Monologues

Joanna’s Monologue from Kramer vs. Kramer Look, during the last five years of our marriage, I was scared and I was very unhappy. And in my mind I had no other choice but to leave. At the time I left I felt that there was something terribly wrong with me. And that my son would be better off without me. I know I left my son. I know that that’s a terrible thing to do. Believe me I have to live with that every day of my life. But in order to leave him, I had to believe that it was the only thing I could do.And that it was the best thing for him. However, I have since gotten some help, and I have worked very, very hard to become a whole human being. And I don’t think I should be punished. Billy’s only seven years old. He needs me. I’m not saying he doesn’t need his father, but I really believe he needs me more. I was his mommy for five and a half years. And Ted took over that role for eighteen months. But I don’t know how anyone can possibl y believe that I have less of a stake in mothering that little boy than Mr.Kramer does. I’m his mother. I’m his mother. JANICE  by Susan Pomerance Janice is awakened to the fact that the boy next door is no longer just the boy next door. How in the world could you ever predict something like this? It's†¦ I mean, you're so close. We've been neighbors forever, since we were little kids. Playing together, messing around and stuff. I've always thought of Ralph Merriweather as this little playmate next door, you know?This goofy kid with unruly hair and a squeaky voice and acne. How was I to know I'd fall for Ralph Merriweather? Things change, you know? One day here's this skinny, uncoordinated guy with a big Adam's apple and then, all of a sudden, you turn around and he's super-neat. One day he's a dork, the next, a hunk. It happened last night when we went over to the Merriweather's for the holidays like we have since I can remember. Of course, there was mistletoe. And Ralph grabs me and kisses me, and – wow!All of a sudden like he's not just the little dork next door anymore. He's like this familiar stranger who turns me on. Amazing. After all these years. And now everything is turned upside down. Now I find him handsome and sexy and very interesting. Why, when we were little, we used to take baths together and I never ever once thought about looking below the water line. I was more interested in his plastic duck. http://iws. punahou. edu/department/theatre/curriculum/monologues/female/janice. html

Electronically Mediated Communication Essay

Our everyday communication involves talking to friends, lovers, family members, acquaintances, co-workers and people in service positions. We do this routinely, usually without much thought, unless some problem occurs or the relationship starts to take a turn for the worse. Then we become painfully aware of the poor communication we have had with another. We’ve probably all had relationships that slipped away because we couldn’t talk to each other or didn’t bother to try. In this chapter we will look at the mundane, yet remarkable, process of dyadic (one-on-one), Electronically Mediated Interpersonal Communication. We’ll take a topical approach to the subject of Electronically Mediated Interpersonal Communication, examining a broad array of topics studies done on the subject at hand. We will begin with an examination of cell phone usage processes and then spend time on the role of communication in the formation, maintenance, and dissolution of relationships of all types. You will learn new terms and theories and how they can apply to your own relationships and communication abilities using Electronically Mediated Interpersonal Communication. Cell phones Cell phones are becoming an integral part of our daily lives. It is no surprise that a ground breaking study just released says mobile technology has permanently changed the way we work, live, and love. Commissioned by Motorola, this new behavioral study took researchers to nine cities worldwide from New York to London. Using a combination of personal interviews, field studies, and observation, the study identified a variety of behaviors that demonstrate the dramatic impact cell phones are having on the way people interact. The study found cell phones give people a newfound personal power, enabling unprecedented mobility and allowing them to conduct their business on the go. Interesting enough, gender differences can be found in phone use. Women  see their cell phone as a means of expression and social communication, while males tend to use it as an interactive toy. Some men view the cell phone as a status symbol – competing with other males for the most high tech toy and even using the cell phone to seduce the opposite sex. The study found two types of cell phone users- â€Å"innies,† who use their phones discreetly, and â€Å"outies,† who are louder and less concerned with the people around them. The report, titled On the Mobile, has labeled today’s teenagers â€Å"The Thumb Generation.† Cell phones are often used by the younger generation to send text messages by typing with their thumbs on the phone’s keypad. Believe it or not, this has had a profound effect on the way teenagers use their thumbs. Thumb dexterity has improved so much that some teenagers now point and even ring doorbells with their thumb instead of their forefinger. The use of these two-way text messaging devices has also resulted in â€Å"generation text,† a language of abbreviations that is understood by the young all over the world. Yet cell phones are not just for the young. The cell phone has made long distance communications easy. GSM phones that place calls worldwide have turned the universe into a global village. They are helping people from all generations cross cultural and physical borders. Mobile technology, specifically the use of cell phones, has become an internal part of today’s life all around the globe. Cell phones have become so second nature in our society that the daily answering of your cell phone when having a face to face interaction with a friend, spouse, or acquaintance becomes a first priority (Kelly calls me) and is no longer viewed as an interruption, but rather seen as a status symbol. This is also problematic because it has made our conversations become public for all to hear no longer having those intimate private talks, now anyone who is around you can listen in and become part of our conversations.. There currently over 170 million users in the United States and growing by 1  million every month. Cell Phone Usage In a June 2000 Cellular One survey of college students [6], the students reported the following as the most important reasons for purchasing a cell phone: – Emergencies (47%) – To contact significant others (44%) – To keep in touch with family members (58%) – To coordinate social activities (32%) In the same survey students reported that the reasons they actually used their cell phones were: – Optimize time — make calls while walking or driving (56.6%) – Emergencies (35.5%) – Coordinate social activities (7.0%) Juanita gives example of cell phone use. Participation Question: How do you react to someone using there cell phone in a public place? For instance when you are seating down in the theater getting ready to see the movie and someone’s cell phones goes off? What doe you do? What’s your reaction? Have them write down answer then share with class. E-mails Another form of Electronically Mediated Interpersonal Communication is the Internet. Electronic communication is usually transmitted via the internet. Which is an international electronic computer network made up of smaller computer networks. The internet is an information management system made up of information providers and information seekers. This idea of linking computers came to fruition in the mid 1960’s. In 1983 this network became known collectively as the internet. The World Wide Web is part of the internet where information is presented. Here are some terms that are associated with the internet. Go online to show examples. * Webpages- are somewhat like pages in a book that include both pictures and text. * Websites- Are a collection of webpages belonging to the same organization or person. * Home page- Is the first page of a website. * Browser- Is a program that enables you to search millions of websites otherwise known as surfing the net. These programs include Netsacpe, Explore, just to name a few. * Uniform resource locator or URL- The path name of a domain. * Bookmark- Stores favorite sites that you would like to re-visit. * Search engines- Identifies websites and corresponding URL’s like google and yahoo. Give some stats on internet usage in the United States. Write on board (Kelly). Internet usage among Americans are as followed: Women use the internet 67% Men use the internet 69% more that women Now we will also break down internet usage by age: 18-29 84% 30-49 80% 50-64 67% 65+ 26% As you can see the usage is cut drastically as we move into the older generation. The older generations did not have the accessibility to these new electronic mediated forms of communication. Younger generations have practically been raised with these devices in place and are part of their everyday lives. Another part of being online is emails. This is a written form of communication sent via the internet. Email is the largest application of internet technology. In the early 90’s email was an option available mostly for interoffice communication. Only a small number of people were experimenting with emails as a general means to communication. Today of the 75% of teens online, email accounts for most of their one on one contacts. Email has two major advantages: one its fast and two its unlimited. But unlike traditional mail, email is public and not private. People can intercept and read nearly any message sent using the right software. So once again privacy is no longer an objective, but convenience has become the number one priority in our lives. This is seen in the way we communicate in emails. So fast paced has our lives become that we now abbreviate words and  thoughts into mere letters, like B.F.N. which stands for BYE FOR NOW. Not only has communication become shorter, but also less meaningful. Over 36 billion emails are sent on a daily basis worldwide. We must remember that emails are forms of communication and should be treated as any other form of public interaction, that is respect. Here are some skills that should be kept in mind when using this form of electronically mediated interpersonal communication: SENDER SKILLS 1. USING PRECISE, CONCRETE WORDS– Since tone of voice, facial expressions, gestures and other nonverbal means we use to communicate are virtually nonexistent in cyber communication, you need to be especially careful with the words you use when writing to another person. â€Å"What do you say we get together sometime† does little more than express an interest in meeting, but say you were to include times you are available, and a potential date for meeting, the other person will be more likely to accept an invitation to meet because they see it as a possibility rather than an abstract idea. 2. PROVIDING DETAILS AND EXAMPLES – Once again, it’s not what you say, it’s how you say it. Being too short in an email to someone could likely cause miscommunication. However, providing details and examples can help to clear up any confusion. 3. DESCRIBE YOUR FEELINGS – Clear content (ideas, details, explanation, feelings) helps the receiver understand not only what you’re talking about, but how the subject at hand makes you feel. If I were to email someone and tell them â€Å"I ran out of gas today, smashed my toe on the wall, and got to work late†, they would have assume that I was not having a good day, but wouldn’t be able to tell how it had made me feel. Now if I were to say â€Å"I had a horrible morning. I smashed my toe on the wall while I was running out of the house, ran out of gas on the way to work and showed up 20 minutes late. I’m feeling so stressed and upset!† the receiver of my information would definitely get a clear picture of how the morning made me feel. 4. PRESENT YOUR IDEAS POLITELY – When we’re online there’s a tendency to separate ourselves from the person we’re talking with. Sometimes this leads to saying things in a way that others will perceive as offensive. Say Kyle and Chris got in an argument a few days ago. Rather than simply saying â€Å"Chris I want to talk about what happened the other day†, Kyle may want to say â€Å"Chris, when you get a chance, I think we should talk about the other day. I really value our friendship, and was wondering if you would want to get together to clear the air†. Now Kyle is letting Chris know that he doesn’t intend on letting the friendship get ruined because of one argument, but he also doesn’t want to have any hostility going into the reconciliation. RECEIVER SKILLS 1. LISTEN TO WHAT THE PERSON HAS SAID – a tool one can use when reading an email is to say it out loud, not just skim through it. You are now adding the nonverbals that the simple words on the page are lacking. 2. BE SENSITIVE TO THE PERSON’S FEELINGS – Even if the printed message may not capture a person’s feelings as well as we’d like, we must still try and be in tune with them. Someone we are closely involved with may expect us to empathize with them when they are sending us a message. So rather than simply reading the words, we must try and imagine how those words make the sender feel by thinking about that person in general. In some cases, we may still be unclear about the meaning of a certain message, and this is when perception checking comes in handy. We must ask the person to try and clear up what they meant when a message is ambiguous or vague. 3. PARAPHRASE KEY IDEAS BEFORE YOU RESPOND – DUH! Perception check. If someone emailed you saying â€Å"I spoke with my manager the other day and he said he’s laying off my closest friend here†, you may respond â€Å"I get the sense that you are upset with your manager for his decision to lay off your friend, and also feel bad for your friend about the possibility of him losing his job – am I right? The person can then respond letting you know if you got the message right. 4. BE SUPPORTIVE WHEN A PERSON IS SHARING GOOD NEWS – Regardless of how a person has phrased their message, they expect their message to be fully understood. If someone shares good news with you, they expect you to respond in a positive manner. 5. PRAISE A PERSON’S ACCOMPLISHMENTS — kinda self explanatory. 6. TRY TO COMFORT A PERSON WHO’S HURTING – People who are close to us seek comfort. Because of the lack of sharing the same personal space with the person whom we are communicating, we may not feel inclined to get involved in the issue with which that person is struggling. But remember, a person would not say anything unless they were seeking comfort. So if your friend emails you and says â€Å"I’ve been having a bad week. My dog is sick, I’m behind on homework, and I haven’t been myself lately†, you musn’t ignore that person, but provide some sort of support. Responding with â€Å"Man, that sucks† is NOT a good way to comfort someone. However, responding with, â€Å"Wow, I’m so sorry. I really hope your dog is okay, and if you need any help with getting organized, let me know what I can do. I’m here for you, and you can call me if you ever need to just vent† is a better way of showing the person that you care about them and their current situation. Participation question: How often do you use your email account on a weekly basis? Write down answer and then share with class. Other interactions that can take place using the internet is newsgroups and chat rooms. Everyday millions of people chat online with friends, colleagues and strangers. Teens use this form of interaction the most amount of time. Many teens engage in internet chat because they can be themselves more oppose to face to face interactions. This is due to them not being afraid of how people will judge them. One unique characteristic of being online is that your real identity is usually kept secret. Most people adopt a cyber identity or persona. In this make believe world you can become anything or anyone you want. This can be  somewhat problematic because so can everyone else. Here are a few definitions on the topic: Newsgroups- Is an electronic gathering place for people with similar interests. (Online example) Chat- Is an online interactive exchange between two or more people. (Online example) Lurking- Listening in on newsgroups or chat conversations. (Online example) Flaming- A hostile or negative respond to what you’ve written. (Online example) Participation question: Does anyone belong to a Newsgroup or likes to chat online? How often? Thomas gives example about chat rooms. Thanks to advances in technology, people are introduced to others they have  never seen through chat rooms and internet dating services. These people mostly meet in a room where they talk about a certain subject. The people who meet online are likely to try and develop these Electronically Mediated relationships (or EM relationship) into a personal relationship. They will meet in a chat room, and if an interest in someone sparks the desire to â€Å"meet† in a private chat room, they may do so. From here, people are able to communicate one-on-one and may then find out they have more than one thing in common. If the interest continues to grow, they may talk over the phone, and eventually meet in person. The result could be just a friendship, or an intimate relationship. Statistics show that 23.7% of the people in a study of a certain newsgroup  or chatroom communicated with their partner 3-4 times a week, and 55.4% communicated at least on a weekly basis. These EM relationships are attractive to some people with busy lifestyles who claim they have no time to â€Å"do the bar scene†. Other people who have a face-to-face relationships use EMC to sustain that relationship. E-mail was originally designed as a tool for conducting business, but is now used widely by friends, family, and lovers to maintain close connection that might be difficult to sustain when there is a lack of time, or there is great distance between the two parties. Instant Messaging is one of the most widely used tools for sustaining or developing relationships. My brother lives with me, yet when we are at home, we get the most  talking done while using Instant Messenger from separate rooms in the house. This is not to say our relationship wouldn’t last if we didn’t communicate via the internet, but it is a good way to catch up on each others’ lives while still working on what needs to get done like homework, and obviously communicating with others as well. EMC is less fruitful than face to face communication, because text messages are  primarily verbal. We have talked about the loss or lack of intimacy in EMC, and this is mostly because the way we say our words means more than just what is said. Ms. Mallard used the example of â€Å"I Love You† in class. Typing â€Å"I love you†, while getting the message across, does not necessarily reflect the emotion and intent behind those three words. We refer to our EM encounters as â€Å"talking to people†, but the words we write seldom carry out as much meaning as we think. Only with videoconferencing is the full range of nonverbal messages available. After all, communication is at its most effective when there are verbal AND  nonverbal messages being carried out EMC, conducted via keyboard entries, is slower paced than face-to-face conversations. We think faster than we can  type (unless you’re  Super-Secretary). Although this slower rate may provide a person more time for thought, this slower transmission reduces the spontaneity that is an important characteristic of face-to-face interaction. EM communicators are perceived to be less supportive. As stated before, short messages may be interpreted many different ways, and are more often seen as very impersonal. In face-to-face communication, anywhere from 33% to 100% of the meaning depends on how the message was stated. Many people are attracted to EMC as a means of developing or maintaining relationships if they have had difficulty cultivating strong interpersonal relationships in person. Because EMC is planned, some people are able to show verbal skillfulness and humor in their writing, but lack those skills in face to face settings. Some individuals report that EM relationships are more satisfying than face-to-face relationships. Now is this because we have advanced so far in the technological field that more and more people are online, thus providing us with a greater range of people to meet, or is this because people are losing the ability to â€Å"hold their own† in a face-to-face encounter. Americans used to go to clubs or bars to meet people, but are now staying home on Friday nights to talk to their online partner because they are more comfortable suppressing their need for group interaction in a less threatening atmosphere. Think about it, it is easier to talk to someone you are interested in online because the things you would have trouble saying in person simply roll right off your fingertips when using the internet. The awkwardness in a first conversation is virtually  non-existent. You feel more connected to that person, and relationships tend to develop faster this way. Role of Electronic Communication in Building Relationships Today communication technologies are changing the way we building and maintaining relationships. Prior to 1990, people became more acquainted mostly with those with whom they had personal physical contact. At the same  time, dating services advertised that they can get people in the same community acquainted with each other within a week. Today, people are able to make acquaintances with people around the world within seconds. From Online to In-Person Relationships In face to face relationships, trust is built over time. In EM relationships, making a trust evaluation is more difficult. Some of the media through which relationships are developed are very â€Å"opaque.† Kelly gives example about Justine (trust factor). The dark side of Electronically Mediated Communication There are three main problems with EMC EM communication to form relationship and acquire information has a number of risks and abuse. ( Abuse of Anonymity) Write on board—- One type of abuse in Internet- based relationships stems from the common practice of assuming a fictitious online persona. (Dishonesty) Write on board—–A second risk in cyber relationships lies in the ease with which one can be deceived. In cyberspace, people commonly lie about their sex and physical attributes, and create fictitious careers, homes, and so forth. Unfortunately, some people use cyberspace to prey on others. When we develop in-person relationships, we usually have independent ways of confirming that the people are what they are representing themselves to be. Because we don’t know our EM partners in person we are severely limited in our abilities to independently confirm what we are told. Abuse of anonymity and dishonesty are of special concern for EM relationships formed by children. In 1998, seventeen million children ages two to eighteen were online. That number is expected to grow even higher. This is of some concern as well due to the growing numbers of Addiction. (Addiction) Write on board—– A third potential problem for children and adults alike is technological addictions, defined as non chemical (behavioral) addictions  that involves human machine interaction. People who are addicted spend inordinate amounts of time online and begin to prefer their cyber relationships to their real ones. So in conclusion technology has made some great strides in bringing the world closer, meaning we literally have the world at our fingertips. We can communicate with someone in Ireland at the press of a button. The effectiveness of Electronically Mediated Communication as it relates to inter-personal communication lies solely in how we choose to use it. EMC, if used incorrectly can drastically deteriorate the level of human intimacy and can take away the private aspect of communication with loved ones and has in turn made it into a public affair.

Use of Deadly Force Criminal Justice Research Paper

Use of Deadly Force Criminal Justice - Research Paper Example NMSP shooting case, it presents unethical police operation that leads to firing a minivan with five kids when Ferrell, the driver failed to follow orders. Whichever the case, this paper uses these incidences to manifest of total disregard of Federal Standards in using excessive force. It is recommended that the police use safer arrest strategies that include loudspeaker notification to surrender and vibrant intelligence information sharing. Besides, the use of temporary visual-impairing strategies when making an entry into a private property suspected to harbor criminals, or narcotic suspects should be put into the police to lower misuse of deadly force. According to U.S Armed Forces, deadly force refers to legal body harm against a suspect or convict that a law enforcer is allowed to use in extreme condition (Halpern & Snider 2012). The enforcement of this disciplinary principle, occasionally, causes bodily harm or even death. Notably, the law provides its users as a means of last resort. In addition, use of deadly force should be intelligently applied to avoid legal suits and potential penalties. The law provides for its use when a person question is a considerable threat to those around. In the wake of increasing in civil rights activism, the deadly force application has continually brought into sharp focus. For instance, Calvo, predicament and the New Mexico Shooting of October 18, 2013 continues to elicit a mixed reaction among different legal experts. One of the most debatable applications of deadly force principle is the Calvos case and Special Weapons and Tactics (SWAT) operation. As Murphy, a member of Calvos family later recalls the men in black had pointed a gun to him while he peeped through the window (Broome 2011). While, the law provides this team to practice deadly force strategy in combating heavily armed criminals, the debate for its action against Calvo continues to stir heated debate. Certainly, Calvos family just like any other family was

Statement of Intent for a Councel Essay Example | Topics and Well Written Essays - 1000 words

Statement of Intent for a Councel - Essay Example I am sure with these qualities that I possess I will be able to cope up with the external pressures and will be able to come out with flying colors. I consider the global exposure that I have got as one of the big assets of mine. The important aspect of such an asset is that, it allows me to identify the concepts and ideas that could go well in accordance with each country in which they are implemented. As a result, I am confident enough to say that I have the ability to determine the success and impact of an idea in a particular region. My experiences with several regions come from the fact that I have been part of several governmental projects spanning across all parts of the world. With my team, we have expanded over 75 countries implementing developmental projects in different fields varying from judicial transparency, telemedicine to educational centers. I have a strong knowledge about partnering with government through these projects and the results of all those projects have a lways exceeded the expectations of the clients, providing them with the comfort of completing a profitable business. My team consists of 125 members and they are spread out, working across several countries. An important aspect of my team is that they are culturally diverse and hence there practices and customs differ accordingly. As the lead of the team, I have successfully overcome this challenge and instilled within each one of them a sense of unity and sameness. I have made sure to keep the team priorities first before attending to any individual favors. I am very proud that I have built a work environment that fosters growth and understands the differences between country specific challenges and works according to the specific cultural values. My knowledge about the diversities of the cultures, business and government transition processes in different regions and countries will assist me in the discussions and work groups that analyze global issues. My current position is perfo rmance driven. Hence, I have always worked as an indubitable worker, whose primary purpose has always been to give results that exceed expectations. I am sure I would continue with the same intent in this program too. My ability to take complex data and make it measurable and understandable is one of my greatest strengths. My focus is to ensure all outcomes are measurable in such a way that it allows me to analyze current and historical information in a rigorous manner. My working involves dissecting the process on which the data was produced to ensure that the information is not an anomaly but can be used by the team to understand or theorize a highly successful and a measurable outcome. Another aspect of my abilities that I would like to put forth here is my leadership skills. Obviously, one could understand that managing a 125 member team is no small thing. The fact that I have successfully managed such a team speaks in itself for my leadership skills. I am sure that such skills, exercised within this group, will be benefitting mutually. I have sharp inquisitive skills that allow me to identify, strategize and execute on an objective or problem. My daily involvement with the group will ensure a seamless communication between all group members, mentoring and developing skills and hence, gives an opportunity for an

Explore how you apply different aspects of science in your daily life Essay

Explore how you apply different aspects of science in your daily life - Essay Example 3. Hypothesis: The light does not come on because fuses have been shorted. 4. Test the hypothesis: By putting in some new fuses to replace the shorted fuses. 5. Observe data: After fuses are replaced, lights are turned on again and they all light up. 6. Conclusion: The light did not come on because the fuses were shorted and needed to be replaced. Scenario 2: I was about to cook spaghetti for my family, and while opening the can of tomato sauce, the can opener broke. 1. State the Problem: How do I open the can of tomato sauce? 2. Collect information: I looked into my kitchen utensils for sharp materials which I could use to open the can. I checked and I saw that the sharpest instrument I had among these utensils was a knife. 3. Hypothesis: I can open the can of tomato sauce using the kitchen knife. 4. Test the hypothesis: I tried opening the can of tomato sauce using the kitchen knife. 5. Observe data: I successfully opened the can of tomato sauce using the kitchen knife. The method of opening was more tedious and the edges of the can were not as smooth, but the end goal of opening the can was achieved. 6. Conclusion: I can open the can of tomato sauce using the kitchen knife. PART II: WHY I CANNOT LIVE WITH/WITHOUT SCIENCE 1. Describe a typical day in your life from the time you wake up, until the time you go to bed. Describe how science impacts you and your routine throughout the day. My typical day starts off with me waking up to the alarm sounding off at 6:30 am. I get up after about 5 minutes from the time the alarm sounds off. I then go to the kitchen and put coffee on the coffeemaker to brew. While it is brewing, I check for the morning mail and morning paper. I then check what to cook for breakfast. I choose what to cook for breakfast and then proceed to cook it. Once it is cooked, I have my breakfast while reading the morning paper and sipping my coffee. I then wash up the dishes and tidy up the kitchen. Next, I check my wardrobe for clothes to wear fo r the day. I take a bath and then put on my clothes. After gathering my things, I then proceed to work. I usually get there by 9 am. I take my lunch break at 12 noon, then coffee break at 3:30 pm, and I leave the office by 5 pm. I am home by 5:30 pm and prepare my dinner. After dinner, I wash up and proceed to watch my favorite evening shows. By 10pm, I am ready to go to bed; I check first on my doors and windows to see that they are shut and locked. I read a few chapters of a book until I feel sleepy. Usually, by 11pm, I am already fast asleep. Science impacts significantly on me and on my routine because it helps me make sound decisions. It also helps me resolve issues which I face in my work. In making simple decisions like what to cook for breakfast or dinner, unconsciously, I go through the scientific process. From the problem raised, I gather information, and then come up with a tentative answer to such issue. After testing the effectiveness of the tentative answer, I then mak e the decision to use or not use such answer. In instances when a particular hypothesis does not answer the questions or issues I raise, then I come up with other answers of solutions to the problem. Science has impacted on my routine in the sense that it has made my activities simpler and more focused. Without science and without the application of the scientific method in my daily activities, my life

Marketing Strategies Research Paper Example | Topics and Well Written Essays - 2500 words

Marketing Strategies - Research Paper Example When the companies take the decision for expanding and diversifying their businesses across the national boundaries, it is important for them to take into consideration various factors that are important for the successful operation of the company on the international scale (Keegan and Green 2008). The focus is to formulate a strategy regarding the international operations of Algerian wine in the UK market. Algerian Wine is a wine that is made from a country of North Africa in Algeria and is among the renowned name in the history of wine. Algeria is known to be one of the oldest producers of wine in the world. For the Romans, Algeria is considered to be the breadbasket and vineyard throughout the history of viticulture starting from the Roman Empire. Algerian wines have been seen to prosper the world with constant prosperity because of the fact that they have their own unique characteristics. Algerian wines are produced in five major regions that include The MEDEA region, The ZACCCAR region, The DAHRA region, The MASCARA region, and The TLEMCEN region. The aim of the company is to export the Algerian Wine called Coteaux De Mascara from Algeria into the market of UK. Coteaux De Mascara is termed to be the red wine from the Atlas Mountains. This wine belongs to The MASCARA region. This region has been well renowned in terms of producing wines with distinguished features. The wines produced in this region are considered to be robust and well structured. They are of good colour, and consist of high level of alcohol up-to 14 percent. All the wines of Algeria are distinguished with taste of deep berry flavours and the fragrance of roses and raspberries. For the purpose of data collection, various scholarly journals and articles will be selected, which will help in retrieving adequate information in relation to the international marketing. Secondary data will be helpful in collection of adequate and authentic information.

Virtue Ethics and Adultery Essay Example | Topics and Well Written Essays - 1750 words

Virtue Ethics and Adultery - Essay Example Ztohoven is a radical stylist who inserted an image of a mushroom cloud into a weather report on an ordinary morning. This act resulted into multiple condemnations, similar to those faced by Orson Welles in the H.G Well’s alien invasion radio play of 1938. Ztohoven’s video caused little panic though; neither did it find its classification as a classic despite making way to You tube. In addition to that, Ztohoven received an award from the National Gallery in Prague for the prank. Despite these accolades, the group was tried before a Czech court for claims of propagation of false information and scaremongering (LaFollette, 2013). By looking at the meteorological manipulation by this group, the author’s question of the responsibility that an artwork commands arises. Certain works are designed to be provocative, thus it is necessary to determine the point at which shock overweighs the intended purpose of an artwork. In addition to that, the relevance of the responsibility should consider the global environment that is full of hip-hop songs (Charry, 2012), movies and repulsive reality shows all which depict the nature of the current world. Chris Byrden, in the year 1970, publicly shot himself in the arm while Vito Acconci openly masturbated under a gallery floor. All this happened as his audience walked above him. The growth of installation and performance of the video art have pushed the levels of sexual content to a rather transgressive territory. This is even more surprising as all through the transformation, the human body has acted as the medium for expressing the changes in the artwork displayed to the public. Furthermore, the author highlights an incident in which Andrea Fraser tapes herself receiving $20,000 for the exchange of sex (Ley, 2012). As if not enough, Karen Finley strips naked before coating herself with chocolate while Santiago Sierra tattoos prostitutes. The question whether the artists are aware of

Rwanda Genocide Coursework Example | Topics and Well Written Essays - 10000 words

Rwanda Genocide - Coursework Example The next aspect of this paper studies the possibilities for averting genocide based on recognition of its conditions and the factors driving its achievement. Potential preventive measures were present on a time-continuum, with mediations being possible during the phase prior to real genocide; more direct courses of action existing in the months leading up to and during the genocide; and possible ways for prevention of further/future genocide that happen in the aftermath. Prevention can take place at various levels, in relation to the impact that may be applied on individual, organizational or structural aspects. There have been many endeavors to describe genocide since the term was coined. First in 1944 Raphael Lemkin, defined genocide as "the coordinated and planned annihilation of a national, religious, or racial group by a variety of actions aimed at undermining the foundations essential to the survival of a group as a group" (Lemkin, 1944). Lemkin also asserted that genocide is a "form of one-sided killing" in which the offender aimed to get rid of their victims who by contrast have no similar intention. Lemkin's definition was followed by many others such as the 1946 UN Resolution that defined genocide as "the denial of the right to exist of entire human groups, as homicide is denial of the right to live of individual" (Chalk and Jonassohn, 1990). On December 9, 1948, the United Nations ratified the Convention on the Prevention and Punishment of the Crime of Genocide. This convention delineates "genocide" as an international crime, which participant nations "undertake to prevent and punish." It defines genocide as: '[G] enocide means any of the following acts committed with intent to destroy, in whole or in part, a national, ethnical, racial or religious group, as such: a. Killing members of the group; b. Causing serious bodily or mental harm to members of the group; c. Deliberately inflicting on the group conditions of life calculated to bring about its physical destruction in whole or in part; d. Imposing measures intended to prevent births within the group; e. Forcibly transferring children of the group to another group.' Regardless of the fact that many cases of group-targeted violence have taken place throughout the history and even since the Convention came into effect, the legal and international development of the term is focused into two diverse historical periods: the time from the defining of the term until its approval as international law (1944-1948) and the time of its

The use of progress monitoring can help provide educators with a Essay - 1

The use of progress monitoring can help provide educators with a valuable tool to improve their own teaching - Essay Example remise of the book is that moral propensities and principles are the end-result of forces of culture, laws of nature, and the contingencies of history (Shermer, 18). The author presents a contention that believers do not need to be alienated. Since the general acceptance for the existence of God makes it acceptable for one to believe that God created and laws of nature to inculcate within human beings a moral sense. Furthermore, He also inculcated moral principles within human cultures. Without religion, it would be hard to achieve morality. This remains the basic premise from which the true definition of religion can be developed, and it serves as the principal target of Shermer in his book. At the fundamental of Shermer’s argument regarding the evolution of morality, is the denotation and actual sense of religion. Shermer describes religion as a social institution that progressed as a fundamental mechanism of human philosophy (Shermer 7). The importance of the origin of reli gion was to create and promote myths with a view of encouraging cooperation and altruism. Furthermore, religion encompasses the discouragement of competitiveness and selfishness. Thus, the real meaning of religion is the revelation of the level of obligation for members of the community to unite and return goodness. Shermer poses the question; can individuals lead moral lives in the absence of recourse to a transcendent being that might or might not exist? In his query, he recognize the immediate and historic function of religious practice in inculcating moral values. He argues that the true meaning of religion enable one to develop moral character while observing ethical way of life. The author creates the most precise definition of religion. He argues that it is important to ask the following question: can individuals construct an ethical system in the absence of religion? The answer the Shermer proposes appears to be affirmative on both counts. He does not belittle or disregard human

Saving Private Ryan Essay Example for Free

Saving Private Ryan Essay The ingenious film, directed by Steven Spielberg, `Saving Private Ryan is in my opinion the most realistic film to ever portray the D- Day landings. Many critics have even said it to be so vivid that the only element missing is the smell. In the Films first battle scene, lasting twenty- five minutes in total, it brings all reality into the living nightmare that took place so long ago. Brought back into life by Spielberg, I will show how he creates excitement and tension in the most realistic of ways. I will discuss how he portrays the characters, his use of sound and last of all, his use of camera shots and how they contribute to the overall effect of the scene. Spielberg manifests an overall memorable opening scene and I will show just how. Released on the 24^th July 1998, `Saving Private Ryan promised to break all blockbuster records and go straight to the top. Spielberg stunned the world with the films realism and authenticity, proving that his renowned reputation is not just hearsay, but fact. The plot is loosely inspired by the true story of the Niland brothers, where two of the four were killed and the third, presumed dead. The decision was made to retrieve the fourth, to prevent a national uproar and from a whole family from being wiped out due to War. The plot, proving exciting, brings much controversy over the mission to risk eight lives for the sake of one. The whole epic World War 11 drama cost approximately $65 million in total, most of which was spent on the graphic detail and effects in the first battle scene of the film. Although the twenty-five minute battle scene is complex cinematically and visually, the plot of the beach landings follows through reasonably simply. The scene starts off in focus of a small regiment of troops, quivering inside the hull of a boat, petrified by the sound of oncoming machine gun fire. The ramps fall down as a wheel spins round, pronouncing the ends to most of their lives. The boat opens out as many are shot dead instantly by the flurry of bullets thrust toward them. Few make it out a live before they have to plough through thousands of dead up the beach. As the battle scene cuts into view, the first character to be seen visually is Captain Miller. This immediately indicates that he is high up in rank and so, instantly gives him a commanding presence among the craft. The calmness of his voice even seems to sedate the tension in the atmosphere. However, the initial part of him to be seen is his pair of trembling hands. This conventionally is a sign of fear and to some, may show a weakness. Leaders are not usually associated with fear; stereotypically they are fearless. Spielberg has used this ironically, to show the realism within his character. All the soldiers fighting on that day were normal citizens fighting for pride and country. They all experienced fear. On D- day there were no fearless war heroes such as John Wayne and this is why Captain Miller, along with all the other troops, is shown in trepidation. As the shot moves outward, the whole of Captain Millers body is revealed. His appearance can be seen and again realism is reinforced. The person acting as Captain Miller, Tom Hanks does not have the stereotypical appearance of a War hero; he is small, placid and in lack of the muscle attributes usually associated with a clichi d soldier. Through this casting Spielberg conveys a message. The men fighting on that day were normal. They werent all large men built of muscle, who could defy death and so, the person cast as Captain Miller isnt either. Through this, the character of Captain Miller is made realer to the audience, thus making the film more accurate and historically correct. On the beach, after the regiment has landed, the Captain experiences a brief period where his emotions and conscience are thrown into turmoil. The horror of what is happening around him starts to sink in, as all terror results in a mental breakdown. The fact that he does not just march through the beach and that he is affected shows his compassion and empathy. It shows he is a caring human being; one who is gravely affected by the horrific things being done to his comrades. Through this period of collapse, Spielberg creates lots of tension, as the audience, who have gradually started to become attached to this realistic character, are willing him to snap out of it and gain his composure. They want him to get out of this situation and lead his troops up the beach. Another character that stands prominent in this scene is that of Sergeant Horvath. Spielberg has used Horvaths character to contrast with Captain Miller, and this is seen even in the first few seconds of his di but. Immediately as the audience set eyes upon his broad build, it can be seen that he is much more robust than the Captain and that he conforms more to the stereotypical image of a fictional war hero. I think that Spielberg has highlighted this point emphasise the normality and ordinary image of Captain Miller. He has done this to show that soldiers were all shapes and sizes. Through this contrast made, the realism of both characters is increased as they both can be recognised uniquely. Horvath and Miller again contrast in their methods of dealing with the trepidation and horror thrown at them. Whereas the Captain releases his petrified state through the constant trembling of his hands, Horvath allows his fear to disperse through chewing. Through Horvaths different reaction, Spielberg defines his character more, making him more realistic as he deals with situations in a different way. As soldiers in real life all reacted uniquely depending on their personalities, Horvath does too. The audience then can identify better with him, likening him to people they know, thus recognising him as a real type of person, one who is unique. Although Captain Miller and Sergeant Horvath contrast in many ways, together they form a prevailing partnership. In every order relayed by the Captain, the Sergeant reinforces it, thus portraying his regard, proving that he has an immense admiration for the man. Horvath continuously stays close to the Captain, waiting for his command and looking out for him. Spielberg uses him as the Captains right arm. Everything about Horvath, from his bear like face, down to his cumbersome build, shout; protector! In view of this, the audience take a liking to him and confide comfort in the fact that Horvath will protect and bring their `everyman (the Captain) to safety. Spielberg uses the relationship between the two characters to excite the audience, as he shows that War is so out of the ordinary, that it brought together people in friendships who otherwise wouldnt have done so. Captain Miller and Sergeant Horvath have such a strong relationship during this scene that excitement arouses among the audience, as they know that together the two will survive. Private Jackson, the regiments sniper is another character that has an essential role in the battle scene. His preliminary appearance is in the landing craft, immediately before the ramps descend. His face, being one of pure dread is an open book to the audience. He is so terrified that his expression and the first act that he commits, a kiss on a cross, show that he believes that there is no hope for survival left. It is as though he thinks that a kiss on the cross is the last action he is going to do and that if God is ever going to come to his aid, let it be now. I think that Spielberg has used this crucifix and his expression of misgiving, to draw compassion for the Private, but also to show how close death is to God. Immense suspense is created through the terror in Jacksons eyes. Private Jackson is not focused upon much during the struggle to gain ground and progress up the beach, however is substantial in the climax of the Scene. In this section of the scene, there is a long pause where the camera focuses upon the concentration on Jacksons face. He is speaking to God as he prepares to shoot and kill the Germans.

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