Mix Racial and Cultural Groups Are Growing in the United States Essay Example for Free

Mix Racial and Cultural Groups Are Growing in the United States Essay Mixed Racial and Cultural Groups is increased by a marginal number in the United States. The growth of these multiracial groups started to surface through migration of different ethnics and raised most of their families in the United States even through marriage. These are some of the issues that have been raised by individual people of having an entity separation of mixed race and cultural or to considered them as Americans without a hyphen. Thinking about this issue myself, and thinking of my two children who married to a different ethnic rather than Samoans. These questions come to mind about this issue: How, Why, and what the three words that needs a big explanation about this matter. According to multiracial Americans, Americans whose identity as two or more races identifies with just one group culturally and socially. From statistics that I got from online, stated that about 2. 9% of the population in the year 2010 are self-identified as multiracial. The identity or the classification of the people’s identification is generally according to the culture they were raised in. Social segregation in many areas of the country is forming interracial unions or cultural group. The diversity of social conditions through migrations brought new groups of people to the United States. Through these migrations, mixed races started to rise when interracial marriage were born and started to increase in the United States. The movement of multiracial identity by more than one ethnicity has taken place and strong. Statistics from the year 2010 census in the United States shows that the largest multiracial groups were white and black which is 1. 8 million. The other 1. 7 millions are white and some other race, white and Asian is 1. 6, white and American Indian and Alaskan Native is 1. 4 million. I have learned that the largest growing group in multiracial is white and black which is about 134%. That is more than 1 million people. MIX RACIAL AND CULTURAL GROUP According to Susan Saulny of the New York Times, title Race Remixed, said that â€Å"sea of change is how we think about race, ethnicity and its place in society†. I believe that a challenge to trend towards multiracial from a sociological perspective is a leap that we should take. The understanding of racial and ethnic categories of their boundaries can be a problem to other multiracial groups. I think that ancestry is the biggest influence in identities through a number of generations through migrations. I also believe that each multi mix or racial group should be treated the same regardless of their identity. If they are legally citizens of the United States, they have the right to be treated equally. I believe that they have contributed to the wellbeing and welfare of the United States through their services in employment within the government, military or private companies. Regardless of the race and ethnicity, they should be treated and considered Americans. President Obama is good example of what I mean about treating them the same no matter what color of their skin or where they are from. I know that some of these mix race entities are trying to separate themselves with-in the United States but when they travel to other countries of the world, they considered be call Americans. As a citizen of New Zealand, I am proud to call myself to be an American and I respect the land that my children were born. What can the United States or these multiracial groups gain from wanting to be separated from their identity. Through my search online, I came across Mrs. Karissa Sulliva’s draft and she said that ancestry influences identities. She said that socialization is the crucible of racial and ethnic identity formation. Farley in 2002, construct racial and ethnic classifications which was adopted by the government for each race or reconsidered themselves to either refuse to identify their own race and ethnic category. MIX RACIAL AND CULTURAL GROUP. I believe that mix racial and cultural groups are increasing daily by the number throughout the United States. However, research shows that children with an original multiracial identity grow up to be happier than those of single-race identity. Some of the statistics shows that another addition to the growth of mix race is through adoption of children from countries outside of the United States. According to Fact’s for Families 2010, parents are coping with these pressures in having open communications with the families about their culture and race. Encouragement and support in every multicultural group for families to be familiar with their language, traditions and customs within their families. They have to support and try to establish a good relationship by creating a network for their children, parents, family member, relatives and the community. In conclusion, the separation and classifications between mix racial and multicultural groups is not an easy task or thing to do. Two of my children are married to different ethnic. My oldest daughter is married to an African American and my son is married to a girl who is beautiful and white but has about four or five mix blood in her. I believe in democracy and the United States is nowhere in having a separation of any mix race and cultural group who are living in the United States. God Bless America, God bless the people of the United States. References: Perez, Anthony Daniel, Hirschman, Charles. The Changing Racial and Ethnic. http://www. ncbi. nlm. nih. gov/pmc/articles/PMC2882688/ The American Academy of Child and Adolescent Psychiatry (March-2011). Facts for Families, no. 71 Multiracial Children. http://www. aacap. org/galleries/FactsForFamilies/71_multiracial_children. pdf Dr. Nicole Martinez and Mrs. Karissa Sullivan. May 6, 2013 .docx.

Ap European History Essay Example for Free

Ap European History Essay After reading and studying this chapter, you should be able to discuss the meanings of the term renaissance. You should be able to explain the economic context for the Renaissance, the new status of the artist in Renaissance Italy, and the meanings of the terms humanism, secularism, and individualism as applied by scholars to the Renaissance. Also, you should be able to explain how the Italian Renaissance affected politics, the economy, and society. Finally, be able to elaborate on the evolution of medieval kingdoms into early modern nation-states, and the spread of Renaissance humanism northward. Chapter Outline I. The Evolution of the Italian Renaissance A. Economic Growth as the Basis of the Renaissance 1. Venice, Genoa, and Milan grew rich on commerce between 1050 and 1300. 2. Florence, where the Renaissance originated, was an important banking center by the fourteenth century. B. Communes and Republics 1. In northern Italy the larger cities won independence from local nobles and became self-governing communes of free men in the twelfth century. 2. Local nobles moved into the cities and married into wealthy merchant families. This new class set up property requirements for citizenship. . The excluded, the popolo, rebelled and in some cities set up republics. 5. By 1300 the republics had collapsed, and despots or oligarchies governed most Italian cities. C. The Balance of Power among the Italian City-States 1. City patriotism and constant competition for power among cities prevented political centralization on the Italian peninsula. 2. As cities strove to maintain the balance of power among themselves, they invented the apparatus of modern diplomacy. 3. In 1494 the city of Milan invited intervention by the French King Charles VIII. 4. Italy became a battleground as France, Spain, and the Holy Roman Emperor vied for dominance. 5. In 1527 the forces of Holy Roman Emperor Charles V sacked Rome. II. Intellectual Hallmarks of the Renaissance A. Individualism 1. Renaissance writers stressed individual personality, greatness, and achievement, in contrast to the medieval ideal of Christian humility. B. Humanism 1. The revival of antiquity took the form of interest in archaeology, recovery of ancient manuscripts, and study of the Latin classics. 2. The study of the classics became known as the â€Å"new learning,† or humanism. 3. Humanist scholars studied antiquity not so much to find God as to know human nature and understand a different historical context. 4. Humanists derided what they viewed as the debased Latin of the medieval churchmen. C. Secular Spirit 1. The secular way of thinking focuses on the world as experienced rather than on the spiritual and/or eternal. 2. Renaissance thinkers came to see life as an opportunity rather than a painful pilgrimage toward God. 3. Lorenzo Valla argued that sense pleasures were the highest good. 4. Giovanni Boccaccio wrote about an acquisitive, sensual, worldly society. Renaissance popes expended much money on new buildings, a new cathedral (St. Peter’s), and on patronizing artists and men of letters. III. Art and the Artist A. Art and Power 1. In the early Renaissance, corporate groups such as guilds sponsored religious art. 2. By the late fifteenth century individual princes, merchants, and bankers sponsored art to glorify themselves and their families. Their urban palaces were full of expensive furnishings as well as art. 3. Classical themes, individual portraits, and realistic style characterized Renaissance art. 4. Renaissance artists invented perspective and portrayed the human body in a more natural and scientific manner than previous artists did. B. The Status of the Artist 1. Medieval masons were viewed as mechanical workers/artisans. Renaissance artists were seen as intellectual workers. 2. The princes and merchants who patronized artists paid them well. 3. Artists themselves gloried in their achievements. During the Renaissance, the concept of artist as genius was born. 4. Renaissance culture was only the culture of a very wealthy mercantile elite; it did not affect the lives of the urban middle classes or the poor. IV. Social Change A. Education and Political Thought 1. Humanist writers were preoccupied with education for morality and virtue. 2. Baldassare Castiglione’s The Courtier (1528) presented an image of the ideal man as master of dance, music, the arts, warfare, mathematics, and so on. 3. Daughters of the elite received an education similar to sons and a few went on to become renowned painters or scholars. 4. In The Prince (1513), Niccolo Machiavelli argued that politics could not follow simple rules of virtue and morality—that it ought in fact to be studied as a science. B. The Printed Word 1. Around 1455 in the German city of Mainz, Johan Gutenberg and two other men invented the movable type printing press. 2. Methods of paper production had reached Europe in the twelfth century from China through the Near East. 3. Printing made government and Church propaganda much more practical, created an invisible â€Å"public† of readers, and stimulated literacy among laypeople. C. Clocks 1. City people involved in commerce had a need to measure time. 2. By the early fourteenth century mechanical clocks were widespread in Europe. . Mechanical clocks and precise measurement of time contributed to the development of a conception of the universe in measurable, quantitative terms. D. Women and Work 1. Early modern culture identified women with marriage and the domestic virtues. 2. Women were involved with all economic activity connected with the care and nurturing of the family, as well as working outside the home. 3. Women during the Renaissance worked in a variety of businesses—for example, sailmaking—and even in a few isolated cases managed large enterprises. Wealthy women were usually excluded from the public arena and instead managed their households. E. Culture and Sexuality 1. Women’s status in the realm of love, romance, and sex declined during the Renaissance. 2. Writers such as Castiglione created the â€Å"double standard†? women were to be faithful in marriage, while men need not be. 3. Penalties for rape in Renaissance Italy were very light. 4. In spite of statutes against â€Å"sodomy,† generally referring to male homosexuality, Florentine records from the fifteenth century show a lot of homosexual activity going on, usually relations between an adult male and a boy. F. Slavery and Ethnicity 1. In medieval and Renaissance Europe many Slavic, Tartar, Circassian, Greek, and Hungarian slaves were imported. 2. Beginning in the fifteenth century the Portuguese brought many black African slaves into Europe. 3. Within Africa the economic motives of rulers and merchants trumped any cultural/ethnic/racial hostility toward Europeans. They sold fellow Africans into slavery apparently without qualms. 4. Africans did not identify themselves as â€Å"black,† but as members of more than 600 different tribal and ethnic groups. 5. Black slaves were an object of curiosity at European courts. 6. The Renaissance concept of people from sub-Saharan Africa was shaped by Christian symbology of light and darkness? blacks represented the Devil. Race did not emerge as a concept until the late seventeenth century. V. The Renaissance in the North A. Northern Humanists 1. In the late fifteenth century students from northern Europe studied in Italy and brought the Renaissance home. 2. Thomas More (1478–1535) of England argued that reform of social institutions could reduce or eliminate corruption and war. 3. The Dutchman Desiderius Erasmus (1466–1536) was an expert in the Bible and Greek language who believed that all Christians should read the Bible. 4. Francois Rabelais (1490–1553) ridiculed established institutions such as the clergy with gross humor in Gargantua. 5. Flemish artists came to rival the Italian Renaissance painters. VI. Politics and the State in the Renaissance (ca 1450–1521) A. Centralization of Power 1. Some scholars have viewed Renaissance kingship as a new form, citing the dependence of the monarch on urban wealth and the ideology of the â€Å"strong king. In France Charles VII (r. 1422–1461) created the first permanent royal army, set up new taxes on salt and land, and allowed increased influence in his bureaucracy from middle-class men. He also asserted his right to appoint bishops in the Pragmatic Sanction of Bourges. 3. Charles’s son Louis XI (r. 1461–1483) fostered industry from artisans, taxed it, and used the funds to build up his army. He brought much new territory under direct Crown rule. 4. In England Edward IV ended the War of the Roses between rival baronial houses. 5. Henry VII ruled largely without Parliament, using as his advisers men with lower-level gentry origins. 6. Henry’s Court of the Star Chamber tried cases involving aristocrats and did so with methods contradicting common law, such as torture. 7. Although Spain remained a confederation of kingdoms until 1700, the wedding of Isabella of Castile and Ferdinand of Aragon did lead to some centralization. Ferdinand and Isabella stopped violence among the nobles, recruited â€Å"middle-class† advisers onto their royal council, and secured the right to appoint bishops in Spain and in the Spanish empire in America. . Popular anti-Semitism increased in fourteenth-century Spain. In 1478 Ferdinand and Isabella invited the Inquisition into Spain to search out and punish Jewish converts to Christianity who secretly continued Jewish religious practices. 9. To persecute converts, Inquisitors and others formulated a racial theory? that conversos were suspect not because of their beliefs, but because of who they were racially. 10. In 1492 Ferdinand and Isabella expelled the Jews from Spain.

Acquisition of Natwest by Royal Bank of Scotland (RBS)

Acquisition of Natwest by Royal Bank of Scotland (RBS) Corporate strategy developers have in the past and today seen Mergers and Acquisitions as an effective tool to foster future growth and create sustainable value. As a norm, companies now aggressively seek and buy compatible businesses to gain from synergetic benefits and strengthen their core business operations, whether that is the Industry of Banking, Pharmaceutical, Information Technology, Construction or Retailing etc. Expenditure on acquisitions in the UK by foreign companies increased from  £9.2 billion in quarter four 2007 to  £19.9 billion in quarter one 2008. Expenditure on acquisitions abroad by UK companies decreased from  £25.8 billion in quarter four 2007 to  £15.5 billion in quarter one 2008. Expenditure on acquisitions in the UK by UK companies increased from  £3.2 billion in quarter four 2007 to  £3.6 billion in quarter one 2008. The number of transactions reported for acquisitions in the UK by UK companies at quarter one 2008 is the lowest reported since quarter one 2003?. Source: (http://www.statistics.gov.uk/pdfdir/ma0608.pdf- on 06-06-2008). In March 2000, Royal Bank of Scotland (RBS) acquired NatWest Bank, a bank three times its size. Shareholders were told that the merger would realise  £1.1 billion in cost savings and income gains. The acquisition of NatWest by the Royal Bank of Scotland has created a larger group which combines scale and financial strength with an innovation and growth culture, and gives us strategic options to create additional value for shareholders?. Source:(http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2001/MARCH/RESULTS2000- on 02-06-2008). The perceived motivation drives for this merger and acquisition activity are generally considered to be the acquiring banks desire to increase its return by expanding geographically. This perception is similar to Stewarts premises of merger motivation. According to the Stewart; the actual motivating forces behind merger should be ones that will: Increase financial performance (net operating profits). Financial benefits through borrowing against the Sellers unused debt capacity or against an increase in the consolidated debt capacity (lending capacity for banks). Tax benefits derived from expensing the stepped-up basis of assets acquired or from the use of otherwise forfeited tax deductions or credits?. (Stewart, 1991, p 375). 2. BRIEF REVIEW OF LITERATURE This chapter aims to discuss various literatures on mergers and acquisitions in order to provide a background for subsequent analysis. The literature identifies several economic and financial theories that justify Merger and Acquisition activity. In this review, we provide an overview of the literature that we use to guide our empirical work. 2.1 DEFINITIONS The interdisciplinary nature of the MA discourse is reflected in the versatile definitions provided in the literature. Some definitions emphasize the organizational context of MA: The term ËÅ"merger has two meanings in the context of combining organizations. Merger can refer to any form of combination of organizations, initiated by different kind of contracts. The more specific meaning that separates merger from acquisition is that merger is a combination of organizations which are similar in size and which create an organization where neither party can be seen as acquirer?. (Vaara, 2000, p 82). The word merger refers to negotiations between friendly parties who arrive at a mutually agreeable decision to combine their companies. In general, mergers reflect various forms of combining companies through some mutuality in negotiations?. (Fred and Weaver, 2001, p 6). The word merger is used to mean the combining of two business entities under the common ownership?. (Arnold, 2005, p 1041). In Acquisitions a company buying shares in another company to achieve a managerial influence. An acquisition may be of a minority or of a majority of the shares in the acquired company. An acquisition is recorded on the date of the economic decision (formally agreed) even if the legal issues have not been fully finalised. If subsequent disputes, legal issues or a lack of supervisory approval were to interfere with a completion of the acquisition, it is held not to have been recorded?. (Eurpean Central Bank, 2000, p 4). 2.2 TYPES OF MERGERS ACQUISITION From the point of view of an economist, there are four main groups of Merger and Acquisition. Horizontal ­: In this one firm combines with another in the same line of business. In simple words, a horizontal merger occurs when two competitors combine?. (Gaughan, 2007, p 13). Horizontal merger reduces the number of the competitors in the market. Vertical: A vertical merger is the combination of successive activities in a vertical chain under common coordination and control of a single firm?. (Sudarsanam, 2003, p 140). In simple words, it is a merger between a supplier and the distributor company of the supplies. This is a cost saving merger as well. For example HSBC purchased JP Morgans dollar clearing business in 1996. Congeneric: This involves related enterprises but not producers of the same product (as in horizontal merger) or firms in producer supplier relationship (as in vertical merger). An example is when Lloyds Bank acquired Cheltenham and Gloucester in 1995 mostly to acquire its mortgage business, which is related to but different from retail banking?. Source: (http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp â€Å" 04-05-2008) Conglomerate: A conglomerate merger is the combining of two firms which operate in unrelated business areas. Some conglomerate mergers are motivated by risk reductions through diversification; some by the opportunity for cost reduction and improved efficiency, others have more complex driving motivations?. (Arnold, 2002, p 870). For example in 1996, Royal Bank of Scotland was expected to take control of Charles Church. 2.3 LITERATURE REVIEW- THEORIES OF MA There are might a number of motives that might play a role in merger activity, like efficiency, growth , synergy, financial and tax benefits, shareholders exploration, but two of the most often cited motives for mergers and acquisitions are faster growth and synergy. All these strategic motives shall be discussed in this part of the proposal for the better understanding of merger and acquisition. 2.3.1 Efficiency Theory The efficiency theory says that mergers occur because they improve the combined firms, operations, for example, by letting superior managers assume control, by exploiting cost reducing synergies? or complementarities in the partners operations, or by taking fuller advantage of scale of economies and risk spreading opportunities, among other things in securing capital?. (Ravenscraft and Scherer, 1987, p 211). In simple words, efficiency is an improvement in the utilization of existing assets that enables the combined firm to achieve lower costs in producing a given quantity and quality of goods and services. 2.3.2 Managerial Motives or Managerial Perspectives Takeovers can also arise because of the agency problem that exists between shareholders and managers, whereby managers are more concerned with satisfying their own objectives than with increasing the wealth of shareholders. The motive behind some acquisitions may be to increase managers pay and power. Managers may also believe that the larger their organization, the less likely it is to be taken over by another company and hence the more secure their jobs will become. Take overs made on the grounds have no shareholder wealth justification since managers are likely to increase their own wealth at the expense of the shareholders?. (Watson and Head, 2006, p 317). 2.3.3 Shareholders Expropriation The important motive behind the consolidation has been maximization of shareholders wealth. In the neo-classical prospective, this mean that the incremented cash flows from the decisions, where discounted at the appropriate discount rate should yield positive or zero net present value. Under uncertainty, the discount rate is the risk-adjusted rate with a market determined risk premium for risk. Draper and Paudyal (1999) found that shareholders in the target businesses benefits substantially from takeover activity, particularly where they are given the option to receive either cash or shares in the bidder as the consolidation. It seems that the bidders shareholders do not suffer from merger. They also found that the benefits to target shareholders have declined in the recent past. Bruner (2004) argued that the approach taken by many of the studies based on US takeovers were flawed in that the research results were unduly influenced by a relatively small number of failures that involve d particularly large businesses. He claimed that all takeovers benefit target shareholders and the overwhelming majority benefit bidder shareholders as well.? (McLaney, 2005, p 395). Shleifer and Summers suggest a number of other motives for mergers and acquisitions in which shareholders may gain at the expense of other stakeholders. For example, some target firms may seek acquirers to escape financial problems or to break unfavourable labour contracts. Other firms may seek leveraged purchases of their targets to increase the surviving firms risk- return profile at the expense of existing debt holders?. (Shlfeifer and Summer, 1988, p 33). 2.3.4 Financial and Tax Benefits Whether tax motives are an important determinant of MAs. Certain studies have concluded that acquisition may be an effective means to secure tax benefits. Gilson, Scholes and Wolfson have set forth the theoretical framework demonstrating the relationship between such gains and MAs. They assert that for a certain small fraction of merger, tax motives could have played a significant role. Moreover, whether the transaction can be structured as a tax-free exchange may be a prime determining factor in whether to go forward with a deal. Sellers sometimes require tax free status as a prerequisite of approving a deal. In the U.K the rules are more strict for taxes; the losses incurred by the acquired firm before it becomes part of the group cannot be offset against the profit of another member of the group. The losses can only be set against the future profits of the acquired company. Also that company has to continue operating in the same line of business?. (Arnold 2005, p 1052). 2.3.5 Growth / Market Power Theory One of the most fundamental motives for MAs is growth. Companies seeking to expand are faced with a choice between internal or organic growth and growth through MAs. Internal growth may be a slow and uncertain process. Growth through MAs may be a much more rapid process. If a company seeks to expand within its own industry, they may conclude that internal growth is not an acceptable alternative, for example, if a company has a window of opportunity that will remain open for only a limited period of time, slow internal growth may not suffice. As the company grows slowly through internal expansion, competitors may respond quickly and take market share. The only solution may be to acquire another company that has a resource, such as established offices, and facilities, management and other resources, in place?. (Gaughan, 2007, p 117). Some mergers may result in market power which redounds to the benefits of the merging firms. George Stigler argued that such an effect might have been a primary motivation for many of the mergers and acquisitions during the last quarter of the 19th century and first half of the 20th century. He called the 1887-1904 merger wave merger for monopoly? and the 1916- 1926 wave merger for oligopoly?. (Stigler, 1968, p 23). 2.3.6 Synergy Theory This refers to the fact that the combined company can often reduce duplicate departments or operation, lowering the costs of the company relation to the same revenue stream, thus increasing profit. The two main types of synergy are operating synergy and financial synergy. Operating synergy comes in two forms: revenue enhancement and cost reduction. These revenues enhancements and efficiency gains or operating economies may be derived in horizontal or vertical mergers. Financial synergy refers to the possibility that the cost of capital may be lowered by combining one or more companies?. (Gaughan, 2007, p 124). Financial synergies result in lower cost of capital by lowering the systematic risk of a companys investment portfolio through an investment in an unrelated business?. (Trautwein, 1990, p 283). Below the list of reasons has been provided that are initiating consolidation in the form of merger and acquisitions in the U.K banking industry. Competition from building societies. New entrants into saving markets. New technology and the internet. Competition from the overseas banks. Government Policies. Economies of scale scope. Managing branch networks. 2.4 MERGER AND ACQUISITIONS: BENEFITS AND DRAWBACKS Lumby and Jones identified four key benefits and five draw backs of mergers and acquisitions as follows: 2.4.1 BENEFITS 2.4.1.1 Speed: An acquisition allows the companys newly formed strategy to be implemented rapidly. Through organic growth it will take the company much longer to reach the same level of business activity. 2.4.1.2 Critical mass: The Company is able to immediately achieve the critical mass of assets and activity levels that might be needed to obtain the operating economies of scale that exist in the chosen business area. At the early stages of organic growth into a new business area, the operating economies enjoyed by large competitors will not be achievable; so putting the developed business activity at a significant competitive cost disadvantage, from which further progress may not be possible. 2.4.1.3 Own-paper financing: An acquisition can be made without impacting on the companys cash resources or on its liquidity, by financing it with an issue of new equity called the companys ËÅ"own-paper. In contrast, organic growth will require the expenditure of the companys cash and credit resources. 2.4.1.4 Intellectual assets: In addition to the tangible assets of the acquired company, an acquisition will also bring with it intellectual assets such as the ËÅ"know-how, and business contacts of the management team, the skills of the workforce and its trading reputation. With organic growth, these may have to be developed ËÅ"in-house over time. In spite of the identified benefits, mergers and acquisitions have the following significant drawbacks as stated by Lumby and Jones: 2.4.2 DRAWBACKS 2.4.2.1 Risk: Mergers and acquisitions have a significant risk of high-cost failure attached. This is because an acquisition represents a single, very large investment, which if it turns out to be a mistake, then the business will have lost a substantial amount of its value. 2.4.2.2 Acquisition premium: Most acquisitions require the payment of an acquisition premium in order to persuade shareholders of the target company to sell their shares. This means that the acquiring company will be paying more than the economic worth of the company. 2.4.2.3 Steep learning curve: The acquiring company will have to rapidly learn how to manage an unfamiliar business and they may not necessarily be successful in doing so. In contrast, the slower pace of organic growth allows the management far more time in which to learn the range of new skills required to successfully manage the new business area. 2.4.2.4 Post-acquisition problems: Acquisitions could lead to a clash of management cultures between those of the acquired company and the acquiring company. This will often lead to key members of the acquired company leaving post-acquisition, resulting in the loss of vital intellectual capital. This may not be the case with organic growth. 2.4.2.5 Coinsurance effect: In an acquisition where either the predator company or/and the target company has debt financing, then there is the risk of a post-acquisition wealth transfer from the shareholders to the debt holders. (Lumby, 2003). 3. AIMS AND OBJECTIVES This Proposal has been built upon the analysis of the mergers and acquisition of banks in the U.K, like the acquisition (takeover of NatWest by Royal Bank of Scotland) in 2000. In this research my effort is to attempt and cover all important issues related to Mergers and Acquisition, like what causes, and initiates a merger or an acquisition, the benefits accrue to the company, its employees and customers etc, and native aspects of MA. This research investigates into the roots and causes of ever increasing consolidation activity and tries to critically evaluate merger and acquisition. Another aim of the proposal is to study the expectations of the stakeholders of the banks in the U.K, and the effect a merger or an acquisition has on them. Three stakeholders, namely, shareholders, employees and customers shall be studied in detail with the help of the case study. As according to the Schweigher: MAs basically aim at enhancing the shareholders value or wealth, the results of several empirical studies reveal that on an average, MAs consistently benefit the target company shareholders but not the acquirer company shareholders. A majority of corporate mergers fail. Failure occurs on average, in every sense, acquiring firm stock prices likely to decrease when mergers are announced; many acquired companies sold off; and profitability of the acquired company is lower after the merger relative to comparable non-merged firms. Consulting firms have also estimated that from one half to two-thirds of MAs do not come up to the expectations of those transacting them, and many resulted in divestitures. (Schweiger, 2003, p 71). The conclusion from this case study support my hypothesis that, whether stakeholders benefit from the merger and acquisition, because on the one hand, sometimes the merger and acquisition is beneficial for shareholders of the merging /or acquiring bank. On the other hand, employees are left worse-off following job cuts and redundancies. 4. STATEMENT OF DESIGN AND METHODOLOGY In order for the aims and objectives of the research to be fulfilled, it is essential to expand an understanding of the reason for growing tendency amongst banks in United Kingdom to pool together and the advantages of this pooling. The design of this project shall follow the deductive approach, like questionnaire, and the inductive research or the internal research will focus on interviews with the Managers and staff and customers of Royal Bank of Scotland and NatWest. In this regards, it is not an easy task to get an interview from the managers or the members of staff, but I shall try my best to do so. The external research will be carried out through the readings of books, journal and published data. Another difficult thing was access to annual reports, but I have already got the annual reports of both banks. The theory, annual reports and different analysists reports on the concepts of mergers and acquisitions shall be critically reviewed and thereafter compared and contrasted wi th facts gathered from the case study to confirm or disprove existing knowledge. Finally, both qualitative and quantitative data shall be analysed to make desired recommendations and conclusion. (UWIC Guidelines, Red Book is read carefully). 5. SOURCES AND ACQUISITION OF DATA Research can be done through books, as everyone knows, as only some knows; it can be done by letters. It can also be performed through Conversation?. (Watson, 1999, p 52). Sources of data adopted for this project include both secondary and primary data. A secondary data source enables a better understanding and explanation of the research problem. The literature review is a type of the secondary data, it involves the review of earlier studies on and around the research topic. Other secondary data includes the books on Finance, Mergers and Acquisitions, Strategy, journals, annual reports, analysists reports and different online resources like web pages of Royal Bank of Scotland and NatWest bank, should be used. In addition to the secondary data stated above, primary data sources shall equally be utilised to gather data directly from the key players in the merger and acquisition process. This shall include the use of questionnaires and personal interviews with managers and members of staff of RBS and NatWest. The interviews must be focused on the research area and not delve into alternative areas. (UWIC Guidelines, Red Book is been studied thoroughly). METHOD OF DATA ANALYSIS Data analysis is the most difficult part of the project. Data analysis is the process of applying statistical, systematic and logical techniques, comparing the data and managing it. During the project both the qualitative and quantitative data will require analysis. In order to determine how well a company has performed in delivering stakeholders value, we need to make a comparison with its past performance. The first annual figures for The Royal Bank of Scotland Group following the acquisition of NatWest show the enlarged Group made a profit before tax, goodwill amortisation and integration costs of  £4,401 million on a pro forma basis for the year to 31 December 2000, an increase of 31 per cent. The period analysed would be broken into following categories. 1999 The Pre-acquisition period. 2000 The Announcement and bidding period. 2001 The Post acquisition period. The analysis shall cover some expense ratios, profitability ratios and balance sheet ratios. The expense and profitability ratios shall be used to analyse efficiency and profitability during the pre- and post-acquisition periods, while the balance sheet ratio shall be used to analyse changes that may have occurred that might have affected efficiency or profitability. REFERENCES Books: Arnold, G, 2005, Corporate Financial Management?, 3rd edition, England, Prentice Hall, p 1041 1052. Arnold, G, 2002, Corporate Financial Management?, 2nd edition, Great Britain, PrinticeHall, p 870. Fred W. J and Weaver S. C, 2001, Merger and Acquisition?, 1st edition, Los Angeles, McGraw-Hill Professional, p 6. Gaughan P. A, 2007, Merger, Acquisition, and Corporate Restructurings?, 4th edition, New Jersey, John Wiley Sons, Inc, p 13, 117 124. Gilson R, Scholes M. S and Wolfson M. A, 1988, Taxation and Dynamics of Corporate Control?, 1st edition, New York, Oxford uni press, p 273. McLaney, E, 2005, Business Finance, Theory and Practice?, 7th edition, U.K, Pearson Education, P 395. Ravenscraft D. J and Schere F. M, 1987, Mergers, Sell-offs, Economic Efficiency?, Washington D.C, Brookings Institution Press, p 211. Red Book, UWIC Guideline. Stewart, G.B, 1991, The Quest for Value, A guide for senior Manager?, New York, Harper Business, p 375-382. Sudarsanam, S, 2003, Creating Values from Mergers and Acquisitions-The Challenges?, England, Pearson Education Limited, p 140. Watson, G, 1999, Writing A Thesis?, 1st edition, New York, Pearson Education Ltd , P 52 Watson, D and Head, A, 2006, Corporate Finance, Principles and practice?, 4th edition, U.K, PrinticeHall, p 317. Journals: Stigler G, (1968) Monopoly and Oligopoly by Merger?, American economic Review (1968) by the organisation of industry, Vol 40, No 2, May, p 23-34. Trautwein F, (1990), Merger Motives and Merger Prescriptions?, Strategic Management Journal (1986-1998), Vol 11, No 4, May/June, p 283, by John Wiley sons. Shleifer. A and Summer, L. H (1988), Breach of Trust in Hostile Takeovers; from Corporate Take over: Causes and Consequences, P 33-67, The University of Chicago Press. Vaara, E, (2000), Constructions of Cultural differences in post-merger change process: a sense making perspective on Finnish-Swedish cases?. [emailprotected]@gement Vol 3, no3: p 82. Schweiger, D.M, (2003), MA Integration: A Framework for Executives and Managers,? Book Summary by Niranjan Swain, in The ICFAI Journal of Applied Finance, Vol 9, No 2, p 71-79. Articles (Electronic): European Central Bank, (2000), Mergers and acquisitions involving the EU banking industry?, Available from, (www.ecb.eu/pub/pdf/other/eubkmergersen.pdf -accessed on 12-05-2008. Powell, C, (2008), Mergers and acquisitions involving UK companies?, First Release, P 1, Available from (http://www.statistics.gov.uk/pdfdir/ma0608.pdf, accessed on 06-06-2008). Websites: http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2001/MARCH/RESULTS2000- accessed on 02-06-2008 http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp- accessed on 04-05-2008.

Euripedes Medea versus Aristotlean Poetics Essay -- essays research p

Aristotle, a philosopher, scientist, spiritualist and passionate critic of the arts, spent many years studying human nature and its relevance to the stage. His rules of tragedy in fact made a deep imprint on the writing of tragic works, while he influenced the structure of theatre, with his analysis of human nature. Euripides 'Medea', a Greek tragedy written with partial adherence to the Aristotelian rules, explores the continuation of the ancient Greek tales surrounding the mythology of Medea, Princess of Colchis, and granddaughter of Helios, the sun god, with heartlessness to rival the infamous Circe. While the structure of this play undoubtedly perpetuates many of the Aristotelian rules, there are some dramatic structures which challenge its standing with relevance to Aristotle's guidelines, and the judgment of Medea as a dramatic success within the tragic genre. With relevance to the most qualitative of the Aristotelian rules, that which dictates the necessity of continuing cathartic elements throughout the action, Medea is doubtlessly an epitome. Aristotle (Poetics 7.2) wrote that a fitting tragedy ?should, moreover, imitate actions which excite pity and fear, this being the distinctive mark of tragic imitation.? These focus elements, of pity and fear are essentially what formulate the action within Medea, and in turn, reflect upon the characters creating a relevance to the audience, and the cathartic response for which Aristotle was so passionate. A key point within the text of Medea, which represents the perpetuation of these emotive elements, is when she is informed by Kreon, [Lord of Corinth] that she is to be exiled, as the following excerpt details. MEDEA: Aiai. Utterly destroyed. Dead. ... ... survived the bastardization which comes with any translation. NURSE: If only the Argo hadn?t crashed through the waves To distant and dangerous Colchis! If only the pine trees on Pelion Mountain had never been felled, for the heroes who went in pursuit of the golden fleece for Pelias. (Act 1, sc i. Lines 1-6 The speech is poetry in itself, and if such a verse can be created in translation, what beauty could be found in the original text. If nothing else, this essay has proven the synthesis of Aristotelian and unconventional tragic elements, through the use of the tragic hero, the three unities and the support of a cathartic response from the audience. Also though, with disregard to many Aristotelian rules, to create perhaps not a dramatic success by Aristotle?s ideals, but undoubtedly an effective and challenging text which is Medea.

Jourody Free Essay Importance of the Journey in Homers Odyssey :: Odyssey essays

Importance of the Journey in Homer's Odyssey In the Odyssey, by Homer, Odysseus's main goal was to reach home. Even though all of his thoughts were turned towards his home and family, he learned many lessons along the way. Odysseus's greatest learning experiences were in his journey, not his destination. One of Odysseus's biggest challenges was to resist temptation. The first temptation Odysseus and his men encountered was the sweet lotos plant, "They fell in, soon enough, with Lotos Eaters, who showed no will to do us harm, only offering the sweet Lotos to out friends..." (IX. 98-100). Eating the plant did not seem like a bad idea, but resisting was a much wiser option, ."..but those who ate this honeyed plant, the Lotos, never cared to report, nor return: they longed to stay forever, browsing on that native bloom, forgetful of their homeland" (IX. 101-104). If they had eaten the plant, they never would have gotten home. Another great temptation they had to withstand was the Seirênês. The Seirênês would tempt the men to them with their beauty and music, "Square in your ship's path are Seirênês, crying beauty to bewitch men coasting by..." (XII. 101-104). If men did not resist, they would fall into the Seirênês' clutches and die, "Woe to the innocent who hears that sound! He will not see his lady nor his children in joy, crowding about him, home from sea; the Seirênês will sing his mind away on their sweet meadow lolling..." (XII. 50-54). The biggest temptation that Odysseus had to defy was from the sea nymph, Kalypso, "I fed him, loved, him, sang that he should not die or grow old ever, in all the days to come" (V. 1420143). Kalypso wanted to have Odysseus as her husband, but all he could think of was home, "Meanwhile he lives and grieves upon that island in thralldom to the nymph; he cannot stir, cannot fare homeward..." (V. 15-17). Odysseus resisted, and was not completely unfaithful to his wife. If he had not resisted temptation, he would have been on the island of the Lotos Eaters, dead, or without a wife. Next, Odysseus learned that greed would never result in any good.

Management Of Pacific Douglas-Fir Stands To Maintain Black-Tailed Deer Populations :: Environment Animals Environmental Essays

Management Of Pacific Douglas-Fir Stands To Maintain Black-Tailed Deer Populations Introduction Within the Pacific Northwest region of the United States, intensive, even-aged silviculture has simplified the structure and species composition of native forest stands. Within the range of the coastal Pacific Douglas-fir (Pseudotsuga menziesii), old-growth forests presently cover only 13 percent of the region; 60 percent of these remnants occur in patches less than 40 hectares in size. In this region, total land area consisting of old-growth forest before extensive logging has been estimated at 60-90 percent (Williams and Marcot 1991). As a result of intense clearcutting practices, early successional stages have become predominant and later stages have declined. Shifts in age classes of forests have been accompanied by changes in composition and abundance of fauna. Declines in population numbers, changes in conception dates, and an increase to 27 percent annual mortality (vs 5% in higher elevation old-growth stands) are a cause for implementing appropriate silvicultural practices in Douglas-fir stands managed for both timber production and a stable black-tailed deer (Odocoileus hemionus columbianus) population (McNay and Voller 1995, Brown 1992). This report will attempt to describe a fairly new and promising silvicultural method that can potentially be able to satisfy both of these criteria. Coastal Douglas-Fir Characteristics The habitat type that this report is concerned with is the Tsuga heterophylla zone which contains a large geographical area west of the crest of the Cascade Mountains. Much of the central portion of this zone is occupied by subclimax forests dominated by coastal Douglas-fir (Williamson 1983, Scott 1980). The rest is dominated by western hemlock (Tsuga heterophylla). The original old-growth forest, whose origin was primarily periodic, catastrophic fire, frequently had understory components of western hemlock and western redcedar (Thuja plicata). On very xeric soils, Douglas-fir may be the major species of the climax stand. Douglas-fir is a species of medium tolerance, long life, large size, and rapid juvenile height growth. It does not sprout, but after 25 years of age bears good seed crops every 5 to 7 years. The seed disseminates well to about six tree lengths and up to one-half mile. Unmanaged stands vary between 81 and 190 cubic feet mean-annual increment at age sixty. Scott (1980) suggests that average yields of about 300 cubic feet per acre are possible in managed stands. For maximum yield, Douglas-fir is commonly grown on rotations of 40 to 60 years, depending on the site and the landowners' objectives.

Plot Summary I Know Why the Caged Bird Sings

I Know Why the Caged Bird Sings follows Marguerite's (called â€Å"My† or â€Å"Maya† by her brother) life from the age of three to seventeen and the struggles she faces – particularly with racism – in the Southern United States. Abandoned by their parents, Maya and her older brother Bailey are sent to live with their paternal grandmother (Momma) and crippled uncle (Uncle Willie) in Stamps, Arkansas. Maya and Bailey are haunted by their parents' abandonment throughout the book – they travel alone and are labeled like baggage. [20] The community of Stamps, Arkansas, is the setting for most of the book. Many of the problems Maya encounters in her childhood stem from the overt racism of her white neighbors. Although Momma is relatively wealthy because she owns the general store at the heart of Stamps' Black community, the white children of their town hassle Maya's family relentlessly. One of these â€Å"powhitetrash† girls, for example, reveals her pubic hair to Momma in a humiliating incident. Early in the book, Momma hides Uncle Willie in a vegetable bin to protect him from Ku Klux Klan raiders. Maya has to endure the insult of her name being changed to Mary by a racist employer. A white speaker at her eighth grade graduation ceremony disparages the Black audience by suggesting that they have limited job opportunities. A white dentist refuses to treat Maya's rotting tooth, even when Momma reminds him that she had loaned him money during the Depression. The Black community of Stamps enjoys a moment of racial victory when they listen to the radio broadcast of Joe Louis's championship fight, but generally they feel the heavy weight of racist oppressions. A turning point in the book occurs when Maya and Bailey's father unexpectedly appears in Stamps. He takes the two children with him when he departs, but leaves them with their mother in St. Louis, Missouri. Eight-year-old Maya is sexually abused and raped by her mother's boyfriend, Mr. Freeman. He is found guilty during the trial, but escapes jail time and is murdered, probably by Maya's uncles. Maya feels guilty and withdraws from everyone but her brother. Even after returning to Stamps, Maya remains reclusive and nearly mute until she meets Mrs. Bertha Flowers, â€Å"the aristocrat of Black Stamps†,[21] who supplies her with books to encourage her love of reading. This coaxes Maya out of her shell. Later, Momma decides to send her grandchildren to their mother in San Francisco, California, to protect them from the dangers of racism in Stamps. Maya attends George Washington High School and studies dance and drama on a scholarship at the California Labor School. Before graduating, she becomes the first Black female streetcar conductor in San Francisco. While still in high school, Maya visits her father in southern California one summer, and has some experiences pivotal to her development. She drives a car for the first time when she must transport her intoxicated father home from an excursion to Mexico. She experiences homelessness for a short time after a fight with her father's girlfriend. During Maya's final year of high school, she worries that she might be a lesbian (which she equates with being a hermaphrodite), and initiates sexual intercourse with a teenage boy. She becomes pregnant, and on the advice of her brother, she hides from her family until her eighth month of pregnancy in order to graduate from high school. Maya gives birth at the end of the book and begins her journey to adulthood by accepting her role as mother to her newborn son. ird sings