Clinical Trial Drugs Regulations and Manufacture Thesis

Clinical Trial Drugs Regulations and Manufacture - Thesis Example For instance if one treatment is effective in children, could if be equally as effective with adults. Trials confirm what treatments are being used safely and satisfactorily on individuals. There importance is limitless amongst the population of the medical world. For quite some time, clinical trials in the pharmaceutical industry have been regulated by several government bodies. These regulations are set forth by entities like the United States Food and Drug Administration (FDA), the European Medicines Agency (EMEA or EMA), the International Conference on Harmonization (ICH), and the Medicines and Healthcare products Regulatory Agency (MHRA), to name a few. These entities weigh a heavy collateral on how pharmaceutical companies transition medicines from ideal to market with the use of clinical drug trials. The severity of the clinical trial drugs process has a significant donation to the well being of humanity, but faults in production of medications that will suffice in the treatme nt of those it was produced to treat. James Bryce once said; â€Å"Medicine, the only profession that labors incessantly to destroy the reason for its existence†. In short drug trials are performed to adhere to safety regulations that conform to human health strategies. According to the United States National Institutes of Health Service clinical trials are â€Å"considered to be biomedical or health-related research studies in human beings that follow a pre-defined protocol† (Understanding Clinical Trials, 2007). In order to associate the importance of these trials, it has to be first comprehended as to where they have evolved from. Traditionally, clinical drug trials can be associated with pharmaceutical medicine. ... The history of pharmaceutical medicine can be accredited sixteen distinct contributions as directly cited by the Drug Study Institute (Saponaro, 2011): 1. In 1906 the Pure Food and Drug Act was passed, partly due to Dr. Wiley's Poison Squad experiments. It forbade interstate and foreign commerce of adulterated and misbranded food and drugs. There were no safety or efficacy requirements. In 1902 Dr. Wiley started research with human volunteers to determine the effects of food preservatives on digestion and health. Overnight the press made the "Poison Squad" a national sensation. This law required new drugs be tested for safety before marketing, the results of which would be submitted to the FDA in an NDA or New Drug Application. The law also required that drugs met standards of strength and purity and had adequate labeling for safe use. 2. The Elixir Sulfanilamide tragedy in 1937 prompted Congress to pass the Food, Drug, and Cosmetic Act in 1938, which required pre-market review of sa fety in a New Drug Application (NDA) and specified labeling requirements. It also began marking study drugs with the phrase, â€Å"for investigational use.† It also gave the FDA the authority to inspect sponsor drug manufacturing plants and gave them more enforcement power. The requirement of proving effectiveness was still missing. 3. In 1948 the Nuremberg Code was written, the first formal statement on medical ethics. Nuremberg Code: In 1948, the Nuremberg Code laid down 10 standards for physicians to conform to when carrying out experiments on human participants. The Nuremberg Code was the result of judgment by an American military war crimes tribunal conducting proceedings against 23 Nazi physicians and administrators for their willing participation in war crimes

Crime Scene Research Paper Example | Topics and Well Written Essays - 750 words - 1

Crime Scene - Research Paper Example In this case, we were presented with a homicide that appears to have occurred in the victims homes, where she was found dead, stabbed 13 times, on her kitchen floor. Given the information provided one can extrapolate a couple of different and plausible theories to solve this case. The Victim: The victim is lying on the kitchen floor. She has 13 stab wounds in her body. Stabs wounds of high numbers, excessive beyond just causing death, are sometimes identified as â€Å"emotional† attacks. Usually occurring when the attacker has a personal reason for attacking the victim. She has a knife near to her hand and she shows a number of bruises on her upper arms and broken finger nails. This would indicate that the victim fought back against her attacker. It is, also, means that there is a higher possibility of DNA evidence of the murderer left on her body or under her broken finger nails. As yet, there is no certainty if there has been sexual assault of any kind. Given that the victim is a sturdily built, above average height for female, and 140 pounds it is abundantly likely her attacker was a male; being that she is a larger than average for a female she would likely have an advantage over a female opponent. There are, also, a lot statistics to support the understanding that the homicide victims, who are women, the majority of their murderers are male, as opposed to other women (Brewer & Smith, 1995). The Scene: The crime scene itself has a lot to say about what might have happened here. The fact that the crime took place in the kitchen may have been chosen by the victim. She may have gone to the kitchen intentionally to get to the gun in the drawer or the knife on the counter. The house looks to be in turmoil, however, despite the mess, nothing was apparently stolen from the home. This pretty much eliminates that this homicide was incidental in the course of robbery gone wrong. Realistically this leaves two distinct options to consider. The first is that the crime was a premeditated act or a crime of passion. The fact, that there are no signs of forced entry or breaking and entering means that the victim either was comfortable opening her door to the killer or knew them well enough to invite him into her home. The knife on the floor may or may not be the knife used to stab the victim; knowing this would indicate whether the killer brought a weapon to the scene or used the knife from the victim’s kitchen. There is, also, the possibility that it was the victim who pulled the kitchen knife to defend herself. The family members, who were apparently not present at the time of the crime, are not specifically identified. It is fair to assume that the victim probably has no small children because most parents of small children do not keep loaded firearms in the kitchen drawers. If the victim’s family includes a husband, partner, boyfriend, or fiance then it will be necessary to further question her spouse or partner. In the majori ty of murders occurring among women, 30% or more, can be attributed to men whom they were presently or at some time intimate with (Marvell & Moody, 1999). The Family: When the family is informed one might want to watch the behaviors and actions of the family members. People behave in certain psychological ways when they receive heartbreaking information. The stages of grief are typical of human beings (Moldovan, 2009).So if someone’

The Implications of Cultural Diversity on Organizational Performance Essay - 1

The Implications of Cultural Diversity on Organizational Performance and The Role of Human Resource Management - Essay Example (Sommer, 2005) The attempt has been proactive in nature since the relation between performance and the incorporation of competent individuals from diverse backgrounds is all the more necessary in the times much like today. Cultural diversity and organizational performance both have significant bearing on the overall working regimes of the organization and thus should be given the importance that these deserve in essence. No organization can meaningfully progress today without efficiently responding to demands and pressures generated by cultural diversity. Adoption human resources management (HRM) for such recommendations which has been provided in this assignment would contribute effectively to maximize the benefits of cultural diversity within an organization. Workforce depends a great deal on the way in which workers perform their duties and remain committed to the growth potentials of the business. It does not really matter if the workers are full time employee or contingent and part time ones. What is needed and looked upon is the manner in which employees work towards attaining the goals and objectives of the business and provide benefits to the eventual position of the organization. This is the single most quintessential basis for the workforce to identify with and no other aspect is deemed in the same vein when it comes to the amount of significance that workforce could exhibit on any given day. If the organization has a major share of temporary workers within its fold, it is of paramount essence that the organization’s own culture is strong and there are no apprehensions in this basis whatsoever. (Buttner, 2006) This is because organization’s culture lays the foundation stone for their devotion and work place performa nce levels to a higher magnitude. Any set of values and beliefs make up a culture. On the same pretext, an organizational culture is a set of values, morals, beliefs, traditions

Crime Scene Research Paper Example | Topics and Well Written Essays - 750 words - 1

Crime Scene - Research Paper Example In this case, we were presented with a homicide that appears to have occurred in the victims homes, where she was found dead, stabbed 13 times, on her kitchen floor. Given the information provided one can extrapolate a couple of different and plausible theories to solve this case. The Victim: The victim is lying on the kitchen floor. She has 13 stab wounds in her body. Stabs wounds of high numbers, excessive beyond just causing death, are sometimes identified as â€Å"emotional† attacks. Usually occurring when the attacker has a personal reason for attacking the victim. She has a knife near to her hand and she shows a number of bruises on her upper arms and broken finger nails. This would indicate that the victim fought back against her attacker. It is, also, means that there is a higher possibility of DNA evidence of the murderer left on her body or under her broken finger nails. As yet, there is no certainty if there has been sexual assault of any kind. Given that the victim is a sturdily built, above average height for female, and 140 pounds it is abundantly likely her attacker was a male; being that she is a larger than average for a female she would likely have an advantage over a female opponent. There are, also, a lot statistics to support the understanding that the homicide victims, who are women, the majority of their murderers are male, as opposed to other women (Brewer & Smith, 1995). The Scene: The crime scene itself has a lot to say about what might have happened here. The fact that the crime took place in the kitchen may have been chosen by the victim. She may have gone to the kitchen intentionally to get to the gun in the drawer or the knife on the counter. The house looks to be in turmoil, however, despite the mess, nothing was apparently stolen from the home. This pretty much eliminates that this homicide was incidental in the course of robbery gone wrong. Realistically this leaves two distinct options to consider. The first is that the crime was a premeditated act or a crime of passion. The fact, that there are no signs of forced entry or breaking and entering means that the victim either was comfortable opening her door to the killer or knew them well enough to invite him into her home. The knife on the floor may or may not be the knife used to stab the victim; knowing this would indicate whether the killer brought a weapon to the scene or used the knife from the victim’s kitchen. There is, also, the possibility that it was the victim who pulled the kitchen knife to defend herself. The family members, who were apparently not present at the time of the crime, are not specifically identified. It is fair to assume that the victim probably has no small children because most parents of small children do not keep loaded firearms in the kitchen drawers. If the victim’s family includes a husband, partner, boyfriend, or fiance then it will be necessary to further question her spouse or partner. In the majori ty of murders occurring among women, 30% or more, can be attributed to men whom they were presently or at some time intimate with (Marvell & Moody, 1999). The Family: When the family is informed one might want to watch the behaviors and actions of the family members. People behave in certain psychological ways when they receive heartbreaking information. The stages of grief are typical of human beings (Moldovan, 2009).So if someone’

BUSINESS STRATEGY Essay Example | Topics and Well Written Essays - 2000 words

BUSINESS STRATEGY - Essay Example Strategy is the other term for business planning to obtain competitive advantage in the market and to analyze the future events to operate successfully in uncertainty. The business strategies of an organization aim at bringing out strategic decisions about the choice of products, customer needs, and new opportunities in the terms of market and technology and other important decisions which help the firm to gain a competitive advantage in the market. The business houses cannot take appropriate and important decisions without the availability of the complete information of the external environment. Business organizations cannot run in vacuum and it has to involve the external environment. There are many related parties to the business like the customers, society, environment, employees, creditors etc. It is very important for the firm to have a complete knowledge about its internal and external environments. A thorough study of the internal and external processes of the organization helps it to understand its strengths by establishing the points or the areas where the organization is good at as well as understanding its weaknesses, the areas where further improvement is required. This analysis would further help in understanding the external environments to understand the scope of the organization in the future. The strategic planning and recommendation requires the thorough understanding of the internal environments of the organi zation so as to plot the strategies accordingly, for the maximization of the benefits drawn from the strategies. The stake holders of an organization play an important part in the policy formation and implementation of the strategies.

The Fiftieth Gate and The Pianist Essay Example for Free

The Fiftieth Gate and The Pianist Essay Memory helps form the basis of history, whereas history can be used to clarify fragmented memories. For a true understanding of the past there has to be a balance between documented evidence and personal experiences and memories. In Mark Baker’s nonfiction biography ‘The Fiftieth Gate’ (1997), and Roman Polanski’s film ‘The Pianist’ (2002) have both reconstructed the past through a combination of memories and historical documentation. The interplay of historical documentation and memories is critical for an accurate portrayal of an event. The Fiftieth Gate’ follows Baker’s own investigation into the history and memories of his parents to understand the events of the Holocaust. He adopts a style of writing similar to Midrash, a religious method of biblical interpretation of ideas, to bridge the gap between the past and present. Intially memories are inconsistent for Baker. They can leap out â€Å"at him, like a jack-in-the-box†, the simile enhancing the notion that memories are unpredictable and therefore not entirely reliable. Baker’s value of historical exactness over memory is seen through the juxtaposition of his father’s shared experience against his mother’s lone survival. He sees his father’s past â€Å"written on page of history shared by other survivors† while his mother â€Å"could not point to anyone†. As the novel progresses, this preference for history over memory is diminished. History is characterized as cold and lifeless being: â€Å"papers (that are)†¦echoes of the past, dark shadows without screams, without smells, without fear†. The repetition of â€Å"without† emphasizes the lack of emotion present in historical accounts. At the end of the novel Baker arrives at the rhetorical question â€Å"Why do I crave the contents of this single lone sentence†¦when all it says is what she has repeated throughout her life? while summarising his mother’s experience. The historian eventually learns to stop only looking at â€Å"numbers and lists† but rather hear the â€Å"pleas of a human being†. With this final combination of history and memory Baker is able to acquire a deeper understanding of the past. A similar focus on the interplay of historical documentation and memories is seen in Roman Polanski’s film ‘The Pianist’. Polanski’s own memories and the experiences of Wladyslaw Spzilman are verified by archival images taken by the Germans and historical data about the Warsaw Ghetto. In contrast to Baker’s describing of events, ‘The Pianist’ visually recreates the memories of the Holocaust victims. Polanski uses monochromatic colours, costumes and lighting to produce a morose World War II concentration camp atmosphere. Within the film the interplay of history and memory is shown as black and white footage intercut with contemporary scenes of Spzilman from Pianist. To ensure that the â€Å"smallest detail would be exact†, the director employed research experts, who found artefacts from the Holocaust to use in the film that would provide authenticity. This is enhanced with dialogue that enlightens the audience to the attitudes and values of that time, â€Å"They hang†¦ (those) for helping Jews†. Allusions to official decrees that were placed at that time where â€Å"No jews are allowed† and newspaper articles and radio broadcasts of that time is used by Polanski to place the audience accurately within that time. He uses an evocative setting of ruins in Europe and Warsaw, and intercuts actual historical World War II footage and data. In â€Å"†¦trying to rebuild the world exactly as it was†¦ no more, no less,† he melds history and memory to reveal truths. For an accurate understanding of past events there needs to be a balance between historical documentation and personal memories. Baker creates these metaphorical gates that open his parent’s memories, a link to his Jewish heritage, with each gate drawing a separate memory. He enhances the eternal power of memories through sensory imagery: â€Å"Can you hear, or do the screams from the mass grave drown out the sounds and melodies of Wierzbnik in its innocence? † The experiences endured by his parents continue to torment them, their memories: â€Å"broken like fragments of sacred tablet†. The motif of stone in this simile corresponds with the Jewish belief of memory not being remembered by flowers but rather by stones as they are â€Å"mysterious and eternal†. The lasting effect of the Holocaust is seen in Genia’s dialogue: â€Å"Don? t interrogate me. I? m your mother, not your prisoner, the negative word connotations linking back to her own circumstance during the Nazi regime. Personal memories explore emotions that can never be captured by written documents, a notion that is illustrated through the repetition and rhetorical question of: â€Å"You read, you read. Books, books, everywhere. But do you know how it feels? † Baker employs evocative languge of his mother remembering: â€Å"the sound of shots† of â€Å"screaming†, which is contrasted to the historical facts of this event: â€Å"the death toll†¦ of atleast 40,000 Jews†, demonstrating the value of memory, as it provides greater substance and accuracy than documented evidence. Through an investigation of both history and personal memories Baker is able to gain an accurate understanding of the past. Polanski is â€Å"a survivor telling a survivor’s story†. The Pianist’ explores past events through the diary of a German officer, the memoirs of Wladyslaw Spzilman and Polanski’s own personal memories. Three accounts interweave in this film to display an accurate interpretation of the Holocaust. The accuracy of the Pianist’s memory is justified as it â€Å"was written immediately after the war†. Polanski himself remembers the â€Å"one thing that is burned in my mind is the arm band with the star of David†. He places this image to symbolise the dehumanisation of the Jewish people. This corresponds with the number branded on Baker’s father, Yossl. Polanski indirectly questions the link between memories and time. He suggests that memory is not entirely reliable and adapts to changing contexts. This is emphasised through the use of the cross fade technique. Images of Spzilman playing the piano blur into one another, which suggest that memory will eventually fade and transform. The piano itself is a visual leitmotif within the film for Spzilman’s survival spirit. Polanski visually enhances the Spzilman’s memory of being isolated in Warsaw ghetto by placing the pianist as a single figure in the centre of the foreground. All that remains in the background are possessions abandoned by the Jews who have been deported to death camps. Memory enriches history while history informs memory. These two key ideas are presented in Mark Baker’s non-fiction biography, The Fiftieth Gate and Roman Polanski’s film The Pianist, allowing the audience to understand the importance of memory and history. By examining personal experience, memory and documented evidence, an individual can a balanced and informed understanding of the past.

Acquisition of Natwest by Royal Bank of Scotland (RBS)

Acquisition of Natwest by Royal Bank of Scotland (RBS) Corporate strategy developers have in the past and today seen Mergers and Acquisitions as an effective tool to foster future growth and create sustainable value. As a norm, companies now aggressively seek and buy compatible businesses to gain from synergetic benefits and strengthen their core business operations, whether that is the Industry of Banking, Pharmaceutical, Information Technology, Construction or Retailing etc. Expenditure on acquisitions in the UK by foreign companies increased from  £9.2 billion in quarter four 2007 to  £19.9 billion in quarter one 2008. Expenditure on acquisitions abroad by UK companies decreased from  £25.8 billion in quarter four 2007 to  £15.5 billion in quarter one 2008. Expenditure on acquisitions in the UK by UK companies increased from  £3.2 billion in quarter four 2007 to  £3.6 billion in quarter one 2008. The number of transactions reported for acquisitions in the UK by UK companies at quarter one 2008 is the lowest reported since quarter one 2003?. Source: (http://www.statistics.gov.uk/pdfdir/ma0608.pdf- on 06-06-2008). In March 2000, Royal Bank of Scotland (RBS) acquired NatWest Bank, a bank three times its size. Shareholders were told that the merger would realise  £1.1 billion in cost savings and income gains. The acquisition of NatWest by the Royal Bank of Scotland has created a larger group which combines scale and financial strength with an innovation and growth culture, and gives us strategic options to create additional value for shareholders?. Source:(http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2001/MARCH/RESULTS2000- on 02-06-2008). The perceived motivation drives for this merger and acquisition activity are generally considered to be the acquiring banks desire to increase its return by expanding geographically. This perception is similar to Stewarts premises of merger motivation. According to the Stewart; the actual motivating forces behind merger should be ones that will: Increase financial performance (net operating profits). Financial benefits through borrowing against the Sellers unused debt capacity or against an increase in the consolidated debt capacity (lending capacity for banks). Tax benefits derived from expensing the stepped-up basis of assets acquired or from the use of otherwise forfeited tax deductions or credits?. (Stewart, 1991, p 375). 2. BRIEF REVIEW OF LITERATURE This chapter aims to discuss various literatures on mergers and acquisitions in order to provide a background for subsequent analysis. The literature identifies several economic and financial theories that justify Merger and Acquisition activity. In this review, we provide an overview of the literature that we use to guide our empirical work. 2.1 DEFINITIONS The interdisciplinary nature of the MA discourse is reflected in the versatile definitions provided in the literature. Some definitions emphasize the organizational context of MA: The term ËÅ"merger has two meanings in the context of combining organizations. Merger can refer to any form of combination of organizations, initiated by different kind of contracts. The more specific meaning that separates merger from acquisition is that merger is a combination of organizations which are similar in size and which create an organization where neither party can be seen as acquirer?. (Vaara, 2000, p 82). The word merger refers to negotiations between friendly parties who arrive at a mutually agreeable decision to combine their companies. In general, mergers reflect various forms of combining companies through some mutuality in negotiations?. (Fred and Weaver, 2001, p 6). The word merger is used to mean the combining of two business entities under the common ownership?. (Arnold, 2005, p 1041). In Acquisitions a company buying shares in another company to achieve a managerial influence. An acquisition may be of a minority or of a majority of the shares in the acquired company. An acquisition is recorded on the date of the economic decision (formally agreed) even if the legal issues have not been fully finalised. If subsequent disputes, legal issues or a lack of supervisory approval were to interfere with a completion of the acquisition, it is held not to have been recorded?. (Eurpean Central Bank, 2000, p 4). 2.2 TYPES OF MERGERS ACQUISITION From the point of view of an economist, there are four main groups of Merger and Acquisition. Horizontal ­: In this one firm combines with another in the same line of business. In simple words, a horizontal merger occurs when two competitors combine?. (Gaughan, 2007, p 13). Horizontal merger reduces the number of the competitors in the market. Vertical: A vertical merger is the combination of successive activities in a vertical chain under common coordination and control of a single firm?. (Sudarsanam, 2003, p 140). In simple words, it is a merger between a supplier and the distributor company of the supplies. This is a cost saving merger as well. For example HSBC purchased JP Morgans dollar clearing business in 1996. Congeneric: This involves related enterprises but not producers of the same product (as in horizontal merger) or firms in producer supplier relationship (as in vertical merger). An example is when Lloyds Bank acquired Cheltenham and Gloucester in 1995 mostly to acquire its mortgage business, which is related to but different from retail banking?. Source: (http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp â€Å" 04-05-2008) Conglomerate: A conglomerate merger is the combining of two firms which operate in unrelated business areas. Some conglomerate mergers are motivated by risk reductions through diversification; some by the opportunity for cost reduction and improved efficiency, others have more complex driving motivations?. (Arnold, 2002, p 870). For example in 1996, Royal Bank of Scotland was expected to take control of Charles Church. 2.3 LITERATURE REVIEW- THEORIES OF MA There are might a number of motives that might play a role in merger activity, like efficiency, growth , synergy, financial and tax benefits, shareholders exploration, but two of the most often cited motives for mergers and acquisitions are faster growth and synergy. All these strategic motives shall be discussed in this part of the proposal for the better understanding of merger and acquisition. 2.3.1 Efficiency Theory The efficiency theory says that mergers occur because they improve the combined firms, operations, for example, by letting superior managers assume control, by exploiting cost reducing synergies? or complementarities in the partners operations, or by taking fuller advantage of scale of economies and risk spreading opportunities, among other things in securing capital?. (Ravenscraft and Scherer, 1987, p 211). In simple words, efficiency is an improvement in the utilization of existing assets that enables the combined firm to achieve lower costs in producing a given quantity and quality of goods and services. 2.3.2 Managerial Motives or Managerial Perspectives Takeovers can also arise because of the agency problem that exists between shareholders and managers, whereby managers are more concerned with satisfying their own objectives than with increasing the wealth of shareholders. The motive behind some acquisitions may be to increase managers pay and power. Managers may also believe that the larger their organization, the less likely it is to be taken over by another company and hence the more secure their jobs will become. Take overs made on the grounds have no shareholder wealth justification since managers are likely to increase their own wealth at the expense of the shareholders?. (Watson and Head, 2006, p 317). 2.3.3 Shareholders Expropriation The important motive behind the consolidation has been maximization of shareholders wealth. In the neo-classical prospective, this mean that the incremented cash flows from the decisions, where discounted at the appropriate discount rate should yield positive or zero net present value. Under uncertainty, the discount rate is the risk-adjusted rate with a market determined risk premium for risk. Draper and Paudyal (1999) found that shareholders in the target businesses benefits substantially from takeover activity, particularly where they are given the option to receive either cash or shares in the bidder as the consolidation. It seems that the bidders shareholders do not suffer from merger. They also found that the benefits to target shareholders have declined in the recent past. Bruner (2004) argued that the approach taken by many of the studies based on US takeovers were flawed in that the research results were unduly influenced by a relatively small number of failures that involve d particularly large businesses. He claimed that all takeovers benefit target shareholders and the overwhelming majority benefit bidder shareholders as well.? (McLaney, 2005, p 395). Shleifer and Summers suggest a number of other motives for mergers and acquisitions in which shareholders may gain at the expense of other stakeholders. For example, some target firms may seek acquirers to escape financial problems or to break unfavourable labour contracts. Other firms may seek leveraged purchases of their targets to increase the surviving firms risk- return profile at the expense of existing debt holders?. (Shlfeifer and Summer, 1988, p 33). 2.3.4 Financial and Tax Benefits Whether tax motives are an important determinant of MAs. Certain studies have concluded that acquisition may be an effective means to secure tax benefits. Gilson, Scholes and Wolfson have set forth the theoretical framework demonstrating the relationship between such gains and MAs. They assert that for a certain small fraction of merger, tax motives could have played a significant role. Moreover, whether the transaction can be structured as a tax-free exchange may be a prime determining factor in whether to go forward with a deal. Sellers sometimes require tax free status as a prerequisite of approving a deal. In the U.K the rules are more strict for taxes; the losses incurred by the acquired firm before it becomes part of the group cannot be offset against the profit of another member of the group. The losses can only be set against the future profits of the acquired company. Also that company has to continue operating in the same line of business?. (Arnold 2005, p 1052). 2.3.5 Growth / Market Power Theory One of the most fundamental motives for MAs is growth. Companies seeking to expand are faced with a choice between internal or organic growth and growth through MAs. Internal growth may be a slow and uncertain process. Growth through MAs may be a much more rapid process. If a company seeks to expand within its own industry, they may conclude that internal growth is not an acceptable alternative, for example, if a company has a window of opportunity that will remain open for only a limited period of time, slow internal growth may not suffice. As the company grows slowly through internal expansion, competitors may respond quickly and take market share. The only solution may be to acquire another company that has a resource, such as established offices, and facilities, management and other resources, in place?. (Gaughan, 2007, p 117). Some mergers may result in market power which redounds to the benefits of the merging firms. George Stigler argued that such an effect might have been a primary motivation for many of the mergers and acquisitions during the last quarter of the 19th century and first half of the 20th century. He called the 1887-1904 merger wave merger for monopoly? and the 1916- 1926 wave merger for oligopoly?. (Stigler, 1968, p 23). 2.3.6 Synergy Theory This refers to the fact that the combined company can often reduce duplicate departments or operation, lowering the costs of the company relation to the same revenue stream, thus increasing profit. The two main types of synergy are operating synergy and financial synergy. Operating synergy comes in two forms: revenue enhancement and cost reduction. These revenues enhancements and efficiency gains or operating economies may be derived in horizontal or vertical mergers. Financial synergy refers to the possibility that the cost of capital may be lowered by combining one or more companies?. (Gaughan, 2007, p 124). Financial synergies result in lower cost of capital by lowering the systematic risk of a companys investment portfolio through an investment in an unrelated business?. (Trautwein, 1990, p 283). Below the list of reasons has been provided that are initiating consolidation in the form of merger and acquisitions in the U.K banking industry. Competition from building societies. New entrants into saving markets. New technology and the internet. Competition from the overseas banks. Government Policies. Economies of scale scope. Managing branch networks. 2.4 MERGER AND ACQUISITIONS: BENEFITS AND DRAWBACKS Lumby and Jones identified four key benefits and five draw backs of mergers and acquisitions as follows: 2.4.1 BENEFITS 2.4.1.1 Speed: An acquisition allows the companys newly formed strategy to be implemented rapidly. Through organic growth it will take the company much longer to reach the same level of business activity. 2.4.1.2 Critical mass: The Company is able to immediately achieve the critical mass of assets and activity levels that might be needed to obtain the operating economies of scale that exist in the chosen business area. At the early stages of organic growth into a new business area, the operating economies enjoyed by large competitors will not be achievable; so putting the developed business activity at a significant competitive cost disadvantage, from which further progress may not be possible. 2.4.1.3 Own-paper financing: An acquisition can be made without impacting on the companys cash resources or on its liquidity, by financing it with an issue of new equity called the companys ËÅ"own-paper. In contrast, organic growth will require the expenditure of the companys cash and credit resources. 2.4.1.4 Intellectual assets: In addition to the tangible assets of the acquired company, an acquisition will also bring with it intellectual assets such as the ËÅ"know-how, and business contacts of the management team, the skills of the workforce and its trading reputation. With organic growth, these may have to be developed ËÅ"in-house over time. In spite of the identified benefits, mergers and acquisitions have the following significant drawbacks as stated by Lumby and Jones: 2.4.2 DRAWBACKS 2.4.2.1 Risk: Mergers and acquisitions have a significant risk of high-cost failure attached. This is because an acquisition represents a single, very large investment, which if it turns out to be a mistake, then the business will have lost a substantial amount of its value. 2.4.2.2 Acquisition premium: Most acquisitions require the payment of an acquisition premium in order to persuade shareholders of the target company to sell their shares. This means that the acquiring company will be paying more than the economic worth of the company. 2.4.2.3 Steep learning curve: The acquiring company will have to rapidly learn how to manage an unfamiliar business and they may not necessarily be successful in doing so. In contrast, the slower pace of organic growth allows the management far more time in which to learn the range of new skills required to successfully manage the new business area. 2.4.2.4 Post-acquisition problems: Acquisitions could lead to a clash of management cultures between those of the acquired company and the acquiring company. This will often lead to key members of the acquired company leaving post-acquisition, resulting in the loss of vital intellectual capital. This may not be the case with organic growth. 2.4.2.5 Coinsurance effect: In an acquisition where either the predator company or/and the target company has debt financing, then there is the risk of a post-acquisition wealth transfer from the shareholders to the debt holders. (Lumby, 2003). 3. AIMS AND OBJECTIVES This Proposal has been built upon the analysis of the mergers and acquisition of banks in the U.K, like the acquisition (takeover of NatWest by Royal Bank of Scotland) in 2000. In this research my effort is to attempt and cover all important issues related to Mergers and Acquisition, like what causes, and initiates a merger or an acquisition, the benefits accrue to the company, its employees and customers etc, and native aspects of MA. This research investigates into the roots and causes of ever increasing consolidation activity and tries to critically evaluate merger and acquisition. Another aim of the proposal is to study the expectations of the stakeholders of the banks in the U.K, and the effect a merger or an acquisition has on them. Three stakeholders, namely, shareholders, employees and customers shall be studied in detail with the help of the case study. As according to the Schweigher: MAs basically aim at enhancing the shareholders value or wealth, the results of several empirical studies reveal that on an average, MAs consistently benefit the target company shareholders but not the acquirer company shareholders. A majority of corporate mergers fail. Failure occurs on average, in every sense, acquiring firm stock prices likely to decrease when mergers are announced; many acquired companies sold off; and profitability of the acquired company is lower after the merger relative to comparable non-merged firms. Consulting firms have also estimated that from one half to two-thirds of MAs do not come up to the expectations of those transacting them, and many resulted in divestitures. (Schweiger, 2003, p 71). The conclusion from this case study support my hypothesis that, whether stakeholders benefit from the merger and acquisition, because on the one hand, sometimes the merger and acquisition is beneficial for shareholders of the merging /or acquiring bank. On the other hand, employees are left worse-off following job cuts and redundancies. 4. STATEMENT OF DESIGN AND METHODOLOGY In order for the aims and objectives of the research to be fulfilled, it is essential to expand an understanding of the reason for growing tendency amongst banks in United Kingdom to pool together and the advantages of this pooling. The design of this project shall follow the deductive approach, like questionnaire, and the inductive research or the internal research will focus on interviews with the Managers and staff and customers of Royal Bank of Scotland and NatWest. In this regards, it is not an easy task to get an interview from the managers or the members of staff, but I shall try my best to do so. The external research will be carried out through the readings of books, journal and published data. Another difficult thing was access to annual reports, but I have already got the annual reports of both banks. The theory, annual reports and different analysists reports on the concepts of mergers and acquisitions shall be critically reviewed and thereafter compared and contrasted wi th facts gathered from the case study to confirm or disprove existing knowledge. Finally, both qualitative and quantitative data shall be analysed to make desired recommendations and conclusion. (UWIC Guidelines, Red Book is read carefully). 5. SOURCES AND ACQUISITION OF DATA Research can be done through books, as everyone knows, as only some knows; it can be done by letters. It can also be performed through Conversation?. (Watson, 1999, p 52). Sources of data adopted for this project include both secondary and primary data. A secondary data source enables a better understanding and explanation of the research problem. The literature review is a type of the secondary data, it involves the review of earlier studies on and around the research topic. Other secondary data includes the books on Finance, Mergers and Acquisitions, Strategy, journals, annual reports, analysists reports and different online resources like web pages of Royal Bank of Scotland and NatWest bank, should be used. In addition to the secondary data stated above, primary data sources shall equally be utilised to gather data directly from the key players in the merger and acquisition process. This shall include the use of questionnaires and personal interviews with managers and members of staff of RBS and NatWest. The interviews must be focused on the research area and not delve into alternative areas. (UWIC Guidelines, Red Book is been studied thoroughly). METHOD OF DATA ANALYSIS Data analysis is the most difficult part of the project. Data analysis is the process of applying statistical, systematic and logical techniques, comparing the data and managing it. During the project both the qualitative and quantitative data will require analysis. In order to determine how well a company has performed in delivering stakeholders value, we need to make a comparison with its past performance. The first annual figures for The Royal Bank of Scotland Group following the acquisition of NatWest show the enlarged Group made a profit before tax, goodwill amortisation and integration costs of  £4,401 million on a pro forma basis for the year to 31 December 2000, an increase of 31 per cent. The period analysed would be broken into following categories. 1999 The Pre-acquisition period. 2000 The Announcement and bidding period. 2001 The Post acquisition period. The analysis shall cover some expense ratios, profitability ratios and balance sheet ratios. The expense and profitability ratios shall be used to analyse efficiency and profitability during the pre- and post-acquisition periods, while the balance sheet ratio shall be used to analyse changes that may have occurred that might have affected efficiency or profitability. REFERENCES Books: Arnold, G, 2005, Corporate Financial Management?, 3rd edition, England, Prentice Hall, p 1041 1052. Arnold, G, 2002, Corporate Financial Management?, 2nd edition, Great Britain, PrinticeHall, p 870. Fred W. J and Weaver S. C, 2001, Merger and Acquisition?, 1st edition, Los Angeles, McGraw-Hill Professional, p 6. Gaughan P. A, 2007, Merger, Acquisition, and Corporate Restructurings?, 4th edition, New Jersey, John Wiley Sons, Inc, p 13, 117 124. Gilson R, Scholes M. S and Wolfson M. A, 1988, Taxation and Dynamics of Corporate Control?, 1st edition, New York, Oxford uni press, p 273. McLaney, E, 2005, Business Finance, Theory and Practice?, 7th edition, U.K, Pearson Education, P 395. Ravenscraft D. J and Schere F. M, 1987, Mergers, Sell-offs, Economic Efficiency?, Washington D.C, Brookings Institution Press, p 211. Red Book, UWIC Guideline. Stewart, G.B, 1991, The Quest for Value, A guide for senior Manager?, New York, Harper Business, p 375-382. Sudarsanam, S, 2003, Creating Values from Mergers and Acquisitions-The Challenges?, England, Pearson Education Limited, p 140. Watson, G, 1999, Writing A Thesis?, 1st edition, New York, Pearson Education Ltd , P 52 Watson, D and Head, A, 2006, Corporate Finance, Principles and practice?, 4th edition, U.K, PrinticeHall, p 317. Journals: Stigler G, (1968) Monopoly and Oligopoly by Merger?, American economic Review (1968) by the organisation of industry, Vol 40, No 2, May, p 23-34. Trautwein F, (1990), Merger Motives and Merger Prescriptions?, Strategic Management Journal (1986-1998), Vol 11, No 4, May/June, p 283, by John Wiley sons. Shleifer. A and Summer, L. H (1988), Breach of Trust in Hostile Takeovers; from Corporate Take over: Causes and Consequences, P 33-67, The University of Chicago Press. Vaara, E, (2000), Constructions of Cultural differences in post-merger change process: a sense making perspective on Finnish-Swedish cases?. [emailprotected]@gement Vol 3, no3: p 82. Schweiger, D.M, (2003), MA Integration: A Framework for Executives and Managers,? Book Summary by Niranjan Swain, in The ICFAI Journal of Applied Finance, Vol 9, No 2, p 71-79. Articles (Electronic): European Central Bank, (2000), Mergers and acquisitions involving the EU banking industry?, Available from, (www.ecb.eu/pub/pdf/other/eubkmergersen.pdf -accessed on 12-05-2008. Powell, C, (2008), Mergers and acquisitions involving UK companies?, First Release, P 1, Available from (http://www.statistics.gov.uk/pdfdir/ma0608.pdf, accessed on 06-06-2008). Websites: http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2001/MARCH/RESULTS2000- accessed on 02-06-2008 http://www.lloydstsb.com/about_ltsb/lloyds_bank.asp- accessed on 04-05-2008.