Communication For Health Professionals

Question: Examine about theCommunication For Health Professionals. Answer: Correspondence is the procedure or demonstration of utilizing words, sounds, signs, or practices to communicate or trade data to another person(Silverman, Kurtz, Draper, 2016). Relational abilities combined with correspondence procedures and techniques can be utilized to pass on the data successfully. In any case, correspondence hindrances exist in various discussions. Wellbeing experts assume a key job with regards to treatment of wellbeing matters particularly where treatment is required. Clinical guides have a significant job in guaranteeing that the correspondence with their patient is effective(Silverman, 2013). This examination is a correspondence between a clinical guide and patient. It points atcreating a suitable model of correspondence and thinking of the procedures so as to accomplish a powerful correspondence. It additionally points in building up a decent affinity and setting up the potential obstructions to communication.The concentrate likewise includes other wellbeing professionalsand the morals considered during the correspondence The contextual investigation includes a young lady by the name Katherine who one of her companion experienced fire in her kitchen a year ago. As of late Katherine has invested a great deal of energy tuning in to her companion understanding and this has left her apprehensive and terrified. In her fiancs condo she has been diverted twice where she fears that something would burst into flames while supper was being readied. She has been alluded to a clinical guide by a general specialist with a point of finding support on the most proficient method to adapt to the circumstance. In this examination, deliberative model of correspondence is utilized. It includes relational connection between the advisor and the patient. The advisor connects with the patient in a dialoguewith a point of giving good influence to the patient. After good influence, consideration of the move to be made by the patient is finished. This model empower commitment with the patient to feature different wellbeing esteems and advantages of lessening tension and fear(Parrott, Crook, 2011). This will include edifying the patient about her present circumstance, and recommendable answers for the medical issue. This will trigger purposeful activities from the patient to embrace treatment (Eggins, Slade, 2013). This model is suitable on the grounds that the patient is profoundly associated with a ultimate choice without restricting the opportunity of picking the worth she feels would be fitting. Building an affinity with Katherine would be the principal task. This is so as to accomplish a solid and a fruitful relationship which may greatly affect the result. One of the techniques that can be utilized in building an affinity is coordinating and mirroring(Saywitz, Larson, Hobbs, Wells, 2015). This involves learning the patients conduct and accepting a portion of these practices. For example one can accept her body stance or motions. Additionally one can focus on her tone or the speed of her discourse, and afterward coordinate suitably. Understanding the outlook of the patient is another enormous factor towards accomplishing a decent rapport(Otuzo?lu, Karahan, 2013). It is acceptable to realize that Katherine is too passionate with regards to issues identified with fire and consequently there could be some trouble by they way she communicates. As an instructor one may have experienced a related situation before where sharing it might make a passionate connection (Gudzune, Beach, Roter, Cooper, 2013). By doing this you can urge her to shout out henceforth making a fantastic relational conversation(Workman, 2012). Correspondence methodologies utilized would be significant in accomplishing positive results. One of the procedures that can be utilized is quiet treatment where the advocate may decide to stay quiet yet mindful so as to see the verbal and nonverbal data brought by the patient (Timmins, 2012). For an advisor to have a lot of clear data, it is prudent to pose inquiries identified with the occurrence. By doing this, an instructor can direct mind as per the patient need. Another key procedure utilized by the guide is to show up enthusiastic(Moran, Sussman, 2014). This will urge the patient to stay positive in the reactions she gives and significantly progressively keen on conversing with the clinical counselor.The last procedure is guaranteeing that the guide and the patient talks similarly and being brief. This will improve relational association making the patient to be dynamic all through the discussion without getting exhausted. There are different elements that could make the correspondence inadequate. The passionate province of Katherine would profoundly influence the relational relationship with the advisor. The dread and nervousness in the patient turns into an extraordinary obstruction and this may influence the capacity to unmistakably clarify her emotions. The clinical advisor could be having difficulties in adapting to the patients feelings. A test can likewise be experienced in posing inquiries identified with the occurrence to the patient. Referencing of words like fire to the patient may excite prior emotionstherefore expanding the degree of misery and nervousness. This renders the correspondence to be incapable. Culture decent variety is another impediment towards successful correspondence. Individuals of various culture will in general be distinctive in different ways. The language between the advisor and the patient may vary and this may result to false impressions and misinterpretations of the key message. Nonverbal correspondence, for example, motions and images may likewise be diverse between various societies. For example, an image like gesturing the head may have various implications in various societies making its utilization to be confused. The patient may have a doubt and dread to reveal insider facts to socially unique instructor. Generalizing could greatly affect correspondence basing on different angles, for example, sexual orientation, religion, and age. This will make biases consequently carrying hindrance to a viable correspondence. The guide may likewise be utilizing specialized clinical languages in the line of his vocation which are too convoluted to be in any way comprehended by the patient and this makes detachment in the change. Obstructions to viable correspondence can be beaten utilizing different methodologies. Social obstructions, for example, can be overwhelmed by the guide learning customers culture through doing some exploration. By diving deep in understanding the patient culture, it makes positive sentiment and this may help the customer receptiveness to the instructor. It would even lift the patient certainty to visit again in future. The advisor ought to know about the boundary because of clinical languages and should utilize basic language and ceaselessly check whether the customer comprehends through suitable input. This should be possible by posing an inquiry identified with what the conversation involved and assessing the appropriate response. Guiding combined with different experts may greatly affect a patient encountering enthusiastic, conduct and emotional well-being issues. Wellbeing experts like clinical clinician, therapist, and clinical general practices would be significant in explaining Katherine issues. Analyst would aid arrangement of treatment and conclusion to the customer. Specialist would help in treatment of enthusiastic ailment which incorporates allocating the correct drug to the patient. Sharing the information assembled during this correspondence with other wellbeing experts could be of significance so they might be educated on the best way to deal with the patient. This upgrades dynamic and improves cooperative energy among the experts. One of the data to be shared is about the state of mind of the patient. This will help with deciding the best technique for treatment to be utilized thus improving the nature of patient consideration. The advocate have a job in estimating whether the state of mind of the patient is acceptable and make suggestions concerning whether further screening ought to be made by the specialist. This data may help in improving the patient trust and fulfillment. Between proficient correspondence will likewise point in helping Katherine to vanquish the feelings, fears, and uneasiness. It is fitting to counsel other wellbeing professionalsto help with concocting appropriate intellectual social treatment. The point of this treatment is to decrease the negative musings on Katherine mind. Specialist ought to contribute on making Katherine comprehend that alert measures can be taken to keep away from fire spreading, for example, having fire quenchers in her home. Moral issues on the correspondence among wellbeing experts must be thought of. Medicinal services experts ought to have great relationship among themselves. This improves their administration conveyance to give a superior consideration to patients. Bury proficient correspondence ought to be guided by regard and commitment of every part ought to be dealt with likewise by regard. (Medicinal services Ethics, 2011) Wellbeing experts should cooperate as a group to convey quality patient consideration with every part qualified for get their job in the group. The patients ought to be made to comprehend the job of the colleagues. All the included wellbeing experts should facilitate towards conveying the data precisely to the patient and the family in a convenient way. In the event that an individual from the group delegates obligation to another wellbeing proficient, it is critical to give enough data about the patient and the advancement in treatment. (Social insurance Ethics, 2011) This guarantees quality help is conveyed to the patient Taking everything into account, unmistakably wellbeing correspondence assumes a crucial job particularly to patients with psychological well-being issues, for example, feelings and nervousness. The model of correspondence picked has an impact on the correspondence viability. Compelling correspondence can be affected by utilizing engaging techniques and building up a decent affinity between the advocate and the pat

Intangible Assets in Finances

Impalpable Assets in Finances Impalpable resources are those benefits that can't be seen, in the past it has been hard to esteem them since they needed creation cost and their worth was not quantifiable. In any case, these benefits are ever present in the numerous associations, both benefit making and non benefit making.Advertising We will compose a custom paper test on Intangible Assets in Finances explicitly for you for just $16.05 $11/page Learn More It is vital for immaterial advantages for be estimated since they assume a significant job in a firm’s forceful maintainability. Likewise, a few researchers accept that these benefits are the spine for a company’s development. That being the situation, there is a test of esteeming them. Organizations like CPA/ABVs have been made to explicitly quantify impalpable resources. Instances of these advantages incorporate trademarks and copyrights (King Wiley, 2006). There are around four different ways of estimating elusive resources, however the one that i s generally utilized is the limited income technique. In this technique, impalpable resources are esteemed by how much cash these advantages will produce when placed being used. This worth ought to incorporate expenses emerging from the execution of the advantage, the dangers in question, the expense of getting the benefits, jobs played by assistant elusive and substantial resources lastly the markdown charge. This technique is especially used to quantify the estimation of advantages like ability, PC projects and establishments. The motivation behind why this technique is mainstream is on the grounds that it doesn't require volumes of desk work to make sense of the worth and furthermore it doesn't require exceptionally gifted bookkeepers to figure. Likewise, based on different strategies, this one seems, by all accounts, to be progressively exact and increasingly centered around the future (King Wiley, 2006). In any case, since esteeming of impalpable resources is exposed to biasnes s, it is of at most significant that more than one strategy be utilized. Utilizing more than one technique will prompt a progressively credible and a persuading esteem. To give a model, the maintained a strategic distance from cost strategy thinks about of what the estimation of a benefit may have been previously, however it does exclude what its worth will be later on. To do that you should utilize the limited income strategy (Reilly Schweihs, 2004). The significance of esteeming of immaterial resources has been quickly acknowledged by organizations everywhere throughout the world. This is on the grounds that the philosophies applied can be utilized to figure the authentic headway esteem, potential incentive later on and the financial incentive on unmistakable products. Likewise, it legitimizes organizations to charge customers the expense emerging from utilizing elusive resources (Reilly Schweihs, 2004). Because of the use of techniques for estimating immaterial resources, it has acquired a few changes the manner in which exchange is completed. Right now, impalpable resources are perceived from a consumer’s perspective. In any case, in the ongoing occasions, the perspective has transformed from a consumer’s perspective to that of a market accomplice.Advertising Looking for paper on sociologies? How about we check whether we can support you! Get your first paper with 15% OFF Learn More This implies the purchaser should value the expense emerging from utilizing different products and enterprises. This is independent of whether the shopper expects to utilize the elusive resource or not. It additionally implies that buyers should pay for impalpable resources which were once viewed as of having no worth. At long last, shoppers will have the option to see charges of elusive resources in their compensation slips and receipts (King Wiley, 2006). Despite the fact that this paper has been composed by a bookkeeper to another bookkeeper, it is significant that the overall population understands it. By perusing this paper, they will come to see a portion of the charges that are forced on them when they purchase different merchandise and enterprises. References King, A., Wiley, J. ( 2006). Reasonable Value for Financial Reporting: Meeting the New FASB Requirements. New Jersey: McGraw-Hill. Reilly, R., Schweihs, R. (2004). Handbook of Business Valuation and Intellectual Property Analysis. New York: McGraw-Hill.

Get Organized! - UGA Undergraduate Admissions

Get Organized! - UGA Undergraduate Admissions Get Organized! In a few weeks, most freshman applications will go live around the country (UGAs application will go live in mid-August). As such, Here are a few suggestions to get prepared and organized as you begin this process. Go out and by a large bin, crate, or accordion style file holder to keep all of your college materials . In addition, create a section for each college where you will be applying, purchase enough folders for different sections for each college (admission, financial aid, housing, scholarships, etc.), and label each folder with the colleges name ans section. Create a checklist for each college, which should include a section for both the deadline date and the date submitted for each item. Your list should include all the required materials, from the application, application fee, transcript, test scores, recommendations, etc. The checklist should also have a place to list any user name and password that you have for the colleges application or status check. Purchase or print out a master calendar where you can list the important dates for each college. This could include the deadline dates, the notification dates, May 1 commitment deposit date, etc. You can use different colors for the different schools (red for UGA, orange for Clemson, etc.). Post this calendar in a prominent place in your house. Have a section in the file holder where you can print out and keep copies of your essays along with a flash drive containing the essays. You never know when you might need them, and it is good to keep them on hand. UGA suggests that you print out a copy of your application and keep it in your file holder, as you may want to check it for accuracy and to see what you wrote. You should have a folder for each college where you can store important mailings from the college. This would include any reminders, invitations, decision letters, financial aid offers, etc. You do not need to keep every piece of mail sent to you (that would need too much space!), but keep the important ones! Go Dawgs!!

Asexuality and the Brain - 1368 Words

Despite the large collection of literature of sexuality that has been accumulating, human asexuality has been largely ignored. Asexuality is controversially considered to be a sexual orientation and people who identify as asexual are people who typically do not experience sexual attraction (Asexuality Visibility and Education Network, 2013). Though research on sex and sexual orientations has been done for centuries, the first real suggestion that there might be people who fall outside of the heterosexual – homosexual orientation spectrum came from Kinsey and colleagues in 1948. These individuals were put into a separate category and were identified as having no erotic response to hetero- or homosexual stimuli, but otherwise they were†¦show more content†¦An example of a romantic asexual would be an individual who identifies as hetero-romantic. These individuals are interested in romantic relationships with the opposite sex, but would prefer not to have a sexual as pect to that relationship (Scherrer, 2008). Another difference within the community involves masturbatory practices. Some Aces do masturbate for a variety of reasons, including tension relief or to experience an orgasm. Others, however, have absolutely no motivation or desire to masturbate. Many asexuals do not see masturbation as a sexual event for them, however (Scherrer, 2008). There is even variation in how asexuals view sex. Some Aces understand sex but are not interested in having it themselves, while others are disgusted by the act (Carrigan, 2011). There are asexuals who will have sexual intercourse with a romantic partner who identifies as sexual because it makes their partner happy, and there are others who would never consent to sex (Carrigan, 2011). To date, no clear cause of asexuality has been discovered. Bogaert provided some guesses that may be related to asexuality, such as possible alteration of the hypothalamus (Bogaert, 2006). He also believed that Aces were usually in poorer health, weighed less, and were shorter than individuals who identified as some type of sexual. Because these characteristics can identify many types of people, not just asexuals, relying on them for identification means would be pointless. BrottoShow MoreRelatedEssay about Human Sexuality2060 Words   |  9 Pagesattraction to people of any gender or sex (Prause and Graham). While giving this simpler explanation to explain asexuality to the general public, they also acknowledge that there is a wide range of diversity within the asexual community (Scherrer). In 1948, Kinseys study identified 1.5% of the male population in America as asexual ( category X), and in 2004 Anthony Bogaert’s â€Å"Asexuality: Prevalence and Associated Factors in National Probability Sample,† suggests that 1% of the British populationRead MoreThe Issue Of Sexual Orientation1090 Words   |  5 Pagespsychologists only consider three categories of sexual orientation, and state that everyone should fall into one of them (â€Å"Sexual Orientation† 1). Certainly, the fact that most people believe that other common sex terms, such as transsexuality and asexuality, are sexual orientations exemplifies the confusion that exists around the topic; these misconceptions are the ones that obscure the concept of sexual orientation. Misconceptions about sexual orientation arise from the fact that most people confuseRead MoreAutism Spectrum Disorder ( Asd ) Essay1822 Words   |  8 Pagesare considered be lower functioning on the Autism Spectrum, with a high comorbidity of Intellectual Disability of some order (Dworzyncki et al 2012), A popular and controversial explanation for this significant sexual dimorphism is the Extreme Male Brain Theory (EMB), which was first espoused by Dr. Simon Baron-Cohen (2002). According to this theory in general females score high as aspects of empathy, recognizing emotional states and their appropriate response as measured the Empathy Quotient (EQ)Read MoreHesi Practice31088 Words   |  125 Pagesgain and diet. B. Be alert for a possible eating problem and do a further in-depth assessment. C. Report the client s concerns to her caregiver. D. Ask her to come back to the clinic every 2 weeks for a weight check. 166. The least serious form of brain trauma, characterized by a brie f loss of consciousness and period of confusion, is called A. contusion. B. concussion. C. coup. D. contrecoup. 167. The physician orders a tricyclic antidepressant for a client who has suffered an acute myocardial infarction

Writing Was The Ultimate Stress Reliever When I Was...

Writing was the ultimate stress reliever when I was growing up. With the ballet, violin and tennis lessons in addition to the endless amount of school homework, writing was like an oasis to me, something that kept me going when I was struggling to manage my daily activities. I would write about almost anything: places I would like to travel to, short stories for fictional characters whom I drew inspiration from characters on television, and even creating stories with me as the main character to spice up my mundane life. The rush of adrenaline when I came up with a new idea, the sense of satisfaction I felt when I read through my essay and the joy I felt when my family and friends enjoyed reading my stories were just few of the many reasons why I loved to write. However, I started to despise writing because of the lack of confidence in the quality of my essays when I started middle school. The constant worry of needing to write an essay in a particular format to get a good grade and t he inability to accurately pen down my ideas on paper made me lose my interest in writing completely. My fear and dislike for writing began during the third year of middle school when I was introduced to the world of argumentative and expository essays. The terms thesis statement, elaboration and analysis all sounded foreign to me and I struggled to grasp the basic understanding of an argumentative essay. To make it worse, I was required to write an argumentative essay immediately after learningShow MoreRelatedThe Mcdonald s : Introduction And History3453 Words   |  14 PagesThe McDonald’s INTRODUCTION AND HISTORY McDonald’s was founded in San Bernardino, California as a drive-in restaurant by Richard and Mac McDonald. Their specialty was the 15 cent hamburger. Ray Kroc, a business partner of the McDonalds, oversaw the restaurant’s process and made sure the employees were up to date and what was being served and what was popular at the time. Milkshakes. By the late 60s, McDonald’s grew to 1000 locations in America. It was around that time that the first international restaurantRead MoreBrand Building Blocks96400 Words   |  386 Pagesavailable and makes implementation less effective. The third and fourth reasons, the fragmentation in media and markets and the involvement of multiple brands and products, describe the context of building brands today, a context that involves a growing level of complexity. The remaining reasons reflect internal pressures that inhibit brand building. The fifth reason, the temptation to change a sound brand strategy, is particularly insidious because it is the management equivalent of shootingRead MoreInternational Management67196 Words   |  269 PagesFred Luthans, Jonathan Doh. 6th ed. 2006. Includes bibliographical references and index. ISBN-13: 978-0-07-811257-7 ISBN-10: 0-07-811257-5 1. International business enterprises—Management. 2. International business enterprises—Management—Case studies. I. Doh, Jonathan P. II. Hodgetts, Richard M. International management. III. Title. HD62.4.H63 2012 658 .049—dc22 2011002070 www.mhhe.com Dedicated in Memory of Richard M. Hodgetts A Pioneer in International Management Education iii ThisRead MoreProject Managment Case Studies214937 Words   |  860 Pagesabout Wiley products, visit our Web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Kerzner, Harold. Project management : case studies I Harold Kerzner. -- 2nd ed. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-471-75167-0 (pbk.) ISBN-10: 0-471-75167-7 (pbk.) 1. Project management-Case studies. I. Title. Printed in the United States of America Contents Preface xi 1 PROJECT MANAGEMENT METHODOLOGIES 1 Lakes Automotive 3 Fems HealthcareRead MoreGsk Annual Report 2010135604 Words   |  543 Pagescontains errors as a result of recklessness or knowing misstatement or dishonest concealment of a material fact, but would not otherwise be liable. Report of the Directors Pages 8 to 101 inclusive comprise the Report of the Directors that has been drawn up and presented in accordance with and in reliance upon English company law and the liabilities of the Directors in connection with that report shall be subject to the limitations and restrictions provided by such law. Website GlaxoSmithKline’s website

Should Downloading Music Be Illegal. Free Essays

Response to text- Why You Should Pay For Music by John Sheldrick Dear John, I read your article and I have some comments about it I would like to acknowledge about it: Firstly when you mention that you advocate a culture in which people actually want to spend money on music, but I actually think we should advocate a culture where everybody listens to music and not just the ones who have a computer and and a bank account, I believe that music should be a right and not a privilege and everybody should want to willingly listen to music. Then you argue that people value music but they don’t value it in the sense that they will willingly fork over $1 for a song, I have more than 2 thousand songs in my library, that is equal to 2 thousand dollars and I really don’t have that extra money to spend and people usually don’t like to spend their money on things they can get for free. I would much rather use that money to buy something else and if we had to pay for every single song we would like to listen to our music library would be much smaller and we could not enjoy music as much as we enjoy it when we have a large variety of it. We will write a custom essay sample on Should Downloading Music Be Illegal. or any similar topic only for you Order Now For the consumer, music is not a product or a service. They pay for physical copies of music such as CD’s, they pay for music sheets or for subscriptions to music services, but they don’t pay for a song by itself. After that you state that artists now have no money to keep recording music and have to go on tours to get the money. I do agree that some artist that are not yet discovered should get support from their fans so they could keep recording music, but aren’t musicians supposed to be doing music because its their passion? They are not supposed to go into the business because they want money and fame even though I don’t see the artist at the top of the charts starving to death. Music is about passion and the ones who are recording music are supposed to want to bring their music to all kinds of people so they can enjoy it and the musician is supposed to be satisfied with that and not be crushed because they are not the cover of a magazine. I also think that tours are a great thing, why listen to a record when you can go out and the real human behind the voice live and enjoy it more closely. It’s clear that everybody thinks music should be free, because it’s going to sell everywhere else. Why should the music industry care whether the money comes from a tour with $100 in profits or the exact same amount is brought in from CD purchases? In the end, it doesn’t matter, money is still coming in and can be used to record more music. Then you talk about how music labels are closing because the lack of money they are getting but I actually think that record labels are trying to turn music into gold, music recording labels are getting a large cut of the artists money and are overcharging. The artist who are not yet discovered cant record a good album because the labels are asking for absurd quantities of money which the artist cant pay, so the label closes and the vicious circle starts again elsewhere. I think labels should spend more time developing the artists because they would have a stake in them that extended beyond their recorded music. There is no possible way anyone could seriously work in music and be looking for money and a the same time state that they truly care about the musicians. In conclusion I think that we do need to support our artists, but that could be done a million ways other than paying an overpriced dollar for a song. With the internet now how can we be surprised when people now expect to get their music online for free? The internet file sharing and the advantages we now have in technology I see no way to make the clock turned back and force people to start paying again. So the business has to get creative and evolve away from the sale of recorded music and start receiving money in other ways. How to cite Should Downloading Music Be Illegal., Papers

The Treaty Of Versailles Essays (2944 words) - Treaty Of Versailles

The Treaty Of Versailles One of the greatest conflicts in the history of the world, that of World War II, changed the course of events in Western societies for the rest of the 20th Century. Its effects are felt today even today with the final ascent of the United States as a superpower and the decline of Europe. In fact, World War II was the final judgment concerning European domination of the world. However, many have said that World War II was a continuation of World War I, a war which destroyed much of Europe, crippled its domination of the world with its ruinous economic ramifications, and created the ?lost generation? of millions of wounded and dead soldiers. These changes contributed to the downfall of European society. John Maynard Keynes observes, ?Perhaps it is historically true that no order of society ever perishes save by its own hand.? (1) In fact, the victorious Allies of World War I condemned themselves to another world war with the Treaty of Versailles, particularly with respect to its effect s on the vanquished country of Germany. The conditions of the Treaty of Versailles and their inherent weaknesses set the stage in Germany for yet another world war. French insistence upon crippling Germany influenced many of the conditions set forth in the treaty. The chief aims of the French towards the disabling of the German state were concerned the disarmament of Germany, the demilitarization and occupation of Allied military forces in the German Rhineland and Saar Basin for fifteen years, the severe reparations, the cession of German territory. (2) The Germans ultimately resented the harsh conditions of the treaty, promoting even more animosity between the two nations when plenty had already existed earlier. Germany was forced to give up all overseas possessions, which the Allies administered as mandates. (3) In addition, France resurrected Poland to dismantle Germany's eastern borders. (4) This separated East Prussian from the rest of Germany by the Polish Corridor (5), which contained a large German population. (6) These conditions would later resurface as major issues in Hitler's Germany twenty years later. Furthermore, Article 102 of th e treaty established the town of Danzig?as a Free City.? (7) The controversy surrounding this provision developed as a sensitive issue to the Germans since the population of Danzig was largely German. To the Germans, these conditions added insult to injury. Unfortunately, the treaty did not stop with these conditions. The Treaty of Versailles has become infamous for the harsh reparations it imposed on Germany. Perhaps even more notorious is the ?War Guilt Clause? contained in the peace. The ?War Guilt Clause,? Article 231 in the treaty, arose out of a controversy during the negotiations in the spring of 1919 concerning the nature of reparations that would be collected. It was argued whether or not to include war costs in the reparations to be levied or ?just? civilian damages suffered. Prime Minister David Lloyd-George of Britain and Prime Minister Georges Clemenceau, unsure of whether or not war costs would be include, insisted that the treaty assert at least the moral right of the Allies to recover the cost of the war forced upon them by Germany.? (8) Lloyd-George maintained that if we do not exact it [war costs], it is not because it would be unjust to claim it (9) This sentiment, though meeting opposition from President Wilson's delegation, resulted in the inclusion of Article 231 in the treat y. The provision, after Germany's Weimar Republic delegates signed the treaty on June 28, 1919, bound the German nation to accept full moral responsibility for all damages to the citizens of the Allied countries and for the precipitation of the war itself. (10) The provision blatantly ignored Austria-Hungary's culpability in the conflict, as that country was completely dismantled by a separate treaty. The effects of Article 231 were far-reaching. Besides the obvious discontent such a provision would cause in any nation, German governments used it to rally their people against the Allies in combination with the controversial French occupation in the western regions of Germany, most notably Hitler in the 1930's. (11) In addition, although David Lloyd-George supported the clause, Great Britain throughout the 1920's and 1930's showed their ironic guilt over the

First Battle of El Alamein in World War II

First Battle of El Alamein in World War II The First Battle of El Alamein was fought July 1-27, 1942, during World War II (1939-1945). Having been badly defeated by Axis forces at Gazala in June 1942, the British Eighth Army retreated east into Egypt and assumed a defensive position near El Alamein. Pursued by Field Marshal Erwin Rommel, the British constructed an elaborate array of defenses. Commencing attacks on July 1, Axis forces proved unable to break through Eighth Army. Subsequent British counterattacks failed to dislodge the enemy and by late July a stalemate ensued. In the wake of the fighting, command of Eighth Army passed to Lieutenant General Bernard Montgomery who would lead it to victory at the Second Battle of El Alamein that fall. Fast Facts: First Battle of El Alamein Conflict: World War II (1939-1945)Dates: July 1-27, 1942Armies Commanders:AlliesGeneral Claude Auchinleckapprox. 150,000 menAxisField Marshal Erwin Rommelapprox. 96,000 menCasualties:Axis: approx. 10,000 killed and wounded, 7,000 capturedAllies: approx. 13,250 casualties Background Following its crushing defeat at the Battle of Gazala in June 1942, the British Eighth Army retreated east towards Egypt. Reaching the border, its commander, Lieutenant General Neil Ritchie, elected not to make a stand but to continue falling back to Mersa Matruh approximately 100 miles to the east. Establishing a defensive position based on fortified boxes that were linked by minefields, Ritchie prepared to receive Field Marshal Erwin Rommels approaching forces. On June 25, Ritchie was relieved as the Commander-in-Chief, Middle East Command, General Claude Auchinleck, elected to take personal control Eighth Army. Concerned that the Mersa Matruh line could be outflanked to the south, Auchinleck decided to retreat another 100 miles east to El Alamein. General Claude Auchinleck.   Public Domain Auchinleck Digs In Though it meant conceding additional territory, Auchinleck felt El Alamein presented a stronger position as his left flank could be anchored on the impassible Qattara Depression. The withdrawal to this new line was somewhat disorganized by rearguard actions at Mersa Matruh and Fuka between June 26-28. To hold the territory between the Mediterranean Sea and the depression, Eighth Army constructed three large boxes with the first and strongest centered on El Alamein on the coast. The next was situated 20 miles south at Bab el Qattara, just southwest of Ruweisat Ridge, while the third was located on the edge of the Qattara Depression at Naq Abu Dweis. The distance between the boxes was connected by minefields and barbed wire. Deploying to the new line, Auchinleck placed XXX Corps on the coast while the New Zealand 2nd and Indian 5th Divisions from XIII Corps were deployed inland. To the rear, he held the battered remnants of the 1st and 7th Armoured Divisions in reserve. It was Auchinlecks goal to funnel Axis attacks between the boxes where their flanks could be assaulted by the mobile reserve. Pushing east, Rommel increasingly began to suffer from severe supply shortages. Though the El Alamein position was strong, he hoped that the momentum of his advance would see him reach Alexandria. This view was shared by several in the British rear as many began preparing to defend Alexandria and Cairo as well as readied for a retreat further east. Rommel Strikes Approaching El Alamein, Rommel ordered the German 90th Light, 15th Panzer, and 21st Panzer Divisions to attack between the coast and Deir el Abyad. While the 90th Light was to drive forward before turning north to cut the coast road, the panzers were to swing south into the rear of XIII Corps. In the north, an Italian division was to support the 90th Light by attacking El Alamein, while in the south the Italian XX Corps was to move behind the panzers and eliminate the Qattara box. Rolling forward at 3:00 AM on July 1, the 90th Light advanced too far north and became in entangled in the 1st South African Divisions (XXX Corps) defenses. Their compatriots in the 15th and 21st Panzer Divisions were delayed getting started by a sandstorm and soon came under heavy air attack. Finally advancing, the panzers soon encountered heavy resistance from the 18th Indian Infantry Brigade near Deir el Shein. Mounting a tenacious defense, the Indians held through the day allowing Auchinleck to shift forces to the western end of Ruweisat Ridge. Along the coast, the 90th Light was able to resume their advance but was stopped by South African artillery and forced to halt. On July 2, the 90th Light attempted to renew their advance but to no avail. In an effort to cut the coast road, Rommel directed the panzers to attack east towards Ruweisat Ridge before turning north. Supported by the Desert Air Force, ad hoc British formations succeeded in holding the ridge despite strong German efforts. The next two days saw German and Italian troops unsuccessfully continue their offensive while also turning back a counterattack by the New Zealanders. July 12, 1942 - 25-pounder guns of the 2/8th Field Regiment, Royal Australian Artillery, in action on the coastal sector near El Alamein, Egypt.   Public Domain Auchinleck Hits Back With his men exhausted and his panzer strength badly depleted, Rommel elected to end his offensive. Pausing, he hoped to reinforce and resupply before attacking again. Across the lines, Auchinlecks command was bolstered by the arrival of the 9th Australian Division and two Indian Infantry Brigades. Seeking to take the initiative, Auchinleck directed XXX Corps commander Lieutenant General William Ramsden to strike west against Tel el Eisa and Tel el Makh Khad using the 9th Australian and 1st South African Divisions respectively. Supported by British armor, both divisions made their attacks on July 10. In two days of fighting, they succeeded in capturing their objectives and turned back numerous German counterattacks through July 16. With Germans forces pulled north, Auchinleck commenced Operation Bacon on July 14. This saw the New Zealanders and Indian 5th Infantry Brigade strike the Italian Pavia and Brescia Divisions at Ruweisat Ridge. Attacking, they made gains on the ridge in three days of fighting and turned back substantial counterattacks from elements of the 15th and 21st Panzer Divisions. As fighting began to quiet, Auchinleck directed the Australians and the 44th Royal Tank Regiment to attack Miteirya Ridge in the north to relieve pressure on Ruweisat. Striking early on July 17, they inflicted heavy losses on the Italian Trento and Trieste Divisions before being forced back by German armor. Final Efforts Utilizing his short supply lines, Auchinleck was able to build a 2-to-1 advantage in armor. Seeking to utilize this advantage, he planned to renew the fighting at Ruweisat on July 21. While Indian forces were to attack west along the ridge, the New Zealanders were to strike towards the El Mreir depression. Their combined effort was to open a gap through which the 2nd and 23rd Armoured Brigades could strike. Advancing to El Mreir, the New Zealanders were left exposed when their tank support failed to arrive. Counterattacked by German armor, they were overrun. The Indians fared somewhat better in that they captured the western end of the ridge but were unable to take Deir el Shein. Elsewhere, the 23rd Armoured Brigade took heavy losses after becoming mired in a minefield. To the north, the Australians renewed their efforts around Tel el Eisa and Tel el Makh Khad on July 22. Both objectives fell in heavy fighting. Eager to destroy Rommel, Auchinleck conceived Operation Manhood which called for additional attacks in the north. Reinforcing XXX Corps, he intended for it to break through at Miteirya before proceeding to Deir el Dhib and El Wishka with the goal of cutting Rommels supply lines. Moving forward on the night of July 26/27, the complex plan, which called for opening several routes through minefields, quickly began to fall apart. Though some gains were made, they were quickly lost to German counterattacks. Aftermath Having failed to destroy Rommel, Auchinleck ended offensive operations on July 31 and began digging in and fortifying his position against an expected Axis assault. Though a stalemate, Auchinleck had won an important strategic victory in halting Rommels advance east. Despite his efforts, he was relieved in August and replaced as Commander-in-Chief, Middle East Command by General Sir Harold Alexander. General Sir Harold Alexander. Public Domain   Command of Eighth Army ultimately passed to Lieutenant General Bernard Montgomery. Attacking in late August, Rommel was repulsed at the Battle of Alam Halfa. With his forces spent, he switched to the defensive. After building Eighth Armys strength, Montgomery commenced the Second Battle of El Alamein in late October. Shattering Rommels lines, he sent Axis forced reeling west.

Using the Rare Apostrophe in Spanish

Using the Rare Apostrophe in Spanish The apostrophe is almost never used in modern Spanish. Its use is limited to words of foreign origin (usually names) and, very rarely, poetry or poetic literature. Spanish students should not imitate the common uses of the apostrophe in English. Foreign Words Me siento vieja. Pero, cest la vie. I feel old. But such is life.Un jack-o-lantern es una calabaza tallada a mano, asociada a la festividad de Halloween. A jack-o-lantern is a pumpkin carved by hand and associated with Halloween festivities.Sinà ©ad Marie Bernadette OConnor es una cantante nacida en Dublà ­n, Irlanda. Sinà ©ad Marie Bernadette OConnor is a singer born in Dublin, Ireland.McDonalds ofrece una gran variedad de alimentos de alta calidad. McDonalds offers a big variety of high-quality foods. Note that in all the above cases the words would be recognized as being of foreign origin. In the first two cases, the use of the words with apostrophes would be seen as a Gallicism and Anglicism, respectively. Literature and Poetry The apostrophe can occasionally be found in centuries-old poetry or literature as a way of showing that letters have been omitted. Such use is very rarely found in modern writing, and then only for literary effect. Nuestras vidas son los rà ­os / que van a dar en la mar, / ques el morir. Our lives are the rivers / that flow to give to the sea, / which is death. (From Coplas de Don Jorge Manrique por la muerte de su padre, 1477.) ¿ ... quà © me ha de aprovechar ver la pintura / daquel que con las alas derretidas ...? ... what could it help me to see the painting of that one with the melted wings ...? (From the 12th sonnet of Garcilazo de la Vega, c. 1500-1536.) One exception in modern usage is the slang spellings of mijo and mija for mi hijo and mi hija (my son and my daughter, respectively). Such a spelling should not be used in formal writing. According to the Royal Spanish Academy, the apostrophe should not be used in the following instances, which are considered Anglicisms: To shorten years, such as using 04 for 2004. Simply 04 can be used instead.To make plurals. The Spanish word for apostrophe is apà ³strofo. An apà ³strofe is a certain type of insult.

Law Master Essay Example | Topics and Well Written Essays - 1000 words

Law Master - Essay Example (ii) to remove a temporary surplus of the like domestic product, or, if there is no substantial domestic production of the like product, of a domestic product for which the imported product can be directly substituted, by making the surplus available to certain groups of domestic consumers free of charge or at prices below the current market level; or (iii) to restrict the quantities permitted to be produced of any animal product the production of which is directly dependent, wholly or mainly, on the imported commodity, if the domestic production of that commodity is relatively negligible. Any contracting party applying restrictions on the importation of any product pursuant to subparagraph (c) of this paragraph shall give public notice of the total quantity or value of the product permitted to be imported during a specified future period and of any change in such quantity or value. Moreover, any restrictions applied under (i) above shall not be such as will reduce the total of imports relative to the total of domestic production, as compared with the proportion, which might reasonably be expected to rule between the two in the absence of restrictions. In determining this proportion, the contracting party shall pay due regard to the proportion prevailing during a previous representative period and to any special factors* which may have affected or may be affecting the trade in the product concerned. Brief Explanation of the Article XI: As the title suggests Article XI is concerned with the General Elimination of Quantitative Restriction from Trade. It goes on to say that a contracting party whether importing goods or exporting them shall maintain no prohibition or restrictions on them except in the form of duties, taxes and other charges that can be effective through quotas, import and export licences or other measures, Article XI advocates for the tariff regime to be put in place as trade measures. It further puts prohibition on either of the contracting parties for introducing fresh quotas and they are also required to eliminate the existing ones. However, it also lays a exception to the quantitative restrictions in case of certain domestic agricultural programs. I found the text of the Article XI by accessing the WTO website and in it the legal documents section of WTO. The URL that I accessed is 2) The cases decided by the WTO Dispute Panels and Appellate Body relating to the interpretation of Article XI are the following : Turkey - Textiles EEC - Imports from Hong Kong. India - Quantitative Restrictions US - Wool Shirts and Blouses EC - Hormones Canada - Periodicals US - Shrimp EC - Asbestos United

To what extent was John Maynard Keynes' principal contribution to Essay

To what extent was John Maynard Keynes' principal contribution to political economy a re-conceptualisation of optimal relation - Essay Example This is often the case between Keynesian economists and other reformists’ theories. Keynesianism or Keynesian economics is an economic theory based on the ideas John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, available in 1936 as an answer to the Great Depression of the 1930s. Keynesianism advocates for a mixed economy, in which the state as well as the market or the private sector have both significant functions to operate. It should be noted that the advent and eventual rise of Keynesianism saw the collapse of laissez-faire economics which was of the view that both the state and the market could function, each on its own. Keynesianism also emphasizes of the significance of aggregate demand for goods as the lashing factor of the economy, particularly in periods of recession. For this reason, government plans or policies could be made use of to promote demand at a macro level, to counter high unemployment as well as deflati on. A significant conclusion of Keynesianism is that there is not a tough and automatic propensity for output and employment to move to full employment levels. Effective demand is therefore the fundamental idea underlying Keynesianism. Post Keynesian Criticisms After Keynes, a good amount of concentration has been dedicated to the problem of probability and uncertainty in Keynes’s General Theory by a set of economists frequently called ‘Post-Keynesians’. Over the years, there have risen a lot of economic theories and propositions which no longer see Keynesianism as a spur. As Chick and Tily (2004) mentions in mainstream economics, Keynes is dead1. Leijonhufvud (2008)2 gives explanations on the hypothetical blindness of the economic profession vis a vis interpretations from Keynesianism of the present financial crisis to conventional reliance on market efficiency theory, expectations based on reason as well as the representative agents3. Wray and Teymogne (2008) m ake us reminiscent of the fact that â€Å"the efficient market hypothesis, like all approaches derived from the old neoclassical theory, relegates money and finance to the sidelines.4† A latest volume, cataloguing the commentary of twelve prominent economists on Keynes’s Economic possibilities for our Grandchildren5, offers an outstanding incident to assess the space between conventional Keynesian views of capitalism with ‘love of money’. Keynes’s disapproval for the money drive and the demanding â€Å"purposeful money-makers (who) may carry all of us along with them into the lap of economic abundance† is dismissed as the befuddled and elitist phrase of moralistic narrow-mindedness and an ideal case in point of an irrational approach to economics. For example, Boldrin and Levine (2009) challenge Keynes for not being clear between real and monetary factors6. On his part, Phelps (2009) considers Keynes condescending approach towards the pursuit for wealth as unusual for an economist7, representative of anti-materialism as well as obscure to every scholastic satisfaction in business. Ohanian (2009) illustrates Keynes’ approach as that of a judgmental and critical social commentator who uses his economist’s pulpit to make a rather puritan-based vision of the future8. Fitoussi (2009) acknowledges that Keynes’ negative response to capitalism, with its acquisitiveness and inconsiderate conduct, is not so badly founded9. He however goes on to coin Keynes’

Heraldry :: essays research papers

Heraldry is a system of signs and symbols, which originated in the Middle Ages as means of recognizing warriors on the battlefield. Since armor or coat of mail was worn, it was not difficult to distinguish friend from enemies even at some distance, for each man wore a uniquely designed shield. Medieval Heraldry originated early in the 12th century in Europe. Back in the earlier centuries when they battled, the knights could not distinguish between the opponents or their own kind, because the armors were very similar. So the knights began to decorate their shields with different colors and shapes so they can know who to kill and who is on their side. Also it helped see them from a distance. The design wasn?t the only thing. The knights wore a simple coat to protect them from the sun. By doing this it became known as heraldry. As a result of their success, families of the winners displayed the arms as a sign of accomplishment. Heraldry began as an art and has developed into a complex science with its own rules. The coat of arms consists of the shield, the mantle, the helmet, the wreath, and the crest. Kings and queens first used them. The shield shapes vary according to time period. The colors on the shields meant different things. For example, yellow and gold meant generosity, blue meant loyalty, and white and silver meant peace and sincerity. The shield also has fur, and that suggest a mark of dignity. The mantle represented the cloth that hang from the wreath, and it was also used to protect the head, back, and neck. The helmet varies with the bearer's rank and the century represented. The wreath is usually a primary color and is metal. The crest is whatever appears above the helmet, and there is always a crest on a coat of arms. Blazon is a formal description of, most often, a coat of arms or flag, which enables a person to construct or reconstruct the appropriate image. The officers of arms developed the system of blazoning arms that is used today since the dawn of the art. This includes a description of the shield, the crest, and, mottoes. An understanding of these rules is one of the keys to sound practice of heraldry. The rules do differ from country to country, but there are some aspects that carry over in each jurisdiction.

Ethnographic Observation

I set out to find a place to begin my observations, not knowing what to fully expect, what I may find. So I decided to look around at what is close to my home that isn’t a place I frequent or have even visited at all. Then it came to me, the Starbucks that is only about a mile away is a perfect place for me to observe subjects that I would consider different from myself, seeing as how I consider such obscene prices for coffee ridiculous. Starbucks is a very popular chain of coffee vendors that describe their product as more about quality than what Americans are used to in typical coffee joints. Although I know it is poor technique of me as an anthropologist to have prejudice about any place or people that may be at that place, but I have to admit I already had set in my mind that these people would be â€Å"stuck-up† â€Å"more money than sense† type of people. So upon entering the establishment I decided to blend into as much as possible by ordering one of their Grande size coffees, which is just their basic coffee in a medium size. Then, I found a spot in the corner and began to pretend I was reading the newspaper I had brought as a prop to further help me blend into my surroundings. The aroma of the building was very pleasant blend of coffee and various mixtures of chocolate and hazelnut. It also did have a very friendly feel and accepting sense to the whole thing. So after being in Starbucks for approximately thirty minutes I decided I had enough data to discuss my findings. The business definitely drew in a particular social group. It seemed to consist of mainly white males and females that appeared to be in their early twenties to upper twenties. Also most of them seemed to be more affluent to at least upper middle-class status. I came to this conclusion by the vehicles they drove and also the clothing they were wearing. Most of them were adorned in such brands as Columbia and The North Face, which are higher-end winter apparel. Most of their vehicles appeared to be if not new only a couple of years of age and were in very nice condition. Most of the groupings were either just singular people or couples coming to pick up either a plain coffee or most of the females ordering some mixed espresso or something to that degree. There were a couple of oddities in the data such as a one older couple that came by and also one black male also stopped by to pick up some coffee. Most the behavior I observed was a very casual and relaxed as the people seemed to all be friendly and enjoying their absurd priced beverages. Once in awhile someone would recognize a fellow customer and they would proceed to great each other with either a handshake or hug. Spatial arrangement between people was typical of most American norms. They typically had about a person length in between each person making sure not to get to close to bump into one another which is considered rude in this country. I did my research at approximately 1pm to 1:30pm in the afternoon. I do believe this did influence the type of people I saw in the establishment. If it were early in the morning I believe there would have been slightly older gathering of people going to their respectable jobs. Instead a majority of the customers were college students that were coming in for that mid day pick-up. As for the norms I witnessed they were typical for American establishments, the people working greeted the customers in an almost fake friendly manner that is supposed to comfort and make the customer feel â€Å"at home† in the environment. Then, the customer would reply with what they would like to order and then finish by paying for the product, in this case coffee. In conclusion I have to say that for the most part my presumptions were reinforced which is consistent with what I figured would be the case. Although, it isn’t entirely fair because I didn’t get to truly meet my subjects and understand them fully. I only observed how they behaved in that instance which may have been completely out there norm and even their first time at Starbucks.

The Empirical Evidence On Post Merger Performance Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2605 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Study of M and A performance has been part of the strategic management, corporate finance, and organizational behavior literature for decades. Researchers have made use of various criteria in their attempt to appraise MA performance. For instance, Zollo and Singh (2004) found there exists much heterogeneity both on the definition of the performance of MAs and on its measurement. Don’t waste time! Our writers will create an original "The Empirical Evidence On Post Merger Performance Finance Essay" essay for you Create order In a study of 88 empirical conducted between 1970 and 2006, Zollo and Meier (2008) acknowledged 12 different approaches, varying along several scopes, for measuring the impact of MAs. Essentially, there are four commonly used performance evaluation approaches in MA field which can be classified as quantitative and qualitative methods: Cording et al. (2010) reported 92 percent of empirical works used event study and accounting-based methods. According to Zollo and Meier (2008), only 28 percent of researches use accounting based measures, while 41 percent of the total reviewed articles use short-term event study. 4.1 Event Studies Event study has been dominant empirical financial research approach since the 1970s (Martynova and Renneboog, 2008) and is broadly applied in MA study. Event studies measure the abnormal returns to the shareholders for the period surrounding the announcement of the merger. Abnormal return is fundamentally the difference between the raw returns which is basically the change in the share prices and a benchmark index calculated by for example the Capital Asset Pricing Model (CAPM) or SP500, among others (Krishanmurti and Vishwanant, 2008). The first event study is said to be done by Fama, Fisher, Jensen Roll in 1969, who examined the stock splits to public listed companies. Ever since, it has become an influential tool that help companies to investigate effects of an event on stock return (Boehmer et al., 1991; McWilliams Siegel, 1997; MacKinlay, 1997). Indeed, stock returns reflect immediate, unbiased, rational, and risk-adjusted expectations of firm value in future based on the ar rival of new information. Researchers usually identify a period (event window) over which the impact of the event will be analysed which can be classified into short-term and long-term event study. The short term approach assumes stock market efficiency that means the stock market reaction to acquisitions when they are announced or completed provides a reliable measure of the expected value of the acquisition. The long term performance assessment assumes the stock market spends time to evaluate the value implications of acquisitions and wait new information about the progress of the merger. Besides, the probability of M A will be analyzed (Sudarsanam, 2003, p.71). Whether value is created or destroyed as a result of a merger can be directly measured by event study since it is a forward looking approach. It also has few backdrops as it is underlined by many assumptions about the stock market and event based study is prone to confounding events, which could skew the returns for particular companies at particular events.(Bruner,2002) Evidence using Event Studies Owing to the large number of empirical studies, as well as the variety of samples and sampling techniques used, the main findings have been tabulated. The subsequent discussion therefore focuses on highlighting the main findings and identifying how specific studies have contributed to our understanding of measures of acquirer performance and the factors that influence it. Table 1 contains a summary of studies examining the short-run impact of acquisitions, while Table 2 includes details on long-run studies. Short-run event studies The short-run event period over which the performance of bidding companies is measured varies noticeably between researches with some studies analysing performance in so far as four months prior to the bid announcement (Franks and Harris 1989) and up to three months afterwards (Higson and Elliot 1998). Regardless of the event window selected, however, the evidence on the whole suggests little if any positive returns to shareholders in acquiring companies. Of the studies reviewed in Table 1, only the early studies in the US by Asquith et al. (1983) and in the UK by Franks and Harris (1989) observed significant positive returns to acquirers Indeed it is to be noted that both of these studies included takeovers during the period when takeovers appear to have been more beneficial to acquiring firm shareholders (Bradley et al. 1988; Bruner 2002). Franks and Harris conducted their research in 1950s while Asquith et Lal conducted theirs in 1960s. The remaining studies from both the UK and US come to the conclusion that either no significant difference in the returns of acquirers or significantly negative returns around the bid announcement. In addition, as can been noticed from Table 1, more recent research appears to conclude increasingly negative performance of acquirers, a finding in line with evidence presented by Andrade et al. (2001). Moreover, it must be noted that recent evidence from other countries tends to be more positive compared to findings documented for UK and US. For example, Campa and Hernando (2004) point out insignificant gains from a sample of Continental European takeovers, while Ben-Amar and Andre (2006) report positive announcement returns from a sample of listed Canadian companies. Sudarsanam and Mahate (2003) report significantly negative abnormal returns of 1.4%, over the ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢1 to +1 day period, with only a third of acquirers experiencing wealth gains based on their research on a sample of 519 UK acq uirers between 1983 and 1995. This evidence is largely consistent with other UK studies by Sudarsanam et al. (1996) and Holl and Kyriazis (1997). For the extended post announcement period of +2 to +40 days, Sudarsanam and Mahate (2003) also proclaim generally negative abnormal returns but do not find the differences to be statistically significant findings broadly similar to Limmack (1991) and Gregory (1997). However, almost 50% of acquirers are shown to experience wealth losses over the extended event window. Long-run event studies. Motivated by early studies suggesting that MAs may have a negative impact on the long-run wealth of shareholders (Asquith 1983; Malatesta 1983), the long-run post MA performance has also been subject to a great deal of research. As shown in Table 2, recent studies advocate that MA produce either insignificant or negative abnormal returns in the long run. In the UK, for example, Limmack (1991) reports significantly negative returns for a sample of 448 takeovers between 1977 and 1986. Consistent with his findings is that of Kennedy and Limmack (1996) for their research on takeovers during the 1980s, and Gregory (1997) based on his study of takeovers between 1984 and 1992. Finally, Sudarsanam and Mahate (2003, 2006) also report significant negative returns in the post-bid period. Table 2 also illustrates that recent evidence from US studies is broadly consistent with the UK findings cited above, with Agrawal et al. (1992), Loughran and Vijh (1997) and Rau and Vermaelen (1998) reportin g significant negative returns. A recent research by Alexandridis et al. (2006) uses the three-factor model formulated by Fama and French (1993) and the traditional capital asset pricing model (CAPM) methodology. Both models experienced a negative abnormal return of around ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢1%. Gregory and McCorriston (2005) find that bidders lose ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢9.36% and ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢27% in years +3 and +5 following the announcement while there were no significant returns for years 0 to +2. Hence, the overwhelming consensus is that shareholders in acquiring companies suffer significant wealth losses when long-run returns are considered. 4.2 Accounting Studies Accounting study is based on the reported financial results of the bidders pre and post merger to examine changes in financial performance. Changes in net income, profit margin, growth rates, return on equity (ROE), return on asset (ROA) and liquidity of the firm are the focus of accounting studies (Bruner, 2002; Pilloff, 1996). The studies of the operating performance provide a supplementary measure to evaluate the result of the merger. The main outcome these studies give is whether the merger resulted in providing an edge to the acquirers over their competitors. (Bruner, 2002) Most of the study on merger performance has focused on the use of share price figures due to the susceptibility of accounting data to managerial manipulation through altering accounting policies and earnings management (Stanton 1987). A number of researchers prefer using accounting information to determine the long-run impact of acquisitions on operating performance of firms, arguing that any benefits fr om MAs will eventually materialize in the firms accounting records. Evidence using Accounting Studies Table 3 presents a review of accounting studies. Meeks (1977) concludes that profitability increased in the year of the takeover but decreased drastically below the pre merger levels, sometimes to the extent of 50% in each of the five subsequent years. Dickerson et al. (1997), in their study on a cross section of UK firms, led to the conclusion that that there was no evidence that M A had positive impacts on the acquiring companys financial performance and led to a permanent detrimental effect on company performance and profitability. This finding was consistent with that of Meeks (1977). Healy et al. (1992) examined post M A operating performance of the biggest 50 mergers between 1979 and 1984 and the same industry performance was used as benchmark. The authors indicated that acquirers experienced improvements in asset productivity, resulting in increase in operating cash flows relative to their industry peers. Interestingly, this paper came to the conclusion that the p ost-acquisition performance of acquirers is reduced after the takeover but is still better than their non-acquired sector peers, suggesting that acquisitions serve to lower the impact of poor performance. Andrade et al. (2001) studied the post acquisition performance of approximately 2000 US mergers during the period 1973 and 1998. They found that post-merger operating margins (measured as cash flow to sales) relative to the industry improve and are about 3.2% after the acquisition versus 2.9% before. The authors conclude that the combined target and acquirer operating performance is strong relative to their industry peers prior to the merger, and improves slightly subsequent to the merger transaction (p. 116). Ghosh (2001) attempted to show whether operating performance is actually improved post acquisition and whether the performance of acquirer is associated to the mode of payment employed. He used a sample of all the mergers and acquisition from 1981 to 1995. He compared t he pre and post-merger operating cash flow performances relative to the merged firms to examine whether the operating performance had improved post acquisition. And he found no evidence that operating cash flow performance improves subsequent to acquisition against what was concluded by Healy, Palepu Ruback (1992) that cash flow performance improves post acquisition. He also came to a conclusion in his research that cash as a mode of payment was a better alternative in order to better employ the assets of the combined firm and produce better wealth gains compared to equity as a mode of payment The bottom line of the accounting studies is that there is no strong relation on average between acquisitions and post-acquisition accounting or productivity performance. One probable justification is that the accounting data are too noisy to isolate the effects of the acquisition. This is acceptable given the transformations the accounts of the merging firms go through at the merger (rest atements, special amortization and depreciation, merger related costs, etc.). 4.3 Survey of Executives A survey study is a primary source of information which involves asking the executives of the companies whether the acquisition actually created value. Under, this method, standardized questionnaires are set for managers to assess the impact of a merger on the company. The answers of the executives from the interview are then analyzed to arrive at a conclusion. According to Bruner (2002), survey by practitioners is often casually reported, limiting the ability to replicate the study and understand the methodological strengths and weaknesses. For this reason, scholars tend to give practitioners surveys rather less attention. Moreover since the managers may or may not be stockholders and their outlook may not be focused on economic value creation. Also convincing the executives for involvement is a time consuming task and unfortunately, these surveys are known to have a low rate of participation. (Bruner, 2002) Despite consisting of some backdrops, this approach has its adva ntages as it gives a perception into value creation that may be unknown in the market and the benefits from the intimate familiarity with the actual success of the acquisition. Evidence Using Survey of Executives In a research entailed by Ingham, Kran and Lovestam (1992) who interviewed 146 of UKs top 500 companies between 1984 and 1988 on the basis of a questionnaire, it was held that 77% of the 146 CEOs surveyed are in the opinion that there was a rise in the short term profitability post the merger and 68% believed that the profitability increased in the long run. In a survey conducted by pooling 50 executives via the internet to evaluate the success to create wealth or otherwise of the merger, on average the respondents said that 37% of the deals created value for the buyers. Also it was found after considering all the respondents that only 21% of the deals achieve the buyers strategic goals. (Bruner, 2002) The frame of reference has a key role on the impact on the responses. Executive opinions tend to be more positive on the post-merger value creation in the case where the particular executive is involved. Indeed, the survey of the 50 executives concentrated on executives who wer e personally involved in a merger deal and were asked to respond to it. The result was different. 58% of the respondents said that there was value creation in their deal. 51% believed that they attained their strategic goal while 31% of the respondents didnt agree with it. The remaining was not aware of the outcome of their deals. A survey by Business week(1995) for the period 1990-1995 consisting a sample of 248 acquirers purchasing a total of 1,045 targets, compared to 96 non acquiring firms , revealed that 69% of non-acquirers had their returns superior to that of the competitors. (Bruner, 2002) A survey conducted by KPMG International (1999) based on a sample of 700 of the most expensive merger deals between 1996 and 1998 showed that 17% of the deals amplified shareholder value while 53% reduced it. 30% broke-even. Interviews with 107 executives disclosed that 82% of the respondents said their deals were successful. (Bruner, 2002). 4.4 Clinical Studies Clinical studies focus on one case or a small sample is studied in great depth and insights, usually through field interviews with executives and knowledgeable observers. This is an inductive research which is good for looking out for new patterns and behaviours with regards to a deal (Bruner, 2004). The aim of clinical studies is to fill in gaps left by event and accounting studies (Jensen, 1986). However, due the small number of observations; researcher cannot do hypothesis testing and reports can be idiosyncratic implying difficulty for the decision makers to make bigger decisions from only one report (Bruner, 2002). Evidence Using Clinical Studies Several clinical studies piloted over the years have shown the way to uncovering the truths behind the success or failures of mergers. Lys and Vincent (1995) studied the acquisition of NCR Corporation by ATTs, which lead to a decrease of the ATTs shareholders wealth by $3.9billion and $6.5billion. Their research revealed three main reasons for the failure. First, maximizing shareholders wealth was not one of the objectives of the management, managerial overconfidence and thirdly, ignorance of accessible data. A study to determine whether value is created or destroyed following an acquisition was conducted by Kaplan, Mitchell Wruck (1997). They analysed the mergers of Cooper industries acquisition of Cameron iron works and that of Premarks acquisition of Florida tile and observed different share market reactions to their announcement. One acquisition increased the share value and the second decreased it. However, based on several field interviews with executives they concluded t hat both the acquisitions didnt create value due to lack of knowledge regarding target firm and the imposition of inappropriate organizational strategies on the target firm. Ruback (1982) attempted to find the effect of the takeover of Conoco by Dupont on shareholder value. He discovered that Conocos shareholders received gains of $3.2billion while the shareholders of Dupont suffered losses of $800 million. He couldnt establish the reason for net gain of $2.4billion from the deal and was unable to find a specific source. This study illustrated the possible problems associated in a clinical study.