Half Caste, by John Agard Essay Example for Free

Half Caste, by John Agard Essay Poetry is used by writers world wide to express them. Many of these poems are very negative and show it in the use, and misuse, of language. Other poems are more positive. Poets often use their work to express difficult situations. Half Caste is a good example of this because it portrays the writer in a negative situation that the writer expresses his opinions about. Unrelated incidents is a similar type of poem with a varying, but overall alike problem. The poem Not my business is a more literal poem. The poem is similar because it shows the poet in a difficult situation but the way the poet expresses himself is completely different. In Half Caste, by John Agard, the difficult situation is one of prejudice. The writer is expressing his dislike of the prejudice he suffers because he is of mixed race or, in his words, half caste. The word half-caste is shown to be the culprit in this poem and the entire poem ridicules the word and those who use it. The writer uses various strategies to achieve this goal. In the first paragraph the writer immediately draws the readers attention with an apology, excuse me, he says. This draws the readers attention because it is a very abrupt way of starting a poem and the reader continues to read to see what he is fact sorry for. Immediately, Agard shows that he was in fact being sarcastic. He uses the ridiculous imagery of a man standing on one leg to show the stupidity of the word half-caste. Agard continues to be ridiculous like this throughout the poem. Agard doesnt confine himself to ridiculous imagery though, he uses imagery of famous western icons to prove his point, yu mean when Picasso mix red an green is a half caste canvas. This is effective because to create a good painting an artist will probably have to mix colours, Agards point is that paintings with mixed colours are any worse so why should he be. He uses similar imagery using British weather and Tchaikovsky to prove the same point. The constant use of such imagery shows the reader the difficult situation rather than describing it, in Half Caste the writer uses it to show why e hates prejudice and by doing so tells the reader the prejudice he suffers. . Not my business also uses imagery, but the imagery is not as subtle and more literal. The poems starts with imagery of brutality beat him soft like clay. The imagery is very violent and suggests constant repetitive beating. The few words say masses; soft like clay suggests broken bones and tenderness. The imagery is very violent and portrays a very violent regime or lifestyle. This instantly shows the difficult situation in which the writer is in. Later in the poem more imagery is used. The constant repetition of savouring mouth and the personification of objects hungry hand and bewildered lawn create imagery of consumption. These constant images of consumption and brutality lets Osundare express his situation fully and more interestingly than if it had been written in prose. John Agard also uses a Jamaican dialect in Half Caste. In the entire poem he uses no punctuation, and spells everything phonetically according to the dialect. This deliberate misuse of the English language is an obvious rebellion to English standards. He writes in English but in a Jamaican dialect showing his problem of being Half Caste. This simple use of dialect says many things about his views on his stereotyping. He is rebelling against people who want him only to act English and people who are prejudiced against him. The use of dialect says that if English people discriminate against him then he will discriminate against the English language. Unrelated Incidents also uses dialect to show a difficult situation, this time the dialect is Scottish and its use is obvious. By using a Scottish dialect the writer instantly shows the difference between him scruff and the BBC accent he is opposed to. The difference in dialect shows the prejudice Leonard claims to suffer. The prejudice is not one of a different culture but one inside Britain. He is saying by using dialect that no one trusts him, or other Glaswegians because of their accent and their home. He says this in the poem as well by saying if a toktaboot thi trooth lik want to yoo scruff yi widny thingk it wuz troo.

thier eyes were watching god :: essays research papers

â€Å"Baby Janie† Their Eyes Were Watching God is a novel about a woman named Janie who grows up and finds out what life and God have in store for her. The story is very similar to Black Women by Georgia Johnson. This novel and poem share similar themes, characters, and symbols. This similarity is seen through out these two works within their writing.   Ã‚  Ã‚  Ã‚  Ã‚  These two stories both tell a basic theme of being born into a harsh world and the choices which must be made by the characters. The themes main focus is on the development of the baby and Janie and the paths they chose to follow. In â€Å"Black Woman† the child is ready to be born, but the mother isn’t willing to have the baby just yet. Her reasoning for not wanting to have the baby is the fact that the world is full of â€Å"cruelty and sin† and the â€Å"monster men† (Johnson, 4) who inhabit the earth are bad. The mother in this poem can see the world is harsh and that raising a baby in such a world would be difficult and a struggle. In Their Eyes Were Watching God, Janie’s grandma wants her to get married to an older man right away. Her reasoning is because she too also has seen how harsh the world is and doesn’t want her baby Janie to be stuck alone and have to live in hardship. Janie, like the unborn child, is determ ined to go her own path and set her own life. They both seem to feel that they are ready for what life has in store for them. Janie wants to live her own life by her own decisions, and the baby wants to go on the same path and be born into the world to start its’ â€Å"path†. These similarities in theme are very apparent through the novel and relates to Black Woman’s story.   Ã‚  Ã‚  Ã‚  Ã‚  Both Their Eyes Were Watching God and â€Å"Black Woman† have very similar characters due to their decisive and protective qualities. Janie is very happy with life as she sees it and wants to make her own decisions. Her grandma wants to protect her from a wrong choice, so she decides Janie must marry Logan. †I wants to see you married right away† (Hurston 12). Like Janie, the unborn child is ready to come into the world and live a beautiful life of happiness.

The Ideals of Fdr

FDR: The Great American President Jacob WagmanProfessor Christy ChapinHIST102Due: 25OCT12 Franklin Delano Roosevelt is easily the best president of his era. He had the single best approach to the economic problems and social problems that followed the economic problems of the time. Many people would say that he couldn’t make decisions for himself because of how he was constantly changing his ideas but in truth, his plan was to do whatever it took to work and he was going to make something work. In case it was not known, FDR was a fighter. He never gave up on the USA or stepped down even after being stricken by polio.A lot of his ideas came from his â€Å"brain trust† which was comprised of many advisors of all different back rounds and political beliefs. He was constantly keeping the American people informed with the state of the government and economy through a new invention popularly known as the radio. He would go out of his way to help the banks and would do anythin g to dig the US out of the pit that Hoover had dug and did nothing really to dig them out other than laying the foundation for FDR to bring America back from the brink of complete collapse.Using the foundation laid by Hoover many Administrations, Acts, and even some Corporations were put in place and somewhere welcomed and others weren’t, but FDR took all of the success and failures and made sure it worked out for the American people and the world when WWII came around. His foreign policy in WWII was very much respected and still is today because FDR would not let the crimes of others go unpunished. All in all everything FDR did was for the best of this country and the way he handled WWII both domestically and overseas.When FDR was elected into office he was left with quite a mess left by Herbert Hoover, but Hoover had left a very nice foundation to start FDR’s famous â€Å"New Deal. † Programs during this time focused on trying very hard to help bring the US ou t of the Great Depression by working on reform, recovery, and relief efforts. Many of the programs put together by FDR came from his â€Å"brain trust† which was FDR’s circle of advisors which ranged from democrats to republicans and even to progressives. This is why it seemed like his ideals were always changing because he was trying to here from verybody to see which would work best to pull the US out of the muck. He started with starting a bank holiday in which every bank in the US was forced to close so that government officials could come into each of the banks and decide if the banks were suited to re-open for public use. In order to guarantee the money people put into the bank for safe keeping, the Federal Deposit Insurance Corporation (FDIC) was created and this gained the public’s usage of the banks again because they could not possibly lose their money because of a bank failing because the government backed up the money 100%.The Securities and Exchange Commission Act was also implemented to regulate the stock market so that another stock market crash could be avoided. Many people disagreed with these economic policies but if they were alive they could see that these two government sectors are still in use today because of how effective they have been throughout the years. FDR’s next goal was to provide jobs for all the people who were unemployed, which was about 25% of the entire population.Programs to fix this problem were such like the Civilian Conservation Corps (CCC), which hired young adults around 18 to plants tress and help the National Parks, the Public Works Administration (PWA), which contracted with private businesses to build roads, schools, hospitals, and other government-esc buildings, the Tennessee Valley Authority (TWA), which was set up to build dams along the Tennessee River, and the Works Progress Administration (WPA), which was an administration that directly hired people and also white collar workers s uch as teachers and nurses, and they also trained unskilled workers so they could perform specific tasks.Looking back nobody could even argue with these programs because it provided thousands of jobs for the unemployed which did much more good than bad. There was some controversy over the TWA forcing people out of their houses but it was for the good of the entire Tennessee River Valley so it was more necessary than anything. ,Many programs were welcomed with open arms like the Federal Housing Administration (FHA) which tried to lower the foreclosure rate and made more long term mortgage loans that made owning a house more possible, but there were programs like the National Recovery Administration (NRA) which wanted to eliminate competition so all businesses could thrive, but it ailed very oorly because the little businesses were still eaten alive by the bigger companies, and another unpopular program was the Resettlement Administration (aka Federal Security Administration), tried t o make farming more like the USSR in which farming was more collective and controlled by the government but the program was met by much resistance both from Farmer’s and the Chamber of Commerce.But if it had not been for these failure than FDR would not have been able to come up with the Agricultural Adjustment Administration (AAA), which was the government paying farmers not to produce so that the goods on the market could be purchased at a slightly higher price to attempt to stimulate the economy. At first the Supreme Court shot down the AAA, but it was later brought back by congress in 1938 because it actually helped farmers and made them happy.During the start of WWII when it was strictly in Europe and China, the USA became extremely isolationist to the point where they even pulled out of Haiti and Nicaragua so that they were involved in as little foreign conflict as possible. The USA even refused to sell weapons to Great Britain and France because they didn’t want to risk getting pulled into another World War again. While the war kept going on the USA passed acts such as the Neutrality Acts which banned US citizens from traveling on ships from foreign nations that were in war with another country and they banned selling weapons to foreign nations.FDR pleaded with congress to allow the USA to at least attempt to assist the allies fighting in Europe because they were just that, the USA’s allies. But congress kept turning down FDRs pleas for help until he managed to convince congress to allow for the first Military draft and for the US to start building and selling arms to the Allied powers. This was when FDR decided to run for a 3rd term which he won by a landslide because people saw how he had started to help the economy grow bit by bit. In 1941, FDR got the Lend-Lease act to be approved.The Lend-Lease Act made it possible for the US to fully help the Allies by giving them arms and munitions. In order to provide these items for the All ies more jobs had to be created to produce the weapons and so thousands of jobs were created which helped the economy out that much more. The Lend-Lease Act also stopped all trade with Japan in an attempt to discourage them from continuing the atrocities they were committing over in China. This unfortunately provoked Japan into launching a preemptive strike on Pearl Harbor where over 2000 service men lost their lives and about 200 aircrafts were destroyed and 18 naval ships were lost.FDR immediately requested a declaration of war in his famous address to congress in which he quoted the attack on Pearl Harbor as â€Å"a day that will live in infamy. † FDR’s policy on isolationism and then all-out war is an extremely well thought out strategy considering the position the US was in. He wanted to help GB and France desperately but Congress wouldn’t help him at all. But he pushed and pushed till he finally succeeds and ultimately, helped the Allies push to victory an d overcome the most outstanding odds against them.Franklin Delano Roosevelt is not only one of the best Presidents the USA has ever had, but he also had some of the most ingenious ideals for how to fix the economic crisis the US has ever faced, and then later one of the worst crisis the world has ever faced in World War Two. His plans or creating jobs worked unlike those of Hoover, and even though some of his programs failed, he learned from the failures only to make the successful programs even more helpful and long lasting for the US.To top his economic policies, his policies on World War Two were even better because he found a way to stay isolationist at the beginning where he could still make jobs by avoiding the war and then joining the war when it was absolutely crucial the US did, which ultimately ended up pulling the USA out of the Great Depression even if he were not alive to see them win the war and there to see the Great Depression end due to all the good he did for the U SA. Nobody can argue that his ideals and policies were anything shy of some of the best of any president.

Impact Of Mergers And Acquisitions On Operating Performanc - Free Essay Example

Sample details Pages: 22 Words: 6686 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Chapter-1: Introduction 1.1 Introduction Along with boosting their own profits, businesses create gains for their shareholders and exist to serve customers. According to Ghosh and Das (2003) these aims can be achieved a) by reducing costs since this increases competitiveness and market share and so wins over more customers, b) by capturing wider markets through offering an increased range of products and services, c) by undertaking diversification operations, and d) by undertaking mergers to grow the company inorganically. Mergers and acquisitions (MAs) are suggested as measures to revive failing companies and as strategic tools. Conducive to strategic alliances and mergers in an increasingly competitive business environment are global economies, favorable policies and incentives, relaxed rules, and liberalization. New products, diversification, RD etc.have also been included as critical factors when businesses scale up operations and responsibilities along with increased roles in world economies as has been noted by Yadav and Kumar (2005). Due to brand building and PR exercises, a few MA deals may have taken place as pointed out by Malatesta (1983) and Roll (1986). Don’t waste time! Our writers will create an original "Impact Of Mergers And Acquisitions On Operating Performanc" essay for you Create order One fact prevalent across numerous sectors relates to an increase in MA competence levels and competitiveness. Corporations involved in MA deals around the worldconsistAir France and KLM in the airlines sector, Daimler-Benz and Chrysler in the automobilesector, and SBC and ATT in the telecom domain. A lot of research on shareholder gains in the event of an MA exists today. When word gets out that an MA is imminent, the stock prices of both companies goes up tremendously and favorably impacts shareholder value. As the nature of the market reports why details of impending mergers are not leaked and could lead to stock crashes affecting prices many reasons are there. While MAs may lead to healthier bottom lines and improved cash flows as felt by most business managers, however, to the shareholders, some mergers and acquisitions may be loss making enterprises which are of no use. So to generalize that MAs always result in favorable circumstances for the shareholders is not always true. Due to the fact that in terms of synergy, expertise, and objectives, the companies do not match up some mergers may not be effective. If the following are not aligned correctly i.e. asset allocation, resources, and core strengths and if through a planned integrated approach, care is not taken to fuse the two companies into one then, along with an expose of operating weaknesses, share value can fall. This may lead to erosion and drying up of capital.The failures in MA deals are placed at over 60% as estimated by Schweiger (2003). 1.2 Background of the study Through the economic activities across Europe and the world it is clear that FDI activity has risen over the past decade. In addition, the merger and investment acquisition mode has risen sharply and as a percentage of all FDO risen as noted by Lipsey (2002). From 1995à ¢Ã¢â€š ¬Ã¢â‚¬Å"2001 the à ¢Ã¢â€š ¬Ã…“Global Waveà ¢Ã¢â€š ¬? has been labeled as the most recent merger wave by Jobanovic and Rousseau (2002), through an emphasis on their importance and a move to more cross-border mergers. According to Jovanovis and Rousseau in the EU in 2000à ¢Ã¢â€š ¬Ã¢â‚¬Å"2001, about 40% of all mergers occurred through cross-border deals and from 1991à ¢Ã¢â€š ¬Ã¢â‚¬Å"2000 these deals accounted for about 100% of the total number of mergers in the EU. According to the EC (2001), to make acquisitions for euro-zone companies becomes easier by increased financial marketsà ¢Ã¢â€š ¬Ã¢â€ž ¢ integration. Among the EU nations, a rapidly increasing number of cross-border MA were contributed to by an active market for corporate control given the boom of the 1990s. Similar to Ueng and Ojahà ¢Ã¢â€š ¬Ã¢â€ž ¢sresearch (1998) the FDI wealth effects investigation the effects of these integrating transactions on form shareholders using methods are examined in this study. In the EU nations, the merger analysis and acquisition activity is warranted certainly as suggested by the importance of the international business community and increased activity. In the EU,of the integration process, a significant piece is owed to cross-border mergers and more than others, the benefits have filtered in to some countries. Therefore, it is important to understand who has gained or lost, and why. Instead of the individual states of the United States (US), the EU nations have greater political disparity. This would seem to imply that across the US the nations across EU are of greater importance in a level playing field in the business community. Within the US however, instead of a similar study of interstate transactions, this key factor makes this study much more interesting. 1.3 Statement of the problem In terms of markets, resources, technology, money, or skills, mergers have a high chance of taking place in terms of the size of the top managements of two similar companies and when they are evenly matched to register and contribute to the merger as observed by Samuel and colleagues (1990). Between equals, these mergers are mergers and generally, when the existing companies do not function as an entity anymore, they are complete and a new structure is created to merge the assets and resources of both the companies. The new companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s shares are then redistributed among both the companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ shareholders. In another scenario, giving them a majority shareholding by buying a large percentage of their shares, a company may acquire another company and become the new à ¢Ã¢â€š ¬Ã‹Å"owners.à ¢Ã¢â€š ¬Ã¢â€ž ¢ This is termed an acquisition and the company acquired is merged into the existing business of the company. The target ceases to be an independent entity legally. Along with trading on the stock exchanges the shares of the acquiring company still exist. 1.7 Significance of the study In the industry involved the three big entities Lloyds TSB and HBOS have special significance as their merger provesthrough the rationale behind this topic.This merger sought to create the largest steel company and this leaves much scope for research. 1.8 Possible contribution to knowledge Based on the home country of the target and the acquiring firms, there are differentials in the average wealth effects of cross-border mergers and a study of this is the possible contribution of this research. From the EU averages it is clear that several EU nations differ significantly, which would imply that from cross-border mergers than those in other countries the owners i.e. shareholders of firms in particular countries stand to benefit more. Why these differences exist, the research continues to explain empirically and this is beyond showing that such country-specific differences exist. In Europe, by examining a small sample of cross-border mergers, it is evident that these findings are not unique to the EU. 1.9 Limitations of the study The research deals with a specific industry and that is the key limitation of the study. Hence, the implications of this study cannot be applied as every industry has its own conceptualization with regard to the effects of mergers and acquisitions. The country-specific nature is the other limitation, since these organizationswork within individual financial environments pertinent to these countries. 1.3. Purpose of the research and aims à ¢Ã¢â€š ¬Ã…“What is the impact of mergers and acquisitions on the operating performance of the firm?à ¢Ã¢â€š ¬? Objectives of the Research To critically analyze the impact of mergers and acquisitions on the operating performance of the firm in India. To strategically evaluate the impact on shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth post-MA. 1.4. Structure of the rest of the report Chapter 1- Introduction: Chapter one is the Introduction which will cover the brief aspects about mergers and acquisitions. Chapter 2- Literature Review: Chapter Two will dealwith Literature Review which will draw theoretical underpinnings on the subject area of the research. Chapter-3-Conceptual Framework: Chapter Three will discuss the Indian Banking Industry with the perspective of MAs. Chapter 4- Research Methodology: Chapter Four will be on Research Methodology and Process which will cover the process which is adopted by the researcher for conducting the research. Chapter 5-Data Findings and Analysis: Chapter Five will be on Data Findings and Analysis which will cover broadly the sectors which are involved in the mergers and acquisitions. Chapter 6- Conclusion: Chapter Six will be the Conclusion which will specify the way the entire research has been conducted and the end result of the same. Topic: A study of recent mergers and acquisitions in India and their impact on the operating performance and shareholder wealth: An analysis Banking Industry. Chapter-2: Literature Review 2.1. Introduction Investigators have been analyzing amalgamations and takeovers in the context of their characteristics and the impact on the development of both the entities over the past several years. In actuality, Weston et al. (2004) opine that the experts and researchers in the field have provided a large quantity of records related to the topic. There are many reasons why companies follow development policies related to amalgamations and takeovers. This permits rapid acceleration in addition to having a quick and instant approach to markets, both local and international. It is also likely to touch renowned brands, apply knowledge and skill, and widen the dimension and extent without losing time. In the sphere related to real estate, a participant (real estate firm) may want to promote a mutual organization for funding ventureson an individual basis. It may also consider entering into a joint venture with a construction enterprise in the domestic market so as to execute the venture as per assure d measurements and highlighted conditions as stated by Jensen (2006). Clients are reassured when they involve themselves with big enterprises, which have a great degree of brand reputation and remembrance. During these times, they articulate their backing, not merely as clients but also as financers as they buy stakes so as to invest money in the enterprise. It also possible for a company to advance by augmenting returns or managing expenses which in turn can be attained by reorganizing and reconfiguring finances apart from using creative methods and reengineering. Some enterprises may also purchase brands, goods, and utilities to expand the goods portfolio of the enterprise. The capability of an enterprise to undertake a development policy by reallocating its resources in creating different facets of its presence was maintained by Hogarty (2000). This could be denoted by its production unit, RD, and through creating and promoting its brands and setting up more projects in parallel or varied spheres. Firms may also purchase extant enterprises or amalgamate with others to attain their objectives. Amalgamations and takeovers assist in accelerating development as the roles pertaining to infrastructure, branding, and manufacturing are clearly set up. Superior mediums which endorse development comprise of contracts, treaties, and agreements for varied ventures for a pre-determined time. All across the world, international corporates and enterprises are entering into purchases of and amalgamations with new firms, forming joint ventures and such equivalent associations on a common basis. Nearly fifty percent of the contracts pertaining to amalgamations and takeovers in India have been initiated by global enterprises. In 2005 alone, India witnessed global contracts of around 58 percent, a number which was double compared to Japanà ¢Ã¢â€š ¬Ã¢â€ž ¢s agreements at 21 percent. Internationally, amalgamations and takeovers entail dogmatic frameworks particular to a specific nation and the labor unions of the enterprises. Post the 1990s, economic revolutions have been occurring globally and this has seen a growing attraction for amalgamations and takeovers. The financial segment witnessed a newness which saw modifications being made to possession and trade regulations, an increase in the disposable earnings and as a result, the capacity to discover newer marketplaces and newer chances. Firms are now fully utilizing the reduced interest rates and cost of capital. This has assisted several enterprises in broadening their scope of operations at the domestic and global levels through partnerships, associations, amalgamations, and takeovers. Additionally, the presence of many global media enterprises which publish information pertaining to contracts and partnerships on a large extentà ¢Ã¢â€š ¬Ã¢â‚¬ particularly in segments related to production, cars, retail and others. On the other hand, it is extremely crucial for companies to ensure specific advisory metrics before they perform their functions related to amalgamations and takeovers, especially in huge markets which have not been discovered. Amalgamations and takeovers also have the ability to shift the stakeholder worth affirmatively or adversely, which may result in a scenario, which eats away into the prosperity. When local takeovers in addition to global amalgamations get transformed into deficit-making and zero-worth developing patterns, all of these experience impediments. When stakeholders are not going to benefit from such projects, the costs of shares decline and thus, such agreements must consider all the primary essentials before opting for the linked choices. The influence of amalgamations and takeovers may be favorable or harmful to the development and this may take a long time and also be extremely costly for a total revival from an impediment. The existing segment also highlights the investigations and examinations undertaken on the topic by analysts. One needs to have sufficient data evaluation and also conduct hypothetical tests while assessing the influence of amalgamations and takeovers. Adequate links should also be deduced to comprehend the reason and impact correlations in amalgamations and takeovers in context to the criteria such as development of trade, stakeholder worth, productivity, and general performance. As the current study is linked to the influence of international amalgamations and takeovers, it is crucial to analyze the global amalgamations. Global partners who function from India while being based in the European Union framework have been examined depending on specific extant data. Additionally, domestic amalgamations and takeovers have also been analyzed. 2.2. Theoretical Background: Mergers Acquisitions (MAs) 2.2.1. Definition Amalgamations and takeovers can be superiorly comprehended as development polices to enhance the income of the enterprise and also, its capital foundation. Sometimes, for two enterprises, with similar or dissimilar trade functions, to amalgamate on specific ranks is a superior trade choice. An amalgamation of this type assists in imparting a blend of experience and finances. A commercial amalgamation of this type functions as a solitary body between edifying impacts and worth values of a commercial amalgamation and takeover (Jensen and Ruback, 2003). Though the phrases à ¢Ã¢â€š ¬Ã‹Å"amalgamationsà ¢Ã¢â€š ¬Ã¢â€ž ¢ and à ¢Ã¢â€š ¬Ã‹Å"takeoversà ¢Ã¢â€š ¬Ã¢â€ž ¢ are frequently employed collectively, they are two extremely varied procedures. Amalgamations describe the merging of two different enterprises into a single entity. The two enterprises join each other, and shift all their resources and functions into a new one. This procedure includes the merging of all types of resourcesà ¢Ã¢â€š ¬Ã¢â‚¬ employees, manufacturing facilities, and functions into the new entity that is shaped. The new entity shaped out of this has its individual distinctiveness, edifying representation, and groups of convictions. It is pointless to state that they are possessed by both the parties which share their resources to develop the new identity (Huang and Walkling, 2007). A takeover is considered as the purchasing-out procedure of an enterprise by another with the goal to stimulate management of its assets, investments, and functions. Takeovers occur when a firm purchases a major share of another firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stakes, assets, and liabilities (Weston et al., 2004). Firms experience a supplementary benefit when this occurs as they get the management apart from the functioning assets, in contrast to when they purchase merely the stakes, in which scenario they have to only compete with the other shareholders. Purchasing assets includes more expenses and offers an extensive capital foundation (Singal, 2006). Now let us consider acquisitions. This phrase also has been employed for many perspectives and is understood also. Takeover is a vague expression and though it may denote a context similar to acquisitions; the two are actually varied types of trade agreements (Jensen, 2006). A takeover is when a purchase is conducted without acquiesce or perm ission of the enterprise being taken over. Takeovers come with an adverse action that entails the attaining of another firm with the intent to à ¢Ã¢â€š ¬Ã‹Å"manageà ¢Ã¢â€š ¬Ã¢â€ž ¢ it. When an enterprise desires to take over another firm, it tries to purchase all its shareholders. Takeovers are the ones which do not have the approval of the firm being purchased and they are often nearly undertaken as a hostile proposal. This now clearly explains the different expressions and implications attached to amalgamations, acquisitions, takeovers, partnerships, and associations and how their context is based in the situation in which they are being applied. 2.2.2. Types of Mergers Acquisitions Mergers can occur at parallel, perpendicular, or multinational levels. Each kind of amalgamation has not only its own typical characteristics but also a distinct impact on the work processes and trade functions. Horizontal Mergers When two enterprises or enterprises that have parallel trades, which amalgamate to develop an entirely novel trade enterprise, it is known as a parallel merger. The enterprises which enter into a parallel amalgamation combine their assets as individual enterprises to shape a novel entity. These enterprises are thus capable of making a more robust enterprise which has a wider capital base and greater resources. The rationale behind this is to acquire a larger market share and become a dominant force in the market (Shleifer and Vishny, 2009). Such parallel amalgamations provide several benefits. They enable larger presence and greater range in addition to optimal performance ability to the novel entity. The two previously distinct entities now have the benefit of augmented resources capable of executing procedures in a superior method to ensure consistent supply of goods, which are of much better quality (Mitchell and Mulherin, 2006). Even in India there are a few instances of parallel amalgamations, for instance, the amalgamation between Indian carriersà ¢Ã¢â€š ¬Ã¢â€ž ¢ which occurred between Lufthansa and Swiss International apart from Air France and KLM (Bottazzi et al., 2001). The United Kingdom (UK) has witnessed several parallel amalgamations. In reality, the results of several investigations have depicted that nearly 60 percent of all amalgamation agreements which have occurred post-2001 have been parallel amalgamations (Firth, 2000). The same notion is also put forth by Berndt (2001). He also states that most of the amalgamations which happened post-deregulation and liberalization of the economy were parallel in character. Another instance of a parallel amalgamation like the one ofBirla Cement and Larsen Toubro (LT) is related to the cement sector. Additionally, the amalgamation ofKingfisher Airlines and Air Deccan in addition to the one between Jet Airways and Air Sahara depict parallel amalgamations in the airlines sector. The Tatas and the Birlas are two huge corporate entities, which have amalgamated in the telecommunications sector. Vertical Mergers A perpendicular amalgamation is one in which enterprises which are elements in a supply chain or which function as utility suppliers or subsidies in the equivalent type of trade resolve to become one entity. It is noticed that such amalgamations occur when firms resolve to augment their forte in the supply aspect (Agrawal et al., 2002). Perpendicular amalgamations manage to keep rivals away by maintaining stress and managing their supply firms. The perpendicular amalgamation is thus capable of seizing a bigger market share for their goods while the supply group fails to back the goods of other contenders. This plan assists the enterprises to closely react to their clientsà ¢Ã¢â€š ¬Ã¢â€ž ¢ needs. The element pertaining to the rivals is capable of keeping the prices from rising as the supplies are not reimbursed for (leanmergers.com). Logically, the outcome of this action is an extremely robust management and more revenues as the firms attain an upper hand over their contenders. An instance of perpendicular amalgamation is the one between Ford and Vauxhall who are car producers, who have acquired or purchased automobile enterprises. When Ford purchased Hertz, it was an instance of a perpendicular amalgamation (Loughran and Vijh, 2007). Another example of a perpendicular amalgamation in the telecommunication industry is that of Reliance Communication Ltdà ¢Ã¢â€š ¬Ã¢â€ž ¢s purchase of Flag Telecom. Conglomerate Mergers Multinational amalgamations occur amongst two entirely varied enterprises. Such enterprises are participants at distinct degrees and have no equivalents in the good variety, markets, clients, supply chain, or any other criterion. Multinational amalgamations occur amongst such enterprises and a novel association is shaped in addition to new trade contracts. Multinational amalgamations show only one line of power or authorization, which manages the trade functions from a solitary aspect of knowledge, resources, client power, and market experience which guarantee enhanced trade after the multinational trade which occurred before (Asquith et al., 2003). Multinational amalgamations are executed so as to diffuse the dangers over an extensive base and thus avoid any chief impediment for the enterprise (Huang and Walkling, 2007). Financial Acquisitions Monetary attainments are related to the capital and fiscal aspect of trade plans such as Management Buyouts (MBOs) or Leveraged Buyouts (LBOs). Such purchases are not considered in the same context as amalgamations and takeovers (Travos, 2007). 2.2. Stimulus for Amalgamations A large chance to develop the value of mergers is when incentives for the same are anticipated or envisaged by investors. Investigators such as Asquith et al. (2003), Agrawal et al. (2002), and AndrÃÆ' © et al. (2004) have developed comprehensive data related to the topic pertaining to the incentives for mergers. Mergers must be discouraged by varied reasons such as a superior geographic market, varied economies, superior capabilities and price efficient conduct, widening of the trade, the synergy incorporated, and shifting assets to superior administrators so as to maximize the assets and create superior results, which is the chief objective. It has been proved that mergers and amalgamations are distinctive mediums related to financing in the context of advancement by many investigators. The chief idea or objective behind attaining a profitable investment would be important, particularly if such a concept is considered. In the event of the presence of incentives such as professions or sometimes pure respect improvement occurrences, the possibilities of investments becoming valuable, particularly when there are totally varied incentives for the varied enterprise to triumph and create the line of business. In the event of mergers, at the point when the primary incentive shapes the real advantageous investment, one has to consider the reason why the merger may seem to be priceless. A primary reason may be the lack of the expanding capability to access an unexploited market. One may anticipate a merger so as to achieve these objectives in an effortless manner (Gugler et al., 2003). For a triumphant merger, one should ascertain aspects of robust revenues and synergies. The focus in this matter should also lie on comprehending the incentives for cross-border mergers. It is noticed that dissimilar to domestic mergers for cross-border mergers, one needs to develop an incentive evaluation (Conn et al., 2001). The FDI incentives would resort to internalization, ownership, and position advantages as good instances as mentioned by Moeller et al. (2004). In the context of cross-border mergers, a merger is not likely to have unique ownership advantages. On the other hand, locational advantages may be unclear. Thus, in lieu of purchasing an enterprise in a totally varied geographical market, there are many idea-procedures which happen constantly. The majority of crucial internalization advantages in the instance of cross-border mergers are when products are sold overseas by one nation to another. In the event of the incentives, the OLI framework provides a backdrop for the objective of cross-border mergers, but other factors are also very crucial. It is considered by Chen and Findley (2002) that there is a speed if the retrieval to international markets since those from Greenfield investment cannot be equaled. By the end of the initial ten years of the 21st century, the waves in mergers were analyzed by Danzon et al. (2004). This was later referred to as the à ¢Ã¢â€š ¬Ã‹Å"Cross Borderà ¢Ã¢â€š ¬Ã¢â€ž ¢ wave. In contrast to other waves of the century, Evenett explained the trends of the merger wave to be distinct. The utility segment displays how the merger wave comprises of more mergers since specific elements had become components of the à ¢Ã¢â€š ¬Ã‹Å"Cross Borderà ¢Ã¢â€š ¬Ã¢â€ž ¢ and more so, with the liberalization effects in addition to the industrial monetary facet, this has additionally intensified privatization. There had to be a greater milieu to assist cross-border mergers. With the chief investment, the incentives had to be linked to the dogmatic surrounding to guarantee an element of the merger wave as depicted by Evenett. For other such grounds, cross-border mergers rise as depicted by Nicholson and McCullough (2002). When the researcher has to handle the theoretical information pertaining to mergers, he tries to present an expansive literature for better understanding. In the context of mergers, a maximized direct policy contention seems to be the most superior and is accountable for the impact of the mergers. A reasonable facet of the investigation discusses how both, markets and clients in the market commence many types of mergers. There has also been a theoretical investigation relating to ideas such as benefit predictions, envisaged variations in the outlays, diversified and varied quantum, in addition to who will eventually gain or lose on account of mergers. These theoretical investigations found their crux in oligopoly markets. Oligopoly markets have been the only crucial markets to utilize the rationale behind mergers opine Conn et al. (2001). So as to manage such market situations, a firm which enjoys a monopoly generally cannot enter into a merger. In a merger of firms, there would be no impact on the market outcomes. In varied production scenarios, the strengths of demand and cost in varied types of oligopoly markets function in different ways while the emphasis of the literature is on studying mergers. 2.3. Cross-Frontier There are several literatures which pertain to theories related to mergers. In reality, none of these literatures actually differentiate that in the management of international merger procedures there must be variations. To achieve cross-border mergers several simultaneous investigations have been undertaken, which complement that there are several literatures dealing with the impacts of these mergers. In terms of globalization, it relies so this is a close expansion and additionally it fulfills international economy apart from varied types of market endeavours to expand international firms of their functions. With consistent methods related to cross-border mergers there is relevant contention for the perusal of à ¢Ã¢â€š ¬Ã…“Indianizationà ¢Ã¢â€š ¬? of different segments as described by Ozawa (2002). On account of the absence of attempts in merging administrative techniques, business is the driving aspect behind communication and culture which is why different cross-border merger s were unsuccessful states Finkelstein (2009). Every type of merger is impacted by these matters instead of cross-border agreements which may be dominant. A further peril is that cross-border contracts are entered into merely to gain benefits. To regard the facets of wondering literature there are subjects and anxieties in context of the methods which incorporate cross-border mergers that have been completed. For cross-border mergers, informative differences are real in the hypothetical model facet as stated by Estrin (2009). In the process of achieving merger benefits, jargon, cultural problems, and official systems are cited as types of primary obstacles. The capabilities to draw attention of skills from other enterprises have been provided to differences useful influence procedures, attainment of communal mergers in firms and the particular speed. Generally, between the links amongst the merging methods of firms informative differences are the source of distrust, to which the triumph can be impeded by the communication matters. There is no clear theoretical model on the other hand, which is related to the impediments which harm the efficiency; despite it being a hypothetical exemplar. In contrast to domestic mergers, for a successful cross-border merger, however, this proves that the closer the facets, the more the obstacles, and these are limited to specific countries since many of th ese obstacles are linked to the regulatory and informative systems prevalent there. According to the origin of enterprises in context to the obstacles,there exist behavioral national variations which need to be expected and depend on the country. By being a source of synergy, informative differences can enhance merger ability in addition to generating benefits as opined by Fama (2009). However, impediments can be built by this, for expanded manner of spreading that is more possible. Instead of any of the domestic mergers participating in cross-border mergers as to gain more useful outlooks for the firms a theoretical exemplar method has been developed by Bjorvatn (2001) for the profit of handling cross-border mergers. By allowing varied mediums of entry in addition to cross-border mergers and for assessing and impacting triumph of cross-border mergers in addition to assessing entry outlays these are the primary variables, he employed to follow Fama (2001). Greenfield investment has been shifted into avenues which are minimally attractive by entry outlays, by methods using cross-border mergers augmented to the degree of revenue. On the other hand, in that market for achieving success as expected facets domestic mergers are regarded to be linked to a rise in the entry expenses. In contrast to the domestic ones in envisaging cross-border mergers success focus on hesitancy which is the outcome in this scenario. While choosing the expected outputs in addition to the entry outlays, the cross-border mergers can also provide access benefits to the distinctive market. In this regard, for both domestic and cross-border mergers, there is present, a theoretical merger literature. In terms of price uncertainty and demand exemplar depending on the matter of the doubt as put forth by Das and Sengupta (2001) both in domestic and cross-border mergers is the correct method. 2.4. Experiential Study MAs are expansion strategies that corporates adopt to increase scale and market share rapidly. They are also used to diversify business interests or acquire technological capability, capital, expertise, or enter new markets. From the business perspective, growth is seen in terms of capital, profits, and shareholder value, operations become more efficient, and business registers improved performance. One of the major benefits of MA transactions is the decrease in costs as resources are shared and processes are streamlined. There have been many instances of companies taking the MA route to save costs like Wells Fargo, whose acquisition of First Interstate in 2006 resulted in cost savings of USD 1 Billion (Jensen and Ruback, 2003). With the restructuring of processes and systems that follow a merger, companies become more efficient and effective as the organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢s operational dynamics are realigned and streamlined. The benefits of operating on a large scale, reduction or elimination of wasteful and duplicating processes, the sharing of personnel and other resources all lead to high savings and better performance. The sharing of resources including capital infusion reduces costs and facilitates growth and with open lines of communication, a company can maximize its return on investments. Large-scale operations give companies larger purchasing power and rates for material in bulk can be contracted at far cheaper rates than if supplied to separate companies. MAs deliver value in terms of cost savings, operational efficiencies, large-scale economies, increased market share, diversified product lines, and expertise and technology. Bradley and colleagues (2008) observed that mergers and acquisitions in allied industries also create effective synergies for companies to cut costs and increase returns. Large-scale operations lead to better economical management which gives companies a better chance to compete in the market as they can deliver value to the customer by providing better products and services at cheaper costs. As mentioned earlier, MA deals increase customer base and market share leading to increased revenues and profits. It also helps eliminate unhealthy competition as the new merged enterprise now strives for dominance instead of competing with each other as they did before the merger like the successful Hindalco-Novelis acquisition. Acquiring a company is the quickest and most effective way to enter a new market or increase market share and standing in a current area and location of operations. A company can grow at a faster rate and be market ready virtually by Day One whereas in a Greenfield project, a company might have to strive for years to start production and penetrate the market. A merger also effectively deals with competition as shared resources, expertise and technology coupled with the economies of scale make them competitive and help increase market share. To be considered successful, mergers and acquisitions either register higher revenues or effectively reduce costs. There has been a lot of research indicating that cost saving rates has been higher than increased revenue figures in MA deals. This is not to say that companies have not grown in terms of revenue. It merely indicates that the rate of growth is not matched by the rate of savings. Operational efficiencies, cost savings, and increased revenue are the three vital objectives of a merger (Jarell and colleagues, 2008). Andrade and colleagues (2001) have researched and studied the success of mergers and acquisitions in India and whether the stated objectives of the MA have been met. Between 2005 and 2008, 26 MA deals were struck with international companies from 13 different countries. Their study revealed that most mergers did not register high profits or top-line growth. Some companies showed negative rates of return and thus the objective of increasing revenues taking the MA route was not successful. Similar results have been recorded in the US although 107 mergers that took place in the US in 2000 showed higher valuations and asset increases. Shareholder value and company valuations in India did not increase as substantially as they did in MA deals that took place in the UK (Anandan and colleagues, 2008). The main motivational drivers for mergers and acquisitions are market dominance and efficiency whilst growth of shareholder wealth though a prime factor is not impacted as heavily and sometimes falls. Research indicates that valuations are less when larger multinational companies pick up controlling stake. 2.5. The Indian Merger Environment This study examines the MA environment in India and also studies previous research on MA analysis of firms in Europe. A major portion of this study is devoted to the understanding of mergers and acquisitions in the EU. With the opening up of economies globally and governments announcing policies to attract FDI and amending rules and regulations for foreign companies to do business, a lot of international MA deals have been witnessed in Europe. A lot of research and information is available on business collaborations in Europe along with the entry of cross-border companies. These studies are detailed and comprehensive accompanied by detailed analysis (Chaudhri, 2002). A lot of mergers in Europe took place at the turn of the millennium. Bridgeman(2000) observes that the UK, France, and Germany have been aggressive in conducting MA deals across the world. International companies have entered their markets with heavy investments and taken over local companies as well but these countries impose restrictions on certain industries and sectors. Luxembourg, for one, however, does not have any restrictions. The European Union Merger Control Act was formulated in September 2000 to assess and evaluate mergers and acquisitions as Europe tried to centralize operations to facilitate transnational transactions. This Act was amended in 2004 and 2008. The objective to bring about uniformity in procedures across Europe for business though noble is contentious as there are many differences between the richer nations and countries not doing as well. There are also policy shifts and business conditions that create issues related to the venture and investors are often forced to rethink their options (Bridgeman). Mani (2005) observes that the nations who are far more economically developed hold the edge in cross-border negotiations. The European Merger Control Act came into force on 21st September, 2000 and further amendments were carried out in 2004 and 2008, but these were only enacted on 21st December 2009 giving the European Commission more discretionary powers (Anandan and colleagues, 2008). Mergers across borders demand that cultural and social uniqueness and sensitivity have to be factored in and this is controlled by the EC Authority. The amendment in 2008 was to create and empower the EC Authority to be able to function as a single window facilitator and ensure social and economic ends were met and local interests protected through each venture (Rice). The European Commission Green Paper (2001) has also highlighted the amendments led by the Act but there still are a lot of problems and procedures that are yet to be sorted out by the Act especially those to do with applications and filings. These gaps and ambiguities create roadblocks in MA transactions especially when international companies merge with domestic companies to create powerful alliances and companies such as the PO-Stena and American Airlines-British Airways in the UK which faced problems due to differences in policies (Bridgeman, 2002). The European Commissionà ¢Ã¢â€š ¬Ã¢â€ž ¢s success with the single window facilitation for mergers and acquisitions in Europe is still to be proven. The EC intervention to facilitate and fast-track procedures for mergers in Europe was a noble intention especially the amendments in 2008, which empowered the commission considerably (Basant, 2000). There are about 200 mergers that have benefited from this Act. In fact after the amendments in 2008, mergers increased from 10% to 15%. Thus, the issues before the 2008 Amendments and after need to be studied in conjunction to understand benefits, valuations, and profitability impact on the host nation. Many deals may have been affected adversely or may not have been affected as such due to the expectation of the changes in policy. Deals require clarity, timing, focus, and policy and any variable that could be affected due to ambiguity of policies or lack of trust is bound to affect the merger. The European framework is a structure, which is far more rigid and severe than the USà ¢Ã¢â€š ¬Ã¢â€ž ¢s as illustrated by the GE-Honeywell experience and alliances in aviation. These strictures im pact profitability in Europe and investors end up with lower margins. The Merger Control Act however, remains a structure that any nation can learn from and adapt to suit its own conditions and environment. Mehta and Samant (2007) suggest that this Act could be adapted to suit India in the current business environment. A reduction in companies going in for restructuring or strategic alignments has put pressure on countries with extended and cumbersome policies as companies prefer to shift to nations who have friendlier policies. Khanna (2007) observes that cross-border transactions are complicated by compliance structures. The Vodafone-Mannesmann merger had many complex regulatory and legal issues needing long and detailed examination and procedural interventions (Brown and Warner, 2000). Studies also show the disadvantages of MA deals as objectives are not fulfilled, obligations are not met, and the management is inefficient leading to losses and liabilities. Moreover, with contrasting laws and policies, the objectives of the European nations towards a single system are yet to be aligned. MAs are impacted by economic and business conditions, which impact investment decisions. Moreover, liaison with multiple authorities involve long negotiations and delays which lead to lower rates of success as investors bow out of MA deals and take their business elsewhere. These factors impact mergers and growth as borne out by the research. The EU is examining these issues to further resolve them and alleviate investor doubts. Haleblian and Finkelstein, (2009) and Lakonishok and Shapiro (2006) recommend further research and examination to understand the high rate of MAs even after increased regulations. Companies are realigning their merger strategies carefully after the enactment of the Merger Control Act and single window clearance process. The Economist (2004), states that the EU Merger Control model should be used in India and though developing frameworks may be seen as a routine matter, it is critical to get the right policy structures in place. 2.6. Conclusion Giovanni (2002) examined international mergers and acquisitions and specified factors affecting their success. Those factors as well as the effect the success or failure of MA ventures have had on the host country along with the support systems that hold MA structures together have been analyzed in this paper. The study determines whether these factors play a part in determining the success of mergers or whether it is the policies of the home country that facilitate or hamper progress. Corporations venture into new countries to acquire local companies and establish a base to expand operations. They examine opportunities on the basis of policies, the strong and supportive political environment, economic growth, per capita disposable income, market size, share projections, competition, and brand equity among others. There have been many business friendly policies that have encouraged business in India including financial changes, taxation policies, greater compliance, and stress on business ethics. The liberalization policy has also attracted FDI as well as impacted MA deals and valuations. Impact of taxation levels such as VAT is also a factor as rates differ between India and Europe.