College Essay Picturce Tips & Guide

College Essay Picturce Tips & Guide There have been lots of incidences previously where photographs are faked or misinterpreted creating havoc situation. No matter in which you live, there'll be countless regional events throughout the year. You'll see a number of one-of-a-kind scholarships based on last name or physical capabilities. The award total isn't specified. Editing is among the most essential pieces of writing the ideal college essay possible, and here are two essential college essay strategies for editing. You can't ever be too thorough when it has to do with reading the essay over again and checking for any places that should be reworked. Bridget's essay is quite strong, but there continue to be a couple little things that could be made better. So just make an application for aid with college essay and find some free time for yourself. Facts, Fiction and College Essay Picturce When you've written your supporting thoughts and facts, return and ask yourself whet her you would love to compose a brief introductory paragraph. Perhaps it may be a question, or a very simple statement. If you're describing an event, you'll need to compose your paragraphs in chronological purchase. If you're writing about an individual or a place you should order the paragraphs so you start off in a general fashion and write more specific details later. According to a specific style that's followed in a Picture Essay, continuity needs to be maintained. 1 photo essay idea I have always wished to try is to photograph one landmark from a number of different vantage points. The kind of such a story is known as the photo essay. There are a lot of sites online wherein you can purchase picture essay. Photographs are sometimes a good source of entertainment and a type of art, but when it has to do with portraying reality, maybe it does not succeed all of the moment. Observe how the picture utilizes color or absence of color. The details which you've provided sho uld present your reader enough information which they can form an entire picture. Address the explanations for why the image has or doesn't have a clearly defined shape. You may want to earn a list of the sorts of images you desire. Be certain to indicate any images you currently have. The very first images are always likely to be the hardest to take, but as soon as you pick up speed, you'll have images to show and persuade the next group. The single images comprise the whole. The application essay is a typical portion of the university and college admissions process. You might be absolutely the most talented writer with exceptional abilities and deep understanding, but you are going to hardly be in a position to deal with numerous college assignments. Many college applicants make the error of attempting to include things like all their accomplishments and activities in their application essays. In various ways, the most labor-intensive portion of your college application procedure is the essay. Choosing College Essay Picturce Is Simple It is likely to make your essay appear sloppy and unfinished, and that's the very last thing you desire! Your introductory paragraph sets the tone for the remainder of the essay, so it ought to set out all the principal ideas that you're going to cover in your essay. Similarly, although your essay doesn't need to be 100% deadly serious in tone, you ought to be careful with humor. Quite simply, everything would be determined by verifiable fact an expository essay. Though each story idea is the exact same, the principal factors of each story create an unbelievably one of a kind story. By contrast, if you'd like to write about how your favourite book changed your life, that will most likely be a thematic essay. Select the ideal anecdote or the funniest story you've got, but don't choose too lengthy a story, as you might not have sufficient space for the remainder of your essay. Most writing you are going to have to do in your professional life will involve a great deal of expository content also. It is very important to take a rest from your writing when you have finished the work. In the previous twenty decades, video and film have come to be the predominant types of modern-day storytelling. Describe the growth of communication in the previous 20 years since the coming of the internet. Trekkies are in luck when on the lookout for college funding. There will be many jobs and careers which people do that you've zero idea about. Tomorrow you'll see a couple more points to speak about and think of additional methods to say things. Some of the most unusual scholarships are from companies that are only seeking to have a really fantastic time, and they wish to share the love with students who get their sense of humor and would be happy to do something somewhat daring. Scroll down the page in order to look at extra essay samples which might help you in producing your very own literary essay. This section consists of two examples of excellent college essays. You'll observe a similar structure in lots of the essays. You are able to take advantage of our essays readily available, custom-written writing assignments together with more. Unlike other kinds of homework, essays might be real problem for virtually any student. If that's the case, turn it in and at this point you understand how to compose the perfect essay. It's a good idea to comprehend what constitutes an outstanding customized essay. Write a conventional essay.

Personal Essay Sample - How to Use a Personal Essay Sample

Personal Essay Sample - How to Use a Personal Essay SampleUsing a personal essay sample is one of the best ways to write an essay on a topic that you are interested in. Writing a personal essay can be very difficult, but once you have your essay you will see how much easier it is to write.When you start writing your essay, you will find that it can become very difficult to find the words that you need. The reason for this is that you need to have a concept that you want to express in your essay and that is the starting point of your essay. It is important that you have a foundation of what you want to express with your essay before you can start writing.A personal essay sample can help you when you start writing your essay. You can look at examples of essays that have been written on the same topic and see what kinds of things you might want to say in your essay. Once you have a good idea of what kind of essay you want to write, you can then begin to write the essay. A personal essay sample will also help you realize the best format for your essay.It is very easy to get confused as you go along as you try to figure out how to structure your essay. A personal essay sample will help you to realize the proper format and word usage that you need to have for your essay. Remember that the purpose of an essay is to get across your ideas to someone else.You will find that you can tell the audience that you are speaking to by the way that you are writing your essay. If you want to get across your message to the audience you need to take care in the way that you write your essay. The best way to do this is to use a personal essay sample.Since you are starting from a blank slate and writing your personal essay for the first time, you will find that it can be very difficult to know what to write. You will find that this can be a very difficult experience for you. You may find that when you do finally get to the point where you have an idea of what you want to say you will realize that it is much easier to write a personal essay using a personal essay sample.You will find that you do not have to put all of your ideas on paper. In fact, if you use a personal essay sample you will find that you have an idea of what you want to say that is better than anyone else can put down. You can think of this as you take a look at someone else's essay and copying down their ideas in a way that you can relate to. This is a great way to take your essay and give it a personal touch.Using a personal essay sample will help you write your essay the way that you want it to be. If you are not sure how to write an essay, you can find a personal essay sample that you can read to see what this type of essay is like. This will help you to write the way that you want and you will be surprised at how easy it is to do. You will find that you do not have to worry about writing your essay and that it will be the best that you can write.

Based On Book Bless Me Ultima free essay sample

Based On Book, Bless Me, Ultima The Title Is # 8216 ; The Turning Up Essay, Research Paper The turning up of a immature male child Throughout the book Bless me Ultima, Tony, the immature chief character in the narrative, lost his artlessness when exposed to the rough universe since he learned what life is truly similar. Ultima is a good whitch whom tries to steer Tony by learning him ethical motives and lessons. Narsico is percieved as the town rummy, but is a good individual. Tenorio is the devil in this narrative, as he wants to destruct Ultima. This book is about Tony # 8217 ; s experience in seting to the unsmooth universe at a comparatively immature age. Narsico # 8217 ; s decease with Tenorio # 8217 ; s want to kill Tony made him recognize his restrictions and acknowledge the world. Before these incidents, Tony imagined he could command incidents that happened in existent life. He thought he could consequence events in life in a posotive manner. We will write a custom essay sample on Based On Book Bless Me Ultima or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page After these events and experiences with people, Tony realizes that good people get bad things. When Tony was playing a game with his equals in which he was the priest, he forgave his freind, Florence, for his wickednesss, even though he stood up to all his equals to make so. When Tony ran 10 stat mis home to warn Ultima, a sort whitch about Tenorio, whose desire is to destruct her spirit, he realized he or Ultima could both be exterminated. During the tally, Tony idea of the hereafter, which he barely thought of before this event. Almost every kid Tony # 8217 ; s age was preoccupied with activities, such as playing and horsing about, and surely non believing what the hereafter could refer. This proves Tony understood the aknowledgement of world, unlike most of his equals. When Firenze, his freind, inquiries God, it made Tony addition skeptisicm. Before, Tony # 8217 ; s parents, particularly his female parent, forced the faith of Christianity upon him. Tony believed it, since his p arents did and he thought they were ever right. Tony # 8217 ; s parents did non him to inquiry Catholisicm, but Florence made him recognize you must oppugn all beliefs’ at all angles. I personally think Tony will still believe in Catholisicm, but this event made him recognize you must listen to all beliefs and inquiry. Ultima told Tony he had to populate to understand, since some inquiries are non answerable, and are merely answerable through experience. Besides, Tony learned from Ultima that acknowledgment of your childhood is portion of your hereafter, and you must confront the truth no affair how much agony you can endure. When Tony was on his Uncle’s farm one summer, his Uncle told him to overlook differences, and immorality is non evil, it is what you percieve of it. He besides said people are non evil, they merely have bad influences. If person influential has a persuasive statement that seems to hold a logical solution, people are influenced in a negative manner since they do non cognize the whole narrative. In ways, Tony wishes Florence was with him, but he knows he can non look back on his life. He knows he must retri eve Florence, but if he kept brooding on mourning for him, he would neer be able to acquire on with his life. Yet, this made Tony recognize he must wade through life, and you must non of all time allow evil overpower you. Throughout this whole book, Tony learned lessons. He realized he must believe of the hereafter. Tony realized it is wholly right to be skeptic and inquiry for replies. He lived and he understood you must overlook differences and immorality is non evil, but what you percieve of it. Throughout the whole narrative, it seemed like Tony waded through it, with trust and freindship being really of import to him. Tony learned to oppugn something if you believe in it, non because person who you love or trust dearly believes in it. Tony realized he was non believing for himself early on in the book, but his parents were believing for him in certain instances like faith. In the terminal, Tony realized everyone must believe for themselves and judge on what they think is the best pick. This book was about Tony # 8217 ; s experience turning up and larning what the existent universe can be like.

Free Essays on Literature

There are many pieces of literature that are different from one another yet, each contains some of the same language and qualities. This is the case with Richard Connell’s â€Å"The Most Dangerous Game,† Ernest Hemingway’s â€Å"The Short Happy Life of Francis Macomber,† and Thomas Wolfe’s â€Å"The Child by Tiger.† Each piece is different from the next but, each share a few common themes such as irony and a personality change for the characters. In â€Å"The Most Dangerous Game,† a worldly, experienced hunter (Mr. Rainsford) winds up on another hunter’s island and becomes the hunted. This is ironic because he is usually the hunter. Being as the other hunter, General Zaroff is as experienced as he is; all of his tricks are easily discovered and leave Mr. Rainsford fighting for his life. He was previously cynical and brushed off any comments other people made about the animals feelings or thoughts. However, the personality change comes when he is being hunted and starts to realize true fear for his life like his previously hunted had felt. He then knew what it felt like to run and hide for his life. â€Å"The Short Happy Life of Francis Macomber† follows a hunter, and a husband and wife on a hunting excursion. While attempting to hunt a Lion, Mr. Macomber cowers and runs from the Lion, fearing for his life and living the hunter to kill his prey. On the next day’s outing, after successfully hunting some buffalo, Mr. Macomber has a complete personality change when he feels a sudden rush of not fearing anything anymore. This is the first time in his life that he feels no fear. Ironically, however, while being braver then the others and attempting to get a second shot at one of the buffalo, he is shot by his wife. The Ironic part about this is the fact that his wife was the one person he never feared. Wolfe’s â€Å"The Child by Tiger,† however, was slightly different from both of the previous works. While it hold... Free Essays on Literature Free Essays on Literature There are many pieces of literature that are different from one another yet, each contains some of the same language and qualities. This is the case with Richard Connell’s â€Å"The Most Dangerous Game,† Ernest Hemingway’s â€Å"The Short Happy Life of Francis Macomber,† and Thomas Wolfe’s â€Å"The Child by Tiger.† Each piece is different from the next but, each share a few common themes such as irony and a personality change for the characters. In â€Å"The Most Dangerous Game,† a worldly, experienced hunter (Mr. Rainsford) winds up on another hunter’s island and becomes the hunted. This is ironic because he is usually the hunter. Being as the other hunter, General Zaroff is as experienced as he is; all of his tricks are easily discovered and leave Mr. Rainsford fighting for his life. He was previously cynical and brushed off any comments other people made about the animals feelings or thoughts. However, the personality change comes when he is being hunted and starts to realize true fear for his life like his previously hunted had felt. He then knew what it felt like to run and hide for his life. â€Å"The Short Happy Life of Francis Macomber† follows a hunter, and a husband and wife on a hunting excursion. While attempting to hunt a Lion, Mr. Macomber cowers and runs from the Lion, fearing for his life and living the hunter to kill his prey. On the next day’s outing, after successfully hunting some buffalo, Mr. Macomber has a complete personality change when he feels a sudden rush of not fearing anything anymore. This is the first time in his life that he feels no fear. Ironically, however, while being braver then the others and attempting to get a second shot at one of the buffalo, he is shot by his wife. The Ironic part about this is the fact that his wife was the one person he never feared. Wolfe’s â€Å"The Child by Tiger,† however, was slightly different from both of the previous works. While it hold... Free Essays on Literature American Literature: Prose, fiction and nonfiction of the American colonies and the United States, written in the English language from about 1600 to the present. This literature captures America’s quest to understand and define itself. For its first 200 years American prose reflected the settlement and growth of the American colonies, largely through histories, religious writings, and expedition and travel narratives. Fiction appeared only after the colonies gained independence, when the clamor for a uniquely American literature brought forth novels based on events in America’s past. With a flowering of prose in the mid-1800s, the young nation found its own voice. By then fiction had become the dominant literary genre in America. In the early 1800s America faced a difficult challenge: how to create its own culture. Calls for an American literature began during the Revolution and became more frequent and urgent as independence was assured. Over the course of the 19th century the country progressed from an agricultural economy concentrated on the Eastern seaboard to an industrialized nation that spanned the continent. With the dramatic changes in the nation came dramatic changes in its literature. When the century opened, only a handful of novels had been written, but by mid-century American fiction rivaled the best in the world. Biography and history remained strong; religious writing, on the other hand, had substantially declined in importance. B American Romanticism During the late 1700s and early 1800s, romanticism was the dominant literary mode in Europe. In reaction to the Enlightenment and its emphasis on reason, romanticism stressed emotion, the imagination, and subjectivity of approach. Until about 1870 romanticism influenced the major forms of American prose: transcendentalist writings, historical fiction, and sentimental fiction. B1 Transcendentalism Like romanticism, transcendentalism rejected both 18t...

Biometric Authentication Essay Example | Topics and Well Written Essays - 1750 words

Biometric Authentication - Essay Example One’s fingerprint, hand, or face recognition senses such specific details as ridges, orientation, as well as other features of the fingerprint. DBS is thus an effective technology offering optimal solutions towards the safety of responsive areas, thereby meeting the demands of the clients for high security whilst maintaining litheness (Nanavati et al 2002). According to Jain et al (1996), a number of factors underscore the inevitability of a DBS. First, DBS requires that a recognition trait must be universal. This implies that all people must possess a chosen biometric, with each person having a distinctive one. Secondly, the chosen biometric, in every human being, must be stable. Role-based admission management is a fundamental concept with two limits: simple and complex extremes. Ferraiolo et al (2007) postulate that there exists four chronological role-based authentication approaches as elucidated by the NIST model. The order is arranged in growing functional capacities. Th e â€Å"Flat Role-Based Access Control† comes first and exemplifies the basic role-based access management aspects. This approach stipulates that roles be assigned to users and permissions, thereby necessitating one to be considered in a role to gain access or permission. Importantly, a number of roles can be allocated to an individual user while multiple users can be allocated a solitary, common role. â€Å"Hierarchical Role-Based Management Control† (HRBMC) comes second in the sequence. This stage adjoins a constraint that shores up the ranking via allowing consent of the juniors by the senior staff. The HRBMC approach consists of two phases; universal hierarchical and controlled hierarchical role-based verification. The universal hierarchical role-based certification supports a capricious fractional order for helping the role ladder. On the other hand, the controlled hierarchical role-based verification entails the imposition of limits upon the role ladder by the sy stem. Constrained RBAC comes third in the sequence. Duties’ partition, a mechanism that prevailed prior to the computers for accidental damage and fraud possibility reduction, is added as an obligation within this approach. The implication of duties’ separation takes two approaches: dynamic and static duties’ separation. Symmetric RBAC is the fourth and final approach of this sequence, which assists in the recognition of the roles towards which a specific permission has been allotted, and vice versa (Lin & Fan 2004). In the above situation and approach of use, XACML (Crampton) is the substitute applicable solution. The dissimilarity between rule-based substantiation techniques and the NIST model is the reality that the policies of rule-based verification integrate attribute-based provisions that establish the permitted protocols, as well as recognize source while the policies of the RBAC establish the organisational roles and permissions ascribed to the roles, a s well as the persons, executing such roles (Jain & Uludag 2003). Strengths and Weaknesses of the PALM Biometrics and Reliability and Authentication of this Mechanism PALM biometrics systems are used interchangeably with palm vein biometric method.  

Product strategy Case Study Example | Topics and Well Written Essays - 750 words

Product strategy - Case Study Example The following discussion seeks to implement the beverage, grocery, and baking industry pricing practices. The industry firms embark on a process of innovating and producing products that will achieve the desired responses. The IBIS World research report indicates that the companies present in the industry embark on customer-value oriented strategies in order to acquire their long-term goals and objectives (Stark, 2007). For example, Coca-Cola and Pepsi companies engage in the production of soft drinks in flavors best favored by different consumer groups. However, the companies embark on the use of credible pricing strategies in reflection to the market’s consumer needs. Notably, soft drinks manufacturers and grocery wholesalers engage in price-penetration strategy to ensure that their market segments grow competitively. The research study indicates that Coca Cola’s growth rate is overwhelming compared to its competitor, Pepsi that currently stands at a -1.7% (Ibis World Reports, 2014). On the other hand, retail and wholesale chains that grow, produce, and sale groceries an d baked products reveal similar pricing practices. For instance, Wal-Mart and ASDA retail stores have acquired profitable market segments and subsequent growth rates from the market due to the use of price-penetration strategies (Levin, & Kalal, 2003). The companies present in the food industry seems to implement similar objectives. For example, the companies realize that growth and diversification of investments remain a beneficial strategy since it enables businesses to enjoy economies of scale (Ibis World Reports, 2014). Asda Retail chains engage in market-penetration strategies and the use of low prices to increase their consumer-value responses. It is evident that the companies practice the use of high quality production practices to sell at medium prices to the customers (Levin, & Kalal, 2003). The

Domestic and Cross-Border Merger and Acquisition Factor

Domestic and Cross-Border Merger and Acquisition Factor Determinants Of Domestic And Cross-Border Merger And Acquisition Activities In Banking Sector Abstract Global announced mergers and acquisitions (MAs) in banking sector rose to a new high record in 2007. Although now MA activity has been hit notably because of the global financial crisis, it will have different performance in the time of post-crisis. Both China and UK will be the most active MA areas in the future, especially in the financial service industry. To secure the success in future MA wave, identifying the right potential targets is crucial. The purpose of the study is to identify the determinants of banks domestic and cross-border acquisitions in China and UK over the two specific periods which are before global financial crisis (2005-2007) and during crisis (2008-August 2009). This study will help bank managers to identify the right targets for future acquisitions and also help policy makers to understand which factors can increase the likelihood of bank acquisitions. Three aspects are examined by employing Logit analysis for the likelihood of domestic bank acquisitions which include banks characteristics, market features and regulatory factors. Additional geographic factors will also be considered into cross-border bank acquisitions by using the same model. The result of this study reveals the determinants of likelihood of being acquired for UK and Chinese banking industry respectively. It also shows the difference of determinants between domestic and cross-border acquisitions, and between the two specific time periods as well for two banking industries respectively. Detailed analysis is also provided for comparing the difference of determinants between China and UK, these two significantly different banking markets. Introduction ABN AMRO, which created as of result of the 1991 merger between Amsterdam Rotterdam (AMRO) and ABN whose history dated back to 1824 and was one of the largest banks in Europe, was acquired by RFS Holdings B.V., a company jointly owned by RBS, Fortis N.V. and Banco Santander S.A. for a consequent amount of 71 billion Euros in October 2007 (Financial Times, 2007). This was the biggest banking takeover in history and together with other deals made global mergers and acquisitions (MAs) rose to a new high of US $ 4.8 trillion in 2007 (Francis and Hasan, 2008). However, the following global credit crunch has created a new international financing and banking network where MAs may be mainly involved as a survival solution for many entities. This study will examine the determinants of banks domestic and cross-border acquisitions both in UK and China, the most active and representative country in developed financial market and emerging market respectively. Therefore, this chapter will give the overview of UK and Chinese banking industry, then focus on MA activities, and illustrate objectives and the value of this study. Background Global Banking Industry Overview The global banking industry experienced strong growth before the end of 2007. Assets of the largest 1,000 banks in the world grew 16.3% during 2007 to a record $74.2 trillion (Figure 1). This growth rate is 5.4% higher than the previous year. Worldwide assets of banking industry The Banker database) EU banks held the largest share, 53% in 2006/2007, up from 43% in 1999/2000. And among this, the share of UK banks is always on the top of other EU countries. US banks share in term of assets remained relatively stable at the level around 14%. The left shares are from other Asian and European countries (IFSL, 2008a). However, the global credit crunch which originated in the US sub-prime market impacted the whole financial system world widely. And it came close to collapse in the autumn of 2008, following the failure of Lehman Brothers and the ‘breaking the buck of a large US money market mutual fund (MMMF). The subsequent panic was then across global financial markets especially the western world. Although in recent months, market conditions have picked up which improves the outlook for banking systems, there has been a dramatic shift based on market capitalization in global banking industries (Bank of England, 2009). In 2007, the average level of world top 20 financial institutions market capitalization was peaked around $125bn, and banks from US and UK dominated the main financial market. However, in 2009, the market capitalization decreased by more than 50% for all financial institutions, and the top three largest ones are all Chinese banks. HSBS, which based on emerging markets at heart , is UKs sole representative in the list (Figure 2) (Financial Times, 2009a). Banking industry in both UK and China experienced great change through the global financial crisis. Financial Times UK Banking Industry The UK banking industry is a vital and essential part of the UK economy. It has experienced a deep level of restructure since the 1980s which includes regulatory change and banking system reform etc. Four major changes are associated with this restructure: increasing level of competition, both in market and out-of-market; deregulation; increased diversification and acquisitions (Drake, 2001). In 2007, UK banking industry reached a new high record for its assets and contribution percentage to UK economy comparing to other sectors. Assets of UK banking sector reached  £6,964bn at the end of 2007, up 11% on 2007. And there were 331 banks authorized to conduct business in UK. The 254 foreign banks physically located in the UK which is more than in any other country (IFSL, 2008a). Banking industry accounted for 7.6% of UK GDP in 2007, increased from 5.7% in 1997 (IFSL, 2008b). However, the following global financial crisis impacted the UK banking industry materially. During 2008, the return on the major UK banks total assets turned negative and the impact of this on return on equity was amplified by banks high level of gearing (Figure 3). Meanwhile, the mark-to-market losses of major UK banks book assets roughly doubled between October 2008 and January 2009, exceeding fresh capital raising over that period which partly reflected increase in expected losses (Figure 4) (Bank of England, 2009). But in recent months, market conditions have been improved, and it can be expected that UK banking industry which experienced restructuring and changed policies on bank regulations during the crisis will seek substantial domestic and cross-border business opportunities afterwards to strength its position in global financial market which gives great potential for MA activities (Economics Outlook, 2009). Bank Of England, Bloomberg) Chinese Banking Industry Chinas economy has been growing about 8% per year in real terms over the last decade. Even during the financial crisis, the Chinese economy continued to grow in a steady way (Peoples Bank of China, 2008). This rapid growth may be largely linked to the globalization of trade, but China has yet to ‘globalize its banking sector. The Chinese banking industry was dominated by four large state-owned banks with about 80% of industry assets, and very few foreign banks before WTO entry in December 2001. After 2001, the existing regulations and laws such as the Central Bank Law and Commercial Bank Law were revised to be aligned with the WTO agreement. There will be more liberalization of interest rates, more fair treatment of tax rates, less restrictions on ownership of takeovers and MAs, and great freedom of operational and geographical scope in the Chinese banking industry (Berger et al., 2009). In 2003, China Banking Regulatory Commission (CBRC) updated guidelines to encourage foreign share purchases. Foreigners then can own up to 25% of any domestic bank, with the ownership from any one investor allowed between 5% and 20%. This led to a historical high level of cross-border MA activities in Chinese banking industry later on (CBRC, 2005). At the end of 2007, total assets of banking institutions increased by 19.6 8% to RMB 52.6 trillion than 2006. And the reform and opening up of Chinese banking industry continued to advance, the assets share of large state-owned commercial banks decreased from around 80% in 2001 into 53.25% while others includes foreign banks increased into 15.98% (Figure 5). This indicated that Chinese banking industry encouraged foreign investors more than before which gave big potential for further cross-border MAs in China. Peoples Bank Of China) Even in 2008s special context, Chinese banking industry followed the reform strategy and promoted the reform and opening up policy of banking industry, and its total bank assets amounted to RMB 62.4 trillion, 18.7% higher than in 2007 while most banks in western world decreased their bank assets by more than 50%. The Chinese banking industry took the financial crisis as an opportunity for further reforms, development and finally achieving globalization in banking sector (CBRC, 2009). This growth trend also provides great potential for both domestic and cross-border MAs in China which can help strength the market position and substantial development for Chinese banks. The Merger And Acquisition Market There are two primary mechanisms by which ownership and control of a public corporation can change: merger and acquisition. In both cases, the acquiring entity must purchase the stock or existing assets of the target either for cash or for something equivalent value (such as shares in the acquiring or newly merged corporation). Mergers and acquisitions (MAs) are part of what is often referred to as ‘the market for corporate control (Berk and DeMarzo, 2007). The global merger and acquisition market is highly active, averaging more than $1 trillion per year in transaction value. Global announced mergers and acquisitions (MAs) rose to a new high of US $4.8 trillion in 2007, up 23% from US $3.9 trillion in 2006. Since the increasingly fierce competitions in banking sector during this time, banks conducted large-scaled MA within and across the border in aim to expand operation and enhance competitiveness. In 2007, MAs in banking increased 32.5% from US $543 billion in 2006, was again the most active sector for MAs (Francis and Hasan, 2008). But MA activities correlate with bull markets and are often greater during economic expansions than during contractions. During the past year when global banking industry was suffered by the credit crunch which originated in the US sub-prime market, MA activities were hit notably in financial service sector. The worldwide MA volume decreased significantly during the end of 2007 and the beginning of 2008. But, against all the negative factors, the trend of selective MA still exists as ‘acquirers take advantage of the lower market valuations to strengthen their business with synergistic deals and ‘the ongoing strength of emerging market (Financial Times, 2009b). From August 2008 by monthly comparison, the MA volume increased again increased gradually and kept vibrating. On average, the announced deal number is around 3,000 and total rank value is about $160,000 million per month (Figure 6). Thomson ONE Banker Database) MA Activities In UK Banking Industry Banking industry is the most active sector in MA market. And UK, despite of US, is more involved in MA process than any other EU country in financial service industry (Ahammad and Glaister, 2008). During 1999 to 2007, the number of UK incorporated banks which include commercial banks, investment banks, foreign owned banks and banks operated by retail companies declined from 200 to 157 mostly due to the severely competition and MAs in its banking industry (IFSL, 2008). Also, the rapid economic expansions during this period drive peaks in both domestic and cross-border MA activities in UK banking industry (Harford, 2008). At the end of 2007, the total announced MA deals in UK financial industry was 1,806, which represented as 38.3% of all MA deals announced in this year. And among 1806 ones, UK banking industry contributed significant amount of deal values comparing to other financial sectors. However, the following global financial crisis hit the UK banking industry significantly. Although the number of MA activity is less during economic contractions than expansions, it still has its market due to various business strategies. There were 79 MA deals totally in UK banking industry for 2008, and the number for 2009 as so far is 35. According to Economics Outlook, the post-crisis restructuring, recapitalization and seeking for re-strengthening business positions in UK banking industry will provide substantial opportunities for MA activities both domestically and internationally. This will produce an urgent demand for identifying right potential merger and acquisition targets which gives great practical value for this study. MA Activities In Chinese Banking Industry While the economic market get more international and worldwide, to be globalization has become an irreversible trend for all nations in the world, especially for developing countries (Bonin and Hasan, 2005). Although Chinese banking industry has achieved sustainable development during these years even in the global financial crisis, its still far away from globalization. Entry to WTO in 2001 and new policy for foreign investment in Chinese banking industry in 2003 brought momentums for encouraging Chinese banks to participate in global competitions. To strength their own positions in global financial market, most Chinese banks took actions of within or cross border MA activities which led by Industrial and Commercial Bank of China (ICBC) acquiring 20% share of South Africas Standard bank for $5.6 billion, the largest MA deal in Chinese banking industry in 2007 (Munroe, 2008). Further opening up in Chinese banking industry also attract strategic foreign investors invest in Chinese domestic banks through MAs. At the end of 2007, foreign financial institutions invested in 25 domestic banks totally through partially acquisition (Peoples Bank of China, 2008). With the rapid development and increased opening-up of Chinese banking sector, banks MA activities will be increasingly active. According to Peoples Bank of China, effort will be made to vigorously support qualified commercial banks to conduct MA and create favourable policy environment based on international experiences to encourage cross-border MAs in China. Moreover, the ongoing strength of Chinese economic will help to fund or attract domestic and overseas acquisitions in China (Wilson, 2008). It can be expected that China will be the most active MA area in the emerging market in future. To sum up, both UK and Chinese banking industry have the great potential for future MA activities. To secure the successful performance in the present and future MA waves in order to obtain sustainable business growth, identifying the right potential acquisition targets is crucial (Rossi and Volpin, 2004). However, investigating the relationship between bank and the features of market where banks are within and the likelihood of being a right potential acquisition targets in banking industry is relatively under-researched(Pasiouras et al., 2007). And it will be interesting to investigate and compare the determinants of potential MA targets between UK and Chinas banking industries which have significant differences in characteristics, and also for two special periods which are before and during the global financial crisis. Research Objectives And Value The purpose of this study is to identify the determinants of banks domestic and cross-border acquisitions in China and UK, and detailed analysis will also be provided for the difference of determinants between China and UK, the two relatively different banking sectors. Moreover, it will compare the difference between two time periods which are before global financial crisis (2005-2007) and on crisis (2008- August 2009). Three aspects will be examined for the likelihood of domestic bank MAs which included banks characteristics, market characteristics and management incentives. Another two aspects which are geographic factors and regulatory barriers will be also considered in cross-border bank MAs. Same Logit analysis model will be employed to analyze the domestic and cross-border MAs for the purpose that the comparisons have the same base. This study has the value for bank managers in China and UK to identify the most suitable targets or to check if their own bank has developed a profile that similar to typical target. And also, its meaningful for policy makers to understand which factors would increase the possibility for bank acquisitions (Scott, 2007). The study has the originality in three aspects. First, it combines all the important factors that will influence the likelihood of acquisitions in banking industry and distinguishes the domestic and cross-border acquisitions according to the gaps in the literatures. Second, this study investigates and compares two important banking sectors (China and UK) which havent done by any researchers before. Last but not the least, this research focus on bank acquisitions over a most recent time period, from 2005 to August 2009, which is the period includes prior global financial crisis when MAs rose to a new high record and on-crisis period. This differs from the prior studies that focused on earlier time periods and will reflect the new trend for MAs. According to Hagendorff et al. (2008), the more recent MAs may be qualitatively different from those in earlier periods which suggests that studies focusing on more recent MAs may provide more relevance to likely future takeovers. Literarure Review The relationship between the bank and features of the market where banks are within and the probability that a bank will be a potential target remains an open question (Cyree et al., 2000; Wheelock and Wilson, 2000). Few studies in the literature have examined the major features of banks which are acquired by other organizations (Hannan and Rhoades, 1987; Moore, 1996; Hadlock et al., 1999; Wheelock and Wilson, 2000, 2004) are focused on the US market, while Pasiouras et al.(2006), Shen and Lin (2007) and Hernando et al.(2009) have studied the Greece, Asia and EU banking industry respectively. Gaps In Previous Studies Hanna and Rhoades (1987) examined the likelihood of an acquisition based on the banks performance using a sample which was consisted 1046 acquired and non-acquired banks in Texas between 1970 and 1982. The results showed that market concentration and high capital asset ratios have negative relationship with the probability of banks acquisition. Moore (1996) also investigated the characteristics of US banks acquired between 1993 and 1996 using multinomial logit analysis. However, both studies mainly focused on financial characteristics of banks, but ignoring the external factors such as regulations. Based on these, some other studies focused on the search of the best predictive variables included bank characteristics, market features and regulatory factors (Bartley and Boardman, 1997; walter, 1998; Cudd and Duggal, 2000). Hadlock et al. (1999) researched a sample of 84 acquired and non-acquired US banks during 1982 and 1992 by employing both univariate and multivariate methods to identify the determinants of acquisitions. However, the variables they analyzed mainly focused on the management incentives. In more recent studies for US banking sector, Wheelock and Wilson (2000, 2004) used proportional hazard models and a two-part hurdle model by collecting massive amount of available data and employing relatively comprehensive variables included financial, market and regulatory factors to investigate the determinants of likelihood of banks acquisitions. They found that regulatory approval process and market concentration are negatively related to the likelihood of MA activities, while management incentives, location, banks size, and capital strength are positively related. However, they didnt identify the difference of determinants between domestic and cross-border acquisitions. More recently, Pasiouras et al.(2006) investigated the Greece banking industry to analyze the determinants of bank acquisitions, but they ignored the management incentives and corporate governance factors due to lack of data available. In a later study, Parisouras and Gaganis (2007) also investigated the financial characteristics of bank acquisitions covering the 5 principal EU banking sectors (France, Germany, Italy, Spain and UK). However, they didnt distinguish domestic from cross-border takeovers in their studies. Shen and Lin (2007) studied the determinants of financial institutions which engaged in cross-border MA activity before and after the 1997 Asia financial crisis. They found that regulation barrier and market opportunities have less impact on the takeovers after crisis while geographic factors are important determinants both prior to and post Asian crisis. Hernando et al. (2009) analyzed the determinants of bank acquisitions both within and across 25 members of the European Union during the period 1997 to 2004. Their results suggested that determinants of domestic and cross-border takeovers appear to be different in several aspects such as market concentration and profitability of banks performance. However, they examined all the variables according to the experiential model which generated from the US banking sector. The model can be argued if it is applicable to the EU banking industry. Other studies about the determinants of bank acquisitions mainly focused on the search of the most effective empirical method for the development of the prediction models (Cheh et al., 1999; Doumpos et al., 2004; Espahbodi, 2003). This study is based on previous research, and will cover the above identified gaps which include examining domestic and cross-border MAs respectively by using the same Logit analysis model, studying the two typical and representative banking markets in UK and China, and analyzing all the various factors typically found to be the most likely determinants of bank MA activities in the literature. And these factors will be detailed in the following section related to previous studies. Possible Determinants Of Banking MAs In Literature Bank Characteristics Seven factors of bank features are mainly analyzed in the literature which are related to the likelihood of being acquired. Bank Performance The main motive underlying acquisitions is the target bank is underperforming. The inefficient management hypothesis (Manne, 1965) argues that if management cant maximize the shareholders wealth by using the resource it has, then the firm is more likely to be acquired so the inefficient management will be replaced. Then there will be the space for the acquirer to improve the performance and efficiency of target and increase total profitability. Therefore, indicators of bank performance should contain explanatory power on the likelihood of being required. But the empirical results are mixed. Hannan and Rhoades (1987) found no evidence to support this hypothesis while Moore (1996), Focarelli et al. (1999), Wheelock and Wilson (2000), Pasiouras et al. (2006) and Hannan at el.(2007) found that less efficient and profitable banks are more likely to be acquired. Loan Activities However, while underperforming banks may provide greater opportunities for further improvement of profitability, they are also more risky, especially if the source of the underperformance is a high level of loans (Hernando et al, 2009). Hannan and Rhoades (1987) demonstrated that a high level of loans would indicate the aggressive business strategy of target bank and a penetrated and strong established client networking which will make it more attractive as a target while a bank with a low level of loans due to its conservative management may also be attractive to the acquirers since acquirers can use more aggressive way to increase returns of the target. And they found loan activity was negatively related to acquisition likelihood but not ‘statistically significant. But Moore (1996) found a negative and significant relationship for both in-market and out-of-market acquisitions. Moreover, the results of Wheelock and Wilsons studies (2000, 2004) were mixed. They found it depende d on the specification of the estimated model, in some cases it was negatively related but in others, it was positively related with not always statistically significance. Liquidity As stated by Pasiouras et al. (2007), liquidity is an additional factor that can affect the attractiveness of banks as targets since ‘the process of managing assets and cash flow to maintain the ability to meet current liabilities as they come due is an important decision for managers. This argument is supported by Wheelock and Wilson (2000) in their study. But it is also possible that some banks be acquired because they have liquidity issues and turn to help to acquirers. In the study of Pasiouras et al.(2007), it found no significant correlation between liquidity and likelihood of being acquired. Capital Strength Another important bank characteristic for likelihood of being acquired is the capital strength while there are different hypotheses associated with this (Hernando et al, 2009). Several hypotheses predict a positive relationship between banks capitalization and the likelihood of involving into acquisitions. One is that if high capitalization indicates inefficiency of a bank to diversify its assets, then better diversified acquirers will be attracted by such banks. Another one is that if acquirers face regulatory pressure of capital requirement, they may seek highly capitalized targets. Finally, banks with high capital ratios may be operated further below their potential profit due to less pressure to managers. While on the other hand, some hypotheses predict a negative relationship. One of them is an acquisition by a well capitalized acquirer might be stimulated by the supervisor if the target has low level of capitalization. And Hanna and Prilloff (2007) also argue that ‘acquir ers prefer low capitalized targets because it enables them to maximize the magnitude of post-acquisition performance gains relative to the cost of achieving those gains. The empirical results for this are mixed as well. Akhigbe et al. (2004) found a positive relationship between capitalization and the likelihood of being a target in study of publicly traded banks in the U.S. While most studies found the relationship is negatively related (Hanna and Pilloff, 2007; Lanine and Vander, 2007; and Pasiouras et al., 2007). Size Banks size is another characteristic which may influence the likelihood of being acquired. Smaller banks may be more attractive to the acquirers since its easy to finance and even integrate after the acquisition. However, if the acquirer is seeking economies of scale or market power through acquisition, especially for the cross-border acquisitions, size may have a positive influence on the likelihood of being acquired. Hannan and Rhaodes (1987) and Moore (1996) have not found a significant relationship between bank size and the probability of being a target while Wheelock and Wilson (2000), Focarelli and Pozzolo (2001) and Hannan and Pilloff (2007) find that larger banks are more likely to be acquired when they estimate their model using full samples. Lanine and Vander (2007) and Pasiouras et al. (2007) also have positive results in their studies. But Hanna and Pilloff (2007) also point out that for the acquisitions by smaller banks, larger banks are less likely to be acquired due to the difficulty of post-acquisition integration. Market Share Market share is an additional variable for the reasons of MA activities. Bodie et al. (2008) argues that market share is one of the most important factors which impact the acquirers decision in domestic and cross-border acquisitions in banking industry. It is similar to the variable of banks size, but provides a relative standard to evaluate the target comparing with others in the same industry. In the banking industry, a bank with small share is likely to be acquired since only banks with substantial market share can compete effectively and the assets of banks with smaller shares will be more valuable after being acquired by the large bank. But regulatory concerns about anti-monopoly for banks with large market share will give the negative effect on the likelihood of being acquired and high market share. The empirical results for this factor are mixed as well. Moore (1996) and Pasiouras et al. (2007) found that it is significantly and negatively related with the probability of acqui sition in in-market MAs while Hanna and Rhoades (1987) found it has positive impact on the acquisition probability. Future Growth Finally, prospects of banks future growth can affect the acquirers MA decision as well. Banks which experience high growth may be more attractive to the acquirers as potential gains raised from the expanding markets after acquisition can be expected more than before. Consistent with this hypothesis, Hannan and Rhoades (1987) and Cheng et al. (1989) find that the likelihood of acquisition is positively related to the potential growth rate of the assets of the target banks in their studies of U.S. banks in 1980s. However, Moore (1996) argues that slower growing banks may attract a buyer who is looking to increase the targets growth rate through efficient management. Together with Moore (1996), Pasiouras et al. (2007) find a negative relationship between banks growth rate and the acquisition probability. But Hanna and Pilloff (2007) and Lanine and Vander (2007) do not include this variable into their studies. Market Features Three main independent factors are discussed in literature about market characteristics which may influence the acquisition probability of a particular bank. First one is market concentration. Through the impact on bank competition, the degree of bank market concentration potentially affects the likelihood of acquisitions. Increased concentration may increase the attractiveness of the target banks in that market. But buyers that would want to increase the concentration further may face the pressure from anti-monopoly authorities (Hernando et al, 2009). Hanna and Rhoades (1987) found there is a negative relationship between market concentration and the takeover probability for out-of-market acquisitions while it is significantly positive for in-market acquisitions. Moore (1996) found no statistically significant relationship between them for in-market takeovers but a positive sign for out-of-market ones. Hannan and Pilloff (2007) also fail to find any statistically significant evidence that market concentration is a determinant of takeover targets. However, Pasiouras et al. (2007) stated a significantly negative coefficient on the five lar ge banks concentration ratio in their sample of European takeovers. Harford (2008) argues that there is a correlation between industry profitability and MA activities within this industry. MA deals are often greater in more profitable industries than those less profitable ones. According to Thomson ONE Banker database, there are less MA deals in UK banking industry in 2008 than ones in 2007 when the whole banking industry was experienced the global financial crisis. This also gives the evidence that the level of industrial profitability has the positive relationship with the likelihood of acquisitions. However, Ali-Yrkko (2002) points out that in the beginning of 1990s, the entire banking was restructured due to the extremely deep bank crisis with large bankrupts. Low profitability may be one of the main reasons which lead to higher level of acquisitions in banking in