Puzzle of King Tuts Inner-Coffin as Recreational Activity :: King Tutankhamun History Essays

Puzzle of King Tut's Inner-Coffin as Recreational Activity The King Tutankhamun jigsaw puzzle consists of 1000 individual, cardboard pieces which fit perfectly together to form a 13.75 X 38.5 inch portrait of his inner-coffin. It serves a dual purpose, not only as a two-dimensional replica of King Tut's coffin, but also as a form of recreational activity. The fun lies in methodically assembling the pieces together to create a desired image. Its intended consumer ranges from kids to adults. The puzzle can be found in the gift section at the UCSD bookstore. The bookstore is located in the middle of a college campus, primarily dependent on the patronage of college students. As its name suggests, it mainly sells textbooks for college courses, as well as clothing, school supplies, and assorted gifts. While the puzzle functions as an entertaining diversion, the actual inner-coffin of King Tutankhamun served a much more significant role. The discovery of this historical artifact offers a glimpse into the lifestyle and beliefs of the Egyptians. The Egyptians were deeply religious people, incorporating religious ideology into their everyday life. They believed in an inner-spirit, called the ka, which persists long after a person's death. With this in mind, they went to great lengths to ensure that the ka of a departed king enjoyed a comfortable, luxurious after-life existence, as it was crucial to the well-being of the Egyptian state. So, when King Tutankhamun died in 1327 BC., they lavished his tomb with funerary decorations and expensive furnishings. They paid particular attention to the quality and extravagance of his inner-coffin, where his remains reposed. The marked difference in the function and significance of the jigsaw puzzle and King Tut's actual coffin is reflected in the monetary value placed on each item. The inner-coffin is made of several hundred pounds of solid gold which theoretically reproduced the bodily and facial features of King Tutankhamun. However, the level of accuracy to which it was done is not known. Colored enamel and semi-precious gemstones decorate its surface, as well as very finely incised linear designs and hieroglyphic inscriptions. The king is depicted as holding a crook and a flail, both symbols closely associated with Osiris, the god of the dead. Taken together with the coffin's historical significance, it is worth several million dollars. While the average consumer may not have the purchasing power to afford such a luxury, he or she can trot over to the UCSD bookstore and buy a jigsaw puzzle depicting its likeness for a scant $11.

Disney Corporate Strategy(a).Pdf Essay

Introduction The next big takeover fight – and it would be a beauty – may involve Walt Disney Productions. By the time you get this issue, Disney’s defense strategy may already be unfolding. But it will produce no quick victory for Disney even if a white knight comes along, and even if the principle attacker, Saul Steinberg, can be bought off. One by one, Hollywood’s great studios have been plucked by the smart out-of-town moneymen. Paramount by the late Charles Bluhdorn. Twentieth Century-Fox by Marvin Davis and Marc Rich. MGMUnited Artists by Kirk Kerkorian. Columbia by Coca-Cola. Now, it may be Disney’s turn. But Disney will not go quietly. – Forbes, June 4, 1984 Ron Miller, Disney Productions’ CEO reflected on the remarkable events of the past several months. Disney, the symbol of wholesome family entertainment, had become the target of a hostile takeover attempt by a well-known raider, Saul Steinberg. Steinberg now owned 12% of th e firm and was threatening to acquire more. While Miller had orchestrated several defensive maneuvers, Steinberg had now announced a public tender offer to purchase 49% of the equity at a price that was a 45% premium over where the stock had been prior to the raid. To fund this purchase, Steinberg was promising to sell the film library and certain real estate assets to outside investors. Steinberg also had a track record of accepting greenmail, having received $47 million just months prior from Quaker State Oil Company. Miller faced a clear dilemma as to how best to respond. Should he continue the defensive fight by paying greenmail or should he encourage the board to sell the company? History of Disney With a $500 loan, animator Walt Disney and his brother Roy founded Walt Disney Productions, an animation film studio, in 1923 in Anaheim California. One of Disney’s first popular cartoons was â€Å"Oswald the Lucky Rabbit.† Unfortunately, Disney lost the 1 Research Asso ciate Peter Eberle prepared this case under the supervision of Professor Todd R. Zenger of the Olin School of Business for exclusive use as an in-class discussion piece. The information in this case was obtained from published sources and in some instances raw data has been estimated. *This case is based upon â€Å"Walt Disney Productions: Greenmail† published by Harvard Business School Publishing, 1988. September 2002 Revised September 2009 contract dispute with his distributor because Disney did not own the copyright. After this incident, Disney was very astute about maintaining copyright control over his characters and content. Disney’s breakthrough came in 1928 with the animated short, â€Å"Steamboat Willie,† the first animated film featuring sound. It also introduced the first of many famous and timeless Disney cartoon characters, Mickey Mouse. Disney also was the first to use color animation with the cartoon â€Å"Flowers and Trees† in 1930. In another innovative and risky move, Disney created and released the first feature-length animated film, â€Å"Snow White,† in 1937. At the time, full-length animated films were not considered commercially viable. Nonetheless, â€Å"Snow White† was a critical and commercial success and was the first in a string of animated films over the next decades, including: â€Å"Pinocchio,† â€Å"Fantasia,† â€Å"Dumbo,† â€Å"Bam bi,† â€Å"Peter Pan,† â€Å"Cinderella,† and â€Å"Sleeping Beauty.† Disney’s films were initially successful due to the style and high quality of animation, attention to detail, timeless and family-oriented story lines, and timeless characters such as Mickey Mouse, Goofy, and Donald Duck. Disney not only used these characters throughout multiple films and cartoons, but also leveraged and increased their reach through merchandising, beginning in 1929 with a licensed Mickey Mouse pencil tablet. Placing these characters on T-shirts, watches, toys and other items increased both profits and recognition of the characters, and Disney, among consumers. Following his success in animated films, Disney moved into non-animated films in the 1944 with the establishment of the Educational and Industrial Film Division. The first major success of this division was â€Å"Seal Island,† a nature film that won an Oscar in 1949. Also in 1949, Disney formed a mus ic company to create, produce and maintain control over the music and songs featured in Disney productions but often performed by famous artists. Disney later moved into live-action features with â€Å"Treasure Island† in 1950. Disney continued to innovate in the live-action format by combining animation with live action in the film â€Å"Mary Poppins.† As Disney’s film library had grown, Disney brought distribution in-house with the formation of Buena Vista Distribution Co., in 1953. In films, Disney kept costs low by developing its own talent pool. For cartoon features, characters were infinitely reusable and never required a salary, while for live-action features, Disney shied away from using well-known and expensive talent. Audiences were drawn because of the reputation Disney had established for providing quality, reliable, and predictable family entertainment. In the early 1950s, Disney was quick to recognize the growing medium of television to provide new outlets for Disney characters with â€Å"The Wonderful World of Disney† first airing in 1953 and â€Å"The Mickey Mouse Club† in 1955. Disney’s television productions both the long-running shows and features were quite successful. During the same time, Walt Disney envisioned a theme park that would bring the characters and stories of Disney to life featuring entertainment for all ages. Again, his idea was considered too risky and he was unable to raise substantial outside funding for the project. He purchased 225 acres outside of Anaheim and opened Disneyland in 1955. Disney Strategy (A) 2 Olin Business School September 2002 Revised September 2009 Disneyland was hugely successful, grossing $10 million in 1956. Cross-promotion of the park was achieved through featuring it on the â€Å"Wonderful World of Disney.† The only drawback of Disneyland was that private hotel, restaurant and shop owners who built adjacent to the park profited hugely from park attendance, but Disney was unable to share in these revenues. Additionally, due to the small size of the park there was little room for further development both inside and outside of the park To address the drawbacks of Disneyland, Disney purchased 28,000 acres near Orlando Florida in 1964 and 1965. This would provide the site for Walt Disney World, which would include not only the theme park aspects of Disneyland, but also hotels and accommodations, shopping, camping, natural areas, and permanent residential and industrial areas. Also, with 28,000 acres (as opposed to Disneyland’s 225) there was ample room for future expansion. As with Disneyland, Walt Disney World was extremely well planned and laid out with no expense spared to achieve the quality and attention to detail for which Disney was known. Following the opening in 1972, the park was wildly popular and extremely profitable, attracting 11 million visitors and bringing in $139 million in revenues its first year. Walt Disney World would shortly become the number one travel destination in the world. Disney formed the Walt Disney Travel Company to work with travel agents, tour organizers and airlines in order to drive travel to the Walt Disney World area. Walt Disney World provided the stage for another of Disney’s visionary exploits, the Experimental Prototype Community of Tomorrow (EPCOT), the concept for which Disney laid out prior to his death in 1966. EPCOT’s construction began in the 1970’s and it opened in 1982. Following Walt’s d eath, Roy O. Disney assumed leadership and focused on the theme parks: completing Walt Disney World and EPCOT. The successes of the theme parks led to a joint venture with the Oriental Land Company of Japan in 1976 to develop Tokyo Disneyland, which opened in 1983. This project required no capital investment from Disney, who received a percentage-based licensing fee, as well as provided consulting services during operations. The venture was completely owned by the Japanese partner, but was planned and operated by Disney. In 1983, the Disney Television group entered the cable TV distribution with the Disney Channel. Also in 1983, they launched Touchstone Films, an independent film label, to allow Disney to produce and market films with more mature content and reach a more adult audience where movie attendance was strong. It was hoped that an independent label would not tarnish the Disney image. The first release was â€Å"Splash,† in 1984, which was the highest grossing Disney film since 1964. Walt Disney Productions’ Businesses As Disney grew over time, new subsidiaries and divisions were created as Disney engaged in new activities. The corporate office grew to manage the various subsidiaries and divisions. By the late 70’s, Disney had four primary business lines: Entertainment & Recreation, Motion Pictures, Consumer products, and Real Estate. Disney Strategy (A) 3 Olin Business School September 2002 Revised September 2009 The Motion Pictures group oversaw animation and production of films, managed rerelease of existing film properties, television production, and the cable television channel. This division’s contribution to revenues and net income to the overall company had steadily decreased over time, falling off significantly by the mid-70’s (with the groups actually losing money in 1983). Production of animated films fell off with the slack being taken up by live action films including sequel series such as Herbie, â€Å"The Love Bug.† Walt had been averse to sequels and following popular sentiment. Live-action films released during the 70’s had been perennial money losers contributing heavily to the drag in divisional earnings. It was hoped that the newly established Touchstone Films studio would appeal to a wider range of audiences and increase both revenue and profitability. In 1983, Disney’s long standing presence on prime time television ended with the cancel lation of â€Å"The Wonderful World of Disney.† The group relied on re-release of the classic animated features to bolster revenue, often tying distribution of new films to the re-releases. This also had the effect of constantly introducing younger generations to the Disney classics. While the value of Disney’s film library was significant, the group found difficulty in determining the best vehicle to realize the maximum value. It was felt the television and home video releases would cannibalize or otherwise lessen the existing, profitable, theatre re-release channel. It was estimated the value of Disney’s film library was worth $275 million (Exhibit 6). While having a successful launch, the Disney cable pay-channel would take a number of years before becoming profitable. The Entertainment & Recreation division managed the theme parks, hotels, managing the licensing arrangement with Tokyo Disneyland, and management of the land surrounding Disney World. While the theme park and resort business was the most recent new business, or â€Å"diversification† move by Disney, it had grown to dominance in the corporation. In terms of revenue and net income, it accounted for close to 79% of total revenue and 90% of total corporate profits (Exhibit 1). While operating income jumped significantly in 1983, the prior years provided very modest growth. Moreover, attendance at Disneyland had been flat for five years. Consumer Products managed the merchandising of Disney characters and intellectual properties that included character merchandising (the lead revenue generator), publishing and books, music and records, and educational media. The division had been consistently profitable, but there was concern because of increased competition from newer cartoon characters with more television exposure. Operating income had been rather flat over the prior four years. Leadership at Walt Disney Productions From the founding of the company until his death, Walt Disney created or approved every major strategic move and development. He provided the vision and decisive leadership that made Walt Disney Productions successful. He realized his belief that one Disney Strategy (A) 4 Olin Business School September 2002 Revised September 2009 could create a timeless entertainment experience that would appeal to the entire family, children and adults a like. Additionally, he maintained complete control over the customer’s entertainment experience in order to ensure that the Disney philosophy and experience was complete. Walt Disney constantly innovated and took significant risks on new ideas and concepts, most of which met with significant success. His confidence and acumen in identifying and vigorously pursuing good ideas led to many firsts in entertainment. Walt Disney also placed great importance on passing the Disney culture and values on to all employees, including executives, with all new employees attending a training program where the company’s value and strategy were explained. Great value was placed on communicating openly, teamwork, creativity, and cooperation. Walt inspired a congenial, informal atmosphere throughout the organization. This culture was very deep among employees, many of whom spent their entire careers with Disney. Disney University was founded to be the keeper and purveyor of the Disney culture. Walt, who died on December 14, 1966, was succeeded by his brother, Roy O. Disney. Upon Roy’s death in 1971, Card Walker, who had been with the company since 1938, assumed the leadership position. Following the completion of EPCOT center, Card resigned and was succeeded by Ron Miller. Being Walt Disney’s son-in-law, it had been expected that Ron Miller would eventually be appointed to CEO. Prior to his appointment to CEO in 1983, he had led the Disney film studio since 1976. Ron Miller, a football star at USC, had met Walt’s daughter Diane while in college and married shortly thereafter. Following a brief stint in the Military he played for the Los Angeles Rams football team. Concerned over his being knocked unconscious in two games, Walt urged him to quit football and work for the company. In general, people were promoted from within the company ranks, usually based on seniority. Through 1984, Disney was managed by its founders, family and insiders who had grown up within the organization. Although possessing many years of experience within Disney, the post-Walt management lacked Walt’s vision and leadership. At the core of Disney were Walt’s ideas and grand accomplishments to which it seemed that no one but Walt could build upon. And, attempts to capture and pass down his leadership style were unsuccessful. Additionally, much of the focus following Walt’s death was on fulfilling his final wishes and serving as caretakers to the kingdom. Upon taking control, Ron Miller saw the need to create new legacies for Disney, particularly in the films gro up. Some positives resulted, including the creation of the Touchstone label and release of successful films like â€Å"Tron† and â€Å"Splash.† Nonetheless, these additive actions lacked the impact that many of Walt’s grand ideas had had on the company and the industry. Disney Strategy (A) 5 Olin Business School September 2002 Revised September 2009 In 1983, the Disney family collectively held around 13.7% of Disney with Roy E. Disney being the largest of the family shareholders with around 3% ownership and a seat on the Board of Directors. Managers and long-time employees held 2-7% of the company. With the super majority vote rule in place, requiring in excess of 80% shareholder approval to affect a management change, and unified Disney and management shareholder group, the current management felt that it could operate without concern of shareholder and market pressures. Financial Performance and Condition From the early 1960’s until a peak in 1973, Disney’s stock price had steadily outperformed the S&P 500. In the following years the stock price had declined somewhat and then stagnated through the late 70’s and early 80’s (Exhibit 4). While the share price had peaked at $84 per share in early 1983 after the initial success of EPCOT, it fell into the $40-range following news of losses in the film division. Additionally, EPS performance had declined significantly from a peak of $4.16 per share in 1980 to $2.70 per share in 1983, the lowest EPS in the past 6 years. Throughout its history, Disney had generally operated completely free of debt, only occasionally taking on debt for completion of large projects, such as with the final construction phases of EPCOT in 1981, 1982 and 1983 (Exhibit 1). Prior to 1981, Disney was relatively debt free since 1977. Even when Disney took on debt, leverage was low (with a coverage ratio of 11.6 in 1983). Due to the tremendous amount of free cash flow thrown off from the theme parks, Disney had been able to internally fund growt h without needing to access the capital markets regularly. The debt taken on to complete EPCOT, as prior experience dictated, would be paid down rather quickly once revenue from EPCOT was realized. However, there was growing dissatisfaction and impatience among the investing community in regards to management’s lack of urgency regarding Disney’s lackadaisical stock performance. Although near-term earnings forecasts predicted improvements, there were no signs of improvement in stock value. Analysts and the media had begun to increase pressure on management by publishing the break-up value of Disney’s business lines. These values ranged from $60 to as much as $110 per share, well above the current trading value (Exhibit 3). Moreover, the end of year 1983 book value per share (total assets/shares outstanding) was around $68 per share while the year-end stock price was $52-5/8. Hostile Takeover Attempts, Defense and Greenmail On March 9, 1984 the price of Walt Disne y Productions stock was $52-1/4 and had been stable over the past 6 months. On March 9, Roy E. Disney resigned from the Board of Directors after being re-elected to the Board in February. Shortly thereafter, trading volume of Disney stock increased several times over the average daily volume, pushing the price upward (Exhibit 5). By March 23, Disney stock closed at $66-7/8. In Disney Strategy (A) 6 Olin Business School September 2002 Revised September 2009 preparation of an apparent takeover attempt, Ron Miller and his management team increased Disney’s credit line from $400 million to $1.3 billion. At the end of March, Saul Steinberg’s Reliance Financial Services Corporation announced that it had purchased 6.3% of Disney’s stock and intended to buy more. By April 13, Steinberg had increased his share of Disney to 9.3%, costing around $176.9 million. Roy E. Disney had also increased his share of Disney to 4% from 2.7%. In late April, Steinberg declared his intent to increase his share to as much as 25% and executed a million share block purchase on May 1st for $65.50 per share. After assembling a takeover defense team, Disney announced a deal to acquire Arvida Corporation on May 17th. Arvida was a southeastern US real estate development company that was controlled by the Bass brothers of Texas who had purchased 70% of Arvida for $20 million five months prior. The Bass brothers would receive $200 million in Disney s tock. The deal was denounced separately by both Steinberg and Roy E. Disney as destroying shareholder value. Steinberg threatened to block the transaction by buying control of Disney and selling the assets. In spite of Roy E. Disney’s opposition and Steinberg’s threat, the acquisition was closed, issuing 3.3 million shares, or 8.8% of Disney, to the Bass Brothers. Steinberg’s 4.2 million shares now controlled only 10% of the company down from 12%. The move also diluted Roy E. Disney’s ownership stake. In a further move to dilute Steinberg’s ownership stake, Disney announced a deal on June 6th 1984 to acquire Gibson Greeting Cards for $310 million in stock from an LBO partnership. Gibson Greeting cards had licensed numerous popular cartoon characters (Bugs Bunny, Garfield the Cat, etc.) for its cards but did not have any licensing agreements for Disney characters. The acquisition of Gibson, which had been purchased from RCA in 1982 for $80 million ( most of which was debt), would add $41 million to Disney’s debt and dilute Disney’s equity by an additional $310 million in stock. Two days later in an attempt to block the deal, Saul Steinberg made a tender offer of $67.50 per share cash for 37.1% of Disney Stock with a promise to boost the offer to $72.50 in cash and securities for cancellation of the Gibson acquisition. By that time, Steinberg had spent $265.6 million for his 10% ownership stake in Disney. Steinberg obtained additional financing to support this tender offer by granting Kirk Kerkorian, the controlling shareholder in MGM/UA, an option to purchase all of Disney’s motion picture and cable TV assets and to the Fisher Brothers, the right to develop Disney land surrounding the theme parks for hotels. The Present Dilemma Nothing in Ron Miller’s experience had prepared him for these circumstances. He had assembled a defensive team to fight the hostile takeover, but perhaps allowing Disney’s breakup was a better option. Should he buy off Steinberg with greenmail? If so, at what price and how could this be justified to shareholders? Disney Strategy (A) 7 Olin Business School September 2002 Revised September 2009 Exhibit 1 WALT DISNEY COMPANY FINANCIAL INFORMATION source: Disney Annual Reports, Disney Corporate Fact Books, Mergent, Global Access Note: Some numbers are estimates and slight structural modifications have been made to produce â€Å"standardized† statements CONSOLIDATED STATEMENT OF INCOME (in millions of dollars) Year Ended September 30th Revenues Filmed Entertainment Theme Parks & Resorts Consumer Products Total Segment Revenue Costs & Expenses Filmed Entertainment Theme Parks & Resorts Total Segment Costs Operating Income Filmed Entertainment Theme Parks & Resorts Consumer Products Total Segment Operating Income Total Operating Income Corporate Activities General & Administrative Expenses Net Interest (Income) Expense Acquisition Related Costs Design Projects Abandoned Total Corporate Expenses (Income) 7.3 56.9 5.1 21.3 4.6 -2.3 4.3 -16.7 2.4 -8.2 35.6 14.1 30.9 -14.8 26.2 -33.1 21.3 -42.1 17.8 -28.4 -$33.4 197.0 56.9 220.4 $220.4 $19.6 132.6 47.8 200.0 $200.0 $34.6 129.4 50.6 214.7 $214.7 $48.7 127.5 55.0 231.3 $231.3 $4 0.2 120.6 44.8 205.7 $205.7 $198.9 834.0 1,086.7 $182.5 593.0 830.2 $162.2 562.4 790.0 $112.3 515.9 682.9 $111.8 387.8 535.4 $165.5 1,031.0 110.7 1,307.4 $202.1 725.6 102.5 1,030.3 $196.8 691.8 116.0 1,005.0 $161.0 643.4 109.7 914.5 $152.0 508.4 80.6 741.0 1983 1982 1981 1980 1979 Income Before Income Taxes (EBIT) Unusual Charges Income Taxes Net Income Earnings (Loss) Per Share Avg. Number of Common Shares Outstanding 163.5 70.3 $93.2 $2.70 34.5 178.8 78.7 $100.1 $3.01 33.2 217.0 95.5 $121.5 $3.72 32.6 248.0 112.8 $135.2 $4.16 32.5 213.9 100.1 $113.8 $3.51 32.4 Disney Strategy (A) 8 Olin Business School September 2002 Revised September 2009 WALT DISNEY COMPANY FINANCIAL INFORMATION CONSOLIDATED BALANCE SHEET (in millions of dollars) September 30th Assets Cash & Cash Equivalents Investments Accounts Receivable Merchandise Inventories Inventories Income Taxes Refundable Film & Television Costs Prepaid Expenses Theme Parks, Resorts and Other Property, at cost Attractions, Buildings and Equipment Accumulated Depreciation 2,251.3 -504.4 1,746.9 Projects in Progress land 108.1 16.7 1,871.8 Other Assets Total Assets Liabilities & Stockholders’ Equity Accounts Payable Income Taxes Payable Borrowings Unearned Royalty & Other Advances Other Deferred Income Taxes Other Long Term Liabilities, Unearned Royalties & Advances Stockholders’ Equity Common Stock (1) Common Stock Internet Group Paid-in Capital Retained Earnings Less Treasury Stock & Compensation Fund Shares Total Stockholder’s Equity Total Liabilities & Stockholders’ Equity 1,401.0 $2,381.2 1,274.8 $2,102.8 1,167.1 $1,610.0 1,075.0 $1,347.4 961.0 $1,196.4 738.6 1,400.5 686.5 1,274.8 626 .2 1,167.1 537.1 1,074.4 425.2 961.1 661.9 588.3 540.9 537.7 535.9 321.8 110.0 181.0 94.7 89.0 61.9 96.8 98.0 $187.6 50.6 346.0 109.6 $210.8 26.6 315.0 $148.5 33.1 110.0 $109.0 36.2 30.4 $74.6 45.2 18.6 93.7 $2,381.2 1,916.6 -419.9 1,496.7 160.1 16.4 1,673.2 103.0 $2,102.8 968.2 -384.5 583.7 469.2 16.4 1,069.4 21.3 $1,610.0 935.2 -352.1 583.1 163.1 16.4 762.5 19.4 $1,347.4 882.1 -310.8 571.4 60.7 16.3 648.4 19.2 $1,196.4 $18.1 0.0 102.9 77.9 77.9 70.0 126.9 19.8 66.7 41.0 108.0 18.2 59.8 0.0 120.6 15.4 120.3 11.4 85.8 8.9 54.6 41.9 $13.7 0.0 79.0 $5.9 248.4 69.3 $9.7 318.5 50.7 $8.8 346.1 37.1 1983 1982 1981 1980 1979 (1) For the years 1983 and prior; Disney Stock no par value, 75,000 shares Auth., 33,729 billion shares issued & 34,509 outstanding Disney Strategy (A) 9 Olin Business School September 2002 Revised September 2009 WALT DISNEY COMPANY FINANCIAL INFORMATION CONSOLIDATED STATEMENT OF CASH FLOWS (in millions of dollars) Year Ended September 30 Cash Provided by Operations Net Income Income from continuing operations before taxes and cumulative effect of accounting changes Income taxes (paid) refunded, net Charges to Income Not Requiring Cash Outlays Depreciation Amortization of Film & Television Costs Other Changes in Receivables Merchandise Inventories Prepaid Expenses and Other Assets Deferred Income Taxes Total Cash Provided by Operations Investing Activities Film & Television Costs Theme Parks, Resorts, and Other Property Other Total Cash Used by Investing Activities Financing Activities Borrowings Reduction of Borrowings Repurchases of Common Stock Dividends Other Total Cash (Used) Provided by Financing Cash Provided by Discontinued Operations Increase (Decrease) in Cash Cash Balance, Beginning of Year Cash Balance, End of Year 4.4 13.7 $18.1 -240.6 254.3 $13.6 -74.0 328.3 $254.3 -26.6 354.9 $328.3 80.6 274.3 $354.9 41.1 102.8 $151.7 39.7 48.2 $277.1 32.4 32.1 $142.4 23.3 11.6 $11.7 15.5 8.5 $10.0 137.5 -99.9 205.0 110.0 0.0 n/a 83.8 333.7 26.0 -$443.5 52.3 614.4 85.9 -$752.8 55.4 333.4 5.9 -$394.7 68.4 149.7 1.6 -$219.7 -$91.5 44.4 56.6 -25.9 -11.2 13.3 -2.6 $337.4 1.1 -6.9 15.2 4.6 $274.8 $210.8 $204.7 $182.8 -18.6 -5.1 24.1 -13.6 -12.8 23.8 90.2 65.6 15.5 41.9 64.9 9.9 38.9 52.2 9.4 43.1 33.9 6.5 40.4 5.3 2.4 $163.4 29.0 $178.8 -34.6 $216.9 -106.1 $247.9 -121.8 $ 113.8 1983 1982 1981 1980 1979 Disney Strategy (A) 10 Olin Business School September 2002 Revised September 2009 WALT DISNEY COMPANY FINANCIAL INFORMATION KEY FINANCIAL RATIOS ROE (NI/total shareholder’s equity) (ROE was 22% in ’65, 16% in ’55, and 7% in ’45) ROA (NI/total assets) Operating Margin (operating rev. – sga/total rev) Debt to Equity (total debt/total shareholders equity) Total Debt to Assets (Current & L/T Borrowings/Total Assets) Divisional Operating Margins (div. op. inc./div. rev.) Filmed Entertainment Theme Parks & Resorts Consumer Products Divisional Contributions to Total Revenue (div. rev./total rev) Filmed Entertainment Theme Parks & Resorts Consumer Products 12.7% 78.9% 8.5% 19.6% 70.4% 9.9% 19.6% 68.8% 11.5% 17.6% 70.4% 12.0% 20.5% 68.6% 10.9% -20.2% 19.1% 51.4% 9.7% 18.3% 46.6% 17.6% 18.7% 43.6% 30.2% 19.8% 50.1% 26.4% 23.7% 55.6% 3.9% 14.1% 24.7% 14.5% 4.8% 16.4% 24.7% 15.0% 7.5% 18.8% 9.4% 6.8% 10.0% 23.0% 2.8% 2.3% 9.5% 25.4% 1.9% 1.6% 1983 6.7% 1982 7.9% 1981 10.4% 1980 12.6% 1979 11.8% 1975 10% 1970 10% Divisional Contribution to Operating Income (Div. Op. Inc./Total Segment Op. Inc.) Filmed Entertainment Theme Parks & Resorts Consumer Products -15.2% 89.4% 25.8% 9.8% 66.3% 23.9% 16.1% 60.3% 23.6% 21.1% 55.1% 23.8% 19.5% 58.6% 21.8% Disney Strategy (A) 11 Olin Business School September 2002 Revised September 2009 Exhibit 2 WALT DISNEY PRODUCTIONS, JUNE 1984 Other Financial Date (in thousands) Entertainment and Recreation Walt Disney World Admission and rides Merchandise sales Food sales Lodging Disneyland Admissions and rides Participant fees, Walt Disney Travel Co. Tokyo Disneyland royalties and other Total revenues Theme Park Attendance Walt Disney World Disneyland Total Motion Pictures Theatrical Domestic Foreign Television Worldwide Home-Video & NonTheatrical Worldwide Total revenues Consumer Products and Other 1983 $278,320 172,324 178,791 98,105 102,619 45,669 1982 $153,504 121,410 121,329 81,427 98,273 44,481 1981 $139,326 121,465 114,951 70,110 92,065 44,920 1980 $130,144 116,187 106,404 61,731 87,066 41,703 1979 $121,276 101,856 95,203 54,043 75,758 35,865 83,044 $1,031,202 22,712 9,980 32,692 28,502 $725,610 12,560 10,421 22,981 29,282 $691,811 13,221 11,343 24,564 28,005 $643,380 13,783 11,522 25,305 26,843 $571,079 13,792 10,760 24,552 $38,635 43,825 27,992 55,006 $165,458 $45,429 20,006 30,666 10,269 4,327 $55,408 64,525 44,420 37,749 $202,102 $35,912 20,821 26,884 15,468 3,453 $54,624 76,279 43,672 22,231 $196,806 $30,555 24,658 27,358 21,148 12,704 $63,350 78,314 19,736 10,565 $171,965 $29,631 22,284 23,432 21,908 1,905 $49,594 57,228 27,903 9,273 $144,058 $24,787 18,985 16,129 19,967 1,768 Character merchandising Publications Records and music publishing Educational media Other Disney Strategy (A) 12 Olin Business School September 2002 Revised September 2009 Exhibit 3 Comparable Valuations For Disney’s Businesses 1984 source: Analysts’ comments in June 4, 1984, Forbes Magazine article, â€Å"Who Will Win the Keys to Disney’s Magic Kingdom?† Shares Disney Outstanding = 34.5 million Disney annual royalty revenue from Tokyo Disney Land = $20 million Business Line Transaction/Source Taft Broadcasting Theme Parks purchase Date Valuation Multiple/Worth Comments Disney may deserve an additional premium due to the brand name Some still see this as one of the most unexploited assets in Disney Tremendous library and recent signs of turnaround may erase poor performance Theme Parks 1984 2 times Revenues Consumer Products Forbes/Analyst Comments 1984 3-3.5 times Rev. Film, Studio & Cable Forbes/Analyst Comments Hotels Land Forbes/Analyst Comments Forbes/Analyst Comments 1984 1984 1984 2-2.5 times Rev. $ 300 million $ 300 million Disney Strategy (A) 13 Olin Business School September 2002 Revised September 2009 Exhibit 4 Disney Share Price Performance Compared to the S&P 500 January 1970 – August 1984 Disney Strategy (A) 14 Olin Business School September 2002 Revised September 2009 Exhibit 5 Walt Disney Share Price and Trading Volume During the Hostile Takeover January 1984 – August 1984 Disney Strategy (A) 15 Olin Business School September 2002 Revised September 2009 Exhibit 5 Continued: Disney Strategy (A) 16 Olin Business School September 2002 Revised September 2009 Exhibit 6 WALT DISNEY PRODUCTIONS, JUNE 1984 Estimated Probable Minimum Library Values as of 1983 Value ($ millions) 500 275 950 Approximate No. of Titles 1,800 features 25 animated, 125 live action, 500 shorts 4,600 features (2,200 MGM), 1,310 shorts, 1,080 cartoons 700 features 1,400 features 3,000 features, 12,500 TV episodes 1,600 features Columbia Pictures Disney MGM/UA Entertainment Paramount Twentieth Century Fox Universal Warner Bros. Total 275 350 700 450 3,450 Disney Strategy (A) 17 Olin Business School

Essay about Emergence of Feminism in Indian Literature An...

Emergence of Feminism In Indian Literature: An Overview Introduction Feminism basically means guarding equal rights for women as enjoyed by men. Feminism does not talk only about the social rights but also about the political as well as economic rights of a woman. Feminism is a search for the identity of the most marginalized creature on earth, that is, woman. In India, women have always been considered weak or inferior by the dominating patriarchal society from ages. They are considered merely a subject of oppression and dominance. Women have not been marginalized now but it is continuing from ages, however, even the idea of feminism had been established since the inception of the universe. There is a myth that Lord Brahma first created†¦show more content†¦This paper also discusses the double standards practiced by the patriarchal society for men and women, due to which various emerging women writers faced many problems in publishing their works. Firstly, let us discuss about the state of women 150-200 years earlier. Status of Women in the Indian Society from the Vedic Age till Today Status of women has always been marginalized even from the inception of the universe. As stated above, Lord Brahma, the Supreme Lord, also portrayed women as subservient and weak by introducing them to men as â€Å"She will serve you lifelong and if you cannot live with her, neither can you live without her†. Its worth noting that women enjoyed equal rights with men in the Ancient period. For example, Muddupalani’s work â€Å"Radhika Santwanam† was a much accepted writing in the Thanjavur kingdom of the ancient times, in spite of women’s sensuality being the central theme. However, under the British rule, when Nagaratnamma decided to republish the work, she had to face many problems as it the work was considered vulgar by the British government. Even the book was banned by the British government for some time. However, the status of women deteriorated in the Medieval period after the Muslim conquest in India which brought with it the social evil of child marriage and the muslim rulers also banned widow remarriages in some parts of the country. Women were regarded as subservient and alwaysShow MoreRelatedIndian Writing in English1144 Words   |  5 Pages Introduction Indian writing in English has a comparatively short but highly stimulating history. In 1793, Sake Dean Mahomed wrote conceivably the first book by an Indian in English, called The ‘Travels of Dean Mahomed’. However, most early Indian writing in English was non-fictional work, such as biographies and political essays. 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Chapter 4: Neo-modernist organization theory: surfing theRead MoreSports17369 Words   |  70 PagesCowan, sitting in a New York studio, recreated for the radio audience over stations WJZ and WBZ the 1921 World Series on October 5, as the New York Giants defeated the New York Yankees 5-3. Grantland Rice did the play-by-play. 4. â€Å"The Voice of the Indians,† 1932. 5. 1932 radio r eports from Lake Placid for the winter games, Los Angeles for the summer games. Ted Husing provided summaries on WABC in New York. 6. August, 1921 over KDKA. 7. November 5, 1921, with Harold Arlin of KDKA covering PittsburghRead MoreSports17363 Words   |  70 PagesCowan, sitting in a New York studio, recreated for the radio audience over stations WJZ and WBZ the 1921 World Series on October 5, as the New York Giants defeated the New York Yankees 5-3. Grantland Rice did the play-by-play. 4. â€Å"The Voice of the Indians,† 1932. 5. 1932 radio reports from Lake Placid for the winter games, Los Angeles for the summer games. Ted Husing provided summaries on WABC in New York. 6. August, 1921 over KDKA. 7. November 5, 1921, with Harold Arlin of KDKA covering Pittsburgh

What Is Industrialization

Industrialization is a historical phase and experience. Industrialization is the overall change in circumstances accompanying a societys movement population and resources from farm production to manufacturing production and associated services. Terms related to Industrialization: Kuznets CurveCapital DeepeningFree Market Economy Resources on Industrialization: Two Responses to We Will Never Run out of OilEarly Farm Policy in the United StatesAmerican Economic Growth: Movement South and Westward Writing a Term Paper? Here are a few starting points for research on Industrialization: Books on Industrialization: The Railway Journey: The Industrialization and Perception of Time and SpaceThe Political Economy of American Industrialization, 1877-1900Health and Welfare during Industrialization Journal Articles on Industrialization: Industrialization and the Big PushIncome Distribution, Market Size, and Industrialization

Essay on The Dynamics of Marxism - 2001 Words

The Dynamics of Marxism nbsp;nbsp;nbsp;nbsp;nbsp;Human relationships have always been dynamic. Change and adaptability have gone hand in hand with the passing of time for human society. Karl Marx’s views on Industrialization and the bourgeoisie had a major impact on how we view our industrial alignment today. Marx and Engel’s The Communist Manifesto gives broad views on the subject of the middle class and how they fit into a society that was ruled by feudalism and aristocracy. Capitalism becomes a major topic in a socialist-based society that underwent many changes as industrialization progressed. A government must be dynamic in its nature reflecting the change in society. At times aristocracy has refused to allow society to adapt†¦show more content†¦Regarding Marx’s attitude toward religion, he thought that it was simply in the man’s conscious to worship a god. To Marx, the only reason a man would worship a god would be because society tells them that they are supposed to. The same could be said about some people who live in our society today. Our world tells us that we are supposed to worship a god, even though there are still people who choose not to. Though Marx celebrated Christian views at a younger age, he belief in a god diminished as he got older and started his work as a radical philosopher. Marx sums it all up in a famous quote, stating that religion is â€Å"an opium for the people.† With Karl Marx observed the socio-economic changes that were occurring in Britain. England was a dominant world power and also had the largest industrialized economy during the 1800s. This was the main vocal point of Dickens’ â€Å"Hard Times.† The development of the factory created a large demand for workers. As industrialization evolved by using industry as the economic backbone for population, a large number of factory workers were hired to operate the machinery in these thought-to-be â€Å"hard† conditions. 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Functionalism Read MoreCapitalism Racism And Patriarchy963 Words   |  4 Pagesï » ¿Capitalism, Racism, and Patriarchy A specific targeted attack is needed to dismantle systems of oppression (RACE CLASS AND GENDER) Marxism alone cannot adequately address inequalities of race and gender because it ignores the historical impacts of race and gender As such critical problems will persist Patriarchy is not just a superstructure It is an independent oppressive system which must also be dismantled before true revolution can occur Patriarchal norms will persist in the home (home isRead MoreA Marxist Evaluation Of Feminism And Gender Equality Essay1572 Words   |  7 Pages1970s, has become a subjective and distorted version of what it was meant to be—a system that sought to raise the rights of women out of the home (as domestic servants) and into the workplace. In the late 20th and early 21st century, the idea of Marxism as a system of economic analysis for women to dissect the inequalities of patriarchal capitalism has also become diluted and co-opted by the ruling classes as a â€Å"political phenomenon:† In this sense, then, rather than retaining the idea of feminismRead MoreKarl Marx And The Communist Manifesto Essay1691 Words   |  7 Pageswas written collaboratively by both Marx and Engels, as they explored the argument that â€Å"history and progress can be seen dialectically as societies shift from one mode of production to another†. This will be argued through a contextual account of Marxism, its development, critiques, and both the dependency theory and critical theory. 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Miller, through Willy Lowman, his family and friends aimed to show the world that Marxism is real, and for many, such as Lowman regressed emotion and continual rejection has catastrophic effects. Death of a Salesman uncovers the effects Marxism, ideology, and regression produce. To understand Arthur Miller’s intentions, one must understand the Marxist Theory. Death of a Salesman set in 1948 is a representation

Case

Case-Study Wal-Martstores Essay This ferociously increases the competition in the market and Wall-Mart competes with all its competitors till it is dominant it the market. Already very early did Wall-Mart realize that logistic was a key factor to its success. By investing very early in state of the art information technology (IT) which tracked every item in every Wall-Mart store, the company was able to shrank inventory-taking lags from several months in the asses to near real time in the asses. Their core IT competence is the ability to track every item and share this information with their suppliers, Additionally to this feature Wall-Mart possesses its own distribution centers (84 in the LIST only) which operate together with the discount stores on basis of a hub and spores eastern Furthermore did Wall- Mart establish the cross-docking system. This system allows the transfer of merchandise directly from inbound trucks to store-bound trucks oviduct storing goods inside the distribution centers. With this system and the above mentioned IT systems, Wall-Mart is able to minimize the time its goods are stored inside the striation centers and the goods needed inside its discount stores are nearly delivered just in time. This shows that Wall-Mart has realized very early that technology plays a vital role in the development of a organization and used its technological advantage, especially in the field of logistic to create its competitive advantage in the early days of discount stores. Thanks to its high IT standards Wall-Mart was and still is able to react in the fastest possible way to external changes, this is by far the companies biggest asset. The key components of Wall-Mart, which offers cheap prices than competitors includes firm infrastructure and no regional offices. Wall-Mart works very efficiently with its employees. This does not always creates in the best possible working environment (see legal cases) but Wall-Mart manages to come up with the right incentives to foster an atmosphere of productivity inside its company. Manager compensation is e. G. Linked to the profit of the store operated by him. The workforce at Wall-Mart is not unionized and Wall-Mart is trying everything in their power to stop every effort of unionization. Wall-Mart dominates the American retailing industry due to number of factors. The most important factor in this case is its own business model. Because of its competitive advantage that is based in so many organizational capabilities its competitors cant clearly identify what Wall-Mart does that creates its competitive advantage. This is called causal ambiguity. This results in uncertain immutability ? any attempt to imitate the strategy of Wall-Mart will have a very uncertain success because the factors that make up the success Of Wall-Mart are not clear. The bottoming is, that Wall-Marts competitors are not able to imitate its business model because it is not clear Which factors are generic best practices and which are contextual. Complementary with other management practices. Wall-Marts strategic capabilities are its logistic system, modern IT system, very efficient human resources management and the ability that its customers always belief Wall-Mart is offering the lowest price possible. Its competitive advantage on the other hand is that the competition is not able to imitate the way Wall-Mart is doing what it does. This results in the fact that Wall-Marts business model is a complex configuration of so many factors that it is nearly impossible to put a finger on a factor that makes the difference and gives Wall- Mart its competitive advantage. Hind the strategy of Wall-Mart is a solid system and has been proven not only in the SIS market but in many different one through Europe and Asia. With the idea of creating a very fast and high tech infrastructure system while offering a waste quantity of goods Wall-Mart has establish a Very solid and sustainable backbone for its retail system. The question which concerns me more is if the general system Of disco unt-stores has a future in itself. Hind Wall-Mart has and Will fend of its big competition Wary good and also acquire new markets, e. G. China. Where Im not so certain about is the concept Of discount stores Which are located outside of bigger cities or in smaller cities and offer a waste portfolio of products. In my personal opinion, which I cant really support with any theory or any kind of data. Is this a store model which Will loose more and more customers in the years to come. This could be the biggest threat to Wall-Mart.

Settings Analysis of Rothschild Fiddle Essay Example

Settings Analysis of Rothschild Fiddle Essay The Story The setting of â€Å"Rothschilds Fiddle† is a squalid little village where Yakov Ivanov, a Russian coffin maker, and Rothschild, an equally poor Jewish musician, both live. Yakov lives in a one-room hut, which contains his gloomy wares as well as his humble domestic possessions. Childless, the dour Yakov barely notices Martha, his downtrodden wife of fifty years. Yakov has an unexpected side to his character, for he is a gifted, if rude, violinist who is sometimes invited to join the local Jewish orchestra to play for weddings. Although the coffin maker needs the occasional money, he dislikes the Jewish musicians—especially the flutist Rothschild, who turns even the merriest songs into lugubrious plaints. Yakov abuses Rothschild and is once on the point of beating him. The quarrel ends Yakovs association with the orchestra, apart from rare occasions when one of the Jews cannot perform. Yakov sees his life as an endless succession of â€Å"losses. † Sundays and holidays when he cannot work represent losses; a wedding without music represents a loss; a rich man who inconsiderately dies and is buried out of town is another loss. We will write a custom essay sample on Settings Analysis of Rothschild Fiddle specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Settings Analysis of Rothschild Fiddle specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Settings Analysis of Rothschild Fiddle specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Yakov keeps an account book of his losses, even calculating the interest he might have received on his lost opportunities. At night he arises from his sleepless bed and seeks relief by playing his violin. One morning Martha feels ill but carries on with her chores while her husband plays his fiddle and gloomily calculates ever new and more distressing imaginary losses. That night the wife cries out that she is going to die. Her feverish face gives the impression that she looks forward to deliverance from her hard, loveless lot and Yakovs endless â€Å"losses. Horrified, the coffin maker takes her to a hospital, where the medical assistant shrugs her off as hopeless, refusing Yakovs pleas that he bleed her as he would a rich patient. Realizing the worst, Yakov takes his wifes measurements and begins work on a coffin, duly entering the loss in his account book—two rubles, forty kopecks. Before her death, the wife calls Yakov to her bedside and asks whether he remembers the baby with curly golden hair that God had given them fifty years before. The couple would take the child down to the river bank, sit under the willow, and sing. Yakov has no recollection of the dead child or the willow. That night, Martha dies, and Yakov arranges a miserly funeral, admiring the coffin as he takes final leave of his wife. Yakov, feeling unwell as he walks home from the cemetery, reflects on his lifelong neglect of his wife in spite of her uncomplaining labor and help. At this point, a nervously bowing and scraping Rothschild approaches with a message from the Jewish orchestra leader, inviting Yakov to play for a wedding. The coffin maker once again abuses and threatens the cowering flute player, who flees pursued by a horde of small boys screaming â€Å"Jew, Jew! Yakov now walks down by the river for the first time in many years, where he, too, is heckled by the village boys who address him by his nickname, â€Å"Old Man Bronze. † Suddenly he comes on the willow and recalls the dead child. Yakov now falls into regretful reflection of his lost opportunities. Nothing waits ahead of him, and there are only losses behind. Now, however, Yakovs distress over his losses takes a new turn: â€Å"Why shouldn’t men live so as to avoid all this waste and these losses? † He belatedly regrets his harsh treatment of his wife and the Jew: â€Å"If it were not for envy and anger [men] would get great profit from one another. In the morning, seriously ill, Yakov returns to the â€Å"doctor. † As the sick man walks home, he bitterly thinks that after his death he will â€Å"no longer have to eat and drink and pay taxes, neither would he offend people any more, and, as a man lies in his grave for hundreds of thousands of years, the sum of his profits would be immense. † He concludes that life is a loss; death, a profit. Yakov is not sorry to die but regrets leaving behind his violin. At home he sits on the threshold and plays his violin with tears streaming down his face. Once again, a quivering Rothschild approaches Yakov on behalf of the orchestra director. This time, however, the Jew is greeted kindly. Yakov tells him that he is ill and continues to play. So plaintive is his song that Rothschild also begins to weep as he leaves. Later that day, when the village priest asks the dying man if there is any particular sin of which he wishes to repent, Yakov asks that his violin be given to Rothschild. Time passes, and the townsfolk begin to wonder where Rothschild obtained the violin that he now plays instead of the flute. An even greater mystery is the source of the song he plays, which is so entrancingly sorrowful that wealthy merchants vie in having him come to their homes to play it over and over again. Themes and Meanings Anton Chekhovs major theme in this, as in many others of his works, is the isolation of the individual within himself and his often vain attempts to break out of his shell and establish meaningful contact with others. Yakovs anti-Semitism is but a particular example of this more general malaise. Yakov finally succeeds in reaching out to others and does so in the form of his music: first to his archenemy Rothschild through his death song and the gift of his violin, and then through Rothschild, who brings Yakovs harrowing melody to many others. Art is the means by which the two men, both deeply unattractive characters, surmount their isolation and manifest their shared humanity. The theme of Yakovs losses is also important. â€Å"Losses† is the most frequently used word in the story, and through repetition it assumes symbolic meaning, referring to far more than Yakovs hypothetical financial setbacks. He is obsessed with his so-called losses. They have poisoned his life, and he has lost the capacity for love and simple pleasures (apart from his music). In fact, the death of his wife is the sole real loss that Yakov suffers, and it is only with this that he begins to reflect on his profitless, ill-spent life and his ill-treatment of his wife and Rothschild. This realization, especially in the face of his own imminent death, leads to his remorse and his final haunting melody. The final irony is that it is the Jew Rothschild rather than Yakov himself who profits and recoups the coffin makers â€Å"losses. Style and Technique The story is told by an omniscient narrator the year after Yakovs death. Its formal structure is tripartite: the brief introduction that establishes the setting and the hero; the story itself, that is, the relationship between Yakov and Rothschild and the deaths of the wife and husband; and the ironic, bittersweet ending in which Rothschild plays Yakovs song. As in many Chekhov stories, a key event (Yakovs interaction with Rothschild) is repeated three times. The first two encounters are hostile, while the third depicts a reversal of the earlier ones. The last carries the storys message—the breaking down of the isolation of the two men through art and the establishment of their shared humanity. The narrative technique through which Chekhov makes his thematic statement should be noticed. Superficially, Yakov and Rothschild seem very different: The coffin maker is big, strong, and aggressive, while Rothschild is gaunt, frail, and cowering; Yakov prefers merry songs, Rothschild, mournful ones; the Christian Yakov despises Rothschild the Jew. The narrative, however, poses a series of parallels that point to their essential sameness. Yakov is obsequious to the â€Å"educated† medical assistant, just as Rothschild is to Yakov. Also noteworthy are the parallel scenes in which the Jew fleeing from Yakovs fists is jeered by the village boys, who moments later jeer the bereaved Yakov. Both are â€Å"outsiders. † The most important parallel scene, the one demonstrating their common humanity, is that in which the two men cry together as Yakov improvises his own death dirge. This evolving pattern ends in the identification of the former enemies, each of whom had lived in his own profitless prison of the self. Chekhovs language is sometimes considered rather â€Å"flat,† a feature of much realistic prose. On close inspection, however, Chekhovs language is not, in fact, â€Å"realistic† but rather evocative and impressionistic. The reader comes to know characters and their lives not through accumulated description but through the carefully chosen, evocative detail that suggests far more than it says. Similarly, the carefully elaborated formal structure contributes to the readers sense of a meaning that goes far beyond the limits of the brief tale.