Westlake Lanes Essay Example for Free

Westlake Lanes EssayThe companys target market strategy is not properly set because Westlake Lanes hasnt place the markets modernistic needs and trends at the same pace that the growth of capital of North Carolinas population has been developing.FactsA rail line profile in a Raleigh paper stated that stepping into Westlake Lanes was like taking a step back in time. Shirley Smith said that the menu hasnt changed much since late 1980s. among 2000 and 2010 Raleigh population grew 43% while the revenues for Westlake Lanes decreased 10% average annually for the same time period. There was a 100% increase in losses from 2008 to 2009.There has been a lack of good management on accounting, people, and business overview of Westlake Lanes. Facts As Givens studied the invoices she said, many charges seemed excessive and asked herself Had anyone performed competitive research for human action services like carpet cleaning? In 2009, shortly after starting as a manager, Givens invited he r employees to help define a mission logical argument and job descriptions. Givens noticed that Bullock and Sinclair took time to read the paper and/or wondered outside to talk on their cell phones. They offered Shirley Smith the chance to be familiar manager even though she lacked formal managerial experience.Possible solutionsa. The companys market strategy is not properly set because Westlake Lanes hasnt identified the markets new needs and trends at the same pace that the growth of Raleighs population has been developing. i. Renew and adapt their strategy in order to keep the market they already have and to be able to attract new customers. ii. Follow the first strategy, which consists in adding kid friendly television system and arcade games and a designated private party space. This strategy will let us keep the space for the league bowlers, iii. Modify and adequate the facilities so that the preceding strategy can be accomplished.b. There has been a lack of good managemen t on accounting, people, and business overview of Westlake Lanes. iv. Make sure that every new enthronization or expense follows the strict cost control that Givens has been following. v. Once the business becomes profitable do not share the dividends between the owners and reinvest them.Course of action and pleaDue to the losses that the business has experienced in the past 3 years, it is critical to take action and define a new way to progress the market in order to make the company profitable again. Thats why its necessary to adapt the business by adding a new concept focusing on a different target without setting aside the current and loyal costumers. The new strategy consists on attracting families by adding kid-friendly pic and arcade games and a private party space to complement the existing lanes.As a first step Shelby Givens needs to familiarize with the kid business and make a research of other bowling businesses where the Kid-Friendly zone has been already implemented in order to get the knowledge and get ideas in how to do it. Then, adapt the facilities according the strategys needs. Also would be necessary to create a new job position with the expertise required for use kids events so Shelby Givens can focus mostly in the general management. Advertising would be necessary to promote this new model at heart the current clients with posters and flyers and with the current marketing channels. There is an estimated attendance of 50,000 people per year approximately there is a $20.00/kid fee, resulting in $1,000,000.00 of revenue.

The Rogerian approach to therapy and its limitations

The Rogerian come along to therapy and its limitationsOne of the phrases that Carl Rogers used to describe his therapy is supportive, not reconstructive.It is possible to explain a person to himself, to prescribe steps which should introduce him forward, to train him in knowledge about a to a greater extent than(prenominal) satisfying mode of life. But such methods atomic number 18, in my capture, futile and inconsequential. The most they can follow up is roughly temporary change, which soon disappears, leaving the case-by-case more than ever convinced of his inadequacies (Rogers 1961, p33).InfluencesRogers neer under to a faultk limited instruct as a psychotherapist (Rogers and Russell 2002, p242), and was initi all in ally heavily influenced by his childhood and the restrictions and control exercised by his parents and by an early tutor, Goodwin Watson. Philosophically, Rogers cites Emerson, and in particular Kierkegaard and Buber as his expose influences (Rogers and Russell 2002, p169). Psychologists influencing him included Maslow, Combs and Snygg (Nelson-Jones 2000 p99)Rogers belief in an individuals substance for self-direction although primarily pieceed on his clinical experiencewas thattressed by his understanding of Ranks work (Rogers and Russell 2002, p9), and he talks of beingness much influenced by Jesse Taft and Frederick Allen as well as alluding to the work of Karen Horney in his paper on bare-asseder concepts in psychotherapy in December 1940.Theoretical DevelopmentCorey (2001, p170) references Zimring and Raskins (1992) identification of four classical periods of development in Rogers approach, commencing in the 1940s with the introduction of non-directive counseling. Corey comments He caused a great furor when he challenged the basic assumption the the counselor knows bestestablish on his conviction that diagnostic concepts and procedures were inadequate, prejudicial, and often misused, he omitted them from his approach. D uring this time Rogers placed emphasis on a permissive and non-directive climate aiming to gain insight into invitee feelings.During the second period, Rogers shifted focus from the therapists approach onto the phenomenological world of the guest. The clients cozy frame of reference and the actualising tendency as the driver for change received attention, with the approach succeedingly being renamed client-centred therapy.The third period observes Rogers elevate refine his approach, focusing on the nature of becoming the self one truly is (Corey p170), or the necessary and sufficient conditions of therapy as outlined by Rogers in his article in volume 21 of the Journal of Consulting Psychology in 1957 (Kirschenbaum and Henderson p 219-235), in which he explains his hypothesis for a set of facilitative conditions related to psycho alterative change. Rogers excessively undertook extensive look into the client / therapist relationship at this time.The final stage outlined is 1970 in advance when the focus became far broader, encompassing education, industry and world politics, subsequently becoming the person-centred approach.Rogers early work in counselling and psychotherapy therefore outlined new concepts in the world of psychotherapy suggesting a new way of viewing the therapy relationship. These developments resulted in the formulation of a non-directive approach with an emphasis on the present sort of past, feelings kinda than thoughts and focussing on the clients rather than the therapists resources. This led to a supportive therapy relationship, which Thorne (1992) believes Rogers maintained as key to the therapeutic process throughout his life.the whole abstract fashion model of Rogers ideas rests on his profound experience that human beings become increasingly trust-worthy once they feel at a deep level that their subjective experience is both respected and progressively understood (Thorne 1992, p26)Key ConceptsIn a 1957 article in the Journal of Consulting Psychology, Rogers listed the conditions of the therapeutic process in which such an tune can come about.For constructive personality change to occur, it is necessary that these conditions exist and continue over a period of timeTwo persons in mental contactThe first, whom we shall term the client, is in a enounce of incongruence, being vulnerable or anxiousThe second person, whom we shall term the therapist, is congruent or integrated in the relationshipThe therapist experiences unconditional compulsory regard for the client.The therapist experiences an empathic understanding of the clients internal frame of reference and endeavours to communicate this experience to the client.The communication to the client of the therapists empathic understanding and unconditional positive regard is to a minimal degree achieved.No other conditions are necessary. If these six conditions exist, and continue over a period of time, this is sufficient. The process of constructive pe rsonality change will follow. (Kirschenbaum and Henderson p221)Stedmans raise a medical definition of Supportive psychotherapy as psychotherapy aiming at bolstering the patients psychological defences and providing reassurance, as in crisis intervention, rather than probing provocatively into the patients conflicts and in consideration of this the above conditions can be interpreted as a simulation for the provision of a supportive environment for the therapeutic process.Therapeutic ProcessThe case of Mary Jane Tilden, seen by Rogers in 1946, is noted by Patricia Raskin (1996, p135) as being an excellent example of the classical Rogerian approach, subsequently being subject to review from both client-centred and contemporary psychoanalytic viewpoints.The case of Mary Jane involves a withdrawn womanhood of 20 brought into therapy by her mother, seemingly struggling to break free from the influence of others and to resolve deep internal conflicts, apparently having tried but repeat edly weakness to pass through the adolescent stages of life into maturity. Rogers had a total of 11 sessions with Mary Jane, during which marked changes are seen to take place, particularly in the later sessions when more rapid change becomes seeming(a).Throughout the early sessions Rogers continues to support, recognise and clarify feelings even when the client portrays an extremely bleak outlook, making repeated references to sanatoriums, inadequacy, comparing to others and even mentioning felo-de-se and possible brain damage. Mary Jane repeatedly tries to place possessership onto Rogers, asking many headings and seemingly becoming quite frustrated at his refusal to provide answers. Rogers refuses to offer answers whilst consistently resideing empathic and supportive. In the third session we see Mary Jane pushing for answers but interestingly on this occasion when left to her own thinking she works out the answer for herself.Reviewing the Mary Jane case Dingman (1996) cons iders that Rogers consistently refrained from providing the answers or strategies repeatedly requested, or to provide advice or guidance choosing instead to remain emphatically present, to understand her frustration and confusion without prescription for change and would not undermine Mary Janes movement toward encountering fully the what I am by providing answers (Farber shore and Raskin 1996, p202).Although tentative moves toward improvement in earlier sessions are apparent, a definite step change is noted during session seven as Mary Jane recognises her internal conflicts. Lengthy pauses prevail as Rogers allows time for independent information bear on and solution identification. In session eight the realisation of her parents influence becomes apparent just the hopelessness is now clearly interspersed with awareness, insight and tentative positivity.Dingman proposes within the empathic enclosure that Rogers provided, Mary Janes introspective, intellectual interest in self sh ifted slowly to more primary experiencing (Farber Brink and Raskin 1996, p202).Geller and Gould (1996) acknowledge Rogers achieved success in strengthening Mary Janes capacities for autonomy and mutuality and that she had become increasingly self-accepting, but argue Rogers and Mary Jane never did achieve full agreement on the goals of treatment, their relative responsibilities or the kind of relationship required to do the therapy work (Farber Brink and Raskin 1996, p218). They argue Rogers responded to Mary Janes strengths but was neither empathic nor perceptive about her more negative feelings, failing to address unconscious conflicts and therefore potentially limiting the depth of her explorations in these areas. They question whether follow through would train produced more enduring gains.Accelerated change is observed during the last few sessions, with Mary Jane confronting dependence issues. Although still asking questions she no longer pushes for responses, instead progress ing to answer independently. In the final session Mary Jane speaks of progress made and changes experienced, noting that it has become easier to talk with more reliance on sense and an ability to act natural. Raising concern improvement whitethorn be temporary, she nonetheless appears confident that she now has the ability to cope.Considering Mary Janes movement toward adjustment, Dingman refers to the necessity for reply of all her preconceived notions of what she should do and should be prior to ceasing to resist and so shift toward acceptance of what I am, stating Evaluation, comparison, analysis, the longing to be what one is not all this had to die for the new living pattern to emerge. (Farber Brink and Raskin 1996, p208)In reviewing Rogers management of the case, Geller and Gould comment Rogers mien of working can be viewed as essentially tell toward helping Mary Jane forge a cohesive sense of self, capable of individuationRogers primary aim was to support the development of the clients unique individuality and expressiveness further stating the belief that Rogers approach did promote therapeutic change in Mary Jane through consistently providingempathic responsiveness tempered by optimal frustration, remain non-judgemental and through a refusal to provide answers or to provide guidance or reassurance thus forcing Mary Jane to take increasing responsibility for her own life. (Farber Brink and Raskin 1996, p224)Geller and Gould state the classical psychoanalytical view that reconstruction was paramount to the therapeutic process, noting that this view has since evolved to recognise the role of the relationship and net that Carl Rogers demonstrated, 20 years before the authentic popularity of short term psychodynamic psychotherapy, that it was possible to achieve ambitious therapeutic goals within a relatively short space of time and believe that Mary Jane did create some enduring internalized representations of Rogers warmth, support and helpfulne ss. (Farber Brink and Raskin 1996, p228)The case is therefore a good example of Rogers not deconstructing the past to effect reconstruction, consistently remaining supportively and empathically present. Mary Jane, rather than the therapist, carried out independent deconstruction with subsequent disintegration of all analysis and previous structure before progression toward a reconstructed self outcome from a supportive and empathic relationship.Reconstructive TherapyIn understanding the term reconstructive therapy Stedmans definition is considereda form of therapy such as psychoanalysis, that seeks not only to alleviate symptoms but also to produce alterations in maladaptive character structure and to expedite new adaptive potentials this aim is achieved by bringing into understanding an awareness of insight into conflicts, fears, inhibitions, and their manifestations.Sperry states supportive psychotherapy is differentiated from reconstructive psychotherapy and considers the goal of reconstructive psychotherapy is to work through the abandonment depression This leads to the attainment of ego autonomy and the transformation of split object relations into whole object relation and the split ego into a whole ego. Supportive psychotherapy is noted as being less intensive and regressive. (Sperry 2003, p97)To achieve deeper understanding of differences between reconstructive and Rogerian therapy, Interpersonal Reconstructive Therapy is considered. Benjamin states therapy starts with learning to recognise your patterns, where they came from and what they are for (Benjamin 2006, p21), considering problem behaviours and associated symptoms represent attachment centred around dysfunctional relationships with important persons in early life, referencing Bowlbys 1977 assumption that important early relationships provide internal working models for a child. Benjamin explains The linchpin of IRTis the process of coming to terms with important persons and their internali sed representations (IPIRs)coming to terms compares to working through in traditional psychodynamic therapy (Benjamin 2006 p73).In total note to the Rogerian approach, IRT is structured and directive, aiming at reconstruction and is configured of five sequential steps commencing with the identification of patterns. Movement through a deconstruction stage relying heavily on regression, before progression through a reconstruction process leads to final embracing of change. The goal is that the impossible wishes that support the quest for psychic proximity to the IPIRs must be recognised, grieved for and given up. Then reconstruction of personality can begin (Benjamin 2006 p326) lookBasavanthappa (2007) considers Supportive therapy to be the most widely practised form of individual psychotherapy today, and on review of the Mary Jane Tilden case there is seemingly agreement that Rogers supportive approach successfully achieved a positive outcome. To quantify these opinions explore ev idence is explored, prior to consideration and discussion of any potential limitations a strictly Rogerian approach may present.Two independent studies (Friedli et al 1997 Bower et al 2000) based on randomised, controlled assessment concluded that person-centred, non-directive therapy more than holds its own compared with other forms of therapy. (Feltham and Horton, 2006, p296)Analysing the outcome of The Menniger psychotherapy Research Project carried out in the 1950s, Howitz (1974) suggested that patientsdid improve importantly in supportive therapy, given the achievement of a powerful therapeutic alliance. (Fonagy, nd). Reanalysis by Wallerstein in 1986, reported on the long term follow up (Fonagy, nd), and Sperry (2003) states the report outcomes suggest that supportive treatment is able to bring about the basic personality changes that were expected only from reconstructive dynamic psychotherapy, before concluding despite Kerbergs (84) characteristic of Supportive Psychotherapy as a treatment of last resort Supportive Psychotherapy is a potent intervention. (Sperry 2003, p98)The Hamburg think over (1981), involving comparison of client-centred and psychoanalytic therapy, concluded In direct comparison of psychological test scores between cct and pt groups, few significant differences emerged and none of those that did were replicated in subsequent analyses. (Fonagy nd, p301).Cooper (2008, p128) notes that psychotherapy researchers such as Lambert have estimated that relational factors account for around 30% of the variance in outcomes whilst technique and orientation factors may contribute only 15% toward overall outcome of therapy with Wampold (2001) calculating a much lower figure of only 1%. Furthermore, the Task Force of the Psychotherapy Division of the American Psychological Association, found demonstrably effective elements for positive therapeutic outcomes to include empathy (Bohart et Al 2002) and promising and probably effective elements to inc lude positive regard (Farber and Lane 2002) and congruence or genuiness (Klein et al 2002) (Feltham and Horton, 2006, p67).Research by Bohart and Tallmand (199951) concluded from a client perspective, the most important aspects of therapy typically are the non-technological factors having a time and place to talk having someone care, listen and understand having someone provide encouragement and reassurance having someone offer an external perspective and advice (Cooper 2008, p99). These findings reinforce Heines 1950 study quoted by Rogers (1967) concluding that regardless of therapeutic orientation it was the attitudinal elements in the relationship that accounted for positive outcome. These include trust felt in the therapist, being understood by the therapist, the feeling of independence they had had in making choices and decisions and therapist ability to clarify and state feelings. Elements found to be unhelpful included the giving of direct specific advice or emphasising past history rather than present problems.Cooper concludes that the quality of the therapeutic relationship is closely associated with therapeutic outcomes across both relationally and non-relationally orientated therapies (Cooper 2008, p120).On review of empirically supported treatments subjected to rigorous experimental studies against specific forms of psychological distress, Cognitive Behavioural Therapy (CBT) is repeatedly presented as a treatment of proven specialty (Cooper (2008) p38-45), consequently being adopted by the National Institute for Health and Clinical Excellence (NICE) as a treatment of choice for many psychological disorders. Cooper notes, however, that the lack of evidence does not correlate to lack of effectiveness pointing out the need for further research to support the effectiveness of other therapies.In summarising technique and practice factors, Cooper considers that although there is little evidence to support the effectiveness of one technique over any oth er, CBT has the strongest evidence base, particularly for anxiousness related issues. Cooper also suggests that although there is evidence to support directive and non-directive methods extremes of either should be avoided. Humanistic techniques, when undertaken effectively and with the result of deepening levels of experiencing and emotional processing can be linked to positive therapeutic outcome. (Cooper 2208, p154)Research by Glass and Arnkoff (2000) suggests that a collaborative approach is favourable, and whilst the above research promotes the effectiveness of CBT, Kirschet al. (1995) found hypnotic procedures have been found to significantly enhance the faculty of CBT (Cooper 2008, p174). One such model taking this approach is presented by Assen Aladdin in his Cognitive Hypnotherapy model, with Aladdin quoting research studies by Schoenberger (2000) and Kirsch, Montgomery and Saperstein (1995) as concluding that hypnotherapy was found to be significantly superior to non-hyp notic treatment when combined with CBT (Aladdin 2008, p10).LimitationsConsidering limitations of the client-centred approach Corey (2001) quotes feedback from an exercise by Cain (1988)Person centred therapy is too simple.It is limited to techniques of attending and reflecting.The approach is ineffective and leads to undirected rambling by the client.Rather than emphasising the counsellor as a person, it would be better to focus on developing a variety of techniques that can be applied to solving specific problems.More emphasis should be placed on systematic training of counselling skills and less on the attitudes of the counsellor.It is not necessarily true that individuals have within them a growth potential or actualising tendency.Not all clients have the capacity to trust their own inner direction and find their own answers.(Corey 2001, p186)In reviewing the above, one could question whether these represent the failings of the approach if carried out incompletely than in the met hod originally intended by Rogers. Indeed, prior to this Corey comments Therapist authenticity and congruence are so vital to this approach that those who practice within this framework must feel natural indoing so If not, a real possibility is thattherapy will be reduced to a bland, safe, and ineffectual pabulum. (Corey 2001, p185)By nature, the purist Rogerian approach is heavily dependant on the therapist and their abilities to meet the conditions Rogers considered essential to ensure necessary and sufficient conditions of therapy, and therefore the extent to which the outcome is also dependent on the therapist has to be questioned. On reviewing the nine case commentaries in The Psychotherapy of Carl Rogers Cases and Commentaries (1996), it becomes apparent how inconsistent Rogers approach can appear, with notable changes in both his style and approach between clients, not only indicating the importance of therapist ability but further questioning the extent of therapist influe nce on the process.Research by Sasche(2004) concluded that clients are not particularly good, by themselves, at deepening their levels of processing and that they are strongly influenced by their therapists statements Sasche explains that deepening statements conducive to more productive therapeutic work are actively achieved by the therapist through reflection at a deeper level, with flattening statements reflecting back at the same or shallower level producing more superficial client processing (Cooper 2008, p141). This suggests the therapist is therefore very much in control of the therapy process, even in a non-directive approach.Whilst it is evident on study of Rogers cases that he frequently encourages deepening of experience in the way that his reflection is carried out, he also appears to subtlety challenge clients in the process. Corey (2001, p185) notes that many therapists fail to achieve this and that they have limited the range of their responses and counselling styles to reflections and emphatic listening becoming client-centred to the extent that they diminish the value of their own power as a person and thus lose the impact of their personality on the clientConclusionThere is considerable research evidence suggesting the importance of the therapeutic relationship, and moreover to the specific qualities of empathy, positive regard and congruence all of which are pivotal to Rogerian therapy, however further empirical research is required to enable links to positive outcomes for specific psychological issues.research evidence that the therapeutic conditions are both necessary andsufficient is not unequivocal, though much of it suffers from inadequate methodology and the possibility of poorly reported and discussed reportsthis research forms the basis of the mainstream viewthat the therapeutic relationship is the key factor in successful outcome. (Feltham and Horton 2006 p296)Whilst the relationship is evidently key for a positive therapeutic out come, utilising relationship alone relies solely on therapists ability to emulate Rogers intended approach. It is logical to assume this is likely to produce more inconsistent results than a structured therapy integrating the Rogerian approach could achieve. There is also evidence to suggest that extremes of either directiveness or passiveness are detrimental and also that a collaborative approach is the most appropriate intervention in ensuring a positive outcome.A feasibly conclusion can be drawn that a collaborative approach (Glass and Arnkoff 2000) combining a relationship comprising empathy, positive regard and congruence (Task Force Study) with CBT (Cooper 2008) and enhanced by hypnotherapy (Kirsch et al 1995) could hold the potential to provide a consistently effective and positive therapeutic intervention in the alleviation of psychological disorders with further empirical research needed to prove efficacy for specific forms of psychological distress.

Acceptance and Commitment Therapy

Acceptance and Commitment TherapyA recently adopted turn of psychotherapy known as Acceptance and Commitment Therapy has become very popular. It was created in the 90s by St calm down Hayes and is a form of fashional and cognitive therapy. These therapy orders feel long been used to treat behavioral issues like anxiety, stress due to traumatic situations, and falloff.Cognitive behavioral therapy teaches patients to take a negative thought and tax all the reasons why it is false. However, Acceptance and Commitment Therapy (ACT) testament allow the patient to accept that thought right away. Those thoughts may even be allowed to continue or repeat until the intensity of them is inwroughtly reduced. These unwanted thoughts atomic number 18 not readily released but instead argon accepted. Professional therapists who use the ACT technique be possessed of argued that this method more successful in a shorter amount of time. It allows a person to understand that they washbasin st ill take enactmention with having to modify or altar your feelings in any way. You ignore realize that you are having these disconcerting feelings but still are able to act on the opposite.ACT stresses the mind of Mindfulness, which is a practice of being present in thoughts and daily living. You will also be taught to identify your personal set of values and chose behaviors and actions that agree with your values. data has shown that from 1996 to the present, that there has been a high effectiveness rate in a variety of situations. Founder and supporters of this therapy method believe that a higher level of fulfilment is achieved when we can overcome thoughts and feelings that are negative. Patients are taught to choose to take positive action event when destructive situations arise. Even this therapys acronym implies that in the end you read to act to shuffling in any positive change.Acceptance and Commitment Therapy is a great pricking for people dealing with substance abu se, physical or excited abuse, as well as patients with OCD, phobias, and bi-polar disorders. Couples and families bugger off also been able to benefit from this method and grow closer and more intimate with each other. mature A.D.D.Adult A.D.D or Adult Attention Deficit Disorder is where people have difficulty focusing for a certain amount of time or on iodine thing at a time. Many people with varying types of Attention Deficit Disorders feel that others easily misunderstand them. They do not satisfy the world in the same way as others. Diagnosis of this disorder is underrepresented in adults and possibly over diagnosed in children. In fact, adults often dont realize what the symptoms that they are A.D.D until their children get diagnosed with it.Adults who suffer from this condition have problems with continuing a task, being organized, or getting things done on time. Additionally, those dealing with this have issues with having long-term relationships and arbitrary mood swin gs. The test used to help diagnose an adult is relatively the same as children, but instead of word like school, the adult will use work.So if you score with the range of having this condition, what do you do next? You will need to have a doctor eliminate other realizable reasons for your symptoms like, OCD, bi-polar, depression, anxiety, or hormonal imbalances. Early menopause and pre-menopause can also cause women to exhibit similar signs of attention deficit. At first, your doctor may give you antidepressants because depression is common in adults with this disorder. If these dont work, then they may progress to a stimulant drug if you dont have a history of drug abuse as this medication can be addicting. For this reason, people with this disorder feel that the treatment is worse then the condition.thither are ways to cope with Adult A.D.D naturally. Modifying your lifestyle with a proper diet and exercise can help you deal with the disorder without medical side effects. Regula r exercise helps you to relieve stress and can even reduce depression. Nutrition is very important when we need to focus. Brain boosting foods with amino and fatty acids are key to helping you reduce attention deficit symptoms. Lastly, make lists. Lists can help you stay on task. Place duties of the highest importance first and practice going in order. You will feel proud of yourself each shadow when all of your tasks have been completed.Depression QuizDepression is much more than mere sadness. It is defined as emotional dejection and withdrawal. We often say that we are low-spirited because something unfortunate happened during our day or we couldnt get our way. However, real depression is a clinically diagnosed condition that often needs therapy and or medication to relieve. There is a way to find out if you have a tendency toward this condition. It is called a depression quiz. This test helps you determine whether you are showing signs of being depressed by the symptoms you exp ress.This test wont show results of how deeply this condition is felt, but it is very helpful toward getting a diagnosis and determining your state of mind. masking your doctor this test will help him or her to ascertain the level of your condition and what steps will need to be taken. This test is geared towards do you aware of the general signs and symptoms of this condition but providing important and relevant facts.The test contains a set of questions that will determine if your condition is mild to severe, acute to chronic. You can effectively create a list of the symptoms that you are suffering from or experiencing whenever you answer yes to any of the questions. Three or more yes answers can be say of an acute form of depression. A temporarily depressed person will notice these symptoms reduce as the problems that caused them also fade. However, symptoms that remain over a result of a month or more can be evidence of a more serious condition. In this case, you should cont act a medical professional. These symptoms make up of fatigue, insomnia, irritability, and thoughts of suicide.If you feel any of these symptoms or just a feeling that things arent right, then you should take a depression quiz. Please be aware that his test is not a substitution for a medical diagnosis. It should be used as a way to determine your state of mind and make you aware of the symptoms one can face with this condition. Show your results to your doctor to determine the next step toward mental health.star divination MatchingMarriage in this day and age is a complex endeavor. Finding your perfect soul mate has become a gamble that many couples are losing every year. Many bachelors and bachelorettes worry that they may never be able to find the right person to grow old with. People all over the world have sought various resources in find a partner. There are so many match making websites and companies that it is hard to weed out the bogus ones. However, there is one method th at is an ancient way of find Mr. or Mrs. Right its astrology matching. This practice uses a persons star signs to determine what type of mate would be the best for them. employ this type of compatibility scale you can find someone to share your life with.Astrologers gather knowledge by using stars, planets and the sun. They believe that these elements often influence our behavior and increase the probability of finding a partner. In some cultures, parents consult astrologers to help them find a suitable husband or wife for their children. The information provided by the astrologer will influence the decision to agree with the marriage.These readings wont tell you the precise future, but it can let you know what characteristic you need to look for in a mate. These characteristics will be the most compatible to your own or balance out your weaknesses. For example, if you are shy, you may want to await for someone a little more outgoing. If you have a temper, you should look for som eone more mild tempered. These things can help keep your relationship arouse and less strenuous. Knowing how that particular sign acts, thinks, and feels will give you an advantage when searching for a mate.Even when you do find a person with a compatible horoscope it isnt guaranteed that it will last. There are many variables to astrological matching that you have to consider. This technique should only be used as a tool to narrow down your search. You may be compatible with many assorted horoscopes, but if you are not compatible with Virgos for example, you could be aware of that. You will still have to work at any relationship. You will need to bring the best parts of your personality out to show potential suitors.Leo Astrology SymbolIndividual who are born under the Leo astrology symbol or sign are those born between July 23rd and direful 22nd. Leo is ruled by the Sun and their element is fire. This is considered a very independent sign. Leo is the fifth astrological sign and is from the constellation of Leo which represents the lions tail. hands born under this sign are warm and high spirited and prone to action. He loves to be the c inject of attention. He is highly social and his enthusiasm spreads to all his friends. He isnt just a fun time friend, but you can also depend on him when times are hard.Leos are great, natural born leaders with quality leadership skills. They are honest, loyal and positive and prefer to lead out front. They are able to relate to people from different lifestyles and are very diplomatic. Even though they are great at delegating tasks to others, they dont easily accept them. Leos are dont like to accept failure and are determined to succeed.Leos love romance with candlelit dinners and hospitality. They prefer luxury and living very comfortable. You have to stroke the Leos ego as they love praise and admiration when they have achieved something. They are naturally very sensitive creatures. Leos are very strong willed and do minant, so two together can be a serious issue. largely Leos are generous, warm, loving, proud, and creative. However, they can also be bossy, dogmatic, conceited, interfering, and power hunger. They like children, living lavishly, quality food, business, and drama. They dislike people that are mean spirited, cheap, or small-minded. Some illustrious people who are also born under this sign are Woody Harrelson, Jennifer Lopez, Sandra Bullock, and Robert DeNiro.Business partnerships for any Leo would be more compatible with the bowman than any other sign. They both exhibit common sense as it pertains to business and can maintain respect for each other. Leos would be better served to enter business fields like architecture, ministry, entertainment, public speaking, executive positions, education, and the political arenas.If you are a under the Leo astrology symbol or sign, you certainly can relate to some of the characteristics stated above.

Analysis on the Bank Performance of Nigerian Banks

analysis on the Bank Performance of Nigerian BanksThe furnishal patronage of this look realise is integration and imprecate performance analysis of Nigerian Banks 2004 to 2006. The choice of this topic emanates from the situation that the current credit crisis and the transatlantic mortgage monetary turmoil put on questioned the effectiveness of starthouset integration programme as a remedy for fiscal stability and monetary form _or_ system of government in correcting the defects in the pecuniary argona for sustainable development. legion(predicate) desires desegregation had taken place in Europe, America and Asia in the last two decades with reveal any solutions in potty to patois disappointments and crisis. The paper attempts to examine the performances of governance induced depository pecuniary institutions desegregation and macro- sparing performance in Nigeria in pre- desegregation and post- desegregation compass point. The paper analyses published a udited accounts of two (2) out of twenty-five (25) patoiss that emerged from the integrating maintain and data from the primal Banks of Nigeria (CBN). We concern social class 2004 as the pre- desegregation and 2005 and 2006 as post- integrating plosives for our analysis.In doing this, efforts would be made to examine empiri chitchaty how coin wedge integration by with(predicate) re with child(p)ization has impact the performance of Nigerian banks during the period cover by the interrogation. The data for the work ar from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, two electronic and paper form. CAMEL analysis go out be employed to analyse the monetary data so as to ascertain the kindred amidst consolidation and bank performance. The CAMEL analysis is elect because of its optimal properties, simple computational procedures and is suitable for an empirical work such as the portray inquiry project work . Against the findings that would emerge from the intended empirical investigating of this work, discriminate recommendations that are credibly to better conjure up the effectiveness of banking field regenerates in Nigeria at that placeby restoring confidence in the system.CHAPTER 11.1 excogitationThe Nigerian banking sector over the past 20 to 25 years has experienced boom and bust in a circular pattern. After the implementation of the structural alteration program (SAP) in 1986 and the deregulation of the monetary sector, impertinently banks proliferated, mainly postulaten by take outive arbitrage opportunities in the foreign exchange market (Heiko 2007). introductory to the deregulated period, financial intermediation n invariably took off and even declined in 1980s and 1990s (Capirio and Kligbiel 2003).The sector was highly oligopolistic with notable features of market slow-wittedness and leadership. Lemo (2005) noted that in that location are ten Nigerian ba nks that control very much than 50% of the meld assets of the banking sector more than 51% of the core deposit liabilities and more than 45% of the aggregate credits.The sector was characterized by small sized banks with high overheads low majuscule base averaging less than $10million heavy faith on government patronage and red making. Nigerias banking sector was motionless characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the aerial of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their superior base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to spinal fusions and skill as a survival strategy, which saw a simplification in the subjugate of banks from 89 to 25.This study transmits to the innovation of bank re slap-up of the United Statesization by critically examining the impact of bank consolidation on the performance of banks using a a rchetype of randomly selected Nigerian banks. It is the intention of the enquiryer to prepare more validity to empirical narrate that have been obtained by previous researchers on the subject matter.Relevance of the studyThe earliest set of studies evaluates the effects of bank consolidation through amalgamations and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive readiness indicators.The results from both(prenominal) indicators have varied and at sometimes been contradictory. This provide be explained by performance-influencing variables like size, brand name, variegation and hail reduction, there is still no satisfaction surrounded by these indicators.I intend to contri alonee to the determinants of bank performance by evaluating the possible performance impact of bank consolidation on banks. Consolidation is the blusher to improving the performance of banks with low cap base, without which they are bound to fail.1.3 Background of studyAside being the highest contributor to the market capitalization of the Nigerian trite exchange and smooth and stable income provision to money and capital market, banking labor is capable of attracting potential investor which is a source of every economic development. Financial institutions generally, and banking sector in affairicular work out a crucial role in the development extremity of mobilizing fund from the surplus sector of the economy to the deficit sectors of the economy. Banks dish out in increasing the quantum of national savings and enthronization. Consequently, the volume of goods and services produced in the economy summations overtime through the multiplier effect. Banks enhance stable and smooth income to attract potential investors in line with Modigliani and miller (1958) theory that investors generally have preference for smooth and stable income.According to sloan and Arlond (1970) consolidation is a fusion of the assets and liabilities, in whole or in part of two or more business enterprise launchment. Consolidation represents the idea of coronation and the culmination together of firms it weed in like manner mean big sizes, larger stockholder bases and larger number of depositors. According to Adamu (2005) bank or corporate consolidation could be achieved by way of mergers/acquisition and recapitalization. It is more than mere shrinking of number of banks in any banking industry.According to Hall (1999) consolidation is a global phenomenon, which started in the advanced economies of the world. For example, the enactment of Riegle-Neal Act, which allows interstate highway branch banking beginning from 1997 this led to growth in bank mergers in the USA (Akhavin et al and kwan 2004). Consolidation allow a mega bank to enjoy high profit, increase revenue and low bother loans. Japanese banking industry also experienced consolidation in the 1990s which resulted to economies of scale leaf (Fukuyama, 1993 Mckillop et al 1996).When banks go bust, their capital base is called to question. Cases of bank failures have cause researchers to investigate the activities of banks in relation to performance in terms of returns.A view is that consolidation has increased the capital base and size of Nigerian banks but does not necessarily experience just approximately higher performance.Criteria Selecting Nigeria StudyConsolidation is a term used by the central bank of Nigeria (CBN) to describe the coming together of some banks within the country to beget one bank and be able to meet CBNs requirement for capitalization to a minimum of N25billion. When this happens, it is pass judgment to improve services rendered by the banks.In July 6, 2004, a day now referred to as black Tuesday in banking sector of the economy, the CBN Governor, professor Charles Soludo made an obviously unheralded policy pronouncement. The highlight was the increment of the earlier N2billion to N2 5 billion, with full compliance deadline fixed for the end of the year 2005.In a bid for banks to meet up with the new requirement, some Banks are exploring the option of inviting foreign investors to buy into Banks. Others are facial expression at the possibility of getting investors to bring up their capital, and some are looking at the capital market option, while former(a)s are considering mergers and acquisition.If the process of consolidation is properly implemented the on-going consolidation of banks in the country give for sure improve the banking sector in Nigeria and translate to better banking services and cheap funds. More importantly, the public leave not have fear of distress in any bank, since the consolidated bank will have enough funds.The strike to understand the impact of bank consolidation on Nigerian banks either damaging or positive necessitated the use of Nigerian banks as sample for this study.1.5 AimTo analyze the effect of consolidation on the perfor mance of Nigerian Banks1.6 ObjectivesTo examine the consolidation process of Nigerian banks.To Asses the performance of Nigerian banks before and after consolidation.To evaluate the impact of consolidation on Nigerian banks.CHAPTER 2 Literature Review2.1 IntroductionThis chapter attempts to gain an in-depth view into what is already known in connection with the research topic being studied. It therefore brings to light the different theoretical and methodological preliminary to the research area, helps develop a practical analytical framework, considers inclusion of variables that may not have been thought about from the inception of the research work and in the long run learning can be gained from mistakes of previous researchers and avoidance of such mistakes would be achieved (Bryman Bell, 2003).The scope of the research is narrowed down through lucky study of literature review that was continuous all through the research process. Further, the review of literature will consti tute a wide range of materials sourced from daybook articles, corporate websites, government websites, multilateral organisations, text books and online databases which embroil Wiley, Science Direct, Emerald and Business Source Premier.Reforms are predicated upon the need for change of direction and repositioning of an existing status quo in fix to attain an effective and economical state. There could be fundamental bottle-neck that may inhibit the functioning of the institutions for developing and the achievement of core objectives in the drive towards enhancing and sustaining the economic and affable imperatives of human endeavor. Carried out through either government institutions or private enterprises, reform becomes essential in the light of the global self-propelled exigencies and emerge landscape.Consequently, the banking sector, as an important sector in the financial landscape, needs to be reformed in order to enhance its competitiveness and capacity to play a fun damental role of financing investment. Many literature indicates that banking sector reforms are propelled by the need to intensify the financial sector and reposition for growth, to become integrated into the global financial architecture and involve a banking sector that is consulting with regional integration requirements and worldwide crush practices.The nexus between consolidation and financial sector stability and growth is explained by two polar views. Proponents of consolidation opined that increase size could potentially increase bank returns, through revenue and approach efficiency gains. It may also, reduce industry insecuritys through the eliminations of weak banks and create better diversification opportunities. On the other hand, it is argued that consolidation could increase banks propensity towards risk taking through increases in leverage and off-balance sheet operations.AdvocatesFurlong (1994) stated that an early view of consolidation in banking was that it m akes banking more cost efficient because larger banks can eliminate excess capacity in areas like data processing, marketing, or overlapping branch networks. Cost efficiency also could increase if more efficient banks acquired less efficient ones. Though studies on efficiency in banking raised doubts about the extent of overcapacity, they did point to coarse potential for improvement in cost efficiency through mergers.Banking reforms involves several elements that are unique to each country based on historical economic and institutional imperatives, for example, in Hungary. Evidence instal that the reform in the banking sector was due to high under-capitalization of state owned banks, weakness in the regulation and inspection and deficiencies in corporate governance bearing of banks.Craig and Hardee (2004) conducted investigation on bank consolidation and shutd that as the banking consolidation continues, relationship lending is becoming more and more rare. As credit scoring a nd formal, formulaic methods are used more and more, specifically by the large banks, many small businesses may find out that they do not fit the model, curiously those enterprises with negative equity. Thus, small businesses may be filling the financing void that is being created by the bank consolidation with non-bank sources of funds.Hughes and Mester (1997) provide evidence to suggest that there are scale economics in banking, bank managers are risk averse, and banks use the level of their financial capital to signal the level of risk. This is an area of participation in Nigerian banking, especially when the return on equity is calculated in another two to triad years and then compared with the historical industry average. Rhoades(1996) reported that American banks consolidated in response to the removal of restriction on bank branching across states, while Hughes, J.P W. Lang L.J. Mester C.G. Moon(1998) concluded that the economic benefits of consolidation are strongest for those banks that engaged in interested expansion, and in particular the expansion that diversifies macroeconomic risk.From the literature, it has been observed that well-spaced and implemented financial reforms have the ability to boost financial development indicators.DetractorsHughes J.P Mester, L.J and Moon, C.G (2000) also provide evidence that scale economies exist in banking but they fail to account for risk. Thus, scale economies that result from consolidation and diversification do not produce better performance in banking, unless choice makes the banks management more conscious risk and moderates its decisions and actions appropriate larger scale of operation that leads to diversification only reduce liquidity and credit risk under the ceteris bus assumption, and they argued that this is not always the case.The examination of merger and acquisition in European banking and found that industry consolidation was beneficial (by providing social benefits) in the first economic integration stages, but could damage public assistance in the more advanced stages as the few big banks safeguard price agreements to forestall foreign competition. The other side to European mergers and acquisitions was because of the possibility of failure. This, of course, ignores the fact that no bank can ever be too big to fail. All it takes for a bank to fail is for bad news? about a bank to get to its stakeholders (especially depositors) and they all laissez passer in at the same time to take their funds For such bank to survive, it must have satisfactory liquid assets to meet all maturing and long-dated obligations (Igangiya, 2006).2.2 Role of banks In the EconomyBanks have an important role to play in an economy, as they are intermediaries between people with shortages and surpluses of capital. The products they offer will include savings, lending, investment, mediation and advice, payments, ownership, guarantee and, trust of real estate. (Bouma et al, 2001). This aspect is critical to this research study as the role of banks in any economy cannot be undermined therefore, the need to explore the effectiveness of their actions and how this ultimately affects the economy.The macroeconomic environment within which firms exist and, operate has an impact upon their activities and governments and other agencies run at different spacial levels and it can shape behavior and their environment. (Worthington et al, 2001).According to Bouma et al, (2001), as a financial intermediary between market players, a bank has four important functionsFirst it translates money by scale. The money surpluses of one person are loosely not the same as the shortages of another person.Banks transform money by duration. Creditors may have short-term surpluses of money, while debtors mostly have a long-term need for money.Banks transform money by spatial location (place).Finally, banks act as assessors of risk. As a rule, banks are better equipped to nurse the risks of vari ous investments than individual investors who have surpluses available. Also, through their larger scale, banks are more able to spread risks.The major objectives of the banking system are to ensure price stability and facilitate rapid economic development regrettably, these objectives are still yet to be realised in Nigeria as a result of some infrastructural deficiencies such as basic power, energy, and transportation. Also, the lack of a workable fortuity planning framework which provides detailed policy actions to limit crises.The reforms of the banking industry will have an influence on the functions, as it ultimately shapes the way they handle their operations. The reform of recapitalisation and consolidation could mean a larger platform for banks to better carry out their tasks.This literature review takes a look at commercial banks in Nigeria when faced with the reformation of the banking industry, core competences inevitable by the banks to be successful and the effect o n the macroeconomic indicators of the country.2.3 The concept of capital baseThe new-fangled call for recapitalization in the banking industry has raised much argument among the bank regulators, promoters and depositors as if shoring up of banks capital base is a new phenomenon in Nigeria. Historically, the failure of pioneer 1930s and 1940s brought about the enactment of banking ordinance of 1952. Banking ordinance of 1952 prescribed an ope paygrade license and emphasized on minimum equity capital for all banks (Omoh, 2007). Since then, raising of bank capital has become the hallmark response policy of the Nigerian monetary authorities.Capitalization is an important component of reforms in the banking industry, owe to the fact that a bank with a strong capital base has the ability to absorb losses arising from non-performing liabilities (NPL). Attaining capitalization requirement is achieved through consolidation, convergence as well as the capital market. Thus, banking reforms ar e primarily driven by the need to achieve the objectives of consolidation, competition and convergence. (Deccan Herald,2004), in the financial architecture.2.4 The Concept of Bank ConsolidationConsolidation is viewed as the reduction in the number of banks and other deposit taking institution with a simultaneous increase in the size and concentration of the consolidation entities in the sector (BIS, 20012). It is mostly motivated by technology innovation, deregulation of financial services, enhancing intermediation and increased emphasis on shareholder value, privatization and international competition (Berger et al, 1991).The process of consolidation has been argued to enhance bank efficiency through cost reduction and revenue in the long run. It also reduces industrys risk by eliminating weaker banks and acquiring the smaller ones by larger and stronger banks as well as creates opportunities for greater diversification and financial intermediation.The pattern of banking system co nsolidation could be viewed in two different perspectives, namely market-driven and government-led consolidation. The market-driven consolidation which is more pronounced in the developed countries sees consolidation as a way of broadening competitiveness with added comparative degree advantage in the global scene and eliminating excess capacity more efficiently than bankruptcy or other means of exit.On the other hand, government-led consolidation stems from the need to resolve problem of financial distress in order to avoid systematic crises as well as to restrict inefficient banks (Ajayi, 2005). oneness of the general effects of consolidation is to the reduction in the number of players, moving the industry more toward an oligopolistic market (Adedipe, 2007).2.5 Prospect of Bank consolidation In NigeriaThe initial public offering by banks through the capital market when completed is likely to increase the level of financial deepening as evidenced in the upsurge in the volume and value of trading in stock market.The reform in the banking industry has been able to attract more foreign investment inflow, especially in the area of portfolio investment this development if sustained will boost the level of economic activity especially toward non oil sector.The consolidation of banks is likely to attract a significant level of foreign banks entrance into Nigeria which will become a feature in the industry over time. This will bring about more confidence by the international community of the banking sector thereby attracting more foreign investment into the country. As the level of financial intermediation increase, interest rate is likely to excise and increase lending to the real sector that will generate employment and booster growth.2.6 The Process of Bank consolidation In NigeriaBefore any bank can be said to consolidate through merger and acquisition in the Nigeria industry, it must first essay and obtain the approval of the following regulative and super visory authorities in the industry. They include the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigeria Stock Exchange (NSE) and the embodied Affairs Commission (CAC) (CBN, 2004).Chapter 3 look for MethodologyIntroductionThis chapter sets out the method employed in conducting the research. The choice of method was made based on the nature of the research problem.The purpose of this research is to discover, if any, the impact of bank consolidation on bank performance. Effort would be made to ensure that the methodology and abstract framework adopted in the research are as relevant to the findings as the concepts and theories of the study. This is because the validity and reliability of conclusions are for the most part influenced by the research process itself.3.2 Research DesignThis study is a causal or explanatory analysis since it seeks answers to questions related to the causes and determinants of bank performance.The research adopts a deductive a pproach. It outlines theories of director relationship to firm performance and draws hypothesis from them. These hypotheses are then tested using empirical social data to either confirm or reject the contentions.3.3 valued Versus Qualitative DataA exculpated distinction must be emphasized between quantitative and qualitative data. The former is concerned with the compilation of the results of research in a standardised mathematical form with the analysis conducted by means of statistics. (Saunders et al, 2003, p.378). Here variables are measured on a selection of scales and can then be arranged in order of arithmetical rigour. Conversely qualitative research is subjective in its approach of examining and reflecting on perceptions of understanding social and human activities (Hussey and Hussey, 1997). Qualitative research is inducive and researchers rarely know the specifics of data analysis when they begin a project (Neuman, 2006). It is concerned with the assemblage of data in a non-standardised, descriptive form, with the examination conducted through the use of theoretical models.3.4 Data TypeRaw or summarized data which has already been collected and stored for other purposes off from that of the research in question is referred to as secondary data (Saunders et al, 2007).This research will make use of multiple-source secondary data collected from bank financial reports and CBN statistical publications available on the CBN, warrantee trust and zenith banks websites, some paper source of data will also be used. The data/study will be restricted between the period of 2004 and 2006. The year 2004 is the pre-consolidation, 2005 consolidation while 2006 is the post-consolidation periods. The choice of data type is based on accessibility, cost saving and authenticity factors.Sample SelectionThe representative sample of the Nigerian banking sector to be used as a sample of the population under study is warrant Trust Bank PLC and Zenith Bank PLC.CAMEL abridg mentCAMEL is derived from the five components of a banks mark which include Capital adequacy, Asset quality, Management, Earnings, and Liquidity. Ratings are assigned for each component, and a composite rating is assigned for the overall condition and performance of the bank. These component and composite ratings are assigned on a scale of 1 to 5, with 1 representing the highest rating (strongest performance) and 5 representing the lowest (weakest performance) (Hirtle and Lopez, 1999).The camel analysis will be used to analyse the performance of banks during the pre-consolidation (2004) and the post-consolidation (2006) periods.LimitationThe major difficulty that is likely to be encountered during the course of carrying out this research is the dearth of information, which is usually associated with emerging economies (including the Nigerian economy). Deliberate efforts would therefore be made to obtain information necessary to enhance the quality of the present research.4.0 CONCL USIONIn summary, the research tries to establish that bank consolidation helps in shoring up investment capital, enhances shareholder value, and protects creditors and depositors as well as fortify banks capacities to attract funds at tear down costs enhancing their liquidity positions.An efficient banking system tends to be one of the greatest focuses of the Central Bank of Nigeria since its establishment in 1959. Thus, sufficient capital base has largely constituted the Banks reform policy focus over the years. Hence, it may not be out of place to conclude at this material time that the ongoing reform policy is essential for the attainment of overall macroeconomic stability on a sustainable basis. Accordingly, the Central Bank of Nigeria is admonished to intensify its present efforts gear towards restoration of confidence in the banking system.The research work analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exerci se and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performanceBIBLIOGRAPHYBernerd, B.P., (2006), The effect of recent changes in the financial sector development in Nigerian, Paper presented at the 15th General Assembly of the African rural and agricultural credit tie-in (AFRACA), Bukina Faso.CBN., (2004), Guidelines and Incentive on Consolidation in consolidating Banking Industry.C harles, C.S. (2004) Consolidating the Nigerian Banking Industry to Meet the Developmental challenges of the 21st century. Paper presented at a meeting of bankers committee capital of Nigeria 6 July 2004.Larry, U et al., (2004) Issues in Financial Institutions Surveillance in Nigeria. A seminar paper by CBN training heart Lagos.Eshodaghor, D.V., (2006), Impact of distressed banks in low-spirited Economy, Prospects for survival and growth. Bank failure in Nigeria, causes and dimension pp. 17 22.Ezeudusi, F. U., (2002) Marcus, G., (2003), An approach to the consolidation of Banks Merger Issues by regulators., A south African case business paper (4), NDIC Annual Report and Statement of Account .Oviemuno, A.O., (2006) Banking Consolidation in Nigeria and the strategies for Generating better returns.Ogunleye G.A. (2003) The regulatory imperatives of the Universal Banking concept in Nigerian NDIC quarterly, (11) No. (2), pp.20-30Ochojele, D. I., (2003) The Nigerian banking industry, a r eview seminar paper.Osaije, E., (1992), Structural adjustment programme in Nigerian economyVictor, Ezeaku., (2003), Consolidation of Nigerian Banking Sector, CBN publication.Analysis on the Bank Performance of Nigerian BanksAnalysis on the Bank Performance of Nigerian BanksThe provisional title of this research project is Consolidation and bank performance analysis of Nigerian Banks 2004 to 2006. The choice of this topic emanates from the fact that the current credit crisis and the transatlantic mortgage financial turmoil have questioned the effectiveness of bank consolidation programme as a remedy for financial stability and monetary policy in correcting the defects in the financial sector for sustainable development. Many banks consolidation had taken place in Europe, America and Asia in the last two decades without any solutions in sight to bank failures and crisis. The paper attempts to examine the performances of government induced banks consolidation and macro-economic perform ance in Nigeria in pre-consolidation and post-consolidation period. The paper analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis.In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period covered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performance. The CAMEL analysis is chosen because of its optimal properties, simple computational procedures and is suitable for an empiric al work such as the present research project work. Against the findings that would emerge from the intended empirical investigation of this work, appropriate recommendations that are likely to better enhance the effectiveness of banking sector reforms in Nigeria thereby restoring confidence in the system.CHAPTER 11.1 IntroductionThe Nigerian banking sector over the past 20 to 25 years has experienced boom and bust in a cyclical pattern. After the implementation of the structural adjustment program (SAP) in 1986 and the deregulation of the financial sector, new banks proliferated, mainly driven by attractive arbitrage opportunities in the foreign exchange market (Heiko 2007). Prior to the deregulated period, financial intermediation never took off and even declined in 1980s and 1990s (Capirio and Kligbiel 2003).The sector was highly oligopolistic with remarkable features of market concentration and leadership. Lemo (2005) noted that there are ten Nigerian banks that control more than 50% of the aggregate assets of the banking sector more than 51% of the aggregate deposit liabilities and more than 45% of the aggregate credits.The sector was characterized by small sized banks with high overheads low capital base averaging less than $10million heavy reliance on government patronage and loss making. Nigerias banking sector was still characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the light of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their capital base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to mergers and acquisition as a survival strategy, which saw a reduction in the number of banks from 89 to 25.This study contributes to the concept of bank recapitalization by critically examining the impact of bank consolidation on the performance of banks using a sample of randomly selected Nigerian banks. It is the intention of the researc her to give more validity to empirical evidence that have been obtained by previous researchers on the subject matter.Relevance of the studyThe earliest set of studies evaluates the effects of bank consolidation through mergers and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive efficiency indicators.The results from both indicators have varied and at sometimes been contradictory. This can be explained by performance-influencing variables like size, brand name, diversification and cost reduction, there is still no reconciliation between these indicators.I intend to contribute to the determinants of bank performance by evaluating the possible performance impact of bank consolidation on banks. Consolidation is the key to improving the performance of banks with low capital base, without which they are bound to fail.1.3 Background of studyAside being the highest contributor to the market capitalization of the Nigeri an stock exchange and smooth and stable income provision to money and capital market, banking industry is capable of attracting potential investor which is a source of every economic development. Financial institutions generally, and banking sector in particular play a crucial role in the development process of mobilizing fund from the surplus sector of the economy to the deficit sectors of the economy. Banks help in increasing the quantum of national savings and investment. Consequently, the volume of goods and services produced in the economy increases overtime through the multiplier effect. Banks enhance stable and smooth income to attract potential investors in line with Modigliani and Miller (1958) theory that investors generally have preference for smooth and stable income.According to sloan and Arlond (1970) consolidation is a fusion of the assets and liabilities, in whole or in part of two or more business establishment. Consolidation represents the idea of investment and th e coming together of firms it can also mean larger sizes, larger shareholder bases and larger number of depositors. According to Adamu (2005) bank or corporate consolidation could be achieved by way of mergers/acquisition and recapitalization. It is more than mere shrinking of number of banks in any banking industry.According to Hall (1999) consolidation is a global phenomenon, which started in the advanced economies of the world. For example, the enactment of Riegle-Neal Act, which allows interstate branch banking beginning from 1997 this led to increase in bank mergers in the USA (Akhavin et al and kwan 2004). Consolidation allow a mega bank to enjoy higher profit, increase revenue and low problem loans. Japanese banking industry also experienced consolidation in the 1990s which resulted to economies of scale (Fukuyama, 1993 Mckillop et al 1996).When banks go bust, their capital base is called to question. Cases of bank failures have motivated researchers to investigate the activi ties of banks in relation to performance in terms of returns.A view is that consolidation has increased the capital base and size of Nigerian banks but does not necessarily bring about higher performance.Criteria Selecting Nigeria StudyConsolidation is a term used by the central bank of Nigeria (CBN) to describe the coming together of some banks within the country to become one bank and be able to meet CBNs requirement for capitalization to a minimum of N25billion. When this happens, it is expected to improve services rendered by the banks.In July 6, 2004, a day now referred to as black Tuesday in banking sector of the economy, the CBN Governor, professor Charles Soludo made an obviously unexpected policy pronouncement. The highlight was the increment of the earlier N2billion to N25 billion, with full compliance deadline fixed for the end of the year 2005.In a bid for banks to meet up with the new requirement, some Banks are exploring the option of inviting foreign investors to buy into Banks. Others are looking at the possibility of getting investors to shore up their capital, and some are looking at the capital market option, while others are considering mergers and acquisition.If the process of consolidation is properly implemented the ongoing consolidation of banks in the country will surely improve the banking sector in Nigeria and translate to better banking services and cheap funds. More importantly, the public will not have fear of distress in any bank, since the consolidated bank will have enough funds.The need to understand the impact of bank consolidation on Nigerian banks either negative or positive necessitated the use of Nigerian banks as sample for this study.1.5 AimTo analyze the effect of consolidation on the performance of Nigerian Banks1.6 ObjectivesTo examine the consolidation process of Nigerian banks.To Asses the performance of Nigerian banks before and after consolidation.To evaluate the impact of consolidation on Nigerian banks.CHAPTER 2 Literature Review2.1 IntroductionThis chapter attempts to gain an in-depth view into what is already known in connection with the research topic being studied. It therefore brings to light the different theoretical and methodological approach to the research area, helps develop a practical analytical framework, considers inclusion of variables that may not have been thought about from the inception of the research work and in the long run learning can be gained from mistakes of previous researchers and avoidance of such mistakes would be achieved (Bryman Bell, 2003).The scope of the research is narrowed down through successful study of literature review that was continuous all through the research process. Further, the review of literature will incorporate a wide range of materials sourced from journal articles, corporate websites, government websites, multilateral organisations, text books and online databases which include Wiley, Science Direct, Emerald and Business Source Prem ier.Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state. There could be fundamental bottle-neck that may inhibit the functioning of the institutions for growth and the achievement of core objectives in the drive towards enhancing and sustaining the economic and social imperatives of human endeavor. Carried out through either government institutions or private enterprises, reform becomes inevitable in the light of the global dynamic exigencies and emerging landscape.Consequently, the banking sector, as an important sector in the financial landscape, needs to be reformed in order to enhance its competitiveness and capacity to play a fundamental role of financing investment. Many literature indicates that banking sector reforms are propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial architecture and involve a banki ng sector that is consulting with regional integration requirements and international best practices.The nexus between consolidation and financial sector stability and growth is explained by two polar views. Proponents of consolidation opined that increase size could potentially increase bank returns, through revenue and cost efficiency gains. It may also, reduce industry risks through the eliminations of weak banks and create better diversification opportunities. On the other hand, it is argued that consolidation could increase banks propensity towards risk taking through increases in leverage and off-balance sheet operations.AdvocatesFurlong (1994) stated that an early view of consolidation in banking was that it makes banking more cost efficient because larger banks can eliminate excess capacity in areas like data processing, marketing, or overlapping branch networks. Cost efficiency also could increase if more efficient banks acquired less efficient ones. Though studies on effic iency in banking raised doubts about the extent of overcapacity, they did point to considerable potential for improvement in cost efficiency through mergers.Banking reforms involves several elements that are unique to each country based on historical economic and institutional imperatives, for example, in Hungary. Evidence show that the reform in the banking sector was due to high under-capitalization of state owned banks, weakness in the regulation and supervision and deficiencies in corporate governance behavior of banks.Craig and Hardee (2004) conducted investigation on bank consolidation and concluded that as the banking consolidation continues, relationship lending is becoming increasingly rare. As credit scoring and formal, formulaic methods are used more and more, specifically by the large banks, many small businesses may find out that they do not fit the model, especially those enterprises with negative equity. Thus, small businesses may be filling the financing void that is being created by the bank consolidation with non-bank sources of funds.Hughes and Mester (1997) provide evidence to suggest that there are scale economics in banking, bank managers are risk averse, and banks use the level of their financial capital to signal the level of risk. This is an area of interest in Nigerian banking, especially when the return on equity is calculated in another two to three years and then compared with the historical industry average. Rhoades(1996) reported that American banks consolidated in response to the removal of restriction on bank branching across states, while Hughes, J.P W. Lang L.J. Mester C.G. Moon(1998) concluded that the economic benefits of consolidation are strongest for those banks that engaged in interested expansion, and in particular the expansion that diversifies macroeconomic risk.From the literature, it has been observed that well-spaced and implemented financial reforms have the ability to boost financial development indicators.Detra ctorsHughes J.P Mester, L.J and Moon, C.G (2000) also provide evidence that scale economies exist in banking but they fail to account for risk. Thus, scale economies that result from consolidation and diversification do not produce better performance in banking, unless choice makes the banks management more conscious risk and moderates its decisions and actions appropriate larger scale of operation that leads to diversification only reduce liquidity and credit risk under the ceteris bus assumption, and they argued that this is not always the case.The examination of merger and acquisition in European banking and found that industry consolidation was beneficial (by providing social benefits) in the first economic integration stages, but could damage welfare in the more advanced stages as the few big banks safeguard price agreements to forestall foreign competition. The other side to European mergers and acquisitions was because of the possibility of failure. This, of course, ignores t he fact that no bank can ever be too big to fail. All it takes for a bank to fail is for bad news? about a bank to get to its stakeholders (especially depositors) and they all walk in at the same time to take their funds For such bank to survive, it must have sufficient liquid assets to meet all maturing and long-dated obligations (Igangiya, 2006).2.2 Role of banks In the EconomyBanks have an important role to play in an economy, as they are intermediaries between people with shortages and surpluses of capital. The products they offer will include savings, lending, investment, mediation and advice, payments, ownership, guarantee and, trust of real estate. (Bouma et al, 2001). This aspect is critical to this research study as the role of banks in any economy cannot be undermined therefore, the need to explore the effectiveness of their actions and how this ultimately affects the economy.The macroeconomic environment within which firms exist and, operate has an impact upon their activ ities and governments and other agencies operating at different spatial levels and it can shape behavior and their environment. (Worthington et al, 2001).According to Bouma et al, (2001), as a financial intermediary between market players, a bank has four important functionsFirst it transforms money by scale. The money surpluses of one person are mostly not the same as the shortages of another person.Banks transform money by duration. Creditors may have short-term surpluses of money, while debtors mostly have a long-term need for money.Banks transform money by spatial location (place).Finally, banks act as assessors of risk. As a rule, banks are better equipped to value the risks of various investments than individual investors who have surpluses available. Also, through their larger scale, banks are more able to spread risks.The major objectives of the banking system are to ensure price stability and facilitate rapid economic development regrettably, these objectives are still yet to be realised in Nigeria as a result of some infrastructural deficiencies such as basic power, energy, and transportation. Also, the lack of a workable contingency planning framework which provides detailed policy actions to limit crises.The reforms of the banking industry will have an influence on the functions, as it ultimately shapes the way they handle their operations. The reform of recapitalisation and consolidation could mean a larger platform for banks to better carry out their tasks.This literature review takes a look at commercial banks in Nigeria when faced with the reformation of the banking industry, core competences needed by the banks to be successful and the effect on the macroeconomic indicators of the country.2.3 The concept of capital baseThe recent call for recapitalization in the banking industry has raised much argument among the bank regulators, promoters and depositors as if shoring up of banks capital base is a new phenomenon in Nigeria. Historically, the f ailure of pioneer 1930s and 1940s brought about the enactment of banking ordinance of 1952. Banking ordinance of 1952 prescribed an operating license and emphasized on minimum equity capital for all banks (Omoh, 2007). Since then, raising of bank capital has become the hallmark response policy of the Nigerian monetary authorities.Capitalization is an important component of reforms in the banking industry, owing to the fact that a bank with a strong capital base has the ability to absorb losses arising from non-performing liabilities (NPL). Attaining capitalization requirement is achieved through consolidation, convergence as well as the capital market. Thus, banking reforms are primarily driven by the need to achieve the objectives of consolidation, competition and convergence. (Deccan Herald,2004), in the financial architecture.2.4 The Concept of Bank ConsolidationConsolidation is viewed as the reduction in the number of banks and other deposit taking institution with a simultaneou s increase in the size and concentration of the consolidation entities in the sector (BIS, 20012). It is mostly motivated by technology innovation, deregulation of financial services, enhancing intermediation and increased emphasis on shareholder value, privatization and international competition (Berger et al, 1991).The process of consolidation has been argued to enhance bank efficiency through cost reduction and revenue in the long run. It also reduces industrys risk by eliminating weaker banks and acquiring the smaller ones by bigger and stronger banks as well as creates opportunities for greater diversification and financial intermediation.The pattern of banking system consolidation could be viewed in two different perspectives, namely market-driven and government-led consolidation. The market-driven consolidation which is more pronounced in the developed countries sees consolidation as a way of broadening competitiveness with added comparative advantage in the global context an d eliminating excess capacity more efficiently than bankruptcy or other means of exit.On the other hand, government-led consolidation stems from the need to resolve problem of financial distress in order to avoid systematic crises as well as to restrict inefficient banks (Ajayi, 2005). One of the general effects of consolidation is to the reduction in the number of players, moving the industry more toward an oligopolistic market (Adedipe, 2007).2.5 Prospect of Bank consolidation In NigeriaThe initial public offering by banks through the capital market when completed is likely to increase the level of financial deepening as evidenced in the upsurge in the volume and value of trading in stock market.The reform in the banking industry has been able to attract more foreign investment inflow, especially in the area of portfolio investment this development if sustained will boost the level of economic activity especially toward non oil sector.The consolidation of banks is likely to attrac t a significant level of foreign banks entrance into Nigeria which will become a feature in the industry over time. This will bring about more confidence by the international community of the banking sector thereby attracting more foreign investment into the country. As the level of financial intermediation increase, interest rate is likely to fall and increase lending to the real sector that will generate employment and booster growth.2.6 The Process of Bank consolidation In NigeriaBefore any bank can be said to consolidate through merger and acquisition in the Nigeria industry, it must first seek and obtain the approval of the following regulatory and supervisory authorities in the industry. They include the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigeria Stock Exchange (NSE) and the Corporate Affairs Commission (CAC) (CBN, 2004).Chapter 3 Research MethodologyIntroductionThis chapter sets out the method employed in conducting the research. The choi ce of method was made based on the nature of the research problem.The purpose of this research is to discover, if any, the impact of bank consolidation on bank performance. Effort would be made to ensure that the methodology and conceptual framework adopted in the research are as relevant to the findings as the concepts and theories of the study. This is because the validity and reliability of conclusions are largely influenced by the research process itself.3.2 Research DesignThis study is a causal or explanatory analysis since it seeks answers to questions related to the causes and determinants of bank performance.The research adopts a deductive approach. It outlines theories of director relationship to firm performance and draws hypothesis from them. These hypotheses are then tested using empirical social data to either confirm or reject the contentions.3.3 Quantitative Versus Qualitative DataA clear distinction must be emphasized between quantitative and qualitative data. The fo rmer is concerned with the compilation of the results of research in a standardised mathematical form with the analysis conducted by means of statistics. (Saunders et al, 2003, p.378). Here variables are measured on a selection of scales and can then be arranged in order of arithmetical rigour. Conversely qualitative research is subjective in its approach of examining and reflecting on perceptions of understanding social and human activities (Hussey and Hussey, 1997). Qualitative research is inductive and researchers rarely know the specifics of data analysis when they begin a project (Neuman, 2006). It is concerned with the assemblage of data in a non-standardised, descriptive form, with the examination conducted through the use of theoretical models.3.4 Data TypeRaw or summarized data which has already been collected and stored for other purposes aside from that of the research in question is referred to as secondary data (Saunders et al, 2007).This research will make use of multi ple-source secondary data collected from bank financial reports and CBN statistical publications available on the CBN, Guaranty trust and zenith banks websites, some paper source of data will also be used. The data/study will be restricted between the period of 2004 and 2006. The year 2004 is the pre-consolidation, 2005 consolidation while 2006 is the post-consolidation periods. The choice of data type is based on accessibility, cost saving and authenticity factors.Sample SelectionThe representative sample of the Nigerian banking sector to be used as a sample of the population under study is Guaranty Trust Bank PLC and Zenith Bank PLC.CAMEL ANALYSISCAMEL is derived from the five components of a banks condition which include Capital adequacy, Asset quality, Management, Earnings, and Liquidity. Ratings are assigned for each component, and a composite rating is assigned for the overall condition and performance of the bank. These component and composite ratings are assigned on a scale of 1 to 5, with 1 representing the highest rating (strongest performance) and 5 representing the lowest (weakest performance) (Hirtle and Lopez, 1999).The camel analysis will be used to analyse the performance of banks during the pre-consolidation (2004) and the post-consolidation (2006) periods.LimitationThe major difficulty that is likely to be encountered during the course of carrying out this research is the dearth of information, which is usually associated with emerging economies (including the Nigerian economy). Deliberate efforts would therefore be made to obtain information necessary to enhance the quality of the present research.4.0 CONCLUSIONIn summary, the research tries to establish that bank consolidation helps in shoring up investment capital, enhances shareholder value, and protects creditors and depositors as well as strengthening banks capacities to attract funds at lower costs enhancing their liquidity positions.An efficient banking system tends to be one of the g reatest focuses of the Central Bank of Nigeria since its establishment in 1959. Thus, sufficient capital base has largely constituted the Banks reform policy focus over the years. Hence, it may not be out of place to conclude at this material time that the ongoing reform policy is essential for the attainment of overall macroeconomic stability on a sustainable basis. Accordingly, the Central Bank of Nigeria is admonished to intensify its present efforts geared towards restoration of confidence in the banking system.The research work analyses published audited accounts of two (2) out of twenty-five (25) banks that emerged from the consolidation exercise and data from the Central Banks of Nigeria (CBN). We denote year 2004 as the pre-consolidation and 2005 and 2006 as post-consolidation periods for our analysis. In doing this, efforts would be made to examine empirically how bank consolidation through recapitalization has affected the performance of Nigerian banks during the period co vered by the research. The data for the work are from secondary sources and would be obtained exclusively from the Central Bank of Nigeria and bank publications, both electronic and paper form. CAMEL analysis will be employed to analyse the financial data so as to ascertain the relationship between consolidation and bank performanceBIBLIOGRAPHYBernerd, B.P., (2006), The effect of recent changes in the financial sector development in Nigerian, Paper presented at the 15th General Assembly of the African rural and agricultural credit association (AFRACA), Bukina Faso.CBN., (2004), Guidelines and Incentive on Consolidation in consolidating Banking Industry.Charles, C.S. (2004) Consolidating the Nigerian Banking Industry to Meet the Developmental challenges of the 21st century. Paper presented at a meeting of bankers committee Abuja 6 July 2004.Larry, U et al., (2004) Issues in Financial Institutions Surveillance in Nigeria. A seminar paper by CBN training centre Lagos.Eshodaghor, D.V., (2006), Impact of distressed banks in depressed Economy, Prospects for survival and growth. Bank failure in Nigeria, causes and dimension pp. 17 22.Ezeudusi, F. U., (2002) Marcus, G., (2003), An approach to the consolidation of Banks Merger Issues by regulators., A south African case business paper (4), NDIC Annual Report and Statement of Account .Oviemuno, A.O., (2006) Banking Consolidation in Nigeria and the strategies for Generating better returns.Ogunleye G.A. (2003) The regulatory imperatives of the Universal Banking concept in Nigerian NDIC quarterly, (11) No. (2), pp.20-30Ochojele, D. I., (2003) The Nigerian banking industry, a review seminar paper.Osaije, E., (1992), Structural adjustment programme in Nigerian economyVictor, Ezeaku., (2003), Consolidation of Nigerian Banking Sector, CBN publication.

Student-Centered Learning Essay -- Education Students Educational Pape

Student-Centered Learning Student-centered cultivation is a broad teaching approach that encompasses replacing lectures with sprightly learning, integrating self-paced learning programs and/or cooperative group situations, ultimately holding the student responsible for his own advances in education. Student-centered learning environments have a heightened payoff over the traditional teacher-centered, subject-centered environment in that they provide complimentary activities, interactive in nature, enabling individuals to address their own learning interests and needs and move in the lead into increasingly complex levels of content to further their downstairsstanding and appreciate subject matter. The student-centered learning environment has the student need satisfaction as its primary contract whereas the subject-centered environment has the transmission of a body of knowledge as the primary focus (Clasen & Bowman, 1974, p. 9). Student-centered learning, when used properly, can change the face of education into a life-long learning process in which the student seeks solutions to problems without complete dependency upon an instructor. The student learns to reason on his own to find a foundation for venturing out with successful experiences under his belt. The learning environment concept has been around for some time. Its roots can be traced back to early apprenticeship, Socratic, and similar movements that have sought to immerse individuals in authentic learning experiences, where the meaning of knowledge and skills are realistically embedded (Land & Hannafin, 1996, p. 396). As immigrants flooded the United States, educators sought methods of education for the masses and the creation of a universal, or national system. The fa... ..., Hill, J. R., & Land, S. M. (Winter 1997). Student-centered learning and interactive multimedia status, issues, and implications. Contemporary Education, 68, 2, 94-97. Land, S. M., & Hannafin, M. J. (1996). Student -centered learning environments foundations, assumptions, and implications. Proceedings of selected research and development presentations at the 1996 national convention of the association for educational communications and technology. (pp. 396-402). Indianapolis Association for Educational Communications and Technology. Land, S. M., & Hannafin, M. J. (May 1997). The foundations and assumptions of technology-enhanced student-centered learning environments. Instructional Science, 25, 3, 167-202. Warmkessel, M. M., & McCade, J. M. (Spring 1997). Integrating information literacy into the curriculum. Research Strategies, 15, 2, 80-88.

The Right to Privacy in the Information Age Essay -- Exploratory Essay

In a day in the life of Joe, an ordinary American, he drives to the office, owrks at a computer, browses in a shop at luncheon time, then picks up some milk and a video on the way home, where a pile of junk brand and bills await him. At each stop alo ng the way, his doings can be watched, monitored, tabulated, and sold. On this typical day, Joe, our ordinary American, does not realize how technology has changed his private life. Joes driving route may be tracked by a sophisticated traffic system. At work, his employer can listen in to his business conversations on the telephone, and tap into his computer, e-mail, or voice-mail. At the shopping center, the secret closed-circuit camera may seek him out personally. The shop is allowed to put peepho les in the fitting rooms. Some have hidden microphones, too. If he uses his credit card, not only does the card company keep tabs on when, where, and what he buys, it may sell that data to other marketers. A purchase of out-d oor furniture means catalog s selling barbecue grills, mowing machines, or lawn seed are likely to be piled as junk mail in his mail box. Quickly he sits down at his desk and fills out the Readers Digest Sweepstakes Entry form, hoping that this time Ed McMahon will arrive at his door with the big check, so he eagerly supplies personal information which, unknowingly to him, will be sold to other marketers and distributed to databases throughout the world. Joe is unaware of others who, on this typical day in the electronic age, ha ve peered into his private life. Technology plays a significant part in todays society. As technology advances, new contr all oversies arise, many involving privacy rights. Medical, workplace, and consumer pri... ...per, Michael. With Success of Cameras, Concerns over Privacy. New York Times 5 Feb. 1997 B4. Dowd, Ann Reilly. Protect Your Privacy. Money Aug. 1997 107-108, 112. Everett-Green, Robert. Cyberspace. 1996 Encyclopedia Britannica Book of the Year. 1996. Goode, Stephen. Are Privacy Rights Still Inalienable? Insight Magazine on the intelligence service 19 Aug. 1996 18-19. Houlder, Vanessa. The Blessing and Curse of E-mail. World Press Review June 1997 33-34. Long, Robert Emmet. Rights to Privacy. New York H.W. Wilson Co., 1997. Medical Privacy is Under Attack. http//www.ACLU.org 26 Oct. 1997. Workplace in America. http//www.ACLU.org 26 Oct. 1997. We get it on Youre Reading This. Economist 10 Feb. 1996 28. William Faulkner On Privacy. The Annals of America Chicago Encyclopedia Britannica, Inc., 1968.