Major League Baseball free essay sample

Rights movement. Before Jackie Robinson desegregated the Major League of Baseball, Blacks were segregated and discriminated against. The first baseball game between two all black teams was held on September 28, 1860 at Elysian Fields in Hoboken, New Jersey. (Shadowbox-Negro Leagues. Shadowbox-Negro Leagues. N. P. , n. D. Web. 12 June 2013. ) When the civil war ended in 1865 black Baseball teams began to form in the Northeast. Major Leagues excluded Black players. Frustrated Black players formed teams all over. The Black Panthers was the first professional black team formed 1 885 inBabylon, NY, the team was later renamed Cuban Giants so they could attract more White fans. This led to the organization of the negro league in 1887. Eventually, the league fell because there wasnt enough money to support the league. There was no ban on white leagues hiring Black players. Blacks continued to play on White teams despite the physical and verbal abuse from players and fans. We will write a custom essay sample on Major League Baseball or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page All Blacks knew Baseball was a white mans game. (Jackie Robinson Biography. Bio. Com. A Networks Television, n. D. Web. Jejune 2013. ) Jackie Robinson was born on January 31, 1919, in Cairo, Georgia. Jackie Robinson.Notable Black American Men. Deed. Jessie C. Smith. Farmington Hills: Gale Research, 1999. 1022-025. Print. ) His parents were Jerry and Millie Robinson. (Jackie Robinson Biography. Bio-com. A Networks Television, n. D. Web. 12 June 2013. ) They lived on a small farm and worked as sharecroppers. Jerry left when Jackie was one years old. Jackie had four siblings Matthew Robinson, Frank Robinson, Edgar Robinson , Will Mae Robinson. Later they moved to Pasadena, California because they didnt have any money. Jackie and his family lived in his half brother Mastiffs apartment until they found a house.They found a house in a bad neighborhood. Jackie went to John Mir High School in Pasadena, California. His brothers, Frankie got Jackie interested in sports. Mack was especially a good role model for placing 2nd in the 1 936 summer Olympics. Jackie played sports year round including baseball, football ,tennis, and track. He was the star player of every sport he played. Jackie went to Mir Technical High School. He set records for baseball and rack. Jackie earned a scholarship to UCLA. He was the star athlete on baseball, track, football, and basketball team at UCLA.Jackie had to leave college before he got a degree because Of financial problems. He was a athletic director for the National Youth Administration. (Jackie Robinson Biography. Bio. Com. AE Networks Television, n. D. Web. 12 June 2013. ) Jackie Robinson played an important role in the Civil Rights Movement . An April 15, 1947 Jackie Robinson officially broke the color barrier in Major League Baseball. Jackasss attendance was a very positive impact. He not only hit a batting average of . 342 and stole 19 bases in his career, but he was also nominated rookie of the year.

The Civil War as a Second American Revolution History Essay Example

The Civil War as a Second American Revolution History Essay Example ly correct variant of the word Negro Afro-American, as negro is considered to be an offensive word. Calhoun points out Never before has the black race of Central Africa, from the dawn of history to the present day, attained a condition so civilized and so improved (p.602). One more achievement of the second revolution is the establishment of contract labor. As legislation, norms of banking, railroad tariffs and rules, regulations related to public land and many others. Adams pointed out all positive and civil laws, should conform as far as possible, to the Law of natural reasons and equity (p.109). These very features distinguish this Civil War among all civil wars which did not have such a prominent effect on the history of the world and of the United States in particular. One more distinguished feature of the Civil War that its leader Abraham Lincoln had ideas different from these ones declared by the Revolution. Thus, being an inveterate mercantilist he refused free-market capitalism. Also he doubted canons of civilization, constitutional rights of people, freedom, equality and fraternity of people regardless their skin color. Nothing could alter his belief in superiority of white people in comparison with the black ones. He saw America created for people like him and not for others. Lack of coincidence between revolution and its leader outlines this event from the list of outstanding revolutions of all times. To sum it up it should be pointed out that the Civil War is justly considered to be a second American revolution. Douglass pointed out that peace men preferred revolution to peaceful submission to bondage (p.595). It brought key changes to the main aspects of human life. Different leaders were appealing to the equity of all people in their speeches. Any power was considered as violence. Only tolerance was believed to be acceptable in new society. In spite of the fact that a big number of people died, the Civil War was marked by the triumph of freedom of black slaves and equity of black and white people. Equity was proclaimed as the main principle in social relationship formation. Tolerance was applied in the attitude to others concerning their religious, cultural or social preferences. Total revolution has brought total freedom in everything.

How Decision to Rewrite My Paper Became the Best Ive Made in College

How Decision to Rewrite My Paper Became the Best Ive Made in College All through high school, I wrote essays and papers. I wrote them in a lot of my classes – history, biology, health, art, and, of course English. In most of those classes, I got very average grades on these pieces. In English, I sometimes got lower than average grades. My English teachers would use a lot of red ink to point my egregious errors of sentence structure, awkward composition, agreement mistakes, etc., and I pretty much ignored them. Never was I asked to rewrite an essay or paper that was poorly written or included some types of plagiarism which was also often pointed out. Editing and rewriting were just not in my experience. College quickly changed all of that. Bad Grades Woke Me Up The first thing that hit me between the eyes in college was that I would be writing a lot of essays and papers – in almost every class, actually. When I submitted the same quality that was my â€Å"trademark† in high school, I didn’t receive average to just below average grades. I received â€Å"F’s.† There were no errors pointed out, only terse phrases at the top – phrases like â€Å"Proofread your work!† or â€Å"Edit before you submit!† That pretty much did it. I decided that every time I wrote a paper, I would have to review it, find the errors, and rewrite my paper before turning it in. I had the best of intentions from that point forward. Good Intentions – Not So Good Results I began to work very hard to edit and rewrite my essay and paper assignments. I also put them all through a plagiarism checker, because some of my high school teachers had found some of this. A big issue was that I was not citing sources correctly. But my grades still didn’t improve that much even after I fixed that problem. What I came to realize was that I had structural errors, grammatical errors and usage error that I was not catching. In short, I didn’t have a clue about how to really review, edit and rewrite a rough draft to make it suitable for submission. I had lots of work to do. Learning How to Revise and Rewrite I began by reading some sources on learning to revise your writing and did pick up a lot of pointers. There really are several areas of review that all should be done separately. These include such things as: Reading the entire piece of writing without any concern for grammar or punctuation, but for the confirmation of a good thesis statement and a logical flow of the ideas I wanted to present. The second reading was one I read out loud. This was a pretty good activity, because I was able to find sentence fragments and run-ons and even see where maybe some commas should be placed. Another piece of advice I got from reading some of the articles about reviewing and editing my writing was this whole thing about transitions between paragraphs. This was something I never had much instruction on in high school, and it was really an important feature for college level writing. I needed some more professional help so began to look at a rewriting tool another student recommended. A Great Editing Service At first, I felt a little strange using an essay editing service. It almost felt like I was cheating. On the other hand, I knew there were other students using writing services for all sorts of help – researching and writing their essays and papers, and, yes, even having them edited the way I was. Here’s the thing about using a solid, reputable writing and editing service: Everyone has academic strengths and weaknesses. And getting help is nothing to be ashamed about. When students know that they have issues, and they get help, especially with editing college papers and essays, they can then study how that editing process works; they can see their errors and how they have been corrected by a professional. These become learning experiences. With every essay or paper I send over for editing, I get back a corrected copy, with simple explanations about why the changes were made – each time I learn something that I will be able to use the next time I write. The other nice thing about this professional editing service is that they check my writing for plagiarism. And they have provided explanations about how to avoid it. They also educated me about self-plagiarism, something that college students don’t even think about, but I will in the future. Plagiarism and Self-Plagiarism Most students understand plagiarism and the disastrous consequences if they do it. With the sophisticated software out there today, any plagiarism can be discovered. Sometimes we plagiarize and don’t even realize it. I was famous for taking notes, using an author’s exact words and then not giving credit where I should have. Now I run a plagiarism scan on everything I write. And if I send it over to my writing service for editing, they do this too. Self-plagiarism occurs when a student (or anyone for that matter) writes a piece and it is published somewhere online. And that student likes the piece so much, he decides to turn it in as an essay assignment to a professor. If a plagiarism scan is run, it will pop up. Why? Because it’s out there – in a blog, in the e-version of the student newspaper, in some forum, etc. This is especially important for grad students who may be contributing to online publications in order to enhance their resumes and CV’s. In these cases, it is far better to be up front and ask permission, before you have to ask for forgiveness. Not All College Writing is formal Academic writing is formal. The rules of proper English must be followed, especially for essays and papers. But a lot of college coursework will require a more casual style. Students of journalism or who are enrolled in courses such as content marketing, will find that there will be a major shift in style requirements. Good grammar and spelling is not thrown out the window, but this type of writing is very different. If you are enrolled in such courses, here are a few tips: Brevity of words is important. Say what you have to say as succinctly as possible. Sentences are short and simple. Example: There are many good authors who started out as journalists (windy   Ã‚        Ã‚  Ã‚  Ã‚  Many good authors started out as journalists. (short and sweet.) Use action/strong verbs as opposed to weak ones.   Ã‚     Example: She is now running every day (weak)   Ã‚     Ã‚  Ã‚        Ã‚  Ã‚  Ã‚  She runs every day (stronger, shorter) Cut the Use of Adverbs Example: Really great = Amazing If you take a course that requires this kind of writing, you will discover that your academic writing will improve too. Take Your Editing Seriously – Your Grades Will Thank You College is not the place to turn in your first draft and hope for the best. Expectations are high, and you will be expected to write well, no matter what the course. If you are not practiced in editing, get the help you need, learn from that help, and over time, you will be able to do this yourself.

Police and alcohol abuse Research Paper Example | Topics and Well Written Essays - 1250 words

Police and alcohol abuse - Research Paper Example Alcohol forms a significant component of cultural, social and interpersonal associations in most societies across the world. According to Doherty and Roche (2003), alcohol is the most widely used drug in the world in spite of its well documented adverse effects on health and social order. Medically, research has demonstrated that consuming moderate amounts of the beverage is beneficial to health by reducing incidents of cardiac ailments especially among the elderly (Lindsay, 2008). However alcohol abuse is a major global concern, affecting people in various professional backgrounds. The adverse effects of excessive alcohol consumption to the user and others are documented in numerous research studies. Excessive alcohol consumption is a major contributing factor of premature death, high morbidity rates and accidents in the population. In addition, it increases of interpersonal violence and aggravates mental illnesses such as depression resulting to high suicidal rates in the contemporary society (Doherty and Roche 2003). In the police force, alcohol consumption does not only cause health problems, but also impacts negatively on the officers’ performance. In a profession that requires high levels of alertness, alcohol use lowers reaction time and reduces mental and physical coordination. A combination of these factors results to reduced productivity in the work place, high levels of absenteeism and increases the risks of work related injuries and accidents(Lindsay, 2008). Research findings on drinking habits of police officers indicate that they drink higher quantities of alcohol in a given occasion compared to the general population (Amaranto, et al 2003). Several factors are attributed for alcohol abuse in the police.

Discovering sustainable success Essay Example | Topics and Well Written Essays - 250 words

Discovering sustainable success - Essay Example From the lecture it is easier to know what to expect at the University and what is suitable for my interests. I also learnt that the University is not there only as a business, but it is a place where students can get broader social and cultural experiences. In addition, it creates and promotes the idea of an institution without borders. Sustainability is a key source of competitive disadvantage because there are more societal expectations for all. The speakers in the video also show that there exists a connection between what students at the institution do in class or the research labs and what they experience once they are in the job market. This makes it easier for any potential student to understand what is required of them. The lecture also shows some of the most effective ways that a student in a University can acquire skills and make use of these skills is not only within the institution, but in other settings. The skills are applicable in other settings such as home or at

The purpose of the management team

The purpose of the management team The management are the people who guide the team in a right path wherein all together working for the same goal of success. They have to work together with Sincerity, Unity, Courage, Communication, Enthusiasm, Strengths, and Secrets of the company to form the ultimate chain of SUCCESS. The manager who runs the team should have proper interaction with each and every team member with proper updates and feedbacks. Also have to take active participation whatever happens within the team and team members. Since the manager knows about each and every member of his team, has to check with the daily metrics where that particular team member is lacking behind and has to make sure that the person has been well trained, again have to check for the daily metrics to give the feedback. Also have to sympathise and empathise with the person having any personal issues as well. Every individual team player also has to develop knowledge, confidence, time management and sincerity to be a part in the grow th of the company. According to the Mintzbergs managerial roles manager should have quality of leader by motivation and activation of subordinates for staffing and for associated duties. Manager have to monitor various activity and to receive wide range of special information to develop the organization. (Buchanan and Huczynski, 2004, p495). Management also have to face the risk factor in all aspects, regarding their own team members issues and also from the competitor perspective. The management has to take a right decision when taking any risk which should not affect the growth of the company and also have to see the financial criteria as well. If any risk factor is taken it has to be handled in a way that the company overcomes that crisis as earlier as possible with success in taking that risk. The whole team has to work together with proper interaction and dedication to make the risk as a success. Each team player has to be committed with their own work, so all team members work together of common commitment. By virtue of his interpersonal contacts, both with his subordinates and with his network of contacts, the manager emerges as the nerve centre of his organizational unit. He may not know everything, but he typically knows more than any member of his staff Mintzberg (1975). There are a wide range of theories which can be implemented to improve the growth of a particular concern. And these are the two theories which I experienced in the concern which I worked for. 1. Maslow`s theory. 2. Goal Theory. 3. McClellands Theory of motivation. Maslow`s Hierarchy of needs theory: One of the most widely mentioned theories of motivation is the hierarchy of needs theory put forth by psychologist Abraham Maslow in 1940-50s USA, and the Hierarchy of Needs theory remains valid today for understanding human motivation, management training, and personal development. Indeed, Maslows ideas surrounding the Hierarchy of Needs concerning the responsibility of employers to provide a workplace environment that encourages and enables employees to fulfil their own unique potential (self-actualization) are today more relevant than ever. Self-actualization- personal growth and fulfilment personal growth and fulfilment Esteem needs- achievement, status, responsibility, reputation achievement, status, responsibility, reputation Biological and Physiological needs- basic life needs (air, food, drink, shelter, warmth, sex, sleep, etc). basic life needs air, food, drink, shelter, warmth, sex, sleep, etc. Safety needs- protection, security, order, law, limits, stability, etc. protection, security, order, law, limits, stability, etc. Belongingness and Love needs- family, affection, relationships, work group, etc. family, affection, relationships, work group, etc. Maslows (second edition 1970) I worked for an MNC in India named CSS (Cybernet Slash Suppport) is a call centre in which we give technical support for the customers calling from US and UK regarding the installation of networking devices like modems, router, cameras, adapters etc. In my company the basic need was a graduate with little bit of computer background who knows to speak English with neutral accent. Since I had their requirement I got selected and was put under a team. For the first time I worked with a team with people having little bit of experience and knowledge whereas I was a fresher. So as per Maslow`s diagram I had the basic requirements need by the company. Working with the team gave me lot of experience and knowledge about time management, and relationship with leaders. At first it was very difficult to get along with the team since my other team members had bit experience in handling calls. The other members in the team will finish the work effortlessly within the given time limit, but I struggled a lot by putting my complete effort to finish the task within the given time limit, but finally I completed my task after the given time limit. So I was clearly monitored by my team leader since I was the bottom performer in my team. Then I was given special training by my leader which was my last chance to perform in this company, else I have to leave the company. And my leader gave me training technically and personally as well, which motivated me to do my best with liking towards the job. Finally I did my best and finished the task within the time limit. Since my team leader motivated me, created a good relationship with the leader as per Maslow`s theory. Goal Theory: Goal theory is about how leader motivate subordinate to accomplish designated goal (Peter g, 2010, p125). The leader, the challenge is to use a leadership style that best meets subordinates motivational needs. (Peter g, 2010, p125). In the concern which I worked the leader motivated me well which helped me a lot not only in technical work but also personally to do all works. Since I was the bottom performer in my team my leader always use to motivate me positively to do my work, but my manager use to discourage me that I am not fit for the job. Since my leader always use to motivate which automatically created a character of motivation in me. From then I use to motivate myself personally and officially whatever I do. The managers job is to get the work done from the technicians, so he sets a time limit for each team member in our team in order to get the output. So eventually everyone use to work in order to finish the task within the given time limit. So I motivate myself to complete the work before the time limit given by the manager. I use to set my own time to finish the task which helped me to finish my work earlier, than the time given by the manager. This motivation helped me to get lot of knowledge and experience which also gained me increase in my payroll. According to the House and Mitchell (1974), leadership generators motivation when it increase the number and kind of payroll that subordinate receive from their work. (Peter g, 2010, p125) Goal setting and performance People lacking positive motivation at work may also help gain improved result and a better sense of achievement by setting themselves specific goal and identifying task directly to their work and measurable target of the time and performance. (Laurie and Mullins, 2006, p274) When I was working in the company I was lacking positive motivation which led me to be the bottom performer in the team. Since my team leader motivated me, it helped me a lot in how to do the work faster. So from then I used to build up positive motivation and I use to motivate myself to do the work better than others by setting own time limit for myself which is earlier than the actual time given. So all my team members will finish the work within the time limit given by the manager, whereas I would have finished my work before my team members finishes. And finally I was the top performer in my team and got appreciation from the manager who discouraged me before, which again motivated me to be the top performer consistently. McClellands Theory of motivation: David c, McClellands has contributed to the understanding of motivation by identifying three types of basic motivation needs. He classifies them as the need of power, need of affiliation, and need for motivation. (Koontz and Weihrich, p297) All three drives- power, affiliation, and achievement are of particular relevance to management, since all must be recognised to make an organization enterprise work well. (Koontz and Weihrich, p297) Need For Achievement: Every person in their lifetime they would have achieved something or the other. In the company which I worked, was the place where I learnt about motivation which still helps me to do any kind of work with full dedication towards the work. Since I was the bottom performer in my team in the earlier stage, this motivation given by my leader, leads me finally to be the top performer in the team. So I was promoted to the next level in the team within a short period of time (4 months). Since I had a good relationship with my co-workers and manager, they use to give me high responsibilities and I was able to tackle any kind of situation easily since I worked sincerely with complete liking and dedication towards work, which led me to become a team leader of a team which I consider was a great achievement in my life. So, every single person who motivates themselves and works with complete dedication and liking towards work with reach the ultimate goal of success within a short period of time. People with high need for Achievement have an intense desire for the success and equally intense fear of failure. They want to be challenge and they set moderately difficult (but not impossible) goal for themselves. They take a very realistic approach to the risk; they are not likely to be gambler but rather, prefer to analyse and assess problems, assume personal responsibility for getting a job done and likely specific and prompt. (Koontz and Weihrich, p297) Need for Affiliation: The company which I worked for had the norms or rules for the company which every employer has to be followed. It was a must for every individual to follow the rules of the company which was also considered for the growth of the employer in the company. One of the managers in the company came to the shift drunk and was noticed by the management and was immediately dismissed from the company. In spite of being the manager of a team he was dismissed since he dint not follow the norms of the company. I would use to always follow the norms of the company. I will come in for my shift before my check in time and will work even extending my shift, also had a good rapport with the team members. Since I was promoted as a team leader and was already a team player before was able to know about each individual clearly which helped me to know which work to be given to whom and whom has to be well trained in where they are lacking behind. So I always had a proper relationship, interaction and active participation with my team members in updating all the informations and techniques to give the output soon. People with high need for affiliation usually derive pleasure from being loved and tend to avoid the pain of being rejected by a social group. As individual, they are likely to be concerned with maintaining pleasant social relationship to enjoy a sense of intimacy and understanding, to be ready to console and help other in trouble and enjoy friendly interaction with other. (Koontz and Weihrich, p297) Need for Power: A leader or a manager has the quality of power by taking or handling any kind of situation which does not affect the growth of the company. Since I was the team leader in the company which I worked, my main job was to get the work done by my team members by giving them proper training and consistently updating the technical information. My job was also to monitor my team in each interval and have to update myself about my team members of their performance. So after analysing the performance of team I have to give feedback to the team members with hurting anybodys feeling or by discouraging them and have to appreciate who have performed well and have to give proper training to those of them who are lacking behind. So in this kind of situation a leader or manager has to use their power to handle the situation for the growth of the company and also the growth of each individual by motivating them positively. According to the people with high need for power have a great concern with exercising influence and control such individual are generally seeking position of leadership; they are frequently good conversationalist, though argumentative; they are forcefully outspoken, hard headed, and demanding; and they enjoying Teaching and public speaking. (Koontz and Weihrich, p297) Organisation as Culture: Organisational cultures are of many types; power culture, where individual controls everything and group work cannot exits. Hence no feedback from staffs is entertained. There is role culture, where everyone is assigned a role to complete. Most organisations follow this. Staffs know what to do and everyone knows their boundaries (Mullins 2007: p.722-723). Power Culture: The power culture is, every individual have their own power to take their own decision since they are not working in a group. For Example: I participated in a group work in my tutor VINCE DISPENZA class which was an activity cave rescue. So the total class were divided into 5 groups having 6 members in each group. So the task given to us was to rescue the people who were trapped in the cave and the people who were trapped in the cave were given importance in different order which is equally important that we have to rescue all. So we worked as a group, but there were no proper co-ordination in my group. No one was ready to interact with each other, so I took the leadership and gave my own ideas and tried to interact with my group members. But they were not showing interest and also not ready to give their own points. So finally I had to give my own points when discussed with my tutor. So this power culture exists only in a very small group like this and cannot exist in an organization. Role Culture: The role culture is, every individual will be assigned a task where they have to work in groups. Here an individual cannot work separately or cannot take an own decision without discussing with the team members or leaders like the power culture. For Example: In the organization which I worked, I had to work only in groups. Since I was the team leader my job was to mainly get the works done from the team members of my team by giving them proper training in order to get the output. So here it is not possible to work separately like the power culture. So this role culture is followed by all organization to make the work easier and simpler. Organisation as a processor of information: Information is a critical part of any business we take. Proper information will lead to the success of a firm. For e.g. information about customer needs, information on what products will satisfy those needs, and how those products can be prepared and delivered, and so on. The idea of information processor highlights that an organisation is successful if it uses its information efficiently and learns to go on using it (Wickham,P,2006:P.276). Organisation as Social system: Social system consists of hierarchical ordering; number of subsystems, interdependence, and one component depends on other and permeability. (Farace et al., 1977) said system is input-throughput-output. That is a system inputs material and works on this input which is throughput and gives the output. (Miller 1995: p.87-89) A simple organization can be a very good example of a system, explained by two authors above. Organisation has subsystems like staff, team leader, manager, CEO Etc. They all are interdependent and takes input in the form of information or projects and works among them and gives out the output as product. Hence, they can form social system. Effective reading of the situation being addressed encounters using the mangers creative ability that gives way to do things differently or new leverage in solving complex issues. Reading itself does not denote a mechanical process or the application of the metaphors discussed above. It is about building a relationship with a vastly complex phenomenon to understand it by analysing it in different angles. (Morgan, 2006: p.361). These different perspectives of organisation are not mutually exclusive; indeed to the some extent they are complementary. There is no proper perspective which an organisation follow but these are one of the perspectives which organisation do follow. Change Management: Apart from these perspectives discussed above this is also necessary that a manager should take care. Managers often think that change can be a problem but sometimes managers forget that change can also be the solution for their problems. All managers must realize that one cannot separate change management from organizational strategy. According to Burnes(2004),change is now a present future of organizational life(Paton,R McCalman,J ,2008:p.39). CHANGE MANAGEMENT NEW CHANGED ORGANIZATION OLD ORGANIZATION As the figure says, for developing an old organisation into new improved one requires change. The scope for change management are managing project, quality, corporate development, IT and in human resource (Recklies,O,2001). Another point to be noted is that once the change has been done there is no chance to undo mistakes. Once a manager fails in the change management process, there is hardly any chance for him to motivate the employees again. There may also be many barriers to change. There may be barriers of perception like stereotypes in analysis, misjudgement etc. Also, emotional barriers like fear to make mistakes, not spending enough time to think. There may be environmental barriers like lack of support from the staffs, lack of accepting criticism when others do. At last there may be cultural barriers like tradition. It is very challenging task to overcome traditions. Character of a taboo in an organisation can also cause a problem (Recklies,O,2001). Research: Conclusion:

Avon’s Dividend Policy Essay

A firm’s decisions about dividends are often mixed up with other financing and investment decisions. Some firms pay low dividends because management is optimistic about the firm’s future and wishes to retain earnings for expansion. Other firms might finance capital expenditures largely by borrowing. All the above are examples of dividend policies which can be defined more precisely as the trade-off between retaining earnings on the one hand and paying out cash and issuing new shares on the other. In order to understand the dividend policy we must understand that this phrase means different things to different people (R.A. Brealey & S.C. Myers, 2003). Avon Products, Inc. announced both a change in its business focus and a reduction of its dividend in June 1988. To offset the likely stock price effect of the dividend reduction, Avon announced at the same time an unusual exchange offer under which it would take up to 25% of its common stock. The case traces the history of Avon from 1979-88. We will evaluate Avon’s efforts at diversification in the early 1980s, and will relate that effort to the company’s dividend history. Moreover we will evaluate Avon’s operating and financial strategies from 1979 to 1988 and the company’s financial condition in mid-1988. PERFORMANCE OF AVON’S STOCK FROM 1978-1988Based on Exhibit 4, Avon’s stock price has declined from $50.75 in 1978 to $24.125 in 1988 (decline equal to 52.5%). At the same time, S&P 500 has increased from $96.11 in 1978 to $266.69 in 1988 (increase equal to 177.5%). This rather poor performance of Avon stock contradicts with the performance of the overall market. Moreover, based on Exhibit 1, ROE decreased from 31% in 1978 to 21% in 1988. This is due to the following factors: Avon in the early 1980 made the major strategic decision to diversify its business by entering the health care field. In order to support its diversification strategy it invested heavily in subsequent acquisitions of Health care companies. It acquired Mallinkdroft in 1982, Foster Medical in 1984, Retirement Inns in 1985 and  Mediplex in 1986. Even though its health care division showed increasing net sales from 1982 till 1984, the situation changed during 1985, with a sudden drop of more than 50% in net sales. The inability of the health care sector to grow at attractive rates worsened in the years to come (largely because of the change in Medicare in 1986) and proved that it was a strategic mistake to go for diversification. Not only did not the market appreciate this decision, but also the firm found itself highly leveraged with a long term dept of $816.4 million in 1987, because of subsequent acquisitions. The heavy borrowing of the Avon obliged it to announce a dividend cut from $3.00 to $2.50 in 1982, and to $2.00 from 1983 till 1987. This dividend cutting policy, which was already expected and negatively perceived by the market from the early 1981 severely influenced Avon stock price (a decline in the share price from $30 to $20.375 immediately after the announcement of the following dividend policy) and contributed largely to its poor performance. This poor performance was also partly due to the disappointing financial results of the Beauty care sector from 1982 till 1985 (Exhibit 2). It was only in 1986 that the Beauty care sector showed again positive signs of improving prospects. The wrong commitment of Avon to its Health care sector together with the demographic shifts of the 1980’s, that decreased both its sales force and customer base are the main reasons for the Beauty Care sector’s disappointing results. EVALUATION OF AVON’ S FINANCIAL CONDITION IN MID-1988Avon in mid-1988 divested its healthcare business and acquired fragrance companies. In that way, Avon has demonstrated renewed commitment to beauty business and continued investment in that business. While its long term debt was only $4.1million in 1979 and its net earnings amounted to $250.7 million, Avon found itself heavily burdened with total long term debt of $816.4 million in 1988 decreasing net earnings of $159 million and just before divesting two of its health care businesses probably at considerable book losses. The decision of the company to finance its acquisitions with debt, starting from 1982, resulted to high interest expense payments every year (Exhibit 1). These high interest expense payments, combined with the decreasing net earnings made it very difficult for Avon to meet successfully its generous dividend payment policy. So the company had to reduce its yearly dividend  payments starting from 1982 and onwards. Under its financial condition in 1988 Avon has no other choice but to go for further reductions in dividends. That way the company will be able to meet its heavy debt obligations and at the same time finance the â€Å"come back† to its core beauty products business. PURPOSE OF THE EXCHANGE OFFERThe purpose of the exchange offer was to avoid having a dividend reduction drive down the stock price and find the â€Å"golden mean† between its own interests and the interests of its 25 large Institutional shareholders. Those shareholders owned 46.5 % of total Avon’s outstanding shares (Exhibit 5) and expected high dividends from them. Some investors, as it is mentioned in the case, have stated that they held Avon stock because it paid high dividends. Hence, a reduction of dividends would most likely have caused investors to sell their stocks and evoke share price delay. Therefore, Morgan Stanley, the financial adviser of Avon offered to exchange one share of a new $2.00 PERCS for each of up to $18 million of Avon’s 7.17 million outstanding common shares. PERCS are mandatory convertibles that work as equity-linked hybrid securities and automatically convert to common stock on a pre-specified date (Yan, A. et al, 2003). The PERCS assured the same dividends ($2.00 a year) until September 1991. The company would also have an option of redeeming the preferred shares for either cash or common shares after that date. In addition, the exchange offer was made in order to support the following four key elements that Avon should have taken into consideration (Ross, S.A., et al 2008):†¢Select Additional capital budgeting projects. Through the capital savings Avon will be able to finance additional projects with positive NPV. †¢Available funds for further acquisitions. To avoid the payment of dividends Avon might use excess cash to acquire another company. With this method the company will be able to support more efficiently its turnaround strategy towards the beauty business. †¢Repurchase shares. Avon will be able to support its market price which has reached the lowest level of approximately $24 by repurchasing shares. At the same time shareholders benefit from the fact that when selling shares they pay lower taxes than when they receive dividends. †¢Personal taxes. Money earned from dividends is considered as personal income so it is taxed. EVALUATION OF THE TRADE-OFFEach decision to go for either the new preferred stock or to keep the common stock has pros and cons. The new PERCS should be appealing to the majority of its institutional investors, since they guarantee to them a stable and relatively high enough quarterly dividend of 50 cents, which is always paid before any other common dividend payment. In this way its large institutional investors can feel certain that they will have a secured return on their investment, without incurring any transaction costs when selling off shares for current consumption. The holders of the new PERCS can also share the benefits of a stock price increase up to $31.5 but also the losses in case of a stock price drop. The great opportunity that the holders of the new PERCS are loosing is in case Avon stock price goes beyond $31.5. Its stock is currently undervalued to approximately $24 and there is a high probability that within the predetermined 3 years its stock price will increase beyond the price of $31.5, as Avon is undergoing a restructuring towards its core beauty care business and the market is expected to react positively to that news. If that will be the case, then they will loose any excess gains incurred beyond the $31.5 stock price. Being a common shareholder, an institutional investor experiences losses in revenues because of the dividend reduction. What is extremely important though is that this implies a policy of retaining earnings to help finance the business, which is currently being restructured. So having a long term perspective an institutional investor can select common stocks and bet on a stock price increase far beyond $31.5. If that will be the case then he will certainly outperform any losses he has experienced so far because of the dividend reduction. In addition, based on Exhibit 5 we can distinguish four types of institutional investors depending on their preferences:†¢Yield. In this case the institutional investors have as a primary objective, the amount of dividends they will receive divided by the purchase price. This is not an accurate measure of total return, since it does not factor in capital gains. (http://www.investorwords.com/5362/yield.html)†¢Turnaround. A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. (http://financial-dictionary.thefreedictionary.com/turnaround)†¢Mixed. An investor with a combination of yield and turnaround incentives. †¢Index. Investors trading index options are essentially betting on the overall movement of the stock market as represented by a basket of stocks. These investors are considered to care a lot about acquiring stocks that help them diversify the risk of their overall portfolio (http://financial-dictionary.thefreedictionary.com/Index+Option). Concluding we assume that according to investors’ preferences we would have a different selection. The yield investor will probably prefer the PERCS, the turnaround investor would keep its common stocks, the mixed would consider both options and finally the index investor will first look at its entire portfolio and decide to keep the stock or not irrespective of the benefits that PERCS or common stock offer as he mainly cares for risk diversification. REFERENCES †¢Ross, S.A., Westerfield, R.W., Jaffe, J., Jordan, B.D. â€Å"Modern Financial Management†. McGraw-Hill, Eighth Edition, (2008)†¢R.A. Brealey and S.C. Myers, â€Å"Principles of Corporate Finance†, McGraw-Hill, Seventh Edition, (2003). †¢Yan, A., Nandy, D., and Chemmanur, T. â€Å"Why issue mandatory convertibles? Theory and empirical evidence, February (2003) Retrieved on 18.3.2008 (http://ideas.repec.org/p/ecm/nawm04/456.html)†¢http://www.investorwords.com/5362/yield.html. 18/3/2008. †¢http://financial-dictionary.thefreedictionary.com/turnaround 18/3/2008. †¢http://financial-dictionary.thefreedictionary.com/Index+Option 18/3/2008.