Exam questions Essay Example | Topics and Well Written Essays - 500 words - 2

Test questions - Essay Example Further, a portfolio organization having high hazard may monetarily imperil the money related yield of an organization having miniscule hazard. Portfolio examination ought to remember the impact of hazard for the company’s returns (Livermore, 1998, p. 584). CAPM is utilized to decide the connection among hazard and portfolio returns. As far as question 1b, the Capital Asset Pricing Model (CAPM) is utilized to decide the impact of the dangers on the profits. The CAPM model incorporates the hazard free pace of return bit of the benefit return. The CAPM is utilized to decide the normal capital resource return. The CAPM investigation incorporates a hazard free rate. The CAPM incorporates a hazard premium and a market premium (Semmler, 2011, p. 106). The portfolio CAPM recipe is appeared in the accompanying chart: E(Rp) = P1R1 + P2R2†¦+ PnRn Further, the equation is utilized to whether the normal profit for an arrangement of stocks is emphatically related portfolio’s beta information. The impediments incorporate an off-base intermediary is picked. Another restriction is that the monetary financial specialists had not found an idiot proof they that clarifies why speculators request premiums for putting resources into low value/profit for changing over such ideas into hazard premium estimations (OByrne, 2001, p. 180). In terms of inquiry 2a, there are a few intentions in assuming control over another organization. To start with, the â€Å"economies of scale† hypothesis directs that come elements or enterprises takeover different organizations so as to build incomes. The all out income of two organizations will ordinarily be higher than the income produced by all organizations, given that the complete deals of each organization or value is comparable, under the coll aboration rule. Second, a few organizations takeover different organizations so as to secure the different company’s present and planned client database. Third, takeovers permit the new proprietor to obtain the skill of the gained organization (Nuchtern,

Professor Says…25 Motivational Quotes about Studying

Educator Says†¦25 Motivational Quotes about Studying Weve scoured and slithered through unlimited droves of advanced chronicles to locate the main 25 inspirational statements about considering. Here there are. And†¦you might need to take a few notes! 1. A psyche of moderate limit which intently seeks after one investigation should reliably show up at incredible capability in that review. Mary Shelley, from Frankenstein 2. Greatness is a superior instructor than average quality. The exercises of the normal are all over the place. Genuinely significant and unique experiences are to be discovered distinctly in considering the excellent. Warren G. Bennis 3. There is nothing, Sir, unreasonably little for so minimal an animal as man. It is by concentrating easily overlooked details that we accomplish the incredible specialty of having as meager wretchedness and however much satisfaction as could be expected. Samuel Johnson 4. It isn't that Im so brilliant. Be that as it may, I remain with the inquiries any longer. Albert Einstein 5. Study hard what intrigues you the most in the most disorderly, flippant and unique way conceivable. Richard P. Feynman 6. On the off chance that we let ourselves, we will consistently be sitting tight for some interruption or other to end before we can truly get down to our work. The main individuals who accomplish much are the individuals who need information so severely that they look for it while the conditions are as yet negative. Good conditions never come. C.S. Lewis 7. The master discovers increasingly more about less and less until he has a deep understanding of nothing. Mahatma Gandhi 8. No craftsmanship or learning is to be sought after halfheartedlyand any workmanship worth learning will unquestionably remunerate pretty much liberally the exertion made to consider it. Murasaki Shikibu 9. I will examine and prepare, and maybe my possibility will come. Abraham Lincoln 10. The individuals who don't examine are just cows spruced up in mens garments. Chinese Proverb 11. No man at any point came to greatness in any one craftsmanship or calling without having gone through the moderate and agonizing procedure of study and readiness Horace 12. You dont need a million answers as much as you need a couple everlastingly questions. The inquiries are precious stones you hold in the light. Study a lifetime and you see various hues from a similar gem. Richard Bach 13. Preparing is everything. The peach was at one time a harsh almond; cauliflower is only cabbage with an advanced degree. Imprint Twain 14. A man who has never gone to class may take from a cargo vehicle; however in the event that he has an advanced degree, he may take the entire railroad. Theodore Roosevelt 15. No understudy knows his subject: the most he knows is the place and how to discover the things he doesn't have the foggiest idea. Woodrow T. Wilson 16. Our have a great time a specific report, workmanship, or science rises and improves in relation to the application which we offer to it. Along these lines, what was from the outset an activity becomes finally an amusement. Joseph Addison 17. Riches and respects, which most men seek after, effectively change aces; they desert to the side which exceeds expectations in prudence, industry, and perseverance of drudge, and they relinquish the indolent. John Milton 18. On the off chance that youre attempting to accomplish, there will be barricades. Ive had them; everyone has had them. Be that as it may, hindrances dont need to stop you. In the event that you run into a divider, dont pivot and surrender. Make sense of how to climb it, experience it, or work around it. Michael Jordon 19. Lost riches might be supplanted by industry, lost information by study, lost wellbeing by balance or medication, yet lost time is gone until the end of time. Samuel Smiles 20. Study is the most despicable aspect of adolescence, the oil of youth, the extravagance of adulthood, and a helpful in mature age. Walter Savage Landor 21. Enlist your pet as an investigation accomplice. Felines are generally glad to do this truth be told, you may experience difficulty keeping them off consoles and books and mutts will regularly fill in too. Scarcely any things are more unwinding than having a warm, textured animal close to you as you study. Stefanie Weisman 22. No cop had ever captured anybody for over-perusing; however numbness prosecutes the individuals who under-read. You start to quit developing on the day you quit learning, so why not learn and continue developing! Israelmore Ayivor 23. Learning is obtained by understanding books; yet the significantly more important learning, the information on the world, is just to be gained by understanding man, and concentrating all the different releases of them. Ruler Chesterfield 24. Whoever raises his voice while examining will find that his learning suffers, yet one who peruses quietly will before long overlook Unknown 25. It's not possible for anyone to find the world for another person. Just when we find it for ourselves does it become shared belief and a typical bond and we stop to be separated from everyone else. Wendell Berry You should? We as a whole observe things in an unexpected way, so what statement out there has moved you through some overwhelming considering?

Possible Danger Signs on It Related Research Paper Topics You Need to Be Aware Of

<h1> Possible Danger Signs on It Related Research Paper Topics You Need to Be Aware Of </h1> <h2> All About It Related Research Paper Topics</h2> <p>One of the most troublesome undertakings for understudies is making reasonable and enlightening subjects. You get your point and paper reliably and save time for some different interests. You will come to see there are a few assignments that you can't finish without anyone else, or subjects you can't successfully invoke. It's notable there are a few sorts of assignments. </p> <h2> Type of It Related Research Paper Topics </h2> <p>The most huge thing is to make the title brief without yielding any critical component. In the event that you understand that you are experiencing issues recorded as a hard copy a specialist exposition, your absolute best decision is to discover a redone investigate papers on ProfEssays.com. On the off chance that you're feeling severely arranged to pick a po int, you could likewise make some troublesome memories setting up the proposition and delivering an awesome paper. Without composing the outcomes there's no sense to chip away at the full research paper. </p> <h2> The Foolproof It Related Research Paper Topics Strategy </h2> <p>In numerous decades, you will be a Doctor of Science. The accomplishment of an examination paper generally is dependent upon the point, which is the reason a significant number of time is spent scanning for the best research paper themes for understudies. Making a cautious choice ensures that the examination strategy isn't simply educational yet additionally fulfilling. So you should downsize to be sure that you will be in a situation to run an examination inside a restricted timespan. </p> <p>My paper affirms their finding utilizing the most recent information and utilizing an alternate proportion of pay disparity. Depict the specific methods of data assortment you're goin g to use, for instance, reviews, interviews, polls, perception, authentic research. You should deliver the suspicion that perusers have a basic understanding of how to ask into the exploration issue autonomously and, therefore, you don't need to really expound on explicit methodological techniques. </p> <p>Choosing fitting methodology for examination is fundamental in light of the fact that untrustworthy techniques will bring about problematic results. For certain understudies, an assortment of subject is the most straightforward part. In case you're mistaken for a determination of fascinating subjects to inquire about on the web, it's obviously better to pick what intrigues you the most. Subjects identified with wellbeing give an awesome variety of decision. </p> <p>Many times, a qualification between both research types is surrounded with respect to utilizing close-end inquiries instead of the open-finished ones or utilizing words as opposed to numbers. Wha tever the case, it's quite often a phenomenal plan to discover help with perplexing or speedy research paper points. Subjective research is a ground-breaking intends to fathom and study the significance credited to a particular issue. At that point chase for something you couldn't want anything more than to become familiar with. </p> <p>Your article may fixate on sexual orientation issues from various areas of the world, for example, ladies rights in the Middle East, etc. Today, variegated research in the claim to fame is being led all through the globe. </p> <h2> What Does It Related Research Paper Topics Mean?</h2> <p>A inquire about paper should be exact and dependent on demonstrated realities. Research Paper planning implies taking care of a lot of data. Paper theme will be the Initial and likely one of the most irreplaceable advance to take in on the methodology to progress. The papers should be edited so as to guarantee they are liberated fr om any slip-ups. </p> <p>Since you can see there are a ton of subjects which can be identified with sports look into papers, which implies you can choose the course and make your own paper on a limited point. When picking an examination paper theme in the matter of natural chemistry, it's ideal to pick a bigger point and apply it to a tight or interdisciplinary core interest. In the event that you pick a theme that is excessively wide, you will end up composing only a general diagram without an inside and out perception. Not all exploration paper themes are made equivalent, and you might want to verify you choose a fabulous subject before you begin composing. </p> <p>For model, an ace level research paper requests a specialist with no not exactly an ace or Ph.D. degree. Experience them cautiously, and you'll before long become a master exposition author! As the title of the composing infers you should direct the examination in the specific area of information . The paper design likewise should be right and as expressed by the guidance of the coach or teacher. </p> <p>As an outcome, it's far superior to be furnished with some pertinent and profitable points as well. It's required to set up your general outline and decide a couple subtopics. So pick a subject from the following records and make an examination paper MLA and APA design which is given by teachers. You may even make sure about incredible instances of research paper themes to assist you with restricting your determination. </p>

How to Get the Best Free Exploratory Essay Samples

<h1>How to Get the Best Free Exploratory Essay Samples</h1><p>You ought to consistently be available to gaining from free exploratory exposition tests. These are free papers that you can duplicate, alter and use in your own composition. The main issue is that it might take you a tad of time to comprehend the material so you don't wind up with plagiarism.</p><p></p><p>The key to comprehension and utilizing these exposition tests are persistence. You must have the option to plunk down and simply experience the example articles and cause notes as you to go. The majority of these free example expositions are not as straightforward as most instructor composed materials, however the data in these isn't important to comprehend the points canvassed in the courses or required for your major. This makes them a perfect asset for an online peruser who needs to all the more likely comprehend the course material.</p><p></p><p>The th ought is to invest some energy with these free paper tests and discover what you are fouling up. What you ought to do is changing the organization of the paper to make it all the more intriguing and enjoyable to peruse. Try not to stress over creation the paper excessively hard for you, in light of the fact that a considerable lot of these sites have programs that will change the substance of the first article to make it simpler to read.</p><p></p><p>Some of these papers are really reworded from course prospectuses that are either effectively distributed or need more content to compose your own. They are normally made to be proper for a class of understudies, since that is the means by which they were written.</p><p></p><p>Many of these expositions don't have all the data about the course schedules that you may requirement for your own course work. At the point when you are finished with one of these papers, take a gander at the clarif ications for mistakes that you didn't see, since you might have the option to return and right any of these errors.</p><p></p><p>These expositions were not composed by somebody who knows the coursesyllabi. On the off chance that you see a blunder, if you don't mind notice it in the remarks area of the paper. These articles are anything but difficult to experience and will assist you with learning and settle on an educated choice about which school to attend.</p><p></p><p>No matter what the point, there is online data accessible for everybody. They probably won't be the specific data you have to comprehend the course material, however they can be useful in getting you started.</p>

Four Different Byu College Application Essay Examples

<h1>Four Different Byu College Application Essay Examples</h1><p>In request to assist your application to enter byu school, it is significant that you get whatever number enormous school application exposition models as could reasonably be expected. Since such a significant number of individuals are applying for affirmations, your application exposition will go far in assisting with getting your evaluations brought up all the while. In this article, we'll investigate a couple of enormous school application exposition models, and what they need to state about you.</p><p></p><p>For your application paper to turn out well, you have to ensure that you utilize some special thoughts. There are a great deal of projects where you can go to on the off chance that you are having issues with utilizing models. Byu school is one of those projects. Byu is an especially decent decision for a school that you are applying to, on the grounds that it offers suc h a large number of decisions and ideas to learn. Instances of some byu school application paper models include:</p><p></p><p>-What is Being Done In Seattle? by Marie Pappas, There are a few instances of my school application paper models which recount to the tale of how neighborhood training is being done in Seattle.</p><p></p><p>-American Student in Seattle by Anne Belanger, An understudy composing for my school application exposition may utilize the case of an American understudy as an approach to recount to an individual story. It is constantly a smart thought to utilize one of these byu school application exposition models when you are composing your application article. A case of this would be an account of somebody who moved to Seattle and has been learning the entirety of the exercises about living in another nation. From the models given in this paper, the understudy can communicate their craving to do great in their new home, just as the qualities that the person in question needs to learn so as to become successful.</p><p></p><p>-Becoming American by Anne Belanger, A case of an awful school application exposition model is expound on an American who took classes in English. This is a brilliant case of a byu school application article model since it shows that the candidate isn't simply composing for the school or even the school itself. The enormous school application article model clarifies that the understudy truly needs to be effective at what the person is doing. For this situation, the application paper essayist will address their relationship with their mom who might in all likelihood be in Japan or somewhere else. It is likewise a genuine case of an awful school application exposition model on the grounds that the paper author realizes that the family circumstance may not be directly for him to keep considering and he wouldn't like to surrender the fantasy about turning in to an English major.</p><p></p><p>-National Admissions by Annie Yuen, a case of a byu school application article model is discussion regarding why the huge school is so notable all through the country. A case of this is expound on an American understudy's involvement in their blue grass' music. Byu school confirmation exposition models are incredible for American understudies since they show the candidate that the individual in question can be pleased with their way of life and heritage.</p><p></p><p>There are numerous byu school application paper guides to assist understudies with being as imaginative as could reasonably be expected. It is significant that your exposition mirrors your own character, just as the qualities that you are looking to teach.</p>

Current Argumentative Essay Topics - the Story

<h1> Current Argumentative Essay Topics - the Story </h1> <h2> The Basics of Current Argumentative Essay Topics</h2> <p>Odds are, you should simply unwind and find a theme you're enthusiastic about and, obviously, one that is far from being obviously true. A great subject will permit it to be less difficult to seek after the motivation behind a factious article, which is, obviously, the whole examination of the difficult you talk about. Settling on a basic theme may end up being a mistaken track since you may experience issues finding valid sources to help your perspectives. Settling on a passionate point is likewise a magnificent thought. </p> <p>In picking your theme, it's as often as possible a smart thought to begin with a subject which you as of now have some commonality with. With the help of our tips for composing and our intriguing assortment of points, you're ensured to acquire a high evaluation! Thus, the decision of the subject is significant. Remember the way of the inquiry you're noting and don't start acquainting new subjects basically with cushion out your answer. </p> <p>You'll end up lost without being able to make a contention and create it accurately. Finding the most reasonable contentions will permit you to demonstrate your point and win. At the point when you are mentioned to choose an extraordinary subject for your contention, start with something you're acquainted with. On the off chance that you don't tight your point down to something brief, you'll not be capable deal with as far as possible and produce a predominant contention. </p> <p>At length, you additionally need to be able to go over each side of the contention to give an adjusted article. You may choose to compose on the issue you've just framed a sentiment about. As an issue of reality, the substance of your article is subject to what you're probably going to expound on. </p> <p>You may keep on saving your contentious articles for your up and coming employment portfolio on the off chance that they're profoundly reviewed. You can be absolutely certain your paper will be conveyed in time and be of the greatest quality. Finally, since you're set up to chip away at your paper, we wish to help you to remember the centrality of reasonable article structure. Rather than just promptly expounding on your contentious article theme, you initially need to consider what it is that you're probably going to return on your paper through a system of conceptualizing and pre-composing. </p> <p>Incredible heaps of schoolwork make it for all intents and purposes unrealistic for understudies not planning to find a help and to buy unrivaled exposition papers. Since you may see, there's a plenty of various pugnacious paper titles you may use. All things considered, reviewing papers can be fairly dull. In the first place, neighborhood paper papers may be brilliant spot to find intriguing contentious article subjects. </p> <h2> Ruthless Current Argumentative Essay Topics Strategies Exploited</h2> <p>Arguments consistently happen in a particular setting. So ensure you choose a subject, which has values in it. </p> <h2>The Downside Risk of Current Argumentative Essay Topics </h2> <p>you have a likelihood to choose perhaps the best point for factious article from our rundown! As enticing as it would seem to avoid past the additional information and go directly to the rundown of powerful paper points, don't do it. In cases when you get the chance to choose the point for a pugnacious paper, you should be savvy and find a title that will interest a peruser. The rundown is extremely interminable. </p> <p>Inspiration to make your own publicizing or media factious article subjects isn't precarious to find. You don't have to obtain very specialized with legitimate factious expositions, however make a point to get your work done on what the current laws about your preferred theme really state. It's conceivable to pick points from grouped arrangements of prepared subjects. The way to choose an extraordinary point for a pugnacious article is to choose a subject where there's a great deal of discussions on themes or positions. </p> <p>It's essential to choose far from being obviously true contentious paper themes as you need contradicting focuses you can counter to your own focuses. At the point when you are done with your exposition, you should not just check it for spelling and linguistic blunders, however all things considered, it likewise must be checked for coherent errors. In this sort of circumstance, it's increasingly helpful to find instant papers and use them for instance. </p> <h2> Gossip, Deception and Current Argumentative Essay Topics</h2> <p>There are numerous means that you should take to have the option to compose an extraordinary exposition. Since you may see, the procedure is wherever the equivalent. The current U.S. appointive framework and the manner in which it biases up-and-comers. </p>

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

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