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.