Case Questions

Case Questions
CASE QUESTIONS Cash Flows and Value. Cost of Capital Case 1: Hop–In Food Stores, Inc. 1.
Determine the correct price for this particular IPO. Use several methods to do this and compare
them. 2. What extra information would you try to acquire in a real life situation? Case 2: Chem–Cal
Corporation 1. How do you calculate the WACC for this firm? 2. What is the cost of capital of the
debt, preferred stock, and common stock (assume the equity beta is 1.22)? 3. Calculate the WACC.
How can a WACC be used? 4. Which projects should be selected? (State your assumptions) 5. How
should the projects be financed? Analyze all other issues in the case. Case 3: Marriot Corporation 1.
What is the Weighted Average Cost of Capital for Marriott Corporation? 2. ... Show more content on
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which is about 34%); Capital expenditures decline from 45.8% of revenues in 1995 to 10.8% of
revenues by 2001 (again, close to Microsoft 's experience); Depreciation is held constant at 5.5% of
revenues; Changes in net working capital of essentially zero; Long–term steady–state growth of 4%
annually after 2005; and A long–term riskless interest rate of 6.71%. Given these assumptions, and
starting from its current sales base of $16.625 million, how fast must Netscape grow on an annual
basis over the next ten years to justify a $28 share value? 3. As an executive of Netscape, what
would you recommend with respect to the proposed offering price? As an investor in Netscape, what
would you recommend? As the manager of an institutional fund who was willing to buy and hold
Netscape 's stock at the originally proposed price of $14 per share, would you be willing to buy and
hold at an initial offering price of $28 per share? Case 9: Tiffany & Co. 1. Review Tiffany's
operations since the LBO. How attractive does the company look compared to other retailing
operations? 2. As the lead manager of the underwriting syndicate, how far would you be willing to
go in accommodating Tiffany's pricing preferences? 3. As Tiffany's top management, what is the
highest gross spread you would be willing to settle for? 4. As the lead investment bank's syndicate
manager, what 'short position', if any, would you build into your offering
... Get more on HelpWriting.net ...

Railroad Consolidation And Mechanization Analysis
Railroad Consolidation and Mechanization Cornelius Vanderbilt changed up New York Central's rail
lines from iron to sturdier and more reliable steel (consolidated most of the rail lines) Steel rails,
Westinghouse air brake, standard gauge were all inventions that helped railroads (Telegraph,
double–tracking, block signal helped also) Pullman Cars– Were luxurious trains in which the usually
rich travelers would stay (aesthetic) Revolution by Railways The railroads economically and
politically bonded the country together, and created time zones that influenced how the country
works Railroads affected commerce; easier transportation, connection of business across the nation,
millionaires created In the past, states operated on times by looking ... Show more content on
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Rockefeller– Oil King, created the Standard Oil Company and followed horizontal integration by
allying with competitors to monopolize the market (owned 90–95% of oil in U.S.) Rockefeller used
Interlocking Directorates: a system that placed Rockefeller's employees in the board of directors of
competitors'...so Rockefeller controlled everything Rockefeller also used Trust: Stockholders from
smaller companies will assign their stock to the Standard Oil Company, and Rockefeller would
consolidate the companies J.P. Morgan– The "banker's banker", used interlocking directorates to
control most of other businesses (made himself wealthy) The Supremacy of Steel As steel became
more and more popular within the nation, "the heavy industry" became more popular than the "soft
industry". Capital goods were created more in contrast to consumer goods. More steel rather than
clothes Steel was used in every American architecture to enhance durability (needs iron/coal)
Bessemer Process– Cool air is blown on hot iron to burn off impurities and produce more durable
steel and cheaper Carnegie and Other Sultans of Steel Andrew Carnegie went from rags–to riches
and gained enough money to start his own steel industry. Created U.S. Steel Corporation and by
1990, produced 1/4th of the nation's steel––––spend $350 million in

The Brazilian Audit Committee
An Introduction to the Audit Committee
An audit committee is a subcommittee of the board of directors that oversees the financial reporting
process of a company including its audit procedures. In general, the audit committee's
responsibilities are to monitor the financial reporting process, oversee the internal control systems
and to oversee the internal audit and independent public accounting function (Doupnik & Perera,
2012). Another requirement for publicly traded companies in the United States is that the committee
must be made up of independent directors, meaning that no committee member can work for the
company, with one committee member being a financial expert in accounting and auditing.
A History of the Audit Committee in ... Show more content on Helpwriting.net ...
Brazilian investments in roads, rails, airports and power plants will help in modernizing Brazil while
giving the economy boost and enticing more business and capital to the country.
The BM&F Bovespa
Brazil's main stock exchange is the BM&F Bovespa. It is located in Sao Paulo and was founded on
August 23, 1890. The mission of the BM&F Bovespa is stated as follows: "Public confidence in the
soundness of the capital markets and in the professional who work in those markets is an essential
component for continued vitality and growth." (BM&F Bovespa, 2014) In the year 2000, in order to
further this mission BM&F Bovespa created stock listing levels with increasingly strict corporate
governance and disclosure requirements. The listing levels are as follows: regular Bovespa, Level 1,
Level 2 and Nova Mercado.
The Brazilian Audit Committee
Brazilian law requires public companies to have a board of directors, with at least three members.
Firms that list on regular Bovespa, Level 2 or Novo Mercado must have at least 5 member boards.
Brazil has no legal requirements for board independence, but only one–third of board members may
be company officers. Traditionally in Brazil though, there has been either no or few independent
directors that make up a company's board. Brazilian law also gives minority shareholders the legal
right to elect one representative

Virgin
289 CASE EXAMPLE The Virgin Group Aidan McQuade Introduction The Virgin Group is one of
the UK's largest private companies. The group included, in 2006, 63 businesses as diverse as
airlines, health clubs, music stores and trains. The group included Virgin Galactic, which promised
to take paying passengers into sub–orbital space. The personal image and personality of the founder,
Richard Branson, were highly bound up with those of the company. Branson's taste for publicity has
led him to stunts as diverse as appearing as a cockney street trader in the US comedy Friends, to
attempting a non–stop balloon flight around the world. This has certainly contributed to the
definition and recognisability of the brand. Research has showed that the ... Show more content on
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The increasing conformity between personal interest and business initiatives could be discerned in
the establishment of Virgin Fuels. In discussing his efforts to establish a 'green' fuel company in
competition with the oil industry Branson made the geopolitical observation that non–oil–based
fuels could 'avoid another Middle East war one day'; Branson's opposition to the Second Gulf War is
well publicised.5 In some instances the relationship between personal conviction and business
interests is less clear cut. Branson's comments on the threat to British democracy posed by
NewsCorp's ownership of such a large percentage of the British media could be depicted as either
genuine concern from a public figure or sour grapes from a business rival just been beaten out of
purchasing ITV. More recently Branson has been reported as talking about withdrawing from the
business 'which THE VIRGIN GROUP 291 more or less ran itself now',6 and hoping that his son
Sam might become more of a Virgin figurehead.7 However, while he was publicly contemplating
this withdrawal from business, Branson was also launching his initiatives in media and fuel. Perhaps
Branson's idea of early retirement is somewhat more active than most. Corporate performance By
2006 Virgin had, with mixed results, taken on one established industry after another in an effort to
shake up 'fat and complacent business sectors'. It had further set its sights on the

10k Analysis: East Japan Railway
Prof: Pardo P.D. Name: LE Hoang Minh ID: 12413242 10K Analysis: JR East I/ INTRODUCTION
East Japan Railway is a private public transportation company. It is one of the largest passenger
railway company on Earth. Founded after the division and privatization of Japan National Railway
(JNR) in 1986, nowadays, JR East has become a leading company in providing transportation
service; and is usually referred to as "Japan's symbol of modernization". In other words, the
company's strongest asset is its existence in the heart of generations of Japanese people. For
instance, Japanese railways account for 30% of the whole nation's transportation amount, which is
larger than any other countries in the world. Here is some key information about ... Show more
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The consolidated financial statement is in Japanese Yen. 2) Consolidation The consolidated financial
statements of the Company include the accounts of all significant subsidiaries. The effective–control
standard is applied according to Regulations concerning Terminology, Forms and Method of
Presentation of Consolidated Financial Statements in Japan (Regulations for Consolidated Financial
Statements). Goodwill is amortized using the straight–line method over five years. Negative
goodwill is recognized as a profit at the time of occurrence. 3) Equity Method The effective–
influence standard is applied according to Regulations for Consolidated Financial Statements.
Investments in unconsolidated subsidiaries and other affiliated companies are stated mainly at
moving–average cost since their equity earnings in the aggregate are not material in relation to
consolidated net income and retained earnings. 4) Allowance for Doubtful Accounts According to
the Japanese Accounting Standards for Financial Instruments, the Companies provide an allowance
based on the past loan loss experience for a certain reference period in general. 5)

The Rise of Big Business
The Rise of Big Business
The decades after the Civil War rapidly changed the face of the United States. The rapid
industrialization of the nation changed us from generally agrarian to the top industrial power in the
world. Business tycoons thrived during this time, forging great business empires with the use of
trusts and pools. Farmers moved to the cities and into the factories, living off wages and changing
the face of the workforce. This rapid industrialization created wide gaps in society, and the
government, which had originally taken a hands off approach to business, was forced to step in.
1. Many individuals took advantage of the rapid industrialization and high influx of cheap labor in
the form of immigrants. Among these ... Show more content on Helpwriting.net ...
The federal government also aided in the development of a transcontinental railroad by offering
compensation and land for each mile that Railroad companies built. Because of this, the United
States was quickly brought together from east to west by the railroad. Time zones were implemented
because the railroads needed a standard time to go by, a prime example of the power of change that
industry possessed. Steel sprung up as a major industry in the late 19th century as well. Carnegie
started his steel factories in Pittsburgh, opening many new jobs and aiding in the trend of
urbanization. The steel industry flourished and in 1901 the United States Steel Corporation was
worth over $1.4 billion, the country's first billion dollar corporation. The oil industry also grew
exponentially as America expanded. John D. Rockefeller created the Standard Oil Company,
monopolizing the competition on the way to becoming the richest man in history. The demand for
oil products was bolstered tremendously by the invention of the automobile and the gas powered
engine gave the oil business a highly profitable market. One of the most influential inventions of the
time period was the telephone, introduced by Alexander Graham Bell in 1876. An enormous
communications network was rapidly constructed on this invention. The invention of telephones
attracted many women from the home to work as

Andrew Carnegie: A Big Business Man
Andrew Carnegie "Andrew Carnegie was born on November 25th, 1835 in Dunfermline, Scotland."(
Even though he had little formal education, Carnegie grew up in a family that believed in the
importance of books and learning. The son of a handloom weaver, Andrew Carnegie ended up being
one of the wealthiest businessmen in America. At the age 13, Carnegie and his family moved to
America. They settled in Allegheny, Pennsylvania. Carnegie went to work in a factory, earning
$1.20 a week. A year later, he started working as a telegraph messenger. After two years of being a
messenger, Carnegie moved up to a telegraph operator position. Another three years later, he was
promoted to superintendent. This work gave Carnegie a background on business and ... Show more
At the age of 16, Ford left home to take on an apprenticeship as a machinist in Detroit. Here, he
worked with steam engines and studied bookkeeping. Three years laters, Ford married Clara Bryant
and returned to work on his family's farm. Ford still operated steam engines and sometimes worked
at Detroit facilities. In 1891, he was hired as an engineer for the Edison Illuminating Company, and
soon after accepting the job, he was promoted to chief engineer. In 1896, Ford constructed his first
model for a horseless carriage, the Ford Quadricycle. After attending a meeting with executives and
proposing automobile ideas, Thomas Edison encouraged to build another model. Seven years later,
after continuing to strive for improvement, Ford established the Ford Motor Company and his first
car was assembled. Back then, only two or three cars were produced in one day, and it took the
effort of groups of men. Ford wanted a more efficient production assembly, and that was when the
Model T was born. Ford created the system of paying workers a steady wage to guarantee their
loyalty, and moving assembly lines for mass production, which included interchangeable parts. This
idea of efficiency revolutionized the American

Using Csx's Failure To Deregulate The Transportation Industry
The railway industry has been a major player in the transportation industry since the 1850s. During
the 1870s the industry experienced a lot of consolidation as companies made acquisitions in an
attempt to lower costs. Fast forward to the 1940s, trucking became a much cheaper alternative to
railways and the industry started seeing declining profits. Many companies tried to mitigate the
declining profits by closing unprofitable routes, merge with other railroads, and lower costs.
However, these efforts were stopped by U.S. regulators. It wasn't until 1980 that Congress passed
the Stagger's Rail Act which highly deregulated the industry. This allowed for railroads to
dramatically lower costs and pursue more mergers. The largest suggested merger ... Show more
In Table 1 these assumptions are used to find the present value of the additional cash flows as well
as the present value of the tax shield. From this merger approximately $36.24 would be added in
value per share this results in a value of $107.24 per share. We recommend that CSX does not offer
more than $95 per share. This will ensure that CSX does not overpay for the acquisition and will
create a positive NPV even if they do not realize all of the potential synergies. In recent acquisitions,
the average offer price was 16.175X the earnings per share "EPS." Using this multiple and Conrail's
1995 EPS, an offer price of $75.86 is produced. CSX's blended offer of $89.07 produces a multiple
of nearly 19X the EPS and using our recommended max of $95 produces a 20.26X EPS. These are
both higher than the average but do not exceed the acquisition price of Santa Fe Pacific by
Burlington Northern that was priced at 21.4X EPS. This slightly higher price could be justified by
CSX with the unique competitive edge the combined companies would produce in the Eastern

Overview : Cma Cgm Group
9th of September, 2015 BA215 – Transportation Principles Dr. Professor Rhoades Assignment by
Kevin Besemer Intermodal Project Part 1 CMA CGM CMA CGM Group is an internationally
operating shipping company and plays a vital role in the transportation business industry. Originally
founded by Jacques Saadé in 1978, the company is headquartered in Marseille, France. CMA CGM,
which occupies more than 20,000 employees worldwide, operates globally in more than 160
countries with a vast network of over 600 agencies. The shipping company serves 170 shipping lines
operating on every one of the world's seas. Its fleet consists of 467 vessels each having different
dimensions and purposes with capacities ranging from 133 up to 17,722 (Twenty Foot Equivalent
Unit) TEUs. Their purpose is to deliver reliant, on demand, and competitive service to customers
and enterprises. CMA CMG does also operate a vessel with the IMO number 9348704 under the
flag of the United Kingdom. CMA CMG FLORIDA was built in 2008 by HYUNDAI HI and is
deployed in the Caribbean of South America. Delmas, ANL, CNC, MacAndrews, USL, and
COMANAV are subsidiaries of the shipping company. The beginnings of the world leading
enterprise started in the early 1970s with the formation of the Compagnie Générale Maritime in
1973. In the following years, the initial company underwent many mergers and transfers of shares in
order to stay competitive. "In 1977 the completion of the merger between "Transat and the
Messageries

Big Business and The Robber Barons Essay
The decades after the Civil War rapidly changed the face of the United States. The rapid
industrialization of the nation changed us from generally agrarian to the top industrial power in the
world. Business tycoons thrived during this time, forging great business empires with the use of
trusts and pools. Farmers moved to the cities and into the factories, living off wages and changing
the face of the workforce. This rapid industrialization created wide gaps in society, and the
government, which had originally taken a hands off approach to business, was forced to step in.
Many individuals took advantage of the rapid industrialization and high influx of cheap labor in the
form of immigrants. Among these entrepreneurs were John D. ... Show more content on
Helpwriting.net ...
Cornelius Vanderbilt was a steamship and railroad tycoon. He made millions in the steamship
business before turning to the promising railroad industry. He began to take capital from the
steamship business to buy railroads, starting with the New York and Harlem Railroad in 1862.
Vanderbilt eventually amassed over $100 million from his railroad empire and his wealth and power
was virtually untouchable. He was a ruthless businessman, once saying to a competitor "You have
undertaken to cheat me. I won't sue you, for the law is too slow. I will ruin you." His New York
Central rail line operated from New York to Chicago along more than 4,500 miles of track at the
time of his death. George Pullman was the developer of the Pullman Palace Car, creating his own
factory town of Pullman, Chicago. With the massive success of the railroads, Pullman made a
fortune producing his luxury sleeping cars. He is well known for suppressing his striking workers in
Pullman. When a depression struck the country, he slashed wages the wages of his workers while
keeping the wages of his associates and the price of living the same. This created uproar and led to a
strike amongst his workers, eventually backed by Eugene Debs' American Railway Union. The
strike was violently put down, showing that labor unions had little power to negotiate. These five
industrialists and entrepreneurs took advantage of the industrializing America and became

Comparing The Cities Of New Zealand And New York
The city has never stopped its pace of development since new technologies bought the city a new
lease of life. As a reason, it created many opportunities associated with transport, infrastructure,
manufacturing that influence people's lifestyle in terms of urban form and population. The purpose
of this paper is to compare the consequences of similarities and differences from Auckland (New
Zealand) and New York (America). Although, these two cities indicates two different urban form.
There are similarities at the same time and they shows the general trend of the spread of cities.
The industrial revolution happened between 1760 and 1830 that significantly changed the way of
production and how people live. It began in England and spread to America in the 1800's (Bellotto,
2008). Since then, the improvement of machinery speed up the expansion of New York. For one
thing, it bought new technology that has improved transportation in many aspect. Such as canal,
roads, waterways, rail roads. New York has one of the oldest subway in the world and metro system.
The first subway and underground transit system in New York was opened in 1870. Since then, the
underground transportation gradually developed and ramified all over the city. In the 1880, with
road construction and innovations from new technology, Workers were able travel around
conveniently by cars, subway, and railway. As a metropolitan area, New York became an ideal place
for employment.
Transportation reinforced the

The Quick Ratio For Bombardier
Looking at the chart in Appendix D, the quick ratio for Bombardier is .53 and the industry is at .62
for the most recent quarter (MRQ). This is not a number that I would feel comfortable with. A low
quick ratio can mean that the company is in trouble. The current ratio shows at 1.13 for Bombardier
and .94 for the industry. Because this ratio is higher than the industry average, it shows that the firm
has the ability to pay back its short–term liabilities such as debt and payables with its short–term
assets like inventory, receivables, and cash. What is Bombardiers strategy? As stated on their official
site, "We fulfill our promise to create better ways to move the world through our enterprise strategy
– a roadmap that drives our commitment to solve for the world's ever–growing need for mobility
through innovation" (Bombardier – The world 's largest manufacturer of planes and trains 2015).
Bombardier focuses on three main growth strategies to help them fulfill their goals. They also stated
in their official site that they are high in determination as they strive to invest in leading mobility
solutions, grow local roots in key markets, and achieve flawless execution every step of the way.
Bombardier has proven over the years that it is possible to achieve these strategy goals, but a look
into the profitability ratios may prove that this was not done in fiscal year 2014. What does
Bombardier plan to do to help this situation that they are in? Bombardier announced on their

Financial And Competitive Analysis: Target Corporation
Target Corporation:
A Financial & Competitive Analysis
[pic]
By:
O.P.
For
Econ 2304 Prof. Alexander
[pic]
Overview
Target has been a publicly traded company since 1963, but has been around since 1902. Target was
originally part of the Dayton Hudson Corporation which was founded in Minneapolis, Minnesota. In
2000, because Target had become the largest division of the Dayton Hudson Corporation, it became
known as the Target Corporation.
Target is the second largest discount retailer in the United States, behind Wal–Mart. The company is
also ranked number thirty on the Fortune 500, and is part of the Standard & Poor's 500 index. Target
operates about 1,750 Target and Super Target stores in 49 states, ... Show more content on
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2010 overall was a very good year posting its second highest numbers this decade and third highest
in the last 20 years.
"Target Corporation's efficient marketing, multi–channel strategy, product innovation, compelling
pricing strategy and new merchandise assortments, should help drive comparable–store sales and
operating margins in the long term. We expect the company to gain market share, and believe that
more focus on consumable items should boost sales and earnings in a sluggish consumer
environment. (Zacks 1)" Zacks' investment research analysis of the Target stock going forward
indicates that Target focusing on consumable items, such as the food section in a Super–Target,
could help benefit Target financially.
"Retailers like Target and Wal–Mart were "definitely on the rebound," according John Challenger,

CEO of the firm in charge of the report. "[It] indicates that consumers are ready to start spending
again," he noted. (Fontevecchia 1)" Taken from an article noting that 2011 saw the fewest job cuts
since 1993. Even nationally Target is being noted as having an improvement in their performance.
Targets biggest competitor Wal–Mart is ranked 14th on the 2010 Forbes top 2000 companies. Wal–
Mart posted financial numbers of 421.849 billion in sales, 16.993 billion in profit, and 180.663 in
assets. However Wal–Mart's profit margin is 4.0%; 0.3% less than Target, and has a price to sale
ratio of 0.43.

Acquisition Of ( Conrail ) Consolidated Rail Corporation
CASE: ACQUISITION OF (Conrail) CONSOLIDATED RAIL CORPORATION (50 MARKS)
Question 1: Reason for reference to Conrail as a "scarce jewel"? (4mks) Conrail had its operations
within the Northeast market, a rail network that other rail companies were yet to explore. It
connected the Northeastern cities to the Midwestern and Southern cities. Even though Conrail had a
high cost position, the revenue it obtains relative per mile track operated is the highest, giving it a
high operating ratio, hence potential to increase income. For this reason, great synergies would be
created should there be a merger with CSX, Norfolk Southern or any other rail company at all.
Additionally, analysts view that either company that would get the merger with Conrail might
reduce business for the other company or lead to its collapse. This reference as a 'scarce jewel' is
further exhibited in the wars that arose after CSX and Conrail announced their intentions to form a
merger. These wars are in form of the offers made to Conrail that ended up in a lawsuit by Norfolk
Southern to stop the Conrail–CSX merger. Question two: Motives in acquiring Conrail for; CSX
(3.5mks) Creation of synergy CSX wanted to have an economic advantage in terms of operational
efficiency and increased capital. Analyzing the projected benefits laid out in the case, on a
successful merger, the new entity would have revenues worth $8.6 billion and 68% of the Eastern
market. Their operating income would also

Effects Of The Great Depression On Society
American may remember horror stories of the effect the Great Depression had on society. Although
devastating it was not the first time workers had the task to endure the financial difficulties of an
impending recession. The Panic of 1792, where two situations occurred almost simultaneously
which produced the first financial crisis. This was the first time which Americans experienced a
bank run when US securities and bank stock prices started to increase. During the Revolutionary
war I, the US Government assumed the financial obligations of two states being South Carolina and
Massachusetts, which incurred a debt of $65 million owned, due to the war. Amidst bankruptcies,
default mortgage loans and a decline in lendable money, the economy was at a staggering halt.
William Duer and Alexander Macomb used inside information from the treasury; which Duer was
previously employed, hoping that the stock value would increase. William Duer invested in the fall
of the stocks and invested Macomb money with hopes the stock market would rise. Duer either way
would make a large profit. Duer plans were intervened when the Livingston family going to use
tried to reduce the price of the New York stock with hopes to purchase securities to fund a bank that
would monopolize the stock from the Bank of New York. There was loan in place to assist American
wish to develop industrial and commercial use but little funding or support for farmer; they had the
opportunity for loans. The loans was

US Sprint
Sprint has evolved into a global communications company that serves 23 million customers in more
than 70 countries. Sprint PCS ("personal communications services") maintains the largest digital
wireless network in the nation. It is the fourth largest wireless company in the United States and
number three in the nation's long–distance telephone market. Sprint was responsible for a series of
technological innovations in the 1980s and 1990s, including installing the first coast–to–coast fiber
optic transmission network in the United States. It continues to innovate with new communications
technology, deploying new forms of high–speed data transmission networks. Sprint also has a
sizable international telecommunications market.
Sprint's origins ... Show more content on Helpwriting.net ...
In 1994, Sprint spun off their existing cellular operations as "360 Communications" for regulatory
reasons, in order to start a new service in the PCS band. In 1998, 360 Communications was acquired
by Alltel, which was in turn acquired by Verizon in 2009.Later in 1995, the company began to offer
wireless service under the Sprint Spectrum brand in the Baltimore–Washington metropolitan area.
This was the first commercial PCS network in the United States.
On December 15, 2004, Sprint Corporation and Nextel Communications announced they would
merge to form Sprint Nextel Corporation. While billed as a merger of equals, the merger was
transacted as purchase of Nextel Communications by Sprint Corporation for tax reasons; Sprint
purchased 50.1 percent of Nextel. At the time of the merger announcement, Sprint and Nextel were
the third and fifth leading providers in the U.S. mobile phone industry,

Company Overview : Caterpillar Company
Company Overview For more than 85 years, Caterpillar has been a Global force in the construction
manufacturing industry, with operations on every continent in the world. The company prides itself
on making sustainable progress possible while driving positive change. Caterpillar, with revenue in
excess of 55 billion dollars in 2014, is the world's leading manufacturer of construction and mining
equipment, as well as diesel and natural gas engines, industrial gas turbines, and diesel–electric
locomotives. The company operates primarily through three product segments: construction
industries, resource industries, and energy and transportation. Along with these three primary
product segments, is their financial products segment in which they provide financing and related
services. After review of the company's strategy, it is evident they are happy with where they are in
regards to their position in the industry they are in, but are not content: their vision for the future is
primarily focused on being a complete worldwide leader in which their company is seen as a leader
wherever they do business. They are extremely focused on becoming elite in every aspect of their
business, as well as providing as much return to their shareholders as possible. Most notably, the
strategic goals for the company are summed into three areas: superior results in which their
shareholder return ranks in the top 25 percent of the S&P 500, safe and "inclusive" work
environment, and becoming a company

Chinese Economic Development
Homework №2
A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers,
importers, exporters, wholesalers, transport businesses, customs, etc. They are usually large plain
buildings in industrial areas of cities, towns and villages.
They usually have loading docks to load and unload goods from trucks. Sometimes warehouses are
designed for the loading and unloading of goods directly from railways, airports, or seaports. They
often have cranes and forklifts for moving goods, which are usually placed on ISO standard pallets
loaded into pallet racks. Stored goods can include any raw materials, packing materials, spare parts,
components, or finished goods associated with agriculture, manufacturing and ... Show more content
on Helpwriting.net ...
For other manufacturers, proximity to an adequate supply of labour or to customers may be the chief
determinant of plants locations.
Even though the above considerations of raw material, labour, labour market or power have a
primary influence on site selection, often more than one location would satisfy the primary need.
This permits selection among the alternatives, the one that represents the most advantageous
utilization of costs involved for providing the warehousing system while maintaining the desired
quality of customer service. The total costs involved are made up of the cost of transporting all
inputs required from their respective sources, the cost of transporting outputs to the markets at the
various locations and the cost of providing the warehousing facilities that have been or are to be
acquired. The behavior of these considerations may be different and opposite with respect to
location. Finding the least cost combination will require the trading off one castigatory of cost from
another. That is, a higher transportation cost will have to be accepted to realize a proportionately
greater reduction in storage systems. Thus choosing the most economical location and sizes for
distribution warehouses is not a simple task. It may require the use of linear

The American Civil War : The Gilded Age Emerged
Following the finish of the American Civil War, the period known as the Gilded Age emerged.
During this period, industrialism increased rapidly as well as the amount of cities. However, with a
growth of industries and cities, corruption and complications would also follow. Since businesses
were booming and the economy was improving, the United States' Presidents of this time period,
such as Hayes, Garfield, and Cleveland, granted businesses large amounts of power in hopes of
continuing the success of the nation. The wealthy business men were given favorable tax rates and
free land, as well as a free range of power. These big businesses greatly impacted the economy by
controlling the flow of production along with the wealth of the people, as well as politics through
achieving an unlawful amount of power and corrupting the government, which led to the opposition
of the American people and fabrication of labor unions and labor strikes. First of all, big businesses
oversaw the production of goods which allowed for them to regulate the distribution of wealth
throughout the nation. For instance, as the Historical Statistics of the United States conveys, as the
amount of the production of goods increased over the years, the cost of living and basic essentials
decreased [Doc A]. Through the invention of Thomas Edison's light bulb, business hours increased
since they were now able to work at night, and the cost of light and fuel decreased. Also, businesses
during this time

Analysis of Financial Position of Smrt and Sbs Transit,...
Table of Contents
1. Executive Summary
2. About the Company 2.1 Key People 2.2 Milestones 2.3 Business Structure
3. Company Analysis of SMRT Corporation Ltd.
4. Company Financial and Data Analysis 4.1. Profitability ratio 4.1.1 Return on Capital Employed
(ROCE) 4.1.2. Operating Profit Margin
4.1.3. Profit Ratio
4.1.4. Return on Equity (ROE) Ratio
4.1.5. Return on Assets (ROA) Ratio
4.2. Liquidity Ratio 4. 2. 1. Current Ratio 4.2.2. Acid–Test Ratio 4.3. Stability ratio 4.4. Efficiency
Ratio 4.4.1. Sales Revenue per Employee Ratio 4.4.2. Asset Turn Over Ratio 4. 5.Investors ratios
4.5.1. Earnings per Share (EPS) ... Show more content on Helpwriting.net ...
4.1. Profitability ratio
Profitability ratios are the financial statement ratios which focus on how well a business is
performing in terms of profit. These ratios are used to find out a business's earnings relevant to its
expenses and other costs during a specific period of time. It can be said that the company is doing
well when they have a value higher compared to a

Security
American Security_A2074972 After the September, 11th terrorists attack, the United States
government 9/11 commission recommended that biometric entry–exit screening system was ideal
for travelers who were leaving and entering the United States. They reiterated that this was essential
for national security. Border screening systems were to be consolidated with United States Visitor
and Immigrant Status Indicator Technology (Haddal, 2010). This was supposed to streamline border
inspections. Legislations were instituted that were geared towards enhancing airline security, visa
border security, and maritime security. The Aviation and Security Act of November 2001, the
PATRIOTIC Act, and Border Security and Visa Entry Reform Act of May ... Show more content on
Helpwriting.net ...
What can become of a border patrol personnel who fails to raise his hands? Other than the security
of the border patrol, the use of drones over domestic airspace has led to loss of privacy. Nobody can
be so sure about their privacy in their own property because they can't be sure nobody is watching
them. Drones can now fly for at least 10, 000 hours and so far, at least 4, 865 undocumented
immigrants and 238 drug smugglers have been apprehended since the homeland security initiated
the use of aerial reconnaissance in border patrol (Booth, 2011). Considering that the "boots on the
ground" in 2011 apprehended a massive 327, 577 illegal immigrants in southwestern border, if the
number of illegal immigrants apprehended using the drones is anything to go by, then it is not worth
giving a shot at. Sincerely speaking, these are just fraction arrests. The number of those arrested
aside, the costs of operating the drones are also so high compared to costs related to "boots on the
ground". A drone's hour's flight costs $ 3, 600. It costs at least $ 7, 054 to catch an illegal immigrant
with the assistance of a drone. The government spends over $ 240 million in purchase and
maintenance of its domestic drones (Booth, 2011). This does not include operational costs. These
costs are so exorbitant. Border patrol should be given the capacity to

Sears, Roebuck, and Company
Sears, Roebuck and Co. started formally as a company in 1893, but its history started in 1886 with
Richard Sears who created R.W. Sears Watch Company selling watches to increment his income. In
1887, he hired Alvah C. Roebuck a watch repairman, both formed Sears, Roebuck and Co; by 1888,
they offered their first catalog featuring only watches and jewelry. During this time, farmers in rural
America were selling crops for cash and buying what they needed from rural general stores. In
1890s, wholesale prices were low but retail prices had in some instances a 100 percent increase.
Farmers formed protest to battle against high prices and the "middleman." (Sears Archives) Sears
saw an opportunity and started an mail–order business. Mail–order companies were the answer to
farmers' prayers, they prospered because they offered an alternative to the high–priced rural stores,
thanks to volume buying, to the railroads and post office, and later to rural free delivery and parcel
post. By 1895 sales exceeded $750,000, the company's 532–page catalog offered shoes, women's
garments, wagons, stoves, furniture, musical instruments, saddles, firearms, buggies, bicycles, baby
carriages and glassware, in addition to the watches and jewelry previously sold. Clothing
manufacturer Julius Rosenwald joined the company in 1895. Rosenwald became treasurer as well as
vice president in 1901, Sears for the first time in 1906 sold common and preferred stock on the open
market to raise additional capital.

Caterpillar and It's Subsidiaries
Advanced Accounting Paper #2 Chris Till Caterpillar Inc. was originally organized as Caterpillar
Tractor Co. in 1925 in the State of California. It was created in a merger of the Holt Manufacturing
Company and the C. L. Best Tractor Company. In 1986, the company reorganized as Caterpillar Inc.
The company's headquarters is now located in Peoria, IL. Their principal business activity is the
design, manufacturing, marketing and sales of machinery and engines. They also sell financial
products and insurance to customers through a worldwide dealer network. Caterpillar is the world 's
largest manufacturer of construction and mining equipment, diesel and natural gas engines and
industrial gas turbines. With more than $70 billion in ... Show more content on Helpwriting.net ...
The company is very sensitive to the economic environment. They report all lines of business
separately, but break them down into regions globally. The Machines division sales were $27.767
billion, an increase of $9.619 billion, or 53 percent, from 2009. Excluding EMD sales of $573
million, sales volume increased

What Oecd Principles Are For An Effective Corporate...
What OECD principles are currently used to govern this corporation?
Canadian National Railway has been shown to follow all six of the OECD principles outlined in the
G20/OECD Principles of Corporate Governance report (OECD, 2015). Each Principle has been
listed below with data to support the argument that Canadian National Railway (CN Rail) follow
each principle.
How does this corporation comply with these OECD principles?
Ensuring the basis for an effective corporate governance framework.
CN Rail has many set guidelines to ensure the corporation makes a positive impact on market
conditions to benefit shareholders, its employees and other market participants. Outlined in CN
Rail's corporate governance manual, CN Rail has a strict set of ... Show more content on
Helpwriting.net ...
The seven tests are quite extensive so as to completely avoid any sort of bias supporting or against
CN Rail. These sorts of biases can result in the board of directors making or voting on decisions that
are not in favour of improved economic performance, increased market integrity and/or
transparency.
CN Rail has a broad set of guidelines used to improve stakeholders', employees' and law
enforcements' certainty that the company is complying with and is consistent with the rule of law.
Outlined in the company's code of business conduct manual, CN Rail has summarized the
company's policies in complying with such laws and other legal guidelines (CN 's Code of Business
Conduct, 2014). The code of business conduct ensures to viewers that CN Rail takes great
responsibility in upholding their reputation with the laws. It gives outlines as to how different legal
situations are handled by upper management as well as guidelines for its employees on how to face
these situations with integrity while also abiding by all laws and regulations.
CN Rail has multiple governing committees implemented to ensure correct division of responsibility
between them. The company has 8 different board committees such as the audit committee, finance
committee, and the environment, safety & security committee. All of these committees make their
own respective recommendations to the board of directors, who then make the final decisions. But
the committees also

Comparison of Canadian Pacific Railway and Canadian...
Table of Contents
1. Introduction
Background – History and Overview of Industry
History and Overview of Canadian Pacific Railway
History and Overview of Canadian National Railway
2. GAAP methods validation 3. Financial Analysis
Canadian Pacific Railway
Canadian National Railway
4. Comparison of Canadian Pacific Railway and Canadian National Railway through Ratio Analysis
Gross margin
Net income margin,
Return on assets
Return on equity
P/E Ratio
5. Recommendation
6. Appendices
Income statements
Balance sheet
Cash flow Statement
1. Introduction
A. Railway Industry in North America
Rail industry is profitable and growing industry. In North America, five companies are dominant and
... Show more content on Helpwriting.net ...
The company was privatized by government in 1995 and after that it acquired Illinois Central
Railroad and Wisconsin Central Transportation. CNR is freight railway mainly but it was in
passenger service business until 1978.
It transports various goods across the Canada, US and between US–Canada border like–petroleum
and chemicals, metals and minerals, forest products, coal, grains and fertilizers, intermodal
commodity, the automotive commodity.CNR crosses the continent connecting ports on the Atlantic,
Pacific and Gulf coasts and links customers to all three NAFTA nations.
Following are subsidiaries of CNR–
1. Grand Trunk Corporation

2. Grand Trunk Western Railroad Company ("GTW")
3. Illinois Central Corporation ("IC")
4. Illinois Central Railroad Company ("ICRR")
5. Wisconsin Central Transportation Corporation ("WC")
6. Wisconsin Central Ltd
2. GAAP Methods Validation
A. Canadian Pacific Railway
PricewaterhouseCoopers LLP were the sole external auditors of CPR since Canadian Pacific
Railway Limited was incorporated in 2001.In Nov 2010, the board committee with board's approval
decided to go through competitive bidding process to select auditing firm. PricewaterhouseCoopers
LLP and Deloitte & Touche LLP were invited for bidding and after evaluation by audit and
management committee recommended appointment of Deloitte & Touche LLP as their new auditors.
The

Analysis of Financial Position of Smrt and Sbs Transit,...
Table of Contents
1. Executive Summary
2. About the Company 2.1 Key People 2.2 Milestones 2.3 Business Structure
3. Company Analysis of SMRT Corporation Ltd.
4. Company Financial and Data Analysis 4.1. Profitability ratio 4.1.1 Return on Capital Employed
(ROCE) 4.1.2. Operating Profit Margin
4.1.3. Profit Ratio
4.1.4. Return on Equity (ROE) Ratio
4.1.5. Return on Assets (ROA) Ratio
4.2. Liquidity Ratio 4. 2. 1. Current Ratio 4.2.2. Acid–Test Ratio 4.3. Stability ratio 4.4. Efficiency
Ratio 4.4.1. Sales Revenue per Employee Ratio 4.4.2. Asset Turn Over Ratio 4. 5.Investors ratios
4.5.1. Earnings per Share ... Show more content on Helpwriting.net ...
The 89.4 km MRT system, which consists of the North South and East West lines, stretches over 51
stations. System will expand to include the Circle Line (33.3 km), which will interchange with the
North South Line, East West Line and North East Line.
SMRT Investment Pte Ltd Set up on 9 March 2000. Principal activities are in the marketing and
leasing of media spaces as well as the marketing, leasing and management of commercial spaces
within the SMRT network.
SMRT Engineering Pte Ltd Set up on August 1999. Offers one–stop consulting services from project
conceptualization to operations, maintenance and related assignments.
SMRT Light Rail Pte Ltd Set up in 1997 and operates Singapore's first fully automated LRT system.
Stretches over 7.8 km along 14 stations in Bukit Panjang.
SMRT Taxis Pte Ltd Manages a fleet of over 3,000 taxis, including Prestige Mercedes, London taxis
and SMRT SPACE MPV taxis.
SMRT Automative Services Pte Ltd
SMRT Buses Ltd Provides maintenance and repair services.

Lesson 5 Discussion Forum : Caterpillar Inc.
Lesson 5 Discussion Forum Caterpillar Inc. (CAT) is an American–based company and the world's
leading manufacturer of construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel–electric locomotives. CAT can trace its origins back to a 1925
merger between two tractor companies. However, the official genesis was in 1986 when the
company reorganized under the Caterpillar Inc. name. The CAT headquarters are in Peoria, Illinois.
Over the years, CAT has offshored a lot of their manufacturing. Offshoring is different than
outsourcing because the company still has ownership of the process. However, the location of the
process is abroad. On the other hand, outsourcing is the complete transfer of ownership of a process
or product that the company used to perform or produce in–house.
CAT's management decision to offshore manufacturing is in part of their vision statement. With this
declaration, CAT's management made a decision that they needed to provide the best value to
customers globally. To illustrate, Andrew Thompson discusses part of CAT's vision statement,
"Caterpillar will be the leader in providing the best value in machines, engines and support services
for customers dedicated to building the world's infrastructure and developing and transporting its
resources. We provide the best value to customers" (Thompson, 2015). CAT's vision statement
guided the company's decision to offshore manufacturing. As a result, people

Essay on Conrail Case
Perspective: Conrail shareholder.
1. Why does CSX want to buy Conrail? How much should CSX be willing to pay?
Some of the reasons why CSX wants to buy Conrail are, to increase the consolidation in the Railway
industry. Further consolidation typically means lower cost for the consolidators fx because
economies of scale and synergies and ....
A consolidation also results in lower competition inside the industry, which typically follows with
higher, or at least not lower, prices and therefore higher profit.
Another argument that is mentioned in the materials is that CSX want to do the merger, before
another company tries. CSX doesn't want Norfolk southern to get Conrail.
CSX is willing to pay $92.84 per share.
2. Analyze the ... Show more content on Helpwriting.net ...
As the material (Harvard Business School, 9–298–006, July 2005) tells, would CSX together with
the management and the employees trust control 35,5% for the shares, and therefore would they
only need 14,6% to vote in favor of the opting–out, so it would pass. Then afterward would it be
possible for CSX to acquire the additional 20,3 % due to the first tier second stage, and then could
their proceed with the back–end offer for the remaining 60%. As mention earlier, because CSX
choose to offer two different prices to Conrails shareholders, were they required to do the first tier in
two stages.
3. As a Conrail shareholder, would you tender your shares to CSX at $92.50 in the first–stage offer?
Why or why not?
Consolidated Rail – Case B
4. Why did Norfolk Southern make a hostile bid for Conrail?
Due to the (Harvard Business School, 9–298–095, May 2001) Norfolk Southern expresses its
concern about a merger between CSX and Conrail. It would have significant consequences on
Norfolk Southern way of doing business. They could be excluded from important markets. As a
broker says letting the CSX Contrail merger pass could mean the end of doing business for Norfolk
Southern. We believe that this is the main reason, but Norfolk Southern can also see synergies
inform of both cost savings and increasing revenues.

5. In a bidding war, what should each bidder be willing

The Copper Basin
The Copper Basin of southeastern Tennessee is an area that is climatically unique with a rich history
rooted in copper mining. It is thought that man is responsible for the total destruction of the
environment over this large area, but it is mostly contributed to the exclusive location. The Copper
Basin was susceptible to negative environmental effects due to its topographical, geological,
climatic, edaphic, and meteorological location. However, the copper mining had a transformative
effect on the surrounding lands that of which are still recovering.
The Ducktown Basin, or Copper Basin, is located in the southeast corner of Polk County, Tennessee.
It is a bowl–like configuration within the southern Appalachian Mountains with elevations ranging
from about 1600 to 1800 feet above sea level. Its rolling hills and knobby terrain are drained by the
Ocoee River watershed and numerous minor creeks, surrounded by the Cherokee National Forest.
The river's rock–strewn course through the gorge was never navigable, adding to the access
problem, but later used for recreation and energy. These waters meet the Hiwassee, a major tributary
of the Tennessee River. The Basin area has abundant moisture and mild temperatures, rarely exposed
to drought.
The Cherokee Indians of the Copper Basin were farmers who produced some copper for trade. With
the Treaty of New Echota in 1836, they gave up much of their land. Others were removed by the
U.S. Army in 1938 during the Trail of Tears. However, some

Aims And Objectives Of KTMB
Keretapi Tanah Melayu Berhad (KTMB) is a private limited company incorporated and domiciled in
Malaysia. The company is wholly owned by the Minister of Finance Incorporated, a corporate body
established in Malaysia. The principal activities of KTMB are to operate the railway transportation
and the provision of related railway services in Peninsular Malaysia and Singapore. The company
operates these activities pursuant to a licence issued by the Minister of Transport.
Keretapi Tanah Melayu Berhad began its first operation on a 12.8 kilometres stretch between
Taiping and Port Weld in 1885. Today, KTMB's rail network spans 1661 kilometres from Padang
Besar to Singapore and to Tumpat. KTMB is principally involved in the business of rail
transportation which operating, maintain and managing the system to serve its main business
segments. However, KTMB also acts as the manager for railway property vested with the Federal
Land Commissioner and the Railway Asset Corporation and as the Project Manager cum Adviser to
the government for government funded railway related infrastructure projects. In addition, KTMB
through its subsidiaries and associate companies has business interests in parcel distribution,
haulage, property, car parks, cargo terminals and fibre optic telecommunications. Keretapi Tanah
Melayu Berhad (KTMB) or Malayan ... Show more content on Helpwriting.net ...
Most of the lines are made out of ballasted system and locally made concrete sleepers, which had
replaced wooden sleepers as early as 1982 for the Kerdau–Jerantut and Sungai Yu–Tumpat lines.
There are several other railway lines which are not owned by KTMB. This includes Petronas's
Kuantan – Kerteh line which is now operated by KTMB and the Sabah State Railway line from
Tanjung Aru near Kota Kinabalu to Tenom in Sabah. The Penang Hill Furnicular Railway also does
not come under KTMB's

Hsbc Bank Analysis
HSBC (The Hong Kong Shanghai Banking Corporation):
INTRODUCTION:
HSBC is the world's second–largest banking and financial services group. The origins of the bank
lie in Hong Kong and Shanghai, where its branches were first open in 1865. Number of location is
around 7,500 offices in 87 countries and territories; Only in united states it has more than 460 bank
branches, 210.000 shareholders, 300,000 staff, and approximately 128 million customers worldwide.
Throughout the world among the multinational banking giants HSBC is one of the leading largest
banking groups. AA Flock hart, Chairman since 1 January 2011 and a Director since July 2010. An
executive Director of HSBC Holdings plc and Chairman, Europe, Middle East, Africa, Latin ...
Show more content on Helpwriting.net ...
(3,416) (4,552)
Net interest income .............................................................................................7,694 8,091
Fee income ............................................................................................................5,310 5,560
Fee expense......................................................................................................... (1,271) (1,483)
Net fee income .................................................................................................... 4,040 4,077
Trading income excluding net interest income .................................................... 1,210 970
Net interest income on trading activities.............................................................. 901 1,656
Net trading income............................................................................................... 2,117 2,626
Net income from financial instruments designated at fair value.......................... 276 543
Gains less loss from financial investments........................................................ 537 (73)
Dividend income ...................................................................................................... 18 29
Net earned insurance premiums

Miller Welding And Machining Of The Manufacturing Industry
Miller welding and machining was established in 1963 by David, Lawrence and Sara Miller. The
trio started off by themselves and later on expanded their company and its product world–wide. The
company concentrated doing short term goals, in which it carried promising results. By the early
1980s, Miller Welding & Machine Co. had become integrated in the manufacturing industry. We
were already providing metal fabrication and welding services for industries such as construction,
plastics, food and material handling (millerwelding.com). Products that Miller Welding create and
distribute which includes; welding and cutting tools utilizing specific gases, machinery that
specializes cutting metal and or plastic. More items include safety equipment ... Show more content
on Helpwriting.net ...
Lower production, coupled with lower capacity utilization ratio, could have a negative impact on
steel companies' 1Q earnings. Steel Dynamics (STLD) is expected to release its earnings on April 20
2015. It currently forms 0.79% of the iShares US Basic Materials ETF (IYM) (marketrealist.com). If
lowered production is factored in, then the prices will increase which to conduct operations and
distribute product will also be forced increase product to make. This option would be the only way
to make sales and profit to keep stabilization within the company; in this situation, it's going to be a
sink the ship or swim and keep going. Second problem that is foreseen within the issue is
contracting companies to expand. With some states that supply limited product and lack of resources
that it carries. Some states do wealthier than others when it comes to steel production and
maintenance. One of the risks when expanding business is the poverty rate in the area. Job positions
within the company will not be filled forcing limited hours and production. With rail company
Progress Rail Service working partner relationships with Miller welding, inventory management has
shown great turn around rate by making on time deliveries. Progress Rail Services Corporation
started receiving its requested parts on time with minimal defects, allowing it to increase production
rapidly

The City Of Boston : A Case For Being Ranked An Alpha
City Profile: Boston, MA To begin my essay, I would like to establish my argument for the city of
Boston: I believe Boston has an excellent case for being ranked an Alpha – city; no more, no less.
After doing extensive research, I have concluded that despite Boston's relatively small size
compared to other cities it is classified with, it deserves its spot as an Alpha – global city. For
reference, some other notable cities it is classified with include Seoul, Buenos Aires, Washington,
New Delhi, Prague, and Dublin. Boston is more of a global city than people give it credit for, and
that is why I argue that Boston deserves its spot in the Alpha echelon of cities.
To begin, let's eliminate the subsections of the GaWC rankings in which Boston does not reside.
Alpha ++, Alpha +, and everything below Beta are easy eliminations. Boston is too big and too
multifacted to consider being anything below Alpha. The upper Alphas are incredibly significant on
the world scale, and consist of capital and primate cities with history and culture that Boston just
can't compete with. What's left is the two subsections to immediately above and below Alpha –:
Alpha and Beta +. This essay will explain why Boston doesn't belong in these specific categories. I
mentioned before that Boston's population is significantly smaller than most of it's global city
counterparts; the city of Boston is home to about 650,000 inhabitants (the greater area is home to
around four million). Not taking

Strategies Used by American Security
American Security
After the September, 11th terrorists attack, the United States government 9/11 commission
recommended that biometric entry–exit screening system was ideal for travelers who were leaving
and entering the United States. They reiterated that this was essential for national security. Border
screening systems were to be consolidated with United States Visitor and Immigrant Status Indicator
Technology (Haddal, 2010). This was supposed to streamline border inspections. Legislations were
instituted that were geared towards enhancing airline security, visa border security, and maritime
security.
The Aviation and Security Act of November 2001, the PATRIOTIC Act, and Border Security and
Visa Entry Reform Act of May 2002 were geared towards enhancing homeland security (Haddal,
2010). The Homeland Security Act of 2002 merged border and interior enforcement functions of
Department of Agriculture, the INS, and the U.S. Customs service to form Directorate of Border and
Transportation Security within the Department of Homeland Security (Haddal, 2010). Free sharing
of information and resources was made possible between USBP and CBP. The land, rail, and
transportation network became secure save for Transport Security Administration.
Alternative strategies that can be used to enhance border security can be effective collection, use,
and sharing of intelligence by exploiting networked intelligence. This should be done by sharing
both biographic and biometric information

Jp Morgan Research Paper
John Pierpont Morgan, known as J.P. Morgan, was born on April 17, 1837, in Hartford, Connecticut.
The son of a successful financier, Morgan followed in his father's footsteps into the world of
international finance. He would later become one of the world's most renowned financial figures in
history. Morgan consolidated several major railroads, U.S. Steel, and General Electric corporations,
his banking firm, JP Morgan and Co, was the predecessor of today's banking titan, JPMorgan Chase
& Co. After graduating high school in Boston, Morgan studied overseas in Switzerland and
Germany, where he learned to speak fluent French and German. In 1857, his career started with the
New York extension of the London–based George Peabody and Co. whose connections

Conrail Case
1
The Acquisition of Consolidated Rail Corporation
1. CSX wanted to merge with Conrail, because the consolidated company would have more than
$8.5 billion in rail revenue and almost 70 % of the Eastern market. Gain in Operating Income from
Cost Reduction would bring additional $370 million by the year 2000. Total gain from revenue
increase would result in additional $180 million. And from the operating income would reach $550
million. Another important point in CSX–Conrail merger is the better competitive position in both
long–haul and short–haul routes through cost reduction. The last reason for buying the Conrail was
the fear of CSX Company to lose competitive advantage and as a result to lose a lot of revenue, if
Conrail merge with ... Show more content on Helpwriting.net ...
So, the most important reason for Norfolk Southern to make this bid was a desire to survive, it is
like survival insurance. 5. In order to determine this value, we should take two aspects into
consideration. Firstly, CSX was the first bidder, which implies that Norfolk Southern 's offer is a
reaction to that of CSX. Norfolk Southern hostile bid of $100 per share represented a 14.1%
premium over CSXs blended offer of $89.07. But if we look at the next reaction of Norfolk
Southern, this offer did not create the reaction Norfolk Southern was hoping for, since after the new
amendment made by CSX of $110 per Conrail share, Norfolk Southern offered after only two days
the same value. CSX maintained its position at $110 per share for the front–end until the last day
before the shareholders vote, but increased its back–end position (adding $16 of new convertible
preferred stock to the back–end offer) 4 days before the vote. Norfolk Southern also increased its
offer to $115 per share.
3
At the beginning the offer was a reaction to the CSX bid; then other factors came into play, such as
time, the time span until the vote of the shareholders, the legal procedure (since the judge ruled
against Norfolk Southern). Secondly, the outcome of this process will determine the future
development of the companies involved. The merged companies, the winners, will survive, whereas
the loser will disappear from the market. Based on this fact we might assume that each

The Men Who Built America Essay
Much credit was given to six men, for creating the foundation of America. The first 4 were
Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, and J.P. Morgan. Through shipping
and trains, oil and its development, steel and construction, and corporate finance, these men
constructed the foundation of our country. Through their careers, these men saw much change
during prosperous times that effected business then and ultimately in the long run. Cornelius
Vanderbilt was an American industrialist and philanthropist. His claim to fame and fortune was
through shipping and railroads, becoming one of the richest men in American history. Vanderbilt
took an interest in railroads in the 1850's ... Show more content on Helpwriting.net ...
Andrew Carnegie was an industrialist who led the expansion of the steel industry in America. He
made his fortune in the steel industry, controlling the most iron and steel operations ever owned by
any individual in America. In the 1880's, his steel company was the largest manufacturer in the
world of pig iron, steel rails, and coke. The company had the capacity to produce about 2,000 tons
of pig metal per day. In 1892, he launched the Carnegie Steel Company which was combined of
Homestead Steel Works and a line of lake steamships which he bought in 1888. In all, by 1889,
Carnegie's empire consisted of Edgar Thomson Steel Works, The Lucy Furnaces, Pittsburgh
Bessemer Steel Works, the Union Iron Mills, the Keystone Bridge Works, the Union Mill, Hartman
Steel Works, the Frick Coke company and the Scotia ore mines. In 1901, Carnegie was 91 and
considering retirement. He made all the necessary preparations to his end and made negotiations
with J.P. Morgan to sell his company. March 2, 1901, the United States Steel Corporation was
formed and was the first corporation in the world with a market capitalization over $1 billion
(History.com). While Andrew Carnegie was building his steel empire, he realized that in order to
exceed production, he would have to make some changes. In 1892, labor declared a

Consolidated Rail Corp Analysis
Acquisition of Consolidated Rail – Case Study 1. Background Info – Conrail 1.1. Formed from the
remains of the six bankrupt North–eastern railroads in 1973 1.2. Earned its first profit in 1981–
$39.2m on revenues of $4.2bn. Privatised through an IPO in 1987 1.3. Major player in North–
eastern cities and their connection with major Mid–western hubs 1.4. In 1995, had 23,510
employees, operated 10,701 miles of track and controlled 29.4% of the eastern rail freight market
1.5. Financial indicators– 1995 1.5.1. Operating revenue – $3.7bn 1.5.2. Operating ratio – 79.9%
1.5.3. Revenues per employee – $156,784 1.5.4. P/E ratio – 12.9 2. Background Info – CSX 2.1.
Virginia based diversified transportation company – intermodal services, ocean ... Show more
5.4. The backend offer would not materialise until late 1997, therefore the effective offer could be
even less. If the cost of capital is 16.45% (more later), then the 60% shareholders will get
$4.712bn/1.1645 = $4.04bn which effectively translates to $81.67/share ($3.03bn+$4.04bn/90.5m
shares) 6. Transaction multiples 6.1. Have only look at transactions that have been completed. 6.2.
The peer group is selected based on: 6.2.1. Comparable business risk – all the companies face on
average similar risks. There could be some differentiation due to some firms operating in different
parts but that does not affect materially. 6.2.2. Growth – the railroad industry is a mature industry
and the growth is anticipated to come through acquisitions and no technological breakthrough is
expected. 6.2.3. Profitability – on average Conrail appears to be profitable than the comparables and
Conrail is less levered as well. 6.3. The average multiples are as follows: 6.3.1. EV to EPS – 19.4x
6.3.2. EV to Book value – 4.6x 6.3.3. EV to Sales – 2.2x 6.3.4. EV to EBITDA – 11.3x 6.4. The
multiples give a valuation range of $91.85 to $148.23. The EPS and Sales multiples are close to the
industry average giving a range value very close to the offer price – $91.85–$95.09. The EPS and
Book value are very much affected by the leverage structure and thus may be not a true
representation. 6.5. On the current offer, CSX is offering lower than the counterparts have offered in
the

Csx Railroad Competitive Advantage
CSX is the leading company leading in rail transport in United States. It applies several things that
enables it to have competitive advantage over the other seven railroad operating in North America.
VRIO framework explains the competitive advantage of CSX better. VRIO refers to value, rareness,
imitability and organization. CSX is a real –life monopolies provides transport of heavy freight in
the entire North America. The close competitors are the tracks. This has added its value in terms of
assets and worth. CSX has access to king coal which is cheaper than other means of fuel. Coal is
valuable and CSX taps it at Illinois basin hence its competitive advantage. CSX railroad is a
monopoly therefore creating a lot of revenue which is rarely available to other railroads. CSX has
the ability to repair its railroad whereas most competitors strain. Therefore, CSX enjoys temporary
competitive advantage. Transportation of freight is a major CSX railroad product. However, the
service has been imitated by trucks which transport the freight by road. The trucks have imitated the
speed of CSX hence posing great competition to the company. Additionally, the coal that CSX
depends on can be imitated and ... Show more content on Helpwriting.net ...
CSX maintain great freight transportation service, even with their loss in the coal market that help
their shareholders receive value from CSX financial success. CSX has help provide job growth with
creating about 62,000 jobs. Including with their job growth, CSX has also helped their employees
maintain benefits and fair wages. CSX has made sure to keep up with the economy with making
sure their taxes are being paid making sure to stay connected with business around them. CSX also
believes that with working with suppliers it is important to maintain diversity that matches the
customers they serve

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