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Writing Essays

Write a 200-word opinion essay according to the following plan.

• 
  make an introduction (state the problem)
  
• 
  express your personal opinion and give 2-3 reasons for your opinion
  
• 
  express an opposing opinion and give 1-2 reasons for this opposing opinion
  
• 
  explain why you don’t agree with the opposing opinion
  
• 
  make a conclusion restating your position
  

Topics for opinion essays

• 
  Small companies largely depend on the size and location of the business premises.
  
• 
  Small business is the most risk-exposed form of enterprise.
  
• 
  Outside consultants are brought in by all the business entities.
  
• 
  Takeovers are an evil for a company.
  
• 
  All insider traders should be prosecuted.
  
• 
  Preference should be given to companies with limited liability.
  
• 
  Preference should be given to high-geared companies.
  
• 
  To overcome the risk of a takeover a company should have substantial reserves.
  

Topics for Power Point presentations

1	The profile of a firm.
2	Advantages and disadvantages of small businesses.
3	Advantages and disadvantages of corporations.
4	Types of businesses. (use 2.4.5)
5	Ways to set up a company in the UK versus the USA.
6	The organisational structure of a firm.
7	Types of securities: common shares, preferred shares, bonds etc.
8	Financial derivatives.
9	The structure of the capital of a company.
10	The gearing of the company.
11	Ways to overcome the risk of a takeover. (Harper & Grant Ltd.)
12	Mergers, takeovers & acquisitions: IPO (Initial Public Offering), vertical-backward merger, vertical-forward merger, buyout, insider trading.
13	New product development: cross-cultural analyse.s
14	A brief summary of the financial situation at MIE-Taiwan.
15	The situation at MIE-Taiwan before Tanaka took over the company.
16	The situation at MIE-Taiwan after Tanaka started restructuring.
17.	The changes in the Organizational Chart of MIE, proposed by Tanaka.

Progress Check

I

Choose the correct word or phrase to complete the sentences.

1. 
   Shares can be transferred only with the consent of the directors of the company. This is an advantage / a disadvantage for the shareholder in a private company.
   
2. 
   Because / Despite of competition in the market, capital needs to be invested in developing new product lines and acquiring assets for future expansion.
   
3. 
   A takeover is considered "hostile" if the target company's board accepts / rejects the offer.
   
4. 
   To operate the business successfully, the manager needs to make decisions that maximize / exaggerate the returns to the owners of the company.
   
5. 
   Large companies that provide specialized products for small markets / exploit economies of scale enjoy a cost advantage over small firms in the same industry.
   
6. 
   Holders of preference shares have more chance of getting some of their capital back in the case of / thanks to bankruptcy.
   
7. 
   Working capital is required to finance the gap between payment due to / owed by suppliers and payment owed by customers
   
8. 
   There are many specific financial vehicles to accomplish hedging, leaving out / including insurance policies, forward contracts, swaps, options, many types of over-the-counter and derivative products.
   
9. 
   Illegal insider trading is believed to raise the cost of capital for securities issuers, thus / in no way decreasing overall economic growth.
   
10. 
    Instead of / Only by means of building its own new products, a company can buy another company and its established brands.
    

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II

Choose the phrase that best completes the sentence.

11

1	In financing business operations and expansion a business uses both	a	that are expected to last many years.
2	A company, much like an individual, utilizes short-term capital	b	while a company seeks short-term financing for salaries and office expenses.
3	An individual uses credit cards or charge accounts for items such as clothing or food,	c	such as a bank loan to pay for a home or car - goods that will last a long time.
4	On the other hand, an individual uses long-term capital	d	to make extra revenues or capture business ahead of the competition.
5	Similarly, a company seeks long-term financing to pay for new assets	e	while long-term financing can be repaid over a longer period of time.
6	When a company obtains capital from external sources,	f	for all phases of business operations.
7	Generally, short-term financing must be repaid in less than one year,	g	the decisions made by managers affect the overall success of a company.
8	Finance involves the securing of funds	h	the financing can be either on short-term or a long-term arrangement.
9	Short term business finance permits the organizations to take advantage of sudden opportunities	i	to pay for items that last a relatively short period of time.
10	In obtaining and using this capital,	j	short-term and long-term capital.

1	2	3	4	5	6	7	8	9	10

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12

1	A "hostile takeover" allows a bidder to take over a target company	a	or other entrepreneurs may compete with you to take over the firm.
2	Even if you see an opportunity to run a firm more profitably,	b	from succeeding in a hostile takeover attempt.
3	Similarly, shareholders may be hesitant to sell to you,	c	they may oppose you temporarily to force you to raise your bid.
4	The current, inefficient managers do not want you to succeed	d	to engage in costly actions if you succeed in taking it over.
5	They may resort to a variety of defensive tactics designed to prevent an outsider	e	to take advantage of the new state's strong anti-takeover laws that permit such types of behavior.
6	Even if you assure the managers you will not fire them and they want you to take over the firm,	f	you may not be able to gain control of the firm by a hostile takeover.
7	To keep you from wanting to acquire the corporation,	g	so as to raise the cost of borrowing money to take over the firm.
8	The managers can legally obligate the firm	h	the managers may make taking over the firm unattractive.
9	Firms may change the state in which they incorporate	i	in taking over the firm and firing them.
10	Similarly, the current managers may make the assets of the firm illiquid (not easily sold)	j	whose management is unwilling to agree to a merger or takeover.

1	2	3	4	5	6	7	8	9	10

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13

1	Suppose you want to take over the firm	a	you have less of an incentive to try to take over the firm.
2	You may be able to borrow the money by issuing junk bonds	b	but do not have enough money to buy the firm.
3	If the firm has a large amount of cash or a liquid asset (one that is easy to sell quickly),	c	in which the firm buys back the shares of the person who is trying to take over the firm at a premium.
4	If, instead, the managers invest in real estate, whose future value may be hard to predict,	d	using the assets and earning potential of the firm as security to guarantee bond payments.
5	They will only be willing to buy the bonds (if at all)	e	buyers of bonds know that you can easily pay back the bond.
6	Thus, if the firm's assets are illiquid so that your costs of raising money are higher,	f	under which anyone who seeks to gain control of the firm must obtain the approval of a supermajority.
7	The managers may try to find a friendly firm to come to the rescue,	g	potential bondholders are less inclined to loan you the money.
8	The firm may try to dissuade a particular individual from taking over the firm using greenmail,	h	that they are interested in taking over in the hopes of receiving greenmail.
9	Of course, some individuals may indicate (falsely)	i	if you raise the interest payments on the bonds.
10	Managers (who often own some stock) can try to enact a shareholder agreement	j	obtain control of the firm, and leave current management in place.

1	2	3	4	5	6	7	8	9	10

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