...Case 2 - The Walt Disney Company’s ”Sleeping Beauty” Bonds Why long-term bonds? Disney Company’s management may speculate that the interest rate will rise in the long run, although the interest rate at that time was very low. Actually this speculation was opposite to the Federal Reserve, who tended to use more short-term debts rather than long-term ones. Based on Disney’s speculation, the company has much incentive to issue long-term bonds to lock a relatively low cost of capital from the market. Higher yield than 30-year US Treasury bonds Disney Bond has higher yield than 30-year US Treasury bonds for the following three reasons: First, Disney bond has a payment period for 100 years, with more liquidity risk; Second, since Disney bond is a global securities with higher credit risk compared with US Treasury bonds; Third, Disney’s bond incorporates a call option. Thus, investors require larger yield of this bond. Face value vs. coupon value From the perspective of the bondholder, semi-annual coupon payments are more valuable than the final payment of face value in terms of present value. If we use the coupon yield 7.55% as YTM, we could derive that present value for face value is $207,052.17, while present value for coupon payment is $149,999,785.65. Callable vs. non-callable a. From the investors’ perspective, the Company’s call option will make the bond less attractive at issuance date, because investors will bear the interest risk when the interest declines in 30 years...
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...Washington version 2.0 School of Business April 2004 Walt Disney Company’s Sleeping Beauty Bonds – Duration Analysis* In July 1993, the Walt Disney Company issued $300,000,000 in senior debentures (bonds). The debentures carried an interest rate of 7.55%, payable semiannually, and were priced at “par”. They were due to be repaid on July 15, 2093, a full one hundred years after the date of issue. However, at the company’s option, the debentures could be repaid (in whole or in part) any time after July 15, 2023 or 30 years after the issue date. Beauty, the fairy tale princess and heroine of a popular Disney animated film, according to legend, slept under enchantment in a magic castle for one hundred years. The Disney 100-year debentures were immediately dubbed the “Sleeping Beauties.” The issue caused a lot of comment among traders of portfolio managers. “It’s crazy,” said William Gross, head of fixed-income investments at Piper Capital Management Company. “Look at the path of Coney Island over the last fifty years and see what happens to amusement parks.”[1] Scott Jacobson, head of fixed-income research at Piper Capital Management, felt that the bonds were too risky for his clients, but “if corporate treasurers can get away with it, why not?”[2] Other interpreted the successful sales of the bonds as a vote of confidence in the Disney Company and U.S. economy policy. “It shows that people believe the...
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...corporation like Disney. Disney is one of the leading corporation in terms of animations and entertainment dedicated for all people, ranging from children to adults. In 1923, Walter Elias Disney and Roy Disney, the founders of Disney formed a studio which focused on developing cartoon films called Disney Brothers Cartoon Studio. Since then, they have become the pioneer for animation and cartoon entertainment group in the world. They know how to implement their value and strong points into their brand logo. With the help of creativity, technology, and strong dedication, a logo that represents imagination, dreams, and magic can be created. The Walt Disney logo is formed according to the founder’s signature that promises secure, cheerful, and quality western cartoon entertainment industry. Aside from the regular logo which is only a fancy text, the company has adopted different form of logo for different kinds of products. For example, the castle that appears in front of a blue background version is used for Disney’s movie releases. As for other segment like resorts and holiday, Disney added the word “world” behind its famous fancy “Walt Disney” logo. Even though each logo is located at different segments of market, they share same symbols which is a “star fall”. In the movie release logo, there is a line forming an arc accross the castle. That line, apparently, is the tail of the star fall. Similarly, in the resort logo, a star fall also appears above the text. Disney puts this...
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...Walt Disney and Marvel Entertainment Strategic Initiative Cynthia Morgan FIN/370 July 29, 2012 University of Phoenix Nicole L. Givens Strategic initiative plans allow organizations to identify initiatives and strategies to undertake and to accomplish the objectives and goals identified by the organization. The process for strategic initiative planning involves various steps. The steps include identifying the organizations opportunities, threats, strengths, weaknesses, creation of objectives and goals, development of tactics, strategies, use of measures, and processes to evaluate the results. Team A will discuss Walt Disney and Marvel Entertainment acquisition strategic planning initiative, identify an initiative Walt Disney discussed in their annual report, the effects the initiative will have on the organizations financial planning and the initiative will affect the organizations cost and sales. Walt Disney and Marvel Entertainment Strategic Initiative The initiative of strategic planning of Walt Disney, Team A will analyze the acquisition of Marvel Entertainment. Reports show that Walt Disney...
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...was a man named Walt Disney: a loving son, husband, brother, and most of all “Dad” to his two sweet baby girls. Above everything in his life, family always came first. With a strong family bond and home life full of harmony and love, Walt Disney challenged himself to dream, explore, and create many things throughout his career. In an article written by Scott Whitelaw, Scott states, “I have a deep admiration for Walt Disney and loved his approach and method of accomplishing his goals and dreams. He dared to dream big but learned to be daring a little bit at a time. He started with small goals. First, he built a studio in Kansas City, Missouri, then a bigger one in Hollywood, then a massive studio in Burbank, California, then a theme park in Anaheim and then an entire city in Florida. Walt learned to set his goals one step at a time using his imagination focused toward the future and having fun along the way.” (Whitelaw, 2014) So, in the following paragraphs, Walt Disney can be portrayed to achieving many of his goals in life....
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...Annisha Lear WSC002 October 13, 2012 Walt Disney has been getting a lot of feedback about his movies. They were not negative but some would say he changed them and took away from the original fairytale. “Walt Disney 2” by Maurice Sendak and Disney Revisited or Jimmy Cricket it’s musty down here by Betsy Hearne are two articles that criticized Disney movies. Disney makes things more childlike, he gives us chase between characters and inspires children’s imaginations and dreams which will be compared in both readings to the movie The Princess and The Frog. Disney makes his movies more childlike by giving children hope and something to believe in. Some may say that his movies take away from the original fairytale but Maurice Sendak believes that is a good thing. “Disney has often been condemned for corrupting the classics, and he has, to be sure, occasionally slipped in matters of taste and absolute fidelity to the original. But he has never corrupted” (Sendak 112). Therefore it is not that Disney corrupts the original plot he just makes it more child friendly. In his article Walt Disney 2 Sendak talks about his own experience with the fairytale Pinocchio. He says the Walt Disney storyline was better than the original. The original version Pinocchio had a bad personality however in Disney’s version instead of him doing bad things Disney used the fairy as an excuse for him being bad. This shows that Disney didn’t corrupt it he just shows why Pinocchio was doing bad. Fairytales...
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...Building a Visionary Company James C. Collins Jerry I. Porras Above all, there was the ability to build and build and build—never stopping, never looking back, never finishing—the institution.... In the last analysis, Walt Disney's greatest aeation was Walt Disney [the company]. —Richard Schickel, The Disney Version' I have concentrated all along on building the finest retailing company that we possibly could. Period. Creating a huge personal fortune was never particularly a goal of mine. —Sam Walton, Founder, Wal-Mart^ magine you met a remarkable person who could look at the sun or stars at any time of day or night and state the exact time and date: "It's April 23, 1401, 2:36 A.M., and 12 seconds." This person would be an amazing time teller, and we'd probably revere that person for the ability to tell time. But wouldn't that person be even more amazing if, instead of telling the time, he or she built a clock that could tell the time forever, even after he or she was dead and gone?' Having a great idea or being a charismatic visionary leader is "time telling"; building a company that can prosper far beyond the presence of any single leader and through multiple product life cycles is "clock building." The builders of visionary companies tend to be clock builders, not time tellers. They concentrate primarily on building an organization—building a ticking clock— From 6u/;t to Last by James C. Collins and Jerry I. Porras. Copyright © 1994 by James C. Collins and Jerry...
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...Currently, in the world of growing economy and globalization, many businesses on both domestic and international marketplaces struggle to achieve the best market share. Every day business people from top to lower management work to achieve a common goal, being the best at what you do, and getting there as fast as possible. As companies work hard to beat their competitors they accept many tactics to do so. As for my assignment, I have chosen to examine why Disney and Pixar merged as a company. A brief definition of an Acquisition and a merger will be given following with the difference between them. I will be discussing if these two companies were a success or a failure and why and which were their reasons behind this statement. A merger is a combination of two companies, which form a new firm, while an acquisition is the purchase of one company by another in which no new company is formed. Mergers and Acquisitions take place for many strategic business reasons, but most of their reasons are due to economic standards. These are some reasons: Cutting costs: some companies have similar products or services, if they could combine there could be a huge reduce of costs this is an advantage for both firms. Most of the companies, which merge, can combine different opportunities for the best. This economic strategy has to do with economies of scale “reduction in cost per unit resulting from increased production, realized through operational efficiencies” in other words, when the...
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...Disney Productions is one of the entertainment businesses’ leading contributors, bringing in not only outstanding profits, but joy to millions of people all over the world. However, the Disney’s road to create this success was not an easy one. Walt Disney devoted his life to the arts and entertainment from every since he was a young boy, but Walt’s fame and fortune did not take fruit until he created Mickey Mouse. On December 5, 1901, Flora and Elisa Disney’s fourth child was born into the world, Walt Disney. Even at a young age, Walt exhibited a tremendous amount of creativity. He first began drawing pictures when he was in the first grade and did not stop drawing until he died. Another one of Disney’s talents that most people are not aware of was his exceptional acting skills. Disney took each and every chance he had to perform in his classroom or on stage. However when he was sixteen, school no longer interested him and he dropped out. After dropping out, he began working on a train as a waiter until the United States entered the war. Disney had a tremendous desire to join the army and serve his country, but he was denied because he was too young to service. Although he was not able to service in the war, he still had the desire to assist in some way to the war and became a volunteer for Red Cross. Within a week’s time, he was already sent to the front and did not return back home for about two years. When Disney returned home from the war he talked to his father about...
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...Washington version 2.0 School of Business April 2004 Walt Disney Company’s Sleeping Beauty Bonds – Duration Analysis* In July 1993, the Walt Disney Company issued $300,000,000 in senior debentures (bonds). The debentures carried an interest rate of 7.55%, payable semiannually, and were priced at “par”. They were due to be repaid on July 15, 2093, a full one hundred years after the date of issue. However, at the company’s option, the debentures could be repaid (in whole or in part) any time after July 15, 2023 or 30 years after the issue date. Beauty, the fairy tale princess and heroine of a popular Disney animated film, according to legend, slept under enchantment in a magic castle for one hundred years. The Disney 100-year debentures were immediately dubbed the “Sleeping Beauties.” The issue caused a lot of comment among traders of portfolio managers. “It’s crazy,” said William Gross, head of fixed-income investments at Piper Capital Management Company. “Look at the path of Coney Island over the last fifty years and see what happens to amusement parks.”[1] Scott Jacobson, head of fixed-income research at Piper Capital Management, felt that the bonds were too risky for his clients, but “if corporate treasurers can get away with it, why not?”[2] Other interpreted the successful sales of the bonds as a vote of confidence in the Disney Company and U.S. economy policy. “It shows that people believe the...
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...Importance of Logo Design towards Brand Image The most utilized and the focal element of the corporate identity design is the corporate logo and basically logo is incorporated by all corporate identities because it is the first impression of the company. If it is utilized consistently well, a logo can come to incorporate the whole corporate image. Actually, great logos and identities, in the same way as great organizations, are adaptable (Rowden 2000). Other parts of corporate identity design, for example, color plans and typefaces, can be consolidated into the logo, making the logo illustrative of the bigger corporate identity plan even when it is shown in seclusion of other corporate materials (Stahle 2002). It is undoubtedly the look of the company emblem is incredibly necessary to the communication of a company identity. Organizations should deliberately create their logos to include the visual components with which they need to be related and to adequately pass on the suitable abstract ideas and corporate messages. This portfolio concludes the samples with evident among the logo designs of television stations to and analyze the effectiveness of their logo towards psychological principles and design theory. - write how the logo designs can be effective to boost the brand image. In order for logos design to be effective in strengthening and boosting brand image, they should be simple, timeless, versatile, memorable, and appropriate. Simplicity is a key role...
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...From glistening ball gowns, to fairy godmothers and singing animals- Walt Disney has little girls everywhere growing up, with aspirations of being the next “Anna”. What the mirror on the wall did not teach us, is that the gender portrayals in these movies are not the fairest of them all. Since the first moment that Snow White bit into that succulent red apple, it was obvious that Disney was entrenched in misogyny that dates back to the mythology of Adam and Eve. Don’t get me wrong: I too was a doe-eyed Disney devotee and it took me a while to realise that it was better to depend upon charming chocolate than a Prince Charming. However it is now the 21st century and times have changed; Disney is no longer ‘Frozen’ in antiquated gender stereotypes. Notice the pun? Quite literally, “Frozen” (2013) has shattered princess stereotypes with a beautiful and funny adventure that’s a sure-fire Disney classic. “For the First Time in Forever” says the main song of the movie, and I kind of felt like singing the words too because for the first time in forever, the main characters of a Disney picture are independent females that don’t appear to rely on a guy, or a prince, that solves everything with a smooch. It’s true that Frozen is the rectification of a more modern woman role because there have been- in the past- some Disney movies with strong female protagonists such as Mulan (1998) and Pocahontas (1995). They didn’t need a man to be the saviour of the picture! This movie empowers...
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...Cultural Imperialism: The Impact of Western Influences on the Cultures of others through media Written by Edward Marcus, Nur Lillah and Sylvester Introduction With the vast advancement of technology today, the world has become progressively interconnected. Together with the rise in connection and communication, countries’ borders are also increasingly unclear as cultures cross borders and people adopt new ways of life styles and new manners of thinking. Most Asian societies for example, view the world from the eyes of the Americans or western culture and hence, they tend to adopt a foreign lifestyle in their apparel choices, the way they converse, even the type of food and eating etiquettes. Cultural Imperialism Over the past few decades, the vast improvements in technology have enabled efficient communication of information across the globe. Businesses in the best of nations have risen increasingly in scale and value. This, in turn, helps a handful of powerful nations exert influence over the world. Not only these few nations dominate the majority’s media consumption, they also consequently transmit their values and ideologies through these media channels. This process of dominating and influencing the mass through the media texts is known as cultural imperialism, which is the main component of capitalism and hence promoted by developed nations across the continents. Cultural Imperialism through Television A high percentage of Americans are couch potatoes...
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...Sell a story…tell a product. Storytelling has been one of the oldest arts in the human history, ¿Why we would use something that old for an innovating idea? Stories are carried with feelings, and sensations, they transport you to an exact place where you can feel the cold air in your cheeks, you can smell the roses, and hear the rush of the water. The key Word: Emotions. Times in Marketing has changed, in the last years the strategy was cold and undirected to the costumer, now marketing is trying to reconnected with them. By telling a story, you start with “Once upon a time” creating a background so the person that will be hearing your story feels that he is part of that beginning, he satisfies his necessity of belonging, so as the story keep growing he will feel identify and emotionally correspond with the story of the brand and not just to the product. The Brand Storytelling is giving the costumer more than a product to or a bunch of numbers and statistics. The idea is humanizing brands through the power of Storytelling. Storytelling and marketing share a common goal - to create communication that is interesting and encourages a specific reaction. Organizational consultants and managers have also discovered the power of storytelling in organizations. A good story of organizational transformation in one organization might motivate similar organizations to change as well; also, the informal stories people tell to each other about organizational norms, policies and...
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...(title page) PALIBUT BALEN (insert town/ city name) (Font Andalus or Calibri 16/B) GEOGRAPHIC CULTURAL PROGRAM (Font Andalus or Calibri 16/ B) By (Font Andalus or Calibri 11) Berung Sasa LICADCAD 2345678 (Stud.No.) (Font Andalus or Calibri 12/ B) Marikit Potang MATUDTUD 2345678 (Stud.No.) (Font Andalus or Calibri 12/ B) Berung Sasa LICADCAD 2345678 (Stud.No.) (Font Andalus or Calibri 12/ B) Marikit Potang MATUDTUD 2345678 (Stud.No.) (Font Andalus or Calibri 12/ B) Mr. Joel Pabustan MALLARI (Font Andalus or Calibri 11) Adviser Indung Kapampangan Culture (YKAMP) (Calibri 12/B) College of Business and Accountancy (Font Andalus or Calibri 11) Holy Angel University (Font Andalus or Calibri 11) The sequence outline should be done as follows: I. Objective The objective should contain the purpose of the report material, expectation and even the delimitation of the report. At the end of this activity, every group is expected to gain and provide the following learning outputs: a. To appreciate and understand the immediate physical geographic background of certain Kapampangan “Balen”. This will provide an excellent learning experience of Kapampangan as “lugal” – the “Indung Tibwan” b. To provide a direct practice and application check of theoretical learning. This can be seen in the formulation and or making of modified profile and program especially in the field of tourism and socio-economic research maturity...
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