Boston Tea Party Historical Society - 1054 Words

Boston Tea Party Historical Society As a little girl, I believed that The Boston Tea Party was just that, a tea party. But it was not just any tea party that I had envisioned; it was the most decedent tea party to ever grace the earth. It had everything, from hand painted china to crisp white table clothes. There were over a hundred varieties of tea, each one having been imported from a different location. China, France, Italy, England, you name it. The women that attended this tea party were well above average; they were wealthy, upper class ladies who were perfectly poised. Each one arrived to the tea in a carriage fit for a princess and pulled by a beautifully well-kept horse. All the women wore brand new ball gowns and white satin gloved. The whole event was a complete fairy tale that would never be forgotten. After growing up a little more and actually learning about The Boston Tea Party in school, my perspective had completely changed. I no longer viewed it as a fancy party, bu t instead, as an event that greatly impacted American history. Back in the year 1773, the East India Company was experiencing some major financial issues and because they played such a large role in Britain’s economy, England immediately wanted to help resolve the issue. In hopes of fixing the East India Companies financial problems, The English Parliament decided to pass The Tea Act in the colonies. Instead of having to ship tea from the company, to England, and then to the colonies, as doneShow MoreRelatedThe Death Of A Shoemaker And The Tea Party By Alfred F. Young Essay1338 Words   |  6 Pages1766. The colonists were against it and tried revolting against Britain, leading to the Boston Massacre in 1770 of British soldiers shoot colonists and killing a few men. The colonists also retaliated against the taxations by dressing up as Indians and throwing tea into the ocean. Parliament began establishing acts known as the intolerable acts, which led to the revolution. In The Shoemaker and the Tea Party by Alfred F. Young, the author introduces and describes the life of a shoemaker, George RobertRead MoreThe Success Of The Boston Tea Party Essay1707 Words   |  7 Pagesthe world. In fact, it is the only thing that ever has,† (Carp, 2010). The words of Margaret Mead, the American Cultural Anthropologists, summarize most historical events where people unite towards a purpose. The cultural identity of a country is molded when its people unite for a cause; one such event is the Boston Tea Party. The Boston Tea party is an important watershed in American history, one that determined the American identity forever. The establishment of independence from British colonizationRead MoreThe s Present And Past History During The Time Of The Revolutionary War Essay1029 Words   |  5 Pagesthe Revolutionary War; as well as the causes of the war, Sons of Liberty, and important battles. Boston was where the action began. It began with taxes being raised, acts being made, such as the Stamp act. They were upset because legislature was taxing the Americans without a representative for the people(Bomboy). British forces arriving was another cause. Then, the Boston Tea Party and the Boston Massacre occurred. Key figures and leaders came forward, such as Paul Revere, Samuel Adams,and JohnRead MoreThe Shoemaker and the Tea Party1100 Words   |  5 PagesThe Shoemaker and the Tea Party by Alfred Young revolves around two bibliographies written about one of the last living participants of the Boston Tea Party, and the authors own interpretations of the events surrounding the Tea Party and the American Revolution as a whole. In this particular novel, Young explores what it means to rediscover history, and how history is continually redefined. Particular attention in the novel is given to public history, and how highlighting people otherwise lost toRead MoreEvents Of The Ame rican Revolution1415 Words   |  6 PagesAmerican Revolution was fought between the colonists and the English with the French aiding the colonists. There are many causes for the American Revolution some of the causes are the French and Indian War, The Sugar and Stamp Act, The Boston Massacre, The Boston Tea Party, and the Intolerable Acts. The French and Indian War, also called Seven Years War, was a massive conflict involving Austria, England, France, Great Britain, Prussia, and Sweden. The war took place in Europe, India and North AmericaRead MoreShoemaker and the Tea Party Essay1788 Words   |  8 PagesGeorge Robert Twelves Hewes. Hewes was a Boston shoemaker, who at the age of twenty-eight witnessed four of his closest friends shot to death by The British red coats; he also participated in many of the key events of the Revolutionary crisis.1 Hewes recollections of the events that took place were passed along in the monograph The Shoemaker and the Tea Party: Memory and the American Revolution by Alfred F. Young. His recollections of the dumping of the tea into the harbor lead the reemergence ofRead MoreThe American Of The British Empire Essay1672 Words   |  7 PagesThe American Revolution rose when the Thirteen American Colonies did not accept monarchy, aristocracy, and refused to follow the authority of Britai n. The revolution was a consequence of social, political, and logical transformation in the American Society. Due to those aspects, the Americans had to seek a way to escape the British powers. When the fight for Independence first started, the main conflict between Britain and the American colonists was particularly caused by the financial reasons of theRead MoreOpposing Views in the United States Government1618 Words   |  6 Pagesconflict is nothing new. The United States government continues to strive forward using the basic structure and group alignment that started this country 238 years ago. Over the last decade there has been a growth of two opposite views. The Tea Party which started in 2009 called for fiscal responsibility and the Occupy movement that started September 17, 2011 began calling for end of financial inequality. During the last two election seasons that chose the next President of the United StatesRead MoreTerrorism Is A Modern Political And Economic Topic On America1376 Words   |  6 Pagesminds to attack and kill American citizens. I will discuss the different historical forms of terrorism groups in America since the time of Boston Tea Party to the 21st century American and global terrorism and what solutions and what it teach us in our own time. I chose this topic because it is a topic that Americans are worried more of here at safety since 9/11, which was remembered last month. It is election season and parties takes hard sides to proof that they are right or wrong in fighting domesticRead MoreThe Declaration Of Independence1330 Words   |  6 Pagesthe fundamental American idyllic government, is part of the opening paragraph of the most significant of all American historical documents, the Declaration of Independence. The very theory of natural rights dramatically influenced the conception of this starting paragraph. Natural rights is a political theory that strongly asserts that each individual who enters into any society possesses certain rights that no government can deny. The Declaration of Independence is a full and formal declaration

Neanderthal Parallax, Hominids, by Robert J. Sawyer

The human race has achieved many impossible feats. We have landed on the moon, illuminated the world with the electric light, and cured illnesses that used kill thousands. In a world where we look to technology to answer all of life’s problems, we are faced with a dilemma. How can our technology possibly keep up with our modern needs? In the first book of the Neanderthal Parallax, Hominids, by Robert J. Sawyer, we are transported into a parallel universe. In this unpolluted world that is populated by Neanderthals, there is a sophisticated computing system, we know as a quantum computer. As of 2014, quantum computers are still in their infancy, and have been prophesied since the early 1990s. However, work on building a quantum computer, and creating algorithms compatible with one, began around the turn of the century. As one of only seven sci-fi writers in the world, and the only Canadian, who has won all three of the top international awards for science fiction, he is known fo r the amount of research and probable vision intertwined into the technology in his books. A quantum computer is a sophisticated computer device that can actually calculate the use of quantum-mechanical phenomena, to perform operations on data. Basically, it’s one of the few devices that can calculate the quantum theory. Quantum theory is also classified as quantum mechanics, which is a branch of physics that deals with physical phenomena inside of particles at nanoscopic scales (Wilczek). It

Village cricket match Free Essays

A Village Cricket Match It is an excerpt from A. G Macdonnel’s humorous novel ‘England, their England’. The English society has been satirized in a light hearted manner especially what is known as ‘Englishness’ , as seen from the eyes of a Scotsman. We will write a custom essay sample on Village cricket match or any similar topic only for you Order Now In this the author humorously describes a cricket match being played between men from England and men from Scotland in the village of Fordendan. The cricketers are petty businessmen or local shopkeepers. The story is presented in a mock epic style and ornate and bombastic language has been used to bring out this effect. The author has used humor as the main ingredient of the story. His description of the players, their style of playing, movements, and conduct is humorous. The story begins with the arrangements of Mr. Hodge who completed his tricky negotiations with the Fordendan caption. Just as the two players who were arranged to play for both sides went away in dismay, a motor car arrived containing not only Mr. Hodge’s two defaulters but also a third gentlemen who swore stoutly that he had been invited by Mr. Hodge to play. Negotiations therefore had to be reopened. This funny arrangement at the beginning of the story underlines the streak of humor which will run throughout the story. The method of winning of winning the toss by Mr. Hodge is described in a humorous way. ‘Mr. Hodge having won the toss by a system of his own founded upon the differential calculus and Copernican theory†¦ ‘. The bowling end of the ground was so steep that at the end stood a fielder who saw nothing saw nothing of the game but the blacksmith walking back or running to bowl. It was only during the last few yards of his run when the blacksmith was visible to the batsman. The blacksmith ran up to bowl climbing the slope superbly like a ‘mettlesome combination of Venus and Vulcan Anadyomene’. How to cite Village cricket match, Papers

A Man for All Seasons- Cromwell vs. More free essay sample

More is a kind man, who seems to put others before himself, and bites his tongue even when he has an opinion on a subject. This is demonstrated through his opinion on the kings divorce. Cromwell is portrayed as a serious, self-conceited man, whose actions only benefit himself. This is displayed in the scene when Cromwell is attempting to get information on Sir Thomas More from Steward. In order to receive the information Cromwell wants, he is willing to bride Steward with coins. This scene in a way foreshadows the rest of the play, because it shows how Cromwell is willing to get what he wants with a little manipulation. In the play, King Henry the VIII wants to divorce Queen Catherine because she did not produce him a son. Through these decisions, Sir Thomas More, and Thomas Cromwells personal thoughts on the situation come out, and seem to contrast. We will write a custom essay sample on A Man for All Seasons- Cromwell vs. More or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As More is a good friend of King Henry the VIII, he believes that the Queen Catherine is still his wife and should not be divorced because she simply cannot produce an heir for the King. Thomas Cromwells opinion varies greatly from Mores. He believes that the King should divorce Catherine, because if the King were to pass away he would not have an heir to run England. More and Cromwells characters contrast in the play, â€Å"A Man For All Seasons† by Robert Bolt. More is a compassionate person, while Cromwell is very self-conceited and seems to be the villain type character. These two elements will further the play, and its situations.

ROSIE ROBERTS Essays - Casual Sex, Human Sexuality, Occupations

ROSIE ROBERTS 1. Explication of the poem In this short poem the poet, Edgar Lee Masters, focuses on the miserable and dangerous living conditions of a prostitute. Through Rosie Roberts character, the poet portrays "the crooked game of life." Rosie Roberts was a prostitute who used to work in a whore house called Madam Lou's located in Peoria. One night at Madam Lou's, she had a fight with her customer who was a rich son of a Merchant. He beat her when she said that she was not interested in selling her body to him. She wanted to spend the night with someone else. In the end, she shoots and kills him in self defense. The man's wealthy family tried to hide the scandal from breaking that their son died in a whore house. They mentioned in the newspaper that he accidentally killed himself while cleaning his gun. After this incident, she was removed from the whore house and was taken to her girlhood home in Spoon River. There she became sick, probably because of some disease or emotional breakdown for the crime she committed. She was angry at the crooked policemen and the Merchant Prince for burying the truth. She wanted to let the truth be known, so she wrote to the Chief of police at Peoria, confessing about her crime. This shows that despite the fact she was a prostitute, she had a conscience. This makes her a better person. 2. Biography poem Line 1 Rosie Line 2 bold, dignified, courageous, honest. Line 3 Relative of the streets, sweetheart of men. Line 4 Lover of attention, money, and honesty. Line 5 Who feels sick, angry, and guilt for her crime. Line 6 Who needs companionship, affection, and justice to ease her pain. Line 7 Who fears illness, dull life in Spoon River, and death without exposing the truth. Line 8 Who gives tension, hostility, and death to the Merchant's son. Line 9 Who would like to see that she gets away from her girlhood home, she tells the police about her crime, and she is punished for the crime she committed. Line 10 Resident of Spoon River Line 11 Roberts 3. Character explanation Rosie Roberts seems to be one of the top prostitutes of Madam Lou's. Rich men, such as Merchant's son, want to spend a night with her. What makes Rosie different from the other prostitutes is her strong sense of dignity and courage. She does not give away herself to every man for the sake of money. She has her own priorities, likes and dislikes. She refuses to spend the night with the rich Merchant's son who is ready to give her a lot of money. She is courageous enough to not be intimidated by his high position and violent behavior. When he hits her, she boldly defends herself. Although Rosie Robert does not mind selling her body for money, she has a pure heart. She hates the dishonesty of the policemen and the merchant for burying the truth from the world about the crime she committed in order to preserve the merchants reputation. This uplifts her character. Even though her profession as a prostitute has stripped her outward modesty, she still has maintained the modesty of being sincere. She knows that she is guilty of murder and deserves punishment. The loneliness and passive life in Spoon River further intensifies her sense of guilt. She fears "wasting away" and dying with the truth buried inside her heart. She shows great courage and boldness in writing a letter to the Chief of Police telling him the details of her crime. 3.Character explanation Rosie Roberts seems to be one of the top prostitutes of Madam Lou's. Rich men, such as Merchant's son, want to spend a night with her. What makes Rosie different from the other prostitutes is her strong sense of dignity and courage. She does not give away herself to every man for the sake of money. She has her own priorities, likes and dislikes. She refuses to spend the night with the rich Merchant's son who is ready to give her a lot of money. She is courageous enough to not be intimidated by his high position and violent behavior. When he hits her, she

Women Vs. Men In The Work Force Essays - Sexism, Free Essays

Women Vs. Men In The Work Force Essays - Sexism, Free Essays Women vs. Men in the Work Force In Mrs. Burrows? seventh grade English class, I wrote a paper entitled Women vs. Men in the Work Force. I researched for weeks and weeks to get all of the information I could on pay differences, percentages of working women and what jobs they were doing. In 1988, my paper focused on sexual discrimination and the wage difference. For example, in 1998, ?women received 63% of the pay men received for the same job.? I remember finding that out and asking my dad why that was happening. My father, parent of two daughters who instructed them never to be dependent on a man, did not have a good explanation for this inequality. Sexual discrimination was just starting to be a hot topic in 1988. Here is my favorite quote from my paper: ?Sixty-two percent of working women who are employed full-time believe that discrimination prevents them from getting top jobs in business and government. Sexual discrimination seems to occur the most. For example, one female executive on her way to the top told of how she fought back. She and some of her male colleagues were in a business meeting when they started to kid her about her short skirts. In reaction to their joking, she put a shapely leg up onto the table and asked her challenger whether or not he saw anything wrong with it. This unusual comeback won her points from her adversaries. Women who have reached top corporate positions have said that getting used to such joking is one of the hardest problems to overcome in an executive job.? Joking is one of the hardest problems to overcome in an executive job? It seems so trivial compared to issues such as the slowly shrinking wage gap, new family-friendly company benefits, and the ever popular catch phrase the ?glass-ceiling?. I have found that the three P?s are main issues for today?s working woman trying to have it all. The three P?s are Pay, Position and Parenting. I. Pay Despite the fact that the Equal Pay Act was signed more than 35 years ago, full-time working women between the ages of 25 and 35 earn only 84% of the weekly earnings of men their age. Alexis Herman, Secretary of the US Department of Labor, has the following to say: ?This generation of women has invested greatly in education, returned quickly to the labor force after child birth, held more full time jobs and sought more nontraditional jobs than any in our nation?s history. Their mere presence in the labor force has transformed our work culture, spurred new industries, and infused the nation?s labor force with a ready supply of educated and skilled workers. It is difficult to imagine our nation?s economy without them.? Indeed, working women have come a long way since 1963 when the wage gap stood at 59%. In 1997, the ratio was down to 26%. The expansion of the female labor force in the 1960?s and 1970?s largely reflected the entry of married women into the labor force, especially those with children. In 1960, only a quarter of married women with children worked or was looking for work. By 1975, 44% of married mothers were in the labor force. The numbers of women graduating form college and graduate school grew as well. In 1960, 35% of all bachelors and first professional degrees were awarded to women. By 1975, 45% of all bachelors? degrees went to women. Women?s? rising level of education and experience in the labor market, and their growing share of better-paying managerial and professional jobs have been critical in increasing women?s real earnings during the 1980?s and maintaining their level during the 1990?s. Yet, even with these good-paying jobs, women?s average earnings have not reached thos e of men. 1997 Bureau of Labor Statistics has weekly wage data showing that women earned less than men in 99% of all occupations for which data is available. I have had first hand experience with this wage gap. Recently, our small electrical contracting firm (about 15 office employees and 120 field employees) hired the president?s brother, Jim, to perform purchasing and accounts payable tasks. He had worked in the warehouse of one of

Yellowstone Management Model Essay Example | Topics and Well Written Essays - 2250 words

Yellowstone Management Model - Essay Example Yellowstone could almost be viewed as concentric rings of varying â€Å"naturalness†. In the park, there are wilderness areas that require almost no energy inputs from humans. Then there are more managed areas, where forest products are occasionally harvested. The roads, drainage schemes and hydrological disruption that come with these types of activities require more energy to maintain. The final circle is the highly transformed and maintained landscape of agricultural activity with the requisite chemical fertilizers, herbicides, pesticides and petroleum powered machinery needed to both sow and harvest crops. While the Yellowstone model does a good job preserving many thousands of hectares of land in the wilderness, a developing National Park would want to note the ecological impact of hemming in these most natural areas with less natural areas. In the case of Yellowstone, it has been determined that the ecological needs of the largest fauna in the wilderness areas cannot be met by the amount of land set aside. Park planners and developers in the developing world will want to learn from Yellowstone and be sure to plan an appropriate range of habitats within the ecosystem.   The future implications for the current Yellowstone management model are many. Because the model is based upon ecology and the ranges of the species that the park is intended to protect, much more study should be done before setting the boundaries of the park. This can be seen as the evolution of Yellowstone’s management model has been revealed. Originally the park was just to encompass the unique geologic features. But later, this constricting boundary was determined to be hurting the species that had come to represent the park, namely the grizzly bear, elk and pronghorn sheep.

ESTELLE v. GAMBLE, 429 U.S. 97 (1976) Annotated Bibliography

ESTELLE v. GAMBLE, 429 U.S. 97 (1976) - Annotated Bibliography Example After a few days of treatment Gamble was reinstated to his normal duties but still complained of pains. He was sent to administrative segregation under the care of another doctor. He was taken to the prisons’ discipline committee for scrutiny and admonished to work but declined with complaints of intense back pain. While in confinement, Gamble asked for a chance to meet the doctor for further treatment but the prison but was denied the opportunity by a prison warded. This left him with no option but to continue suffering the pains. Gamble sued W.J. Estelle who acted as the Junior Director in the Department of Correction, H.H. Husbands who was a prison warden and Dr Gray Ralph, a medical practitioner in the Texas Department of Corrections. In the presentation, Gamble claimed infringement of his right to fair treatment envisioned in the Eighth Amendment to the US Constitution by the triple when he was subjected to inhuman punishment leading to his back injuries. The court had to determine if the prisoner was subjected to deliberate indifference treatment by the prison officials. The court also had to determine whether the complainant received any medical attention after the injury as per the requirement of the law. In addition, the court had to determine if the complainant had access to a health professional within or after the timeline when he placed his request. Furthermore, the court had to find out whether the patient was relieved of his duties immediately after reporting the injury and during treatment. The most fundamental issue was to determine if at any case the prison officials violated the cruel and unusual treatment clause of section 42 of the Eighth Amendment to the US Constitution. Since the plaintiff, Gamble had been subjected to harsh and severe treatment while in prison, the legal principle most applicable is the Eighth Amendment protection

Reflections on the Role of Communication in Contemporary Organization Essay

Reflections on the Role of Communication in Contemporary Organization - Essay Example One impression is that it is difficult to have a good communication within a big organizational structure because of the number of its employees and departments. However, the company has demonstrated overall satisfactory results when compared to its actual communication culture. Being a market leader of the software industry in Australia, Master ERP crafted innovative ways in having an effective communication system among its employees such as the development of a strong feedback initiative and encouraging open dialogue and knowledge sharing. According to Proctor and Doukakis (2003), effective internal communication is the key to a successful organization. How the staff and officers behave and feel about the organization can give a huge impact in the company’s reputation. From the course of interviews that we conducted to the employees, all were aware of the company values and principles and they were positive and passionate in working at Master ERP. Communication is the proce ss of conveying ideas, thoughts, information, emotions, etc. between and among people. Notwithstanding of the perspective in which this communication occurs, there are certain basic ideas about it which always apply (Roman, 2005). With the communication set up that we saw with the company, it can be said that it is indeed functional and promising. Based on our research, Master ERP encouraged communication throughout its organization by developing a feedback initiative called â€Å"Say it as it is†, whereas all staffs were trained in giving feedback thru a self-explanatory program, and by launching the ‘Purple Awards’ to recognize good work. Internal communication embraces both the official form of communication, such as memo, policies, guidelines, etc., and the unofficial form of communication, like the exchange of ideas between colleagues and simple conversations among them (Johnson & Johnson, 1997). Due to the open type of communication and advanced ways in hav ing a strong link among its peers, the said organization was able to maintain a healthy flow of information among its employees. For instance, Master ERP’s CEO encourages everyone to directly talk to him via the â€Å"Ask Tim† site on SharePoint. There is also a monthly Buzz meeting to give updates to the employees. Other innovations in communication noted were the replacement of a receptionist by a touch screen tablet with a phone and directory, conducting orientations to staff depending on their position in the company, and adopting social networking in the workplace. These strategies gave us a better understanding in the importance of communication, and that it is achievable particularly on a complex organizational structure like this. After observing an ‘almost perfect’ approach in organizational communication, we found out that there are flaws when it comes to the departmental communication structure of Master ERP. During the interview conducted, it h ad been found out that some issues were raised by unsatisfied customers regarding a new product that was launched. A possible explanation for this could be the ineffective communication between the departments that handle key roles in the release of the new software like the marketing and technology departments. Encouraging a dialogue in the interdepartmental level is very important to the strength of an organization, and disregard of dialogic practices can create

Domestic and Cross-Border Merger and Acquisition Factor

Domestic and Cross-Border Merger and Acquisition Factor Determinants Of Domestic And Cross-Border Merger And Acquisition Activities In Banking Sector Abstract Global announced mergers and acquisitions (MAs) in banking sector rose to a new high record in 2007. Although now MA activity has been hit notably because of the global financial crisis, it will have different performance in the time of post-crisis. Both China and UK will be the most active MA areas in the future, especially in the financial service industry. To secure the success in future MA wave, identifying the right potential targets is crucial. The purpose of the study is to identify the determinants of banks domestic and cross-border acquisitions in China and UK over the two specific periods which are before global financial crisis (2005-2007) and during crisis (2008-August 2009). This study will help bank managers to identify the right targets for future acquisitions and also help policy makers to understand which factors can increase the likelihood of bank acquisitions. Three aspects are examined by employing Logit analysis for the likelihood of domestic bank acquisitions which include banks characteristics, market features and regulatory factors. Additional geographic factors will also be considered into cross-border bank acquisitions by using the same model. The result of this study reveals the determinants of likelihood of being acquired for UK and Chinese banking industry respectively. It also shows the difference of determinants between domestic and cross-border acquisitions, and between the two specific time periods as well for two banking industries respectively. Detailed analysis is also provided for comparing the difference of determinants between China and UK, these two significantly different banking markets. Introduction ABN AMRO, which created as of result of the 1991 merger between Amsterdam Rotterdam (AMRO) and ABN whose history dated back to 1824 and was one of the largest banks in Europe, was acquired by RFS Holdings B.V., a company jointly owned by RBS, Fortis N.V. and Banco Santander S.A. for a consequent amount of 71 billion Euros in October 2007 (Financial Times, 2007). This was the biggest banking takeover in history and together with other deals made global mergers and acquisitions (MAs) rose to a new high of US $ 4.8 trillion in 2007 (Francis and Hasan, 2008). However, the following global credit crunch has created a new international financing and banking network where MAs may be mainly involved as a survival solution for many entities. This study will examine the determinants of banks domestic and cross-border acquisitions both in UK and China, the most active and representative country in developed financial market and emerging market respectively. Therefore, this chapter will give the overview of UK and Chinese banking industry, then focus on MA activities, and illustrate objectives and the value of this study. Background Global Banking Industry Overview The global banking industry experienced strong growth before the end of 2007. Assets of the largest 1,000 banks in the world grew 16.3% during 2007 to a record $74.2 trillion (Figure 1). This growth rate is 5.4% higher than the previous year. Worldwide assets of banking industry The Banker database) EU banks held the largest share, 53% in 2006/2007, up from 43% in 1999/2000. And among this, the share of UK banks is always on the top of other EU countries. US banks share in term of assets remained relatively stable at the level around 14%. The left shares are from other Asian and European countries (IFSL, 2008a). However, the global credit crunch which originated in the US sub-prime market impacted the whole financial system world widely. And it came close to collapse in the autumn of 2008, following the failure of Lehman Brothers and the ‘breaking the buck of a large US money market mutual fund (MMMF). The subsequent panic was then across global financial markets especially the western world. Although in recent months, market conditions have picked up which improves the outlook for banking systems, there has been a dramatic shift based on market capitalization in global banking industries (Bank of England, 2009). In 2007, the average level of world top 20 financial institutions market capitalization was peaked around $125bn, and banks from US and UK dominated the main financial market. However, in 2009, the market capitalization decreased by more than 50% for all financial institutions, and the top three largest ones are all Chinese banks. HSBS, which based on emerging markets at heart , is UKs sole representative in the list (Figure 2) (Financial Times, 2009a). Banking industry in both UK and China experienced great change through the global financial crisis. Financial Times UK Banking Industry The UK banking industry is a vital and essential part of the UK economy. It has experienced a deep level of restructure since the 1980s which includes regulatory change and banking system reform etc. Four major changes are associated with this restructure: increasing level of competition, both in market and out-of-market; deregulation; increased diversification and acquisitions (Drake, 2001). In 2007, UK banking industry reached a new high record for its assets and contribution percentage to UK economy comparing to other sectors. Assets of UK banking sector reached  £6,964bn at the end of 2007, up 11% on 2007. And there were 331 banks authorized to conduct business in UK. The 254 foreign banks physically located in the UK which is more than in any other country (IFSL, 2008a). Banking industry accounted for 7.6% of UK GDP in 2007, increased from 5.7% in 1997 (IFSL, 2008b). However, the following global financial crisis impacted the UK banking industry materially. During 2008, the return on the major UK banks total assets turned negative and the impact of this on return on equity was amplified by banks high level of gearing (Figure 3). Meanwhile, the mark-to-market losses of major UK banks book assets roughly doubled between October 2008 and January 2009, exceeding fresh capital raising over that period which partly reflected increase in expected losses (Figure 4) (Bank of England, 2009). But in recent months, market conditions have been improved, and it can be expected that UK banking industry which experienced restructuring and changed policies on bank regulations during the crisis will seek substantial domestic and cross-border business opportunities afterwards to strength its position in global financial market which gives great potential for MA activities (Economics Outlook, 2009). Bank Of England, Bloomberg) Chinese Banking Industry Chinas economy has been growing about 8% per year in real terms over the last decade. Even during the financial crisis, the Chinese economy continued to grow in a steady way (Peoples Bank of China, 2008). This rapid growth may be largely linked to the globalization of trade, but China has yet to ‘globalize its banking sector. The Chinese banking industry was dominated by four large state-owned banks with about 80% of industry assets, and very few foreign banks before WTO entry in December 2001. After 2001, the existing regulations and laws such as the Central Bank Law and Commercial Bank Law were revised to be aligned with the WTO agreement. There will be more liberalization of interest rates, more fair treatment of tax rates, less restrictions on ownership of takeovers and MAs, and great freedom of operational and geographical scope in the Chinese banking industry (Berger et al., 2009). In 2003, China Banking Regulatory Commission (CBRC) updated guidelines to encourage foreign share purchases. Foreigners then can own up to 25% of any domestic bank, with the ownership from any one investor allowed between 5% and 20%. This led to a historical high level of cross-border MA activities in Chinese banking industry later on (CBRC, 2005). At the end of 2007, total assets of banking institutions increased by 19.6 8% to RMB 52.6 trillion than 2006. And the reform and opening up of Chinese banking industry continued to advance, the assets share of large state-owned commercial banks decreased from around 80% in 2001 into 53.25% while others includes foreign banks increased into 15.98% (Figure 5). This indicated that Chinese banking industry encouraged foreign investors more than before which gave big potential for further cross-border MAs in China. Peoples Bank Of China) Even in 2008s special context, Chinese banking industry followed the reform strategy and promoted the reform and opening up policy of banking industry, and its total bank assets amounted to RMB 62.4 trillion, 18.7% higher than in 2007 while most banks in western world decreased their bank assets by more than 50%. The Chinese banking industry took the financial crisis as an opportunity for further reforms, development and finally achieving globalization in banking sector (CBRC, 2009). This growth trend also provides great potential for both domestic and cross-border MAs in China which can help strength the market position and substantial development for Chinese banks. The Merger And Acquisition Market There are two primary mechanisms by which ownership and control of a public corporation can change: merger and acquisition. In both cases, the acquiring entity must purchase the stock or existing assets of the target either for cash or for something equivalent value (such as shares in the acquiring or newly merged corporation). Mergers and acquisitions (MAs) are part of what is often referred to as ‘the market for corporate control (Berk and DeMarzo, 2007). The global merger and acquisition market is highly active, averaging more than $1 trillion per year in transaction value. Global announced mergers and acquisitions (MAs) rose to a new high of US $4.8 trillion in 2007, up 23% from US $3.9 trillion in 2006. Since the increasingly fierce competitions in banking sector during this time, banks conducted large-scaled MA within and across the border in aim to expand operation and enhance competitiveness. In 2007, MAs in banking increased 32.5% from US $543 billion in 2006, was again the most active sector for MAs (Francis and Hasan, 2008). But MA activities correlate with bull markets and are often greater during economic expansions than during contractions. During the past year when global banking industry was suffered by the credit crunch which originated in the US sub-prime market, MA activities were hit notably in financial service sector. The worldwide MA volume decreased significantly during the end of 2007 and the beginning of 2008. But, against all the negative factors, the trend of selective MA still exists as ‘acquirers take advantage of the lower market valuations to strengthen their business with synergistic deals and ‘the ongoing strength of emerging market (Financial Times, 2009b). From August 2008 by monthly comparison, the MA volume increased again increased gradually and kept vibrating. On average, the announced deal number is around 3,000 and total rank value is about $160,000 million per month (Figure 6). Thomson ONE Banker Database) MA Activities In UK Banking Industry Banking industry is the most active sector in MA market. And UK, despite of US, is more involved in MA process than any other EU country in financial service industry (Ahammad and Glaister, 2008). During 1999 to 2007, the number of UK incorporated banks which include commercial banks, investment banks, foreign owned banks and banks operated by retail companies declined from 200 to 157 mostly due to the severely competition and MAs in its banking industry (IFSL, 2008). Also, the rapid economic expansions during this period drive peaks in both domestic and cross-border MA activities in UK banking industry (Harford, 2008). At the end of 2007, the total announced MA deals in UK financial industry was 1,806, which represented as 38.3% of all MA deals announced in this year. And among 1806 ones, UK banking industry contributed significant amount of deal values comparing to other financial sectors. However, the following global financial crisis hit the UK banking industry significantly. Although the number of MA activity is less during economic contractions than expansions, it still has its market due to various business strategies. There were 79 MA deals totally in UK banking industry for 2008, and the number for 2009 as so far is 35. According to Economics Outlook, the post-crisis restructuring, recapitalization and seeking for re-strengthening business positions in UK banking industry will provide substantial opportunities for MA activities both domestically and internationally. This will produce an urgent demand for identifying right potential merger and acquisition targets which gives great practical value for this study. MA Activities In Chinese Banking Industry While the economic market get more international and worldwide, to be globalization has become an irreversible trend for all nations in the world, especially for developing countries (Bonin and Hasan, 2005). Although Chinese banking industry has achieved sustainable development during these years even in the global financial crisis, its still far away from globalization. Entry to WTO in 2001 and new policy for foreign investment in Chinese banking industry in 2003 brought momentums for encouraging Chinese banks to participate in global competitions. To strength their own positions in global financial market, most Chinese banks took actions of within or cross border MA activities which led by Industrial and Commercial Bank of China (ICBC) acquiring 20% share of South Africas Standard bank for $5.6 billion, the largest MA deal in Chinese banking industry in 2007 (Munroe, 2008). Further opening up in Chinese banking industry also attract strategic foreign investors invest in Chinese domestic banks through MAs. At the end of 2007, foreign financial institutions invested in 25 domestic banks totally through partially acquisition (Peoples Bank of China, 2008). With the rapid development and increased opening-up of Chinese banking sector, banks MA activities will be increasingly active. According to Peoples Bank of China, effort will be made to vigorously support qualified commercial banks to conduct MA and create favourable policy environment based on international experiences to encourage cross-border MAs in China. Moreover, the ongoing strength of Chinese economic will help to fund or attract domestic and overseas acquisitions in China (Wilson, 2008). It can be expected that China will be the most active MA area in the emerging market in future. To sum up, both UK and Chinese banking industry have the great potential for future MA activities. To secure the successful performance in the present and future MA waves in order to obtain sustainable business growth, identifying the right potential acquisition targets is crucial (Rossi and Volpin, 2004). However, investigating the relationship between bank and the features of market where banks are within and the likelihood of being a right potential acquisition targets in banking industry is relatively under-researched(Pasiouras et al., 2007). And it will be interesting to investigate and compare the determinants of potential MA targets between UK and Chinas banking industries which have significant differences in characteristics, and also for two special periods which are before and during the global financial crisis. Research Objectives And Value The purpose of this study is to identify the determinants of banks domestic and cross-border acquisitions in China and UK, and detailed analysis will also be provided for the difference of determinants between China and UK, the two relatively different banking sectors. Moreover, it will compare the difference between two time periods which are before global financial crisis (2005-2007) and on crisis (2008- August 2009). Three aspects will be examined for the likelihood of domestic bank MAs which included banks characteristics, market characteristics and management incentives. Another two aspects which are geographic factors and regulatory barriers will be also considered in cross-border bank MAs. Same Logit analysis model will be employed to analyze the domestic and cross-border MAs for the purpose that the comparisons have the same base. This study has the value for bank managers in China and UK to identify the most suitable targets or to check if their own bank has developed a profile that similar to typical target. And also, its meaningful for policy makers to understand which factors would increase the possibility for bank acquisitions (Scott, 2007). The study has the originality in three aspects. First, it combines all the important factors that will influence the likelihood of acquisitions in banking industry and distinguishes the domestic and cross-border acquisitions according to the gaps in the literatures. Second, this study investigates and compares two important banking sectors (China and UK) which havent done by any researchers before. Last but not the least, this research focus on bank acquisitions over a most recent time period, from 2005 to August 2009, which is the period includes prior global financial crisis when MAs rose to a new high record and on-crisis period. This differs from the prior studies that focused on earlier time periods and will reflect the new trend for MAs. According to Hagendorff et al. (2008), the more recent MAs may be qualitatively different from those in earlier periods which suggests that studies focusing on more recent MAs may provide more relevance to likely future takeovers. Literarure Review The relationship between the bank and features of the market where banks are within and the probability that a bank will be a potential target remains an open question (Cyree et al., 2000; Wheelock and Wilson, 2000). Few studies in the literature have examined the major features of banks which are acquired by other organizations (Hannan and Rhoades, 1987; Moore, 1996; Hadlock et al., 1999; Wheelock and Wilson, 2000, 2004) are focused on the US market, while Pasiouras et al.(2006), Shen and Lin (2007) and Hernando et al.(2009) have studied the Greece, Asia and EU banking industry respectively. Gaps In Previous Studies Hanna and Rhoades (1987) examined the likelihood of an acquisition based on the banks performance using a sample which was consisted 1046 acquired and non-acquired banks in Texas between 1970 and 1982. The results showed that market concentration and high capital asset ratios have negative relationship with the probability of banks acquisition. Moore (1996) also investigated the characteristics of US banks acquired between 1993 and 1996 using multinomial logit analysis. However, both studies mainly focused on financial characteristics of banks, but ignoring the external factors such as regulations. Based on these, some other studies focused on the search of the best predictive variables included bank characteristics, market features and regulatory factors (Bartley and Boardman, 1997; walter, 1998; Cudd and Duggal, 2000). Hadlock et al. (1999) researched a sample of 84 acquired and non-acquired US banks during 1982 and 1992 by employing both univariate and multivariate methods to identify the determinants of acquisitions. However, the variables they analyzed mainly focused on the management incentives. In more recent studies for US banking sector, Wheelock and Wilson (2000, 2004) used proportional hazard models and a two-part hurdle model by collecting massive amount of available data and employing relatively comprehensive variables included financial, market and regulatory factors to investigate the determinants of likelihood of banks acquisitions. They found that regulatory approval process and market concentration are negatively related to the likelihood of MA activities, while management incentives, location, banks size, and capital strength are positively related. However, they didnt identify the difference of determinants between domestic and cross-border acquisitions. More recently, Pasiouras et al.(2006) investigated the Greece banking industry to analyze the determinants of bank acquisitions, but they ignored the management incentives and corporate governance factors due to lack of data available. In a later study, Parisouras and Gaganis (2007) also investigated the financial characteristics of bank acquisitions covering the 5 principal EU banking sectors (France, Germany, Italy, Spain and UK). However, they didnt distinguish domestic from cross-border takeovers in their studies. Shen and Lin (2007) studied the determinants of financial institutions which engaged in cross-border MA activity before and after the 1997 Asia financial crisis. They found that regulation barrier and market opportunities have less impact on the takeovers after crisis while geographic factors are important determinants both prior to and post Asian crisis. Hernando et al. (2009) analyzed the determinants of bank acquisitions both within and across 25 members of the European Union during the period 1997 to 2004. Their results suggested that determinants of domestic and cross-border takeovers appear to be different in several aspects such as market concentration and profitability of banks performance. However, they examined all the variables according to the experiential model which generated from the US banking sector. The model can be argued if it is applicable to the EU banking industry. Other studies about the determinants of bank acquisitions mainly focused on the search of the most effective empirical method for the development of the prediction models (Cheh et al., 1999; Doumpos et al., 2004; Espahbodi, 2003). This study is based on previous research, and will cover the above identified gaps which include examining domestic and cross-border MAs respectively by using the same Logit analysis model, studying the two typical and representative banking markets in UK and China, and analyzing all the various factors typically found to be the most likely determinants of bank MA activities in the literature. And these factors will be detailed in the following section related to previous studies. Possible Determinants Of Banking MAs In Literature Bank Characteristics Seven factors of bank features are mainly analyzed in the literature which are related to the likelihood of being acquired. Bank Performance The main motive underlying acquisitions is the target bank is underperforming. The inefficient management hypothesis (Manne, 1965) argues that if management cant maximize the shareholders wealth by using the resource it has, then the firm is more likely to be acquired so the inefficient management will be replaced. Then there will be the space for the acquirer to improve the performance and efficiency of target and increase total profitability. Therefore, indicators of bank performance should contain explanatory power on the likelihood of being required. But the empirical results are mixed. Hannan and Rhoades (1987) found no evidence to support this hypothesis while Moore (1996), Focarelli et al. (1999), Wheelock and Wilson (2000), Pasiouras et al. (2006) and Hannan at el.(2007) found that less efficient and profitable banks are more likely to be acquired. Loan Activities However, while underperforming banks may provide greater opportunities for further improvement of profitability, they are also more risky, especially if the source of the underperformance is a high level of loans (Hernando et al, 2009). Hannan and Rhoades (1987) demonstrated that a high level of loans would indicate the aggressive business strategy of target bank and a penetrated and strong established client networking which will make it more attractive as a target while a bank with a low level of loans due to its conservative management may also be attractive to the acquirers since acquirers can use more aggressive way to increase returns of the target. And they found loan activity was negatively related to acquisition likelihood but not ‘statistically significant. But Moore (1996) found a negative and significant relationship for both in-market and out-of-market acquisitions. Moreover, the results of Wheelock and Wilsons studies (2000, 2004) were mixed. They found it depende d on the specification of the estimated model, in some cases it was negatively related but in others, it was positively related with not always statistically significance. Liquidity As stated by Pasiouras et al. (2007), liquidity is an additional factor that can affect the attractiveness of banks as targets since ‘the process of managing assets and cash flow to maintain the ability to meet current liabilities as they come due is an important decision for managers. This argument is supported by Wheelock and Wilson (2000) in their study. But it is also possible that some banks be acquired because they have liquidity issues and turn to help to acquirers. In the study of Pasiouras et al.(2007), it found no significant correlation between liquidity and likelihood of being acquired. Capital Strength Another important bank characteristic for likelihood of being acquired is the capital strength while there are different hypotheses associated with this (Hernando et al, 2009). Several hypotheses predict a positive relationship between banks capitalization and the likelihood of involving into acquisitions. One is that if high capitalization indicates inefficiency of a bank to diversify its assets, then better diversified acquirers will be attracted by such banks. Another one is that if acquirers face regulatory pressure of capital requirement, they may seek highly capitalized targets. Finally, banks with high capital ratios may be operated further below their potential profit due to less pressure to managers. While on the other hand, some hypotheses predict a negative relationship. One of them is an acquisition by a well capitalized acquirer might be stimulated by the supervisor if the target has low level of capitalization. And Hanna and Prilloff (2007) also argue that ‘acquir ers prefer low capitalized targets because it enables them to maximize the magnitude of post-acquisition performance gains relative to the cost of achieving those gains. The empirical results for this are mixed as well. Akhigbe et al. (2004) found a positive relationship between capitalization and the likelihood of being a target in study of publicly traded banks in the U.S. While most studies found the relationship is negatively related (Hanna and Pilloff, 2007; Lanine and Vander, 2007; and Pasiouras et al., 2007). Size Banks size is another characteristic which may influence the likelihood of being acquired. Smaller banks may be more attractive to the acquirers since its easy to finance and even integrate after the acquisition. However, if the acquirer is seeking economies of scale or market power through acquisition, especially for the cross-border acquisitions, size may have a positive influence on the likelihood of being acquired. Hannan and Rhaodes (1987) and Moore (1996) have not found a significant relationship between bank size and the probability of being a target while Wheelock and Wilson (2000), Focarelli and Pozzolo (2001) and Hannan and Pilloff (2007) find that larger banks are more likely to be acquired when they estimate their model using full samples. Lanine and Vander (2007) and Pasiouras et al. (2007) also have positive results in their studies. But Hanna and Pilloff (2007) also point out that for the acquisitions by smaller banks, larger banks are less likely to be acquired due to the difficulty of post-acquisition integration. Market Share Market share is an additional variable for the reasons of MA activities. Bodie et al. (2008) argues that market share is one of the most important factors which impact the acquirers decision in domestic and cross-border acquisitions in banking industry. It is similar to the variable of banks size, but provides a relative standard to evaluate the target comparing with others in the same industry. In the banking industry, a bank with small share is likely to be acquired since only banks with substantial market share can compete effectively and the assets of banks with smaller shares will be more valuable after being acquired by the large bank. But regulatory concerns about anti-monopoly for banks with large market share will give the negative effect on the likelihood of being acquired and high market share. The empirical results for this factor are mixed as well. Moore (1996) and Pasiouras et al. (2007) found that it is significantly and negatively related with the probability of acqui sition in in-market MAs while Hanna and Rhoades (1987) found it has positive impact on the acquisition probability. Future Growth Finally, prospects of banks future growth can affect the acquirers MA decision as well. Banks which experience high growth may be more attractive to the acquirers as potential gains raised from the expanding markets after acquisition can be expected more than before. Consistent with this hypothesis, Hannan and Rhoades (1987) and Cheng et al. (1989) find that the likelihood of acquisition is positively related to the potential growth rate of the assets of the target banks in their studies of U.S. banks in 1980s. However, Moore (1996) argues that slower growing banks may attract a buyer who is looking to increase the targets growth rate through efficient management. Together with Moore (1996), Pasiouras et al. (2007) find a negative relationship between banks growth rate and the acquisition probability. But Hanna and Pilloff (2007) and Lanine and Vander (2007) do not include this variable into their studies. Market Features Three main independent factors are discussed in literature about market characteristics which may influence the acquisition probability of a particular bank. First one is market concentration. Through the impact on bank competition, the degree of bank market concentration potentially affects the likelihood of acquisitions. Increased concentration may increase the attractiveness of the target banks in that market. But buyers that would want to increase the concentration further may face the pressure from anti-monopoly authorities (Hernando et al, 2009). Hanna and Rhoades (1987) found there is a negative relationship between market concentration and the takeover probability for out-of-market acquisitions while it is significantly positive for in-market acquisitions. Moore (1996) found no statistically significant relationship between them for in-market takeovers but a positive sign for out-of-market ones. Hannan and Pilloff (2007) also fail to find any statistically significant evidence that market concentration is a determinant of takeover targets. However, Pasiouras et al. (2007) stated a significantly negative coefficient on the five lar ge banks concentration ratio in their sample of European takeovers. Harford (2008) argues that there is a correlation between industry profitability and MA activities within this industry. MA deals are often greater in more profitable industries than those less profitable ones. According to Thomson ONE Banker database, there are less MA deals in UK banking industry in 2008 than ones in 2007 when the whole banking industry was experienced the global financial crisis. This also gives the evidence that the level of industrial profitability has the positive relationship with the likelihood of acquisitions. However, Ali-Yrkko (2002) points out that in the beginning of 1990s, the entire banking was restructured due to the extremely deep bank crisis with large bankrupts. Low profitability may be one of the main reasons which lead to higher level of acquisitions in banking in

Anti-Crime Programs Essay -- essays research papers

The basis of our justice system has learned to treat criminals with punishing sentences to jail. The problem is, our jails are beyond their intended capacity. This has forced our way of justice to shift from jail sentencing to more ‘help’ type programs. This has paved the road for Anti-crime legislation and other ‘help’ programs. These programs were created for people with a wide variety of problems. However, I am going to concentrate on sex crimes and violent crimes programs and laws.   Ã‚  Ã‚  Ã‚  Ã‚  A sex crime program that attacks the core of child pornography is the programs ACPO (Anti-Child Pornography Organization). This program was set up to rid the Internet of loose links. By loose links, meaning the links that transfer an online user to a site that they are not looking for. For example, if you typed in ‘car’, and were sent to a pornographic site, that would classify as a loose link. The people who shut these sites down are called net nannies. They surf the web looking for sites where average words will send the link to a pornographic site. This is especially aimed at the types of words persons younger than 18 would look for. This program has been extremely effective because it attacks the source of the problem. Once the net nannies find a site that violates this conduct they contact the site provider, and shut it down. This penalty may be harsh, but the web providers know the rules, and if they violate those rules they should be shut down.   Ã‚  ...