Client Assessment Report in Counseling Essay Example | Topics and Well Written Essays - 4250 words

Client Assessment Report in Counseling - Essay Example He was able to overcome his castration anxiety and identify with his father. However as he grew up, his father expected him to take over the family business. This did not feature in his ambitions since he had a strong desire to start his own IT firm which he went on to do. Conscientiousness as one of the five factors found in Goldberg’s trait theory of personality deals with the assessment of an individual’s degree of organization, persistence, and motivation in goal-directed behavior. Dickson being high in conscientiousness seemed to be what created the wedge in the relationship with his father and therefore it crumbled. It was because of this that Dickson found himself sinking into a depressed state. Dickson is the only son in a family of three of which he is the middle born child. According to Alfred Adler; the birth order was seen to influence the formation of the personality of an individual. Being a middle born the universal traits expected to feature in Dickson i ncluded independence on behavior. Alfred advanced that middle born less closely identify with the family because they receive less attention compared to the first or last born children. They, therefore, learn to look out for themselves and they tend to report having been less loved as a child. His older sister who is eight years his senior is a successful figure in her father’s family business. This heightened the pressure to join the family business even more and his refusal to do so was just seen to be much worse because as a boy, he is expected to have been socialized by his father to take up the role of the head of the family business. The age difference also put a strain on the sibling relationship between him and both his sister. This is because even his younger sister was ten years younger than he was. Age difference affects sibling relationships whereby, the contextual influences e.g. the environmental influences vary with different generations. Growing up, Dickson en joyed spending most of his time reading and studying in order to excel in his studies with the sole purpose of making his father proud. His introverted lifestyle allowed him to get very good grades all through his school life but this came at a high price. It denied him the chance of socially interacting with his peers who at the adolescent stage are key agents of socialization or the way in which orientation to the society normally occurs. Studies by Dunn and Plomin et al (1990) have shown that peer groups influence an individual into acceptance of new rules of behavior and provide lasting experiences for personality. Dickson, therefore, missed out on the opportunity to learn various ways of how interaction with others besides his father occurs. Dickson grew up looking up to his father who he saw as his role model. In Albert Bandura’s social learning theory; it was advanced that children learn through observational learning or what is alternatively referred to as modeling.

You Choose Topic Essay Example | Topics and Well Written Essays - 1000 words

You Choose Topic - Essay Example pending on the situation of the company, some issues may carry a sense of urgency while others could be put on the back burner but it must be kept in mind that all ethical issues will need to be tackled sooner or later. An ethical issue which comes up as soon as a company decides to hire or to recruit an individual is the personality of that individual. Since management begins with recruitment and hiring, the two central ethical issues for a company undergoing the recruitment process can be understood as the need to follow anti-discrimination rules and to observe equal opportunity laws (Lockwood, 2005). Simply put, all candidates must be viewed and hired based on their strengths and weaknesses as applicants without any undue weight to their race, age, physical abilities or gender except in situations where such requirements become a part of the job (Alleyne, 2005). As reported by Clarke (2005), even though a lot remains to be done in this particular field there are laws to protect companies as well as individuals from discrimination based on these particular issues. Personality testing on the other hand, is one issue which is not clearly defined by the law and is very easy to circumnavigate during the interview process. In terms of psychology, it is understood that certain personality types are better at certain jobs than others and even though personality itself is complex to define, the generally accepted notion of personality has been the collection of behavioral properties as well as the thoughts and ideas of a person. The earlier work in this field was done by Jung which was later expanded by others. While we may say that person X has a cheerful personality, scientists prefer to classify personality in three models including Factorial models, typologies and circumplexes which are connected with how they perform at work (Clarke & Robertson, 2005). This process can be used to profile candidates but modern discussions of ethics in HR also question if such a

What Is the defining business Essay Example for Free

What Is the defining business Essay What is the defining business and economic characteristics of the video game console industry? ? Intensity of competition: the competition in the video game industry is dramatically fierce. There are three largest companies in this industry, which are Nintendo, Sony and Microsoft. Additionally, lots of companies have relatively high level of strength, for example:high technology and meet the social trend, which are able to compete in the market place. ? Market size; the target market for the products cover all over the world ,however,the cumulate sales in Europe, Japan and the U. S are higher compare to other regions. ?Influenced by global recession: video game is not the necessary product, hence,the global economic recession have influenced the sale of video game products. The revenue declines 6% in 2010 compare to 2009, and also continued decreasing in 2011. ?Growth rapidly:the video game industry have been growingrapidly, and also expected to continue growing in the future. What is the industry like? The companies in video game industry refer to provide high technological and innovative products. It includes online game, mobile game, video game console and handheld game. In addition, in order to attract exist and potential consumers and build customer loyalty, these companies multiply their efforts to enhancethe technology of the products. What’s more, video game business sectorupdate very fast, the new generation replaced the old one in short period. Meanwhile, the companies launched latest production rapidly. However, an obviously issue is that the target market is limited, young men are the majority part. What 3-5 key factors determine the success of video game console developers like Nintendo (2009-2012)? 1. Unique concept of video game console: In the original period, the video game companies tend to pay more attention to improving technology, which lead to less market share and high competition, however, after a strategic research, Nintendo intend to create product differentiation advantage over rivals, it avoid pursuing high-tech blindly, focusing on developing unique function of product, such as to allowed consumers to participate in the games by themselves. That characteristic can easily catch consumers’ attention. Having a unique and propriety concept is essential in video game console industry. 2. New market segment: The video game market is almost saturated;hence, these game companies have to seek new target market to survive. In traditional video game console target market, men occupied the majority portion. In order to gain more profit, companies should take effort to attract more women, elderly and so on. In terms of extending market share, companies can’t rely on a small proportion of population. Nintendo designed â€Å"Wii† not only just for men but also for the whole family, the game is very suitable for everyone 3. Technology capability: High technology capability is a vital factor for game companies to be a leader in video game console industry; it can provide more technical advantage over rivals. 4. Various range of products: In today’s world, people have relatively high demand of products, in order to satisfy the needs, it is necessary to produce diverse product to grab more market share. 5. Low cost Undeniably, reducing cost is an effective way to make profit gain, low cost lead to low price, and low price are more acceptable by consumers. Reference: Morris, C. (2011), Video Game Sales Drop 6% in 2010, Second Year of Declines, [Online] Available from: http://www. cnbc. com/id/41062675/Video_Game_Sales_Drop_6_in_2010_Second_Year_of_Declines.

Impacts of Mergers Acquisitions on Shareholder Wealth

Impacts of Mergers Acquisitions on Shareholder Wealth This dissertation attempts to investigate, the impact of Mergers Acquisition (MA) on shareholder wealth in the European banking industry from 2003-2007 and explains in depth detail of the literature reviewed by the author to provide the basis of the successful achievement of the project. MA has been a popular research topic in finance with broad literature exists on MA. For this review to be achievable, a broad search for information was undertaken by means of the internet and library. The research question will examine the wealth effects (abnormal returns) of MA involving European banks using `event study` methodology over the period of 2003-2007 in both the announcement period and long run post acquisition period. In other words, can MA improves or destroy shareholder wealth of the targets, bidders and combined firms. 1.2 Introduction The decade of 1990 saw the biggest increase in European MA activity. Merger Acquisitions (MA) have been a significant phenomenon in the Europe. and the world economy which symbolizes one of the most important strategic decisions made by managers and shareholders of the engaged firm. Sudarsanam (2003,para1,p.1) argues shareholders and managers may be the most important stakeholders in MA but other groups such as workers, competitors, lenders, customers all have a collective interest in this activity. MA may be undertaken in order to replace an inefficient management, but sometimes two businesses may be more valuable together than apart. Motivation behind the mergers is to maximise the shareholders wealth. However, according to Jensen and Ruback (1983) and Sirower and O`byrne (1998), in almost two third of cases, mergers produce wealth gains for target shareholders and more or less zero gains to acquirers. Various studies have found that, usually the announcement of bank mergers neither create nor destroy shareholders value Pilloff and Santomero (1998). Also, some studies indicates that the announcement of certain types of bank mergers do create value, if that merger reduce costs. Berger, Demsetz, Strahan (1999) identified five fundamental dynamic factors that motivate corporate takeovers i.e. an increase of globalization, technological progress, financial deregulation, changes in customer demand and the integration of financial markets. Arnold (2005, para2, p.1041), defined mergers as the combining of two business entities under common ownership whereas Bruner (2005) states it as consolidation of two firms that creates a new entity in the eyes of the law. According to Investorwords.com acquisition is a acquiring control of a corporation, called a target, by stock purchase or exchange, either `hostile` or `friendly` which also be called takeover. E.g. in October 2007, Royal bank of Scotland (RBS) merged with Dutch bank ABN Amro to clinch Europes biggest ever banking takeover with 86% of ABN Amros shareholders accepting a 71bn euro (Ft.com). Bruner (2005) argues takeover activities are strategic transactions that could turn out to be an excellent investment of capital and resources. 1.3Merger waves Nowadays, MA is well known fact that comes in waves according to evidence from Bruner (2005), Gorton, Kahl Rosen (2005), Martynova Renneboog (2006). Five individual merger waves were observed in the UK economy in the last century i.e. 1900`s, the 1960`s, the 1970`s, the 1980`s and the 1990`s. (Kastrinaki, Stoneman 2007) Brankman, Garretsen, Van Marrewijk (2008) argues that, in terms of economic importance, the dominant merger wave unpredictable is the positive global outcome, suggesting that MA waves are an economy wide global phenomenon. The wave of bank mergers has been established to explain the diverse theories e.g. the `efficiency hypothesis` expect that mergers improve efficiency and help poor banks to survive as competition becomes increasingly rigorous in the banking industry. Gugler, Mueller, Yurtoglu (2004) finds that merger waves can be implicit if one identify that MA do not boost efficiency and doesnt increase shareholders` wealth but instead sited that MA waves are best come across as the answer of overvalued shares and managerial opinion. 1.4Why do MA occur? In various European countries, mergers have allowed banks to increase efficiency by assisting the coordination of the closing of branches. Banks shareholders and managers need to recognize the potential sources of economic gain emerged from MA. Banks can reduce costs and increase value in different ways e.g. diversification. I.e. if mergers generate cost synergies such as economies of scale, banks can reduce expenses. According to evidence from Berkovitch Narayanan (1993), Sudarsanam, Holl Salami (1996), Hannan Pilloff (2006), Martynova Renneboog (2006), the motives for MA have been categorised into the three main groups i.e. economic motive or synergy, managerial or agency problems and hubris. The actual distribution of merger gains between target and bidder shareholders will depend on their individual negotiating strengths. Therefore, following table shows the impact of mergers on shareholders wealth: Merger Motive Total Gains Target Gains Bidder Gains Synergy + + + Agency problems + Hubris 0 + 1.4.1 Synergy Motive The first key group that accounts for MA is an economic or synergy motive which means that two companies can achieve together which they cant achieve single-handedly. Siems (1996) argued that synergy theory projected that the acquiring bank can efficiently create synergies via economies of scale and scope by reducing costs and eliminating redundancies and duplication. Economies of scale occurs when the average unit cost of production declines as volume increases e.g. banking mergers in the UK of Bank of Scotland and Halifax of 30bn merger in May 2001, to create HBOS fifth major force in UK banking sector. The idea was that the Bank of Scotland was operating in north of the country and Halifax was in south by merging these two banks, were trying to reduce cost of processing banking transactions. Economies of scope occurs when the cost of producing several products in a multi product firm is lower than the cost of producing the same products by individual firms e.g. Banc assurance model, British banking and issuance giant Lloyds TSB acquired Scottish Widows in June 1999 for 7bn. Sudarsanam et al (1996) identified the sources of value creation into three main types i.e. operational synergy, managerial synergy and financial synergy. Operational synergy occurs during the recognition of economies of scale and scope, vertical integration, the elimination of duplicate activities, the transfer of knowledge or skills by the bidders management team and a reduction in agency costs by bringing organization precise assets underneath common ownership (Ravenscraft Scherer 1987, 1989 cited in Martynova Renneboog 2006). Sources of value in vertical mergers includes reducing transaction costs in which combining different stages of the production chain can reduce costs of communication and bargaining i.e. one companys output is other companys input and by putting together will make the business efficient. E.g. Microsoft bid for Yahoo in January 2008, worth $42bn that will create more powerful browser or have a better chance of tackling the internet search leader. Having said that, current trends towards outsourcing suggest that, the benefits from vertical mergers are limited. According to Martynova Renneboog (2006), establishments of operating synergies reduce production distribution costs and yielding an incremental cash flow accruing to the companys post-merger shareholders. Sudarsanam et al (1996) argues managerial synergy could occur if the bidder has a competent managerial team and takes over a target with fewer competent managers. Such takeover is disciplinary and likely to improve the wealth gain for both bidder and target shareholders. Having said that, there is a considerable risk of agency problems where the managers do not operate in the interest of shareholders. Martynova Renneboog (2006) argues that diversifying takeovers are likely to gain from financial synergies in which financial synergies may incorporate improved cash flow stability, cheaper access to capital, an internal capital market as well as contracting efficiencies created by a reduction in managers employment risk. Conglomerate mergers allow risk diversification by spreading the income stream of the holding company over a wide variety of products and markets. Sudarsanam et al (1996) finds that financial synergy materialize from three likely sources i.e. the tax advantage of unused debt, the growth opportunities and financial resources of the emerging companies and the coinsurance of debt of the two companies which result in lower costs of capital. 1.4.2 Agency factor The second main motive for MA is managerial or agency factor. Shareholders are Principals i.e. owners of companys assets and managers are employed as shareholders Agents to manage these assets on their behalf. Managers should make decisions that are consistent with the objective of maximize the shareholder wealth, but managers do not share this objective necessarily. Managers will have their own personal objectives which will be mainly concerned with maximizing their own welfare (Sudarsanam et al 1996). Therefore, managerial decisions in acquisitions may result in agent costs that reduce the total value of the joint firm as they do not maximise but weaken shareholders return. Berger, Demsetz, Strahan (1999) argues that one managerial intention may be empire-building. Executive compensation leads to increase with companys size, so managers may wish to accomplish personal financial gains by engaging in MA, although at least in part the higher observed compensation of the managers of larger institutions rewards greater skill and effort. To protect their firm-specific human capital, some managers may also try to reduce insolvency risk below the level i.e. in shareholders interest possibly by diversifying risk through MA movement. Arnold (2005) observes that the managers may enjoy the thrill of the merger process itself and as a result push for such deals to take place. 1.4.3 Hubris The third and final main motive for MA is Hubris which was specified by Richard Roll in 1986. Arnold (2005, para2, p.1055), define hubris as over weaning self confidence or, less kindly, arrogance. The hubris hypothesis states that the valuation of target by the bidder management is over optimistic and per se the bidding firms management overpays for the target. This perhaps for a number of bases such as decisions makers believing themselves, that the value exists when it does not or that their valuation is correct and that the market is not shimmering the full economic value of the combined firm. These managers may perhaps be overconfident or have misplaced faith in their ability to develop the profit performance of the target firm. Berkovitch Narayanan (1993) argues that the hubris maintains that decision makers in the bidding firms simply pay too much for their targets as a result of mistakes in overestimating the value of the targets. 1.5 Factors influencing shareholder returns Shareholders returns are not just affected by MA announcements, but they are also influenced by bid characteristics e.g. method of payment, cross border MA, friendly vs. hostile bids etc. 1.5.1 Method of payment The method of payment is one of the key variables that must be agreed between the buyer and seller to determine the firms` abnormal returns and overall outcome of the bid. According to Huang and Walkling (1989), The form of payment will influence bidding strategy if it affects the anticipated NPVs of an acquisition. Huang and Walkling found that when method of payment and degree of conflict were taken into account statistically, abnormal returns were no higher in tender offers than in mergers. Payment methods can affect NPVs through interrelations with either acquisition cost or the probability of success or both whereas Dube, Glascock Romero (2007) argues that the different stages of benefit growing to the target and acquiring firms shareholders is attributed to the alternative methods of payments. Arnold (2005, para1, p.1059) states that cash payment has been the most popular and most valued method of payment which offers higher return than equity. For example, bidding firm is expected to carry out stock financed merger if the management of bidding firm has better-quality inside information that the existing assets of the firm are overvalued. However, if the bidder firm has confidential information about the target company and trusts it to be undervalued, then it probably offer cash financed merger. Therefore, merger financed with stocks are a negative signal because the use of stocks as a method of payment is more likely to occur when the stock is overvalued, while the use of cash is taken as the firm being overvalued. Alternatively, if target shareholders consider that their bank is overvalued, they will prefer to receive cash. This theory is supported by empirical literature and it demonstrates that at the time of the bid announcement acquirers who propose cash, tend to practice higher abnormal returns than those who offer stock financed merger. The advantage of cash is that the acquirer shareholders hold the same level of control over their company because their proportion of ownership has not been diluted by giving target shareholders stock options in the merged company. Therefore, the returns to the shareholders of a bidding firm will be higher in cash financed merger than the stock. Brealey, Myers Marcus (2004, para1, p.599) states if cash is offered, the cost of the merger is not affected by the size of the merger gains. And if stock is offered, the cost depends on the gains because the gains show up in the post merger share price, and these shares are used to pay for the acquired firm. 1.5.2 Cross border MA The combination of worldwide financial markets has been going together with, increases in the number and tiny proportion of firms that operate in the global market and the globalization process has been to a rational extent encouraged by cross border MA. According to Brankman, Garretsen, Van Marrewijk (2005, 2008) cross border MA are the main medium for foreign direct investment. MA provides fundamental but also limited understanding of this form of takeover, as cross-border MA are most likely related to economy-wide shocks such as economic integration, changes in the legal and regulatory environment or likely asymmetric business cycles. Based on past empirical evidence, though the majority of the domestic MA create significant wealth gains for the targets and negative or zero returns for bidders, cross border MA could have different impact on related firms. Kang (1993) stated that cross border MA are expected to create more wealth than domestic ones because of existence of market imperfections which leads to guide multinational firms (MNC) having a competitive advantage over local firms. Foreign banks have to act in accordance with with both regulations at home and abroad; domestic credit establishments have cost advantages, since fulfilling two diverse sets of regulation enforce additional costs on foreign banks. Also, different regulations reduce the amount of related fixed costs. This decreases the possibility for banks to collect benefits from economies of scale and scope. Economies of scale propose that bank is able to reduce its costs by growing the volume of output of products and services it already produces. As a result of developing into new country, a bank increases its potential client base and benefits from economies of scale. According to economies of scope, banks that diversify activities could reduce costs by providing more services. 1.5.3 Friendly vs. hostile bids Analysis regarding the impact of hostile takeovers has been arguable, varying from the benefits of market discipline for maximizing efficient utilization of resources to the damage of market shortsightedness on the economy, on the society and on value built over years. Dube, Glascock Romero (2007) argues such debates can impact financial marketsand can be expected to expand as developing markets open up to foreign corporations and as economic power is redistributed amongst countries. Hostile takeovers occur, when the management of a firm resists the takeover attempt by bidders. Lambrecht and Myers (2007) state that in some cases a potentially hostile acquirer could be better off negotiating with the target management for a merger and that such a situation reduces the power of the target shareholder to extract value from the bidder. Hostile acquisitions also involve swifter and more drastic changes in target. In both friendly and hostile acquisitions, overpayment can arise due to age ncy reflection of managerial objective maximization by the acquirer management. Goergen and Renneboog (2003) analyzed the market reactions to the different types of takeovers i.e. friendly, hostile and bids with multiple bidders. They found that hostile bids created the largest abnormal returns for the target i.e. 13% on the announcement day. When a hostile bid is made, the share price of the target straight away reflects the expectation that opposition to the bid will guide to upward revisions of the offer price. Various empirical studies have found that the returns to bidders in hostile takeovers are negative; resulting in low possibility of success of a hostile bid. 1.6 Impact of MA on shareholders Almost all of the studies of MA in banking industry are based on US data. As we know, one of the main objectives of mergers is to maximise the shareholders value by the means of increase in dividends and increase in share prices, so the shareholders can enjoy the capital gains. The two most important methods which can be used to assess the impact of MA were explained by Firth in 1980. In the first method, accounting information is used to determine the firms` financial performance profitability. The second method believes in efficient market which can be used in share price movements to estimate the economic impact of the event. The second method, direct measures any increase or reduction in shareholders wealth but also experience from the reality that no market is really efficient which results to mislead conclusions due to movement in share price. In this project, author chose the second method i.e. an event study in which the focal point will be on three different sets e.g. the target, the bidder and the impact of MA on combined firm in the long run. Various empirical studies on MA have concentrated on establishing stock market reaction around the announcement of a deal and whether a merger creates value for the shareholders of target and bidding firm. Delong (2001) examined 56 banks between 1991 and 1995, for focusing mergers that create positive abnormal returns whereas diversifying mergers produce negative abnormal returns. DeLong (2001) has point out that upon announcement the market responds positively to mergers that focus both on the activities and geography, which is consistent with Siems (1996). Delong finds that the cumulative abnormal returns (CAR) of target firm has been increased to 14.8% after merger and the bidding firm loose a significant 2.2%, whereas the combined firm neither created nor destroyed the shareholders value. The result also shows that the long term performance is improved when mergers involve inefficient bidders, payment not just made by cash and earnings are not diversified. Cybo ottone and Murgia (2000) analysed 54 largest MA deals with CARs at +3,41% between 1988 and 1997 on the European banking sector in 14 European markets. They have found that at the time of announcement, there was a positive and an important increase in the market value of the banks engaged in these deals. They have found positive abnormal returns for both buyers and the sellers using the general market index in the short period of eleven days, but found negative market reaction to acquiring bank. In other words, European bank mergers generate value for the combined firms including the target and the bidders do not lose. Various studies have shown that in Europe and the USA, target shareholders earn positive abnormal returns from mergers. Cyboottone and Murgia (2000) stated that bidding firm shareholders earn positive abnormal returns in European studies whereas in USA studies bidding firm shareholders earn negative abnormal returns from the mergers. Shareholders of target European banks achieve more than the bidding bank shareholders, however, the difference is very tiny indeed. So in other words, we can say that Cyboottone and Murgia (2000) results are not consistent with the USA banking literature which shows that no value creation effects are usually found. Martynova and Renneboog (2006) examined the short term wealth effects of 2,419 European MA announcements between 1993 and 2001 in twenty eight European countries. They found that UK target created higher returns (9%) and UK bidders experienced lower wealth losses (0.5%) in comparison to the total European average result. They also identified the share price reaction of bidding firms; on a hostile merger i.e. it generated a negative abnormal return of -0.4%, on the other hand, a friendly acquisition created a positive abnormal return of 0.8%. Therefore, Martynova and Renneboog (2006) have concluded that MA do create value for the bidding and the target shareholders in which target shareholders enjoy majority of gains as they collect large premiums. Beitel (2001) look at 98 large MA of European banks between 1985 and 2000 using the event study in which he found out, the shareholders of the target firm enjoy positive cumulative abnormal returns (CAR), whereas the shareholders of the bidding firm doesnt earn any CARs. However, the combined analysis of bidding and target European bank merger do create the shareholders value significantly. They also notice a change in the results after 1998 that European bidding banks in large deals experienced negative CARs and especially cross border mergers of European banks appeared to have destroyed shareholders value. Table 1: Summary of bank mergers using event studies of previous Abnormal Returns to shareholders MA studies Sample period Sample size Event Window Target CARs (%) Bidder CARs (%) Antoniou, Arbour Zhao (2006) 1985-2004 396 -2 to +2 17.37 -3.32 Cybo-ottone Murgia (2000) 1988-1997 54 -10 to 0 16.1 Not significant DeLong (2001) 1988-1995 280 -10 to 1 16.61 -1.68 Sudarasanam, Holl Salami (1996) 1980-1990 429 -20to+40 days 29 -4 Becher (2000) 1980-1997 553 -30 to +5 22.64 -0.1 Siems (1996) 1995 19 -1 to +1 13 -2 Houston Ryngaert (1997) 1985-1991 184 -2 to +2 20.40 -2.40 Ismail and Davidson (2005) studied 102 merger announcements in European banking industry between 1987 and 1999. They found positive abnormal returns for targets and the return to bidders differs across the deal type, also the merger deals earn higher returns than acquisition deals. They reported that the high competition in the market and reduction in the profitability in the banking industry in Europe is extending a depressing picture of performance of the future. They also reported low positive abnormal returns to target shareholders compared to other findings in the banking industry in Europe. The reason behind is that the bidder not ready to pay higher premiums in a competitive environment in which level of profits are decreasing. Ismail and Davidson (2005) pointed out that if equity is used as a method of payment instead of cash, then merger deals earn lower returns because of the fact is that equity signal to the market that the equity is overvalued which is consistent with fin dings of Huang and Walkling (1987). 1.7 Conclusion A bank acquires another bank because of number of reasons e.g. diversification, market power, managers preference etc. This literature review looks at the motives of MA based on the past academic studies i.e. Berkovitch Narayanan (1993), Sudarsanam et al (1996), Hannan Pilloff (2006), Martynova Renneboog (2006). Having said that, it is still not clear whether synergy gains or personal quest of managers is behind motivating majority of MAs. Evidence suggests that the managers may use the free cash flow for mergers that may produce negative NPV investments, because managers pursue their own interests rather than those of shareholders, resulting in mergers to not create value for shareholders. Whereas hubris, which supports the efficient market hypothesis (EMH) suggests that any bid for the target at premium overpays and it is result of the hubris. Arnold (2005) state it is similar to `winners curse` where the highest bidder will bid typically higher than the expected value of the purpose. However, most of the evidence suggests that the target shareholders gain positive abnormal returns while the cumulative abnormal returns (CARs) to the bidders are significantly negative and the combined banking firms seems to improve the shareholders value. Various studies also supports the fact that target shareholders gain at the expense of bidder shareholders and bank mergers do not create value for the combined firm in stock market reaction to bank mergers. Also, evidence shows that shareholders returns are not only affected by the MA announcements but they are also influenced by bid characteristics. 2.0 Methodology 2.1 Introduction Choosing appropriate research methods are clearly vital. According to Veal (1997) it is important for the researcher to be aware of the range of methods available and not to make claims that cannot be justified on the basis of the methods used. This part of this dissertation gives an outline how information was collected, the sample design statistics and which methodology is used by concentrating on European banking sector mergers between 2003 and 2007. Firstly, we have to decide the philosophy underlying this research, which involves choosing a paradigm. Collis and Hussey, 2003, p. 352 define paradi

The Reflections Of Gore Vidal :: essays research papers fc

The Reflections of Gore Vidal   Ã‚  Ã‚  Ã‚  Ã‚  There are many people in today's society that would love to have their views published for the whole world to view, but few can match the wit and originality of Gore Vidal. Vidal is the author of many short stories, novels, playwrights, and movie scripts. Gore Vidal has been and continues to be an influential figure in American literature. One of Vidal's most effective strategies as a writer has been to make the public aware of his opinions through his very popular and controversial works. Gore Vidal is an opinionated man with strong beliefs on many aspects of modern American culture.   Ã‚  Ã‚  Ã‚  Ã‚  Gore Vidal is a man who likes to provoke controversy. The works of Gore Vidal revolves around three main themes: human behavior, politics, and homosexuality. These are Vidal's favorite subjects to write about because they are all something he deals with every day of his life.   Ã‚  Ã‚  Ã‚  Ã‚  Readers of Gore Vidal should realize that he is out to shock the public with his beliefs, and he accomplishes this task quite well by being in favor of homosexuality. Gore Vidal sees nothing but positive outcomes should homosexuality become an accepted practice. According to American Writers 'The consequences of publishing a gay novel in 1948 were severe, and Vidal's literary career nearly ground to a premature halt'; (681). With the publication of The City and the Pillar, Vidal became ostracized by his fellow writers and the public as well. Homosexuality is not an accepted practice today by many, and since it was less common in 1948, some became enraged and refused to buy any of his work (681). For years Vidal could not sell anything because he had already been labeled as an advocate of homosexuality. In an interview with Salon, Vidal said that he thought that within the next century the government would encourage homosexuality to decrease the population (3). Gore Vidal believes that children are no longer needed and that they are only taking up valuable space in today's world (3). Mr. Vidal believes that by promoting Dunst 2 homosexuality the over crowding will cease to be a problem (3).He refuses to have children because he thinks he will only be adding to the world's population problem. ('Vidal, Gore'; 683) Vidal also sees the practice of homosexuality as a cure for sexually transmitted diseases such as AIDS. Vidal thinks that by eliminating all male and female intercourse the sexually tranmitted diseases will eventually cease to be passed on as he believes this is the safest form of sexual intercorse. (684)   Ã‚  Ã‚  Ã‚  Ã‚  One of Gore Vidal's more popular beliefs is that women should never be abused.

Populating the New World Essays -- American America History

Populating the New World Upon the arrival of the first European explorers to the "New World," they encountered what they believed to be primitive savages. These creatures that ran about in the shape of humans showed no aspect of humanity and aroused wonder and curiosity on the part of the Europeans. When the Europeans travelled further into the heart of the land and saw the buildings of the Maya, Inca, Aztec and other ancient Indian nations, they were unable to attribute these massive structures to the people that they saw before them. Instead, they theorized that it was the descendants of one of the ancient European civilizations that built the temples. It possibly might have been the ancient Greek, Egyptian, or a lost tribe of Israelites. It did not occur to them that the Indians, erroneously named by Christopher Columbus, might have been capable of the construction of the buildings they found. As the Europeans became settled in the Americas, they began to wonder as to the origin of the indigenous population. The church, in accordance with the teachings of the 15th and 16th centuries, maintained that they were actually the descendants of sinful Babylonians that had survived the flood of Noah. In 1589, a Jesuit priest by the name of Joseph de Acosta jumped ahead of his contemporaries in explaining the arrival of the Indians into the New World. While he remained within the doctrines of the church, de Acosta put forth the theory that the Indians could have arrived to the Americas via three means: an organized and prepared transoceanic voyage, an accidental landing, or a migration over land. He worked under the assumption that man hailed from the Old World, as all humanity was descended from Adam, and that the Ind... ...n to leave. 6) As more people moved into the New World, they "pushed" people that had been here before further south. With these understandings, the identity of those that truly discovered America can be better discerned. Works Cited: Dixon, E. James. Quest for the First Americans. Albuquerque, University of New Mexico, 1993. "The First Americans." The World Book Encyclopedia. USA, World Book, Inc., 1994, vol.10, p. 155. Heinrichs, Ann. America the Beautiful: Alaska. New York, Children's Press, 1991. Maxwell, James A. America's Fascinating Indian Heritage. New York, Reader's Digest Association, Inc., 1978. Snow, Dean. R. The Archeology of North America. New York, Chelsea House Publishers, 1989. Willey, Gordon R. An Introduction to American Archaeology. New Jersey, Prentice-Hall, Inc., 1966

Material Science Essay

Abstract In this assignment I will be defining the 3 essential properties of every material and describing those. I would also be describing how silicon-based semiconductors revolutionized computing. I will also define what microchips are and how they relate to integrate circuits. Since the pressing questions about the increasing ability of computers to quickly process large amounts of information is whether a computer can be built that is considered â€Å"alive† or â€Å"conscious.† I will also be defining artificial intelligence and telling the difference between the human brain and the central processing unit of a computer. Material Science There are three essential properties of every material that scientists use as a foundation for most every study. First it is the kind of atoms that is made up from the material. There are the neutral elements and the compound elements. The neutral elements would have the identical amount of protons and electrons; this would essentially terminate one another, which would leave the protons and electrons neutral. The compound element is when there is a combination of more than one element. The atoms are second in the way that they are arranged. A great way to explain this is by relating atoms of liquid and atoms of solids. For example the atoms of liquids move around allowing the atoms of solids which are packed together. The way that atoms are attached together is number three. These are the key properties when understanding the study of materials. The strong point of the material, this is the capability to endure forces being useful to it without breaking, this is first. The materials elasticity is second, which is the capability to flex while returning to its original form. Number three is the materials plasticity; this is the ability to change its shape forever. Thanks to the starter of semiconductors, computers have developed over a billion times faster than one of the first built in 1946 (ENIAC). Describe how silicon-based semiconductors revolutionized computing. Since silicone semiconductors are capable to move easily through the solid component it is more proficient than copper based conductors. Silicone based conductor’s makes holes which produces and fills a space constantly. This means electrons jump from one atom to another. This will also change the silicon through a process called doping by adding either phosphorus or aluminum the desired effect is achieved. When adding phosphorus to silicon it develops n-type which is negative-semiconductor. When adding aluminum to silicone it develops p-type semiconductors. These are both essential parts functions efficient electrical devices microchips, which are used in computers. Microchips are positive and negative type semiconductors. Microchips do a detailed function. A microchip is individual diodes and transistors will play a big part of the essential function in modern electronics, although these strategies have been mainly replaced by much more complex arrays of P- and N- kind semiconductors, known as microchips. Microchips may join hundreds or thousands of transistors in one integrated circuit, particularly intended to do a specific role. They are related to integrated circuits this is why. Combined circuits (microchips) are the main component in devices such as microwave calculators, and other devices. An integrated circuit microprocessor lies on modern technology. Modern technology is occupied with electrical integrated circuits. Such as, Televisions, MP3 players and computers all contain integrated circuit which allows them to perform specific functions. Also known as microchips or microprocessors, these circuits keep track of all the information being transferred within the device, in essence giving it life. Jack Kilby and Robert Noyce are both who take credit with inventing the integrated circuit, both coming up with the idea within a year of each other while working for separate companies. Artificial Intelligence is a division of science which deals with helping machines and finds explanations to complex problems in a more human like manner. This normally contains borrowing features from human intelligence, and applying them as procedures in a computer friendly way. A more or less well-organized approach can be taken depending on the necessities recognized, which impacts how artificial the intelligent performance seems. (http://ai-depot.com/Intro.html) The 2 essential differences between human brains and the central processing unit of a computer is the brain-computer metaphor has served intellectual psychology well, research in intellectual neuroscience has revealed many significant changes between brains and computers. Escalating these differences may be crucial to understanding the mechanisms of neural information processing, and eventually for the creation of artificial intelligence. (http://scienceblogs.com/developingintelligence/2007/03/27/why-the-brain-is-not-like-a-co/) One difference is that brains are analogue and computers are digital. For instance one of the primary devices of information communication appears to be the amount at which neurons fire a fundamentally unbroken variable. Likewise, networks of neurons can fire in relative synchrony or in relative confusion; the coherence affects the strength of the signals received by downstream neurons. Lastly, inside each and every neuron is a leaky integrator circuit, composed of a diversity of ion channels and endlessly changing membrane potentials. (http://scienceblogs.com/developingintelligence/2007/03/27/why-the-brain-is-not-like-a-co/) Another difference is short-term memory is not like RAM. While the superficial similarities between RAM and short-term memory encouraged many early intellectual psychologists, a closer examination reveals strikingly important differences. Although RAM and short-term memory both seem to required power, short-term seems to hold only to long-term memory however. RAM holds data that is Isomorphic which is having similar appearance but different ancestry. Not like RAM, the capacity limit of short-term memory is not fixed, the capacity of short-term memory seems to vary with differences in processing speed as well as with expertise and understanding. (http://scienceblogs.com/developingintelligence/2007/03/27/why-the-brain-is-not-like-a-co/)