Microsoft And Monopoly Essays - Competition Law,

Microsoft And Monopoly America's century-old antitrust law is increasingly irrelevant to our modern global information technology market. This law is obsolete, in accordance to the current Microsoft situation, because in the past there wasn't technology as there is now. Recently the government has been accusing Microsoft as being a monopoly. "Techno-Optimists" claim that "efforts by government to promote competition by restraining high-tech firms that acquire market power will only stifle competition." Some analysts disagree. They concede that dynamic technology makes it tough to sustain market power. Still, consumers will want compatible equipment, which will lead them to buy whatever product other consumers are using, even if the product is inferior. Hence, is Microsoft a monopoly or not? The range of views extends from the optimists who think that changing technology removes the need for antitrust, to "middle-of-the-roaders" who think that antitrust has always been and still is an important weapon in the government's arsenal. Microsoft is not a monopoly. Our world of telecommunications and information technology has brought about many changes in many fields but new technology has neither extinguished nor revitalized the reason for antitrust. There are monopolies that the government ought to control. Those are the very monopolies that the government created itself. It is government that creates monopoly power by erecting and maintaining barriers to market entry. In the most recent dispute between Microsoft and the Department of Justice (DOJ), Microsoft is accused of "tying-in" an Internet browser into Windows. Microsoft's "tie-in" of its browser (Internet Explorer) with its operating system (Windows 95) is a tie-in that shows no greater threat to competition than the packaging of tires with cars, cream with coffee, laces with shoes, even left gloves with right gloves. In actuality, tying arrangements is pro-competitive. Consumers will buy the product that is more appealing to their needs. Seven years ago the Federal Trade Commission began its investigation of Microsoft's market power in the sale of operating systems for personal computers. That investigation was later joined by the DOJ and pursued vigorously by Anne Bingaman, then head of the Antitrust Division. The DOJ uncovered one practice it deemed worthy of challenge. Microsoft licensed its Windows software for multi-year periods on a "per processor" basis. Which means that, Microsoft, to help prevent software piracy, insisted that computer makers pay a royalty to Microsoft for each computer they shipped, whether or not Windows was installed as the operating system. DOJ was not persuaded by Microsoft's argument that physical machines can more easily be counted than intangible copies of computer software. Nor was DOJ convinced that customers might actually favor long-term contracts to guard against unpredictable price increases and other uncertainties. This arose the question; did Microsoft exploit its dominant market position by "insisting" on "unfair" licensing arrangements? Of course not. Consider that Windows became the industry standard because PC-makers thought it was a "superior" product. An assessment that surely took into account the entire set of product features. Not only technical features but also ease of use, quality, price, service, and contract terms. Just like any other product in the competitive market. Consider that there were no barriers that would prevent another competitor from driving Windows out as being the market leader. These are simple conditions that exist in an economic market. Those considerations, apparently, did not impress the DOJ's Antitrust Division. After a five-year investigation costing millions of dollars, the Antitrust Division found little that could be characterized as anti-competitive. But that did not stop the government. Not only did DOJ file an antitrust suit that caused Microsoft to cancel its planned release of Intuit (a manufacturer of a popular personal finance program) it also threatened to halt the release of Windows 95 (Microsoft's upgraded operating system). The head of the Antitrust Division, Bingaman, was reportedly concerned about the link between Windows 95 and the Microsoft Network (MSN), an Internet service provider intended to compete against America Online (AOL). Whenever a user started a Windows 95 system, an MSN icon appeared. Then one click of the mouse connected the user with the MSN service. That packaging, according to DOJ, gave MSN an unsporting edge over its online rivals. But a few more mouse clicks enabled any Windows 95 user to bring up an AOL icon, which would appear automatically thereafter, at the same time as the MSN icon. Satisfied with its discovery that MSN's edge could be neutralized, the Antitrust Division abandoned its threat to block Windows 95. In result, MSN now loses an estimated $200 million annually providing service to fewer than 3 million customers. On the other hand, AOL, has 9

Financial Institutions Example

Financial Institutions Example Financial Institutions – Coursework Example Credit Risk Credit Risk Credit risk is a risk that arises following a potential that a borrower will fail to honor their obligation to repay the loan as per the agreed time and terms. For banks, loans that they give to customers are the main source of credit risk. There is usually the risk that customers might default in paying the loans. Other sources might be off as well as on balance sheet. Off balance sheet causes may include commitments on loans, letters of unfunded credit and lines of credit. A reduction in required rate of return (RRR) may be used as a way of preventing credit risk. This has been indicated by Bloomberg news concerning the Peoples Bank of China (PBOC), showing their system-wide wide cut in RRR since May 2012, as a way of preventing credit risks, following a decreasing debt ratio of China as decreasing from 209 percent to 125 percent by end of 2008 (Bloomberg 2014).The news shows RRR as being flexible in that it can be reduced in one month and increased in the n ext month, lowering it in sections and holding it constant in other sections. PBOC is seen to have reduced RRR in the banks in rural areas and thus lowering the ratio for small renders and injecting liquidity into some other banks using other new financial tools like facility for medium-term lending and pledged supplementary lending (Bloomberg 2014). However, there is a danger of the easier credit flowing to areas that are economically less productive, that arises out of reducing RRR across the board.Reference:Bloomberg. (2014). PBOC balance sheet surge gives room to ease on bank reserves. Retrieved on February 27 2015 from: bloomberg.com/news/articles/2014-12- 09/pboc-balancesheet-surge-offers-scope-to-ease-on-bank-reserves

How To Write Headlines That Drive Traffic, Shares, and SEO

How To Write Headlines That Drive Traffic, Shares, and SEO This isnt the first time youve read a post about How To Write The Best  Headlines. Heck, weve even written multiple posts on the subject  ourselves (and plan to write more): Recommended Reading: Why Headlines Came To Rule The Content Marketing World Proof That Emotional Headlines Get Shared More On Social Media We Analyzed Nearly 1 Million Headlines. Here’s What We Learned Here Are The 101 Catchy Blog Title Formulas That Will Boost Traffic By 438% 43 Data-Driven Headline Ideas From 1,000 Of The Most Popular Posts Thats why were not going to waste your time talking  about how important it is to write great  headlines. Its pretty obvious: You want more traffic. Thats why you want more people to find you with search engines. And you want your customers to find your content so valuable that they share it with their networks. And to get technical, you want all that traffic to convert into paying customers. After all, thats the goal of content marketing, isnt it? Writing great  headlines  is one of the best ways to  make your content shareable, get found on search engines, and grow your traffic. Since writing awesome headlines is so important,  we thought a tool to help you write the best  headlines would be right up your alley. How To Write #Headlines That Drive Traffic, Shares, and Search ResultsWrite Better Headlines With 's  Free Headline Analyzer The  headline analyzer is one of the most popular tools we've built. If you've never used it before,  try giving it a shot. Now, for anyone who wants to learn the science behind writing the best  headlines, here's how to  do it. We've put a lot of time into researching what makes an awesome headline. The headline analyzer combines all of that research to scrutinize  your headlines for quality metrics that will most likely result in more  social shares, SEO value, and traffic. All you have to do is type your headline into the headline analyzer, hit "Analyze Now", and the tool provides  a report with those  quality metrics. This Headline Analyzer Makes My Headlines Awesome:  http://.com/headline-analyzerHow Good Are Your Headlines? We recently heard a  Chief Financial Officer speak about setting goals. One  takeaway stuck with us: "What's your number?" He asked,  "If you prioritized  one metric to make a true impact, what would it be?" The headline analyzer does exactly this for your headlines. You get to see your overall headline score (on a scale from 0–100). Your "number" to shoot for is anything above a score of 70. That's how you can gauge how good your headline is. Once you know your headline's score- especially if you're a bit short from your goal of 70 or more- you can use the headline analyzer  to understand areas where you're doing really well or discover the parts you can improve. Incorporate  Keywords To Write The Best  Headlines A big part of content marketing is creating content that is valuable enough to be sought out by your audience. To help your  audience find your content, you need to make sure your headlines use the words those folks are  searching for. Create Content Valuable Enough To Be Sought Out By Your AudienceEvery great  headline focuses on  a keyword. Heck, the long tail keyword for this post is "how to write headlines." The headline analyzer will show you the main keywords it assumes your content is  about. If your keywords aren't quite what you need them to be, this is an opportunity to improve. Use that keyword in your URL slug, meta description, subheads, images, graphics, first sentence, last sentence, and body copy. Using your  keyword throughout the content- combined with your headline- lets search engines know that your headline really does cover the content in the article. Pro tip: Avoid click bait headlines (that don't necessarily include a keyword in  your content) to get click-throughs. If you want your content to be found in search engines like Google, be honest and use a solid keyword that covers the main points of your content. What Types Of Blog Post Headlines Are The Best? There are a ton of different types of headlines you could write. Some get more traction than others as far as shares, SEO juice, and traffic. The headline analyzer helps you categorize your headline ideas: List Post Headlines List post headlines provide ambiguity about the post itself, while arousing your audience's curiosity. You've seen these everywhere. And for good reason. List posts work.  Buzzsumo teamed up with OkDork to share data that basically says list posts get the most social shares after infographics. These headlines give your readers the chance to skim your subheads to see if they'd like to dive in further. Pro tip: If you can outline your blog posts as lists, use list post headlines to get the most social shares from your content. "How To" Headlines Like list posts, you've seen a lot of "how to" headlines. That's because... well, they work. When your audience searches for information, it could be because they want to know how to do something better. That's where you can step in and provide helpful content to position your business as a source of relevant and useful information. Brian Clark from Copyblogger has some awesome things to say about "how to" headlines: It's no secret that 'how to' articles ...  are some of the most sought after, linked to, and bookmarked content online. - Brian Clark I couldn't have said it better. Pro tip:  "How to"  headlines are an obvious choice if you're writing educational content that helps your audience do something. Question Headlines Question headlines  focus on an audience's needs and imply an answer if they  just click through to read your content. These  headlines  are super helpful and relate to how people naturally search for answers: "I have a question. I should ask someone to get the answer." The thing is, instead of asking a person, people are turning to search engines like Google. So figuring out exactly how your audience is  asking their questions- then using those keywords in your headline- might be a great way to get the traffic you're looking for. Of course, there are multiple ways to use questions in your headlines- not just the problem and solution method. You could imply a "yes" or "no" response, or one that draws on emotions. Pro tip: Be careful when using question headlines. At least tease the answer to the question in your introduction to keep readers interested. Generic Headlines If list post, "how to", and question headlines are among the best types of headlines, generic post headlines are a warning that you might be able to improve. If you have a generic headline, the headline analyzer will let you know. This is an opportunity to change the structure of your headline to improve your headline score. Pro tip: Avoid generic headlines whenever you can. List post, "how to", and question headlines have a better opportunity to get social shares, traffic, and overall SEO value. Review Your Word Balance To Write The Best  Headlines For any post, you'll want a nice balance among common, uncommon, emotional, and power words. A structure like this helps your post remain readable while commanding attention from your audience. Just type your headline into the headline analyzer to see the categories in which  your words fall. After you modify your headline a few times, you'll get a feel for which words fall into the four categories. But just to give you some background, here's how your word balance  works: Common Words Should Make Up  20–30% Of Your Headline Common words are ones you use all the time. Common words  pull your headlines together in a way that makes sense for readability. Since commonly occurring words provide  the basic structure of your headlines, they should make up about 20–30% of the words in your headlines. Uncommon Words Should Be About 10–20% Of Your Headline Uncommon words are unique enough to grab your readers' attention. These words provide substance in your headline. A mix of 10–20% uncommon words in your headlines should do the trick. Emotional Words Make A  Good Headline At 10–15% Density Emotional words in your headlines entice your audience to click through to read your post. And once they're reading your posts with emotional headlines, your readers are more likely to share them. You have a good headline if 10–15% of the words in your headline are emotional. Power Words: Use At Least One In Your Headline Like emotional words, power words are usually phrases that are well-known for inciting action. Power words  are uniquely different than emotional  words because they are a bit out of the ordinary. These words inspire an emotion or call to action without a lot of context. Power words are typically rarely used words or phrases that almost guarantee some clicks through to your blog posts. Great headlines have at least one power word in them. Find The Best Length For Your Blog Post Headlines Optimal Character Length + Google = Most Click-Throughs Did you know headlines that are 55 characters long get the highest number of click-throughs? You probably  already look at your word count, but characters matter, too. The headline analyzer also shows you how your post will look in a typical Google search. Keep in mind that Google also recently updated the maximum length of title tags. While they were previously limited to a width of 512 pixels (roughly 50-55 characters), the world's most popular search engine now displays up to 70 characters in SERPs. Are You Using Headlines As Email Subject Lines? You get 20 characters before the average email subject line  is cut off. If you can revise your headline, use your keyword in the first 20 characters to help your audience understand what the email is about. According to the old journalism idiom: Don't bury the lede. It's more important in subject lines than anywhere else to make sure your keyword is in the first 20 characters. Amount Of Words Headlines with 6–7 words typically get the best results. However, different sources say  different things about how many words to use in your headlines. A fairly standard best practice is to let 10 words be the maximum you'd ever want to use in a headline. That said, there are six words that matter the most in every blog post headline: the first three and the last three. Most readers tend to read the first three and the last three words of a headline. This is just another reason to get your keyword within the first 20 characters of your headline. Sunshine And Rainbows Make Fantastic Headlines Is your headline positive or negative? Research proves  that positive headlines that convey stronger emotions tend to perform better than negative sentiment. When we researched the emotional marketing value of headlines, we  looked at Dr. Hakim Chishti's work. He found that emotional language creates a very predictable response. Headlines that affect very strong emotions- whether positive or negative- often get the best results. If your headline falls in the middle of these extremes, it'll probably get less traction. To connect that research with your headline: Strongly positive emotions tend to get shared more  than anything else. You can go negative, but it can be difficult to nail perfectly. Headlines With Strongly Positive Emotions Get Shared MoreThe headline analyzer points this out so you can modify your headline from the get-go. Write Better Blog Post Headlines To Get Better Results We know from Copyblogger that eight of ten people- a staggering 80% of your audience- will only see your headlines and nothing else. Only two of those ten- 20%- will read your article. Your headline exists to entice your readers to dig deeper into your content. As they dig deeper, your traffic grows. If your audience really enjoys what you have to say, they'll share it with their networks. And once that happens, you should get more traffic- and therefore rise in the ranks of the search engines. It all begins with a few simple words, right? So if you spend your time writing an awesome post, you should pay attention to the science of making the headline awesome, too.

The Role of Government Essay Example | Topics and Well Written Essays - 2500 words

The Role of Government - Essay Example mited by the government, Democracy a government where power is held by the people, Dictatorship a government where the ruler holds all the power, Monarchy where power is inherited and passed on to the ruler’s heir and many more there are governments within the world that adopted hybrid systems of government that are a combination of a number of types of governments, examples are modern Iran whose hybrid government is a combination of theocratic institutions and democracy and the Netherlands whose government is a combination of democracy and monarchy (Adler, 1996). A government’s fundamental role is to maintain basic security and social order within its framework. In the words of the philosopher Thomas Hobbes people tend to prefer submission to a government dominated by a sovereign rather than a system where there is no government, a system also known as anarchy therefore people in a community will submit to a government to create for themselves a system security and social order. We can see that states or nations whose populations live under a state of anarchy there is a distinct condition of turmoil and confusion amongst them since each and every one of them has to fend for themselves and there is no provision of basic social amenities by a defined body hence it is important to have a central governing body be it political, religious or hierarchical and which is charged through its machinery to uphold the rule of law and ensure that every member of society under its governance is able to access the basic social amenities that is education, affordable health care and a shelter to live in (Schulze, 1994). It’s the role of the government to protect its citizens from its neighbors or potential non neighbors from any threat that they may pose from outside the countrys borders. This necessitates the need of a military through which defense can be enhanced. In the medieval times families relied on strong family members to protect them, their crops in the

The rise of mass society in the U.S Essay Example | Topics and Well Written Essays - 1000 words

The rise of mass society in the U.S - Essay Example The mass society led to prosperity and a system of government, which weakened the tradition societal tie. The first two decades of the 20th century was the time of intense and rapid changes that stretched to the capacity of imagination. This is because of increased technology advancement; contributing to varied developments in the arts and many other aspects. Thus, the essay focuses on the major developments that took place due to modernity in the first two decades of the 20th century. The mass society led to major developments in varied aspects including arts and cultural aspects. The science and technologies grew rapidly in pervasiveness, scale and time; thus transformed the natural world into created human control; for instance, many artists started implementing unique artifacts including unique interior and exterior of the buildings, renaissance paintings and many others. The technology that comprised this new era included computer technology that enabled the society to make vari ed changes through interaction process. For instance, the Internet and social media services enabled the societies to culturally interact and learn one another’s cultural behaviors through a common sharing of language; thus creating a global village. 2Duiker and Jackson (2011, 86) argue that the two decades of 20th century saw their tasks through making sense of the great transformation and understanding the new culture and societies being created. Modernity refers to the Enlightenment period and movement from traditional to modern era, which is linked to the increased capitalism in the society. The term modernity in the Enlighten era reflected varied changes that took place including new construction of buildings, new way of painting artifacts including sculptures and many others. Modernity reflected the new wave from the traditional aspects to new era, which is associated with movement in arts, cultural movements and other varied transformations to western society. 3Radclif f (2004, 92) argues that modernity in the 20th century reflects new movements and transformation of varied things from traditional to current ones. The term can be coined with westernization to include changes and progression era from traditional to current due to influence from the westerners. Additionally, modernity is viewed from cultural changes in social, political and economic structures. However, scholars focus this term from a far perspective to include changes in modern science, arts and many other aspects. Modernity demands deeper and more radical changes in order to create a better world. According to 4Rosati (2013, 56) and Scott, modernity takes place through rapid rationalization, which is linked to actions of mankind to create resourceful order of means to meet their demanding desires. Therefore, modernity in the 20th century period took into consideration significant changes in the society such as new political power, social changes and economic changes. This was aide d by industrialization period that was rampart due to increased technological advancement; thus, innovation became the primary fact of life. Realism became principal in literature in the U.S during the earlier 20th century. Realism attempts to present things the way they are; hence, it tries to reveal the truth of things. For instance in art, realism approach was manifested in numerous ways; thus, it was mostly used to describe certain art objects. The term implies a

Filipino Values Essay Example for Free

Filipino Values Essay †¢Close Kinship a Filipino considers family as an important social structure that they must love and care. Close family ties results to the family still being intact regardless that the children are old and with families of their own. †¢Respect for Elders the use of â€Å"po† and â€Å"opo† in conversing or addressing older people is a sign of a Filipino’s respect for the elders. Filipinos do not send their elders to nursing homes because they still value the worth and presence of the elders at home. †¢Hospitality – the Filipino community are very warm and hospitable. They even give â€Å"PASALUBONG† (WELCOME GIFTS) AND â€Å"PABAON† (FAREWELL GIFTS) TO GUESTS. AT TIMES, THEY SACRIFICE THEIR OWN COMFORT TO ACCOMMODATE THEIR GUESTS VERY WELL. †¢Strong Faith in God their faith in God keeps them united to overcome all the problems and challenges of life. †¢Flexibility / Adaptability / Resiliency the Filipinos have the trait to laugh at themselves and THEIR MISFORTUNES OR FAILURES. THIS IS A COPING MECHANISM TO BALANCE EMOTIONAL STRESS AND TO BOOST THE CAPACITY TO SURVIVE. THEY CAN SMILE IN MIDST OF PROBLEMS AND HARDSHIPS. THEY CAN STILL CRACK JOKES DESPITE THE STRESSES OF THEIR DAILY LIVES AND DURING CALAMITIES. THEY ARE STRONG AND CHEERFUL PEOPLE. †¢Ingenuity and Creativity they are good inventors. They often improvise and make productive use of available resources. †¢Patience and Self-sacrifice a remarkable quality of a Filipino is his capacity to endure difficulties and hardships. Maybe related to the long suffering they endured during the many colonization in Philippine history. They are patient enough to wait for their turn to be blessed with greener pastures as long as they do what is right and good. †¢Hard work and Industry Filipinos are globally recognized for their excellent performance in any physical and technical tasks. Maybe visible due to the desire for economic security and advancement for one’s self and family. †¢Readiness to Share and Help – they’ re always ready to lend a hand, not only in times of need (CALAMITIES OR DISASTERS) BUT ALSO IN FESTIVE OCCASIONS (â€Å"FIESTAS†, BAPTISMS AND WEDDINGS). THE â€Å"BAYANIHAN† SPIRIT, OR GIVING HELP WITHOUT EXPECTING SOMETHING IN RETURN, OF A FILIPINO IS WIDELY ADMIRED. NEGATIVE VALUES †¢ Fairness and Justice – they always show concern for the well-being of others. They uphold the humanity of all people and regard everyone with respect and empathy. They are keen on interpersonal relationships, their primary source of security and happiness. Fairness Justice – Equality – Social Justice – Development Progress. †¢Ã¢â‚¬Å"Ningas Kugon† – â€Å"kugon† is a kind of grass that burns easily when dry but extinguished easily as well. Like the cogon grass, Filipinos start things with great enthusiasm but at the first sign of difficulty, the enthusiasm is consumed as fast as it has ignited. †¢Colonial Mentality – Filipinos prefer foreign-made products instead of patronizing Philippine-made ones. This result to higher gains for foreign businessmen than local businessmen. Thus, it motivates Filipino businessmen to improve the quality of their products to make it more competitive against foreign ones. †¢Ã¢â‚¬Å"Mamaya Na† or â€Å"Bukas Na Lang† Habit a poor habit, a sign of laziness, of leaving for a later time what can be done at the moment or today. Thus resulting to stacked workload to be done and then complain about it. †¢Crab Mentality a troublesome trait evident in a Filipino where when one sees the progress of a comrade, the other becomes resentful rather than happy for the achievement. Rather than to praise, he would highlight everything negative about that person in an effort to bring him down or destroy his reputation. They would focus on other’s own faults rather their own inadequacies. †¢Ã¢â‚¬Å"Patigasan† most Filipinos find it hard to say â€Å"I’m sorry† or â€Å"pasensya na†. Their precious pride always gets the best of them. †¢Ã¢â‚¬Å"Kanya kanya† a trait which shows self-centeredness and lack of regard for others. There are Filipinos who give priority to what they and their families could have, rather than what they can do to share their wealth and serve others better. This trait shows poor signs of patriotism, loyalty to community, and concern for the needs of others.

How Can I Get Him to Do His Homework? :: Essays Papers

How Can I Get Him to Do His Homework? "The choices you make today determine the choices you get to make tomorrow." When determining the best way to get Student N to complete his homework on a nightly basis rather than putting it off altogether, I inquired about what would get him motivated quickly. Student N rarely did his homework and so his grades were being affected. When I first came to his classroom I immediately noticed Student N was extremely engaged in the lessons and was an active participant in classroom discussions, but when it came to homework there was absolutely no enthusiasm. I took it upon myself to determine the reasoning behind Student N’s anti-interest in after school work. My research was completely discrete and extremely casual. I simply wanted to find out what kept Student N from doing any homework and what steps we could take to get his grades back on track. Homework, for any grade or subject is extremely important. Homework is a way to bring parents into the school setting and enhance learning that took place during the day. Homework is vital to any student as they are reinforcing the information they learned throughout the day. As a beginning teacher I feel strongly about the effects of homework and don’t feel that it should be overlooked by students, parents or even teachers. Although a student should have adequate time to spend with family and friends, it is important that they realize learning doesn’t end when the bell rings for dismissal. Literature Review In order to increase the amount of homework Student N does a variety of approaches and techniques must be considered before prescribing the appropriate anecdote. Student choice is understood to boost student motivation thus improving aspects of their classroom performance. Hess and Cluck found that student motivation could be increased through multiple intelligences—and they have a plan! â€Å"The lack of motivation became evident as observed in incomplete assignments, low-test scores, and disinterest in subject matter. A review of the literature indicated motivation to learn is a problem nationwide. Students need to be self-motivated since extrinsic rewards may be counter-productive.† (Hess et al.) Both my methods and idea for this imparticular inquiry came from Hess and Cluck’s findings. Motivation could be increased through multiple intelligences and thus I set off on my research.

The Road To Growth For Financial Institutions

Expansion of banks and financial acquisitions in the U. S. generally occur in two ways: by organic growth or by mergers and acquisitions. Organic growth is the rate of business expansion that an organization can achieve through increasing output and enhancing sales. This form of business expansion excludes any profits or growths gained from mergers, acquisitions, and take-overs.This represents the true growth for the core of a company and is a good indicator on how well the organization’s management has used its own internal resources to expand profits. This type of business expansion also helps to identify whether managers have used their skills to improve the business (Investopedia 2006a; Wikipedia 2006a). On the other hand, acquisitions, mergers and take-overs do not bring about profits generated within a company, and are thus not considered organic growth.Historically, investment banks (which are defined as intermediaries which assist companies in selling ownership of them selves as stock or borrowing money directly from investors in the form of bonds) have been closely associated with the activity of merger and acquisitions since it represents a sales opportunity for the investment bank. For a bank to merge with another financial institution, it needs to attain a fair market value for its shares to swap with shares from the other entity.A popular formula in describing mergers and acquisitions is â€Å"one plus one makes three† – the key principle behind buying a company is to create shareholder value over and above that of the sum of the two principal companies involved (Investopedia 2006a; Investopedia 2006b; Wikipedia 2006b; Investopedia 2006c). In other words, two companies together are deemed more valuable than two separate companies. Strong companies buy other companies to create a more competitive, cost-efficient organization and to gain a greater market share.Target or weaker companies in turn often agree to being purchased by th ese stronger companies when they know they cannot survive alone in a competitive market (Investopedia 2006a; Investopedia 2006b; Wikipedia 2006b; Investopedia 2006c). Most major financial institutions in the US have gone through some form of merger and all of these institutions inevitably monitor their organic growth. The benefits that each type of business expansion offers are unique, and there are certain advantages and disadvantages in each type.The relevance of studying mergers and acquisitions involving financial institutions is that these activities can dictate the fortunes of the companies involved for years to come, and have considerable impact on investors involved as well as within the organizations themselves. Likewise, organic growth helps to strengthen an organization internally and places it on a stronger market position if done effectively and successfully. The significance of this research study is to compare these two types of business expansion.The objectives of th is study are to analyze these two types of business expansion as to their strengths and weaknesses, benefits and potential threats or disadvantages to the banking sector, and to provide an overview of the history of the banking sector in terms of both organic growth and mergers and acquisitions activities and endeavors. The research is helpful in that it will provide valuable research data and hopefully some helpful insights to help financial institutions, large or small, to evaluate their present business expansion activities.Small companies which are limited to organic growth, and may wish to venture into mergers or acquisitions, may be able to use the data provided here. Larger institutions which practice both organic growth and mergers and acquisitions, on the other hand, may be able to use this research to evaluate the strengths and weaknesses of both activities. The rest of the paper is organized as follows. Section I as presented here provides for the introduction to the stud y, definition of terms, objectives, the research topic, and the significance of the research.Section II provides for a literature review on both organic growth in the banking sector and mergers and acquisitions of financial institutions. Section III discusses the data gathering process for this study, the methodology used, and the research framework followed for this study. Section IV will provide for the analysis of the results and findings as gathered from the literature and related work reviewed. Section V presents the summary and conclusions of the study based on the analysis provided for in Section IV. Finally, Section VI will describe future directions this study might take.II. Literature Review According to the results of an annual study conducted by A. T. Kearney, one of the world’s largest management consulting firms, investment management firms are outperforming retail banks in the highly competitive race to grow profitably and to gain market share. A. T. Kearney co nducted an Annual Organic Growth Index (OGI) for 2006 for measuring growth in investment and retail banks. The study was based on data collected online by Harris Interactive? of more than 4500 banking customers in the 20 largest US metro markets.Seven out of the ten top-scoring financial institutions included in the OGI based on their capability to grow organically were investment management firms, with Ameriprise with the top score for the second consecutive year, outperforming most banks and other investment firms such as Edward Jones, A. G. Edwards, Vanguard, Charles Schwab, and Merrill Lynch. Wachovia, on the other hand, outperformed many of its retail bank counterparts, also for the second year in a row since A. T. Kearney started conducting this study in 2005 (A. T. Kearney 2006). A. T.Kearney’s study is significant for this research since it provides insight into which financial institutions are most capable of achieving and sustaining organic growth. The index connect s customer attitudes and actions with their wallet allocation decisions. The OGI looks at the performance of financial institutions based on their ability to achieve both Customer and Wallet Momentum. Customer Momentum measures an institution’s ability to attract and retain customers, forge long-lasting customer relationships, and instill advocacy among their customers. For the A. T.Kearney survey, the following components were involved in measuring Customer Momentum: advocacy, primary financial institution identification, propensity to switch institutions, and lack of errors. Wallet Momentum on the other hand measures an institution’s ability to expand the number of products and drive greater penetration per product with its customers. Components involved are: intent to add accounts, intent to increase equity account value, share of wallet with primary financial institution, and average number of products per customer (A. T. Kearney 2006). According to the results of the A.T. Kearney study (2006), investment management firms performed better overall than retail banks by scoring high in both Customer and Wallet Momentum. Retail banks on the other hand score higher on Customer Momentum than Wallet Momentum. However, the study concludes that no single type of financial institution dominates in either performance matrix. Most financial institutions strive to become their customers’ Primary Financial Institution (PFI), and have generally been successful at increasing the average number of accounts per individual within the last year (A.T. Kearney 2006). However, the study indicated that investment management firms have more difficult relationships with customers, and that being designated as customers’ PFI does not necessarily ensure success for retail banks. The study also showed that customers who experience two service errors or account problems within one year were 35 percent more likely than the industry average to leave such finan cial institution. This attrition rate doubled after three errors were experienced in one year (A. T. Kearney 2006).The study provides for the following suggestions in order to improve organic growth in financial institutions (A. T. Kearney 2006): ? Institutions with leading Customer Momentum scores have opportunities to cross-sell new products and services, and should determine how to recognize and reward people for selling a â€Å"bundled† set of products when most organizations are organized to measure and reward for selling specific products. ? Products and services to be added or cross-sold must be determined in relation to margins on core products, and the total portfolio, to ensure profitable growth.Cross-selling is less costly than adding new customers, but the mix or products and services is equally important when considering impact on profit. ? Product complexity and product variation makes it difficult for customers to understand a value proposition and for employee s to explain it. This affects both service delivery and transaction effectiveness, and also increases the potential for errors. A financial institution should thus improve its ability to manage product complexity, as a way of improving service quality and overall customer satisfaction.A similar study conducted by Daniel Cox and James Bossert (2005) involved the analysis of the 2004 American Customer Satisfaction Index, which indicate that organic growth for banks have been hampered by the fact that the financial services industry has some of the lowest customer satisfaction ratings of any single industry. According to the study, customers view banks and other financial institutions as a commodity, with no unique reason for forming a business relationship with one particular bank.The study by Cox and Bossert (2005) studied in-depth the strategies employed by Bank of America in 2001 to improve customer satisfaction as one of its driving force to expand its organic growth. Bank of Amer ica started to focus on its organic growth in 2001, which meant increasing its customer base while becoming more efficient by improving processes. It developed a new strategy which relied heavily on voice of the customer (VoC) and tied all its planning efforts to factors that would drive customer satisfaction and loyalty (Cox and Bossert 2005).In other words, Bank of America recognized customer satisfaction as the core component of organic growth. With approximately 28 million customers at the time, the bank encountered approximately 200 customer interactions per second. To improve the overall customer experience, the bank implemented an associate training program called Bank of America Spirit, which was initially modeled to mirror the associate behavior of Disney employees. It re-evaluated its business model and the model’s performance by comparing them to other Fortune 500 companies that focused on customer service.It focused on the following model for improvement as seen i n Figure 1 in the next page: Bank of America regularly surveyed their customers to gather VoC, and used these survey results in turn when developing new products and services. Paying close attention to such customer needs turned out to be instrumental in increasing its revenues and in improving its organic growth (Cox and Bossert 2005). Accenture, another leading management consultancy firm, conducted a global survey of strategies and programs for organic growth in retail banks.In its survey, Accenture examined more than 100 retail-bank executives’ strategies. The firm also provided for an industrialization concept critical for growth in the banking sector – â€Å"Differentiation on the Outside, Simplification on the Inside, Execution Mastery. † The research showed that pure cost-cutting strategies previously adapted by financial institutions produced diminished return. The emphasis on growth, and mainly organic growth, while managing costs as the same time, wou ld produce the best results for a financial organization (Accenture 2006).The study showed that 87 percent of the executives surveyed indicated that increasing revenues is still top priority, mainly driven by the need to satisfy investor expectations. 73 percent also cited the achievement of cost-efficient scale. Fewer than one in ten believed that market growth will exceed 15 percent, while more than 20 percent believed their own banks will grow at a higher rate. To drive significant organic growth, respondents in the Accenture survey emphasized the need for excellence in marketing and product management, distribution and service and fulfillment (Accenture 2006).The study further recommended that to achieve growth targets in an increasingly competitive market, banks must industrialize their marketing, sales and service capabilities to maximize cross-selling. Similar to the findings and recommendations in the study by Cox and Bossert (2005) on Bank of America, the Accenture study in dicated that cross-selling must focus on gaining and retaining profitable customers. Key capabilities necessary to achieve this would involve transformation in areas such as customer segmentation, which should include customer segmentation, product design, and price/value equation (Accenture 2006).The staff study by Rhoades (2000) for the Board of Governors of the Federal Reserve System examined and analyzed bank mergers and banking structure in the US from 1980 to 1998. The study provided that 200 banks failed annually from 1987 to 1989 in the US, due to problem loans in petroleum, agriculture, commercial real estates, and loans to less-developed countries. These factors may have created some good buying opportunities for banks that were performing relatively well (Rhoades 2000). According to the study, the US banking industry experienced an unprecedented merger movement since 1980, with nearly 8000 mergers and about $2.4 trillion in acquired assets as of 2000 alone. The banking in dustry has been restructured in response to the removal of legal restrictions on intrastate and interstate banking throughout 1980-1998. The number of banks in the US decreased from 14407 to 8697 and the number of banking organizations decreased from 12342 to 6839 (Rhoades 2000). In his study on mergers in the US banking industry, Rhoades (2000) provided for the following conclusions: ? The number of banking offices continued to grow in the US throughout the 1990s despite the burgeoning of ATMs and ATM transactions.? Concentration of control over aggregate US bank deposits among the largest banks increased substantially, with the share of the 100 largest rising from about 47 percent to 71 percent, and the share of the 10 largest rising from 19 percent to 37 percent; the latter rise occurred mostly after 1990. ? Concentration increased substantially in many local banking markets, especially in large metropolitan areas. ? The number of bank mergers reached the highest level for the pe riod in the mid-1980s, when industry profit rates and stock prices were very low (Rhoades 2000).But what exactly motivates firms to merge and how do these mergers affect competition and the economy? According to Moore and Siems (2006), there are two primary factors that affect the need for financial institutions to remain competitive: deregulation and technology. Deregulation has significantly changed how and where banks do business. Relaxation of restrictions on banks’ securities activities has blurred the traditional distinction with investment banking while the elimination of branching restrictions has created vast geographic expansion possibilities.Continued consolidation is estimated to eventually result in about 3000 banking organizations, with a handful of â€Å"super banks† competing simultaneously with many smaller community banks. Advancements in technology have also created incentives to merge due to decline in costs in information dissemination, allowing fo r far-flung operations created through mergers. In other words, technology and deregulation have blurred accepted boundaries as to time, geography, language, enterprises and regulations in the banking industry (Moore and Siems 2006).Thus, one advantage for mergers is that customers can receive one-stop financial services. This allows for greater efficiencies through better information flows and lower transaction costs for the financial institutions involved. However, studies show that major upside for earnings and stocks through mergers is if the economy continues to show stronger-than-expected growth, which in turn could increase demand for commercial lending. If the economy slows down, stock prices become pretty full, and takeovers are less likely to benefit the banks involved (LaMonica 2003).The data used for this research study were gathered from related database found online and from case studies and academic papers. The case studies were conducted by management consultancy fir ms such as Accenture and A. T. Kearney, whereas the working papers were collected from organizations such as the Board of Governors of the Federal Reserve System and the American Society for Quality. Results and findings from surveys and empirical analysis conducted by these research individuals and organizations were used for this paper.News articles from sources such as CNNMoney and other pertinent websites were also used. B. The Sample The data used are primarily case studies gathered from related literature. These were survey results and findings from studies conducted by research individuals and organizations such as Accenture (2006), A. T. Kierney (2006), and Cox and Bossert (2005). The findings analyzed for this paper were conclusions and results from the empirical data from surveys conducted in 2005 and 2006 from the various existing case studies reviewed. C. Research DesignThe research question for this paper is â€Å"Whether US banks should focus on organic growth or merg ers and acquisitions in order to expand their business? † The hypothesis is that â€Å"Customer satisfaction, through focusing on VoC, is the key component to organic growth which is the recommended business expansion activity for financial institutions over mergers and acquisitions. † The hypothesis will be answered based on the analysis of the findings and insights gleaned from case studies and related literature. The study will make use of Qualitative Research Methodology.Numerical and statistical data were not gathered due to time constraint and physical limitations on conducting surveys in the financial institutions throughout the US. Based on qualitative analysis, the research paper thus approaches the study by providing a complete, and detailed description of organic growth and mergers and acquisitions in the banking sector based on a study of related literature. Based on the qualitative research approach, the researcher is the data-gathering instrument, and the data herein provided is in the form of words and pictures, as indicated in Figure 1 (Neil 2006).IV. Analysis of Results and Findings Results from the analysis of the case studies provided indicated that many financial institutions recognize the need for growth, whether it be through organic growth, mergers and acquisitions, or both. Many financial institutions are also aiming for annual organic growth rates of at least 10 percent or higher, but often, they fall short due to a variety of factors (A. T. Kearney 2006). An examination of the data provided would show that organic growth and mergers and acquisitions benefit two different groups.The organic growth of a company would benefit the bank itself, but more than anything, it will result in a greater advantage and benefit to the customers. The reason behind this is that studies have indicated that successful organic growth is premised on customer satisfaction as its most important component. To achieve high performance, increase re venue, and exceed their average growth rate, financial institutions must finds ways to harvest relationships with existing and new customers. Cross-selling will help increase share-of-wallet from both existing and new customers.However, cross-selling efforts must be accompanied with managing product complexity since customers have become increasingly aware of the range of banking and financial services available. Less than adequate products or poor service will cause the customers to shop around and switch service providers, especially since banks are treated more as commodities rather than business partners by their banking clientele. Thus, cross-selling must be utilized to gain and retain profitable customers (Cox and Bossert 2005; Accenture 2006; A.T. Kearney 2006). Banks would necessarily have to improve their marketing, sales, and service capabilities to maximize cross-selling. To achieve this, customer segmentation, product design, and price/value equations should be closely m onitored in relation to customer relationship management. Gathering of customer data will help management to ascertain customer needs and to adjust and improve market and product management, distribution, service and fulfillment accordingly.Full integration of customer data provides for an accurate and complete view of the customer, and will allow for an empowered and better-trained sales force to turn customer insight into profitable and satisfying interactions (Cox and Bossert 2005; Accenture 2006; A. T. Kearney 2006). A model for a successful venture into improving customer satisfaction to increase its organic growth is the case of Bank of America.By establishing a customer satisfaction goal, which provides for a measurement process to evaluate current performance and to acquire analytical capability to improve performance in a targeted way, Bank of America was able to streamline its products and services to effectively retain and increase its customer base. By relying on VoC, an d tying all its planning efforts to factors that would drive customer satisfaction and loyalty, Bank of America improved its organic growth (Cox and Bossert 2005).Focusing on organic growth will result now only improve customer satisfaction, increase customer base and profit, but will also drive wealth creation for shareholders (A. T. Kearney 2006). On the other hand, mergers and acquisitions provide a greater advantage to the financial institutions themselves. A company with financial problems will benefit from merging with a stronger company. The latter, in turn, would gain a greater market share and reduce competition in the industry by acquiring smaller or similarly situated institutions.Advancements in technology and less legal barriers regarding financial transactions have also allowed financial institutions to cover wider geographical areas. This in turn benefits the customer as well since the bank becomes a one-stop-shop for banking transactions, available wherever the custo mer may be. Deregulation and technology have been key factors in the drive for mergers, and have lead to significant cost-cutting measures for the firms involved. It has also provided for greater efficiencies and information dissemination to the financial institutions, which in turn provides for greater flexibility and convenience for its customers.One safeguard for baking institutions which opt for mergers and acquisitions to expand its growth is Rule 155 under the Securities Act, also known as the â€Å"Integration of Abandoned Offerings† which was passed by the Securities and Exchange Commission (SEC). SEC amended Rule 152 of the Securities Act of 1933 in response to the challenges under previous securities regulations and the changing market conditions. Rule 155 became effective on March 7, 2001, and has had significant impact on companies seeking alternative financing in light of a weakened securities market.It provides for a flexible framework in which companies can con vert their private offerings to registered offerings and the other way around, minus the usual risk of integration. The rule provides non-exclusive safe harbors from the integration between registered and private offerings, and allows issuers to move more quickly if market conditions change rapidly (Marek and Seo 2001). Before Rule 155 was enacted, a financial institution with a failed registered offering was limited in the choices it subsequently had to raise capital.It could either withdraw or abandon a registered offering, but would encounter difficulty in quickly obtaining alternative funding due to unclear regulations on integration. A company that started a private offering may have found sufficient investor interest to justify making a registered offering, but was faced with making offers of registered securities prior to filing a registration statement. Before Rule 155, there were thus no clear guidelines as to how a company can insulate itself from the risk of mergers and a cquisitions.SEC’s prior guidelines in this area were limited to suggesting a six-month â€Å"cooling off† period as well as a traditional five-part test involving consideration of whether two or more offerings (Marek and Seo 2001): ? Are part of a single plan of financing; ? Have the same general purpose; ? Involves the same class of security; ? Are made at or about the same time; and ? Involve securities sold for the same type of consideration. The adoption of the new Rule 155 provides for reliefs for financial institutions (and other institutions in different industries) who opt to participate in mergers, acquisitions, or take-overs.The new Rule 155 does not change the traditional five-factor analysis approach of SEC but clarifies the implication of integration in two specific types of transactions (Marek and Seo 2001). Rule 155 creates integration safe harbors for two types of common transactions: 1) a registered offering following an abandoned private offering; and 2) a private offering following an abandoned registration offering. The term â€Å"private offering† is specifically defined to include only the offerings that qualify for one of the following exemptions: (i) Section 4(2) of the Securities Act, for transactions not involving a public offering;(ii) Section 4(6) of the Securities Act, for transactions that do not exceed $5 million and involve offers and sales only to â€Å"accredited investors†. Or (iii) Rule 506 of Regulation D, for transactions involving offers and sales to an unlimited number of â€Å"accredited investors† and no more than 35 purchasers who, although not accredited, are â€Å"sophisticated† (Marek and Seo 2001). Thus, safe harbors in Rule 155 sets forth clear guidelines under which a company may change its offering between registered and private offerings without the risk of integration.It provides greater flexibility to companies such as financial institutions in this case which seek f inancing in this changing market (Marek and Seo 2001). V. Summary and Conclusions The case study on Bank of America is a model on how focusing on customer satisfaction can further enhance organic growth for a financial institutions. By establishing a customer satisfaction goal, a financial institution can set up a measurement process in order to evaluate current performance and acquire analytical capability to improve performance in a targeted way (Cox and Bossert 2005).Gathering information about the customers will allow a company to streamline its products and services to meet customer needs. This also allows for greater opportunity for more effective cross-selling which will help increase share-of-wallet from both existing and new customers. Institutions with high levels of customer satisfaction, or customer momentum, need to look at products and services through the eyes of the customer and should simultaneously listen to the VoC.There is a need to recognize and reward people fo r selling â€Å"bundled† sets of products rather than merely focusing on measuring and rewarding sales associates for selling specific products only (A. T. Kearney 2006). A financial institution must also take note that products and services to be added or cross-sold must be determined in relation to margins on core products to ensure profitable growth. The mix of products and services offered to customers is equally important when considering their impact on profit.Many financial institutions have limited insight into the true profitability of specific products which makes the development of an economically-attractive bundle (whether from the customers’ or the institutions’ perspective) problematic (A. T. Kearney 2006). As such, managing product complexity is also important. To better serve their customers, sales associates must understand their products, and when a bank has too many products and services on its platter, its employees tend to be less knowledgea ble about what to offer or cross-sell to their customers.Managing product complexity will allow for improvement in the product cost/price relationship and will help customers understand a value proposition. It can help improve both service delivery, transaction effectiveness, and decrease the potential for errors within the financial institution (A. T. Kearney 2006). Thus, effective organic growth should focus on customer satisfaction or VoC as its key component. Mergers and acquisitions however provide for opportunities for financial institutions to gain a greater market share, improve cost-cutting measures, increase profit, and eliminate competition.Ailing financial organizations also have a better chance for survival by being merged with stronger banking counterparts, while the latter gain a stronger foothold in the market through such acquisitions. .The new Rule 155 adopted by the SEC in provides for safeguards for financial institutions in case of such mergers, acquisitions and take-overs. It provides for non-exclusive safe harbors from the integration between registered and private offerings, and allows issuers to move more quickly in case market conditions change quickly.The rule provides for clear guidelines in which a financial institution may change its offering between registered and private offerings without the risks normally associated with integration (Marek and Seo 2001). Deregulation, such as through adoption of the new Rule 155, and technology have been identified as two of the driving forces why banking institutions merge. Technology on the other hand has literally allowed banks to cross borders, and have made limitations as to time, geography, and boundaries practically non-existent.Information dissemination through the speed of technology has allowed mergers across continents, and for such financial institutions to grab a large slice of the market share. It has also provided for flexibility and convenience to customers. However, one threat to this form of business expansion is the formation of â€Å"super banks†, similar to what is happening in the retail sector wherein only a small number of key players dominate the industry. This may potentially affect customer needs, as the competitive edge remains with a select set of power players in the banking sector.The lack of boundaries, such as having branches in different parts of the globe, may also hinder optimum customer satisfaction, as a financial institution’s operating procedure remains uniform and standard, but customer needs always differ per area, region, or continent. Institutions will use both organic growth and mergers and acquisitions to grow and expand their businesses. But what can be concluded is that those financial institutions with business models that push for strong organic growth make more successful acquirers (A. T.Kearney 2006). Since they understand the needs of their clients better, the services and products they offer tend to be m ore appropriate and thus more cost-effective and profitable. By knowing their customers, and ultimately the strengths of their organizations, then institutions with strong organic growth models are better capable of acquiring and merging with other banking institutions in the future. VI. Future Research The preliminary research in this data indicated case studies from surveys conducted on the banking sector for 2005 and 2006.Trends with regard to organic growth and mergers and acquisitions in the financial sector were analyzed. Future research in relation to this study could include analysis of empirical data from major banking institutions and a comparison of their profit rates from their organic growth and mergers and acquisitions. Sample sizes may include banks which focus on both organic growth and mergers and acquisitions, and banks which monitor organic growth alone and do not participate in mergers. Such data may be gathered from interviews, surveys, and requests for financia l reports from respondent banks.WORKS CITED Cox, Daniel and Bossert, James. Driving Organic Growth at Bank of America. American Society for Quality. Feb. 2005. 28 Nov. 2006. http://www. asq. org/financial/bank-of-america-case-study. html Investment Firms Improve, Retail Banks Slip in A. T. Kearney’s Annual Organic Growth Index for Financial Institutions. A. T. Kearney. 12 Sept. 2006. 28 Nov. 2006. http://www. atkearney. com/main. taf? p=1,5,1,177 LaMonica, Paul R. Bank merger mania is back. CNNMoney. com. 27 Oct. 2003. 28 Nov. 2006. http://money. cnn.com/2003/10/27/markets/banks/ Mergers and acquisitions. Wikipedia, The Free Encyclopedia. 2006b. 28 Nov. 2006. http://en. wikipedia. org/wiki/Merger Mergers and Acquisitions: Introduction. Investopedia. 2006c. 28 Nov. 2006. http://www. investopedia. com/university/mergers/ Mergers and Acquisitions: Definition. Investopedia. 2006b. 28 Nov. 2006. http://www. investopedia. com/university/mergers/mergers1. asp Moore, Robert and Siems , Thomas. What’s Driving Bank Mergers. Federal Bank of Dallas. 2006. 28 Nov. 2006. http://www. dallasfed.org/eyi/money/9905. html Neill, James. Qualitative versus Quantitative Research: Key Points in a Classic Debate. Wilderdom. 5 Jul. 2006. 28 Nov. 2006. http://www. wilderdom. com/research/QualitativeVersusQuantitativeResearch. html Organic Growth. Investopedia. 2006a. 28 Nov. 2006. http://www. investopedia. com/terms/o/organicgrowth. asp Organic growth. Wikipedia, The Free Encyclopedia. 2006a. 28 Nov. 2006. http://en. wikipedia. org/wiki/Organic_growth Organic Growth in Retail Banking: A Global Survey of Strategies and Programs.Accenture. 2006. 28 Nov. 2006. http://www. accenture. com/Global/Services/By_Industry/Financial_Services/Banking/R_and_I/GlobalSurveyStrategies. htm Rhoades, Stephen A. Bank Mergers and Banking Structure in the United States, 1980-98. Board of Governors of the Federal Reserve System. Staff Study 174. Aug. 2000. Marek, Thomas R. and Seo, Deborah. Rule 155 Provides New Integration Safe Harbors. Oppenheimer Wolff & Donnelly LLP. 27 Apr. 2001. 28 Nov. 2006. http://www. oppenheimer. com/news/content/rule_155. htm

The Word “Ghetto”

A word’s meaning can usually be traced back for hundreds of years. Over such long periods of time, words become manipulated, many times to the point where the meaning changes entirely. This is the case with the word â€Å"ghetto. † The word ghetto can be traced all the way back into the 1500’s. This word has infiltrated itself into today’s society and culture seamlessly. However the current definition of the word is far from what the original definition was. Perhaps due to the connection that the word ghetto has with urban culture, the word has evolved over time to have a more positive, less intolerant meaning.The word ghetto, which would come to be used throughout Europe to describe communities of isolated minority groups, originated in Venice in the 1500’s. According to the Oxford English Dictionary a ghetto was â€Å"The quarter in a city, chiefly in Italy, to which the Jews were restricted† (OED). In 16th century Italy, Pope Paul IV estab lished ghettos in Venice as a place of confinement for Jews. His main goal was to gain maximum economic advantage from the Jews’ presence while ensuring minimal social contact with Jewish people.In 1516, seven hundred Jews were forced to move to one small part of Venice, then an abandoned site of a 14th-century foundry that produced cannons. This area known as the â€Å"Geto† was an old Venetian dialect for â€Å"foundry† from the Italian verb gettare which means to pour or to cast, while the island across from it on which waste products had been dumped became known as â€Å"Il terrneo del Ghetto. † The word ghetto in its new usage did not remain long confined to the city of Venice. Generalization of the term helped the word to include all enclosed quarters of Jews in Europe.By the Pope’s edict, Jews remained enclosed in ghettos for two centuries until 1797, when Napoleon and the French army invaded Italy. At that time the ghettos were disbanded an d the Jewish people who lived in them were allowed to go wherever they pleased (holocaustresearchproject). Having immigrated to new countries, Jews tended to congregate in particular areas of a town or a city even when no longer forced to do so as did many minority groups living in a foreign country. This was a matter of choice. The Nazi’s eliminated the choice. â€Å"Ghettoisation† appeared in the countries occupied by Germany during World War II.After their 1939 invasion of Poland, Germans tried to control the sizable Jewish population by forcing Jews, and also Gypsies, to reside in marked-off sections of towns and cities the Nazis called â€Å"ghettos. † Altogether the Germans created at least 1000 ghettos. The largest was in Warsaw, Poland, which was the location from where the Nazis transported more than 300,000 prisoners to death camps. The Warsaw Ghetto was also the site of the largest and most significant Jewish uprising, and the first urban uprising in German occupied Europe (holocaustresearchproject).The Germans usually marked off the oldest and most run down areas of a city for a ghetto site. Thus the word â€Å"Ghetto† came to be associated with cramped dilapidated housing, appalling sanitary conditions, inadequate and poor food quality, absence of medical supplies and facilities that were all common aspects of ghetto living. Inhabitants often died of starvation, disease and exhaustion within the ghetto. These connotations remained attached to the word ghetto even up until modern times. In America, the word changed and evolved.Today, the term ghetto applies primarily to blacks in Northern U. S. cities. While all major immigrant groups coming into the U. S. establish their own residential areas, blacks ended up more segregated then most. Scholars have argued over whether or not poverty created ghettos in America or whether the ghettos created poverty. In any event, the connotation of the word ghetto in America became asso ciated with large-scale housing projects and inner city neighborhoods inhabited by black people who suffer from harsh living conditions.Because of such harsh living conditions, these areas have become notorious for crime, drugs, and violence. Thus the connotation of the word ghetto in America has stayed true to its original usage. It is used to this day to describe places of racial segregation (bos. frb. org). While the word ghetto still is associated with impoverished living environments, perhaps because of gentrification the word ghetto has come to have positive slang connotations as well.For example, the Oxford English Dictionary (OED) defines the expression â€Å"ghetto fabulous† or â€Å"ghetto fab† as â€Å"an ostentatious or flamboyant lifestyle or manner of dress, associated with the hip-hop subculture and characterized as a marker of status in economically disadvantaged urban neighborhoods. † This is a perfect example of how the way we use the word ghet to has changed dramatically over time. The word became part of hip-hop culture in the 1990’s. It was used in a good way for the first time.To describe someone who wanted to be part of that way of life as â€Å"ghetto† or â€Å"ghetto fab† was a complement. It was something that the world had never seen before. The creation of slang words and expressions is one of the ways that language changes over time. A group will use a certain word and after time, it may become widely used. Then it can become a part of most people’s vocabulary. Instead of being a noun with the most negative connotations of poverty disease and even death, the word ghetto is currently used as an adjective to label certain clothing, style, and even attitudes.There are certain brands of clothes that in many cases are described as ghetto. This could be because of the way they look (baggy, brightly colored) or because of the fact that the people who wear them frequently live in urban areas. The word ghetto is used for many reasons. Due to our culture and our society many times the word gains negative meaning. Generalizations may cause people to believe that people from the ghetto have less moral values than someone from out of the ghetto. However, the true definition of the word says nothing about morality.Although the word has a myriad of meanings, it is still understood in a variety of conversations (123helpme). Did the word ghetto really go from being such a negative term to such a positive one while somehow still maintaining part of its original meaning? That’s exactly what the word has done. The bridge between the two polar opposite meanings can probably be attributed to the fact that each has something to do with the city or urban areas. This is just about the most ameliorated a word could ever get.After a few centuries of word evolution, the word ghetto has become part of our culture in a positive way, rather than a negative one. The word has been throug h an incredible amount of semantic change. Through the process of broadening, the word has gained many new meanings. It no longer describes a quarter of an Italian city in which Jews were forced to stay in. It no longer has to describe a run down, over populated city such as Brooklyn, New York. The word ghetto can be used as an adjective now. It can be used to positively describe someone or something.Semantic changes such as broadening and generalization have brought about countless new usages and meanings to what was once a very specialized word (COHA) The word has been altered over time to become much more of a slang term. Many would argue that this term has become slang because of the way it is used by the younger generations. While it shouldn’t be considered a totally different word, the word ghetto represents entirely different meaning then it used to. The word has been used in and seen in such a wide variety of ways that it rarely gets used to describe what it was nitia lly meant to. The real meaning of the word ghetto does not mean much anymore because there is no longer a place where Jews are forced to live or for that matter a place where any group or minority is forced to live. The word now depicts a disadvantaged section of a city or town. The word ghetto was used in America most frequently in the 1970’s. Before that it was probably used a lot more internationally due to the fact that most ghettos in America did not exist until around the 1950’s. In the 1970’s the word is used with certain words very frequently.For example the words â€Å"black,† â€Å"boxed-in,† and â€Å"community. † However over time and into the 21st century the word is used less and less. While the usage decreases, the meaning changes. Today, we see the word ghetto used with words and phrases such as â€Å"fabulous,† â€Å"pimp,† â€Å"track-suit,† and â€Å"gangsta† (COHA). Its evident that as time goe s on, the meaning of the word ghetto is being altered tremendously. The word ghetto is a word that has an important place in not only today’s world, but also in the past. The word contains tremendous meaning for certain groups of people throughout history.For most of these people the word isn’t something they consider a noble word or a cheerful word at all. The people who know best what this word means are the people who experienced the Ghetto, the people who were confined, and people who were restricted. These people couldn’t experience the outside world. They were stuck in what is now defined by the OED as â€Å"the part of the city, especially a slum area, occupied by a minority group or groups. † The term was originally used in Venice, Italy to describe the place where the Jews were meant to live.Eventually the term became widespread. Now used not just for areas where minorities live, but also for poorer areas in general. The word went through the sem antic change of broadening. Ultimately, more than just Europeans in the old world used the word. In later years, the Venetian origin of the word â€Å"ghetto† came to be forgotten, as it was used exclusively in its secondary meaning as referring to compulsory, segregated and enclosed Jewish quarters, and then in a looser sense, to refer to any area densely populated by Jews.Eventually â€Å"ghetto became the general designation for areas densely inhabited by minority groups, almost always for socioeconomic reasons, rather than legal ones as had been the case with the initial Jewish ghetto. Interestingly enough, the word â€Å"ghetto† can be described as a colloquialism, but can just as easily be used as slang. The fact is no one changed the meaning of the word on purpose. This is what happens to words over time. They change meaning time and time again. The word ghetto is no different. The word is a perfect example of language and how it is ever changing.

College Compare and Contrast Essay Topics

College Compare and Contrast Essay Topics Compare and Contrast Essay Topics If your teacher has just asked you to write a comparative essay, it is a good choice to start working on the paper right away. At first, you will have to read our list of compare and contrast essay topics that are the most popular and easy to cover. Spend enough time to read the list till the end because much depends on your choice. No matter what topics for a compare and contrast essay you choose, always pay attention to the audience and purpose of writing. It will help you generate proper ideas and choose a writing style (it does make a difference if your reader will be a friend or a professor). To successfully deal with a compare and contrast essay topic, you will have to create an outline and produce ideas that will be further extended in the first draft. We have good topics for compare and contrast essays, but you should always handle the subject matter according to professor’s instructions. Check the task file and see what your paper should discuss (in other words, how many comparison and contrast paragraphs it should include). Though compare essay topics are pretty easy, the most challenging part is to present a proper discussion of similarities and differences, which will not confuse the reader. You can discuss both similarities and differences simultaneously or divide them into separate paragraphs. The Most Effective Compare and Contrast Essay Topics Feeling confused vs. scared Small against big college campuses Singing and dancing Chelsea FC vs. Manchester United Madonna vs. Beyoncà © The best friend and an acquaintance Extremely poor and almost homeless Donation vs. charity Compare and contrast the book â€Å"Goon with the Wind† and the movie Compare hurricanes to earthquakes Developed countries and developing countries Slim and overweight Happy and sad Friendship and hostility Friendship between females and males The President Bush vs. Obama Lying and acting Being active and being lazy A car and a bicycle Democratic power and dictatorship Properties of mammals against reptiles Living at home vs. dormitory Commuting or working at home Using a lap top or a tablet Sitcoms vs. reality shows Emotional and physical beauty Country music vs. Western Hip hop vs. RAP Attending traditional classes and visiting online courses Playing a video game vs. reading a book Reading a printed book vs. reading an electronic copy WWI and Civil War Functions of Microsoft and Apple Go to the cinema and stay at home to watch a movie Participation in extracurricular activities or studying only The poor and the rich Going abroad vs. staying at home Responsibilities of having a dog and a fish Your arch-rival and your best friend Songs of Rihanna and Madonna Cosmetic beauty or natural beauty School friends and college friends Classes at school and in the university Celebrities of the past and the present Max Weber vs. Karl Marx Fitness classes and yoga Classical treatment vs. homeopathy Being on a diet or engaging in sports Low carbohydrate diets vs. low fat diets Vacation abroad vs. vacation at home We hope that our topics for compare and contrast essay will be helpful if your professor asks you to select a topic on your own. Remember about the primary writing stages and follow all of them to submit a good piece of writing. Include all major paper parts (introduction, main body, and conclusion) in your comparative essay. Your task is to provide explicit details about each aspect of comparison and include at least an approximate amount of similarities and differences.    Creativity and rich imagination Education opportunities in the US and abroad Permissive parenting and authoritarian upbringing Being a child and being an adult The USSR and modern Russia The US of the past vs. present days Democrats and Republicans Females 200 years ago and now Being a teenager vs. being an adult Friendship between women and men Living alone and living with your family Divorce and separation Marriage and cohabitation Camping and hiking A college student and a university student The influences of the World War I and World War II Water vs. juice Visiting the US and visiting Canada The worst and the best employer ever A dream and a nightmare A feeling of anxiety and anger Facebook vs. Twitter Spending all money on vacation or buying a luxurious car Reading a book or watching a reality show Being beautiful or being smart Cooking or buying take-away food Windows or Mac Storms and blizzards Having a dog or having a cat The beauty of deserts or mountains Discoveries vs. inventions Having an apartment vs. having a house Vegetables vs. fruits MacDonald’s and Tacos’ The most desired birthday party and the most dreadful birthday party Soccer and football Odysseus and Beowulf Comedy and tragedy Studying in a public school or private school Uniqueness of Hercule Poirot and Sherlock Holmes The best boss ever and the worst boss ever Rules in baseball and rugby Judaism and Christianity Watching a comedy and watching a thriller Google vs. Yahoo Democratic leadership and communism Parents’ influence vs. influence of friends Typing vs. handwriting Learning at home and attending school classes Friendship and love.

Christmas Trends, Demographics, Spending and Waste

Christmas Trends, Demographics, Spending and Waste Christmas is one of the most widely celebrated holidays by people all over the world, but what are the particularities of it in the United States? Who is celebrating it? How are they doing it? How much are they spending? And how might social differences shape our experience of this holiday? Lets dive in. The Cross-Religion and Secular Popularity of Christmas According to Pew Research Centers December 2013 survey about Christmas, we know that the vast majority of people in the U.S. celebrate the holiday. The survey confirms what most of us know: Christmas is both a religious and a secular holiday. Unsurprisingly, about 96 percent of Christians celebrate  Christmas, as do a whopping 87 percent of people who are not religious. What may surprise you is that people of other faiths do too. According to Pew, 76 percent of Asian-American Buddhists, 73 percent of Hindus, and 32 percent of Jews celebrate Christmas. News reports indicate that some Muslims also celebrate the holiday. Interestingly, the Pew survey found that Christmas is more likely to be a religious holiday for older generations.  While just over a third  of people ages 18-29 celebrate Christmas religiously, 66 percent of those 65 and older do so. For many Millennials, Christmas is a cultural, rather than a religious, holiday. Popular Christmas Traditions and Trends According to the 2014 National Retail Federations (NRF) survey of planned activities for Christmas Day, the most common things we do are visit with family and friends, open gifts, cook a holiday meal, and sit on our bums and watch television. Pews 2013 survey shows that more than half of us will attend church on Christmas Eve or Day, and the organizations 2014 survey shows that eating holiday foods is the activity that we most look forward to, after visiting with family and friends. Leading up to the holiday, the Pew survey found that  the majority of American adults- 65 percent- will send holiday cards, though older adults are more likely than younger adults to do so, and 79 percent of us will put up a Christmas tree, which is slightly more common among higher income earners. Though hurtling through airports at top foot-speed is a popular trope of Christmas movies, in fact, just 5-6 percent of us travel long-distance by air for the holiday, according to the U.S. Department of Transportation. While long-distance travel  increases by 23 percent at Christmas time, most of that travel is by car. Similarly, though images of carolers punctuate holiday films, just 16 percent of us join in the activity, according to Pews 2013 survey Studies also show that we are getting engaged, conceiving children, and deciding to get divorced more so on Christmas than during any other time of  the year. How Gender, Age, and Religion Shape Our Christmas Experiences Interestingly, a 2014 survey by Pew found that religious affiliation, gender,  marital status, and age have an impact on the extent to which people look forward to the  common ways of celebrating Christmas. Those who regularly attend religious services are more enthusiastic on average about Christmas activities than are those who attend less often, or not at all. The only activity that escapes this rule? Americans universally look forward to eating holiday foods. In terms of gender, the survey found that, with the exception of visiting with family and friends, women look forward to the holiday traditions and activities more than men. While the Pew survey did not establish a reason for why this is the case, existing social science suggests that it could be because women spend more time than men do shopping and visiting with or taking care of family members in the context of their everyday lives. Its possible that mundane and taxing chores are more appealing to women when they are surrounded by the Christmas glow. Men, however, find themselves in the position of having to do things that they are not normally expected to do, and so they dont look forward to these events as much as women do. Echoing the fact that Christmas is less of a religious holiday for Millennials than it is for older generations, the 2014 Pew survey results indicate an overall generational shift in how we celebrate the holiday. Americans over the age of 65 are more likely than others to look forward to hearing Christmas music and attending religious services, while those in the younger generations are more likely to look forward to eating holiday foods, exchanging gifts, and decorating their homes. And while the majority of all generations do these things, Millennials are the most likely to buy gifts for others, and the least likely to send Christmas cards (though still a majority do it). ChristmasSpending: Big Picture, Averages, and Trends More than  $665  billion is the amount the NRF forecasts  Americans will spend during November and December 2016- an increase of 3.6 percent over the previous year. So, where will all that money go? Most of it, on average $589, will go  to gifts, out of a total $796 that the average person will spend. The rest will be spent on  holiday items including candy and food (about $100), decorations (about $50), greeting cards and postage, and flowers and potted plants. As part of that decorative budget, we can expect Americans to collectively  spend more than $2.2 billion on about 40 million Christmas trees in 2016 (67 percent real, 33 percent fake), according to  data from the National Christmas Tree Association. In terms of gift-giving plans, the NRF survey shows American adults intend to buy and give the following: Clothing or accessories (61%)Gift cards or certificates (56%)Media items (books, music, videos, games, etc.) (44%)Toys (42%)Food or candy (31%)Consumer electronics (30%)Personal care or beauty items (25%)Jewelry (21%)Home decor or furnishings (20%)Cash (20%)Sporting goods or leisure items (17%) The plans adults have for gifts for children reveal the stronghold that gender stereotypes still have in American culture. The top five toys that people plan to buy for boys include Lego sets, cars and trucks, video games, Hot Wheels, and Star Wars items. For girls, they plan to buy Barbie items, dolls, Shopkins, Hatchimals, and Lego sets. Given that the average person intends to spend nearly $600 on gifts, its not surprising that nearly half of all American adults feel that exchanging gifts leaves them stretched thin financially (according to Pews 2014 survey). More than a third of us feel stressed out by our countrys gift-giving culture, and nearly a quarter of us believe that it is wasteful. The Environmental Impact Have you ever thought about the environmental impact of all this Christmas cheer? The Environmental Protection Agency reports that household waste increases by more than 25 percent between Thanksgiving and New Years Day, which results in an additional 1 million tons per week going to landfills. Gift wrapping and shopping bags amount  to a whopping  4 million tons  of Christmas-related trash. Then theres all the cards, ribbons, product packaging, and trees too. Though we think of it as a time of togetherness, Christmas is also a time of massive waste. When one considers this and the financial and emotional stress of consumerist gift-giving, perhaps a change of tradition is in order?

Nosocomial Infections, Sanitation in Medical Settings Research Paper

Nosocomial Infections, Sanitation in Medical Settings - Research Paper Example This refers to the diseases or infections caused by the hospital environment as a favoring factor. According to the CDC the number of deaths as a result of nosocomial diseases is about 100,000 (Acton, 2013). This infections as commonly caused by bacteria and micro-organisms in the hospital environment. Most common nosocomial diseases include pneumonia infections, urinary tract and blood stream infection. In an argument by WHO (2002) nosocomial infections are mostly caused by the inability of health providers to abide by sanitation regulations. The author further asserts that patient mishandling and practitioner carelessness constitute the largest causing factors of nosocomial infections. The infection’s common route of transmission is direct contact. In this mode of transmission a practitioner may come into contact with a patient with equipment that have not be sanitized, or body to body contact. There infection could also be transmitted through droplet transmission. The droplets may be from a sneeze, cough or talking during sensitive procedures. For instance, a practitioner is required to cover their nose and mouth during surgeries to avoid droplet transmission of infection. Airborne transmission is also a common way nosocomial infection are transmitted. This may be in case or airborne diseases such as tuberculosis. Food, water, devices and medications may also transmit infections if poorly handled. Acton (2013) asserts that simple precautions could be put in place to minimize the occurrence of nosocomial infections. Firstly, sterilization should be done of equipment that are reused in a medical setting. In an instance where a practitioner or a patient put the environment at the risk of infection, isolation should be considered for the person. This would ensure the person does not contaminate the health setting. For the practitioners basic hygiene procedures should be