The Departed Analysis Essay Example for Free

The Departed Analysis Essay The Departed is a film directed by Martin Scorsese which won numerous awards at the 79th annual Academy Awards. Scorsese has directed many films that have won academy awards but he had never achieved the award for the best director. This changed with the 2006 release of The Departed and Scorsese got what he had ached for so many years. This film was indeed a film that I enjoyed watching. However it also got me thinking what role ethics played in this blockbuster. During the beginning of the movie Jack Nicholson adopts Matt Damon and treats him like his own child. Damon wants to be a priest when he grows up. If you’re a priest you most likely won’t kill anyone even if it is for self defense because killing is a sin. However being the clever genius that Nicholson is asks Matt Damon â€Å"when you’re facing end of a loaded barrel, what difference does it make? † Nicholson’s character, Frank Costello adopts Damon’s character, Sullivan mainly for personal intelligence purposes. He wants to have a mole in the SIU department like the government has moles in the Mafia families. The best person suitable for this job would be someone that you have raised as your own because the trust will always be there. Nicholson shows good ethics when he takes Damon under his wing. However as the movie progresses we find the true motive for the adoption. Nicholson wants someone who he can trust, that can keep him one step ahead of the law which is morally wrong. When Leonardo DiCaprio’s character Costigan is training for the job of a police officer he is denied the job due to his family ties to the Boston underworld. Costigan is really a good guy affiliated with a bad name. Vice versa Damon is a bad guy affiliated with a good name. Jobs shouldn’t be lost because of someone’s family affiliation with certain groups especially if the person applying wants to change all that and has the knowledge and the will power to do so. I understand the phrase â€Å"like father, like son† but that isn’t always necessarily true. The world is not just black and white; it has shades of grey in it as well. Later in the movie we find that Frank Costello himself is a possible informant for the FBI and that he has recorded conversations of himself talking about illegal activities with Matt Damon. He has done this as a precaution incase the FBI indicts him in an even more serious case. If the FBI does indict him he will use the tapes as a leverage to get a reduced sentence or immunity. This is not very ethical because he adopted a son for his own freedom from government agencies. Towards the end of the movie it is really ironic that Jack Nicholson dies by what he told Damon so that he wouldn’t become a priest. â€Å"When you’re facing the end of a loaded barrel, what difference does it make? † Matt Damon was facing the loaded barrel of Nicholson’s gun but Damon got to pull the trigger first. Because of Nicholson’s bad ethics he got what he deserved by getting shot by his own adopted son whom he used for pure personal protection from government agencies. In the final scene of the movie when Matt Damon is shot dead by Mark Wahlberg it was unethical of Wahlberg to shoot Damon. He should have gathered evidence for a trial by a jury. However I think the murder was justified and fair for a better society. He could have played by the rules. But since Matt Damon didn’t play by the rules why should Mark Wahlberg.

Ticketing offices in airline company on the influx of tourist in Davao City Essay Example for Free

Ticketing offices in airline company on the influx of tourist in Davao City Essay Ticketing Offices is an office of Transportation Company, theatrical or entertainment enterprise or ticket agency where tickets are sold and reservation made. A Computer Reservations System or central reservation system (CRS) is a computerized system used to store and retrieve information and conduct transactions related to air travel. Originally designed and operated by airlines, CRSes were later extended for the use of travel agencies. Major CRS operations that book and sell tickets for multiple airlines are known as Global Distribution Systems (GDS). Airlines have divested most of their direct holdings to dedicated GDS companies, who make their systems accessible to consumers through Internet gateways. Modern GDSes typically allow users to book airline tickets as well as activities and tours. Electronic Ticketing in the airline industry was devised in about 1994. E-ticketing has largely replaced the older multi-layered paper ticketing systems, and since 1 June 2008, it has been mandatory for IATA members. Where paper tickets are still available, some airlines charge a fee for issuing paper tickets. When a reservation is confirmed, the airline keeps a record of the booking in its computer reservations system. Customers can print out or are provided with a copy of their e-ticket itinerary receipt which contains the record locator or reservation number and the e-ticket number. It is possible to print multiple copies of an e-ticket itinerary receipt. An airfare is the price a passenger pays in order to travel by air. The types of fares, rules and restrictions, taxes, etc., are all components that complicate the price involved for a passenger to fly from one place to another. Fares are most often based on one-way or round-trip travel. Fares may be published, unpublished and/or negotiated fares (corporations, or government agencies/organizations may have fares negotiated with an airline at a lower rate). Unpublished fares are also known as consolidated fares and are offered by consolidators and bucket shops. Objectives of the Study The general objective of the study is to determine the contribution of ticketing offices on the influx of tourist in Davao City. Specifically the study aims to: 1. Different ticketing offices in Davao City and the services offered 2. Find out the tourist arrival (2012-2013) in Davao City 3. Determine the advantages of ticketing offices in Davao City. 4. Find out the elicit suggestions of respondents Expected Output 1. Different ticketing offices in Davao City and the services offered. 2. Found out the tourist arrival (2012-2013) in Davao City 3. Determined the advantages of ticketing offices in Davao City. 4. Found out the elicit suggestions of respondents. Scope Limitation of the Study This study limited only the contribution of ticketing offices in airline company on the influx of tourist in Davao City, their tourist arrival 2012-2013, the advantages of the ticketing offices and find out the elicit suggestions of travelers as respondents. Time Place of the Study This study entitled â€Å"Ticketing Offices: Its Contribution to the Influx of Tourist in Davao City† will be conducted in the City, Southern Mindanao, Philippines. From September to October 2013. Definition of Terms Airline ticket is a document, issued by an airline or a travel agency, to confirm that an individual has purchased a seat on a flight on an aircraft. This document is then used to obtain a boarding pass, at the airport. Then with the boarding pass and the attached ticket, the passenger is allowed to board the aircraft. There are two sorts of airline tickets the older style with coupons now referred to as a paper ticket, and the now more  common electronic ticket usually referred to as an e-ticket. Electronic ticket an electronic form of an airline ticket Influx – an arrival or entry of large numbers of people or things Tourist a person who is traveling, especially for pleasure. TICKETING OFFICES: IT’S CONTRIBUTION OF THE INFUX OF TOURIST IN DAVAO CITY SHAHONEY D. DIWAN A Thesis Outline Submitted to the Department of International Hospitality, Travel and Tourism Management, College of Human Ecology and Food Sciences, University of Southern Mindanao, Kabacan, Cotabato, in Partial, Fulfilment of the Requirements for the Degree of BACHELOR OF SCIENCE IN TRAVEL MANAGEMENT OCTOBER 2013 Republic of the Philippines UNIVERSITY OF SOUTHERN MINDANAO Kabacan, Cotabato COLLEGE OF HUMAN ECOLOGY AND FOOD SCIENCES APPROVAL OF THESIS OUTLINE Name: SHAHONEY D. DIWAN Degree Sought: BS IN TRAVEL MANAGEMENT Thesis Title: TICKETING OFFICES: IT’S CONTRIBUTION OF THE INFLUX OF TOURIST IN DAVAO CITY. APPROVED BY THE GUIDANCE COMMITTEE Adviser Department Statistician Date Date Department Chairperson Dept. Research Coordinator Date Date College Research Coordinator Dean Date Date Study No.: ________ Recorded by: ________ RECEIVED: Director for Research Development Date Index No.: _______ Recorded by: _______ ACCEPTANCE The thesis outline attached here to entitled â€Å"TICKETING OFFICES: ITS CONTRIBUTION OF THE INFLUX OF TOURIST IN DAVAO CITY†, prepared and submitted by SHAHONEY D. DIWAN, in partial fulfilled of the requirements for the degree of Bachelor of Science in Travel Management, is here by accepted. Adviser Date Accepted as a partial fulfilled of the requirements for the degree of Bachelor of Science in Travel Management. Research Coordinator, CHEFS Date TABLE OF CONTENTS PRELIMINARIES Title Page Approval of Thesis Outline Acceptance Sheet Table of Contents List of Dummy Tables List of Appendices INTRODUCTION Significance of the Study Objectives of the Study Expected Output Scope and Limitation of the Study Time and Place of the Study Definition of Terms REVIEW LITERATURE Ticketing Offices MATERIALS AND METHODS Research Design Location of the Study Respondents of the Study Sampling Procedures Research Instrument Data Gathering Procedure Statistical Analysis LITERATURE CITED APPENDICES LIST OF TABLES Number Title Page 1 Ticketing Offices in Davao City and the services offered 2 Tourist Arrival (2012-2013) 3 Advantages of Ticketing Offices 4 Elicit suggestions of respondents LIST OF FIGURES Number 1 Title The Location of Davao City Page LIST OF APPENDICES Appendix Letter Title Page A Letter of Application for Thesis Adviser B Letter of Application for Thesis Title C Letter of Permission to the Manager/owner D Cover Letter E Sample Questionnaire F Schedule of Research Activities G Gantt Chart H Budgetary Requirements I Dummy Tables J Processing Form TICKETING Improve productivity with transparent, traceable and flexible ticketing Airlines are well aware of the need to evolve sales activities and harness the advantage of paperless, electronic ticketing. SITA’s Ticketing improves your airline’s productivity by reducing document issue times by automatically generating travel documents in multiple formats with minimal errors. Ticketing also gives you full control over your electronic miscellaneous document (EMD) products. SITA’s Ticketing enables to you use EMDs to generate substantially higher revenues by selling ancillary service products. OVERVIEW Positive feedback SITA’s Ticketing lets you save costs and boost revenue with real-time sales reporting technology that displays detailed revenue generation indexes. Ticketing collates up-to-date, accurate and detailed sales activity and financial reports from your entire airline, all ticket agents and independent sales offices. e-Ticket innovation The e-ticket database is separate from the airline’s reservation database. With SITA’s Ticketing,e-tickets can be sold by the airline, a global distribution system or an interline partner. SITA’s Ticketing makes e-tickets independently accessible and unlike paper documents, it tracks the use of the ticket. Fully compatible Ticketing is a part of SITA’s Horizon portfolio and is an industry compliant platform designed for airlines using SITA Reservations. SITA Ticketing is also designed to meet IATA’s standard traffic documents (STD) format. BENEFITS SITAs Ticketing provides the following benefits. Expedited and less expensive passenger transactions Improved accuracy and legibility Increased security Increased customer retention Ability to meet changing demands of your business environment Ensured compliance with International Air Transport Association (IATA) and Air Transport Association (ATA) standards E-ticketing provides the following benefits. Reduced costs Saves money by eliminating paper and postage-related costs Promotes low cost distribution channels, such as airline Web sites Enhances passenger handling with automation for example, using kiosks, the Internet and mobile phones Increased productivity and control Maximizes agent productivity by turning call centres into revenue centres Eliminates lost and stolen tickets Reduces the opportunities for fraud Improved service delivery Supports alliance and partner airline interline e-ticketing requirements Ticket changes and/or refund requests are processed more easily Supports ground handling options (i.e., where your airline is ground handled) FEATURES Ticketing offers a wide range of features to improve the productivity of both ticketing and financial management. Multiple ticket formats can be generated automatically (e.g., TAT, OPTAT, ATB2, OPTATB and electronic tickets) Automated Ticket and Boarding pass 2 (ATB2) functionality includes credit  card charge forms, itinerary and address cards ATB2 coupons, with encoded magnetic strips, may be read at check-in and/or used to read ticket data at revenue accounting Electronic tickets may be sold by partner airlines and global distribution systems for both online and interline itineraries Conjunction tickets are issued automatically and an itinerary of up to 20 segments may be issued Easy-to-use document issuance screens are provided for user guidance Multiple printer types are supported allowing you to use your own choice of equipment and vendor The system also has state-of-the-art interfaces to Reservations and Airfare Financial intelligence Ticketing also offers on-demand and automated printing of management reports. These include: Sales summaries of agent and office productivity  Sales reports including refund and exchange information  Real-time financial data can be electronically distributed as required, based on specified financial periods. Financial data can also be reported to the bank settlement plan (BSP) or in-house system based on specified or user-defined financial periods. SITA Global Services (SGS) Ticketing is supported by SITA Global Services (SGS) which provides you with global business continuity through a flexible service model. Our monitoring service ensures your IT systems are reliable and available, around the clock, around the world. Our experts proactively monitor your infrastructure, identifying and resolving problems often before they impact your services. SITA HISTORY SITA was a pioneer in international telecommunications for the air transport industry and has continued to operate at the forefront of technology. From its foundation as Socià ©tà © Internationale de Tà ©là ©communications Aà ©ronautiques, SITA has aimed to bring airlines existing air transport communications facilities together. This allows organizations and the wider industry to take advantage of shared infrastructure cost efficiencies. SITA now serves around 450 members worldwide. These members include airlines, airports, aerospace companies, GDSs, air traffic management organizations, air freight businesses, governments and international organizations. Ticket beefits Biggest Savings: You are guaranteed the best price on your seats. Best Seat Location: We reserve the best available seat locations for you, our Season Ticket Holder. Exclusive Access: Receive behind-the-scenes tours and access to front office and team personnel through exclusive Season Ticket Holder Events. Ticket Usage Flexibility: With our flexible ticket policies, you are able to exchange, re-sell, or donate any unused ticket. First Class Customer Service: Your dedicated Season Ticket Service Account Manager provides you a single point of contact to assist you with your account.

Mergers and Acquisitions: Indian Banking Consolidation

Mergers and Acquisitions: Indian Banking Consolidation Globally it has been found that the mergers and acquisition have become one of the major ways to corporate restructuring which has also struck the financial services industry which has experienced merger waves leading to the emergence of huge banks and financial institutions. The main reason for mergers is intense competition among the companies in the same industry which put focus on economies of scale, efficiency in cost and profitability. Some other factors leading to the mergers is the too big to fail principle followed by the authorities. In few countries like Germany, weak banks were forcefully merged to avoid the problem financial distress arising out of bad loans and erosion of capital funds. Several academic studies have analyzed merger related gains in banking and these studies have adopted two approaches. The first approach deals with evaluating the long term performance of the merger by analyzing the accounting information such as return on assets, operating costs and eff iciency ratios. A mergers is considered to have led to improved performance if the the change in the accounting based performance is superior to the changes in the performance of the comparable banks that were not involved in the merger activity during that period. Another approach is to analyze the gains in stock price of the bidder and the target company around the announcement of the merger. In this approach the merger is assumed to create value if the combined value of the bidder and target banks increase on the announcement of the merger and the consequent and the stock prices reflect the potential value of the acquiring banks. The objective of this paper is to present a panoramic view of merger trends in India and to ascertain two important perceptions of stake-holders, shareholders and managers and to discuss dilemmas and other issues of this topic of Indian banking. Review of Literature for impact of mergers The two important issues which are examined by various academic studies relating to bank mergers are: impact of mergers on the operating performance and efficiency of the banks Impact of mergers on the market value of the equity of both bidder and the target banks. Cornett and Tehranian (1992) and Spindit and Tarhan (1992) provided evidence for increase in post-merger operating performance. However the studies of Berger and Humphrey (1992), Piloff (1996) and Berger (1997) did not find any evidence in increase in post-merger operating performance. Berger and Humphrey (1994) also reported that most of the studies that examined pre-merger and post-merger financial ratios found no impact on operating cost and profit ratios. The reasons for mixed evidence are: lag between completion of merger process and the realization of benefits of mergers, sample selection and the methods adopted in the financing of mergers. Further, the financial ratios may be misleading indicators of performance because they do not take into account for product mix or input prices. On the other hand researches may also could have confused scale and scope efficiency gains with what is known as X-efficiency gains. Recent studies have explicitly employed frontier X-efficiency met hods to identify the X-efficiency benefits of bank mergers. Few studies have also analyzed the potential benefits and scale economies of mergers. Landerman (2000) explored diversification benefits to be had from banks merging with non banking financial service firms. Simulated mergers of US banks and non-bank financial service firms demonstrated that diversification of banks into insurance business and securities brokerage is optimal for reducing the probability of bankruptcy for bank holding companies. Wheelock and Wilson (2004) found that expected merger activity in US banking industry is positively related to management rating, size of the bank, competitive position and geographical location of banks and is negatively related to market concentration. The second issue determined was the analysis of merger gains in terms of the gains in stock price performance of the bidder and the target banks on announcement of merger. In this case a merger is expected to create value only if the combined value of the bidder and target companies increases after the declaration of the merger. However a lot of studies have failed to find any direct relationship between the merger and the gains in performance or in shareholder wealth. But there are reasons for mixed evidence as a merger announcement also takes in to account the way the deal is financed .If equity offerings are used it may be interpreted as overvaluation by the issuer. Therefore the negative announcements returns to the firms that are bidding can be attributed to the negative signalling which is completely unrelated to the value which is created by the merger. Returns to the bidders companies shareholders is greater when the merger is totally financed with cash than in mergers in whi ch financing is done through equity offering. There is one more problem with this event study analysis as if there is a consolidation wave going on; mergers are anticipated by stockholders and analyst. Potential candidates for the mergers are highlighted and made popular by the financial press and the stock market analysts. In these cases the event study analysis may fail. Therefore an analysis of mergers across the world and a literature review does not provide strong evidence on the benefits gained by banks in the mergers in the banking industry. Also the findings of the literature also contrast with the findings of the consultants who find a considerable cost savings and operational efficiency achieved through mergers. The reasons why academic study do not find cost benefits and the consultants highlight this fact are Consulates may study a potential cost savings which may not materialize They tend to highlight potential cost saving activities and the economist study all the activities. They tend to be biased towards successful cases and ignore the unsuccessful ones. They tend blow up the benefits achieved while the benefits may be miniscule if accounted on a relative terms. The academic studies provide motivation for the examination and evaluation of two important issues pertaining to the mergers and acquisition to the Indian banking. Do mergers help in improving the operational performance and result in cost savings However in India most of the mergers are forced by the central bank in order to protect the interest of the depositors and avoid financial distress therefore the above mentioned reason is rarely found in the mergers activities. Do merger provide abnormal gains and returns to the acquirer and the target banks upon the declaration Consolidation Trends Observed in India Improving the operational performance and cost efficiency has always been a priority in Indian banking sector and has been a major issue of discussions in the policy formulation by the government of India in the consultation and with the central bank (Reserve Bank of India). Several committees have also been formed in order to suggest structural changes to achieve this objective. Some of the major committees formed are Banking Commission, 1972 Chairman R.G Saraiya, 1976 chairman : Manubhai Shah Committee for the functioning of public sector banks, 1978 chairman : James S Raj These committees have suggested the restructuring of the Indian banking system with an objective to improve the process of credit delivery and also suggested the idea of having around 3 to 4 large banks which have a pan India presence and the rest of the bank should be present at the regional level. The major thrust on consolidation started with the Narasimham committee in 1991. It emphasised and embarked upon consolidation and merger in order to make the Indian banks huge in size and also comparable to the global banks. A second Narasimham committe was also formed in 1998 which suggested mergers and consolidation among the strong banks in public as well as private sector and also with other financial institutions, NBFC (Non Banking Financial Companies). Now we will have a look at some of the recent trends in consolidation in Indian banking. Restructuring of weak Indian Banks Amongst other routes government of India has adopted mergers as a means to achieve restructuring of the Indian banking system. Many banks which are small in size and are weak are merged with other banks which are stronger and are larger to protect the interest of the depositors and also to avoid financial distress. These types of mergers can be termed as forced mergers. Hence when a banks shows symptoms of sickness like increasing size of NPAs, reduction in the net worth and substantial decline in capital adequacy ratio, RBI forces moratorium under the section 45(1) of the Banking Regulation act 1949 for a specified period on the activities and the operations of the working of the sick bank. In this period a strong bank is identified and asked to prepare and present a scheme of merger with the weak bank. In this case the acquirer banks takes hold of all the assets of the weak bank and ensures the depositors of their money in case they want to withdraw. The mergers which took place in the pre-reform period fall into this category. In the post reform period 21 mergers have taken place out of which 13 are forced mergers where RBI has intervened. The main reason for these mergers was the protection of the depositors interest and avoids the financial distress. Mergers which took place voluntarily Apart from forced mergers there have been few mergers in which expansion, diversification and growth were the major motives and in which RBI did not intervene or force. The first merger of this kind took place in 1993 when the Times Bank was acquired by HDFC bank which was followed by acquisition of Bank of Madura by the ICICI Bank. The latest of these is merger of Lord Krishnan Bank with Centurion Bank of Punjab. Although in all these deals the target bank suffered with low profitability, Increase in NPA and lack of alternate revenues in order to provide cushion for capital adequacy but these mergers were not forced. There was no regulatory intervention in these mergers however the motives behind these mergers may not necessarily be scale of economies and achieving market power. For instance ICICI bank acquired bank of Russia with a motive of entry in to Russia although it just had one branch. SBI acquired 51% stake in Mauritian Bank through Indian Ocean International Bank which wil l be integrated with the State Bank of Indias International business as a subsidiary. Integration of Financial Services and Achieving Universal Banking Model Several developmental financial institutions have been formed over a period of time in India in order to improve the efficiency of allocation of resources to different segments of the economy. However because of the flexibility given by the RBI to the banks in the credit delivery process the banks have increased and diversified their loan portfolio to various areas such as project finance, long-term loans, and other specialised sector lending. This is the reason why DFIs have become redundant. A working capital group (1998) was appointed by RBI which has recommended the universal model of banking by exploring the possibility of mergers between various sets of financial entities based on economical considerations. Similarly in the private sector ICICI merger with its subsidiary bank and IDBI (industrial Development Bank of India) was incorporates as a public sector bank which acquired private sector bank IDBI bank in 2004. In order to provide integrated financial services and achieve operation efficiencies many public sector banks have acquired their subsidiaries, for instance Andhra Bank acquired its housing finance subsidiary Andhra Bank Housing Finance LTD, Bank of India acquired BOI finance Ltd and BOI Asset Management Company Ltd. Acquisition of similar types took place in the private sector as well. Alignment of Operations of Foreign Banks with Global Trends As the Parent banks went under reconstruction process their parts operating in India also started restructuring. For example, Standard Charted Grindlay bank was formed due to acquisition of ANZ Grindlay by the Standard Charted Bank. Similarly due to acquisition of two Japanese banks like Sakura Bank and Sumitomo Bank Ltd the Indian operations of Sakura Bank were merged with Sumitomo Bank in 2001.Forign banks were permitted to enter into merger and acquisition transaction with any of the private sector bank in India with a condition that the overall investment limit limit will be 74 per cent after the second phase of WTO commitments which commenced in April 2009. This may lead to further consolidation in the Indian banking sector. Merger and Consolidation of Cooperatives, RRBs and UCBs Small banks present in India apart from other banks are co-operative banks, Regional Rural Banks (RRBs) and Urban Co-operative Banks (UCBs). These are formed for fulfilling the credit requirements of agriculture, small traders and SSI and other rural economic activities. All of these institutions are suffering from bad loans, operational inefficiencies, and Poor recovery of loans. This proved to be a barrier for further lending and financial intermediation. A committee formed under Jugdish Capoor suggested voluntary amalgamations or merger of these co-operatives based on various criterias like economies of scale, especially in areas where the operations of these banks have become unviable and there are no more in a position to supply credit to agriculture sector. 28 RRBs were consolidated into 9 new RRBs in September 2005.A high powered committee on Urban Co-operative Banks (1999) recommended that UCBs which are sick should be liquidated in a time bound manner as the operation of lar ge number of financially sick banks is devastating for UCBs and also for the interest of depositors. Due to this more mergers are expected in the future and RBI also has taken a lot of new initiatives for restructuring of banks including the issuance of guidelines in May 2005. Shareholders Perception of Merger As stated above the Indian banking sector has experienced two types of mergers – focussed and voluntary mergers. Forced mergers were initiated by RBI and their main objective was to protect the interest of the depositors and prevent financial distress of the banks. Whenever a bank showed symptoms of sickness like huge NPA levels, erosion of net worth etc, RBI intervened and merged the weak bank with a stronger one by force. Thus we can form a hypothesis that in case of forced mergers the target banks shareholders will gain abnormally with the declaration. The second type of merger is voluntary type where the motivation behind the merger is to achieve cost reduction, increase in size, diversification, strategic entry into a market. In these cases the acquired banks reaped the benefit of branch network and customer clientele of the banks acquired. In these cases both the acquirer bank and the target bank must have had benefit out of the merger. In this paper the mergers between 1993 to 2006 are considered. There were 21 mergers out of which only five were voluntary. These are mainly mergers of private sector banks with other private sector banks. Two cases are conversion of financial institution to commercial bank where the objective was to form a universal bank model which offers a wide range of financial services. Ina study conducted which is presented in this paper six cases of forced mergers were selected for the purpose of analysis as in other cases the target banks were not listed and the size of the banks were much lower than the acquirer banks therefore these cases are of less merit for further analysis. In this study the wealth effects of almost all the banking mergers during the period 1999-2006 is analyzed. The event study analysis used in this analysis is very straight forward and conventional. The merger period consist of four days prior and four days after the event. The reason for taking such window is to analyze the change in wealth of the shareholder around the day of the declaration on the merger. Daily adjusted closing prices of stocks and the market index is taken for the analysis. The abnormal returns are calculated as follows. ARit= Rit – [a + BRm] Here Rit: daily return on firm ‘i on day ‘t Rmt is the return on the bench mark index a and B are the regression parameters. The abnormal return is calculated for both the acquirer and the target firm and the significance of these values are tested by finding standard error and the t-value : Analysis of Research Results In forced mergers case the stockholders of target banks have not achieved any significant returns on the declaration of the merger. However in the case of Nedungadi Bank, the stockholder did gain significant on the 2nd day of the announcement but after that no abnormal returns were found. In the case of GTB the stockholders had deeply discounted the merger. As it was a case of serious case of bank failure the merger did give a confidence to the depositors but the merger declaration did not provide any abnormal returns. United bank did gain marginally on the announcement but it was not significant statistically. Thus the hypothesis that target banks shareholders welcome merger announcement as a safety net can be rejected. The shareholders of the acquirer bank lost their market value of equity. In case of ICICI bank, it was signalled as an emergence of a large private sector bank and hence due to which the banks shareholders expectations go up with significant increase in the returns. In other cases of acquisition the acquirer bank lost on merging with the weak banks. Hence in all the forced mergers neither the acquirer bank nor the target bank gained on declaration of the merger and the stockholders of the acquirer bank lost wealth as the announcement of the merger was taken as a negative signal. It is argued that merger of weak banks with strong ones is essential for restructuring of banking system and also a step in the consolidation of the banking sector. But in almost all the mergers it was found that the target banks for the merger were determined at the time when they were at the verge of getting collapse. The acquirer bank which was forced by RBI was left with no option but to accept the proposed merger. It is recommended that RBI should pursue Prompt corrective action system and should determine the weak banks on the basis of some defined criterias so that the acquirer bank can choose the target banks on the strategic issues which benefit all the parties . Abnormal Returns of Target Banks Abnormal returns of Bidder banks In case of voluntary mergers it can be seen that the target banks have obtained higher returns that the acquirer banks. Both the acquirer and the target banks stockholders benefitted on declaration of the merger. Therefore the stock market welcomed the merger which will lead to growth and efficiency aspects of the merged entity and benefitted the shareholders of both the banks. For instance in the case of acquisition of times banks by HDFC bank it was viewed as a positive signal by the shareholders of both the bank. At the time of the merger the Times Bank was crippled with increasing NPAs and low profitability, the acquisition by the HDFC bank gave relief to the depositors of the Times Bank. On the other hand HDFC bank emerged as the largest private sector bank by gaining from the retail portfolio of the Times Bank. In case of BOM acquisition by the ICIC bank the BOM gained the advantage of being able to provide services like Treasury management, cash management services to its cust omers and ICICI bank increased its size by acquiring BOM and reached the position of large private sector banks in 1999. At the announcement of the merger there was a steep rise in the gains which was reaped by the BOM shareholders however the stockholders of ICIC bank did not get any significant returns. In all the even study analysis revealed that neither the acquirer bank nor the target bank stock holders have perceived any potential gain on the declaration of the mergers. Hence the share holders who are important stakeholders of the banking companies did not consider the mergers as a signal of improving health, economies of scale and the market power of banks. Managers take on the Mergers Managers provide highest priority to the merger of the two public sector banks which provides a signals the banking sectors view on the need for consolidation of public sector banks. Managers do not prefer the merger of bank and NBFCs or financial services entities There are some issues which are needed to be taken care of while proposing a merger of banks according to the managers Valuation of the Loan portfolio of the target bank This is one of the main factor which is needed to be considered at the time of the merger. As in the management of the credit portfolio the accounting and the exposure norms suggested by the RBI are the same which helps in figuring out the book value of loans easily. However Indian banks have adopted divergent practices in rating the borrowers, loan pricing and maintenance of collateral securities therefore a detailed audit of the loan portfolio, cash flow generation and collaterals is very essential in order to get an opinion on the value of the loan portfolio of the target bank. Valuation of Intangible assets The valuation of the assets of the banks is a very critical factor for the success of any merger or consolidation. The tangible assets of the bank are loans, investment part apart from other fixed assets like buildings, ATMs and the IT infrastructure the bank owns. A commercial bank also holds a lot of intangible assets like clientele based on core deposits, safety value contracts, computer softwares, human resources, brands and goodwill. Determining the inherent strength of the bank based on the valuation of the intangible assets is also very important. Determination of the value of equity Determining the value of the target banks assets, liabilities and valuation of its equity value is the major aspect of a merger process. Various approaches can be used like dividend discount model, cash flow to equity model and excess return model. However banks have totally different operations than a normal manufacturing firm as they are highly leveraged because they have more than 90% of the resources as borrowed or as debt and banks are highly regulated institutions and regulatory instruction have vast implication in asset and income recognition. Interest rates volatility, regulatory capital adequacy ratios and restriction on dividend pay put ratios also have influence on the earnings of the banks. Human Resource Issues It is the most complicated issue in the merger process.HR issues like the service condition, strategy for rewarding people, employee relation, benefit plans and compensation, provision of pension, law suits and the trade union actions are very critical for the viability of the merger and the deal to go through. Cultural Issues This is also a critical issue in the pre-merger and post merger period. It is central to an organizational environment and recognizing cultural friction is very difficult as it results in various problems such as poor productivity, riff in the top management, increase in the turnover rates, delays in the integration process and failures in realizing the projected synergies. Information Technology platform integration In todays banking banks are highly dependent on the information technology. It has become a key strategic issue due to the impact it has on the operation of the bank. A significant portion of the synergy depends on the information technology integration. Divergent IT platforms and software systems have proven to be major constraints in the consolidation. Customer Retention Customers also major stakeholders of banks and are needed to be communicated properly about the merger and the customers of the target bank should be attended with utmost care. Various studies have shown that firms borrowing from target banks are very likely to lose their relationship with the bank on its merger.

The Esssence of Rebirth and Death in Literature Essay -- essays resear

The Essence of Rebirth and Death in Literature   Ã‚  Ã‚  Ã‚  Ã‚  Literature has always been a powerful way for people to express their ideas, opinions, and feelings. Authors often use literature to depict aspects of society that can affect a man or woman’s life. In the stories, â€Å"The Horse Dealer’s Daughter,† Life in the Iron Mills, â€Å"Barbie Doll,† and The Awakening the women of the stories do not seem to adapt to societal expectations. The inadequacy of the women of these stories to meet the view of society has lead to either a rebirth or ultimately a drive to suicide.   Ã‚  Ã‚  Ã‚  Ã‚  In D.H. Lawrence’s â€Å"The Horse Dealer’s Daughter,† rebirth is a central theme of the story. Lawrence uses his main character, Mabel, to take part in this transformation. Mabel’s role in society is defined by the death of her mother, her father’s occupation, as the title suggests, and how her life is altered by the death of her father. She finds herself alone, her household in ruins, and all her money gone. She is constantly being pressured by her siblings to come to terms with what she will be doing with the rest of her life. Her brothers are eager to make sure she or someone else takes responsibility for her life.   Ã‚  Ã‚  Ã‚  Ã‚  Mabel feels the pressure of having to prove herself. She is impassive and almost paralyzed with fear about her future. It is because of her unappeasable life that she seeks a way to find fulfillment. The only way she feels she can pursue this is to be reunited with her beloved mother. When she goes to the graveyard where her mother is buried she carries with her shears, a sponge, and scrubbing brushes to clean the headstone and in a sense prepares herself for her own death. While she is at the grave sight Dr. Ferguson passes by. He is moved by the way she takes responsibility for her mother’s plot. At this point he realizes how in touch she is with the nonliving world. One analyst says, â€Å"His quick (alive) eyes sees her tending the grave as if spellbound, and he is touched by her conjunction with the world of death† (Meyers 347). At the same time Mabel with her life in ruins, her parents gone, her brothers close to striking out on their own, and all her financial resources gone, decides it would be better to be with her mother by taking her life. She plans to do this by drowning herself.   Ã‚  Ã‚   ... ...er’s Daughter† and Life in the Iron Mills, both Mabel and Deb experience a rebirth that challenged society to accept them as they accepted themselves. In the two other works which I have discussed â€Å"Barbie Doll† and The Awakening both the girl and Edna disobey society by committing the ultimate act of suicide to free themselves of the burden of society. In all the works, the main female characters denounced society’s expectations in order to gain personal pleasure. Works Cited Davis, Rebecca Harding. Life in the Iron Mills and Other Stories. New York: The Feminist Press at The City University of New York, 1985. Green, Suzanne D. â€Å"The Awakening.† Novels for Students. 56-66. Hughes, Sheila Hassell. â€Å"Between the Bodies of Knowledge there is a Great Gulf Fixed: A Liberationist Reading of Class and Gender in Life in the Iron Mills.† 1997. http://muse.jhu.edu/journals/american_ quarterly/v049/49.1hughes.html. November 15,1999. Lawrence, D.H. â€Å"The Horse Dealer’s Daughter.† Meyers, Jeffrey. â€Å"D.H. Lawrence and Tradition: ‘The Horse Dealer’s Daughter’.† Studies in Short Fiction. Ed. Gayle R. Swanson. Newberry, South Carolina: Newberry College, 1989. 346-351. Piercy, Marge. â€Å"Barbie Doll.†

Effects Of Anobolic Steroids Essay -- essays research papers

The Effects of Anabolic Steroids You’ve all seen them, the enormously large muscle-heads at the gym, the participates of the World’s Strongest Man Competition, the amazing offensive tackles, and the lightning fast runners. They were all unnaturally strong, and looked like gods. You tend to obsess over how beautiful their bodies are, how strong they are, or how fast they can run. All you can think about is reaching that level of athletic excellence, and nothing will hold you back. At times like these some people tend to take the quick fit to get closer to their idols, in the form of steroids. But what individuals tend not see is the horrible side effects that accompany the use of these anabolic steroids. These powerful drugs have both positive and negative results from their use. Along with increased strength and size, users of steroids suffer from a wide range of sicknesses such as cancer, shrinkage of testicles, bad acne, hair loss, damage organs, intense mood swings, and impotence.   Ã‚  Ã‚  Ã‚  Ã‚  Anabolic steroids are a group of muscle building chemicals, which are synthetic versions of the male hormone, testosterone. Developed in the 1930’s, they were prescribed to aid in muscle tissue repair by those who had undergone surgery or had degenerative diseases. Now the patients do not only use them but also athletes. Starting in the 1940’s steroids were introduced into sports. Steroids were one of the main reasons that Russia’s 1952 Olympic weightlifting team came out with pile of medals. With these results other nations thought their competitors should have the same advantage, and the use of steroids spread like wildfire.(NIDA pg 2) But now steroids are illegal to use if not prescribed by a physician, and have been banned by nearly all-athletic organizations, both professional and amateur.   Ã‚  Ã‚  Ã‚  Ã‚  Just how popular is the use of steroids? Well, one survey states that the prevalence of self-reporting anabolic steroids use in adolescents ranges from 5%-11% of males and 2.5% in females.(AAP pg 2) So, the even at a young age kids decide to use steroids to their advantage. At this age they do not take time to look at the adverse effects of steroid but only the perks. Most individuals consume steroids in two ways. People either administer them orally or by intramuscular injection. Once taken there are a series of events that ... ... as â€Å"roid rage†. This constitutes a more aggressively natured person, who is more subject to mood swings. A typically calm, intelligent person could be transformed into a crazed senseless being. The slightest upsetting factor could set them off. These mood swings and shifts tend to be temporary and cease after discontinued use of the drugs, but some of the other effects are lasting, and can be extremely devastating. Less harmful, but important as well is the fact that steroids are banned by nearly every athletic organization, and if it is determined that an athlete used steroids, all medals, trophies, prized and glory can be stripped away. Athletes who train with the use of steroids are taking a huge gamble. Although steroids can have amazing results, and seem to be the greatest thing on earth, they also hold a cornucopia of terrible things in store for the person who uses them irresponsibly. They must evaluate for themselves if the potential physical prowess that the y could attain through the use of steroids is worth the possibility of the devastating side effects. They must also keep in mind the consequences that they could encounter if they do use steroids, with are an illegal

Feedback Stress: Does Auditory Feedback Negatively Affect Performance o

The Stroop Effect In his historic study, Stroop found that reading names of colors interfered with individuals’ ability to name the ink color the word was printed in when the two differed (i.e., the word â€Å"BLUE† written in red ink) (1935). However, the basis of this phenomenon can be traced back to Cattell who found that naming colors and pictures took twice as long to accomplish than reading the word these colors or pictures represented (1886). He concluded that this was due to reading being an automatic process while identifying colors or pictures requires a conscious effort (Cattell, 1886). MacLeod (1991) reflects that it was Cattell’s work which strongly influenced future psychologist including Stroop. In his experiment, Stroop investigated how the reaction time to name colors increased when it conflicted with the automatic process of reading. He broke down his experiment into three parts. In the first, he tested how reading the name of a color printed in a different ink color (i.e., BLUE) differed from reading the name of a color printed in black ink (i.e., BLUE). The difference between the name of the color and the ink color it was printed in caused a slight interference resulting in an increased reaction time of 2.3 seconds (Stroop, 1935). In the second part of his experiment, Stroop (1935) looked at reaction time differences between naming the color of solid blocks (i.e., ââ€"   ââ€"   ââ€"   ââ€"   ââ€"  ) versus naming the color of the ink not the name of the color (i.e., responding â€Å"RED† for BLUE). He found that participants required 74% more time to name the color of the ink when it did not agree with the name of the color (Stroop, 1935). Stroop concluded that it was the interference between the automatic process of reading the na... ...oop: An interference task specialized for functional neuroimaging – validation study with functional MRI. Human Brain Mapping, 6(4), 270-282. doi: 10.1002/(SICI)1097-0193(1998)6:4 Cattell, J. M. (1886). The time it takes to see and name objects. Mind, 11(41), 63-65. MacLeod, C. M. (1991). Half a century of research on the Stroop Effect: An integrative review. Psychological Bulletin, 109(2), 163-203. doi: 10.1037/0033-2909.109.2.163 Richards, A., French, C. C., Johnson, W. Naparstek, J., & Williams, J. (1992). Effects of mood manipulation and anxiety on performance of an emotional Stroop task. British Journal of Psychology, 83, 479-491. Shor, R. E. (1975). An auditory analog of the Stroop test. Journal of General Psychology, 93, 281-288. Stroop, J. R. (1935). Studies of interference in serial verbal reactions. Journal of Experimental Psychology, 18(6), 643-662.

The merchant of venice: Tragedy or Comedy

William Shakespeare, widely regarded as the world's greatest playwright, has revolutionized the world of English literature with his plays. Some of these plays are clear-cut comedies and tragedies, while others are more ambiguous. The Merchant of Venice is a play that falls under the latter type, and it has been hotly contested whether this literary work should be classified a comedy or a tragedy. However, since the majority of the characters received a happy ending, the abundance of comic relief scenes and characters, and lightheartedness of the plot relative to otherShakespearean works leads me to conclude that The Merchant of Venice is indeed a comedy. One of the characteristics of a comedy is that it usually contains a happy resolution of conflict, and this was definitely reflected in the conclusion of The Merchant of Venice. â€Å"Happy endings† usually pertain to the protagonists or the main characters surviving or outlasting misfortune. Antonio being spared and cleared of any debt he owed Shylock by the Venetian courts (Act ‘V, scene i) is a prime example of the protagonist receiving satisfactory closure.In the drama building up to the court scene, Antonio's best friend, Bassanio, had cut a deal with the devil as he borrowed money from the shrewd Shylock, with the stipulation that repayment would either be in ducats or a pound of Antonio's flesh (Act l, scene When Antonio's business enterprise came crashing down abruptly, he had no means by which to repay Shylock, thus setting up the major conflict of The Merchant of Venice. Antonio's ending is undoubtedly a happy one for his character, since his life was spared and he was cleared of any charges.Another example of a character with a favorable conclusion is Portia. Recently, her father had been pushing her toward marriage, and because of her many biases, she found it near impossible to find a suitable suitor (Act II, scene i). At the end of the play, she does, in fact, end up with the only ma n that's ever caught her eye, Bassanio. These happy endings for primary characters are typical of Shakespearean comedies. The Merchant of Venice is abounding with other typical Shakespearean comedy techniques like comic relief; humor that manifests itself in both situations nd characters.The overall hilarity of the play is an ample reason to classify it as a comedy rather than a tragedy. Shakespeare inserts comic relief scenes at opportune times in this play to relieve tension, and Jessica and Launcelot's banter in Act Ill, scene v is an excellent example of this. In the preceding scenes, Shylock has Just hauled Antonio off to Jail while Portia and Nerissa attempted to devise a scheme to rescue their future husbands' friend – two very action-packed and intense developments in the story. However, immediately following these two scenes,Launcelot and Jessica are seen having a playful discussion about the correlation of Jewish refusal to consume pork and the rising prices of baco n, a conversation so wacky and out of place that it manages to diffuse much of the thickening tension. Comic relief is a literary device that extends to characters as well. The interactions moments of the play (Act II, scene it), where Old Gobbo fails to recognize Launcelot as his son because of his ailing senses. Shakespeare utilized plenty of Jokes that would have appealed to the audiences of his time here to rouse laughter.At its very root, a comedy is a drama with a humorous or satirical tone, and The Merchant of Venice's comic relief scenes and characters provide the audience with this humorous air. When compared to many of Shakespeare's other dramatic works, The Merchant of Venice's storyline is much more lighthearted and tame. This play turned out more like an episode of Beverly Hills, 90210 than something as grave and solemn as Macbeth or Othello. There are many attributes which corroborate this theory. For starters, cross dressing is used as a motif in The Merchant of Venic e.When placed longside a different play like Macbeth, where the motifs are critical matters like bad omens, borrowed robes, and fapdes, The Merchant of Venice does seem less serious. Also, the magnitude of its plot is definitely much less significant than a lot of Shakespeare's other plays. The Merchant of Venice is primarily concerned with the interactions of Italian suitors and heiresses – much like the angsty teen dramas of today. On the other hand, plays like Julius Caesar revolve around recanting the epic downfalls of tyrannical politicians.Though not to undermine its literary significance, I m convinced that The Merchant of Venice is a less serious, more whimsical play than some of Shakespeare's other works – a feel that comedies are supposed to have. Plays can be like characters in that their real nature can be very ambiguous. The Merchant of Venice is heralded as a fine example of a comedy by some, while asserted to be a tragedy by others. This play can be clea rly categorized as a comedy, because the majority of the characters received favorable conclusions, comic relief is in abundance, and the lighthearted, quirky nature of the plot.