A Biography of the Venerable Bede

A Biography of the Venerable Bede The Venerable Bede was a British monk whose works in theology, history, chronology, poetry, and biography have led him to be accepted at the greatest scholar of the early medieval era. Born in March of 672 and having died on May 25, 735 in Jarrow, Northumbria, UK, Bede is most famous for producing the Historia ecclesiastica (Ecclesiastical History), a source essential for our understanding of the Anglo-Saxons and the Christianisation of Britain in the era before William the Conqueror and the Norman Conquest, earning him the title of the Father of English history. Childhood Little is known of Bedes childhood, other than he was born in March of 672 to parents living on land belonging to the newly founded Monastery of St. Peter, based in Wearmouth, to which Bede was given by relatives for a monastic education when he was seven. Initially, in the care of Abbot Benedict, Bedes teaching was taken over by Ceolfrith, with whom Bede moved to the monasterys new twin-house at Jarrow in 681. The Life of Ceolfrith suggests that here only the young Bede and Ceolfrith survived a plague which devastated the settlement. However, in the aftermath of the plague the new house regrew and continued. Both houses were in the kingdom of Northumbria. Adult Life Bede spent the rest of his life as a monk at Jarrow, first being taught and then teaching to the daily rhythms of monastic rule: for Bede, a mixture of prayer and study. He was ordained as a Deacon aged 19 – at a time when Deacons were supposed to be 25 or over – and a priest aged 30. Indeed, historians believe Bede left Jarrow only twice in his relatively long life, to visit Lindisfarne and York. While his letters contain hints of other visits, there isnt any real evidence, and he certainly never traveled far. Works Monasteries were nodes of scholarship in early medieval Europe, and there is nothing surprising in the fact that Bede, an intelligent, pious and educated man, used his learning, life of study and house library to produce a large body of writing. What was unusual was the sheer breadth, depth, and quality of the fifty plus works he produced, covering scientific and chronological matters, history and biography and, perhaps as expected, scriptural commentary. As befitted the greatest scholar of his era, Bede had the chance to become Prior of Jarrow, and perhaps more, but turned the jobs down as they would interfere with his study. The Theologian: Bedes biblical commentaries – in which he interpreted the bible mainly as an allegory, applied criticism and tried to solve discrepancies – were extremely popular in the early medieval period, being copied and spread – along with Bedes reputation – widely across the monasteries of Europe. This dissemination was helped by the school of Archbishop Egbert of York, one of Bedes pupils, and later by a student of this school, Alcuin, who became head of Charlemagnes palace school and played a key role in the Carolingian Renaissance. Bede took the Latin and Greek of the early church manuscripts and turned them into something the secular elites of the Anglo-Saxon world could deal with, helping them accept the faith and spread the church. The Chronologist Bedes two chronological works - De temporibus (On Times) and De temporum ratione (On the Reckoning of Time) were concerned with establishing the dates of Easter. Along with his histories, these still affect our style of dating: when equating the number of the year with the year of Jesus Christs life, Bede invented the use of A.D., The Year Of Our Lord. In stark contrast to dark age cliches, Bede also knew the world was round, the moon affected tides and appreciated observational science. The Historian In 731/2 Bede completed the Historia ecclesiastica gentis Anglorum, the Ecclesiastical History of the English People. An account of Britain between the landings of Julius Caesar in 55/54 BC and St. Augustine in 597 AD, its the key source on the Christianisation of Britain, a mixture of sophisticated historiography and religious messages containing details simply not found elsewhere. As such, it now overshadows his other historical, indeed all his other, works and is one of the key documents in the entire field of British history. Its also lovely to read. Death and Reputation Bede died in 735 and was buried at Jarrow before being re-interred inside Durham Cathedral (at the time of this writing the Bedes World museum in Jarrow have a cast of his cranium on display.) He was already renowned among his peers, being described by a Bishop Boniface as having shone forth as a lantern in the world by his scriptural commentary, but is now regarded as the greatest and most multi-talented scholar of the early medieval era, perhaps of the entire medieval era. Bede was sainted in 1899, thus giving him the posthumous title of Saint Bede the Venerable. Bede was declared venerable by the church in 836, and the word is given on his tomb in Durham Cathedral: Hic sunt in fossa bedae venerabilis ossa (Here are buried the bones of the Venerable Bede.) Bede on Bede The Historia ecclesiastica finishes with a short account of Bede about himself and a list of his many works (and is actually the key source about his life that we, much later historians, have to work with): Thus much of the Ecclesiastical History of Britain, and more especially of the English nation, as far as I could learn either from the writings of the ancients, or the tradition of our ancestors, or of my own knowledge, has, with the help of God, been digested by me, Bede, the servant of God, and priest of the monastery of the blessed apostles, Peter and Paul, which is at Wearmouth and Jarrow; who being born in the territory of that same monastery, was given, at seven years of age, to be educated by the most reverend Abbot Benedict, and afterwards by Ceolfrid; and spending all the remaining time of my life in that monastery, I wholly applied myself to the study of Scripture, and amidst the observance of regular discipline, and the daily care of singing in the church, I always took delight in learning, teaching, and writing. In the nineteenth year of my age, I received deacons orders; in the thirtieth, those of the priesthood, both of them by the ministry of the most reverend Bishop J ohn, and by the order of the Abbot Ceolfrid. From which time, till the fifty-ninth year of my age, I have made it my business, for the use of me and mine, to compile out of the works of the venerable Fathers, and to interpret and explain according to their meaning... Source Bede, Ecclesiastical History of the English People. Penguin Classics, D. H. Farmer  (Editor, Introduction), Ronald Latham (Editor), et al., Paperback, Revised edition, Penguin Classics, May 1, 1991.

Some or Any for Absolute Beginners to English

Some or Any for Absolute Beginners to English The use of some and any is rather challenging for absolute beginner English learners. You will need to be especially careful and model many times when introducing some and any. Repeating students mistakes while accenting the mistaken word is especially helpful as the student will be prompted to change his / her response. Practicing some and any also offers a perfect opportunity to review the use of there is and there are to introduce countable and uncountable nouns. You will need to bring in some illustrations of both countable and uncountable objects. I find a picture of a living room with many objects helpful. Part I: Introducing Some and Any With Countable Objects Prepare the lesson by writing Some and a number such as 4 at the top of the board. Under these headings, add a list of the countable and uncountable objects that you have introduced - or will be introducing - during the lesson. This will help students recognize the concept of countable and uncountable. Teacher: ​(Take an illustration or picture that contains many objects.) Are there any oranges in this picture? Yes, there are some oranges in that picture. (Model any and some by accenting any and some in the question and response. This use of accenting differing words with your intonation helps students learn that any is used in the question form and some in a positive statement.) Teacher: (Repeat with several different countable objects.)  Are there any  glasses in this picture? Yes, there are some  glasses in that picture. Teacher: Are there any  glasses in this picture? No, there arent ​any  glasses in that picture. There are  some apples. (Repeat with several different countable objects.) Teacher: Paolo, are there any books in this picture? Student(s): Yes, there are some books in that picture. Continue this exercise around the room with each of the students. If a student makes a mistake, touch your ear to signal that the student should listen and then repeat his/her answer accenting what the student should have said. Part II: Introducing Some and Any With Uncountable Objects (At this point you might want to point out the list you have written on the board.) Teacher: (Take an illustration or picture that contains an uncountable object such as water.) Is there any  water in this picture? Yes, there is some  water in that picture. Teacher: (Take an illustration or picture that contains an uncountable object such as water.) Is there  any  cheese in this picture? Yes, there is some  cheese in that picture. Teacher: Paolo, is there any cheese in this picture? Student(s): Yes, there is some cheese in that picture. Continue this exercise around the room with each of the students. If a student makes a mistake, touch your ear to signal that the student should listen and then repeat his/her answer accenting what the student should have said. Part III: Students ask questions Teacher: (Hand out the various images to the students, you can also make a game out of this by turning over the images and having students choose one from the pile.) Teacher: Paolo, ask Susan a question. Student(s): Is there any water in this picture? Student(s): Yes, there is some water in that picture. OR No, there isnt any water in that picture. Student(s): Are there any oranges in this picture? Student(s): Yes, there are some oranges in that picture. OR No, there arent any oranges in that picture. Teacher: (Continue around the room - make sure to repeat students incorrect sentences accenting the mistake so that they may correct themselves.)

LITERATURE Essay Example | Topics and Well Written Essays - 2500 words

LITERATURE - Essay Example While generally the end of the First World War can be regarded as the commencement of the modernist tradition in literature, end of the Second World War marked initiation of the postmodernism. The writers of modernist tradition, after experiencing the radical shift from romantic traditions which also was further worsened by great devastation of the First World War, attempted to develop a holistic approach that they considered to be a matter of great importance to solve the prevailing problems. The postmodernists on the other hand adopted quite a different approach than that of the modernists and emphasized on the evaluation as well as analysis of the different aspects that construct life from in a fragmented manner. Irrespective of the fact that postmodernists derived a great deal of their inspiration from modernist traits of writing, however, their attempt to deal with subjects of novels in a fragmented and highly individualized manner developed the core of postmodernism. Such effor ts not only helped in the genesis of different sub-genres in the 20th Century novel writing tradition but also helped readers to receive more accurate understanding of the social, cultural, political and philosophical scenario of the contemporary time. ... to art and aesthetics of modernist literature, development of popular literature and to which extent these two novels, respectively, have helped in understanding the forms of postmodern existence in a better way. In order to establish the criteria for determining the best novel of 20th Century, it is important to understand both modernism and postmodernism as these two literary and philosophical disciplines have played the most important parts in determining the aesthetics of the century, elaborated the socio-cultural aspects and finally help a reader to understand the relevance of texts with both aesthetics as well as socio-cultural dimensions. The term ‘modernism’ has raised a great deal of debate, dilemma and controversies among critics of literature and such vast is its expanse that quite often it becomes difficult to determine the actual literary-philosophical dimension of the discipline. Thus, critics like Malcolm Bradbury and James McFarlane, in their efforts to d etermine modernism, have emphasized on two different â€Å"sets of association† (Gupta, 2005, p. 221). In the first set of association they have opined is linked with â€Å"high aesthetic self-consciousness and nonrepresentationalism, in which art turns from realism and humanistic representation towards style, technique, and spatial form in pursuit of a deeper penetration of life †¦.† (Cited in Gupta, 2005, p. 221). This type of association helps in the genesis of experimental and innovative arts and consecutively deconstructs the traditional forms of artistic perception as well as representation in terms of structure, myth and organization. In the second type of association the critics have attempted to elaborate the reasons that resulted in such changes. While on one hand the intellectual dimension

Equity law Essay Example | Topics and Well Written Essays - 1250 words

Equity law - Essay Example Practically, Hudson (2009) avers that modern equity is limited by both procedural and substantive rules, with legal writers tending to focus on prevailing technicalities. From these are drawn the twelve ‘vague’ ethical statements, referred to as the maxims of equity. The ethical statements further guide in the application of equity according to civil law (Hudson, 2009:24). The concept elicits criticisms that are traceable to historical conceptualization, during its development. This is mainly based upon its lack of fixed rules, further augmented by the fact that it later on lost a majority of its flexibility. The law on perfectly constituted trusts and perfect gifts has been ‘tolerably clear’ since 1862 (Halliwell, 2003:192). This is traceable to the authoritative statement by Turner during the Milroy v Lord case (4 De G.F. & J. 264; 45 E.R. 1185; [1861-1973] All E.R. Rep. 783). Use of the term ‘tolerably clear’ is necessitated by the presence of exceptions, which were previously articulated by courts previously. Influential in this regard is interpretation of the Privy Council’s advice, during the Court of Appeal’s hearing of the Pennington v *Conv. 193 Waine case (Halliwell, 2003:192). Subsequent interpretation of the court’s ruling was viewed as providing courts of equity the unfettered discretion, concerning whether voluntary trusts or gifts should take effect. This is with regard to the role of ‘un-conscionability in Equity’, which requires principled reasoning. Pundits are thus of the view that courts of law need to utilize principled approaches, as opposed to the exercising of unfettered discretion that is based on individual notions of judges pertaining to what is fair or not (Halliwell, 2003:194). The presence of ‘unfettered discretion’ potentially has far reaching consequences, with regard to voluntary property dispositions. Thus, the presence of voluntary settlement can occur by way of

Software as a Service Goes Mainstream Assignment

Software as a Service Goes Mainstream - Assignment Example For all of these reasons, the organisations are coming up with different strategies and solutions in order to manage the business effectively and efficiently. One of the biggest changes or innovations which has been implemented by different organisations is of the different software for improving the business operations, like Customer Relationship Management (CRM) and Enterprise Resource Plan (ERP) system (Holsapple & Sena, 2005). These software and Management Information Systems (MIS) allow the organisations to integrate the all components of the value chain and provide the customers with high value at the end of the process (O’Leary, 2004). There are different companies and organisations in the market which are providing the solutions of software and Management Information Systems (MIS) (Oz, 2009). However, a recent development in this regard is the new Software as a service (SAAS) model introduced by the salesforce.com (Laudon & Laudon, 2010). In this case study analysis an attempt has been made in order to explore and analyse the new software as a service (SAAS) model of salesforce.com. Along with this, the case study analysis presents different advantages and disadvantages associated with this new business model for software providers. Different challenges being faced by the management of salesforce.com in the process of providing this innovative service has been discussed along with the strategies and methods used by the management to overcome them. The report also outlines the different factors which should be kept in consideration while going for this new model and innovative service. Along with this the report also defines the businesses and organisations which can reap additional benefits by switching to the new software as a service (SAAS) model offered by the salesforce.com ADVANTAGES AND DISADVANTAGES OF THE SOFTWARE – AS – A – SERVICE MODEL: Salesforce.com has come up with a completely different model for providing diff erent software solutions to the customers. This new and innovative model is known as the Software as a service model (SAAS). The Customer Relationship Management (CRM) services are provided by the company through online in the form of ‘software as a service’ (SAAS). This is totally oppose to the traditional concepts of the software solutions being provided by different companies in the industry, as customers are required to purchase those software and install them on the respective computer or machines. The software solutions provided by the traditional software solutions providers require a whole set of different hardware, operating system, servers for maintaining database, application servers for installation, and several other additional accessories (Laudon & Laudon, 2010). Another advantage of the Software as a service model (SAAS) of the salesforce.com is that it has been priced comparatively low than the other software solutions. Apart from this the installation o f the normal or traditional software includes the additional cost of the licensing along with the regular maintenance cost. Along with this the installation of this new model of software only requires 0 to 3 months time period and there is no need of additional staff or consultants. On one hand the software is priced appropriately and on the other hand the organisations can avoid all additional hassle and cost associated with the installation of the software. The software is managed through a website online, which is regularly updated.

Impacts of Mergers Acquisitions on Shareholder Wealth

Impacts of Mergers Acquisitions on Shareholder Wealth This dissertation attempts to investigate, the impact of Mergers Acquisition (MA) on shareholder wealth in the European banking industry from 2003-2007 and explains in depth detail of the literature reviewed by the author to provide the basis of the successful achievement of the project. MA has been a popular research topic in finance with broad literature exists on MA. For this review to be achievable, a broad search for information was undertaken by means of the internet and library. The research question will examine the wealth effects (abnormal returns) of MA involving European banks using `event study` methodology over the period of 2003-2007 in both the announcement period and long run post acquisition period. In other words, can MA improves or destroy shareholder wealth of the targets, bidders and combined firms. 1.2 Introduction The decade of 1990 saw the biggest increase in European MA activity. Merger Acquisitions (MA) have been a significant phenomenon in the Europe. and the world economy which symbolizes one of the most important strategic decisions made by managers and shareholders of the engaged firm. Sudarsanam (2003,para1,p.1) argues shareholders and managers may be the most important stakeholders in MA but other groups such as workers, competitors, lenders, customers all have a collective interest in this activity. MA may be undertaken in order to replace an inefficient management, but sometimes two businesses may be more valuable together than apart. Motivation behind the mergers is to maximise the shareholders wealth. However, according to Jensen and Ruback (1983) and Sirower and O`byrne (1998), in almost two third of cases, mergers produce wealth gains for target shareholders and more or less zero gains to acquirers. Various studies have found that, usually the announcement of bank mergers neither create nor destroy shareholders value Pilloff and Santomero (1998). Also, some studies indicates that the announcement of certain types of bank mergers do create value, if that merger reduce costs. Berger, Demsetz, Strahan (1999) identified five fundamental dynamic factors that motivate corporate takeovers i.e. an increase of globalization, technological progress, financial deregulation, changes in customer demand and the integration of financial markets. Arnold (2005, para2, p.1041), defined mergers as the combining of two business entities under common ownership whereas Bruner (2005) states it as consolidation of two firms that creates a new entity in the eyes of the law. According to Investorwords.com acquisition is a acquiring control of a corporation, called a target, by stock purchase or exchange, either `hostile` or `friendly` which also be called takeover. E.g. in October 2007, Royal bank of Scotland (RBS) merged with Dutch bank ABN Amro to clinch Europes biggest ever banking takeover with 86% of ABN Amros shareholders accepting a 71bn euro (Ft.com). Bruner (2005) argues takeover activities are strategic transactions that could turn out to be an excellent investment of capital and resources. 1.3Merger waves Nowadays, MA is well known fact that comes in waves according to evidence from Bruner (2005), Gorton, Kahl Rosen (2005), Martynova Renneboog (2006). Five individual merger waves were observed in the UK economy in the last century i.e. 1900`s, the 1960`s, the 1970`s, the 1980`s and the 1990`s. (Kastrinaki, Stoneman 2007) Brankman, Garretsen, Van Marrewijk (2008) argues that, in terms of economic importance, the dominant merger wave unpredictable is the positive global outcome, suggesting that MA waves are an economy wide global phenomenon. The wave of bank mergers has been established to explain the diverse theories e.g. the `efficiency hypothesis` expect that mergers improve efficiency and help poor banks to survive as competition becomes increasingly rigorous in the banking industry. Gugler, Mueller, Yurtoglu (2004) finds that merger waves can be implicit if one identify that MA do not boost efficiency and doesnt increase shareholders` wealth but instead sited that MA waves are best come across as the answer of overvalued shares and managerial opinion. 1.4Why do MA occur? In various European countries, mergers have allowed banks to increase efficiency by assisting the coordination of the closing of branches. Banks shareholders and managers need to recognize the potential sources of economic gain emerged from MA. Banks can reduce costs and increase value in different ways e.g. diversification. I.e. if mergers generate cost synergies such as economies of scale, banks can reduce expenses. According to evidence from Berkovitch Narayanan (1993), Sudarsanam, Holl Salami (1996), Hannan Pilloff (2006), Martynova Renneboog (2006), the motives for MA have been categorised into the three main groups i.e. economic motive or synergy, managerial or agency problems and hubris. The actual distribution of merger gains between target and bidder shareholders will depend on their individual negotiating strengths. Therefore, following table shows the impact of mergers on shareholders wealth: Merger Motive Total Gains Target Gains Bidder Gains Synergy + + + Agency problems + Hubris 0 + 1.4.1 Synergy Motive The first key group that accounts for MA is an economic or synergy motive which means that two companies can achieve together which they cant achieve single-handedly. Siems (1996) argued that synergy theory projected that the acquiring bank can efficiently create synergies via economies of scale and scope by reducing costs and eliminating redundancies and duplication. Economies of scale occurs when the average unit cost of production declines as volume increases e.g. banking mergers in the UK of Bank of Scotland and Halifax of 30bn merger in May 2001, to create HBOS fifth major force in UK banking sector. The idea was that the Bank of Scotland was operating in north of the country and Halifax was in south by merging these two banks, were trying to reduce cost of processing banking transactions. Economies of scope occurs when the cost of producing several products in a multi product firm is lower than the cost of producing the same products by individual firms e.g. Banc assurance model, British banking and issuance giant Lloyds TSB acquired Scottish Widows in June 1999 for 7bn. Sudarsanam et al (1996) identified the sources of value creation into three main types i.e. operational synergy, managerial synergy and financial synergy. Operational synergy occurs during the recognition of economies of scale and scope, vertical integration, the elimination of duplicate activities, the transfer of knowledge or skills by the bidders management team and a reduction in agency costs by bringing organization precise assets underneath common ownership (Ravenscraft Scherer 1987, 1989 cited in Martynova Renneboog 2006). Sources of value in vertical mergers includes reducing transaction costs in which combining different stages of the production chain can reduce costs of communication and bargaining i.e. one companys output is other companys input and by putting together will make the business efficient. E.g. Microsoft bid for Yahoo in January 2008, worth $42bn that will create more powerful browser or have a better chance of tackling the internet search leader. Having said that, current trends towards outsourcing suggest that, the benefits from vertical mergers are limited. According to Martynova Renneboog (2006), establishments of operating synergies reduce production distribution costs and yielding an incremental cash flow accruing to the companys post-merger shareholders. Sudarsanam et al (1996) argues managerial synergy could occur if the bidder has a competent managerial team and takes over a target with fewer competent managers. Such takeover is disciplinary and likely to improve the wealth gain for both bidder and target shareholders. Having said that, there is a considerable risk of agency problems where the managers do not operate in the interest of shareholders. Martynova Renneboog (2006) argues that diversifying takeovers are likely to gain from financial synergies in which financial synergies may incorporate improved cash flow stability, cheaper access to capital, an internal capital market as well as contracting efficiencies created by a reduction in managers employment risk. Conglomerate mergers allow risk diversification by spreading the income stream of the holding company over a wide variety of products and markets. Sudarsanam et al (1996) finds that financial synergy materialize from three likely sources i.e. the tax advantage of unused debt, the growth opportunities and financial resources of the emerging companies and the coinsurance of debt of the two companies which result in lower costs of capital. 1.4.2 Agency factor The second main motive for MA is managerial or agency factor. Shareholders are Principals i.e. owners of companys assets and managers are employed as shareholders Agents to manage these assets on their behalf. Managers should make decisions that are consistent with the objective of maximize the shareholder wealth, but managers do not share this objective necessarily. Managers will have their own personal objectives which will be mainly concerned with maximizing their own welfare (Sudarsanam et al 1996). Therefore, managerial decisions in acquisitions may result in agent costs that reduce the total value of the joint firm as they do not maximise but weaken shareholders return. Berger, Demsetz, Strahan (1999) argues that one managerial intention may be empire-building. Executive compensation leads to increase with companys size, so managers may wish to accomplish personal financial gains by engaging in MA, although at least in part the higher observed compensation of the managers of larger institutions rewards greater skill and effort. To protect their firm-specific human capital, some managers may also try to reduce insolvency risk below the level i.e. in shareholders interest possibly by diversifying risk through MA movement. Arnold (2005) observes that the managers may enjoy the thrill of the merger process itself and as a result push for such deals to take place. 1.4.3 Hubris The third and final main motive for MA is Hubris which was specified by Richard Roll in 1986. Arnold (2005, para2, p.1055), define hubris as over weaning self confidence or, less kindly, arrogance. The hubris hypothesis states that the valuation of target by the bidder management is over optimistic and per se the bidding firms management overpays for the target. This perhaps for a number of bases such as decisions makers believing themselves, that the value exists when it does not or that their valuation is correct and that the market is not shimmering the full economic value of the combined firm. These managers may perhaps be overconfident or have misplaced faith in their ability to develop the profit performance of the target firm. Berkovitch Narayanan (1993) argues that the hubris maintains that decision makers in the bidding firms simply pay too much for their targets as a result of mistakes in overestimating the value of the targets. 1.5 Factors influencing shareholder returns Shareholders returns are not just affected by MA announcements, but they are also influenced by bid characteristics e.g. method of payment, cross border MA, friendly vs. hostile bids etc. 1.5.1 Method of payment The method of payment is one of the key variables that must be agreed between the buyer and seller to determine the firms` abnormal returns and overall outcome of the bid. According to Huang and Walkling (1989), The form of payment will influence bidding strategy if it affects the anticipated NPVs of an acquisition. Huang and Walkling found that when method of payment and degree of conflict were taken into account statistically, abnormal returns were no higher in tender offers than in mergers. Payment methods can affect NPVs through interrelations with either acquisition cost or the probability of success or both whereas Dube, Glascock Romero (2007) argues that the different stages of benefit growing to the target and acquiring firms shareholders is attributed to the alternative methods of payments. Arnold (2005, para1, p.1059) states that cash payment has been the most popular and most valued method of payment which offers higher return than equity. For example, bidding firm is expected to carry out stock financed merger if the management of bidding firm has better-quality inside information that the existing assets of the firm are overvalued. However, if the bidder firm has confidential information about the target company and trusts it to be undervalued, then it probably offer cash financed merger. Therefore, merger financed with stocks are a negative signal because the use of stocks as a method of payment is more likely to occur when the stock is overvalued, while the use of cash is taken as the firm being overvalued. Alternatively, if target shareholders consider that their bank is overvalued, they will prefer to receive cash. This theory is supported by empirical literature and it demonstrates that at the time of the bid announcement acquirers who propose cash, tend to practice higher abnormal returns than those who offer stock financed merger. The advantage of cash is that the acquirer shareholders hold the same level of control over their company because their proportion of ownership has not been diluted by giving target shareholders stock options in the merged company. Therefore, the returns to the shareholders of a bidding firm will be higher in cash financed merger than the stock. Brealey, Myers Marcus (2004, para1, p.599) states if cash is offered, the cost of the merger is not affected by the size of the merger gains. And if stock is offered, the cost depends on the gains because the gains show up in the post merger share price, and these shares are used to pay for the acquired firm. 1.5.2 Cross border MA The combination of worldwide financial markets has been going together with, increases in the number and tiny proportion of firms that operate in the global market and the globalization process has been to a rational extent encouraged by cross border MA. According to Brankman, Garretsen, Van Marrewijk (2005, 2008) cross border MA are the main medium for foreign direct investment. MA provides fundamental but also limited understanding of this form of takeover, as cross-border MA are most likely related to economy-wide shocks such as economic integration, changes in the legal and regulatory environment or likely asymmetric business cycles. Based on past empirical evidence, though the majority of the domestic MA create significant wealth gains for the targets and negative or zero returns for bidders, cross border MA could have different impact on related firms. Kang (1993) stated that cross border MA are expected to create more wealth than domestic ones because of existence of market imperfections which leads to guide multinational firms (MNC) having a competitive advantage over local firms. Foreign banks have to act in accordance with with both regulations at home and abroad; domestic credit establishments have cost advantages, since fulfilling two diverse sets of regulation enforce additional costs on foreign banks. Also, different regulations reduce the amount of related fixed costs. This decreases the possibility for banks to collect benefits from economies of scale and scope. Economies of scale propose that bank is able to reduce its costs by growing the volume of output of products and services it already produces. As a result of developing into new country, a bank increases its potential client base and benefits from economies of scale. According to economies of scope, banks that diversify activities could reduce costs by providing more services. 1.5.3 Friendly vs. hostile bids Analysis regarding the impact of hostile takeovers has been arguable, varying from the benefits of market discipline for maximizing efficient utilization of resources to the damage of market shortsightedness on the economy, on the society and on value built over years. Dube, Glascock Romero (2007) argues such debates can impact financial marketsand can be expected to expand as developing markets open up to foreign corporations and as economic power is redistributed amongst countries. Hostile takeovers occur, when the management of a firm resists the takeover attempt by bidders. Lambrecht and Myers (2007) state that in some cases a potentially hostile acquirer could be better off negotiating with the target management for a merger and that such a situation reduces the power of the target shareholder to extract value from the bidder. Hostile acquisitions also involve swifter and more drastic changes in target. In both friendly and hostile acquisitions, overpayment can arise due to age ncy reflection of managerial objective maximization by the acquirer management. Goergen and Renneboog (2003) analyzed the market reactions to the different types of takeovers i.e. friendly, hostile and bids with multiple bidders. They found that hostile bids created the largest abnormal returns for the target i.e. 13% on the announcement day. When a hostile bid is made, the share price of the target straight away reflects the expectation that opposition to the bid will guide to upward revisions of the offer price. Various empirical studies have found that the returns to bidders in hostile takeovers are negative; resulting in low possibility of success of a hostile bid. 1.6 Impact of MA on shareholders Almost all of the studies of MA in banking industry are based on US data. As we know, one of the main objectives of mergers is to maximise the shareholders value by the means of increase in dividends and increase in share prices, so the shareholders can enjoy the capital gains. The two most important methods which can be used to assess the impact of MA were explained by Firth in 1980. In the first method, accounting information is used to determine the firms` financial performance profitability. The second method believes in efficient market which can be used in share price movements to estimate the economic impact of the event. The second method, direct measures any increase or reduction in shareholders wealth but also experience from the reality that no market is really efficient which results to mislead conclusions due to movement in share price. In this project, author chose the second method i.e. an event study in which the focal point will be on three different sets e.g. the target, the bidder and the impact of MA on combined firm in the long run. Various empirical studies on MA have concentrated on establishing stock market reaction around the announcement of a deal and whether a merger creates value for the shareholders of target and bidding firm. Delong (2001) examined 56 banks between 1991 and 1995, for focusing mergers that create positive abnormal returns whereas diversifying mergers produce negative abnormal returns. DeLong (2001) has point out that upon announcement the market responds positively to mergers that focus both on the activities and geography, which is consistent with Siems (1996). Delong finds that the cumulative abnormal returns (CAR) of target firm has been increased to 14.8% after merger and the bidding firm loose a significant 2.2%, whereas the combined firm neither created nor destroyed the shareholders value. The result also shows that the long term performance is improved when mergers involve inefficient bidders, payment not just made by cash and earnings are not diversified. Cybo ottone and Murgia (2000) analysed 54 largest MA deals with CARs at +3,41% between 1988 and 1997 on the European banking sector in 14 European markets. They have found that at the time of announcement, there was a positive and an important increase in the market value of the banks engaged in these deals. They have found positive abnormal returns for both buyers and the sellers using the general market index in the short period of eleven days, but found negative market reaction to acquiring bank. In other words, European bank mergers generate value for the combined firms including the target and the bidders do not lose. Various studies have shown that in Europe and the USA, target shareholders earn positive abnormal returns from mergers. Cyboottone and Murgia (2000) stated that bidding firm shareholders earn positive abnormal returns in European studies whereas in USA studies bidding firm shareholders earn negative abnormal returns from the mergers. Shareholders of target European banks achieve more than the bidding bank shareholders, however, the difference is very tiny indeed. So in other words, we can say that Cyboottone and Murgia (2000) results are not consistent with the USA banking literature which shows that no value creation effects are usually found. Martynova and Renneboog (2006) examined the short term wealth effects of 2,419 European MA announcements between 1993 and 2001 in twenty eight European countries. They found that UK target created higher returns (9%) and UK bidders experienced lower wealth losses (0.5%) in comparison to the total European average result. They also identified the share price reaction of bidding firms; on a hostile merger i.e. it generated a negative abnormal return of -0.4%, on the other hand, a friendly acquisition created a positive abnormal return of 0.8%. Therefore, Martynova and Renneboog (2006) have concluded that MA do create value for the bidding and the target shareholders in which target shareholders enjoy majority of gains as they collect large premiums. Beitel (2001) look at 98 large MA of European banks between 1985 and 2000 using the event study in which he found out, the shareholders of the target firm enjoy positive cumulative abnormal returns (CAR), whereas the shareholders of the bidding firm doesnt earn any CARs. However, the combined analysis of bidding and target European bank merger do create the shareholders value significantly. They also notice a change in the results after 1998 that European bidding banks in large deals experienced negative CARs and especially cross border mergers of European banks appeared to have destroyed shareholders value. Table 1: Summary of bank mergers using event studies of previous Abnormal Returns to shareholders MA studies Sample period Sample size Event Window Target CARs (%) Bidder CARs (%) Antoniou, Arbour Zhao (2006) 1985-2004 396 -2 to +2 17.37 -3.32 Cybo-ottone Murgia (2000) 1988-1997 54 -10 to 0 16.1 Not significant DeLong (2001) 1988-1995 280 -10 to 1 16.61 -1.68 Sudarasanam, Holl Salami (1996) 1980-1990 429 -20to+40 days 29 -4 Becher (2000) 1980-1997 553 -30 to +5 22.64 -0.1 Siems (1996) 1995 19 -1 to +1 13 -2 Houston Ryngaert (1997) 1985-1991 184 -2 to +2 20.40 -2.40 Ismail and Davidson (2005) studied 102 merger announcements in European banking industry between 1987 and 1999. They found positive abnormal returns for targets and the return to bidders differs across the deal type, also the merger deals earn higher returns than acquisition deals. They reported that the high competition in the market and reduction in the profitability in the banking industry in Europe is extending a depressing picture of performance of the future. They also reported low positive abnormal returns to target shareholders compared to other findings in the banking industry in Europe. The reason behind is that the bidder not ready to pay higher premiums in a competitive environment in which level of profits are decreasing. Ismail and Davidson (2005) pointed out that if equity is used as a method of payment instead of cash, then merger deals earn lower returns because of the fact is that equity signal to the market that the equity is overvalued which is consistent with fin dings of Huang and Walkling (1987). 1.7 Conclusion A bank acquires another bank because of number of reasons e.g. diversification, market power, managers preference etc. This literature review looks at the motives of MA based on the past academic studies i.e. Berkovitch Narayanan (1993), Sudarsanam et al (1996), Hannan Pilloff (2006), Martynova Renneboog (2006). Having said that, it is still not clear whether synergy gains or personal quest of managers is behind motivating majority of MAs. Evidence suggests that the managers may use the free cash flow for mergers that may produce negative NPV investments, because managers pursue their own interests rather than those of shareholders, resulting in mergers to not create value for shareholders. Whereas hubris, which supports the efficient market hypothesis (EMH) suggests that any bid for the target at premium overpays and it is result of the hubris. Arnold (2005) state it is similar to `winners curse` where the highest bidder will bid typically higher than the expected value of the purpose. However, most of the evidence suggests that the target shareholders gain positive abnormal returns while the cumulative abnormal returns (CARs) to the bidders are significantly negative and the combined banking firms seems to improve the shareholders value. Various studies also supports the fact that target shareholders gain at the expense of bidder shareholders and bank mergers do not create value for the combined firm in stock market reaction to bank mergers. Also, evidence shows that shareholders returns are not only affected by the MA announcements but they are also influenced by bid characteristics. 2.0 Methodology 2.1 Introduction Choosing appropriate research methods are clearly vital. According to Veal (1997) it is important for the researcher to be aware of the range of methods available and not to make claims that cannot be justified on the basis of the methods used. This part of this dissertation gives an outline how information was collected, the sample design statistics and which methodology is used by concentrating on European banking sector mergers between 2003 and 2007. Firstly, we have to decide the philosophy underlying this research, which involves choosing a paradigm. Collis and Hussey, 2003, p. 352 define paradi

Frederick Douglass :: American History, Masters and Slaves

In 1845, Frederick Douglass published a narrative will be remembered in history forever. Douglass’ narrative is a recount of the tough life on the plantations before his escape to New York. He describes in this narrative the senseless acts of cruelty on the part of the masters as well as the debased lives of the slaves. Narrative of the Life of Frederick Douglass, An American Slave provides a powerful account of the role of ignorance of slavery, the damaging effects on slaves and slaveholders, and the knowledge to the path of freedom for African Americans. Frederick Douglass was born in a slave cabin, in February, 1818, close to the town of Easton, on the Eastern Shore of Maryland. (Bio of FD, 1) Frederick Douglass, whose full name is Frederick Augustus Washington Baily, was abandoned by his mother when he was just a baby and then was raised by his grandparents. Douglass never knew his father and according to him and nearly everyone, "†¦opinion was also whispered that my master was my father† his father figure was a white man ( NLOFD, 1). When Douglass was around the age of six, his grandmother took him to the plantation of his master and left him there. (Bio of FD, 1) He stayed there with his master for about two years then he was relocated around the age of eight where he was sent to Baltimore to live as a houseboy with Hugh and Sophia Auld, relatives of his master. Not long after his arrival his new mistress taught him the alphabet. The lessons soon came to a cease when Hugh said â€Å"learning will spoil the best nigge r in the world† (Foner, 17). When her husband forbade her to continue her instruction, because it was unlawful to teach slaves how to read, Frederick took it upon himself to learn. This marked the turning point when Frederick Douglass started to become a man. Frederick Douglass’ Narrative of the Life of Frederick Douglass, An American Slave was written to expose the ignorance of slavery, the damaging effects on slaves and slaveholders. Douglass wanted to show the world his story and point of view throughout his journey through slavery. The novel lets the readers feel the cruelty and hardship of Douglass’ life. The narrative goes from his early childhood, to when he escaped to freedom, to his role in the abolitionist movement. When Douglass was a young boy, he witnesses for the first time his aunt, a slave, getting whipped.