A Writer s Tale - Original Writing - 1400 Words

A Writer’s Tale I was doing it again, but I couldn’t help it. Even since I found out I could evade my bedtime by claiming I had to use the bathroom, I would stay in there for hours, reading a book that I found could not wait until tomorrow. So there I was, sitting on the toilet with the lid clamped shut. A book was in my hands, it was slightly hard to read because my hair would cascade around my hunched over form and block the florescent light. I carried on reading, occasionally tossing my hair around when it became too much of nuisance. Eventually, I came to the last page of the book, previously being fifty pages behind when I first came into the bathroom. I read the last page at a languid place, finding this speed†¦show more content†¦I have always felt this way, nothing seemed to be able to compare to the feeling I would get when I would read a book. There was no subject more ensnaring than a couple of well-placed sentences that could have my imagination chu rning for hours. That brings me to my thoughts that have recently been revolving around how I love to read. Reading was, and is, an indescribable experience to me, sure, there are some books that I wouldn’t take to, but when I do, it’s like the stars align. It gives me an identity to cling to and something to do because I know that I was a person who was more of a fan of mental activity over, shall we say, physical activity. Moving on, finishing this book was pretty monumental to me because not only was I a book closer to finishing my favorite series, but I was also finding out just how much more I would love to be a writer. I know, totally out of this world. I had never heard of a family member of mines who loved to write, and if I had to choose a particular calling for most of us, I’d probably say it was singing. Not that I hate singing, hitting the right note is always a satisfying experience, but there is nothing else in this world that I have known to be mo re placating and natural to me than reading a book or writing a new story. I’ve felt this way for a couple of months, and now I just feel like I’m absolutely meant to be a writer. Let me tell you something, a few weeks ago, I had to

Drug Alcohol Spectrum Disorder ( Fasd ) Essay - 1386 Words

Introduction: Alcoholic beverages have gained their popularity throughout the centuries, and has become a prominent component in the social network of the current society. However, researches have shown that alcohol consumption involves extensive risks can result in numerous diseases, including a range of birth defects and developmental disorders collectively known as the foetal alcohol spectrum disorder. This essay describes various aspects of this disease, including the definition, causes, signs and symptoms, current methods of diagnosis, as well as any treatment available and prognosis for patients with this disorder. Definition Foetal alcohol spectrum disorder (FASD) includes a range of conditions that may occur to a person whose mother has experienced prenatal alcohol exposure (Rutman, 2016). This includes foetal alcohol syndrome (FAS) being the most severe, as well as partial FAS, alcohol-related neurodevelopmental disorder (ARND), alcohol-related birth defects (ARBD), and other conditions that is determined to be due to alcohol consumptions of the mother during pregnancy (Warren, 2011). Causes There are extensive factors affecting the severity of FASD including the overall health of the pregnant woman, her nutritional level prior and during her pregnancy, and during which state of pregnancy was the alcohol consumed (Rutman, 2011), hence it is not established what amount of alcohol is consumed to cause any effect as it varies from individuals. However, as FAS isShow MoreRelatedAdvances Of Treatment Of Fetal Alcohol Spectrum Disorder Essay1255 Words   |  6 PagesAdvances in Treatment of Fetal Alcohol Spectrum Disorder According to the Center for Disease Control and Prevention (CDC, 2015), in 2011 to 2013, one in ten pregnant women reported consuming alcohol in the past 30 days. Additionally, one in 33 women admitted to binge drinking during pregnancy (CDC, 2015). Consummation of alcohol during pregnancy is one of the leading causes for developmental disabilities. The term fetal alcohol spectrum disorders (FASD) is being increasingly used to refer to theRead MoreThe Disorder Of Fetal Alcohol Syndrome1018 Words   |  5 Pagesexplain the the disorder Fetal Alcohol Syndrome .This paper will aim to discuss what the disorder is ,it s history how it is diagnosed and the treatment and prevention of this disorder. Taking a sip a int hip Introduction :Behold, thou shalt conceive, and bear a son; and now drink no wine nor strong drink, neither eat any unclean thing(Bible-Judges 13:7).It has been known throughout history that the effects of alcohol use in pregnancyRead MoreEffects Of The On Fetal Alcohol Syndrome1206 Words   |  5 Pagesselling of gin in England due to Parliament. This resulted in an increase in alcohol intake. During this period, fetal and infant death rates were at it highest [1]. The medical society did not believe consumption of alcohol was the cause of the high rise in birth defects at the time. With the repeal of the prohibition on alcohol in 1933, doctors believed it had beneficial effects to the point of intravenous treatments with alcohol were used to delay preterm labor. In the 1950s to 1960s, there was anotherRead MoreFetal Alcohol Spectrum Disorder ( Fasd )2000 Words   |  8 PagesIntroduction Fetal alcohol spectrum disorder (FASD) is a general term consist disabilities when a mother consumes alcohol during her pregnancy. The medical prognosis of FASD includes: Fetal Alcohol Syndrome (FAS), Partial Fetal Alcohol Syndrome (PFAS), Alcohol Related Neurodevelopmental Disorder (ARND) and Alcohol Related Birth Defects (ARBD). Moreover, teratogen is a harmful agent that can interrupt the development of an embryo. For instance, alcohol is teratogen. As per Health Canada, FASD is a leadingRead MoreEssay On Maternal Drinking In Aotearoa1097 Words   |  5 Pagesnumber of children affected by FASD is in the thousands. McLeod, Pullon, Cookson, Cornford (2002) study, concluded that a quarter of pregnant New Zealand women had consumed alcohol at twenty-four weeks. Further, the 2007/08 New Zealand Alcohol and Drug Use Survey found that one in four pregnant women reported having consumed alcohol at some point throughout pregnancy (Ministry of Health, 2010). However, studies in the Unite d States suggest that the prevalence of FASD to be a conservative 1% in AotearoaRead MoreThe Effects Of Alcohol On The Health Care System Essay1934 Words   |  8 PagesAlcohol is a substance that should be consumed in moderation, and should be used responsibly. Similar to any substance, there are consequences that come with the irresponsible and abusive use of it. Not only the drinker is affected by alcohol abuse. People around them including family, friends, potential offspring and even Canada’s Health Care System are affected too. Specific to the health care system, there is a burden placed on it in regards to Fetal Alcohol Spectrum disorder (FASD) a varietyRead MoreThe Effects Of Fetal Alcohol On Pregnancy Essay1986 Words   |  8 Pagesconsume alcohol despite the warnings of possible birth defects? Many are familiar with the Just Say No campaign spearheaded by Nancy Reagan in the 1980 s to prevent drug and alcohol use among teens. However, many turn a blind eye to th e warnings of the surgeon general stating alcohol consumption during pregnancy can result in birth defects. When a pregnant woman consumes alcohol, she puts her fetus at risk from mild to severe physical, mental and cognitive disabilities. Fetal alcohol spectrum disorderRead MoreThe Effects Of Air Pollution On Reproductive Health1376 Words   |  6 Pagesor termination of a pregnancy. Subjective teratogens are substances in which the mother consumes that cause defects to the child or also termination of a pregnancy. Substances such as air pollution, pesticides and mercury, as well as tobacco, alcohol and drugs are reported as having environmental and subjective teratogenic properties. Airborne particle matter small enough to penetrate human respiratory tracts are referred to as air pollutants; environmental teratogens. â€Å"The bulk of all air pollutionRead MoreFetal Alcohol Syndrome Essay1522 Words   |  7 PagesFetal Alcohol Syndrome (FAS) is a disorder that can happen to children whose mothers drank sufficient amounts of alcohol sometime throughout their pregnancy. Fetal Alcohol Syndrome is a condition classified in a group called Fetal Alcohol Spectrum Disorders, and is the most known and severe of the group. FAS, depending on the factors such as location, population and race studied is considered one of the leading known causes of mental retardation and birth defects, with 0.2 – 1.5 out of every 1Read MoreFetal Alcohol Syndrome942 Words   |  4 Pages Fetal Alcohol Syndrome According to Seaver, Fetal Alcohol Syndrome (FAS) is birth defects causing learning, and behavioral problems in individuals whose mothers drank alcohol during pregnancy. This disorder is very serious, yet it is recognized as one of the most preventable. This causes major issues, when something so serious could be prevented but is not. Fetal Alcohol Syndrome is a problem because it leaves a permanent effect on the unborn child, but some solutions could be educating women and

Tribasa Toll Road Project free essay sample

1. Please prepare a flow of funds diagram for this transaction to trace how toll road revenue received by the Trust is used to pay taxes and operating expenses and to make interest and principal payments as required by the terms of the offering. Toll revenues collected by operator were to be segregated into different accounts to ensure that taxes are paid and operating, maintenance and administrative expenses are met before Note-holders received payments of principal and interest. To ensure that toll revenues flow appropriately to meet operating expenses and administrative expenses and pay debt services, the Trustee established and maintained three accounts to hold the Trust’s assets: General Account: A general purpose account to hold revenues until needed for operating expenses or debt service payments. SCT Account: A segregated account to hold funds for payments that are required to be made to the Transport Ministry. Major Maintenance Account: A Segregated account to ensure that funds are available to make necessary repairs or major maintenance. Debt Service Reserve Fund Account: This account was established with a US bank as fiscal agent. The debt service reserve holds fund in US dollars, which are available to pay debt service if funds are not available in the General Account to make timely payments of interest or principal. Each week, the operator would transfer toll revenues (net of the VAT) to the General Account. Cash received by the Trust was used first to pay certain royalties to the Mexican Transportation Ministry, then taxes and operating expenses related to the roads and finally to make principal and interest payments on the notes. The Trustee withdrew funds in the following order: Each month Funds were deposited into SCT account for payment to the Transportation Ministry. Funds were used to pay the Trustee and the US Fiscal agent, insurance premium, the operator’s management fee for the preceding month and other administrative and operating expenses. Funds were set aside for later payment of withholding taxes (so that payments received by Note-holders are free of withholding taxes). If necessary, funds were converted to US dollars and transferred to US Fiscal Agent for deposit into Debt service Reserve Fund. If necessary, funds were deposited into the Major Maintenance Account to maintain the required balance. Semi-annually Funds were transferred to Mexican authorities for payment of withholding taxes. Funds were converted to US dollars and transferred to the US Fiscal Agent for payment of principal and interest to Note-holders. If available and required, funds were converted to US dollars and transferred to the US Fiscal Agent for payment of late payment premiums. 2. What risks to investors are inherent in this financing? Following are the risk inherent in this financing: Currency Risk: There are atleast three important aspects of currency risk: The risk that the local currency will depreciate in value for example, as the result of the host governments formally devaluing it. The risk that the revenue and cost streams are currency-mismatched-for example, when the revenues are generated in a weak currency while the debt is denominated in a strong currency. The risk of inconvertibility of the local currency into another currency that is needed to pay certain expenses, such as debt service. Devaluation increases the amount of revenue that a project must generate in order to service its debt. A significant devaluation could seriously impair a projects ability to service its debt, perhaps even triggering a default. Even without a formal devaluation, exchange rate fluctuations can potentially harm the project if the local currency depreciates in value relative to the currency in which the projects debt is denominated. Finally, even if the local currency holds its relative value, the projects sponsors will have to be able to convert sufficient local currency into the currency in which the debt is denominated in order to meet the projects debt service obligations. Exchange controls or other restrictions on the repatriation of funds could seriously impair the projects ability to service its debt. Political Risk: Foreign projects involve certain risks that are specific to the country in which the project is located. They are: The risk that the existing government may be replaced by new government that will not be supportive of the project. The risk that government policy could change to the detriment of the project (even when the government does not change) for example, by imposing foreign exchange controls, reneging on a promised tax holiday, or expropriating the projects assets. The risk that unanticipated developments, such as civil unrest or a national strike, in the host country might adversely affect the project. Infrastructure projects often require extensive government approvals. If the governments attitude toward a project changes, the remaining permits may prove very difficult, or even impossible, to secure. Outside providers of funds will generally be very reluctant to advance any moneys until the procurement of permits has been completed. Tax factors can be particularly important. A significant change in the local tax regime that reduces the projects after-tax cash flow stream would reduce the amount of cash flow available to service project debt. For example, the host government might decide to introduce a new excise tax that applies to the projects output or the cancellation of a favorable tax treaty could adversely affect a project, perhaps by eliminating the very low rate at which withholding tax had previously been levied on distributions of dividends and interest to foreign investors. Economic Risk: An infrastructure project, by its very nature, involves the provision of basic goods and services to the public. A project that produces a single good (such as a power plant) or provides a single service (such as a toll road) is dependent on the demand for that particular good or service. That level of demand will in turn be affected by the state of the local economy. Infrastructure projects also tend to have long useful lives. Their financing thus requires a high proportion of very long-term debt in order to enable the project both to provide the goods or service at a publicly acceptable price and to comfortably service its debt. If private-sector financing is to be arranged, the private-sector entities that arrange the financing will have to own the project, or a concession to operate it, over a period long enough to enable them to fully repay the debt. Infrastructure financing does not always permit the traditional remedies that exist when a borrower defaults. In the case of a toll road, for example, the host government may own it, so there is no asset on which the lenders can foreclose. Also, as a practical matter, the toll road cannot be moved, and the concession rights are often nontransferable. 3. How was the transaction structure designed to minimize investor exposure to project risk? In case of Tribasa Toll Road project, the parent company Tribasa formed a Trust called as Mexican Trust and transferred its right to collect toll revenue to this trust, along with the investment income the Trust earned on its assets and any proceeds from insurance policies arranged for the two toll roads. The Notes issued by Tribasa to the investor were secured solely from the assets of the Trust and are explicitly not an obligation of Tribasa or its subsidiaries. This was a factor of concern for the investor as Tribasa is not obliged to pay in case of default by the Trust. However investor has designed the transaction structure to minimize the risk of the project. The various features of the transaction structure which minimizes the risk are as follows: Dual Debt Amortization schedule The Notes required interest payments at a rate of 10. 5% per annum, payable semi annually beginning June 1, 1994. The Notes were issued with two amortization schedules namely â€Å"Contractual Schedule† and â€Å"Scheduled Amortization†. â€Å"Contractual Amortization† was the minimum amount of principal that must be paid on or prior to each Debt Payment Date. In this amortization schedule principal payment begins from June 1, 1997 and the principal amount would be fully paid by December 1, 2011. If the trust failed to make payment according to this schedule an event of default will occur. In case of Scheduled Amortization which is more stringent, principal payment starts from June 1, 1996 and final principal payment in December 2005. The trust is required to make the payment as per this schedule and failure to meet payment will not result in an event of default but a Late Penalty Premium accrues at the rate of one percent per annum on the unpaid Scheduled Amortization amount, also triggers a Blockage event which would put following restrictions on Tribasa and the Trust: Dividend payments may not be made to Tribasa The Trust may not issue subordinate debt Payments will not be permitted on any outstanding subordinate debt. The restrictions limit Tribasa’s actions and provide additional means to retain cash flow in the trust. Dividend Distribution Restrictions Tribasa will not be eligible for the dividend in the first two years after the issuance of the debt, thereafter semiannual dividend distributions are permitted to the extent cash remains under the following circumstances: All payments for operations, maintenance, administration, insurance and debt service have been made Funds have been set aside for one month’s operating and administrative expenses and for withholding taxes to be paid on the next semi-annual payment date. The ratio of net cash flow to scheduled debt meets specified levels of 1. 46X. Debt Service Reserve Fund This fund was created to mitigate the currency risks. A portion of the proceeds from the Tribasa Toll Road Trust Financing, was used to provide initial funding for the Fund. The Fund holds US dollar balances and is available to pay debt service on a timely basis when the general account lack sufficient funds to cover a scheduled debt service payment. Three financial ratios were presented to inform potential investors about the project’s ability to cover the required interest and principal payments: Ratio of Revenues Available for Debt Service to Total Debt Service Ratio of Net cash Flow to Total Debt Service Ratio of Net Cash Flow plus beginning General Account Balance to total Debt Service An external consultant (URS consultant) was hired to prepare forecasts of traffic, toll revenues, maintenance and operating expenses and Major Maintenance requirements which provides clear picture of revenue and expenses to the investor. URS also prepared a reduced economic activity scenario with more conservative forecasts of traffic projections and toll revenues. 4. The Mexican government’s decision to float the peso was unanticipated at the time of the offering. How would you expect the devaluation to affect the performance of the Notes? The Mexican government’s decision to float the peso its subsequent devaluation is a typical case of currency risk. In this case, the currency risk has two aspects, one being the risk of devaluation of the peso, which eventually happened, and the other being of revenue cost streams mismatch, i. e. , revenue generation in a weak currency debt payment in a strong currency. In this case, since the revenue generation was in peso while the debt repayment had to be done in USD, so the devaluation of the peso meant that more amounts of pesos had to be paid while repayment of the debt (considering the loan of USD 110 million). Initially, before the Mexican government free-floated the peso, it was priced around 3. 22/ USD. So, the repayment had to be around 354 million pesos. When the peso was free-floated fell to 5. 25-5. 75/ USD, the repayment amount became 577-632 million pesos. Further, when the peso fell to a record low of 7/ USD, the repayment amount increased to 770 million pesos. Devaluation would increase the amount of revenue to be generated by the project to service its debt. This may also result in the coverage ratio falling below 1, which would mean that the project cannot cover its debt service payments from net operating income. Devaluation of the peso would also mean that the Mexican Trust may default on the principal interest payment to note-holders semi-annually. Finally, the flow of funds was structured in such a way that dividend payment to Tribasa would be the least priority. In case of devaluation, the dividend payment to Tribasa might also not happen the payment of late premium, if required, would also not happen or would happen only partially. 5. What lessons do you take out of this financing? How could this technique be used to arrange financing for other highway and facility concession projects in the developing world? The Tribasa Toll Road Trust Financing illustrates the types of contractual and other credit support arrangements that must be put in place to enable an infrastructure project to obtain financing in the international capital market. That fact is encouraging because of the enormous need for infrastructure development—but the very limited local financing capacity—that exists in so many developing countries. Mexico’s private toll road program also illustrates the risks inherent in trying to finance public transportation facilities privately. Assessing future demand has been a vexing problem as many projects have failed to generate sufficient traffic to enable them to service their debt. It is important to forecast demand conservatively so as to avoid overleveraging the project entity. In this case SPV overlooked the effect of exchange rate risk. It based its analysis totally on URS consultants review where URS were not risk management consultants. As per industrial standards it forecasted cash flows according to base case but couldn’t emphasis on possible worse scenarios. Key Lessons from Tribasa Case: Realistic forecasting and project planning is essential. Good overall strategy and coordination, and good technical capacity in the procuring authority are important factors for success / avoiding failure. A strong PPP framework is important for developing projects as this can bypass a number of impediments to creating successful projects. Better planning and regulatory frame. Techniques specific to Tribasa case which can be used to arrange financing for other highway and facility concession projects in the developing world: Maintenance of Debt Service Reserve Fund which are available to pay debt service if funds are not available in General Account to make timely payments of interest and principal and a portion of the proceeds from the Tribasa Toll Road Trust Financing was used to provide initial funding for the Fund. This can be also used to mitigate currency risk. Subject to availability of funds, the notes required the trust to make payments in accordance with the more aggressive â€Å"Scheduled Amortization† schedule which starts principal payments a year earlier failure to do so does not result in default but late penalty premium. In addition, non-payment of scheduled amortization is a blockage event, which triggers restrictions. These restrictions limit Tribasa’s action and provide additional means to retain cash-flow in the trust. Preparation of Dual Debt Amortization Schedule is to allow for variability of the project’s toll revenue stream: Contractual amortization schedule; and Contingent amortization schedule. In addition, non-payment of Scheduled Amortization is a Blockage event and dividend payments is permitted only if: All senior cash payment obligations have been met; One month’s operating and administrative expenses have been provided; No event of default or of blockage has occurred and is continuing; The ratio of net cash flow to scheduled debt service for the immediately preceding Four semi-annual periods has satisfied specific tests; and The amounts in the Debt Service Reserve Fund and other accounts exceed a specified minimum. This technique can be adopted to minimize risk to investors.

Searching for a Former Clarity free essay sample

With the release of â€Å"Searching for a Former Clarity,† a breath of fresh air is pumped into a suffocating punk rock scene. The bands third full-length album shows a maturity and composure not seen in many independently produced records. From start to finish, this is a barrage of witty lyrics and powerfully catchy choruses. Whether frontman Tom Gabel and Against Me! are singing about their friends and hometown of Gainesville, or trashing the stagnant rock scene and state of our nation, these guys have a lot to say. The bands tempo has decreased since its sophomore release, â€Å"As The Eternal Cowboy,† although the song structures and melodies have developed considerably. Gabels voice has sunk almost an octave, which is slightly disappointing as it steals some of the bands previous energy. Yet songs like â€Å"Problems† and â€Å"Dont Lose Touch† make the album more enjoyable than any other punk rock CD released this year. We will write a custom essay sample on Searching for a Former Clarity or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page An acoustic medley brings back memories of the bands earlier days when Gabel was a folky acoustic guitarist. The song delves deep into an emotional well, describing Gabels personal battle against drugs. The contrast in satirical and personal songs make for an interesting duality not heard on many releases. Through powerful guitar leads, bouncy bass lines and solid drum tracks, â€Å"Searching for a Former Clarity† harnesses the energy and convictions of this great band. Lyrically, Gabel continues to mature and analyze the world around him in a funny, sometimes cynical way. The bands third release may not be their best, but it is certainly one of the best of 2005. .

Lab Report on Respiratory Physiology Essays

Lab Report on Respiratory Physiology Essays Lab Report on Respiratory Physiology Paper Lab Report on Respiratory Physiology Paper Timer (with a second hand) Glass Urinary and Salivary pH (litmus) paper Drinking straw Procedures: 1. Measure 2 ounces of water in a glass. Obtain the pH of the water in the glass. Record the water pH prior to experiment. Have the subject blow air through the straw into the water and keep blowing into the water for 2 minutes inhaling between exhalations. The subject should be breath as normal as possible while doing this activity. Measure and record the pH of the water in the glass. 3. Empty the water from the glass and refill it with fresh water. Have the subject do vigorous exercise for 5 minutes. 4. Immediately after exercise have the subject blow into the water for 2 minutes (inhaling between exhalations). Measure and record the pH of the water in the glass. 5. Empty the water from the glass and refill it with fresh water. Have the subject rest for 5 minutes. 6. Have the subject blow in the water for 2 minutes (inhaling between exhalations). Measure and record the pH of the water in the glass. Analysis and Data: 1. The pH of the water measured is close to a 7 on the pH scale. 2. After the subject blew air into the straw, the pH of the water was about 5 on the pH scale at first, but then turned neutral again. The subject did vigorous exercise for 5 minutes. 4. The pH of the water after the subject was exercising was about 6-7. 5. After refilling a new glass of water, the pH of the fresh water was about 6.

Manifest Destiny and the Mexican-American War

Manifest Destiny and the Mexican-American War The United States went to war with Mexico in 1846. The war lasted for two years. By the end of the war, Mexico would lose almost half its territory to the US, including lands from Texas to California. The war was a key event in American History as it fulfilled its manifest destiny, encompassing land from the Atlantic Ocean to the Pacific.   The Idea of Manifest Destiny In the 1840s, America was struck with the idea of manifest destiny: the belief that the country should span from the Atlantic to the Pacific Ocean. Two areas stood in Americas way of achieving this: the Oregon Territory which was occupied by both Great Britain and the US and western and southwestern lands which were owned by Mexico. Presidential candidate James K. Polk fully embraced manifest destiny, even running on the campaign slogan 5440 or Fight, referring to the northern latitude line to which he believed the American portion of the Oregon Territory should span. By 1846, the Oregon issue was settled with America. Great Britain agreed to set the border at the 49th parallel, a line that still stands today as the border between the US and Canada. However, the Mexican lands were considerably harder to attain. In 1845, the US had admitted Texas as a slave state after it had achieved independence from Mexico in 1836. While the Texans believed that their southern border should be at the Rio Grande River, Mexico claimed it should be at the Nueces River, further north. Texas Border Dispute Turns Violent Early in 1846, President Polk sent General Zachary Taylor and American troops to protect the disputed area between the two rivers. On April 25, 1846, a Mexican cavalry unit of 2000 men crossed the Rio Grande and ambushed an American unit of 70 men led by Captain Seth Thornton. Sixteen men were killed, and five were injured. Fifty men were taken prisoner. Polk took this as an opportunity to ask Congress to declare war against Mexico. As he stated, But now, after reiterated menaces, Mexico has passed the boundary of the United States, has invaded our territory and shed American blood upon the American soil. She has proclaimed that hostilities have commenced and that the two nations are now at war. Two days later, on May 13, 1846, Congress declared war. However, many questioned the necessity of the war, especially northerners who feared an increase in the power of slave states. Abraham Lincoln, then the representative from Illinois, became a vocal critic of the war and argued that it was unnecessary and unwarranted. War With Mexico In May 1846, General Taylor defended the Rio Grande and then led his troops from there to Monterrey, Mexico. He was able to capture this key city in September 1846. He was then told to hold his position with only 5,000 men while General Winfield Scott would lead an attack on Mexico City. Mexican General Santa Anna took advantage of this, and on February 23, 1847, near the Buena Vista Ranch met Taylor in battle with approximately 20,000 troops. After two fierce days of fighting, Santa Annas troops retreated. On March 9, 1847, General Winfield Scott landed at Veracruz, Mexico leading troops to invade southern Mexico. By September 1847, Mexico City fell to Scott and his troops. Meanwhile, starting in August 1846, General Stephen Kearnys troops were ordered to occupy New Mexico. He was able to take the territory without a fight. Upon his victory, his troops were divided in two so that some went to occupy California while others went to Mexico. In the meantime, Americans living in California revolted in what was called the Bear Flag Revolt. They claimed independence from Mexico and called themselves the California Republic. Treaty of Guadalupe Hidalgo The Mexican War officially ended on February 2, 1848, when America and Mexico agreed to the Treaty of Guadalupe Hidalgo. With this treaty, Mexico recognized Texas as independent and the Rio Grande as its southern border. In addition, through the Mexican Cession, America required land that included parts of present-day Arizona, California, New Mexico, Texas, Colorado, Nevada, and Utah. Americas manifest destiny would be complete when in 1853, it completed the Gadsden Purchase for $10 million, an area that includes parts of New Mexico and Arizona. They were planning to use this area to complete the transcontinental railroad.

Practical Book Review Essay Example | Topics and Well Written Essays - 500 words

Practical Book Review - Essay Example Jim Petersen, the author of the book â€Å"Why Don’t We Listen Better? Communicating & Connecting in Relationships,† aims to explore the different ways in improving interpersonal communication processes. This book provides useful insights to those who want to improve the way they relate and communicate to those around them. The book utilizes sensible techniques, practical tips, and simple examples derived from years of counseling and pastoral ministry experiences of Dr. Petersen. The book emphasizes how in daily communication, people are often left disconnected, misunderstood, and unheard. This depicts how daily communication appear to be courtroom-like, causing people to be in conflict with each other. Additionally, the flat-brain theory discussed in the book gives a tongue-in-cheek, yet clear, explanation on why and how people get affected with emotions, and provides tips on what to do about it particularly when it gets in the way of meaningful communication with othe r people. It gives a logical structure in managing emotionally-charged discussions and situations. By making the readers understand how the brain works under pressure, stress, or attack, Dr.

Costco Company Term Paper Example | Topics and Well Written Essays - 3750 words

Costco Company - Term Paper Example One of the notable companies that have put in place effective marketing strategies is Costco Company. Being the second largest distributor and seller merchandise among other products in US, Costco Company operates in more than 8 countries. The company has more than 200 brands that are produced to meet the large customer base that the company is enjoying. Major products that are produced by the company include sea food, home electronics, solar panels, photo processors, baked goods, hot tubs, and meat among others. This paper discusses key marketing activities that are undertaken by Costco Company thus becoming a successful firm in the wholesale sector. Marketing strategies One of the major strategies that Costco Company uses to attract and retain its customers is by use of technology. For example, the company has initiated varieties of adverts that are undertaken though television channels as well as YouTube. As a result, the company has increased its number of customers in US as well as in foreign countries. Based on the increased need to maintain productive employees, Costco Company has undertaken various corporate social responsibilities. For example, the company provides quality health care to all its employees an aspect that has resulted to attainment of employees as well as corporate objectives. Costco Company also focuses at using hospitality industry to improve its image on the eyes of the public. For example, the company has established children hospitals that are operated using the company financial resources. In 2012, the company spent 1% of its pre-tax earning to finance the children hospitals. As compared to its competitors, Costco Company has a wide product portfolio (Gupta, 2006). In this way, the company is in a position to meet the needs of large number of customers. In the same way, the company brands target wide market including young people, old consumers, executives, sportsmen among others. Consequently, the company has created a strong posi tive customer product relationship. One of the notable marketing strategies that Costco emulates is to offer low prices and to sell large number of products (Fredrix, 2009). By providing variety of brands, the company focuses at big and small businesses as well as large families. Ethics and corporate social responsibility Many marketers today are faced with ethical conflicts in regard to Corporate Social Responsibility (CSR). Costco Company corporate responsibility is regulated by a corporate reputation body which is a group of senior managers derived from the company. The CSR body strategizes methods of dealing with problems identified as risks and hindrances confronting the targeted community as well as its business advancement (Weeden, 1998). The company’s corporate governance guideline clearly outlines the approach to Corporate Social Responsibility and these approaches are systematically reviewed to ensure they meet international best practices. As mentioned earlier, Cos tco Company has embarked on is the sponsorship of humanitarian activities including children hospital, protection of animals as well as environmental conservation. Costco Company is a global company that is focused at initiating international brands in various marketing segments. Through its cutting edge online advertisement, Costco Company emulates global marketing that has not only made

Early Childhood Curriculum Essay Example for Free

Early Childhood Curriculum Essay In Early Childhood Education you use philosophies to help you succeed. You also make sure that you look into the NAEYC position and standards to make sure you are running a classroom that is within the standards. These are two critical factors in an Early Childhood classroom and you have to know how to implement them in your teaching. John Dewey was an American educator and philosopher. He helped develop the idea of pragmatism. He felt that children should explore and discover. â€Å"Dewey and other progressive followers suggested a curriculum for young children that focused on the situation and challenges that children faced as members of a democratic society† (Eliason Jenkins pg. 5). Maria Montessori is best known for her teaching method that has her name the Montessori Method. She believed that the scenes were the source of intellectual growth and development. â€Å"She emphasized the importance of the schools and families working together† (Eliason Jenkins pg. 5). Jean Piaget is known well for his cognitive development theory. â€Å" Programs that incorporate Piagentian theory emphasizes that children learn through experimentation and initiative and construct their own knowledge and understanding through adaptation o the environment† ( Eliason Jenkins pg. 5). There are many different ways to teach. Some of the goals of teaching are: â€Å"1. understanding the nature of development and learning. 2. Know what to teach, how to teach, and know how to access what children have learned. 3. Create a caring and responsive learning environment. 4. Establish positive mutual relationships of trust and respect with families 5. Pursue professional training and knowledge. 6. Treat every child with respect, dignity, and positive regard† (Eliason Jenkins pg. 13). â€Å"The NAEYC is dedicated to improving the well-being of all young children, with the focus on quality of educational services for all children birth to age eight† (NAEYC. ORG). NAEYC position statements are their position to issues related to early childhood education. Some of the issues are: anti-discrimination, code of ethics, developmentally appropriate practice and early childhood curriculum, assessment, and program evaluation. â€Å"Naeyc’s first commitment is to the rights and interest to all children† (NAEYC. ORG). They believe that one should be hired on their competence and qualifications to perform their designated duties and that it should not be based on gender, race, national origin, religious beliefs, age, marital status, disabilities, or sexual orientation. The NAEYC code of ethics â€Å"offers guidelines for responsible behaviors and set fourth a common bias for resolving the principal ethical dilemmas encountered during early childhood care and education† (NAEYC. ORG). It also does not allow educators, doctors, and nurses to deny services to children. The developmentally appropriate practice is to â€Å"to promote excellence in early childhood education by providing a framework for best practices† (NAEYC. ORG). It promotes quality of care and education. The NAEYC â€Å" constructs comprehensive systems of curriculum, assessment, and program evaluation guided by sound early childhood practices, effective early learning standards and program standards are a set of core principles and values, belief in civic and democratic values† ( NAEYC. ORG). They make sure that children are active, and engaged curriculum goals are shared by all and that curriculum is evidence based. â€Å"Early childhood classrooms should communities of inquiry, problem posing, and problem solving, where children perceive that in math lessons they are expected to offer their thoughts about questions posed and to find resolution to these problems† (Eliason Jenkins pg. 319). Teachers need to incorporate problem solving and math in the curriculum to do this teachers must avoid gender bias regarding math. They should recognize different opportunities during the day to teach math and also to make sure that early math is concrete and manipulative. † The focus in early childhood is in understanding numbers and the number system and understanding operations specifically addition and subtraction† (Eliason Jenkins pg. 323). Children are counting all their life. They learn by playing different games or things such as climbing stairs. Repetion helps the child to memorize the sequence and sounds of numbers. When you are doing songs or finger play the children are learning their numbers and the correct order they should be in. â€Å"The basis of a high quality program in early childhood is promoting feelings or self esteem and dignity in each child† (Eialson Jenkins pg. 143). Teachers have to help the children build their self esteem. Some ways to help strengthen a child’s self esteem would be to make sure you are honest, sincere, and consistent in expressing feelings. Teachers should make sure they value the children’s work and effort. If a child has a problem you can help in anyway that you can. Violence is not good for young children. â€Å" Violence results in children believing that there is no safe place, that their protectors can no longer protect them â€Å" ( Eliason Jenkins pg. 149).â€Å"This can influence their  emotional development. â€Å"Stress develops when we can not cope with either external or internal demands† (Eialson Jenkins pg. 148). Some external sources of stress would be hunger, pain, illness, fatigue, shyness, and emotions. External stress would be divorce, family separation, hospitalization, and death. Teachers can help children deal with stress in many ways such as: encourage the child, praise the child, ect. â€Å"Development in cognitive language and literacy allows young children to construct meaning and build understanding† (Eialson Jenkins pg. 189). Teachers should make language and literacy development in all curriculum. â€Å"Literacy development begins in the very early stages of childhood, even though the activities of young children may not seem related to reading and writing† (Johnson, D. ). When you are helping your children with their literacy development you need to help to encourage them. Some ways to help encourage them would be: To provide many opportunities for talking, make sure you listen, ask the children questions, make sure they are in a comfortable relaxed atmosphere, and recognize and help correct if the child use grammatical errors. Sharing stories and poetry are good activities to help support language development. â€Å"The primary factors influencing the development of language appear to be 1) The child’s innate ability to learn language,2) The quality of the model or the early stimulation and variety provided by the model. 3) The ability of the caregiver to expand or extend the Childs language† (Eialson Jenkins pg. 204). â€Å"Children’s development in semantics, or the meanings of words, is directly related to the experience and interactions that they have† (Eialson Jenkins pg. 193). If a child hears a word they have never heard before they will not be able to use it, but they can use sentences they have never heard before. Books help expand their language meanings and vocabulary. â€Å" It is very important that adults constantly share, converse, extend, exchange language, and provide labels for words as children have experiences at zoos, grocery store, park, school, home, in the car, in the classroom, or in any setting† ( Eialson Jenkins pg. 193). Children tend to learn to read different signs that they see constantly over and over even before they can actually read. These signs include ones such as stop signs, McDonalds, burger king, ect. â€Å"Syntax is the set of rules for creating or understanding a sentence† (Eialson Jenkins pg. 193). When children first begin to use words there is no evidence of syntax but as the child turns four you can start to here this with the children. The children learn to imitate sentences when they are first learning and this is how they learn syntax. You can also help the child learn by expanding what the child says till they learn to add this in themselves. As teachers we need to make sure that we speak ton every child using correct grammar. â€Å"As children grow, they gain increased facility with syntactic structure, leading us to believe that maturation is a variable in syntax growth† (Eialson Jenkins pg. 194). â€Å" Through music and movement young children express themselves, explore space, develop language and communication skills, increase sensory awareness, and express themselves through rhythm, gesture, time, and space† ( Eliason Jenkins pg. 353). Adding music to your curriculum is important because it helps children learn about different cultures as well as about their own culture. Through music they express their emotions and it helps them release their feelings. Depending on what music you are listening to it can either calm, or help soothe troubled feelings. It can help the children enhance their self worth. Music also helps with children’s listening skills, attention span, and their memory. Language and language concepts can also be developed through music. â€Å"Research supports the notion of the physical and psychological advantages of music on the body and mind† (Eialson Jenkins pg. 354). â€Å"Young children have a natural curiosity about the world, and this is where science education should begin† (Eialson Jenkins pg. 237). Science should be taught as hands on learning, it should be a natural part of the everyday curriculum. â€Å"Language and literacy development are strongly supported when science activities are included throughout the curriculum† (Eialson Jenkins pg. 239). Science is taught through observing, manipulating, problem solving, and engaging with science activities. They learn to classify, compare, define, measure, listen, ect. When they are learning science. Early childhood education is a very critical time in a young person’s life. This age has a big influence on their learning for the rest of their lives. The government developed The No Child Left behind Act to make sure that all children have an equal opportunity to a good quality education. The government designed grants to help all children succeed. The Special Education Preschool Grant â€Å" provides formula grants to states to make available special educated and related services to three to five year  old children with disabilities† ( ED. GOV). They also have grants to help with high poverty communities to help improve their knowledge and skills. â€Å"Currently American schools and early childhood programs focus on standards-based education† (Eialson Jenkins pg. 17). Some of the qualities o0f effective childhood teachers are: Caring, enthusiastic, flexible, and creative. Early childhood teachers must be willing to be patient and help these children learn so that the children will be ready for their future. Philosophies are an essential part of early childhood curriculum. They help the teachers to help the children to learn in different ways. The NAEYC standards are implemented to help teachers understand what the proper way they should teach the children. They help the teacher set up their classroom and understand the way the children should be taught. â€Å" Early childhood educators must strive to be learners who are willing to continually study, grow, and change to think and solve problems† ( Eialson Jenkins pg. 19).

Juveniles Should Be Tried as Adults Essay -- Persuasive Argumentative

"Don't do the crime, if you can't do the time." -- David Grusin and Morgan Ames Much controversy exists on the question of whether a juvenile criminal should be punished to the same extent as an adult. Those who commit capitol crimes, including adolescents, should be penalized according to the law. Age should not be a factor in the case of serious crimes. Many people claim that the child did not know any better, or that he was brought up with the conception that this behavior is acceptable. Although there is some truth to these allegations, the reality of this social issue is far more complex. Therefore we ask the question, "Should childhood offenders of capitols crimes be treated as adults?" To begin with, numerous reasons for why a child acts in the manner he exhibits and why he continues to exert such dangerous and even fatal schemes. Recent research shows that factors ranging from inherited personality traits to chemical imbalances and damages suffered in the womb can increase the odds that a child will become violent (Johnson 234). Experts argue that no one is predestined to a life of crime. They believe that influences such as repeated abuse, extreme neglect, poverty, media violence, and easy access to guns play the major role in molding children into criminals. The father of serial killer Jeffrey Dahmer wonders, "If potential for evil is in the blood that some of us pass on to our children" (Seifert 23). In the quiet New York town of Savona, Eric Smith, age thirteen, intercepted four year old Derrick Robie on his way to a park recreation program and offered to show him a shortcut. Hesitatingly, Derrick set off with Eric. He never made it to the park. That same day the little boy's savagely beaten body was discovered outside the park area (Seifert 98). Jon Venables and Robert Thompson of Liverpool, England, made international headlines in November of 1994, when they were convicted of murdering James Bulger, age two. The two boys, both ten at the time of the slaying, lured James away from his mother in a shopping mall, took him to a nearby railroad track, beat him brutally and left him to be cut in half by a train (Seifert 56). Many experts do not accept that biology alone creates children who kill. They believe that violence is a learned behavior. Being abused or witnessing domestic violence is an environmental factor in ju... ... The future of Crime in America. Garden City, NY: Anchor, 1987 Bidwell, Allie. "Report: School Crime and Violence Rise" U.S News & World Report, June 10, 2014 http://www.usnews.com/news/articles/2014/06/10/incidents-of-school-crime-and-violence-on-the-rise-for-students-and-teachers Carmenati, Marlene â€Å"Youth and Crime: Is the young offenders working?† Law Now June/July 21-26. Eldelfonso, Edward. Law Enforcement and the youthful offenders: Juvenile Procedures. New York: Wiley 1967. Hyde, Margaret O. â€Å"Juvenile justice and Injustice† New York, New York Margaret O. Hyde, 1977. Johnson, Jason B. â€Å" Slain Teen’s family: Cops eyeing 7-10 suspects.† Boston Herald. 7 ,April 1995 Olney, Ross R. Up Against The Law. New York, New York: NAL Penguin Inc. 1985. Robinson, Lori S, and Jimmie Briggs â€Å"Kids and Violence† Emerge November. 1993:44+ Seifert, Kathryn. "How Children Become Violent" Acanthus Publishing; 1 edition 2006 Wilson, James and Herrnstein, Richard. "Crime & Human Nature: The Definitive Study of the Causes of Crime" New York: Free Press, 1998. John P. Wright, Kà ¤ren M. Hess, Christine H. Orthmann. "Juvenile Justice." Cengage Learning; 6 edition, 2012

Jack Davis’ play ‘No Sugar’ shows how families survive. Discuss. Essay

Jack Davis’ 1986 play No Sugar is a realist drama which examines the trials, tribulations and eventual survival of Millimurra-Munday family through the Great Depression as they are forcibly removed from their homeland in Northam to Moore River Native Settlement. The survival of their culture is dependant on the way that individuals shape their identity and in this play Davis shows how family is the cornerstone on which identity can be maintained even in the most traumatic of circumstances. Jimmy Munday survives and thrives as an individual because he has the support of his extended family. He finds his identity within his family and this security allows him to critically assess and comment on the motives behind government decisions such as the moving of Indigenous people from the Government Well Aboriginal Reserve in Northam to Moore River. ‘Whole town knows why we’re goin’. ‘Coz wetjalas in this town don’t want us ‘ere’ (p.50). Jimmy’s identity and survival are built on outward protest but other members of his family find more subtle forms of protest. Gran Munday is the matriarch and cornerstone of her family. She refuses to assimilate into the Indigenous identity determined by ‘white’ people. She looks after her family providing them with a sense of cultural and practical knowledge as is demonstated when she delivers Mary’s baby (p.102). Although Gran is a survivor who passes on knowledge and language to her children and grandchildren, Billy Kimberley is an example of someone who has lost his family and sense of identity.. Being the last of his tribe and people, Billy Kimberley has no family, or extended family and can be seen to be culturally caught between two worlds and lacking a true sense of identity. It is dramatically ironic that he is a ‘successful’ prototype of assimilation yet is rejected by both ‘white’ and Indigenous societies. The children even mock him and call him a traitor or ‘black crow’ (p.90) Ultimately, Jimmy’s line will die out with him and thus not only will he not survive and the culture, traditions and line of his family will die with him also. It is this fact which also seems to await Mary Dargurru whe we first meet her in the play. Mary is a young girl from the Kimberley region whose potential fate can be paralleled to that of Billy who is from the same region. However, when she meets and falls in love with Joe Millimurra, she finds a new family in the Millamurras. She not only finds her own identity through family but has the potential at the end of the play to pass that identity on through her family to her own child, baby Jimmy. As a young man on the cusp of manhood Joe Millimurra has a sense of his own destiny as shaped by his family and their connection to culture and their homeland near Northam. He learns from his family that he must stand up for what he believes in and this shapes his identity and survival. At the end of the play, Joe, Mary and their new born baby Jimmy go off with supplies and an empty sugar bag, not filled with the short term sweet platitudes of ‘white’ handouts, violence and condescension but with a supplies, a homemade knife and a sense of family, culture and identity that is hopefully enough to help them forge a new future in an old homeland. No Sugar is a play ultimately about family, identity and survival. Through the character of Jimmy Munday, Davis provides us with an Indigenous man, who although troubled by the injustices and dispossession thrust upon him, is still able to find a sense of purpose in his family. He does not survive physically but his legacy will live on through his nephew and his nephew’s son who bears his name. Gran Munday is shown to be a cornerstone crucial to the resilience and survival of all of her family through the connection she provides to their culture. This can be seen to be contrasted with Billy, an Indigenous tracker from the Kimberley who has lost his family, his culture and his identity and seemed doomed to a fate of not surviving and ‘fading away’. But the ultimate survivors of the play are Joe and Mary who both gain a sense of identity through family. It is this sense of identity gained through family that seems not only crucial for their survival as they go recla im their ‘place but which will hopefully become the cornerstone for survival and hopes of the next generation of Indigenous people as symbolized by their baby son, Jimmy.

IPT Marketing Technology

Once IPT’s website is complete, the company will have a fantastic opportunity to use several simple tools in order to capture data on its customer base. An online sign-up form in which customers input key data along with their Email address will be instrumental in fine-tuning marketing efforts which target specific markets. Permission-based Email marketing will involve sending promotional messages to the list of addresses in the database at least once monthly. Asking all customers to complete a short, online survey form after placement of an order or at various random times as consumers are browsing the site will direct IPT’s efforts to create a more satisfactory experience for the customer from a service standpoint. The website can also be configured to provide an online ordering system for commercial customers, making it easier and more convenient for them to place orders. Spreadsheets can also be used in conjunction with existing sales software. By assigning customer numbers and tracking purchases, IPT will be able to determine its best customers in terms of buying frequency and dollar amounts. Spreadsheets can be created to track the spending habits of retail, corporate and wholesale customers as well as show trends relating to business levels throughout the year, also known as a â€Å"recency frequency monetary value† tool (Alexander, 2007). In this way, IPT will have a strong foundation on which to base marketing promotions after a year or less of tracking. Creating a database of information from each customer will also aid in retention of loyal customers. CRM principles are based on a foundation of knowing the customer at the most intimate level possible and then using this information to align benefits with consumer needs (Alexander, 2007). As IPT expands geographically, the purchase of CRM software specifically designed to be used in a networked system will be a necessity. Such software will also contain report-building features so that IPT is able to analyze the data in several different ways. Eventually, IPT will want to develop its own, unique loyalty program with incentives offered to its top percentage of customers. Incentives do not need to be monetary-based, but can be as simple as tracking occasions when the customer may want to send gifts, such as relative’s birthdays, etc. References Alexander, Peter (July, 2007). â€Å"Use Data to Build Customer Loyalty†. Retrieved February 5, 2008 from the Entrepreneur.com Website: http://www.entrepreneur.com/technology/techtrendscolumnistpeteralexander/article182362.html.   

Statistic Chapter 2 Sample Question Essay Example

Statistic Chapter 2 Sample Question Essay Example Statistic Chapter 2 Sample Question Essay Statistic Chapter 2 Sample Question Essay Chapter 2 Study Guide MULTIPLE CHOICE QUESTIONS 1. The relative frequency of a class is computed by a. dividing the midpoint of the class by the sample size b. dividing the frequency of the class by the midpoint c. dividing the sample size by the frequency of the class d. dividing the frequency of the class by the sample size Answer: d 3. The sum of frequencies for all classes will always equal a. 1 b. the number of elements in a data set c. the number of classes d. a value between 0 and 1 Answer: b 5. A researcher is gathering data from four geographical areas designated: South = 1; North = 2; East = 3; West = 4. The designated geographical regions represent a. qualitative data b. quantitative data c. label data d. either quantitative or qualitative data Answer: a 7. A tabular summary of a set of data showing the fraction of the total number of items in several classes is a a. frequency distribution b. relative frequency distribution c. frequency d. cumulative frequency distribution Answer: b 9. If several frequency distributions are constructed from the same data set, the distribution with the widest class width will have the a. fewest classes b. most classes c. ame number of classes as the other distributions since all are constructed from the same data Answer: a 11. The sum of the percent frequencies for all classes will always equal a. one b. the number of classes c. the number of items in the study d. 100 Answer: d 13. The total number of data items with a value less than the upper limit for the class is given by the a. frequency distribution b. relative frequency distribution c. cumulat ive frequency distribution d. cumulative relative frequency distribution Answer: c Exhibit 2-1 The numbers of hours worked (per week) by 400 statistics students are shown below. Number of hoursFrequency 0 920 10 1980 20 29200 30 39100 15. Refer to Exhibit 2-1. The number of students working 19 hours or less a. is 80 b. is 100 c. is 180 d. is 300 Answer: b 17. Refer to Exhibit 2-1. The percentage of students working 19 hours or less is a. 20% b. 25% c. 75% d. 80% Answer: b 19. Refer to Exhibit 2-1. The cumulative percent frequency for the class of 30 39 is a. 100% b. 75% c. 50% d. 25% Answer: a 21. Refer to Exhibit 2-1. If a cumulative frequency distribution is developed for the above data, the last class will have a cumulative frequency of a. 00 b. 1 c. 30 39 d. 400 Answer: d 23. Refer to Exhibit 2-1. The number of students who work 19 hours or less is a. 80 b. 100 c. 200 d. 400 Answer: b 25. In constructing a frequency distribution, as the number of classes are decreased, the class width a. decreases b. remains unchanged c. increases d. can increase or decrease depending on the data values Answer: c 27. In a cumulative frequency distribution, the last class will always have a cumulative frequency equal to a. one b. 100% c. the total number of elements in the data set Answer: c 29. In a cumulative percent frequency distribution, the last class will have a cumulative percent frequency equal to a. one b. 100 c. the total number of elements in the data set Answer: b 31. A tabular method that can be used to summarize the data on two variables simultaneously is called a. simultaneous equations b. crosstabulation c. a histogram d. an ogive Answer: b Exhibit 2-2 A survey of 800 college seniors resulted in the following crosstabulation regarding their undergraduate major and whether or not they plan to go to graduate school. Undergraduate Major | |Graduate School |Business |Engineering |Others |Total | |Yes |70 |84 |126 |280 | |No |182 |208 |130 |520 | |Total |252 |292 |256 |800 | 3. Refer to Exhibit 2-2. What percentage of the students does not plan to go to graduate school? a. 280 b. 520 c. 65 d. 32 Answer: c 35. Refer to Exhibit 2-2. Of those students who are majoring in business, what percentage plans to go to graduate school? a. 27. 78 b. 8. 75 c. 7 0 d. 72. 22 Answer: a PROBLEMS 1. Thirty students in the School of Business were asked what their majors were. The following represents their responses (M = Management; A = Accounting; E = Economics; O = Others). A |M |M |A |M |M |E |M |O |A | |E |E |M |A |O |E |M |A |M |A | |M |A |O |A |M |E |E |M |A |M | a. Construct a frequency distribution and a bar graph. b. Construct a relative frequency distribution and a pie chart. Answers: a. and b. Relative MajorFrequencyFrequency M120. 4 A90. 3 E60. 2 O 30. 1 Total301. 0 2. Forty shoppers were asked if they preferred the weight of a can of soup to be 6 ounces, 8 ounces, or 10 ounces. Below you are given their responses. | 6 | 6 |6 |10 | 8 | 8 |8 |10 |6 |6 | |10 |10 |8 | 8 | 6 | 6 |6 | 8 |6 |6 | | 8 | 8 |8 |10 | 8 | 8 |6 |10 |8 |6 | | 6 | 8 |8 | 8 |10 |10 |8 |10 |8 |6 | . Construct a frequency distribution and graphically represent the frequency distribution. b. Construct a relative frequency distribution and graphically represent the relative frequency distribution. Answers: a. and b. Relative PreferencesFrequencyFrequency 6 ounces140. 350 8 ounces170. 425 10 ounces 90. 225 Total401. 000 3. A sample of 50 TV viewers were asked, Should TV sponsors pull their sponsorship from programs that draw numerous viewer complaints? Below are the results of the survey. (Y = Yes; N = No; W = Without Opinion) N |W |N |N |Y |N |N |N |Y |N | |N |Y |N |N |N |N |N |Y |N |N | |Y |N |Y |W |N |Y |W |W |N |Y | |W |W |N |W |Y |W |N |W |Y |W | |N |Y |N |Y |N |W |Y |Y |N |Y | a . Construct a frequency distribution and a bar graph. . Construct a relative frequency distribution and a pie chart. Answers: a. and b. Relative FrequencyFrequency No240. 48 Yes150. 30 Without Opinion110. 22 Total501. 00 4. The frequency distribution below was constructed from data collected from a group of 25 students. Height in InchesFrequency 58 633 64 695 70 752 76 816 82 874 88 933 94 992 a. Construct a relative frequency distribution. b. Construct a cumulative frequency distribution. c. Construct a cumulative relative frequency distribution. Answers: | | |a. |b. |c. | | | | |Cumulative | |Height | |Relative |Cumulative |Relative | |(In Inches) |Frequency |Frequency |Frequency |Frequency | |58 63 | 3 |0. 12 |3 |0. 12 | |64 69 | 5 |0. 0 |8 |0. 32 | |70 75 | 2 |0. 08 |10 |0. 40 | |76 81 | 6 |0. 24 |16 |0. 64 | |82 87 | 4 |0. 16 |20 |0. 80 | |88 93 | 3 |0. 12 |23 |0. 2 | |94 99 | 2 |0. 08 |25 |1. 00 | | | |1. 00 | | | 5. The grades of 10 students on their first manag ement test are shown below. |94 |61 |96 |66 |92 | |68 |75 |85 |84 |78 | a. Construct a frequency distribution. Let the first class be 60 69. b. Construct a cumulative frequency distribution. c. Construct a relative frequency distribution. Answers: | |a. |b. |c. | | | |Cumulative |Relative | |Class |Frequency |Frequency |Frequency | |60 69 | 3 | 3 |0. 3 | |70 79 | 2 | 5 |0. | |80 89 | 2 | 7 |0. 2 | |90 99 | 3 |10 |0. 3 | |Total |10 | |1. 0 | 6. You are given the following data on the ages of employees at a company. Construct a stem-and-leaf display. |26 |32 |28 |45 |58 | |52 |44 |36 |42 |27 | |41 |53 |55 |48 |32 | 42 |44 |40 |36 |37 | Answer: 2 | 678 3 | 22667 4 | 0124458 5 | 2358 7. Construct a stem-and-leaf display for the following data. |12 |52 |51 |37 |47 |40 |38 |26 |57 |31 | |49 |43 |45 |19 |36 |32 |44 |48 |22 |18 | Answer: 1 | 289 2 | 26 3 | 12678 4 | 0345789 5 | 127 8. For the following observations, plot a scatter diagram and indicate what kind of relationship (if any) exist between x and y. xy 27 619 39 517 411 Answer: A positive relationship between x and y appears to exist.

Useful Japanese Expressions

Useful Japanese Expressions Whether youre traveling to Japan or simply want to learn a new language, here are some useful Japanese expressions to get you started. Provided below is a Japanese Audio Phrasebook for many of the words and phrases in this article. Yes.Hai.㠁 ¯Ã£ â€žÃ£â‚¬â€š No.Iie.㠁„㠁„㠁ˆã€‚ Excues me.Sumimasen.㠁™ã  ¿Ã£  ¾Ã£ â€ºÃ£â€šâ€œÃ£â‚¬â€š Thanks.​Doumo.㠁 ©Ã£ â€ Ã£â€šâ€šÃ£â‚¬â€š Thank you.Arigatou gozaimasu.㠁‚り㠁Å'㠁 ¨Ã£ â€ Ã£ â€Ã£ â€"㠁„㠁 ¾Ã£ â„¢Ã£â‚¬â€š You are welcome.Dou itashimashite.㠁 ©Ã£ â€ Ã£ â€žÃ£ Å¸Ã£ â€"㠁 ¾Ã£ â€"㠁 ¦Ã£â‚¬â€š Do you speak Japanese?Nihongo o hanashimasu ka.æâ€" ¥Ã¦Å" ¬Ã¨ ªÅ¾Ã£â€šâ€™Ã¨ © ±Ã£ â€"㠁 ¾Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Yes, little.Hai, sukoshi.㠁 ¯Ã£ â€žÃ£â‚¬ Ã¥ °â€˜Ã£ â€"。 Do you understand?Wakarimasu ka.分り㠁 ¾Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š I dont understand.Wakarimasen.分り㠁 ¾Ã£ â€ºÃ£â€šâ€œÃ£â‚¬â€š I dont know.Shirimasen.çŸ ¥Ã£â€šÅ Ã£  ¾Ã£ â€ºÃ£â€šâ€œÃ£â‚¬â€š How do you say it in Japanese?Nihongo de nan to iimasu ka.æâ€" ¥Ã¦Å" ¬Ã¨ ªÅ¾Ã£  §Ã¤ ½â€¢Ã£  ¨Ã¨ ¨â‚¬Ã£ â€žÃ£  ¾Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š What does it mean?Dou iu imi desu ka.㠁 ©Ã£ â€ Ã£ â€žÃ£ â€ Ã¦â€ž Ã¥â€˜ ³Ã£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š What is it?Kore wa nan desu ka.㠁“ã‚Å'㠁 ¯Ã¤ ½â€¢Ã£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Please speak slowly.Yukkuri hanashite kudasai.ゆ㠁 £Ã£  Ã£â€šÅ Ã¨ © ±Ã£ â€"㠁 ¦Ã£  Ã£   Ã£ â€¢Ã£ â€žÃ£â‚¬â€š Please say it again.Mou ichido itte kudasai.も㠁†ä ¸â‚¬Ã¥ º ¦Ã¨ ¨â‚¬Ã£  £Ã£  ¦Ã£  Ã£   Ã£ â€¢Ã£ â€žÃ£â‚¬â€š No, thanks.Iie, kekkou desu.㠁„㠁„㠁ˆã€ Ã§ µ Ã¦ §â€¹Ã£  §Ã£ â„¢Ã£â‚¬â€š It is all right. Daijoubu desu.Ã¥ ¤ §Ã¤ ¸Ë†Ã¥ ¤ «Ã£  §Ã£ â„¢Ã£â‚¬â€š Essential Words whatnani㠁 ªÃ£  « wheredoko㠁 ©Ã£ â€œ whodare㠁  Ã£â€šÅ' whenitsu㠁„㠁 ¤ whichdore㠁 ©Ã£â€šÅ' how muchikura㠁„㠁 Ã£â€šâ€° Weather Related Words weathertenkiÃ¥ ¤ ©Ã¦ °â€" climatekikouæ °â€"候 temperatureondoæ ¸ ©Ã¥ º ¦ Traveling Words and Phrases Where is the Tokyo Station?Toukyou eki wa doko desu ka.æ  ±Ã¤ º ¬Ã© §â€¦Ã£  ¯Ã£  ©Ã£ â€œÃ£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Does this train stop at Osaka?Kono densha wa oosaka ni tomarimasu ka.㠁“㠁 ®Ã©â€º »Ã¨ »Å Ã£  ¯Ã¥ ¤ §Ã©Ëœ ªÃ£  «Ã¦ ­ ¢Ã£  ¾Ã£â€šÅ Ã£  ¾Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š What is the next station?Tsugi wa nani eki desu ka.æ ¬ ¡Ã£  ¯Ã¤ ½â€¢Ã© §â€¦Ã£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š What time does it leave?Nan-ji ni demasu ka.ä ½â€¢Ã¦â„¢â€šÃ£  «Ã¥â€¡ ºÃ£  ¾Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Where is the bus stop?Basu-tei wa doko desu ka.ãÆ' Ã£â€š ¹Ã¥ Å"㠁 ¯Ã£  ©Ã£ â€œÃ£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Does this bus goes to Kyoto?Kono basu wa kyouto ni ikimasu ka.㠁“㠁 ®Ã£Æ' Ã£â€š ¹Ã£  ¯Ã¤ º ¬Ã©Æ' ½Ã£  «Ã¨ ¡Å'㠁 Ã£  ¾Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Where can I rent a car?Doko de kuruma o kariru koto ga dekimasu ka.㠁 ©Ã£ â€œÃ£  §Ã¨ »Å Ã£â€šâ€™Ã¥â‚¬Å¸Ã£â€šÅ Ã£â€šâ€¹Ã£ â€œÃ£  ¨Ã£ Å'㠁 §Ã£  Ã£  ¾Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š How much is it daily?Ichinichi ikura desu ka.ä ¸â‚¬Ã¦â€" ¥Ã£ â€žÃ£  Ã£â€šâ€°Ã£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Please fill the tank.Mantan ni shite kudasai.æ ºâ‚¬Ã£â€š ¿Ã£Æ' ³Ã£  «Ã£ â€"㠁 ¦Ã£  Ã£   Ã£ â€¢Ã£ â€žÃ£â‚¬â€š Can I park here?Koko ni kuruma o tometemo ii desu ka.㠁“㠁“㠁 «Ã¨ »Å Ã£â€šâ€™Ã¦ ­ ¢Ã£â€š Ã£  ¦Ã£â€šâ€šÃ£ â€žÃ£ â€žÃ£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š What time is the next bus?Tsugi no basu wa nanji desu ka.æ ¬ ¡Ã£  ®Ã£Æ' Ã£â€š ¹Ã£  ¯Ã¤ ½â€¢Ã¦â„¢â€šÃ£  §Ã£ â„¢Ã£ â€¹Ã£â‚¬â€š Greetings and Well Wishes Please give my regards to everyone.Minasama ni douzo yoroshiku.皆æ §ËœÃ£  «Ã£  ©Ã£ â€ Ã£ Å¾Ã£â€šË†Ã£â€š Ã£ â€"㠁 Ã£â‚¬â€š Please take care of yourself. Okarada o taisetsu ni.㠁Šä ½â€œÃ£â€šâ€™Ã¥ ¤ §Ã¥Ë†â€¡Ã£  «Ã£â‚¬â€š Take care of yourself. Douzo ogenki de.㠁 ©Ã£ â€ Ã£ Å¾Ã£ Å Ã¥â€¦Æ'æ °â€"㠁 §Ã£â‚¬â€š I look forward to hearing from you.Ohenji omachi shite orimasu.㠁Šè ¿â€Ã¤ ºâ€¹Ã£ Å Ã¥ ¾â€¦Ã£  ¡Ã£ â€"㠁 ¦Ã£ Å Ã£â€šÅ Ã£  ¾Ã£ â„¢Ã£â‚¬â€š Other Resources: Introduction to Japanese * Learn to Speak Japanese - Thinking of learning Japanese and want to know more, start here. * Introductory Lessons - If you are ready  to learn Japanese, start here. * Basic Lessons - Confident with the basic lessons or want to brush up, go here. * Grammar/Expressions - Verbs, adjectives, particles, pronouns, useful expressions and more. Japanese Writing * Japanese Writing for Beginners - Introduction to Japanese writing. * Kanji Lessons - Are you interested in kanji? Here you will find the most commonly used kanji characters.   * Hiragana Lessons - Here you will learn the basics of hiragana. * Learn Hiragana with Japanese Culture- Lessons to practice hiragana with Japanese cultural examples. Please check out my Japanese Audio Phrasebook to lean more Japanese vocabulary.

Speech Class Essay Example | Topics and Well Written Essays - 500 words

Speech Class - Essay Example Each of these kinds of friends has a different aspect and meaning for our lives. There are many traits that a best friend has, for example, which are not the same as a formal friend. These types of friends also differ in numbers: a person might have only a few close friends, and at the same time, they will likely have any number of informal friends from day to day. Friends are important, and we would not be able to get by in life without them. But we have to know which category our friend fits into, as a process of reflecting on relationships. Informal friends are persons whom we accidentally meet: maybe while traveling, in school, or on official duty. They are the type of friend who we can feel free to say hello and with whom we may have a chat. We may not have much information about them, like their whereabouts, job or family. Such friends may not have much influence in our life. We deal with them casually. They are more like acquaintances than friends. This type of friend will not have much of an impact on your life. You do not miss them when they are away from you. You generally do not object to their company, and would like to have a cup of tea or coffee with them. But if you are in the midst of some work, you do not mind parting with their company. One may know this type of friend throughout their school career, but they might never talk to each other outside their school. This type of friend comes and goes, and many people have many informal friends throughout their life, even numbering into the hundreds. Informal friends are nice to talk to, but you never intend to have anything more in your relationship with them. They are casual friends and there is no deep relationship that is planned. You just talk with them and then go on your merry way. You talk with them about common topics like hobbies or classes. But you can not talk with them about yours or their personal life and

Scene analysis of the movie Making of an American Citizen Review

Scene analysis of the Making of an American Citizen - Movie Review Example It is important to understand and analyze one of the scenes that capture the feministic nature of Blache’s work. The scene that will be analyzed is titled, In The Land of Freedom, His First Lesson in Americanism. The Scene like the rest of the film is a silent film in black and white. The scene and the whole film is accompanied by instrumental music and the sound of the violin can be easily heard. This helps in creating a dramatic feel of the film. The first shot of the camera is a still shot on a busy street with people moving up and down. The Camera is very near to the people on focus that the ratio of the shot is nearly equal to the view. The objects of focus are captured in full view and they can be seen to be very near the camera. The camera pans and the shot focus on Ivan Orloff and his wife who is carrying a huge sack while Ivan walks admiring the new environment. The camera pans horizontally to show Ivan holding a stick while pushing his wife like a mule amidst the cro wd that stares at him. The next camera shot is a still shot which shows Orloff and his wife getting lost in the crowd behind the camera. The camera turns its focus to the other people who are better dressed with their wives while at the same time, their wives are shown to be happy and walking hand in hand with the husbands. The camera remains still as the people move across it with the aspect ratio of the shot being normal. There is a cut in the scene and the next shot shows Ivan Orloff with his wife on a dockyuard. The wife is shown to be tired as she drops the sack she had been carrying on the ground. Ivan is shown to abuse his wife as he raises the whip to beat her like a mule. In the background of the shot, a steam or ship passes across the focus of the shot. The distance between the camera and the objects of focus is a bit more compared to the previous shots. As he pokes the stick on his wife, the focus of the camera captures the moment while the steamboat passes in the backgro und. A well-clad gentleman walks and stops Ivan from tormenting his wife. The camera slightly pans from the right to the left to capture the whole scene. The gentleman is an American and he is wearing a suit which makes the distinction between Ivan’s ruffian look and behavior and that of an American citizen. The focus of the camera remains on the three objects with the background clear. The American gentleman is shown to be talking and convincing Ivan not to treat his wife like a mule. The shot concentrates on the three as the gentleman offers a helping hand to the Ivan’s wife. He then lifts the sack and gives it to Ivan to carry. Ivan is reluctant while he tries to imply that his wife should carry the load. After more convincing, the focus shows Ivan accepting to carry the load while his wife is given the stick, which Ivan had been using to treat her like a mule. The wife is also shown to be reluctant to take the stick but she is forced by the American gentleman to us e the stick to drive Ivan in front. The scene is cut with Ivan and his wife being pushed to walk away with the interchanged roles. The neighbors are shocked to see Ivan in the next shot carrying the sack while entering the building. Blache uses still and slightly panned shots in the scene to enable her create an effective and artistic production. The Scene helps to show how a ruffian is taught several lessons on adapting to

Discuss the history of the oil industry in the Middle East, including Essay

Discuss the history of the oil industry in the Middle East, including North Africa - Essay Example The production capacity between these two sides is looked into details to give a precise account of the history of oil production. Analysis Oil deposits were discovered in the Middle East and were collected for a variety of uses; by then there was no venture of exploitation for commercial purpose. This was the period of 18th century and the petroleum found was used as a new source of fuel. Oil exploitation for commercial purposes started officially in the 19th century. It was discovered that the Middle East had great oil reserves and, therefore, this impacted the decision of oil exploitation (Beltran, 234-239). When it was noted that Persia had oil deposits, the British business man called D’Arcy William asked the Persian government to grant him a concession to be able to explore oil in the country. They agreed at sharing the profit from the oil that would be extracted and share at a given percentage. He started officially extracting oil and making great sales within the perio d but along the way he ran bankrupt and, therefore, sorted assistance from the British government. During that period, around 1905, a British company named Burmah Oil was the only one operating in that region and was in a stable condition and able to ran the exploitation processes efficiently. Therefore the British government pressurized the company to give William the necessary assistance that he required to continue with the extraction processes so as to avoid a situation where he could have sold it another state or company. The company accepted the offer and several ventures were made to exploit the oil deposits. After 1905, several advances were conducted within the Middle East and large amounts of oil deposits were discovered. These lead to an increase in the percentage of oil production within the Middle East. Oil was further discovered in the areas of Arabia, peninsula Caspian Sea, Iraq and Kuwait. Till this period, the exploitation and extraction were only done by the compan ies and the countries only received concessions. These means that the countries were receiving so much less of the actual produce profit. The problem arose to the fact that the money received from the share profit of the oil extraction was poorly used by the corrupt members of government. The end result was that the whole nation was not benefiting from the oil extraction projects, but only the elite members of the country. These led to backward growth of the economy of the countries. Take, for example, Venezuela: it was faced by extreme corruption and overexploitation of the only resource that was supposed to support the whole country which led to the crumbling of the economy. Within the Middle East, politics started taking tall and affecting oil exploitation. Another problem arose at the start of the World War II where oil deposits were being bombed to cripple the energy sector of the army. The U.S and Europe which was producing plenty of petroleum decided to fuel its allies in the war, which created a big problem to the Middle East. The Muslims were unable to concentrate in the production of oil and the U.S found a chance to control the oil exploitation (Cook, 56-76). A report that was conducted by the team of DeGoyler reported to the state department that Saud Arabia was sitting on oil deposits worth 20 billion dollars. The real estimate of oil

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.