Merger And Acquisitions Of Multinational Enterprises Economics Essay

Merger And Acquisitions Of Multinational Enterprises Economics Essay Growing through MA is one of the main ways in which MNEs seek to expand globally. Often, however, expectations outrun reality and the difficulties of merging two companies are underestimated. Examine a cross-border takeover or MA of your two cases choices discussing the balance between the benefits it has generated and difficulties that had to be overcome. Introduction: Globalisation has influenced by major changes in the business world over the past decade. Companies have been searching for competitive advantage in a worldwide scale. Companies are forced to follow their customers- who are going global- as they respond to the competition that is worldwide in scale. Globalisation in combination with other trends such as deregulation, privatisation and corporate restructuring has spurred an unprecedented surge in cross-border merger and acquisition activity. The recent figures in business clearly indicate that cross border mergers and acquisitions have become a fundamental characteristic of the global business landscape. Within the globalisation context, that has opened up a new world of corporate opportunities, accompanied by increasing risks and challenges, rapid changes and volatility, M and A has been an accelerating phenomenon- a business mantra- for companies driven by the urge to survive, evolve and grow. But the big question is whether these business mergers and acquisitions are pulling off as well as expected or intended, through the realizations of goals, there by achieving projected/desired levels of synergy. Background of the study: The mere process of M and A cannot guarantee success. It is only a facilitator and post merger operating performances depend largely on how well post merger opportunities are capitalized and resources are utilized. In the early 90s there was a significant awakening in this sector to become more competitive and exploit opportunities on a global playing field through M and As and other strategic alliances. As a result of the liberalization measures that lessened governmental control, regulations and trade restrictions, there has been a spurt of M and A activity in the recent past a manifestation of the corporate response to the greater freedom to modernize , expand and diversify. A liberal economic policy provided the stimulus and favorable atmosphere for companies to upgrade their technological and production capabilities (economies of scale)and improve their cost effectiveness and competency by merging with related or subsidiary units. During this period, M and As were also a significant method of foreign investment. The services sector, mainly the financial (including the banking sector) and communications services, leads this trend, with the chemical industry being the leader in the manufact uring sector. M and As are poised to rapidly increase in the near future as they provide acquiring companies the cutting edge amidst global competition. Beena (2004) says that the new industrial policy also brought about a shift in corporate strategies, in terms of share holding patterns, adoption of product differentiation, etc. Studies by Khanna (1998) show that, as a consequence of withdrawing all monopoly restraints in acquisitions, several markets have become oligopolistic and reduced competition. Many of these Mergers and Acquisitions involved companies of the same business groups, aimed at increasing control levels to safeguard against possibilities of takeover. Merger and Acquisition trends and patterns can be theoretically linked to studies of market power and reactions, access to markets or technologies, managerial ego etc(Cantwell and Santangelo,2002) There are many theories on mergers and acquisitions emerging from the studies of international business, industrial organization and financial economics, that include the category on synergy which assumes that the merger creates a total value that is greater than the sum of the values of individual firms where as the hubris theory proposes that value resulting from the merger is zero. Economic theory provides two contrasting perspectives regarding the efficiency and performance of mergers and acquisitions as corporate restructuring strategies- The value maximizing theory which proposes that corporate mergers as value -enhancing activities where managers work for shareholders wealth maximization goal of the firm(Franks and Hariss,1989) second is the managerial theory which proposes merger activities as an extension of managers own personal interests and wealth maximization prestige of managing a bigger post-merger business entity(Roll,1986) and as a platform of corporate control where managerial teams compete for the rights to manage resources(Jensen and Ruback,1983). Drivers and motives of M and As are to gain market power, reducing new product development risks, gaining access to innovative capabilities, maximizing efficiency and reshaping competitive scope.(Hitt et al.,2007) Other reasons include overcoming finance issues, that firms face due to information asymmetry (Fluck and Lynch,1999) Kumar(2009) argues that the post-merger profitability, solvency and assets turnover of acquiring companies show no improvement when compared with pre-merger figures, and hence mergers do not usually lead to improvement in the financial performance of the acquirer. The results of his study show that mergers are not aimed at maximizing wealth of owners and suggest that managers should focus on post-merger integration issues to generate synergy rather than achieving bigger corporate size, in the pursuit of hidden agendas. Beena(2004) emphasizes that one of the main objectives of M and A is to increase equity, which could be further leveraged to borrow resources for modernization and up gradation. According to Vardhana (2001) the population of all firms, in a finite sample, would change since there would be new entry through merger of an established firm with an incumbent and likewise, the merger of an incumbent would lead to its exit from the industry. This firm restructuring, a process taking place primarily through mergers, makes it difficult to choose a sample of firms that can be analysed with long-run data to isolate the effect of a merger. Therefore the short-run data for a merging firm would be more appropriate, which at the same time is long enough for pre- and post-merger period, so as to capture the merger effects. One bottleneck in assessing post merger performance is that the target company ceases to exist. Hence, for a more accurate measure of the merger effect, some post merger performance studies have isolated it by adopting the model that compares performance of the merged entity with that of control groups consisting of acquirer and target before merger and matching sample of units that did not involve in merger but have similar size and belong to the same industry. Also, to isolate the impacts of mergers and acquisitions which are influenced by several factors existing that are dynamic, a better model would have been the regression to norm frame work developed by Mueller (1986), by which analysis of regression of profits and regression of persistence of profits to norm can be carried out comparing to the industry standard as well or the control group. This would help to capture the impacts of M and As, with respect to size, pre-deal profitability, size, competition etc. Other variables like Market power/Market share, Inventory turnover, export intensity, capacity utilization, price -cost margin; etc could also have been included in the study. Kumar(2009) argues that the post-merger profitability, solvency and assets turnover of acquiring companies show no improvement when compared with pre-merger figures, and hence mergers do not usually lead to improvement in the financial performance of the acquirer. Overall, my opinion is that the authors have been rather vague in their conclusion and failed to establish convincingly that mergers and acquisitions have any significant positive impact on corporate performance, to a large extent because of the sample limitations as well as the limitations of financial data and their interpretations. But the research paper contributes to the understanding of M and As in India and their relative performances, although in a limited way. It also emphasizes that synergy can be generated in the long run; by optimizing resources and that the success of M and A deals depend on proper deal valuation, futuristic planning and effective management. Research similar to the one being reviewed has been conducted on mergers and that occurred almost in the same time frame, during the post liberalization period in India. But the results do not corroborate with each other. The term merger has been broadly used beyond its technical implications, to discuss the merging between the acquirer and the target in some acquisition cases too. However I have noticed that the samples of firms or cases of mergers taken for most of these researches were quite different as there were very few companies that were common to all the samples (of studies conducted by different researchers on the topic), within almost the same time frame. This disparity would inevitably yield different results, that cannot be co-measured and only a trend relating to the respective samples or cases can be analysed. The possibility of self-selection bias arising cannot be ruled out, because of the selection of samples comprising survivor firms that are existing during the p re-merger and post merger period under study. Also as pointed out earlier, results obtained using the operating performance approach, can be influenced by the limitations of financial measures to capture the impacts of mergers and acquisitions as a whole , as well as the intrinsic limitations of the financial ratios themselves. Some of these ratios do not have a benchmark to fit all industries, capturing only quantitative factors and not the qualitative factors. Also these ratios might vary and have varying significance across different industry types. This would give a limited perspective of the impacts of mergers and acquisitions. The more number of parameters used, the better the perspective and the conclusion. However this brings up the issue of comparability and co-measurability between results of researches on this topic, unless all studies use the same parameters. Falkner and Pitkethly (2001) say that there is an increasingly positive approach to mergers and acquisitions than before. Earlier MA was seen as a false activity but now they are welcomed by the government as well. Cosh and Hughes (1996) are skeptical about the merger activities and talks about the need for governments regulations over the merger and acquisitions in the light of U.K. economy. They argue that everything should come under legal scrutiny. Kang and Johanson(2001) talks about the role of globalization in promoting mergers and acquisitions and how mergers and acquisitions help companies to survive in the competitive environment. They see merger and acquisition as a positive business tactic in the competitive world. Ahmed and Glaister(2008) have done an extensive research on the topic and have pointed out the recent trends in CBMA in the U.K. They have identified the various driving forces behind the cross border merger and acquisitions in the companies in UK. Benefits: The driving forces underlying the trend of CBMAs are complex and vary by sector. One of the most significant driving forces is technological change. In addition, changes to government policies influence CBMAs by opening up opportunities and increasing the availability of favourable targets for mergers and acquisitions (MAs). Other forces are market drivers, industry-level drivers and firm-level drivers. The scale of CBMAs involving UK companies has increased rapidly in recent years. The area analysis shows that European Union (EU) companies are the most significant target for UK companies followed by the USA and Canada. In terms of distribution within sectors, UK companies tend to acquire more manufacturing companies in the EU, the USA and Canada than in the Asia-Pacific region. In contrast, UK companies tend to acquire more service sector companies in the Asia-Pacific region than in the EU, the USA and Canada. Example: On January 30, 2007, Tata Steel, part of Indias Tata Group, has purchased 100% stake in the Corus Group at 608 p. per share. Acquisition Type : Indian Company acquiring a foreign company. Tatas overtake the Mukesh Ambani- Reliance Group to become Indias largest business house by this takeover. Tatas, who have staked their century old reputation, will certainly leave no stone unturned in making this acquisition a success. Benefits: Triples Tata Steels capacity to almost 28m tonnes from 8.7 million. Gives it access to high- value European market. Corus has highly developed RD capabilities. Dangers: Tatas have paid a heavy price. It now needs to service a very large debt burden Integration can be a problem in such acquisitions because of both distance and culture Challenges ached: Financials will hinge on the future and the behavior of the steel prices Muthuraman is confident about more consumption from India and China over the next 50 years Labor is another issue as British Union, which represents 80% of UK based workers, warned against trimming down the labor force Post merger integration of human resources would be a Herculean task as acquisition of this scale in a developed country by an Indian company has not been seen before Cultural integration is another issue- retaining key talent and imbibing confidence in the workforce The merger may take 5-6 years to realize its full potentials. But these will certainly a trend-setter as to what will happen, not just in the Indian steel industry, but across all sectors. Discussion: The evidence can be found from many sources like journals and articles that point out the recent trends in Cross border merger and acquisitions. A sneak peek into the business world also reveals the relevance and importance of CBMA s in the new global economy. There are many examples that can be analysed to show the recent trends in CBMA s. An in depth study into the recent trends in CBMA reveal that presently, companies in UK are in the forefront of CBMA s both in the case of value of Mergers and Acquisitions and the numbers. CBMA s occurred between manufacturing companies in the US and EU, while in the Asia pacific region, the service sector companies merged with the UK companies. These are all evidences for recent trends in cross border merger and acquisitions. Conclusion: Companies are expanding beyond their domestic markets to be a part of the global market place. In doing so, companies can choose to export, establish new operations or acquire existing companies. CBMAs are now a common activity among the companies. UK companies are in the forefront of CBMA s in both the numbers of MA s and their values. Between 1996 and 2005, UK companies acquired 7,026 foreign companies. In terms of value, UK companies acquired  £520 billion worth of foreign companies over the period. The area wise analysis reveals that EU companies are the most significant target for UK companies followed by the USA and Canada while Asia pacific region also showing an increase in CBMAs. In terms of sector distribution, UK companies tend to acquire more manufacturing companies in EU, USA and Canada and more service sector companies in the Asia pacific region. High technology and Industrials are the most active industrial sector groupings in the EU, USA and Canada while financial s ector was the most active industrial sector in the Asia-pacific region. In short, we can say that while UK companies acquired EU and USA technology over the last decade, financial services were also acquired by UK companies in the Asia pacific region. The driving forces behind CBMAs can be grouped into factors at the macro-economic, market, industry and firm-level as well as technological and government-related factors. Technological change acts both as a pull and push factor; it promotes international expansion by reducing communication and transport costs; it creates new business and markets by rapidly changing market conditions or by increasing the costs of RD. The speed of technological development along with the technical competence and market knowledge, flexibility and ability to innovate are increasingly promoting the CBMAs. Companies are searching for partners from whom these tangible assets can be obtained. Government policies including liberalization, privatization and regulatory reforms influence CBMA s by opening up opportunities and increasing the availability of favourable MA targets. Economic fluctuations like recession or boom can also affect the level of global MA activity and its regional focus. Growth prospects, market structure and competition in the market promote CBMA. Slow growth, over-capacity and increased competition in global markets typically drive industrial restructuring and often make MAs preferable to Greenfield investments. This report tried to analyze the recent trends in CBMAs in U.K. To conclude, it can be said that CBMAs by UK companies are increasing by time and more and more companies are becoming aware of the benefits of CBMA. There is a need for a well planned strategy among these companies and that can lead to cost effective CBMA s leading to the benefit of the economy.

2001 Silverado :: essays research papers

INTRODUCING THE 2001 CHEVY SILVERADO MOTOR TREND’S 2001 TRUCK OF THE YEAR   Ã‚  Ã‚  Ã‚  Ã‚  While shopping for a new pick up truck I discovered a real find, the 2001 Chevrolet Silverado. Ford may have been the best selling pickup in the United States, but more and more Americans are turning to Chevrolet to meet their hauling needs. While Dodge and Ford are making drastic changes to their full-size pickups’ appearance, Chevrolet has decided to stick with more traditional styling. During my research to find the best truck for the best value, I used a couple of outstanding web sites. They provided me with excellent information. The web sites used were: http://www.chevrolet.com/silverado/ index.htm and http://www.Nhtsa.dot .gov/ncap/ncap.cfm. Price Range   Ã‚  Ã‚  Ã‚  Ã‚  The 2001 Chevy Silverado Extended Cab price ranges from $22,537 to $32,778 (http://www.chevrolet.com/silverado/index.htm). There are several packages, options, trim levels, and engines to choose from. That’s why there is a more than $10,000 difference from the standard model to the loaded model. Appearance   Ã‚  Ã‚  Ã‚  Ã‚  The 2001 Silverado model that caught my eye is the 1500 extended cab. The 1500 model comes in eleven appealing color schemes, from a bright Summit White to a deep Indigo Blue Metallic. The extended cab feature allows for additional passengers, which is great for my family of four. Even though the Silverado has the most rear-seat legroom of any other GM extended cab pickup, the legroom for the rear seat would be uncomfortable for adults on a long trip. The rear seat can be folded up to allow for additional storage space, a convenient option for those who go shopping on a rainy day. The extended cab comes with a term known as Fourth Door. Fourth Door pertains to the fact that there are actually four doors that can be opened. Each rear door can only be opened after the door in front of it is opened. This could be a slight inconvenience because the rear passengers are unable to exit the vehicle until the front passengers have opened their doors. Silverado Extended Cab  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Interior View http://www.chevrolet.com/silverado/index.htm Power   Ã‚  Ã‚  Ã‚  Ã‚  The 1500 model comes standard with the 4.8-liter V8 small block Vortec engine. This engine puts out an impressive 270 horsepower. However, with the horsepower comes an additional price to pay at the gas pump. The 2001 Silverado gets sixteen miles to the gallon in the city and twenty-one miles to the gallon on the open highway. To me the power is worth the price.

Labeling: Disability and Special Education Essay

What are Exceptional children and what place do they have in our schools? Exceptional children are children who are either exceptionally gifted or children with exceptional learning disabilities. These are children whose performances are way above the average child or way below the average child. When they perform way above the average child, they are called gifted. When they perform way below the average, we say they are children with learning disabilities. Like any other child, these children with exceptionalities are also a part of our society. Therefore it is important that they get the same opportunities as other children. Sometimes these children are clled Special and are placed in a special education program. However there are some children who never attended school. Journal entry II Reflection Journal Entry I What is Labeling? A tag used to identify children with learning disabilities. Types of Labeling – Slow learners, lazy, unmotivated, rude, dumb and disgusting. Advantages of Labeling 1. Had it not been for labeling there would not have been any funds for educational programs for children with learning disabilities. 2. Labeling allows professionals to meet so that they can work together for a common goal to help facilitate children with learning disabilities. 3. Labeling has led to the development of specialized teaching methods, assignment approaches and behavioural interventions that are useful for all teachers including teachers who teach children with learning disabilities (Hallahah and Kauffman, 1982) 4. Labeling may make the majority without disabilities more tolerant of the minority with disabilities. People may tolerate the actions of children identified as having intellectual disabilities than their peers without intellectual disabilities who would be criticized. 5. Labeling the disability spotlights the problems imposed for the public. Labeling can spark social concern and aid advocacy effects. 6. The human mind requires â€Å"mental hooks† to think about problems. If present categorical labels were abolished, a new set of descriptors would evolve to take their place. There is ample evidence of this in the evolution of the term â€Å"mildly disable†. Disadvantages of Labeling. 1. Although all children have some behavioural problems, labels can exaggerate a student’s actions in the eyes of a teacher. A tacher may overact to behaviour of a labeled child that would be tolerated in another. 2. Labels send a clear message. The learning problem is with the student. Labels tend to obscure the essence of teaching and leaning as a two-way street. Some children that are placed in a mild disability category are said to have nothing wrong with them, however they are the recipients of ineffective schooling 3. Labeling shape teacher expectation. Imagine what your reaction would be if you as a teacher were told that you had a mildly retarded child in your class. Studies on teacher expectations have demonstrated that what teachers believe about student capability is directly related to students achievement. 4. Labels perpetuate the notion that students with mild disabilities are qualitatively different from other children. That is not true. Students with disabilities go through the same developmental stages as their peers, although sometimes at a slower pace. 5. Students can not receive special education services until they are labeled. In many instances, the intervention comes too late. The need to students before help arrives undermines a preventive approach to mild learning problems. 6. Teachers may confuse the student with the label. Labels reflect categories of disabilities. Categories are abstract, not real, concepts that the general enough to incorporate many different individuals. Each child is a unique human being. When a student is placed in a category, a teacher who knows some of the characteristics of a category may ascribe all known characteristics to each labeled child. This is stereotyping and it harms children when a teacher rationalize low achievement by citing characteristics of the label. Example: We do not expect John to remember all his spellings vecause he is intellectually disabled. 7. Diagnostic labels are unreliable. Educational evaluation is filled with quirks. /the governments use different description criteria for the same categories; many evaluation instruments have questionable validity and reliability; specific labels go through trends. 8. Labels often put the blame (and the guilt) for a student’s learning problem squarely on the parents’ shoulders. In many cases, this is unjustified because students may be mislabeled or teachers many not fully understand the many different cases for learning disability. More disadvantages Labeling a child with Learning Disabilities may: 1. Cause stigmatization from teacher, peers and parents 2. May lower expectations placed on them 3. Have teachers treat them differently 4. Students may make fun of them 5. Students may have difficulty of being alienated or bullied by the general school body 6. They are unable to participate in school functions or attend different school from their siblings, which can lead to isolation Conclusion. The advantages of labeling were more obvious in the formative years of special education (mid 1940s to early 1970s) then they are now without the category learning disability, advocates would not have been able to promote educational programs for these children. Once a child is categorized with intellectual disability, emotional disturbance, or learning disabilities, this information would be filed an every teacher who comes along will be informed. This reason alone stigmatizes a child. This practice should never be done if it can be helped. Journal Entry III Inclusion: Argument For and Against All m en are created equal. Therefore it is the rights of one and all to be included in a family, school, society or the world for that matter. Whether on is black or white, woman or man, disable or able it is the right of every human being to be a part of the inclusion process. Many persons whose abilities are denied or ignored feels that society has not respected their rights to participate in their fullest capabilities as their peers. So what is Inclusion – Some say it is about all of us, living full lives, our abilities and not a disability issue, opening doors that were once locked for all, equal opportunities and education for all. It is recognizing our interdependence and that we are one, even ehen we are not the same. For Inclusion Many people are for inclusion:- 1. Because of the ever changing world. Because the world is changing, stereotyping is being exposed, allowing moral values to change. 2. Every child has a right to an appropriate and efficient education in his/her local mainstream school. 3. It is unlawful for education providers to discriminate between pupils on grounds of race, sex, disability, sexual orientation, gender reassignment, religion, etc. 4. Changes in world and government policies means equality for all, including disabled people. Respect and equal commitment are becoming more important. 5. Human rights for every individual introduces diversity as rich learning resource. 6. Inclusion rarely cost less than segregated classes when the concept is implemented responsibly (Sklaroff 1994 p7) 7. Gifted children can some times be grouped by â€Å"heterogeneous grouping† however it is said that gifted children work best with gifted children. 8. Teachers who have only low=ability students often times have lower expectation of their students. Journal Entry IV 1. Disabled children are not getting the attention that is needed in the mainstream. 2. Classroom teachers do not always have the necessary resources, training or support system in place to teach children with disabilities. 3. The disabled children are not getting appropriate specialized attention and care. Teachers have neither the time, nor expertise to meet their needs. 4. The regular students are disrupted instantly. 5. Students with disabilities can not cope with the high standard placed on students to improve the academic achievement of students. Luberman (1992). 6. By expending the range of ability levels, teachers are required to direct inordinate attention to only a few students, decreasing the amount of time and energy with the rest of the class. Tonnille (1994) 7. By mixing disabled children with regular students, they would get lost in the crowd and programs would be watered down. 8. Students are subject to negative labeling. Finally it is my belief that children with learning disabilities need their own space. They do not progress academically without individual attention to meet their won specific educational needs. In addition, these students need specialized teachers, teaching them in a resourced room setting to cater to their special needs. However, there are some children with mild disabilities. These children can be a part of inclusion within regular classroom setting with limited disabilities. These children have a better opportunity of progressing, once teachers are willing and able to teach them. Also they get to improve by imitating and working along side average children. They also learn from these children.

The Realities Of War By Wilfred Owen Essay - 1497 Words

The Realities of War The First World War started during a time of industrialization, this brought new weapons and technologies to the war front. World War One brought different changes to the battlefield such as: heavier artillery, chemical warfare, air warfare, and trench warfare. Trench warfare is a style of combat in which troops fight each other in trenches across from each other. English trenches in the first world war were terrible, small, crowded spaces in which the sight of death was everywhere. As a soldier in WWI, Owen was mentored by a fellow war poet Siegfried Sassoon, and during his wounded time, Owen wrote poems describing the realities of being a soldier. As opposed to the patriotic war poems published during the time, where the soldiers were happy to serve, and lived a great brave lifestyle, Owen spoke of the horrors he faced during trench warfare, and is known for his gruesome details. Two of Wilfred Owen’s most notable poems are â€Å"Dulce Et Decorum Estâ⠂¬ , and â€Å"Conscious†. Owen s war poems give a grotesque look into the reality of trench warfare during the First World War, and through his use of imagery and tone he challenges the glamorization of soldiers the people back home had of them. Very nice intro and thesis. The use of powerful imagery in Wilfred Owen’s poems, allow vivid scenes to play out in his audience’s head of exactly what he wants them to see. Owen was not afraid to give grotesque details of his war experiences, and many of them were veryShow MoreRelatedNature in Nathaniel Hawthornes The Birth-Mark and Wilfred Owens Disabled1428 Words   |  6 PagesFreedom is an entity that people desire to have in life. Nathaniel Hawthorne in The Birth-Mark and Wilfred Owens in Disabled both have similar plots about two peoples concern for nature. Nathaniel Hawthorne The Birth-Mark focuses on the importance of nature. 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Wilfred Owen himselfRead MoreCritical Analysis of Wilfred Owen’s â€Å"Dulce Et Decorum Est† Essay1168 Words   |  5 PagesCritical Analysis of Wilfred Owen’s â€Å"Dulce et Decorum Est† Wilfred Owen’s poem â€Å"Dulce et Decorum Est†, is a powerful poem with graphical lifelike images on the reality of war. It is blatantly apparent that the author was a soldier who experienced some of the most gruesome images of war. His choice of words, diction, tone, syntax, and metaphor’s paint a vivid picture in a brilliant poem. His choice for the poem’s name is ironical in itself. The entire phrase is â€Å"Dulce et Decorum Est Pro patriaRead MoreWilfred Life Of Wilfred Owen914 Words   |  4 PagesWilfred Owen Poetry Wilfred Edward Salter Owen was an English poet and soldier, whose renowned compositions were distinguished in their delivery of a tenacious condemnation of the First World War. 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The horrificRead MoreA comparison of poems by Wilfred Owen â€Å"Dulce et Decorum Est† and â€Å"Anthem for Doomed Youth† Wilfred800 Words   |  4 PagesA comparison of poems by Wilfred Owen â€Å"Dulce et Decorum Est† and â€Å"Anthem for Doomed Youth† Wilfred Owen fought in the ww1. He enrolled into army at an early age which was probably influenced by the government’s enticing and false advertising. However in the trenches Owen soon discovered the reality of war and how horrific the war was. At first he started to take notes about the conditions. Then later in a military hospital he edited and turned these notes into poetry. â€Å"Dulce et Decorum Est† is aRead MoreSimilarities Between Rupert Brooke, Siegfried Sassoon, And Wilfred Owen1531 Words   |  7 PagesSenior High School World War I Poetry How it changed during the war Abby Schaubroeck Honors World Cultures Period 3 Ms. Beck 19 May 2017 Over the course of the war the perspective of literature, in specifically poetry, changed. Rupert Brooke, Siegfried Sassoon, and Wilfred Owen all share one common bond: these men were war poets. According to the Oxford Dictionary, the term â€Å"war poet† means â€Å"a poet writing at the time of and on the subject of war, especially one on military service