Philosophy of Education Essay Example | Topics and Well Written Essays - 1750 words

Reasoning of Education - Essay Example Philosophical reflection advises the way regarding educational practices just as the point to which guidance ought to do as such. In the republic, Plato named training as a training which stands solely requiring course from the most holding onto just as refined transcendentalism (Blake, Smith and Standish 2006). All past and current human social orders have had a vested fixation on training and the greater part of the individuals have asserted that most instructive exercises or educating are the second most established occupation. Pretty much every general public assigns sufficient assets on the side of instructive establishments and exercises as they are significant. Learning organizations are one of the operators of socialization in many social orders since all kids are brought into the world innumerate and ignorant. They are likewise ordinarily oblivious of the social accomplishments and standards of their general public or network of which they are a piece of. Be that as it may, with the help of instructors, the remainder of the general public and instructive assets, they figure out how to peruse, compose, and act in manners that are socially proper. The greater part of the individuals become familiar with these aptitudes with more instruction offices than others. Instruction furnishes individuals with meaningful information and abilities that empower them to recognize and seek after their own goals and participate in their locale life as free and undeniable residents. In his instructive way of thinking, Plato contended that an individual is served best when the person is subjected to a fair society. Plato advanced the idea that youngsters oug ht to be expelled from the consideration of their moms and raised as state wards with a great deal of care being dismantled to advise kids appropriate to the various standings, the most noteworthy accomplishing most instruction, to guarantee that they go about as city gatekeepers and care for the less blessed (Rozema 1998). Plato further contended that instruction would be all encompassing including physical control, abilities, realities, workmanship and music which he took as the most extreme type of undertaking. He accepted that gifts were not disseminated hereditarily and along these lines they must be found in any social class. There have been different methods of reasoning of instruction after Plato. Freire (2002) assaulted the ‘banking idea of education’. In this idea, understudies are seen like an unfilled record that ought to be filled by the educators. Freire proposed that a profound correspondence ought to be embedded into people’s thought of understudy and educator. He dismissed the instructor â€student division and supported the job of members in the study hall as the understudy educator (an understudy who educates) and instructor understudy (an educator who learns). Freire (2002) sort of study hall was on occasion condemned on the grounds that it can mask the authority of the instructor as opposed to conquer it. Freirian instruction theory has been critical in scholastic discussions over participatory turn of events and by and large turn of events. Dewey (1916) contended that the essential ineluctable birth and demise realities of each individual from a social gathering make instruction a need on the grounds that regardless of this hereditary inevitability, the network needs to proceed. The gigantic cultural centrality of training is featured by the way that when individuals are shocked by a pickle, it is consistently seen as an indication of fall flat and instructors and the arrangement of instruction become substitutes. On the other McLaren contended that training ought to achieve social and self strengthening. He reprimanded the regular American custom wherein schools attempt to build up and build up a libertarian and fair society, with the customary humanities educational programs advising students about the moral guidelines and human qualities. McLaren considered current to be as doing valuable little to energize the Western humanist traditionist. Schools produce financial and social which must be weighed against a genuine record of serving the rich premiums. This condition by McLaren has been in most recent moderate advancements where the educational program and points are outfitted to the overall monetary

Frances Perkins and the Triangle Shirtwaist Fire

Frances Perkins and the Triangle Shirtwaist Fire A well off Bostonian who had come to New York for a Columbia University advanced education, Frances Perkins (April 10, 1882 - May 14, 1965) was having tea close by on March 25 when she heard the fire motors. She showed up at the area of the Triangle Shirtwaist Factory fire so as to see laborers hopping from the windows above. Triangle Shirtwaist Factory Fireâ This scene spurred Perkins to work for change in working conditions, particularly for ladies and kids. She served on the Committee on Safety of the City of New York as official secretary, attempting to improve production line conditions. Frances Perkins met Franklin D. Roosevelt in this limit, while he was New York senator, and in 1932, he selected her as Secretary of Labor, the main lady to be named to a bureau position. Frances Perkins called the day of the Triangle Shirtwaist Factory Fire the day the New Deal started.

Writing Free Essays

How Essay composing is being handled bit by bit: In each article, coming up next are required: 1) What to compose:- the substance of the exposition 2) How to compose: †the association, style (catchphrases), general structure of the paper. 3) Understanding the point/issue of the topic. 4) Plan and structure your exposition. We will compose a custom exposition test on Composing or then again any comparable subject just for you Request Now 5) Creativity on your composition (talk through your composition). Presently, every paper is relied upon to contain in any event 5 sections. This involves: I. Presentation/theme sentence. II. The proposition proclamation of the paper. III. Body of the exposition. IV. Augmentation of the body and models. V. End recorded as a hard copy a paper, accept the peruser knows nothing about your article so you need to write in detail not-withstanding the information on your marker or peruser. Ensure your exposition is organized intelligently and wealthy in the fitting word usage, the utilization of roundabout discourse ought to be stayed away from HOW TO WRITE AN ESSAY IN 25MINS MINUTE 1:- Analyze-take a gander at the article question or brief. 1) What is it requesting that you do? ) Is it inciting u to clarify the explanation of a choice of yours? 3) Is it inciting you to stand firm on a specific issue? 4) If you are being approached to contend possibly in support of something, you may have a prompt got response to what you are being inquired. 5) Pay consideration regarding how you feel. On the off chance that your prompt response is â€Å"of course! † or â€Å"never! â₠¬  Ask yourself how you feel that way. See whether you can detect any catchphrase or short expression in the brief that triggers your response. E. g. consider the accompanying exposition brief â€Å"If we rest, we rust†. This announcement is absolutely evident; idleness and absence of effort after some time can make our aptitudes weaken through neglect. Truth be told, individuals who have seized rehearsing and action for an extensive stretch and who endeavors to take it up again as often as possible are foiled in doing so due to the decrease of their aptitudes. Do you imagine that rest detrimentally affects us and that we should keep dynamic to abstain from losing our edge? Plan and compose an exposition wherein you clarify your situation on this issue. You may utilize models from history, writing, mainstream society, recent developments or individual experience to help your position MINUTE 2:- Brainstorm:- 1) Write down the catchphrases you seen in the tempest. 2) Circle them. 3) Now, record all the words and expressions that you partner with these watchwords. 4) What words strike a chord when you think about the word (rest, unwinding, inaction, lethargy) regardless of whether you never imagined that there may be an association among resting and rusting, you have some psychological relationship with these thoughts. By conceptualizing or bunching, you connect with these affiliations, call up the abundance of thoughts you as of now have and overlook any concerns that you may have had having nothing to state. At the point when you conceptualize, the brain drives you in numerable ways. Essentially confide in yourself, let your conceptualizing procedure tap the information and sentiments that exists in you. MINUTE 3:- Take a stand:- 1) After you have been conceptualizing for some time 2) Analyze The most effective method to refer to Writing, Papers Composing Free Essays In spite of the fact that I comprehend this is before the day's over for the stud NT advantage so the educator may radiate more help, it much rather left a terrible preference for my mouth. The beginning of this class anyway gave me some approach to slip into it, as the teacher himself conceded understudies generally detest the course, but instead proceed with it basic y since it is required. The general meeting of every understudy and note making of said advise move helped me see significantly more all around than what an analytic might have the option to give When finding out about Me You in the class he raised the diverse Chinese dialects, for example, Mandarin which prompted me think all the more so that there is a lot more t o find out about points, for example, culture and there is a whole other world to get into. We will compose a custom exposition test on Composing or then again any comparative theme just for you Request Now The possibility of there being various dialects for a nation was more than that as it appeared to me all the more so that there is a ton MO re that one might have the option to learn as they continued looking for information instead of realizing exactly what is en deed at the time. So as to study this I had seen that not exclusively are there numerous dif lease official Rodriguez 2 dialects, however there is various indigenous dialects and even some Mi irregularity dialects, for example, Khaki. Much all the more fascinating was the point at which the teacher raised that Me You basic y said Chinese from the outset to clarify what dialects he could talk in spite of the quantity of dialects there truly are. As called attention to by Mr.. Straus, on the off chance that Me was in a room brimming with Chinese SST gouges in all probability he would have been substantially more explicit. This brings out to me a bigger cultural effect that a dominant part can have on a minority and shows that as understudies we should endeavor f rather to get a more genuine comprehension of our general surroundings. With that we as a general public might have the option to break obstructions on a large number of levels including socially and have the option to connect with others on a superior level. As an English understudy it is significant that I too should not restrict my own work in view of the crowd as it is at times that additional data that may give more interest to the read There was of an enormous progression of data that was raised with less time the a required to take notes on each word expressed. So with that I learned needed to truly adjust with the course and make sense of better approaches to take notes. While trying to pick up however much illuminates Zion as could be expected I recorded key terms and significant data on every individual with the fir SST obviously being the name. This was not really enough to get everything and I comprehend I opposed ninety need to improve in the manner I take notes. As it is I’ve restricted myself for excluding en ugh data on every individual and on account of taking notes for English Composition it can mean the contrast between a passing evaluation and a bombing one. Generally speaking this fascinating method to begin the class helped me to additionally acknowledge, t unpleasant a more profound degree of taking a gander at it, that I should peruse in the middle of the lines. There is a great deal more implying that can be found in what may even be the most expansive of articulation s. I should locate a superior Rodriguez 3 method of taking notes or, more than likely the whole exposition may endure. However the way that this if rest day of class has gone I feel less drove into the subject, but instead slipped into the thought. Thro ugh this article can see a portion of the issues in my own composition and I comprehend that I have individual understudies who may speak with to better myself. Step by step instructions to refer to Writing, Papers Composing Free Essays The fundamental motivation behind portrayal is to engage. Youngsters love to tune in to stories, valid or Imaginary ones. 2. We will compose a custom exposition test on Composing or then again any comparable point just for you Request Now Portrayal is additionally a vehicle for sharing, however vicariously, what the storyteller may have encountered, or what others may have encountered as seen by or advised to the storyteller or narrator. 3. Portrayal fulfills interest. It addresses the inquiries: What occurred? When and where did it occur? For what reason did these things occur? How could it occur and to whom? Who were associated with these occasions? 4. It is likewise used to record a grouping of occasions for review at some future time. What are the attributes of the Narrative? 1 . A decent story is firmly composed. Just the pertinent occasions are Included; it Is rarely unessential. 2. A decent account ought not just engage; It ought to likewise allow the peruser to encounter vicariously, what the essayist may have encountered. 3. A decent account isn't exhausting. Through an awesome giving of time and occasion, an all around arranged † lay-out† of the whole account, and with the fitting utilization of extinguishing, an author can mix peruser intrigue and urge him to continue perusing with supported or even elevated enthusiasm as far as possible. For instance, when you compose an account, you can start with the most noteworthy occasion, Jump back in an ideal opportunity for certain backgrounders (utilizing flashbacks), the you can push ahead by alluding to what may occur straightaway (utilizing hinting procedure at that point step directly back where you began, in this way leaving the peruser in emotional expectation of what the consummation would be. You can even make your peruser surmise (in uneasiness? ) what the end will be. Dolan resigned as Dentist of Guenon City Hall, she put her retirement pay on a tape rental business. She had a part of her front nursery transformed Into a little store. Inside, she set two TV sets for client reviewing, some racks for tapes, and a table at the middle where a sales register was introduced. With the exception of a meter-high iron railing, fencing off the store from the walkway, and two review seats deliberately positioned against the railing, no other furniture jumbled the little space. Business was energetic and DRP. Divine left on day to visit her crimps in Gambles, punctured the quiet of a resting neighborhood, the shrieking of a quickly moving vehicle mixing with it. † What occurred? † I asked my servant who jumped into the house a couple of moments later. She proclaimed her news, relentless. â€Å"The shop before the house,† she stated, â€Å"it’s now unfilled. Everything gone with the exception of the seats, the table and the racks. Two men in Barron robe went in to lease a few tapes and as Nana (the salesgirl) went to show the tape, one of them jabbed a weapon at her; the other moved everything into their vehicle. The most effective method to refer to Writing, Papers Composing Free Essays A mix-up regularly made is the absence of information for the explanation of composing. The writer’s reason for existing is to consistently speak to a group of people, regardless of whether you are illuminating, convincing, o

Review of The augmented CAPM Literature Example | Topics and Well Written Essays - 4000 words

Of The enlarged CAPM - Literature survey Example was condemned by different creators and another enlarged CAPM was conceived so as to consider precise hazard while putting resources into financial exchange and totally disregard the unsystematic hazard. This expanded CAPM is exact for applying in the Hong Kong market and hence, its legitimacy is checked through this writing (Hearn, n. d.). Resource evaluating models are characterized as systems that are concocted for recognizing and estimating hazard. The models additionally distinguish the prizes that are connected with hazard bearing. The hypotheses connected to the models helps in acknowledging purposes behind expected profits for the administration bonds to be not as much as that on the stocks. It additionally helps with creating thought behind two stocks with various anticipated returns. The change in expected returns after some time is additionally clarified through this model (Hearn, n. d.; Huang, Yang and Hu, 2000). The fundamental premises of benefit valuing model are that the investor’s wants for higher anticipated returns. The financial specialists don't care to face challenge and hold expanded portfolios with the goal that the hazard is conveyed in various parts. The models additionally determine reasonable pace of return for specific resource. The data with respect to pace of return is vital for tak ing any venture choice for enterprises who assess ventures and the development of portfolios for financial specialists. The hypotheses identified with models helps in portraying the danger of a task or obtaining and furthermore inspect the markdown rate related with the hazard. The advantage evaluating model was first evolved by Sharpe (1964) and Lintner (1965). Nonetheless, there had been parcel of headway in resource valuing for as far back as 35 years. The advancement was significant for understanding the issues experienced while executing resource valuing models in any developing business sector. Thus, this model ought to be followed and furthermore adjusted after some time, while speculation circumstance changes because of a few difficulties. The main resource estimating hypothesis is known as Capital Asset Pricing Model (CAPM) created

Charismatic Leader Essay Example for Free

Magnetic Leader Essay This kind of authority holds a great deal of intensity. In both beneficial and counterproductive regards. The talk utilized to viably do magnetic administration goes about as a twofold edged blade. While the facts demonstrate that a message conveyed in a charming way motivates the adherents to execute it with a great deal of intensity, yet in this equivalent get-up-and-go, there are a ton of significant issues that are neglected and heaps of inquiries overlooked. This involves issues when the allure conveys its ideal outcomes, however they despite everything leave a sharp preference for the mouth. In my expert vocation, I have not experienced alluring authority neither in the top echelons of intensity nor in the center administration spaces. Be that as it may, the vast majority of us have been influenced, and even wowed, by the alluring aptitudes of Barack Obama, while running for the US Presidency in 2008. Uplifting talk, excellent speech aptitudes and narcissistic greatness were expertly conveyed towards a huge number of individuals. Maybe in the course of our lives, it has demonstrated to be an authentic case of unadulterated, unadulterated magnetism. It was a need of the time and a consequence of the thwarted expectation with the most recent 8 years. However, the negativity that maybe was returned in the seat during this procedure, made a rebound over the most recent two years, where an ever increasing number of individuals have become disappointed by the absence of genuine, and saw, destinations being accomplished. The overhyped desires that are, basically, made by magnetic authority, in the long run wind up hampering its own belongings, despite the fact that the outcomes accomplished may be huge. In the soul of twofold edged blades, narcissism possesses all the necessary qualities splendidly. Unreasonable characteristics of this character type have authoritatively been analyzed as a mental issue, while a decent blend of those equivalent characteristics as far as anyone knows makes an incredible pioneer. From my own understanding, there has been much more connection with useless narcissists, when contrasted with the beneficial ones. Charming initiative is an outward centering hypothesis, however since being sure and attentive requires an intensive comprehension of one’s own self, except if it is coupled inherently with legitimacy, there would keep on being significant escape clauses in its execution. Similar to the case with most initiative hypotheses, the situational setting of the organization or market matter profoundly. Magnetic initiative is the need of great importance during tempestuous occasions and subsequently winds up being supported and sustained. Be that as it may, during full grown and stable market times, magnetism will in general be counter-profitable and inconsequential. Additionally, since narcissistic pioneers will in general accept without a doubt in their vision, not considering the thoughts set forward by others, it can become foolish for organizations. This authority hypothesis, more than others, should be conveyed with a ton of care and thought.

Abuse and Neglect Put Children at Risk for Disabilities

Abuse and Neglect Put Children at Risk for Disabilities More in Relationships Violence and Abuse Spouses & Partners LGBTQ Child abuse and neglect have devastating effects on children that can last a lifetime. Abuse and neglect can increase the possibility of a child having a developmental delay and long-term emotional disabilities. These children also have an increased risk of involvement in drugs, sexually risky behavior, and behavioral disabilities. Child abuse may be physical, sexual or emotional. Signs of Child Abuse Children who are experiencing abuse or neglect  may show observable signs. They may be dropped off at school without appropriate clothing for the season, left without supervision too early at school or not picked up well after hours. They may have behavior problems such as acting out or getting multiple discipline referrals. They may also show more withdrawn and emotional behaviors such as crying easily, keeping to themselves or difficulty relating to peers and adults. They are also at risk for poor school performance. Parents or other caregivers who abuse their children are often under a great deal of stress and may take out their stress on the children. They may feel as if there is no problem with their behavior toward the child. In such households, discipline tends to be severe, and physical punishment is the norm. Parents may be emotionally abusive, using harsh language, put-downs, and mocking behavior toward their children. Identifying Child Neglect Child neglect involves denying a child what he needs for basic survival. Inadequate clothing, nutrition, educational and emotional support are examples. Meeting a childs physical needs such as adequate housing, medical care or basic supervision are often problems in neglectful households. Children who are neglected are often poorly prepared for school and may miss school a lot. These children may steal from others in an attempt to get the things they need. They may appear unwashed and unkempt. They may be sick repeatedly for long periods of time. In some cases, children who are not adequately supervised will become involved in drugs or alcohol, and the parents may be unaware of or not care. Physical Abuse Physical abuse occurs when an adult hurts a child causing injury. Physical injury may be caused by hitting, excessive spanking, cigarette burns (or other types of burns or scalds), shaking, kicking or other types of physical violence. Bruises, burns, and cuts in unusual places are possible signs of abuse. Bruises on knees and scraped elbows, however, are usually common injuries children get while playing.   When parents and children give differing explanations for the cause of an injury, abuse may be a factor. Emotional Abuse Emotional abuse leaves scars on children that cannot always be seen. Emotional abuse negatively affects a childs psychological and emotional development and may have long-term effects on cognitive development as well. Most emotional abuse is verbal. In these cases, parents or caregivers continually put the child down, blame him for problems that he could not possibly have caused, call him names or use similar forms of verbal abuse. Emotional abuse may also involve non-physical punishment designed to humiliate, shame or terrify the child. Sexual Abuse Sexual abuse occurs when an adult has inappropriate sexual involvement with a child. It may involve sexual talking or texting or any physical contact such as intercourse, sodomy or touching. As with other forms of abuse, sexual abuse has devastating long-term effects on a childs psychological and physiological development. Wrapping Up School staff members are required by law to report incidents of suspected abuse of children. If you are concerned that a child may be the victim of abuse, it is important to contact the police to make a report. Reporting abuse is a critical first step in protecting the child and getting the family the help it needs to stop the cycle of abuse and neglect.

Impact Of Mergers And Acquisitions On Operating Performanc - Free Essay 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). 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.