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

Bag of Bones AUTHOR’S NOTE

To an extent, this novel deals with the legal aspects of child custody in the State of Maine. I asked for help in understanding this subject from my friend Warren Silver, who is a fine attorney. Warren guided me carefully, and along the way he also told me about a quaint old device called the Stenomask, which I immediately appropriated for my own fell purposes. If I've made procedural mistakes in the story which follows, blame me, not my legal resource. Warren also asked me–rather plaintively if I could maybe put a ‘good' lawyer in my book. All I can say is that I did my best in that regard. Thanks to my son Owen for technical support in Woodstock, New York, and to my friend (and fellow Rock Bottom Remainder) Ridley Pearson for technical support in Ketchum, Idaho. Thanks to Pam Dorman for her sympathetic and perceptive reading of the first draft. Thanks to Chuck Verrill for a monumental editing job–your personal best, Chuck. Thanks to Susan Moldow, Nan Graham, Jack Roman s, and Carolyn Reidy at Scribner for care and feeding. And thanks to Tabby, who was there for me again when things got hard. I love you, hon. S.K. Yes, Bartleby, stay there behind your screen, thought I; I shall persecute you no more; you are harmless and noiseless as any of these old chairs; in short, I never feel so private as when I know you are here. ‘Bartleby' HERMAN MELVILLE Last night I dreamt I went to Manderley again . . . As I stood there, hushed and still, I could swear that the house was not an empty shell but lived and breathed as it had lived before. Rebecca DAPHNE DU MAURIER Mars is heaven. RAY BRADBURY

Introducing Essay on Business Idea Samples

Introducing Essay on Business Idea Samples Details of Essay on Business Idea Samples Marketing does involve a particular level of background knowledge. Do a Self Skill Audit Another usually means that will help you to understand the proper business to begin is to perform a self skill audit. Accounting is a crucial portion of a company enterprise. Selecting a little small business idea is a personal choice. Either way, thinking up a killer small-business idea is the initial step on the path to entrepreneurship. You may also ask people around to be aware of the kind of business that they'll be inclined to patronize. 1 good thing about starting the ideal business is you will struggle less to achieve results and meet your aims and targets. If that's the case, starting a wedding photography business could possibly be proper for you. You only need to promote your business at beginning stage. When you get a little business (hopefully a digitalized one), you should get facing you r audience. Event planning business is fantastic option for part time small company. Many successful small small business ideas manifest themselves as service-based businesses that provide a service to clients, which they cannot perform by themselves, if it be a deficiency of time or physical inability. Especially if you're not sure of what kind of business you need to start, I would suggest starting a service enterprise. The most suitable company is dependent on loads of factors unique to the person who would like to begin a company. As a consequence the remote employee monitoring company is booming. Vital Pieces of Essay on Business Idea Samples So you're probably here in order to get some little small business ideas. With so many startup business ideas, it can be difficult to determine which is well worth pursuing. Small small business ideas like the education sector can not ever be overlooked. Among the most effective small small business tips for seasoned small business owners ready for their next venture is a business planning support. You as women entrepreneur can begin your social networking consulting and marketing agency to help people grow their company over social networking. The last of the company suggestions for women is Pharmaceuticals. Let's discuss a number of the best small small business tips for female entrepreneurs. Maybe all you really know is that you wish to run your own company, but are fresh out of small small business ideas. At the same time that you can order 1 book at a moment, costs naturally go down when you purchase in bulk. In some businesses, you're likely to be likely to generate far more money with a whole lot less work. If you're thinking about any of the next small small business ideas, you're not alone. In the world today, there are lots of small business tips for women to select their career from. You still have to produce a good concept, build a brand, do marketing, and supply customer support. In case you have knowledge or experience in web design, you can provide your services to clients and construct your own business for a web designer. Every small company requires a site. Even if your initial business fails, you might determine a different kind of niche market that you could fill. If your business provides remote personal assistant solutions, you might wind up booking flights and sending emails on behalf of somebody you've never actually met in person. You can open a business providing lawn care services to people in your region. If this is the case, you could begin a little business focused on assisting senior citizens. A cell pet grooming business provides a handy service to customers. The One Thing to Do for Essay on Business Idea Samples People don't want to know every detail about exactly what makes a computer work. A tour guide business could possibly be a very good idea if you reside in a favorite tourist destination, if you've got deep understanding of your city, and if you're comfortable interacting with large groups. The inte rnet small business ideas above covered can be combined in an assortment of approaches to begin a company that's uniquely yours. You can begin your business by creating your own furniture factory which would later on enable you to export your furniture and other similar products to various countries of the planet. If you are searching for long-term business then, you can begin any food item enterprise. Any business linked to food and cooking has a fantastic chance if you place hard work and do the correct things from day one. Many insurance providers now accept dash cam videos in claims to be utilised as evidence and some might even reduce your insurance policy premium if you've got one installed in your auto. Whatever niche you select for your organization, look out for state licensing or insurance requirements to earn sure your venture complies with local laws. Rental businesses aren't as easy of a means to earn money as you could think, but there are several rental firm pro prietors who have made a bundle. Purchasing a current business will, normally, dramatically raise your probability of succeeding in business.

Ernest Hemingway Allegorical Figures In The Sun Also Rises

Ernest Hemingway: Allegorical Figures in The Sun Also Rises Thesis: Hemingway deliberately shaped the protagonists in The Sun Also Rises as allegorical figures. OUTLINE I. The Sun Also Rises A. Hemingways novel. B. Hemingways protagonists are deliberately shaped as allegorical figures. C. Novel symbolizing the impotence after W.W.I. II. Jake Barnes. A. Wound. 1. Damaged genitalia. 2. Cant make love. 3. Feels desire. B. Wound is symbol of life in years after W.W.I. C. Wound from accident. 1. Accidents always happen. 2. Cant prevent accidents. 3. â€Å"It was like certain dinners that I remember from the war. There was much wine and ignored tension, and a feeling of things coming that you could not prevent.† D. Condition represents a†¦show more content†¦From this point, Pedro can be seen as the real hero, man whose code gives meaning to a world where love and religion are defuncts, where the proofs of manhood are difficult and scarce, and where every man must learn to define his own moral condition and then live up to them. VI. Summary. A. Hemingway purposely shaped the main characters in The Sun Also Rises as allegorical figures. B. Jake Barnes and Brett Ashley are two lovers desexed by the C. Robert Cohn is the false knight who challenges their despair. D. Pedro Romero personifies the good life which will survive their failure. nbsp;nbsp;nbsp;nbsp;nbsp;The Sun Also Rises is a novel by Ernest Hemingway (1926). Hemingway deliberately shaped the protagonists in The Sun Also Rises as allegorical figures (Bloom, 1985, pp. 107). The novel symbolizes the impotence felt by the main characters after World War I. nbsp;nbsp;nbsp;nbsp;nbsp;Jake Barnes, the narrator, had a wound from an â€Å"accident† that happened during the war. The injury damaged his genitalia. As a result, Barnes could no longer make love, but could still feel the desire. Barnes felt physically less than a man. Barnes made a comment about hating â€Å"homos†. This shows that Barnes was insecure about his masculinity. For this reason, he later found himself strongly attracted to the young bullfighter, Pedro Romero, whose manhood stood without women. nbsp;nbsp;nbsp;nbsp;nbsp;The wound is a symbol of lifeShow MoreRelatedANALIZ TEXT INTERPRETATION AND ANALYSIS28843 Words   |  116 Pagescommentary in which the reader explains what the text reveals under close examination. Any literary work is unique. It is created by the author in accordance with his vision and is permeated with his idea of the world. The reader’s interpretation is also highly individual and depends to a great extent on his knowledge and personal experience. That’s why one cannot lay down a fixed â€Å"model† for a piece of critical appreciation. Nevertheless, one can give information and suggestions that may prove helpful

Diabetes Of The Hispanic Population - 871 Words

Diabetes in the Hispanic Population There are several different types of diabetes, the 6 week intervention program that I have created focuses on type 1 and 2 diabetes in the Hispanic community. Type 1 is when the pancreas does not produce insulin by its self and the patient may have to take insulin shots. Type 2 is when the body has problems breaking down the blood glucose or sugar. The Hispanic population is constantly growing and we have an estimated 13.7% of Hispanics making up the United States. â€Å"The annual percentage of patients with prediabetes in whom overt type 2 diabetes develops is about 5% in the general US population and may reach 15% in the Hispanic American population† (Idrogo Mazze, 2004, para. 7). This a community health issue because of the percentage of Hispanic individuals that may end up with diabetes. These individuals need to be educated to help the promotion, protection, and maintenance of diabetes in this group. 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Data was collected from January 5th, 2017 to March 5th, 2017. Patients in the waiting room were handed flyer invitation to participate by the researcher, who goes over the contents individually with prospective participants to determine eligibility for the study based on the criteria. The flyer explains the purpose of the study, the population of interest, including how to participate

Looking For Alaska Double Entry Journal Free Essays

â€Å"Two rows behind me, I heard a chair move and turned around to see Alaska standing up, slinging her backpack over one arm† Peg. 39 This quote shows how loyal Alaska is. She believes that what Budge was getting kicked out of class for was not fair so she did what Alaska usually does-spoke her mind. We will write a custom essay sample on Looking For Alaska Double Entry Journal or any similar topic only for you Order Now If Budge was going to get kicked out of class and she was going with him. It only makes him like her even more. Rorer adorable,’ she said, and I felt the intensity of her eyes on me and looked away nervously. ‘Too bad I love my boyfriend. † Peg. 43 Budge is so in love with Alaska that just the slightest compliment makes his day. He knows there’s something between them and I think Alaska knows that secretly too because of the way she looked at him. But again, her boyfriend is the problem. † â€Å"She smiled with all the delight of a kid on Christmas morning and said, â€Å"Hall smoke to enjoy it, I smoke to die. Peg. 44 1 had to read this quote over a few times to really get what she meant by it. This quote shows Alaskan character and who she really Is. She Is not afraid of death by smoking. I think she believes that if you live your life to the fullest, that it doesn’t matter what age you re when you die. â€Å"But why Alaska? I asked her. S he smiled with the right side of her mouth. Well, later I found out what It means. Its from an Aleut word, Alaska. It means â€Å"that which the sea breaks against,† and I love that. † Peg 53 1 wondered why her name was Alaska through the whole first part of the book, because the name interested me so much. I picked this quote because It shows her being more vulnerable and talking about things like her name and Its meaning. I also Like dhow Budge was so Interested In knowing more about Alaska, and I really do hope they get together later In the book. How to cite Looking For Alaska Double Entry Journal, Papers

International Of Diversity In Organisations-Myassignmenthelp.Com

Question: Discuss About The International Of Diversity In Organisations? Answer: Introduction Third sex or third gender as it is popularly referred to is a concept where people are categorized either by society or themselves as being neither a woman or a man. Under this context the third term is used to imply other (Winter, 2006). The term third gender is also used to describe a distinct social category that is preset in those societies which recognize the existent of more than 2 genders. The state of being identified by the society or personally identifying as a woman or a man or third gender is mostly defined by the gender role and gender identity of the individual in the society where they live. The debate regarding the status of third gender has been quite intensive in the Southeast Asia region. Thailand is one of the countries in the Southeast Asia region to hint at the constitutional recognition of the third gender. This literature review will analyze one of the articles on Thailands decision to recognize the third gender in its constitution with the objective of determining what factors led to the decision and its long term impacts. In reviewing the article titled, Thailands Transgender People Arent Just Ladyboys Anymore, by Jay Michaelson, the paper will also seek to investigate how the decision will impact the country social system and what it means for the LGBT community in the country. Literature Review The article by Jay Michaelson discusses a decision that was made by Thailands Constitution Drafting Committee on the 10th of January 2015 to include the term third gender into the countrys constitution as an acceptable gender. This proposal was made with the objective of ensuring that the new constitution would prohibit discrimination on the grounds of gender expression or gender identity. In the article the author seeks to examine the implication of Thailands decision and the reason why such a move was taken in Thailand. The author indicates that individuals who attempt to understand the context of the decision made by the constitutional drafting committee usually end up misunderstanding it due to the difference in cultural contexts. This statement by the author is based on the fact that different cultures have varied understanding of gender expression and gender identity. In countries like Bangladesh, Pakistan and India, the term third gender is used to refer to Hijra ( transgender individuals) (Yamphaka, 2007). In the Thailand context, the phrase third gender is used to refer to individuals who are classified as Katoey. These are transgender, transsexuals, and effeminate men or cross dressers. Prior to the proposal to officially recognize individuals who are categorized as Kotoey as a valid gender, the Katoey were considered to be inferior and considerably discriminated against. According to the Committees spokesman Kamnnoo Sittisamarn, the inclusion of third gender into the constitution is due to the fact that Thai society has evolved ad recognized the need for protecting all sexes not only men and women. Michealson proceeds to indicate that traditional Thai attitudes are both a hindrance and solution to the problems being faced by the Katoeys. In a survey conducted to determine the views of the Thai people towards Katoeys, it was determined that people who are closely related with Katoeys encourage the children to express themselves as they wish to. In the survey it was estimated that approximately 40.7% of Thai citizens held positive attitudes towards MTFTGs (Thailand to recognise "third gender" in new constitution panel, 2015). A number of studies have revealed that Thais in urban areas facilitate an attitude that encourages individuals to express themselves in a manner that they deem to be fit (Michaelson, 2015). However, the study also highlights the fact that even though certain gender practices are socially accepted within Thai culture, official government institutions and a small section of the society still discriminate against individuals who identify as Katoey. Thai spiritual beliefs have also played a significant role in shaping Thailands traditional attitudes towards third genders. Unlike western spiritual beliefs where gender is defined based on the persons anatomy. In traditional Thailand spiritual belief gender is defined based on a persons social and sexual role (Bering, 2015). Studies have also revealed that ancient Thai myths on creation speak of the existence of three genders. These beliefs have led to a majority of Thailands society (especially those individuals in the Northern part of the country) have a positive attitude towards the concept of third sex. In his article Michaelson indicates that even though third gender individuals are still being discriminated against, the move to officially recognize them is a significant step forward. Their recognition within the constitution is a significant step due to the fact that they too will enjoy the same social rights that are afforded to members of the male and female genders. The author proceeds to highlight the fact that as it is the countrys constitution only prohibits discrimination based on a persons sex and gender. This statement serves to highlight the fact that as it currently stands the constitution does not specifically refer to third gender and therefore it does not protect them. By including the proposed annex which states that gender includes all gender identities and specifying that gender does not only refer to the male and female genders but also the phet thi sam ( third gender), the constitution protects those who fall under this category from being discriminated against. In the article the author also points out to the loss of the meaning of third gender in its translation. The author points out to the fact that contrary to popular belief, the term third gender is a short hand whose contexts has been misrepresented by the media. In the Thai context the term third gender was used primarily to refer to transgender individuals. However, due to the misunderstanding of the context, the term has been used to refer to the most prevalent transgender like category in the country which is Kathoey. By doing this the definition of third gender is restricted to individuals who are biologically born as males but may assume female identities either through acquiring gender identities ( think of themselves as females), gender expression ( present or express themselves as females) and/or sexual characteristics ( undergo sexual reassignment procedures) (Beyrer, 1998). This misunderstood translation of third gender threatens to be a hindrance to obtaining the exact objective of what the low set out to establish. The misinterpretation of the term stems from the fact that the colloquial translation of Kathoey is ladyboy (Methangkun, 1986). A number of human rights activists have argued that even if passed, the misinterpretation of the term will result in a large percentage of those who should be protected by the low being left out. The activists argue that members of the LGBT community and individuals who born as females but identify as males should also be covered by the term. According to them, the phrase other should be used to refer to all other genders that do not conform to the guidelines used to identify the male and female genders. This will ensure that the inclusion of third gender into the constitution will effectively protect all other individuals who do not identify as either males or females. The author also argues that the fact that ladyboys are ubiquitous in the country and most of them work as entertainers has resulted in most people not taking them getting little social respect (Jackson, 1996). This argument stems from the fact that society usually judges people in the way they present themselves. Studies have indicated that if a community is usually portrayed in a negative manner to the larger society, it is more likely that the society will perceive that particular society negatively regardless of the fact that the negative representation does not reflect the entire society (Claes, 2011). This logic is reflected in Thai societys perception of ladyboys and entertainers and individuals who should not be taken seriously. This negative representation of ladyboys affects the societys view of individuals who categorize themselves as third genders as they are seen not to be serious. The author further proceeds to argue that the fact that Thailand is one of the few countries in the world that have recognized the third gender as a legitimate gender category does not stem from the concept of democratic practice or advanced gender theory but from the fact that those roles and identities are part and parcel of traditional Thai culture. This statement insinuates that the major reason as to why third gender individuals have experienced such positives attitudes from Thai people is because of traditional Thai culture. Traditional Thai culture unlike most western and cultures recognize and appreciates the existence of more than two gender identities. It is also important to note that it is this positive attitude of the society towards transgender that has contributed to the large number of individuals who identify as third genders in Thailand. It is because of the Thai culture that third gender individuals in the country enjoy a greater degree of public acceptance and safety than transgender individuals in most other parts of the world. The author also points out that due to this fact the transgender individuals are estimated to be between 10,000 to 100,000 people from the population of 56 million. Due to the social acceptance the transgender have been able to be famous models, actors, and politician (Gooren et al., 2013). In this section of the article the author highlights the fact that lack of cultural support and acceptance is one of the major reasons as to why most third gender individuals in society usually end up underperforming. Without societal acceptance and support, an individual is unable to effectively express him/herself; the individual also looses his/her self confidence thereby negatively affecting his performable in society. Despite the level of success obtained by Thai society with regards to the acceptance of transgender individuals, there still exists a number of challenges hindering their social image. The Kathoey identity has been widely stigmatized and the result of that stigmatization is a significant percentage of (Kathoeys engaging in sex work Thailand to recognise "third gender" in new constitution panel, 2011). The stigmatization has also resulted in a significant percentage of members from this social group being excluded from professions that are deemed to be upper class professions, marginalized and rejected y their families. A large percentage of individuals from the Southern part of the country believe that being Kathoey is retribution for bad actions that individuals performed in their past life. This belief is closely related to the Buddhist belief of reincarnation. Buddhism is one of the most popular religions in the most popular religions in Thailand and has significantly influenced the way people view certain societal life. In Buddhism, individuals are reincarnated based on their past life. Those who behaved poorly in their past life will have their transgression punished during their reincarnation. In the article, the author also cites western representation of transgender individuals as another driver of negative perception of transgender individuals in the . The western discourse of medicalization has greatly contributed to individuals who identify as third gender being viewed as disordered or sick (Gooren et al., 2015). The article also proceeds to discuss the concept of transmen which is new in Southeast Asia. The term transman refers to a male individual who was assigned a female gender at birth. Transman unlike the cisgender men usually identify with any sexuality like bisexualism gay, pansexual, polysexul, demisexual etc (Newman et al., 2013). Individuals who identify has transmen argue that the Thailand government has misrepresented them significantly and as a result of this misrepresentation they have not been able to enjoy most of the rights that should be afforded to them. The perceived neglect of transgender men is based on the fact that Thai society pays more attention to the plight and needs of transwomen who constitute a significant percentage of the transgender society in the country (Sinnott, 2004). The proposed constitutional changes w will serve to eliminate some of the discrimination that the individuals in these groups are experiencing and create room for social cohesion. The author compares progress made by Thailand with regards to the rights of transgender with those made by the U.S. He argues that unlike in Thailand where a significant amount of progress has been made with regards to the plight of transgender, in the U.S, the rights of those who fall under the transgender community have been overshadowed by those of gays and Lesbian. The discrepancy between these two countries can be traced back to the fact that the organizations fighting for LGBT rights in the U.S are stronger than those fighting for transgender rights. It can also be due to the fact that the transgender community in the U.S is smaller than that of Thailand and as a result of this a significant percentage of the transgender in Thailand. This has resulted in most of the organizations championing for transgender rights in the country falling under the LGBT community umbrella. It is essential to highlight the fact that unlike in the U.S, the progress of transgender rights does not imply progress with regards to the rights of homosexuals. In most Southeast Asian countries, homosexuality is still considered as a major offense and shunned by a significant percentage of the society. In Thailand some schools teach that homosexuality is a disease (Winter, 2006). This attitude has led to a large group of homosexual individuals in the country identifying them as transgender. Conclusion From the arguments presented in this paper, it is evident that the proposal made by the Constitutional Drafting community is just a first step towards obtaining equal treatment for individuals who neither identify as males or females (Sinnott, 2004). Even though the proposal might serve to bring equity for transgender within Thai society, certain negative portrayals of transgender individuals might serve to negatively affect the impact of the proposal. It is also evident from the arguments provided that Thai culture has played a significant role in shaping how transgender are viewed. The inclusion of the proposal into the countrys constitution is not as a result of the country being developed socially or politically but due to traditional practices that has made transgender individuals widely accepted in the society. The societys traditional culture tends to affect social perception of transgender individuals both positively and negatively. In the paper this is demonstrated in the fact that the Buddhist religion believes in their being more than two genders. This belief has led to most of the members of that society believing in the existence of third, fourth and fifth genders (naldi, 2011). As a result of this there has been a significant increase in the number of Thai individuals who identify as transgender. On the other hand, the same Buddhist religion also speaks of reincarnation. As a result of this belief a significant percentage of individuals in the Southern part of the country believe that transgender are reincarnated individual who did evil in their past lives. This belief has led to discrimination against transgender individuals (Saisuwan, 2011) Based on the arguments it is logical to conclude that opinion regarding transgender individuals in Thailand is considerably divided. The new law will serve to promote social equity and provide transgender individuals with the rights that have been afforded to other members of the society (Towle, Morgan, 2002). It is also evident from the arguments that the author believes that more should be done to promote social equity for transgender individuals in the country. However, he recognizes the fact that the obtainment of constitutional recognition as a valid gender is one of the largest huddles that the country has overcame. References Thailand to recognise "third gender" in new constitution -panel. (2015, January 15). Retrieved October 03, 2017, from https://www.reuters.com/article/thailand-politics/thailand-to-recognise-third-gender-in-new-constitution-panel-idUSL3N0UU1BS20150115 Towle, E. B., Morgan, L. M. (2002). Romancing the transgender native: rethinking the use of the" third gender" concept.GLQ: A Journal of Lesbian and Gay Studies,8(4), 469-497. Sinnott, M. (2004).Toms and dees: Transgender identity and female same-sex relationships in Thailand. University of Hawaii Press. Winter, S. (2006). Thai transgenders in focus: Demographics, transitions and identities.International Journal of Transgenderism,9(1), 15-27. Jackson, P. (2003). Performative genders perverse desires: a bio-history of Thailands same-sex and transgender cultures.Intersections: Gender History and Culture in the Asian Context, (9), 43. Newman, P. A., Roungprakhon, S., Tepjan, S. (2013). A social ecology of rectal microbicide acceptability among young men who have sex with men and transgender women in Thailand.Journal of the International AIDS Society,16(1). Gooren, L. J., Sungkaew, T., Giltay, E. J., Guadamuz, T. E. (2015). Cross-sex hormone use, functional health and mental well-being among transgender men (Toms) and Transgender Women (Kathoeys) in Thailand.Culture, health sexuality,17(1), 92-103. Sinnott, M. (2004).Toms and dees: Transgender identity and female same-sex relationships in Thailand. University of Hawaii Press. Gooren, L. J., Sungkaew, T., Giltay, E. J. (2013). Exploration of functional health, mental well-being and cross-sex hormone use in a sample of Thai male-to-female transgendered persons (kathoeys).Asian journal of andrology,15(2), 280. naldi, S. (2011). Back in the Spotlight: The Cinematic Regime of Representation of Kathoeys and Gay Men in Thailand.Queer Bangkok: 21st Century Markets, Media, and Rights, edited by PA Jackson, 81-98. Claes, M. T. (2011). Kathoeys of Thailand: A Diversity Case in International Business.International Journal of Diversity in Organisations, Communities Nations,10(5). Beyrer, C. (1998). Other genders: kathoeys, waria, hinjras, toms and dees.War in the blood: sex, politics and AIDS in Southeast Asia. Bangkok: White Lotus Publishing. Methangkun, B. (1986). Khon Pen Kathoey Dai Yang-rai (How Can People Be Kathoeys?).Bangkok: Abhidhamma Foundation. Thailand to recognise 'third gender' in new constitution. (2016, January 19). Retrieved October 03, 2017, from https://www.straitstimes.com/asia/se-asia/thailand-to-recognise-third-gender-in-new-constitution-panel Thailand to recognise "third gender" in new constitution -panel. (2015, January 15). Retrieved October 03, 2017, from https://www.reuters.com/article/thailand-politics/thailand-to-recognise-third-gender-in-new-constitution-panel-idUSL3N0UU1BS20150115 Jackson, P. A. (1996). The Persistence of Gender: From Ancient Indian Pandakas to Modern Thai Gay-Ouings. Yamphaka, J. (2007). Thai kathoeys go international.Manager Newspaper Daily News,13, 13. Saisuwan, P. (2011). Kathoeys and womens use of first-person personal reference terms in Thai. Jackson, P. A. (1996, October). Thai academic studies of kathoeys and gay men: a brief critical history. InProceedings of the Sixth International Conference on Thai Studies, Theme III: Family, Community and Sexual Sub-Cultures in the AIDS Era(pp. 14-17). Asher, K. T.. (2012, October 01). Thailand: The Tale of the Pink Toilet - Transgender Rights in Thailand. Retrieved October 03, 2017, from https://www.outrightinternational.org/content/thailand-tale-pink-toilet-transgender-rights-thailand Michaelson, J. (2015, February 2). Thailands Transgender People Arent Just Ladyboys Anymore. Retrieved October 3, 2017, from https://humanrightsinasean.info/article/thailands-transgender-people-arent-just-ladyboys-anymore.html Bering, J. (2015). The Third Gender. Retrieved October 03, 2017, from https://www.scientificamerican.com/article/the-third-gender-2012-10-23/