to create equal respect toward individuals, then there is the ability of building a formula which stops the disrespect and other forms of unethical values which are often created (Hill, 1980: p. 84). The idea of respect is one that is then further defined with the concept of morality, value and what the end result will be if these ideologies are withheld in any given situation. The theory behind this is based on altering the foundational principles for justice and humanitarian acts toward others in society. The concept which Kant creates is one which he leaves as a basis of being logical in terms of creating responses within the way in which an individual treats another. The requirement which Kant states is one based on three approaches which are linked to the logic of this discussion. The first is based on the preservation of rational will, which states that each individual should have the capacity to decide and rationalize how to treat another individual. The second principle is respect for human dignity and integrity. Even if there is a situation in which one is unable to justify the end result, the ability to keep integrity and dignity as a main association becomes more important. The third which Kant states is based on the end which eventually takes place. When applying reason to a given situation, it is known that each individual has the capacity to overcome the situation. If justice and forms of overcoming a specific situation remain intact, then the means eventually justify the ends with the right end decisions being made (Green, 2001: p. 247). From several perspectives, the ideologies of Kant are able to show logical solutions to given circumstances and environmental needs. For instance, in the ethics of business, there is the ability to apply this specific concept to change the circumstances of a situation. When a manager or leader is able to use reason and actions based on humanitarian ideologies then it helps to offer better advancement within the company. This attribute is often referred to as a form of transformational leadership. When the right and reasonable decision is made with the manager, than others will begin to transform and follow the same approach and perspective. This creates a sense of attraction to doing the right action in any given circumstance while building a sense of moral principles that are followed by others within a given environment

School of Education and Child Development Essay Example for Free

School of Education and Child Development Essay The School of Education and Child Development in Drury University aims to provide a teacher education program that would engender educated professionals who would uphold the importance of education and exert great efforts in order to become a productive contributor to the learning community. Future educators are trained in the university to make sound choices and judgments for the advancement of learning and education, to be instrumental in the teaching and learning process to help in the education of other people, and acknowledge the importance and significant roles that children play in the global community. (Drury University, 2004) The university takes on the future of the coming generations as their responsibility and acknowledges the functions of teachers in the realization of this responsibility. Therefore, the teacher education program of the university was designed not only teach future educators the nominal aspect of teaching, but also to encourage commitment and dedication to their line of industry. Part of this commitment is to take on various roles in order to become influential to the students and their education, knowledgeable about the lessons they teach, and the strategies and approaches that should applied in teaching process. Moreover, the teacher education program aspires to inculcate the ideal representation of the educational institution as one that nourishes learning, creativity, and uprightness and reaffirm the teacher’s view of himself as a valuable part of the school. (Drury University, 2004) Another significant objective upheld by the teacher education program is the much-needed participation of teachers to the development and enhancement of educational institutions, more specifically public schools. Teachers are persuaded to be actively involved in the reformation of the schools in order to affect desirable educational programs and learning outcomes. Moreover, the university also encourages not only the education of future educators in the university but also their ability to be able to apply everything that they have learned in the public school setting. (Drury University, 2004) The vision and philosophy of the university’s teacher education program is primarily geared towards the contributory aspect of teaching to society as a valuable member of the learning community. As a future educator, one must be able to give back to society what was learned and experienced during one’s stay in the university under the teacher education program. This may be accomplished by being instrumental in changing and modifying the face of education by improvement and development. Through this, the university is able to produce professional educators that cultivate quality and meaningful education that shapes the future of the coming generations. The teacher education program has set out several guidelines or standards that determine the competencies that students must achieve throughout training under the program. For instance, teachers must be able to focus on the students, and as part of the educational institution, they must be able to identify and provide for the needs of the students. Moreover, teachers must be able to acknowledge that students are different from one another, while at the same time exerting equal time and effort in facilitating learning within the learning environment. In addition, the learning process should be implemented during instruction in such a way that it meets the developmental needs of the students as a whole (physical, social, mental, etc. ). (Drury University, 2004) The teacher takes on multifarious roles such as the managing the classroom, monitoring the learning progress of students, etc. but most of all, the teacher is should be the one who facilitates learning through appropriate lessons and challenging activities, motivating and stimulating learning, and sound judgment and assessment of student progress. All these, of course, are grounded on the standards and objectives of education and the learning outcomes that the education program has established in the core curriculum. Aside from working with the students to affect learning, the teacher is also groomed to collaborate with other stakeholders that regard the teaching profession important as a means of educating the students. For instance, teachers must be able to establish meaningful relationships with other professional educators in order to gain insight and additional knowledge in being an effective educator within the learning community. Teachers, throughout the course of handling students from different family backgrounds and culture, must also build relationships with the parents of their students. This is part of the parent’s involvement in the education of their children, as a valuable instrument in the follow-up phase of learning within the family environment. (Drury University, 2004) The teacher education program is primarily based on established principles and standards such as the National Board for Professional Teaching Standards (NBPTS), National Council for Accreditation of Teacher Education (NCATE), the School Development Model of Comer, and postulates for the reform of teacher education by Goodlad. (Drury University, 2004) The university has achieved a highly competent teacher education program through its establishment according to the standards of NBPTS, which claims to uphold the values and knowledge that teachers should be learning (NBPTS, 2008). Moreover, the university’s teacher education program was also developed under the guidance of the NCATE standards, which aims to provide quality programs for educational institutions that embody what the students have to learn in order to achieve professional standards in preparation for the future (NCATE, 2008). The conceptual framework of the university’s teacher education program maybe understood by reviewing the eleven domains of teacher education. These eleven domains embody that learning outcomes and performance appraisals that the future teacher should accomplish before deployment to the actual school setting. The acquisition of relevant knowledge, such as the basics of teaching, the understanding of the needs and differences of students, the ability to develop challenging instructional strategies and materials, the development of a pertinent course curriculum that is fitting to the global scenario, the learning of schools for the employment of technological tools and recent instruments to facilitate learning, are just some of the eleven domains that are included in the conceptual framework of the university’s teacher education program. (Drury University, 2008) The knowledge of the university’s mission and philosophy, teaching program, and the conceptual framework for the teacher education program, is all-important in understanding the roles and responsibilities that future educators should accomplish throughout their college education as a preservice teacher. Moreover, future educators are informed of the things that they should acquire in order to be a valuable member of the learning community. References Drury University. (2004).Conceptual Framework for Initial Certification of Teachers. Retrieved April 1, 2008, from Drury University. Website: http://www. drury. edu/academics/undergrad/education/pdf/bluebook. pdf NBPTS. (2008). National Board for Professional Teaching Standards. Retrieved April 1, 2008, from the National Board for Professional Teaching Standards. Website: http://www. nbpts. org/ NCATE. (2008). Standards. Retrieved April 1, 2008, from the National Council for Accreditation of Teacher Education. Website: http://www. ncate. org/public/standards. asp

African And Native American Slavery Essays -- Slavery Essays

African and Native American Slavery The 1500's, a time of discovery, was when the Europeans came to dominate most of the New World. The Europeans traveled to Africa and captured Africans to help develop their land and satisfy their need for power. I feel that the treatment of the Indians and Africans by the Europeans was completely unjustifiable. While the Indians and Africans were less technologically advanced and the Europeans were uneducated, in this particular field, nothing can compensate for the actions of the Europeans.   Ã‚  Ã‚  Ã‚  Ã‚  As Europeans began to settle new lands they began their exploration of the foreign worlds. What they found was the opposite of what they expected. They found what they thought was a new breed of humans. In reality they were just Native Americans. These Indians were less technologically advanced than the Europeans. They also worshipped different and multiple gods and ate different foods. Europeans saw this as barbaric, so they treated them as barbarians. In the beginning Native Americans hadn't the faintest idea of what the Europeans had in mind when they said trade. They figured that when the White Man came and showed all that hospitality they meant it. Of course, they didn't, the Europeans captured the Indians to be used as slaves. They were also slaughtered and raped because of resistance to leave their land. If any Indians refused to leave their land they would be killed. The women were raped for...

Problems of Cross Border Listing and the Way Forward

Background Paper: Obstacles to cross-border listings and acquisitions in the financial sector A. Purpose of the paper In September 2004, the informal Ecofin Council in Scheveningen discussed the issue of lagging crossborder consolidation1 in the banking area. This low level of cross-border consolidation is not confined to banking, but is relevant for the whole financial sector, with some nuances. In the upcoming Financial Integration Monitor report, the Commission will dedicate a chapter on the quantitative aspects of crossborder restructuring, confirming the trends discussed in Scheveningen. Indeed, between 1999 and 2004, the report will show that cross-border mergers and acquisitions (M&As) accounted for around 20% of the total value of M&As in the financial sector, whereas cross-border deals represented 45% of M&As in other sectors over the same period. 2 Finance Ministers asked the Commission to examine possible explanations for this low level of pan- European restructuring specific to the financial sector, by reviewing the obstacles to cross-border M&As, in order to identify possible internal market failures, gaps or shortcomings. It should be stressed that the role of the Commission is to ensure that existing EU law is enforced properly, as well as to propose growth-supportive actions, within the context of the overall EU competitiveness policy. It must be equally clear that the Commission does not intent to favour specific business models or to influence individual market decisions, as long as they are compatible with the Treaty rules and the EU secondary law. On that basis, it is the role of the Commission to analyse market functioning, in order to detect any unjustified obstacles that would hamper companies in making their own decisions regarding their business organisation in the Internal Market. The misuse of the supervisory powers to block cross-border mergers has been identified by Ministers of Finance as a possible obstacle to cross-border mergers and acquisitions. The Commission has already taken steps to improve and clarify the current provisions in the relevant directive, to avoid such situations. At the same time, there may be other factors explaining the lack of cross-border mergers in the financial services sector, when assessed against the domestic consolidation3 process. This paper tries to draw a first list of potential obstacles to cross-border mergers, i. e. obstacles that would make a cross-border merger less attractive, more expensive or more complex than a domestic merger. It covers the whole financial sector, trying to distinguish between market segments when relevant. Obstacles to consolidation in general (i. e. bstacles that impede domestic consolidation as well) are not covered. Obstacles to forms of integration other than cross-border M&As (such as direct cross-border provision of services) are also out of the scope of this paper, even though some obstacles might be relevant for different channels of integration. This list is aimed at providing all possible explaining factors, in order to serve at a later stage as a base for discussion on which of those obstacl es should, and could, be removed in order to achieve the objective of improving the functioning of the Internal Market for financial services. It is not a policy paper, but a first analysis of the explanations behind the facts discussed at the Scheveningen informal Ecofin Council. 1 Cross-border consolidation means in this paper consolidation involving entities located in different EU Member States. 2 The full study will be published in the â€Å"Financial Integration Monitor – 2005†, due in May 2005. 3 Domestic consolidation is to be understood as consolidation occurring within a single EU Member State. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 2 In its present form, the paper does not distinguish between those obstacles that are key to explain lagging cross-border consolidation, and those of a more anecdotic nature. In addition, some obstacles mentioned here might be not relevant any more, but they may have influenced the situation of the past few years and could therefore provide part of the explanation for low cross-border consolidation up to now. However, we tried to mention the ongoing developments related to each obstacle identified. Introduction To Cross Border Listing The last two decades has witnessed acceleration in financial globalization represented by an increase in cross-country foreign assets. This has been the consequence of the international liberalization of capital flows as well as of the technological progress. These two phenomenons have lowered the barriers among individual national capital markets; however, geography has not become irrelevant. Obstacles to international capital flows (mainly the legal restrictions and costs associated with trading and acquiring information on firms listed abroad), i. e. the segmentation of markets, still exist. These barriers are creating incentives for corporate managers to adopt financial policies such as international cross-listing. For example, the US exchanges over the last few decades have attracted a sizeable share of the cross listed firms. Reasons for Cross border Quotation Cross border listings can help the company raise more capital by targeting new shareholders. However not all cross border listing are accompanied by share placements as this may affect liquidity and share price. Publicly-listed foreign corporations would therefore undertake to list on overseas exchanges for a variety of reasons: 1. To boost its status as a truly global player. 2. To raise Capital through debt or equity. 3. To increase trading volume. 4. To improve shareholder relations. 5. To enhance its visibility among overseas investors and consumers. 6. To tap into retail and institutional funds and benefit from changing global attitudes toward equity investing Challenges and recommendations of cross border listing There are challenges that happen to exist when considering cross-border listing for a company or country in general. First of all, potential investors located in the secondary market might be reticent, unwilling to trust and invest in a foreign firm on the market. In such a way, the company might lose prestige rather than gain more of it whilst entering a foreign xchange market. Secondly, barriers exist between countries; the real challenge might be the attitude regarding foreign firms entering a local market; this encompasses shareholder attitudes from an internal point of view of a company, as the latter might not be willing to go abroad in certain cases. Furthermore, political attitude of the secondary market’s country plays a great role in the presence of barriers. Restrictive political attitudes might give ri se to more barriers than usual to those wishing to enter the exchange market. This might also be the case the other way round, more precisely, regarding political stability; meaning that political instability in a country results in the market to be more risky and potentially unprofitable for the external firm. Another challenge is the element of uncertainty concerning policy factors such as taxation, accounting and financial standards and mechanisms but also the country’s economic and financial policies that might change, for example in the case of a change in political regiment. Such a change, if radical in some cases can become very challenging in terms of adaptation for the firm. . Methodology The paper tries to distinguish between three generic categories of obstacles: (i) Execution risks: those are obstacles that may pose a threat to a successful outcome of a bid, or may well result in the blocking of a deal. This category also covers obstacles because of which the expected result of a bid may not be what could be expected, even though the bid itself was successful. Obstacles in this category may not materialize and therefore may not have a direct cost, but their simple perception may deter potential bidders, or target entities and their shareholders, from initiating a merger process. (ii) One-off costs: those are specific costs that are caused by the execution of the cross-border deal, and would not exist in a domestic merger or acquisition deal. (iii)On-going costs: those are additional costs in the management of the merged entities, once the merger is achieved, which would not exist in the management of merged entities within the same domestic arket. Those costs can be direct (additional costs to manage the entities merged cross-border compared with the entities merged domestically) or indirect (lower synergies within the entities merged cross-border that within the entities merged domestically). The identified obstacles are also grouped according to their nature: legal barriers, tax barriers, implications of supervisory rules and requirement s, economic barriers and attitudinal barriers. A summary table is enclosed at the end. * * * C. Identified obstacles to cross-border mergers I. Legal Barriers a) Execution risks 1. Cross-border takeover bids are complex transactions that may involve the handling of a significant number of legal entities, listed or not, and which are often governed by local rules (company law, market regulations, self regulations). Not only a foreign bidder might be disadvantaged or impeded by a potential lack of information, but also some legal incompatibilities might appear in the merger process resulting in a deadlock, even though the bid would be â€Å"friendly†. This legal uncertainty may constitute a significant execution risk and act as a barrier to cross-border consolidation. The new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, lays down common rules in order to ensure greater legal certainty for cross-border takeovers. The Directive has to be transposed by May 2006. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 3 2. The financial sectors of some Member States include institutions with complex legal setup resulting in opaque decision making processes. An institution based in another Member State might only have a partial understanding of all the parameters at stake, some of them not formalized. Such a situation might constitute a significant failure risk, as a potential bidder might not have a clear understanding of who might approve or reject a merger or acquisition proposal. 3. In some cases, legal structures are not only complex but also prevent, de jure or de facto, some institutions to be taken over or even merge (in the context of a friendly bid) with institutions of a different type. Such restrictions are not specific to cross-border mergers, but could provide part of the explanation of the low level of cross-border M&As, since consolidation is possible within a group of similar institutions (at a domestic level) whereas it is not possible with other types of institutions (which makes any cross-border merger almost impossible). 4. In some Member States, the privatization of financial institutions has sometimes been accompanied by specific legal measures aimed at capping the total participation of non-resident shareholders in those companies or imposing prior agreement from the Administration (i. . â€Å"golden shares†). Some of such measures were clearly discriminatory against foreign institutions, when it came to consolidation. The European Court of Justice has indicated that such measures were not justified by general-interest reasons linked to strategic requirements and the need to ensure continuity in public services when applied to commercial entitie s operating in the traditional financial sector. See for instance cases C-367/98 (judgement of 4 June 2002) or C-463/00 (judgement of 13 May 2003). 5. In some Member States, company law allows the company boards to set up defence mechanisms, such as double voting rights and poison pills, to prevent any hostile bids. Such asymmetries in company law might distort the level playing field within the EU, and protect national markets, sometimes to the benefits of participants in these markets. The initial Commission’s proposal for the new Takeover Bids Directive (2004/25/EC), adopted on 21 April 2004, included the approval of shareholders before activating defence mechanisms to counter a takeover bid. This provision has been repelled by the European Parliament and the Council. In the adopted text, Member States may decide to forbid such arrangements (i. e. opt in). 6. Even if an acquisition is successful, there may exist impediments to effective control, i. e. there may be a risk that the acquiring company does not acquire proportionate influence in the decision making process within the acquired company – while being exposed to disproportionate financial risks. This can be explained notably by the existence of special voting rights, ineffective proxy voting or use of the Administrative office by a foreign acquirer. Also barriers (or restrictions) to sell shares could hamper the process. As mentioned in  §5, the Commission’s initial proposal for a new Takeover Bids Directive tackled some of these issues, but some provisions were taken out of the final version during the co-decision procedure. Also, as part of the Corporate Governance Action Plan, the Commission opened a consultation on the exercise of Shareholders’ rights which was closed in December 2004. 7. Differences in national reporting schemes, notably as regards accounting systems, may result in difficulties to assess the financial situation of a potential target. From January 2005, listed EU companies will be required to publish their consolidated accounts using International Accounting Standards, as endorsed by the Commission. Member States have the option of extending the requirements of the IAS Regulation (EC 1606/2002) to unlisted companies and all banks and insurance companies and to the production of non-consolidated accounts. DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 4 b) One-off costs 8. The national laws of some countries might include restrictions on the type of offers that can be executed (i. e. ash only vs. exchange of shares). Even though such measures are not in themselves discriminatory to cross-border mergers, they might constitute a barrier to cross-border consolidation, given that the different features of such mergers (notably in terms of size) could call for a specific type of offer. c) Ongoing costs 9. Differences in employment legislation across t he EU may also create barriers for efficient and flexible (re)organisation. In particular, the procedures to move staff within a pan-European group remain very complex (furthermore in some cases, prudential rules impose constraints on the location of staff – cf. n insurance art. 3 of Directive 95/26/EC). Those differences may also result in higher legal costs to deal with the different legal systems, as well as complex processes and different timelines when trying to introduce changes on a cross-border basis. 10. The different accounting systems across the EU have also required companies to set up adapted IT, specific personnel and reporting systems. This limits the scope of possible cost synergies when two institutions merge across the border, where as such synergies do exist when two institutions merge within the same Member States. ? See  §7. 11. The consumer protection rules are very different from one Member State to another. This heterogeneity translates into the nece ssity of country-customised financial products compliant with those rules, and therefore also specific IT systems that handle those products and consumer relationship. For instance, this has been evidenced in the mortgage credit sector in the report recently published by the mortgage credit forum group set up by the Commission. Furthermore, those different rules are often based on the â€Å"general good† provisions and consequently potential abuses aimed at protecting the national markets are difficult to challenge in court. A significant example is the case C-442/02 (CaixaBank vs. France), where the European Court ruled in October 2004 that France could not ban interest bearing current accounts in that it constitutes an obstacle to the freedom of establishment. 12. Differences in national implementations of the Directive on data protection may also interfere with an optimal organisation of businesses within merged companies. Indeed, it can have a strong impact on IT systems and limit back-office rationalisation. 13. More generally, differences of approaches in private law, sometimes explained by historical or cultural factors, may impose a country-by-country approach for some products or services (especially in the insurance sector), with the same results as differences in consumer protection rules. Those differences include notably liability and bankruptcy rules, with the implied difficulties of enforcing cross-border collateral arrangements, as well as differences in legal rules for securities. ? The Commission is working with researchers and stakeholders to develop a Common Frame of Reference for contract law as a form of handbook identifying best solutions in European contract law and giving guidance on the different approaches used, with a view to providing common definitions, principles and model rules for use in lawmaking (see COM 2004 (651) final: â€Å"European Contract Law and the revision of the acquis: the way forward†). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 5 II. Tax barriers a) Execution risks 14. As mentioned earlier, mergers and acquisitions are complex processes. Despite some harmonised rules, taxation issues are mainly dealt with in national rules, and are not always fully clear or exhaustive to ascertain the tax impact of a cross-border merger or acquisition. This uncertainty on tax arrangements sometimes requires seeking for special agreements or arrangements from the tax authorities on an ad hoc basis, whereas in the case of a domestic deal the process is much more deterministic. The Merger Directive (90/434/EEC) provides for the deferred taxation of capital gains arising from cross-border corporate restructuring carried out in the form of mergers, divisions, transfers of assets or exchanges of shares. Taxation of the capital gain is deferred until a later disposal of the assets. In October 2003, the Commission put forward a proposal to improve the Mergers Directive (90/434/EEC), which aims at clarifying the scope of the Directive as well as ensuring it applies to European Companies and European Co-operative Societies. Political agreement by the Council was reached on 7 December 2004. 15. The uncertainty on VAT regime applicable to financial products and services may put at risk the business model or envisaged synergies. The EU's VAT legislation in this area is badly in need of modernisation and because of its inadequacies, there is an increasing tendency to resort to litigation. The outcome can often be uncertain and as a result tax implications may place a question mark over otherwise sound business strategies. In recent years, the number of significant ECJ cases on VAT and financial services has increased steadily. Individual judgement may indeed clarify the law in particular circumstances but often at the cost of consequences which may not always be compatible with overall Community policy objectives. To take just one example, case C-8/03, Banque Bruxelles Lambert SA vs. Belgian State, the ECJ arrived at a judgement on the VAT treatment of open-ended investment companies (SICAVs) which has the potential to create tension in achieving the objective of equality of treatment and sustaining a level playing field for operators across the EU. In the absence of legislative measures, it is inevitable that the Court will play an increasing role with uncertain consequences. The Commission has attempted to address the provisions of the 6th VAT Directive (77/388/EEC) dealing with financial services but without much success. DG Taxud is currently looking at the distortive effect of these provisions and intends to proceed with a process of modernisation which will better ensure their compatibility with the objectives of the Internal Market and give business greater certainty about the tax implications of business decisions. ) One-off costs 16. The principal relief from the Merger Directive (90/434/EEC) is the deferral of tax on the capital gains on the assets transferred in a transaction covered by the Directive. However, in some cases where the Directive does not apply, special corporate structures have to be put in place to avoid such an exit tax on capital gains. This is for instance the case when permanent establishments are transferred from one Member State to another, by a holding company located in a third Member State. It can also occur when a subsidiary is converted into a branch. See comment of  §14. Also related to this issue is the judgement published in March 2004 (case C-9/02 – de Lasteyrie du Saillant) by the European court which ruled that taxation on unrealised capital gains of a natural person moving to another Member State constitutes an obstacle to the freedom of establishment. c) Ongoing costs 17. The issue of transfer pricing is a complex one for a group operating in several countries. As was evidenced in the Commission’s Communication â€Å"Towards an Internal Market without tax obstacles – A strategy for providing companies with a consolidated corporate tax base for their EU-wide DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 6 activities† (COM(2001) 582), a lack of common approach to allocate profits may rise to numerous problems on the fiscal treatment of intra-group transfer pricing, notably in the form of high compliance cost and potential double taxation. The Commission set up a â€Å"EU Joint Transfer Pricing Forum† with Member States and business representatives, meeting on a regular basis. Bringing together all parties concerned to discuss the issues at stake it helps to reach a better common understanding and allows to identify possible non-legislative improvements to the practical problems in order to reduce compliance cost and prevent disputes. 18. A group operating across several Member States may wish to centralize support functions to increase operating efficiency. But in many cases the result will include creating a VAT penalty on the inter group supply of services (e. . legal services or other back technical operations) to another Member State. Given that in the financial services sector VAT is at best only partially recoverable, this represents significant additional costs that penalised cost synergies to expect from a crossborder merger when compared to a national merger. This tax penalty on cross-border shared ser vice operations is in addition to the general bias towards vertical integration which is widely perceived as a barrier to efficiency in the existing VAT provisions. See comment of  §15. 19. The lack of a homogeneous system of loss compensation across the EU affects the profit taxation at the group level. A group with several subsidiaries in the same Member State may offset profits in some of them by losses in others, whereas it will be more difficult, if possible at all, with a group with subsidiaries in several Member States. Therefore groups may prefer intra-domestic consolidation to enjoy wider diversification effects as they may benefit from direct horizontal loss compensation instead of deferred and incomplete vertical compensation between subsequent fiscal years. ? In the pending case C-446/03 (Marks & Spencer), the European Court Justice has been asked whether it is contradictory to the EC treaty to prevent a company to reduce its taxable profits by setting off losses incurred in other Member States, while it is allowed to do so with losses incurred in subsidiaries established in the State of the parent company. 20. Specific domestic tax breaks may favour specifi c, non-harmonized products or services, with the result that every institution has to provide this service or product if it wants to remain competitive. In such a situation, a merger between two entities located in that domestic market may yield synergies of scale, whereas it will be more difficult to exploit comparable synergies for a foreign institution taking over a domestic one, while not being entitled to the tax break in their home state. 21. In some cases, there may be discriminatory tax treatments for foreign products or services, i. e. products or services provided from a Member State different from the one where it is sold. Therefore, a cross-border group will be disadvantaged when trying to centralise the â€Å"industrial functions† (e. g. asset management functions) over a domestic group since the latter may keep all its value chain within the country and still benefit from synergies. In the area of asset management, the Commission has opened a number of infringement cases to examine the tax treatments of dividends on foreign investment funds that could potentially be discriminatory (infringements 2000/5059 vs. DE, 2002/4714 vs. AT, 2003/2009 vs. FR, 1994/476 vs. EL, 2003/2010 vs. IT). 22. The impact of taxation on dividends might influence the shareholders’ acceptance of a cross-border merger. Even though a seat transfer or a quotation in another stock market might be justified for economic reasons, groups of shareholders could be opposed to such an operation if it implies higher non-refundable withholding tax, and thus lower returns on their investments. See COM(2003) 810 for a presentation of the different tax schemes applying to dividends across the EU. In the cases C-315/02 (Lenz) and C-319/02 (Manninen), the European Court of Justice ruled in 2004 that taxation on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 7 dividends should make no distinction between dividends originating from domestic companies and those originating from companies established in another Member State. In particular, tax credit mechanisms or reduced rates should apply equally to all dividends distributed by any company established in the EU. III. Implications of supervisory rules and requirements a) Execution risks 3. A cross-border merger may highlight gaps or imperfections in the regulatory framework which may make regulators feel uncertain how to proceed, leading to delay, the imposition of specific measures or a veto of the proposed merger. In the banking sector, for example, the emergence of large cross-border groups might raise local supervisors’ concerns regarding financial st ability (e. g. the ongoing discussions on deposit guarantee schemes). In other sectors such as exchanges which had traditionally operated within one national market, regulators may be unclear how to operate in a cross-border context. ? The Economic and Financial Council is examining the effects of increased integration of the financial sector on financial stability and crisis management. Several areas, among which deposit guarantee schemes, are being scrutinized to ensure that the regulatory and supervisory framework is adapted to cross-border consolidation. 24. The misuse of supervisory powers, notably regarding those related to the approval of changes in the shareholding, have also been indicated as raising obstacles to cross-border consolidation. Although it was confirmed by the Commission that such powers should only be used on prudential grounds (Champalinaud case), the current legislation offers significant leeway for supervisors to veto cross-border consolidation. Following the mandate given by the Economic and Finance Council at their Informal Scheveningen meeting (10 and 11 September 2004), the Commission is considering the relevant provision of the Codified banking Directive and has put a discussion paper to the Banking Advisory Committee on 24 November 2004. A similar discussion took place at the Insurance Committee on 1 December 2004. 25. The complexity of the numerous supervisory approval processes in the case of a cross-border merger can also pose a risk to the outcome of the transaction as some delays must be respected and adds to the overall uncertainty. In particular, in the case of a merger between two parent companies with subsidiaries in different countries, ‘indirect change of control’ regulations may require that all the national supervisors of all the subsidiaries must approve the merger. b) One-off costs c) Ongoing costs 26. Despite a common regulatory framework, there might be significant divergences in supervisory practices at the level of institutions. Such divergences might be explained by optionality in the harmonised rules, including provisions taken at national level that exceed the harmonised provisions (‘superequivalent’ measures), or lack of coherence in enforcement of common rules. The consequence is a limit on homogeneous approaches, and therefore synergies, of risk control and risk management within a cross-border group. The Lamfalussy approach has been extended to the areas of banking and insurance, which i. . provides for EU supervisory committees in charge of achieving greater convergence in supervisory practices. The new Capital Requirements Directive provides an enhanced framework for supervisory cooperation, as will the upcoming Solvency II Directive. 27. The multiple reporting requirements, in some cases combined with a lack of transparency in terms of requirements and d efinitions, may also impose a significant and costly administrative burden on DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 8 cross-border groups. Indeed, a cross-border merger might cause heavier reporting requirements compared to those imposed on the two entities that are being merged. Instead of creating cost synergies as in a domestic merger, a cross-border might even create additional costs. The Commission set up a forum group which set out several recommendations in a report published in June 2003. To follow-up on these recommendations and within the overall so-called â€Å"Pillar II† work, the Committee of European Banking Supervisors is investigating the technical solutions to enable a streamlined reporting regime in the field of banking. IV. Economic barriers a) Execution risks b) One-off costs 28. The fragmentation of the European equity markets may impose additional transaction cost on a cross-border merger. For instance, the exchange of share mechanism can be complex, and more expensive, when the two entities involved are listed on different stock exchanges. The additional costs might also influence the bidder on the type of deals (i. e. cash vs. exchange of shares). c) Ongoing costs 29. Independently of the legal frameworks or tax incentives (see  §13 and 20), some differences in product mix, are explained by habits, preferences or even history. This is especially true for the most common products, such as payment instruments. As a result, the potential for product rationalization resulting from a cross-border merger is more limited than for a domestic merger. 30. In cross-border groups, there are also more non-overlapping fixed costs, which cannot be spread over several countries. Indeed, even without legal, tax or prudential barriers, there would remain differences between Member States that would require a differentiated approach to be adapted to the local environment. This limits potential synergies. The most obvious example is language, and the implications in terms of customer services for instance. 31. The low level of cross-border consolidation might also be explained by a lack of potential targets, due to the lack of middle-size institutions. National consolidation of middle-size institutions resulted in the emergence of rather large and complex institutions. The few examples of cross-border mergers seem to indicate that it implies more often a big institution taking over a middle-size one. Taking over a big institution may perceived as too complex (and risky), whereas the takeover of a small one might not be sufficient to offset the induced costs. 32. The absence of critical size in some market segments (e. g. investment banking) may incite institutions to enter into a niche strategy, where the advantages of cross-border mergers that create large players is less evident from an economic point of view. Indeed, not only it would be difficult to find synergies between two niche players, but also absolute size would not necessarily be an advantage if an institution wants to maintain its competitive advantage in its niche market. 3. Domestic mergers can contribute to increase market power, and therefore increased profitability even without any cost synergies (i. e. raising the income while maintaining the costs at a constant level). Since most of the retail markets are still organized on a national basis, cross-border mergers yield very few, if any, increased market power. 34. Differences in economic cycles across the different Member States may also play a role, in that the economic environment has a strong effect on bank profitability. Different strategies might be DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 9 needed for different macroeconomic conditions, and therefore it might limit the scope of a potential pan-European strategy implemented at the level of a cross-border group, whereas domestic groups face a single economic environment. However, this could also be a driver for consolidation, as those differences in cycles can help to smooth the profitability by reducing risk and earnings volatility through geographical diversification. V. Attitudinal barriers ) Execution risks 35. Openly or not, some Member States may promote a â€Å"national industrial policy†, aiming at the creation of â€Å"national champions†. Among possible justifications, some may argue that such a policy may ensure adequate financing of the national economy. Political considerations may also play a role with recently privatised companies or institutions that have received public money. This political interference may block a cross-border merger, even though such this transaction is compatible with the existing rules. Such interference might not require formal powers or rules to materialize. Indeed, as evidenced in the previous sections, there are many obstacles to overcome to carry through a cross-border merger that it is realistic to think that no cross-border merger can be achieved if there is a strong political opposition. In addition, such a policy may lead to tolerance of high levels of concentration at a domestic level, allowing (or even encouraging) domestic consolidation over cross-border consolidation and making it even more difficult to accept a foreign takeover of a national institution with a significant market share. 36. Employees’ reluctance within the target company of a cross-border deal might also pose a threat to the successful outcome of the transaction. Indeed, employees may not accept to be managed from another country. A public opposition to the project may influence analysts’ assessment. Also employees may play a role if they have a participation in the company. 37. Cross-border mergers may imply a change in the place of quotation, or even in the currency of quotation. Shareholders’ acceptance of quotation changes may be limited, even all risks or tax impacts are eliminated. Indeed, the place of quotation may have an important symbolic value. 8. Given that cross-border mergers are complex and need to overcome a number of execution risks (as evidenced in this document), there might be an impact on shareholders’ and analysts’ apprehension of failure risk when it comes to cross-border mergers. b) One-off costs c) Ongoing costs 39. Interference with political considerations may also have consequences in the structures put in place after a cross-border merger. Such political concessions (e. g. guarantees of level of employment, no headquarter moves, protection of the local brand) may help in getting the merger through the ifferent obstacles, but constrain the resulting cross-border entity in realising the full potential of the merger as options may be severely limited. 40. Consumers may mistrust foreign entities, meaning that all parameters being equal, a local incumbent may have an advantage over a competitor identified as foreign. This explains why foreign institutions often prefer to keep a local brand, even though it might impede synergies across certain functions (e. g. marketing) or slow down the integration process (transition from one brand to another over a long period of time). DG Internal Market and Services – April 2005 IPM survey on obstacles to cross-border mergers and acquisitions 10 Summary I. Legal Barriers II. Tax barriers III. Implications of supervisory rules and requirements IV. Economic barriers V. Attitudinal barriers a) Execution risks 1. Legal uncertainty 2. Opaque decision making processes 3. Legal structures 4. Limits or controls on foreign participations 5. Defence mechanisms 6. Impediments to effective control 7. Difficulties to assess the financial situation 14. Uncertainty on tax arrangements 15. Uncertainty on VAT regime 23. Concerns regarding financial stability 24. Misuse of supervisory powers 25. Supervisory approval processes 35. Political interference 36. Employees’ reluctance 37. Shareholders’ acceptance of quotation changes 38. Shareholders’ and analysts’ apprehension of failure risk b) One-off costs 8. Restriction on offers 16. Exit tax on capital gains 28. Fragmentation of the European capital markets c) Ongoing costs 9. Employment legislation 10. Accounting systems 11. Divergent consumer protection rules 12. Data protection 13. Differences in private law 17. Transfer pricing 18. Inter-group VAT 19. No homogeneous loss compensation 20. Specific domestic tax breaks 21. Discriminatory tax treatments 22. Taxation on dividends 26. Divergences in supervisory practices 27. Multiple reporting requirements 29. Different product mixes 30. Non-overlapping fixed costs 31. Lack of middle-size institutions 32. Absence of critical size 33. Market power 34. Differences in economic cycles 39. Political concessions 40. Consumer mistrust in foreign Entities Conclusion: Whether benefits outweigh costs depends on whether total trading volume increases subsequent to listing abroad (Mittoo 1992). Although financial markets are becoming more integrated globally, geography still has a role to play. More precisely, regulations, technological variances, market barriers and legislation vary in different regions. Barriers still exist and stock exchange markets are trying to continuously bring those down by creating strategic alliances. Cross-listing provides several advantages to firms; they are able to reduce the cost of their equity capital as they can reduce the risk to investors. The company’s firms become more liquid and there is also better flow of information on the exchange markets. In such a way, cross-border listing becomes advantageous both for investors as well as the company itself

Gender Inequalities Essay

Gender Inequality is the differences in the status, power and prestige women and men have in groups, collectivities and societies. Gender inequality usually affects women more than men due to the status in society. Many women are affected in the workforce due to gender inequalities, in many countries such as Iraq and Afghanistan women are held at a lower position to men. In countries such as those, women are thought of as property other than human beings. Why does gender inequality happen? The answer to this question is not as simple as it may seem. The most enforcing cause of gender inequality would be stereotypes. Typically women are thought of as housewives, to stay home, cook and clean, and take care of children. Men are suppose to be the breadwinners, they are suppose to work and support the family. In modern society the thought of the typical â€Å"housewife† has changed. Ever since the Rosie the Riveter revolution during World War II, more and more women are working in the workforce instead of staying at home. Even though during this time women were encouraged to take the place of their men and work in the workforce, a glass ceiling was still created keeping women unable to be promoted and gain higher positions. see more:gender equality essay for kids Interesting enough, almost 40% of women today make more than their husbands, and women today make up almost 60% of U.S. college students and earn the majority of doctorates and master’s degrees. So why does gender inequality still exists? Its a long interval of gender differences, including roles of biology, gender socialization, and findings from other cultures. Also the different forms of gender inequalities suchs as women in the workplace, inequalities at work, and the gender pay gap take a huge toll on gender inequalities. As the differences between girls and boys are explored, the differences between men and women are also explored. Many scientist say that nature vs. nurture has a huge involvement with the biological makeup differences of men and women. A quote from Intro to Sociology states that â€Å"Scholars disagree about the degree to which biological characteristics affect gender identities as â€Å"feminine† or â€Å"masculine† and the social roles b ased on those identities. The debates is really about how much social behavior is learned versus innate (or â€Å"inborn†)†. (Intro to Soc 295). I agree with this statement because the  biological characteristics do not makeup a gender identities. Only because a woman is not built like a man does not mean she is more weak. Only because men were not exposed to more cooking and cleaning as much as a woman or young girl is, does not mean that woman or man is incapable of doing it. When thinking of the differences concerning men and women its hard to compare the behavioral differences to an overall audience. Depending on the different cultures, women and men have different morals and behaviors. For example women in Iraq are held as property to their husband, also in some Muslim countries, some women are stoned to death for wrongdoings. These example show complete inequality differences between men and women. For examples, as humans we are trained to think that woman can not perform strenuous work, its up to men to perform difficult task. These stereotypes are the ones that create gender inequalities and make it unfair for women to gain equal rights. Most sociologist argue that a mans aggressiveness varies between cultures and that women are still are as aggressive but display their aggression in a more discreet manner such as using strategies and â€Å"bad mouthing† rather than physical fights. I agree with this statement, usually men are more confrontational because men always look to be the Alpha male. When women are in a confrontation, more women will be more sneaky and rather talk than just fight physically. When it comes to the different forms of gender inequality, there are many different forms and disadvantages mainly pertaining to women. The first most common is women in the workplace, women in the workplace have more disadvantages than men. Another disadvantage would be the gender gap and pay. Men tend to receive a way higher pay than women. Each of these are examples of gender inequality, in the workplace it can be found most typical due to the stereotypical judgements of women working. The gender gap payment has a great affect on gender inequalities, since men are paid more this creates a glass ceiling for women trying to advance in the career path. In a quote by the feminist majority foundation, â€Å"In the Wall Street Journal/Gallup survey, women managers were asked what they consider to be the most serious obstacle in their business careers. Only 3% cited â€Å"family responsibilities,† but half named reasons related to their gender, including: â€Å"male chauvinism, attitudes toward a female boss, slow  advancement for women, and the simple fact of being a woman.† (FF 1) This quote shows that the main thing holding back women in the working society is stereotypes. Many women stereotypes claim that its family issues holding back our women from reaching higher levels. Many assume that if a women is a single mother, divorced, or divorcing this may take an effect on her work ability. In society when it comes to gender and family, each gender is expected to have a certain type of role. When it comes to family there are many different types and levels. Usually in a family women are expected to take care of the children and men are expected to work and provide. In this modern day society women usually do both, work and take care of their family. Since the beginning of humankind women were suppose to bare the children and men were suppose to provide for the family. Since this though was considered since the begnning of mankind its hard to earse this thought. Still til this day, women mainly do the cooking while men provide. Since women are mainly thought of being in the kitchen, its hard for men to picture women in the workfield. Since the beginning o f time women have been thought of as the housekeepers. When World War II came around things changed and women had to step up to the plate. Ads such as Rosie the Riveter promoted women to get jobs and work outside the household. Before this time the life for a woman was boring and just an endless cycle of the same tasks. Many books were written explaining the average life of the housewife such as â€Å"captive wife† by Gavron in 1966. During the 1970s and 1980s a spring of debates and research formed on family from feminist viewing this topic. Before feminist began to look t the value of family, the researched typically focused on the kinship and family ties and how society affects them. Feminist began to focus on inside the family to examine a woman’s experience in the domestic atmosphere. Many feminist argued that there was an unequal power instilled in the families and that more family benefitted more than the other. There are three spectrums that feminist found important when examining the importance of family. One is the domestic of labor, which is the way tasks are allocated among household members. Feminist tend to disagree about the historical upcoming if this division. Some view it as a effect of the industrial capitalism. Another theme would be unequal power relationships, whi ch equals domestic violence. Many feminist argue that violent and abusive sides of families have been ignored  in both academic contexts and legal and policy circles. feminist feel that the family serves as a gender oppression. The last theme would be caring activities, this theme extends from looking after a person who is ill to looking after an elder. Not only do women complete household chores and child care they also have significant emotional labor in maintaining personal relationships (Duncome and Marsden 1993). Caring activities are grounded by in love, deep emotion, they also require an ability to listen, perceive, negotiate, and act creatively (Intro Soc 500). Women play a huge role when it comes to family and society. Women provide a nurturing environment for society because of their loving nature. Without a mothers nurturing nature, children wouldn’t have the ability to grow properly. A woman is the foundation to any family, without a woman a family wouldn’t be able to function properly. When it comes to a family women aren’t just housewives, they are the emotional base and protectors of the family. In conclusion I feel that men and women should have equal power, especially w hen it comes to the work force. Many women have to deal with stereotypical comments in the workforce and sexual harassment. Harassment is also a big difficulty for women to proceed in the workforce, a quote from a Huff Post article â€Å"The HuffPost poll found that one in five women said they’d been harassed by a boss, and one in four said they had been harassed by another co worker. And although women were more likely than men to say that they had been victims of one or both types of sexual harassment, men also reported being sexually harassed — 6 percent said they were harassed by a boss and 14 percent by a coworker.† (Huff Post 1) This proves that women not only have to deal with stereotypes but also have to deal with sexual harassment which is even more difficult. Women should just have an equal position in status compared to men because, women can do anything a man can do. In some cultures such as Muslim cultures, women have little to no rights and sometimes even die for committing the sm allest thing against their husbands. Women typically have it more difficult than men because women are seen as a piece of property rather than being their own person. Its concerns me how much we seem to belittle our women in society even though they are the foundation to any family and the rock to any man.

Comparison between the U.S Senate and House

Comparison between the U.S Senate and House The senate and the house websites demonstrate that both the United States Senate and the United States House of Representatives are integral parts of the United States Congress. The incorporation of the senate and the house make the congress become a bicameral legislature of the federal government of the United States of America. Another similarity of content between the senate and the house websites is due to the fact that senators and representatives are chosen through direct election.Advertising We will write a custom report sample on Comparison between the U.S Senate and House specifically for you for only $16.05 $11/page Learn More Election However, the house website illustrates that there are four hundred and thirty five members in the House of Representatives. Each of the representatives represents a district and its populace and that is the reason why House seats are shared out among the states with reference to population. Members in the House of Re presentatives only serve the people for a two year term before elections USHR, (2010). The senate website on the other hand reveals that there are one hundred senators in the United States Senate. The senators exclusively represent a state and each state is allocated two senators thus population is not a valid factor in the United States Senate. Unlike members in the House of Representatives, senators serve a far longer term of six years before elections are conducted. The senators are appointed through an election where the winner is decided by the plurality of the popular vote. Nonetheless, more or less one-third of the Senate is elected at a time within an intermittent period of two years and in most cases, the incumbent senators are always in a better position for re-election USS, (2010). Powers After careful study of both the senate and the house websites, it is evident that the House and the Senate have a number of similar and divergent powers. The Constitution gives the House exclusive rights to the initiation of all bills for raising revenue hence the Senate lacks the authority to instigate bills that enforce taxes USS, (2010). In addition, the House of Representatives has absolute power over the bills that sanction the disbursement of federal funds thus the Senate lacks power to instigate appropriation bills. This is because the House is a solid veto point for such bills and an appropriation bill has to be considered in the house before implementation. However, the senate has the power and indeed the right to amend general appropriation bills and the power to carry out this function is limitless USHR, (2010). Therefore even though the Senate cannot introduce an appropriation bill, it can alter the content and the focus of a present bill to suit its intentions. For any bill to be implemented, the approval of both the Senate and the House of Representatives is needed for any bill to become law. Both the Senate and the House must agree upon and pass the same version of the bill and any variations in opinion are settled by a conference committee which is made up of members of both bodies.Advertising Looking for report on government? Let's see if we can help you! Get your first paper with 15% OFF Learn More Presidential powers The first presidents of the United States of America were George Washington, John Adams and Thomas Jefferson who during their tenure managed to effectively alter the powers of the president. George Washington was the first president who acquired that position through military victory and his popularity amongst the Americans. As the president, he set out to strengthen the nation’s unity, keep a neutral and objective perception and to build the economy. Washington managed to accomplish most of his objectives and though widely appreciated, some quarters were not content. Economic policies and treaties were met with angry reactions like the 1794 whisky rebellion. The president was how ever able to assert the will of the nation over localized rebellion and thus Washington and his administration were triumphant in strengthening the powers of the president. John Adams was elected in 1796 and immediately went on to altar foreign policy and domestic laws USHR, (2010).. He was highly unpopular leading to the 1800 revolution by approving unconstitutional laws which were oppressive. Adams managed to cast doubt over the powers of the presidency which divided the nation and partially diluted the powers of the president. When Thomas Jefferson was elected as president, his first intentions were to strengthen the Republic. He reduced the powers of the federal government and repealed the unconstitutional acts passed by Adams. Overall, Jefferson managed to strengthen the nation and indeed the powers of the president even though the Adams administration had introduced a multipartite form of democracy. References The United States House of Representatives- USHR, (2010). Tying It All Together: Learn about the Legislative Process. Web. The United States Senate- USS, (2010). Legislation records. Retrieved from: https://www.senate.gov/pagelayout/legislative/d_three_sections_with_teasers/bills.htm

ecampuscom essays

ecampuscom essays q Product- Ecampus.com is an internet company that offers a wide variety of college supplies and other related items online. However, the primary product that is being marketed is college textbooks and books. In fact Ecampus.com claims to be the largest college bookstore online, and to have all books in print available to customers. q Price- In terms of price, Ecampus.com offers their product at an affordable, discounted price compared to the typical bookstore price. Having books available at an affordable price for college students is one of the company's main concern and is evident in their mission statement, as it claims "to provide the easiest, fastest and cheapest way for college and university students to buy textbooks and stuff". On the web site the company also displays the actual price of the book being bought and the price they offer it at, in order let the students be aware of how much they are saving. q Promotion- Ecampus.com have gone through great lengths to promote their company, especially during the summer of 1999, which around the time when they officially launched their company to the public. Their promotion efforts during the period were extremely vital to the company's growth since they had just recently entered the market and also because the school period was soon the start shortly. On July 2, 1999, Ecampus.com officially went live with their web site, during a press conference, which was held in order to introduce their company to the public. Their promotion efforts continued to reach the public through, the internet and mass media. Various commercials for instance, began to surface nationwide, directed primarily for their target market, which were college students. Ecampus.com also chose other channels of promoting their service, which includes flyers on college campuses and magazine ads. q Place- The great thing about Ecampus.com is an internet company and is accessible via t ...