Jimi Hendrix Essays (871 words) - , Term Papers

Jimi Hendrix Jimi Hendrix, the greatest guitarist in rock history, revolutionized the sound of rock. In 1967, the Jimi Hendrix Experience rocked the nation with their first album, Are You Experienced?. Hendrix's life was cut short by the tragedy of drugs in 1970, when he was only twenty seven years old. In these three years the sound of rock changed greatly, and Hendrix's guitar playing was a major influence. Jimi was born in Seattle, Washington on November 27, 1942. As a young boy, whenever the chance came, Jimi would try to play along with his R & B records. However, music was not his life long dream. At first, the army was. In the late 1950's, Hendrix enlisted in the 101st Airborne Division. After sustaining a back injury during a jump, he received a medical discharge. After his army career came to an abrupt end, he decided to go into the music field. By this time he had become an accomplished guitarist, and was soon to become known as the greatest guitarist ever (Stambler, pg. 290). However, he did not start out at the top. Jimi started out playing as part of the back-up for small time R & B groups. It did not take long before his work was in demand with some of the best known artists in the field, such as B.B. King, Ike and Tina Turner, Solomon Burke, Jackie Wilson, Littler Richard, Wilson Pickett, and King Curtis (Clifford, pg. 181). Using the name Jimmy James, he toured with a bunch of R & B shows, including six months as a member of James Brown's Famous Flames (Stambler, pg. 290). At the Cafe Wha! in New York, in 1966, Hendrix decided to try singing. Jimi lucked out when a man by the name of Charles "Chas" Chandler from Eric Burdon's Animals heard him at the club and thought he was sensational. When Chas heard him again later that year, he talked Jimi into moving to England where he would really get the chance to start his career (Stambler, pg. 290). Along with Chas, Hendrix auditioned some musicians to complete the new Hendrix group. They choose Mitch Mitchell, a fantastic drummer, and Noel Redding, one of England's best guitar and bass players (Stambler, pg. 290). In 1966, at the Olympia in Paris, the Experience debuted. One year later, the Experience was breaking attendance records right and left at European clubs. When the Monkees toured England in 1967, they heard Jimi and liked him. The Monkees asked Hendrix to join them on their tour through the U.S., and Jimi was on his way home (Stambler, pg. 290). "Jimi's erotic stage actions, suggestive lyrics, and guitar- smashing antics..." did not go over well with the Monkees' fans or many adults. Being criticized over and over again forced the Experience to be dropped from the tour (Stambler, pg. 290). This however did not get Hendrix down. By the end of the year, the group was invited to the Monterey Pop Festival. Jimi won a standing ovation for the "...nerve-shattering sounds from the group's nine amplifiers and eighteen speakers, topped by Jimi dousing his guitar with lighter fluid and burning it..." (Stambler, pg. 291). Hendrix became popular overnight, and his shows became standing room only. His stage acts were so wild, Time magazine described it as: "He hopped, twisted and rolled over sideways without missing a twang or a moan. He slung the guitar low over swiveling hips, or raised it to pick the strings with his teeth; he thrust it between his legs and did a bump and grind, crooning: 'oh, baby, come on now, sock it to me.'...For a symbolic finish, he lifted the guitar and flung it against the amplifiers." Time (April 25, 1968). His specialty became the way he used feedback, which up until now was an undesired sound. Using his guitar and the feedback it created, he was able to generate sounds which were used to his advantage in creating his unique style. This style is copied today by modern rock artists; however, this style is duplicated today with the use of special equipment, such as synthesizers. Are You Experienced?, Electric Ladyland, Axis: Bold as Love, and Smash Hits were all platinum albums. For the year of 1968, Billboard named him Artist of the Year; and in August he played a heart-stopping performance of the Star Spangled Banner at Woodstock. His fame did not last forever though. In 1969, the Experience broke-up. However, Hendrix claimed it was not forever, but was just a chance for the members to develop their musical abilities. Then Jimi's drug addiction became worse. In

Effects of the American Revolution on Britain

Effects of the American Revolution on Britain American success in the Revolutionary War created a new nation, while British failure tore away part of the empire. Such consequences were inevitably going to have impacts, but historians debate their extent compared with those of the French Revolutionary and Napoleonic Wars, which would test Britain soon after their American experience. Modern readers might expect Britain to have suffered greatly as a result of losing the war, but its possible to argue that the hostilities were survived so well that Britain could fight a very long war against Napoleon soon after. Financial Effect Britain spent a huge amount of money fighting the Revolutionary War, sending the national debt soaring and creating a yearly interest of nearly 10 million pounds. Taxes had to be raised as a result. The trade that Britain had relied on for wealth was severely interrupted. Imports and exports experienced large drops and the following recession caused stocks and land prices to plummet. Trade was also affected by naval attacks from Britain’s enemies, and thousands of merchant ships were captured. On the other hand, wartime industries, such as the naval suppliers and the part of the textile industry that made uniforms, experienced a boost. Unemployment fell as Britain struggled to find enough men for the army, which caused them to hire German soldiers. British privateers experienced as much success preying on enemy merchant ships as almost any of their opponents. The effects on trade were short term. British trade with the new USA rose to the same level as trade with the colonies by 1785, and by 1792 trade between Britain and Europe had doubled. Additionally, while Britain gained an even larger national debt, it was in a position to live with it, and there were no financially motivated rebellions like those in France. Indeed, Britain was able to support several armies during the Napoleonic wars and field its own instead of paying for other people. Its been said that Britain actually prospered from losing the war. Effect on Ireland Many in Ireland opposed British rule and saw the American Revolution as a lesson to be followed and a set of brothers fighting against Britain. While Ireland had a parliament, only Protestants voted for it and the British could control it, which was far from ideal. Campaigners for reform in Ireland reacted to the struggle in America by organizing groups of armed volunteers and a boycott of British imports. The British were afraid a full-blown revolution would emerge in Ireland  and made concessions. Britain relaxed its trade restrictions on Ireland, so they could trade with British colonies and freely export wool, and reformed the government by allowing non-Anglicans to hold public office. They repealed the Irish Declaratory Act, which had secured Irelands dependence on Britain while granting full legislative independence. The result was that Ireland remained part of the British Empire. Political Effect A government that can survive a failed war without pressure is rare, and Britains failure in the American Revolution led to demands for constitutional reform. The hardcore of government was criticized for the way it had run the war and for the apparent power it had, with fears that Parliament had ceased to represent the views of the people- except for the wealthy- and was simply approving everything the government did. Petitions flooded from the Association Movement demanding a pruning of the king’s government, the expansion of voting, and a redrawing of the electoral map. Some even demanded universal manhood suffrage. The Association Movement had huge power around early 1780, and it achieved widespread support. That did not last long. In June 1780 the Gordon Riots paralyzed London for almost a week with destruction and murder. While the cause of the riots was religious, landowners and moderates were frightened away from supporting more reform and the Association Movement declined. Political machinations throughout the early 1780s also produced a government with little inclination for constitutional reform. The moment passed. Diplomatic and Imperial Effect Britain may have lost 13 colonies in America, but it retained Canada and land in the Caribbean, Africa, and India. It began to expand in these regions, building what has been called the Second British Empire, which eventually became the largest dominion in world history. Britain’s role in Europe was not diminished, its diplomatic power was soon restored, and it was able to play a key role in the French Revolutionary and Napoleonic wars despite the loss across the sea.

In the attachment Essay Example | Topics and Well Written Essays - 500 words

In the attachment - Essay Example Its presence provides sanctity to the Gudwara, which is the place of worship of Sikh followers (2). Sikhism believes in concepts such as the universal acceptance of all humanity, belief in one God, the name of God is Truth (Sat Num), the equality of all persons irrespective of their caste, color, gender, nationality, and religion, and equality in sexes is emphasized (2). In addition, the ten Gurus of the religion are considered one with the Divine being, wherein each had divine attributes (Singh Chanal 11). Moreover, the Sikh philosophy is grounded in the spirit of freedom, which influenced its notion of social justice and freedom. Sikhism cherishes freedom not only for themselves but for others as well (Singh 1). The understanding of this religious tradition provides a more logical approach in a religious belief, since the teachings of Sikhism emphasizes that the True God encompasses all the names that are attributed to it by other religions and that there is only one God worshipped by any other religion. Sikhism also values equality of every individual and its aim for freedom for everyone is also a very noble act. Religion in many centuries has always been an integral dimension in many armed conflicts, due to the inherent differences in the religious beliefs and practices of different religions. The diversity of these traditions had been a constant hurdle in undergoing conflict resolutions (Hapviken 352). Thus, religion can have both positive and negative impacts on the efforts of peacemaking. Multidimensional approach is also fundamental in order to address the conflicts between different beliefs and inter-religious dialogue is the key part of this (Brajovic 186). Religious traditions imply its negative potential on the aspect wherein a member of one religion has a tendency to uphold strong religious

Personal Understanding and Interpersonal Communication Essay

Personal Understanding and Interpersonal Communication - Essay Example Meanwhile, non-verbal communication (NVC) is something that we do not pay attention to during communication as well as to listeing as it performs functions of face-to-face interaction that do not rely primarily on the content of what we say. Here we are concerned with how we make ourselves known through, for example, a look, gesture, postural shift or trembling voice. At the very outset, however, it should be stressed that distinguishing between verbal and nonverbal communication is not as conceptually straightforward as it might at first seem. As for assertiveness, this quality is nowadays required from professionals and it is a skill that is of importance when dealing with family, friends, peers, superiors and subordinates. It is pertinent to interactions between different groups of professionals, especially where differences of power and status exist, and it is of relevance to interactions between professionals and clients. In a piece of early but still influential work, Laver and Hutcheson (1972) distinguished between verbal and nonverbal, and vocal and nonvocal communication. Vocal behaviour refers to all aspects of speech including language content and accompanying expressions such as tone of voice, rate of speech and accent, etc. Nonvocal behaviour, in contrast, refers to all other bodily activities that have a communicative function such as facial expressions, gestures and movements. These are sometimes referred to as body language. Verbal behaviour, on the other hand, is taken to mean the actual words and language used while nonverbal behaviour refers to all vocal and nonvocal behaviour that is not verbal in the sense defined above. This system seems therefore to insert a sharp and clearly recognisable dividing line between the verbal and the nonverbal, until it is realised that verbal communication has a nonvocal element. It encompasses types of gestural communication such as formal sign languag e that one may have expected to find listed as nonverbal. According to Richmond and McCroskey (2000) precise definitions that introduce hard and fast distinctions between verbal and nonverbal communication are illusory. Instead they suggested teasing the two forms apart by pointing up broad differences. As such, by comparison, verbal messages: - rely much more heavily on symbols (i.e. words) as part of an arbitrary code; - tend to be discretely packaged in separate words rather than represented in continuous behaviour, as in gaze; - carry more meaning explicitly rather than implicitly; - typically address cognitive/propositional rather than emotional/relational matters. Remland (2000) further noted that verbal interchanges must take place sequentially (i.e. participants must take turns) but interactors can communicate simultaneously using a nonverbal code. We tend to be less aware of the nonverbal accompaniment to much of what we say, than we are of the actual words spoken. While we often carefully monitor what is said to achieve the desired effect, how we are saying it may escape censor such that the reality of the situation is 'leaked' despite our best efforts. In other words, NVC can be thought of as a more 'truthful' form of communication through the insights that it affords

Comparative Religion Essay Example | Topics and Well Written Essays - 500 words

Comparative Religion - Essay Example A history of Judaism from the viewpoint of the phenomenology of religion has yet to be written. The ways in which classic patterns of myth, symbol, and archetype survive the great transformations wrought by biblical religion and reappear, mutatis mutandis, in rabbinic and later Judaism are yet to be fully traced. Judaism closely interlinked with Sufism, early Muslim religious trend. (Neusner Jacob, 3-10) Sufism is based on a revelation that is not for esoterists only, it is necessarily linked with an exoterism together with which it forms a religion. That religion, like Buddhism and Christianity and unlike Hinduism and Judaism, is a world religion. But unlike the other two world religions, Islam is based, like Judaism, on a revealed message rather than on the messenger himself. That message is, moreover, the last revelation of this cycle of time, which means that its inner aspect, in addition to the universality that every esoterism possesses by its very nature. (Annamarie Schimmel, 177-178) The connection between pronouncing the name of God and hitbodedut, in the sense of seclusion in a special place, is already present in Sufism. The similarity of Rabbi Abraham Abulafia's approach to this subject to the Sufi system is well known, and one need not assume that this is mere chance.

Merger and Acquisition Impact in Pakistan Profitability

Merger and Acquisition Impact in Pakistan Profitability This research study determines the impact of mergers and acquisition in banking sector on its profitability and measures the performance differences of Local and Foreign mergers and acquisitions banks in terms of profitability in Pakistan. The research has been conducted between five mergers and acquisitions of local and foreign commercials banks in Pakistan. The comparative analysis of commercials banks in Pakistan conducted through the financial analysis. The past and present performance of banks has been analyzed through analysis of financial statements of all five banks on the basis of secondary data. But after conducting mean and Independence sample t-test, it is concluded that there is no significant change between ROE and ROA for before merger and acquisition and after merger and acquisition, so it leads to that banks that enrolled in merger and acquisition did not get any significant change in their profitability. Mergers and acquisitions (MA) and corporate restructuring are an immense part of the corporate finance world. Every day bankers arrange MA transactions,  which bring individual companies together  to form  bigger ones. When theyre not creating large companies from smaller ones, corporate finance compacts do the reverse and split up companies through spin-offs, carve-outs  or tracking stocks. Corporate takeovers (acquisitions) represent the strategic business techniques, used by firms to achieve different motives. For instance, such takeovers can be used to penetrate into new markets and new geographic regions, gain expertise and knowledge, or possibly to allocate capital. Business organizations use such strategies in order to attain their competitive advantage and to survive in the market. Competition between organizations originates due to change in market environment, which can lead to the restructuring of an organization. Companies engage themselves in such kind of strategies, as it helps them to expand their businesses. This then leads them towards takeover (mergers and acquisitions), which is the result of changing market circumstances. The combination of the businesses becomes a significant part of the framework of doing the business in global market economy. These collaborations of business are penetrated in the worlds business community. Nowadays these takeovers and combinations are not problematic due to the globalisation. Technology and the economic changes in the international economy shift the markets trends, and this confines corporations and forces them to collaborate (merge) although they are resistance to change. Companies, which are a mix of different institutions, become part of the current market in order so that they can survive and yet remain competitive according to current standards of market forces. If they fail to meet the current conditions or trends they will not remain in the market, so to pursue new challenges, their business has to alter. The trends towards the takeovers (Mergers and acquisitions) are becoming significant and this influencing the companies strongly. It involves a great deal of accountability. In certain cases, such takeovers are so great that they force a transformation of companies and then the creation of new company is essential. Such strategies need proper planning. In order to achieve the best results, companies have to concentrate on all parts of the businesses. This is because it involves huge transactions and complex processes and if this is not properly executed, can lead to big problems. The takeover wave of the 1980 stimulated many experimental and the theoretical studies, most of which are concerned with the issues like sources of profitability after affects on management. In this paper we study the comparison of the two methods of takeover from the firms point of view. For this we have to focus on one of the most important differences between friendly and hostile takeovers. In a hostile takeover, a firm or raider makes a tender offer directly to the shareholders of the target company, without consulting the incumbent management. Each shareholder individually decides whether or not to tender his share. In contrast, friendly takeover has to be approved by the shareholder and management. 1.1 Types of Takeovers Takeovers are often used as a common way to expand businesses, mostly on the basis of one company purchasing another company. There are two main types of takeovers Friendly Takeover (Acquisitions) Hostile Takeover (Mergers) 1.2 Friendly Takeover (Acquisition): Takeover, which is supported by the management of the target company. Friendly takeover is also known as Acquisitions, is the buying of one company by another company. The takeover target is unwilling to be bought or the targets board has no opposition against the takeover or no prior knowledge of the offer. Acquisition usually refers to a purchase of smaller firm by larger one or may be sometimes smaller firm will acquire the management control of a larger established company and keep its name for the combined entity. 1.3 Types of Acquisition: The buyer buys the assets of the target. 2This type of transaction leaves the target company as an empty shell, if the buyer buys out the entire assets. The cash target receives from the sell off is paid back to shareholders by paying dividend or through liquidation. A buyer executes asset purchase, often to cherry-pick the assets that it wants and leave out the assets and liabilities that it does not. The buyer buys the shares (and in effect the assets or whole company out right), and therefore control, of the target company being purchased. In effect, this creates something that has higher growth rate in the given market. 1.4 Hostile Takeover (Merger): A takeover which is against the wishes of the target companys management and board of directors is the opposite of friendly takeover. A hostile takeover is also known as a merger, when you integrate your business with another and the control of the combined businesses is shared with the other owner.1 A takeover is also considered to be hostile if the board rejects the offer, but the bidder continues to pursue it, or if the bidder makes the offer without informing the board beforehand. 1.5 Classifications of mergers à ¢Ã¢â€š ¬Ã‚ ¢ Horizontal mergers take place where the two merging companies produce similar product in the same industry. à ¢Ã¢â€š ¬Ã‚ ¢ Vertical merger occur when two organizations, each working at different phases in the production of the same good, combine. à ¢Ã¢â€š ¬Ã‚ ¢ Conglomerate merger take place when the two organizations operate in different industries. Mergers and acquisitions (MA) are now rising as a major source for contemporary business expansion. This provides a significant way for growing rapidly and entry into the market. According to estimates, over 30,000 MA transactions have been taken place annually in the new Millennium, which would be equal to the one contract every 17 minutes. The historic background of global takeover is highly active, averaging more than $1 trillion per year in transaction value. During 2000, organizations spent $3,500 billion US dollars in all MA cases, a huge increase has been seen because in 1991 its $500bn, which became $1,500bn in 1997. These figures show the globally increasing trends towards mergers and acquisitions. Takeover (MA) processes involve a great deal of complexities, and legal requirements. It is not purely taken place between the organizations but involve the other issues like country regulations (if the takeover is between companies from different countries). For example, in western countries, governmental regulations apply according to which certain technologies cannot be transferred 1.6 Historical Background: Mergers and acquisitions require similar set of activities. Here we discuss the brief history of takeovers through discussion of the mergers waves. After establishing what the historical experience with mergers has been in the economy, it also includes the increased incidence of hostile takeovers, and the installation of various anti-takeover defenses by corporations and their resulting shareholder wealth effects. Other notable trends, such as the use of leverage to finance takeovers are also discussed. This field of mergers and acquisitions has shown a remarkable growth. This activity of mergers and acquisitions starts in 18th century. The growth of this market is fuelled by the debt financing through investment banks. According to the previous studies conducted by different researchers, we can divide the takeover history into five distinct periods in which these processes were in high concentration and often called the à ¢Ã¢â€š ¬Ã…“merger wavesà ¢Ã¢â€š ¬?. Many interesting features characterized these waves 1.7 Statement of the Problem: Determine the impact of mergers and acquisition in banking sector on its profitability 1.8 Research Question Research Question: what are the performance differences of Local and Foreign mergers and acquisitions banks in terms of profitability in Pakistan? Literature Review Frederikslust (1997) composed a difference between value making and redistribution theories. He argued that Synergy cause plays a key role in the value making theories, while agency problems or Hubris plays a role in the redistribution theory. Merger and acquisitions create economic sense if the entire is value more than the sum of its parts, or affirmed otherwise, if synergy exists. The excess value of horizontal mergers can be managed by: economies of scale in production and supply, access to new markets, having a mutual maiden office, elimination of unproductive management, greater financial potentials and shared immaterial assets (patents, trademarks and licenses). Vertical mergers cut down the industrial chain and reserves can be made in procurement, more professional communication is achievable, as well as production can be further focused to market expansions. A definition of synergy formulated by (Sirower, 1997) is as follows: Synergy is the enhanced competitive capacity and consequent greater cash flows in excess of what the individual companies would have attained. Sirower states that value creating mergers are rarely. A merger is meaningful when the synergies (surplus value) go beyond the incurred merger costs as well as the takeover payment. Other researchers (Healy, 1992) are additional positive and bring to a close that in the post-merger stage there are important enhancements in the cash flows evaluate to other firms in the industry. Ruud. A. I. van Frederikslust (1997) said that mergers compose no sense if the extra cash flow is lower than the takeover premium and/or is lower than the expenditures incurred by integration. There are two most important theories that give explanation the beginning of merger movement, the hubris- and the agency theory. The hubris theory states that organization strives for synergy having the aim to maximize profits for shareholders. Unluckily, managers experience conceit resulting in fewer values attained in the form of synergy. From research (Roll, 1986), it appears that synergetic remuneration are attained in these mergers, on the other hand the pre-calculation of synergy is commonly too high to give good reason for the takeover premium. Mueller (1989) explained the agency theory and told that the importance of the shareholders or proprietor is not similar to the interests of organization. The taking apart of capital and power induces managers to struggle for their own interests. A motive for a merger can be Empire Building, where managers struggle to enlarge the size of the corporation. Morck (1990) argued that a big company gives more position and executive salary is positively associated to the size of the company. Also, a large company offers added potential for emoluments and executive failures of the history are easier to cover up. Part of the agency theory is the theory of free cash flow. Free cash flow is to facilitate part of equity for which there are no gainful investments in the business. These cash flows, which are usually found in the (free) reserves, could be spread to the shareholders as dividends. On the other hand, according to the agency theory, these free profits are used to finance merger action that serves to gather the interests of the organization. The conclusion of a merger hardly ever leads to an enhancement in the cash flow of the involved companies. Schenk (1996) said that the game theory, component of the agency theory, is useful to explain merger waves. The moment a rival make a decision to merge, one has to choose whether to respond to the attack on the recent market position by a related move. The dilemma for management is that it does not recognize what was the driving force of the rivals move to merge and whether this action was financially rational. When one make a decision not to merge and the rivals move to merge was value making, and then one runs the threat to become a target of a next takeover. Keynes (1936) said that according to the game theory a corporation will make the action that minimizes be disappointed. In other words, one will formulate the action to merge, even though the possible return after the merger might be lower than can be attained separately. In the case that the profits of the merger are unsatisfactory, then there is all the time the excuse that their performance is no unusual from the rest of the industry. In this way managements status is not spoiled. This is what Keynes mentions in 1936: à ¢Ã¢â€š ¬Ã…“It is better for reputation to fail conventionally than succeed unconventionally.à ¢Ã¢â€š ¬? De Jong (1998) did not chase this micro-economic justification of merger waves. A merger is not only accomplished for the need to decrease insecurity. Leadership in association and improvement is captured irrespective of the associated insecurity. The reason that not all firms take part in a merger wave is not dependable with the game theory. Similarly, some industries do not explain any tendency of focus regardless of their oligopolistic environment. De Jong argued that merger influence by means of the market theory. A company passes four distinct phases; namely the pioneer phase, the expansion phase, the mature phase and the declining phase. The moment a company or the industry reached the mature phase, congestion and tough price competition in combination with lower return boundaries arises. In these phases, companies will employ in horizontal mergers to decrease cost. With continue stagnation, one will also attempt to enter new markets through foreign acquisitions. In the decline phase, firms divest and sell off firms assets to gather capital for other potential markets or cut losses. Therefore, a merger sign is seen as a natural process. Van Frederikslust (1997) argued that the market response is examined at the moment the merger is declared. At that time, the study attempt to link the theories that clarify merger activity to the condition in The Netherlands. A raise in the share price propose positive hope of the market to the merger. In prior research, the declaration of mergers normally leads to depressing share value reactions. A merger declaration leads to declining share prices, especially for bidding companies. In a research of De Bruin and Van Frederikslust (1997) there is an average decline of 1.2 percent in the share value of the bidders as a result to the merger declaration. (Bosveld, 1997) researched 122 Dutch mergers where a minor turn down in the share value of the bidder was perceived. The markets appear to value mergers differently from the organization of the bidding firm. Steven J. Pilloff (1996) said that merger and acquisition movement outcomes in overall advantages to shareholders when the combined post-merger companies are more important than the simple amount of the two separate pre-merger companies. The key reason of this increase in value is imaginary to be the performance improvement following the merger. The research for post-merger performance increase has focused on enhancement in any individual of the following areas, namely efficiency enhancement, improved market power, or heightened diversification. Crockett (1995) said that the numerous types of effectiveness gains may stream from merger and acquisition movement. Of these enlarged cost effectiveness is most commonly declared. A lot of mergers have been forced by a certainty that an important quantity of redundant working costs could be removed through the consolidation of actions. For example, Wells Fargo estimated annual cost savings of $1 billion from its 1996 acquisition of First Interstate. Consolidation facilitates costs to be lesser if scale or scope economies can be attained. Larger organizations may be more well-organized if redundant facilities and personnel are removed within the post-merger association. Moreover, costs may be lesser if one bank can offer numerous products at a lower price than divide banks each providing individual products. Cost effectiveness may also be enhanced through merger movement if the management of the acquiring association is more skillful at holding down operating expense for any level of action than that of the target. Bank merger and acquisition action may also promote enhanced revenue efficiency in a manner comparable to cost efficiency. Some current deals, such as the projected acquisition of Boatmens Bancshares by NationsBank, have been motivated by potential profits in this area. Cline (1996) observed that scale economies may facilitate larger banks to propose more products and services, and scope economies may permit providers of many products and services to raise the market share of targeted customer action. Moreover, acquiring organization may increase profits by implementing higher pricing strategies, presenting more gainful product mixes, or incorporating sophisticated sales and marketing agenda. Banks may also produce superior revenue by cross-selling different products of each merger associate to customers of the other partner. The end result is supposed to be superior revenue exclusive of the commensurate costs, i.e., enhanced profit efficiency. The final term in common refers to the skill of profits to improve from any of the sources noted above, cost economies, scope economies or marketing efficiency. In a sense, it symbolizes the total effectiveness of profits from the merger not including specific reference to the individually titled effectiveness enhancement areas. Anthony M. Santomero concluded that mergers may improve value by increasing the level of bank diversification. Consolidation may enhance diversification by either lengthening the geographic reach of an association or raising the size of the products and services presented. Furthermore, the easy addition of recently acquired assets and deposits make possible diversification by raising the number of bank customers. See (Santomero, 1995) for Greater diversification offers value by steady returns. Lower volatility may lift shareholder capital in several ways. First, the estimated value of bankruptcy costs may be condensed. Second, if companies face a convex tax schedule, then predictable taxes remunerated may drop, rising predictable net income. Saunders (1994) explained third gaining from lines of business where customer worth bank strength may be improved. In conclusion, stages of certain risky, yet gainful, actions such as lending may be improved without further capital being needed. Berger (1993) explained the past experimental work and investigative the profits of mergers focuses on modify in cost effectiveness using existing accounting data. Berger and Humphrey (1992), for example, inspect mergers taking place in the 1980s that occupied banking institutes with at smallest amount of $1 billion in assets. The outcome of their article are based on data combined to the holding corporation level, using frontier method and the relative industry rankings of banks taking part in mergers. Frontier methodology engages econometrically guess an efficient cost frontier for a cross-section of banks. For a given organization, the difference between its real costs and the lowest cost point on the frontier matching to an institution alike to the bank in matter measures X-efficiency. The researchers find that, on standard, mergers led to no important gains in X-efficiency. Berger and Humphrey also bring to a close that the sum of market overlap and the difference between acquirer and goal X-efficiency did not influence post-merger effectiveness profits. In adding to testing X-efficiency, they also examine return on assets and entire costs to assets and attain a related conclusion: no average profits and no relative between profits and the performance of acquirers and goals. Non-interest costs yield major results, but the result are reverse of hopes that the operations of an ineffective target purchased by a well-organized acquirer should be enhanced. Akhavein, Berger, and Humphrey (1997) examine changes in profitability practiced in the same set of large mergers as examine by Berger and Humphrey. They find out that banking industry extensively improved their revenue efficiency ranking after mergers. On the other hand, rankings stand on more traditional ROA and ROE determines that exclude loan loss provisions and taxes from net profit did not change ext ensively following consolidation. DeYoung (1993) also uses frontier methodology to study cost efficiency and find out same conclusions as Berger and Humphrey. Cost advantages from mergers did not be present for 348 bank-level mergers taking place in 1986 1987. In addition to the short of average effectiveness gains, improvements were not related to the difference between acquirer and target effectiveness. On the other hand, DeYoung find that when both the acquirer and target were bad performers, mergers results in enhanced cost efficiency. In adding to frontier methodology, the literatures contain numerous papers that exclusively use standard corporate finance procedures to examine the effect of mergers on performance. For example, Srinivasan and Wall (1992) inspect all commercial banks and banks holding companies mergers happening between 1982 and 1986. They discover that mergers did not shrink non-interest expenses. Srinivasan (1992) reaches a similar conclusion. Some of the studies of the European industry on this matter are the fresh work (Cybo-Ottone, 1996). In this they examine 26 mergers of European financial services institutes (not just banks) taking place between 1988 and 1995 in 13 European banking industry. Their outcomes are qualitatively alike too much of the study conduct on American banking institutes. Average abnormal outcomes of targets were extensively negative and those of acquirers were basically zero. This pattern recommends that there was a shift of wealth from acquirers to targets. Also equivalent to mergers of American banks, the alter in general value of European financial institutes at the time of the declaration was small and not important. This pattern sustained for at least a year. In the year following the merger, the mutual value of the acquirer and objective did not change extensively. The study of Zhang (1995) on U.S. data disagrees with those of mainly abnormal return studies. Amongst a sample of 107 merger taking place between 1980 and 1990, the researcher examines that mergers lead to a major raise in over all value. While both merger partners practiced a raise in share price about the merger announcement, objective shareholders benefited much further on a percentage basis than the acquiring shareholders. Cross-sectional outcomes propose that enhance in value were minimum when enhanced efficiency and improved market power were predictable to have their utmost potential impact. Changes in value declined as outcomes got bigger relative to acquirers and as the sum of geographic overlap bet went acquirers and goals improved. The latter finding is regular with diversification creating worth. Recently, numerous studies include both approaches in the literature. The first of these researches is performed by Cornett and Tehranian (1992) and they observe 30 large holding companies mergers happening between 1982 and 1987. The researcher fined that profitability, as calculated by cash flow outcomes on the market worth of assets, enhanced extensively after the merger. This analyzing, however, should be viewed closely for some reasons. First, the market worth of assets may be an unsuitable compute for standardizing outcome. It is defined mainly from the liability area of the balance sheet as the market worth of common stock add the book worth of long-term debt and preferred stock less cash. Given the nature of banks as financial mediators, it is vague why deposits are not incorporated in this liability-based explanation. The suitability of subtracting cash holdings is also arguable. Cornett and Tehranian discover that net income to assets, a more usual compute of bank profitabil ity, does not change by an important amount. Cornett and Tehranian also study value-weighted abnormal outcomes around the moment of the merger declaration. They discover that the market respond to announced deals by increasing the combined worth of the merger partners. The researchers also examined that changes in other performance measures, including cash flow outcomes on the market worth of assets, were optimistically interrelated with value-weighted abnormal outcomes. These associations recommend that the market may have been able to perfectly forecast the ultimate benefits of individual mergers. Net outcome to total assets is not one of the variables that were interrelated to value-weighted abnormal outcomes, however. Jen and Winter (1974) did experiential investigations and showed that shareholders get benefits from mergers regardless of the fact that academicians conventionally have argued they do not. Unfortunately, these studies have been focused on conglomerate mergers rather than on more usual forms. Moreover, very few attentions have been given to classification of the point of the merger method where these benefits take place. The primary problems encountered in determining merger benefits are establishment of a standard for their dimension and alteration of measured benefits for modifying in the firms risk. To create a standard, the companys merger decision is analyzed as one of external rather than internal development. Thus, the return obtained as a outcome of the acquisition must be evaluated to the return the shareholders would have received had there been no merger. The dissimilarity is the merger benefit. Since the imaginary or non- merger return cannot be monitored, it is essential to find a realistic proxy. Financial theory states that shareholders must be rewarded if the merger creates the equity of the acquiring company more risky. Therefore, the dissimilarity between the genuine return at the new risk level and the imaginary non merger return includes two elements merger advantages and compensation for changed risk. To determine only the merger gains risk compensation must be removed. For merger advantages to be measurable, the acquired company must be large sufficient to have an important impact on the functions of the acquiring firm. Important gains are exposed for a sample of companies who were not energetic acquirers, who commonly paid for the acquired companies with common stock, acquired companies in the same or closely related industries, and rewarded an average premium, based on share prices at the commencement of the first period. Benefits calculated as the difference between genuine common stock returns and forecasted returns presumably is changes in investor expectations about the company and as a result could be regarded as projected or predictable benefits. While there is no direct proof on whether or not such hope was realized, there do not appear to be any important descending revaluations for optimistic benefits during the three years observation. The constructive merger benefit originate here is opposing to some previous studies and usually exceeds the positive benefits found in others. This is partially explained by dissimilarities in the way merger advantages were calculated. First, the assessment equation approach permits separate predictions for acquiring companies based on their premerger performance. It is more approachable to individual dissimilarity and does not need all firms to do better than a single standard to be judged successful as in. Second, by decomposing the study period into 3 subperiods, it is likely to (1) reduce the risk alter problem present in several studies and exclusively recognized and (2) reduce the averaging result that exists in mainly of the studies. When the important merger benefit in period 1 is collective with the two other periods the result is small and no longer significant; thus, the longer the time over which the advantages are measured, the greater will be the impending bias from ave raging. The results have many implications for financial managers. First, the benefits were created even though comparatively large premiums were rewarded to the shareholders of the acquired company. Proving that a high premium does not automatically entails an unproductive merger. Also, over 85% of the mergers occupied the exchange of common stock and/or cash so that it was needless to use hybrid securities to create the benefits. Under these situations, the only enduring source of merger advantages is working economies of some form. Thus, a well conceived and accomplish merger is possible and will defer substantial benefits for the companys shareholders. Lastly, although mergers are analyzed after the fact, it is feasible to examine them before the fact as well and exercise the results to reproduce results from potential mergers. Rhoades (1994) examines merger performance researches in banking published between 1980 and 1993. Nineteen of these researches present tests of alter in the performance of banks use accounting procedures of costs and revenue and twenty-one of these researches examine the markets response to news of acquisitions. The outcomes are mixed, but Rhoades bring to a close that these researches, taken as a whole, do not support the view that bank mergers outcome in enhanced performance. However, since only two of these researches cover mergers after 1989, concern must be practiced in making inferences about the reaction of mergers in the 1990s. In a more current research, Pilloff (1996) examined for performance alters and for irregular outcomes related with 48 publicly-traded-bank mergers between 1982 and 1991. On average, amend in accounting practice variables are not dissimilar from industry patterns and abnormal outcomes around merger announcements are generally unimportant. However, cross sectional investigation identifies statistically important relationships between it and expense variables. In another research, Siems (1996) found that for 19 mega mergers declared in 1995, acquirers on average practiced negative abnormal outcomes and target banks practiced positive abnormal outcomes. Even though the market rewarded a subset of deals with the utmost percentage of office overlap, based on the markets reactions for the full sample he bring to a close that the proof is consistent with self-serving actions by managers or hubris. While many researches have been conducted on corporate governance of non financial corporations, the exceptional regulatory environment of financial corporations prevent generalizing these outcomes to the banking industry. Control mechanism may be weaker in the banking institute because boundaries are placed on who may served as bank directors (Subrahmanyam, Rangan, and Rosen, 1997) and on the possession of bank stock (Prowse, 1995). Prowse, studying corporate power changes at 234 bank-holding companies (BHCs) over the time 19 Merger and Acquisition Impact in Pakistan Profitability Merger and Acquisition Impact in Pakistan Profitability This research study determines the impact of mergers and acquisition in banking sector on its profitability and measures the performance differences of Local and Foreign mergers and acquisitions banks in terms of profitability in Pakistan. The research has been conducted between five mergers and acquisitions of local and foreign commercials banks in Pakistan. The comparative analysis of commercials banks in Pakistan conducted through the financial analysis. The past and present performance of banks has been analyzed through analysis of financial statements of all five banks on the basis of secondary data. But after conducting mean and Independence sample t-test, it is concluded that there is no significant change between ROE and ROA for before merger and acquisition and after merger and acquisition, so it leads to that banks that enrolled in merger and acquisition did not get any significant change in their profitability. Mergers and acquisitions (MA) and corporate restructuring are an immense part of the corporate finance world. Every day bankers arrange MA transactions,  which bring individual companies together  to form  bigger ones. When theyre not creating large companies from smaller ones, corporate finance compacts do the reverse and split up companies through spin-offs, carve-outs  or tracking stocks. Corporate takeovers (acquisitions) represent the strategic business techniques, used by firms to achieve different motives. For instance, such takeovers can be used to penetrate into new markets and new geographic regions, gain expertise and knowledge, or possibly to allocate capital. Business organizations use such strategies in order to attain their competitive advantage and to survive in the market. Competition between organizations originates due to change in market environment, which can lead to the restructuring of an organization. Companies engage themselves in such kind of strategies, as it helps them to expand their businesses. This then leads them towards takeover (mergers and acquisitions), which is the result of changing market circumstances. The combination of the businesses becomes a significant part of the framework of doing the business in global market economy. These collaborations of business are penetrated in the worlds business community. Nowadays these takeovers and combinations are not problematic due to the globalisation. Technology and the economic changes in the international economy shift the markets trends, and this confines corporations and forces them to collaborate (merge) although they are resistance to change. Companies, which are a mix of different institutions, become part of the current market in order so that they can survive and yet remain competitive according to current standards of market forces. If they fail to meet the current conditions or trends they will not remain in the market, so to pursue new challenges, their business has to alter. The trends towards the takeovers (Mergers and acquisitions) are becoming significant and this influencing the companies strongly. It involves a great deal of accountability. In certain cases, such takeovers are so great that they force a transformation of companies and then the creation of new company is essential. Such strategies need proper planning. In order to achieve the best results, companies have to concentrate on all parts of the businesses. This is because it involves huge transactions and complex processes and if this is not properly executed, can lead to big problems. The takeover wave of the 1980 stimulated many experimental and the theoretical studies, most of which are concerned with the issues like sources of profitability after affects on management. In this paper we study the comparison of the two methods of takeover from the firms point of view. For this we have to focus on one of the most important differences between friendly and hostile takeovers. In a hostile takeover, a firm or raider makes a tender offer directly to the shareholders of the target company, without consulting the incumbent management. Each shareholder individually decides whether or not to tender his share. In contrast, friendly takeover has to be approved by the shareholder and management. 1.1 Types of Takeovers Takeovers are often used as a common way to expand businesses, mostly on the basis of one company purchasing another company. There are two main types of takeovers Friendly Takeover (Acquisitions) Hostile Takeover (Mergers) 1.2 Friendly Takeover (Acquisition): Takeover, which is supported by the management of the target company. Friendly takeover is also known as Acquisitions, is the buying of one company by another company. The takeover target is unwilling to be bought or the targets board has no opposition against the takeover or no prior knowledge of the offer. Acquisition usually refers to a purchase of smaller firm by larger one or may be sometimes smaller firm will acquire the management control of a larger established company and keep its name for the combined entity. 1.3 Types of Acquisition: The buyer buys the assets of the target. 2This type of transaction leaves the target company as an empty shell, if the buyer buys out the entire assets. The cash target receives from the sell off is paid back to shareholders by paying dividend or through liquidation. A buyer executes asset purchase, often to cherry-pick the assets that it wants and leave out the assets and liabilities that it does not. The buyer buys the shares (and in effect the assets or whole company out right), and therefore control, of the target company being purchased. In effect, this creates something that has higher growth rate in the given market. 1.4 Hostile Takeover (Merger): A takeover which is against the wishes of the target companys management and board of directors is the opposite of friendly takeover. A hostile takeover is also known as a merger, when you integrate your business with another and the control of the combined businesses is shared with the other owner.1 A takeover is also considered to be hostile if the board rejects the offer, but the bidder continues to pursue it, or if the bidder makes the offer without informing the board beforehand. 1.5 Classifications of mergers à ¢Ã¢â€š ¬Ã‚ ¢ Horizontal mergers take place where the two merging companies produce similar product in the same industry. à ¢Ã¢â€š ¬Ã‚ ¢ Vertical merger occur when two organizations, each working at different phases in the production of the same good, combine. à ¢Ã¢â€š ¬Ã‚ ¢ Conglomerate merger take place when the two organizations operate in different industries. Mergers and acquisitions (MA) are now rising as a major source for contemporary business expansion. This provides a significant way for growing rapidly and entry into the market. According to estimates, over 30,000 MA transactions have been taken place annually in the new Millennium, which would be equal to the one contract every 17 minutes. The historic background of global takeover is highly active, averaging more than $1 trillion per year in transaction value. During 2000, organizations spent $3,500 billion US dollars in all MA cases, a huge increase has been seen because in 1991 its $500bn, which became $1,500bn in 1997. These figures show the globally increasing trends towards mergers and acquisitions. Takeover (MA) processes involve a great deal of complexities, and legal requirements. It is not purely taken place between the organizations but involve the other issues like country regulations (if the takeover is between companies from different countries). For example, in western countries, governmental regulations apply according to which certain technologies cannot be transferred 1.6 Historical Background: Mergers and acquisitions require similar set of activities. Here we discuss the brief history of takeovers through discussion of the mergers waves. After establishing what the historical experience with mergers has been in the economy, it also includes the increased incidence of hostile takeovers, and the installation of various anti-takeover defenses by corporations and their resulting shareholder wealth effects. Other notable trends, such as the use of leverage to finance takeovers are also discussed. This field of mergers and acquisitions has shown a remarkable growth. This activity of mergers and acquisitions starts in 18th century. The growth of this market is fuelled by the debt financing through investment banks. According to the previous studies conducted by different researchers, we can divide the takeover history into five distinct periods in which these processes were in high concentration and often called the à ¢Ã¢â€š ¬Ã…“merger wavesà ¢Ã¢â€š ¬?. Many interesting features characterized these waves 1.7 Statement of the Problem: Determine the impact of mergers and acquisition in banking sector on its profitability 1.8 Research Question Research Question: what are the performance differences of Local and Foreign mergers and acquisitions banks in terms of profitability in Pakistan? Literature Review Frederikslust (1997) composed a difference between value making and redistribution theories. He argued that Synergy cause plays a key role in the value making theories, while agency problems or Hubris plays a role in the redistribution theory. Merger and acquisitions create economic sense if the entire is value more than the sum of its parts, or affirmed otherwise, if synergy exists. The excess value of horizontal mergers can be managed by: economies of scale in production and supply, access to new markets, having a mutual maiden office, elimination of unproductive management, greater financial potentials and shared immaterial assets (patents, trademarks and licenses). Vertical mergers cut down the industrial chain and reserves can be made in procurement, more professional communication is achievable, as well as production can be further focused to market expansions. A definition of synergy formulated by (Sirower, 1997) is as follows: Synergy is the enhanced competitive capacity and consequent greater cash flows in excess of what the individual companies would have attained. Sirower states that value creating mergers are rarely. A merger is meaningful when the synergies (surplus value) go beyond the incurred merger costs as well as the takeover payment. Other researchers (Healy, 1992) are additional positive and bring to a close that in the post-merger stage there are important enhancements in the cash flows evaluate to other firms in the industry. Ruud. A. I. van Frederikslust (1997) said that mergers compose no sense if the extra cash flow is lower than the takeover premium and/or is lower than the expenditures incurred by integration. There are two most important theories that give explanation the beginning of merger movement, the hubris- and the agency theory. The hubris theory states that organization strives for synergy having the aim to maximize profits for shareholders. Unluckily, managers experience conceit resulting in fewer values attained in the form of synergy. From research (Roll, 1986), it appears that synergetic remuneration are attained in these mergers, on the other hand the pre-calculation of synergy is commonly too high to give good reason for the takeover premium. Mueller (1989) explained the agency theory and told that the importance of the shareholders or proprietor is not similar to the interests of organization. The taking apart of capital and power induces managers to struggle for their own interests. A motive for a merger can be Empire Building, where managers struggle to enlarge the size of the corporation. Morck (1990) argued that a big company gives more position and executive salary is positively associated to the size of the company. Also, a large company offers added potential for emoluments and executive failures of the history are easier to cover up. Part of the agency theory is the theory of free cash flow. Free cash flow is to facilitate part of equity for which there are no gainful investments in the business. These cash flows, which are usually found in the (free) reserves, could be spread to the shareholders as dividends. On the other hand, according to the agency theory, these free profits are used to finance merger action that serves to gather the interests of the organization. The conclusion of a merger hardly ever leads to an enhancement in the cash flow of the involved companies. Schenk (1996) said that the game theory, component of the agency theory, is useful to explain merger waves. The moment a rival make a decision to merge, one has to choose whether to respond to the attack on the recent market position by a related move. The dilemma for management is that it does not recognize what was the driving force of the rivals move to merge and whether this action was financially rational. When one make a decision not to merge and the rivals move to merge was value making, and then one runs the threat to become a target of a next takeover. Keynes (1936) said that according to the game theory a corporation will make the action that minimizes be disappointed. In other words, one will formulate the action to merge, even though the possible return after the merger might be lower than can be attained separately. In the case that the profits of the merger are unsatisfactory, then there is all the time the excuse that their performance is no unusual from the rest of the industry. In this way managements status is not spoiled. This is what Keynes mentions in 1936: à ¢Ã¢â€š ¬Ã…“It is better for reputation to fail conventionally than succeed unconventionally.à ¢Ã¢â€š ¬? De Jong (1998) did not chase this micro-economic justification of merger waves. A merger is not only accomplished for the need to decrease insecurity. Leadership in association and improvement is captured irrespective of the associated insecurity. The reason that not all firms take part in a merger wave is not dependable with the game theory. Similarly, some industries do not explain any tendency of focus regardless of their oligopolistic environment. De Jong argued that merger influence by means of the market theory. A company passes four distinct phases; namely the pioneer phase, the expansion phase, the mature phase and the declining phase. The moment a company or the industry reached the mature phase, congestion and tough price competition in combination with lower return boundaries arises. In these phases, companies will employ in horizontal mergers to decrease cost. With continue stagnation, one will also attempt to enter new markets through foreign acquisitions. In the decline phase, firms divest and sell off firms assets to gather capital for other potential markets or cut losses. Therefore, a merger sign is seen as a natural process. Van Frederikslust (1997) argued that the market response is examined at the moment the merger is declared. At that time, the study attempt to link the theories that clarify merger activity to the condition in The Netherlands. A raise in the share price propose positive hope of the market to the merger. In prior research, the declaration of mergers normally leads to depressing share value reactions. A merger declaration leads to declining share prices, especially for bidding companies. In a research of De Bruin and Van Frederikslust (1997) there is an average decline of 1.2 percent in the share value of the bidders as a result to the merger declaration. (Bosveld, 1997) researched 122 Dutch mergers where a minor turn down in the share value of the bidder was perceived. The markets appear to value mergers differently from the organization of the bidding firm. Steven J. Pilloff (1996) said that merger and acquisition movement outcomes in overall advantages to shareholders when the combined post-merger companies are more important than the simple amount of the two separate pre-merger companies. The key reason of this increase in value is imaginary to be the performance improvement following the merger. The research for post-merger performance increase has focused on enhancement in any individual of the following areas, namely efficiency enhancement, improved market power, or heightened diversification. Crockett (1995) said that the numerous types of effectiveness gains may stream from merger and acquisition movement. Of these enlarged cost effectiveness is most commonly declared. A lot of mergers have been forced by a certainty that an important quantity of redundant working costs could be removed through the consolidation of actions. For example, Wells Fargo estimated annual cost savings of $1 billion from its 1996 acquisition of First Interstate. Consolidation facilitates costs to be lesser if scale or scope economies can be attained. Larger organizations may be more well-organized if redundant facilities and personnel are removed within the post-merger association. Moreover, costs may be lesser if one bank can offer numerous products at a lower price than divide banks each providing individual products. Cost effectiveness may also be enhanced through merger movement if the management of the acquiring association is more skillful at holding down operating expense for any level of action than that of the target. Bank merger and acquisition action may also promote enhanced revenue efficiency in a manner comparable to cost efficiency. Some current deals, such as the projected acquisition of Boatmens Bancshares by NationsBank, have been motivated by potential profits in this area. Cline (1996) observed that scale economies may facilitate larger banks to propose more products and services, and scope economies may permit providers of many products and services to raise the market share of targeted customer action. Moreover, acquiring organization may increase profits by implementing higher pricing strategies, presenting more gainful product mixes, or incorporating sophisticated sales and marketing agenda. Banks may also produce superior revenue by cross-selling different products of each merger associate to customers of the other partner. The end result is supposed to be superior revenue exclusive of the commensurate costs, i.e., enhanced profit efficiency. The final term in common refers to the skill of profits to improve from any of the sources noted above, cost economies, scope economies or marketing efficiency. In a sense, it symbolizes the total effectiveness of profits from the merger not including specific reference to the individually titled effectiveness enhancement areas. Anthony M. Santomero concluded that mergers may improve value by increasing the level of bank diversification. Consolidation may enhance diversification by either lengthening the geographic reach of an association or raising the size of the products and services presented. Furthermore, the easy addition of recently acquired assets and deposits make possible diversification by raising the number of bank customers. See (Santomero, 1995) for Greater diversification offers value by steady returns. Lower volatility may lift shareholder capital in several ways. First, the estimated value of bankruptcy costs may be condensed. Second, if companies face a convex tax schedule, then predictable taxes remunerated may drop, rising predictable net income. Saunders (1994) explained third gaining from lines of business where customer worth bank strength may be improved. In conclusion, stages of certain risky, yet gainful, actions such as lending may be improved without further capital being needed. Berger (1993) explained the past experimental work and investigative the profits of mergers focuses on modify in cost effectiveness using existing accounting data. Berger and Humphrey (1992), for example, inspect mergers taking place in the 1980s that occupied banking institutes with at smallest amount of $1 billion in assets. The outcome of their article are based on data combined to the holding corporation level, using frontier method and the relative industry rankings of banks taking part in mergers. Frontier methodology engages econometrically guess an efficient cost frontier for a cross-section of banks. For a given organization, the difference between its real costs and the lowest cost point on the frontier matching to an institution alike to the bank in matter measures X-efficiency. The researchers find that, on standard, mergers led to no important gains in X-efficiency. Berger and Humphrey also bring to a close that the sum of market overlap and the difference between acquirer and goal X-efficiency did not influence post-merger effectiveness profits. In adding to testing X-efficiency, they also examine return on assets and entire costs to assets and attain a related conclusion: no average profits and no relative between profits and the performance of acquirers and goals. Non-interest costs yield major results, but the result are reverse of hopes that the operations of an ineffective target purchased by a well-organized acquirer should be enhanced. Akhavein, Berger, and Humphrey (1997) examine changes in profitability practiced in the same set of large mergers as examine by Berger and Humphrey. They find out that banking industry extensively improved their revenue efficiency ranking after mergers. On the other hand, rankings stand on more traditional ROA and ROE determines that exclude loan loss provisions and taxes from net profit did not change ext ensively following consolidation. DeYoung (1993) also uses frontier methodology to study cost efficiency and find out same conclusions as Berger and Humphrey. Cost advantages from mergers did not be present for 348 bank-level mergers taking place in 1986 1987. In addition to the short of average effectiveness gains, improvements were not related to the difference between acquirer and target effectiveness. On the other hand, DeYoung find that when both the acquirer and target were bad performers, mergers results in enhanced cost efficiency. In adding to frontier methodology, the literatures contain numerous papers that exclusively use standard corporate finance procedures to examine the effect of mergers on performance. For example, Srinivasan and Wall (1992) inspect all commercial banks and banks holding companies mergers happening between 1982 and 1986. They discover that mergers did not shrink non-interest expenses. Srinivasan (1992) reaches a similar conclusion. Some of the studies of the European industry on this matter are the fresh work (Cybo-Ottone, 1996). In this they examine 26 mergers of European financial services institutes (not just banks) taking place between 1988 and 1995 in 13 European banking industry. Their outcomes are qualitatively alike too much of the study conduct on American banking institutes. Average abnormal outcomes of targets were extensively negative and those of acquirers were basically zero. This pattern recommends that there was a shift of wealth from acquirers to targets. Also equivalent to mergers of American banks, the alter in general value of European financial institutes at the time of the declaration was small and not important. This pattern sustained for at least a year. In the year following the merger, the mutual value of the acquirer and objective did not change extensively. The study of Zhang (1995) on U.S. data disagrees with those of mainly abnormal return studies. Amongst a sample of 107 merger taking place between 1980 and 1990, the researcher examines that mergers lead to a major raise in over all value. While both merger partners practiced a raise in share price about the merger announcement, objective shareholders benefited much further on a percentage basis than the acquiring shareholders. Cross-sectional outcomes propose that enhance in value were minimum when enhanced efficiency and improved market power were predictable to have their utmost potential impact. Changes in value declined as outcomes got bigger relative to acquirers and as the sum of geographic overlap bet went acquirers and goals improved. The latter finding is regular with diversification creating worth. Recently, numerous studies include both approaches in the literature. The first of these researches is performed by Cornett and Tehranian (1992) and they observe 30 large holding companies mergers happening between 1982 and 1987. The researcher fined that profitability, as calculated by cash flow outcomes on the market worth of assets, enhanced extensively after the merger. This analyzing, however, should be viewed closely for some reasons. First, the market worth of assets may be an unsuitable compute for standardizing outcome. It is defined mainly from the liability area of the balance sheet as the market worth of common stock add the book worth of long-term debt and preferred stock less cash. Given the nature of banks as financial mediators, it is vague why deposits are not incorporated in this liability-based explanation. The suitability of subtracting cash holdings is also arguable. Cornett and Tehranian discover that net income to assets, a more usual compute of bank profitabil ity, does not change by an important amount. Cornett and Tehranian also study value-weighted abnormal outcomes around the moment of the merger declaration. They discover that the market respond to announced deals by increasing the combined worth of the merger partners. The researchers also examined that changes in other performance measures, including cash flow outcomes on the market worth of assets, were optimistically interrelated with value-weighted abnormal outcomes. These associations recommend that the market may have been able to perfectly forecast the ultimate benefits of individual mergers. Net outcome to total assets is not one of the variables that were interrelated to value-weighted abnormal outcomes, however. Jen and Winter (1974) did experiential investigations and showed that shareholders get benefits from mergers regardless of the fact that academicians conventionally have argued they do not. Unfortunately, these studies have been focused on conglomerate mergers rather than on more usual forms. Moreover, very few attentions have been given to classification of the point of the merger method where these benefits take place. The primary problems encountered in determining merger benefits are establishment of a standard for their dimension and alteration of measured benefits for modifying in the firms risk. To create a standard, the companys merger decision is analyzed as one of external rather than internal development. Thus, the return obtained as a outcome of the acquisition must be evaluated to the return the shareholders would have received had there been no merger. The dissimilarity is the merger benefit. Since the imaginary or non- merger return cannot be monitored, it is essential to find a realistic proxy. Financial theory states that shareholders must be rewarded if the merger creates the equity of the acquiring company more risky. Therefore, the dissimilarity between the genuine return at the new risk level and the imaginary non merger return includes two elements merger advantages and compensation for changed risk. To determine only the merger gains risk compensation must be removed. For merger advantages to be measurable, the acquired company must be large sufficient to have an important impact on the functions of the acquiring firm. Important gains are exposed for a sample of companies who were not energetic acquirers, who commonly paid for the acquired companies with common stock, acquired companies in the same or closely related industries, and rewarded an average premium, based on share prices at the commencement of the first period. Benefits calculated as the difference between genuine common stock returns and forecasted returns presumably is changes in investor expectations about the company and as a result could be regarded as projected or predictable benefits. While there is no direct proof on whether or not such hope was realized, there do not appear to be any important descending revaluations for optimistic benefits during the three years observation. The constructive merger benefit originate here is opposing to some previous studies and usually exceeds the positive benefits found in others. This is partially explained by dissimilarities in the way merger advantages were calculated. First, the assessment equation approach permits separate predictions for acquiring companies based on their premerger performance. It is more approachable to individual dissimilarity and does not need all firms to do better than a single standard to be judged successful as in. Second, by decomposing the study period into 3 subperiods, it is likely to (1) reduce the risk alter problem present in several studies and exclusively recognized and (2) reduce the averaging result that exists in mainly of the studies. When the important merger benefit in period 1 is collective with the two other periods the result is small and no longer significant; thus, the longer the time over which the advantages are measured, the greater will be the impending bias from ave raging. The results have many implications for financial managers. First, the benefits were created even though comparatively large premiums were rewarded to the shareholders of the acquired company. Proving that a high premium does not automatically entails an unproductive merger. Also, over 85% of the mergers occupied the exchange of common stock and/or cash so that it was needless to use hybrid securities to create the benefits. Under these situations, the only enduring source of merger advantages is working economies of some form. Thus, a well conceived and accomplish merger is possible and will defer substantial benefits for the companys shareholders. Lastly, although mergers are analyzed after the fact, it is feasible to examine them before the fact as well and exercise the results to reproduce results from potential mergers. Rhoades (1994) examines merger performance researches in banking published between 1980 and 1993. Nineteen of these researches present tests of alter in the performance of banks use accounting procedures of costs and revenue and twenty-one of these researches examine the markets response to news of acquisitions. The outcomes are mixed, but Rhoades bring to a close that these researches, taken as a whole, do not support the view that bank mergers outcome in enhanced performance. However, since only two of these researches cover mergers after 1989, concern must be practiced in making inferences about the reaction of mergers in the 1990s. In a more current research, Pilloff (1996) examined for performance alters and for irregular outcomes related with 48 publicly-traded-bank mergers between 1982 and 1991. On average, amend in accounting practice variables are not dissimilar from industry patterns and abnormal outcomes around merger announcements are generally unimportant. However, cross sectional investigation identifies statistically important relationships between it and expense variables. In another research, Siems (1996) found that for 19 mega mergers declared in 1995, acquirers on average practiced negative abnormal outcomes and target banks practiced positive abnormal outcomes. Even though the market rewarded a subset of deals with the utmost percentage of office overlap, based on the markets reactions for the full sample he bring to a close that the proof is consistent with self-serving actions by managers or hubris. While many researches have been conducted on corporate governance of non financial corporations, the exceptional regulatory environment of financial corporations prevent generalizing these outcomes to the banking industry. Control mechanism may be weaker in the banking institute because boundaries are placed on who may served as bank directors (Subrahmanyam, Rangan, and Rosen, 1997) and on the possession of bank stock (Prowse, 1995). Prowse, studying corporate power changes at 234 bank-holding companies (BHCs) over the time 19

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What You Need to Know about Brain TumorsThis thorough article for consumers describes the symptoms, diagnosis, and treatment of brain tumors. IntroductionEach year more than 17,000 people in the United States find out they have a brain tumor. The National Cancer Institute (NCI) has written this booklet to help patients and their families and friends better understand brain tumors. We also hope others will read it to learn more about these tumors.This booklet describes the symptoms, diagnosis, and treatment of brain tumors. We know that booklets cannot answer every question about brain tumors. They cannot take the place of talks with doctors, nurses, and other members of the health care team, but we hope our information will help with these talks.Definitions of words that may be new to readers and other terms related to cancer can be found in the Glossary. For some words, a "sounds-like" spelling is also given.Our knowledge about brain tumors keeps increasing. For up-to-date information or to order this publication, call the NCI-supported Cancer Information Service (CIS) toll free at 1-800-4-CANCER (1-800-422-6237 ).The BrainTogether, the brain and spinal cord form the central nervous system. This complex system is part of everything we do. It controls the things we choose to do -- like walk and talk -- and the things our body does automatically -- like breathe and digest food. The central nervous system is also involved with our senses -- seeing, hearing, touching, tasting, and smelling -- as well as our emotions, thoughts, and memory.The brain is a soft, spongy mass of nerve cells and supportive tissue. It has three major parts: the cerebrum, the cerebellum, and the brain stem. The parts work together, but each has special functions.The cerebrum, the largest part of the brain, fills most of the upper skull. It has two halves called the left and right cerebral hemispheres. The cerebrum uses information from our senses to tell us what is going on around us and tells our body how to respond. The right hemisphere controls the muscles on the left side of the body, and the left hemisphere control s the muscles on the right side of the body.

Luther’s Change of Mind Essay

This paper argues that Martin Luther (1483-1546) changed his mind about the Jews, shifting from a friendly to a hostile position, because of mental anxieties, his constant health problems, old age, and disappointment that Jews were not converting to Christianity. Luther was dissatisfied that Jews did not accept Jesus Christ, although his criticisms of the Jews were theological; not racial. The argument that a direct line can be drawn from Luther to Hitler and that Luther shares blame for the Holocaust, is rejected. This does not imply that Luther’s hostility towards Jews did not influence Hitler’s ideas and policies but rejects the attribution of Hitler’s â€Å"final solution† to Luther. In his first extended text on Jews, Luther wrote â€Å"If we really want to help† Jews, â€Å"we must be guided in our dealings with them not by papal law but by the law of Christian love†. Sources and Outline of Argument The primary sources for Luther’s views of Jews and of Judaism are his writing. He wrote â€Å"That Jesus was Born a Jew† in 1523, which represents his early, friendly attitude. He wrote his negative, hostile tract, â€Å"On the Jews and their Lies† in 1543. His last sermon, preached at Eisleben a few days before his death was â€Å"against the Jews†, and can be taken as representing his final position. These writings need to be placed in the context of Luther’s biography and of historical circumstance. In order to contextualize these primary sources, secondary sources are consulted. These include Heiko Augustinus Oberman’s Luther: Man between God and the Devil (1989) and Derek A Wilson’s Out of the Storm: The Life and Legacy of Martin Luther (2008). The essay begins with the content and context of Luther’s writing on Jews against the background of older Christian attitudes, against which Luther initially reacted. Luther’s initial position, his final position and the reason for his change of mind are identified. The essay then discusses the charge that Luther should have been tried alongside perpetrators of the Holocaust at the Nuremberg Trials, where defendant and former Nazi propagandist, Julius Streicher (1885-1946 ) said: Anti-Semitic publications have existed in Germany for centuries. A book I had, written by Dr. Martin Luther, was, for instance, confiscated. Dr. Martin Luther would very probably sit in my place in the defendants’ dock today, if this book had been taken into consideration by the Prosecution. In this book The Jews and Their Lies, Dr. Martin Luther writes that the Jews are a serpent’s brood and one should burn down their synagogues and destroy them†¦ The conclusion argues that although Luther’s position did change, the claim that he shares responsibility for the Holocaust fails. Hitler and his supporters manipulated Luther for their own purposes, while a fundamental difference separates him from them. Luther, it is true, supported the deportation of Jews and the destruction of Jewish property but not their extermination. Analysis of Luther’s Initial Position Luther led the Protestant Reformation when he posted his â€Å"95 Thesis† to the door of the Cathedral at Wittenberg, where he was an Augustinian priest and University teacher. Luther saw his Reformation as a breath of fresh air blowing through the Church, sweeping aside false doctrines and corrupt practices that obscured the real Christian gospel. Justification before God was by faith in Jesus Christ and was freely available, not a commodity that the Pope could sell. His translation of the Bible and the hymns he wrote for congregational singing were all intended to make Christianity directly accessible to ordinary believers, who did not have to depend on the mediation of priests any more. People could enjoy direct fellowship with God. Luther set out to challenge many commonly accepted notions about the Christian faith. Aware of a long history of Christian animosity toward Jews and Judaism, Luther reminded Christians that the own Bible had been written by Jews and that Jesus was himself Jewish, a fact often overlooked or even deliberately ignored in much Christian thought. In advocating kinder treatment of Jews, his hope was that this would result in their conversion. This distinguished Luther’s attitude toward Jews from what has been described as the traditional â€Å"teaching of contempt†, a term coined by Jules Isaac (1877-1963), a friend of Pope John XXIII. The teaching of contempt blamed Jews for murdering â€Å"God† (the charge of deicide), taught that having rejected and killed Jesus Jews’ were no longer God’s people but served the Devil, they were denied rights of citizenship, banned from most professions, banned from living wherever they wished to while travel restrictions and a dress code were also imposed on them. All of this consisted of papal decrees as well as national and city level legal codes. God had condemned the Jews to wonder the earth as a lesson to others of what happens when a people turn their back on God. Enforced conversions, deportation, pogroms were all justified by the teaching of contempt. Jews were accused of concealing the truth within their texts, so the Talmud was sometimes destroyed. Anti-Semitism, however, started before the birth of Christianity. Paul Johnson describes Greek animosity towards Jews and their religion, citing several sources. These include Appollinius Molon, Posidonius, Democritus and Plutarch all of whom wrote anti-Jewish polemic. The Jewish race had been cursed from the beginning of time. Jews sacrificed asses’ heads in their temple as well as secret human sacrifices, which explained why no outsider could enter the inner-most chambers. Jews were regarded as haters or despisers of the human race because they kept themselves apart, did not inter-marry and refused to recognize the Gods and goddesses of the ancient world. Although Rome extended certain exemptions to the Jews, the Romans increasingly regarded Jews as problematic as revolt followed revolt until eventually all exemptions were overturned and Jews were banned from residing in Palestine following the revolt of 132. Christian anti-Semitism picked up on many of the same polemic, accusing Jews of stealing Christian boys at Passover and sacrificing them, the â€Å"blood-libel† which surfaced first in England in 1144. Efforts were made to convert Jews and those who did convert were usually assimilated into the wider society, although some were accused of remaining secretly Jewish. In 1519, Luther opposed a â€Å"purge† by a former Jew, Johann Pfefferkorn (1469-1523) who wanted to burn Jewish books. Then, in his 1523 pamphlet, he advocated kindness and love toward Jews. What happened to harden Luther’s heart and to change his mind so that he later supported book-burning and other anti-Jewish measures? Luther’s Change of Mind and End Position Luther’s life has been described as a constant struggle between God and Satan. Jesus and God and the possibility of forgiveness for all people who turn in repentance to God were real to him but so was Satan and Satan’s opposition to God and to the Christian religion. â€Å"Chaos† he believed â€Å"resulted when Satan triumphed. † It was fear that social catastrophe would result from the Peasants’ Revolt of 1525. The Peasants had expected Luther to support them, since his Reformation had given ordinary Christians much more control over their own faith. However, Luther sided with the princes and denounced the rebellion as â€Å"an offence against God† and the work of Satan: â€Å"the fire of revolt was spreading, and if not checked would have widespread, disastrous results. † As Luther grew older and inc increasingly ill, he became more and more aware that the battle between good and evil, God and Satan was far from over. He began to see the Devil everywhere, says Poliakov. Luther wanted to reform the Church, not create a schism and grew increasingly annoyed that the pope refused to call a council to consider his proposals, saying in 1535 that he would attend a council even knowing that he might be â€Å"burned†. When a council was indefinitely postponed in 1539, Luther became somewhat embittered. Luther’s language could be intemparate, even crude. He was a man of fierce passion as well as of profound faith. The older he grew, the more willing he became to see Satan’s hand behind anything that hindered the Reformation’s progress. In 1536, as the possibility of a reforming council receded, the Elector of Saxony was preparing to expel all Jews from his realm. This had the sanction of the Church and was no â€Å"bolt out of the blue†. Thinking that an appeal to Luther for clemency might prevent this, the Jewish leader, Josel von Rosheim (1480-1554) approached him, supposing him to be a â€Å"friend of the Jews. † Not only did Luther refuse to intervene but reversed his earlier position, publishing On the Jews and their Lies. If he had power, he wrote, he would â€Å"set fire to† synagogues and â€Å"schools† then â€Å"bury with dirt whatever† did not burn. Jews were to be expelled unless they converted. Their â€Å"ill-gotten† gains should be confiscated. All this was to be done so that â€Å"God may see that we are Christian. † In his final sermon, he described Jews as â€Å"public enemies† yet he still expressed his love for them. His tactics towards them not his estimate of their worth in God’s sight had changed. He never supported murdering Jews. What he wrote drew heavily, too, on existing anti-Jewish polemic. He was deeply disappointed that Jews were not converting. Why Luther cannot be blamed for Hitler’s â€Å"final solution† Luther’s tracts were reprinted during the Third Reich. Hitler described Luther as a German Hero. In the wake of how the Third Reich used Luther to justify their crimes, the â€Å"whole world capitalized upon Luther, the fierce Jew-baiter. † However, no action Luther proposed was not already Church and state policy and what Luther advocated â€Å"was very far from being a final solution. † Oberman points out that German Jews were among the most assimilated community when Hitler rose to power, suggesting that this makes the idea that an â€Å"unbroken line† exists between Luther and Hitler implausible. Hitler recruited Luther’s legacy but manipulated this for his own purposes. It was no â€Å"coincidence† that Kristallacht took place on Luther’s birthday, November 11, 1938 but â€Å"this was sheer opportunism, backed by a perversion of scholarship. † Luther ended up supporting deportation but only of Jews who refused to convert: Hitler set out to exterminate a whole race, including Jews who were Christian. Luther did not hate the Jewish race. He wanted them to become Christians. There is, says Wilson, no â€Å"well beaten path that can be traveled from Wittenberg to Auschwitz. † He suggests that Luther would have opposed Hitler’s dictatorship. It is, however, true that no other pamphlet than â€Å"On the Jews and their Lies† has caused â€Å"more harm to Luther’s reputation†, says Wilson. Nonetheless, the view that Luther was an ally of the Nazis â€Å"in carrying out their Final Solution† does not withstand critical scrutiny of what Luther actually wrote. References Bennett, Clinton. In Search of Jesus (London & NY: Continuum, 2001). Hitler, Adolf. Mein Kampf. Translated by Ralph Manheim. (Boston: Houghton Mifflin, Sentry Edition, 1971) Goring, H. Trial of the major war criminals before the International Military Tribunal, Nuremberg, 14 November 1945-1 October 1946 ( Nuremberg, Germany: International Military Tribue, 1947).

posters of the 1890s essays

posters of the 1890s essays The 1890's was the beginning of the first poster graphics. Not only have these posters been seen as advertisements but they are also looked upon as works of art. Two excellent examples of different work done during this period are Alphonse Mucha's Lorenzaccio (1898) and Henri Toulouse- Lautrec's Jardin de Paris (1893). Each poster is equally exquisite in it's line, style, color, composition, and perspective. Alphonse Mucha was born in 1860 and traveled to Paris in 1890. He designed posters in the fashionable "Byzantine" style of ornamentation. In Mucha's Lorenzaccio this can clearly be seen. The poster is a cropped image in the vertical "pillar" style with elaborate ornamentation through out. There is written word on the top and bottom as typical of many of his works. By the writing around the figure we can see that the poster was intended to be made for Sarah Bernhardt. The poster exhibits intricate, flowing line with sharp outlines. The active, curvilinear line dominates the picture. It's dramatic, decorative design can be seen through the dragon that looks straight into our eyes. There are distinct monochromatic colors of green, brown and red. Lorenzaccio is a heavily detailed, two dimensional poster with no middle ground. The subject is off in thought in the poster. The clothing she is wearing particularly adds to the active line. The background is extremely decorative. Altogether the poster is created with a compartmentalized composition. I would characterize Mucha's work in the Art Nouveau style because of his use of decorative style with simplified forms. His sharp, curvilinear line; full color tones, and Cloisonisme composition add to the stylistic qualities. However, I believe that Henri Toulouse- Lautrec's Jardin de Paris is especially well designed as the use of a poster and work of art. I prefer this poster better because of its different approach to advertising in a clear, eye catching way,...

Life With Smartphones Essays - Mobile Phones, Information Appliances

Life With Smartphones Essays - Mobile Phones, Information Appliances English 118 April 5, 2014 Life With Smartphones When the first time smartphone introduced by Apple or Samsung, I was not embarrassed to show off my 8 years old mobile phone in front of my friends, but today that is whats happening. Smartphone is a device not only used as a convenient tool but has now become a way for people to show off. According to Wikipedia, smartphone first conceptualized and started by Theodore Paraskevakos in 1971. He was the first to introduce the concepts of intelligence, data processing and visual display screens into telephones which gave rise to the smartphone. Smartphone firstly goes public in 1993 but it did not go well at that time since the technology is still not smart. Nowadays, everywhere I go I see people using smartphone. The biggest question is the difference of how people live their life before and after smartphone was introduced. There are many positive and negative impacts for the users of smartphone and the people around them. What makes smartphone special is their capability to hold many interesting applications in it. Without these applications, smartphone would simply be just like any other normal phone. Sure, smartphones are convenient but the impact their bring to society is hard to ignore. Social Media is the infamous application that changes how people see life and how they interact with each other through the Internet. It is a platform for online users to upload photos, chat with friends and share their life moments and experiences online. As compared to the olden days where people hung out with friends and have a day-long conversation face to face, smartphones have definitely changes the way people communicate with each other. Firstly, what is the point of meeting up with your friends but ending up just playing with your smartphones in the same room? There is simply no communication at all then. Unconsciously, some people lose their ability to interact with others and forget how important a real-l ife relationship is with friends. A relationship without interaction is like a flower without water, it is unable to grow or bloom. Secondly, smartphones have caused distraction and the inability to focus for people. We spend approximately an hour waiting and standing for the BART(Bay Area Rapid Transit) to come. We could easily use that time to do something more productive or even appreciate the nature around us, but instead we are allocating too much time on our smartphone. It is a bad habit we all have, and overtime, if a habit is not regulated it would very easily lead to addiction. Smartphones have been linked to sleep and concentration problems, as well as lack of empathy. Of course ownership of a smartphone doesnt make anyone a better or worse person, nor is it going to instantly make you less mindful or empathetic. The act of constantly checking out social media is solely based on the reason that people are easily unentertained and thus, they hunt for entertainment to fill their time. We all know smartphone is an important device for us to use in our daily activities, the problem we have to be aware is not its usage but how it is used. The time, and the priority of a smartphone should not be unreasonably higher than your responsibility as a human being. Citation (about history about smartphone): "Smartphone." Wikipedia. Wikimedia Foundation, n.d. Web. 21 Mar. 2015.