Halal and Haram Issues in Food and Beverages free essay sample

Halal and Haram Issues in Food and Beverages In food industry, modern science and technology lead to creation of variety foods and beverages. The evolution comes together with booming of additives and ingredients to match with demands and perfections in food production. Different types of beverages as well as variety of foods offered in the market often confuse the consumers especially Muslims and most of them are unaware of what they have consumed. Generally Halal means clean and healthy food which has also being proven scientifically. In Islam, the consumption of Halal food and beverage and using Halal consumer products are obligatory in serving Allah, the Creator and the Almighty. Therefore, Muslims communities are very mindful of food ingredients, handling process and packaging of food products. The foods and beverages are only Halal if the raw materials and ingredients used are Halal and it is fully compatible to the Islamic guidelines. We will write a custom essay sample on Halal and Haram Issues in Food and Beverages or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Nowadays, â€Å"Halal† oriented foods and beverages get food industry attention in all over the country as is expected to become a significant contributor to economic growth. It must be understood that the production of Halal food and beverage are not only beneficial to Muslims, but also to food producers, by means of increased market acceptance of their products. In food production, sugars are widely used as it could make the food and beverage taste sweet and delicious. There are many types of sugars such as glucose, fructose, lactose and maltose. A problem occurs as those sugars might transform to an alcohol named ethanol (or ethyl alcohol) by natural fermentation process which is not performed by enzymes. According to scientific review, both natural and manufactured products contain small amount of alcohol; for example, fruits, juices, vegetables, breads, cheeses, beef, and honey. Those food and beverage usually contain not more than 0. 5% of alcohol. Therefore, anything containing sugar is fermentable into alcohol. Other manufactured products such as Coca Cola, Pepsi, and Mirinda contain alcohol at percentage range of 0. 2% 0. 3% as Beta Carotene (the colouring used) is melted by using the alcohol method. In addition, according to Eastern Standard Time on July 8, 1999 (4:00 pm); â€Å"The oils that they use to make Pepsi have minute trace of alcohol which combined make up a percentage of alcohol. † The problem of alcohol that might contain in food or beverage has been debated by Mujamma’ Al-Fiqhi Al-Islami as certain types of alcohol are beneficial in food production. According to the Islam guidelines, Muslims are allow consuming ethanol as it is not harmful but only can be taken at small amount which is not more than the specified percentage.

chapter 1 Essays

chapter 1 Essays chapter 1 Essay chapter 1 Essay CHAPTER I INTRODUCTION Siopao is one of the dish that the Filipinos adopted from the Chinese and it became very popular and a favourite among many Filipino. Siopao is also called Salapao in Thailand, Baozi in China, Pau in Hongkong, or simply known as Steamed buns in English. Siopao is one of the Filipinos favourite snacks or meals. It does not require utensils to eat and it can be consumed on the go. That is one of the reasons Siopao can easily found on the sidewalk at vendors or eatery. Siopao is a Filipino steamed bun with savory meat filling. It is a larger version of Chinese dumplings. Traditionally, the two kinds of siopao flavor are asado and bola-bola. Other kinds can be made, and the fillings for siopao are limitless. Asado siopao is made with pork or beef cooked in soy sauce and seasonings. Bola- bola siopao is made with pork and Chinese sausage, which are baked with egg and flour. The dough is made from rice flour. Asado is the most popular kind, and can be found in the Philippines at both street vendors and restaurants. The convenience of being able to eat this dish with one hand is part of its appeal. Asado siopao is made ith pork or beef cooked in soy sauce and seasonings. Want to get a price estimate for your Essay? Deadline Paper type Essay (Any Type) Admission Essay Annotated Bibliography Argumentative Essay Article Review Book/Movie Review Business Plan Case Study Coursework Creative Writing Critical Thinking Presentation or Speech Research Paper Research Proposal Term Paper Thesis Other Article (Any Type) Content (Any Type) Q&A Capstone Project Dissertation Lab Report Scholarship Essay Math Problem Statistic Project Research Summary Assignment Dissertation chapter Speech Dissertation chapter: Abstract Dissertation chapter: Introduction Dissertation chapter: Hypothesis Dissertation chapter: Literature Review Dissertation chapter: Methodology Dissertation chapter: Analysis/Results Dissertation chapter: Discussion Dissertation chapter: Conclusion Dissertation Proposal Thesis Statement Thesis Proposal Application Essay Pages 550 words(double spaced) 126 writers online Check Price A limited time offer! Get custom paper sample written according to your requirements urgent 3h delivery guaranteed Order now Chapter 1 Paper Storm and stress view G. Stanley Halls concept that adolescence is a turbulent time charged with conflict and mood swings. inventionist view The view that adolescence is a sociohistorical creation. Especially important in this view are the sociohistorical circumstances at the beginning of the twentieth century, a time when legislation was enacted that ensured the dependency of youth and made their move into the economic sphere more manageable. stereotype A generalization that reflects our impressions and beliefs about a broad group of people. All stereotypes refer to an image of what the typical member of a particular group is like. adolescent generalization gap Adelsons concept of generalizations about adolescents based on information about a limited, highly visible group of adolescents. contexts The settings in which development occurs. These settings are influenced by historical, economic, social and cultural factors. social policy A national governments course of action designed to influence the welfare of its citizens. generational inequality The unfair treatment of younger members of an aging society in which older adults pile up advantages by receiving inequitably large allocations of resources, such as Social Security and Medicare. development The pattern of change that begins at conception and continues through the life span. Most development involves growth,. although it also includes decay, (as in death and dying) biological processes Physical change in an individuals body. cognitive processes Changes in an individuals thinking and intelligence. socioemotional processes Changes in an individuals personality, emotions, relationships with other people and social contexts. prenatal period The time from conception to birth. infancy The developmental period that extends from birth to 18 or 24 months of age. early childhood The developmental period extending from the end of infancy to about 5 or 6 years of age; sometimes called the preschool years. middle and late childhood The developmental period extending from about 6 to about 10 or 11 years of age; sometimes called the elementary school years. adolescence The developmental period of transition from childhood to adulthood; it involves biological, cognitive, and socioemotional changes. early adolescence The developmental period that corresponds roughly to the middle school or junior high school years and includes most pubertal changes. late adolescence Approximately the latter half of the second decade of life. Career interests, dating and identity exploration are often more pronounced in late adolescence than in early adolescence. early adulthood The developmental period beginning in the late teens or early twenties and lasting through the thirties. middle adulthood The developmental period that is entered at about 35 or 45 years of age and exited at about 55 or 65 years of age. late adulthood The developmental period that lasts from about 60 to 70 years of age until death. emerging adulthood The developmental period occurring from approximately 18 to 25 years of age, this transitional period between adolescence and adulthood is characterized by experimentation and exploration. resilience Adapting positively and achieving successful outcomes in the face of significant risks and adverse circumstances. nature-nurture issue The issue involving the debate about whether development is primarily influenced by nature or nurture. Nature refers to an organisms biological inheritance, nurture to its environmental experiences. continuity-discontinuity issue The issue regarding whether development involves gradual, cumulative change (continuity) or distinct stages (discontinuity). early-later experience issue This issue focuses on the degree to which early experiences (especially early in childhood) or later experiences are the key determinants of development. theory An interrelated, coherent set of ideas that helps explain phenomena and make predictions. hypotheses Specific assertions and predictions that can be tested. psychoanalytical theories These are theories that describe development as primarily unconscious and heavily colored by emotion. Behavior is merely a surface characteristic and the symbolic workings of the mind have to be analyzed to understand behavior. Early experiences with parents are emphasized. Eriksons Theory Includes eight stages of human development. Each stage consists of a unique developmental task that confronts individuals with a crises that must be faced. Piagets Theory States that children actively construct their understanding of the world and go through four stages of cognitive development. Vygotskys Theory A sociocultural cognitive theory that emphasizes how culture and social interaction guide cognitive development. information processing theory Emphasizes that individuals manipulate information, monitor it, and strategize about it. Central to this approach are the processes of memory and thinking. social cognitive theory The view of psychologists who emphasize behavior, environment, and cognition as the key factors in development. Brofenbrenners Ecological Theory This theory focuses on the influence of five environmental systems: microsystem, mesosystem, exosystem, macrosystem, and chronosystem. eclectic theoretical orientation An orientation that does not follow any one theoretical approach but rather selects from each theory whatever is considered the best in it. laboratory A controlled setting in which many of the complex factors of the real world are removed. naturalistic observation Observing behavior in real world settings. standardized test A test with uniform procedures for administration and scoring. Many standardized tests allow a persons performance to be compared with the performance of other individuals. experience sampling method (ESM) Involves providing participants with electronic pagers and then beeping them at random times, at which point they are asked to report on various aspects of their lives. case study An in-depth look at a single individual. descriptive research Research the aims to observe and record behavior. correlational research Research whos goal is to describe the strength of the relationship between two or more events or characteristics. correlation coeffecient A number based on a statistical analysis that is used to describe the degree of association between two variables. experimental research Research that involves an experiment, a carefully regulated procedure in which one ore more of the factors believed to influence the behavior being studied are manipulated while all other factors are held constant. independent variable The factor that is manipulated in experimental research. dependent variable The factor that is measured in experimental research. cross-sectional research A research strategy in which individuals of different ages are compared at one time. longitudinal research A research strategy in which the same individuals are studied over a period of time, usually several years or more. gender bias A preconceived notion about the abilities of females and males that prevents individuals from pursuing their own interests and achieving their potential. ethnic gloss Using an ethnic label such as African American or Latino in a superficial way that portrays an ethnic group to be more homogeneous than it actually is.

Thomas Kuhn`s Pradigm theory Essay Example | Topics and Well Written Essays - 2750 words

Thomas Kuhn`s Pradigm theory - Essay Example The failure of foundationalism was the development of Weltanschauung views of Thomas Kuhn and some philosophers. His book, The Structure of Scientific Revolution, published in 1962, is the most cited book in the twentieth century. Thomas Kuhn introduced incommensurability, normal science and paradigm changes to the philosophy of science in this book. Incommensurability is used to describe conditions when one is not able to judge and compare the same standards, or have no common standard of measurement. This word originated in the 16th century, from the Latin word ‘incommensurabilis’, in a mathematical sense. According to Brown, both Thomas Kuhn and Paul Feyerabend, introduced incommensurability in the context of mathematics. For instance, in the Pythagoreans theory, the diagonal of a square with magnitude 1 is √2. However, this meaning of the irrational number cannot be expressed exactly, which holds true. Incommensurability, thus, describes the inability to compare unrelated concepts. Paradigm is defined as a typical example, pattern, or model of something, which can also be expressed as a global view of a theory and methodology of a particular scientific topic. This phrase originated in the late 15th century via the Greek word ‘paradeigma’. Thomas Kuhn claimed that science undergoes a paradigm shift, which is discontinuous. The paradigm shift describes a change in basic assumption in science. Paradigm shift has lead scientists to new approaches in understanding something that was never thought before, and therefore, must not be fully, but to account for subjective perspectives. Thomas Kuhn demonstrated that there are three stages in science, viz. prescience, followed by normal science, and then revolutionary science. This progression of stages occurs when â€Å"normal scientists† who are practising â€Å"normal science† will develop a particular paradigm through experimentation and study, and this paradigm will be challenged by new obse rvations obtained through further experimentations that falsify the current paradigm. When an overwhelming amount of evidence against the existing paradigm accumulates, a state of crisis begins. Therefore, a new paradigm will have to be developed that overrides the problems and limitations of the pre-existing paradigm in order to solve the state of crisis. This â€Å"crisis is resolved when an entirely new paradigm emerges and attracts the allegiance of more and more scientists until eventually the original, problem-ridden paradigm is abandoned†

One of today's most significant social changes Essay

One of today's most significant social changes - Essay Example The effects of globalization are that it is reducing distances and minimizing times, and creating a feeling that we are now living in a ‘global village’. It is a very significant issue to discuss because it affects every person and nation. It is breaking down various barriers and making things possible that were not possible before such as knowing about what is happening in another part of the world and communicating with others across the globe. This is enabling greater interaction to take place on a global level whether it is for business, social or other purposes. However, it also means that certain political, economic and cultural entities are wielding their influence around the world to the detriment of the less powerful. This is posing problems such as various social inequalities and global divides. Globalization is being facilitated by the Internet and other information and communication networks, operations of international organizations and multinational corporations, international trade, migration etc. It is an inevitable process because technology especially has to advance for society to progress. What is needed therefore is a plan of action that could help to guide this process so that desirable conditions are created in which the world can positively benefit from globalization. One area of focus could be education in which we teach people to have a greater understanding of other nations, cultures, languages, societies, religions, etc. Our education systems need to help create â€Å"global citizens that have a keen awareness of the political, economic, social, and environmental concerns of out time† (globalization101.org, 2010). If it were possible to seek help from the Buddha, he could guide mankind towards a harmonious age in which people are considerate and understanding of each other. After all, his teachings are focused on eradicating suffering and promoting unity. Globalization allows us to transcend barriers to

College and School Life Essay Example | Topics and Well Written Essays - 500 words

College and School Life - Essay Example The massive workload, demanding schedule, and culture shock combine to make university life far more stressful than high school. High school homework would be a welcome vacation to the college student that is carrying a full credit load. The necessity of solving a complex problem and writing a research paper on the results can bring the new student to the brink of a nervous breakdown. The desire to do well on a mathematics test can result in beads of perspiration and sweaty palms that were never there in high school. The intensity never ends as the stress of the university's standards makes the student long for the ease of high school subjects. A major component of doing well in college is doing the work on time. In high school the schedule is made for the student and there is little left to chance. However, college life demands that the student confront the challenges of 18 hour workdays, early morning classes, and conflicting schedules. College social life can be fun, but the student will risk their mental health by squeezing in a party in an already cramped routine. The high school student may suffer from the boredom of nothing to do, but the university freshman suffers the stress of never having enough time to do it. Confronting a new situation can be as stressful as it is rewarding.

Mergers and Acquisitions: Indian Banking Consolidation

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

The Life of Christopher Marlowe :: Free Essays Online

The Life of Christopher Marlowe Christopher Marlowe, also known as "Kind Kit" and "The Muses' Darling," is most famously known for being a pioneer in English drama. Introducing blank verse, villain-heroes, and revenge dramas to the stage, Marlowe had a huge influence on other playwrights of that time including William Shakespeare. Marlowe was born in Canterbury in 1564 to John Marlowe, a shoemaker, and Katherine Arthur, a Dover native (Henderson 7). On February 26th that year he was baptized at St. George’s Church in Canterbury (8). During the Elizabethan era, it was important that bright young boys receive proper education. A local philanthropist would usually pay tuition for a boy whose family could not afford it. When Marlowe was accepted into the King’s School, usually for sons of wealthy men, Sir Roger Manwood, a local philanthropist, allegedly paid for his education. When he died, Marlowe wrote a Latin elegy for him ("The Life"). While he was at King’s School, Marlowe studied religious instruction, learned Latin grammar, and Latin and Greek Literature. He was also well studied in ancient and modern history and was encouraged to write Latin poetry and perform plays in Latin and Greek. Upon finishing King’s School, he received a Matthew Parker Scholarship to Corpus Christi College in Cambridge, where he attended from 1580-1587 to further his studies and demonstrate a â€Å"mastery of Latin syntax and grammar.† He received his BA in 1584 to become ‘Dominus’ Marlowe ("The Life"). During the Elizabethan era, many of the best college students were recruited into the Secret Service to protect the Queen and her government. In 1584, after receiving his BA, Marlowe was recruited into the Queen’s Secret Service by Sir Francis Walshingham, England’s Secretary of State. During his time as an agent he gained respect from the Queen and her court, getting recognized as a talented writer. His political insight was â€Å"reflected in his political play about the turmoil in France, The Massacre at Paris† ("The Life"). Marlowe’s most important assignment was uncovering the Babington Plot, aimed at the Queen’s assassination and the assassination of her chief ministers in order to place Mary, Queen of Scots, as England’s Catholic queen. The Life of Christopher Marlowe :: Free Essays Online The Life of Christopher Marlowe Christopher Marlowe, also known as "Kind Kit" and "The Muses' Darling," is most famously known for being a pioneer in English drama. Introducing blank verse, villain-heroes, and revenge dramas to the stage, Marlowe had a huge influence on other playwrights of that time including William Shakespeare. Marlowe was born in Canterbury in 1564 to John Marlowe, a shoemaker, and Katherine Arthur, a Dover native (Henderson 7). On February 26th that year he was baptized at St. George’s Church in Canterbury (8). During the Elizabethan era, it was important that bright young boys receive proper education. A local philanthropist would usually pay tuition for a boy whose family could not afford it. When Marlowe was accepted into the King’s School, usually for sons of wealthy men, Sir Roger Manwood, a local philanthropist, allegedly paid for his education. When he died, Marlowe wrote a Latin elegy for him ("The Life"). While he was at King’s School, Marlowe studied religious instruction, learned Latin grammar, and Latin and Greek Literature. He was also well studied in ancient and modern history and was encouraged to write Latin poetry and perform plays in Latin and Greek. Upon finishing King’s School, he received a Matthew Parker Scholarship to Corpus Christi College in Cambridge, where he attended from 1580-1587 to further his studies and demonstrate a â€Å"mastery of Latin syntax and grammar.† He received his BA in 1584 to become ‘Dominus’ Marlowe ("The Life"). During the Elizabethan era, many of the best college students were recruited into the Secret Service to protect the Queen and her government. In 1584, after receiving his BA, Marlowe was recruited into the Queen’s Secret Service by Sir Francis Walshingham, England’s Secretary of State. During his time as an agent he gained respect from the Queen and her court, getting recognized as a talented writer. His political insight was â€Å"reflected in his political play about the turmoil in France, The Massacre at Paris† ("The Life"). Marlowe’s most important assignment was uncovering the Babington Plot, aimed at the Queen’s assassination and the assassination of her chief ministers in order to place Mary, Queen of Scots, as England’s Catholic queen.