Passion :: essays research papers

â€Å"Florida State University, here we come!† Fort Lauderdale to Tallahassee, what an excursion! Out and about again†¦blah, blah, blah, blah, blah, out and about once more, that damn tune consistently in my mind when we’re going on a long transport ride. I should make sense of the words in the middle of, however I’m in every case excessively lethargic. Since I consider it, I despite everything have two cases to compose on the off chance that I need banter. Mr. Wakefield would murder me in the event that he knew I’m heading off to an immense state competition ill-equipped. I’m not stressed, I’ll do it after the first stop†¦I’m tired now in any case. I’ll simply take a little rest. I woke up in light of all the noise†¦we’re at the principal stop. It’s been four hours?! I’m still drained, along these lines, I set my head back once more. By and by, I woke up on account of the noise†¦weâ€⠄¢re at the second stop now. I rested through an additional four hours, I can’t trust it, and I didn’t complete anything! I’m not stressed, I’ll compose my cases after this stop†¦ I’m hungry in any case. In this way, I ate a lot of bites, tuned in to my Walkman, and returned to the transport. I’m simply going to loosen up the present moment; my head harms and my stomach is full. Here we are, Tallahassee, Florida! It’s alright, I’m not stressed, when we have supper and settle in our lodgings, I’ll compose my cases. Along these lines, we have supper, get our rooms, unload, and now I’m too drained to even think about writing my cases†¦ I’ll compose before the competition tomorrow. The competition is going to begin I still don’t have any cases ready†¦it’s OK; I can compose it before my rounds. I glance over aside and see somebody posting the gathers together. OK, adjusts are going to begin shortly and I don’t have my cases prepared †OK, presently the time has come to freeze! All things considered, I generally said I work better under pressure†¦obviously, a great deal of weight. I plunk down and I’m composing as quick as I can. Amazing, such a large number of ideas†¦my hand can’t keep up! I can smell the smoke originating from the pencil crushing on my scratch pad. I can hear myself pulling for myself†¦go, go, go, go, Usilia you’re wonderful! OK, it’s time to go to my round, so I plot my butt down close to the entryway and keep composing. At the point when my rival arrives, I tilt my notebook so he doesn’t see what I’m composing.

Report on Foreign Direct Investment of The Toyota Motor Corporation Term Paper

Report on Foreign Direct Investment of The Toyota Motor Corporation - Term Paper Example As per 2010 money related information, India is the world’s fourth biggest economy by buying influence equality and tenth biggest by ostensible GDP. According to International Monetary Fund’s report, the country’s per capita GDP is $3,339 in 2010. As Shurtleft and Aoyagi bring up, India started its free market tasks in 1991, and that exceptionally helped India’s monetary development (999). The country’s mechanical tasks represent 28% of the GDP and it utilizes 14% of the absolute workforce. India’s economy is the world’s twelfth greatest regarding ostensible production line yield while it is thirteenth on the ground of administration yield. The nation has accomplished critical enhancements in its vitality and force assets during the most recent couple of decades; India’s oil saves are fit for meeting the country’s 25% of the household oil request. Very much organized Indian financial framework assumes a striking job in su pporting India’s monetary development. A steady cash is another conspicuous element of Indian economy. Thus, the financial elements of India offer possible open doors for Toyota in the market. Notwithstanding these positive monetary components, the nation has been confronting genuine salary imbalances, higher joblessness, and expanding number of malnourished youngsters. Higher joblessness rate in India might be useful for the Toyota to get works at less expensive expenses. The country’s sends out expanded 22.3% in November 2010 though the imports rose by 7.5%. Additionally, the country’s exchange shortfall dropped from $10.45 billion out of 2009 to $8.94 billion out of 2010. Political Scenario India is the biggest economy on the planet and a government sacred republic. The country’s political circumstance is pretty much steady. While breaking down the vote based history of India, clearly Government of India has been driven by the Indian National Congress most occasions. The Indian state legislative issues is ruled by a few national gatherings including INC, Bharatiya Janata Party (BJP), and various other territorial gatherings. Directly, the Government of India is being driven by the INC by winning with an astounding lion's share in the 2009 Lok Sabha Elections. Distinctive ideological groups speak to various social orders and areas and their fundamental beliefs can affect the Indian political range. Since India is a fair nation, the Toyota may here and there face with fomentations as happened on account of Coca Cola. Nonetheless, the Indian government accepts that remote venture would altogether add to the quick monetary development of the nation. Subsequently, the political range of India offers open doors for Toyota. Before the finish of 1970s, India changed its outside exchange strategy and it gave worldwide firms better access to Indian market (Dahlman and Utz,). Therefore, India’

R&D Proposal TMGT421 (R&D for HVAC Replacement) Essay

Research and development Proposal TMGT421 (R&D for HVAC Replacement) - Essay Example This paper focuses on that the HVAC frameworks are imperative towards vitality utilizations just as warm solace particularly in the private structures. These conditions must be met by utilizing compelling and productive HVAC hardware that in this task is the climate control systems. The fundamental basic part in vitality preservation utilizing this HVAC gear or the forced air system is the plan of the hardware, control framework, dissemination framework, and the structure envelope just as the enhancement of the framework. The improvement of the proficiency and adequacy of the HVAC frameworks requires elevated level of comprehension of the entomb apportions in the framework issues particularly the essential designing issues. Furthermore, itemized exchanges off issues identifying with the vitality preservation plans must be misused completely before end are drawn and proposal made and National Academies Press. This paper makes an end that the ideal climate control system will be structured not to run constantly for what it's worth in cools that are being utilized as of now. This benevolent of framework configuration will be accomplished through establishment or implanting indoor regulator into the home utilized climate control systems with the goal that it is consequently turns now and again the once the ideal temperatures are achieved. This changed climate control system will lessen the measure of vitality utilized in running the forced air system subsequently prompting a lot of vitality preservation. This sort of vitality protection framework will help lessen vitality utilization rates that will reflect as low power bills.

Power point use in work envirnoment free essay sample

Cynthia Computer Application-205 Microsoft Word, Excel, and PowerPoint Microsoft Word-Microsoft Corporation was established in 1975 lead worldwide in the turn of events and creation of programming and programming related administrations and arrangements. At first known for home PCs, Microsoft, headquartered in Washington, presently offers different working frameworks and programming for PCs. This global organization endeavors to help the overall business network improve effectiveness and efficiency. Lately, this organization has combat analysis concerning what some think about monopolistic, against serious strategic policies. Regardless of legitimate mishaps including antitrust infringement authorized by the US Department of Justice, Microsoft stays a significant player in its field. In today’s business condition requests the sharing of information, portable innovation and fast correspondence. Microsoft gives devices empowering business to be profitable and impart adequately paying little heed to area. Standpoint fills in as the entry for email, assignments, schedule and contacts. Microsoft office line workspace, flaunting on the web extra room, empowers clients to spare access and offer records all through the world. We will compose a custom article test on Force point use in work envirnoment or then again any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Portable Technology like cell phones, which gracefully the client with cutting edge processing choices permit you to remain associated with organizations. Microsoft office Accounting Express 2008 offers little beginning up or at home organizations an asset for bookkeeping handling and techniques. The product incorporates solicitations, spending plan and account layout and benefit and misfortune explanations. Office Excel outperforms manual, paper-based spreadsheets as far as convenience and exactness. Organizations go up against an ever-developing number of security dangers. Numerous organizations choose for use Microsoft Vista working framework as a measure to ensure their information. Vista flaunts account control, investigating and demonstrative highlights and spyware blocker. Microsoft Security Essentials, present in 2009, offers antimalware arrangements at no expense to purchasers who utilize Genuine Windows-based PCs. Enormous business may pick Microsoft Windows Vista Ultimate; Ultimate offers Bit Lockers Drive Encryption for greatest information security. Microsoft lost its remaining as the main worldwide programming organization in May 2010. Apple, once very nearly eradication concentrated on creative, new buyer items to produce development; a mainstream line of hand-held gadgets added to the company’s flood in benefit. Conversely, Microsoft, in spite of inconsistent new frameworks discharges, essentially lies for the most part on safeguarding the current business. Despite the fact that Microsoft stays a solid player in the market, the organization keeps on confronting hardened rivalry. PowerPoint is an amazing device for representative preparing and web based learning. Entrepreneurs and friends administrators can utilize the projects to make convincing and intuitive slide shows to exhibit new items, train new laborers and help existing clients capitalize on the items they purchase. Truth be told there are a large number favorable circumstances to utilizing PowerPoint as a web based learning apparatus. A most impressive aspect regarding PowerPoint is the way that it can corporate liveliness highlights and clasp craftsmanship. Its capacity to fuse sound is another amazing advantage of PowerPoint as an internet learning device. The sound elements of this program can make the slide show progressively intelligent and less exhausting, and too can urge guests to remain with the preparation. Organizations can utilize this intelligent component of PowerPoint to beat issues and make their instructional meetings convincing. PowerPoint contains various incredible intelligence instruments that makes it simple for clients to draw in the consideration of the whole online crowd. The improvement done to Excel 2007 and Excel 2010 is the capacity to bunch the dates in the dropdown list into years and months. That implies you don’t need to make another segment to recognize the years and months of each line utilizing Excel equations. In Excel 2010, you can modify your own Ribbon tab. It tends to be utilized as orders in a single spot. Along these lines you don't need to click starting with one tab then onto the next to discover your regularly utilized order. In the prior long stretches of Excel (2003 and underneath), arranging must be done dependent on the shading coding in the cell, Not just that, you can likewise sort the records by the textual style shading. That’s new in Excel 2002 and 2010. Numerous contingent isn't made simple Excel 2007 and 2010. In the more seasoned Excel form 2003 and underneath, we are to tally dependent on one single condition. When utilizing Excel 2003, numerous conditions whole must be finished utilizing the equation SUMPRODUCT or joining all the conditions into one preceding applying the recipe SUMIF to information. With the new Excel 2007, you can now effectively summarize the qualities dependent on more than one condition by utilizing the SUMIF’s fomula.

Advocacy activity Essay Example | Topics and Well Written Essays - 2000 words

Support movement - Essay Example So as to prevail in this undertaking, reporting the progressions occurring as far as enactments and arrangements, as a device of social change is subsequently unavoidable. Strategy change is perhaps the best establishment, and an energetically prescribed way to deal with address the novel difficulties looked by the general public. The quickly changing elements of the world of politics around us obviously feature the criticalness of the organization as a professionalizing specialist in the field of political theory (Furner, 2010). This paper intends to layout a way to deal with assess arrangement change by featuring key needs starting from a short review of the picked enactment, the hugeness and extent of the issue, the expansive ramifications of the enactment, just as an inside and out record of the chosen official followed by a clarification of the whole procedure beginning from the fundamental explanations for the decision of the chosen official a diagram of the key purposes of con versation, to be done during the individual meeting. Rundown of the enactment: The way to tending to and settling different social issues looked by the general public lies in the assurance of the social reformers and their tireless interest to make a progressively compassionate society by taking part in arrangement backing (Jansson, 2010). HIV AIDS is one such basic issue looked by the United States. With a sum of 1.2 million Americans living with HIV (CDC, 2012), and one of every five individuals are ignorant of their disease (Aids.gov, 2012) it is recognized as a genuine general wellbeing concern in this manner demonstrating an earnest need to destroy it through successful arrangement changes. This segment examines the Cure for AIDS Act 2012, presented by Representative James Himes in the House, and is planned for finding a successful remedy for the pandemic and makes it available in the United States just as all around. It proposes to set up an exploration program under the Congr essionally Directed Medical Research Program of the Department of Defense to achieve its objective (Govtrack.us). The program is proposed to be going by the Secretary of Defense in a joint effort with the Director of National Institutes of Health; the Director of National Institute of Allergy and Infectious Diseases; and any leader of a Federal organization as considered fitting by the Secretary. The program intends to build up a remedy for HIV/AIDS through broad research programs, planned for tending to the major issues, for example, the key causes behind the determination of the illness notwithstanding the utilization of different treatments; and creating and recognizing different testing intercessions to control the spread of any additionally spread of the infection, among others. The program additionally tries to pick up help from Non-benefit elements regarding co-appointment and sharing of duties through association and arrangement of friend investigated subsidized research. Th e key goal of this bill is to guarantee a viable remedy for HIV/AIDS by supporting and empowering imaginative research. The conviction to discover a fix has been reinforced further after the ongoing instance of Timothy Brown, the principal individual ever to be relieved of the 'serious' ailment (CBS News, 2012), in this manner giving a recharged want to the clinical experts, scientists and strategy producers to resuscitate and quicken their endeavors towards working and crusading for the admirable motivation. Criticalness and extent of the issue: HIV/AIDS is a worldwide pandemic influencing 34 million individuals around the world, and asserting 1.8 million lives starting at 2010 (WHO, 2012). As indicated by accessible insights the circumstance is similarly grave for high-pay created nations also including the United States. Over 1.2 million individuals in the United S

An Open Letter to the Teacher Who Encouraged Me to Write

An Open Letter to the Teacher Who Encouraged Me to Write To the teacher who made me want to be a writer: Not a single day goes by that I don’t think of you and the lessons you taught me the summer before my senior year of high school. Though I never even had you as an English teacher during the school year, I’m so grateful for the short amount of time I did get with you when you mentored me on my college application essay. Without it, I know that I would not be the writer or person that I am today. I always felt like I was a pretty good writer. And by that I mean I always did well on writing assignments in school. But until you read my writing, I didn’t realize how much power words can carry, how much of a person can be contained within the sentences they lay out, even if they’re not aware of it themselves. I prepared what I thought were meaningless blurbs about my mundane, everyday life as a form of brainstorming. However, when you read them, you picked one out almost instantly and turned to me, saying “I sense a lot of pain here.” Out of utter shock and the sudden realization that you were right, I burst into tears right then and there. I’d never confronted my own pain, let alone been confronted by someone else about it. And I certainly had never imagined that my words could reveal and communicate the deepest parts of me to a careful reader. From that moment, writing became so much more than just this mechanical process of conveying arguments and ideas. It became like therapy. I’d never managed to be so introspective and vulnerable until then because I didn’t think any good would come of it. Thank you for teaching me otherwise, for letting me cry in front of you on a daily basis in order to work through everything I’d been holding in for years, for showing me how to convert all the baggage into something tangible and useful. Today, I continue to strive to be as open as possible with myself and in my writing. It has not only helped me improve as a writer, but it has also helped me in learning to understand and love myself, which used to seem almost impossible. Thank you for believing in my writing and making me promise to continue doing it. To be honest, I didn’t really have any intention of writing much after high school, despite how cathartic it had proven to be. I was moving across the country and leaving everyone I knew behind to study biology (in which only scientific writing is involved), so I was relying on getting a fresh start and never needing to look back or write for myself. I could not have been more wrong. Finding myself back in a place of pain and doubt, the promise I had made to you but never kept suddenly came back to me. It bothered me that I hadn’t kept that promise, so I endeavored to begin writing once more. Again I made myself vulnerable, and again I took everything I was carrying with me and attempted to turn it into something tangible. And this time around, I realize that this is something I need to be doing continuously, certainly for myself, but maybe for others as well. Before you even taught me anything about writing, you had words of advice that made a huge impression on me and that I continue to repeat to myself now whenever I feel down about how my life is going. I was a teenager who had never really failed at anything before, and that made me somewhat entitled as a young person. At the time, I wouldn’t have imagined a teacher telling a group of students about to embark on a new stage in life not to put all their hopes on one path, but you did. It honestly felt like a slap in the face at first, but you also told us that even if we didn’t end up where we thought we  wanted to be, we would still end up where we were supposed to be. And having now experienced a lot of failure since then, this idea has become a major light in the darkness for me. And now that I’ve begun writing again and been lucky enough to find a platform to share my words with others, everything you taught me has come together and I finally feel that I truly am exactly wher e I am supposed to be. I know that there are many writers out there who have been inspired and encouraged by amazing people just like you. So thank you for being a part of this special group of teachers and mentors. And thank you, on behalf of all of us young writers, to everyone out there who has helped us cultivate our individual voices.

An Analysis Of A Mergers Profitability - Free Essay Example

Abstract Introduction In the last few years we have observed a revived surge in the number of mergers. They are more often observed in countries with better accounting standards. Companies undergo mergers for a number of reasons. The primary reason is the proper allocation of resources and thus, increasing cost efficiency. A small amount of research has been done in the past years analyzing the short and long term effects of mergers in creating value for the companies. It has been seen that most mergers result in failures but not much research has been done in analyzing the reasons behind it. My research would be based on few of the biggest mergers that have taken place in the last few years. Firstly, my analysis of a mergers profitability would be based on standard event study methodology. It would take into account the return to shareholders. Secondly, it would also aim to provide evidence regarding the signalling theory and the synergistic and the agency views. This would be based on an in-depth analysis of various determinants such as the excess returns around the announcement of the merger bid and around the termination of the merger and the significant differences in the responses of firms attempting fo cusing versus diversifying mergers respectively. Lastly, this would be followed by a thorough analysis of the valuation effects of mergers. There have been varied views but no one conclusion has been reached. I would thus, like to investigate deeper into it 2. Literature Review and Hypotheses Analysis revealed My research concentrates on the effects of a focusing and diversifying merger on the abnormal returns around the announcement period of the merger. The study by Delong (1999) can be seen as an extension to my research. He based his research on evaluating the stock pricing behaviour of the bidder and the target in bank mergers. He further studied the abnormal returns according to the nature of the merger i.e. focusing or diversifying. In my analysis, I take into account only activity focused mergers, whereas Delong (1999) considers mergers which focus on both activity and geography. His results show an enhancement in value of a focusing firm of about 2 % to 3 % as compared to a diversifying firm irrespective of the time period. On investigating further, he found that the relative market size of the target to the bidder and the pre-merger performance of the targets show an apparent relationship with the cumulative abnormal returns so calculated. Wong and Cheung (2009) analyse the changes in the stock prices of the bidding and target firms in Hong Kong, China, Taiwan, Singapore, South Korea and Japan, following a merger or an acquisition announcement. It can be seen from their analysis that such an announcement yields positive results for the bidding firms but does not prove to be very beneficial for the target firms. Their hypotheses considered the consequences of the mode of payment, the type of acquisition and the type of the target firm on the stock pricing. Out of them only the second variable seems to have a direct effect on the post announcement returns of the bidding firm. Huang and Walkling (1987) conducted similar research by extracting a sample of acquisitions from the Wall Street Journal which consisted of all initial front-page acquisition announcements. But this, took into account slightly different variables as compared to the other analyses discussed above. They determined the effect of tender offers vs. mergers; cash offers vs stock offers and resisted offers vs. unresisted offers. Their analysis revealed higher abnormal returns for tender offers which were quite insignificant once the effect of the extent of resistance and the payment type were isolated from it. The deals which faced resistance during a merger or tender offer showed higher abnormal returns irrespective to the mode of payment. All the results obtained above were either insignificant or marginally significant, but the effects of the third variable i.e. the form of payment showed some concrete results. The cumulative abnormal returns obtained from cash offers were radically high er than those obtained from stock offer. This research carried out by Huang and Walkling gave quite a holistic overview of the effect of the announcement of an acquisition, as it took into consideration, variables which are affected by both the bidding and target firms decisions. All the literature discussed earlier in this paper, has illustrated some positive effects of an acquisition for both the bidders and the target firms. But, the analysis conducted by Bruner (2001) showed a little variation to the above. It suggested that only the target shareholders draw upon the benefits of the acquisition. No such profitable return is observed for the bidding firms. But, the combined returns of the bidder and the target yield positive results. The approach followed by Bruner differs significantly from most of the research discussed earlier. He measures the performance of a merger and acquisition based on the investors required returns. After observing the abnormal returns of the acquirer around the announcement date of the merger as per my research, the most obvious next step would be to analyse the long term effects of the merger. Various studies have been done in order to rightfully determine the outcome .The study by Asquith (1983) showed drastic negative returns after about three years of the merger. One of the best analyses that I found was by Agrawal, Jaffe and Mandelkar (1992) in their paper à ¢Ã¢â€š ¬Ã‹Å"The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. Their results are based on a thorough analysis of a number of mergers that took place from 1955 to 1987. They explored the effect of the size of the firm and its beta risk, and found a loss of 10 % in the total wealth of the acquiring firm, five years after the merger was completed. An attempt was also made to find the additional NPV which is not captured by the announcement returns analysis. But, it was seen that the modificat ion of the market was similar for both the announcement and post merger analyses. Cole et al (2006) Investigate a number of unsuccessful mergers in order to determine if they create or destroy value for acquirers by using mainly two approaches. Their signalling approaches show that the value of the bidding firm is reduced by a large margin in the market, which is a form of a punishment for considering the acquisition of a low NPV project. They also find that horizontal mergers yield negative CAR. Hypothesis 1: The average abnormal returns (AAR) yield positive results for all sub-periods in the event Hypothesis 2: The Cumulative average abnormal returns (CAAR) yield positive results for all sub-periods in the event. Hypothesis 3: The type of acquisition, kind of acquisition, the mode of payment and the type of target firms affects the value of the cumulative abnormal returns (CAR) around the announcement day t=0 in the event. Take into account focusing and diversifying 3. Methodology We begin by classifying the effective sample into two categories à ¢Ã¢â€š ¬Ã¢â‚¬Å" Focusing and Diversifying. The classification approach has been adopted by Mann and Sicherman (1991).This can be done by comparing the two-digit SIC Codes of the acquirer and the target firm respectively. If both the firms involved in a deal have the same two-digit SIC Code, it can be classified as a focusing acquisition, whereas, if both firms have different codes, it is classified as a diversifying acquisition. Now we progress towards analysing the cumulative value created by a focusing and diversifying acquisition around the announcement date, using a standard event-study methodology described by MacKinlay (1997), Huang and Walkling (1987) and Wong and Cheung (2009). The Market Return Model is used in this case, to calculate the abnormal returns of the sample using a linear relationship between stock returns and market return. Rit = ÃŽÂ ±i + ÃŽÂ ²iRmt + ÃŽÂ µit (1) E (ÃŽÂ µit = 0) var (ÃŽÂ µit) = à Ã†â€™ÃƒÅ½Ã‚ µt2 Where: Rit : Return on security i on day t Rmt : Return on market portfolio on day t ÃŽÂ µit : Zero mean disturbance term ÃŽÂ ±i, : expected value of the difference between Ri and ÃŽÂ ²iRmt ÃŽÂ ²i : covariance between Rit and Rmt divided by the variance of Rmt à Ã†â€™ÃƒÅ½Ã‚ µt2 : variance of the error term We use the market model instead of the constant mean return model as it gives us a more accurate judgement of the effect of the event. This is true as it does not take into account the variation of the market return , thus, giving us more accurate abnormal returns. ( if any words remain add how to calculate rit and rmt) In order to calculate the abnormal returns, we use the market model parameter estimates. ^ ^ ARit = Rit à ¢Ã¢â€š ¬Ã¢â‚¬Å" (ÃŽÂ ±i + ÃŽÂ ²iRmt) (2) Where: ARit : the abnormal return for security i on day t ^ ^ ÃŽÂ ±i and ÃŽÂ ²i : estimates of ÃŽÂ ±i and ÃŽÂ ²i In order to calculate the abnormal returns we use a maximum of 351 daily observations (Huang and Walkling, 1987). We start collecting data from t -300 to t +50 days, with t = 0 being the announcement date of the acquisition. These 351 days include non-trading days as well. In other words, we actually gather data from t -214 to t +36, taking only trading days into account. We use different time periods of an event for a complete comparative analysis of abnormal returns in each sub period which is described as below: Event period : day t -10 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t +30 (41 days) Pre-announcement period : day t -10 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t -2 ( 9 days) Announcement period : day t -1 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t 0 ( 2 days) Post Announcement Period : day t +1 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t +30 (30 days) diagram To analyse the effect of the event , we now calculate the average abnormal return (AAR) for all the securities for a time period t. AAR is the sum of all abnormal returns of firms on day t divided by N( the number of firms): (3) The t statistic, à Ã¢â‚¬ ¢, is calculated by dividing AARt by the standard deviation of the average abnormal returns. This is final step of the model, which helps in determining the significance of the AARt in the event period. (4) While calculating the standard error, an estimator is used to calculate the variance of the abnormal returns in the absence of but in this case we use the sample variance measure of that we derive from the market model regression. The estimator is as follows: In order to establish a more holistic viewpoint, the cumulative average abnormal returns (CAAR) are calculated: Where T1 to T2 is the duration of the event in which the AARt is collected. According to our hypotheses we have to calculate one more variable, the cumulative average abnormal return (CAAR) over a certain period. In order to find out the significance of CAAR we calculate its t statistic as follows: Where var(CAAR) is the variance of the cumulative average abnormal returns. We could use a variety of formulas to calculate the standard deviation and t statistic such as those described in Campbell, Lo and MacKinlay (1997) and Brown and Warner (1985). But we calculate using the method adopted by Kothari and Warner (1985): Where: : Variance of the average abnormal return for one period. L : Longer the L, the higher is the variance of CAAR To test the third hypothesis, another variable is taken into consideration the Cumulative abnormal returns (CAR). We now develop a regression model using dummy variables to test the effect of the type of acquisition, kind of acquisition, the type of the target firm and the mode of payment on the CAR of the acquirers. The control variables are the relative market size of the market value of the target to acquirer (RMV) and the market size of the acquiring firm (M) (Wong and Cheung, 2009). Where: : Cumulative abnormal return from day d1 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day d2 D1 : 1 if the type is acquisition D1 : 0 otherwise i.e. merger D2 : 1 if it is focusing D2 : 0 otherwise i.e. diversifying D3 : 1 if target firm is private D3 : 0 otherwise i.e. public D4 : 1 if mode of payment is cash D4 : 0 otherwise i.e. stock M : Market Value of the acquiring firm=Number of outstanding share *closing price on the announcement date The tests of hypotheses 1, 2 and 3 can be described as the following tests: H1 : H0 : AARt = 0 H1: AARt à ¢Ã¢â‚¬ °Ã‚   0 H2 : H0 : CAARt = 0 H1: CAARt à ¢Ã¢â‚¬ °Ã‚   0 H3 : H3i :ÃŽÂ ²1 = 0 (Acquisitions vs. Mergers) H3ii :ÃŽÂ ²2 = 0 (Focusing vs. Diversifying) H3iii :ÃŽÂ ²3 = 0 (Public vs. Private target firms) H3iv :ÃŽÂ ²4 = 0 (Cash offer vs. Share offer) 4. Data Description The number of mergers and acquisitions carried out in India has been quite extensive. Hence, certain criterion has been used to select a suitable sample. The deals carried out with Morgan Stanley, JP Morgan, Goldman Sachs, UBS, Deustche Bank and Citi as their financial advisors should be included. These banks have been chosen as they deal with high valued mergers which are perfect for highlighting the true effects of a focusing or diversifying merger. All deals should have been completed from January, 2003 to March, 2010. The sample consists of only 178 completed transactions. All the acquirer firms must be publicly listed in the Bombay Stock Exchange. The SIC Codes for the target and acquirer should be available in the CRSP Database. This helps in dividing the sample into focusing and diversifying mergers. Because of these restrictions, the sample reduces to 70 firms, three of which have some information missing regarding the stock returns etc and hence our effective sample is 67. It has been further classified into 44 focusing and 23 diversifying deals. Using only publicly listed firms enables us to extract information about these deals such as à ¢Ã¢â€š ¬Ã¢â‚¬Å" announcement dates, termination dates, stock returns, market returns etc. from the Thomson One database, company websites and the Bombay Stock Exchange. The Bombay Stock Exchange Sensitivity Index or the BSE Sensex (30) has been used to gather the market returns of the firms TABLES 5. Estimated Result 6. Conclusion (Limitation)