Roman Emperor Claudius Biography

Teenage Addiction to Smoking - 1498 Words

Since the beginning of time society has battled the causes of addiction. Addiction has desecrated the nation’s health and has defiled the health of future generations. The hostile impact on young generations, addiction to smoking cigarettes is staggering. Smoking has taken an enormous toll on the minds and health of young teens around the world. Teenage smoking is an epidemic that has derives from several causes. Smoking in young teens has become more common this day in age. Smoking in young teens is most commonly brought about by peer pressure. According to an article Teenage Smoking, â€Å"At no other time in life is peer pressure stronger than during the teenage years. Teens want to fit in and want to be cool, even at the expense of their†¦show more content†¦Teenage smoking is a controversial topic and has been one for several generations. Many studies conducted have proven that smoking is harmful to people of all ages and especially in young teens. â€Å"Teenage smoking by definition is someone who has smoked one cigarette in the previous thirty days,† (Beales 2).Teenagers have been known to stretch the truth a time or two so to get an accurate study of whom is smoking is difficult. Several studies by countless companies have taken and have shown that the recent upraise in tobacco sales are due to teena ge purchases. According to Teenage Smoking: Fact and Fiction ,† Survey reveals that just over two-thirds of eleven to seventeen year olds who cannot legally smoke in most states have smoked at least one cigarette†(Beales 1). Teenage smoking has been a rising problem throughout the world especially in the United States; however with no evident solution to prevent kids from smoking who is to say it will ever stop. Many concerned parents blame the tobacco companies for the reason their kids are addicted. Most tobacco companies use fancy commercials and radio ads to push their products but instead of adults buying the products, it is the underage teenagers buying the product. By using fancy ads and making smoking seem glamorous rather than repulsive more teens are reluctant to try smoking. According to BMC Public Health, â€Å"Plain cigarette packing is associated with a reduction in positive images related to smoking amongShow MoreRelatedWhy do teenagers indulge in alcoho lism and smoking?873 Words   |  4 PagesOctober 2013 Why do teenagers indulge in alcoholism and smoking? In today’s society many teenagers are introduced to new ideas every day. Teenage years often include adjusting to new people, and experimenting and trying out many unfamiliar ideas. As a teenager some maybe naà ¯ve and not fully think of consequences, and or long term effects of indulging in these type of activities. The cause for teenagers indulging in alcoholism and smoking can be many reasons. For some teens, peer pressure, curiosityRead MoreDrugs Effects On High School Students1484 Words   |  6 Pagesthose at risk of drug addiction and suggests a risk behavior syndrome that includes cigarette smoking, alcohol, and other drug use (Zamboanga, Carlo, Raffaeli 1). Drugs like Marijuana, tobacco, cocaine etc, have a horrendous effect on users, and, unfortunately some users of these drugs tend to be used by high school students. For example, colleagues and Eaton found that among high school students, the number of risk behaviors has increased their likelihood of drug addiction and the experience ofRead MoreTeenage Marijuana Use Essay854 Words   |  4 PagesIntro: Teenage marijuana use is at an all time high, it has been found that today’s teen marijuana smokers are doing so at extreme amounts, some even do so daily. What are the factors that cause them to start experimenting and smoking marijuana? The amounts of marijuana being smoked by today’s teenagers must have an effect on the developing teens. The minds and bodies of the teens who smoke must be facing some sort of developing issues. Marijuana is a mild drug compared to harsher drugs like cocaineRead MoreSmoking Is Harmful Or Harmful? Essay1721 Words   |  7 PagesAbstract: Smoking is obviously harmful to one’s health. The smoke inhaled never leaves the body as it found it. Nicotine in the smoke is very addictive. Engaging in this dangerous act at an early age is far more dangerous to a teenager’s life and trims out at least ten years of their future lives by causing premature deaths. As we take a few steps back into the origin of smoking, the reasons the ancients held for it and the recent effects disclosed related to smoking, it is expected that the teenagerRead MorePeer Pressure Essay693 Words   |  3 Pagesfeels like to be pressured by a peer. Peer pressure today impacts on kids of my generation in a huge aspect. Teenagers feel social pressure in numerous ways such as clothing, music and entertainment choices, to unsafe areas such as drugs, alcohol and smoking. During adolescence, kids emphasize their independence and explore their identity. Yet they still crave the approval of their peers and worry about being rejected and excluded. Peer pressure affects the way teenagers choose to live their lives. ItRead MoreThe Positive And Negative Effects Of Peer Pressure1479 Words   |  6 Pagesconsequences like hangovers, death from alcohol poisoning or traffic accidents. Every year, about 4300 people, under the age of 21, die of injuries involving underage drinking. Smoking is another huge factor to which teenagers get peer pressured into. Every day, many teenagers are pressured into smoking cigarettes, and often they start smoking on a regular basis. The pressure begins at an early age, and teenager think it makes them look cooler and older. The pressure on teenager to smoke is everywhere. It isRead MoreCauses of Smoking Habit Among Teenagers1621 Words   |  7 PagesCauses of Smoking habit among Teenagers Regina Jane A. Ancheta Math11FA1 Prof. Dangla Hypothesis: Chapter 1: Introduction Each year a great amount of money are being wasted in smoking. Although it is quite obvious that smoking habit is dangerous and injurious to health but still a larger number of people especially teenagers attracting and getting involved in smoking habit day by day. Some reasons of this addiction are obvious such as influence of friends or community member as teenage is anRead MoreEffects Of Smoking Essay946 Words   |  4 PagesIntroduction Smoking has become a usual thing in our culture of recent. A person with a cigarette, E-Cigarette, Hookahs and Weed Cigarettes has become the norm in our society: we can see them on the streets, actors smoke in movies, there are also book characters who smoke, we have relatives, friends or someone we look up to who smoke. Starting as mainly as a part of a religious ritual a long time ago, smoking has become a routine thing for us in recent times, not giving thoughts to the many effectsRead MorePreventing Teens And Preteens From Tobacco Use927 Words   |  4 Pageshazardous. The main reason for this writing to inform the teens and preteens how harmful is tobacco smoking not only to themselves also to the people around them. Disease and death caused from tobacco smoking is highly preventable. Why do teens and preteens want to smoke? There are many reasons teens and preteens can be influenced to smoking. First, Parental and sibling smoking makes it easy to get cigarettes. What parent says how they act and the value they show through theirRead MoreSmoking Age At Washington State1445 Words   |  6 PagesTuan Nguyen Donna Miguel English 101 3/16/2015 Smoking age to 21 in Washington State Cigarette smoking has been identified as the number one cause of preventable disease as well as, death worldwide. Today, smoking-related diseases are claiming over 4 00,000 American lives each year. Among people who smoke, 70 percent of them are teenager. Smoking harms almost every organ in the body, causing lung cancer, coronary heart disease, and chronic pulmonary diseases. As a result, researchers have found out

Evaluation And Evaluation Of A Research On Evaluative...

Introduction Have you ever been motivated to buy a thing that you may have seen it in the advertisement once or twice but have no further knowledge on it at all. You may not know why you made your choice but you just feel the urge to buy it. This is called â€Å"I like it, but I don’t know why† effect (Winkielman and Berridge, 2003) and it s a trick which advertisements play on you when you are not consciously aware of. The trick they played is called evaluative conditioning. Evaluation condition may be best defined as an effect that is attributed to a particular core procedure. Specifically, evaluative conditioning refers to a change in the valence of a stimulus (the effect) that is due to the pairing of that stimulus with another positive or negative stimulus (the procedure) (De Houwer, 2007) Over time, stimuli that often coincide with desirable objects are perceived more favorably, whereas stimuli that often coincide with undesirable objects are perceived less favor ably--called evaluative conditioning (De Houwer, Thomas, Bauyens, 2001) Evaluative conditioning is a subclass of Pavlovian conditioning effects. Unlike classical conditioning, which is considered to be a learned behavioral response to a signal, evaluative conditioning is defined as the learning of likes and dislikes (Walther, Nagengast, and Trasselli 2005) that does not depend on awareness of the contingencies (De Houwer et al. 2001; Levey and Martin 1975; Walther 2002). As a intervention technique,Show MoreRelatedMarketing Research925 Words   |  4 Pagesare frequently treated by consumer researchers as primarily evaluative in nature, i.e. they can be rated with degrees of an attribute - good/bad, favourable /unfavourable. Additionally the state of mind (emotionally charged states like happiness, sadness, anger, disgust, distress, shame, guilt, surprise etc.) also affects the attitudes by enhancing positive or negative emotions or feelings. This relates to consumer’s over all evaluation of the attitude object. Consumer beliefs about a brand’s attributesRead MoreAnalysis Of Cheesman And Merikle ( 1984 )1611 Words   |  7 Pagesfearful of the possibility of embedding subliminal messages in advertising to influence consumer’s choices, putting subliminal persuasion into practice. This essay will examine the psychological explanations of subliminal stimulus and evaluate the research question: â€Å"to what extent are subliminal stimuli effective at influencing behaviours? The Neurological Effects of Subliminal Stimulation The neurological effects of subliminal stimulation were investigated to provide support for the cognitive levelRead MoreAvon Products by Laura Argo1722 Words   |  7 PagesStudy of Avon Products is selected and analyzed while including brief description of firm’s status which has been led to determination of changes found necessary, identification of model for change theory, identifying and investigating the types of evaluation information collected and speculation about success of changes within five years. Finally this paper includes how the adjustments could be made in the case if the results are found less than ideal. 2. Identify the model for change theory typifiedRead MoreMark2051 Notes4736 Words   |  19 Pages(demonstrates top-down processing) Preference: is the consumer’s comparative evaluation of product attributes in terms of utility Preferences are constructed according to: †¢ Problem representation †¢ Information search †¢ And decision rules used Utility Utility: the subjective value of a product attribute Th ink Preference Construction sw ap Lecture 5 – Preference Construction, Information Search Evaluation Do cu me nt 1. In economics terms, it’s the ranking of attributesRead MoreState Anxiety And Anxiety Disorders3266 Words   |  14 PagesEvaluation. Since the 1980’s there has been a major increase in research on anxiety. Ever since, special clinics have been introduced in order to help deal with anxiety disorders. It is suggested that the growth in research is due to anxiety being regarded as one of the most prominent and pervasive emotions, causing distress and negatively affecting large numbers of people. As stated by Rachman (2004), anxiety is described as the experience of unpleasant feelings and the unsettling anticipation ofRead MoreA Motivated Tactitian3391 Words   |  14 Pagesautomatic and controlled evaluative responses and the respective regions of the brain that showed activation. Evaluative responses can be viewed as moral judgments because of their â€Å"good-bad† nature. A non-evaluative task which did not involve moral judgments was also added to act as a control. The purpose of this study was to systematically distinguish brain activity associated with deliberate social evaluations from that asso ciated with more automatic social evaluative judgment. Twelve participantsRead MoreOrganizational Behavior7738 Words   |  31 Pagespercent of its revenues from sales outside the United States. †¢ New employees at Finland-based phone maker Nokia are increasingly being recruited from India, China, and other developing countries— non-Finns now outnumber Finns at Nokia’s renowned research center in Helsinki. †¢ All major automobile makers now manufacture cars outside their borders; Honda builds cars in Ohio, Ford in Brazil, Volkswagen in Mexico, and both Mercedes and BMW in South Africa. Increased Foreign Assignments †¢ If you’reRead MoreCase Analysis : Shoe Marks And The Simpson s House After His Arrest2078 Words   |  9 Pages2). (CCRC, 2010)The issue here was that the database didn’t show what frequency of population used the same patterned shoes. C represented frequency of size- The footwear marks were considered of size 11. Database called Shoes and Allied Trade Research Association was used, which indicated that approximately 3% of the population would have size 11 footwear. And hence the likelihood ratio was calculated as 1/0.333. This figure was moderated by the expert based on the factors that the sole unitsRead MoreOrganisational Behaviour- Attitudes Value5774 Words   |  24 PagesFrom the time of its entry into the subject of psychology till now, interest in attitudes has been strongly growing. However, over the years attitudes have been studied with differing methods and the emphasis has also been different. Attitudes are evaluative statements. These are frequently used in describing people, objects and events and explaining the peoples behaviour. These reflect how one feels about something or some body. When I say, I like Ram. I am expressing my attitude about Ram. ThusRead MoreWGU Study Questions IDC1 Essay2997 Words   |  12 Pagesï » ¿1. A Likert scale (/ˈlÉ ªkÉ™rt/[1]) is a psychometric scale commonly involved in research that employs questionnaires. It is the most widely used approach to scaling responses in survey research, such that the term is often used interchangeably with rating scale, or more accurately the Likert-type scale. One of the most common scale types is a Likert scale. A Likert scale is commonly used to measure attitudes, knowledge, perceptions, values, and behavioral changes. A Likert-type scale involves a series

Ar 670-1 - 116218 Words

Army Regulation 670–1 Uniforms and Insignia Wear and Appearance of Army Uniforms and Insignia Rapid Action Revision (RAR) Issue Date: 11 May 2012 Headquarters Department of the Army Washington, DC 3 February 2005 UNCLASSIFIED SUMMARY of CHANGE AR 670–1 Wear and Appearance of Army Uniforms and Insignia This rapid action revision, dated 11 May 2012-o Integrates the Program Executive Office Soldier products list guidance into the Uniform Quality Control Program (para 2-8). o Makes administrative changes (app A: marked obsolete forms and publications; corrected forms and publication titles; and corrected Web site addresses; glossary: deleted unused acronyms and corrected titles/abbreviations as†¦show more content†¦Also, it applies to the Reserve Officers’ Training Corps and the Contents Proponent and exception authority. The proponent of this regulation is the Deputy Chief of Staff, G–1. The proponent has the authority to approve exceptions or waivers to this regulation that are consistent with controlling law and regulations. The proponent may delegate this approval authority, in writing, to a division chief within the proponent agency or its direct reporting unit or field operating agency, in the grade of colonel or the civilian equivalent. Activities may request a waiver to this regulation by providing justification that includes a full analysis of the expected benefits and must include formal review by the activity’s senior legal officer. All waiver requests will be endorsed by the commander or senior leader of the requesting activity and forwarded through their higher headquarters to the policy proponent. Refer to AR 25–30 for specific guidance. Army management control process. This regulation does not contain management control provisions. Supplementation. Supplementation of this regulation and establishment of command and local forms are prohibited without prior approval from the Deputy Chief of Staff, G–1 (DAPE–HR–IRP), 300 Army Pentagon, Washington, DC 20310–0300. Suggested improvements. Users are invited to send comments and suggested improvements on DA Form 2028 (Recommended Changes to PublicationsShow MoreRelatedAr 670-1117328 Words   |  470 PagesArmy Regulation 670–1 Uniforms and Insignia Wear and Appearance of Army Uniforms and Insignia Headquarters Department of the Army Washington, DC 3 February 2005 UNCLASSIFIED SUMMARY of CHANGE AR 670–1 Wear and Appearance of Army Uniforms and Insignia This rapid action revision of 3 February 2005-o Updates figures throughout the regulation (throughout). o Clarifies the definition of unauthorized tattoos while wearing the class A uniform (chap 1). Identifies officials responsible forRead MoreAr 670-1 - Essay 55239 Words   |  21 Pagesï » ¿AR 670-1 There are many army regulations dealing with the army but the one that I am going to talk about today is army regulation 670-1. What is army regulation 670-1 covering in the United states army? Army Regulation 670-1 deals with the wear and appearance of military uniforms for my paper I will recite the way a person is supposed to wear their uniform in army text and then tell you what it means in my own words. Starting with the parts that deals with the reason I am writing this report rightRead MoreThe Importance Of Rules And Regulations On The Army1396 Words   |  6 Pagesdone quickly and to standard Discipline is to follow orders The Importance of AR 670-1 AR 670-1 exists to create a grooming and appearance standard for all soldiers in the US Army. These rules and regulations help maintain a The Importance of AR 670-1 AR 670-1 exists to create a grooming and appearance standard for all soldiers in the US Army. These rules and regulations help maintain a The Importance of AR 670-1 AR 670-1 exists to create a grooming and appearance standard for all soldiers in the USRead MorePersonal Affect Of New Tattoo Policy1391 Words   |  6 Pagesoverseas. There are still some Tattoo’s that should not be allowed in the military whether it be a sexist, racial or extremist tattoo, that could offend or start rivalry’s within today’s army if they were allowed. The New revised regulations in AR 670-1 and DA PAM 670-1 outline all of the new regulations for several things, including tattoos. They are very strict and in some areas should be looked at with the type of jobs in the military, for example a soldier that has a MOS that requires the removal ofRead MoreNew Uniform and Appearance Standards in Army Regulation 670-1895 Words   |  4 Pageshow Army uniform polices relates to Army professionalism without first accepting that Army professionalism itself is an arbitrary concept. On 31st March 2014, the United States Army published new uniform and appea rance standards in Army Regulation 670-1 and immediately faced a mixture of vehement resentment and patriotic acceptance. The cause for the differing reactions is the fact that not everyone concerned—everyone being active and retired Soldiers as well as interested citizens—believe that theRead MoreSoldier and Appearance Military Appearance Essay634 Words   |  3 Pagesappear. Why? Because it is a representation of honor, integrity, and duty. A Premium 2201 Words 9 Pages Military Uniform and Appearance In my essay I will research on the Military Uniform and Appearance. I will also research on the AR 670-1.This will help me understand and value more the importance of the uniform that I ware and it will be helpful in future reference in my military career. In my essay I will do some comparison from Premium 1053 Words 5 Pages Military ProfessionalRead MoreHaircut Essay2586 Words   |  11 PagesPv2 Johnny. Correctional Essay on Importance of meeting the standards set by AR 670-1. A soldier is a professional and an expert at all times, Because of this his uniform haircut and general hygiene is held to a professional standard. AR 670-1 is the ruling of this standard in which every soldier must uphold to. A soldier is measured by his/her ability to do his job successfully, tactfully, and professionally. The key to doing a job as a professional is a professional appearance, none know this asRead MoreProper Wear of Shoulder Sleeve Insignia Former Wartime Service1074 Words   |  5 Pagesserving with larger deployed echelons such as brigades, divisions, corps, Army commands or higher. The Army Regulation (AR) covering the Wear and Appearance of Army Uniforms and Insignia is 670-1. In Paragraph 28, sub-section 17, the guidelines for the â€Å"combat patch† are specifically detailed and outlined. The general guidelines for wear of the â€Å"combat patch† are: 1. Wear is reserved for individuals who were members of United States Army units during the operations. 2. The SecretaryRead MoreMilitary Appearance and Uniform1045 Words   |  5 PagesMILITARY UNIFORM AND APPERANCE In my essay I will research on the Military Uniform and Appearance. I will also research on the AR 670-1.This will help me understand and value more the importance of the uniform that I ware and it will be helpful in future reference in my military career. In my essay I will do some comparison from our military appearance and uniforms from other types of jobs that also use uniforms and have different standards that sets us apart from the everydayRead MoreMilitary Uniform and Appearance1066 Words   |  5 PagesIn my essay I will research on the Military Uniform and Appearance. I will also research on the AR 670-1.This will help me understand and value more the importance of the uniform that I ware and it will be helpful in future reference in my military career. In my essay I will do some comparison from our military appearance and uniforms from other types of jobs that also use uniforms and have different standards that sets us apart from the everyday use of a regular uniform. In everyday life we

Blank immigration notes Free Essays

Industrial Revolution Effect replace cheaply unhygienic living conditions, â€Å"Their standard way of life was one of slow starvation. † Population increased; on the rise. More people competed for fewer resources, land. We will write a custom essay sample on Blank immigration notes or any similar topic only for you Order Now Food, Jobs Political Religious Persecution Eastern Europe Jews could not move beyond the Pale† Stripped of their legal rights, (1/3 of Europe. Pop) The Lure of Life in America Newspaper articles letters painted USA as a â€Å"Lollipops on every corner† American businesses 1 OFF â€Å"Gold on the sidewalk†, and †¦ Why? Hardships – Used all of their savings ( Getting from interior lands to coastal port cities was The Journey Across the Atlantic Steamship Accommodations ; 8-14 days; steel hull ships First second class was unaffordable for MOST immigrants – no windows, no ventilation, cramped On Average: Living Conditions in Steerage Uncomfortable at best, inhumane at worst No sunlight, no fresh air, smell unbearable Contagious diseases ( Cabin Class Replaced steerage after it was removed This is where 1st and 2nd class were accommodated We Have Arrived! Arriving in America 75% of all immigrants Passengers crowded the decks to see their new home Skyscrapers to the northeast, to the west. Most memorable moment, immigrants seeing Lady Liberty â€Å"l Looked with wonder on this miraculous land of our dreams. † Who can quote the plaque at the base of the Statue of Liberty? â€Å"Give your tired, your poor, your huddled masses yearning to breathe free, the wretched refuse of your teeming shore. Send these, the homeless, tempest-tossed to me. I lift my lamp beside the golden door. † After Just passing the Statue of Liberty, lay the , legal and medical inspections 1st 2nd Class Inspections 1st 2nd Class passengers simply prepared for Arriving at Ellis Island and entered the USA Steerage passengers Most passengers boarded crowded barges ; Separated into Hope, fear, excitement, uncertainty On the whole, it was an † † policy Weed out weak and mentally defective exam and then a more thorough exam Escorted to holding rooms for additional examinations shoulder with chalk † for heart problems † for hernia † for lameness † for mental difficult , looking for and Mark your right Upon completion of medical inspections, the Legal Inspections: The Registry Hall After medical inspection, immigrants faced a iron railings was next in tight lines shaped by Match answers from ship manifest with face-to-face answers Name Change? Schoolbooks = Smith The Final inspection Lasted only Asked to confirm answers from manifest If immigrants passed all the inspections†¦ They were free to go – Ethnic Enclaves Leaving Ellis Island After approval, immigrants sought the next step of their Journey. After arriving in US, New York City, Chicago, Boston, Philadelphia By 1920, 75% of foreign-born residents lived in cities Settled in † † or ethnic neighborhoods Living Conditions City Tenement Buildings Cities ill-equipped to handle massive Streets filled with waste due to inadequate sewage systems , run-down, low-rent apartments clustered together in poorest areas of cities Some examples from a city worker in New York City Building with People 3 room apartment people Perils of Tenement Living Toilets in yards; coal stove for heat One social worker could not locate a single bathtub in more than three city blocks in tenement housing 40% of immigrants developed Rural Living Conditions 60% of immigrant (HIGH MIR) Some settled in California, Midwest, Florida Relatively Midwest Blizzards, , dust storms Working Conditions The Immigrant Workforce Mostly American industries were growing rapidly Desperate, wanting leave agricultural Jobs in Europe Worker exploitation, intolerable working conditions work hours per week Dangerous, unsanitary, uncomfortable Improved Standard of Living? Despite horrible conditions, most were better off than they were in Europe $ per year in Europe, in US for farm laborers. America’s Treatment of Immigrants American Natives Native-born Americans viewed new immigrants with fear, hostility, suspicion belief was based on new immigrants posing a threat Deep-seated Americans of northern/western Europe looked down on southern/eastern Europeans British, German, Scandinavian people were considered â€Å"free, energetic, progressive† Slavic, Mediterranean, Jews were viewed as â€Å"historically down-trodden, atavistic [inbred], and stagnant Natives worked to restrict the number of immigrants Literacy tests, preventing † Asked for laws restricting number of immigrants allowed to enter 1921, Established for the number of immigrants the US would accept from each country Dialing Bill marked the end of the immigration † in US history. Greatest † policy, ending the How to cite Blank immigration notes, Papers

Apax partners ad Xerium S.A. free essay sample

Apax took a well-designed strategy to bid for Xerium. First, they understood it was not a competitive auction. Secondly, they took advantage of the momentum and circumstances of the seller that was under distress. Finally, they spent huge resources to analyze and calculate the value of Xerium to Apax. First, they analyzed the competitors in the auction. The team observed it was a very opaque industry with only few companies public, limiting the access to information. Luckily, Apax had a competitive advantage (Wangner’s expertise) in the industry which allows Apax to know the sector inside and out. In addition to this, it seemed to be a very stable business with no high upside potential so the market was not heated about this sell. Furthermore, Apax analyzed the other bidders. They wanted to know if competitors where really interested in Xerium and what was the value for the competitors. Second, Apax understood why the company was being sold. We will write a custom essay sample on Apax partners ad Xerium S.A. or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The seller needed to sell this side business because Invensys was in distressed. Xerium was an easy way to cash in and an appealing asset to sell since it was a stable cash generator. Apax also realized they had big bargaining power because they were the only strong and strategic bidders and probably the natural acquirer because of the synergies with Wangner-Finckh. Finally, in order to come up for the value of Xerium to Apax, they did an exhaustive and expensive due diligence in order to find synergies, potential cost inefficiencies and revenue streams. The complexity of the business and the cost of accessing to information also discouraged competitors. Even though they over-due-diligence and over-spend competitors after this process, they knew more about the company than the seller. This and the fact that seller was hurrying to sell the company gave Apax a lot of bargaining power into the negotiation and into the transaction. A minor point is that Apax also did tax structuring to decrease the tax burden. Apax was very smart in its strategy. For all these reasons Apax could negotiate and not overpay for the transaction. On the other hand, Apax added value to Xerium by refinancing (repaying high coupon), two small acquisitions (consolidation), hiring Tom Gutierrez (industry experience), emphasis on RD (market leadership), cost savings, alignment of management incentives, and leverage on Wangner expertise. These actions allowed Apax to reform Xerium and brought a better Xerium to the market in 2002. 2. What should Apax do with Xerium in 2002? What are the advantages and disadvantages of each option? Why not an IPO? The options that Apex was facing includes A) accepting the bid, B) renegotiation with the third buyer, C) recapitalization, D) IPO, and E) divestiture of two business units. Brief pros-and-cons of each option are listed below. Option Pros Cons Accepting the bid Quick and clean exit Educated buyer Lower than expected valuation Market downturn pressuring the price Renegotiation with the third bidder Clean exit (but not quick) Partly educated buyers Distracting management from operations Being left in the disadvantage in negotiations Market downturn further pressuring price Recapitalization Cash flow earlier Potential of consolidation Potential of a higher price Price increase not guaranteed Low interest from buyers in the future IPO Too small for IPO Low interest in the paper sector Slow in filing, selling, and exit processes Falling financial markets Divestiture Attracting strategic buyers Potential of a higher price Restarting the process Time consuming in restructuring Unsatisfied management Redundant fees to banks Accepting the bid provides the quickest and cleanest exit for Apax. The buyer is already educated thus the time needed is limited. While the 29% IRR (see below Question 3) is still a good return to boost the performance of its Fund IV, it is hard for the fund managers to accept 935M in the end, since the bidding started with some 1 billion. Also, the market downturn in the paper industry may have a pressure on the price compared with its real value. Renegotiating with the third bidder is also a clean exit for Apax with the target buyer partly educated. Unfortunately, another round of negotiation will distract the management from operations, especially when Xerium is being put in the disadvantage side in the negotiation. As the only potential buyer, the third bidder may raise a lot of special requests including but not limited to price and due diligence. Moreover, the bidder has the incentive to â€Å"take his time† in making the decision, since the market downturn may further pressure the price. Recapitalization seems to be the best alternative discussed in the case, mainly because of the underlying 39% IRR (discussed below). There are chances to expand the pie (through consolidation and/or operational improvement) and sell it at a higher price, taking the advantage of the potential market pick-up in 2003. Two potential risks are that the higher price is not guaranteed and that there is low interest from financial buyers and no powerful strategic buyer, future selling negotiations may take time again. IPO is not feasible either. As discussed in the case, the company, although the market leader in its field, is too small in terms of revenue for an IPO. The paper sector is not hot either, thus the price won’t be too high. Furthermore, in an IPO transaction, the procedure of filing and selling will take a long time, and the fully exit may take years (with lock-up period). Thus the timing issue doesn’t meet Apax’s wish. Divestiture is not discussed in the case, but we think it might also be an option. As is mentioned in the case, the two business units Xerium operates are totally different in terms of customers’ needs/treatment (high quality + commodity vs. reliability + specialty) and Xerium’s operations (RD vs. on-site). Also, the main reason why Xerium failed to attract strategic buyers is its size (too big). Therefore, maybe separating its two business units and sell to different strategic buyers can increase not only the demand but also the transaction price. Since the current selling process is not fruitful and it looks bad to go back to talk to the third bidder, the new process will open a new round in which Apax and Xerium can re-choose their pool. However, this process will be very time consuming (this time not only in selling but also in the restructuring process). Also associated with the divestiture is the low morale of the current management team, who knows they will be fired when the business units are sold to the strategic buyers. Last but not least, the divestiture process will incur double consulting fees. 3. As part of #2 above, show the returns to Apax by taking the offer versus doing a leveraged recapitalization and selling later The returns to Apax for taking the offer versus doing a leveraged recapitalization are 29% and 38% IRR, respectively. The latter was reached based on a 5. 6x EBITDA exit multiple for the recapitalization scenario, the same exit multiple that is current on the table in 2002. We are assuming the sales price from the third bidder is higher (otherwise Apax won’t think about it anyway), thus the IRR will be 30%. However, the risk is also higher, and the 1% in increase can hardly compensate the additional risks. In this case, it would appear that the returns of the recapitalization scenario are large enough to justify these risks with its own pros and cons are discussed above.