Motivation of Psychology Graduate Essay

The researchers aim to determine the coping strategies and level of motivation of selected Psychology graduates with regards to their personal problems in District One Laguna. Specifically, the researchers seek to establish answer to the following questions. 1. What is the level of motivation of the psychology graduates with regards to their personal problems? 2. What are the coping strategies employed by the psychology graduates with regards to their personal problems? 3. Is there a significant relationship between the coping strategies and level of motivation of selected Psychology graduates with regards to their personal problems? 4. What are the factors affecting the level of motivation of selected Psychology graduates in district one Laguna? 5. How do the Psychology graduates employ their major academic subjects they studied in dealing with their personal problems? 6. Is their course Psychology helpful to keep their selves motivated? 7. Do Psychology graduates have an advantage in terms of coping stressful life events? 8. Do Psychology graduates still implement what they have studied after graduating? 9. What is the major difficulty that they have encountered in their personal lives?

Environmental Analysis of Dell Organization Essay

Dell’s external environment identifies all the current conditions and forces that affect its strategic options and define its competitive situation. It consists of three main sectors: the Remote Environment, the Industry Environment, and the Operating Environment. All of these environmental sectors affect the firm’s operations both on an international and domestic level. Remote Environment In recent years the computer hardware industry has experienced a slight decrease in profits. Most of this is due to the recent downturn in the economy and a decrease in consumer confidence and spending because of inflation. Many consumers hesitate to upgrade their computers. As a result, Dell must explore new markets and introduce attractive products at a lower-cost to attract its customers. The use of personal computers in international markets is growing rapidly. Dell Computer can take this opportunity as an advantage to provide lower cost computer for consumers. Since Dell has the equipment and capital they can produce higher quantities of workstations or servers at a low operating cost and then sell it a little above cost of goods to China, India, Vietnam and third world countries to increase their global market share. The internet market has been expanding and exploding across the globe. It has varied by market segment and already has been a big hit in the U.S. Dell knows that the way to globalize the company successfully is through e-business. Dell is gearing up in China. The key to its strategy is a locally designed PC called Su Ma (Speedy Horse) which it hopes will draw sales away from the homegrown powerhouse, Legend. Dell has already built a factory in Xiamen, which is on the southeastern coast of China in order to promote its next day delivery to 400 cities which is one of the company trade marks. As a result, Dells China market share has grown from near zero in 1998, to 4.4%. This runs counter to the general wisdom that Chinese consumers must feel and  touch a product before they buy. More business and more production facilities will be opened world wide to adopt the globalization system and the global demand in the next decade. Industry Environment Rivalry is high in the computer industry because there is a lot of competition among a number of market leaders, while there is lack of differentiation and low switching costs for customers. Barriers to entry are also high due to a large part of the market is controlled by the market leaders of the industry, in addition to high start up costs. The bargaining power of suppliers is also high because suppliers are few and there is a heavy reliance on them. The bargaining power of customers is also high because of the availability of many high quality computer companies, all products are perceived as similar and well as the ease of switching. The threat of substitutes is low because they are virtually non-existent. Furthermore, there is a high availability of supplementary products available. Dell Computer Corporation is more successful than its competitors because they have been able to cut out the middleman with its â€Å"Direct Marketing† strategy. Dell entered the computer industry at an opportune time with competitive prices and a production strategy which does not build units until units are ordered, which minimizes inventory and allows customers to customize their units. The direct sales model has helped in cutting down inventory costs and also reduces the lead time in serving customer order. The biggest entry barrier that Dell has to face when expanding into other areas of the technology industry is having customers gain the trust of company over the more popular veteran computer companies. Operating Environment Consumers view Dell as a quality brand at a good price. Some consumers find that Dell’s competitors may be a little more expensive but still offer a quality brand. Dell’s main competitors are IBM, Compaq, Hewlett-Packard and  Gateway. Dell’s competitors have all tried to replicate Dell’s direct marketing strategy. However Dell’s competitors were and still are unable to replicate Dell’s direct marketing success. Historically Compaq and IBM sold through resellers and distributors. When IBM and Compaq announced their new initiative to sell directly to their customers, they angered the resellers, who in turn promoted HP products. HP is able to fulfill the needs of customers who want to see and touch the computer before purchasing it, which is not possible in the direct marketing strategy. But HP’s growth is declining with this strategy and they have been unable to lure major accounts. Gateway has been somewhat successful in implementing the direct marketing strategy, but Gateway does not have a strong hold in the lucrative large customer accounts. Dell ranks high with customers because the company offers free technical support if needed. The purchasing process has changed for the consumers with Dell because all the ordering is done online which offers convenience to its customers and minimize inventory. The flow of materials from suppliers into Dell starts by the company putting in orders to factories that are based on two categories; product type and geography. When putting in orders for product type Dell wants to select the right factory that specializes or deals with a certain product. Geographic orders mainly focus on the where the order is coming from to minimize the transportation expense. Dell has superb relationships with their suppliers; they maintain those superb relationships, by ensuring that the suppliers win every time Dell wins. Dell will need to implement several changes in the next couple years to develop its system, improve customer service, reduce cost, and improve supplier control. Dell will lead the technology industry and be a good example to the competitors. More technology of software and hardware will be available in the futurw with less cost. Long Term Objectives Dell’s objective should be continue providing customers the most recent technologies at competitively lower prices, at lower costs and faster than  their competitors. This could be established in the long run as they: 1. Increase global market share by focusing on Asian markets. 2. Increased revenues by penetrating the Chinese market benefiting from low costs. 3. Continue expansion of server and storage products. 4. Continue to maintain the lowest costs in the industry 5. Establish global brand recognition. 6. Increase diversity in portfolio by expanding product offering and investing in a new industry within the technological sector. 7. Manufacture some of its supplies, decreasing reliance on suppliers. 8. Use the Internet to improve the efficiency of Dell’s procurement, manufacturing and distribution process and further expanding an already broad range of value-added services. References: Abraham, H. Getting in touch with Dells culture: You’ve got the soul! in EnterpriseInnovator.com. Retrieved February 17th, 2006, from http://enterpriseinnovator.com/index.php?articleID=3844&ionID=4 Dell. Dell’s Mission Statement. Retrieved on February 17th, 2006, from http://www2.xmrc.com.cn/jobads/dell2/mission.asp Dell, Inc. SWOT Analysis. Dell, Inc. SWOT Analysis, April 2005, p1-10, 10p. Retrieved February 18th,2006 from Ebscohost Database Business Source Premier http://search.epnet.com/login.aspx?direct=true&AuthType=url&db=buh&an=16895029 Lee, L., Burrows, P., and Einhorn, B. (2005) Dell May Have To Reboot In China. Business Week, 00077135, Issue 3958. Database: Academic Search Premier. Tough, M. ( 2006). Creating a Mission and Vision Statement. In the Sideroad. Retrieved February 17th, 2006, from Http://www.sideroad.com/business_communications/mission-and-vision-statement.html

A Comparative Consumer Behaviour of Audi, BMW and Mercedes in Thailand Essay

A Comparative Consumer Behaviour of Audi, BMW and Mercedes in Thailand and UK - Essay Example Research shows that ?21.1 billion UK automobile market is in constant conflict with France and Italy (Done, 57). This makes it the second biggest European country in the automobile market after Germany. The African continent also has a number of states that are rated among this trading in luxury cars, led by South Africa. However, limitations in sales are based on the total business area or by local market situations, in addition to customer preference. As such, the general prosperity car market is undergoing social change with luxury brands appearing less primitive, less diverse and more comprehensive with the state of being improving. Because of this, there is increased competition between different car brands resulting into brand identity. As a result of continuous improvement in the car products, the outward look of an automobile plays a significant role in influencing the consumers’ decisions. Premium marquees like BMW, Lexus and Mercedes-Benz should develop qualities and values that show transforming social attributes, which affect clients psychologically, so that they retain their profitability in the automobile industry. This paper will look at consumer behaviour differences between Thailand and the UK, considering three brands of cars (BMW, Audi, and Mercedes Benz). Methodology What we Did For purposes of defining clients’ sensitivity towards luxury automobiles, a set of ideas variables that potential consumers of wealth cars might need was developed with permission from car dealers (Audi, Jaguar, Mercedes, Lexus and Volvo). This was done at London Motor show ’97 at Earl’s Court Exhibition. As such, a number of variables were established including reliability, quality, durability, safety,... A Comparative Consumer Behaviour of Audi, BMW and Mercedes in Thailand and UK As such, the general prosperity car market is undergoing social change with luxury brands appearing less primitive, less diverse and more comprehensive with the state of being improving. Because of this, there is increased competition between different car brands resulting into brand identity. As a result of continuous improvement in the car products, the outward look of an automobile plays a significant role in influencing the consumers’ decisions. Premium marquees like BMW, Lexus and Mercedes-Benz should develop qualities and values that show transforming social attributes, which affect clients psychologically, so that they retain their profitability in the automobile industry. This paper will look at consumer behaviour differences between Thailand and the UK, considering three brands of cars. For purposes of defining clients’ sensitivity towards luxury automobiles, a set of ideas variables that potential consumers of wealth cars might need was developed with permission from car dealers. This was done at London Motor show ’97 at Earl’s Court Exhibition. As such, a number of variables were established including reliability, quality, durability, safety, security, performance, efficiency, technology, and handling among other variables. These variables were done within the objective category. However, variables like value, style, comfort, prestige, image and visual impact were done on the basic model of subjectivity.

Personal Response Statement Example | Topics and Well Written Essays - 500 words

Response - Personal Statement Example Study proposal is playing a vital role in the success of learning procedure and this scenario is supportive for the public. This is preferred by the educational experts to manage study proposal to provide a shining and satisfactory environment for the learners. This condition is admirable because this is an apt source to produce affirmative consequences with rapidness and success. In other side, those people who are careless in preparation of study proposals are unable to make educational programs effective and efficient for achievement of specific aims and objectives. So, people should use study proposal in their education programs and they should manage these programs with the support of professional persons that are capable to design the relevant scenarios with effectiveness. In the same way, the study proposal should be monitored strictly to attain shining and winning consequences in the social and commercial way of life. Designing of study proposal is essential to make it elegant and charming to attain magnetism of the public highly. For this purpose, adequate designing of building and preparation is essential because this is helpful to create a satisfactory environment which is efficient to manage educational matters with success and accomplishment. Proper decoration of buildings is also essential because this is linked with the public attraction and satisfaction; it is necessary to procure the educational programs with sensation and accomplishment. In the same way, attainment of services of professionals in this matter is also preferred as it is an apt source to make study proposals attractive and shining without any reservation and misgiving in the community. So, it can be stated that study proposal is a likable matter which is admired in the society with proper designing and decoration. Thus, relevant people should take proper interest in it and they should prepare new buildings in proper and ef fective

Public Relations, Publicity and Corporate Advertisement Term Paper

Public Relations, Publicity and Corporate Advertisement - Term Paper Example Others may request for more time to think about it. During product promotion, it is the duty of a salesperson to promote the products. The salesperson will employ various methods of promoting the products. These methods may include creating of trade shows that will demonstrate the product to attract distributors. They may also visit retailers to persuade them to stock their products. The salespeople will use all means to force the products into the market. The salespeople will also take charge of the presentation. They will talk about the product and give every detail concerning the product. During the presentation, the salesperson will convince the customers of the goodness of the product. Salesperson skills are required maximally during this phase. A salesperson is then required to propose the product to the consumer. He will inform them of the cost and the payment terms. The salesperson’s skills are required in convincing the customer that the cost stated is fit for the product. Objections usually arise, and therefore a salesperson is required in overcoming these objections. The objections that arise usually revolve around time and money. The customers do the request for time, to go and assess other alternative products. It will need a salesperson to convince them otherwise. Arguments about money are common since they do advocate for the price reduction. These reductions may come to a point that the business doesn’t make the profit. A salesperson is required during the negotiations to ensure that the products are purchased at the satisfaction of both parties. As also explained above, some customers accept the product, usually after a battle. During this battle, a salesperson is required to convince the customer to a point where he accepts the product. (Champy 2010) As a sales professional, a lot is expected for the ability and sales performance to exceed one's quota or higher personal goals that one has set for him.  Ã‚  

TK Klaveness Coursework Example | Topics and Well Written Essays - 3250 words

TK Klaveness - Coursework Example In the given case, the Torvald Klaveness or TK had many children from his two marriages. There were future grandchildren too which also increased the family number. So, in such a huge family matters related with share and dividends becomes obvious. 2. What insights can you gather on how family enterprises compete and think differently? (Compare the family business to the non?family owned business). There are certain inherent traits that rare seen in the business family enterprises compared with the non business enterprises. The business families will be found to be always engaging in increasing their interests’ specially the shares in the company. They will be found to be concerned about their family shares too. This may not be seen on non business families at the first sight. As in the case study, Tom Erik was seen to be concerned about the future of his two daughters. Same was seen in case of the two sons of Trond named Morten and Jan as they were quite young and he was anxi ous about their inheritance. Though the family was well related it seemed they were more eager in protecting the wealth of their individual shares. 3. What are the key issues that lie ahead for the Klaveness family and the Group? (think in terms of family, ownership and strategy) Firstly, there was the issue of choosing the right heir for the company. There were differences between tom Erik and Trond Klaveness. They had different business approaches and personalities. Their leadership styles would vary accordingly. The issue was if only one was chosen as the leader, according to the company guidelines what would happen to the rest of the family members. There were issues related with the off springs of the two sons of TK , about how they would contribute to the business affairs. Also the female members of the family were showing their interests in the family business. And Secondly, in terms of ownership, the family was at a fix of how much shares to be allotted. In terms of strategy there were differences between the two brothers about retaining the company legacy and passing it to the next generation intact. While Trond wanted to change the shareholders agreements. 4. What is your diagnosis or interpretation of the situation they face? The family was not able to form a single conclusion where they would arrive at a single consensus. There were many members like Trond who had different aspirations and did not wish to remain with the company for ever. The issues related with share allotments and succession complicated the matter more as there were differences in ideologies between the two main members of the family. 5. What should Trond propose at the August 2002 meeting? At the meeting of 2002, Trond should propose that a proper family meeting be announced that would be mediated by the third party council. This would help to bring uniformity in the discussed issues. 6. How should he and the family proceed? Trond will have to proceed in a way so as to retain hi s father’s legacy and also address his own personal goals. He has to maintain a share level in the company that would benefit his sons who were quite young for inheritance in the company. 7. From your cultural perspective and your family experience, what recommendations would you offer the Klaveness family? The Klaveness family was a huge and an extended one. They needed to spend more time with each so s to prevent the formation of any rivalry between them. Money is important for any family to run but it is the people who hold the family together that are essential to continue a huge business empire like the Klaveness’. Tetra Pak Converting Technologies Dr. Kristian J. Sund Read the case and consider the following questions: 1. What were the

Economics for managers Essay Example | Topics and Well Written Essays - 1500 words

Economics for managers - Essay Example 246). This is the reason why the national governments of most of the nations attempt to enhance the GDP level of their respective economies. Some of the reasons why GDP of any nation could not be used to evaluate the standard of living prevailing in a nation and hence, its well-being, have been depicted underneath. Firstly, GDP takes no account of the distribution of wealth or income among the residents of a given nation and thus, does not portray a true account of the standard of living among various strata of the society. One appropriate example of a lack of discreteness of GDP, in measuring the well being of any nation could be derived from the terrorist attacks in USA in 2001. The attacks left the nation distraught and its citizens at a worse-off state. Many people lost their lives and among those who lived, many lost their jobs. Yet, the GDP of the nation was hiked primarily due to the fact that the statistic included the sums injected in the economy in the form of aids and fund reliefs (Baumol & Blinder, 2009, p. 474). Furthermore, the instance with that of the developing nations or rather the ones passing through the transition phase often record very high GDP values which does not go with the actual living standards prevailing in these nations. China and India are regarded to be the fastest developing nations in the world. These nations record one of the fastest economic growth rates even though the degree of well being in both of them are quite low with only a handful of the population base experiencing a betterment in their living standards. The primary reason behind this is the huge population bases in both the nations, which respectively are regarded as the ones endowed with the largest and second-largest populations in the world. A lion’s share of the population bases in both these nations live in utter poverty with dwindling resources. Though both these nations are associated with an economic growth rate of about 8 percent and more, the Gin i coefficient in these nations are evident of the deteriorating living standards. While it is 33 for India that for China as measured in the year 2006 was, 44.7 (Gehring & Kulkarni, 2006, p. 12). Hence, though China is slightly better off than India, none could be regarded in a highly good social condition. But income inequality and prevalence of poverty in a nation are not the only factors which indicate towards a nation’s standard of living. There are certain other aspects such as environmental concerns which are equally essential in evaluating the same. Secondly, GDP does not deduct the used up values from its account which is why it gives a wrong impression about the true economic picture in a nation. It includes the values depreciated through usage of capital, natural resources depleted on account of deforestation or excessive deployment, reduction in mineral and fuel resource endowments, as well as loss of fertilisation of land. Thirdly, the extent of environmental poll ution and degradation in a nation often hampers a variety of production processes in an economy which is why it is often counted as a drawback

IKEA Stores Layout and Sizes Assignment Example | Topics and Well Written Essays - 2500 words

IKEA Stores Layout and Sizes - Assignment Example It was impressed upon his young mind that the most should be made out of the limited resources and that the essentials of modern living may be acquired at reasonable cost. From the time he set up his first business in the 1930s and registered as IKEA in 1943, Kamprad’s overriding strtegy was to adopt every cost-cutting solution that did not compromise quality and innovative ideas (Ikea.com, 2012). The diagram that follows shows IKEA’s key strategic thrusts by which it seeks to flesh out Kamprad’s vision. Central to the strategy is the simple and creative design which is well-received by the market; it is distributed through large stores with a wide range of products, all priced inexpensively, designed in flat packs, and requiring customer assembly. IKEA’s Strategic Direction (http://sites.google.com/site/faizahmadali/IKEA.JPG) The manner by which the stores provide customer accessibility to a wide selection of useful products, and the manner by which the p roducts are inexpensively priced, easily stored and transported through flat packed boxes, and engage end-user participation in their assembly all contribute to customer engagement through low cost, durable quality, and aesthetic appeal. 2. Three organizational tensions, and how the strategic direction addresses them. The diagram on the next page shows a strategic map of the company, identifying in blue the central goal of providing furniture and accessories for the home, the four principal strategic objectives arranged in a square around the goal, and the elements that support the goal and objectives. http://www.monografias.com/trabajos89/strategy-michael-porter/image011.jpg The elements that contribute to the realization of the objectives or goals provide clues to various organizational tensions between the firm and its stakeholders, due to factors both internal and external to the organisation. By tension is meant the existence of clashing interests between stakeholders and the c ompany. For IKEA, some customers have taken issue with (and even ridiculed) the manner by which IKEA products presume the customers’ adequate capability in assembling the product. This creates tension in the need to design easy-to-assemble units vis-a-vis the need to engage customer participation in the assembly process. Internal IKEA store layout featuring products’ flatpack design (Facenda, 1999) A second source of tension is the need to create a variety of designs, which clashes with the need to reduce manufacturing costs. Ordinarily, cost reduction is best achieved through product standardization, rather than product diversification needed to produce a variety of products . By seeking to diversify but at the same time mass-produce, tensions are created between the production unit of the firm and the marketing unit which identifies the variety of product lines offered in IKEA stores. Finally, a third source of tension is in the size of IKEA stores and its repercussi ons upon the community. The size of IKEA stores are as a rule large enough to enable customers to access all possible

Is the mind equivalent to the brain Essay Example | Topics and Well Written Essays - 1750 words

Is the mind equivalent to the brain - Essay Example Biochemical processes just like energy production yield chemical compounds responsible for energy generations. Hormones are some of these chemical products of body system processes which they can associate to emotions but enough evidence is needed to show that there are variations among the same type of hormones among different individual persons. Insulin in a person can be the same insulin in another. This becomes the problem to explain emotions since this feeling varies with individuals. This is among the reasons why emotions and mind is considered to be some external factor that works in coordination with the body system such as the brain. The argument of this essay is based on a substance dualism approach integrated with the idea that the substance of the brain and that of the mind although separate in nature works together to coordinate body functions such as digestion, circulation, hearing, seeing, and other bodily systems and integrate these with human thinking and feelings of every kind produce sensations, emotions, ideas, and even think beyond the unthinkable. Since we accept that the mind as a... Theory of the mind basically revolved within the human being's capacity to understand his own behaviors like emotions, beliefs, intents, desires, knowledge, and others, and to feel that other individuals have beliefs, desires and intentions that are different from that of own self. This capacity is believed to be the result of evolutionary changes in the human brain (Povinelli and Preuss, 1995). These functions are inherent of the mind and are not physical but are accepted to be manifested in the brain, as a dualist understands (Calef, 2006). Latest neuro-imaging technology has identified the medial prefrontal cortex (MPFC), temporal poles, and posterior superior temporal sulcus (STS) junction as the particular areas in the brain that are more likely associated with the mind. (Firth and Firth, 2003 and Saxe et. al, 2003). The mind and brain had been thoroughly studied by different sociologists, philosophers, psychologists and every field of science and theology. There are several approaches used in the study of the functions of the brain and mind. The most common are the modular approach (Scholl and Leslie, 1999) and the integrated (Anderson & Lebiere, 1998). The modular considered every mind activity as a separate module in the brain. The integrated approach considered the mechanisms of understanding as an integration of all the modules that work to produce a comprehensive show of emotions, ideas, and understanding. The approach considers that to create a better feeling on a food taste, the sensations of the hand mouth and other mechanism connect to each other. Our idea is anchored within this context. The foundation of dualist idea It is hard not to mention Descartes when we are talking about dualism in

Comparing unacademic genre Essay Example | Topics and Well Written Essays - 750 words

Comparing unacademic genre - Essay Example This film indeed plays like real life events happening in a modern television network station. The main actor appears to reason with critics, something that gives him an edge to pass on his message that current journalists have more ways of speaking the truth to those in authority fearlessly. He goes on showing that, the modern journalist has been able to attract the attention even first-time viewers and consequently being able to engage the viewer to give an opinion concerning both public and private policies. The movie has portrayed news anchors and journalists as people who do feed viewers and readers with the right content but in between tilt it to favor their side of the argument. That way they have an upper hand of influencing public opinion about how the ruling class executes its policies. The film is quite interesting and captivating, with all characters coming out boldly and playing their roles interactively. The piece signifies the importance of working out in a calculative and composed way with the bigger picture in mind. From the movie, one can learn how to single out truth from fiction in the work of journalists and figure out how to make independent decisions instead of following their lead. As shown, that best way is to digest the question the journalist asks then give a reply based on that piece of the article without an analysis. The piece with analysis is meant to divert your vision to something similar to what the article talks of. The movie is about a female messiah-like figure (Jupiter) who is engaging King Lear family villain siblings in a bitter war to control the solar system. The villains play tough prompting Jupiter to seek assistance from baddies, who are members of another dynasty. The baddies immediately become interested in her and compel her to sign a property deed that shall allow them to harvest her eggs. These eggs contain energy of imprisoned people, so the buddies want to

National Bank Essay Example for Free

National Bank Essay A research program is very important essential for acquiring experience through learning and spreading the scope of Knowledge. I have done my research program in National Bank Limited, Foreign Exchange Branch. This research report is aimed at providing a comprehensive picture to the areas of Foreign Exchange operation of National Bank Limited. The report has been divided into twelve parts. These are- Introduction, Brief History of Banking Sector of Bangladesh, Corporate review of NBL, Foreign Exchange, Documents Used in Foreign Exchange Business, Letter of Credit (L/C), Import, Export, Foreign Remittance, Findings and Analysis, References. National Bank Limited is one of the largest commercial Bank of Bangladesh. The main objective of the Bank is to provide all of banking services at the doorsteps of the people. The Bank also participates in various social and development programs and takes part in implementation of various policies and promises made by the Government. National Bank Limited plays a pioneering role in handling foreign trade and foreign exchange transactions. With wide network of branches at home and a large number of correspondent banks worldwide, it is handling the largest volume of export-import business including homebound remittances. For this reason, Foreign Exchange of the Bank is very much essential. But now a day’s banking sector of Bangladesh is suffering the disease of default culture which is the consequence or result of bad performance of most banks. There are three types of modes of foreign exchange market, which are- Export Financing, Import Financing and Foreign Remittance. Foreign Exchange Branch does these foreign exchange activities vastly. In this report, I mention the overall operating procedure of foreign exchange transaction of National Bank Limited. I also mention the findings of my report and describe the recommendation to overcome the limitation. I have taken all the reasonable care to ensure the accuracy and quality to make the report standard. And I believe that it has included all the necessary information to be relevant. INTRODUCTIOIN ORIGIN OF THE REPORT As a mandatory part the BBA Program, all the students of the faculty of  Business Studies, Premier University, Chittagong have to undergo a three month long research program with an objective of gaining practical knowledge about current business world. After this research program each and every students have to submit a research report mentioning their activities during the research program. I’ve started my research at the National Bank Limited, Foreign Exchange Branch. At the end of the research program I am submitting my research report focusing on the contribution of Foreign Exchange operation to the overall performance of bank especially on profitability perspective under the supervision of Tasnim Uddin Chowdhury, Lecturer, Department of Finance, in Premier University, Chittagong. OBJECTIVES OF THE STUDY The general objective of the study is to gather practical knowledge regarding banking system and operation. The research gives us a chance to relate the four year long theoretical learning of BBA Program with the reserch experience. This consists the following: To get an overall idea about the Foreign exchange Business of National Bank Limited. To apply theoretical knowledge in the practical field. To describe the organizational structure, management, background, functions and objectives of the bank and its contribution to the national economy. To achieve overall understanding of National Bank Limited. To analyze the financing systems of the bank to find out any contributing field. To examine the profitability and productivity of the bank. To acquire knowledge about the everyday banking operation of National Bank Limited. To evaluate the effect of world recession on foreign exchange income of NBL, Foreign Exchange Branch. To understand the real management situation and try to recommend for improving existing problems. SCOPE OF THE STUDY This study provides those scopes of knowing are the following: History and performance of National Bank Limited. Terms used in foreign exchange operations Foreign exchange operations of National Bank Limited Literature review. Total concept of Foreign Exchange Operation. METHODOLOGY OF THE STUDY The report is prepared on the basic of foreign Exchange of National Bank Limited. To conduct the overall study, at first I explored the sources of Primary and Secondary information and data. Different files of the department and statement prepared by FED helped me to prepare this report. To present numerical data, I used the Annual Report of 2008 and monthly statement of January to October 2009 of National Bank Limited, Foreign Exchange Branch. For preparing this report I have used some graphical representation to find out different types of analytical and interpretation. SOURCES OF DATA As mentioned earlier, mainly primary and secondary data has been used. Sometimes the customers gave some important information regarding the services of the Bank: PRIMARY DATA Official records of National Bank Limited (NBL).. Expert opinion. SECONDARY DATA Monthly Statement of NBL. Annual Report of NBL. Official Files. Selected books. Other manual information. Websites. Various publications on the Bangladesh Bank. Newspaper reports in this concern. DATA ANALYSIS AND INTERPRETATION Both quantitative and qualitative analysis will be performed on the findings. The quantitative analysis will be done on the trend of export- import, growth pattern of export-import, pre and post facilities provided for easing the export-import operations. Qualitative analyses will be based on the macroeconomic variables and foreign exchange policy provided by Bangladesh bank, the central bank of Bangladesh. Different statistical tools will be used for the analysis of the findings. LIMITATIONS OF THE STUDY To provide current information and to make the report read-worthy, support from various sources is essential. In spite of having my wholehearted effort, I could not collect some information required at the time of the study. So this study is not free from the following limitation: Due to unavailability of latest annual report (Annual report 2009), I have to prepare the report on the basis of annual report 2008. As a result, analysis, presentation of data may not show the existing position/present condition of National Bank Limited. For the whole research I had only 90 days, out of which I get 61 days because of late commencement of research program, which were totally insufficient. So I faced time shortage extremely. Lack of previous experience to prepare this type of report and it is totally new to me as an intern. Foreign exchange division follows Uniform Customs and Practice for Documentary Credits (UCPDC), but within this short period, I was totally stunned to understand. Learning all the banking functions within just two months was really difficult. Sometimes the officers of National Bank Limited were very busy. For this reason the personal did not co-operate me. National Bank Limited did not give me any kind of monetary support for this research program Most of the working days in NBL, I have to work in cash department to help in IPO subscription collection, so I get limited time work in other departments to have practical knowledge Another limitation of  this report is Bank’s policy of not disclosing some data and information for obvious reason, which could be very much helpful. BRIEF HITORY OF BANKING SECTOR OF BD EVOLUTION OF THE WORD ‘BANK’ The word bank originated from Italian word â€Å"Banca†. Banca means long tool. In ancient time Italian Jews merchant used to do business of lending money by sitting on the tools. It is assumed that the word â€Å"bank† derived from the word Banca. To meet the expense of war of 1171 one type credit certificate was launched in Italy at an interest rate of 5% it was called as Monte in Italian language and Bank in German language then German language was widely used in Italy. As a result the word Bank gradually changed to the word Banca from which the word Bank originated. THE EMERGENCE OF MODERN BANKING The linguistics and etymologists suggests an interesting story about banking origins. Both the old French word â€Å"Banque† and the Italian word Banca were used centuries ago to mean a bench or moneychangers table. This describes quite well what historians have observed concerning the first bankers, who lived more than 2000 years ago. They were money changers, situated usually at table or in a small shop in the commercial district, aiding travelers who came to town by exchanging foreign coins for local money or discounting commercial notes for a fee in order to supply merchants with working capital. The first bankers probably used their own capital to fund their activities, but it was not long before the idea of attracting deposit and securing temporary loans from wealthy customers became a source of bank funding. Loans were then made to merchant’s shippers and landowners at rates of interests low as 6 percent per annum to as high as 48 percent a month for the riskiest ventures. Most of the early bank was Greek in origin. The banking industry gradually spread outward from the classical civilizations of Greece and Rome into northern and western Europe. The early bank in Europe was places for safe keeping of valuable items (such as gold and  silver bullion) as people came to fear loss of their asset due to war, theft, or expropriation by government. When colonies were established in North and South America, old world banking practice were transferred . DEVELOPMENT OF BANKING IN BANGLADESH Since early British rule, the history of banking in Bangladesh territory shows that the traditional trade-networks developed before the banks invaded rural areas. And the banking services have slowly flourished in Bangladesh territory. Even today, in many places, moneylenders provide credit services. Small shopkeepers and businessman use informal credit at high interest rate. Traditional mahjong’s money lending business gradually declined due to expansion of bank and the micro credit programs of NGOs, cooperative banks and government agencies. PUBLIC SECTOR BANKS During the liberation war in 1971, the economic, political, and social system including the banking system was severally damaged. At that time, all big and medium financial institutions except two small banks had their head office in the West Pakistan. The non-beagle owners and managers of the financial establishments that operated in East Pakistan had abandoned them. After independence in 1971, the new government had to take over management and ownership of all such institutions. The banks Nationalization Order 1972 was issued to nationalize banks and financial institutions (except those incorporated abroad) in order to control chaos in the field of ownership, party bureaucracy, the intelligentsia, and pressure group. By several orders the government of Peoples Republic of Bangladesh created- Six nationalized commercial banks (NCBs): 1. Sonali Bank 2. Agrani Bank 3. Janata Bank 4. Rupali Bank 5. Pubali Bank 6. Uttra Bank One industrial bank (BSB) One agricultural bank (BKB) One industrial development financial institution (BSRS) The bank and financial institutions which originated during the Pakistan period and were merged, and renamed and functioning after independence of Bangladesh. In the year 1983, the government allowed private sector to participate in the banking business. The Publi Bank and the Uttara Bank were denationalized in 1985, due to non profitability. This action reduced the number of NCBs to four. Such restructuring of public sector banks was in order to play their role in industry, agriculture, export, self –employment etc. PRIVATE COMMERCIAL BANKS Taking advantage of the liberalization policy of the government regarding participation of private sector in the banking business, a number of private banks were established in –and –after 1983. With the emergence of private banks in Bangladesh, a competitive situation in the sector has been created. Now there are 48 commercial banks in Bangladesh which are enlisted with Bangladesh Bank, among them four (4) are NCBs, five (5) are specialized banks, twenty nine (29) are private commercial banks and ten (10) are foreign commercial banks. The emergence of private banks has added a new dimension to the banking system in Bangladesh. The private commercial banks show a steady growth in terms of number of branches, deposit and advances. CORPORATE REVIEW OF NATIONAL BANK History of National Bank Limited National Bank Limited has its prosperous past, glorious present, prospective future and under processing projects and activities. Established as the first private sector Bank fully owned by Bangladeshi entrepreneurs, NBL has been flourishing as the largest private sector bank with the passage of time after facing many stress and strain. The member of the board of directors is creative businessman and international economist. For rendering all modern  services, NBL, as a financial institution automated all it’s branches with computer network in accordance with the competitive commercial demand of time. Moreover, considering it’s forth- coming future the infrastructure of the Bank has been much more to NBL. Keeping the target in mind NBL has taken preparation branches by the wear 2000-2001. The emergence of National Bank Limited in the private sector is an important event in the banking area of Bangladesh. When the national was in the grip of severe recession, Govt. too k the farsighted decision to allow in the private sector to revive the economy of the country. Several dynamic entrepreneurs came forward for establishing a bank with a motto to revitalize the economy of the country. National Bank Limited was born as the first hundred percent Bangladesh owned Bank in the private sector. From the very inception it is the firm determination of National Bank Limited to play a vital role in the national economy. We are determined to bring back the long forgotten taste of banking services and flavors. We want to serve each one promptly and with a sense of dedication and dignity. The President of the People’s Republic of Bangladesh Justice Ahsanuddin Chowdhury inaugurated the bank formally on March 28, 1983 but the first branch at 48, Dilkusha Commercial Area, Dhaka started functioning on March 23, 1983. The 2nd Branch was opened on 11th May 1983 at Khatungonj, Chittagong. Today we have total 103 Branches all over Bangladesh. A representative office was established in Yangon, Myanmar in October, 1996 by our bank and obtained permission from t he government of Bangladesh to handle border trade with Myanmar .opportunities is being explored for further business avenues there. Now NBL is on line to establish trade and communication with the prime international banking companies of the world. As a result NBL will be able to build a strong root in international banking horizon .Bank has been drawing arrangement with well conversant money transfer service agency â€Å"Western union†. It has full time arrangement for speedy transfer of money all over the world. Banking is not only a profit – oriented commercial institution but it has a public bas and social commitment admitting this true NBL is going on with its diversified banking activities NBL introduced monthly Savings Scheme, special Deposit Scheme, and Consumers. Credit Scheme and savings Insurance scheme etc. To combine the people of lower and middle income group. A team of highly qualified and experiment professional headed by the managing Director of the  bank who has vast banking experience operates bank and at the top three is an efficient Board of Directors for making policies. Vision of National Bank Limited Establishing as a top grade efficient bank through best application of modern information technology and business activities, offering high standard client services and Proper coordination of foreign trade business in the core of their vision. Mission of national bank Limited With a view to achieving commercial objective of the bank, their sincere and all out efforts stay put unabated. Respected client and shareholders are attracted to us for our transparency, accountability, social communities, and high quality of clientele services. Objective of national Bank Limited Bring modern banking facilities to the doorsteps of general public through diversification of services, thereby arousing saving propensity among the people. Foreign a cordial, deep rooted and farm banker customer relationship by dispensing prompt and improved clientele services. Taking part in the development of the national economy through productive development of the banks resources as well as patronizing different social activities. Connecting clients to modern banking practices by the best application of improved information technology, so that they get encouraged to continue and feel proud of banking with NBL. Responding to the need of the time by participating in the syndicated large loan financing with like-minded banks of the country, thereby expanding the area of investment Elevating the image of the bank at home and abroad by sustained expansion of its activities. Strategies of National Bank Limited To manage and operate the bank in the most efficient manner to enhance financial performance and to control cost of fund. To strive for customer satisfaction through quality control and delivery of timely services. To identify customer credit and other banking needs and monitor their perception towards our performance in meeting those and update requirement. To review and update policies procedures and practices to enhance the ability to extend better services to customer. To train and develop all employs and provide them adequate resources so that customer needs can responsibility addressed. To promote organizational effectiveness by openly communicating company plans, policies, practices and procedures to all employers in a timely fashion To cultivate a working environment that fosters positive motivation for improved performance To diversify portfolio both in the retail and whole sale market. To increase direct contact with customer in order o cultivate a closer relationship Busin ess Goal To patronize, sponsor and encouraged games and sports, entertainment and other socio-economic activities alongside providing the best services to the client. The Future thrust Full duplex on-line Banking Introducing more innovative products and services Opening new branches Expansion of business network at home and abroad SMS Banking Introduction of new liability / Asset products Corporate Culture Employees of NBL share certain common values, which helps to create a NBL culture. The client comes first Search for professional excellence Openness to new ideas new methods to encourage creativity Quick decision making Flexibility and prompt response A sense of professional ethics Growth and Development of NBL The NBL carries out all traditional functions, which a commercial bank performs such as mobilization of the deposit, investment of funds, financing export and import business, trade and commerce and industry. The banking sector in the country faced different problems thought the year. Even through the board and management never stopped its effort to maximize wealth, which is reflected by 143.97percent profit growth in 2007, highest ever in the last 15 years. The bank earned the 676.45 core revenue in 2007 as interest, income from investment and commission exchange earning, which who Tk. 530:69 corer in the provision year. As a result the total operating profit rode to Tk. 221.51 corer in 2007 from Tk.114.68 corer in the previous year. Branches of NBL NBL, which was started at Dilkusha Branch on March 23rd, 1983, was the first major commercial Bank. In Bangladesh operating throughout the country as well as the age of the bank is only 25 years .During this period it has established total 112 branches over the country and made smooth network inside the country as well as thought the world. The number of branches as well as territory wise is mentioned in the table.

Impact of Mixed Ability Classrooms in Catholic School

Impact of Mixed Ability Classrooms in Catholic School A literature review is an account of what has been published on a topic by accredited scholars and researchers(Taylor, P.1). In this chapter, my purpose is to convey what knowledge and ideas have been established by others in my research field. I would discuss the literature which would help me answer my research questions: What is the impact of Mixed Ability Classrooms in a Catholic School since its implementation in 2005? Did low achievers ability grouping strategy of GCS have a significant impact on academic school achievement? Could Mixed Ability Classrooms and Ability Classrooms continue to coexist in the future? The literature reviews what international body has found on Mixed Ability and Ability Grouping and how it has impacted since implementation, as well as its implications in Mauritius especially for GCS. This chapter is schematically structured as follows: Mixed Ability Mauritian definition v/s others Mixed Ability Learning, Teaching and Assessment Strategies which could be applicable but are not used in the Mauritian context Mixed Ability Disadvantages Ability Grouping Definition and which one is adapted to GCS. The pros and cons of Ability Grouping Ability Grouping v/s Conclusions of other literatures on the correlation existing between grouping School achievement and achievement 2 Mixed Ability Mixed Ability is first defined before its implication in the Mauritian context is considered. Mckeon (2004) defines Mixed Ability Classroom as a group consisting of able, average, and children with learning difficulties in the same class. (cited in Bremner, 2008, p.2). Ireson and Hallam (2001) reinforce the idea of Mixed Ability classrooms as those catering for diverse learning styles and preferences. (cited in Bremner, 2008, p.2). These two definitions are consistent with what is found in the Mauritian context. In 2005, the BEC changed the corporate aim of all Mauritian Catholic Schools in adopting the Mixed Ability Policy. This was translated by a change in the intake criteria of these schools for Form 1 students. Admission criteria, under BEC aegis, for Form 1 students since 2005 are as follows: Aggregate of 15 to 20 units at the Certificate of Primary Education Zoning: The Secondary School where application is lodged should be in the same zone as the Primary School attended Social Cases: on Humanitarian grounds Individual results in English, Mathematics, Science, French or History/Geography (in that order) will be used for candidates with the same aggregate Aptitude tests/Interviews/Random selection if there are too many successful applications (Source: BEC, 2003) Thus the Form 1 classrooms in Catholic Schools had a diverse group of students since 2005. This situation harmonises itself with the Catholic Education mission which is to: humanise education, pedagogies, methods, means for students, teachers, parents to be more humanà ¢Ã¢â€š ¬Ã‚ ¦A human education is a collaborative and creative approach to learning (Bishop Piat, Le Mauricien, Jan. 2006). Mixed ability classes in catholic schools of Mauritius therefore are made up of low, middle and high achievers within the same classroom. This concept is acknowledged by Dauguet (2007) that in Mauritius Mixed Ability is related to performance-based groupings (p.58) and Merven (2005) where students with different academic levels will be in the same classroom (p.36). It is understood that Mixed Ability is related to differentiation since diversity means differences (Tileston, 2004, p.13). The concept of differentiation can be defined as meeting the individual needs of each learner, of customising instruction to help students learn (Fogarty, 2005, p.2). . Rose (2009) compared a Mixed Ability Class with an elevator. The class is a lift, and everyone needs to get into the lift. Some will get on while others have to be dragged in. Some will travel to the top while others may stop at the 3rd floor, others may only reach the first floor but everyone would have travelled successfully somewhere. (English Teaching Professional, p. 3). This story is in line with Mixed Ability philosophy where every student can leave the classroom feeling that they have been challenged and that they have achieved something. Teaching, Learning and Assessments are ingredients used as tools to make a Mixed Ability class effective. 2.1 Learning, Teaching and Assessment Strategies in Mixed Ability Classrooms GCS Mixed Ability Classrooms have features which are characteristics of both the differentiated classroom as well as the traditional one. (Appendix..). In my study I aim to find out whether Mixed Ability Classrooms at GCS were consistent with what is said on the topic in the international literature. Thus Teaching, Learning and Assessment strategies which are used currently under Mixed Ability Policy would provide material for comparative analysis in my research. Tomlinson (1999) suggested that an educator in a differentiated classroom would use as their planning basis, the students differences. The learners on the other hand would be guided to make learning choices based on their interests. In this context the learners would be provided with an array of learning profiles such as readiness, interest and their attitude to learning which would shape instruction. In a mixed ability classroom there is the possibility that students help their co-learners in difficulty as well as their teachers in finding solutions to problems. Furthermore students work with the educator to institute embracing whole-class as well as individual learning aims. In the same line of thought, the Mixed Ability approach expressed by Harris and Snow (2004) would make students become more effective learners and the use of learner-centred strategies would give them the choice of content as well as learning style. (cited in Bremner, 2008). Bremner (2008) acknowledged that Mixed Ability Classroom success depends on students learning as an individual rather than having a whole class teaching. The teacher in developing its teaching strategies would focus on multiple forms of intelligences found in diverse classroom as stipulated by Tomlinson (1999). She further advocated that in this context educators will make use of many instructional arrangements as well as multiple teaching materials or resources. Thus this would lead to multiple perspectives on ideas and events. In this way, the teacher/facilitator enhances students skills in view of making independent learners. The GCS educators in the study were concerned about the lack of resources. The scarce resources could be circumvented (Bremner 2008) by Educators teaching learners to be effective. This should be done by setting achievable goals, by making use of available tools and keeping those in good running conditions, and by managing effectively their time allocated for work. To reinforce the key factors which would make a Mixed Ability Class successful, Moutou (2006) advocated that resource person should have a well planned and organised lesson plan. The teacher should make provision to cater for individualised needs. In order to accommodate various students needs, it should be supported by multi tasks for one lesson. This scenario is more challenging for the teacher dealing with multi level class than a single level class. Similarly, this view is consistent with GCS educators who found Mixed Ability Classrooms challenging. This challenging attitude is reflected by the following quote from Hubbard, Jones, Thornton and Wheeler: Teachers attitude, their willingness to create, a sense of community in class, and a genuine desire to help, there can be progress at all levels (1983, p.318, cited in Moutou, 2006, p.1). This challenging attitude is contrasted with teacher centred approach where teaching emphasis is on text book context and very few activities thus breeding poor lessons. This situation is further reinforced by insufficient collaboration in groups as well as inadequate differentiated tasks in class. (HM Inspectors of Education cited in Bremner 2008). GCS Educators have been challenged by the new policy to seek new ways of teaching and to make use of available materials. Thus, training and resources are important tools to make a Mixed Ability class effective. This links well with what Corbel (1989) said: Professional development occurs naturally in Mixed Ability Classes. These are classes that compel us to find better ways of setting up routine tasks. They are the classes that make us think, create and grow as a teacher. (p.4). Learning, teaching and assessments are part of the student life. Thus, Tomlinson (1999) advanced that a classroom assessment is ongoing and diagnostic (p.16). He further acknowledged that various types of assignments should be used in Mixed Ability Classrooms. To be in harmony with a learners need time flexibility should not be a constraint. Differentiated/Mixed Ability instruction and assessment work together (Tomlinson 1999, Chapman and King 2005). Marzano (2000) suggested aims of assessment and instruction as follows: Assessment should focus on students use of knowledge and complex reasoning rather than their recall of low level information Instruction must reflect the best of what we know about how learning occurs. (cited in Chapman and King, 2005, p.) Fullan (1998) reflects the above in stipulating that assessment has to drive the educational change agenda around learning and student achievement (cited in Chapman and King, 2005, p.). Assessment is therefore part of instruction and has to be ongoing and embracing the learning process. Its aim is to provide teachers with information on students profiles: skills, interests and learning strategy(Tomlinson, 1999, p.). Teachers in differentiated classroom (Tomlinson 1999) saw assessment not as a tool that come at the end of a chapter or unit where it examined what has been learned rather it views assessment as a way of changing instruction strategy. Differentiated assessment should be used to collect information on the students: needs, skills, prior knowledge, way and speed at which they process new learning, and of demonstrating progress (Chapman and King (2005) p.). When sifting through the literature it is observed that varied means of assessment directs learning and instruction. In this context Formative Assessment which is ongoing before, during and after instruction provides feedback on effective student learning (Chapman and King, 2005). Diagnostic assessments, as acknowledged by Dryer (2008) are done during the learning process. They tried to detect learning difficulties in students and this has to be attended to. Assessments, as defined by Dryer (2008) occur at the end of the learning cycle or phase and measures achievement are called Summative. The results (p.17) are used as acknowledged by Chapman and King (2005) as evidence for a grade, for reporting to parents, to identify award recipients or to make placement decisions (p.). Differentiated Assessments are contrasted with traditional assessment still in use in Mauritian schools. Puhl (1997) reflects on traditional assessment which has as purpose summative tests that forces learners to study. Traditional assessment focus in on memorisation and teacher centred strategy and encourages instruction as a product. The resulting feedback on summative tests is final and usually these tests are written work. Mauritius, whose examining body is external UCLES, is a proponent of summative examinations. As it is an island and depends on export and imports for its survival, it has to compete. This overall competition brings forward an elitist society where Education follows the trend. The Mauritian education system allows for star or national schools where the best performing student is recruited, laureates (top ranked students at Higher School Certificate who benefits from a scholarship), and the parallel education wide tuition based. All this encouraged the elitist system to proliferate. As only final score counts in such system, summative examinations are adopted thro ughout the Mauritian school system. Although since the 70s in England, and under the different Education Mauritian policy papers, Mixed Ability philosophy has been encouraged, such classrooms have encountered problems. Salli-copur (2005) reported that it is difficult for a teacher even for a small group to follow each learner. Due to individual differences students react differently to text book which can be enjoyable for some and boring for others. There is also the fact that, students who feel confident voice out their answers quicker and more often than the shy ones. GCS Mixed Ability Classrooms are large. As a result of complaints from GCS Educators encountering difficulties in managing and instructing Mixed Ability Classrooms, Low Achievers Ability Classroom was formed. 2.2 Ability Grouping As a result of Mixed Ability Policy implemented in the Catholic School under investigation in the research, the low achievers ability grouping was formed and used as a strategy to promote learning and strengthen academic achievement. As stipulated by George (1988) the ability grouping practice at GCS is aimed at: increasing academic standards compared to what it was in a mixed ability environment, the students which could embrace a good feeling/attitude towards schools and also in their input as a learner, reinforcing teachers effectiveness. In perusing through the literature, it was discovered that the ability grouping is also known as: setting, banding, streaming, tracking. This is reflected in the following quote: The controversy of arranging students in classes by achievement levels, called setting or streaming in Scotland and tracking or ability grouping in the United States is over 100 years old. (Gamoran, 2002). Thus ability grouping is defined as: Ability grouping is the practice of dividing students for instruction on the basis of their perceived capacities for learning (Balanced View, 2002, Vol 6, No.2). The Balanced View (2002) makes the distinction between within class grouping and between class grouping. The former group separates students of same ability into smaller groups while the latter allocate students to different classes based on achievement. GCS has adopted the later system. Smith and Sutherland (2003) offered a rationale for ability grouping in the sense that teachers would feel not only more at ease with a smaller range of ability but also it could be a way of separating students with behaviour problems. Such a class would motivate students and learners to learn better than in a Mixed Ability one and thus have a chance in improving their results. (cited in the Journal of Research in Special Education Needs, 2003). GCS criteria for Ability Grouping would be consistent with Barker-Lunn (1970) idea that Teachers, faced with a Mixed Ability class, will group the pupils according to their abilities; in other words, they will solve the problems presented to them by the unstreamed school by streaming within the class (Cited in Kelly, 1978, p.96). Kelly (1978) further added that there is a direct correlation between achievement and grouping. The students with same working pace and past achievements would be grouped together. The practice in GCS is analogous to what is described by Oakes (15 16 cited in Johnson (2002). The latter acknowledged that students can be grouped through the following criteria: achievement through tests performance, teachers perception of where to situate the students level of understanding and learning, and their prospects of what students intend to do after graduation. Thus, Oakes acknowledged that a homogeneous group would be consistent with the learners needs. Johnson (2002) further emphasised that to group learners with their peers who are in similar process of learning is a positive move. Ability grouping would therefore make education efficient and effective for all students while recognising individual differences. (Johnson, 2002, p 2). Grouping according to ability is not new: Ireson and Hallam recount that: Historically, grouping in the UK had been based on measures of general ability or intelligence, such as verbal reasoning and cognitive abilities. During the 1960s and 1970s such test were used by many secondary schools to allocate pupils to streams on entry. Pupils were then taught in their streamed classes for all lessons (1999, p.343-344). GCS Ability grouping could turn out to be a discouraging strategy for the school if the disadvantages that are revealed in the literature become applicable to the school. Opponents of ability grouping as written in the Balanced View (2002) do not believe in its good effects as they prescribed that this type of grouping encouraged the channelling of poor and minority students to receive lower quality instruction thus contributing to enlarge the gap between the low and high achievers. (Vol 6, No.2). Other arguments advanced by Hollifield (1987) against ability grouping are, that the practice creates classes or groups of low achievers who are deprived of the example and stimulation provided by high achievers. Labelling students according to ability and assigning them to low-achievement groups may also communicate self-fulfilling low expectations.(p.1). This further links to Gamoran (1998) criticism that ability grouping creates status hierarchy in the school system. To label students as being incompetent or less smart could create inequities outside the classroom (cited in Johnson, 2002, p.2). 2.3 Ability Grouping v/s Achievement Since one of my research questions is to find out the whether there is a significant impact between ability grouping and academic achievement, it is worth noting the different literature on the subject. Slavin (1986) proceeded to a Best Evidence Analysis. To do so, he reviewed five comprehensive ability grouping plans in elementary schools. The grouping plans are: ability grouped class assignment, regrouping for reading or mathematics, the Joplin Plan, non graded plans, and within-class ability grouping (cited in Hollifield, 1987). The Ability Grouped Class Assignment placed students in a classroom on an ability basis. The evidence found by Slavin (1986) showed that this type of grouping has no effect on student achievement in the elementary school. The Regrouping for reading or mathematics is only done during those two classes as for most of the day the students are in their mixed ability classrooms. This grouping has proved advantageous on student achievement. This has been enhanced by the fact that level and instruction pace had been adapted to achievement level. However, it must be noted that the above regrouping to be proven efficient, it should be catered for not more than two subjects. (cited in Hollifield, 1987). The Joplin Plan regrouped students across grade levels for example high achieving fourth grades, average fifth graders, low achieving six grades form part of the fifty grade reading class. Slavins (1987) found strong evidence of such grouping increases reading achievement. This piece of information reflects what was said previously in the chapter, that the notion of high achievers stimulating low achievers when they are mixed into a classroom. (cited in Hollifield, 1987). The Non Graded Plan which channelled students into flexible groups based on performance, the subject curriculum is divided in such a way that students improve at their own pace. This plan has proved a positive relationship between grouping and achievement. Similarly Within-Class Ability Grouping where students are grouped according to their ability in one classroom, evidence has shown a positive correlation between grouping and achievement. However, Slavin (1986), found out that the effects were slightly greater for low achievers than for middle or lower flyers. (cited in Hollifield, 1987). Slavin (1986) concluded that schools and teachers should adopt methods that have proved its effectiveness where ability grouping is concerned. These methods include within-class ability grouping in Maths, Non graded plans in Reading, and the Joplin plan. If ability grouped class assignment use an alternative grouping where students are assigned on performance level then it can be used in ability grouping class. (cited in Hollifield, 1987). Slavins (1986) recommendations for successful ability grouping and positive achievement level: This type of grouping should be done only for some subjects while in other subjects the students should be in mixed ability classrooms. To teach a skill, for example, Reading, the use of grouping plans would reduce student heterogeneity ((cited in Hollifield, 1987). The same plan would not work if IQ or Achievement level is being tested. If the teacher formed small within ability groups this will help instruction better as the teacher will be able to give better support. (cited in Hollifield, 1987). The literature has also revealed that low flyers made as much progress as high flyers when they are submitted to certain conditions. Gamoran (1993) explained that a US Catholic schools applied a strict academic syllabus in lower ability grouping where the same teachers taught in low and high levels, the academic curriculum stayed the same for both groups and verbal interactions and discussions form part of the teaching and learning strategy. All this factors combined had a positive effect on achievement level. However, there have been studies where it has been found that ability grouping aggravate inequalities in achievement. Kerckhoff (1986) (cited in Gamoran (2002), commented on the impact of setting v/s achievement inequality. The evidence that he used came from the National Child Development Survey (NCDS) (data collected comes from a 1958 British cohort over 20 years). Data collected are from England and Wales. Kerckhoff showed that students achievement level is greater in schools or classes which apply ability grouping while those students in mixed ability classes have decreased achievement level. However, low levels schools and classes fell far behind. Kerckhoff (1986) also explained that there is an average level of achievement growth when comparing Mixed Ability and Setting grouping schools. This is due to the fact that high achievers success is balanced against low achievers loss. Inequalities in achievement could also be due to differentiated classroom instruction. In his article, Gamoran (2002) explained these findings from the studies of English classes in US secondary schools. The study revealed that higher level students who are channelled towards more academic courses with the support of experienced, qualified and prepared educators who cover teaching and learning materials challengingly and at a faster pace show higher level of achievement than the low achieving classroom. The low level of achievement for low level class was due to the disruptive behaviours of the students and where the teacher set written work rather than encouraging open ended questions and verbal interactions. Ability Grouping fell in disfavour, according to Hallam, Ireson and Davies (2004), when educational theory decided against ability grouping (setting and streaming) from the 70s onwards (BERJ 2004, vol 30(4) pp 516-533). However over the last decade there has been a resurgence of this type of grouping. Its reappearance is commented as being the means which would help raising standards. Hallam, Ireson, and Davies (2004) recapitulated the reasons for which ability grouping fell in disfavour: Low self-esteem and social alienation of lower stream students Inconclusive evidence for positive effects on attainment A shift of educational focus towards equality of educational opportunity (BERJ 2004, vol 30(4) pp 516-533) In my research study, students opinion on ability group has been sought. Hallam, Ireson and Davies (2004) admit that there has been few research on ability grouping (streaming, setting and within class grouping) where students voice out their perspectives. The research on ability grouping popularised the relationship between that type of grouping and academic, social and personal outcomes. The article from Hallam, Ireson and Davies (2004) cited previous research which embraces Pupils perspective has drawn out the following explanations: Streaming encourages both positive and negative attitudes towards school and higher achievers are pro streaming compared to lower flyers. Setting among mathematics students reveal that more students would like to move sets or join classes where mixed ability teaching is being done. In primary schools, the students having higher status in mind would wish to be in higher ability grouping. However, most students would prefer to be given whole class work or individual work. Streaming emphasized the negative effects towards lower streams. It is further acknowledged that if pupils of below average are taught by teachers who are for streaming in a mixed ability environment, this has a negative impact on the student. This can take the form that those students do not have any friends and are rejected by their peers. Mixed ability classes encourage social cohesion in the class. It is appropriate at this stage to review the following statistics on ability grouping. George (1988) (cited in Crosby Owens (1993) revealed that: Educators and parents are in favour of tracking/ability grouping. 85% of the research says that tracking is not beneficial while 85% of schools continue to practice it.(Solutions and Strategies,1995, (5) p.2). Furthermore George (1998) and Slavin (1991a) concluded that Ability Grouping research has not prompted any conclusive answers whether it be positive or negative (Cited in Crosby and Owens, 1993). This is what I intend to find out with the research question on significance of low achieving grouping with academic school achievement. I would like to find out whether it is consistent or in opposition with George and Slavins conclusions.

Waves of Mergers and Acquisitions

Waves of Mergers and Acquisitions Introduction Mergers and Acquisitions (MA) have always assisted in nursing corporate health and growth pattern of developing and developed countries just taking out sickness in industries, the concept of mergers and acquisitions have played a truly crucial and pivotal role in shaping the business and have been part of international business in recent times. Mergers and acquisitions (MA) have always been an interesting area to study. As we know all our daily newspapers are filled with cases of mergers, acquisitions, spin-offs, tender offers, other forms of corporate restructuring. It have been stated that mergers and acquisitions account consist of 78% of all foreign direct investment, with 97% of that being acquisitions. Van Marrewijk (2006, pg 294) The year 2007 had undoubtedly been landmark of the year for Indian corporate buisness with respect to recession taking toll of many Indian business. With passage of time ,the Tata announced the acquisition Corus , a US$ 12.2 billion deal . India industries has not looked back since. The continued growth in the Indian economy and investment and operating climate has resulted in improved health and growth appetite for Indian compines. What are Mergers and Acquisitions? Mergers and acquisitions are arguably the most popular and influential form of discretionary business investment (De Witt Meyer, 1998).In simple terms merger is the combination of the assets and liabilities of two companies, mainly of similar size, into one business entity. The term acquisition is used when the assets and liabilities of a smaller company is purchased by a larger one by paying shares, cash or other assets to the target companys shareholders. When there is a merger between two similar sized firms, the shares are exchanged and one firm issues new stock to the other in an agreed ratio. The value of two firms before and after a merger is the same when you exclude the synergies resulting from it, considering that the valuation of the shares and the exchange ratio has been correctly formulated. Target firms shareholders are normally paid a premium, which means that the exchange rate is skewed. Merger Waves in the 19th, 20th and 21st Centuries, Martin Lipton, York University September 14, 2006 Overview of MA Waves A merger wave is an intense period of merger activity in a particular sector or industry and last from a short period to a long time partly depending on the performance of the market and the participating companies. In his paper released on September 14, 2006 Merger Waves in the 19th, 20th and 21st Centuries, Martin Lipton of York University talk about merger waves Economists and historians refer to five waves of mergers in the U.S. starting in the 1890s. As I said, I believe a sixth wave started three years ago. The starting date and duration of each of these waves are not specific, although the ending dates for those that ended in wars or financial disasters, like the 1929 crash or the bursting of the Millennium Bubble, are more definite. Indeed, it could be argued that mergers are an integral part of market capitalism and we have had a continuous wave of merger activity that has ebbed and flowed since the evolution of the industrial economy in the latter part of the 19th Century, with interruptions when fundamental forces turned exogenous merger factors negative. The merger activity needs to show a pattern in which the peak year had a greater than 100 percent increase from the first year followed by a decline in acquisition activity of greater than 50 percent from the peak year to qualify as a wave. In some industries the waves were as long as six years. Lets us see the five merger waves below: First Period 1893 to 1904 Merger for Monoploy- This was the time of the major horizontal mergers creating the principal steel, telephone, oil, mining, railroad and other giants of the basic manufacturing and transportation industries in the U.S. The Panics of 1904 and 1907, a U.S. Supreme Court decision in 1904 making the recently enacted antitrust laws applicable to horizontal mergers, and then the First World War are pointed to as the causes of the end of the first wave, which some view as continuing beyond 1904. Second Period 1919 to 1929 Merger for Oligopoly- This period saw further consolidation in the industries that were the subject of the first wave and a very significant increase in vertical integration. The major automobile manufacturers emerged in this period. Ford, for example, was integrated from the finished car back through steel mills, railroads and ore boats to the iron and coal mines. The 1929 Crash and the Great Depression ended this wave. Third Period- 1955 to 1969-73 Conglomerate merger- This was the period in which the conglomerate concept took hold of American management. Major conglomerates like ITT (Harold Geneen), LTV (Jimmy Ling), Teledyne (Henry Singleton) and Litton (Tex Thornton) were created. Messrs. Geneen, Ling, Singleton and Thornton were viewed as visionaries and heroes of the new concept of business organization. Many major established companies accepted the concept and diversified into new industries and areas. The conglomerate stocks crashed in 1969-70 and the diversified companies never achieved the benefits thought to be derived from diversification. Fourth Period 1974-80 to 1989 The Megamerger- Generally referred to as the merger wave, or takeover wave, of the 1980s and frequently said to be the period from 1984 to 1989. However, its antecedents reach back to 1974 when the first major-company hostile bid was made by Morgan Stanley on behalf of Inco (the same Inco that has been involved in the four-way takeover struggle that has now ended with its takeover by Vale) seeking to take over ESB. This successful hostile bid opened the door for the major investment banks to make hostile takeover bids on behalf of raiders. In addition to hostile bids, this period was noted for junk bond financing and steadily increasing volume and size of LBOs. In Europe in the latter half of the 1980s companies sought to prepare for the Common Market through cross-border horizontal mergers. In the U.S. this was the period that saw corporate raiders like Boone Pickens run rampant with two-tier, front-end-loaded, boot-strap, bust-up, junk-bond, hostile t ender offers until the playing field was leveled by the poison pill in the mid-1980s. However, even after the poison pill, merger activity increased through the latter part of the 1980s, pausing for only a few months after the October 1987 stock market crash. It ended in 1989-90 with the $25 billion RJR Nabisco LBO and the collapse of the junk bond market, along with the collapse of the savings and loan banks and the serious loan portfolio and capital problems of the commercial banks. Fifth Period 1993 to 2000 Strategic Restructuring This was the era of the mega-deal. It ended with the bursting of the Millennium Bubble and the great scandals, like Enron, which gave rise to the revolution in corporate governance that is continuing today. During the fifth wave companies of unprecedented size and global sweep were created on the assumption that size matters, a belief bolstered by market leaders premium stock-market valuations. High stock prices simultaneously emboldened companies and pressured them to do deals to maintain heady trading multiples. A global view of competition, in which companies often find that they must be big to compete, and a relatively restrained antitrust environment led to once-unthinkable combinations, such as the mergers of Citibank and Travelers, Chrysler and Daimler Benz, Exxon and Mobil, Boeing and McDonnell Douglas, AOL and Time Warner, and Vodafone and Mannesmann. From a modest $342 billion of deals in 1992, the worldwide volume of merg ers marched steadily upward to $3.3 trillion worldwide in 2000. Nine of the ten largest deals in history all took place in the three-year period 1998-2000, with the tenth in 2006. Most of the 1990s deals were strategic negotiated deals and a major part were stock deals. The buzzwords for opening of merger discussions were, would you be interested in discussing a merger of equals. While few if any deals are true mergers of equals, the sobriquet goes a long way to soothe the egos of the management of the acquired company. The year 2000 started with the announcement of the record-setting $165 billion merger of Time Warner and AOL. However, after a five-year burst of telecommunications, media and technology (TMT) mergers, there was a dramatic slowdown in the TMT sector, as well as in all mergers. It started with the collapse of the Internet stocks at the end of the first quarter followed by the earnings and financing problems of the telecoms. While merger activity in 2000 exceeded 1999 by a small amount by the end of the year, the bubble had burst. The NASDAQ was down more than 50% from its high, many TMT stocks were down more than 50% (some as much as 98%), the junk bond market was almost nonexistent, banks tightened their lending standards and merger announcements were not well received in the equity markets. So ended the fifth wave, with merger activity in 2001 half of what it was in 2000. To my surprise (and I think to the surprise of most) the sixth wave started just three years later. The sixth period of merger wave is what Lipton believes started in 2003. Sixth Period: From a low of $1.2 trillion in 2002 the pace of merger activity has increased to what appears will be a total of $3.4 trillion by the end of 2006. Among the principal factors are globalization, encouragement by the governments of some countries (for example, France, Italy and Russia) to create strong national or global champions, the rise in commodity prices, the availability of low-interest financing, hedge fund and other shareholder activism and the tremendous growth of private equity funds with a concomitant increase in management-led buyouts. CROSS BORDER MERGERS ACQUISITIONS GLOBAL SENARIO Globalisation is a key feature of the new competitive landscape within which the mergers and acquisitions frenzy is taking place. . Globalization has spurred an unprecedented surge in cross-border merger and acquisition activity. (Child J.et al, 2001). Cross border MAs have become a fundamental characteristic of the global business landscape. Cross-border MAs are one mode of entry for foreign direct investors to host economies. The ownership advantage,location advantage and internalization advantage, factors such as the search for market power, efficiency gains through synergies, size, diversification, and financial motivations affect the decision of firms to undertake cross-border MAs. Organizations which aspire to expand across geographies are funding their cross-border acquisitions through a mix of local and foreign financing. According to World Bank statistics, new capital raised through corporate securities offerings and loans from international bank syndicates totalled US $400 billion in 2006, a threefold increase from 2003. Multi-national companies based in developing countries made more than 700 cross-border MA purchases in 2006, up from just 11 such deals in 1987. These developments have put some of these companies on par with large companies from developed countries. As many developing-country governments have eased their policies toward capital outflows their companies have expanded their operations abroad. 15000 multinational corporations have their presence in developing countries. Cross border MA activity was one of the primary reasons for increasing FDI outflows from developing countries. The total cross-border MA activity from the developing countries was valued at $80 billion in 2007, up from $75 billion in 2006. The activity was across sectors with service sector contributed about 60% of the total activity. MA ACTIVITY IN INDIA Indian MA activity totaled US$19.8 billion in FY08 as compared to US$33.1 billion in FY07. The decline in MA activity was in line with the global activity. The average size of deals in FY08 was US$23.4 million; far lower than that of US$70.5 million in FY 07. Cross-border MA totaled US$8.2 billion in FY08 after declining of 56.3% from the previous year, where the total cross-border MA was US$18.7 billion. The sector which witnessed highest decline (97.6%) in MA activity was the telecommunication sector due to the base effect of acquisition of Hutchison by Vodafone in FY07. Followed by telecommunications sector was the healthcare sector; declining 72.3% in FY08 again due to the base effect of US$1 billion acquisition of Matrix Laboratories in FY07. Financials sector was the third sector to experience decline in the MA activity. Trends Patterns of Indian acquisitions abroad MA activity has seen phenomenal rise in India in the past few years and some patterns are discernible in this mass of financial transactions.India has passed several milestones and come a long way from overseas investments of about $0.7 billion in 2000-01 to $2.7 billion in 2005-06 and finally to $11 billion in 2006-07. Save a slight lull in cross-border deals in 2000-2002,MA has only been rising in India. The number of overseas acquisitions was 38 in 2003 and rose to 177 in 2006. The first six months of 2007 saw a whopping 123 transactions. The value of outflows has increased from $649 million in 2003 to $32.9 billion in 2007. The value of overseas acquisitions by Indian firms far exceeded the value of foreign firms acquisitions in India for the first time in 2006. The African nations have especially opened up their economies to FDI flows from India hoping that the funds transfer; knowledge transfer and skill development will give their nearly stagnant economies a much needed boost. The Indian services sector was the first entrant to the area of overseas MA and later the primary manufacturing sectors ventured into it. However, eventually the manufacturing sector surpassed the services sector both in terms of number of transactions and value of transactions with overseas acquisitions in the services sector rising 2-3 times as compared to 5-22 times increase in the manufacturing sector in the period 2001-2007 Literature review According to Jankowitz (1991) have given more emphasises on the importance of the literature review by stressing that knowledge does not exist in a vacuum and your work only help in relation to others. He describes the literature review as providing a theoretical framework and condition for the project. An attempt has been made in the present paper to understand the motives and implications of the Merger-wave in the second half of the nineties. The analysis has been conducted in a comparative perspective by classifying the Acquiring firms into two categories in terms of ownership, namely, Indian owned and foreign owned. The paper is divided into seven sections iii) Policy-shift regarding MAs during the 1990s iv) Impact of MAs on the performance of Acquiring firms, v) Source of financing and some plausible issues for corporate governance Section I: Theories on Motives and Implications of MAs According to Cantwell and Santangelo 2002 the theories on MAs have been spreaded over the vast terrains of industrial organisation, financial, economic and international business studies. Thus researcher has been pointed out that the trends of MAs can be theoretically traced back to particular motives for MAs emphasized by industrial organization theories that is market power and defensive reactions, the financial economic literature that is managerial ego and international business research which is access to markets or technologies. We have classify these theories into four categories, namely, i) Mergers as efficiency enhancing measures: Mergers can lead to increased efficiencies. Such efficiencies and cost savings can flow from economies of scale and scope possible in the larger post-Merger operations, greater control over key inputs, product rationalisation, combining marketing, advertisement and distribution, or from cutting down overlapping Research and Development (Ansoff and Weston 1962. International MAs may be regarded as a new cross-border strategy that aims at increasing corporate global competitiveness by pursuing related diversification and by integrating affiliates into a global network (Cantwell Santangelo 2002). Schemalensee (1987) argued that the cost-reducing effect of a particular proposed Merger might probably outweigh its collusion-enhancing effects. Sanjaya Lall rightly questions whether the positive economic effects that cross-border Acquisitions can have outweigh the concerns they arouse (Lall, 2002). ii)Mergers as enhancing concentration and monopoly: The immediate effect of a Merger is to increase the degree of concentration as it reduces the number of firms. Another effect of Mergers on 8competition is on the generation of barriers to entry. Artificial barriers can be raised or strengthened, if the Merger results in a strengthening of product differentiation through legal rights in designs, patents and knowhow. Williamson (1968) argued that a small efficiency gain would generally be offset by a large increase in market power, which creates a situation that sets prices above the competitive levels. Further, the motives behind transnational or cross-border Acquisitions differ from those, which drive purely domestic Acquisitions. An Acquiring firm might decide to go in for international Merger in order to take advantage of cheap raw materials and labour, to capture profits from exchange rates, or to invest its surplus cash (Weston et al. 1996). The entry and subsequ ent activities of Multinational firms affect the structure of markets for goods and services in host countries in several different ways. Numerous studies for individual developing countries as well as developed economies indicate a positive association between TNC activities and the concentration of producers in host country industries (UNCTAD 1997: 137). Some qualifications and exceptions have also been pointed out about this trend. Greenfield investment in new production facilities adds to the number of firms engaged in the production of a good or service and it might reduce or at least, leave unchanged the concentration of producers in an industry. In contrast, FDI-entry through a Merger or Acquisition would increase the concentration of producers if a Merger or Take-over results in increased sales for the newly created foreign affiliates; or leave it unchanged, if its size is the same as that of the incumbent firm acquired(UNCTAD 1997: 141). The actual impact of an Acquisition on competition depends upon the marketing strategies of TNCs, as well as on industry and country-specific circumstances (Dunning 1993). The risk that CB MAs may reduce competition tends to be greater in those industries in which shrinking demand and 9 excess capacity are important motivations for MAs and in countries in which competition policy does not exist or where its implementation is weak (Zhan Ozawa 2001: 61). In sum, MAs as concentration enhancing and building oligopolistic market power is a rather familiar view in studies on Mergers internationally. iii) Mergers as driven by macro-economic changes: MAs areundertaken to compensate for instabilities such as wide fluctuations in demand and product mix, excess capacities related to slow sales growth and declining profit margins and technological shocks (Post 1994; Weston et al. 1996). Firms may pursue MAs for the sole reason of growing in size as size more than profitability or relative effic iency is considered to be the effective barrier against Takeovers (Singh 1975; 1992). It is also argued that the development of an active market for corporate control may encourage managers to empire build, not only to increase their monopoly power but also to progressively shield themselves from Takeover by becoming larger (Singh 2003). What is referred to herein is the defensive tactics of firms in a developing country like India. While there are firm-specific motives for undertaking CB MAs, there are also economic forces that have acted to encourage the CB MAs, such as the economic integration of the European Union (EU) and NAFTA represented by the creation of a common market (Caves1991;UNCTAD 1997). Macro-economic changes become the context or provide opportunities for MAs. Mergers may also be resorted to as defensive measures in response to major policy-shifts. iv) Mergers as driven by financial motives: Firms adopt MAs as a route to growth whenever alternative investment oppor tunities for financing corporate expansion in specific environments are less attractive. Availability of capital to finance Acquisitions and innovations in financial markets such as junk-bonds can also be among the reasons 10 for cross-border Mergers (Sudersanam 1995). The valuation differences of the share prices or economic disturbances lead to Acquisitions of firms that are low-valued from the viewpoint of outsiders (Gort 1969). Lower interest rates also lead to more Acquisitions, as Acquiring firms rely heavily on borrowed funds (Melicher et al 1983). It is also argued that the under-valuation of the dollar vis-a-vis pound and yen in the early eighties had resulted in some very substantial Acquisitions of assets in the United States by British and Japanese firms (Dunning 1993). The currency devaluations in the risis-affected countries as well as falling property prices reduced the foreign-currency costs of acquiring fixed assets in those countries and it has provided a golden opportunity for TNCs to enter their local markets (Zhan Ozawa, 2001). Our own earlier study (Beena 2001) clearly pointed out how financial motives had a crucial role in MAs during the first half of the decade of liberalisation. The study argued that among the motives for Mergers, in many cases, could have been the desire to improve the financial position of the firm through a viable capital structure and the desire of firms to exploit the opportunity provided by the initial post-liberalization buoyancy in the Indian stock market. It should not be surprising if in latest phase of contemporary finance capitalism, financial motives are also the major determinants of MAs in our country. Paul Sweezy (1994[1999]: 249) had spoken of the enormous growth of a financial superstructure atop the real productive base of the world economy [over the last three decades]. However, the linkages between a huge financial superstructure of the global capitalist economy and the financial motives of MAs in India is not so apparent and would need further exploration. Our classification of the four categories of theorisations on MAs throw light on one or the other aspect of the phenomenon. Each of them is true in its own right. However, it is context-specific studies that could substantiate the validity of each of these arguments. Motivation of cross-border acquisition There are four main reasons for Indian firms to have engaged in crossborder acquisitions, (see Acceenture, 2006). These include the need to enter new markets to maintain the current level of growth, to get closer to global customers to easily achieve market share and customer base via mergers compared to starting up new firms in foreign countries. Further, crossborder acquisitions help Indian firms to gain easier access to targets resources. Since 1995 over 60 percent of Indian MAs took place in Europe and North America; in the 2000-2006 period US firms followed by UK firms were the major target of 9 Indian acquirers. These developed markets were attractive due to their large customer base,advanced legal system, knowledge foundation, and sophisticated technologies. More importantly, acquisitions often prove to be the only way for Indian companies to be able to begin competing in these markets, due to the high level of existing competition in developed countries. However, to a lesser degree, Indian firms have also acquired firms in less developed countries. These deals are profitable because of high demand for foreign investment in some of these economies. These deals have also provided the Indian firms with access to resources Many Indian firms participate in crossborder MAs to expand their overall technical capabilities and to update their existing knowledge base. In most cases, the knowledge and technical expertise earned abroad can help the acquirers in improving their productivity in the domestic Indian market as well. Furthermore, crossboarder MAs can create excess value for Indian acquirers, relative to their competitors, by allowing them to save on labour and production costs. Some Indian firms, especially in the pharmaceutical sector, strive to increase their market share by enhancing the size of their product range or in general, to diversify the portfolio of products or services. This is possible through two avenues: buying the technology, or acquiring firms who already own that technology. Indian firms seem to have used both methods Trends of MAs: Indian Experience MA activity has seen phenomenal rise in India in the past few years and some patterns are discernible in this mass of financial transactions There are four sectors in India which have experienced the most detectable MA trend after deregulation, starting in 1991 (see Srinivasan, 2001). Consumer goods sector in which firms want to quickly achieve market share and banking and financial industry where size is an important factor due to higher capital requirements set by the Reserve Bank of India (RBI) experienced many mergers. Sectors that are overloaded with many small players underwent consolidation. There were two sectors within which the need for high technology increased dramatically, such as telecommunication and pharmaceutical also underwent major merger activity The motivations underlying domestic takeovers in India are similar to the ones that promoted crossborder MAs in recent years. Liberalizations and deregulations have been the main driver of domestic as well as crossborder takeovers. Political, financial, and cultural reforms have fueled both crossborder and domestic MAs in India. Why India leads China in cross-border MA? Although FDI flows to China are relatively higher than those to India, Indian firms have performed much better than their Chinese counterparts in terms of overseas MA. A McKinsey analysis shows that Indian companies generate twice as much revenue from foreign sales as Chinese companies do! Other aspects like foreign asset-ownership and number of workers employed abroad also indicate a similar trend. In the year 2007, India registered a 126% jump in amount spent on international MA deals as opposed to a mere 82% of China. Now let us see some of the specific characteristics of Indian crossborder of MAs There are a host of reasons why Indian firms have outperformed their Chinese rivals in corporate deal-making abroad. Indian MAs have several distinct characteristics compared to those done by firms in the west or from China 1) Language skills and know-how English is the official business language in India and is built into the Indian education system. Chinese, on the other hand,have always been rigid and insisted on the use of their own language. Aversion to English language led to the isolation of the Chinese industry from the international corporate world. Now China, having realised this, is making concerted efforts to switch to English as the official language of communication. Chinese undervalue the role of soft skills in managing employees, business partners, stakeholders etc. Delegation of work,transparency, objective outlook, employee growth etc are aspects that are not yet developed in the Chinese work environment. This deters foreign employees from working in Chinese firms. Western employees are used to working with a high amount of latitude and things like close supervision, no clarity regarding management policies/expectations, corporate governance issues, favouritism and high level of political interference in the routine functioning of an organisation are deeply resented by western professionals. This impedes post-merger integration of a Chinese and western firm. China lacks the kind of leaders with international cultural understanding and flexibility to adapt to different markets and work environments. Leaders that can lead all employees without giving a sense of alienation to any specific group and successfully steer cross-border organisations are visibly lacking in China. Even though the economics of the deal make perfect sense, the inability to integrate the operations and most importantly employees of the two companies, spells doom for the new entity. Inhibitions about western cultures and practices have a profound effect in that Chinese leaders are now increasingly wary of undertaking overseas assignments. They find it difficult to blend and work with completely different thought processes and working culture. The loss of face resulting from the failure to integrate prompts Chinese employees to shun overseas assignments. To overcome this, these days Chinese companies do organise mandatory international training and orientation programmes to prepare its workforce for cross-border experiences. Since Chinese companies are still vastly state-controlled, finance skills of Chinese managers are at a nascent stage yet. Indian firms however and especially the private ones have very well developed finance skills competing with some of the best in the world. Handling diversity and differences in race, religion, ideas, personalities etc is much easier for Indians as compared to Chinese due to the relatively homogeneous Chinese society. Although both nations are huge (China being much bigger), India is considered as one of the societies with the highest intra-country diversity and hence Indians are much more used to handling differences/conflicts. 2) Corporate structure Many Indian firms have corporate structures similar to those prevalent in North America. These are companies with central leadership provided by owners but managed by professional managers. In contrast, most of the large Chinese companies are still state-owned and hence riddled with bureaucracy, political objectives. Senior management of these firms is always composed of members or people close to members of the Communist Party and strategy of the firm always is in line with the policy of the Chinese government. The lower management is ineffective, weak and resentful. Hence Indian firms responses to changes in the global industry are much quicker and strategic than those of Chinese firms. Chinas IT industry tried hard to give tough competition to the booming Indian IT industry but the fragmented nature of Chinas IT sector, along with poor product management and weak process controls failed Chinas attempt. Consolidation is the key to exploring better opportunities for the Chinese IT industry since its top 10 IT-service companies command only 20% of the market share as opposed to 45% market share of Indias top 10. 3) Focus on exports Majority of Chinese companies still focus on only exports for achieving short-term growth. MA is thought of as a strategy that is best suited for long-term growth. In the period 1995-2007, only 17 out of the top 100 Chinese companies signed cross-border deals as opposed to 31 out of the top 100 Indian companies with 18 of them successfully closing more than 3 deals each. 4) Political opposition Chinese companies frequently face fierce political backlash in western countries due to a general muted feeling of distrust regarding Chinas global plans and its eagerness to take possession of international natural resource reserves. CNOOCs (Chinese state-contro