When Writing an Essay - Do You Underline the Name of a Play Or Movie?

<h1>When Writing an Essay - Do You Underline the Name of a Play Or Movie?</h1><p>When composing a paper, you will regularly end up settling on a choice on whether to underline the name of a play or film. This is one of those themes that you can settle on choices on and think of an answer that is both somewhat simpler and somewhat progressively troublesome. One great alternative is include the name of the play or film to the start of your exposition. Numerous understudies see this as somewhat dubious on the grounds that it's regularly simpler to discover data from a film banner than the genuine play.</p><p></p><p>Even on the off chance that you decide to underline the name of the play or film, you may in any case end up with an inappropriate data. You may have a paper with mistaken facts.</p><p></p><p>There are a couple of things that you ought to consider while picking whether to underline the name of a play or film in your article. In the event that you are composing an article for school and you need to locate the most ideal paper point, at that point the alternative of utilizing the name of a play or film is generally the one that you should skip. While you may wind up with enough data about the play or film for your paper, you may likewise wind up with no data at all.</p><p></p><p>In a few cases, the play or film name you decided to add to your exposition may not be especially intriguing. While you may discover the data intriguing, you may not so much have any genuine thoughts regarding it. What's more, while your article is genuinely long, it's despite everything going to be hard to track down the data you need. The most ideal approach to maintain a strategic distance from issues like this is to have however much data as could reasonably be expected before beginning your essay.</p><p></p><p>The other choice you have on the off chance that you c hose to underline the name of a play or film is to leave the name of the playor film out totally. It is uncommon that you will locate a specific play or film recorded in the initial sentence of your article. Rather, you will utilize the name of the play or film in the main passage. While you may think that its intriguing, odds are that your peruser won't have an awesome thought regarding the play or film you are discussing.</p><p></p><p>In numerous cases, the name of a play or film is utilized on the grounds that it is one of the most well known names related with a specific game or another sort of action. For instance, the games groups in numerous pieces of the world regularly use names that are either a variety of a typical name or a moniker for a certain sport.</p><p></p><p>Whatever your purpose behind including the name of a play or film to your paper, you have to ensure that you make sure to keep your data short and basic. You wou ld prefer not to have a paper that is very long and has an excessive amount of information.</p>

The Demise of Integrated Essay Samples

<h1>The Demise of Integrated Essay Samples </h1> <h2> The Importance of Integrated Essay Samples</h2> <p>Then you will tune in to a talk with respect to the indistinguishable point. You won't be required to get any previous information on a subject. Every so often the paper's point is provided for the understudies. With sufficient research, the author increases profound comprehension about the subject and subsequently it is less difficult for them to choose the best point for their paper. </p> <p>So here's a subsequent post. Simply note the subject, guarantee and reasons as best as you can. Alright, which implies you have distinguished the subject, guarantee and subtleties. At that point present your sentiment regarding the matter. </p> <p>It is essential to keep up a submitted group condition with authoritative adjustments. At long last, all coordinated exercises should be inventive and show the estimation of the learning thought. Valuable groups need genuine cooperation. Having a gathering of people assault a task gives a few advantages. </p> <p>At first, in any case, it's generally excellent to know about the principles before you break them, and to get a structure you can rely upon when test day comes. It's feasible for you to download the solution for the following inquiry at no expense. All focuses must be upheld by a proof. </p> <p>Select your words cautiously with the goal that you're responding to the exact inquiry that is posed. In the first place, work on rewording, which is communicating exactly the same thought in different manners. It's significant to be fit for utilizing equivalent words of significant words when you compose. Sporadically an incredible outline of what you're endeavoring to accomplish is certainly justified regardless of a 1000 expressions of exhortation! </p> <p>Thus, a PC relate in case of a speculated blunder is outlandish. In contrast to the Integrated assignment, here you will compose an obstinate reaction (however you don't have to expound on your genuine feeling). All you need to do currently is to pick a guide to help all of your focuses. </p> <p>The perusing and listening are associated by means of the detail they share. Indeed, even still, you won't ever have the option to supplant your absolute best loved ones. In a similar style, the listening part depicts a time of history related with the Quilting through a meeting. There are a few different ways to bring various subjects into any homeroom. </p> <p>Essay composing varies for everyone. The goal of the TOEFL Integrated paper is to mull over the manner in which the perusing and listening entries interface with each other. At the end of the day, TOEFL exposition layouts show you the most ideal approach to sort out your contemplations, select solid pi eces of proof, and discover the Writing score you want. They likewise give you what sorts of changes you can utilize and where. </p> <p>On the genuine TOEFL, you'll have the perusing entry for reference as you compose, so it will be shown again here. Examine the authority TOEFL Writing Rubrics to see how significant rewording is. It's additionally significant your utilization of language structure is amazing and steady, despite the fact that it shouldn't be immaculate to locate a top score. Examine our TOEFL Speaking formats to build your English-talking capacities and confidence.</p> <p>You may wish to make your article in your words, at any rate. In any event, writing just a few lines that interface parts of your notes and circle the vital models you have to cover will give you the direction you should keep on task when composing your reaction. For the absolute first sentence, present the significant point you might want to talk about. The subsequent hypothesis demonstrates the word malus that is the Latin word for apple. </p> <p>Possessing great exposition models gives the peruser an inside and out and on-the-court thought regarding what an all around organized and reasonable article seems like. The subject is the general thought that is found all through the sections, and will be only a few words. The talk follows the specific example, with the chief focuses coordinating with the chief focuses in the understanding section. In the wake of perusing the section, at that point you'll tune in to a talk on the indistinguishable subject. </p> <p>When you are mentioned to form a paper, endeavor to find a few examples (models) of comparative composition and figure out how to watch the specialty of the essayist. To choose extraordinary paper subjects, scholars just need to see some significant procedures for doing this. The talk may consolidate data that isn't with respect to the perusing. In addition, composing layouts are by and large made to suit different types of articles. </p> <p&g t;If you're to truly pick up from model articles, you should see how to peruse the procedures of the essayist'. You may utilize the examples as an establishment for turning out to be the manner by which to write in the best possible style. Basically, you should find the perfect harmony among detail and investigation. The executives styles should be adaptable and effectively imparted to others to comprehend. </p>

Writing PMD (Pilots Mild Discretion Deed) - Other Methods of Writing Custom Rules

Writing PMD (Pilot's Mild Discretion Deed) - Other Methods of Writing Custom RulesPMD (Pilot's Mild Discretion Deed) writing is a requirement for many companies and has often been referred to as 'advise and consent' rule-writing. In this article we will look at PMD in more detail, including several methods that are being used to write custom rules. To be clear, there is no hard and fast rule as to the language a PMD written rule should use. Rather, different companies have different reasons for what exactly they wish to say, and what they may not use to justify the language they use.One of the most popular methods of writing PMD (Pilot's Mild Discretion Deed) is to take a writer's block pill, or to simply convince yourself that you are drunk. If you are not comfortable using such self-deprecating language, you can instead turn to an option like Zantac, which works in the same way. Zantac is a product that contain caffeine and when taken gives users a feel-good boost. This will enable them to write in a lighter and less caustic manner. For some, this method can work, while for others it just masks the problem, but it is worth giving a try.Another method of writing PMD (Pilot's Mild Discretion Deed) is to eliminate all negative statements from the writer's mind. A simple way to do this is to try to recall and rewrite negative statements as positives. This is a common psychological process, which works well for some people. However, if your PMD (Pilot's Mild Discretion Deed) writing is to be used as professional advice, it must have a more robust and authoritative tone. Therefore, those with a penchant for writing direct reports, or lawyers will benefit from using a method like this.The next common method of writing PMD (Pilot's Mild Discretion Deed) is to consider the current circumstances. For example, suppose you are a lawyer, and it is necessary to write an extremely critical PMD (Pilot's Mild Discretion Deed) that allows a client to make a claim of negligence . What should you do? Firstly, decide whether the circumstances will justify the rule in question. Secondly, you can consider whether your client needs to be given special rights against the law, in which case you should use a PMD (Pilot's Mild Discretion Deed) that states that your client is in a class or species of individuals who may be privileged against the law.Thirdly, you can take a PMD (Pilot's Mild Discretion Deed) and consider what sort of payment structure should be used for the letter of the PMD (Pilot's Mild Discretion Deed). You could also consider, if you wish, whether the insurance company will pay to have the plaintiff sign an indemnity in place of paying a PMD (Pilot's Mild Discretion Deed). It is worth bearing in mind that you should not try to write in a PMD (Pilot's Mild Discretion Deed) that involves what is known as an uplift clause, as you will probably be advised to remove the word 'is' from the PMD (Pilot's Mild Discretion Deed).Fourthly, you can write a PM D (Pilot's Mild Discretion Deed) that ensures that there is a settlement, if the claimant loses his or her case. Writing in a PMD (Pilot's Mild Discretion Deed) about how there should be a settlement, or the status of a suit, is useful in the majority of cases, however it is worth bearing in mind that the presence of the word 'is' may be removed from the PMD (Pilot's Mild Discretion Deed) to ensure that you use a persuasive language.Lastly, you can write in a PMD (Pilot's Mild Discretion Deed) about how much compensation the plaintiff should receive. This option is commonly used and may even be entirely necessary, where a client has suffered a great loss, and your aim is to offer advice that has been recommended by a reliable source. This will involve coming up with a PMD (Pilot's Mild Discretion Deed) that is short, without subjecting the letter to the regular rules for PMD (Pilot's Mild Discretion Deed) writing. However, this option is rare and is only used by professional adviser s who are trying to sell a product or service, and who have therefore resorted to creative methods to get their point across.

Investigation of Select Financial Sector Organizations - Free Essay Example

Strategic alliances and Mergers and Acquisitions (MA) are the dominant corporate strategies followed by organizations looking for enhanced value creation. The growing tendency towards mergers and acquisitions (MAs) world-wide, has been driven by intensifying competition. There is a need to reduce costs, reach global size, take benefit of economies of scale, increase investment in technology for strategic gains, desire to expand business into new areas and improve shareholder value. During the first wave (i.e., 1990-95), the Indian corporate houses seem to have been bracing up to face foreign competition while the second wave (i.e., 1995-2000) experienced a large presence of multinational firms [Beena 2000]. The third wave of MAs in India (2000-till date) is evident of Indian companies venturing abroad and making acquisitions in developed and developing countries and gaining entry abroad. The relative size of target and acquiring firm has also increased. The size differences between the bidder and target firms influence acquisition performance and large acquisitions would have a greater combination potential [Kitching 1967]. MAs also determined, to a large extent, the nature of foreign investment in the country during this period. MA comes in all shapes and sizes, and investors need to consider the complex issues involved in MA. The most beneficial form of equity structure involves a complete analysis of the costs and benefits associated with the deals. Corporat e restructuring including MAs have given rise to a host of important issues for business decisions, for public policy formulation and economic regulations. While business firms can grow both internally and externally, with increased global competition, it has become imperative for the business firms to grow inorganically that is externally. A look at the sectoral trends reflects that Indian financial sector is adopting inorganic strategies to grow its businesses. The Indian financial system comprises an impressive network of commercial banks (CBs), co-operative banks (CPBs), development finance institutions (DFIs) and non-banking financial companies (NBFCs). Researchers and economists have observed that due to smaller size, the Indian commercial banks may find it very difficult to compete with international banks in various facets of banking and financial services in the post 2009 scenerio. The entry of foreign banks was restricted earlier, but since 1991 a number of foreign banks have been allowed to operate in India. To enhance competition, foreign direct investment up to 74 per cent of ownership has been allowed in private banks and up to 20 per cent in nationalized banks. The banks have also been allowed to enter into insurance business either as joint venture participants or to take up strategic investment for providing infrastructure and services. Consequently, the number of foreign and private banks operating in India increased from 21 and 23 in 1991 to 33 and 30, respectively, in 2004. For the Indian financial sector organizations, one of the strategies to face the intense competition could be, to consolidate through the process of mergers and acquisitions. India is slowly but surely moving from a regime of large number of small banks to small number of large banks and larger the bank, higher its competitiveness and better prospects of survival appears to be the mantra for success. However, there is little published empirical literature on the impact of MAs in India. This study is an initial attempt to fill this void. The aim of this study is to find out the impact of mergers and acquisitions on corporate performance in Indian context particularly in relation to companies of financial sector. The rest of the paper is organized as follows. Section 2 discusses the present status of MA in India. Section 3 elaborates the related literature. Section 4 describes the data. Section 5 discusses the impact of value creation for the merged or acquiring firms before and after merger. Section 6 concludes with avenues for future research. 2. The Present status of MA in India During the last decade, there has been a sharp increase in the number of mergers and acquisitions in India. The largest MA transactions involving an Indian company until now are depicted in Table 1. India has experienced upward trend in outbound deals (Figure 1). It is expected that in next decade (2010-2019), global MA deals by Indian industries is likely to more than treble and the domestic consumption oriented businesses like telecommunication and healthcare will throw up global scale Indian companies. Even as the economic slowdown has impacted overall merger and acquisition (MA) activity in Asia Pacific, India along with Japan and China is among the top five countries in the region with the highest number of MA deals in the first three months of 2009. India is among the top countries in the region in terms of MA activity in the first quarter of 2009 even as deals saw a 72 percent decline from the same period a year ago. PricewaterhouseCoopers lists India amongst the top three emerging markets to watch out for over the next 18 months, in terms of attractiveness for deals (Alaganandan et.al, 2009). According to global consultancy firm Grant Thornton, the total number of MA deals announced in January 2009 stood at 18 with a total announced value of USD 970.85 million against 63 deals amounting to USD 1.66 billion in January 2008. Indian Industries announced more billion dollar MA deals in 2008 compared to the previous year when the markets were on a bull run. Although involving the m ega $10 billion plus deals of last year, Tata Corus and Vodafone-Hutch were missing in 2008, there were however other large size transactions which kept the Indian -bankers busy. HDFC banks acquisition of Centurion Bank of Punjab was the lone large domestic MA deal in 2008. Marking the largest-ever deal in the Indian pharmaceutical industry, Japanese drug firm Daiichi Sankyo in June 2008 acquired the majority stake of more than 50 per cent in domestic major Ranbaxy for over Rs 15,000 crore ($4.5 billion). The deal created the 15th biggest pharmaceutical company globally, and is Indias 4th largest MA deal to date. Insert Table-1, Figure-1 here MA research has also peaked during the last decades and the research material on different aspects of MAs is extensive. In our paper, we have reviewed literature covering motives of MA and specifically the impact of MA on financial viability of the companies. Despite the empirical evidence on MA in general, very little is known on how they have performed in financial-based industries. Therefore, our paper attempts to fill the void by evaluating the financial performance of MAs particularly of financial sector companies in India , before and after merger and to assess its impact in terms of value creation for the merged or acquiring firms. 3. Extant Work and Hypothesis Development Extensive research is available in context to MA. It has been observed that they primarily cover nature of mergers in terms of their management, profitability and efficiency of merging companies, operating and financial synergies, post-merger operating performance of acquiring firms and comparison of pre- and post merger financial ratios in India (Table A). Insert Table A Here The above body of work has provided considerable knowledge on MAs concepts, and scholars have proposed additional research into many issues. But bulk of research has been in the context of U.S and European industries. At this juncture, it is pointed out that it is important to also study industries in context to India. In this paper we find out the impact of mergers and acquisitions on corporate performance in Indian context particularly in relation to companies of financial sector. Studies by Surjit, 2002; Swaminathan, 2002; Arora, 2003 have guided the methodology employed in the paper. Surjit, 2002 carried out an analysis of 20 merging firms to compare the pre and post takeover performance, applying a set of eight financial ratios. He found that profitability and efficiency of merging companies declined in the post takeover period. Swaminathan, 2002 studied the sample of five companies and found that four of the five acquiring firms improved operating and financial synergies (measured through financial ratios). In a recent survey article, Bruner (2002) summarizes the findings of 130 studies conducted during 1971-2001. The results of the studies that focused on short-term returns suggest that tar get shareholders earn significantly positive abnormal returns and that bidders earn zero risk-adjusted returns. The combined returns of bidders and targets are positive. Arora, 2003 examined the post merger performance of merged companies using the value added metrics of corporate performance such as EVA, MVA and RONW. Drawing on the existing evidence we thus state our two hypotheses as: Ho: There is no significant difference between the financial performance of the companies before and after the merger that is Ho: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ = 0. Ha: There is a significant difference between the financial performance of the companies before and after the merger that is Ha: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0. 4. Data and Methodology a. Sample Description This empirical study analyses the financial data of selected merging firms in the period 2000-2008. In order to evaluate the financial performance of the merging firms in the long run, at least three years financial data is required. Therefore, 2003, 2004 and 2005 are considered as the event years to identify the MA deals in India and to compare the financial performance of the cases pre merger and post merger during 2000-2008. The pre merger years taken for comparison are from 1st April, 2000 to 31st March, 2003 and years 1st April, 2005 to 31st March, 2008 are taken as post merger years (figure A). The data is collected from various sources; CMIE database PROWESS, newspapers, magazines and journals. Insert Figure A Here In all 491 (all industries) mergers took place during the event period. Our study concentrated on the financial sector companies. The sample under study includes 17 companies in financial sector (Table B). The financial data for these 17 companies is collected for six years i.e. for three years pre merger and three years post merger period (average of three years) using Prowess database of Centre for Monitoring Indian Economy (CMIE). In order to test the hypothesis Wilcoxon Signed Rank Test is used for four parameters. These are: Overall profitability parameters from Return to Equity Shareholders point of view, return on net worth and earning per share are calculated. Liquidity parameters- current ratio is measured Solvency parameters debt to equity is calculated Overall efficiency parameters- profit before tax and profit before tax to total income Insert Table B Here b. Wilcoxon Signed Rank Test Methodology Wilcoxon Signed Rank Test is a non-parametric statistical hypothesis test for the case of two related samples on a single sample. The Wilcoxon signed rank test compares the median of a single column of numbers against a hypothetical median. The raw figures were obtained for the above said parameters and signed rank test is carried out to assess the difference in the performance between pre-merger and post-merger. In our study XA denotes pre-merger and XB denotes post-merger. The Wilcoxon signed rank test computes W ± and the number of signed ranks is designated as ns/r that is equal to number of XA XB pairs (that is number of companies) minus the number of pairs for which XA- XB=0. The test statistic z is computed and probabilities observed are compared with desired level of significance (0.05) to accept or reject null hypothesis. 5. Empirical Results I. Overall profitability parameters (Return to Equity Shareholders) In the present study Return to Equity for shareholders is measured with the help of two ratios: Return on Net Worth and Earning Per Share. The use of both these ratios presents a broad picture of a companys efficiency, financial viability and its ability to earn returns on shareholders funds and capital employed. Return on Net Worth (RONW) RONW measures the rate of return on the shareholders equity of the owners. It measures the companys efficiency of using the capital (shareholders funds) entrusted to it and generating profits. The average amount of net worth of financial sector (Table 2) companies after merger was higher than that of pre merger period. Major observations in Table 2  · Out of 17 merger cases of financial sector, 11 merging firms showed a positive sign, i.e. increase in RONW and 6 merging firms showed decline in net worth. Among the sample, 3 merging firms showed negative net worth during post merger period. In the next step, we perform non-parametric (Wilcoxon) test to verify whether there is difference between the pre and post merger efficiencies. The result seems to be consistent with our null hypothesis at 5% level of significance (z = 1.051.64) with p value 0.29370.05 (2-tail test) and 0.14690.05 (1-tail test). Therefore, for financial sector companies we accept the null hypothesis and observed the difference between pre and post merger RONW to be not statistically significant. Insert Table-2 here Earning Per Share (EPS) In order to get true idea of return on investment owner should evaluate his investment returns not on the basis of the dividend received, but on the basis of the EPS i.e. earnings per share. The more the EPS better are the performance and prospects of the company. Major observations in Table 3 The EPS of merged company during pre and post merger periods given in Table 3 can be interpretated as:  · It is interesting to note that among the sample of 17 merging cases, 15 merging firms indicate increase in EPS and only 2 merging firms showed decrease in average of three year of EPS during post merger period when comparing with pre merger performance of same cases.  · Also out of 17 merging cases, EPS of 9 firms increased more than fifty per cent during post merger period as compared to pre merger performance of the companies.  · 2 merging firms having negative value, showed an increase in EPS during post merger period but it was observed that inspite of increase in amount of EPS the value was still negative. We also find that the null hypothesis is rejected as z=3.091.64 at significance level of 5% and the difference is statistically significant at two tail test (p value=0.002) and one tail test (p value=0.001). Hence, we find that there is a significant correlation between financial performance and the MA deal. Insert Table-3 here II. Liquidity parameters Liquidity ratios measure the short term solvency i.e. the firms ability to pay off current dues. In the present study current ratio is used to check the liquidity of the firm. Current Ratio In a sound business, a current ratio of 2:1 is considered an ideal one. A very high ratio will result in idleness of funds and therefore, is not a good sign. On the contrary, a low ratio would mean inadequacy of working capital. Major observations in Table 4 The results of the current ratio of sample merging firms before and after merger have been presented in Table 4.  · Among the 17 merging cases, 7 merging firms showed increase in current ratio and 10 merging firms showed decrease in current ratio.  · In the case of Laxminarayan Investment Ltd. current ratio increased from 1 times to 10 times (approx.), showing a huge increase in working capital, it can be interpreted that the firm may have idle funds available as current assets, which increased relatively with greater speed than current liabilities. By running Wilcoxon test null hypothesis is proved for financial sector companies as z=1.011.64 at 5% level of significance and difference between pre and post merger current ratio position is not statistically significant as inferred by p value (2-tail)=0.3125 and p value (1-tail)=0.1562. Insert Table-4 here III. Solvency parameters Solvency parameters indicate the ability of an enterprise to meet its long term indebtedness (obligations). In this study debt-equity ratio is used to measure the solvency position. Debt-Equity ratio The debt to equity ratio is worked out to ascertain soundness of the long term financial policies of the firm. A higher ratio indicates a risky financial position while a lower ratio indicates safer financial position. The debt to equity ratio of sample merged companies during pre and post merger period of financial sector is exhibited in Table 5. Major observations in Table 5  · Out of 17 merging firms, there was increase in debt to equity ratio of 11 merging firms, which means that debt (leverage) in the firm increased. It is important to note that the average increase in the value of 4 firms over three year was small.  · 2 firms out of 17 merging cases showed decline in debt to equity ratio. As per the results from the Wilcoxon test we reject the null hypothesis for financial sector companies with z=2.461.64 at 5% level of significance. The difference is statistically significant as p value = 0.0069 (1-tail test and p value = 0.0139 (2-tail test). Insert Table-5 here IV. Overall efficiency parameters The main objective of business is to earn profit. Therefore, efficiency in business is measured by profitability. Thus, a measure of profitability is the overall measure of efficiency. To check the overall efficiency of the merging cases, profit before tax, profit after tax and profit before tax to total income are calculated. Profit before tax (PBT) Profit before tax, or PBT, measures the profits of the companies before paying corporate taxes. Table 6 depicts PBT of the merging cases in financial sector and can be interpreted as follows: Major observations in Table 6  · It is interesting to know that all 17 merging cases taken under study have shown increase in the profit before taxes.  · Among these 17 merging cases, 5 companies had negative profits before taxes during pre merger period but it is observed that during post merger period the average of three years profit before taxes was positive. It can be interpretated as good sign for the companies going for merger. Insert Table-6 here Profit before tax to Total income Profit before tax (PBT) to total income is the relationship between profit before tax and total income incurred by the business. The results of PBT to total income of sample merging firms before and after merger of financial sector companies have been presented in Table 7. Major observations in Table 7  · It was observed that out of 17 merging cases in financial sector, 11 firms showed increase in PBT to total income and 6 firms showed decline in ratio. When we perform non-parametric Wilcoxon signed rank test, the results for PBT were found to be inconsistent with the null hypotheses and we reject the same as z = 3.61 at 5% significance level and p value =0.0002 (1-tail) and 0.0003 (2-tail). On the other hand the results of PBT to total income were found to be consistent with the null hypothesis at z = 1.43 at 5% significance level and p value = 0.0764 (1-tail) and 0.1527 (2-tail). Insert Table-7 here 6. Conclusion With the series of MA taking place in financial sector in India more than half of the merging firms showed improved financial performance in the post merger time period as compared to the pre merger period. Our study produced several interesting findings. First, earning available to shareholders and debt to equity ratio showed a significant change in pre and post merger financial position of the companies. Second, contrary to our expectations, we found the change in the return on net worth, liquidity position and profit before tax to total income of the companies to be not statistically significant. Overall, the result of the study indicate that in most of the MA cases, in the long run the acquiring firms were able to generate value creation in one or the other form, that is higher cash flows, cost cutting and greater market power, however in spite of improved financial performance sixty four per cent of cases showed increased debt to equity ratio. It is also significant to note that profit before tax in all the merging cases has shown a positive trend for both financial sector companies.