Wednesday, November 27, 2019

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

Tuesday, November 26, 2019

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 ...

Sunday, November 24, 2019

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.

Saturday, November 23, 2019

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.

Thursday, November 21, 2019

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

Wednesday, November 20, 2019

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.

Tuesday, November 19, 2019

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.

Sunday, November 17, 2019

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.

Friday, November 15, 2019

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. 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.

Thursday, November 14, 2019

Buddhism versus Bartleby the Scrivener Essay -- Buddha Religion Herman

Buddha Bartleby Buddhism is currently the fourth most popular religion in our society today, following Christianity, Islam, and Hinduism. Its major ideologies are based on the philosophies of Siddhartha Guatama, also known as â€Å"Buddha†, who began his teachings in 598 BCE at the age of 35, according to Buddhist texts. A Buddhist’s foremost aspiration is the obtainment of Bodhi, or enlightenment through meditation and Anapana-sati (awareness of the breath). Buddhism shares many ideologies with India’s Hinduism and Yoga such as non-harming, non-violence, and self-awareness. In many instances, people regard Buddhism as a way of life rather than a religion, for it has no clear belief in the idea of a God or Gods. Its structure is built upon a hierarchy much like Christianity where superior orders such as Lamas or the Dalai Lama are said to be chosen by nature through the process of reincarnation rather than by a council like Christianity’s Pope. Though these â€Å"higher level† Buddhists are rare (not everyone is a reincarnation of an ancient Buddhist â€Å"priest†), all are permitted to follow â€Å"The Middle Way† either as a Buddhist monk or the simple attendance of a weekly teaching session from time to time. Throughout the last few hundred years the Buddhist population has blossomed into a healthy 381,611,000 and over fifteen different sects including Zen, Mahayana, and Theravada. For decades scholars and writers have attempted to find the historical analogies and symbolic figures that created Herman Melville’s short story â€Å"Bartleby the Scrivener: A Story of Wall Street†. The story describes the setting of a small â€Å"law-copyists or scriveners† office on Wall Street and the unexpected arrival of an unknown character named Bartleby (Melville... ...ningful demise. So this Buddhistic view simply gives us an ideal understanding of Bartleby’s perplexing, meaningless actions and helps us realize that Bartleby might not be as crazy as he seems. He’s just trying to find his way†¦ Works Cited Melville, Herman. â€Å"Bartleby the Scrivener: A Story of Wall-Street.† Melville’s Short Novels: Authoritative Texts, Contexts, Criticism. Ed. Dan McCall. New York: Norton, 2002. 3-35. Franklin, H. Bruce. "Bartleby: The Ascetic's Advent." Melville's Short Novels: Authoritative Texts, Contexts, Criticism. Ed. Dan McCall. New York: Norton, 2002. 176-85. Sten, Christopher W. "Bartleby the Transcendentalist: Melville's Dead Letter to Emerson." Modern Language Quarterly 35 (1974): 30-44. Emerson, Ralph Waldo. â€Å"The Transcendentalist†. EmersonCentral. Nov. 27, 2007. .

Tuesday, November 12, 2019

Mass Media :: essays research papers

Issue # 14 1. Media Monopolies: Are the Dangers of Concentration Overstated? Yes, by Eli M. Noam and Robert N. Freeman No, by Ben H. Bagdikian 2. The main focus behind the two articles are the concentration of media. Through the Telecommunications Act of 1996 attempts were made to limit the amount of monopolies in media. However this opened the door for other large businesses to merge and gain even more control, therefor creating more concentration in the media. Are the â€Å"media monopolies† doing their job in surveying national and local issues and are they acting in the public interest? The article also analyzes the vastly growing corporate elite who control media, and their ability to censor public awareness. 2. Eli Noam and Robert N. Freeman believe that there is more competition in U.S. media and it is only moderately concentrated. They justify their claim through U.S. Department of Justice procedure for identifying concentrated markets. They show several graphs indicating the shares of companies and the moderate increase that has occurred in recent years. Noam and Freeman show graphs that show both an increase in the total concentration of the media industry as well as graphs that depict a slight decline. They also support their claim by describing the drops that occurred in telecommunications services, computers TV programming and in music. They discuss how the market shift moved away from mainframes to microcomputers, where there is very little domination of the market by one company. Bagdikian lacks evidence of his claim, and supports it with his own opinions. He explains the reality of the situation in media concentration and control. He tells about the dominance of Microsoft and G eneral electric, who own NBC and radio and cable networks across the globe. He shows how Rupert Murdoch used media control to control politics which then made him immune to the restrictions applied to media, and allowed him to form FOX network. Bendikian emphasizes that companies who have control over politics can do whatever they want. 3. Both sides of the issue support their side through examples in the media market. Noam and Freeman show the various firms and corporations, who compete and take over the other companies, slowly increasing their control of the market. Bendikian analyzes the major corporations who have influence over the media, such as GE and FOX who are growing and killing off the other competitors. He also shows the raising role that cyber media and computers are playing in the market and the how companies are finding ways around the restrictions by merging.

Matthew Arnold’s “Culture and Anarchy”

A lot of introductions to literary studies, including the one provided by Nà ¼nning , concentrate on what Collini (2000)2 calls the †Holy Trinityâ€Å" of literary studies: poem, drama and novel. According to Collini, this view dominated the Anglo-American literary study from the 1930’s to at least the early 1970’s. He states †Under this regime, the recalcitrant mixed-mode texts of the Victorian essayist and moralists did not fare well.â€Å".Nevertheless, non-fictional types of texts are the most common in everyday life. Were would humanity be without newspapers, manuals, hypertexts, and all the other pieces of †non-fictional proseâ€Å" which are, according to Collini †a nearly limitless categoryâ€Å"?It is the the most red category, and the category most written in. Writers are mostly engaged in non-fictional prose. There are millions of journalists and scientists today; not to speak of all the bureaucrats in the administrations of nearl y every enterprise or government, who write trillions of letters, reports and presentations every day. Non-fictional prose is worth more attention.This paper is concerned with a piece of non-fictional prose. Culture and Anarchy by Matthew Arnold. In order to deliver a sufficient analysis, there will be a chapter on the author first, to get an impression of how to understand the utterances. This includes a brief summary of the most important texts that were published by Matthew Arnold before Culture and Anarchy. Afterwards, there will be a chapter on text types, to clarify which category of text the work belongs to. At last, there will be the analysis of, as an application of the theory from the chapter before, with respect to the current scientific state of interpretation of Culture and Anarchy.1. Matthew Arnold: BenchmarksMatthew Arnold lived from 1822 to 1888. He was an elementary-school-inspector from 1851-86. He wrote poems until he was thirty3 . The most popular one is Dover  Nà ¼nning, Vera. An introduction to the study of English and American literature. Barcelona [et al.]: Klett, 2007  Collini, Stefan. â€Å"From ’Non-Fiction Prose’ to ’Cultural Criticism’: Genre and Disciplinarity in Victorian Studies†. pp. 13-28. John, Juliet (ed. and introd.); Jenkins, Alice (ed. and introd.) and Sutherland, John (foreword) Rethinking Victorian Culture. Basingstoke, England: Macmillan, 2000. xvi, 244 pp Oxford Dictionary of National Biography, p 488Beach, where he pictured the struggling of his generation with religion and progress and finds a relief in love as a reliable fix-point in life. His poems became so popular, that he was elected the (foremost honorary) post of Professor of Poetry at Oxford University, where he was obliged to hold public lectures three times a year. He was the first unordained holder of the post and spoke English instead of Latin.In 1861 he held a lecture on translating homer, that was published as a book later. E.K. Brown (258) detects a dogmatic element in that essay, when Arnold asserts, that Homer is â€Å"the most important poetical monument existing† and prophesies that he will be read more and more in the future. In the same year, 1861, Arnold published The Popular Education in France, on his own expense. In the Introduction he makes an ominous statement about society as a whole, that was later republished under the title Democracy.The next publication in book-form was Essays on Criticism5 , where he developed a method called â€Å"disinterestedness† (dis- = not, inter- = between, esse= to be). It was not considered to be very helpful by scientists. Chhibbar6 states that it was â€Å"†¦ fragmented, chaotic, and uncentered.† (164), but Caufield7 suggests, that the lack of consistency was compensated by â€Å"a habit of keeping in touch with the concrete† and a â€Å"gift for implicit definition†.Arnold described himself as a â€Å"à ¢â‚¬ ¦ mere solitary wanderer in search of the light†, who speaks an â€Å"artless, unstudied, every-day, familiar language.† (ibid., footnote 2). Having said this, his method can as well be called empirical and inductive. Arnold also pleaded that the mere â€Å"application of principles† was tautological, could not provide a â€Å"sense of creative activity.† (38) and that it would sincerely take a lot of logic to build a machine but the idea to build a machine came from intuition (ix).The subsequent book, Culture and Anarchy, was continuing in the tradition of Essays in Criticism, insofar as it was primarily a collection of essays published in a magazine before. According to Collini (1993, 276), Arnold was involved in an almost continuous series of overlapping Brown, A.K. †The Strategy of â€Å"Disinterestedness†Ã¢â‚¬ . pp 251-262. Weber, Horst (ed.) Der Englische Essay. Darmstadt, 1975.  Arnold, Matthew Essays on Criticism.Chhibbar, Sude rshan. Victorian perspectives on democracy : a study of selected literary documents 1832 – 1867, Dissertation, 1980  Caufield, James W. â€Å"Most Free from Personality: Arnold’s Touchstones of Ethics†, Cambridge Quarterly (2009) 38 (4): 307-327. Collini, Stefan. â€Å"Arnold†. pp. 195-326.Thomas, Keith (ed.) Victorian Thinkers. Past Masters. Oxford, 1993. vii, 428 pp.  controversies, which started around the time of Democracy.  Arnold retrieved from social criticism, when three of his children died in a short sequence of time. He started to focus on religion and got a lot of appreciation for that. Later, he declined becoming professor at Oxford again, as well as becoming Director of a University.According to the Oxford Companion of English Literature Arnold was â€Å"the leading critic of his time†. His contemporaries must have had a different view. According to Caufield , Arnold had been a â€Å"cast out† until the end  of the 2nd world war. He was seen as a †frivolous dandyâ€Å", †logical light-weightâ€Å", †stupid weaklingâ€Å", â€Å"incoherent chatter† or â€Å"intellectual dandy† (237), whose â€Å"airy dogmatism† was â€Å"ambitious, vague and perverse† (244), and could only serve to impress â€Å"young ladies or old women† (243).His style was deemed as â€Å"an almost feminine concreteness of mind that rarely rose above the simplistic level of anecdotal narrative† (242). According to Caufield, Arnold reproduced the Utilitarian versus Romantic polarity and concludes that â€Å"Arnold appears to be figure of late Romanticism†, whose contemporaries claimed that his arguments lacked â€Å"the logical and moral toughness demanded by the disciplines of political economy and ’felicific calculus’ (cf. Bentham).† . The Oxford Dictionary of National Biography confirms that †In much of Arnold’s poetry one se es the disconsolate Romantic trying to turn himself into the resolute stoic.â€Å" (489).2. How to Analyse an Essay2.2 Patterns of OrganisationMiller distinguishes 6 patterns of organisation for the information in an essay; illustration, comparison & contrast, definition, division and classification, process, and causal analysis. Illustration means giving examples. Comparisons and contrasts are used to make things clearer, show the positive side of something or to find a general principle. A definition is the explanation of vague and ambiguous words.A formal definition puts the term in a general class and then differentiates it from the other members of that class. An extended definition is used to explain an uncommon term which is new or abstract. A Differentiation is showing what is not part of the definition. A division is the separation into groups, and a classification is the placement of units into these groups. A process is â€Å"a sequence of actions and operations†, which has no focus on the story. A causal analysis consist of necessary, contributory and sufficient causes.2.3 Diï ¬â‚¬erent Types of EssaysThere are different kinds of distinctions possible to differentiate between certain types of essays. On the level of topic, the author can use the a narration, description, exposition or argumentation. On the level of style, there are more or less formal essays to distinguish.2.3.1 Narration, Description, Exposition, ArgumentationMiller (168 n.) explains that the narration has a clear time sequence, can use dialogues and a varying point of view, whereas a description is a â€Å"sensory diction† (ibid.). It can ether stay detached from the narration, be (objective/factual) or include personal feelings and opinions of the narrator (subjective/personal). An exposition is the explain  Svaglic, Martin J. â€Å"Classical Rhetoric and Victorian Prose†. pp 230-250. Weber, Horst (ed.) Der Englische Essay, Darmstadt, 1975. Nation of inf ormations and/or ideas, and an argumentation â€Å"proposes† (366) of a point of view.  In this view Culture and Anarchy clearly is an argumentation.2.3.2 The Informal, Formal and Periodical EssayFreiburg15 distinguishes three types (â€Å"Muster†) of essays which developed successively in history; the informal essay, the formal essay and the periodical essay. The archetype of essay was ’invented’ by Michel de Montaigne. He thought that the writer had to be able to unfold his thoughts without constrains. Form, topic and stylistic devices were kept open. Thematically, reading often was the starting point of de Montaigne’s thoughts, which were explicated, quasi ’live’, in his essays. So they have hardly a structure, are rhetorical and associative.According to Mace-Tessler Bacon called himself an â€Å"imitator of de Montaigne†(15), but he shifted the focus from â€Å"personal inquiry† (ibid.) to social and philosophical topics. According to Freiburg, the essays of Bacon had a clear intention and target group, and were written in tradition of the ’Speculum Magistratis’. Therefore, the tone was kept rational and Bacon underlined his educatedness or cited other authorities to be accepted as an advisor.The rational tone was achieved by the use of definitions and a dialectical logic. The stylistic devices used were comparisons, parables and metaphors. They served for illustration. To easy the memorisation of the  conclusions, aphorisms and maxims were employed.The aim of the formal essay is the transmission of lessons. The periodical essay was ’invented’ by people like Daniel Defoe in the beginning of the newspaper. It was dominant in the Victorian and fin-de-sià ¨cle period. There was an increasing readership, achieved by the cheapness of periodicals and there was a growth in reading public because of elementary education and the overall growth of the middle-class.Mace-Te ssler adds, that the periodical essay is considered as one aspect in the development of journalism. Freiburg describes it as a mixed form of informal and formal essay. The essays where published in magazines and journals. Topics were taken from everyday life in the newly established middle class. They were read silently at the breakfast table, or aloud at the coffee-house. There was a high variety of generic  devices: letters, reports, poems and even fictional narrations are being subsumed under this category. The Moonstone by Wilkie Collins is one example. It was published in â€Å"All the year round†, a periodical owned by Charles Dickens.The focus of the periodical essay lied less on what was said, than on how it was said. There was a shift away from subject-matter, towards an examination of the author’s attitude towards a subject. The result was an â€Å"almost conspirational† and â€Å"familiarly† (cf. Mace-Tessler) tone. The periodical essay had t o have a certain predictability because the journal or magazine had to be sold. However, a variety of structures, styles and essay types were needed to sustain the readers’ interest and attention.This variety had to follow some predictable patterns. In general, there was a tendency to  imitate what has been before which formed the style of the periodical essay (Mace-Tessler, 11). Drescher (228 n.) makes an over-all distinction between free essay, formal essay and mix-form essay.This coincides with to Freiburg’s informal, formal and periodical distinction. Drescher states, like suggested by Mace-Tessler, that the style of the periodical essay was foremost coined by the magazine which published it.He analysed 221 periodical essays in two Irish fin-de-sià ¨cle-magazines (The Mirror and The Lounger) and he omitted the use of a categorization by topic, tone or style in favour of four basic structures.The additive, linear, discursive and integral structure. The additive s tructure is characterised by the fact that the parts of the text are not interrelated. They don’t depend on each other and have different topics. In the linear structure, each part of the essay relates directly to the other, as well as to the topic, but there is no interrelation between the texts. The discursive structure has a progressive arrangement of the single texts.The episodes have a causal relation, each text leads to the other and each unit references to the topic. In an integral structure, the parts of the particular essay develop their own structure, and the sense-level stays directly connected to the topic. Mace-Tessler distinguishes rhetorical, simple, unified, associated, unrelated and incomplete essays in his analysis of the periodicals The Tatler and The Spectator.3. Analysis3.1 Type of EssayCulture and Anarchy was written as a rhetorical essay, published first in the periodical Cornhill Magazine over a period of almost a year. The Introduction was written at last and the particular chapters argument on a different basis of information because they were written in different periods. According to Chhibbar, there had been â€Å"profound changes and tensions† (197) at the time of the accruement of Culture and Anarchy. According to Altick17 , all but the first part, Sweetness and Light, were written as reaction to the critiques. The structure of the whole text must be called linear, in the terminology of Drescher.3.2 Diegetic LevelAs seen above, Arnold was publishing from different perspectives. Campbell18 states that the movement between the roles of school inspector, government official (as an expert), Oxford Professor of Poetry, critic and â€Å"polemical journalist† required the adjustment in the style and content. This shifting between different voices was especially present in the critical writing that used irony, imitation and parody to undermine the views of â€Å"formed personages†. He sometimes even used a fore igners point of view to criticize his countrymen. Campbell suggests to read his criticism more like fiction.3.3 Rhetorical ModeBecause periodical essays were read aloud in the coffee houses authors often made use of rhetorical elements. According to Svaglic (234), the Rhetoric by Aristotle had long been a basic text of the â€Å"litterae humaniores program† at Oxford. Thus it must have been known by Matthew Arnold. Brown even calls him a â€Å"practised rhetorician† (259). Svaglic describes the three modes of rhetoric by Aristotle, who distinguished between the deliberative/hortatory, the forensic/judicial mode, and the epideictic/ceremonial mode.The deliberative/hortatory mode is the persuasion of view-points, the forensic/judicial mode is concerned with guilt and innocence, and the epideictic/ceremonial mode is used for the praise of great men and deeds. Brown states that all great Victorian prose writers were practising every mode of rhetoric at one time or another, but the most popular was the deliberative/hortatory mode (233).Arnold announces that he is a â€Å"man without a philosophy† (94) and speaks of a â€Å"simple unsystematic way† which â€Å"best suits both my taste and my powers† (5), and continuous â€Å"We †¦ having no coherent philosophy, must not let ourselves philosophise.† (Arnold, Culture and Anarchy, 201). This â€Å"plain-dealing† (Altick, 82) enables him to anatomise the failures of the middle class by being a â€Å"representative man† (ibid.) of it.3.4 Use of IronyAccording to Altick, the irony of Culture and Anarchy often lies in the fact that the professed respect is proforma and misdirected, or, what starts as epideictic rhetoric is negated by â€Å"deflationary techniques† (128). Due to the fact that Culture and Anarchy was written in pieces (linear structure), the use of â€Å"beautiful† is ambiguous. Wilhem von Humboldt is described as â€Å"one of the mo st beautiful and perfect souls† (140), which is supposed to be actually meant that way, for example. But on the other hand, there is, what Altick (132) calls â€Å"ironic praise†; the â€Å"touching and beautiful words† (61) of the fanatical anti-Catholic Mr. Murphy saying â€Å"I will carry out my lectures if they walk over my body as a dead corpse†, which is definitely neither touching nor beautiful.â€Å"Interesting† is one of the most equivocal words in Arnold’s argumentative vocabulary. For example, the â€Å"interesting speakers† (74), he heard during the Reform Debates in the House of Commons. One is later described as â€Å"perfection†, the other as â€Å"excess†. Excess is not interesting. Another example is â€Å"this very interesting operation† (223), for the attempt to legalise the marriage of a man with his deceased wife’s sister. It was illegal in Britain, but how often does such a case happen? There were much more important problems to be solved at that time – at least from Arnold’s point of view. The absurdity of this â€Å"interesting operation† is emphasised in the aftermath of the text by repetition.3.5 Use of RepetitionsThe phrase â€Å"deceased wife’s sister† gets repeated nine times in Culture and Anarchy. This rhetorical method of Arnold attempts to humiliate the opponent. This is also acknowledged by Collini, who states: â€Å"†¦ by mercilessly repeating the least happy phrases  over and over again, he drowns his opponent in a sea of comic associations.† (216).Sometimes repetition only serves in substitution for a sufficient vocabulary, like in â€Å"†¦ real thought, real beautiy; real sweetness and real light.† (49); or to show similarities like the â€Å"half-sized, half-fed half-clothed† children â€Å"without health, without home, without hope† (245). This similarities all hint to one point: the lack of a sufficient policy. As a â€Å"polemical journalist† (vid. infr. Campbell), Arnold tries to persuade (deliberative rhetoric). One big part of this early type of propaganda is the attempt for coinage by excessive repetition of newly defined terms.3.6 Deï ¬ nitions, Comparisons and ContrastsCulture is â€Å"the best which has been thought and said in the world† (ix). This is thereby nearly equal to religion. â€Å"Religion says: The kingdom of God is within you; and culture, in a like manner places human perfection in an internal condition, †¦ distinguished from animality.† (13). An attribute of culture is â€Å"right reason† as well as â€Å"best self †. The â€Å"really blessed thing is to like what right reason ordains† (68).â€Å"But for us,— who believe in right reason, in the duty and possibility of extricating and elevating our best self, in the progress of humanity towards perfection, †¦ we â₠¬ ¦ support them in repressing anarchy and disorder; because without order there can be no society, and without society there can be no human perfection.†The chasm of â€Å"without† and â€Å"society† serves the rhetorical effect. Anarchy is more or less defined as â€Å"doing as one likes†. The natural instinct of the ordinary man towards liberty is thereby degenerated into an â€Å"anarchical tendency† (59), caused by liberty. This â€Å"doing as one likes† is juxtaposed with â€Å"sweetness and light† (differentiation).According to the Oxford English Dictionary19 â€Å"Sweetness and Light† is a quotation from Jonathan Swift and means the noblest characteristics of humanity. His definition of â€Å"sweetness and light† is juxtaposed with â€Å"fire and strength†, his own coinage, repeated twelve times. Sweetness and light are â€Å"right reason†, â€Å"best self † and â€Å"culture†; but some times this must be protected by the forces of â€Å"fire and strength†. â€Å"State† is defined as â€Å"the nation in its  collective and corporate character†(66). This is based on the â€Å"best self † and becomes the â€Å"national right reason† (93). Culture and Anarchy is full of juxtapositions.According to Miller, Signalling words for comparisons and contrast are are ’in contrast’ (1 time), ’on the other hand’(14 times),  Ã¢â‚¬â„¢on the contrary’ (3 times) and ’however’(28 times); or transition words like ’likewise’ (3 times), ’similarly’ (2 times ’similar’) and ’in a like manner’ (’manner’: 21 times). On the level of content, the most obvious contrasts are between the ’bad examples’ like the liberals Roebuck and Bright, the Alderman of London and Mr. Murphy as well as the writers of the Times, the Saturday Review and the Daily Telegraph, who are compared with the with the good examples of Bishop Wilson, Duke Wellington and St. Augustine.3.7 DialoguesAs mentioned above by Freiburg, its not uncommon to use a dialogue in an essay. The following one can be found in the introduction to Culture and Anarchy where Arnold reports his conversation with a Nonconformist â€Å"†¦ I said, that seemed a pity. ’A pity?’ cried he; ’not at all! †¦Ã¢â‚¬  (xxxiv)3.8 MetaphorsOne can always find thousands of metaphors in every text. But the poetic language of the late Romanticist Arnold, used on a nearly Utilitarian topic makes a very picturesque use of metaphors. Arnold describes himself as â€Å"delivered from the Bondage of Bentham† (46), to implicates that he has liberated himself from a philosophy which holds the enemies of culture captive. (Altick, 124).4. ConclusionThis paper has shown that non-fictional prose needs to be investigated by literary studies. It has shown the importance of the essay in the Victorian and fin-de-sià ¨cle period in his parallelism to the development of the periodicals and – with it – the journalism. This might give a hint for the future, on how to analyse hypertexts like bloggs, which can also be read as more or less formal essays.Culture and Anarchy is an example of polemical rhetoric. It was written by a poet of late Romanticism and is thus not well-structured, but very effective. In the words of Caufield (325) â€Å"Arnold the poet knows that stained glass and plainsong will sooner quicken hearts than scholastic disquisitions and cosmological proofs.†