Classical conditioning and instrumental conditioning Essay Example for Free

Classical conditioning and instrumental conditioning Essay Classical conditioning and instrumental conditioning Classical conditioning is about pairing a stimulus with another stimulus that cause a natural reaction. As a good example of Pavlov’s dog meat powder experiment, the dog meat powder and dog salivating is unconditional reponse which naturally occurred. However, if a dog was given a meat powder after the bell ring, eventually the dog will salivate whenever bell rings even if there are no meat powder, meaning, by pairing the two stimulus the desired behavior will be evoked without the unconditional stimulus which originally used. Operant conditioning is encouraging a particular behavior by positive reinforcers such as rewards or sometimes by punishment. The marketers use this conditioning to attract consumers and as well as keeping them satisfied. Consumers feel that they are compensated and gained extra value when they are given some kind of rewards. By applying operant conditioning technique, the person, company or the source selling the product or service are getting their desired benefit but also consumers sometimes feel it is win-win situation. The main difference between the Classical conditioning and instrumental conditioning is that, with operant conditioning, the consumers must be passive and participate and act in some way to achieve desired behavior where in classical conditioning, the behavior is elicited by natural unconditional response. Shaping is process of altering desired behavior over time. By instrumental conditioning, this behavior can be achieved from offering small reward to a larger reward and gradually the consumer will behave as planned by a markters. In a Starcity casino in Sydney, they are applying instrumental conditioning on their marketing strategy. They provide consumers with various levels of membership cards, meaning if casino customers spend more time their level of card will be promoted to a next level. First membership starts with blue card, then silver, gold and if one spends more than 1000 hours, he or she will be rewarded with Sovereign card. Different levels of rewards and offers are given to each card levels. For example, if you receive a blue card in the beginning, you will receive a free buffet ticket every week by post. The buffet entrance is right next to the casino  entrance, this way there are big chance that consumers will visit the casino in some point as they are exposed continuously to the casino. And with the sovereign card, if you sit and play at the casino for just 3 hours, you will get a free hotel room for a night at Starcity. The casino shapes their customers by giving variety and different levels of rewards. This is very effective in attracting consumers and making them the end-user/customer to the business. Classical conditioning – Pairing the two stimuli, to make reponse. Clothing(conditional) with sexual image(unconditional), = (wear this clothes and you can hook girls) PAVLOV dog with meat(unconditional) and bell(conditional) = (hear the bell and that’s when you get the meat) , Conditioned stimulus – Does not occur naturally but must do(pairing unconditioned stimulus) Unconditioned stimulus – Response that occurs naturally - Unconditioned response conditioned stimulus is bell ring paired with meat powder but later on, the response was made unconditionally after bell rang. EG Psychologically, woman seek for men who can satisfy or fulfill their needs of, shelter, food, safety and social belongings. When they meet a men, they look if he is financially stable. One specific element that she will look for could be a nice car. If he has Porsche kind of nice expensive cars, there is big possiblility that this men can take care of the women. In men’s implicit memory, there is something like purchase a nice car and you can attract nice woman. Therefore men desire and trying to buy a nice sport car is becoming unconditional response. If someone buys a nice shirt or uses perfume and more women are attracted, he will use Instrumental (operant) ConditioningSKINNER Behavior is conditioned with reinforcement, do. Rewards. Behave - gets reward Discriminative stimuli – Presence of reinforce needed. Reward will occur if type of behavior is made.(if you do this, you will get reward) (shop at store and get 10% discount) (online 10% cheaper and etc) STARCITY MEMBERS 3hours play and receive free parking. 5hours free rooms EG become a starcity member and get half discount on garden buffet. Casino membership - discount ticket used to elicit desired purchase(people coming to casino or exposed to casino environment more often making them it looks more familiar) Through classical conditioning, the dogs â€Å"learned† to respond to the bell instead of the meat powder by salivating. Today, advertisers use sexual or intimate imagery to create unintentional learning. Shaping – planning making strategy to catch a bigger fish. Desired behavior is altered over time in small increment. Making the small rewards, to achieve other behavior. Punisher – children gets punished, or by making poor decision, consumers get the products delivered wrongly, and they learn, Negative reinforcers - focusing bad outcomes for not using their product Extinction - if reinforcers are not made after the behavior, consumers are not likely to return

Cheating :: essays research papers

~~~~~~ Cheating ~~~~~~ Cheating, We've all done it at least once in our lives, in all types of situations. Its human nature to want to win, and some of us will go against the rules to do so. It can be harmless, but in many cases it is annoying, or even hurtful. So, why was cheating and certain zone hacks become such a large problem in the Age games? Anonymity plays a big part in this. Behind the buffer zone of a computer screen and several hundred miles of telephone wire, people don't have to worry about upsetting someone else by playing unfairly, cheating, or exploiting bugs. Its also easy: it's far easier to download a hack, and get an advantage in a game than to actually practice and become good. For example, way back when I was playing a lot of AoE over the Zone. I faced up against a player with a name such as CrackDevilz or something similar. Two minutes after the game started he had sent an attack with an obscene amounts of units, all the while taunting and even boasting about his ability to cheat. Another factor that adds to this problem is the lack of maturity or even common courtesy in many of the players in the Age community. They simply don't care about wasting other people's time, upsetting others, or unbalancing a ladder or league system that someone has put a lot of time into creating. When these people do cheat, they often do not refrain from crude insults or taunts. This isn't a problem for experienced players; most people I know would just simply laugh at the idiocy of their opponent, but for new players, it can be pretty disheartening. In many ways these cheaters can have a very bad effect on the Age games. Some new players can actually be scared off or even turned away from a game simply from a single bad experience. They may assume all players they will meet are immature and rude, and just not put any time into trying to play the game again. This line of thought leads into another problem found in the zone. The rating system! To be honest, I don’t like it; players become too obsessed with there ratings. Have you ever lost a game and went â€Å"DAMN IT!† not necessarily because you lost, but because when you look at your nick again it will be down 8 points.

Marvel

Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement. Marvel Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement.

Gender Roles Of Shakespeare s Taming Of The Shrew

Angamnuaisiri 1 Narupat Angamnuaisiri Foster English IV 10 April 17 Taming of the Shrew: Gender Roles William Shakespeare was one of the most famous writers in the world during the sixteenth century. He came from England, born in 1564 and died in 1616. He was also a poet with more than one hundred sonnets and two long poems. Many of Shakespeare’s dramas illustrate various forms of domestic and social problems. He was a playwriter of some famous plays, such as Hamlet, Macbeth, Romeo and Juliet, and Taming of the Shrew. Taming of the Shrew is a comedy, written from 1590 to 1592. The characters in the play detail romance mixed with humor. The play talks about gender roles of males and females in society and in their lives during the†¦show more content†¦As a woman, she does not change herself just to satisfy all those people around her who want her to change; she stays true to herself. She rejects the idea of being a typical woman because no one explains to her why she is to act in such a way. Kate is different than her sister. Bianca is the type of woman who i s sweet and obedient to her father. She is soft-spoken, unassuming, and perfect. The men consider Bianca as a normal role model. Comment by Grammarly: Deleted:of Comment by Grammarly: Deleted:e Comment by Grammarly: Deleted:m In Act II, scene I, two marriage proposals occur that are economic. The [†¦] emotional connect between the women and their love interest contracts made by their father† (Women and Power par.1). Petruchio, a gentleman of Verona, comes searching for his fortune. His friend Hortensio tells him that he knows the right woman, but the obstacle is that she is the worst shrew. However, Petruchio does not care. He is sure that he can handle the situation, as long as she has a large dowry. Petruchio’s [†¦] attraction for Kate and Baptista’s requirement that he woo his daughter change the nature of their relationship from a business proposal to one of attraction and, possibly, affection the relationship† (Women and Power par.1). Similarly, Baptista asserts that whoever can assure my daughter greatest dowery / Shall have my Bianca’s love† (2.1.364-365). The oddly possessive â€Å"my Bianca’s love† highlights the patriarchalSh ow MoreRelatedWilliam Shakespeares Taming of the Shrew William Shakespeare’s romantic comedy, The Taming of1100 Words   |  5 Pages William Shakespeares Taming of the Shrew William Shakespeare’s romantic comedy, The Taming of the Shrew, is an embodiment of the context in which the text was shaped, the Renaissance. The Renaissance period was a time of progression, primarily in the areas of art, science, humanism, religion and self-awareness. The Renaissance focused on taking elements of the past including religion, art and science and adapting them to make them better. Humanists advocated for the freedom of the individualsRead MoreGender Essentialism : Katherine s Transformation1735 Words   |  7 PagesGender Essentialism: Katherine s Transformation in William Shakespeare s Taming Of The Shrew Feminist and cultural historians have convincingly demonstrated that rebellious women were a concern for englishmen during the late sixteenth centuries (Detmer 273). The idea of â€Å"taming† a women is one that men can find useful, though women can also benefit from. Katherine cynically conforms to expectation, and in doing so displays how The Taming of the Shrew is a critique on gender essentialism. TheRead MoreThe Taming Of The Shrew1132 Words   |  5 Pagesstrong parallels between them. 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Brides were increasingly indisposed to perform this part of the ceremony is apparent from all kinds of invented fumbling at the altar, for example droppingRead MoreEssay about Deception in Shakespeares Taming of the Shrew910 Words   |  4 PagesYear 10 English In the Shakespearian play: The Taming of the Shrew, deception is one of the major concepts. A tangled web is created in the play through deception of character behavior and the change between clothing and class. Most of the deception in the play have particular motives behind them and create dramatic irony. Shakespeare has used dramatic irony to create a comedic play. 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The Elizabethan era, which lasted from 1558 to 1603, is often referred to as the golden age by historians where many transitions in English society regarding marriage and gender took place (Ivic 110). It was a time in which wives were viewed as the property of their husbands (Ivic 110). However, every woman was expected to marry and be dependentRead More Marriage in Shakespeares The Taming of the Shrew Essay1096 Words   |  5 PagesMarriage is pr esented in Shakespeare?s play The Taming of the Shrew, in a complex manner allowing readers to view the play literally as a brutal taming or ironically as a subversive manifesto. Yet, Shakespeare intends to present marriage to be full of mutual love where neither male nor female dominate but compliment each other thriving together in a loved filled relationship. The portrayal of a deep understanding, which exists in an analogical relationship and the gentle transformation, which occursRead MoreThe Taming Of The Shrew By William Shakespeare1382 Words   |  6 PagesIn Shakespeare’s ‘The Taming of the Shrew’, women are shown to be objectified and subservient to men, conforming to the accepted gender roles that are expected of them. Patriarchal views of femininity support the authority of men in society, as well as subjugation and subordination of women. As written of the representation of women in early literature, â€Å"the focus of interest is on the heroineâ⠂¬â„¢s choice of marriage partner, which will decide her ultimate social position and †¦ determine her happiness