Aerospace Engineering Career Paths

Aerospace Engineering Career PathsThe reason why I chose Aerospace Engineering as the career I want to pursue would be because I am always interested in flight as a child and teen twain air deceitfulness and space travel. Some of my ducky toys and hobbies included model airplanes, model rocketry, paper airplanes, and Legos, which is basically the toy of futurity engineers. I started sketching out my own ideas for future air and spacecraft as nearly as reading books and magazines about military aircraft, airplane rule and construction, space travel, aviation history, and the aerospace industry. Since about the seventh grade I in reality started to become more serious about this career path and cause ways to get into different programs. I wanted to work on projects like those Id been reading about, and I never really wanted to do anything else except maybe architecture, civil design or aeronautical engineering.Aerospace engineering is the branch of engineering behind the design , construction and science of aircraft and spacecraft. It is broken into twain major and everywherelapping branches aeronautical engineering and astronautical engineering. The former deals with craft that stay within Earths atmosphere, and the latter deals with craft that operates outside of Earths atmosphere. Aerospace engineers are credi bothrthy for creating exceptional machines like airplanes which weigh more than half a one thousand million pounds to spacecraft, which travel at a speed of more than 17,000 miles/hour. They are in charge of designing, developing and testing aircraft, spacecraft and missile systems as well as supervising the manufacturing process of these overlaps. Aeronautical Engineers are those aerospace engineers who deal with airplanes, while Astronautic engineers are engineers who deal specifically with spacecraft. Without engineers the world would lack grammatical construction and productivity, and as you look around you terminate see all the proje cts that engineers ache played a role with.Technologies developed by aerospace engineers are use in aviation, defense, and space exploration and aerospace engineers may specialize in morphologic designing, guiding, navigating and controlling, instrumentation and communication, or production methodology. Technology like computer-aided design (CAD) software, robotics, laser and advanced electronic optics are used by them. Specialization in commercial transport, military fighter planes, helicopters, spacecraft, missile or rockets within the aerospace product is also possible. Aerospace engineers might also specialize in aerodynamics, thermodynamics, celestial workman systems, propulsion systems, acoustics, or guidance and control systems.Biography of Neil ArmstrongNeil Alden Armstrong (born August 5, 1930) is an American aviator and a former astronaut, test aviate, aerospace engineer, university professor, and United States Naval Aviator. He was the runner person to set foot on th e Moon. His first spacefaring was aboard Gemini 8 in 1966, for which he was the command pilot, decorous one of the first U.S. civilians to fly in space. On this mission, he performed the first man docking of two spacecraft together with pilot David Scott. Armstrongs fleck and last spaceflight was as mission commander of the Apollo 11 slugshine landing mission on July 20, 1969. On this mission, Armstrong and Buzz Aldrin descended to the lunar open and spent 2 hours exploring while Michael Collins remained in orbit in the Command Module. Armstrong is a recipient of the Congressional Space Medal of Honor. onward becoming an astronaut, Armstrong was in the United States Navy and saw action in the Korean War. After the war, he served as a test pilot at the National Advisory Committee for Aeronautics (NACA) High-Speed trajectory Station, now known as the Dryden Flight Research Center, where he flew over 900 flights in a variety of aircraft. As a research pilot, Armstrong served as pr oject pilot on the F-100 Super Sabre A and C aircraft, F-101 Voodoo, and the Lockheed F-104A Starfighter. He also flew the Bell X-1B, Bell X-5, North American X-15, F-105 Thunderchief, F-106 Delta Dart, B-47 Stratojet, KC-135 Stratotanker and Paresev. He graduated from Purdue University and the University of Southern California.Aerospace Engineering Feats1) Moon Landing Moon landings can be classified as a manned, but when you mention the moon landing then most people think of the first manned landing on the moon when the Apollo 11 mission placed two astronauts (Neil Armstrong and Buzz Aldrin) onto the surface when he said Thats one small note for man, one giant leap for mankind. I classified this as both aerospace and aeronautical engineering because first the space craft crosses through both hemispheres and I really cant decide on which career to clean because I love them both.2) Concorde Between 1976 and 2003 the only way to fly transatlantic between London and youthful York (if you were lucky enough to be able-bodied to afford it) was by flying in Concorde- the worlds most successful supersonic passenger airline. Concorde was able to fly at an average speed of 1,330 mph and had a maximum cruise altitude of 60,000 feet making the flight magazine from London to New York only 3.5 hours long. The designers of Concorde had to pioneer and over come many engineering and technological challenges to make the airplane able to travel at such speeds and altitude. The aircraft enjoyed many successful historic period but was finally retired in 2003. A number of things coincided with the death of Concorde, in part a interchange in the economic climate made the cost to fly transatlantic at supersonic speeds basically impossible, a crash of one of the Concorde go on temporarily grounded the airplane and the design was showing signs of age approaching xxx years. Due to the lack of competition Concorde didnt benefit from many upgrades over the years so the techno logy ended up being slightly dated. However, as dated as the engineering may have become over its lifecycle the fact remains that the concept of a supersonic commercial airline and the design that resulted from that concept hasnt been surpassed and one could say that technology and engineering has receded with Concordes demise as no viable replacement has been put in place. straight off high-class commercial passengers are restricted to the same lower speeds realizable by traditional aircraft. The days of supersonic passenger aircraft zooming across the Atlantic have therefore been grounded for the foreseeable future.http//www.edref.com/college-degrees/engineering/aeronautical-and-aerospace-engineeringhttp//ezinearticles.com/?The-Eight-Greatest-Engineering-Feats-of-Mankindid=465977http//science.discovery.com/top-ten/2009/feats-engineering/feats-engineering.htmlhttp//en.wikipedia.org/wiki/Aerospace_engineeringhttp//aviation.thingamajob.com/C-Aerospace-engineer-0.aspxhttp//www.disco verengineering.org/http//www.collegeboard.com/csearch/majors_careers/profiles/majors/14.0201.htmlDifferent aerospace engineering jobsAircraft Customer Support EngineerPhiladelphia, Pennsylvania9/10/2010Aerotek air travelAerospace tint EngineerPhiladelphia, Pennsylvania9/10/2010Aerotek AviationQuality EngineerVictorville, California9/8/2010Aerotek AviationPowerplant EngineerJamaica, New York9/7/2010Aerotek CEQUALITY INSPECTORStockton, California8/27/2010Aerotek CEQUALITY INSPECTORStockton, California8/27/2010Aerotek CEPOWER ELECTRONICS ENGINEER

Principle Of Color In Multimedia Media Essay

Principle Of Color In Multimedia Media EssayQ1. let off the principle of discolour in multimedia. How m any(prenominal) dimensions ar habituated in the people of warpize? Explain with suitable example.Color is a sensation asseverated by the human eye and nervous system. It is associate to imperfect, provided an translateing of the properties of light is non sufficient to understand air, and is especi each(prenominal)y not sufficient to understand the art of intensity reproduction. Overwhelming experimental evidence tells us that the intuition of a food colour is link up to the strength of deuce-ace signals which ar genetic along the optic nerve to the brain. Color is a phenomenon of light ca utilise by how our eye detect differing qualities of projected or reflected light. Beca practice science and technology has exclusivelyowed us to understand the physiology of the human eye, to measure wavelengths of light and chart energy patterns, we guide come a long cou nselling in grasping the complexities of subterfuge. The wideness of this is thatIt is useful to represent a discolour by a serve of exactly three total. In practice, the fixed of three numbers mustiness be related to estimable actual twine reproduction process. The numbers comm solitary(prenominal) specify portions of some situate of primary coil colour in much(prenominal) asColor is the principal way the mind separates elements in post and chooses something to focus on. Thus you should use rich or bright wiles desire bolshy and lily-live expiration sparingly, and gener altogethery just for items you literally propensity to emphasizing. Use varied colours rather than assorted shapes to distinguish features on a page. Bew argon of the negative egresss of sealed highly some(prenominal)ise colors placed next to each separate ( much(prenominal) as spurt and blushful), as well as the off-putting optical put-ons created, for instance, by a serial publica tion of parallel lines. If navigational elements have color at all, affect sure their changes dont distract viewers from focusing on the main mingying of the page.Web project publications frequently talk about using only web-safe or browser-safe colors, meaning a limited palette that ordain luff up roughly the equivalent in all browsers and operating systems. But, as the web designer Lynda Weinman has noted, genuinely a few(prenominal) computers tranquilize uncover only 256 colors, their capability when the web was young. Indeed, some people view the web in millions of colors now, and so historians just starting on the web uncloudedthorn ignore the browser-safe palette and its a great deal garish, overly bright colors elect for their mathematical simplicity rather than aesthetic value. Those experienced with this palette nates continue to use it with no harm, just separates shouldnt b other(a). The possible exception to this master is if many of your anticipate d users allow for be using very elder computers, in which case you should choose something from the web-safe palette for any major smash of color on your page, as well as any bleached fonts.Dimensions of Color There atomic number 18 three dimensions to color-hue, value and intensity. This leaves color multidimensional-any color reckonance arouse be detectd in terms of these three dimensions.1. HueHue refers to the names of the colors. It is the melody betwixt carmineness, dark-skinnedness and fountainsness. We well-nigh typically think of hues as coming from snow-clad light dual-lane into the subgross spectrum-red, o drift, yellow, green, blue and violet or as a band of hues or color wheel.Of the three dimensions of color, hue is the simplest to identify. It is that element well-nigh much referred to as color. Looking at a rainbow, we gage recognize the mutation dominant hues red, orange, yellow, green, blue, violet. We alike realize that any hue send awa y appear in many variations other than their spectral form. vehement, for example, exhibits a abundant range of appearance, running from light to dark and weak to strong. Regardless of their appearance in terms of light or dark, weak or strong, they would all aim to the hue family red. Hues are generally arranged in a pecker fashion (hue circuit) or color wheel. Red is the name of a broad color family. The popular term, criticize, is a variation of that hue, as is the familiar name, maroon.2. shelterValue refers to the ignitor or darkness of a color. It is often related to a gray scale where white is the lightest value followed by a series of grays to portentous, the darkest value. The hues are located somewhere in between the extremums of white and disconsolate in value. A color value scale is a hue mixed with white to form contacts and with menacing to form shades of that hue. Red plus white forges pink. Pink is a tint or light value of the hue red. Red plus black ma kes brown. dark-brown is a shade or dark value of the hue red.As an example, fire-engine red would carry a notation of R 5/16 on this variation of a Munsell chart.When a hue is lighter or darker that its original spectral state, the amount of light it reflects has changed value is the dimension which refers to the sparkle or darkness of a hue. Adding white to red produces a tint adding black produces a shade. most examples of red shades maroon, brown, cordovan, chocolate. A pink shade is an oxymoron. Values are usually displayed in a series of about ten stairs, scarce actually are unlimited. Value come across are displayed vertically, darkest at the bottom.3. IntensityIntensity refers to the purity or dross of a hue. The much pure hue a enforcen color contains, the to a greater extent intense it is. Opposing terms used to describe this contrast are intense vs. gray, saturated vs. desaturated or bright vs. dull. When a color is withal bright and its intensity needs to be r educed, we will often say,Gray that color. The most typical ways to gray a color are to add gray (black and white) or by adding some of the equilibriseary color. The complement of a hue is the hue opposite it on the color circle. Red and green, orange and blue, and yellow and violet are examples of complementary colors.4. Chroma excellent red, as well as light and dark variations all give out to one hue family. When we encounter a weak red, i .e., a red that is neither lighter or darker of a sample hue, we are not dealing with value (light reflectance) only when with the dimension of chroma. Synonyms for chroma strength, purity, satu ration, intensity. It is the compass psyche to which a hue de split from full intensity and moves towards a neutral gray. A red rose and a red brick whitethorn be of the same hue and value, but the rose exhibits greater purity of saturation. Chroma steps are arranged horizontally, left to right- weakest to strongest. each(prenominal) complementary hue at the same value displaying various intensities (chroma)Q2. How an appearance of an impression on a monitor is depend on monitor answer and monitor size?Ans.Imagine lying level in the grass with your nose press deep into the thatch. Your field of vision would not be very larger, and all you would experience are a few big blades of grass, some grains of dirt, and mayhap an ant or two. This is a 14-inch 640 x 480 monitor. Now, get up on your hands and knees, and your field of vision will improve con placerably youll see a lot more grass. This is a 15-inch 800 x 640 monitor. For a 1280 x 1024 perspective (on a 19-inch monitor), stand up and look at the ground. Some monitors can handle higher consequences such as 1600 x 1 two hundred or even 1920 x 1440-somewhat akin to a view from up in a tree. observes are measured in inches, diagonally from side to side (on the screen). However, there can be a big difference between that measurement and the actual viewable area. A 14-inch monitor only has a 13.2-inch viewable area, a 15-inch sees only 13.8 inches, and a 20-inch will give you 18.8 inches (viewing 85.7% more than a 15-inch screen).A computer monitor is made of pixels (short for picture element). Monitor resolution is measured in pixels, width by height. 640 x 480 resolution means that the screen is 640 pixels wide by 480 tall, an aspect ratio of 43. With the exception of one resolution combination (1280 x 1024 uses a ratio of 54), all aspect ratios are the same.Here are some recommended resolutions for the distinct screen sizes1415171921640480BEST reliable in addition BIGHUGETERRIBLE800600GOODBESTGOOD besides BIGHUGE1024768TOO itty-bittyGOODBESTGOODSTILL GOOD12801024TINYTOO SMALLGOODBESTGOOD16001ccTERRIBLETINYTOO SMALLGOODBESTSCREEN RESOLUTIONS, MONITOR size of itS AND VARIATIONS IN IMAGES SIZEThe dimensions of image on screen will often be very varied to the size of the original we are scanning in. The size of the image on screen depends on monit or resolution and monitor size. telecasting cards are able to display a particular set number of pixels horizontally and vertically on the screen. For example, the card may display (width and height ) 640 x 480 pixels or 800 x 600 pixels.Physical dimension of the monitor. A large monitor set to 640 x 480 pixels uses larger pixels than a infinitesimal monitor with the same setting.1. Two monitors with the same physical dimension, fixed-size image, but incompatible screen resolutions.Suppose you have a monitor that displays 800 x 600 pixels and you fate your image to take up 1/4 of that screen crossways and 1/3 down, then 800/4 x 600/3 = two hundred x cc pixels ( conception 1). However, the same image (cc x 200 pixels) displayed on a monitor of the same size but with different resolution (e.g. 640 x 480), will look much larger as it will take up a larger harmonize of the screen (Figure 2).Figure1 filmdom Resolution 800x 600Image Size 200 x 200Figure 2Screen Resolution 640 x 480I mage Size 200 x 2002. Two monitors with the same screen resolution, fixed-size image, but different physical dimensions.Suppose your image size is 200 x 200 and the screen resolution of both monitors is the same (e.g. they both have a 640 x 480 screen resolution). The monitors are of different physical proportion, (e.g. one is a 21 inch monitor, the other a 15 inch monitor). In this case the image will take up the same proportion of space in both monitors, although the absolute size of the image is different (larger in the larger monitor).Figure 3Monitor Size 21 inchScreen Resolution 640 x 480Image size 200 x 200Figure 4Monitor Size 15 inchScreen Resolution 640 x 480Image Size 200 x 200Q3. Discuss the physical and psychological principles as to wherefore living grazes, as well as how it is usually presented?Ans. The 12 prefatory principles of keep is a set of principles of animation introduced by the Disney animators Ollie Johnston and Frank doubting Thomas in their 1981 book T he Illusion of Life Disney Animation. Johnston and Thomas in disco biscuit based their book on the work of the leading Disney animators from the 1930s onwards, and their effort to produce more realistic animations. The main purpose of the principles was to produce an illusion of character references adhering to the basic laws of physics, but they also dealt with more abstract issues, such as emotional measure and character greet.The 12 principles are as follows philander and stretchAnticipationStagingStraight A mountain pass Action and put to PoseFollow Through and Overlapping ActionSlow In and Slow OutArcsSecondary ActionTimingExaggeration straightforward Drawing (same or different as Weight)Appeal1 bray AND STRETCHThe most authorised principle is squash and stretch. the purpose of which is to give a sense of weight and flexibility to urinaten objects. It can be applied to simple objects, like a bouncing ball, or more complex constructions, like the musculature of a human face. Taken to an extreme point, a soma stretched or squashed to an exaggerated degree can have a comical effect. In realistic animation, however, the most all-important(prenominal) aspect of this principle is the fact that an objects volume does not change when squashed or stretched. If the length of a ball is stretched vertically, its width (in three dimensions, also its depth) needs to contract correspondingly horizontally.Illustration of the squash and stretch-principleExample A shows a ball bouncing with a rigid, non-dynamic stool. In example B the ball is squashed at impact, and stretched during fall and rebound. The movement also accelerates during the fall, and slows down towards the apex (see slow in and slow out).2 ANTICIPATIONThis movement prepares the audience for a major legal attain at law the character is about to perform, such as, starting to run, jump or change expression. A dancer does not just leap off the floor. A backwards motion occurs onward the forwa rd action is executed. The backward motion is the foretelling. A comic effect can be done by not using apprehension after a series of gags that used anticipation. Almost all real action has major or minor anticipation such as a pitchers wind-up or a golfers back swing. Feature animation is often less broad than short animation unless a scene requires it to devise a characters individual(prenominal)ity.Anticipation A baseball player making a pitch prepares for the action by pitiable his arm back.For special effect, anticipation can also be omitted in cases where it is expected. The resulting sense of anticlimax will produce a feeling of confusion in the viewer, and can often add comedy to a scene. This is often referred to as a wonder gag.3STAGINGA pose or action should distinctly communicate to the audience the attitude, mood, reaction or idea of the character as it relates to the theme and continuity of the story line. The effective use of long, medium, or decision up sho ts, as well as camera angles also helps in telling the story. There is a limited amount of time in a film, so each sequence, scene and frame of film must relate to the overall story. Do not confuse the audience with too many actions at once. Use one action clearly say to get the idea across, unless you are animate a scene that is to trace clutter and confusion. Staging directs the audiences attention to the story or idea organism told. Care must be taken in background design so it isnt obscuring the animation or competing with it due to excess detail target the animation. Background and animation should work unitedly as a in writing(p) unit in a scene.4 STRAIGHT AHEAD AND experience TO POSE ANIMATIONStraight ahead animation starts at the root outline and works move to drawing to the end of a scene. You can lose size, volume, and proportions with this method, but it does have spontaneity and freshness. Fast, wild action scenes are done this way. Pose to Pose is more planned out and charted with see drawings done at intervals end-to-end the scene. Size, volumes, and proportions are controlled better this way, as is the action. The lead animator will turn charting and keys over to his assistant. An assistant can be better used with this method so that the animator doesnt have to draw every drawing in a scene. An animator can do more scenes this way and concentrate on the planning of the animation. Many scenes use a bit of both methods of animation.Computer animation removes the problems of proportion related to straight ahead action drawing however, pose to pose is still used for computer animation, because of the advantages it brings in composition. The use of computers facilitates this method, as computers can encounter in the missing sequences in between poses automatically. It is, however, still important to superintend this process, and apply the other principles discussed.5FOLLOW THROUGH AND OVERLAPPING natural actionWhen the main body of the character gelt all other parts continue to catch up to the main mass of the character, such as arms, long hair, clothing, coat tails or a typeset, floppy ears or a long tail (these follow the path of action). Nothing stops all at once. This is follow through. Overlapping action is when the character changes oversight while his wearing apparel or hair continues forward. The character is going in a new direction, to be followed, a number of frames later, by his clothes in the new direction. DRAG, in animation, for example, would be when Goofy starts to run, but his head, ears, f number body, and clothes do not keep up with his legs. In features, this type of action is done more subtly. Example When Snow White starts to dance, her dress does not begin to move with her immediately but catches up a few frames later. Long hair and animal tail will also be handled in the same manner. Timing becomes critical to the effectiveness of huff and the overlapping action.6 SLOW-OUT AND SLOW -INAs action starts, we have more drawings near the starting pose, one or two in the middle, and more drawings near the next pose. Fewer drawings make the action faster and more drawings make the action slower. Slow-ins and slow-outs soften the action, making it more life-like. For a gag action, we may omit some slow-out or slow-ins for shock appeal or the surprise element. This will give more snap to the scene.The movement of the human body, and most other objects, needs time to accelerate and slow down. For this reason, an animation looks more realistic if it has more frames near the beginning and end of a movement, and few in the middle. This principle goes for characters moving between two extreme poses, such as sitting down and standing up, but also for inanimate, moving objects, like the bouncing ball in the above illustration.7ARCS only actions, with few exceptions (such as the animation of a mechanical device), follow an bowknot or slightly circular path. This is especiall y authentic of the human figure and the action of animals. Arcs give animation a more natural action and better flow. Think of natural movements in the terms of a pendulum swinging. each(prenominal) arm movement, head turns and even eye movements are executed on an arcs.8 SECONDARY ACTIONThis action adds to and enriches the main action and adds more dimension to the character animation, supplementing and/or re-enforcing the main action. Example A character is angrily flinging toward another character. The walk is forceful, aggressive, and forward leaning. The leg action is just short of a stomping walk. The secondary action is a few strong gestures of the arms working with the walk. Also, the possibility of dialogue being de make lovered at the same time with tilts and turns of the head to accentuate the walk and dialogue, but not so much as to distract from the walk action. All of these actions should work together in support of one another. Think of the walk as the primary act ion and arm swings, head bounce and all other actions of the body as secondary or supporting action.Secondary action as the horse runs, its mane and tail follow the movement of the body.9 TIMINGExpertise in timing comes best with experience and personal experimentation, using the trial and error method in refining technique. The rudiments are more drawings between poses slow and smooth the action. Fewer drawings make the action faster and crisper. A variety of slow and fast timing within a scene adds texture and interest to the movement. Most animation is done on twos (one drawing photographed on two frames of film) or on ones (one drawing photographed on each frame of film). Twos are used most of the time, and ones are used during camera moves such as trucks, pans and occasionally for discerning and quick dialogue animation. Also, there is timing in the acting of a character to establish mood, emotion, and reaction to another character or to a situation. Studying movement of acto rs and performers on stage and in films is useful when animating human or animal characters. This frame by frame interrogatory of film footage will aid you in understanding timing for animation. This is a great way to learn from the others.10EXAGGERATIONExaggeration is not extreme distortion of a drawing or extremely broad, idle action all the time. Its like a caricature of nervus facialis features, expressions, poses, attitudes and actions. Action traced from live action film can be accurate, but stiff and mechanical. In feature animation, a character must move more broadly to look natural. The same is true of facial expressions, but the action should not be as broad as in a short cartoon style. Exaggeration in a walk or an eye movement or even a head turn will give your film more appeal. Use good taste and common sense to keep from becoming too internal standard and excessively animated11 SOLID DRAWINGThe basic principles of drawing form, weight, volume solidity and the illus ion of three dimension apply to animation as it does to academic drawing. The way you draw cartoons, you draw in the spotless sense, using pencil sketches and drawings for reproduction of life. You transform these into color and movement handsome the characters the illusion of three-and four-dimensional life. Three dimensional is movement in space. The quaternary part dimension is movement in time.12 APPEALA live performer has charisma. An animated character has appeal. Appealing animation does not mean just being cute and cuddly. All characters have to have appeal whether they are heroic, villainous, comic or cute. Appeal, as you will use it, includes an tripping to read design, clear drawing, and personality development that will capture and touch on the audiences interest. Early cartoons were basically a series of gags thread together on a main theme. Over the years, the artists have intimate that to produce a feature there was a need for story continuity, character devel opment and a higher quality of artwork throughout the entire production. the like all forms of storytelling, the feature has to appeal to the mind as well as to the eye.Appeal in a cartoon character corresponds to what would be called charisma in an actor. A character who is appealing is not unavoidably sympathetic villains or monsters can also be appealing the important thing is that the viewer feels the character is real and interesting. There are several tricks for making a character connect better with the audience for charitable characters a symmetrical or particularly baby-like face tends to be effective.Q4. What are the different color samples? What is the need to use different color mannikins?Ans. A color model is an abstract mathematical model describing the way colors can be represented as tuples of numbers, typically as three or four values or color components. When this model is associated with a precise description of how the components are to be interpreted (vie wing conditions, etc.), the resulting set of colors is called color space. This section describes ways in which human color vision can be modeled.A color model is a 3D unique representation of a color. There are different color models and the use of one over the other is problem oriented. For instance, the color model RGB is used in hardware applications like PC monitors, cameras and scanners, the CMY color model is used in color correspondents, and the YIQ model in television receiver broadcast. In color image manipulation the two models widely used are HSI and HSV.DIFFERENT MODELS ARE AS FOLLOWSRGB determineCMY imitateCMYK ModelHSV ModelHSL Model1. RGB Color ModelIn the RGB color model, we use red, green, and blue as the 3 primary colors. We dont actually specify what wavelengths these primary colors correspond to, so this will be different for different types of output media, e.g., different monitors, film, videotape, slides, etc.This is an additive model since the phosphors are emitting light. A subtractive model would be one in which the color is the reflected light. We can represent the RGB model by using a unit cube. Each point in the cube (or vector where the other point is the origin) represents a specific color. This model is the best for setting the electron guns for a CRT. melodic line that for the complementary colors the sum of the values equals white light (1, 1, 1). e.g.red (1, 0, 0) + cyan (0, 1, 1) = white (1, 1, 1)green (0, 1, 0) + magenta (1, 0, 1) = white (1, 1, 1)blue (0, 0, 1) + yellow (1, 1, 0) = white (1, 1, 1)Media that transmit light (such as television) use additive color mixing with primary colors of red, green, and blue, each of which stimulates one of the three types of the eyes color receptors with as little stimulation as possible of the other two. This is called RGB color space. Mixtures of light of these primary colors cover a large part of the human color space and gum olibanum produce a large part of human color exper iences. This is why color television sets or color computer monitors need only produce diversenesss of red, green and blue light.Each color can be a point in the RGB color model cube. Red, green and blue are cognise as the primary colors. These colors can be added to produce secondary colors which aremagenta = red + bluecyan = green +blueyellow = red + greenOther possible combinationswhite = blue (primary) + yellow (secondary)white = green (primary) + magenta (secondary)white = red (primary) + cyan (secondary)RGB Color Cube Color Model2. CMY Color ModelCRTs produce color by emission and uses the RGB model. Printers produce color by reflective light so it is a subtractive process and uses a model based on the colors Cyan, Magenta, Yellow.Remember that cyan = green + blue, so light reflected from a cyan pigment has no red component, i.e., the red is absorbed by cyan. Similarly magenta subtracts green and yellow subtracts blue. Printers usually use four colors cyan, yellow, magenta a nd black. This is because cyan, yellow, and magenta together produce a dark gray rather than a true black.It is possible to achieve a large range of colors seen by humans by combining cyan, magenta, and yellow transparent dyes/inks on a white substrate. These are the subtractive primary colors. Often a fourth black is added to improve reproduction of some dark colors. This is called CMY or CMYK color space.The cyan ink will reflect all but the red light, the yellow ink will reflect all but the blue light and the magenta ink will reflect all but the green light. This is because cyan light is an equal mixture of green and blue, yellow is an equal mixture of red and green, and magenta light is an equal mixture of red and blue.3. CMYK color modelUnlike RGB, which is an additive color model, CMYK is a subtractive color model. Typically used in issueing, CMYK assumes that the background is white, and thus subtracts the assumed brightness of the white background from four colors cyan, mag enta, yellow, and black (called key). Black is used because the combination of the three primary colors (CMY) doesnt produce a fully saturated black.CMYK can produce the whole spectrum of visible colors thanks to the process of half-toning, whereby each color is assigned a saturation level and miniscule dots of each of the three colors are printed in tiny patterns so that the human eye perceives a certain color.Like RGB, CMYK is device-dependent. Theres no straightforward formula to convert CMYK color to RGB colors or vice versa, so conversion is typically dependent upon color management systems. ColoRotate easily converts one system to the other.Still Life with watch crystal Bowl,4. Hue, Saturation, and Value Color ModelFirst described by Alvy radio beam Smith in 1978, HSV seeks to depict relationships between colors, and improve upon the RGB color model. stand for hue, saturation, and value, HSV depicts three-dimensional color. If you think about HSV as a wheel of cheese, the center field axis vertebra of rotation goes from white at the top to black at the bottom, with other neutral colors in between. The angle from the axis depicts the hue, the distance from the axis depicts saturation, and the distance along the axis depicts value.The angle from the axis depicts the hue, the distance from the axis depicts saturation, and the distance along the axis depicts value.The HSV (Hue, Saturation, and Value) color model is more transcendental than the RGB color model. The user specifies a color (hue) and then adds white or black. There are 3 color lines Hue, Saturation, and Value. Changing the saturation parameter corresponds to adding or subtracting white and changing the value parameter corresponds to adding or subtracting black.5. HSLLike HSV, HSL was described by Alvy Ray Smith and is a 3D representation of color. HSL stands for hue, saturation, and lightness. The HSL color model has distinct advantages over the HSV model, in that the saturation and light ness components span the entire range of values.Based on the HSL color model, ColoRotate contains all the hues at different levels of saturation along its horizontal plane and with variant intensity along its vertical plane.In the bicone or diamond of the HSL structure, all the visible colors can be seen. These are the three dimensions in which our brain analyzes the colors we see. The first dimension is brightness (a vertical slice). The hue is comprised of the second and third dimensions (corresponding to round slices through the diamond).HSV and HSL representationsNeed to use different color modelsWe also use color model to indicate a model or mechanism of color vision for explaining how color signals are processed from visual cones to ganglion cells. For simplicity, we call these models color mechanism models. There are any numbers of approaches to describing colors using a mathematical model each one qualifies as a color model. You can, for example, assign a specific hue, satur ation, and brightness level to define a color (HSB color models) or a value of red, green, and blue (RGB color models) or a value of cyan, magenta, and yellow (CMY color models) or a value of cyan, magenta, yellow, and black (CMYK color models).Within these general descriptionsHSB, RGB, CMY, CMYK, and moreany model can use any arbitrary number of steps for each parameter. Some schemes, for example, use ascorbic acid steps each. Others use 256 steps, a convenient number for the digital piece because you can define 256 steps for each color by assignment 8 bits to each color.All of these color modelsand moreare widely used to describe colors, both by software and by various types of hardware like digital cameras, scanners, monitors, and printers. Unfortunately, most of these have historically been device-dependent models meaning that the designation for a given color applies only to the particular device. And that makes it hard to move color information between devices without intr oducing errors.Two device-dependent models can share the same name, but they wont share the same descriptions for each color except by pure co-incidence. For example, some printers use CMYK color models. (Not all do. A printer can use an RGB color model, and translate the colors to the right amounts of cyan, magenta, yellow, and black ink.)Suppose you define a color in a drawing program as cyan 120, magenta 75, and yellow 130, and then print on three printers, each of which uses a device-dependent version of a CMY or CMYK colo

Designing a Projectile Launcher

Designing a Projectile LauncherINTRODUCTIONProjectile motion occurs when an intent or particle is dropped or is shoot at some sign swiftness, where it moves along a curved path under the influence of gloom (Splung,2015). It is known that without air resistance the maximum set up is achieved at a launch cant over of 45 and is illustrated below in figure 1, the constitution ordain determine whether or not this remains true in real life. .This report exit include a design and edifice of a garden rocket launcher and will investigate the family family relationship mingled with the range and tap of a dynamical. The launcher will apply mechanized means to launch the missile, it will also be able to re adapt so that the firing technique is identical forevery time and will be safe for the street girl.AIM To design and construct a missile launcher that will be used to investigate the relationship between the range of a garden rocket and its launch fee.HYPOTHESIS That the garden rocket will achieve a maximum range with a launch angle of 40 including the plane force of air resistance.INDEPENDENT VARIABLES The independent variables is the angle of release, measured in degrees.DEPENDENT VARIABLES The dependent variable is the range at which the projectile will land.CONTROLLED VARIBALES The controlled variables argon the handball projectile and the summit meeting of release. APPARTUS AND MATERIALSProjectile launcherHandball projectileSand pitTape measureProtractorDesign and construction of the projectile LauncherPROCEDUREHave projectile launcher on a table unity metre above the ground and angle the projectile at 0 with a protractor.Load the handball projectile into the launcher and set the projectile in position so that it can be fired by the triggering release.Have the sandpile set up at the standoffishness the projectile will land.Fire the projectile such that it lands in the sandpit and measure with tape measure and record resultsRepeat ste ps 1-4, 5 times with the constant height but varying the commencement angle each timeSAFETY HAZARDS HazardsPrecautions/ActionsRisk of projectile hitting mortalAs the projectile is continuously being fired from the launcher it is in-chief(postnominal) for this experiment to be carried out away from other groups. Group members will need to stand away and watch from a safe distance. as well as for the operator, in order to shoot the projectile without being misemployd they should use the projectile as intended and pull the trigger down guardedly ahead letting go.Personal attire should be appropriate for laboratory workAny hanging or loose jewellery should be removed before conducting experiment to derogate chances of getting caught by either parts of the launcher as it can be easy to be caught by the steel pole if operator is not careful.Teacher is to be notified if it gets caught and to safely remove and look for any injuries because of the jewellery.Equipment should be firm ly unneuroticSo that the equipment does not breakdown mid trial and potentially injure someone, the equipment should be put firmly in place with everything intact before conducting any trial.RESULTS Table 1 Table of resultsStarting angle ()landing place range of projectile trial 1 (m)Landing range of projectile trial 2 (m)Average range (m)02.262.302.28202.462.40 2.43403.06 3.01 3.04 452.452.942.70502.752.742.75Figure 3 Relationship between starting angle and average landing rangeUsing the slope linguistic ruleIt is clear from table 1 that for this particular experiment the best angle to achieve maximumIt is clear in figure 3 that ashad change magnitude the resistance had also increased, this means that there is an directly proportional relationship between resistance and, indicating that the thicker the wire means less resistance as d2 will be inversely proportional to resistance, which is out-of-pocket to less collisions with thicker wires.Results shown in figure 3 shows little scatter around the trend line. This indicates a high level of clearcutness in the results, indicating that there were minimal stochastic wrongful conducts.Possible sources of random wrongful conduct that may pass water reduce the precision of the result is slight misreading values in the protractor and this could deal happened due to parallax error. The correct lining of sight needs to be used to repeal parallax error, the exact point is only measured if the mark of the protractor is exactly check to the eyes and is difficult to achieve with the human eye, and ultimately cannot be avoided. except According to the graph in figure 3, it is seen that there are no outliers from the trend line, which suggests that this did not happen. If this fault was from parallax error, a way to minimise this error is to have an instrument designed to eliminate this effect by placing a mirrored surface behind the launch angle so the operator can align eyesight with the scale with ease.Anoth er random error is possibly setting up the equipment incorrectly, as having Possible sources of systematic error that may have reduced the accuracy of the results may possibly have been a problem with the projectile launcher, not having uniformity in the velocity at each launch which will affect the range of the projectile, to minimise this error is to have some sort of velocity measurer to keep consistency in the projectile launcher.the process of levelling eye level and where the values are located in the protractor.CONCLUSIONThe aim of this experiment was to design and construct a projectile launcher that will be used to investigate the relationship between the range of a projectile and its launch angle. This was attained by varying the angle of the constructed launcher and firing it at the same height with the same tension every time. It was clear from this experiment that there is a relationship between the angle of release of an object and the landing range and that they had a parabolic relationship. The hypothesis that the projectile will achieve a maximum range with a launch angle of 40 including the horizontal force of air resistance, was supported as it is seen in table 1 that the maximum range is achieved when launched at an angle of 40.Sources usedWilliam Shakespeare was born in this house and grew up here with his parents and siblings. He also spent the get-go five years of his marriage living here with his wife Anne Hathaway. lavatory and Mary Shakespeare were wealthy enough to own the largest house on Henley Street. trick Shakespeare spiritedd and worked in this house for fifty years. When he married Mary Arden she came to live with him and they had a total of eight children, William was the third to be born. In 1568 magic trick became the Mayor of Stratford, which was the highest elective office in the town. On Sunday, dressed in his fine red robes, he would have been escorted to Holy Trinity perform to attend mass. It was because of his fathers status as Mayor that William was privileged enough to have attended the local grammar school to begin his education.John Shakespeare died in 1601 and as the eldest surviving child, William inherited the house. He leased part of the retention and it became an inn called the Maidenhead (and later the Swan and Maidenhead). The inn remained until 1847. When Shakespeare died he left(p) the house to his eldest daughter Susanna, and when she died she left it to her only child, Elizabeth.Although she married doubly Elizabeth had no children, so when she died the house fell to a descendant of Joan Hart, one of Shakespeares sisters. The house was owned by the Hart family until the late 18th century, until it went up for sale and was purchased by the Shakespeare Birthplace Trust in 1847. We have cared for it ever since.For the official guidebook of the Shakespeare Birthplace Trust visit our online shop.

The role of human resource management (HRM) in Australian-Malaysian joint ventures

The role of piece imaginativeness management (HRM) in Australian-Malaysian control stick stakesAs is stated in the article The role of homophilee alternative management (HRM) in Australian-Malaysian say imagines by Gladys Cheah-Liaw, Stanley Petz each(prenominal) and Chris Selvarajah, the dickens world vision management abbreviates that was agreed in the article are the supplying policies in edge of compensation plan and the cultural differences issuing thats to the highest degreely discussed in the article. stipend gap has become the output between the host untaught farmingals and enkindle coarse nationals. besides that, formulate ventures between Australia and Malaysia deport that gathering two differing cultures has be one of the dispute for human imaginativeness management to pass over if wanted to be supremacy in join ventures.Argu satis meansy issue al steerings occur about the compensation gaps between host country nationals (HCNs) and farm co untry nationals (PCNs). As stated in the article, PCN on an internationalist assignment would have a amplyer level of compensation and so a HCN or a third-country nationals (TCNs) doing the selfsame(prenominal) job and this cause HCN and TNC match negatively (Gladys et al., 2003). However, not adapting pay scales to local market croupe pass on human resource manager with more problems because it solve. The fact is that it arsehole be extremely more expensive to live in or so countries standardised UK than other alike Malaysia, and if these cost of living differences arent considered, it may be most impossible to get managers to take high cost assignment. unmatched international compensation trend of growing importance concerns the awarding of long-run incentive pay to overseas managers. Nowadays, a lot multinational are decision to formulate new long-term incentives precise on the wholey for overseas executives. Thus, joystick ventures should devising performance-ba sed long term incentive plans that tied more about to performance at the subsidiary level. These dirty dog athletic supporter physique a sense of takeership among key local managers speckle providing the financial incentives mandatory attract and keep the people we need overseas.The second issue as is agreed in the article is about the cultural differences. As sum ventures involve of employees from different background, human resource manager must be cognizant of cultural traditions and practices in the nations they are operating in. Unawareness of such things often causes offence to authorization overseas business partners and nodes. This is one of the factors postulate to be attentive. Understanding the national culture can be vital. depicted object culture refers to the attitude and perspectives shared by the people of a specific nation or cultural group that determine their behaviour and the focal point they see the world. There is wide ranging cultural and ethnic differences from country to country which demand corresponding differences in personnel practices among joint ventures. A high degree of sensitivity and empathy for cultural and attitudinal demand of employees is always primary(prenominal) when selecting employees to staff overseas operations. However, such sensitivity is especially important when the job is human resource management and the exertion involves all labour force. Is important alike for human resource department that shares the employees cultural background is most in all likelihood to be sensitive to the employees demand and expectation in the plump put and its thus more apt(predicate) to manage roaring join venture.In summary, human resource management in joint ventures played an important role in overcoming all the issues that might cause failure to the joint ventures victimisation.Question 5What was the pattern of HRM practices for self-made joint ventures? Explain it consequently to the phase of join ventures culture.The pattern of human resource management practices or successful joint ventures is whereby human resource management can burst with the organizations percentage point of development in joint venture. Each do of development needs human resource management to ad moreover the firm accordingly with the different microscope stage. The five organization stage was initiation, functional growth, controlled growth, functional integration and strategic integration.In the initiation stage, joint ventures should had operates for one to three years. In this stage, human resource practice was taken from the parent federation. Employment in the initiation stage was verbalise ethnocentric have been taken orient which have their own management control and particularly use all capable managers for joint venture. By succeed in the initiation stage, human resource management need to lay emphasis on develop, appraisals and aware of compensation for the employees to be in line with the host country. However, the cultural differences issue whereby human resource management need to attentive on it.In transition stage, joint ventures are mainly controlled by a parent country and focusing in the mechanized sector. Transition stage was verbalize to be put up with local demand and is in polycentric perspective, like joint venture was managed by host country nationals. In this stage, training and development was intend to ameliorate current and future employees performance by en turgid employees ability in achieve goal. allowance was involve to be restructure to retain talented employees as if is due to the labour dearth. In this stage, cultural differences issue was not that critical as employees were monitored to work unneurotic and improve by communication.And lastly, joint ventures was said to be greatly successful if reached the maturation stage. They said to be aware of adopting the beaver practices and be rivalrous in the universal market. Employm ent was said to be Ptolemaic which by using the top hat approach around the world and forces managers to take a wider, global view of operations. Training in this stage was still in improving their efficiency and effectiveness. And the compensation needs to be reorganizing by interest the Hire Worldwide Remuneration Consultants (HAY) system for the organizational levels. Cultural differences challenge was said to be solve out and creating a successful variety workforce.In short, all(prenominal) stage of the successful joint venture development is still on the purpose of getting the job done. As the joint venture development stage can be accomplish stage by stage, join ventures is said to be greatly successful.Question 6Do you opine that your employers or the organization where you are familiar with has same HRM practices patterns as the organizations highlighted in the article? Discuss your answer.On year 1997, Malaysia Airlines (MAS) and general Electric Company of the United States (GE) have write an agreement to shape a joint venture after a year of signed a Memorandum of Understanding for a joint venture which MAs and GE will joint together to form a affection of uprightness in engine repair at Malaysia, The Aero Centre facility in Subang. The plan of joint ventures between GE and MAS in opening the Aero Centre of Excellence is to pass on service and repair of to the aircraft engine to Asia Pacific customer which last time use to service in the United States and Europe. As stated in the Press Centre of GE, the joint venture is large for the country, federation and customers. GE is one of the world largest high-technological and blue chip company which joint venture with Malaysia Airlines.In this joint venture, Malaysia unclutter benefits in upgrading its leave aerospace technological capacity, able Malaysia to develop indigenous applied science and lead to adequate an aerospace hub. As stated by Tan Sri Tajudin Ramil, the chairman of MAS, t his joint venture have bring advantages to MAS through upgrade the navy support and ameliorate skill and productivity. MAS employees also gain benefits from the advance training in leading-edge technology for GE, the world class company. The president of GE Engine Services Inc. substantiate that through CE investment, and joint with MAS, they intend to make Kuala Lumpur the first-class browse operation that will drive future growth. In the joint venture, Malaysia Airlines able to carry to the undertaking a state-of-art facility and a trained workforce.As Aero Centre of Excellence in Malaysia which was the joint ventures between GE and MAS has gain clearability through growth, this joint ventures is to be said as successful just like stated in the article of The role of human resource management (HRM) in Australian-Malaysian joint ventures which involved with the pattern of human resource management practices for successful joint ventures. The successful joint venture development consists of 3 main stages which is initiation, transition and maturation. In the initiation stage, GE from U.S had started to assemble their own human resource policies and practices which included local demands. This was be said as ethnocentric whereby is the parochial belief that the best work practices and approaches are those of the home nation. The advantaged of ethnocentric are the organization will have simple structure and managers can implement closer control. However, theres still disadvantages in this view whereby that decision-making may be little effective. There is no flexibleness for employees working in foreign locations and there will be strongies in building good business relationships in the host nation. Due to the shortage of labor, they cant choose the people they want. So, training is needed in this stage and basic compensation was needed to be structured as the pattern of the host country. In this stage, cultural issue will be the issue and challenges as h uman resource department needed to overcome the diversity problems.In the stage of transitional, human resource practices hold to local demand. This stage was polycentric perspective which , this is the view that managers in the overseas, host nation know the best work practices for running operations in that nation. The advantages are that the managers working in the overseas operation will have extensive knowledge of how best to run the workplace and meet market demand. Local managers are likely to be more committed and have higher morale than managers trade from the home country. Also the host government is more likely to fork out support. The disadvantages are that duplication of work efforts and facilities in both the home nation and foreign host nation leads to inefficiencies and ineffective use of resources. It is also difficult to maintain a single focus on global objectives as operations in each nation concentrate on their own operations. In this stage, career development for staff is to be organized to improve the productivity. Compensation in this stage need to be restructured to retain the potential workers. However, the cultural differences issue has been reduced in this stage. And lastly, when reach the maturation stage, geocentric perspective was taken place whereby global-oriented view focusing on finding and using the best approaches from around the world. The advantages of this view are that it forces managers to take a wider, global view of operations. As in this stage, joint venture was said to be greatly successful which had managed cultural diversity.As GE and MAS was latterly successful in the joint venture, they should have overcome all the stages and mount the human resource practice effectively and efficiently to be success in the diversity environment. GE and MAS was working greatly together with the profit that reached $ 1 billion last year. This is because, Aero Centre of Excellence in Malaysia which is joint venture between GE and MAS has overcome all the problems and challenges that occur on the joint venture development, especially the working environment that full of cultural differences.Question 7Explain two human resource problems experient by your employer of the organization where you are familiar with and to strategies for overcoming the problems.The two human resource problems experienced by my employer of the organization are the compensation and cultural differences. Compensation and retaining workers have always be the problems to human resource management because employees always not satisfy with the compensation and benefits that been given by the employers. Developing a pay plan that is internally and externally equitable is no less important in a small firm or large firm. Besides the compensation problems, managing diversity workforce also be a problem to employer as Malaysia is a mixture country with different of race, religious belief and so on. Everyone have their own backgrounds wh ich lead to the different thinking comparison with others. To keep organization still that competitive, human resource problem needed to be solve out before it get worse.Employee compensation core all forms of pay or rewards going to employees and arising from their employment. Everyone knows that people have legion(predicate) needs, and some which can be satisfied directly with money. As every employee always as for a better life, they expect employers will provide them with satisfied salary just to retain them. Some employees always equivalence their salary with others. If salary was lower than their colleague, they will just go front for another job might annex the job turnover. In such case, employer should have policies on compensation-related method. Human resource manager need to keep in line why the amount of salary among employees is is different and employees need to understand the author to reduce conflict that might happen in organization. Employers should develo p a workable pay plan by conducting a wage evaluate which collects the information about the job and set a base salary that deserve to receive by the employees. It can be easier also in structure the compensation plan if split employees into three group to managerial, clerical and plant personnel. For each of the three groups, determine the compensable factors to be evaluated and then rank or assign points to each job based on the job evaluation. For each class of jobs, employers should create a pay range. Besides this, employers also can provide reward to employees that attaining companys goal. This was not only can motivate employees but also keep them getting the job done, just to get the reward.Reward also can be a way in retaining potential worker. Capability workers will always surrounded by head-hunter and intellectual employees will just leave the organization if other company can provide better benefit package to them. Not all employees asking for money to satisfy their ne ed but some may ask for achievement, affiliation, power or self-actualization. Yet, even with job enrichment can be a modern motivation technique. Besides that, to retain worker, non-monetary reward like vacations and holiday, sick leave, annual leave and so on can divine service in retaining potential workers. For employees that attaining organization goal, employers can reward them with promotion or paid vacation as a reward. Employees will somehow work hard just to get the reward offered by employers.Cultural factor have been generally be a problem to human resource. As Malaysia was known as rich of different cultural, most of the company in Malaysia was facing the same problem which is workforce diversity. To overcome this problem, employers can increase relationship between employees by regular meeting. Training also needs to be providing to employees in how to communicate efficiently to reduce conflict in the workforce. Besides that, employers can use teamwork to build relati onship between employees while completing their task. In teamwork, sharing will be more to be occur and this can make employees understand each other more. Employers should assist idea sharing among employees, just to make them discuss more and build relationship without knowing. This kind of method not only can help in diversity labor force but also can come up with new ideas and improve the productivity in the organization.In short, every company has their own human resource problem as is important for employers to apply strategies that is effectiveness and efficiency. Retaining workers has mostly been the problems faced by most of the organization and compensation needs to be structured carefully to debar from any turnover. Cultural differences are something Malaysian companies can avoid from as Malaysia is a multi-cultural country. To cut down the problems in cultural differences, human resource need to solve out the diversity labor force by monitoring and liaison employees wi th each other.

High Technology Semiconductor Company Acquisitions

proud Technology Semiconductor teleph unitaryr AcquisitionsThe fast stride of expert neuter was nonp atomic number 18il of the roughly valuable tr reverses in the ball clubties and this brought an increasing complexity and cost to the ontogeny of unfermented technologies. Companies purposed their innovative as touch ons as a major source of combative advantage to quickly introduce refreshful w ars and adopt pertly playes (Sen and Egelhoff, 2000). Acquisitions ar completed in galore( positionnominal) industries for reasons that ar aligned with the dominant warring lawsuit forces for that indus set round. In the atomic number 18a of richly engineering science and seminconductors, the free-enterprise(a) drivers atomic number 18 short harvest- season life cycles and process advancement. Process advances be demand to both support the incremental converts to alert products and to tout ensembleow the conception of radic solelyy sassy champion. The number of attainments rapidly increase through the cristal for slightly(prenominal) reasons the product life cycle was get shorter intermiticipating in the instauration of perseverance and product exemplars was crucial early(a) entry helped capture merchandise shargon and R D adventure could be flash backd. Hagedoorn (1993) course aground the step-down in universe epoch and learnedness of filmed technologies as the fold pregnant reasons for mavin beau monde to keep abreast an early(a). Several seekers wee-wee pen about the radical and incremental base capabilities, their distinguishing factors and the big consequences to the corporation. It has to a fault been argued that man- sized hards be effective with incremental purposes and visit-ranking buckrams be best at radical vicissitudes. (Ettlie, Bridges, and OKeefe, 1984 Dewar and Dutton, 1986 Christensen, 1992).Corpo outrank decision to get wind or non put on a nonher confederation embo dies a amply level, serious caution scheme decision toward repositioning a family in the rivalrous landscape. The decade from 1990 to 2000 was chosen as an important era for learnedness action mechanism. T here(predicate) was universal drill in acquirements during a clipping of stable economic conditions creating dear conditions for summary. In 1990, the dollar nurture of all learnednesss and unifications in the United States was ii percent of the Gross Domestic output (GDP). In 2000, the value reached everyplace 15% of the GDP (Mergerstat, 2003). In the stolon 10 months of 2000, in the engineering domain al single, in that location were 2,019 scholarship and nu fade fusion reaction deals worth $573 billion (Reason, 2000). This occurred in spite of studies make in the 1980s and 1990s that plunge precise validatory degree effect m mavintaryly for the getting corporation. The tack of the military action strongly suggests that some positive family relationship could be base if envisiond in a distinct way or victimization juvenile metrics. This inquiry uses a various methodology by exploring a iodine fabrication, selecting positivity emergence as the metric from theoretical industry driving forces and analyzing gainfulness over cadence as a statistical ingeminate measures regu belated victimization SPSS softw be. The results from this action may have strategic implications for stay competitive in game engineering, advanced- swiftness industries.It should be n whiznessd here that the term eruditeness, amalgamations and eruditenesss and M A will be utilise inter varyably in this search and atomic number 18 defined in accessory A along with early(a)(a) important terms.In gamy gear engine room industries, much(prenominal) as semiconductors, a starchy interested in new product debut must(prenominal) precipitously invest to stay at the liveership edge. Creating or acquiring new quipings bu m be p finishent on a combination of enterprises tell either internal or impertinent to the alliance. Internal efforts include earlier Research and phylogenesis (R D) or new formed affiliates, termed greenfields (Vermeulen Barkema, 2001 S unmatchednclar, 1984 Bradley Korn, 1981). External efforts preserve take the form of encyclopaedism or mergers to best capture the dexterous retention (IP) that is keep in the categories of backing secret and branded k nowadays-how. Acquisitions, when d superstar puff up, appear to have the advantage of capturing this kindlyhearted of IP as comp ard to the separate forms of outdoor(a) efforts. Acquisitions also say-soly offer windy repositioning with slight risk and lower cost than engage internal conjunction terminuseavors (Singh Montgomery, 1987). A mettlesome engine room gilds success hinges on creation of innovative ideas, handiness of creative personnel, press forward of new product execution and cost effecti veness.Mergers and acquisitions ar a highly favored management avenue for development and competitive positioning. The immensity of this management consideration and the refer of mergers and acquisitions continue to expand with billions of dollars involved. The importance in the engine room sector be poses unmistakable when flavor at the 724 unanimouss that do their initial public offering (initial offering) in 1992, cand were non acquired or merged. Of these companies, 58% were selling at slight than their IPO price sextuplet courses later (Small Business Statistics, 2000). production and service offering must constantly evolve and change (Thompson Strickland, 2001). noble velocity intent is primaeval to the addition and selection of high technology businesses. Organizations that be successful have a regular stream of preposterous products and services. Hewlett-Packard had over 50% of receipts in 1999 coming from products introduced in the introductory deuce to four grades. In high technology companies, the highest remuneration levels come from the newest products. Consequently, it is imperative to accelerate the ground race cycle, often through mergers and acquisitions, and this is minutely important to rest competitive. Entrepreneurial firms systematically outperform bigger firms in both securities industry and earnings result on the Inc. 500 and Forbes 200 lists (Imparato Harari, 1994). in that location argon several capableness reasons for qualification an acquisition that have been place and studied in the literature. In addition to the reasons for actually acquiring, in that respect are a number of factors pas eon(a) the accompaniment that will influence the stage of success or calamity that these efforts may experience. These elements that play a part in determining the vector sum have been the focus of studies that are summarized in the Literature Review.WHAT MAKES HIGH-TECH COMPANIES AND THEIR ACQUISITIONS crotchetyBoth the popular business squash as well as recent academic look into seems to uniformly accept the unique temperament of advanced gun transmission lines. Kohers and Kohers (2000) state The high- festering nature of technology-based industries distinguishes them from other types of industries. In addition to their high-growth potential, however, other distinctive feature of high technology industries is the inbuilt hesitation associated with companies whose values avow on future outcomes or developments is unproven, chart minor fields (p. 40). In fact, many pure technology stocks are newfangled companies, underfunded and without prospects for generating any cash flows in the near future. Nevertheless, despite the inherent uncertainty of hi-tech industries, investors seemed to disregard closely equity organics when valuing technology stocks, curiously during the commercialise upturn in the late 1990s. As a result, even though hi-tech stocks were in oecu menical naturally volatile, many of them were trading at remarkable premiums. The exploding rate of growth in M A activity that involved advanced industries can be partly attributed to those overly optimistic valuations. Puranam (2001) argues On the acquirers side, booming stock market valuations have made acquisitions for stock feasible for several comparatively small (revenue wise) firms, as well as the much established roundr stars. On the rears side, an increasing preference for the earn liquidity offered, by an acquisition, as opposed to the paper profits from an IPO have shaped an environment tributary to acquisitions of small start-ups. At the same time many of these acquisitions were also make by the acquirers need to obtain critical technologies and expertise in rank to quickly enhance their own technological competence.Despite the burst of the high-tech market bubble and the failure of most of these acquisitions, investors continue to fork over an extreme f aith on these stocks. Americans still call back that technology can create a better world. Each time the U.S. tech sector waterfall into a trough, new technologies and companies emerge to lead it forward again (Business Week, supercilious 27, 2001).PROBLEM MOTIVATING THIS STUDYThis research effort seeks to understand the relationship amidst acquisitions and favorableness by flavor at at the industrial sector for high technology semiconductor companies. some(prenominal) anterior studies have delivern little financial benefit to the acquiring society in research conducted root system in the 1980s and extending to today apply a variety of variants, measures and company sample selection. These studies will be discussed in more detail in the Literature Review. The researchers Rumelt (1984), Ravenscraft and Scherer (1987), Porter (1987) and Kaplan and Weisbach (1990) separately found that acquisitions that could be categorized as unrelated, or diversifications, did not lead to profitability improvements, but most of these studies manifestly include a cross-section of diametric industries. The importance of innovation and new products in high velocity, competitive environments is discussed in literature and high velocity innovation is fundamental to the growth, profitability and survival of these businesses (Thompson and Strickland, 1999 Betz, 2001 Burgelman, Christensen and Wheelwright, 2004). The competitive advantage of capturing cerebral property through acquisition has also been discussed more recently. More clear license is beginning to emerge concerning the drive to acquire technology and the unique features of doing so (Prentice Fox, 2002). This research examines the correlational statistics amid the example of acquisition and succeeding company feat and growth of profitability in the decade of 1990-2000.Practicing managers in the subject area of management of technology are faced with the challenge of high velocity innovation organi sm a requirement to maintain competitive positioning (Thompson Strickland, 2001). Two methods for constant innovation include internal efforts, such(prenominal) as Research Development (R D), and remote efforts, such as acquisitions, on which this paper focuses.Prior studies have been cross-section(a) across different industries and analyze the benefits gained in terms of patents and R D (Bettis 1981), stock price (Matsusaka, 1990 Schleifer and Vishny, 1990 and Lubatkin, 1982) or increase in company sizing versus the cost of acquisitions. These studies have not captured one of the most unique features of the high technology industry where innovation and new products are dependent on intellectual property (IP) that is maintained in the categories of trade secret and proprietary know-how. Because of this characteristic, the high technology industry would be judge to yield different results. The importance of IP and know-how has been an area of academic focus spend a pennying to clear up the concept of absorptive mental object in the 1990s, but empirical figure out to tie these concepts to firm performance was not pursued (Cohen and Levinthal, 1990 Barney, 1991 Prahalad and Hamel, 1990). The use of patents as a measure, as apply in prior research (Acs and Audretsch, 1988 Pakes and Griliches, 1980 Hitt, Hoskisson, Ireland and Harrison, 1991), does not capture the IP benefits in these categories or measure the success resulting from these external efforts. Acquisitions, when done well, should be evaluate to have an advantage on capturing this kind of IP. Acquisitions potentially offer faster positioning with less risk and lower cost than internal company endeavors which include primarily Research and Development (R D) (Gulati, 1995 Singh Montgomery, 1987).STUDY OVERVIEWThis research effort focuses on one high technology industrial sector of semiconductors and studies the correlation amongst acquisitions, profitability, survivability and RD rapture o ver time. more prior studies (Rumelt, 1984 Ravenscraft and Scherer, 1987 Porter, 1987 and Kaplan and Weisbach, 1990) have shown little financial benefit to the acquiring company, but most of these studies included a cross-section of divergent industries. The importance of innovation and new products in high velocity, competitive environments is widely discussed in literature. lofty velocity innovation is fundamental for the theory of growth, profitability and survival of these businesses. The competitive advantage of capturing intellectual property through acquisition has also been discussed more recently. More clear evidence is beginning to emerge concerning the drive to acquire technology and the unique features of doing so (Prentice Fox, 2002). This paper researches the correlation between the typeface of acquisition and subsequent company performance, survivability, the growth of profitability and R D disbursement.CHAPTER 2LITERATURE follow ON HIGH-TECH COMPANIESMost rese arch on high-tech companies is comparatively recent and has its origin in unlike business fields. Chaudhuri and Tabrizi (1999) larn the practices of 24 high-tech companies involved in acquisitions, and try to identify the key factors in capturing the real value in high-tech acquisitions. They conclude that in revise to make a successful acquisition managers need to move beyond the traditional model of acquisitions where the concourse acquired are stakeary to physical assets and brands. lavishly-tech acquisitions need to focus on the people since technological capabilities tied to masterly people are the key to long-term success in these industries.Arora, Fosfuri and Gambardella (2000) examine how the growth of markets for technology affected the collective strategies of the leading companies, which can now sell technologies that they do not use in-house and increase their potential returns to R D. They argue that globalization, along with the low dit cost of technologies, has made large R D intensive companies fulfil that they have the potential to puzzle out their technology on a very large scale by licensing. However, in deciding how to exploit their technology small firms and technology-based startups face a different set of challenges. According to the authors they need to trade off the costs of acquiring capital and building in-house production, dispersal and marketing might against the rents that would be lost or shared with their partners in a licensing deal. Also, the authors argue that integrating may reduce the innovative potential of the firm, because the acquisition of the complementary assets needfully increases the coat of firms and induces important changes in the assimilation of the firm and in the speed and fluidity of in changeion flows. Finally, they claim that evaluating technologies and being able to use them requires lusty in-house scientific and technological expertise and thereof internal and external R D can be reviewed as complements and not substitutes.Liu (2000) focuses on a different issue by examining the markets response to innovation intelligence service annunciation made by the U.S. biotech firms during the 1983-1992 catch. He finds that the total AR to the resolutions is as high as 3.98 percent for a terzetto-day event window and biotech stocks trading volumes about double on the day of the news announcement. The announcement intent ARs are negatively related to firm-sizing and underwriter reputation, mend positively related to the firms technology depth as mensural by R D intensity. However, during the months by-line the announcement the median(a) three-month post announcement AR is 2.73 percent. The negative rank in stock prices appears to be chiefly driven by the firms indistinct science and technology (less R D intensive), firms with high Book to securities industry (B/M) ratios and large firms. In explaining his findings the author proposes an hope error h ypothesis. According to this hypothesis it is hard for investors or even managers to incisively evaluate the economic value of innovations which in turn leads to the possibility of forming wrong expectations. In high-tech industries the inconclusive expectation is weighed in the investors over-optimism towards high-tech firms innovation news. Eventually, the stock prices adjust itself to reflect the firms fundamentals, especially its technology depth. The author attributes the sight evidence to the costly learning required to value a high-tech firms innovation.Prentice and Fox (2002) provide a comprehensive review of the merger and acquisition process enchantment focvictimization on the distinctive characteristics of high-tech companies. They argue that technology mergers are different from traditional mergers because of the importance that must be placed on people and their ability to innovate. Targets must be evaluated on intangible assets such as intellectual property and gay capital. At the same time managers need to consider the issues of retention, culture and integration strategy from the beginning of the merger process to ensure success. thither are two studies that are most relevant to this research. The first one is by Kohers and Kohers (2000) who examine the value creation potential of 1,634 mergers in the various high-tech areas between 1987 and 1996. They find that acquirers of high-tech targets experience solidly positive Ars at the time of the merger announcement, irrespective of whether the merger is financed with cash or stock. some other factors influencing bidder returns are the time level in which the merger occurs, the willpower expression of the acquirer, the ownership status of the target and the high-tech affiliation of acquirers. They conclude that the market appears to be optimistic about such mergers and expects that acquiring companies will revel future growth benefits.The minute of arc related account is also by Koh ers and Kohers (2001) who examine the post-merger performance of acquirers that purchase high-tech targets in order to ensure whether the high expectations regarding the future merits of these investments are actually justified. Their results indicate that compared to non acquirers, acquirers perform sick over the three- socio-economic class period following the high-tech takeover announcement. Furthermore, charm bidders show world-shatteringly lower long haul ARs, while value bidders do not experience pregnant post-merger ARs. Also, glamour bidders with a higher risk of authorisation problems show even worsened post-merger performance while institutional ownership in the acquiring firm has a positive influence on acquirer long run ARs. Overall, the authors conclude that the market tends to exhibit lush enthusiasm toward the expected benefits of high-tech mergers but many of these benefits do not materialize.CHAPTER 3HYPOTHESES, METHODOLOGY AND entropy SOURCESSTATEMENT OF H YPOTHESESPrevious research in the literature has customaryly found little financial benefit for the acquiring companies that were associated with occurrence of the acquisition activity (Rumelt, 1974 Ravenscraft and Scherer, 1987 Porter, 1987 and Kaplan and Weisbach, 1990). Consequently, the first and second questions for this read are focused using the single industry of semiconductors, are stated in the unserviceable hypothesis format. First, firm profitability growth rates are compared in two groups, one that does acquire and one that does not. Secondly, mortal firm profitability growth is examined ahead and after an acquisition event flavor for a change in growth rate that is significant. surmise 1 (H1) There will be no significant dissimilarity in profitability growth when firms making acquisitions are compared to firms not making acquisitions in the high-tech sector. surmise 2 (H2) Acquiring firms making acquisitions are expected to have no significant change in profitab ility growth before and after the acquisition event.The literature yields less empirical turn in analyzing the relationship between merger and acquisition actions and the seniority of a corporation. Theory certainly recognizes the close link between competitive capability and company survival. For the high technology industry of semiconductors, high velocity innovation is a requirement for remaining competitive. Research questions three and four are also stated in the null hypothesis format. Company longevity, or survival rate in number of socio-economic class, is compared in two groups also, where one group does acquire and one does not. Lastly, an individual firms spending rate on R D is examined before and after an acquisition event looking for a significant change in the rate compared to the trend for the company.Hypothesis 3 (H3) Firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions.Hypothesis 4 (H4) A companys R D intensity will show no significant change following the event of acquisition inwardly this industry.SELECTION OF VARIABLESThis research was conducted in a concentric approach by starting with one individual and one dependent uncertain ab initio to define the relationship and be given the neighboring intervention in the study. As work continued, inconstants were selected and the methodology grow to assess both in spite of appearance- pendant and between-subject set up.The varyings used in this study for Hypothesis 1 (H1) include profitability growth rate and a make variant to represent the presence or absence seizure of the event of acquisition. The event of acquisition is represented by a poop variable with a nobody (0) representing no acquisition and with a one (1) representing an acquisition event. An acquisition event is identified by using a firms reported cash flows attributed to acquisition as stated in the Compustat trainingbase. The profitability growth rate is metrical from the total rank profit marge reported by course of instruction and cumulated over three grades, then averaged to reduce fluctuations and facilitate identification of trends.The variables used for H2 depth psychology of profitability growth rate before and after an acquisition were the dummy variable for the presence of acquisition, the stark(a) profit strand fortune (GPM %) calculated as a three (3) year cumulative average growth rate (CAGR) to smooth fluctuations and better identify a trend. This relationship was studied for three (3) years prior to the actual acquisition and louver (5) years following the action. As the study progressed, a second dummy variable was used for company size to separate the effect of this freelance variable as well. A tell measures hyaloplasm was designed with two dummy free-living variable as well. A retell measures intercellular substance was designed with two dummy free-lance variables, each with two levels and one dependent variable with repeated measures over nine years for a 2 x 2 x 9 repeated measures compendium using the SPPS software package package system.The variables used for H3 analysis of acquisition relation to firm longevity were the acquisition dummy variable and the information from Compustat for the number of years that the company did financial reporting during the period of this study.H4 looks for the effects between acquisition and RD spending or intensity by using the acquisition dummy nonparasitic variable and R D intensity as the dependent variable. R D intensity is calculated using the R D set down reported as such by the companies and in the Compustat entropybase. This Compustat item represents all costs incurred during the year that relate to the development of new products or services. This kernel is only the companys persona and includes software and amortization of software costs and complies with Financial Accounting measuri ng Board (FASB) standards. This item excludes client or government-sponsored research and development (including reimbursable collateral costs) and ordinary engineering expenses for routine, on-going efforts to define, enrich, or improve the qualities of experienceing products.methodological analysisThis study encompasses the time period of ten years from 1990-2000, inclusive. Semiconductor companies were selected as an entire group correspond to their NAICS/SIC ordinances. Using the Standard Poors Compustat database, there are 153 semiconductor companies included that were identified as active companies at the end of the calendar year 2000 by Compustat. These companies are listed in Appendix B. Active reporting for one year. Companies are designated as inactive and reclassified in the Compustat database when it is no longer actively traded on a stock market exchange due to bankruptcy, get a private company, leveraged buyout or merging.The research effort started with analysis one self-sufficient variable and one dependent variable in order to initially establish what the relationship was that existed, if it was significant and how to proceed with analysis. Exploratory work on Hypothesis 1 showed that there was a statistically significant and positive correlation between acquisitions and unrefined profit margin (GMP) growth broadly over the decade which differs from prior research. Hypothesis 2 moves toward a more detailed analysis of this finding. Consequently, in this chronology of discovery, the next step presented in Section 4.2 look at one dependent variable of profit margin growth and two independent variables of company size and acquisition activity. 3-way ANNOVA and retroversion treatments of the data are conducted using the data analysis neb available under Microsoft Excel package looking at individual years in the ten year study period. The results show significance again and suggest that other interactions between variables would yield a dditional understanding. The next step in the research was set up to look at one dependent variable, again coarse margin (GPM) growth, repeatedly measured over time for each subject or company was entered for the nine (9) years 1995-2000 inclusive to capture acquisition effects giving 2 x 2 x 9 repeated measures design. The two independent variables were used in the dummy format with non-acquires given a code zero 0 and acquires delegate at one (1). Company size was the second dummy variable with firms less than $100M in sales per year coded zero (0) and if greater than $100M in sales, assigned a one (1). The statistical analysis using a repeated measures design analyzed the variable interactions and their relationship to GPM growth using the SPSS software. These results are presented in Section 4.5 tell Measures analysis that was done using SPSS software.descriptive statistics were an important first treatment of the data sets created. This includes the values for the following parameters connote, median, lam segmentation, standard deviation, kurtosis, and skewness. This treatment looks at characteristics of the data and the degree of normal scattering. The 3-way analysis of chance variable investigations and regression treatment of the data were initially done using the data analysis tool software available in Microsoft Excel. Generally, the data sets for this study vary somewhat from the uncorrupted normal distribution, but ANOVA and MANOVA (multivariate ANOVA) within a repeated measures analysis are considered robust to violations of the normal distribution assumption (Maxwell Dealney, 1990 Stevens, 1996)SPSS Advanced Models 11.0 software was used to create general bilinear models of the data and conduct analysis of variance (ANOVA), regression, and analysis of covariance (ANCOVA) for the multiple variables in this model with repeated measures. The factors or independent variables were used to divide the world of 153 active semiconductor compan ies into groups. There were two independent variables used that were designated as dummy variables. The first variable of acquisition separated companies that did complete acquisitions from those that did not complete acquisitions during the decade of study. The second variable grouped the companies by size of sales at the end of the decade by either greater than $100 million or less than $100 million. Then the general linear model act was used to test the four null hypotheses, as stated supra, regarding the effects of the independent variables on the dependent variable of gross profit margin growth as a repeated measure over the period 1992-2000. The investigation included looking at interactions between factors as well as the individual factors and the effects and interactions of covariates. This model specifies the independent variables as covariates for regression analysis.The SPSS repeated measures model creates a matrix for the sums of squares due to the model effects, gives the harsh F statistics and estimates parameters in addition to testing hypotheses. When an F test shows significance, SPSS performs post hoc tests to evaluate the differences between the means. This yields a predicted mean value for the cells of the model.Analysis of variance (ANOVA) was applied to named variables to study the portion of variance in the each variable that could be identified as explained and unlooked-for with regard to the event of acquisition.A covariance tool was also used when looking at the variables described above such as acquisition occurrence, company size and profitability growth changes. This compares whether the two ranges of data move unneurotic that is, whether large values of one set were associated with large values of the other (positive covariance), whether small values of one set were associated with large values of the other (negative covariance), or whether values in both sets were unrelated (covariance near zero). entropy SOURCESStandard P oors Compustat database was used for data collection in this research. The database contains fundamental financial, statistical and market data derived from furtherance traded companies trading on the NYSE, NASDAQ, AMEX, OTC and Canadian stock exchanges.The calendar year for a company is the year in which the fiscal year ends and is the time period used as standard in this research. Companies with fiscal years ending in January through may are assigned by Compustant into the year in which the fiscal year begins. Companies with fiscal years that end in June through December are assigned to the year in which the fiscal year ends.The EDGAR (Electronic data Gathering, Analysis and Retrieval) System database maintained by the United Stated Security and transfer Commission (SEC) was also used. The EDGAR data is also cool from the same sources that are used to generate the Compustat database. Data from these controlled and verifiable sources were corroborated and augmented with inform ation collected from semiconductor trade journals, company annual reports and the Mergers Acquisitions Journal that tracks statistics in this area.CHAPTER 4RESULTS AND DISCUSSIONHI ACQUISITON AND positivity RELATIONSHIPA strong positive relationship was found to exist between the presence of acquisition activity and the growth in gross profit margin (GPM) by the end of the ten year study period. The statistical analysis is detailed to a lower place and is a departure from previous findings. This finding addresses the central question of this research endeavor to look for a relationship between acquisition events and profitability growth within the one industry of semiconductors. A positive financial effect is found and opens the caterpillar tread for additional analysis in this direction. Consequently, this information forms the foundation for the additional work presented in this research. summary passing ON synopsis termination ON analytic thinking departure ON outline sack ON ANALYSIS GOING ON ANALYSIS GOING ONANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ONANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ONANALYSIS GOING ON ANALYSIS GOING ON ANALYSIS GOING ONHigh Technology Semiconductor Company AcquisitionsHigh Technology Semiconductor Company AcquisitionsThe fast rate of technological change was one of the most important trends in the 1990s and this brought an increasing complexity and cost to the development of new technologies. Companies used their innovative assets as a major source of competitive advantage to quickly introduce new products and adopt new processes (Sen and Egelhoff, 2000). Acquisitions are completed in many industries for reasons that are aligned with the dominant competitive driving forces for that industry. In the area of high technology and seminconductors, the competitive drivers are short product life cycles and process advancement. Process advances are required to both support the incremental changes to existin g products and to allow the creation of radically new one. The number of acquisitions rapidly increased through the decade for several reasons the product life cycle was getting shorter participating in the creation of industry and product standards was crucial early entry helped capture market share and R D risk could be reduced. Hagedoorn (1993) found the reduction in innovation time and acquisition of needed technologies as the most important reasons for one company to pursue another. Several researchers have written about the radical and incremental innovation capabilities, their distinguishing factors and the important consequences to the corporation. It has also been argued that large firms are effective with incremental innovations and small firms are better at radical innovations. (Ettlie, Bridges, and OKeefe, 1984 Dewar and Dutton, 1986 Christensen, 1992).Corporate decision to acquire or not acquire another company embodies a high level, serious management strategy decisio n toward repositioning a company in the competitive landscape. The decade from 1990 to 2000 was chosen as an important time for acquisition activity. There was frequent activity in acquisitions during a time of stable economic conditions creating good conditions for analysis. In 1990, the dollar value of all acquisitions and mergers in the United States was two percent of the Gross Domestic Product (GDP). In 2000, the value reached over 15% of the GDP (Mergerstat, 2003). In the first 10 months of 2000, in the technology sector alone, there were 2,019 acquisition and merger deals worth $573 billion (Reason, 2000). This occurred despite studies done in the 1980s and 1990s that found little positive effect financially for the acquiring company. The magnitude of the activity strongly suggests that some positive relationship could be found if examined in a different way or using new metrics. This research uses a different methodology by exploring a single industry, selecting profitabilit y growth as the metric from theoretical industry driving forces and analyzing profitability over time as a statistical repeated measures model using SPSS software. The results from this work may have strategic implications for remaining competitive in high technology, high-velocity industries.It should be noted here that the term acquisition, mergers and acquisitions and M A will be used interchangeably in this research and are defined in Appendix A along with other important terms.In high technology industries, such as semiconductors, a firm interested in new product innovation must aggressively invest to stay at the leading edge. Creating or acquiring new offerings can be dependent on a combination of efforts directed either internal or external to the company. Internal efforts include primarily Research and Development (R D) or newly formed affiliates, termed greenfields (Vermeulen Barkema, 2001 Sonenclar, 1984 Bradley Korn, 1981). External efforts can take the form of acquis ition or mergers to best capture the intellectual property (IP) that is maintained in the categories of trade secret and proprietary know-how. Acquisitions, when done well, appear to have the advantage of capturing this kind of IP as compared to the other forms of external efforts. Acquisitions also potentially offer faster repositioning with less risk and lower cost than pursuing internal company endeavors (Singh Montgomery, 1987). A high technology companys success hinges on creation of innovative ideas, availability of creative personnel, speed of new product execution and cost effectiveness.Mergers and acquisitions are a highly favored management avenue for growth and competitive positioning. The importance of this management consideration and the impact of mergers and acquisitions continue to expand with billions of dollars involved. The importance in the technology sector becomes apparent when looking at the 724 firms that made their initial public offering (IPO) in 1992, but were not acquired or merged. Of these companies, 58% were selling at less than their IPO price six years later (Small Business Statistics, 2000).Product and service offering must constantly evolve and change (Thompson Strickland, 2001). High velocity innovation is fundamental to the growth and survival of high technology businesses. Organizations that are successful have a regular stream of unique products and services. Hewlett-Packard had over 50% of revenue in 1999 coming from products introduced in the previous two to four years. In high technology companies, the highest profit levels come from the newest products. Consequently, it is imperative to accelerate the innovation cycle, often through mergers and acquisitions, and this is critically important to remaining competitive. Entrepreneurial firms consistently outperform larger firms in both market and earnings growth on the Inc. 500 and Forbes 200 lists (Imparato Harari, 1994).There are several potential reasons for making an acquisition that have been identified and studied in the literature. In addition to the reasons for actually acquiring, there are a number of factors following the event that will influence the degree of success or failure that these efforts may experience. These elements that play a part in determining the outcome have been the focus of studies that are summarized in the Literature Review.WHAT MAKES HIGH-TECH COMPANIES AND THEIR ACQUISITIONS UNIQUEBoth the popular business press as well as recent academic research seems to uniformly accept the unique nature of high-tech stocks. Kohers and Kohers (2000) state The high-growth nature of technology-based industries distinguishes them from other types of industries. In addition to their high-growth potential, however, another distinctive feature of high-tech industries is the inherent uncertainty associated with companies whose values rely on future outcomes or developments is unproven, uncharted fields (p. 40). In fact, many pure te chnology stocks are young companies, underfunded and without prospects for generating any cash flows in the near future. Nevertheless, despite the inherent uncertainty of high-tech industries, investors seemed to disregard most equity fundamentals when valuing technology stocks, especially during the market upturn in the late 1990s. As a result, even though high-tech stocks were in general extremely volatile, many of them were trading at remarkable premiums. The exploding rate of growth in M A activity that involved high-tech industries can be partly attributed to those overly optimistic valuations. Puranam (2001) argues On the acquirers side, booming stock market valuations have made acquisitions for stock feasible for several relatively small (revenue wise) firms, as well as the more established larger ones. On the targets side, an increasing preference for the ready liquidity offered, by an acquisition, as opposed to the paper profits from an IPO have created an environment cond ucive to acquisitions of small start-ups. At the same time many of these acquisitions were also motivated by the acquirers need to obtain critical technologies and expertise in order to quickly enhance their own technological competence.Despite the burst of the high-tech market bubble and the failure of most of these acquisitions, investors continue to show an extreme faith on these stocks. Americans still believe that technology can create a better world. Each time the U.S. tech sector falls into a trough, new technologies and companies emerge to lead it forward again (Business Week, August 27, 2001).PROBLEM MOTIVATING THIS STUDYThis research effort seeks to understand the relationship between acquisitions and profitability by looking at the industrial sector for high technology semiconductor companies. Many prior studies have shown little financial benefit to the acquiring company in research conducted beginning in the 1980s and extending to today using a variety of variables, mea sures and company sample selection. These studies will be discussed in more detail in the Literature Review. The researchers Rumelt (1984), Ravenscraft and Scherer (1987), Porter (1987) and Kaplan and Weisbach (1990) separately found that acquisitions that could be categorized as unrelated, or diversifications, did not lead to profitability improvements, but most of these studies obviously included a cross-section of divergent industries. The importance of innovation and new products in high velocity, competitive environments is discussed in literature and high velocity innovation is fundamental to the growth, profitability and survival of these businesses (Thompson and Strickland, 1999 Betz, 2001 Burgelman, Christensen and Wheelwright, 2004). The competitive advantage of capturing intellectual property through acquisition has also been discussed more recently. More clear evidence is beginning to emerge concerning the drive to acquire technology and the unique features of doing so ( Prentice Fox, 2002). This research examines the correlation between the event of acquisition and subsequent company performance and growth of profitability in the decade of 1990-2000.Practicing managers in the area of management of technology are faced with the challenge of high velocity innovation being a requirement to maintain competitive positioning (Thompson Strickland, 2001). Two methods for constant innovation include internal efforts, such as Research Development (R D), and external efforts, such as acquisitions, on which this paper focuses.Prior studies have been cross-sectional across different industries and analyzed the benefits gained in terms of patents and R D (Bettis 1981), stock price (Matsusaka, 1990 Schleifer and Vishny, 1990 and Lubatkin, 1982) or increase in company size versus the cost of acquisitions. These studies have not captured one of the most unique features of the high technology industry where innovation and new products are dependent on intellect ual property (IP) that is maintained in the categories of trade secret and proprietary know-how. Because of this characteristic, the high technology industry would be expected to yield different results. The importance of IP and know-how has been an area of academic focus working to clarify the concept of absorptive capacity in the 1990s, but empirical work to tie these concepts to firm performance was not pursued (Cohen and Levinthal, 1990 Barney, 1991 Prahalad and Hamel, 1990). The use of patents as a measure, as used in prior research (Acs and Audretsch, 1988 Pakes and Griliches, 1980 Hitt, Hoskisson, Ireland and Harrison, 1991), does not capture the IP benefits in these categories or measure the success resulting from these external efforts. Acquisitions, when done well, should be expected to have an advantage on capturing this kind of IP. Acquisitions potentially offer faster positioning with less risk and lower cost than internal company endeavors which include primarily Resea rch and Development (R D) (Gulati, 1995 Singh Montgomery, 1987).STUDY OVERVIEWThis research effort focuses on one high technology industrial sector of semiconductors and studies the correlation between acquisitions, profitability, survivability and RD intensity over time. Many prior studies (Rumelt, 1984 Ravenscraft and Scherer, 1987 Porter, 1987 and Kaplan and Weisbach, 1990) have shown little financial benefit to the acquiring company, but most of these studies included a cross-section of divergent industries. The importance of innovation and new products in high velocity, competitive environments is widely discussed in literature. High velocity innovation is fundamental for the theory of growth, profitability and survival of these businesses. The competitive advantage of capturing intellectual property through acquisition has also been discussed more recently. More clear evidence is beginning to emerge concerning the drive to acquire technology and the unique features of doing so (Prentice Fox, 2002). This paper researches the correlation between the event of acquisition and subsequent company performance, survivability, the growth of profitability and R D spending.CHAPTER 2LITERATURE REVIEW ON HIGH-TECH COMPANIESMost research on high-tech companies is relatively recent and has its origin in various business fields. Chaudhuri and Tabrizi (1999) study the practices of 24 high-tech companies involved in acquisitions, and try to identify the key factors in capturing the real value in high-tech acquisitions. They conclude that in order to make a successful acquisition managers need to move beyond the traditional model of acquisitions where the people acquired are secondary to physical assets and brands. high tech acquisitions need to focus on the people since technological capabilities tied to skilled people are the key to long-term success in these industries.Arora, Fosfuri and Gambardella (2000) examine how the growth of markets for technology affected th e corporate strategies of the leading companies, which can now sell technologies that they do not use in-house and increase their potential returns to R D. They argue that globalization, along with the low transportation costs of technologies, has made large R D intensive companies realize that they have the potential to exploit their technology on a very large scale by licensing. However, in deciding how to exploit their technology small firms and technology-based startups face a different set of challenges. According to the authors they need to trade off the costs of acquiring capital and building in-house production, distribution and marketing capability against the rents that would be lost or shared with their partners in a licensing deal. Also, the authors argue that integration may reduce the innovative potential of the firm, because the acquisition of the complementary assets inevitably increases the size of firms and induces important changes in the culture of the firm and in the speed and fluidity of information flows. Finally, they claim that evaluating technologies and being able to use them requires substantial in-house scientific and technological expertise and therefore internal and external R D can be reviewed as complements and not substitutes.Liu (2000) focuses on a different issue by examining the markets reaction to innovation news announcement made by the U.S. biotech firms during the 1983-1992 period. He finds that the average AR to the announcements is as high as 3.98 percent for a three-day event window and biotech stocks trading volumes almost double on the day of the news announcement. The announcement period ARs are negatively related to firm-size and underwriter reputation, while positively related to the firms technology depth as measured by R D intensity. However, during the months following the announcement the average three-month post announcement AR is 2.73 percent. The negative drift in stock prices appears to be mainly dri ven by the firms weak science and technology (less R D intensive), firms with high Book to Market (B/M) ratios and large firms. In explaining his findings the author proposes an expectation error hypothesis. According to this hypothesis it is hard for investors or even managers to precisely evaluate the economic value of innovations which in turn leads to the possibility of forming erroneous expectations. In high-tech industries the erroneous expectation is reflected in the investors over-optimism towards high-tech firms innovation news. Eventually, the stock prices adjust itself to reflect the firms fundamentals, especially its technology depth. The author attributes the observed evidence to the costly information required to value a high-tech firms innovation.Prentice and Fox (2002) provide a comprehensive review of the merger and acquisition process while focusing on the distinctive characteristics of high-tech companies. They argue that technology mergers are different from tra ditional mergers because of the importance that must be placed on people and their ability to innovate. Targets must be evaluated on intangible assets such as intellectual property and human capital. At the same time managers need to consider the issues of retention, culture and integration strategy from the beginning of the merger process to ensure success. There are two studies that are most relevant to this research. The first one is by Kohers and Kohers (2000) who examine the value creation potential of 1,634 mergers in the various high-tech areas between 1987 and 1996. They find that acquirers of high-tech targets experience significantly positive Ars at the time of the merger announcement, regardless of whether the merger is financed with cash or stock. Other factors influencing bidder returns are the time period in which the merger occurs, the ownership structure of the acquirer, the ownership status of the target and the high-tech affiliation of acquirers. They conclude that the market appears to be optimistic about such mergers and expects that acquiring companies will enjoy future growth benefits.The second related study is also by Kohers and Kohers (2001) who examine the post-merger performance of acquirers that purchase high-tech targets in order to determine whether the high expectations regarding the future merits of these investments are actually justified. Their results indicate that compared to non acquirers, acquirers perform poorly over the three-year period following the high-tech takeover announcement. Furthermore, glamour bidders show significantly lower long-run ARs, while value bidders do not experience significant post-merger ARs. Also, glamour bidders with a higher risk of agency problems show even worse post-merger performance while institutional ownership in the acquiring firm has a positive influence on acquirer long run ARs. Overall, the authors conclude that the market tends to exhibit excessive enthusiasm toward the expected ben efits of high-tech mergers but many of these benefits do not materialize.CHAPTER 3HYPOTHESES, METHODOLOGY AND DATA SOURCESSTATEMENT OF HYPOTHESESPrevious research in the literature has generally found little financial benefit for the acquiring companies that were associated with occurrence of the acquisition activity (Rumelt, 1974 Ravenscraft and Scherer, 1987 Porter, 1987 and Kaplan and Weisbach, 1990). Consequently, the first and second questions for this study are focused using the single industry of semiconductors, are stated in the null hypothesis format. First, firm profitability growth rates are compared in two groups, one that does acquire and one that does not. Secondly, individual firm profitability growth is examined before and after an acquisition event looking for a change in growth rate that is significant.Hypothesis 1 (H1) There will be no significant difference in profitability growth when firms making acquisitions are compared to firms not making acquisitions in the high-tech sector.Hypothesis 2 (H2) Acquiring firms making acquisitions are expected to have no significant change in profitability growth before and after the acquisition event.The literature yields less empirical work in analyzing the relationship between merger and acquisition actions and the longevity of a corporation. Theory certainly recognizes the close link between competitive capability and company survival. For the high technology industry of semiconductors, high velocity innovation is a requirement for remaining competitive. Research questions three and four are also stated in the null hypothesis format. Company longevity, or survival rate in number of year, is compared in two groups also, where one group does acquire and one does not. Lastly, an individual firms spending rate on R D is examined before and after an acquisition event looking for a significant change in the rate compared to the trend for the company.Hypothesis 3 (H3) Firms making acquisitions are expected to have no difference in survivability in this industry than firms who do not make acquisitions.Hypothesis 4 (H4) A companys R D intensity will show no significant change following the event of acquisition within this industry.SELECTION OF VARIABLESThis research was conducted in a concentric approach by starting with one independent and one dependent variable initially to define the relationship and guide the next treatment in the study. As work continued, variables were selected and the methodology expanded to assess both within-subject and between-subject effects.The variables used in this study for Hypothesis 1 (H1) include profitability growth rate and a dummy variable to represent the presence or absence of the event of acquisition. The event of acquisition is represented by a dummy variable with a zero (0) representing no acquisition and with a one (1) representing an acquisition event. An acquisition event is identified by using a firms reported cash flows attributed to acqu isition as stated in the Compustat database. The profitability growth rate is calculated from the total gross profit margin reported by year and cumulated over three years, then averaged to reduce fluctuations and facilitate identification of trends.The variables used for H2 analysis of profitability growth rate before and after an acquisition were the dummy variable for the presence of acquisition, the gross profit margin percentage (GPM %) calculated as a three (3) year cumulative average growth rate (CAGR) to smooth fluctuations and better identify a trend. This relationship was studied for three (3) years prior to the actual acquisition and five (5) years following the action. As the study progressed, a second dummy variable was used for company size to separate the effect of this independent variable as well. A repeated measures matrix was designed with two dummy independent variable as well. A repeated measures matrix was designed with two dummy independent variables, each wit h two levels and one dependent variable with repeated measures over nine years for a 2 x 2 x 9 repeated measures analysis using the SPPS software.The variables used for H3 analysis of acquisition relation to firm longevity were the acquisition dummy variable and the data from Compustat for the number of years that the company did financial reporting during the period of this study.H4 looks for the effects between acquisition and RD spending or intensity by using the acquisition dummy independent variable and R D intensity as the dependent variable. R D intensity is calculated using the R D expense reported as such by the companies and in the Compustat database. This Compustat item represents all costs incurred during the year that relate to the development of new products or services. This amount is only the companys contribution and includes software and amortization of software costs and complies with Financial Accounting Standard Board (FASB) standards. This item excludes cust omer or government-sponsored research and development (including reimbursable indirect costs) and ordinary engineering expenses for routine, ongoing efforts to define, enrich, or improve the qualities of existing products.MethodologyThis study encompasses the time period of ten years from 1990-2000, inclusive. Semiconductor companies were selected as an entire group according to their NAICS/SIC codes. Using the Standard Poors Compustat database, there are 153 semiconductor companies included that were identified as active companies at the end of the calendar year 2000 by Compustat. These companies are listed in Appendix B. Active reporting for one year. Companies are designated as inactive and reclassified in the Compustat database when it is no longer actively traded on a stock market exchange due to bankruptcy, becoming a private company, leveraged buyout or merging.The research effort started with analysis one independent variable and one dependent variable in order to initially establish what the relationship was that existed, if it was significant and how to proceed with analysis. Exploratory work on Hypothesis 1 showed that there was a statistically significant and positive correlation between acquisitions and gross profit margin (GMP) growth broadly over the decade which differs from prior research. Hypothesis 2 moves toward a more detailed analysis of this finding. Consequently, in this chronology of discovery, the next step presented in Section 4.2 look at one dependent variable of profit margin growth and two independent variables of company size and acquisition activity. 3-way ANNOVA and regression treatments of the data are conducted using the data analysis tool available under Microsoft Excel Software looking at individual years in the ten year study period. The results show significance again and suggest that other interactions between variables would yield additional understanding. The next step in the research was set up to look at one depende nt variable, again gross margin (GPM) growth, repeatedly measured over time for each subject or company was entered for the nine (9) years 1995-2000 inclusive to capture acquisition effects giving 2 x 2 x 9 repeated measures design. The two independent variables were used in the dummy format with non-acquires given a code zero 0 and acquires assigned at one (1). Company size was the second dummy variable with firms less than $100M in sales per year coded zero (0) and if greater than $100M in sales, assigned a one (1). The statistical analysis using a repeated measures design analyzed the variable interactions and their relationship to GPM growth using the SPSS software. These results are presented in Section 4.5 Repeated Measures Analysis that was done using SPSS software.Descriptive statistics were an important first treatment of the data sets created. This includes the values for the following parameters mean, median, range variance, standard deviation, kurtosis, and skewness. Thi s treatment looks at characteristics of the data and the degree of normal distribution. The 3-way ANOVA investigations and regression treatment of the data were initially done using the data analysis tool software available in Microsoft Excel. Generally, the data sets for this study vary somewhat from the classical normal distribution, but ANOVA and MANOVA (multivariate ANOVA) within a repeated measures analysis are considered robust to violations of the normal distribution assumption (Maxwell Dealney, 1990 Stevens, 1996)SPSS Advanced Models 11.0 software was used to create general linear models of the data and conduct analysis of variance (ANOVA), regression, and analysis of covariance (ANCOVA) for the multiple variables in this model with repeated measures. The factors or independent variables were used to divide the population of 153 active semiconductor companies into groups. There were two independent variables used that were designated as dummy variables. The first variable o f acquisition separated companies that did complete acquisitions from those that did not complete acquisitions during the decade of study. The second variable grouped the companies by size of sales at the end of the decade by either greater than $100 million or less than $100 million. Then the general linear model procedure was used to test the four null hypotheses, as stated above, regarding the effects of the independent variables on the dependent variable of gross profit margin growth as a repeated measure over the period 1992-2000. The investigation included looking at interactions between factors as well as the individual factors and the effects and interactions of covariates. This model specifies the independent variables as covariates for regression analysis.The SPSS repeated measures model creates a matrix for the sums of squares due to the model effects, gives the approximate F statistics and estimates parameters in addition to testing hypotheses. When an F test shows signi ficance, SPSS performs post hoc tests to evaluate the differences between the means. This yields a predicted mean value for the cells of the model.Analysis of variance (ANOVA) was applied to named variables to study the portion of variance in the each variable that could be identified as explained and unexpected with regard to the event of acquisition.A covariance tool was also used when looking at the variables described above such as acquisition occurrence, company size and profitability growth changes. This compares whether the two ranges of data move together that is, whether large values of one set were associated with large values of the other (positive covariance), whether small values of one set were associated with large values of the other (negative covariance), or whether values in both sets were unrelated (covariance near zero).DATA SOURCESStandard Poors Compustat database was used for data collection in this research. The database contains fundamental financial, stati stical and market data derived from publicity traded companies trading on the NYSE, NASDAQ, AMEX, OTC and Canadian stock exchanges.The calendar year for a company is the year in which the fiscal year ends and is the time period used as standard in this research. Companies with fiscal years ending in January through May are assigned by Compustant into the year in which the fiscal year begins. Companies with fiscal years that end in June through December are assigned to the year in which the fiscal year ends.The EDGAR (Electronic Data Gathering, Analysis and Retrieval) System database maintained by the United Stated Security and Exchange Commission (SEC) was also used. The EDGAR data is also collected from the same sources that are used to generate the Compustat database. Data from these controlled and verifiable sources were corroborated and augmented with information collected from semiconductor trade journals, company annual reports and the Mergers Acquisitions Journal that tracks statistics in this area.CHAPTER 4RESULTS AND DISCUSSIONHI ACQUISITON AND PROFITABILITY RELATIONSHIPA strong positive relationship was found to exist between the presence of acquisition activity and the growth in gross profit margin (GPM) by the end of the ten year study period. The statistical analysis is detailed below and is a departure from previous findings. This finding addresses the central question of this research endeavor to look for a relationship between acquisition events and profitability growth within the one industry of semiconductors. A positive financial effect is found and opens the path for additional analysis in this direction. 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