History of Red Bull Company

Table of Contents Introduction Discussion People Element Place Element Physical presence Conclusion and Recommendations List of References Introduction Red Bull is one of the leading energy drinks manufacturer and distributor in the world. The firm was started in 1987 in Thailand, and has since gained a global market coverage. According to Lehmann (2005, p. 138), this firm experienced massive success in 1990s because this industry was less competitive. The company chose a market niche that had few players.Advertising We will write a custom research paper sample on History of Red Bull Company specifically for you for only $16.05 $11/page Learn More Most of the major firms in this industry were manufacturing and distributing fizzy drinks and other beverages. Coming with the energy drinks was seen as a unique trend, and this earned this firm a lot of market share during its early stages of existence. The firm has been able to expand to other internation al markets, especially in Europe and the United States. The report by Lehmann (2005, p. 140) shows that it is the world’s largest energy drinks manufacturer and distributer. The success of Red Bull in the market can be attributed to the three elements of marketing which include people, place, and physical evidence. Red Bull has been successful because of the employees involved in the firm at various capacities. The place element of marketing mix has also been very important in helping the firm achieve maximum success. Physical evidence has also played a major role in helping this firm to succeed. This research will analyze these factors in order to determine their relevance to the performance of this firm. Discussion Red Bull’s success in the market can be attributed to the three marketing elements mentioned above. According to Ewbank and Foulger (2010, p. 26), it is always important to analyze some of the specific success factors in an organization based on the market ing mix elements. Upon a critical study of Red Bull, the researcher has been able to determine that the three elements of people, place, and physical evidence have played a major role in helping this firm achieve success in the market. It would be important to understand how individual element have helped this firm achieve success.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More People Element People form one of the most important elements of marketing mix within an organization. Success of a firm always depend on the activities of its employees. According to Ewbank and Foulger (2010, p. 27), employees form the most important resource within an organization. They carry the vision of an organization, and their skills, talents, and level of dedication would always determine success of an organization. At Red Bull, the employees have played an important role in helping it achieve its current success. The firm has been on hiring competent employees with the capacity of meeting the demands of the dynamic market. The firm has been keen to ensure that its recruitment procedure is rigorous, and only passionate and talented employees are hired. The company has various recruitment processes that ensure they get the right people for various responsibilities within the company. Employees hired through such rigorous processes are nurtured by the company through in-service trainings and participation in relevant responsibilities in order to help them develop their careers. The company has put measures to monitor its sales team to ensure that they are working within the expectations of the firm. This element has played a major role in the recent expansion of this firm (Lehmann 2005, p. 143). Red Bull has kept a team of highly motivated employees who are able to meet the changing needs of consumers. Its marketing personnel has been actively conducting market research in orde r to gain understanding of the changing marketing forces. If this firm maintains this group of motivated employees, then chances are high that it is destined to greater success. Place Element A firm must define a clear method that it uses to make its products reach consumers in good time and in good quality. A sound choice needs to be made on whether the company would sell its products through direct representation or strategic distributors. Red Bull has been keen on selecting the right channels of distributing its products in the global market.Advertising We will write a custom research paper sample on History of Red Bull Company specifically for you for only $16.05 $11/page Learn More Red Bull started by distributing its products to small distribution outlets like health clubs and bars during its early stages of existence. However, this distribution strategy changed when the firm started experiencing market growth. The management realized that it coul d no longer rely on the simpler distribution strategies that it had been using within its hometown. The management had to define a new distribution strategy that would meet the changing market demands, especially when it went global with its products. To penetrate new markets, the management of Red Bull has been targeting strategic distributors to ensure that its products reach the global market. One of the strategies that the firm has been using in the past is strategic alliance formation with specific wholesalers, large retailers and other distributers in different markets to ensure that its products are made available in the global market. Strategic alliances offer a viable option for this firm to make its products available in the global market without the need to have its own employees spread across the world. In situations where strategic alliances are not viable, Red Bull has rented its own warehouses and distributed its products using various transport systems. However, it i s important to note that this method has come with increased capital investment that Red Bull must incur. Although its gives this company more autonomy in distribution of its products, the costs reduces profitability. This explains why the management of Red Bull has been seeking strategic alliances with various firms in the global market. Red Bull has considered the use of technology to enhance the place element of the marketing mix. The firm has considered using vending machines to distribute its products, especially in gyms, clubs, and universities in selected cities. Such a move increases awareness of its products to a larger market segment enabling the company to increase its market share. These alternative distribution channels has helped this firm to increase sales. The use of the vending machines has however, met some resistance in the market. The place element has also been enhanced through the use of internet. Red Bull has used internet to market its products globally.Adver tising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The firm has also been very active in the social media as a way of increasing the geographic market for its products. Most of its major adverts have been made through social media such as Facebook, YouTube, and Tweeter. The company has adopted this strategy because most of its customers are actively on social media. Physical presence According to Kotler (2005, p. 114), consumers in the current market have become very critical of the physical appearance of the places where they make their purchases. Initially, firms ignored the importance of the physical structure they used to deliver their products to the consumers. For instance, many firms did not bother about the appearance of the shops as long as customers were able to get the products they desired within the right time. However, this has changed over the recent years, and Red Bull is one of the firms that have realized the importance of the beautifying the facilities they use to deliver the products to their customers. The physi cal attractiveness of the exterior and interior facilities that firms use have currently been used by the customers to judge the quality of products that a firm delivers, and its commitment to the customers. When a customer is exposed to a poorly designed shopping facility, they would always make a negative judgment about the firm and all its products. The management of Red Bull has come up with elaborate programs that have changed the physical appearance of its shopping facilities. Over the past one decade, this firm has changed the design of most of its facilities (Kotler 2005, p. 115). At its production plant, the firm has ensured that employees are provided with attractive and safe working stations that offers them motivation. This has helped improve their performance. The firm has also restricted its stores that it uses to sell its products directly to consumers. One of the issues that has been raising a lot of concern in the market is the need to have many exists at these shop ping malls for the purpose of enhancing security. The management of Red Bull has responded positively to this requirements. The firm has also constructed beautiful outlets in a number of locations within the United States and other major markets around the world. This helps in convincing its customers that it is committed to offering them products of high quality. Conclusion and Recommendations It is clear from the analysis of the three elements of marketing mix that Red Bull has been using that the market is getting increasingly competitive. This firm must come up with clear systems that would enable it manage the future market in order to remain competitive in the future market. The analysis shows that Red Bull has done performed well in managing the current market forces. The firm has tried to be dynamic in order to change with the changing market forces. However, the firm should consider the following recommendations if it expects to gain competitive advantage over its rivals in this industry. When dealing with people as one of the elements of marketing mix, the management should try to focus on nurturing talents among its employees. The current competitive market requires innovative minds that can enable the firm to come up with new ideas of handling various activities within the firm. The place element of marketing mix need to involve extensive use of the modern technologies in order to reach customers. Technology has reduced the world into a small global village. It order to maximize benefits of this village, Red Bull should use modern technologies of communication to each out to the global consumers. Physical evidence always portrays a firm’s commitment towards delivering value to its customers. The management should make an effort to beautify most of its physical facilities, especially at its outlets. Customers will always make a judgment of the value of products they purchase from this firm by analyzing the appearance of these physical facili ties. List of References Ewbank, A Foulger, T 2010, ‘Red Bull, Starbucks, and the Changing Face of Teacher Education’, The Phi Delta Kappan, vol. 92. no. 2, pp. 25-28. Kotler, P 2005, ‘The Role Played by the Broadening of Marketing Movement in the History of Marketing Thought’, Journal of Public Policy Marketing, vol. 24 no. 1, pp. 114-186. Lehmann, D 2005, ‘Dimensions of Marketing’s Relationship to Society’, Journal of Public Policy Marketing, vol. 24. no. 1, pp. 137-142. This research paper on History of Red Bull Company was written and submitted by user Isabell Wilkinson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Crimes of Tookie Williams

The Crimes of Tookie Williams On February 28, 1979, Stanley Williams murdered Albert Lewis Owens during a robbery of a 7-Eleven convenience store in Whittier, California. Here are the details of that crime from the Los Angeles County District Attorneys response to Williams petition for executive clemency. Late on the evening of February 27, 1979, Stanley Tookie Williams introduced his friend Alfred Coward, a.k.a. Blackie, to a man named Darryl. A short time later, Darryl, driving a brown station wagon, drove Williams to the residence of James Garrett. Coward followed in his 1969 Cadillac. (Trial Transcript (TT) 2095-2097). Stanley Williams often stayed at the Garrett residence and kept some of his belongings there, including his shotgun. (TT 1673, 1908). At the Garrett residence, Williams went inside and returned carrying a twelve-gauge shotgun. (TT 2097-2098). Darryl and Williams, with Coward following in his car, later drove to another residence, where they obtained a PCP-laced cigarette, which the three men shared. Williams, Coward, and Darryl then went to the residence of Tony Sims. (TT 2109). These four men then discussed where they could go in Pomona to make some money. (TT 2111). The four men then went to yet another residence where they smoked more PCP. (TT 2113-2116). While at this location, Williams left the other men and returned with a .22 caliber handgun, which he also put in the station wagon. (TT 2117-2118). Williams then told Coward, Darryl and Sims they should go to Pomona. In response, Coward and Sims entered the Cadillac, Williams and Darryl entered the station wagon, and both cars traveled on the freeway toward Pomona. (TT 2118-2119). The four men exited the freeway near Whittier Boulevard. (TT 2186). They drove to a Stop-N-Go market and, at Williams direction, Darryl and Sims entered the store to commit a robbery. At the time, Darryl was armed with the .22 caliber handgun. (TT 2117-2218; Tony Sims Parole Hearing Dated July 17, 1997). Johnny Garcia Escapes Death The clerk at the Stop-N-Go market, Johnny Garcia, had just finished mopping the floor when he observed a station wagon and four black men at the door to the market. (TT 2046-2048). Two of the men entered the market. (TT 2048). One of the men went down an aisle while the other approached Garcia. The man that approached Garcia asked for a cigarette. Garcia gave the man a cigarette and lit it for him. After approximately three to four minutes, both men left the market without carrying out the planned robbery. (TT 2049-2050). He Would Show Them How Williams became upset that Darryl and Sims did not commit the robbery. Williams told the men that they would find another place to rob. Williams said that at the next location all of them would go inside and he would show them how to commit a robbery. Coward and Sims then followed Williams and Darryl to the 7-Eleven market located at 10437 Whittier Boulevard. (TT 2186). The store clerk, 26-year-old Albert Lewis Owens, was sweeping the stores parking lot. (TT 2146). Albert Owens is Killed When Darryl and Sims entered the 7-Eleven, Owens put the broom and dustpan down and followed them into the store. Williams and Coward followed Owens into the store. (TT 2146-2152). As Darryl and Sims walked to the counter area to take money from the register, Williams walked behind Owens and told him shut up and keep walking. (TT 2154). While pointing a shotgun at Owens back, Williams directed him to a back storage room. (TT 2154). Once inside the storage room, Williams, at gunpoint, ordered Owens to lay down, mother f*****. Williams then chambered a round into the shotgun. Williams then fired the round into the security monitor. Williams then chambered a second round and fired the round into Owens back as he lay face down on the floor of the storage room. Williams then fired again into Owens back. (TT 2162). Near Contact Wound Both of the shotgun wounds were fatal. (TT 2086). The pathologist who conducted the autopsy on Owens testified that the end of the barrel was very close to Owens body when he was shot. One of the two wounds was described as . . . a near contact wound. (TT 2078). After Williams murdered Owens, he, Darryl, Coward, and Sims fled in the two cars and returned home to Los Angeles. The robbery netted them approximately $120.00. (TT 2280). Killing All White People Once back in Los Angeles, Williams asked if anyone wanted to get something to eat. When Sims asked Williams why he shot Owens, Williams said he didnt want to leave any witnesses. Williams also said he killed Owens because he was white and he was killing all white people. (TT 2189, 2193). Later that same day, Williams bragged to his brother Wayne about killing Owens. Williams said, you should have heard the way he sounded when I shot him. Williams then made gurgling or growling noises and laughed hysterically about Owens death. (TT 2195-2197). Next: The Brookhaven Robbery-Murders

Discuss the argument and evidence for the view that the roles of women Essay

Discuss the argument and evidence for the view that the roles of women and men in the family have changed significantly over the past 50 years - Essay Example Women have travelled a long way in the past 50 years as compared to their male counterparts and embark changes in the lifestyles. In the present era, women are getting married later and giving birth later in life; they make up 50 percent of the work force and also have immensely shifted the roles in families. This move of women is in the direction of equality. Besides performing the role as a good worker in the job which was initially the men’s territory, women do perform multiple roles at the family front like maintaining quality of marital relationships, looking after the household activities (Bernades, 1997). The division of domestic labour has also witnessed changes in the patterns of time spent by men and women (Cheal, 2002). In support of this, there had been a reduction in gender inequality in the performance of some of the normatively feminine-associated tasks, a larger proportional increase in the time contributed to domestic work tasks by men from lower socio-economic strata, to a position of near equality with men from higher socio-economic positions, and a substantial increase in more `egalitarian couples (Chafe, 1991). Womens lives today are spectacularly unlike from those of their mothers and grandmothers. Women are developing an independent thinking and this is displayed in the nature of their choices that eventually prepares them for longer lives, significant labor force contribution with matrimony and children moreover, they know that they are contributing to their own economic well-being, by gaining more education, and proving themselves in well-paying employment (Chafe,1991). On the same memorandum, mens roles have also changed in the past 50 years. Men have more responsibilities in the home and in caring for the children - and the majority of men now level having free time with family this has become

The Role of Time Value in Finance Essay Example | Topics and Well Written Essays - 1000 words

The Role of Time Value in Finance - Essay Example This paper illustrates that time value in finance is considering two views. That time value has future value and present value. A timeline that compounds to find future value and discounting to find present value shows compounding and discounting. Most financial managers will make decisions at time zero. That means that they rely primarily on present value techniques. The time value of money can show a personal finance example too. John Doe places $100 in a savings account paying 8% interest compounded annually at the end of 1 year he will have $108 in the account. The initial principal of $100 plus 8% or $8 in interest will appear in the account at the end of the year. The personal finance example would show that Jane Doe places $800 in a savings account paying 6% interest compounded annually. She wants to know how much money will be in the account at the end of 5 years. Time value of money is a critical financial tool to use as a financial manager or to figure one's own individual finances. The second most important concept is that a financial manager must learn to assess two key determinants:   risk and return.   The risk is the chance of financial loss.   Assets having greater chances of loss, viewed as riskier than those with lesser chances of loss are. In financial management, the risk is a term that is interchangeable with uncertainty to refer to the variability of returns associated with an asset.We need to understand what return is and how to measure it. The return is the total gain or loss experienced on an investment over a given period.   

Matrix analysis Essay Example | Topics and Well Written Essays - 1000 words

Matrix analysis - Essay Example This will simply enhance the level of competition (Dcstrategy.com). For the 5 years period, ranging from 2012- 2017, it can be said that the forecasted annual growth rate is around 3 – 5% per annum. This growth will be the upshot of the fact that the health benefit industry will be increasingly moving towards the point of maturity over the period of 5 years, thereby providing more opportunities and avenues for growth for businesses related to the health benefits sector (Dcstrategy.com) The health and fitness club, CBD Health Spa is highly focused on providing high level, customized service for the customers, while increasingly taking into account the diversified and personalized needs of each customer (cbdhealthspa.com) The health and fitness club provides highly dedicated customer services to its customers, who focus on giving the customers, with the required level of motivation that is needed for maintaining continuity of the exercise and thereby helping them to gain benefits out of the program. SO: In order to take maximum advantage of the high growth possibilities in the future, the CBD Health Spa can focus on launching new clubs in new regions while offering the diversified gamut of services to the new customers. ST: In an attempt to prohibit the threat of low barriers to entry and emergence of new competitors, the brand can opt for forming a joint venture with some of the major players, thereby safeguarding themselves from being eradicated due to competition from strong market players. WO: The club can focus on opening new centers in new areas and taking advantage of the prospective growth opportunities that are being promoted by the government. This will eradicate the weakness of the club’s limited existence in only a particular location. WT: The WT is focused on reducing the weakness and threats (Koontz & Weihrich, 2006, p. 108). The club can increasingly build up on the brand

Share Repurchase and Taxation among UK Companies

Share Repurchase and Taxation among UK Companies The aim of the research project is to examine the relationship between share repurchase and taxation in the UK companies. Project Objectives To examine the motivations of share repurchase in the United Kingdom. To analyze the recent trend in share repurchases over last 20 decades among UK companies. To explore the relationship between shares repurchase with taxation in the UK companies. To explore the impacts of taxation on share repurchase activity for UK companies Context For decades, most of the corporations are preferred to pay out cash in the form of dividends rather than share repurchases, despite the relative tax advantage of capital gains over ordinary income. In some countries, such as U.S. and UK, companies can buy back their own shares in the stock market, also known as a share repurchase. In the last 20 decades, share buybacks become extremely popular in the United States. According to aggregate data from Compustat, companies announced share repurchases increased from 4.8 percent in 1980 to 41.8 percent in 2000, while dividends only grew at an average annual rate of 6.8 percent (Grullon Ikenberry, 2002). Researchers also found that during 1985 to 1999, corporations in the U.S. announced intentions to repurchase about $750 billion of stock (Vermaelen Rau, 2002). Moreover, studies show that from 1999 to 2000, industrial firms spent more money on share repurchases than on dividend pay out, and that is the first in history, share repurchases p rograms have become more popular than dividends (Grullon Ikenberry, 2002). What are the reasons for the companies buy back their own shares. Jensen (1986) pointed that firms repurchase stock to distribute excess cash flow. A share repurchase distributes cash to existing shareholders in exchange for a fraction of the firms outstanding equity. This hypothesis has been supported by Stephens and Weisbachs (1998) study. They found share buy backs have a positive relationship with the level of corporation cash flow. Moreover, they also found a negative relationship between share repurchase and prior stock returns, which means, firm repurchase when their share prices are undervalued in stock market. This theory has been supported by Vermaelens (1981) study. He found that firms repurchase stock when they are undervalued and have the excess cash to distribution. In later studies, researchers pointed that firms may repurchase stock to increase their leverage ratio (Opler and Titman, 1996). For the tax perspectives, researchers pointed that tax changes have a major impact on share repurchase. In the UK, companies are sensitive to tax environmental changes. For example, studies shows that in 1994, there were significant increase in the number of open-market stock repurchase programs. This cause by the introduction of tax favored agency share repurchases programs (Vermaelen Rau, 2002). But in 1996, when the tax credit given to tax exempt pension funds in agency buybacks was abolished, the number of the companies announced share repurchase fell significantly. However, in 1997, when all tax credits were abolished, share repurchase became popular again. As some evidence showing above, share repurchase become more popular than any time in the history. Researchers stated that the majority of companies start to use cash payouts to shareholders through share buybacks rather than cash dividend (Grullon Michaely, 2002). Therefore, it is important to better understand the motivation behind the recent surge in share repurchase activity. Although, share buy backs growing popularity, most of the established studies focus on the U.S. firms. Whether the share buybacks in UK as popular as in the U.S., because the different of tax and regulation systems between this two countries. The aim of the research will not only enhance our understanding of corporation pay out policy but also examine the share repurchases programs under UK taxation system and how this impacts effect on UK companies payout strategies. Moreover, the reason for me to focus on the UK companies rather than other EU companies because there have lacks of share repurchase activities in Europe countries. According to the Securities Data Corporation (SDC) reports shows that during 1980 to 1998, there were only 489 stock buybacks announcements made by European companies. And nearly 60% of those announcements were made by the UK companies. There have various reasons for the lack of share buy back activities in EU companies. Firstly, share repurchase is still illegal in some European countries, such as France and Germany. Secondly, some countries proposed specific tax provisions to discourage share buy backs. For example, in Netherland have the high taxes on dividends and low taxes on capital gains. Thirdly, the share repurchase do not fit European company culture. Traditionally, most European companies focus on maximizing stakeholders value rather than shareholders value (Vermaelen Rau, 2002). Moreover, in European countrie s the stakeholders (such as managers, banks) prefer to maximize the size of the companies rather than focus on stock prices. They are not interested in share repurchase. Finally, there are little relative studies examine the relationship between share repurchase and taxation with UK companies. Literature Review 4.1 Introduction This search focuses on share repurchase and taxation among UK companies. Bibliographic database used were Business Source Premier (EBSCO), Econo Lit with Full Text (EBSCO), JSTOR Business, Psyc ARTICLES (CSA), Science Direct and Swets Wise. The details of these and full text database were searched in Table 1. The total numbers of retrieved articles were 30. Keywords used were dividend, share repurchase, buybacks, payout policy, dividend policy, taxation and regulation with limited to academic journals and non-academic articles on the last 20 years. 4.2 Motivations of share buy backs There are number of reasons a firm repurchase stock. First, Share repurchase could improve the retained profits. Because when companies purchase their own shares, the remaining number of shares left in the public will lower. The reduction of shares in the public means the earning per share will increase even the profits remain the same. So when companys share price undervalued, repurchasing shares may still result in a strong return on investment. Secondly, firms may use share repurchase announcements to signal the market that their shares are undervalued and the positive stock price reaction at the announcement of share repurchase should correct the misevaluations (Dann, 1981; Vermaelen, 1981). However, Ikenberry, Lakonishok, and Vermaelen (1995) argued that this increase may not be sufficient to correct the misevaluations, particularly in the open market share repurchase- programs. According to Stephens and Weisbachs (1998) study, they investigated on 450 open-market share repurchase programs in the U.S. between 1981 and 1990. They found that between 74% and 82% of the shares targeted at the time of announcement are later repurchased and this actual share buybacks are negatively related to stock price performance after the stock repurchase. Thirdly, share repurchase may increase the leverage ratio. The leverage ratio will increase when a firm distributes its capital. Therefore, assuming that an optimal leverage ratio exists, a firm may more likely to buy back their own shares when their leverage ration is below the target ratios (Bagwell Shoven, 1988). Fourthly, companies where there are few opportunities for growth, share repurchase may the possible way to improve the earning per share in order to meet executives or managers targets. Thus, companies structures may affect their decisions to buy back own shares. Finally, share repurchase make a takeover more expensive. Because share buybacks avoid the accumulated amount of cash in the firm, when a firm with a strong cash position but needs limited spending on capital will accumulate cash on balance sheet, therefore, it make the firm more attractive for takeover. However, recent studies shown share repurchases are only benefit shareholders wealth in the short term, but do not add any long term value to the company (Guay and Harford, 2000). Eberhart and Siddique (2003) did a survey based on 7,079 share repurchase programs between 1981 and 1995. The results showed that after the share buybacks, there were a slightly increase in the number of share outstanding. Often the share purchases in the share buybacks programs are used for employee stock options and stock grants. As one article suggested, share repurchases in general are just à ¢Ã¢â€š ¬Ã…“backdoor compensationà ¢Ã¢â€š ¬? for company employees (Henry, 2006:74). 4.3 Taxation with share repurchases Tax changes have a major impact on share repurchase. Study shows that in 1994, there were significant increases in the number of open-market stock repurchasing programs cause by the introduction of tax-favored agency share repurchase programs (Vermaelen Rau, 2002). Grullon and Michaely (2000) also find that the differential tax between capital gains and dividends is a significant determinant of the market reaction to share repurchase announcement. Grullon and Michaely (2002) pointed that in the U.S., corporations start to substitute share repurchases for dividends because capital gains are taxed at more favorable rates than ordinary income. They found that even in 1986, the Tax Reform Act greatly reduced the relative tax advantage of capital gains, but there was still a significant positive difference between the marginal rate on ordinary income and the marginal rate on capital gains. Raghavendra and Vermaelen (2002) studied on the relationship between taxation and share buybacks among the UK companies. In their studies, the result showed that buyback activity increased significantly when the agency buybacks introduced during 1990 to 1998 in the UK. This consistent with the hypothesis that taxation has a significant effect on share buybacks. Moreover, they also pointed that the ability of pension fund to recover dividend credits has a major impact on the buyback activity in the UK (Raghavendra and Vermaelen, 2002). However, some researchers have argued that taxes alone do not explain the extent of repurchases activity in the U.S. Brav at al (2005) stated that managers view tax considerations as of second important factor in the choice if disbursement mechanism. Ikenberry et al (2004) suggested that since the tax changed in 2003 in the U.S., the dividend had increased significantly. He also pointed that although dividends in the U.S. remain slightly tax disadvantages, that due to the delay of the capital gains by the investors. However, based on the results from research conducted in the U.S., the extent to whether the taxation dominant the managers decisions announce share repurchase rather than dividends is still an unresolved issue. 4.4 Regulation framework in the UK In order to better understanding the effect between taxation and share repurchase among the UK. It is important to develop our knowledge in the legal and tax frameworks governing U.K. share buybacks, moreover, to recognize the difference between these frameworks and those in the U.S. In The UK, share buybacks allow the company to manipulate its stock price. In order to avoid the share repurchase reduce creditors benefits, the Companies Act states that only distributable profits or the proceeds of fresh issue of share can be used to finance the purchase. Moreover, the companies are not allowed to announce share repurchase programs during the period when directors are not allowed to trade in their companys shares. This means that in the UK, share repurchases are not allowed in the 2 month period preceding the publication of annual earnings. Finally, compare with the U.S., in the UK, share repurchase are much less flexible tool for capital management. All the firms buy-backed shares may ask to cancelled, because the UK regulators more concerned about the preemption rights of shareholders (Vermaelen Rau, 2002). Not like in the U.S., the regulators more concern about the à ¢Ã¢â€š ¬Ã…“treasury stockà ¢Ã¢â€š ¬?, such as repurchased shares can be re-issued without s hareholder approval (Vermaelen Rau, 2002). Conclusion There are various reasons for firms to announced share repurchase, although share buyback activity become extremely popular in the U.S., but the UK repurchase scene is different from the U.S. scene in many respects. Although the UK is the European country where buybacks are most popular, but it is still relatively small numbers of share repurchase programs announced compare with the U.S., where about 100 U.S. firms announce open-market share buybacks each month. However, the UK taxation system may make share repurchase less attractive than they are in the United Stated. What the impact of taxation system on share repurchase announcement among UK companies? How these impacts affect UK companies in last 20 years? Which industry is more likely to announce share repurchase program? The proposed research will review the potential relationship between taxation and share repurchase among UK companies. 5 Research Method 5.1 Desk Based Research The desk based research used to my study. Because desk based research is very useful to get a broad understanding of the topics and is relatively easy to use (Bryman and Bell, 2003). The data usually used in desk based research is referred to as secondary and includes collecting information from third party sources such as company website, magazine articles, books, journals, published statistics and marketing research reports (Collis Hussey, 2003). There are many advantages to using secondary research. This includes the relative ease of access to many sources of secondary data with little or no cost to acquire. The use of secondary research may help researcher to clarify the research question and help align the focus of large scale primary research. However, there are also some disadvantages of using secondary research. Sometimes, secondary data may not presented in a form that exactly meets the researchers need and the research may not get the full details of the research to gain t he full value of the study. Moreover, with companies competing in fast moving industries, the secondary research may out of date have little or no relevance to the current market situation. 5.2 Reasons of using Desk Based Research There are several reasons for me use desk based research. First, there is a tremendous amount of literature available, but limited studies focus on the taxation and share repurchase among UK companies. Therefore, the desk based research may help me to limit the articles to focus on my research topics. Second, the desk based research may possible to obtain companies annual report and account from companies websites. Because the UK Companies Act (2006) requires all quoted companies to publish their annual reports available on their website. (CA S430). Finally, in order to explore the relationship between taxation and share repurchase among UK over 20 years. The specific data need to be obtained, such as market-to-book ratio, return in capital employed, equity to debt ratio, market value. All of that information could obtain through on-line data base, such as Data Stream, which can be used in Aston Universitys library. However, some of the information may out of date or the results may not be directly related to UK companies situation. And the amounts of information available may be very limited. Also, due to the lack of study on relationship between taxation and share buybacks under UK taxation system, it is difficult to find sufficient sources from limited useful information. 5.3 Sample Section and Analysis Method The company shares repurchase announcement information been collected between 1 January 1999 and 31 December 2009. The information obtained from various ways, including London Stock Exchange (LSE) online service, UK-wire Company Announcement service, news articles from the Financial Times. The independent variables of stock returns and data have been provided by DataStream. Moreover, the data and sample had to satisfy the following criteria: The repurchase must exclusively be ordinary shares The firms is listed in the UK Repurchases announced during the last quarter of 2001 are excluded to dampen the volatility effects of 11 September 2001. Only the first announcement of share repurchase programme is included. The sample includes all open market share repurchases, private repurchases Descriptive statistics of the repurchases and independent variables used in this study to summarize and organize the companies repurchase data. Then, the main tax regimes divided into four equal periods during the sample period. The repurchases announcement data will be analyzed into the four tax periods. The correlation matrix on the variables will be needed to analyze whether there is the correlation between companys stock returns and share repurchase. Finally, the result will be interpreted and presented. Ethical issues The following ethical issues will be conducted with this research: Recode the data and results accurately Follow the Aston University rules on plagiarism Describe and discuss the research result objectively Task List Task Problems Solutions Obtain journals and literatures about firms dividend policies, share repurchase and taxation Tremendous amount of literature need to reviewed Limit search to articles that study on share repurchase within UK companies Obtain the information about the firms announced share repurchase programs within the UK for last 20 years Relatively small data need collect from numerous information Limit the research to companies announced share buybacks listed by data stream between 1989 and 2009 in the UK Create a list of relative UK companies Which company should include The company announced share repurchase over million Obtain the information about taxation and regulation changes over last 20 years in the UK A lot literatures need to reviewed Limit search to articles about taxation and regulation changes in last 20 years Find the impact of taxation change for share repurchases activity A limit studies/result on this area, especially for UK companies. Analyze the data on my own, use the statistical methods to explore the relationship between taxation and firms payout policies. Write up report Easy to exceed 15000 word limit Work with supervisor to only include the most relevant information Review the dissertation before the submit it Easy to make some grammar, spelling mistakes. Ask my friend read it, see whether the dissertation make sense for them. Help me to find the grammar mistake.

Essay --

Rebecca Pierce Professor Engbers ENGL 230 13 December 2013 Creative Portfolio Author Statements Free Verse Poem Free verse is a type of poetry in which is referred to as poetry that does not have any consistent meter patterns, rhyme scheme or rhythm scheme, or any other type of pattern applied. There is no specific length that is has to be either. One would tend to view free verse poetry as if it were someone speaking. By having a free verse poem, it allows the reader to have a better understanding of what the poem is about. The various structures that a poem can take on sometimes can take away and distract from the meaning and intention of the poem. In this poem, there isn’t much imagery for the imagery would take away from the meaning of the poem. As an author, it is important to use figurative language to create sentences that show and not tell. Within this poem, there is an attempt to capture and convey meaning through the emotion that is presented in the phrases. There was a hope that there would be a strong impression left with the reader as well. While the poem reflects many as pects of free verse poetry is displayed, it isn’t the best that could have been done. More metaphors and similes could have been used to better create the phrases. Also, while there was an attempt to make it like spoken words, there still seems to be a rhythm taste to it. There were many changes that were made to poem from the help of peer reviews to try and remove that rhythm aspect that it had but with all those changes, it didn’t seem to disappear. Sonnet Sonnets are yet another form of poetry that is out there. A sonnet usually consists of fourteen lines and have iambic pentameter. There are many different rhyme schemes in which these... ...nto it as well. â€Å"Come over here, Buddy We are going on an adventure!† Excited she ran after me. It was as if she could actually understand me. I took one final look into my hideout before I shut the door, for wherever I was going or headed, I surely wasn’t going to be returning. Even though I spent most of my time down there being afraid of dying, it was the only safe place I could go and I will miss that place. It had been my home for so long, and probably was where I would have been spending the rest of my short lived life if I hadn’t felt this sense of uneasiness. I sighed deeply, and began shutting the door. â€Å"Calm down, Buddy†, I muttered as he was barking at something. He had a tendency to bark at objects and things that actually never existed, so I didn’t think twice about it. However when I turned around, I laid my eyes on something, or rather yet someone.