Racism As A Part Of Human Nature Essay - 1513 Words

Racism is an extremely important issue that has plagued the United States of America for countless decades. America was established on racism, many Africans were enslaved and brought to America for the benefit of its white settlers. Africans were forced to farm and work for free Which created the wealth gap in the United States of America. Throughout American history racism has had a great effect on its minorities. Racism has affected many minorities such as countless lives being lost or altered by racism. New legislation needs to be enacted in order to prevent racism and stop this ongoing issue. America must set money aside for diversity training. Racism is an action word it states that all members of each race possess characteristics or specific to that race. Racism displays itself in several ways in today’s society such as the workplace, government, housing, and education. Therefore it seems as if racism has developed as a part of human nature. The United States must invest interracial communication across the world to lessen racism. Problem Statement Many people would miss out on someone’s potential because they cannot see pass ones skin color and judge them solely on how they look and not their character. Martin Luther King did a speech called† I have a dream† â€Å"Dr. King said, that he dreamed his children would one day live in a nation where they will not be judged by the color of their skin but by the content of their character.† AmericaShow MoreRelatedRacism And Discrimination903 Words   |  4 PagesRacism is a term that describes the injustice and antagonization of a certain race, whereas discrimination is the unjust and prejudicial treatment towards people or things of a different category or in a sense, the minorities, especially towards race, age, and sexuality. These heinous and prejudicial treatments are happening all over the world ever since the beginning of civilization, with the example of Jewish people being enslaved in ancient Egypt. It can even allude to you or people around youRe ad MoreJohn Howard Griffins Black Like Me Essay1264 Words   |  6 PagesBlack Like Me In the Fall of 1959, John Howard Griffin set out on a journey of discovery. A discovery of his own nature, as well as a discovery of human nature. With the help of a friend, Griffin transformed his white male body into that of an African-American male body. Through a series of medical treatments, the transformation was complete. He spent the next several months as an African-American traveling through the deep South of the United States. What he discovered changedRead MoreRacism : A Theological Reflection1580 Words   |  7 PagesRacism: A Theological Reflection Racism is a persistent issue directly threatening the values and teachings of Catholic theology and humanities advancement towards unity and peace. A destructive ideology such as racism debunks the entire foundation from which Catholicism is built. Catholicism follows the life and teachings of Jesus and the idea of solidarity, one of seven principals of Catholic Social Teaching; preaching for a single human family despite any national, racial, ethnic, economic, orRead MoreRacism And Its Impact On Society848 Words   |  4 PagesRacism is simply any form of discrimination towards skin color and a different race than your own. It can involve categorizing, insulting, abusing, and isolation. It is differing treatment of another human, but sadly it almost seems like it’s apart of human nature now. Racism can also be considered nature of competitiveness. We battle against each other because we simply want to outshine, and to group between ourselves to generate secure and solid supp ort. Society classifies, not only with race,Read MoreThe School Bathroom Of All Places By Robert Oliver Newman Jr. Essay1095 Words   |  5 Pagesbreath, she quietly called me black trash. How can someone feel hatred for a child? Oliver got mad at her and immediately flashed at her. I wasn’t surprised at this womans behavior because I knew racism was still alive and well in this country. Generational hated is killing our nation. Racism comes in all shapes and forms. When I was younger, I was high-strung at school and would be put in TOR (time out room) basically every day in elementary school. Now when I look back, the TOR room wasRead MoreRacism And Critical Disposition Of Kill A Mockingbird By Harper Lee1415 Words   |  6 PagesAnalysis of Racism and Critical Disposition in Maycomb County Racism was a tremendous issue in Harper Lee’s To Kill a Mockingbird. It was applied throughout the novel and was increasingly used to judge others in Maycomb’s society. Racism was revealed through the novel to characters Jem, Scout, and Dill who were young children that were learning about the good and evil in the small town they lived in. Racism was a constant and significant topic. There were many aspects that contributed to racism and provedRead MoreRacism : Racism Or Racial Profiling923 Words   |  4 PagesHistorically, racism has existed through out human history from 500- 1000 years. Racism is considered to be directed on the part of the Westerners towards the non westerners, such as the Asians, Africans and others. Racism however, is defined as hatred imposed from one person to another. Racism can also be that one particularly race is more superior than the other, or less human, due to the state of origin, colour of skin, language, ethnicity, gender, religious, and different biological characteristicsRead MoreArgumentative Essay On Racism1710 Words   |  7 PagesRacism is the belief that one race is superior to another. Discrimination has been going on for generations among generations. Many years ago people of different races were divided from each other. Public places were segregated. Colored people had to use specific water fountains, schools were segregated, and blacks had to sit at the back of the buses. If they were to disobey then there would be consequences and repercussions. Equality was a figment of imagination, a dream the the minority groupsRead MoreSocial Justice Issues Take Place At Various Levels : Global, National, Regional, And Local1397 Words   |  6 Pagessurfaces a prevalent social justice issue of racism. Racism is holding prejudices on the basis of the race. The issue of racism is complex one because of its far-reaching effects and implications. It makes people feel inferior, creates a gap between the people of t he society. The members of racial groups that are discriminated against face unequal access and opportunities. It is harder for them to find well-paying jobs or live in good neighborhoods. Racism exists not only in employment but also in lawRead MoreAnalysis Of `` Ozymandias `` And The Ballad Of Birmingham ``1266 Words   |  6 Pageswhat is considered racism, can be defined in many different and seemingly unique ways. Robert Frost made an attempt to define poetry, â€Å"A poem is an idea caught in the act of dawning†(Kennedy and Gioia). Poetry can carry a sensitive message, as seen in the poems â€Å"Ozymandias† and the â€Å"Ballad of Birmingham†, as they present two separate ideas. â€Å"Ozymandias† involved the destruction of a statue, and the â€Å"Ballad of Birmingham† depicts racism and segregation of the civil rights era. Racism and segregation

Existentialism Existence Before Essence - 795 Words

Existence Before Essence: Existence before essence is the existential notion of a character creating meaning for oneself. It is a part of existentialism because it centers around ones value of existence. When Andy talks to Hadley atop the roof, he negotiates a deal with him to settle his issues concerning a large sum of money. Andy also refers to his prison-mates as â€Å"coworkers†, showing that he feels they are his business companions. This demolishes the notion of them as a lower class prisoner and elevates them to an equal plane of citizenship. Red amiably described, â€Å"for those twenty minutes we felt like free men† (King 47). The beers that Andy earned for his coworkers brought meaning into their hearts, and they felt free. Andy also felt accomplished because he successfully brought his sense of purpose into Shawshank by helping out others. He finds his meaning by improving other peoples lives. A modern world example is how a firefighter will rush into a burni ng building to save other people. They are finding meaning by saving others lives. Alienation: Alienation refers to the prospect of isolation in existentialism. It is a part of existentialism because for one to have an existential mindset, they must differ from the rest of the common thoughts and formulate them on their own. This results in an unavoidable isolation from everybody else. Before Andy asked Red for a rock-hammer, Red knew, â€Å"Andy had no cell-mate, and †¦ that was just the way he wanted it† (King 27).Show MoreRelatedExistentialism And Human Emotions By Jean Paul Sartre1513 Words   |  7 PagesJean-Paul Sartre s novel Existentialism and Human Emotions discusses his philosophy that man is responsible for what he is and what he does; that man chooses his values and makes himself. At the beginning of the book, Sartre defends existentialism against several charges that had been laid against it. Throughout the book, Sartre refers to the basis of existentialism using the phrase ‘existence precedes essence . With this, phrase lies the basis for t he argument that Existentialism is a Humanism. InRead MoreRejection of Existentialism Essays837 Words   |  4 PagesIn his defense of existentialism, Sartre first defines the unifying factor of existentialism, (for both atheist and deist alike), as the belief that existence precedes essence. To help illustrate his point he presents the example of a paper knife, an object that possess a set of qualities that enable it to carry out its purpose. He states that it would not have been created without a particular purpose, therefore its essence precedes its existence. (Sartre) Sartre rejects this idea when it comesRead MoreJean-Paul Sartre’s Philosophy: Radical Freedom and Responsibility 1253 Words   |  6 PagesSartre’s philosophy. However, Sartre himself raises objections about his philosophy, but he overcomes these obvious objections. In this paper I will argue that man creates their own essence through their choices and that our values and choices are important because they allow man to be free and create their own existence. I will first do this by explaining Jean-Paul Sartre’s quote, then by thoroughly stating Sartre’s theory, and then by opposing objections raised against Sartre’s theory. When SartreRead MoreSartre s Idea Of The Self983 Words   |  4 Pagesbeginnings of ancient civilizations up into today’s society. The self or essence of humanity has been viewed in many different lights ranging from immaterial and immortal, to the idea of our existence creating our essence to the idea of a cyborg race. Most of these ideas of the self focus primarily on the idea of a soul/essence determining the outcome of an individual, usually through some higher being or God. Sartre’s idea of Existentialism introduces a new way of thinking in terms of how we become a selfRead MoreExistentialism Is A Humanism?1568 Words   |  7 PagesExistentialism is a humanism Oxford English Dictionary defines â€Å"humanism† as â€Å"any system of thought or ideology which places humanity as a whole, at its center,  especially one which stresses the inherent value and potential of human life.† In Sartre’s lecture, â€Å"Existentialism is a humanism,† not only Sartre’s elaboration of humanism is coherent with the notion of â€Å"humanism,† but also his demonstration of â€Å"existentialism† as one kind of humanisms is cogent. In contrast with those Aristotelians andRead More Existentialism Essay example1368 Words   |  6 PagesIn his 1946 essay Existentialism, Jean-Paul Sartre undertakes the task of defending existentialism against what he defines as â€Å"charges† (341) brought against it. Sartre begins to outline the â€Å"charges† brought against existentialism and further, existentialists. Following the medieval quaestio-form, Sartre begins with the statement of the objection, a short discussion, and then his reply to each. The first of the charges is that of quietism. â€Å"First, it has been charged with inviting people to remainRead MoreExistentialism : Existentialism And Existentialism1186 Words   |  5 PagesSubjectivity in Existentialism is a Humanism In Existentialism is a humanism, French philosopher and existentialist Jean-Paul Sartre defends existentialism from 20th century critics who believed that its overly subjective nature promotes anguish, abandonment, and despair. Sartre explains these common misconceptions about existentialism and argues that it is not a pessimist point of view, but the complete opposite. In what follows, I will explain how Sartre not only invalidates the surging misconceptionsRead MoreExistentialism : A Philosophical Movement907 Words   |  4 Pagesworld that the cannot accept† - Robert Solomon Existentialism is best considered a philosophical movement established after World War II. People in this movement examined the problem of life for human beings. Each existentialist believes that life is absurd and has no meaning. Their common concern was with the â€Å"human condition†. Existentialists have differing evaluations of the human condition but all of them believe that â€Å"existence precedes essence†. This means that people are born without pre-existingRead MoreEssay Existentialism1050 Words   |  5 PagesExistentialism Existentialism refers to the philosophical movement or tendency of the nineteenth and twentyth centuries. Because of the diversity of positions associated with existentialism, a precise definition is impossible; however, it suggests one major theme: a stress on individual existence and, consequently, on subjectivity, individual freedom, and choice {3}. Existentialism also refers to a family of philosophies devoted to an interpretation of human existence in the world thatRead MoreExistentialism And The Beliefs Of The Movement1454 Words   |  6 PagesPalahniuk that is a good summary of existentialism and the beliefs of the movement. Existentialism was a turning point for society and literature that advocated the expansion of the minds of authors and their readers so we could improve our thinking to be more enlightened and free. The movement sparked much alternative thinking to allow our society to grow into what it is today and without it people would most likely be more close minded and less free. Existentialism was a very influential movement with

Civil Society And Its Prospects For A Democratic Transition

Civil Society in Cuba and Its Prospects for a Democratic Transition 4/23/12 Although evidence has shown that civil society is developing in Cuba, the country will probably not undergo a democratic transition in the near future. Civil society is still repressed by the government, independent media is mostly silenced, and many of Cuba’s citizens appear understandably apathetic. Cuba will only transition to democracy, develop a democratic political culture, and consolidate its democracy only when civil society develops to a position of organization, strength, and mass support. This essay seeks to analyze the major impediments in Cuba’s prospects for democracy. Political History Cuba was one of the last Latin American nations to gain independence. The island won its independence from Spain in 1898, but was taken over by the United States after its victory in the Spanish-American War. In 1902, Cuba won its independence from the United States. In 1940, Batista was elected president but was voted out of office in 1944. From 1944 until 1952, the country was ruled by civilian presidents who had the support of political parties. In 1952, Batista orchestrated a coup after being out of office for eight years and presided over a seven-year military dictatorship. Batista’s anti-communism won him the support of the United States, but his administration was extremely corrupt and his closeness with the United States angered many Cubans. In addition, under BatistaShow MoreRelatedCompetitive Authoritarianism And Political Authoritarianism869 Words   |  4 Pagesnot quite a democracy, but it has democratic institutions in place and incumbents cannot reduce t hem. 2. perils of presidentialism and democratic failure Juan Linz Presidentialism can increase democratic failure by promoting zero-sum politics, it has potential to become a divided government or dictatorship, potential to can permanently exclude minorities from the executive because of no representation. His thesis also says Presidentialism prevents democratic consolidation because the PresidentRead MoreThe Debate For Democracy During The Middle East1013 Words   |  5 Pagesthe leader, the imam of the Saudi-Wahabi community, and subordinate only to the shari’a. This is an institutional challenge that these regions face, and need to comprehend in order to have a smooth democratic transition. 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One of the most interesting factors of social transformations in the modern post- industrial society is the widespread influence of modern information technologies on society. There is no precise opinion about positive or negative effects of technologies on the development of society. It mostly depends on the people, who use them, and what purposes they pursue. Information technologies have radically changed the work of social institutionsRead MoreThe Current Chinese Government Fits Into The Category Of Authoritarian Regimes856 Words   |  4 Pagesreciprocal accountability between politburo members and Central Committee. Still compares to the system before 1978, China has gradually shifted toward the democracy over time. China has the prospect of becoming a democratic country in the future. Nowadays, Chinese liberals want Chinese government to have more civil liberties, free-market capitalism and sexual freedom. Chinese liberals are socially progressive and supporting liger role for the government in the economy. .There is not a strong connectionRead MoreDemocracy in China Essay examples3298 Words   |  14 Pagesamongst its democratic competitors. Since the path to democracy is different for each country, we cannot expect that China would follow the same path or same model of democracy as the western nations. This essay will look at what democracy is and how it can be placed in a Chinese context as well as looking at the proponents and opponents of democracy in China. It will also look at whether China is democratising by focusing on village elections, globalisation and the emergence of a civil society. TheseRead MoreArticle Analysis: Democracies Pay Higher Wages1073 Words   |  4 PagesIn the p aper, â€Å"Democracies Pay Higher Wages,† which appeared in the August 1999 edition of The Quarterly Journal of Economics, Dani Rodrik examines the role played by democratic institutions in determining the wage level of manufacturing workers. The motivation for this question arises from the remarkable discrepancy between manufacturing wages in Mexico and the United States: in 1996 the labor productivity (measured in output per worker) in the United States was six times higher than that of MexicoRead MoreDemocracy in the Middle East Essay1416 Words   |  6 Pagesinterpretations of Islam and how the religion should be applied to politics and society. Over the last ten years, the United States and their allies have pushed to promote democracy in the Middle East. However, they too have many obstacles they must overcome. They face problems such as the compatibility of Islamic law and democracy, the issue of women’s rights, and there is always the problem of how to go abo ut implementing a democratic reform in these countries. Many initially would assume that it is onlyRead MoreThe And Authority Across The Eu1619 Words   |  7 PagesEuropeanization of Eastern Europe and the Balkans Normative framework structurally imbedded in the EU As previously discussed, EU accession can be more broadly understood as a uniform membership approval process guided by the Copenhagen criteria for all prospects, applicants, and members. At a deeper level, the EU is dedicated to resolving uncertainties in the relationship between European states that fueled ages of conflict and mistrust in the past through the creation of a supranational European institutionsRead MoreGlobalization And Its Impact On The World s Resurgence After The Cold War943 Words   |  4 Pagesstate territorial domestic autonomy, influx of information that cause talent dispersion/involvement surge, advent of free market trading in global market, extension of the reach of global culture and democracy, augmentation of international civil society, dissemination of power, global violence evolution, progression of security precedence(s), and spread/intensification of nonstate actors. Thirdly, in regards to the latter, the institutions of globalizations may take the form of non state embodiments

A Gap Between Test Scores Of High And Low Income Students

A gap between test scores of high and low income students has existed and grown by 40% since the 1960’s (Tavernise 1) and now is nearly double the size of the African-American and Caucasian achievement gap (Reardon 1). The debate on how to resolve it has been growing since then as well. Low income students, one-fifth of America’s school age children (Resmovits 1), fall into the cracks of the school system and worry if they’ll ever make it to college. Most people would agree â€Å"We need to help these children achieve,† and so to that statement there is little or no contest, the real debate is how we should help these children. Several new learning philosophies have been coming into focus since the 2001 No Child Left Behind act, two of which†¦show more content†¦School systems should revamp their current methods with a few basic points from each approach that can be easily assimilated into their schools’ models, create an atmosphere of mot ivation, engagement, and self-efficacy, as well as giving students alternative options than the standard college path. One of the points that could easily be blended into the school system is the No Excuses Approach’s to concentration of boosting academic performance by minimizing distraction. This does not mean wiping the slate clean and hiring new teachers with new methods, nor is this implying that teachers are not doing their best to raise academic performance. However there are simple ways to make a good classroom even better. One of these methods include S.L.A.N.T., an acronym standing for Sit up straight, Lean in, Ask and answer questions, Nod, and Track the teacher. My high school Economics teacher uses this to effectively create a more focused learning environment that many students enjoy and while I do not have concrete evidence it is beneficial it is something that in my experience seems to work. It is similar the the rule in Democracy Prep, a No Excuses Approach school, to sit up and make eye contact with the teacher (Resmovits 4). It has the benefit of ridding the classroom of distractions and keeps the students focused on the lesson, even in a class of around thirty. While it has been proven that smaller classrooms are beneficial to learning and it has been

Joint Technical Architecture free essay sample

The JOTA is a living document. This means that it is designed to be updated as needed to accommodate new technology, standards, and optimizations. The newly developed systems must also be flexible and adaptable to incorporate the evolving technology and changing interfaces of commercial components into the current system architectures. The JOTA is primarily interested In open systems and other products and implementation with well defined standards. Most of the standards provided in the JOTA, do come from the commercial sector.All standards and guidelines must be stable, technically mature, and publicly available. The JOTA provides a minimum set of standards and guidelines for systems of tomorrow, not systems of today. The JOTA does not support the Implementation of standards and guidelines for legacy systems. However, It Is a mandatory implementation for all newly acquired systems and upgraded systems that produce, use, and exchange data to be compliant with the JOTA. We will write a custom essay sample on Joint Technical Architecture or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page It Is the responsibility of each system component to establish compliance with the JOTA.For those newly acquired and upgraded systems, only those systems that require the JOTA services and Interfaces are required to be JOTA compliant. The JOTA defines Interface standards and conventions necessary to achieve system Interoperability and facilitate the exchange of Information. It defines the minimal governing arrangements, Interconnections, and Interdependencies of system parts and elements for Integration and Interoperability. The JOTA only focuses on providing standards for what Is needed, able to be Implemented, productive, and cost effective.If It Is found that additional requirements are need to facilitate Interoperability, these acquirement can be Implemented assuming they do not Interfere with those already In place by the JOTA. Joint Technical Architecture: Developed by the Department of Defense By Morton system architectures. The JOTA is primarily interested in open systems and other tomorrow, not systems of today. The JOTA does not support the implementation of standards and guidelines for legacy systems. However, it is a mandatory use, and exchange data to be compliant with the JOTA. It is the responsibility of each interfaces are required to be JOTA compliant.The JOTA defines interface standards and conventions necessary to achieve system interoperability and facilitate the exchange of information. It defines the minimal governing arrangements, interconnections, and interdependencies of system parts and elements for integration and interoperability. The JOTA only focuses on providing standards for what is needed, able to be implemented, productive, and cost effective. If it is found that additional requirements are need to facilitate interoperability, these requirements can be implemented assuming they do not interfere with those already in place by the JOTA.

A Practical Guide of Financial Ratios - Free Solution

Question: Describe about the Financial Ratios for A Practical Guide? Answer: Introduction Tesco and Sainsbury are one of the well known retail organizations in UK. Both the companies are listed in the London stock exchange (Tesco.com, 2015). Both the supermarkets focus on the grocery segments. A brief comparison of the financial performance of both the companies has been done in terms of profitability and return to the investors. The companies have diverged their business from the grocery segment to the non food items, clothing, insurance and banking services (Sainsburys.co.uk, 2015). The data of 5 years of both the companies has been collected from the financial report. The profitability and investors performance of Tesco and Sainsbury has been analyzed from the year 2010 to 2014. A brief idea of the financial performance of both the companies has been obtained. It will serve as a tool for the make their investment decisions in these companies. Profitability analysis Profitability ratios measure an organization's ability to gain profit from the sales. As profits are utilized to reserve capital use and pay profits, these measures will be imperative to experts and nearly observed as far as industry correlations. Different profitability ratios to be considered are Gross Profit Margin and Net Profit Margin. Overall revenue considers income less the expense of merchandise sold. An organization's terrible net revenue might likewise be seen as an estimation of creation effectiveness. An organization with overall revenue higher than that of its rivals, or the business normal, is esteemed to be more effective and is subsequently, taking all things into account, favored. Net overall revenue considers the net pay once all expenses are uprooted. With this, the edge could be seen as controlled by a scope of variables including rivalry or increasing expenses (Lee, 2006). In the present study the profitability of Tesco and Sainsbury has been analyzed for 5 years. The profitability has been analyzed from the year 2010 to 2014. This will help to judge the performance of the company in the subsequent years. The profitability analysis of Tesco from the year 2010 to the year 2014 has been done using the following ratios (Tesco plc, 2015). Tesco Profitability Analysis 2010 2011 2012 2013 2014 Gross profit margin (Sales - COGS)/Sales 8% 9% 9% 5% 5% Net Profit margin Net income after tax/Sales 6% 7% 7% 0% 2% Return on Assets Net income after assets /Total assets 5% 6% 6% 0% 2% Return on Capital Employed Earnings before interest and tax / Capital employed 15% 17% 17% 11% 12% Gross Profit Margin The gross profit margin indicates the profit margin of the company over the sales. The cost of goods sold is deducted from sales to get the value of revenue. The gross profit of Tesco from the year 2010 to 2014 has been fluctuating. The profit margin of the company was increasing till 2012. The profit margin declined from 2012 to 2013. The margin of gross profit stagnated to 5% in the year 2014 (Tesco plc, 2015). Net Profit margin: It indicates the profitability of the company from sales. The profit of the company after payment of taxes is considered as net profit. The analysis of the net profit margin of Tesco shows that the net profit margin was increasing till 2012. There was a sharp decline in the net profit in the year 2013 due to huge burden of tax. There was no profit gain from sales in the year 2013 after payment of taxes. The net profit margin increased to 2% in the year 2014 (Businessweek.com, 2015). Return on Assets: The return of the company on investment in assets is determined by the return on assets ratio. The return on assets for Tesco has been rising till 2012. A sharp decline of ROA was seen in the year 2013 and it increased to 2% in the year 2014. Return on Capital employed: The return on capital employed ratio determines the earnings of the company from the capital employed by the organization. The return on capital employed for Tesco has been increasing from the year 2010 to the year 2012. There was a sharp decline in the ratio in the year 2013 from 17% to 11%. The ROCE increased to 12% in 2014. The major reason behind the decline of the profitability of Tesco from the year 2012 to 2013 is the existence of tough competitors in the market. The competitive edge of the company has reduced and it has to revive its strategy of business to regain its position in the International market and home market (redmayne.co.uk, 2015). Sainsbury Profitability Analysis 2010 2011 2012 2013 2014 Gross profit margin (Sales - COGS)/Sales 4% 4% 4% 3% 4% Net Profit margin Net income after tax/Sales 3% 3% 3% 3% 3% Return on Assets Net income after assets /Total assets 5% 6% 5% 5% 4% Return on Capital Employed Earnings before interest and tax / Capital employed 12% 12% 11% 11% 12% The profitability analysis for Sainsbury for 5 years from the year 2010 to 2014 has been done using the following ratios. Gross profit margin: The gross profit margin for Sainsbury shows that the profit margin of the company on sales has declined in the year 2013. However the profit margin has been stable to 4% in the year 2010 to 2012 and 2014. Net profit margin: The net profit margin of Tesco has remained steady from the year 2010 to the year 2014. It has maintained a standard level of 3% throughout the 5 years (J-sainsbury.co.uk, 2015). Return on Assets: The return on assets from Sainsbury has declined from the year 2010 to the year 2014. It shows that Sainsbury is not being able to utilize the assets efficiently to generate profit (Businessweek.com, 2015). Return on capital employed: The return on capital employed for Sainsbury has been 12% till 2011. It has declined in the year 2013. However it has regained its position and maintained its standard level of 12% (redmayne.co.uk, 2015). Investors performance indicator analysis Price -earning (P/E) ratio is normally utilized while taking venture choices by numerous speculators. P/E proportion is the degree between the business sector cost and income every offer. The proportion shows the business sector cost of an offer versus its income. As per one perspective, bring down the P/E degree, the better it is for speculators, as there are possibilities of higher appreciation. The higher the P/E, the more is being paid for an expected stream of profit. Financial specialists normally are ready to pay a higher P/E for organizations they judge will be becoming quicker than the standard despite the fact that they don't pay those income out in profits however hold them to reserve future development. The cost of the organization's stock typically becomes quicker than the cost of an organization with a slower development or higher profit paying organization. In this way, the higher P/E produces more noteworthy upside potential (Baker Powell, 2005). Tesco Investor's performance indicator analysis 2010 2011 2012 2013 2014 Price Earnings Ratio Stock price per share / Earning per share 13.2 11.1 7.9 11 10.4 Dividend Yield Ratio Dividend per share/ Price per share 3.1 3.6 4.6 4 4.4 Return on Investment Earnings per share / Market price of share 7% 9% 13% 5% 9% The investors performance indicators from investment in Tesco have been assessed by the following ratios. The analysis has been done from 5 years from 2010 to 2014. Price-Earnings Ratio The price earnings ratio indicates the earning of share holders on the investment on a single share. The price earnings ratio for Tesco has been fluctuating. The earnings of the share holders have declined in the year 2012 to 7.9 from the year 2011 which was 11.1. The decline of the price earnings of Tesco has been due to the decline in the Profitability of the company in the year 2012 from the previous year. Dividend Yield Ratio The ratio measures the dividend earned by the investors on the price paid by the investor. The dividend yield on investment in the shares of Tesco has been increasing. The yield has been highest in the year 2012. This shows that the company has been paying regular dividend to the share holders. Return on Investment: The ratio measures the return of the share holders on the investment in the share. The return on investment in the shares of Tesco has been highest in the year 2012. The ROI has declined in the year 2013 with a increase in ROI in the year (Financials.morningstar.com, 2015). Sainsbury Investor's performance indicator analysis 2010 2011 2012 2013 2014 Price Earnings Ratio Stock price per share / Earning per share 13.9 13.2 10.8 11.8 9.6 Dividend Yield Ratio Dividend per share/ Price per share 4.3 4.3 5.3 4.6 5.5 Return on Investment Earnings per share / Market price of share 10% 10% 10% 8% 14% Price Earnings ratio The price earnings ratio for Sainsbury shows that it has been fluctuating. The price earnings ratio has declined in the year 2014. Dividend Yield The yield in the form of dividend on investment in the share of Sainsbury has been increasing. It has increased from the year 2010 to the year 2014. The highest yield has been in the year 2014. Return on Investment The return on investment for Sainsbury has declined in the year 2013 from the previous years. There was increase in the ROI in the year 2014 from 2013 , it raised by 6% (Financials.morningstar.com, 2015). Comparison and contrast of the profitability Tesco Profitability Analysis 2010 2011 2012 2013 2014 Gross profit margin (Sales - COGS)/Sales 8% 9% 9% 5% 5% Net Profit margin Net income after tax/Sales 6% 7% 7% 0% 2% Return on Assets Net income after assets /Total assets 5% 6% 6% 0% 2% Return on Capital Employed Earnings before interest and tax / Capital employed 15% 17% 17% 11% 12% Sainsbury Profitability Analysis 2010 2011 2012 2013 2014 Gross profit margin (Sales - COGS)/Sales 4% 4% 4% 3% 4% Net Profit margin Net income after tax/Sales 3% 3% 3% 3% 3% Return on Assets Net income after assets /Total assets 5% 6% 5% 5% 4% Return on Capital Employed Earnings before interest and tax / Capital employed 12% 12% 11% 11% 12% Comparison of Gross profit Margin of Tesco and Sainsbury Comparison of Net profit Margin of Tesco and Sainsbury Comparison of Return on Assets of Tesco and Sainsbury The comparison of the profitability of Tesco and Sainsbury for the year 2010 to the year 2014 shows that the gross profit margin for Tesco has been relatively higher than Sainsbury. While there has been significant decline in the gross profit for Tesco in the year 2013 and 2014 but it was higher than that of Sainsbury. The comparison of net profit margin shows that for Tesco it has declined sharply in the year 2013. But in the other years it was higher than Sainsbury. On the other hand, the net profit margin has been constant at 3% throughout the five years. The comparison of the return on assets shows that there was a sharp decline in return on assets in the year 2013. But it recovered from the decline in the year 2014. The return of assets for Sainsbury has remained fixed. The return of capital employed for Tesco and Sainsbury for the five years has shown similar movement (Diegelmann Deter, 2005). Comparison and contrast of investor performance Tesco Investor's performance indicator analysis 2010 2011 2012 2013 2014 Price Earnings Ratio Stock price per share / Earning per share 13.2 11.1 7.9 11 10.4 Dividend Yield Ratio Dividend per share/ Price per share 3.1 3.6 4.6 4 4.4 Return on Investment Earnings per share / Market price of share 7% 9% 13% 5% 9% Sainsbury Investor's performance indicator analysis 2010 2011 2012 2013 2014 Price Earnings Ratio Stock price per share / Earning per share 13.9 13.2 10.8 11.8 9.6 Dividend Yield Ratio Dividend per share/ Price per share 4.3 4.3 5.3 4.6 5.5 Return on Investment Earnings per share / Market price of share 10% 10% 10% 8% 14% Comparison of Price-Earnings Ratio of Tesco and Sainsbury Comparison of Dividend Yield Ratio of Tesco and Sainsbury Comparison of Return on Investment Ratio of Tesco and Sainsbury The price earnings ratio for Tesco and Sainsbury shows that the earnings of the shareholders on investment in the shares have been fluctuating. Both the companies show a decline in the P/E ratio from the year 2013 to 2014. However the earnings shareholder of Tesco has been higher than that of Sainsbury (Bull, 2007). The dividend yield ratio of Tesco and Sainsbury for five years shows that the dividend yield of Sainsbury has been higher than that of Tesco. The return on investment for Tesco and Sainsbury shows that the ROI for Tesco and Sainsbury has been fluctuating with the fluctuations in the share price of the companies. But the ROI has been higher for Sainsbury than Tesco from 2010 to 2014 (Tracy, 2012). Conclusion and recommendations The profitability analysis and investors performance analysis of Tesco and Sainsbury for the past 5 years shows that the profit margin of both the companies has been declining from 2010 to 2014. The variation in the profitability led to the fluctuations of the return of the investors. Both the companies must revive their business strategies in the home country as well as in the International market to gain their competitive advantage over tough competitors like Aldi. References Baker, H., Powell, G. (2005).Understanding Financial Management: A Practical Guide. Bull, R. (2007).Financial Ratios. Burlington: Elsevier. Businessweek.com,. (2015).List of Public Companies Worldwide, Letter - Businessweek - Businessweek. Retrieved 23 March 2015, from https://www.bloomberg.com/research/stocks/financials/financials.asp?ticker. Businessweek.com,. (2015).List of Public Companies Worldwide, Letter - Businessweek - Businessweek. Retrieved 23 March 2015, from https://www.bloomberg.com/research/stocks/financials/financials.asp?ticker.. Diegelmann, M., Deter, H. (2005).100 IFRS Financial Ratios. Financials.morningstar.com,. (2015).Growth, Profitability, and Financial Ratios for Tesco PLC ADR (TSCDY) from Morningstar.com. Retrieved 23 March 2015, from https://financials.morningstar.com/ratios/r.html?t=TSCDY Financials.morningstar.com,. (2015).Growth, Profitability, and Financial Ratios for Sainsbury (J) PLC (SBRY) from Morningstar.com. Retrieved 23 March 2015, from https://financials.morningstar.com/ratios/r.html?t=sbryregion=gbr J-sainsbury.co.uk,. (2015).J Sainsbury plc / Financial performance. Retrieved 23 March 2015, from https://www.j-sainsbury.co.uk/investor-centre/financial-performance/ Lee, T. (2006).Financial reporting and corporate governance. Chichester: John Wiley. redmayne.co.uk,. (2015).Sainsbury (J) Financials: Profit Loss, Balance Sheet, Key Facts .... Retrieved 23 March 2015, from https://www.redmayne.co.uk Markets Research Sainsbury (J redmayne.co.uk,. (2015).Tesco Financials: Profit Loss, Balance Sheet, Key Facts. Retrieved 23 March 2015, from https://www.redmayne.co.uk Markets Research Tesco Sainsburys.co.uk,. (2015).Sainsbury's. Retrieved 23 March 2015, from https://www.sainsburys.co.uk/ Tesco plc,. (2015).Tesco plc. Retrieved 23 March 2015, from https://www.tescoplc.com/index.asp?pageid=29 Tesco plc,. (2015).Tesco plc. Retrieved 23 March 2015, from https://www.tescoplc.com/index.asp?pageid=548 Tesco.com,. (2015).Tesco.com - online shopping; bringing the supermarket to you - Every little helps. Retrieved 23 March 2015, from https://www.tesco.com Tracy, A. (2012).Ratio Analysis Fundamentals: How 17 Financial Ratios Can Allow You to ....

Women And Spirituality (961 words) Essay Example For Students

Women And Spirituality (961 words) Essay Women And SpiritualityWomen and Spirituality What we find as an original response to existences meaning is the belief in a greater being or higher power, eg. God, that we serve and obey in the trade for a fruitful, everlasting life. This can be connected to the theory of the Earth-Mother. The female in nature was intended to represent reoccurring life. Ancient people held the belief that they would return to the body of the womb of mother earth and then be given a new life. This ancient belief is similar to our own when compared. The view of the religious world can give meaning and purpose to the lives of the people as it gives them hope. Hope that if they live their lives as God had intended for them, they will be granted entrance into heaven, an everlasting, peaceful place. It gives people meaning as to what they should do with their lives. We will write a custom essay on Women And Spirituality (961 words) specifically for you for only $16.38 $13.9/page Order now The religious view also brings order in people’s lives. Purpose in someone’s life is also introduced in the world view; they can go to church and have the holy rituals which every religion practices. This may offer people a sense of purpose in their life. Religion cannot be contained by a certain definition because religion is, simplistically enough, what you want it to be. No one can write a definition of religion as it is really just personal opinion. Religion can be the way you live your life, but for someone else it may just be another word in their vocabulary. With the advent of the feminist movement, the role of women in all parts of society has come under increasing scrutiny. One area of recent controversy is the role of women in the Christian Church. Some churches whose traditions and practices are less rigidly tied to Biblical doctrines have begun placing women in leadership positions such as pastor or teacher. Other churches which interpret the Bible more literally have been slow to adopt such changes. Most Commentators agree that man and woman are both equally a reflection of Gods image; the word man here is used as a synonym for humanity. Adam and Eve were also given joint dominion over creation. The role of the man is leadership, while the role of woman is as a source of strength and support. If a person wants to understand the Christian authority of a man over his wife, he must consider how Christ demonstrated his leadership as head over the Church. Primarily, he gave his life for his church, not using force or coercion for her submission. Many people would dispute the Bibles relevance to contemporary thought in general, and in particular to the role of women in worship. If the Bible were not written under divine inspiration, a person or practice is not bound by its teachings. He or she can therefore pick and choose whatever corresponds to his/her point of view. However, if the Bible is of divine inspiration, then a cautious consideration of passages relevant to a particular issue must be undertaken. Traditions and customs, that have arisen after the Bible was written, may thus be carefully scrutinized. Such practices may or may not prove sound after comparison with scripture. If women are not allowed to have a voice or some kind of input, the church could be loosing a valuable resource of wisdom. If a husband does not consider his wives thoughts and ideas as being important or valid, his family is surely incomplete, dysfunctional and doomed to failure. Therefore, as the church strives to realize Gods purpose for women, we must remember the truths of the scripture and apply them to our present day culture. .u280737b6b46f656c4a2cd823444546c3 , .u280737b6b46f656c4a2cd823444546c3 .postImageUrl , .u280737b6b46f656c4a2cd823444546c3 .centered-text-area { min-height: 80px; position: relative; } .u280737b6b46f656c4a2cd823444546c3 , .u280737b6b46f656c4a2cd823444546c3:hover , .u280737b6b46f656c4a2cd823444546c3:visited , .u280737b6b46f656c4a2cd823444546c3:active { border:0!important; } .u280737b6b46f656c4a2cd823444546c3 .clearfix:after { content: ""; display: table; clear: both; } .u280737b6b46f656c4a2cd823444546c3 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u280737b6b46f656c4a2cd823444546c3:active , .u280737b6b46f656c4a2cd823444546c3:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u280737b6b46f656c4a2cd823444546c3 .centered-text-area { width: 100%; position: relative ; } .u280737b6b46f656c4a2cd823444546c3 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u280737b6b46f656c4a2cd823444546c3 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u280737b6b46f656c4a2cd823444546c3 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u280737b6b46f656c4a2cd823444546c3:hover .ctaButton { background-color: #34495E!important; } .u280737b6b46f656c4a2cd823444546c3 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u280737b6b46f656c4a2cd823444546c3 .u280737b6b46f656c4a2cd823444546c3-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u280737b6b46f656c4a2cd823444546c3:after { content: ""; display: block; clear: both; } READ: Pitfalls Of Relativism Essay This will allow men and women to present the Christian message to our world in the most powerful way. Feminist ethics has much to offer Catholicism. For one, the main issues that concern feminist ethics are basically the same ones that make up Catholic identity. That is, how women and men define themselves in society, what means are available to them for attaining their ends- in short inter personal and social relations. Second, the founding principles that guide feminist ethics are rooted in the tradition of natural law, a tradition well known to Catholicism. So, while the approach of feminist ethics has been to scrutinize traditions which seek to oppress women by supporting unequal social structures, the guiding principles behind feminist ethics still remain well lodge in natural law. It is in the founding principles of natural law where feminist ethics and Catholicism meet. And it is also here where lies the main contribution of feminist ethics for the future of Catholicism. Feminists, argue for freedom, but only in so far as the common good avoids considering social dynamics and inter-personal relations. Apart from rejecting unequal relations that arise from not taking into consideration what makes up human existence, feminists, like the natural law tradition, believe that a common good is worth pursuing. So, while on the outset feminists may look like as if they are breaking away from Catholicism, they are in fact much closer to Catholicism than one may think. As new challenges bring the Church to question its ethics and as women and men seek new identities, feminist ethics can help Catholicism make the transition so that the challenges of modern society can be met. I believe that Johnson makes an important contribution to Christianity by showing us that it is possible to remain within tradition while progressing. Often I find myself thinking if Christianity will ever be able to survive considering its rigid ethics. The renewal interest in natural law is showing us that we can continue to press forward while remaining in touch with our Christian background. Religion Essays

King Arthur Essays (1309 words) - Medieval Welsh Literature

King Arthur The mystical references to Arthur and his adventures are dated in literature in some form for over 1400 years, verifying the enduring appeal of this romantic character. Since the beginnings of the English language there have been legends of great heroes. The first settlements of Britain produced stories rooted in ancient Celtic and Germanic imagination; of the many, Arthur is undoubtedly preeminent. The earliest known description of Arthur's noble endeavors was written by Gildas, (ca. 490-540) the author of De excidio et conquestu Britanniae makes reference, albeit vague, to an Arthurian figure; however, the name Arthur is not mentioned in the story (Strayer 564). The full flourish of writings associated with his miraculous feats and victories do not reach a crescendo for several hundred years after Gildas (Strayer 564). During the Middle Ages, however, Arthurian myth was prominent and en vogue and attempts to discover the truth behind the myth have been pursued for generations. Arthur's history, as Geoffrey Ashe reminds us in The Discovery of King Arthur, is "more than just a medley of yarns, more than just a saga in the romanticism of myth. It puts him within a definite period. It names definite places and takes him to definite countries" (3). It is this fact and the fragmentary, often contradictory references of an Arthur (the Latin "Artur,"Arturius," or "Artorius") from ancient records, that lends enough validity to the story to set researchers on the Clodfelter 2 trail of the legendary king. However, progress has been stymied for a number of reasons and even now we can say little of substance about the man behind the myth. A major difficulty facing researchers is that the role of the historian in the Dark Ages was rather flexible; a mixture of storyteller and propagandist whose regional traditions, personal prejudices, and loyalties were bound to greatly influence the nature of its material (Coglan 214). In Arthur, Richard Barber clarifies this fact and speaks of the early tendency to use history as "...an inspiration or as a warning to the men of the present, or as part of a vast divine scheme for man's spiritual salvation" (Coglan 7). Another problem facing historians is that the earliest sources we have are never originals, but copies, and considering their age we must allow for the propagation of errors. One possible such error is found in the Annals of Wales, written in the tenth century. Its entry concerning the Battle of Badon claims that Arthur carried Christ's cross on his shoulder for three days, but it's likely that "shoulder" should instead be "shield," due to confusion between the Welsh words "scuid" and "scuit" (Alcock 51-52). The search for the truth of legend continues. Perhaps the best known of all Arthurian legends is that of Geoffrey of Monmouth. His History of the Kings of Britain, (ca. 1136) "Besides planting highly erroneous notions of British history,...supplied a basis and framework for Arthurian romance and exerted an influence extending through Spenser, Shakespeare, and many others" (Coglan 209). In it, Geoffrey recounts the history of Britain's leaders back to their beginning in 1115 BC to King Cadwallader's death in AD 689. Geoffrey's account, though most agree not strictly factual, offers a clear look into the events surrounding Arthur's death and is the starting point for much investigation (Coglan 214). Geoffrey's work was immensely popular and was not criticized during his lifetime Clodfelter 3 (Goodrich 45). Modern historians, however, have many reasons to be skeptical of Geoffrey's work. The most obvious problem is its anachronistic representation of a supposedly 5th century king in a very Norman England; as was typical of historians in his day, Geoffrey superimposed his contemporary culture upon his depiction of the past (Goodrich 47). Many inaccuracies exist in his description of the period. If there is an Arthur, he will not be a magnificent Christian king sitting astride a heavy Byzantine charger, accoutered in Norman plate armor. He will not be basking in a mighty castle between European excursions with a band of international knights; rather, he will be no more than an unkempt and possibly pagan military leader with little if any armor. He will likely have a small entourage of hired regional soldiers and live in no better than a crude wooden fortress. Amazingly, Geoffrey's glaring inaccuracies were convincing enough to find their way into the Oxford History of England, written in 1937 (332). Geoffrey also made huge geographical errors, such as placing King Arthur in Cornwall (Goodrich 42). He made errors in church history such as placing an Archbishop in Canterbury in Arthur's lifetime

Benefits of Studying Abroad Essays

Benefits of Studying Abroad Essays Benefits of Studying Abroad Essay Benefits of Studying Abroad Essay Jinq Kok Jessie Borgman ENG 1050 July 31, 2011 Benefits of studying abroad Education is a part of learning that has always been a part of our life and it is a never ending process. As education is a building block in our lives, we are willing to invest deeply into our education. Good education will bring us far with what they have to offer for our very own future. Currently in this modern day society, many of our universities and colleges in our own home country have grown tremendously and improved in all sectors and field. Some feel that it is sufficient to get an education in our home country and graduate which leads to finding a job after. Yet many also have the idea of studying abroad as a consideration. Does studying abroad really benefit us? Well, studying abroad does have some advantages and disadvantages. However in an open view of studying abroad, the advantage does trump the disadvantages. Mainly, the disadvantage that comes with studying abroad is personal such as the feeling of being alone and away from home. One may say that studying abroad is much more costly compared to studying locally and with the same education one will get, it is actually unnecessary spending. However, we often forget that education is not expenditures but it is an investment that comes with a long term benefit or return in the long run. The benefits that we gained from studying abroad are priceless and can’t be placed a price on. In addition, the knowledge and experience which we have gained while being abroad would forever be with us and nobody can take it away from us. Among the benefits of studying abroad is the opportunity to be more independent when they are out of their comfort zone at home. Based on a survey and research done by International Education for Students (IES), it was shown that a majority of the students who studied abroad realized that it is a catalyst to increase one’s maturity and self-independence. Many of us cannot deny that we are somehow spoilt when we are in our comfort zone, where we are always spoon-fed by our supporting members of the family. Apart from that, students who studies abroad tend to be more organized in their schedule and are forced to ensure all assignments for school and housework around the house is accomplished. It have also been said that a majority of the students who studied abroad also tend to be more confident. This is because, they are faced with different situations and scenarios in their studying life which they have not faced alone, making them much bolder in decision making on their own. Students would be exposed to different cultures apart from their own; they would develop a wider perspective on the country they are accommodating and the international perspective on the world. Many people from different countries nowadays have different views on different countries due to the misguidance from the mass media through movies and television shows. If we rely solely on education at our home country, we would not be exposed to the cultural diversities that differ from our own. Also, different countries differ in their teaching method, for example, majority of the European based education emphasizes more on the theory of a particular subject, while the American based education focuses on a more practical training and application of theories learnt in class. This would help students to decide which path to choose for their future, as no two students are the same. Some are more practical in their studies, and some are excellent students with the study and understanding on the theory of the subject. With the knowledge learnt abroad, we can always imply and train the people of our home country. The introduction of new technology brought from a different country back to our home country would benefit both us as a student and help improve the economy of our country. Studying abroad can be a great resume builder which would most certainly attracts the interest of the employer when they are reviewing the resume. Apart from that, students who have studied abroad are able to adapt much quicker to new surroundings which helps with the increase of international market businesses (Sullivan). It is with this sense of adaptation by students, that companies are pursuing and in the run to hire future employees with this criteria. In addition to the current limited economy suffered by many companies, they are now venturing and expanding to international market. Therefore, increasing the chances for students who study abroad as they have a wider knowledge on the international market including, language skills that one may have obtained during their stay abroad. An individual who have capability on conversing fluently in a foreign language in a foreign land would impress and place confidence of both the employers and business partners upon that individual. Learning an additional language apart from our mother tongue, would show that the applicant is initiated to learn another language and would prove to be useful in the field. Studying abroad does not bound us to only studying in lecture rooms and classes, as there is always freedom for individual to travel and explore all the historical sites and attractions that the hosting country has to offer. By staying in our home country, we may or may not have the time to travel around the world while we are studying, but being in a foreign land, just by being in our university area and exploring the surroundings would already be an adventure. Being a student in a foreign land supplies us with benefits, such as cheaper travel for us students with a tight budget who wants to see the world and what it has to offer. The world is still filled with all the wonders and mysteries that await our coming of seeking an adventure to explore all this wonderful gifts that have been given to us. Going on a travel during studies is one of the best experiences as we are more outgoing in nature and still excited to explore around. In conclusion, with all the advantages that have been spoken off, one would still hesitate about leaving the comfort of home with various thinking in their mind such as financial and fear of being alone in a far away land. But many of this is small matters that have a solution to it, such as financial studying abroad. Many universities are attracting students to come and study in their universities; therefore they are providing more financial aid and scholarship to students who are serious in pursuing a degree with them and gaining knowledge that they have to offer. However, we must take that one step of faith to make a decision and stand up on our own to pursue something better. Being abroad actually help moulds an individual into a more confident and outspoken person who cannot be built through the aid of classrooms and lecturers but through the lifestyle one chooses. Apart from that, being abroad widens our relationship with people with different backgrounds and cultural beliefs. In addition, by making more friends outside our circle, we enlarge our chances by knowing connections for a job offer in the future. Reference Sullivan, Erin. (2009). â€Å"Considering the Reasons to Study Abroad. † Dummies. com. Retrieved from dummies. com/how-to/content/considering-the-reasons-to-study-abroad. html Dwyer, Mary M. , Peters, Courtney K. (2004). â€Å"The Benefits of Study Abroad. † Transitionsabroad. com. Retrieved from transitionsabroad. com/publications/magazine/0403/benefits_study_abroad. shtml Curran, Sheila J. (2009). â€Å"Career Advantages of Studying Abroad. † Goingglobal. com. Retrieved from http://old. goinglobal. com/hot_topics/general_curran_abroad. asp

Bless Me Ultima essays

Bless Me Ultima essays In the book Bless Me Ultima, by Rudolpho Anaya, there were two families represented, the Marez family and the Lunas family. These two families were very different, but were brought together by the marriage of Gabriel Marez and Maria Lunas. Through the eyes of their son Antonio one may see the comparison of the two. The differentiation of these two families is very clearly noticeable, such as in their personalities, the expression of their religion, and their everyday ways of life. One can easily see the difference in their personality even down to the most basic things. The Marezs are very free spirited, they do not like to have to worry about things. They can be seen mainly riding their horses around the llano. An example of this is shown in the book where Gabriel Marez speaks of his move to Guadeloupe at the birth of his son, Antonio. In this he says, "The move lowered my father in esteem of his compadres, the other vaqueros who clung tenaciously to their way of life and freedom." On the other hand the Lunas are more down to earth. They are farmers, so they stay in one place to grow their crops, and are very land oriented. They concentrate more on work and less on the free will that can be seen in the Marez family. As far as religion goes the Lunas are far more religious than the Marez family. Religion plays a very important part in the life of the Lunas. They believe highly in God and everything else that is involved in the Roman Catholic religion. Maria Lunas is shown to be praying to the Virgin Mary on many different occasions in the book. The Lunas family has been encouraging Antonio to become a priest throughout his life, to the point that he believes he is obligated too. This is clearly shown in the book where Antonio states, My mother was a devout Catholic, and so she saw the salvation of the soul rooted in the Holy Mother Church, and she said the world would be sav ...

The Economic System of The Vikings

The Economic System of The Vikings Over the 300 years of the Viking Age, and with the expansion of the Norse landnm (new land settlements), the economic structure of the communities changed. In 800 AD, a well-off farmstead in Norway would have been primarily pastoral, based on the raising of cattle, pigs, and goats. The combination worked well in the homelands, and for a time in southern Iceland and the Faroe Islands. Livestock as Trade Goods In Greenland, pigs and then cattle were soon outnumbered by goats as conditions changed and the weather became harsher. Local birds, fish, and mammals became supplemental to the Viking subsistence, but also to the production of trade goods, on which the Greenlanders survived. Commodities to Currency By the 12th-13th centuries AD, cod fishing, falconry, sea mammal oil, soapstone and walrus ivory had become intense commercial efforts, driven by the need to pay taxes to kings and tithes to the church and traded throughout northern Europe. A centralized government in the Scandinavian countries increased the development of trading places and towns, and these commodities became a currency which could be converted into cash for armies, art, and architecture. Greenlands Norse in particular traded heavily on its walrus ivory resources, in the northern hunting grounds until the bottom fell out of the market, which may have led to the demise of the colony. Sources Barrett, James, et al. 2008 Detecting the medieval cod trade: a new method and first results. Journal of Archaeological Science 35(4):850-861. Commisso, R. G. and D. E. Nelson 2008 Correlation between modern plant d15N values and activity areas of Medieval Norse farms. Journal of Archaeological Science 35(2):492-504. Goodacre, S., et al. 2005 Genetic evidence for a family-based Scandinavian settlement of Shetland and Orkney during the Viking periods. Heredity 95:129–135. Kosiba, Steven B., Robert H. Tykot, and Dan Carlsson 2007 Stable isotopes as indicators of change in the food procurement and food preference of Viking Age and Early Christian populations on Gotland (Sweden). Journal of Anthropological Archaeology 26:394–411. Linderholm, Anna, Charlotte Hedenstiema Jonson, Olle Svensk, and Kerstin Lidà ©n 2008 Diet and status in Birka: stable isotopes and grave goods compared. Antiquity 82:446-461. McGovern, Thomas H., Sophia Perdikaris, Arni Einarsson, and Jane Sidell 2006 Coastal connections, local fishing, and sustainable egg harvesting: patterns of Viking Age inland wild resource use in Myvatn district, Northern Iceland. Environmental Archaeology 11(2):187-205. Milner, Nicky, James Barrett, and Jon Welsh 2007 Marine resource intensification in Viking Age Europe: the molluscan evidence from Quoygrew, Orkney. Journal of Archaeological Science 34:1461-1472. Perdikaris, Sophia and Thomas H. McGovern 2006 Cod Fish, Walrus, and Chieftains: Economic intensification in the Norse North Atlantic. Pp. 193-216 in Seeking a Richer Harvest: The Archaeology of Subsistence Intensification, Innovation, and Change, Tina L. Thurston and Christopher T. Fisher, editors. Studies in Human Ecology and Adaptation, volume 3. Springer US: New York. Thurborg, Marit 1988 Regional Economic Structures: An Analysis of the Viking Age Silver Hoards from Oland, Sweden. World Archaeology 20(2):302-324.

The History of Root Beer and Inventor Charles Hires

The History of Root Beer and Inventor Charles Hires According to his biography, Philadelphia pharmacist Charles Elmer Hires discovered a recipe for a delicious tisane- a form of herbal tea- while on his honeymoon in New Jersey. Not long after, he began selling a dry version of the tea blend but it had to be mixed with water, sugar, and yeast and left to ferment for the carbonation process to take place. On the suggestion of his friend Russell Conwell (founder of Temple University), Hires began working on a liquid formulation for a carbonated root beer beverage that would be more appealing to the masses. The result was a combination of more than 25 herbs, berries, and roots that Hires used to flavor carbonated soda water. At Conwells urging, Hires introduced his version of root beer to the public at the 1876 Philadelphia Centennial exhibition. Hires Root Beer was a hit. In 1893, the Hires family first sold and distributed bottled root beer. The History of Root Beer While Charles Hires and his family contributed greatly to the popularity of modern root beer, its origins can be traced to pre-colonial times during which indigenous tribes commonly created beverages and medicinal remedies from sassafras roots. Root beer as we know it today is descended from small beers, a collection of beverages (some alcoholic, some not) concocted by American colonists using what they had at hand. The brews varied by region and were flavored by locally grown herbs, barks, and roots. Traditional small beers included birch beer, sarsaparilla, ginger beer, and root beer. Root beer recipes of the era contained different combinations of ingredients such as allspice, birch bark, coriander, juniper, ginger, wintergreen, hops, burdock root, dandelion root, spikenard, pipsissewa, guaiacum chips, sarsaparilla, spicewood, wild cherry bark, yellow dock, prickly ash bark, sassafras root, vanilla beans, hops, dog grass, molasses, and licorice. Many of these ingredients are still used in root beer today, along with added carbonation. There is no single recipe for root beer. Fast Facts: Top Root Beer Brands If imitation is the sincerest form of flattery, then Charles Hires would have a lot to feel flattered about. The success of his commercial root beer sales soon inspired competition. Here are some of the most notable root beer brands.A W: In 1919, Roy Allen bought a root beer recipe and began marketing his beverage in Lodi, California. A year later, Allen partnered with Frank Wright to form AW Root Beer. In 1924, Allen bought his partner out and obtained a trademark for the brand that is now the top-selling root beer in the world.Barqs: Barqs Root Beer debuted in 1898. It was the creation of Edward Barq, who along with his brother Gaston were the principals of the  Barqs Brothers Bottling Company founded in the New Orleans French Quarter in 1890. The brand is still owned by the Barqs family but is currently manufactured and distributed by the Coca-Cola Company.Dads: The recipe for Dads Root Beer was created by Ely Klapman and Barney Berns in the basement of Klapmans Chicago-area ho me in the late 1930s. It was the first product to make use of the six-pack packaging  format invented by the Atlanta Paper Company in the 1940s.Mug Root Beer: Mug Root Beer was originally marketed as â€Å"Belfast Root Beer† during the 1940s by the Belfast Beverage Company. The product name was later changed to Mug Old Fashioned Root Beer, which was then shortened to Mug Root Beer. Currently manufactured and distributed by PepsiCo, Mugs brand mascot is a bulldog named â€Å"Dog.† Root Beer and Health Concerns In 1960, the U.S. Food and Drug Administration banned the use of sassafras as a potential carcinogen. Sassafras is one of the main flavoring ingredients in root beer. However, it was determined that the potentially dangerous element of the plant was found only in the oil. Once a method to extract the harmful oil from the sassafras was found, sassafras could continue to be used without harmful repercussions. As with other soft drinks, classic root beer is classified by the scientific community as a sugar-sweetened beverage or SSB. Studies have linked SSBs to a number of health concerns including obesity, hypertension, Type 2 diabetes, and tooth decay. Even non-sweetened beverages, if consumed in too great a quantity, have the potential for negatively impacting health.

Deferent Situation Essay Example | Topics and Well Written Essays - 2000 words

Deferent Situation - Essay Example Whether it is the basic needs or needs with a greater importance on this hierarchy, the needs have to be catered to and only than can a proper relationship be created between the workforce and the management. If one was to analyze the effect of money in terms of its role as a motivating tool, it could be seen that its effect is only short-lived and consistent usage of this tool could only result in dissatisfaction on the behalf of the workforce and an overall negative relationship would be created. The management needs to establish the needs before taking any action as a demotivated workforce can have serious negative effects of the productivity, and work quality. In order to cater to the higher needs along the pyramid such a the need of self-esteem etc, the management would need to make use of non-monetary motivating tools such as words of praise, acknowledgement of work, management by objectives etc which would allow the workforce to feel like an integral part of the company. Answer: 2 This paper would review two important components of power defined as visible and invisible power. Visible power as the words themselves explain is seen as the first face of power and is the vocal part of power itself. It can be evidenced through the participatory behavior in the decision making process and as a result, the decision making can be influenced as well. Having a pluralist sense of power, one is able to observe the effect and activities pertaining to this power as well. The other form of power which this paper would be looking at would be the invisible form of power. It can be defined as that power which allows the decision making bodies to shape the requirement and wants of the people according to their actions and decisions. One is able to observe this sense of power in the social, cultural, ideological values and norms as through our practices we are able to at out this sense of power. While visible power can be observed, that is not the case with this form of power as one s not always able to observe this sense of power. The sources of power are money, intelligence, hard work, information and lastly the position that a person has. The strength of these sources determines the strength f the power itself. The basic two components of power itself; motivation and resources-decide the level of power than an individual has. Those people who take a more hands-on approach and are seen as more active decision makers are usually described as visible power seekers wile those who sit on the sidelines merely observing and guiding the processes are defined as invisible power seekers. Answer 3: Summary diagram: Dioxin Produced Decrease in mercury levels PVCs decrease Greater biological swath Incinerators down b) The article presents a number of stakeholders and all of them have an interest in terms of their own earnings, health or community health. The following stakeholders were identified as having an interest this venture and

Marketing Plan Essay Example | Topics and Well Written Essays - 1500 words - 1

Marketing Plan - Essay Example Promotion of a product is therefore part of the marketing pan in which a business wants their product to be widely known to the prospective consumers, the sole intention of promotion is to create the required awareness among the people on the existence of a product, its uses, effectiveness, price, and availability in the outlets. A well-structured promotion cans results into tremendous increment in the total product sales. There are many other aspects in a promotional mix that will be considered in this case to do promotion in South Africa, they are discussed below; I. Advertising For effective promotion of our product in South Africa, we have considered using advertisement as one of our strategies to meet the prospective buyers. In advertisement, we have opted to use extensive three options, televisions, Radio, and Print ads. This is following the realization that with radio, we are able to reach a number of people simultaneously-the literate and the illiterate. Because a huge chunk of the population in South Africa lives in urban areas, and that the product we intend to promote is mostly related to those in urban areas, we have also opted to use TVs and Print ads to supplement the promotion coverage. Given that the promotion is intended for the acceptance of new product in the market, we have exhausted all the possible languages in South Africa that can be of significance; Afrikaans, Xhosa, English, Tswana, Zulu, and Tsonga languages, KwaZulu-Natal, Eastern Cape, Limpopo, and Mpumalanga radio stations will be used. For the TVs, we have picked on those will national outlooks and these includes South African Broadcasting Cooperation, MNet and DSTV, and e.tv. The Print to be engaged include Beeld, City press, DailySun, Rapport, Sunday Times, and Sunday World, these newspaper have national outlook. Time factor is a very important issue in promotion and it has to be timely for the audience targeted. For the Radio and the TVs, the promotional time will be during ma jor news time, this is at 1 pm and at 7 and 9 pm. This time were deliberately chosen because it is anticipated that most of the people will be attentive to grasp the new development in news all over the country. In the print ads, the promotion will be done on weekends because most of the people are not committed and will have ample time to read most of the newspaper and chances are that most of the people will access the information (Clow and Baack 78). In our promotional strategy, we have complied with all the regulations that govern promotion in the country, our legal team has considered all the possible loopholes in the advert and advised appropriately. 100,000 South African Rand is able to sustain 1-week advert in the Radio and TVs while in the print media, they serve for a month every weekend. We have also involved the Media Mix for the public relation exercises, they come last but are important in the fact that they make the whole advertisement appealing to the target group an d give the much-required reputation. They also negotiate for the number of adverts that our pay can manage for the advert. II. Internet Advertising/ social networking/ mobile phone ads Our product will also be advertised in the internet and other social networks such as facebook and twitter including mobile phones. This is following our realization that most of our targeted clients are also expected to be internet users. Internet also provides a cheaper and efficient way of reaching a large

Professional Development Essay Example | Topics and Well Written Essays - 500 words

Professional Development - Essay Example The first step in the strategic plan is to secure membership as a member of the Society for Human Resources Management (SHRM), a world renowned organization dedicated to advancing knowledge of human resources, providing literature on managing people using contemporary leadership philosophy, and serving as an HR advocate for legal issues in business and coordinating efforts of HR policy makers (SHRM, 2013). As a student, this membership is only $35 annually, with the expenditure allowing the student to access modern HR research studies and having the ability to network with other international and domestic human resources leaders and practitioners. Through this networking, I will be able to exchange ideas and interact with reputable and competent HR professionals who will provide the knowledge necessary to become a more progressive HR leader and also stay up-to-date on advances in HR practice versus theory. Once securing the aforementioned membership with SHRM, I will begin reviewing qualitative and quantitative research data regarding how to properly motivate teams, build their long-term loyalty, and establish cohesive teams devoted to achieving strategic goals.

Bayesian Estimation Essay Example | Topics and Well Written Essays - 750 words

Bayesian Estimation - Essay Example bability is a number between 0 and 1 which is used to determine, the chances of occurrence of the specific outcome, if an experiment is repeated for 100 times over and over again. The humans are always interested in finding out what happened in the past and what is going to happen in the future as well. The historical article named â€Å"The Future has already happened† delivers the idea of Bayesian statistics very adequately as it states that one can easily extrapolate future events by observing the happenings of the present. Additionally, the main difference between Bayesian and traditional statistics is simple because the former one developed techniques for interval estimation for mean, standard deviation and proportion of target populations. The interval estimation works its numbers in order to find the maximum limit and minimum boundary in between which a parametric value can assume any figure. On the other hand, the traditional statistical theory is based on the belief t hat humans can measure parametric values with perfection and therefore, its followers came up with methods that can supposedly be used in order to determine point estimates of values of the population. The science is believed to be nothing more than a best guess and the whole world is demonstrating change of one kind or another. The point estimates are going to be good for one point in time. However, an interval estimate will be applicable in the fairly distant future. The old Greek scientists were of the view that human intellect is superior and they can estimate each and every thing in the world. Muslim scholars later came up with a logic that supported presence of change in the universe and one time experiment is expected to change in terms of its results in future. Bayesian statistics argue that humans cannot know anything for certain and therefore, they work in order to perfect the estimation techniques. The natural and physical laws do not change but human behavior does as time goes by.

Art - Boston Memorials, New England Holocaust Memorial Essay

Art - Boston Memorials, New England Holocaust Memorial - Essay Example The New England Holocaust Memorial is located near Congress Street in Boston and by Carmen Park. The memorial is surrounded by buildings of Boston; however, the front area is open with a black granite walk that surrounds the memorial. When walking through the memorial, one will notice a stainless steel grate underneath the main pillars. This grate covers a six foot deep chamber, which is symbolic for the several deaths that were a part of the Holocaust. The wall of each chamber is representative of the six main death camps that were a part of the Holocaust. Each is etched with the names of the death camps. When looking into these chambers, one can see coals as a part of the pit. These light the etchings of the six main death camps. The death chambers that are in the memorial are highlighted by six main pillars, each which is made out of glass. These stand at fifty four feet high and are separated only by small frames from one level to the next. The glass is in a straight, rectangular form and doesn’t contain any alternative or outside shapes. The glass is lit from the bottom to the top to serve as a reflective element of this time frame. The memorial is not focused on the main glass but instead on the detailed etchings that are in place and which are symbolic to the memorial. There are six million numbers that are etched in the six pillars of glass to represent the 6 million Jews that died during World War II. The etchings are also known to be symbolic of the required tattoos that the Jews had to wear during this time frame. The concept that Calo speaks of in terms of memorials is to create a figurative and unambiguous way of honoring those that died in a specific situation. In some instances, this is based on human attributes that were a part of this, such as self – sacrifice or duty that one withholds in a specific

Behavioral scientists Essay Example for Free

Behavioral scientists Essay Gang violence is a social phenomenon that has caught the interests of behavioral scientists, psychologists and other related fields. At the forefront is the fact that gangs are social groups that have exclusive rules and strict codes of brotherhood which can actually provide the need for belongingness and affiliation as well as security in the harsh life in the city streets. Surprisingly, gangs have been associated with violence for the longest time, the term gang is already perceived as negative and that at present, gang is synonymous to violence, criminal acts and substance abuse. People join gangs for various reasons but it has been found that adolescents who have been victims of abuse, have dysfunctional family systems, school drop-outs and those in foster care generally join gangs more than the normal teenager. Thus, the final project is geared towards bringing about behavior change for adolescents at risk of joining gangs and or has a tendency for violence. Before drawing up a concrete behavior change program, it is important to examine how this could be brought about by factors like motivation and cultural awareness. Motivating people to change is not an easy feat, generally, if a person is set in his/her ways, then asking them to change something that they do not perceive to be evil or negative is a futile act. Central to the concept of motivation is that the goal offered to the individual must be meaningful to him/her, one that is personally desired and can be owned as a personal decision. This is where choice comes in, when a person is confronted with a choice; his/her reaction to it depends on their circumstances and present state of mind (Iyengar Lepper, 1999). In this context, choosing to change their behavior should come from their internal desire to change, to become better and to be removed from their present difficulties. For example, if the behavior that is targeted to be modified is expressions of anger, it makes sense to the person to change this if he/she can realize that his/her actions hurt other people and that it also causes people to avoid them and hence lead to feelings of isolation and loneliness. Gangs are often formed around cultural groups, that is one gang can be comprised of Latinos, others are blacks, and others Asians and or whites. Thus, a program for behavior change should also consider the different cultural underpinnings of the gang and its members, if the gang is made up of black Americans, then asking them to join a program geared towards changing them, might be construed as culturally motivated, they have to be changed because they are blacks. There is much emotionality when it comes to culturally specific gangs and it cannot be denied that emotion may get in the way of participating in a program that is designed to change them (Markus Kitayama, 1991) Motivation is also said to be affected by culture, one has to be able to correctly identify the cultural background of the gang or the participants of the project so as to provide a more culturally relevant and sensitive program. Lastly, motivation can be defined as extrinsic and intrinsic, it has been generally accepted that intrinsic motivation is more positive, more important and influential than extrinsic motivation thus the behavior change program should appeal to the intrinsic motivation of the participants. Intrinsic motivation is the feelings and behavior that drives the person to act in a certain way or to commit to a behavior change program. Internal means that it is something personal and valued by the person, it can be the desire for self-awareness, confidence and achievement, whereas extrinsic motivations are physical and tangible like prestige, money and awards (Sansone Harackiewicz, 2000). The behavior change program should be designed to spark the intrinsic motivation of the participants, thus conducting an orientation seminar will introduce the participant to the program and letting them experience how good it is to be able to know who they are, to know that they mattered and someone cared for them would facilitate rapport and trust between the researcher and the participant. If the concepts of choice, culture and motivation will be adequately examined and integrated into the planned program, then surely the project would be a success. References Iyengar, S. Lepper, M. (1999). Rethinking the role of choice: A cultural perspective on intrinsic motivation. Journal of Personality and Social Psychology, 76, 349-366. Markus, H. Kitayama, S. (1991). Culture and self: Implications for cognition, emotion, and motivation. Psychological Review, 98, 224-253. Sansone, C. Harackiewicz, J. (2000). Intrinsic and extrinsic motivation: The search for optimal motivation and performance. San Diego: Academic Press.

Analysis on the Bank Performance of Nigerian Banks

Analysis on the Bank Performance of Nigerian Banks The provisional title of this research project is: Consolidation and bank performance; analysis of Nigerian Banks 2004 to 2006. The choice of this topic emanates from the fact that the current credit crisis and the transatlantic mortgage financial turmoil have questioned the effectiveness of bank consolidation programme as a remedy for financial stability and monetary policy in correcting the defects in the financial sector for sustainable development. Many banks consolidation had taken place in Europe, America and Asia in the last two decades without any solutions in sight to bank failures and crisis. The paper attempts to examine the performances of government induced banks consolidation and macro-economic performance in Nigeria in pre-consolidation and post-consolidation period. The paper analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance. The CAMEL analysis is chosen because of its optimal properties, simple computational procedures and is suitable for an empirical work such as the present research project work. Against the findings that would emerge from the intended empirical investigation of this work, appropriate recommendations that are likely to better enhance the effectiveness of banking sector reforms in Nigeria thereby restoring confidence in the system. CHAPTER 1 1.1 Introduction The Nigerian banking sector over the past 20 to 25 years has experienced boom and bust in a cyclical pattern. After the implementation of the structural adjustment program (SAP) in 1986 and the deregulation of the financial sector, new banks proliferated, mainly driven by attractive arbitrage opportunities in the foreign exchange market (Heiko 2007). Prior to the deregulated period, financial intermediation never took off and even declined in 1980s and 1990s (Capirio and Kligbiel 2003). The sector was highly oligopolistic with remarkable features of market concentration and leadership. Lemo (2005) noted that there are ten Nigerian banks that control more than 50% of the aggregate assets of the banking sector; more than 51% of the aggregate deposit liabilities and more than 45% of the aggregate credits. The sector was characterized by small sized banks with high overheads; low capital base averaging less than $10million; heavy reliance on government patronage and loss making. Nigerias banking sector was still characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the light of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their capital base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to mergers and acquisition as a survival strategy, which saw a reduction in the number of banks from 89 to 25. This study contributes to the concept of bank recapitalization by critically examining the impact of bank consolidation on the performance of banks using a sample of randomly selected Nigerian banks. It is the intention of the researcher to give more validity to empirical evidence that have been obtained by previous researchers on the subject matter. Relevance of the study The earliest set of studies evaluates the effects of bank consolidation through mergers and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive efficiency indicators.The results from both indicators have varied and at sometimes been contradictory. This can be explained by performance-influencing variables like size, brand name, diversification and cost reduction, there is still no reconciliation between these indicators. I intend to contribute to the determinants of bank performance by evaluating the possible performance impact of bank consolidation on banks. Consolidation is the key to improving the performance of banks with low capital base, without which they are bound to fail. 1.3 Background of study Aside being the highest contributor to the market capitalization of the Nigerian stock exchange and smooth and stable income provision to money and capital market, banking industry is capable of attracting potential investor which is a source of every economic development. Financial institutions generally, and banking sector in particular play a crucial role in the development process of mobilizing fund from the surplus sector of the economy to the deficit sectors of the economy. Banks help in increasing the quantum of national savings and investment. Consequently, the volume of goods and services produced in the economy increases overtime through the multiplier effect. Banks enhance stable and smooth income to attract potential investors in line with Modigliani and Miller (1958) theory that investors generally have preference for smooth and stable income. According to sloan and Arlond (1970) consolidation is a fusion of the assets and liabilities, in whole or in part of two or more business establishment. Consolidation represents the idea of investment and the coming together of firms; it can also mean larger sizes, larger shareholder bases and larger number of depositors. According to Adamu (2005) bank or corporate consolidation could be achieved by way of mergers/acquisition and recapitalization. It is more than mere shrinking of number of banks in any banking industry. According to Hall (1999) consolidation is a global phenomenon, which started in the advanced economies of the world. For example, the enactment of Riegle-Neal Act, which allows interstate branch banking beginning from 1997 this led to increase in bank mergers in the USA (Akhavin et al and kwan 2004). Consolidation allow a mega bank to enjoy higher profit, increase revenue and low problem loans. Japanese banking industry also experienced consolidation in the 1990s which resulted to economies of scale (Fukuyama, 1993; Mckillop et al 1996). When banks go bust, their capital base is called to question. Cases of bank failures have motivated researchers to investigate the activities of banks in relation to performance in terms of returns. A view is that consolidation has increased the capital base and size of Nigerian banks but does not necessarily bring about higher performance. Criteria Selecting Nigeria Study Consolidation is a term used by the central bank of Nigeria (CBN) to describe the coming together of some banks within the country to become one bank and be able to meet CBNs requirement for capitalization to a minimum of N25billion. When this happens, it is expected to improve services rendered by the banks. In July 6, 2004, a day now referred to as black Tuesday in banking sector of the economy, the CBN Governor, professor Charles Soludo made an obviously unexpected policy pronouncement. The highlight was the increment of the earlier N2billion to N25 billion, with full compliance deadline fixed for the end of the year 2005. In a bid for banks to meet up with the new requirement, some Banks are exploring the option of inviting foreign investors to buy into Banks. Others are looking at the possibility of getting investors to shore up their capital, and some are looking at the capital market option, while others are considering mergers and acquisition. If the process of consolidation is properly implemented the ongoing consolidation of banks in the country will surely improve the banking sector in Nigeria and translate to better banking services and cheap funds.   More importantly, the public will not have fear of distress in any bank, since the consolidated bank will have enough funds. The need to understand the impact of bank consolidation on Nigerian banks either negative or positive necessitated the use of Nigerian banks as sample for this study. 1.5 Aim To analyze the effect of consolidation on the performance of Nigerian Banks 1.6 Objectives To examine the consolidation process of Nigerian banks. To Asses the performance of Nigerian banks before and after consolidation. To evaluate the impact of consolidation on Nigerian banks. CHAPTER 2: Literature Review 2.1 Introduction This chapter attempts to gain an in-depth view into what is already known in connection with the research topic being studied. It therefore brings to light the different theoretical and methodological approach to the research area, helps develop a practical analytical framework, considers inclusion of variables that may not have been thought about from the inception of the research work and in the long run learning can be gained from mistakes of previous researchers and avoidance of such mistakes would be achieved (Bryman Bell, 2003). The scope of the research is narrowed down through successful study of literature review that was continuous all through the research process. Further, the review of literature will incorporate a wide range of materials sourced from journal articles, corporate websites, government websites, multilateral organisations, text books and online databases which include: Wiley, Science Direct, Emerald and Business Source Premier. Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state. There could be fundamental bottle-neck that may inhibit the functioning of the institutions for growth and the achievement of core objectives in the drive towards enhancing and sustaining the economic and social imperatives of human endeavor. Carried out through either government institutions or private enterprises, reform becomes inevitable in the light of the global dynamic exigencies and emerging landscape. Consequently, the banking sector, as an important sector in the financial landscape, needs to be reformed in order to enhance its competitiveness and capacity to play a fundamental role of financing investment. Many literature indicates that banking sector reforms are propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial architecture; and involve a banking sector that is consulting with regional integration requirements and international best practices. The nexus between consolidation and financial sector stability and growth is explained by two polar views. Proponents of consolidation opined that increase size could potentially increase bank returns, through revenue and cost efficiency gains. It may also, reduce industry risks through the eliminations of weak banks and create better diversification opportunities. On the other hand, it is argued that consolidation could increase banks propensity towards risk taking through increases in leverage and off-balance sheet operations. Advocates Furlong (1994) stated that an early view of consolidation in banking was that it makes banking more cost efficient because larger banks can eliminate excess capacity in areas like data processing, marketing, or overlapping branch networks. Cost efficiency also could increase if more efficient banks acquired less efficient ones. Though studies on efficiency in banking raised doubts about the extent of overcapacity, they did point to considerable potential for improvement in cost efficiency through mergers. Banking reforms involves several elements that are unique to each country based on historical economic and institutional imperatives, for example, in Hungary. Evidence show that the reform in the banking sector was due to high under-capitalization of state owned banks, weakness in the regulation and supervision and deficiencies in corporate governance behavior of banks. Craig and Hardee (2004) conducted investigation on bank consolidation and concluded that as the banking consolidation continues, relationship lending is becoming increasingly rare. As credit scoring and formal, formulaic methods are used more and more, specifically by the large banks, many small businesses may find out that they do not fit the model, especially those enterprises with negative equity. Thus, small businesses may be filling the financing void that is being created by the bank consolidation with non-bank sources of funds. Hughes and Mester (1997) provide evidence to suggest that there are scale economics in banking, bank managers are risk averse, and banks use the level of their financial capital to signal the level of risk. This is an area of interest in Nigerian banking, especially when the return on equity is calculated in another two to three years and then compared with the historical industry average. Rhoades(1996) reported that American banks consolidated in response to the removal of restriction on bank branching across states, while Hughes, J.P; W. Lang; L.J. Mester; C.G. Moon(1998) concluded that the economic benefits of consolidation are strongest for those banks that engaged in interested expansion, and in particular the expansion that diversifies macroeconomic risk. From the literature, it has been observed that well-spaced and implemented financial reforms have the ability to boost financial development indicators. Detractors Hughes J.P; Mester, L.J; and Moon, C.G (2000) also provide evidence that scale economies exist in banking but they fail to account for risk. Thus, scale economies that result from consolidation and diversification do not produce better performance in banking, unless choice makes the banks management more conscious risk and moderates its decisions and actions appropriate larger scale of operation that leads to diversification only reduce liquidity and credit risk under the ceteris bus assumption, and they argued that this is not always the case. The examination of merger and acquisition in European banking and found that industry consolidation was beneficial (by providing social benefits) in the first economic integration stages, but could damage welfare in the more advanced stages as the few big banks safeguard price agreements to forestall foreign competition. The other side to European mergers and acquisitions was because of the possibility of failure. This, of course, ignores the fact that no bank can ever be too big to fail. All it takes for a bank to fail is for bad news? about a bank to get to its stakeholders (especially depositors) and they all walk in at the same time to take their funds! For such bank to survive, it must have sufficient liquid assets to meet all maturing and long-dated obligations (Igangiya, 2006). 2.2 Role of banks In the Economy Banks have an important role to play in an economy, as they are intermediaries between people with shortages and surpluses of capital. The products they offer will include savings, lending, investment, mediation and advice, payments, ownership, guarantee and, trust of real estate. (Bouma et al, 2001). This aspect is critical to this research study as the role of banks in any economy cannot be undermined therefore, the need to explore the effectiveness of their actions and how this ultimately affects the economy. The macroeconomic environment within which firms exist and, operate has an impact upon their activities and governments and other agencies operating at different spatial levels and it can shape behavior and their environment. (Worthington et al, 2001). According to Bouma et al, (2001), as a financial intermediary between market players, a bank has four important functions: First it transforms money by scale. The money surpluses of one person are mostly not the same as the shortages of another person. Banks transform money by duration. Creditors may have short-term surpluses of money, while debtors mostly have a long-term need for money. Banks transform money by spatial location (place). Finally, banks act as assessors of risk. As a rule, banks are better equipped to value the risks of various investments than individual investors who have surpluses available. Also, through their larger scale, banks are more able to spread risks. The major objectives of the banking system are to ensure price stability and facilitate rapid economic development; regrettably, these objectives are still yet to be realised in Nigeria as a result of some infrastructural deficiencies such as basic power, energy, and transportation. Also, the lack of a workable contingency planning framework which provides detailed policy actions to limit crises. The reforms of the banking industry will have an influence on the functions, as it ultimately shapes the way they handle their operations. The reform of recapitalisation and consolidation could mean a larger platform for banks to better carry out their tasks. This literature review takes a look at commercial banks in Nigeria when faced with the reformation of the banking industry, core competences needed by the banks to be successful and the effect on the macroeconomic indicators of the country. 2.3 The concept of capital base The recent call for recapitalization in the banking industry has raised much argument among the bank regulators, promoters and depositors as if shoring up of banks capital base is a new phenomenon in Nigeria. Historically, the failure of pioneer 1930s and 1940s brought about the enactment of banking ordinance of 1952. Banking ordinance of 1952 prescribed an operating license and emphasized on minimum equity capital for all banks (Omoh, 2007). Since then, raising of bank capital has become the hallmark response policy of the Nigerian monetary authorities. Capitalization is an important component of reforms in the banking industry, owing to the fact that a bank with a strong capital base has the ability to absorb losses arising from non-performing liabilities (NPL). Attaining capitalization requirement is achieved through consolidation, convergence as well as the capital market. Thus, banking reforms are primarily driven by the need to achieve the objectives of consolidation, competition and convergence. (Deccan Herald,2004), in the financial architecture. 2.4 The Concept of Bank Consolidation Consolidation is viewed as the reduction in the number of banks and other deposit taking institution with a simultaneous increase in the size and concentration of the consolidation entities in the sector (BIS, 2001:2). It is mostly motivated by technology innovation, deregulation of financial services, enhancing intermediation and increased emphasis on shareholder value, privatization and international competition (Berger et al, 1991). The process of consolidation has been argued to enhance bank efficiency through cost reduction and revenue in the long run. It also reduces industrys risk by eliminating weaker banks and acquiring the smaller ones by bigger and stronger banks as well as creates opportunities for greater diversification and financial intermediation. The pattern of banking system consolidation could be viewed in two different perspectives, namely; market-driven and government-led consolidation. The market-driven consolidation which is more pronounced in the developed countries sees consolidation as a way of broadening competitiveness with added comparative advantage in the global context and eliminating excess capacity more efficiently than bankruptcy or other means of exit. On the other hand, government-led consolidation stems from the need to resolve problem of financial distress in order to avoid systematic crises as well as to restrict inefficient banks (Ajayi, 2005). One of the general effects of consolidation is to the reduction in the number of players, moving the industry more toward an oligopolistic market (Adedipe, 2007). 2.5 Prospect of Bank consolidation In Nigeria The initial public offering by banks through the capital market when completed is likely to increase the level of financial deepening as evidenced in the upsurge in the volume and value of trading in stock market. The reform in the banking industry has been able to attract more foreign investment inflow, especially in the area of portfolio investment; this development if sustained will boost the level of economic activity especially toward non oil sector. The consolidation of banks is likely to attract a significant level of foreign banks entrance into Nigeria which will become a feature in the industry over time. This will bring about more confidence by the international community of the banking sector thereby attracting more foreign investment into the country. As the level of financial intermediation increase, interest rate is likely to fall and increase lending to the real sector that will generate employment and booster growth. 2.6 The Process of Bank consolidation In Nigeria Before any bank can be said to consolidate through merger and acquisition in the Nigeria industry, it must first seek and obtain the approval of the following regulatory and supervisory authorities in the industry. They include the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigeria Stock Exchange (NSE) and the Corporate Affairs Commission (CAC) (CBN, 2004). Chapter 3: Research Methodology Introduction This chapter sets out the method employed in conducting the research. The choice of method was made based on the nature of the research problem. The purpose of this research is to discover, if any, the impact of bank consolidation on bank performance. Effort would be made to ensure that the methodology and conceptual framework adopted in the research are as relevant to the findings as the concepts and theories of the study. This is because the validity and reliability of conclusions are largely influenced by the research process itself. 3.2 Research Design This study is a causal or explanatory analysis since it seeks answers to questions related to the causes and determinants of bank performance. The research adopts a deductive approach. It outlines theories of director relationship to firm performance and draws hypothesis from them. These hypotheses are then tested using empirical social data to either confirm or reject the contentions. 3.3 Quantitative Versus Qualitative Data A clear distinction must be emphasized between quantitative and qualitative data. The former is concerned with the compilation of the results of research in a standardised mathematical form with the analysis conducted by means of statistics. (Saunders et al, 2003, p.378). Here variables are measured on a selection of scales and can then be arranged in order of arithmetical rigour. Conversely qualitative research is subjective in its approach of examining and reflecting on perceptions of understanding social and human activities (Hussey and Hussey, 1997). Qualitative research is inductive and researchers rarely know the specifics of data analysis when they begin a project (Neuman, 2006). It is concerned with the assemblage of data in a non-standardised, descriptive form, with the examination conducted through the use of theoretical models. 3.4 Data Type Raw or summarized data which has already been collected and stored for other purposes aside from that of the research in question is referred to as secondary data (Saunders et al, 2007). This research will make use of multiple-source secondary data collected from bank financial reports and CBN statistical publications available on the CBN, Guaranty trust and zenith banks websites, some paper source of data will also be used. The data/study will be restricted between the period of 2004 and 2006. The year 2004 is the pre-consolidation, 2005 consolidation while 2006 is the post-consolidation periods. The choice of data type is based on accessibility, cost saving and authenticity factors. Sample Selection The representative sample of the Nigerian banking sector to be used as a sample of the population under study is Guaranty Trust Bank PLC and Zenith Bank PLC. CAMEL ANALYSIS CAMEL is derived from the five components of a banks condition which include Capital adequacy, Asset quality, Management, Earnings, and Liquidity. Ratings are assigned for each component, and a composite rating is assigned for the overall condition and performance of the bank. These component and composite ratings are assigned on a scale of 1 to 5, with 1 representing the highest rating (strongest performance) and 5 representing the lowest (weakest performance) (Hirtle and Lopez, 1999). The camel analysis will be used to analyse the performance of banks during the pre-consolidation (2004) and the post-consolidation (2006) periods. Limitation The major difficulty that is likely to be encountered during the course of carrying out this research is the dearth of information, which is usually associated with emerging economies (including the Nigerian economy). Deliberate efforts would therefore be made to obtain information necessary to enhance the quality of the present research. 4.0 CONCLUSION In summary, the research tries to establish that bank consolidation helps in shoring up investment capital, enhances shareholder value, and protects creditors and depositors as well as strengthening banks capacities to attract funds at lower costs enhancing their liquidity positions. An efficient banking system tends to be one of the greatest focuses of the Central Bank of Nigeria since its establishment in 1959. Thus, sufficient capital base has largely constituted the Banks reform policy focus over the years. Hence, it may not be out of place to conclude at this material time that the ongoing reform policy is essential for the attainment of overall macroeconomic stability on a sustainable basis. Accordingly, the Central Bank of Nigeria is admonished to intensify its present efforts geared towards restoration of confidence in the banking system. The research work analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance BIBLIOGRAPHY Bernerd, B.P., (2006), The effect of recent changes in the financial sector development in Nigerian, Paper presented at the 15th General Assembly of the African rural and agricultural credit association (AFRACA), Bukina Faso. CBN., (2004), Guidelines and Incentive on Consolidation in consolidating Banking Industry. Charles, C.S. (2004) Consolidating the Nigerian Banking Industry to Meet the Developmental challenges of the 21st century. Paper presented at a meeting of bankers committee Abuja 6 July 2004. Larry, U; et al., (2004) Issues in Financial Institutions Surveillance in Nigeria. A seminar paper by CBN training centre Lagos. Eshodaghor, D.V., (2006), Impact of distressed banks in depressed Economy, Prospects for survival and growth. Bank failure in Nigeria, causes and dimension pp. 17 â€Å" 22. Ezeudusi, F. U., (2002) Marcus, G., (2003), An approach to the consolidation of Banks Merger Issues by regulators., A south African case business paper (4), NDIC Annual Report and Statement of Account . Oviemuno, A.O., (2006) Banking Consolidation in Nigeria and the strategies for Generating better returns. Ogunleye G.A. (2003) The regulatory imperatives of the Universal Banking concept in Nigerian NDIC quarterly, (11) No. (2), pp.20-30 Ochojele, D. I., (2003) The Nigerian banking industry, a review seminar paper. Osaije, E., (1992), Structural adjustment programme in Nigerian economy Victor, Ezeaku., (2003), Consolidation of Nigerian Banking Sector, CBN publication. Analysis on the Bank Performance of Nigerian Banks Analysis on the Bank Performance of Nigerian Banks The provisional title of this research project is: Consolidation and bank performance; analysis of Nigerian Banks 2004 to 2006. The choice of this topic emanates from the fact that the current credit crisis and the transatlantic mortgage financial turmoil have questioned the effectiveness of bank consolidation programme as a remedy for financial stability and monetary policy in correcting the defects in the financial sector for sustainable development. Many banks consolidation had taken place in Europe, America and Asia in the last two decades without any solutions in sight to bank failures and crisis. The paper attempts to examine the performances of government induced banks consolidation and macro-economic performance in Nigeria in pre-consolidation and post-consolidation period. The paper analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance. The CAMEL analysis is chosen because of its optimal properties, simple computational procedures and is suitable for an empirical work such as the present research project work. Against the findings that would emerge from the intended empirical investigation of this work, appropriate recommendations that are likely to better enhance the effectiveness of banking sector reforms in Nigeria thereby restoring confidence in the system. CHAPTER 1 1.1 Introduction The Nigerian banking sector over the past 20 to 25 years has experienced boom and bust in a cyclical pattern. After the implementation of the structural adjustment program (SAP) in 1986 and the deregulation of the financial sector, new banks proliferated, mainly driven by attractive arbitrage opportunities in the foreign exchange market (Heiko 2007). Prior to the deregulated period, financial intermediation never took off and even declined in 1980s and 1990s (Capirio and Kligbiel 2003). The sector was highly oligopolistic with remarkable features of market concentration and leadership. Lemo (2005) noted that there are ten Nigerian banks that control more than 50% of the aggregate assets of the banking sector; more than 51% of the aggregate deposit liabilities and more than 45% of the aggregate credits. The sector was characterized by small sized banks with high overheads; low capital base averaging less than $10million; heavy reliance on government patronage and loss making. Nigerias banking sector was still characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the light of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their capital base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to mergers and acquisition as a survival strategy, which saw a reduction in the number of banks from 89 to 25. This study contributes to the concept of bank recapitalization by critically examining the impact of bank consolidation on the performance of banks using a sample of randomly selected Nigerian banks. It is the intention of the researcher to give more validity to empirical evidence that have been obtained by previous researchers on the subject matter. Relevance of the study The earliest set of studies evaluates the effects of bank consolidation through mergers and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive efficiency indicators.The results from both indicators have varied and at sometimes been contradictory. This can be explained by performance-influencing variables like size, brand name, diversification and cost reduction, there is still no reconciliation between these indicators. I intend to contribute to the determinants of bank performance by evaluating the possible performance impact of bank consolidation on banks. Consolidation is the key to improving the performance of banks with low capital base, without which they are bound to fail. 1.3 Background of study Aside being the highest contributor to the market capitalization of the Nigerian stock exchange and smooth and stable income provision to money and capital market, banking industry is capable of attracting potential investor which is a source of every economic development. Financial institutions generally, and banking sector in particular play a crucial role in the development process of mobilizing fund from the surplus sector of the economy to the deficit sectors of the economy. Banks help in increasing the quantum of national savings and investment. Consequently, the volume of goods and services produced in the economy increases overtime through the multiplier effect. Banks enhance stable and smooth income to attract potential investors in line with Modigliani and Miller (1958) theory that investors generally have preference for smooth and stable income. According to sloan and Arlond (1970) consolidation is a fusion of the assets and liabilities, in whole or in part of two or more business establishment. Consolidation represents the idea of investment and the coming together of firms; it can also mean larger sizes, larger shareholder bases and larger number of depositors. According to Adamu (2005) bank or corporate consolidation could be achieved by way of mergers/acquisition and recapitalization. It is more than mere shrinking of number of banks in any banking industry. According to Hall (1999) consolidation is a global phenomenon, which started in the advanced economies of the world. For example, the enactment of Riegle-Neal Act, which allows interstate branch banking beginning from 1997 this led to increase in bank mergers in the USA (Akhavin et al and kwan 2004). Consolidation allow a mega bank to enjoy higher profit, increase revenue and low problem loans. Japanese banking industry also experienced consolidation in the 1990s which resulted to economies of scale (Fukuyama, 1993; Mckillop et al 1996). When banks go bust, their capital base is called to question. Cases of bank failures have motivated researchers to investigate the activities of banks in relation to performance in terms of returns. A view is that consolidation has increased the capital base and size of Nigerian banks but does not necessarily bring about higher performance. Criteria Selecting Nigeria Study Consolidation is a term used by the central bank of Nigeria (CBN) to describe the coming together of some banks within the country to become one bank and be able to meet CBNs requirement for capitalization to a minimum of N25billion. When this happens, it is expected to improve services rendered by the banks. In July 6, 2004, a day now referred to as black Tuesday in banking sector of the economy, the CBN Governor, professor Charles Soludo made an obviously unexpected policy pronouncement. The highlight was the increment of the earlier N2billion to N25 billion, with full compliance deadline fixed for the end of the year 2005. In a bid for banks to meet up with the new requirement, some Banks are exploring the option of inviting foreign investors to buy into Banks. Others are looking at the possibility of getting investors to shore up their capital, and some are looking at the capital market option, while others are considering mergers and acquisition. If the process of consolidation is properly implemented the ongoing consolidation of banks in the country will surely improve the banking sector in Nigeria and translate to better banking services and cheap funds.   More importantly, the public will not have fear of distress in any bank, since the consolidated bank will have enough funds. The need to understand the impact of bank consolidation on Nigerian banks either negative or positive necessitated the use of Nigerian banks as sample for this study. 1.5 Aim To analyze the effect of consolidation on the performance of Nigerian Banks 1.6 Objectives To examine the consolidation process of Nigerian banks. To Asses the performance of Nigerian banks before and after consolidation. To evaluate the impact of consolidation on Nigerian banks. CHAPTER 2: Literature Review 2.1 Introduction This chapter attempts to gain an in-depth view into what is already known in connection with the research topic being studied. It therefore brings to light the different theoretical and methodological approach to the research area, helps develop a practical analytical framework, considers inclusion of variables that may not have been thought about from the inception of the research work and in the long run learning can be gained from mistakes of previous researchers and avoidance of such mistakes would be achieved (Bryman Bell, 2003). The scope of the research is narrowed down through successful study of literature review that was continuous all through the research process. Further, the review of literature will incorporate a wide range of materials sourced from journal articles, corporate websites, government websites, multilateral organisations, text books and online databases which include: Wiley, Science Direct, Emerald and Business Source Premier. Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state. There could be fundamental bottle-neck that may inhibit the functioning of the institutions for growth and the achievement of core objectives in the drive towards enhancing and sustaining the economic and social imperatives of human endeavor. Carried out through either government institutions or private enterprises, reform becomes inevitable in the light of the global dynamic exigencies and emerging landscape. Consequently, the banking sector, as an important sector in the financial landscape, needs to be reformed in order to enhance its competitiveness and capacity to play a fundamental role of financing investment. Many literature indicates that banking sector reforms are propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial architecture; and involve a banking sector that is consulting with regional integration requirements and international best practices. The nexus between consolidation and financial sector stability and growth is explained by two polar views. Proponents of consolidation opined that increase size could potentially increase bank returns, through revenue and cost efficiency gains. It may also, reduce industry risks through the eliminations of weak banks and create better diversification opportunities. On the other hand, it is argued that consolidation could increase banks propensity towards risk taking through increases in leverage and off-balance sheet operations. Advocates Furlong (1994) stated that an early view of consolidation in banking was that it makes banking more cost efficient because larger banks can eliminate excess capacity in areas like data processing, marketing, or overlapping branch networks. Cost efficiency also could increase if more efficient banks acquired less efficient ones. Though studies on efficiency in banking raised doubts about the extent of overcapacity, they did point to considerable potential for improvement in cost efficiency through mergers. Banking reforms involves several elements that are unique to each country based on historical economic and institutional imperatives, for example, in Hungary. Evidence show that the reform in the banking sector was due to high under-capitalization of state owned banks, weakness in the regulation and supervision and deficiencies in corporate governance behavior of banks. Craig and Hardee (2004) conducted investigation on bank consolidation and concluded that as the banking consolidation continues, relationship lending is becoming increasingly rare. As credit scoring and formal, formulaic methods are used more and more, specifically by the large banks, many small businesses may find out that they do not fit the model, especially those enterprises with negative equity. Thus, small businesses may be filling the financing void that is being created by the bank consolidation with non-bank sources of funds. Hughes and Mester (1997) provide evidence to suggest that there are scale economics in banking, bank managers are risk averse, and banks use the level of their financial capital to signal the level of risk. This is an area of interest in Nigerian banking, especially when the return on equity is calculated in another two to three years and then compared with the historical industry average. Rhoades(1996) reported that American banks consolidated in response to the removal of restriction on bank branching across states, while Hughes, J.P; W. Lang; L.J. Mester; C.G. Moon(1998) concluded that the economic benefits of consolidation are strongest for those banks that engaged in interested expansion, and in particular the expansion that diversifies macroeconomic risk. From the literature, it has been observed that well-spaced and implemented financial reforms have the ability to boost financial development indicators. Detractors Hughes J.P; Mester, L.J; and Moon, C.G (2000) also provide evidence that scale economies exist in banking but they fail to account for risk. Thus, scale economies that result from consolidation and diversification do not produce better performance in banking, unless choice makes the banks management more conscious risk and moderates its decisions and actions appropriate larger scale of operation that leads to diversification only reduce liquidity and credit risk under the ceteris bus assumption, and they argued that this is not always the case. The examination of merger and acquisition in European banking and found that industry consolidation was beneficial (by providing social benefits) in the first economic integration stages, but could damage welfare in the more advanced stages as the few big banks safeguard price agreements to forestall foreign competition. The other side to European mergers and acquisitions was because of the possibility of failure. This, of course, ignores the fact that no bank can ever be too big to fail. All it takes for a bank to fail is for bad news? about a bank to get to its stakeholders (especially depositors) and they all walk in at the same time to take their funds! For such bank to survive, it must have sufficient liquid assets to meet all maturing and long-dated obligations (Igangiya, 2006). 2.2 Role of banks In the Economy Banks have an important role to play in an economy, as they are intermediaries between people with shortages and surpluses of capital. The products they offer will include savings, lending, investment, mediation and advice, payments, ownership, guarantee and, trust of real estate. (Bouma et al, 2001). This aspect is critical to this research study as the role of banks in any economy cannot be undermined therefore, the need to explore the effectiveness of their actions and how this ultimately affects the economy. The macroeconomic environment within which firms exist and, operate has an impact upon their activities and governments and other agencies operating at different spatial levels and it can shape behavior and their environment. (Worthington et al, 2001). According to Bouma et al, (2001), as a financial intermediary between market players, a bank has four important functions: First it transforms money by scale. The money surpluses of one person are mostly not the same as the shortages of another person. Banks transform money by duration. Creditors may have short-term surpluses of money, while debtors mostly have a long-term need for money. Banks transform money by spatial location (place). Finally, banks act as assessors of risk. As a rule, banks are better equipped to value the risks of various investments than individual investors who have surpluses available. Also, through their larger scale, banks are more able to spread risks. The major objectives of the banking system are to ensure price stability and facilitate rapid economic development; regrettably, these objectives are still yet to be realised in Nigeria as a result of some infrastructural deficiencies such as basic power, energy, and transportation. Also, the lack of a workable contingency planning framework which provides detailed policy actions to limit crises. The reforms of the banking industry will have an influence on the functions, as it ultimately shapes the way they handle their operations. The reform of recapitalisation and consolidation could mean a larger platform for banks to better carry out their tasks. This literature review takes a look at commercial banks in Nigeria when faced with the reformation of the banking industry, core competences needed by the banks to be successful and the effect on the macroeconomic indicators of the country. 2.3 The concept of capital base The recent call for recapitalization in the banking industry has raised much argument among the bank regulators, promoters and depositors as if shoring up of banks capital base is a new phenomenon in Nigeria. Historically, the failure of pioneer 1930s and 1940s brought about the enactment of banking ordinance of 1952. Banking ordinance of 1952 prescribed an operating license and emphasized on minimum equity capital for all banks (Omoh, 2007). Since then, raising of bank capital has become the hallmark response policy of the Nigerian monetary authorities. Capitalization is an important component of reforms in the banking industry, owing to the fact that a bank with a strong capital base has the ability to absorb losses arising from non-performing liabilities (NPL). Attaining capitalization requirement is achieved through consolidation, convergence as well as the capital market. Thus, banking reforms are primarily driven by the need to achieve the objectives of consolidation, competition and convergence. (Deccan Herald,2004), in the financial architecture. 2.4 The Concept of Bank Consolidation Consolidation is viewed as the reduction in the number of banks and other deposit taking institution with a simultaneous increase in the size and concentration of the consolidation entities in the sector (BIS, 2001:2). It is mostly motivated by technology innovation, deregulation of financial services, enhancing intermediation and increased emphasis on shareholder value, privatization and international competition (Berger et al, 1991). The process of consolidation has been argued to enhance bank efficiency through cost reduction and revenue in the long run. It also reduces industrys risk by eliminating weaker banks and acquiring the smaller ones by bigger and stronger banks as well as creates opportunities for greater diversification and financial intermediation. The pattern of banking system consolidation could be viewed in two different perspectives, namely; market-driven and government-led consolidation. The market-driven consolidation which is more pronounced in the developed countries sees consolidation as a way of broadening competitiveness with added comparative advantage in the global context and eliminating excess capacity more efficiently than bankruptcy or other means of exit. On the other hand, government-led consolidation stems from the need to resolve problem of financial distress in order to avoid systematic crises as well as to restrict inefficient banks (Ajayi, 2005). One of the general effects of consolidation is to the reduction in the number of players, moving the industry more toward an oligopolistic market (Adedipe, 2007). 2.5 Prospect of Bank consolidation In Nigeria The initial public offering by banks through the capital market when completed is likely to increase the level of financial deepening as evidenced in the upsurge in the volume and value of trading in stock market. The reform in the banking industry has been able to attract more foreign investment inflow, especially in the area of portfolio investment; this development if sustained will boost the level of economic activity especially toward non oil sector. The consolidation of banks is likely to attract a significant level of foreign banks entrance into Nigeria which will become a feature in the industry over time. This will bring about more confidence by the international community of the banking sector thereby attracting more foreign investment into the country. As the level of financial intermediation increase, interest rate is likely to fall and increase lending to the real sector that will generate employment and booster growth. 2.6 The Process of Bank consolidation In Nigeria Before any bank can be said to consolidate through merger and acquisition in the Nigeria industry, it must first seek and obtain the approval of the following regulatory and supervisory authorities in the industry. They include the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigeria Stock Exchange (NSE) and the Corporate Affairs Commission (CAC) (CBN, 2004). Chapter 3: Research Methodology Introduction This chapter sets out the method employed in conducting the research. The choice of method was made based on the nature of the research problem. The purpose of this research is to discover, if any, the impact of bank consolidation on bank performance. Effort would be made to ensure that the methodology and conceptual framework adopted in the research are as relevant to the findings as the concepts and theories of the study. This is because the validity and reliability of conclusions are largely influenced by the research process itself. 3.2 Research Design This study is a causal or explanatory analysis since it seeks answers to questions related to the causes and determinants of bank performance. The research adopts a deductive approach. It outlines theories of director relationship to firm performance and draws hypothesis from them. These hypotheses are then tested using empirical social data to either confirm or reject the contentions. 3.3 Quantitative Versus Qualitative Data A clear distinction must be emphasized between quantitative and qualitative data. The former is concerned with the compilation of the results of research in a standardised mathematical form with the analysis conducted by means of statistics. (Saunders et al, 2003, p.378). Here variables are measured on a selection of scales and can then be arranged in order of arithmetical rigour. Conversely qualitative research is subjective in its approach of examining and reflecting on perceptions of understanding social and human activities (Hussey and Hussey, 1997). Qualitative research is inductive and researchers rarely know the specifics of data analysis when they begin a project (Neuman, 2006). It is concerned with the assemblage of data in a non-standardised, descriptive form, with the examination conducted through the use of theoretical models. 3.4 Data Type Raw or summarized data which has already been collected and stored for other purposes aside from that of the research in question is referred to as secondary data (Saunders et al, 2007). This research will make use of multiple-source secondary data collected from bank financial reports and CBN statistical publications available on the CBN, Guaranty trust and zenith banks websites, some paper source of data will also be used. The data/study will be restricted between the period of 2004 and 2006. The year 2004 is the pre-consolidation, 2005 consolidation while 2006 is the post-consolidation periods. The choice of data type is based on accessibility, cost saving and authenticity factors. Sample Selection The representative sample of the Nigerian banking sector to be used as a sample of the population under study is Guaranty Trust Bank PLC and Zenith Bank PLC. CAMEL ANALYSIS CAMEL is derived from the five components of a banks condition which include Capital adequacy, Asset quality, Management, Earnings, and Liquidity. Ratings are assigned for each component, and a composite rating is assigned for the overall condition and performance of the bank. These component and composite ratings are assigned on a scale of 1 to 5, with 1 representing the highest rating (strongest performance) and 5 representing the lowest (weakest performance) (Hirtle and Lopez, 1999). The camel analysis will be used to analyse the performance of banks during the pre-consolidation (2004) and the post-consolidation (2006) periods. Limitation The major difficulty that is likely to be encountered during the course of carrying out this research is the dearth of information, which is usually associated with emerging economies (including the Nigerian economy). Deliberate efforts would therefore be made to obtain information necessary to enhance the quality of the present research. 4.0 CONCLUSION In summary, the research tries to establish that bank consolidation helps in shoring up investment capital, enhances shareholder value, and protects creditors and depositors as well as strengthening banks capacities to attract funds at lower costs enhancing their liquidity positions. An efficient banking system tends to be one of the greatest focuses of the Central Bank of Nigeria since its establishment in 1959. Thus, sufficient capital base has largely constituted the Banks reform policy focus over the years. Hence, it may not be out of place to conclude at this material time that the ongoing reform policy is essential for the attainment of overall macroeconomic stability on a sustainable basis. Accordingly, the Central Bank of Nigeria is admonished to intensify its present efforts geared towards restoration of confidence in the banking system. The research work analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance BIBLIOGRAPHY Bernerd, B.P., (2006), The effect of recent changes in the financial sector development in Nigerian, Paper presented at the 15th General Assembly of the African rural and agricultural credit association (AFRACA), Bukina Faso. CBN., (2004), Guidelines and Incentive on Consolidation in consolidating Banking Industry. Charles, C.S. (2004) Consolidating the Nigerian Banking Industry to Meet the Developmental challenges of the 21st century. Paper presented at a meeting of bankers committee Abuja 6 July 2004. Larry, U; et al., (2004) Issues in Financial Institutions Surveillance in Nigeria. A seminar paper by CBN training centre Lagos. Eshodaghor, D.V., (2006), Impact of distressed banks in depressed Economy, Prospects for survival and growth. Bank failure in Nigeria, causes and dimension pp. 17 â€Å" 22. Ezeudusi, F. 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