Forecasting future trends in digital crime and digital terrorism Research Paper

Forecasting future trends in digital crime and digital terrorism - Research Paper Example digital crime and terrorism large number of analysis and data collection is being done all over the world to minimize the digital terror (Taylor, Tory J. Caeti, & Eric J. Fritsch, 2006). People are finding new ways to stay protected from such crimes which are unethical. The eight forecasts that can help stop these crimes are as follows: As the number of cyber-crimes increases, the number of reports will also increase drastically. For this reason officers need to be trained with respect to the new emerging technologies. Also, the attorneys and judges should have more knowledge about these crimes. Recent studies show that that officer in computer crime department are overworked and are stressed. Therefore they need better training to cope up with the technology. Many reports have been received about people complaining that they are getting hurtful comments from unknown individuals. For this reason new laws are being developed to prevent and challenge these crimes and attorneys and judges are being acknowledged (Raisinghani, 2004). The second forecast is the major threat to people which is the internet fraud. Large number of people will be affected by this terror in many ways such as identity theft. Identity theft can be done from a stranger or even a member of family. It is usually done for financial gain. Now days when everyone has internet at their homes people use internet to buy many products. This brings up the identity theft problem. For this reason it is necessary to notify individuals about the emerging problem (Taylor, Tory J. Caeti, & Eric J. Fritsch, 2006). The third forecast is to create new laws and also to come up with new methodologies to fight these crimes, that is, people should have more education about them, how to prevent such crime and also how the investigation should be done. As very soon these crimes will occur in larger of numbers. For example: cyber stalking. It is the act of harassing people electronically through text messages, email

Behavior Factors in the Criminal Justice Workplace Essay - 1

Behavior Factors in the Criminal Justice Workplace - Essay Example When the upper management makes good decisions they ensure that the community has an effective justice system and also the lower managements are able to imitate their business behaviors, but a corrupt upper management system will negatively affect the lower management and the community. Culture may also be one of the biggest factors that affect the criminal justice system in the police department whereby diversity in the department reveals that there is less likelihood of disagreements between both the officers and the suspect or victims when there is a language barrier. Diversity in the police department has an advantage since individuals who may be witnesses or victims may feel more obliged to give information to the police officer. Law goes hand in hand with the criminal justice work place since the officers are expected to uphold the law at all times. However, there are officers who think that since they are the law enforcers they are above the law which is an issue, but in accor dance to the law when the officer commits an offence he or she should be treated in the same way as an individual who broke the law and was not an enforcement agent of the law. Stakeholders play an important role too as they determine how the internal and external relations of the system function. The influence of this factor in the criminal justice workplace mainly leadership creates a working pattern which ensures the accomplishment of the departments goals and objectives. (Stojkovic, Kalinich & Klofas, 2007).  

Consumers as Individuals Essay Example for Free

Consumers as Individuals Essay The self-concept refers to the beliefs a person holds about their attributes, and how they evaluate these qualities. Components of the self-concept It is composed of many attributes, some of which are given greater emphasis when the overall self is being evaluated. Attributes of self-concept can be described along such dimensions as their content (for example, facial attractiveness vs. mental aptitude), positivity or negativity (i. e. elf-esteem), intensity, stability over time and accuracy (that is, the degree to which one’s self-assessment corresponds to reality). Self-esteem Self-esteem refers to the positivity of a person’s self-concept. People with low self-esteem do not expect that they will perform very well, and they will try to avoid embarrassment, failure or rejection. People with high self-esteem expect to be successful,, will take more risks and are more willing to be the centre of attention. Self-esteem is often related to acceptance by others. Marketing communications can influence a consumer’s level of self-esteem. Exposure to ads can trigger a process of social comparison, where the person tries to evaluate their self by comparing it to the people in these artificial images. Real and ideal selves Self-esteem is influenced by a process where the consumer compares their actual standing on some attribute to some ideal. The ideal self is a person’s conception of how they would like to be, while the actual self refers to our more realistic appraisal of the qualities we have or lack. And we often engage in a process of impression management where we work hard to ‘manage’ what others think of us by strategically choosing clothing and other cues that will put us in a good light. The ideal self is partly moulded by elements of the consumer’s culture, such as heroes or people depicted in advertising who serve as models of achievement or apprearance. Products may be purchased because they are believed to be instrumental in helping us achieve these goals. Some products are chosen because they are reaching the standard set by the ideal self. Multiple selves We have as many selves as we do different social roles. Depending on the situation, we act differently, use different products and services, and we even vary in terms of how much we like ourselves. A person may require a different set of products to play a desired role. The self can be thought of as having different components, or role identities, and only some of these are active at any given time. Symbolic interactionism If each person potentially has many social selves, how does each develop and how do we decide which self to ‘activate’ at any point in time? The sociological tradition of symbolic interactionism stresses that relationships with other people play a large part in forming the self. This perspective maintains that people exist in a symbolic environment, and the meaning attached to any situation or object is determined by the interpretation of these symbols. Like other social objects, the meanings of consumers themselves are defined b social consensus. The consumer interprets their own identity, and this assessment is continually evolving as they encounter new situations and people. The looking-glass self When you choose an article of clothing, the mirror superimposes it on your reflection so that you can see how it would look on you. This process of imagining the reactions of others towards us is known as ‘taking the role of the other’, or the looking-glass self. According to this view, our desire to define ourselves operates as a sort of psychological sonar, we take readings of our own identify by ‘bouncing’ signals off others and trying to project what impression they have of us. Self-conciousness There are times when people seem to be painfully aware of themselves. If you have ever walked into a class in the middle of a lecture and noticed that all eyes were on you, you can understand this feeling of self-conciousness. Some people seem in general to be more sensitive to the image they communicate to others. A heightened concern about he nature of one’s public ‘image’ also results in more concern about the social appropriateness of products and consumption activities. Several measures have been devised to measure this tendency. Consumers who score high on a scale of public self-conciousness, for example, are also more interested in clothing and are heavier users of cosmetic. A similar measure is self-monitoring. High self-monitors are more attuned to how they present themselves in their social environments, and their product choices are influenced by their estimates of how these items will be perceived by others. High self-monitors are more likely than low self-monitors to evaluate products consumed in public in terms of the impressions they make on others. Products that shape the self: you are what you consume Recall that the reflected self helps to shape self-concept, which implies hat people see themselves as they imagine others see them. People use an individual’s consumption behaviours to help them make judgements about that person’s social identity. A consumer exhibits attachment to an object to the extent that it is used by that person to maintain their self-concept. Objects can act as a sort of security blanket by reinforcing our identities, especially in unfamiliar situations. Symbolic self-completion theory predicts that people who have an incomplete self-definition tend to complete this identity by acquiring and displaying symbols associated with it. Self/product congruence Because many consumption activities are related to self-definition, it is not surprising to learn that consumers demonstrate consistency between their values and the things they buy. Self-image congruence models predict that products will be chosen when their attributes match some aspect of the self. These models assume a process of cognitive matching between these attributes and the consumer’s self-image. Research tends to support the idea of congruence between product usage and self-image. Congruity has also been found between consumers and their most preferred brands of beer, soap, toothpaste and cigarettes relative to their least preferred brands, as well as between consumers’ self-images and their favourite shops. Some specific attributes that have been found to be useful in describing some of the matches between consumers and products include rugged/delicate, excitable/calm,†¦. The extended self. Many of the props and settings consumers use to define their social roles in a sense become a part of their selves. Those external objects that we consider a part of us comprise the extended self. Many material objects, ranging from personal possessions and pets to national monuments or landmarks, help to form a consumer’s identity. Four levels of the extended self were described. These range from very personal objects to places and things that allow people to feel like they are rooted in their larger social environments. †¢ Individual level. Consumers include many of their personal possessions in self-definition. These products can include jewellery, cars, clothing and so on. The saying ‘You are what you wear’ reflects the belief that one’s things are a part of what one is. †¢ Family level. This part of the extended self includes a consumer’s residence and its furnishings. The house can be thought of as a symbolic body for the family and often is a central aspect of identity. †¢ Community level. It is common for consumers to describe themselves in terms of the neighbourhood or town from which they come. †¢ Group level. Our attachments to certain social groups can be considered a part of self. A consumer may feel that landmarks, monuments or sports teams are a part of the extended self. Sexual identity is a very important component of a consumer’s self-concept. People often conform to their culture’s expectations about how those of their gender should act, dress, speak and so on. To the extent that our culture is everything that we learn, then virtually all aspects of the consumption process must be affected by culture. Gender differences in socialization A society’s assumptions about the proper roles of men and women are communicated in terms of the ideal behaviours that are stressed for each sex (in advertising, among other places). Gender goals and expectations In many societies, males are controlled by agentic goals, which stress self-assertion and mastery. Females, on the other hand, are taught to value communal goals such as affiliation and the fostering of harmonious relations. Every society creates a set of expectations regarding the behaviours appropriate for men and women, and finds ways to communicate these priorities. Gender vs. sexual identity Sex role identity is a state of mind as well as body. A person’s biological gender does not totally determine whether they will exhibit sex-typed traits, or characteristics that are stereotypically associated with one sex or the other. A consumer’s subjective feelings about their sexuality are crucial as well.

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.

Essay on Lies and Self-realization in A Dolls House -- Dolls House es

Lies and Self-realization in A Doll's House    In Ibsen's play,   A Doll's House,   the characters willingly exist in a situation of untruth or inadequate truth that conceals conflict.   Nora's independent nature is in contradiction to the tyrannical authority of Torvald.   This conflict is concealed by the way they both hide their true selves from society, each other, and ultimately themselves.   Just like Nora and Torvald, every character in this play is trapped in a situation of untruth. "A Doll's House", can be misinterpreted as simply an attack on the religious values of Ibsen's society.   While this is certainly an important aspect of the play, it is not, however, Ibsen's main point.   "A Doll's House" established a method Ibsen would use to convey his views about individuality and the pursuit of social freedom.   The characters of "A Doll's House" display Henrik Ibsen's belief that although people have a natural longing for freedom, they often do not act upon this desire until a person or event forces them to do so. Readers can be quick to point out that Nora's change was gradual and marked by several incidents.   A more critical look reveals these gradual changes are actually not changes at all, but small revelations for the reader to see Nora's true independent nature.   These incidents also allow the reader to see this nature has been tucked far under a facade of a happy and simple wife.   In the first act, she admits to Christine that she will "dance and dress up and play the fool" to keep Torvald happy (Ibsen).   This was Ibsen's way of telling the reader Nora had a hidden personality that was more serious and controlling.   He wants the reader to realize that Nora was not the fool she allows herself to be seen as.   ... ...in A Doll's House is the importance of the individual and the search for self-realization.      Works Cited Brunsdale, Mitzi. "Herik Ibsen."   Critical Survey of Drama.   Ed.   Frank N. Magill.   Englewood Cliffs, NJ:   Salem Press 1986. pg982. Clurman, Harold.   Ibsen.   Macmillan, 1977, pg223.   Rpt. in Twentieth-Century Literary Criticism.   Ed. Sharon K. Hall. Vol. 8.   Detroit:   Gale, 1982. pg154. Heiberg, Hans. 1967. Ibsen. A Portrait of the Artist. Coral Gables, Florida: University of Miami. Ibsen, Henrik. "A Doll’s House." Perrine's Literature.   Forth Worth:   Harcourt Brace College Publishers, 1998.   pp. 967-1023 Shaw, Bernard.   "A Doll's House Again."   The Saturday Review, London, Vol. 83, No. 2168, May 15, 1897:   539-541.   Rpt. in Twentieth-Century Literary Criticism.   Ed.   Sharon K.   Hall.   Vol. 8. Detroit:   Gale, 1982. pg.143.   

Bombs :: essays research papers fc

A bomb is a container filled with an explosive, incendiary matter, or gas that can be dropped, hurled, or set in place to be detonated by an attached exploding device. It may range in design from a homemade device used by terrorists, assassins, or clandestine raiders to a sophisticated weapon of war. The original bomb, an ancestor of the hand-thrown GRENADE, was a simple container filled with black powder (see GUNPOWDER), which was set off by a fuse lit by the thrower. In the 16th century, the Dutch invented a more sophisticated version, the MORTAR bomb, a round iron container filled with black powder that was set off when a fuse was ignited by the detonation of a propelling charge in the base of the mortar tube. By varying the length of the fuse, the bomb's time of detonation could be adjusted; thus, a bomb could burst in air. These bombs were predecessors of the ARTILLERY shell fired from a field gun with rifled bore. In the 20th century the aerial bomb became the most important adaptation of the weapon. Its construction is similar to that of the artillery shell. The conventional aerial bomb consists of an explosive or chemical agent in a container, one or several fuse-and-igniter mechanisms, and external fins for directional stability. Bombs dropped from high-performance aircraft have an advanced aerodynamic shape. The ultimate category of bomb is that utilizing nuclear material as the explosive ingredients--the ATOMIC BOMB, HYDROGEN BOMB, and the NEUTRON BOMB. 20th-Century Military Use The advent of the airplane in warfare led to the development of new types of bombs. The first massive aerial bombing took place in 1915 when German zeppelins carrying more than two tons of bombs began dropping "terror from the skies" on the British Isles. In the early stages of World War I, airplane pilots had their hands full just flying, and bombing was relegated to observers who merely tossed small bombs over the side. Aircraft engineering advanced, however, so that by 1918 multiengine bombers had become a reality and 450-kg (1,000-lb) bombs were in production. The next major step in the development of aerial bombing took place on July 21, 1921. Gen. Billy MITCHELL, a champion of military airpower, was finally allowed to test his theory that aircraft carrying bombs could sink major naval units, a theory that naval officials had considered ridiculous. On that date, in the first of three such demonstrations, the captured German dreadnought Ostfriesland was sunk in minutes by U.S. Army Air Corps bombers dropping 900-kg (2,000-lb) bombs. Warfare had been revolutionized; seapower was in jeopardy. During World War II, aerial bombardment was perfected. Massive raids, first by Germany and then by the Allies, demonstrated the devastating power of the conventional aerial bomb. Bombs :: essays research papers fc A bomb is a container filled with an explosive, incendiary matter, or gas that can be dropped, hurled, or set in place to be detonated by an attached exploding device. It may range in design from a homemade device used by terrorists, assassins, or clandestine raiders to a sophisticated weapon of war. The original bomb, an ancestor of the hand-thrown GRENADE, was a simple container filled with black powder (see GUNPOWDER), which was set off by a fuse lit by the thrower. In the 16th century, the Dutch invented a more sophisticated version, the MORTAR bomb, a round iron container filled with black powder that was set off when a fuse was ignited by the detonation of a propelling charge in the base of the mortar tube. By varying the length of the fuse, the bomb's time of detonation could be adjusted; thus, a bomb could burst in air. These bombs were predecessors of the ARTILLERY shell fired from a field gun with rifled bore. In the 20th century the aerial bomb became the most important adaptation of the weapon. Its construction is similar to that of the artillery shell. The conventional aerial bomb consists of an explosive or chemical agent in a container, one or several fuse-and-igniter mechanisms, and external fins for directional stability. Bombs dropped from high-performance aircraft have an advanced aerodynamic shape. The ultimate category of bomb is that utilizing nuclear material as the explosive ingredients--the ATOMIC BOMB, HYDROGEN BOMB, and the NEUTRON BOMB. 20th-Century Military Use The advent of the airplane in warfare led to the development of new types of bombs. The first massive aerial bombing took place in 1915 when German zeppelins carrying more than two tons of bombs began dropping "terror from the skies" on the British Isles. In the early stages of World War I, airplane pilots had their hands full just flying, and bombing was relegated to observers who merely tossed small bombs over the side. Aircraft engineering advanced, however, so that by 1918 multiengine bombers had become a reality and 450-kg (1,000-lb) bombs were in production. The next major step in the development of aerial bombing took place on July 21, 1921. Gen. Billy MITCHELL, a champion of military airpower, was finally allowed to test his theory that aircraft carrying bombs could sink major naval units, a theory that naval officials had considered ridiculous. On that date, in the first of three such demonstrations, the captured German dreadnought Ostfriesland was sunk in minutes by U.S. Army Air Corps bombers dropping 900-kg (2,000-lb) bombs. Warfare had been revolutionized; seapower was in jeopardy. During World War II, aerial bombardment was perfected. Massive raids, first by Germany and then by the Allies, demonstrated the devastating power of the conventional aerial bomb.

“On the spirit of obligations” and “Friendship” – how each text views friendship pointing out to the meeting points

We have before us two texts; one, â€Å"on the spirit of obligations† the other, â€Å"friendship†. Both very different in terms of structure, style and images, yet both are closely linked thematically. The notions expressed in the text are ideas of friendship (as implied by the title of one of the texts) and human relations. It is interesting to explore how each text views friendship pointing out to the meeting points. The texts are of extremely different style and structure simply because they each serve a very different purpose. The first is an essay written by William Hazlitt taken from â€Å"on the spirit of obligations†, the second is a song- â€Å"friendship† by Cole Porter. Only from this we can asses that the essay is written as continues prose and is meant to publicize some opinion. An essay usually exists to be informative, present a view and thus will be serious, explanatory and detailed. This is very different from a song that is publicly released that in order to be popular has to be catchy, short verses, short snappy ideas that will be remembered, rhymes and a wider sense of appeal. The use of language in both texts differs, with relation to their purpose and their notion of friendship. In the essay, the use of language is more sophisticated, delicate more complex, almost as the friend or person Hazlitt is describing. The language also matches the nature of the friendship- more of the intellectual- â€Å"practical benevolence is not is forte†, meaning that it wasn't a friendship on the day to day basis, or that he will offer help and favors. It sees this idea as â€Å"idle and vulgar†. This stands in such contrast to the song, almost making a mockery out of it because the language and situations described in it is at times so vulgar â€Å"if you are ever lost your teeth and you are out to dine, borrow mine†. This is part of the songs' purpose- to be humors, silly, fun. The song talks about a very different notion of friendship- one that's always there to help, almost to un-realistic measures â€Å"when other friendships have been forgot, ou rs will still be hot† The tone and register are also influenced by the purpose of the text. The account of friendship in the essay is of someone describing a very specific, special person, who is very important to him. This, although he knows it is a friendship with out obligations, and that he should not look to his friend for help, we as readers still get the notion that this friend is still very important to the writer and that he, by his own description, feels very secure and welcomed, at the presence of his friend. This is again seen in the language, where the writer carefully chooses imagery and words to describe the person in question â€Å"the husk, the shell of humanity is left at the door, and the spirit, mellowed by time, resides within!†. In the song the register is different. It seems like the singer is addressing the ‘friend' directly, telling him that he will always be there. However, there is not one single line telling us about the friend in more detail, or any clue at any de eper emotions or more complex relationship. This is because of the nature of songs. Very smartly it allows us to apply it to anyone- because of the lack of specifics it can be affiliated with any per of people, but at the same time the direct form of address allows for the feeling of personalization; it can be used between two people. In both texts the imagery used is closely linked with the notion of friendship it is describing. The essay using â€Å"his silver accents, beautiful, venerable as his silver hairs, but abundant, flows as a river† creating gentle, delicate images. From the imagery we learn that the man described is probably older, and has and air of knowledge and advice to him. â€Å"his hand is closed, but what if that? His eye is ever open†¦Ã¢â‚¬  his eye is ever open suggests that he is very observant, knows a great deal and constantly aware of the situation around him. The closed hand, however, is a powerful metaphor for the lack of obligation and physical help. This stands in such contrast to the song, where it seems that the friendship is based on constant physical being. All the imagery stands along the lines of ‘if you need a hand when in trouble just call my name†¦', everything is to do with actions not words. Further more, all imagery is vulgar, everyday colloquial language, funny unreal situations. Is this the reflection of the friendship? I believe it is merely because of the appeal it has to have to the public. Thus we get imagery like â€Å"if they ever cook your goose, turn me loose†. To conclude, I think the differences of the texts out-weigh the similarities, and that they are quite noticeable. I got the feeling that the essay is almost mocking the song and that in light of the essay it shows that the song has no real message or statement concerning friendship. It almost ridicules itself, the imagery and the rhymes flattening the notion of friendship making it something so explicit, so out of touch with reality and how friendships truly work, with all the subtleties. The song is there for the sake of entertainment alone. However, it interesting to see how in both texts the language, imagery and tone were so effected by the purpose.